عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Ministry of Communications Signs a MOU with Siemens

Ministry of Communications and Information Technology Logo
Ministry of Communications and Information Technology Logo
TT
TT

Saudi Ministry of Communications Signs a MOU with Siemens

Ministry of Communications and Information Technology Logo
Ministry of Communications and Information Technology Logo

The Ministry of Communications and Information Technology signed a MOU with Siemens to boost digital industrial transformation in the Kingdom in tandem with the Saudi Vision 2030.

Minister of Communications and Information Technology Eng. Abdullah al-Sawaha and Germany's ambassador to the Kingdom Dieter W. Haller were present.

Dr. Mohammed al-Mishaigeh, undersecretary of the ministry for planning and development, and Dr. Roland Bush, technological president of Siemens signed on behalf of their parties.

The MOU covers smart cities, health care, mining, petrochemicals, digital shipyard building, and mechatronics engineering to help the Kingdom accomplish Saudi Vision 2030, increase digitization of medical files to 70, enhance mining sector contribution in the GDP and nationalize renewable energy industries, industrial tools and knowledge transfer.

There are three Saudi cities among the 100 best cities in the world.

Minister of Communications and Information Technology Eng. Abdullah al-Sawaha clarified that the ministry seeks empowering the society and economy to grasp digital transformation chances, to push the kingdom to the lead of innovative countries and accelerate accomplishing Saudi Vision 2030.

Bush said Siemens is working with the Kingdom to achieve a more diversified and competitive digital economy, including promoting the local skills in the field of automation and digitization.

Most Viewed

 
 
Business

Oil Prices Stable on Monday as Data Offsets Surplus Concerns

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
TT
TT

Oil Prices Stable on Monday as Data Offsets Surplus Concerns

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices stabilized on Monday after losses last week as lower-than-expected US inflation data offset investors' concerns about a supply surplus next year.

Brent crude futures were down by 38 cents, or 0.52%, to $72.56 a barrel by 1300 GMT. US West Texas Intermediate crude futures were down 34 cents, or 0.49%, to $69.12 per barrel.

Oil prices rose in early trading after data on Friday that showed cooling US inflation helped alleviate investors' concerns after the Federal Reserve interest rate cut last week, IG markets analyst Tony Sycamore said, Reuters reported.

"I think the US Senate passing legislation to end the brief shutdown over the weekend has helped," he added.

But gains were reversed by a stronger US dollar, UBS analyst Giovanni Staunovo told Reuters.

"With the US dollar changing from weaker to stronger, oil prices have given up earlier gains," he said.

The dollar was hovering around two-year highs on Monday morning, after hitting that milestone on Friday.

Brent futures fell by around 2.1% last week, while WTI futures lost 2.6%, on concerns about global economic growth and oil demand after the US central bank signalled caution over further easing of monetary policy. Research from Asia's top refiner Sinopec pointing to China's oil consumption peaking in 2027 also weighed on prices.

Macquarie analysts projected a growing supply surplus for next year, which will hold Brent prices to an average of $70.50 a barrel, down from this year's average of $79.64, they said in a December report.

Concerns about European supply eased on reports the Druzhba pipeline, which sends Russian and Kazakh oil to Hungary, Slovakia, the Czech Republic and Germany, has restarted after halting on Thursday due to technical problems at a Russian pumping station.

US President-elect Donald Trump on Friday urged the European Union to increase US oil and gas imports or face tariffs on the bloc's exports.

Trump also threatened to reassert US control over the Panama Canal on Sunday, accusing Panama of charging excessive rates to use the Central American passage and drawing a sharp rebuke from Panamanian President Jose Raul Mulino.