Saudi Arabia, Oman Cooperate to Boost E-Economy

Officials signing the agreements between Saudi and Omani governments (Omani News Agency)
Officials signing the agreements between Saudi and Omani governments (Omani News Agency)
TT

Saudi Arabia, Oman Cooperate to Boost E-Economy

Officials signing the agreements between Saudi and Omani governments (Omani News Agency)
Officials signing the agreements between Saudi and Omani governments (Omani News Agency)

Saudi Arabia and Oman seek to boost their cooperation in several digital fields to develop their economies, governments, and talents and unifying efforts to develop human resources to keep pace with modern technologies.

Saudi Minister of Communications and Information Technology Abdullah al-Sawaha, and Omani Minister of Transport, Communications, and Information Technology Saeed al-Maawali, signed in Oman on Tuesday two executive programs in digital transformation and digital capacity development.

The two officials held an expanded meeting to address the deepening bilateral cooperation in accelerating the growth of regional e-economy, e-government, and talent development.

The two programs aim to promote cooperation in digital transformation to increase the benefit of digital technologies in improving business environments and qualifying capabilities for leadership, development, and business management in all fields.

The executive program in skills qualification signed between the two countries aims to build future leaders, develop digital capabilities, unify efforts to develop human capital, and link them to future professions.

It also aims to prepare generations capable of keeping pace with developments and maximizing the benefit of technologies in improving business environments by providing quality programs.

The Saudi Deputy Minister for Future Jobs and Capabilities Faris al-Saqabi, and the Omani Undersecretary for Communications and Information Technology in the Ministry of Transport, Ali al-Shidhani, signed the second program.

Under the program, the two sides will cooperate in implementing several joint initiatives, including the possibility of Omani national cadres joining training camps organized by Saudi Arabia through its Future Skills initiative, which is implemented through the "Saudi Digital Academy" and "Tuwaiq Academy."

The Saudi delegation held several official meetings in Oman aimed at opening new horizons and building fruitful cooperation between the two countries in technology and innovation.

The two sides discussed ways to deepen cooperation for the benefit of both economies and the need to exchange experiences and work with the Omani side to raise the Sultanate's competitiveness in global development indicators.

Sawaha will then head to Qatar on an official visit to expand partnerships and cooperation in technology and innovation.

Saudi Arabia is the regional hub for technology and innovation in the region, and a center that attracts investments by establishing strategic partnerships that promote the growth of e-economy and support the Kingdom's shift in technology, thus contributing to the realization of Vision 2030.



Oil Prices Rise as Concerns Grow over Supply Disruptions

Oil Prices Rise as Concerns Grow over Supply Disruptions
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Oil Prices Rise as Concerns Grow over Supply Disruptions

Oil Prices Rise as Concerns Grow over Supply Disruptions

Oil prices climbed on Tuesday reversing earlier declines, as fears of tighter Russian and Iranian supply due to escalating Western sanctions lent support.

Brent futures were up 61 cents, or 0.80%, to $76.91 a barrel at 1119 GMT, while US West Texas Intermediate (WTI) crude climbed 46 cents, or 0.63%, to $74.02.

It seems market participants have started to price in some small supply disruption risks on Iranian crude exports to China, said UBS analyst Giovanni Staunovo.

In China, Shandong Port Group issued a notice on Monday banning US sanctioned oil vessels from its network of ports, according to three traders, potentially restricting blacklisted vessels from major energy terminals on China's east coast.

Shandong Port Group oversees major ports on China's east coast, including Qingdao, Rizhao and Yantai, which are major terminals for importing sanctioned oil.

Meanwhile, cold weather in the US and Europe has boosted heating oil demand, providing further support for prices.

However, oil price gains were capped by global economic data.

Euro zone inflation

accelerated

in December, an unwelcome but anticipated blip that is unlikely to derail further interest rate cuts from the European Central Bank.

"Higher inflation in Germany raised suggestions that the ECB may not be able to cut rates as fast as hoped across the Eurozone, while US manufactured good orders fell in November," Ashley Kelty, an analyst at Panmure Liberum said.

Technical indicators for oil futures are now in overbought territory, and sellers are keen to step in once again to take advantage of the strength, tempering additional price advances, said Harry Tchilinguirian, head of research at Onyx Capital Group.

Market participants are waiting for more data this week, such as the US December non-farm payrolls report on Friday, for clues on US interest rate policy and the oil demand outlook.