Day: May 2, 2023

Oil held a loss as concerns over China’s economic outlook and caution in financial markets spurred by a banking crisis dominated sentiment.

West Texas Intermediate held above $75 a barrel after dropping 1.5% on Monday. China’s recovery remains patchy with recent data pointing to a contraction in manufacturing. Still, tourism and travel activity soared on the first day of the country’s five-day Labor Day holiday, possibly signaling increased demand for fuels in the world’s largest crude importer.

In the US, JPMorgan Chase and Co. agreed to acquire First Republic Inc., the latest lender to fail. While the deal could help to stabilize the financial system, there are still concerns over the fate of other weak banks in the country.

Oil has shed more than 5% this year despite a move by Organization of Petroleum Exporting Countries and its allies to cut supply from this week. Losses have been spurred by a darkening economic outlook, with central banks including the Federal Reserve continuing to raise rates. The Fed is expected to deliver another hike this week, potentially the last rise in the current cycle.

Crude has been been pressured as ‘data from China showed a slump in manufacturing,’ said Charu Chanana, market strategist for Saxo Capital Markets Pte. Sentiment was also hurt by banking concerns as First Republic bank became the latest casualty of the increases in interest rates, she said.

Source: National News Agency – Lebanon

His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, has sent a cable of condolences and sympathy to Sheikh Nawaf Al-Ahmed Al-Jaber Al-Sabah, Emir of the State of Kuwait, on the death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah.

HRH the Crown Prince expressed profound sorrow, extending his sincere condolences to the Emir of Kuwait and the family of the deceased, praying to Allah Almighty to bestow his mercy upon his soul

Source: Saudi Press Agency

Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud has sent a cable of condolences and sympathy to Sheikh Nawaf Al-Ahmed Al-Jaber Al-Sabah, Emir of the State of Kuwait, on the death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah.

The Custodian of the Two Holy Mosques expressed profound sorrow, extending his sincere condolences to the Emir of Kuwait and the family of the deceased, praying to Allah Almighty to bestow his mercy upon his soul.

Source: Saudi Press Agency

Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud has sent a cable of congratulation to Santiago Peña on the occasion of winning the presidential election in the Republic of Paraguay.

The Custodian of the Two Holy Mosques expressed his best felicitations, wishing the President-elect every success and the government and people of Paraguay steady progress and prosperity

Source: Saudi Press Agency

The Saudi Data and Artificial Intelligence Authority (SDAIA), in cooperation with Google Cloud, has launched the first phase of the “Elevate Program”, the first of its kind in the world that aims to train 1,000 women representing 28 countries on data and artificial intelligence (AI) domains.

The Elevate Program, which will run until August 30, 2023, was first announced during the second edition of the Global AI Summit that was held in Riyadh in September 2022.

The SDAIA indicated that the first phase of the program is offered under the supervision of 16 female and male trainers from the authority through two tracks—one for technical specialists and the other for non-specialists who wish to develop their skills. The program offers free training sessions designed to equip participants with the skills and experience needed for roles such as cloud engineer, data engineer, machine-learning (ML) engineer, or cloud business.

It aims to empower women in global emerging markets to pursue new jobs in the AI and ML domains by training more than 25,000 women over the next five years.

The program targets women in the fields of technology and science who are interested in pursuing careers in the field of data, AI, and ML so that they are more prepared to pursue the increasing job opportunities in such areas.

Moreover, it seeks to close the gender gap in the science, technology, engineering, and math (STEM) fields, particularly in emerging markets.

The launch of the Elevate Program comes within the framework of SDAIA’s work to lead the Kingdom’s march towards global leadership in the field of AI by raising awareness and qualifying cadres in data and AI.

This will be achieved by providing them with the necessary knowledge and skills through specialized programs in accordance with the latest international practices offered by SDAIA Academy to achieve the objectives of the Kingdom’s Vision 2030.

Source: Saudi Press Agency

The Ministry of Heritage and Tourism has completed the implementation of 3 tourism projects in the Governorate of Dhofar in partnership with the Dhofar Municipality and Omran Company, with a total investment cost exceeding RO (3) million.

The implemented projects include the development of Al-Mughassil Beach waterfront, Hamrir View, Wadi Darbat, and Ain Jerziz, to strengthen the components of the governorate of Dhofar in order to be a sustainable tourism destination throughout the year.

Khaled Abdullah Al Abri, Director General of Heritage and Tourism in the Governorate of Dhofar, said “The Ministry of Heritage and Tourism is exerting efforts to utilize and develop the natural sites in the Governorate of Dhofar to create a tourism and economic tributary during various tourism seasons, including Khareef and Surab seasons”.

He pointed out that, Al-Mughassil Beach waterfront project is taking place on a space area of 174.6 square meters at a cost of RO 874.6 thousand.

He added that Al-Mughassil Beach waterfront project includes a family outlet, cars parking, an arena for events and activities, food and beverage kiosks, a number of restaurants, an extended walkway on the beach, seating umbrellas, picnic sites, green spaces, practicing marine sports facilities, and a special park for adventures and children’s games.

He further added that work on the project includes the handover of furniture and kiosks, replacement of agricultural soil, directional signs, water supply, the paving of roads and municipal parking spaces.

As for the Hamreer View project, it extends on a space area of 50 thousand square meters, as its investment cost reached RO 505 thousand. The project includes a playground, parking spaces, food and beverage kiosks, restrooms, and seating areas.

There is also the Wadi Darbat project, which is being developed on an area of 105 thousand square meters, at an investment cost of RO 561.5 thousand. The project provides a unique hospitality and entertainment experience in the bosom of greenery, orchards and waterfalls flowing in the valley, in terms of housing, food, drinks, attractive picnic areas, cable cars and a waterfall viewing platform.

The Ain Jerziz development project, which extends on an area of 40 thousand square meters, aims at raising the level of public service facilities, while the project includes parking spaces, toilets, and picnic areas.

Source: Oman News Agency