Riyadh Governor launches the fourth edition of Asbar World Forum

Riyadh Governor launches the fourth edition of Asbar World Forum
Riyadh Gov. Prince Faisal bin Bandar sponsored the fourth session of the Asbar World Forum. (SPA)
Updated 06 November 2019

Riyadh Governor launches the fourth edition of Asbar World Forum

Riyadh Governor launches the fourth edition of Asbar World Forum
  • Riyadh Gov. Prince Faisal bin Bandar: We are on the right path of science and technology. We look forward to the future and are moving in the right direction
  • Saudi media minister, Turki Bin Abdullah Al-Shabanah: This important event comes in line with the major changes taking place in the Kingdom, mainly the Kingdom’s 2030 Vision

RIYADH: Riyadh Gov. Prince Faisal bin Bandar sponsored on Monday the fourth session of the Asbar World Forum (AWF), held under the theme “Inspiring Saudi Arabia.” The forum was attended by Saudi media minister, Turki Bin Abdullah Al-Shabanah, and other officials at the Fairmont Riyadh Hotel.

In a press statement following the ceremony, the governor highlighted the progress of the forum, its distinguished scientific output and its forward-looking methods, stressing the efforts of the AWF’s leaders.

Prince Faisal said: “We are on the right path of science and technology. We look forward to the future and are moving in the right direction under the auspices of King Salman and Crown Prince Mohammed Bin Salman.”

He thanked the AWF’s board of directors, and wished everyone success in their scientific and research outputs.

Al-Shabanah said: “This important event comes in line with the major changes taking place in the Kingdom, mainly the Kingdom’s 2030 Vision and its important manifestations that have become a source of inspiration for the youth and all those involved in the achievements and production in various sectors, leading to prosperous living and growth in an economy based on innovation, creativity and entrepreneurship.”

He added: “We have always talked in the Kingdom about change, transformation and accelerating our pace toward the future. What makes us proud today is that Vision 2030 rose from belief. The vision is an ambitious and bold one, based on three basic pillars: A vibrant society, a thriving economy and an ambitious homeland.”

Al-Shabanah highlighted the role of the media in the growth of the knowledge economy and its pivotal role. He said: “We need to understand and embrace the media shift in the world, and the technology used to change media systems and production, focusing on the audience and their interaction with the media in the future.”

For his part, Fahad Al-Orabi Al-Harthi, president of the Asbar Center for Studies, Research and Communications, said in his speech that this was the fourth consecutive session of the AWF, with scientific and strategic partners from inside and outside the Kingdom, which are increasing every year.

He said: “I am pleased to announce the completion of the forum’s first dictionary in Arabic for the basic terms of future studies. It is the first product of the Institute for the Future, which the forum announced the establishment of in the last session. The forum will include a special session to discuss this.


OPEC+ compromises on oil supply increase

Updated 4 min 34 sec ago

OPEC+ compromises on oil supply increase

OPEC+ compromises on oil supply increase
  • Members acknowledge the ‘extraordinary efforts’ of Saudi energy minister

DUBAI: The world’s biggest oil producers have reached a compromise agreement on the supply of crude oil for next year, in an attempt to ensure an ongoing recovery in markets that remain fragile as a result of the COVID-19 pandemic.
After a week of online deliberations, OPEC+, the alliance of producers led by Saudi Arabia and Russia, agreed to increase output from January by only 500,000 barrels per day — significantly less than the 2 million barrels originally planned.
The new levels will be subject to monthly monitoring by OPEC+ ministers, chaired by Saudi Minister of Energy Prince Abdul Aziz bin Salman, and could be increased or reduced according to market conditions.
Details of the compromise deal were agreed upon after long discussions among 23 producers, organized from the Vienna home of the Organization of Petroleum Exporting Countries.
The participants acknowledged the “perseverance, diligence and extraordinary efforts” of Prince Abdul Aziz in helping to combat the effects of the pandemic on global energy markets.
Some exporters had argued that the fragile demand for crude meant the full 2 million-barrel increase — as scheduled in the historic agreement last April that is credited with dragging oil prices back from decade-long lows — should be delayed for a further three months.
Others — most notably the UAE — took a more positive view of demand in the months ahead.
The compromise arrangement was hammered out against a background of rising oil prices after news of effective vaccines lifted economic prospects. Brent crude stood at close to $49 as the OPEC+ meeting closed.
Energy experts welcomed the deal. Robin Mills, chief executive of consultancy Qamar Energy, told Arab News: “The plan to make modest monthly increases makes sense. It does not overwhelm the market, gradually regains some market shares, and can be adjusted according to progress on vaccines.”