Saudi Arabia saved $6bn through digital services, says official

Launched by the Digital Government Authority, the two-day forum is being held under the theme ‘Our Future Now’ in Riyadh. It aims to discuss challenges and opportunities in the implementation of digital technology. SPA
Launched by the Digital Government Authority, the two-day forum is being held under the theme ‘Our Future Now’ in Riyadh. It aims to discuss challenges and opportunities in the implementation of digital technology. SPA
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Updated 19 December 2023
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Saudi Arabia saved $6bn through digital services, says official

Saudi Arabia saved $6bn through digital services, says official
  • Up to 36% of medical consultations in Saudi Arabia are provided remotely

RIYADH: Over a third of medical consultations in Saudi Arabia are done via digital channels, said Ahmed Al-Suwaiyan, governor of Digital Government Authority.

Speaking on the first day of the Digital Government Forum in Riyadh on Tuesday, Al-Suwaiyan said it indicated the level of success with which the Kingdom is moving toward digital transformation in all spheres of life ensuring increased productivity, efficiency, and transparency, reported Al-Ekhbariya.

The forum aims to showcase the Kingdom’s achievements in the field of digital technology and serve as a platform for industry players to boost networking and explore opportunities.

The event seeks to facilitate exchanging experiences, building partnerships, discussing challenges and future directions of digital government as well as exploring cutting-edge technical practices and highlighting investment opportunities in the Kingdom.

He cited the example of Absher to drive home his point about digital transformation.

The all-purpose “Absher platform helped the country save more than $6 billion (SR23 billion),” he said.

Absher is an electronic platform of the Ministry of Interior that provides basic services of the ministry digitally and in an integrated manner to citizens, residents, and visitors.

Al-Suwaiyan said: “Thirty-six percent of medical consultations in the Kingdom are provided remotely (via digital channels).”

“We saved over SR5.5 billion through the budget preparation and implementation process,” he added.

The president of the Court of Grievances of Saudi Arabia, Khalid bin Mohammed Al-Yousef, spoke about how digital transformation in the Kingdom has come a long way.

“The Government Entities Portal will be launched to manage digital services,” Al-Yousef revealed.

“The use of artificial intelligence in the judiciary helped in making decisions,” he added.

The assistant minister of foreign affairs for executive affairs, Abdulhadi bin Ahmed Al-Mansouri, told the audience how the Kingdom launched the e-Visa platform. He highlighted the importance of the portal and how it will benefit people in a hassle-free manner.

Speaking on the occasion, the CEO of the Saudi Authority for Intellectual Property, Abdulaziz bin Mohammed Al-Suwailem, said: Thanks to digital technology “rights owners can move from the concept of registering and proving rights to managing the intellectual property portfolio in an integrated manner.”

The CEO of the Saudi Food and Drug Authority, Hisham bin Saad Al-Jadhaie, also participated in the event. Al-Jadhaie explained the goal of the entity is to use AI to ensure the safety of drug shipments before their arrival.

The assistant minister of interior for technology affairs, Bandar bin Abdullah Al-Mishari, said: “The ministry faces a major challenge to integrate fieldwork with AI.”

Giving Qatar’s point of view in terms of digital transformation, the assistant undersecretary for digital government affairs, in Qatar’s Ministry of Communication and Information Technology, Mashael Al-Hammadi, talked about the country’s investment during the World Cup.

“During the World Cup, we invested approximately $280 million in the communications and information technology sectors,” Al-Hammadi said.

The CEO of Bahrain’s Information and eGovernment Authority, Mohammed bin Ali Al-Qaed, shed light on how legislation and policies are the most important data enablers for a controlled exchange of information.

Launched by the Digital Government Authority, the two-day forum is being held under the theme “Our Future Now.”


Turkiye’s energy bourse EPIAS to expand operations, may then consider IPO, minister says

Turkiye’s energy bourse EPIAS to expand operations, may then consider IPO, minister says
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Turkiye’s energy bourse EPIAS to expand operations, may then consider IPO, minister says

Turkiye’s energy bourse EPIAS to expand operations, may then consider IPO, minister says
  • EPIAS, which currently operates wholesale electricity and natural gas markets, will diversify in coming years
  • Government also wants EPIAS to open a commodities market

ISTANBUL: Turkish energy bourse Enerji Piyasalari Isletme A.S. will expand its operations over the next few years and an initial public offering may be considered after the expansion, Turkish Energy Minister Alparslan Bayraktar said on Wednesday.
Speaking at an Atlantic Council conference in Istanbul on Wednesday, Bayraktar said EPIAS, which currently operates wholesale electricity and natural gas markets, will diversify in coming years.
“We aim to become a carbon-pricing country by 2026, which will be achieved through the establishment of a carbon market within EPIAS,” Bayraktar said.
The government also wants EPIAS to open a commodities market, Bayraktar added.
“Not at the moment, but we will see when the operations I mentioned are settled,” the minister said when asked by Reuters if an initial public offering was under consideration.
Current shareholders of EPIAS are Turkiye’s transmission grid operator TEIAS, stock exchange Borsa Istanbul and exchange member companies. 


Oil Updates – prices rise on US storm, fears of Israel-Iran conflict

Oil Updates – prices rise on US storm, fears of Israel-Iran conflict
Updated 10 October 2024
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Oil Updates – prices rise on US storm, fears of Israel-Iran conflict

Oil Updates – prices rise on US storm, fears of Israel-Iran conflict

SINGAPORE: Oil prices rose on Thursday underpinned by a spike in fuel demand as a major storm barrelled into Florida and concerns about potential supply disruptions in the Middle East amid heightened tensions between Israel and major oil producer Iran.

Brent crude futures rose 24 cents, or 0.3 percent, to $76.82 a barrel, while the US West Texas Intermediate futures were up 28 cents, or 0.4 percent, at $73.52 a barrel at 9:55 a.m. Saudi time.

The world’s largest oil producer and consumer has been hit by a second major storm, Hurricane Milton, which made landfall on Florida’s west coast, spawning tornadoes and threatening surges of seawater.

The storm has already driven up demand for gasoline in the state, with about a quarter of fuel stations selling out of supplies, which has helped to support crude prices.

Further underpinning prices, investors remained wary of escalating tensions between Israel and Iran, with Israeli Defense Minister Yoav Gallant promising an Israeli strike against Iran would be “lethal, precise and surprising.”

US President Joe Biden spoke with Israeli Prime Minister Benjamin Netanyahu about Israel’s plans concerning Iran in a 30-minute call on Wednesday that the White House described as “direct and very productive.”

Biden “continues to discourage Israel from targeting oil facilities, but there is growing concern that Israel’s allies have little influence on its strategy,” analysts at ANZ said in a note on Thursday.

Even with threats to the oil-producing Middle Eastern region top of mind, concerns about demand continue to underpin the fundamental outlook. The US Energy Information Administration on Tuesday downgraded its demand forecast for 2025 on weakening economic activity in China and North America.

EIA data on Wednesday showed crude inventories jumped by 5.8 million barrels to 422.7 million barrels last week. That was a bigger build than analysts polled by Reuters had expected, but much lower than estimated on Tuesday by the American Petroleum Institute industry group.

However, oil demand has grown this month, according to analysts at JPMorgan, helping to support prices.

“In the US, gasoline demand surged by 800 kbd week over week. Across Asia, flight activity rebounded after being disrupted by multiple typhoons. In China, daily flight activity soared to an eight-week high,” the analysts said in a note.

“With the majority of travel-related demand now behind us, the focus shifts to the impending weather-driven rise in demand in the coming weeks.” 


Saudi Arabia’s industrial production rises in August on mining gains 

Saudi Arabia’s industrial production rises in August on mining gains 
Updated 10 October 2024
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Saudi Arabia’s industrial production rises in August on mining gains 

Saudi Arabia’s industrial production rises in August on mining gains 

RIYADH: Saudi Arabia’s Industrial Production Index climbed 1 percent in August compared to the same month last year, driven by a rise in mining and quarrying activities, according to official data. 

According to the General Authority for Statistics, mining and quarrying expanded 0.8 percent year on year, as Saudi oil output rose to 8.99 million barrels per day, up from 8.92 million bpd a year earlier.  

The growth pushed the IPI to 105 points for the month, marking steady industrial expansion. 

The Kingdom’s manufacturing sector has consistently expanded in recent years, driven by Vision 2030’s push to diversify the economy and enhance industrial output, reducing the country’s reliance on oil revenues.  

This aligns with broader economic goals aimed at creating a sustainable, non-oil-based growth model. 

“Compared to August of the previous year, the sub-index of manufacturing activity increased by 1.1 percent, supported by an increase in the manufacture of chemicals and chemical products, and manufacture of food products which increased by 2.9 percent and 12.9 percent, respectively,” stated GASTAT.  

Meanwhile, the manufacture of coke and refined petroleum products decreased by 11.3 percent.  

The report added that electricity, gas, steam, and air conditioning supply rose by 4.1 percent year on year, although water supply, sewerage, and waste management activities fell 0.9 percent.  

GASTAT highlighted that non-oil activities surged 7 percent compared to July, while oil-related output dropped 1.4 percent. 

On a month-to-month basis, the overall IPI slipped 0.3 percent from July. The sub-index for mining and quarrying activity increased by 0.6 percent, while manufacturing output fell 1.8 percent.  

GASTAT further noted that electricity, gas, steam, and air conditioning supply activities increased by 1.7 percent month on month, while water supply, sewerage, waste management, and remediation activities rose by 1 percent. 

However, the index for oil activities dropped by 0.7 percent in August compared to the previous month, while non-oil activities recorded a 0.6 percent increase.  

The IPI is an economic indicator that measures fluctuations in industrial output, calculated through the industrial production survey. It follows the International Standard Industrial Classification of All Economic Activities to ensure consistency and comparability across sectors.


World Bank raises South Asia growth forecast to 6.4% on India demand, quicker recoveries in Pakistan

World Bank raises South Asia growth forecast to 6.4% on India demand, quicker recoveries in Pakistan
Updated 10 October 2024
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World Bank raises South Asia growth forecast to 6.4% on India demand, quicker recoveries in Pakistan

World Bank raises South Asia growth forecast to 6.4% on India demand, quicker recoveries in Pakistan
  • The upward revision confirms South Asia as the fastest growing emerging economy region monitored by the World Bank
  • Bank projected Pakistan’s economy would grow by 2.8% in current fiscal year on recovery in manufacturing, easing monetary policy

NEW DELHI/LONDON: The World Bank raised its growth forecast for South Asia to 6.4 percent in 2024 from an earlier estimate of 6.0 percent, citing the strength of domestic demand in India and quicker recoveries in crisis-hit countries such as Sri Lanka and Pakistan.
India’s economic growth forecast for the current fiscal year, ending in March 2025, was revised to 7 percent year-on-year, up from April’s estimate of 6.6 percent, helped by a rebound in agricultural output and increased private consumption.
“You have an emerging class of consumers in India that’s driving the economy forward, you have recoveries from crises in Sri Lanka and in Pakistan, you also have a tourism-led recovery in Nepal and Bhutan,” Martin Raiser, World Bank Vice President for South Asia, told Reuters.
The upward revision confirms South Asia as the fastest growing emerging economy region monitored by the World Bank. The Washington-based lender projects South Asia will see robust 6.2 percent growth annually for the following two years.
Raiser said there was “significant upside potential” to growth with greater integration of South Asian countries into the global economy, but countries needed to stick with economic reform programs to sustain momentum.
On Wednesday, India’s central bank maintained its GDP growth forecast at 7.2 percent for the current fiscal year and shifted its policy stance to neutral.
The World Bank projected Pakistan’s economy would grow by 2.8 percent in the current fiscal year, which started in July, an increase from the previous estimate of 2.3 percent, aided by a recovery in manufacturing and easing monetary policy.
Sri Lanka, which is clawing its way out of a sovereign debt default and its worst economic crisis in decades, saw the biggest upward revision, with growth expected to come in at 4.4 percent this year and 3.5 percent in 2025.
Nepal’s growth forecast was raised to 5.1 percent from 4.6 percent for the 2024/25 fiscal year beginning mid-July, and Bhutan’s to 7.2 percent from 5.7 percent.
But Bangladesh’s growth forecast was downgraded to 4.0 percent from 5.7 percent for the fiscal year 2024/25, spanning from July to June, reflecting a slowdown in garment exports amid recent social unrest.
The World Bank recommended the region should boost women’s labor force participation — currently the lowest globally at 32 percent. Raising employment among women to levels comparable to those among men could raise output by as much as one-half in the long term, the report said.
“Bringing more women into the labor force could add significantly to the production potential,” said Raiser.


WEF launches digital platform focused on clean energy investment in emerging markets

WEF launches digital platform focused on clean energy investment in emerging markets
Updated 09 October 2024
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WEF launches digital platform focused on clean energy investment in emerging markets

WEF launches digital platform focused on clean energy investment in emerging markets
  • Playbook of Solutions outlines 100 policy, finance and de-risking solutions from 47 countries

DUBAI: The World Economic Forum last week launched a digital platform outlining 100 policy measures, finance mechanisms and de-risking solutions in 47 emerging and developing economies.

Known as the Playbook of Solutions, it was assembled by the Network to Mobilize Investment for Clean Energy in the Global South, which was launched at the WEF’s annual meeting in Davos in January.

Emerging markets and developing economies will represent 90 percent of the growth in global energy demand by 2035, according to a report by the International Energy Agency and International Finance Corp.

Yet these countries, which are home to a majority of the world’s population, account for less than a fifth of global clean energy investments, the report said.

In order to speed up the transition to clean energy and triple renewables by 2030, the annual average investment in renewable energy will need to reach at least $1.7 trillion by 2030, it said.

With this in mind, the Playbook of Solutions aims to guide governments, finance institutions and energy companies regarding their approach toward energy transition project financing in emerging markets.

It also highlights the need for a multipronged approach of policy action, de-risking tools and innovative financing mechanisms to unlock the $1.7 trillion needed in the Global South.

“The MENA region has shown remarkable advancements in its energy transition over the past decade,” Roberto Bocca, head of the WEF’s Center for Energy and Materials, told Arab News.

He said that according to the WEF’s latest Energy Transition Index, the region’s energy transition scores had increased by 7 percent overall, “with a substantial 22 percent rise in transition readiness.”

This progress “reflects the importance and efficacy of implementing a comprehensive blend of policies and strategies to unlock clean energy investment” and the new playbook “showcases various tools and measures for achieving this,” he said.

The playbook also highlights the success stories of four countries: Egypt, India, Chile and Brazil and how they raised billions in clean energy capital through a combination of strategies including policy measures and finance platforms.

“Country-led commitment reforms and platforms are critical to align sustainable development efforts in a way that prioritizes national objectives and accelerates progress toward a just, green transition,” said Rania Al-Mashat, minister of planning, economic development and international cooperation of Egypt and co-chair of the Network to Mobilize Investment for Clean Energy in the Global South.

The playbook “provides an effective way to exchange best practices and lessons learned between peer countries, thus unlocking just financing solutions that accelerate progress toward a just energy transition,” she said.