Category: Market

Riyadh, A surge in demand for oud (agarwood) and incense is being witnessed in Riyadh markets in the lead-up to Eid al-Fitr. The fragrant scents play a significant cultural role in the Kingdom, deeply intertwined with Eid traditions and customs of welcoming guests who exchange well wishes.

Official data from the Zakat, Tax and Customs Authority reveals significant import volumes of oud. Between the second half of 2023 and the first quarter of 2024, the Kingdom imported 1,145,498 kilograms of oud and 1,513 kilograms of oud oil.

The Saudi Press Agency (SPA) monitored commercial activity in recent days, observing a rapid rise in sales of incense, oud oil, and various perfumes as Eid approaches.

Prices vary considerably depending on the type and quality of the oud. Natural, rare oud can fetch astronomical prices, with one kilogram reaching as high as SAR400,000.

Improved oud, which has undergone treatments to enhance its aroma and appearance such as adding essential oils, resins, or dyes to alter the natural
qualities of the wood, falls within a broader range of SAR100 to SAR6,000 per ounce, depending on factors such as the quality and quantity of oil content.

These factors, in turn, are often linked to the source country in Southeast Asia. The most prominent exporters include India, Vietnam, Thailand, Cambodia, Malaysia, and Indonesia. Highly valued oud is known for its longevity, with the scent strengthening as the wood matures.

Source: Saudi Press Agency

Jeddah: King Abdullah University of Science and Technology (KAUST) has been an early adopter of artificial intelligence (AI), positioning itself as a leading academic institution in Saudi Arabia and the region for enhancing human capabilities and fostering innovation in this field. This commitment is evident in its robust infrastructure, advanced technologies managed by leading experts, and strategic partnerships with key institutions in the public and private sectors.

KAUST’s focus on integrating AI across vital sectors with national impact, such as security, energy, data analytics, and healthcare, is in line with the goals of the Saudi Vision 2030.

As part of its efforts to enhance its AI expertise, KAUST has introduced a series of science and technology-based training programs under the umbrella of the KAUST Academy’s “Continuing Education” initiative. Since its inception in 2022, the KAUST Academy has delivered six training programs and three summer camps, collaborating with 20 Saudi universities and at
tracting participants from 12 cities across the Kingdom, with women comprising 70% of the attendees. Notably, the Academy has trained approximately 2,000 students by the end of 2022, with the involvement of distinguished experts in the field, including Professor Jurgen Schmidhuber, globally recognized as the “father of modern AI.”

By solidifying its AI journey, KAUST aims to leverage AI capabilities to process information at unprecedented speeds, foster innovation, draw meaningful insights, and effectively implement skill development plans. The establishment of the KAUST Academy as a tuition-free training entity underscores KAUST’s commitment to providing accessible education opportunities to citizens and residents of the Kingdom, regardless of background.

Furthermore, KAUST is dedicated to nurturing capabilities in areas aligned with national objectives, such as cybersecurity, bioinformatics, applied and computer sciences, business analytics, Internet of Things (IoT), and robotics. Its participation in the
2022 Global AI Summit in Riyadh showcased KAUST’s pioneering projects in AI and deep neural networks (DNNs), emphasizing its role in advancing AI research and talent development in the Kingdom.

Through initiatives like the University of Oxford’s program, launched in collaboration with Oxford University and integrated into KAUST’s offerings, KAUST aims to strengthen partnerships and empower students with modern technological skills. This program enables students to gain insights into the workings of these technologies, building on KAUST’s track record of supporting over 800 students from diverse regions of the Kingdom through effective partnerships. Overall, KAUST’s Artificial Intelligence Initiative is committed to fostering interdisciplinary education and facilitating opportunities for local and global engagement in AI innovation and education.

Source: Saudi Press Agency

Kuwait, The price of Kuwaiti oil went up by USD 1.33 to USD 89.55 per barrel (pb) on Tuesday, compared to USD 88.22 pb Monday.

According to the Kuwait Petroleum Corporation (KPC), the prices of Brent Crude and West Texas Intermediate both increased by USD 1.50 and USD 1.44 to reach USD 88.92 pb and USD 85.15 pb respectively.

Source: Qatar News Agency

Muscat, The Muscat Stock Exchange (MSX) general index (30) closed Wednesday at 4,663.47 points, down by 9.1 points, or 0.19 percent, compared to the last trading session, which closed at 4,672.56 points.

The trading value reached RO 4,057,518, a decrease of 25.1 percent compared to the last trading session, which stood at RO 5,514,661.

The report issued by the MSX indicated that the market value decreased by 0.003 percent from the last trading day, and amounted to approximately RO 23.99 billion.

Source: Qatar News Agency

Doha: Qatar Stock Exchange (QSE) index gained 23.06 points at the beginning of Wednesday’s trading, an increase of 0.24%, rising to the level of 9,817 points, compared to the end of Tuesday’s trading, backed by four sectors.

QSE figures showed a positive performance for the Industrial sector by 0.87%, the Transportation sector by 0.25%, the Consumer Goods and Services sector by 0.05%, and the Banking and Financial Services sector by 0.03%. The Insurance sector was unchanged at 0.00%, while the performance was negative for the Real Estate sector by 0.13% and the Telecom sector by 0.47%.

At 10:00 a.m, Qatar Stock Exchange recorded 2435 transactions worth QR 71.656 million, distributed among 26.576 million shares.

Source: Qatar News Agency

Washington: The cost of damage to critical infrastructure in Gaza is estimated at around $18.5 billion according to a new report released today by the World Bank and the United Nations, with financial support of the European Union. That is equivalent to 97% of the combined GDP of the West Bank and Gaza in 2022.

The Interim Damage Assessment report used remote data collection sources to measure damage to physical infrastructure in critical sectors incurred between October 2023 and end of January 2024.

The report finds that damage to structures affects every sector of the economy. Housing accounts for 72% of the costs. Public service infrastructure such as water, health, and education account for 19%, and damages to commercial and industrial buildings account for 9%. For several sectors, the rate of damage appears to be leveling off as few assets remain intact. An estimated 26 million tons of debris and rubble have been left in the wake of the destruction, an amount that is estimated to take years to remove.

T
he report also looks at the impact on the people of Gaza. More than half the population of Gaza is on the brink of famine and the entire population is experiencing acute food insecurity and malnutrition. Over a million people are without homes and 75% of the population is displaced. Catastrophic cumulative impacts on physical and mental health have hit women, children, the elderly, and persons with disabilities the hardest, with the youngest children anticipated to be facing life-long consequences to their development.

Source: Qatar News Agency