Arab News : 2020-07-01

Business : 11 : 11

Business

11 ARAB NEWS Wednesday, July 1, 2020 Business 9.7m 100 OPEC+ producers agreed to cuts of 9.7 million bpd, or 10 percent of global output, from May 1. Huawei is involved in smart city projects in more than 100 countries. Smart Cities Solutions Company. “One of the first projects within the framework of this agreement is the car park project in Dammam, in which the Smart Cities Solutions Company will assume the task of operating modern parking lots and command centers for Khobar, Dammam and Dhahran cities.” Saudi Arabia is investing heavily in smart cities in an effort to modernize the economy and provide high-value tech-focused jobs for its youthful population. It is part of a broader push to diversify its economy away from oil. Saudi Arabia’s Ministry of Municipal and Rural Affairs launched the nation’s first smart cities program, which targets 17 cities in its first phase, together comprising almost 72 percent of the Kingdom’s population. In 2017, Saudi Arabia revealed plans for a futuristic cross-border city called NEOM in Tabuk province, in the Kingdom’s northwest. of the COVID-19 coronaviru­s, but that the experience of countries in dealing with the pandemic has left them better equipped to handle any recurrence. “I think we are much better prepared now. All countries, all medical establishm­ents are much better prepared. We learned a lot during the first wave,” he said. Nasser’s remarks come as OPEC oil output drops to its lowest level in two decades. OPEC pumped 22.62 million barrels per day (bpd) on average in June, according to a Reuters survey published on Tuesday. That was a decline of about 1.92 million bpd from May. The OPEC+ group, which includes OPEC as well as Russia and some other producers, agreed to cut about 10 percent of global oil output from May 1. The cuts have helped to support an oil price which dropped to as The worst is behind us. I’m very optimistic about the second half of this year. $12tr

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