Saudi Arabia ranks 4th globally for preparedness in digital systems  

In line with Vision 2030, the ICT market’s primary objective is to build tomorrow’s digital foundations for a connected and innovative Saudi Arabia. (Shutterstock)
Short Url
Updated 19 March 2023
Follow

Saudi Arabia ranks 4th globally for preparedness in digital systems  

RIYADH: Saudi Arabia has ranked fourth globally in its level of preparedness in digital systems on the back of its sturdy regulatory framework, the latest report from the UN revealed.  

The Kingdom ranked second in digital system preparedness among the G20 members, according to the report published by the International Telecommunication Union, a UN agency that deals with information and communication technologies, reported Saudi Press Agency.  

The report credits this achievement to Saudi Arabia’s development of a sustainable regulatory framework, its empowerment of the digital economy, and its success in boosting its telecom infrastructure.   

The Kingdom’s global rank was also attained through the endless support of King Salman and Crown Prince Mohammed bin Salman, stated the Governor of the Communications and Information Technology Commission Mohammed Al Tamimi.   

He added that Vision 2030 has paved the way for robust and efficient telecommunications and IT sectors, thus creating an ambitious strategy for digital transformation. 

In line with Vision 2030, the ICT market’s primary objective is to build tomorrow’s digital foundations for a connected and innovative Saudi Arabia through developing standards, partnerships, and investments.  

The CITC has launched multiple initiatives to advance the telecommunications and IT sector, stated the governor. It developed the national academy for digital systems to attract investments and speed up digital transformation.  

Al Tamimi further added that the CITC has propelled the Kingdom’s position in the global market through cooperative regulating and including all stakeholders in its enterprises.   

Furthermore, the ITU report has underlined many obstacles facing regulating agencies, including primarily monitoring competence and sustainable growth.  

According to the Kingdom’s ICT Strategy 2023, the sector in the country includes several chief technologies in IT, emerging tech, and telecommunications.   

The ICT infrastructure market growth in Saudi Arabia is driven by increased spending in the telecom and ICT industry by the government.  

Other factors also contribute to the sector’s growth, like the Kingdom’s bring-your-own-device trend, supportive government initiatives for 5G commercialization, and cloud adoption.  


European gas prices soar almost 50% as Iran conflict halts Qatar LNG output

Updated 02 March 2026
Follow

European gas prices soar almost 50% as Iran conflict halts Qatar LNG output

  • Analysts warn prolonged disruption could push prices higher
  • Some shipments of oil, LNG through Strait of Hormuz suspended
  • Benchmark Asian LNG price up almost 39 percent

LONDON: ​Benchmark Dutch and British wholesale gas prices soared by almost 50 percent on Monday, after major liquefied natural gas exporter Qatar Energy said it had halted production due to attacks in the Middle East.

Qatar, soon to cement its role as the world’s second largest LNG exporter after the US, plays a major role in balancing both Asian and European markets’ demand of LNG.

Most tanker owners, oil majors and ‌trading houses ‌have suspended crude oil, fuel and liquefied natural ​gas shipments ‌via ⁠the ​Strait of ⁠Hormuz, trade sources said, after Tehran warned ships against moving through the waterway.

Europe has increased imports of LNG over the past few years as it seeks to phase out Russian gas following Russia’s invasion of Ukraine.

Around 20 percent of the world’s LNG transits through the Strait of Hormuz and a prolonged suspension or full closure would increase global competition for other ⁠sources of the gas, driving up prices internationally.

“Disruptions to ‌LNG flows would reignite competition between ‌Asia and Europe for available cargoes,” said ​Massimo Di Odoardo, vice president, gas ‌and LNG research at Wood Mackenzie.

The Dutch front-month contract at the ‌TTF hub, seen as a benchmark price for Europe, was up €14.56 at €46.52 per megawatt hour, or around $15.92/mmBtu, by 12:55 p.m. GMT, ICE data showed.

Prices were already some 25 percent higher earlier in the day but extended gains ‌after QatarEnergy’s production halt.

Benchmark Asian LNG prices jumped almost 39 percent on Monday morning with the S&P Global ⁠Energy Japan-Korea-Marker, widely used ⁠as an Asian LNG benchmark, at $15.068 per million British thermal units, Platts data showed.

“If LNG/gas markets start to price in an extended period of losses to Qatari LNG supply, TTF could potentially spike to 80-100 euros/MWh ($28-35/mmBtu),” Warren Patterson, head of commodities strategy at ING, said. The British April contract was up 40.83 pence at 119.40 pence per therm, ICE data showed.

Europe is also relying on LNG imports to help fill its gas storage sites which have been depleted over the winter and are currently around 30 percent full, the latest data from Gas Infrastructure ​Europe showed. In the European carbon ​market, the benchmark contract was down €1.10 at €69.17 a tonne