Saudi Arabia Raises Private Sector Efficiency by Accelerating Digital Procurement

Eng. Mansour Al-Obaid, Chairman of the Information and Communications Technology Committee at the Riyadh Chamber
Eng. Mansour Al-Obaid, Chairman of the Information and Communications Technology Committee at the Riyadh Chamber
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Saudi Arabia Raises Private Sector Efficiency by Accelerating Digital Procurement

Eng. Mansour Al-Obaid, Chairman of the Information and Communications Technology Committee at the Riyadh Chamber
Eng. Mansour Al-Obaid, Chairman of the Information and Communications Technology Committee at the Riyadh Chamber

Saudi Arabia has called on the private sector, specifically communications and information technology contractors, to join the Saudi Digital Investment Frontier (SDIF) to accelerate the pace of digital purchases in the next stage.

SDIF, which was launched last year by the Digital Government Authority (DGA), aims to enhance the means of joint work between the public and private sectors, increase the efficiency of the private sector’s participation in digital government projects, and encourage local and foreign investment in digital government.

According to official information, the DGA directed the Federation of Saudi Chambers to request communications and information technology contractors to call on all relevant companies and institutions to join the SDIF platform to enable them to win government tenders.

In remarks to Asharq Al-Awsat, Eng. Mansour Al-Obaid, Chairman of the Information and Communications Technology Committee at the Riyadh Chamber, underlined the importance for contractors to register on the platform in order to obtain a classification certificate approved by the Ministry of Municipal, Rural Affairs and Housing, and then access government procurement tenders.

He added that the benefits of the platform also include access to government procurement information, including tender notices, contract opportunities and supplier evaluation criteria.

Al-Obaid added that the main objectives of the program are to improve the efficiency of digital government procurement, by developing a central procurement platform that provides training and support to public entities, as well as increasing private sector participation in digital government projects to create a more favorable investment environment.

According to Obaid, SDIF also seeks to raise the work quality of providers and operators of digital government services, and to stimulate foreign and local investment.

The Saudi government launched the SDIF program to enhance investment and efficiency of government spending in the field of digital government, improve budget planning and avoid duplication of projects.

SDIF falls within the DGA’s initiatives aimed at leading the digital government of Saudi Arabia. It was announced during the first quarter of 2022.

The DGA has recently issued the Readiness to Adopt Emerging Technologies Report 2023, which measures capabilities related to “Research, Communication, Proof, and Integration.”

The report is designed to assist government agencies in determining their readiness levels, exploring gaps and optimization opportunities and providing plans for capacity building in a manner commensurate with requirements, as well as ensuring the achievement of desired benefits.

According to the report, the overall score for assessing the readiness of government agencies to adopt emerging technologies reached 60.35%, at the “Competent” level.

The participating agencies have shown progress in most of the capabilities related to adopting emerging technologies, as well as remarkable potential for excellence and achieving an integrated creative experience, the report added.

 



Trump Win Ignites Crypto Frenzy that Sends Bitcoin to Record High

Trump Win Ignites Crypto Frenzy that Sends Bitcoin to Record High
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Trump Win Ignites Crypto Frenzy that Sends Bitcoin to Record High

Trump Win Ignites Crypto Frenzy that Sends Bitcoin to Record High

The price of bitcoin hit a new high Wednesday and crypto-related shares rallied as investors bet that former President Donald Trump's victory in the US presidential election will be a boon for cryptocurrencies.

Bitcoin jumped nearly 8% in early trading, climbing above $75,000 and smashing its previous record set in March. Other cryptocurrencies also soared, including ether, the world's second most popular cryptocurrency after bitcoin, which rallied 8%.

Another token, dogecoin, rocketed as much as 18%. It's the favorite cryptocurrency of billionaire Elon Musk, one of Trump's most prominent supporters, The AP reported.

Crypto-related shares outran the rest of the stock market. Coinbase, one of the biggest cryptocurrency exchanges, leaped 17%. Online brokerage Robinhood Markets, which offers crypto trading, soared 12% and MicroStrategy, which says it is the “largest corporate holder of bitcoin,” jumped 10%.

Trump was previously a crypto skeptic but changed his mind and embraced cryptocurrencies ahead of the election.

He has pledged to make America "the crypto capital of the planet" and create a “strategic reserve” of bitcoin. His campaign accepted donations in cryptocurrency and he courted crypto fans at a bitcoin conference in July. He also launched World Liberty Financial, a new venture with family members to trade cryptocurrencies.

Bitcoin is up 77% this year.

“Bitcoin is the one asset that was always going to soar if Trump returned to the White House," said Russ Mould, investment director at AJ Bell, a British online investment platform. After touching its new high, the market is now speculating about “when, not if, it will smash through $100,000," he said.

“Trump has already declared his love of the digital currency and crypto traders now have a new narrative by which to get even more excited about where the price could go,” Mould said.

But other experts warned of the risks.

“Investors should only dabble in crypto with money that they can be prepared to lose,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown. “Because we’ve seen these wild swings in the past.”

Crypto industry players welcomed Trump's victory, in hopes that he would be able to push through legislative and regulatory changes that they've long lobbied for.

Trump had already promised that, if elected, he would remove the chair of the Securities and Exchange Commission, Gary Gensler, who has been leading the US government’s crackdown on the crypto industry.

“Tonight the crypto voter has spoken decisively — across party lines and in key races across the country,” said Coinbase CEO Brian Armstrong . “Americans disproportionately care about crypto and want clear rules of the road for digital assets. We look forward to working with the new Congress to deliver it,” Armstrong posted on X.

Streeter said Trump's administration would most likely pursue “light touch regulation” for the crypto industry.

“Certainly that’s what crypto fans would want," she said. “They want the sheen of legitimacy to be brought to crypto, but they don’t want regulations to be too onerous to stop opportunities and innovation.”