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UN Selects Riyadh to Host the Internet Governance Forum (IGF) 2024

General view of Riyadh city. Reuters file photo
General view of Riyadh city. Reuters file photo
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UN Selects Riyadh to Host the Internet Governance Forum (IGF) 2024

General view of Riyadh city. Reuters file photo
General view of Riyadh city. Reuters file photo

The United Nations has selected Riyadh to host the 19th edition of the Internet Governance Forum (IGF) in 2024.
The IGF is an annual event organized by the United Nations, bringing together global experts to discuss and formulate international trends and policies regarding the developments of internet governance in a collaborative manner between governments, the private sector, and non-profit organizations.
The Minister of Communications and Information Technology, Eng. Abdullah bin Amer Alswaha, affirmed that the Kingdom is leading international efforts to increase digital inclusion and bridge the digital divide worldwide.

It aims to contribute to building a thriving and inclusive digital economy for all.

This comes in light of the unlimited support received by the sector from the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and Prince Mohammed bin Salman, the Crown Prince and Prime Minister.

The Governor of the Digital Government Authority, Eng. Ahmed bin Mohammed Alsuwaiyan, pointed out that the United Nations' selection of Riyadh to host this global forum reflects Saudi Arabia’s leading role and efforts in maximizing the impact of digital infrastructure to achieve sustainable development goals and serve communities and business sectors.

The trust placed by international organizations in Saudi Arabia’s ability to host major exhibitions and global conferences confirms its position as an advanced country in the field of communications, information technology, and digital government. It also recognizes its excellence in various fields in line with the programs and initiatives of Saudi Vision 2030.

IGF brings together more than 160 countries and features over 1,000 speakers consisting of global experts and specialists. It hosts more than 300 sessions and workshops, in addition to awards, and cooperative agreements that will take place over five days. These activities aim to facilitate the exchange of expertise, success stories, and best practices in public policy issues related to the Internet.

The forum seeks to shape the future of the Internet and technology and build a secure digital future for all.

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Türkiye Inflation Expected to Fall in September for First Time Since 2021

People shop at a popular market in Istanbul. (Local media)
People shop at a popular market in Istanbul. (Local media)
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Türkiye Inflation Expected to Fall in September for First Time Since 2021

People shop at a popular market in Istanbul. (Local media)
People shop at a popular market in Istanbul. (Local media)

Annual inflation in Türkiye is expected to fall, forecasts showed, shortly before the Turkish Statistical Institute (TurkStat) will reveal inflation figures on Thursday.

Inflation in Istanbul, one of the country’s largest cities and vital economic centers, showed a year-on-year decline while continuing to rise on a monthly basis.

A Reuters poll showed on Monday that Türkiye’s annual inflation is expected to continue its decline in September and fall below the central bank's policy rate (50%) for the first time since 2021.

The median estimate of 19 economists showed annual inflation of 48.3% in September, down from 51.97% in August.

Forecasts ranged from 47.8% to 49.1%. Month-on-month, inflation is seen rising to 2.2%, with forecasts ranging between 2% and 2.8%.

Monthly inflation was high in January and February, largely due to a big minimum wage hike and new-year price updates, before slowing to some 3.2% in March and April. After dipping in June, inflation rose to 3.23% in July on the back of mid-year price adjustments.

Monthly inflation was 2.47% in August on the back of a natural gas price hike for residential users, the first such price adjustment in almost two years.

Türkiye's annual consumer inflation rate slowed to 71.60% in June. It fell to 51.97% in August, decelerating from 61.78% in July.

At the same time, inflation in Istanbul rose by 3.9% on a monthly basis last September, while annual inflation fell to 59.18%.

The Istanbul Chamber of Commerce (ITO) said on Tuesday that the Cost of Living Index for wage earners in Istanbul, which reflects retail price movements, increased by 3.90% compared to the previous month, while the Wholesale Price Index, which tracks wholesale price movements, rose by 4.67%.

It said that compared to September of the previous year, retail prices increased by 59.18%, while wholesale prices rose by 47.89%.

A Türkiye Household Inflation Expectations Survey (TEBA), prepared by the Koç University in collaboration with the Konda Research and Consulting Company, revealed that annual inflation is expected to reach 94% by the end of the year.

Meanwhile, Deutsche Bank published on Tuesday its forecasts for Türkiye’s inflation, economic growth, interests rates and exchange rate.

The report, authored by Yigit Onay, highlighted declining inflation and improvements in the current account deficit as key developments for the upcoming year.

The bank expects inflation to drop further to around 42% by the end of 2024, although rigid prices in the services sector could hinder a faster decline. Inflation is projected to fall to 23% in 2025.

A combination of lower energy bills and reduced gold demand is expected to shrink the deficit to 1.6% of GDP in 2024. By the end of this year, Deutsche Bank estimates the deficit will narrow to $20 billion.

The budget deficit, which stood at 5.2% of GDP in 2023, is expected to shrink to 5% next year, it says.