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Saudi Arabia Hosts Global Cybersecurity Forum with Participation of over 120 Countries

Participants at the second edition of the Global Cybersecurity Forum. (SPA)
Participants at the second edition of the Global Cybersecurity Forum. (SPA)
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Saudi Arabia Hosts Global Cybersecurity Forum with Participation of over 120 Countries

Participants at the second edition of the Global Cybersecurity Forum. (SPA)
Participants at the second edition of the Global Cybersecurity Forum. (SPA)

Saudi Arabia will host on Wednesday the third edition of the Global Cybersecurity Forum in Riyadh.

Sponsored by Custodian of the Two Holy Mosques King Salman bin Abdulaziz, the two-day event is being organized by the National Cybersecurity Authority and the Saudi Information Technology Company (SITE) under the theme "Charting Shared Priorities in Cyberspace."

The platform will address the most pressing challenges in cyberspace, exploring their impact on industries and sectors, including supply chains and smart cities.

It aims to raise awareness of the challenges and explore comprehensive solutions, encouraging multi-stakeholder collaboration on an international scale.

The event will be attended by industry experts, decision-makers, CEOs, and high-level representatives across government and academic sectors, as well as prominent international companies from over 120 countries.

It will also see the launch of several initiatives and international projects that will contribute to strengthening international cooperation, as well as enabling socio-economic development in the Kingdom and the rest of the world.

The Forum will map shared priorities in cyberspace through discussions and sessions on strategic topics related to cybersecurity, focusing on five sub-themes: Cyberspace amidst polycrisis, Cyber growth unlocked, Across cyber divides, Inside cyber minds, and emerging cyber horizons.

The Global Cybersecurity Forum Institute (GCFI) will stimulate continuous dialogue among various partners and support related projects over the coming months to consolidate the concept of international cooperation and partnership expressed in the GCFI objectives.

The Institute is focused on unlocking opportunities in cyberspace that can stimulate development and prosperity and strengthen the position of the Kingdom as a global leader in this vital and promising sector, building on its regional and international achievements to date.

The Global Forum has become a platform for decision-makers, experts, and specialists in vital and strategic sector issues. It aims to open broad horizons for knowledge transfer and exchange of expertise, explore opportunities for cooperation, support international efforts, unify joint efforts, and stimulate socio-economic development in the sector.

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Russia's Central Bank Holds Off on Interest Rate Hike

People skate at an ice rink installed at the Red Square decorated for the New Year and Christmas festivities, with the St. Basil's Cathedral, left, and the Kremlin, right, in the background in Moscow, Russia, Friday, Dec. 20, 2024. (AP Photo/Alexander Zemlianichenko)
People skate at an ice rink installed at the Red Square decorated for the New Year and Christmas festivities, with the St. Basil's Cathedral, left, and the Kremlin, right, in the background in Moscow, Russia, Friday, Dec. 20, 2024. (AP Photo/Alexander Zemlianichenko)
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Russia's Central Bank Holds Off on Interest Rate Hike

People skate at an ice rink installed at the Red Square decorated for the New Year and Christmas festivities, with the St. Basil's Cathedral, left, and the Kremlin, right, in the background in Moscow, Russia, Friday, Dec. 20, 2024. (AP Photo/Alexander Zemlianichenko)
People skate at an ice rink installed at the Red Square decorated for the New Year and Christmas festivities, with the St. Basil's Cathedral, left, and the Kremlin, right, in the background in Moscow, Russia, Friday, Dec. 20, 2024. (AP Photo/Alexander Zemlianichenko)

Russia's central bank has left its benchmark interest rate at 21%, holding off on further increases as it struggles to snuff out inflation fueled by the government's spending on the war against Ukraine.
The decision comes amid criticism from influential business figures, including tycoons close to the Kremlin, that high rates are putting the brakes on business activity and the economy.
According to The Associated Press, the central bank said in a statement that credit conditions had tightened “more than envisaged” by the October rate hike that brought the benchmark to its current record level.
The bank said it would assess the need for any future increases at its next meeting and that inflation was expected to fall to an annual 4% next year from its current 9.5%
Factories are running three shifts making everything from vehicles to clothing for the military, while a labor shortage is driving up wages and fat enlistment bonuses are putting more rubles in people's bank accounts to spend. All that is driving up prices.
On top of that, the weakening Russian ruble raises the prices of imported goods like cars and consumer electronics from China, which has become Russia's biggest trade partner since Western sanctions disrupted economic relations with Europe and the US.
High rates can dampen inflation but also make it more expensive for businesses to get the credit they need to operate and invest.
Critics of the central bank rates and its Governor Elvira Nabiullina have included Sergei Chemezov, the head of state-controlled defense and technology conglomerate Rostec, and steel magnate Alexei Mordashov.
Russian President Vladimir Putin opened his annual news conference on Thursday by saying the economy is on track to grow by nearly 4% this year and that while inflation is “an alarming sign," wages have risen at the same rate and that "on the whole, this situation is stable and secure.”
He acknowledged there had been criticism of the central bank, saying that “some experts believe that the Central Bank could have been more effective and could have started using certain instruments earlier.”
Nabiullina said in November that while the economy is growing, “the rise in prices for the vast majority of goods and services shows that demand is outrunning the expansion of economic capacity and the economy’s potential.”
Russia's military spending is enabled by oil exports, which have shifted from Europe to new customers in India and China who aren't observing sanctions such as a $60 per barrel price cap on Russian oil sales.