Saudi Arabia, EU Explore Cooperation in Higher Education

The meeting reviewed cooperation between Saudi Arabia and the European Union in higher education and research. (Asharq Al-Awsat)
The meeting reviewed cooperation between Saudi Arabia and the European Union in higher education and research. (Asharq Al-Awsat)
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Saudi Arabia, EU Explore Cooperation in Higher Education

The meeting reviewed cooperation between Saudi Arabia and the European Union in higher education and research. (Asharq Al-Awsat)
The meeting reviewed cooperation between Saudi Arabia and the European Union in higher education and research. (Asharq Al-Awsat)

The Saudi Ministry of Education and the EU Delegation of Erasmus+ program reviewed cooperation in higher education and research, with the participation of European experts and representatives of major universities in the Kingdom.

Funded by the EU, the Erasmus program is the first large-scale international action program to enhance the mobility of higher education students, focusing on lifelong learning to support education, training, youth, and sports in Europe.

Since its inception 35 years ago, over 13 million students have benefited from its programs. It has a budget of $27.9 billion running from 2021-2027.

The opportunities offered by Erasmus+ are now available to the Gulf region, where Saudi universities can establish partnerships with their European counterparts to exchange students and staff.

Speaking at the event, EU Ambassador to Saudi Arabia and Oman Christophe Farnaud said the EU is accelerating international cooperation in the academic field, offering tremendous opportunities for young Saudi students to study and live in Europe.

“Erasmus+ is designed to enhance two-way exchanges and also enable more Europeans to come to study in the Gulf, further bolstering our people-to-people contacts and our bilateral relations,” he added.

In May 2022, the EU announced its strategic partnership with the Gulf, which aims to expand and deepen cooperation between the two sides.

Several proposals between the EU and Saudi Arabia aim to enhance energy, green transformation, climate change, trade, economic diversification, regional stability, global security, and humanitarian and development challenges.



Bitcoin Drops to 11-day Low amid Tech Selloff

FILE PHOTO: Sparks strike representation of cryptocurrency Bitcoin in this illustration taken November 24, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Sparks strike representation of cryptocurrency Bitcoin in this illustration taken November 24, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
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Bitcoin Drops to 11-day Low amid Tech Selloff

FILE PHOTO: Sparks strike representation of cryptocurrency Bitcoin in this illustration taken November 24, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Sparks strike representation of cryptocurrency Bitcoin in this illustration taken November 24, 2024. REUTERS/Dado Ruvic/Illustration/File Photo

Bitcoin fell below $100,000 on Monday, hitting its lowest in 11 days, in a move analysts attributed to a wave of caution after the surging popularity of a Chinese artificial intelligence model sparked a selloff in Western AI-related stocks.

The world's biggest cryptocurrency struggled to make gains last week, as a rally that had seen it break above $100,000 after US President Donald Trump's election ran out of steam, Reuters reported.

At 1156 GMT, bitcoin was at $98,852.17, down around 6% on the day, having fallen sharply in early trading to hit its lowest since Jan. 16.

Technology stocks plunged, as traders worried that Chinese AI startup DeepSeek could threaten Western companies' dominance of the sector, in a move some called AI's "Sputnik moment", referring to the former Soviet Union's launch of a satellite that marked the start of the space race in the late 1950s.

Bitcoin's losses are "seemingly driven by some risk-off sentiment circulating the markets currently due to DeepSeek," wrote eToro analyst Simon Peters.

Geoffrey Kendrick, global head of digital asset research at Standard Chartered, said a decline in Nasdaq futures had hurt crypto markets, but that disappointment over the Trump administration's announcement about a cryptocurrency stockpile had put digital assets more at risk of a sharp selloff.

Crypto failed to feature in Trump's day-one announcements after taking office last week, leaving some investors disappointed. In an executive order on Thursday, Trump created a working group to draft new crypto rules and explore a crypto stockpile, while the Securities and Exchange Commission (SEC) spiked accounting guidance that the industry said had stymied crypto adoption.

The prospect of interest rates staying higher for longer also hurt riskier assets, said Thomas Puech, CEO of digital asset hedge fund Indigo.

US Federal Reserve policymakers meet this week and are expected to keep interest rates on hold.