Riyadh Gathers Int’l Cybersecurity Experts in Global Forum

Riyadh Governor Prince Faisal bin Bandar bin Abdulaziz (Asharq Al-Awsat)
Riyadh Governor Prince Faisal bin Bandar bin Abdulaziz (Asharq Al-Awsat)
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Riyadh Gathers Int’l Cybersecurity Experts in Global Forum

Riyadh Governor Prince Faisal bin Bandar bin Abdulaziz (Asharq Al-Awsat)
Riyadh Governor Prince Faisal bin Bandar bin Abdulaziz (Asharq Al-Awsat)

An international gathering on cybersecurity opened in the Saudi capital, Riyadh, on Wednesday, bringing together representatives of global bodies and firms from some 120 countries.

The event, sponsored by Saudi king Salman bin Abdulaziz, was inaugurated by Prince Faisal bin Bandar bin Abdulaziz, the Governor of Riyadh, for its third edition, under the theme of “Charting Shared Priorities in Cyberspace.”

Prince Faisal emphasized the rapid evolution in the field of cybersecurity in today’s world, underscoring the urgent need for enhanced cooperation and collaborative efforts to address it.

He stressed the importance of leveraging the expertise of international participants, including decision-makers and specialists from around the globe, to yield valuable insights and share international experiences related to critical and strategic cyber matters.

The ultimate goal is to create a secure and trusted cyberspace that fosters progress, innovation, growth, and prosperity for all nations.

Addressing the gathering, Saudi Arabia's cybersecurity chief Majed Al-Mazyad said the event represents a platform for global bodies to come together in a bid to boost cybersecurity cooperation, which in turn, proves beneficial for the international community as a whole.

It is noteworthy that the two-day forum is being organized by the National Cybersecurity Authority and the Saudi Information Technology Company (SITE).

It also features over 150 international speakers.

Eminent decision-makers, CEOs of international organizations related to the field, representing various government and academic sectors, as well as leading global companies from over 120 countries, are in attendance.

The convening of this forum reaffirms Saudi Arabia’s global leadership in the field of cybersecurity, given the achievements of its pioneering experience at the local, regional, and international levels.

The Saudi model in cybersecurity has become a successful and internationally recognized benchmark.

The Global Cybersecurity Forum is a global platform that caters to decision-makers, experts, and professionals involved in critical and strategic cybersecurity issues.

It aims to provide an expansive opportunity for knowledge transfer, expertise exchange, and collaboration exploration on strategic cybersecurity topics.

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.



IMF Warns Asia Retaliatory Tariffs Could Undermine Growth

A man walks with his bicycle along a crosswalk in Beijing, China, 16 November 2024. (EPA)
A man walks with his bicycle along a crosswalk in Beijing, China, 16 November 2024. (EPA)
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IMF Warns Asia Retaliatory Tariffs Could Undermine Growth

A man walks with his bicycle along a crosswalk in Beijing, China, 16 November 2024. (EPA)
A man walks with his bicycle along a crosswalk in Beijing, China, 16 November 2024. (EPA)

The International Monetary Fund (IMF) warned on Tuesday that "tit-for-tat" tariffs could undermine Asia's economic prospects, raise costs and disrupt supply chains even as it expects the region to remain a key engine of growth for the global economy.

"The tit-for-tat retaliatory tariffs threaten to disrupt growth prospects across the region, leading to longer and less efficient supply chains," IMF Asia-Pacific Director Krishna Srinivasan said at a forum in Cebu on systemic risk.

Srinivasan's remarks come amid concerns over US President-elect Donald Trump's plan to impose a 60% tariff on Chinese goods and at least a 10% levy on all other imports.

Tariffs could impede global trade, hamper growth in exporting nations, and potentially raise inflation in the United States, forcing the US Federal Reserve to tighten monetary policy, despite a lackluster outlook for global growth.

In October, the European Union also decided to increase tariffs on Chinese-built electric vehicles to as much as 45.3%, prompting retaliation from Beijing.

The IMF's latest World Economic Outlook forecasts global economic growth at 3.2% for both 2024 and 2025, weaker than its more optimistic projections for Asia, which stand at 4.6% for this year and 4.4% for next year.

Asia is "witnessing a period of important transition", creating greater uncertainty, including the "acute risk" of escalating trade tensions across major trading partners, Srinivasan said.

He added that uncertainty surrounding monetary policy in advanced economies and related market expectations could affect monetary decisions in Asia, influencing global capital flows, exchange rates, and other financial markets.