Saudi Arabia’s Transformation Plans Achieve Record Results at Accelerated Pace

The Saudi Center for Economic Business provides facilitated services to the business sector in the country (SPA)
The Saudi Center for Economic Business provides facilitated services to the business sector in the country (SPA)
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Saudi Arabia’s Transformation Plans Achieve Record Results at Accelerated Pace

The Saudi Center for Economic Business provides facilitated services to the business sector in the country (SPA)
The Saudi Center for Economic Business provides facilitated services to the business sector in the country (SPA)

A system that operates under the National Transformation Program, one of the pillars of Saudi Vision 2030, has achieved record results at a fast pace during 2023.
The program seeks to accelerate digital transformation in the Kingdom and focuses on a wide range of priorities, including, empowering the private sector, achieving government excellence, and developing economic partnerships.
A recent report issued by the program, a copy of which was reviewed by Asharq Al-Awsat, showed the extensive progress of the national transformation system over the past year, with services becoming easier and more comprehensive thanks to the many initiatives implemented by the various ministries and concerned bodies.
According to the report, the Ministry of Economy and Planning launched the “Saudi Census,” the most accurate and most comprehensive in the history of the Kingdom, in addition to the Saudi Data Platform, which includes major economic and social indicators.
The report said that the Ministry of Investment was able to issue more than 180 licenses for regional headquarters for international companies, and develop 1,200 investment opportunities on the “Invest in Saudi Arabia” platform, in addition to holding more than 31 global forums.
Moreover, the Ministry of Environment, Water and Agriculture launched a number of initiatives and programs over the past year, including 25 stations to monitor noise pollution, 100 stations to monitor light pollution, the Climate Change Center, and the Regional Center for Warning of Dust and Sand Storms, in addition to other platforms.
For its part, the Ministry of Commerce launched a number of programs, including, the Business Growth Acceleration Program, as well as the Stanford for Entrepreneurs and Leaders program, and the “Slingshot” program.
Last year, the Ministry of Justice unveiled many services that contribute to accelerating the implementation of real estate operations, in addition to the updated version of the Najiz platform, which seeks to improve the quality of services provided and raise the satisfaction rate of beneficiaries.
As for the Ministry of Communications and Information Technology, it has witnessed tangible developments, including the launch of the open data platform, the new version of the Tawakkalna application, the national data government platform, and the national data index “Nadha”, in partnership with the Saudi Data and Artificial Intelligence Authority (SDAIA).
The Ministry of Communications established eight innovation laboratories at the Center for Digital Entrepreneurship (CODE), to empower entrepreneurs and owners of emerging digital projects and to grow digital businesses, as well as the “Tuwaiq” program, which offers a range of training courses in programming, design and modern technologies.
Since the launch of Saudi Vision 2030, the major positive transformations witnessed in the country’s cities and regions have contributed to shaping a new, higher quality of life and providing better livelihoods.



Gold Firms in Thin Trade as Investors Weigh Fed Outlook

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
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Gold Firms in Thin Trade as Investors Weigh Fed Outlook

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo

Gold prices firmed on Monday, although trading was thin due to the holiday season and as investors looked for cues on the US Federal Reserve's monetary policy trajectory for next year after it signaled gradual easing in its latest meeting.
Spot gold added 0.3% at $2,628.63 per ounce, as of 0941 GMT, trading in a narrow $16 range. US gold futures eased 0.1% to $2,643.10.
"(It's a) Quiet day with lower liquidity and limited data releases during the holiday season," said UBS analyst Giovanni Staunovo.
"We retain a constructive outlook for gold in 2025, targeting a move to $2,800/oz by mid-2025."
The Fed cut rates by 25 basis points on Dec. 18, although the central bank's predictions of fewer rate cuts in 2025 resulted in a decline in gold prices to their lowest level since Nov. 18 last week.
US consumer spending increased in November, supporting the Fed's hawkish stance, a sentiment that was also shared by San Francisco Fed President Mary Daly.
Higher interest rates dull non-yielding bullion's appeal.
"Presently, we are in a lull for Christmas week with the gold price trending sideways. Federal Reserve policy is clear with expectations of rising interest rates in the second half of the year," said Michael Langford, chief investment officer at Scorpion Minerals.
"The next big impact is the incoming presidency of (Donald) Trump and the initial presidential decrees that he might declare. This has the potential to add to market volatility and be bullish for gold prices."
Gold, often considered a safe-haven asset, typically performs well during economic uncertainties.
Spot silver rose 0.8% to $29.75 per ounce and platinum climbed 1.3% to $938.43. Palladium steadied at $920.53.