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 Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
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Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold prices rose over 1% to hit a two-week peak on Friday, heading for the best weekly performance in more than a year, buoyed by safe-haven demand as Russia-Ukraine tensions intensified.

Spot gold jumped 1.3% to $2,703.05 per ounce as of 1245 GMT, hitting its highest since Nov. 8. US gold futures gained 1.1% to $2,705.30.

Bullion rose despite the US dollar hitting a 13-month high, while bitcoin hit a record peak and neared the $100,000 level.

"With both gold and USD (US dollar) rising, it seems that safe-haven demand is lifting both assets," said UBS analyst Giovanni Staunovo.

Ukraine's military said its drones struck four oil refineries, radar stations and other military installations in Russia, Reuters reported.

Gold has gained over 5% so far this week, its best weekly performance since October 2023. Prices have gained around $173 after slipping to a two-month low last week.

"We understand that the price setback has been used by 'Western world' investors under-allocated to gold to build exposure considering the geopolitical risks that are still around. So we continue to expect gold to rise further over the coming months," Staunovo said.

Bullion tends to shine during geopolitical tensions, economic risks, and a low interest rate environment. Markets are pricing in a 59.4% chance of a 25-basis-points cut at the Fed's December meeting, per the CME Fedwatch tool.

However, "if Fed skips or pauses its rate cut in December, that will be negative for gold prices and we could see some pullback," said Soni Kumari, a commodity strategist at ANZ.

The Chicago Federal Reserve president reiterated his support for further US interest rate cuts on Thursday.

On Friday, spot silver rose 1.8% to $31.34 per ounce, platinum eased 0.1% to $960.13 and palladium fell 0.6% to $1,023.55. All three metals were on track for a weekly rise.