Saudi Arabia Shows Readiness to Establish Tech Industrial Zones

Minister of Industry and Mineral Resources, Bandar Alkhorayef and SDAIA President Dr. Abdullah Al-Ghamdi during the launch of the AI Center for Manufacturing and Mining (SPA)
Minister of Industry and Mineral Resources, Bandar Alkhorayef and SDAIA President Dr. Abdullah Al-Ghamdi during the launch of the AI Center for Manufacturing and Mining (SPA)
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Saudi Arabia Shows Readiness to Establish Tech Industrial Zones

Minister of Industry and Mineral Resources, Bandar Alkhorayef and SDAIA President Dr. Abdullah Al-Ghamdi during the launch of the AI Center for Manufacturing and Mining (SPA)
Minister of Industry and Mineral Resources, Bandar Alkhorayef and SDAIA President Dr. Abdullah Al-Ghamdi during the launch of the AI Center for Manufacturing and Mining (SPA)

The Global Smart City Forum, hosted by the Saudi Data and Artificial Intelligence Authority (SDAIA), concluded after two days of discussions on smart city futures and infrastructure challenges.

Participants emphasized Saudi Arabia’s readiness for smart industrial zones, foreseeing substantial opportunities in manufacturing and mining. They highlighted the Kingdom’s strides in advanced air mobility, including plans for new airports.

Dr. Esam bin Abdullah Al-Wagait, Director of the National Information Center at SDAIA, stressed the forum’s significance as a beacon for sustainable and smart urban development.

He underlined the mission to create urban spaces where technology serves humanity, enhances life quality, and preserves the environment.

Al-Wagait added that SDAIA leads in smart city initiatives and assumes responsibility for activating and developing AI and data technologies within smart cities.

As part of its commitment to progress, SDAIA announced the launch of a congestion solutions center utilizing data and AI.

Moreover, discussions at the forum revolved around establishing green cities, utilizing data for efficient management, improving transportation, integrating new technologies, and ensuring top-notch city services.

The importance of smart energy solutions, innovation-driven economies, transparent governance, intelligent transportation, and prioritizing human well-being through smart healthcare and education were highlighted.

Al-Wagait emphasized leveraging daily-generated data to make informed decisions for more efficient and responsive cities, emphasizing digital empowerment and data’s role in decision-making.

Minister of Industry and Mineral Resources, Bandar Alkhorayef, highlighted smart cities as hubs for industrial growth and sustainable technology dissemination.

He stressed the need for smart industrial cities to enhance technology adoption in factories and mining sites.

On his part, Prince Dr. Bandar bin Abdullah bin Mishari, Assistant Minister of Interior for Technical Affairs, explained that intelligent humans are the foundation of progress, and noted Saudi Arabia’s early adoption of computing in the 1950s.



IMF Grants Egypt Initial Approval of $1.2 Bln Fourth Review

Santa Claus toys are displayed in a shop with Christmas decorations in Cairo, Egypt, December 23, 2024. (Reuters)
Santa Claus toys are displayed in a shop with Christmas decorations in Cairo, Egypt, December 23, 2024. (Reuters)
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IMF Grants Egypt Initial Approval of $1.2 Bln Fourth Review

Santa Claus toys are displayed in a shop with Christmas decorations in Cairo, Egypt, December 23, 2024. (Reuters)
Santa Claus toys are displayed in a shop with Christmas decorations in Cairo, Egypt, December 23, 2024. (Reuters)

The International Monetary Fund said on Wednesday it reached a staff-level agreement with Egypt on the fourth review under its Extended Fund Facility arrangement, potentially unlocking a $1.2 billion disbursement under the program.

Egypt, grappling with high inflation and shortages of foreign currency, agreed to the $8 billion, 46-month facility in March. A sharp decline in Suez Canal revenue caused by regional tensions over the last year compounded its economic woes.

The IMF said Egypt's government had agreed to increase its tax-to-revenue ratio by 2% of gross domestic product over the next two years, with a focus on eliminating exemptions rather than increasing taxes.

This would give it space to increase social spending to help vulnerable groups, the IMF said in a statement.

"While the authorities' plans to streamline and simplify the tax system are commendable, further reforms will be needed to enhance domestic revenue mobilization efforts," the statement said.

Egypt had agreed to make more decisive efforts to ensure the private sector became the main engine of growth and to sustain its commitment to a flexible exchange rate, the IMF statement added.

The staff-level agreement of the fourth review must still be approved by the IMF's executive board.