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Saudi Arabia, US Discuss Partnership in Digital Economy Expansion

The Minister of Communications and Information Technology met with a group of members from the US House of Representatives in Riyadh. SPA
The Minister of Communications and Information Technology met with a group of members from the US House of Representatives in Riyadh. SPA
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Saudi Arabia, US Discuss Partnership in Digital Economy Expansion

The Minister of Communications and Information Technology met with a group of members from the US House of Representatives in Riyadh. SPA
The Minister of Communications and Information Technology met with a group of members from the US House of Representatives in Riyadh. SPA

The Saudi Minister of Communications and Information Technology, Abdullah Alswaha, has met with US House of Representatives members in Riyadh.

Alswaha commended on Wednesday the strong relations between Saudi Arabia and the US, emphasizing the significance that leaders from both countries place on advancing the partnership to greater levels.

The discussions focused on opportunities to enhance the partnership between Saudi Arabia and the US, aiming to expand the digital economy and develop the space industry in the Kingdom.

The meeting also explored collaboration in fifth-generation (5G), sixth-generation (6G), and Open RAN (ORAN) technologies. Furthermore, they exchanged ideas on opening technology markets, promoting investment opportunities, empowering digital entrepreneurship, and fostering innovation in both countries.

Saudi Ambassador to the US Princess Reema bint Bandar bin Sultan bin Abdulaziz was also present at the meeting.

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Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
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Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)

The United States on Thursday called on Israel to extend its cooperation with Palestinian banks for another year, to avoid blocking vital transactions in the occupied West Bank.

"I am glad that Israel has allowed its banks to continue cooperating with Palestinian banks, but I remain convinced that a one-year extension of the waiver to facilitate this cooperation is needed," US Treasury Secretary Janet Yellen said Thursday, on the sidelines of a meeting of G20 finance ministers in Rio de Janeiro.

In May, Israeli Finance Minister Bezalel Smotrich threatened to cut off a vital banking channel between Israel and the West Bank in response to three European countries recognizing the State of Palestine.

On June 30, however, Smotrich extended a waiver that allows cooperation between Israel's banking system and Palestinian banks in the occupied West Bank for four months, according to Israeli media, according to AFP.

The Times of Israel newspaper reported that the decision on the waiver was made at a cabinet meeting in a "move that saw Israel legalize several West Bank settlement outposts."

The waiver was due to expire at the end of June, and the extension permitted Israeli banks to process payments for salaries and services to the Palestinian Authority in shekels, averting a blow to a Palestinian economy already devastated by the war in Gaza.

The Israeli threat raised serious concerns in the United States, which said at the time it feared "a humanitarian crisis" if banking ties were cut.

According to Washington, these banking channels are key to nearly $8 billion of imports from Israel to the West Bank, including electricity, water, fuel and food.