Microsoft Says it Aims to Make Saudi Arabia Global Innovation Hub

Turki Badhris, head of Microsoft Arabia (Asharq Al-Awsat)
Turki Badhris, head of Microsoft Arabia (Asharq Al-Awsat)
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Microsoft Says it Aims to Make Saudi Arabia Global Innovation Hub

Turki Badhris, head of Microsoft Arabia (Asharq Al-Awsat)
Turki Badhris, head of Microsoft Arabia (Asharq Al-Awsat)

Microsoft recently announced a major partnership with the Saudi Ministry of Investment under an initiative focused on innovation.

This move aims to push Saudi Arabia to the forefront of global technology, especially in areas like Artificial Intelligence (AI), cloud computing, cybersecurity, and the Internet of Things(IoT).

Turki Badhris, head of Microsoft Arabia, explained in an interview with Asharq Al-Awsat during the “Leap 24” exhibition in Riyadh this month that the initiative aims to introduce over 70 of Microsoft’s partners to Saudi Arabia’s potential.

It also aims to support the Kingdom’s ambition to become a key innovation center in line with its national transformational plan, Vision 2030.

Badhris explained that the initiative aims to showcase the Kingdom’s potential and attract companies and investors with incentives.

This reflects Microsoft’s commitment to being a leader in AI, stressed Badhris.

The planned cloud data center in the Kingdom is expected to spur economic growth and diversification.

Badhris emphasized in his interview with Asharq Al-Awsat that this will contribute to Saudi Arabia's economic growth and diversification, in line with Microsoft’s vision to empower institutions of all sizes across sectors through advanced AI models.

The company’s investments aim to establish a vibrant tech ecosystem, boosting the Kingdom’s status as an innovation and investment hub.

Numerous institutions from various sectors are keen to utilize Microsoft’s cloud data centers to speed up digital transformations and drive innovation.

According to Badhris, these cloud data centers will have a positive impact on the Kingdom's economic growth, with forecasts suggesting that Microsoft, its partners, and cloud users could generate approximately $24 billion in new revenue over the next four years, surpassing 2022 levels.

The fast-paced evolution of cloud technology and AI highlights the crucial need for workforce development across all industries to boost their digital skills and address skill gaps in emerging tech.

Microsoft is actively working to equip the national workforce with the necessary skills for innovation and technology leadership, affirmed Badhris.

He stressed Microsoft’s role in preparing current and future workers in the Kingdom to embrace upcoming innovations and leverage emerging technologies like AI.

Saudi Arabia’s booming startup scene, the largest in the region, saw the birth of approximately 1,500 startups last year alone, buoyed by various government support programs, according to Badhris.

The head of Microsoft Arabia emphasized the company’s dedication to nurturing innovation through collaborations aimed at supporting startups and entrepreneurs.

In a joint effort with the Saudi Ministry of Communications and Information Technology, Microsoft announced the establishment of an Excellence Center in early March.

This initiative aims to equip professionals across the Kingdom with the advanced skills needed to thrive in the digital age and enhance their employability prospects.

Saudi Arabia’s national workforce program has equipped over 108,000 professionals in the Kingdom with the latest digital skills crucial for success in the AI era.

Microsoft, alongside the Ministry of Education, has trained over 250,000 teachers in the past two years and reached 5.6 million students through the “Madrasati” coding program.

Furthermore, more than 70,000 individuals have benefited from Microsoft Learn, completing 18,000 educational paths.



China Mulls Draft Law to Promote Private Sector Development

A Chinese national flag flutters on a financial street in Beijing. (Reuters)
A Chinese national flag flutters on a financial street in Beijing. (Reuters)
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China Mulls Draft Law to Promote Private Sector Development

A Chinese national flag flutters on a financial street in Beijing. (Reuters)
A Chinese national flag flutters on a financial street in Beijing. (Reuters)

Chinese lawmakers are deliberating a draft of the country's first basic law specifically focused on the development of the private sector, the country’s Xinhua news agency reported.

“The law will be conducive to creating a law-based environment that is favorable to the growth of all economic sectors, including the private sector,” said Justice Minister He Rong, while explaining the draft on Saturday during the ongoing session of the Standing Committee of the National People's Congress, the national legislature.

The draft private sector promotion law covers areas such as fair competition, investment and financing environments, scientific and technological innovation, regulatory guidance, service support, rights and interests protection and legal liabilities.

The draft has incorporated suggestions solicited from representatives of the private sector, experts, scholars and the general public, the minister said.

China left its benchmark lending rates unchanged as expected at the monthly fixing on Friday.

Persistent deflationary pressure and tepid credit demand call for more stimulus to aid the broad economy, but narrowing interest margin on the back of fast falling yields and a weakening yuan limit the scope for immediate monetary easing.

The one-year loan prime rate (LPR) was kept at 3.10%, while the five-year LPR was unchanged at 3.60%.

In a Reuters poll of 27 market participants conducted this week, all respondents expected both rates to stay unchanged.

Morgan Stanley said in a note that the 2025 budget deficit and mix are more positive than expected and suggest Beijing is willing to set a high growth target and record fiscal budget to boost market confidence, but further policy details are unlikely before March.

Last Friday, data released by the country's central bank said total assets of China's financial institutions had risen to 489.15 trillion yuan (about $68.03 trillion) by the end of third quarter this year.

The figure represented a year-on-year increase of 8%, said the People's Bank of China.

Of the total, the assets of the banking sector reached 439.52 trillion yuan, up 7.3% year on year, while the assets of securities institutions rose 8.7% year on year to 14.64 trillion yuan.

The insurance sector's assets jumped 18.3% year on year to 35 trillion yuan, the data showed.

The liabilities of the financial institutions totaled 446.51 trillion yuan, up 8% year on year, according to the central bank.

Separately, data released by the National Energy Administration on Thursday showed that China's electricity consumption, a key barometer of economic activity, rose by 7.1% year on year in the first 11months of the year.

During the period, power consumption of the country's primary industries increased by 6.8% year on year, while that of its secondary and tertiary sectors rose by 5.3% and 10.4%, respectively.

Residential power usage saw strong growth of 11.6% during this period, the administration said.

In November alone, power usage climbed 2.8% from one year earlier, according to the data.