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Saudi Communications Ministry Unveils 2nd Phase of Source Tech Initiative to Boost Digital Economy

The Saudi flag
The Saudi flag
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Saudi Communications Ministry Unveils 2nd Phase of Source Tech Initiative to Boost Digital Economy

The Saudi flag
The Saudi flag

The Saudi Ministry of Communications and Information Technology has announced the start of the second phase of the Source Tech initiative, which is part of efforts to boost the Saudi digital economy.
This phase's launch follows the initiative's success in its first stage, which established more than 15 tech centers in six regions across Saudi Arabia.
The initiative aims to maximize cooperation with the private sector to localize application and software development, outsourcing, and communication services within the Kingdom.
The initiative is part of the ministry's ongoing efforts to develop the digital economy, create job opportunities, and enhance technical skills for the youth in various Saudi regions.
In its second phase, the initiative seeks to further expand the number of technology centers, in partnership with the National Technology Development Program (NTDP), further enhancing the Kingdom's position as a global digital hub based on technology and innovation.
Additionally, it aims to strengthen continuous digital transformation efforts and support a wide range of leading technology companies that effectively contribute to achieving strategic goals and supporting digital economic growth.

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Gold Rebounds From over One-month Low on Weaker Dollar

A goldsmith displays gold ornaments during a gold trade at Hua Seng Heng gold shop in Bangkok, Thailand, 23 June 2025. EPA/RUNGROJ YONGRIT
A goldsmith displays gold ornaments during a gold trade at Hua Seng Heng gold shop in Bangkok, Thailand, 23 June 2025. EPA/RUNGROJ YONGRIT
TT
20
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Gold Rebounds From over One-month Low on Weaker Dollar

A goldsmith displays gold ornaments during a gold trade at Hua Seng Heng gold shop in Bangkok, Thailand, 23 June 2025. EPA/RUNGROJ YONGRIT
A goldsmith displays gold ornaments during a gold trade at Hua Seng Heng gold shop in Bangkok, Thailand, 23 June 2025. EPA/RUNGROJ YONGRIT

Gold reversed course and edged higher on Monday, supported by a weaker dollar, after hitting a more than one-month low earlier as easing US-China trade tensions dampened safe-haven demand and bolstered risk appetite.

Spot gold edged up 0.1% to $3,277.62 per ounce, as of 0421 GMT, after hitting its lowest since May 29 earlier in the session.

US gold futures were steady at $3,288.90.

"There is less of a 'doom and gloom' outlook surrounding both tariff talks and events in the Middle East, which is relegating gold to play second fiddle to risk assets," KCM Trade Chief Market Analyst Tim Waterer said.

Asian shares firmed, with Wall Street futures advancing, while the US dollar index fell 0.2%. A weaker dollar makes greenback-priced bullion less expensive.

The US and China have resolved issues surrounding shipments of rare earth minerals and magnets to the US, Treasury Secretary Scott Bessent said on Friday, adding that the Trump administration's various trade deals with other countries could be done by the September 1 Labor Day holiday.

Canada scrapped its digital services tax targeting US technology firms late on Sunday, just hours before it was due to take effect, in a bid to advance stalled trade negotiations with the United States.

The Iran-Israel ceasefire after a 12-day conflict also appeared to be holding, further reducing safe-haven demand.

"The dollar remains pressured, which is limiting the extent of the slide for gold. However, the $3,250 level shapes as a key support level for gold. Any breach of this level could see losses accelerate towards the $3,200 level," Waterer said.

Stable geopolitical and economic conditions often reduce demand for gold as a safe-haven asset, while the non-yielding asset's appeal further wanes in a high-interest-rate environment.

Spot silver rose 0.5% to $36.14 per ounce, platinum firmed 1.9% to $1,364.74, while palladium was up 1.5% at $1,150.50.