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Saudi Arabia, Major Tech Companies Discuss Expanding Future AI Partnerships

Eng. Abdullah Alswaha held meetings with leaders of leading global companies in Davos
Eng. Abdullah Alswaha held meetings with leaders of leading global companies in Davos
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Saudi Arabia, Major Tech Companies Discuss Expanding Future AI Partnerships

Eng. Abdullah Alswaha held meetings with leaders of leading global companies in Davos
Eng. Abdullah Alswaha held meetings with leaders of leading global companies in Davos

The Saudi Minister of Communications and Information Technology (MCIT) Eng. Abdullah Alswaha has held meetings with leaders of leading global companies during his participation in the World Economic Forum (WEF) in Davos.

The meetings discussed prospects for strategic investments and expanding future partnerships in artificial intelligence (AI), cloud computing, and modern technologies, highlighting the Kingdom's position as a hub for technology and innovation in the region.

To enhance Amazon Web Services' investments in Saudi Arabia, Alswaha met with the CEO of Amazon Web Services (AWS), Matt Garman, to discuss enhancing the strategic partnership in cloud computing, AI, and AWS investments in the Kingdom. This will support the growth of the digital economy and affirm Saudi Arabia's regional position as a center for innovation and advanced technical solutions.

In the context of strengthening global partnerships in AI, Alswaha engaged in discussions with founder and CEO of Scale AI Alexandr Wang, focusing on enhancing AI and data solutions and developing the Kingdom's capabilities to achieve its aspirations and develop the digital economy.

Alswaha also discussed with IBM CEO Arvind Krishna opportunities for high-quality investments in Saudi Arabia, expanding IA and big data partnerships, and developing national capabilities in modern technologies.

He met with Sony's Chairman and CEO Kenichiro Yoshida to expand partnerships in technology and innovation, develop strategic partnerships, and exchange expertise to support the digital economy and develop capabilities in online gaming.

Additionally, MCIT Vice Minister Eng. Haitham AlOhali discussed with OpenAI's Chief Product Officer Kevin Weil ways to enhance partnerships in developing AI technologies and invest in their promising potential to drive the growth of the digital economy and achieve sustainable development.

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Türkiye Cenbank Cuts Rates by 250 Points to 45% as Expected

14 January 2025, Türkiye, Istanbul: A man seen rowing his boat along the Moda beach. Photo: Onur Dogman/SOPA Images via ZUMA Press Wire/dpa
14 January 2025, Türkiye, Istanbul: A man seen rowing his boat along the Moda beach. Photo: Onur Dogman/SOPA Images via ZUMA Press Wire/dpa
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Türkiye Cenbank Cuts Rates by 250 Points to 45% as Expected

14 January 2025, Türkiye, Istanbul: A man seen rowing his boat along the Moda beach. Photo: Onur Dogman/SOPA Images via ZUMA Press Wire/dpa
14 January 2025, Türkiye, Istanbul: A man seen rowing his boat along the Moda beach. Photo: Onur Dogman/SOPA Images via ZUMA Press Wire/dpa

Türkiye's central bank cut its key interest rate by 250 basis points to 45% as expected on Thursday, carrying on an easing cycle it launched last month alongside a decline in annual inflation that is expected to continue.

The central bank indicated it would continue to ease policy in the months ahead, noting that it anticipated a rise in trend inflation in January, when economists expect a higher minimum wage to lift the monthly price readings, Reuters reported.
In a slight change to its guidance, the bank said it will maintain a tight stance "until price stability is achieved via a sustained decline in inflation."
Last month, it said it would be maintained until "a significant and sustained decline in the underlying trend of monthly inflation is observed and inflation expectations converge to the projected forecast range."
In a Reuters poll, all 13 respondents forecast a cut to 45% from 47.5% in the one-week repo rate. They expect it to hit 30% by year end, according to the poll median.
In December, the central bank cut rates for the first time after 18-month tightening effort that reversed years of unorthodox economic policies and easy money championed by President Recep Tayyip Erdogan, who has since supported the steps.
To tackle inflation that has soared for years, the bank had raised its policy rate by 4,150 basis points in total since mid-2023 and kept it at 50% for eight months before beginning easing.
Annual inflation dipped to 44.38% last month in what the central bank believes is a sustained fall toward a 5% target over a few more years. It topped 75% in May last year.
"While inflation expectations and pricing behavior tend to improve, they continue to pose risks to the disinflation process," the bank's policy committee said after its rate decision.
A 30% administered rise in the minimum wage for 2025 was lower than workers had requested, though it is expected to boost monthly inflation readings this month and next, economists say.
The expected January inflation rise "is mainly driven by services items with time-dependent pricing and backward indexation," the bank said.
The central bank has eight monetary policy meetings set for this year, down from 12 last year.