Digital Cooperation Organization Calls for International Partnerships

Deemah Al-Yahya, Secretary-General of the Digital Cooperation Organization (DCO) (Asharq Al-Awsat)
Deemah Al-Yahya, Secretary-General of the Digital Cooperation Organization (DCO) (Asharq Al-Awsat)
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Digital Cooperation Organization Calls for International Partnerships

Deemah Al-Yahya, Secretary-General of the Digital Cooperation Organization (DCO) (Asharq Al-Awsat)
Deemah Al-Yahya, Secretary-General of the Digital Cooperation Organization (DCO) (Asharq Al-Awsat)

While individuals in some high-income countries rely on artificial intelligence for even the smallest aspects of daily life—such as scheduling appointments, making financial decisions, and even suggesting dinner menus—one-third of the world’s population remains without internet access.

To bridge this digital divide, international collaboration between governments, the private sector, and financial institutions has become an absolute necessity, according to Deemah Al-Yahya, Secretary-General of the Digital Cooperation Organization (DCO), in an interview with Asharq Al-Awsat.

Founded in 2020 and headquartered in Riyadh, the DCO consists of 16 member states, including five Gulf nations, representing a population of 800 million people. During its fourth General Assembly, held in Jordan over two days, the organization launched new initiatives aimed at reducing the global digital divide and approved its 2025–2028 agenda, which focuses on advancing digital maturity among its member states.

Al-Yahya outlined the DCO’s primary objectives, emphasizing its efforts to enhance regulatory frameworks in member states, attract foreign investments, and facilitate technology transfers between countries. One example is the potential adoption of Saudi Arabia’s “Absher” platform in countries such as Jordan and Morocco. Absher is an online system that allows Saudi citizens and residents to access government services, such as passport renewals and driver’s license applications, without visiting physical offices.

Additionally, the DCO connects developing country governments with financial institutions such as the World Bank and the Islamic Development Bank, as well as technology firms. This, Al-Yahya explained, contributes to narrowing both the digital and knowledge gaps between nations.

One of the biggest challenges to internet and AI expansion in developing countries—especially in the Global South—is access to electricity. For instance, ChatGPT consumes 25 times more energy than a traditional Google search. By 2030, AI’s energy consumption is expected to double that of an entire country like France, raising serious environmental and economic concerns. To overcome these barriers, multilateral international cooperation is no longer optional—it is essential. The digital world has no geographic boundaries, and no single country can tackle the complexities of digital transformation alone.

Al-Yahya stressed that fostering collaboration between governments, the private sector, and civil society is key to ensuring that the benefits of the digital revolution reach everyone, creating a brighter future without leaving anyone behind.

The issue is not just about internet access but also about equipping people with the skills to navigate new technologies. While AI could lead to job losses, it also has the potential to create new employment opportunities. The DCO works closely with member state governments to develop solutions and proposals for human capital development in the digital sector. Last month, International Labour Organization (ILO) Director-General Gilbert Houngbo predicted that between 70 and 80 million jobs will be created in the AI and technology sectors between 2023 and 2030. He emphasized the importance of re-skilling and adapting to AI to avoid exclusion from the workforce.

The digital economy is expanding at an unprecedented rate and is expected to reach $16.5 trillion by 2028, representing 17% of the global economy. Meanwhile, the global AI market is projected to surpass $800 billion by 2030. However, this growth remains concentrated in a handful of countries, with a significant lack of equal opportunities.

To address these challenges, the DCO is committed to uniting governments, the private sector, and civil society to promote inclusive and sustainable global digital prosperity. Reflecting on the DCO’s progress over the past four years, Al-Yahya acknowledged that significant milestones have been achieved but emphasized that there is still much work ahead to ensure digital economic growth benefits all. The 2025–2028 agenda marks the beginning of a new digital era, where global cooperation will be critical in driving inclusive and sustainable development—impacting over 800 million people across 16 member states and shaping a better future for future generations.

On the sidelines of the General Assembly, the DCO signed multiple Memorandums of Understanding (MoUs) with key organizations, including the Mohammed bin Salman Foundation (Misk), the HP Foundation, the Organization for Economic Cooperation and Development (OECD), and Oman’s government in partnership with 500 Global. Additionally, a memorandum was signed between the DCO and the United Nations Office for South-South Cooperation, reinforcing its commitment to international digital collaboration.



Türkiye, Saudi Arabia Sign Comprehensive Power Purchase Agreement

Saudi Energy Minister Prince Abdulaziz bin Salman Al Saud and Turkish Energy and Natural Resources Minister Alparslan Bayraktar attend the signing of a power purchase agreement between Türkiye and ACWA Power in Istanbul on Friday (photo from the Turkish minister’s account on X).
Saudi Energy Minister Prince Abdulaziz bin Salman Al Saud and Turkish Energy and Natural Resources Minister Alparslan Bayraktar attend the signing of a power purchase agreement between Türkiye and ACWA Power in Istanbul on Friday (photo from the Turkish minister’s account on X).
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Türkiye, Saudi Arabia Sign Comprehensive Power Purchase Agreement

Saudi Energy Minister Prince Abdulaziz bin Salman Al Saud and Turkish Energy and Natural Resources Minister Alparslan Bayraktar attend the signing of a power purchase agreement between Türkiye and ACWA Power in Istanbul on Friday (photo from the Turkish minister’s account on X).
Saudi Energy Minister Prince Abdulaziz bin Salman Al Saud and Turkish Energy and Natural Resources Minister Alparslan Bayraktar attend the signing of a power purchase agreement between Türkiye and ACWA Power in Istanbul on Friday (photo from the Turkish minister’s account on X).

Türkiye’s Energy and Natural Resources Ministry signed a comprehensive power purchase agreement with Saudi energy giant ACWA Power to develop solar power plants and projects in Türkiye with major investments.

The agreement, signed in Istanbul on Friday, was attended by Türkiye’s Energy and Natural Resources Minister Alparslan Bayraktar and Saudi Energy Minister Prince Abdulaziz bin Salman Al Saud.

It includes the construction of two solar power plants in the Turkish provinces of Sivas and Karaman with a combined capacity of 2,000 megawatts and investments totaling $2 billion, as well as the implementation of large-scale solar projects with a total capacity of 5,000 megawatts in Türkiye.

Commenting on the agreement, Bayraktar said: “During our president Recep Tayyip Erdogan’s visit to Riyadh on Feb. 3, we signed an intergovernmental agreement on renewable power plant projects with my Saudi counterpart, Mr. Abdulaziz bin Salman Al Saud, which provides for total investments in solar and wind energy in Türkiye of 5,000 megawatts.”

“Today, we reinforced this cooperation by signing the agreement with ACWA Power in Istanbul. In the first phase of the project, two solar power plants with a total capacity of 2,000 megawatts will be built in Sivas and Karaman, with an investment of around $2 billion. This will add capacity to our grid to meet the electricity needs of 2.1 million households,” he added.

Bayraktar said on X that in Sivas, the agreed purchase price is 2.35 euro cents per kilowatt-hour, while in Karaman, electricity will be bought at a fixed price of 1.99 euro cents per kilowatt-hour, the lowest price recorded in Türkiye. The agreed prices will be valid for 25 years.

He said the projects, which are expected to make a significant contribution to the energy sector, require a minimum 50% local content ratio, adding that groundwork is targeted this year, operations are scheduled for 2028, and full production capacity will be reached as soon as possible.

In the second phase of the agreement, with a total capacity of 5,000 megawatts, “we aim to expand our cooperation with additional investments in solar and wind energy amounting to 3,000 megawatts,” Bayraktar said, expressing hope that the move would strengthen confidence in Türkiye’s renewable energy transition and investment climate and benefit the Turkish energy sector.

Two-phase plan

Construction under the first phase of ACWA Power’s investments in Türkiye is scheduled to begin in the first or second quarter of 2027, with electricity supply expected to start by mid-2028.

ACWA Power aims to sign an agreement with Türkiye on the second phase of its renewable energy investments before November.

The first-phase projects offer highly competitive electricity sale prices compared with other renewable power plants in Türkiye. In addition, the plants, valued at about $2 billion, will supply electricity to more than 2 million Turkish households.

A Turkish state-owned company will purchase the electricity generated by the plants for 30 years. During implementation, maximum use will be made of locally sourced equipment and services.

In recent years, Türkiye has sought to attract Gulf investments into its energy sector as it works to raise renewable power generation capacity to 120 gigawatts by 2035. Several previous attempts were not completed due to disagreements over financial valuations and pricing.

ACWA Power announced in June its intention to build two large solar power plants in Türkiye as part of a plan to invest billions of dollars in the Turkish energy sector.

Major investments

While the exact value of ACWA Power’s investment has not been disclosed, Türkiye said two years ago it was in talks with the company over projects worth up to $5 billion.

Türkiye’s Treasury and Finance Minister Mehmet Simsek described the intergovernmental energy agreement signed during Erdogan’s visit to Riyadh as a major boost for foreign direct investment inflows into Türkiye.

He said the pace of foreign direct investment in Türkiye is accelerating, reflecting growing confidence in its economic program, adding that the inflow of $2 billion in foreign direct investment into renewable energy projects through the agreement with Saudi Arabia would accelerate the green transition, strengthen energy security, and structurally reduce dependence on energy imports.

ACWA Power’s portfolio, 44% owned by Saudi Arabia’s Public Investment Fund, includes a gas-fired power plant in Türkiye. The company also expanded its solar energy projects in 2024 in Malaysia, Indonesia, and Uzbekistan.


Lagarde Dampens ECB Exit Talk, Expects to Finish her Term

FILE PHOTO: European Central Bank (ECB) President Christine Lagarde reacts during an address to the media after the ECB's Governing Council meeting, at the ECB headquarters in Frankfurt, Germany, December 18, 2025. REUTERS/Heiko Becker/File Photo
FILE PHOTO: European Central Bank (ECB) President Christine Lagarde reacts during an address to the media after the ECB's Governing Council meeting, at the ECB headquarters in Frankfurt, Germany, December 18, 2025. REUTERS/Heiko Becker/File Photo
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Lagarde Dampens ECB Exit Talk, Expects to Finish her Term

FILE PHOTO: European Central Bank (ECB) President Christine Lagarde reacts during an address to the media after the ECB's Governing Council meeting, at the ECB headquarters in Frankfurt, Germany, December 18, 2025. REUTERS/Heiko Becker/File Photo
FILE PHOTO: European Central Bank (ECB) President Christine Lagarde reacts during an address to the media after the ECB's Governing Council meeting, at the ECB headquarters in Frankfurt, Germany, December 18, 2025. REUTERS/Heiko Becker/File Photo

European Central Bank President Christine Lagarde has attempted to calm speculation about her stepping down early that has called into question the central bank's separation from politics, telling the Wall Street Journal she expects to complete her term.

Lagarde's status as leader of Europe's most important financial institution
was plunged into doubt this week after the Financial Times reported she planned to leave her job ahead of next spring's French presidential election, giving outgoing leader
Emmanuel Macron a say in picking her successor.

In an interview with the WSJ on Thursday, Lagarde dampened speculation about an imminent exit but still left the door slightly ajar to the possibility that she might leave before the end of her contract in October 2027.

“When I look back at all these years, I ‌think that we have ‌accomplished a lot, that I have accomplished a lot,” she told the ‌paper. “We ⁠need to consolidate ⁠and make sure that this is really solid and reliable. So my baseline is that it will take until the end of my term.”

Reuters exclusively reported that Lagarde had sent a private message to fellow policymakers reassuring them that she was still concentrating on her job and that they would hear it from her, rather than the press, if she wanted to step down.

The ECB has said that Lagarde has not made a decision about the end of her term, but stopped short of denying the FT report.

Some analysts thought an ⁠early exit risked tangling the ECB up in European politics as it could ‌give the impression of trying to make sure France's eurosceptic far ‌right, which could win next year's presidential vote, had no say in her succession.

Lagarde said last year she intended ‌to complete her term, a commitment she has conspicuously failed to repeat this week.

Bank of France Governor Francois ‌Villeroy de Galhau announced plans to step down from his job last week, in a move that gives President Macron a chance to pick the next French central bank chief, drawing sharp criticism from the far-right who called the move anti-democratic.

Villeroy's early departure and the confusion about Lagarde's future come just as US President Donald Trump is attacking the Federal Reserve, ‌further stoking debates about central bank independence from politics.

"After the recent events in the US, this is another reminder that although central banks are nominally ⁠independent, who leads them and ⁠their worldview is a matter for high politics," economists at Oxford Economics wrote on Friday.

As the head of the euro zone's second largest economy, the French president plays an important role in wider negotiations to select the head of the ECB.

Polls show either far-right National Rally leader Marine Le Pen, or her protege Jordan Bardella, could win the French presidency.

While the party has long dropped a call for France to leave the euro, it is still seen as something of an unknown quantity in central banking circles.

According to Reuters, Lagarde told the WSJ that she viewed her mission as price and financial stability, as well as "protecting the euro, making sure that it is solid and strong and fit for the future of Europe."

She also said that the World Economic Forum was "one of the many options" she was considering once she left the central bank.

When Lagarde's name first emerged as a possible candidate for ECB president in 2019, she said she had no interest in the job and would not leave the International Monetary Fund, where she was the managing director.


Stocks Drop, Oil Rises after Trump Iran Threat

Donald Trump has deployed warships, fighter jets and other military hardware to the Middle East as he puts pressure on Iran. Hannah Tross / US NAVY/AFP
Donald Trump has deployed warships, fighter jets and other military hardware to the Middle East as he puts pressure on Iran. Hannah Tross / US NAVY/AFP
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Stocks Drop, Oil Rises after Trump Iran Threat

Donald Trump has deployed warships, fighter jets and other military hardware to the Middle East as he puts pressure on Iran. Hannah Tross / US NAVY/AFP
Donald Trump has deployed warships, fighter jets and other military hardware to the Middle East as he puts pressure on Iran. Hannah Tross / US NAVY/AFP

Most Asia equities fell and oil prices rose on Friday after Donald Trump ratcheted up Middle East tensions by hinting at possible military strikes on Iran if it did not make a "meaningful deal" in nuclear talks.

The remarks fanned geopolitical concerns and cast a pall over a tentative rebound in markets following an AI-fueled sell-off this month.

Traders are also looking ahead to the release of US data later in the day that will provide a fresh snapshot of the world's top economy, said AFP.

A slew of forecast-beating figures over the past few days have lifted optimism about the outlook but tempered expectations for more interest rate cuts.

The US president told the inaugural meeting of the "Board of Peace", his initiative to secure stability in Gaza, that Tehran should make a deal.

"It's proven to be over the years not easy to make a meaningful deal with Iran. We have to make a meaningful deal otherwise bad things happen," he said, as he deployed warships, fighter jets and other military hardware to the region.

He warned that Washington "may have to take it a step further" without any agreement, adding: "You're going to be finding out over the next probably 10 days."

Israeli Prime Minister Benjamin Netanyahu earlier warned: "If the ayatollahs make a mistake and attack us, they will receive a response they cannot even imagine."

The threats come days after the United States and Iran held a second round of Omani-mediated talks in Geneva as Washington looks to prevent the country from getting a nuclear bomb, which Tehran says it is not pursuing.

The prospect of a conflict in the crude-rich Middle East has sent oil prices surging this week, and they extended the gains Friday to sit at their highest levels since June.

Equity traders were also spooked.

Hong Kong fell as it reopened from a three-day break, while Tokyo, Sydney, Wellington and Bangkok were also down. However, Seoul continued to rally to a fresh record thanks to more tech buying, with Singapore, Manila and Mumbai also up.

City Index market analyst Matt Simpson said a strike was not certain.

"At its core, this looks like pressure and leverage rather than a prelude to invasion," he wrote.

"The US is pairing military readiness with stalled nuclear negotiations, signaling it has credible strike options if talks fail. That doesn't automatically translate into boots on the ground or a regime-change campaign.

"While military assets dominate headlines, diplomacy is still in motion. The fact talks are continuing at all suggests both sides are still probing for a diplomatic off-ramp before tensions harden further."

Shares in Jakarta slipped even after Trump and Indonesian President Prabowo Subianto reached a trade deal after months of wrangling.

The accord sets a 19 percent tariff on Indonesian goods entering the United States. The Southeast Asian country had been threatened with a potential 32 percent levy before the pact.

Jakarta also agreed to $33 billion in purchases of US energy commodities, agricultural products and aviation-related goods, including Boeing aircraft.