Algerian Former Police Chief Convicted of Money Laundering

Former police chief Abdelghani Hamel (AFP)
Former police chief Abdelghani Hamel (AFP)
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Algerian Former Police Chief Convicted of Money Laundering

Former police chief Abdelghani Hamel (AFP)
Former police chief Abdelghani Hamel (AFP)

Former police chief Major General Abdelghani Hamel was sentenced to four years in prison over money laundering charges.

During the trial in Blida Court, the Public Prosecution charged Hamel with “laundering money that a terrorist organization has benefited from”, and the misuse of police budget funds.

The investigations also revealed that Hamel was linked to extremist groups.

Former Algiers’ police chief Noureddine Berrashdi was also convicted in the same case.

Last May, Algiers’ misdemeanor court sentenced Hamel to 15 years in prison in a corruption case, as prosecutors pursued him on charges, including money laundering and illicit wealth.

Hamel and his family are accused of owning real estate and shops in coastal areas, and his three sons have been sentenced to several years in prison.

Hamel was one of the most prominent figures of the regime of former President Abdelaziz Bouteflika. He has been suggested to succeed Bouteflika who was unfit to rule due to illness.

Meanwhile, the leader of Rally for Culture and Democracy, Mohcine Belabbas, said that the gendarmerie informed him that he was wanted for interrogation on Sunday.

Algiers’ Attorney General issued a statement, stating that the gendarmerie launched an investigation into the death of a Moroccan citizen in a construction site of Belabbas’ house in the southern suburb of the capital.

Investigations have revealed the deceased was working without a permit. Circumstances of his death are still unknown.

The statement also confirmed that the project manager did not obtain the needed building permits, in violation of urban development regulations.

Legally, it is not possible to pursue Belabbas given his parliamentary immunity, but the Justice Minister can lift it if the prosecution proved he committed a crime.

Observers believe that Belabbas’ issues with the authorities began after he described the presidential elections which Abdelmajid Tebboune won, as a “coup”.

The Interior Ministry sent a letter to the Rally warning it against hosting periodic meetings of Democratic Alternative Forces, formed of five opposition parties, which is deemed illegal by the authorities.

Belabbas issued a statement saying the Ministry was asking the Rally to abandon its political activities, warning that it could dissolve the party otherwise. He claimed the correspondence was leaked by the Interior Ministry through the media arms of the "political police."

The government’s warnings are considered a violation of the constitution and the laws that rule political activity of any legitimate party, added Belabbas.

He added that Rally for Culture and Democracy is first and foremost an intellectual movement and a community project that thousands of Algerians believe in.



Saudi Arabia Implements Second Phase of Human Trafficking Protection Agreements

Hala bint Mazyad Al-Tuwaijri, President of the Saudi Human Rights Commission, interviewed by the editor-in-chief of Independent Arabia in a seminar on combating human trafficking (SPA)
Hala bint Mazyad Al-Tuwaijri, President of the Saudi Human Rights Commission, interviewed by the editor-in-chief of Independent Arabia in a seminar on combating human trafficking (SPA)
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Saudi Arabia Implements Second Phase of Human Trafficking Protection Agreements

Hala bint Mazyad Al-Tuwaijri, President of the Saudi Human Rights Commission, interviewed by the editor-in-chief of Independent Arabia in a seminar on combating human trafficking (SPA)
Hala bint Mazyad Al-Tuwaijri, President of the Saudi Human Rights Commission, interviewed by the editor-in-chief of Independent Arabia in a seminar on combating human trafficking (SPA)

Saudi Arabia has started putting into action the second phase agreements of its project to boost efforts in protecting victims of human trafficking.

This initiative is in partnership with the United Nations Office on Drugs and Crime (UNODC) and the International Organization for Migration (IOM).

The announcement came from Hala bint Mazyad Al-Tuwaijri, President of the Saudi Human Rights Commission and Chair of the Committee to Combat Trafficking in Persons, during a seminar in Riyadh.

The seminar, focused on enhancing cooperation in combating human trafficking, gathered local and international experts to discuss challenges and global best practices in fighting these crimes.

It’s part of Saudi Arabia’s efforts, with government and international organization participation, to find better ways to combat and prevent human trafficking.

The seminar looked at laws and institutions, both nationally and internationally, designed to fight human trafficking. It also discussed regional and global agreements that set standards for fighting these crimes.

The goal was to raise awareness about common patterns of trafficking, recent developments, best ways to protect against it, and how to learn from successful global efforts to combat it.

Speakers stressed the need to work together to fight human trafficking and find new ways beyond the usual methods. They talked about the importance of having better ways to identify trafficking and help victims quickly, while also protecting their dignity.

They pointed out that trafficking crosses borders, violates human rights, and takes away freedom and dignity.

They said it’s crucial to have policies that focus on human rights, treat victims equally, and provide them with the care and support they need to integrate back into society.

They also talked about the importance of addressing the reasons behind trafficking and fixing gaps that let traffickers escape punishment, leaving victims without justice.


South Korea's Hyundai, Kia to Launch First India-made EVs Next Year

The logo of Hyundai is pictured at the 37th Bangkok International Motor Show in Bangkok, Thailand. REUTERS/Chaiwat Subprasom
The logo of Hyundai is pictured at the 37th Bangkok International Motor Show in Bangkok, Thailand. REUTERS/Chaiwat Subprasom
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South Korea's Hyundai, Kia to Launch First India-made EVs Next Year

The logo of Hyundai is pictured at the 37th Bangkok International Motor Show in Bangkok, Thailand. REUTERS/Chaiwat Subprasom
The logo of Hyundai is pictured at the 37th Bangkok International Motor Show in Bangkok, Thailand. REUTERS/Chaiwat Subprasom

South Korea's Hyundai Motor Group will launch its first India-manufactured electric vehicles by 2025 as the parent of the Hyundai and Kia brands looks to boost its presence in the nascent space dominated by Tata Motors.
Production of Hyundai's locally manufactured EVs will begin by the end of 2024 and will be launched by 2025, along with Kia's India-made EV, the Hyundai Motor Group said in a statement on Thursday, adding that it would unveil five models by 2030, said Reuters.
Both brands will use batteries made by Exide Energy Solutions to power their EVs, they had said earlier this month.
India is the biggest market outside North America and Europe for Hyundai, where its unit is headed for a $3 billion IPO – the country's largest.
Hyundai, India's no. 2 carmaker, known for its top-selling 'Creta' sport utility vehicle, currently sells two electric models in India, the Kona and IONIQ 5, neither of which are produced in the country. Kia's lone electric offering, the EV6, is imported.
The company also reaffirmed Hyundai's target of reaching annual production of 1 million by 2025, adding it would expand capacity at Kia to 432,000 from about 300,000. The combined capacity will grow to 1.5 million units.
Earlier this year, Hyundai completed the acquisition of a former Chevrolet plant in western Maharashtra state as part of its push to get production to 1 million units.
The announcements came during Hyundai Motor Group Executive Chair Euisun Chung's visit to India – his second in less than a year.


Muslim World League Discusses Islamic Unity, Gaza and Sudan Wars, Islamophobia

The 46th session of the Supreme Council of the Muslim World League is chaired by Grand Mufti of Saudi Arabia and Chairman of Council of ‎Senior ‎Scholars Sheikh Abdulaziz bin Abdullah Al-Sheikh. (Asharq Al-Awsat)
The 46th session of the Supreme Council of the Muslim World League is chaired by Grand Mufti of Saudi Arabia and Chairman of Council of ‎Senior ‎Scholars Sheikh Abdulaziz bin Abdullah Al-Sheikh. (Asharq Al-Awsat)
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Muslim World League Discusses Islamic Unity, Gaza and Sudan Wars, Islamophobia

The 46th session of the Supreme Council of the Muslim World League is chaired by Grand Mufti of Saudi Arabia and Chairman of Council of ‎Senior ‎Scholars Sheikh Abdulaziz bin Abdullah Al-Sheikh. (Asharq Al-Awsat)
The 46th session of the Supreme Council of the Muslim World League is chaired by Grand Mufti of Saudi Arabia and Chairman of Council of ‎Senior ‎Scholars Sheikh Abdulaziz bin Abdullah Al-Sheikh. (Asharq Al-Awsat)

The 46th session of the Supreme Council of the Muslim World League (MWL) is examining seven urgent issues on its agenda, including the unity of the Islamic nation, Palestine, the Gaza war, the disruption of navigation in the Red Sea, in addition to the situation in Sudan, Islamophobia, and desecration of religious symbols.

The session, which began on Wednesday, is chaired by Grand Mufti of Saudi Arabia and Chairman of Council of Senior Scholars Sheikh Abdulaziz bin Abdullah Al-Sheikh.

“The Kingdom has shouldered a great responsibility towards Muslims, being at the forefront of caring for their issues, tending to their affairs, seeking to address their problems, extending a helping hand and providing relief to them,” the Grand Mufti said.

“It has become our duty to stand with them, Muslim people, in their crises and sufferings and to defend them in regional and international forums,” he added.

The Grand Mufti highlighted Saudi Arabia’s efforts to mend rifts and resolve disputes among Muslims, while striving to bridge their differences and urging them to come together and achieve consensus and harmony.

“The Kingdom has established several bodies, councils, and institutions concerned with Muslim affairs, supporting their causes and resolving their crises,” he underlined.

Secretary-General of the MWL and Chairman of the Organization of Muslim Scholars Sheikh Mohammed bin Abdulkarim Al-Issa praised the commendable efforts undertaken by the Supreme Council.

Those include important decisions such as updating the bylaws to align with the MWL’s status as an international organization.

President of Religious Affairs of the Grand Mosque and the Prophet’s Mosque, Sheikh Abdulrahman Al-Sudais, noted that the Supreme Council meeting has reflected the aspirations of the Islamic nation for peace and harmony to prevail throughout the world.

Al-Sudais also emphasized the need to enhance dialogue among monotheistic religions, civilizations, and cultures to serve the noble message of the true and tolerant Islam.

He stressed that the Kingdom has spared no effort in advocating for the issues of the Islamic world in all international forums, supporting awareness programs, and promoting the principles of moderation and balance.

In turn, Egypt’s Minister of Awqaf and President of the Egyptian Supreme Council for Islamic Affairs Muhammad Mukhtar Gomaa Mabrouk, praised the role of the MWL and its Secretary-General in their efforts to achieve global and humanitarian peace.

President of Religious Affairs in Türkiye Ali Erbas expressed gratitude to the Kingdom and its leadership for hosting the meeting and for their dedication to Islam and Muslims.

The Supreme Council is the highest authority in the MWL and is responsible for approving all the plans adopted by the League’s General Secretariat. It consists of 65 distinguished Islamic figures representing Muslim peoples and minorities.


Saudi Arabia Establishes Center to Protect Whistleblowers, Witnesses

Saudi Attorney General Sheikh Saud bin Abdullah Al-Mujib (SPA)
Saudi Attorney General Sheikh Saud bin Abdullah Al-Mujib (SPA)
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Saudi Arabia Establishes Center to Protect Whistleblowers, Witnesses

Saudi Attorney General Sheikh Saud bin Abdullah Al-Mujib (SPA)
Saudi Attorney General Sheikh Saud bin Abdullah Al-Mujib (SPA)

Saudi Attorney General Sheikh Saud bin Abdullah Al-Mujib gave the green light on Wednesday to set up a center for protecting whistleblowers, witnesses, experts, and victims.
This move comes in implementation of Article Four of the Law for the Protection of Whistleblowers, Witnesses, Experts, and Victims.
The law, which was approved by the Council of Ministers on Feb. 13, aims at providing security to individuals who may come under threat for giving evidence in court cases.
Article Four specifies establishing a special program within the Public Prosecution to safeguard whistleblowers, witnesses, experts, and victims. It details the program's structure, management, tasks, authorities, and funding.
Sheikh Al-Mujib sees this as a significant step in providing legal protection for those involved in legal proceedings. He emphasized that this protection covers all necessary measures to safeguard these individuals and their relatives from harm.
He believes implementing such measures will encourage a culture of reporting and strengthen national responsibility.
The center aims to provide various forms of protection outlined in Article 14 of the system, including security, data privacy, relocation assistance, legal and psychological support, and financial aid.
The Public Prosecution stated it works closely with regulatory, investigative, and judicial bodies for cases under the system’s provisions. This involves taking necessary steps like protecting the identities and addresses of whistleblowers, witnesses, experts, and victims in documents to ensure their safety.
Speaking to Asharq Al-Awsat, Public Prosecution Spokesperson Mohannad Al-Majlid explained that this collaboration includes drafting regulations with relevant ministries and authorities.
Al-Majlid explained that the center will be based in Riyadh and emphasized that the protection system applies to everyone, whether they are citizens or residents, based on the jurisdiction of the authorities enforcing the system.
The center will take steps to ensure the physical safety, health, and social adjustment of those under protection. Their rights will be respected, with restrictions imposed only when necessary.
Individuals under protection can request help according to set procedures and conditions. The system also allows protection without consent if there's an immediate threat.
It imposes penalties, including up to three years in jail and fines up to SAR 5 million, for any actions that harm those under protection.


IMF Opens Regional Office in Riyadh to Strengthen Partnership with Middle Eastern Countries

The Saudi Minister of Economy and Planning speaks at the conference organized by the IMF, in cooperation with the Ministry of Finance. (Asharq Al-Awsat)
The Saudi Minister of Economy and Planning speaks at the conference organized by the IMF, in cooperation with the Ministry of Finance. (Asharq Al-Awsat)
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IMF Opens Regional Office in Riyadh to Strengthen Partnership with Middle Eastern Countries

The Saudi Minister of Economy and Planning speaks at the conference organized by the IMF, in cooperation with the Ministry of Finance. (Asharq Al-Awsat)
The Saudi Minister of Economy and Planning speaks at the conference organized by the IMF, in cooperation with the Ministry of Finance. (Asharq Al-Awsat)

The International Monetary Fund (IMF) has inaugurated its regional office in Riyadh with the aim to strengthen partnership with countries in the Middle East and beyond, engage with regional institutions, and improve relations with governments in countries of the region.

In October 2022, Saudi Minister of Finance Mohammed Al-Jadaan, signed with the Fund’s Director General, Kristalina Georgieva, a memorandum of understanding to establish a regional IMF office in the Kingdom.

Wednesday’s inauguration came during the launch of a conference organized by the IMF, in cooperation with the Finance Ministry, under the title, “Industrial Policy to Promote Economic Diversification,” in the presence of Minister of Economy and Planning Faisal Al-Ibrahim.

A statement issued by the IMF said that the new office “will scale up capacity building, regional surveillance, and outreach to promote stability, growth, and regional integration. It will strengthen the IMF’s engagement with regional institutions, governments, and other stakeholders.”

“The IMF is grateful for the Kingdom of Saudi Arabia’s financial contribution to boost capacity development to IMF members—including fragile states,” it added.

According to the IMF, the first director of the regional office will be Abdoul Aziz Wane, from Senegal, who is “a seasoned IMF leader with deep knowledge of the institution and a vast network of policymakers and academics across the world.”

Sources told Asharq Al-Awsat that the opening of a regional office for the IMF in Saudi Arabia is evidence of the international institution’s recognition of the strength of the Saudi economy on the one hand, and of the position it enjoys regionally and internationally.

Addressing the conference on Wednesday, Al-Ibrahim said Saudi Arabia will witness a shift in economic diversification, pointing to a need to encourage openness to local and global competition in order to ensure that the country’s industry is able to flourish deservedly and as quickly as possible.

Since the launch of an integrated program within Saudi Vision 2030 to reduce dependence on oil and diversify other sources of income, the Kingdom has witnessed fundamental changes in the legislative and political system that have led to transforming the business environment, creating new sectors, and building huge projects such as NEOM and the Red Sea, the minister underlined.

To promote sustainable development in local industries, Al-Ibrahim stated that the focus remains on stimulating local and international competitiveness. He stressed that this exposure to the international market encourages companies to continuously improve and innovate to maintain their competitive advantage.

The IMF conference is held over two days, and aims to review the basic principles of industrial policy and draw lessons from its successes and failures in other regions.


Saudi Trade Balance Records Monthly Surplus of 13% in February

General view of the Saudi capital Riyadh. Reuters file photo
General view of the Saudi capital Riyadh. Reuters file photo
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Saudi Trade Balance Records Monthly Surplus of 13% in February

General view of the Saudi capital Riyadh. Reuters file photo
General view of the Saudi capital Riyadh. Reuters file photo

Data from the Saudi General Authority for Statistics (GASTAT) showed that the trade balance surplus rose by 13 percent, in February, to SAR32 billion ($8.5 billion), compared to SAR28 billion ($7.4 billion) in January, but registered a decrease of 21.8 percent, on an annual basis.

In its monthly International Trade Bulletin, GASTAT said the Kingdom’s merchandise exports declined by 2 percent on an annual basis to SAR95 billion ($25 billion) in February, affected by a drop in oil exports by 3.8 percent.

According to the data, non-oil exports, which include re-exports, rose by 4.4 percent during February, on an annual basis, to SAR21.8 billion ($5.8 billion). In contrast, Saudi imports increased by 12.3 percent on an annual basis during February to SAR63 billion ($16.7 billion).

China ranked first among Saudi export destinations with a rate of 13.2 percent, followed by Japan and India. China also topped the list of suppliers to the Kingdom with a rate of 19.9 percent, followed by the United States and India with rates of 8 percent and 7 percent, respectively.


3rd Man Detained in Bribery Case Surrounding Russian Deputy Defense Minister

Russian Deputy Defense Minister Timur Ivanov inspects the construction of apartment blocks in Mariupol, Russian-controlled Ukraine, in this still image from video released October 15, 2022. Russian Defence Ministry/Handout via REUTERS
Russian Deputy Defense Minister Timur Ivanov inspects the construction of apartment blocks in Mariupol, Russian-controlled Ukraine, in this still image from video released October 15, 2022. Russian Defence Ministry/Handout via REUTERS
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3rd Man Detained in Bribery Case Surrounding Russian Deputy Defense Minister

Russian Deputy Defense Minister Timur Ivanov inspects the construction of apartment blocks in Mariupol, Russian-controlled Ukraine, in this still image from video released October 15, 2022. Russian Defence Ministry/Handout via REUTERS
Russian Deputy Defense Minister Timur Ivanov inspects the construction of apartment blocks in Mariupol, Russian-controlled Ukraine, in this still image from video released October 15, 2022. Russian Defence Ministry/Handout via REUTERS

A third man has been detained in a bribery investigation centering on Deputy Russian Defense Minister Timur Ivanov, the Moscow court service said on Thursday.
It said Alexander Fomin, the co-founder of a construction company called Olimpsitistroy, was suspected of paying bribes to Ivanov, who was detained on Tuesday, and Sergei Borodin, a close associate of Ivanov who is also in custody.
The scandal is the biggest in years to hit the defense ministry, and is seen as a severe blow to Defense Minister Sergei Shoigu.
The court service said Fomin was suspected of "providing services" to Ivanov, Borodin and others in the form of goods, work and services relating to property renovation.
"Also, Fomin and other persons, acting as an organized group, contributed to Ivanov's receipt of a particularly large bribe in the form of the illegal provision of property-related services to him," it said.

Kremlin Spokesman Dmitry Peskov on Wednesday dismissed media speculation about the reasons behind the arrest of Ivanov on bribery charges, and urged reporters to focus on official information.
Asked about a report that Ivanov was suspected of treason, Peskov said: "There are many different interpretations around all this now."
"You need to focus on official information," Peskov said. "It is necessary to focus on the information of the investigative authorities and, ultimately, on the court's decision."

Ivanov was detained on Tuesday at work by the Federal Security Service (FSB), the main successor to the Soviet-era KGB.
Moscow's Basmanny District Court ordered Ivanov be kept in custody until June 23. Ivanov, 48, dressed in his uniform, was shown standing in a glass cage in court, frowning slightly, footage released by the court service showed.


Sisi Warns of ‘Catastrophic’ Consequences of an Israeli Assault on Rafah

FILED - 18 October 2023, Egypt, Cairo: President of Egypt Abdul Fattah al-Sisi is pictured in Cairo. Photo: Michael Kappeler/dpa Pool/dpa
FILED - 18 October 2023, Egypt, Cairo: President of Egypt Abdul Fattah al-Sisi is pictured in Cairo. Photo: Michael Kappeler/dpa Pool/dpa
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Sisi Warns of ‘Catastrophic’ Consequences of an Israeli Assault on Rafah

FILED - 18 October 2023, Egypt, Cairo: President of Egypt Abdul Fattah al-Sisi is pictured in Cairo. Photo: Michael Kappeler/dpa Pool/dpa
FILED - 18 October 2023, Egypt, Cairo: President of Egypt Abdul Fattah al-Sisi is pictured in Cairo. Photo: Michael Kappeler/dpa Pool/dpa

Egyptian President Abdul Fattah al-Sisi on Wednesday warned against any Israeli military assault on Rafah in the Gaza Strip.
Presidential spokesman Ahmed Fahmy said that Sisi’s concerns came during a telephone call with Prime Minister of the Netherlands Mark Rutte.

Sisi warned against what he described as “catastrophic” humanitarian consequences of any military act on Rafah, according to the Arab World Press.
The spokesman added in a statement published by the Egyptian presidency on its Facebook page that the war in Gaza must be brought to a halt, pointing to the dire consequences of an aggression against Rafah and its impact on regional peace and stability.
“It emphasizes the need for the international community to implement the related UN resolutions”, he said according to the statement.
Fahmy also pointed out that Sisi and Rutte stressed the need for joint swift efforts to reach a ceasefire in Gaza to allow the entry of humanitarian relief aid to the Palestinians in the Strip.
They also emphasized the importance of reaching a two-state solution to restore regional stability and peace.
On Tuesday, head of Egypt’s State Information Service Diaa Rashwan confirmed that Egypt has never discussed any plans with the Israeli side of a ground invasion on Rafah, denying reports published in US newspapers on this matter.
He stressed Egypt’s “firm and well-known” stance and complete rejection of this assault. “The Egyptian leadership has warned that any assault on Rafah will lead to massacres, heavy human losses, and widespread destruction", he stated.
Moreover, Egyptian security sources said that military and security coordination between Egypt and Israel over any Israeli incursion into Rafah did not mean approval of it.
Egypt welcomed the return of Palestinians northwards from Rafah, believing it to be in the interest of the population, the sources added.


Saudi Communications, Tech Market Valued at $44 Billion in 2023

The Saudi Communications, Space and Technology Commission building in Riyadh (the Commission’s website)
The Saudi Communications, Space and Technology Commission building in Riyadh (the Commission’s website)
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Saudi Communications, Tech Market Valued at $44 Billion in 2023

The Saudi Communications, Space and Technology Commission building in Riyadh (the Commission’s website)
The Saudi Communications, Space and Technology Commission building in Riyadh (the Commission’s website)

The size of the communications and technology market in Saudi Arabia reached SAR166 billion ($44.2 billion) during 2023, which is equivalent to a compound annual growth of 8 percent over the past six years.

This was revealed by the Communications, Space and Technology Commission on Wednesday during the 10th edition of the ICT Indicators Forum in Riyadh in the presence of an elite group of experts, specialists and sector leaders.

The event featured four main presentations, and a discussion session on the sector’s future trends. Mufarreh Nahari, the Director General of Studies at the Commission, talked about the performance indicators of the communications and technology sector, noting that the Kingdom ranks second among the G20 countries in the 2023 Communications and Technology Development Index.

Indicators also show that the rate of access to mobile communications service subscriptions has reached 198 percent of the population, while the Internet of Things subscriptions amounted to 12.6 million subscriptions.

Another presentation entitled, “Navigating the Frontiers of Innovation: Information Technology Market Trends in the Kingdom,” featured discussions by Hamza Naqshbandi, Vice President of IDC for Custom Solutions in the Middle East, Türkiye and Africa and Regional Director in Saudi Arabia and Bahrain, and Group Vice President and Director Jyoti Lalchandani, Regional General Manager for the Middle East, Türkiye and Africa at IDC.

The presentation highlighted the Kingdom’s latest innovative technologies, as spending on technology is expected to reach $18.4 billion in 2024.

A session on “The Future of the Technical Scene in the Kingdom,” examined the future horizon through the insights of market experts, with the participation of Salman Faqih, CEO of Cisco in Saudi Arabia, Fahd Al-Turaif, Vice President of the Cloud Computing Sector for the Saudi, Middle East, and North Africa Markets at Oracle and Othman Al-Hokail, partner at Merak Capital.

The forum also reviewed the “Financial Performance of the Sector in Numbers,” presented by Jassim Al-Jubran, Head of Research Department at Aljazira Capital.

Al-Jubran explained that the size of the assets of companies listed in the communications and technology sector amounts to about SAR250 billion ($66.6 billion), noting that the Kingdom’s market constituted about 37 percent of the total assets in the sector in the Gulf region.


UAE, Kenya Sign Investment MoU on Mining, Technology Sectors

The UAE and Kenya signed a memorandum of understanding, setting the stage for investment collaboration in mining and technology sectors. WAM
The UAE and Kenya signed a memorandum of understanding, setting the stage for investment collaboration in mining and technology sectors. WAM
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UAE, Kenya Sign Investment MoU on Mining, Technology Sectors

The UAE and Kenya signed a memorandum of understanding, setting the stage for investment collaboration in mining and technology sectors. WAM
The UAE and Kenya signed a memorandum of understanding, setting the stage for investment collaboration in mining and technology sectors. WAM

UAE’s Ministry of Investment and the Kenyan Ministry of Finance and National Treasury have signed a memorandum of understanding, setting the stage for collaboration in mining and technology sectors, Emirates News Agency (WAM) reported.

The Abu Dhabi-based investment and holding company, ADQ, also announced on Wednesday a finance framework agreement with Kenya’s ministry, facilitating investments in priority sectors of the Kenyan economy, with a potential investment sum of up to $500 million, WAM said.

Kenya’s mining sector boasts significant growth potential owing to its abundant reserves of gold, copper, ilmenite, tantalum, and various non-metallic minerals.

The MoU focuses on mineral exploration, mine development, mineral processing, refining, and mineral marketing in Kenya. One of the key objectives is to explore opportunities for technology transfer in Kenya’s mineral sector, that would support innovation and growth. The two countries will also assess avenues for collaboration in promoting responsible stewardship of the mineral sector, with a strong emphasis on environmental, social, and governance practices, in addition to exploring avenues for collaboration in research and development within the designated sectors.

Minister of Investment of the UAE Mohamed Hassan Alsuwaidi said: “Through this partnership, we are laying down the foundation for a future where sustainable mining practices, innovation, and responsible stewardship form the pillars of our mutual growth.”

“We are committed to leveraging technology to enhance capacities and establish robust governance practices that will not only propel the mineral sector but also ensure overall prosperity of our nations.”