Saudi Arabia Wins ITU’s WSIS Prize 2021

Saudi Arabia continues to progress in transitioning towards a digital society. (Asharq Al-Awsat)
Saudi Arabia continues to progress in transitioning towards a digital society. (Asharq Al-Awsat)
TT
20

Saudi Arabia Wins ITU’s WSIS Prize 2021

Saudi Arabia continues to progress in transitioning towards a digital society. (Asharq Al-Awsat)
Saudi Arabia continues to progress in transitioning towards a digital society. (Asharq Al-Awsat)

Saudi Arabia continues to win international awards on all levels, achieving great progress in all global indices. Its latest achievement is being awarded the World Summit prize of the Information Society (WSIS) 2021 for its Free Wi-Fi initiative.

The prize, awarded by the International Telecommunication Union (ITU), praised the Saudi initiative which aims to improve the quality of life and spread Internet services in public places.

Saudi Arabia's accomplishment, represented by STC, Mobily and Zain, comes within the initiative's role in meeting the strategic goals of the telecommunications sector to enable the Kingdom to transform into a digital society - one of the main pillars of Vision 2030.

The results were announced during the virtual opening of WSIS 2021 held in the presence of ITU Secretary-General Houlin Zhao and representatives of the WSIS member states, as well as the Saudi Governor of Communications and Information Technology Commission (CITC), Mohammed al-Tamimi.

The prize was awarded to the Free Wi-Fi Points Initiative, which was launched in November last year and set an ambitious action plan to provide 60,000 free wi-fi points in public places across the Kingdom, including holy sites, universities, hospitals, malls and public places. It benefited more than 800,000 people in six months.

The initiative’s superiority over several global projects nominated for the award is a reflection of the position of the telecommunications sector at the international level and the level of development of the sector’s infrastructure.

The Saudi leadership continues to support the digital transformation projects and activate the role of technology in various sectors, including government services, healthcare, education and entertainment.

Saudi Arabia has advanced on the Global Competitiveness Report 2020, issued by the World Economic Forum, ranking among the top ten countries in digital skills among the active population indices.

The report attributed the high ranking to four factors represented in the Kingdom’s adoption of information and communication technology, flexible work arrangements, national digital skills and the digital legal framework it possesses.



Pinterest Shares Surge as Strong Ad Spend Defies Tariff Uncertainty

A keyboard is placed in front of a displayed Pinterest logo in this illustration taken February 21, 2023. (Reuters)
A keyboard is placed in front of a displayed Pinterest logo in this illustration taken February 21, 2023. (Reuters)
TT
20

Pinterest Shares Surge as Strong Ad Spend Defies Tariff Uncertainty

A keyboard is placed in front of a displayed Pinterest logo in this illustration taken February 21, 2023. (Reuters)
A keyboard is placed in front of a displayed Pinterest logo in this illustration taken February 21, 2023. (Reuters)

Pinterest shares jumped more than 11% on Friday, after a strong quarterly revenue forecast allayed investor jitters about the uncertainty of advertising spending on its platform amid global economic volatility.

Its robust first-quarter revenue positions it alongside peers Reddit and Facebook-parent Meta, which also saw strong top-line results at a time when deepening global trade tensions have clouded the outlook for many firms dependent on marketing spend.

A shifting US trade policy coupled with escalating geopolitical tensions have sparked fears of a spike in inflation levels and a possible recession, prompting a broader pullback in consumer and enterprise spending.

However, Pinterest's focus on strengthening the effectiveness of its artificial intelligence tools for creating ad campaigns and a growing Gen Z userbase makes it an attractive destination for marketers.

"AI is helping to serve up the right type of ads for different audience segments, which ultimately means there could be a greater propensity to click on the ad if it is relevant," said Dan Coatsworth, investment analyst at AJ Bell.

Pinterest's global monthly active users rose 10% from a year earlier to 570 million in the first quarter, exceeding analysts' expectations according to data compiled by LSEG.

"We believe Pinterest's strategic focus on AI improvements and international expansion is yielding results," said Angelo Zino, senior equity analyst at CFRA Research.

Pinterest flagged a reduction in spending from Asian e-commerce retailers due to the roll-back of the "de minimis" exemption earlier this year, which led notable Chinese advertisers including online marketplace Temu and fast-fashion retailer Shein to slash ad budgets.

Barclays analysts said they expect "trends to worsen in e-commerce advertising" later this year if and when tariffs impact consumer spending.

If gains hold, Pinterest is set to add around $2 billion to its market cap.

The company trades at 14.51 times the estimates of its earnings for the next 12 months, compared with Reddit's 67.65 and Snap's 22.19.