Saudi Agencies Sign Framework Agreement for Cloud Computing

Aerial view of Riyadh, Saudi Arabia (File photo: AP)
Aerial view of Riyadh, Saudi Arabia (File photo: AP)
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Saudi Agencies Sign Framework Agreement for Cloud Computing

Aerial view of Riyadh, Saudi Arabia (File photo: AP)
Aerial view of Riyadh, Saudi Arabia (File photo: AP)

The Saudi Digital Government Authority (DGA) launched a framework agreement to provide cloud computing services for Saudi government agencies through the "Etimad" platform.

The adoption of the platform provides many services to various government agencies and enhances the partnership with the private sector.

It also helps achieve the development goals of the Kingdom, enables the digital transformation of those services, increases transparency and efficiency, and facilitates providing services.

The framework agreement aims to contribute to the digital transformation in the Kingdom, unify product specifications and standards, increase the contribution of the private sector, and create a competitive environment.

The agreement aims to develop local content, rationalize consumption, raise the efficiency of digital purchases, speed up its procedures, and increase the quality and effectiveness of products.

The agreement includes several cloud computing infrastructure services: random memory, virtual CPU and storage, and backup.

DGA Governor Ahmed al-Suwayan said that the framework agreement supports government digital transformation programs and partnerships with the private sector.

The Authority recently announced the regulatory framework of the digital government policy.

At the ceremony, Suwayan stressed that the government platforms achieved digital excellence and concerted efforts through joint work and integration between various digital media.

He indicated that this step supports the regulation and governance of digital services business and improves beneficiaries' experience through a system of digital government services. It also contributes to integration between government agencies and strengthens cooperation.

The Governor announced that digital government policy enables and accelerates the sustainable digital transformation of the public sector in the medium and long term.

The policy aims to create a comprehensive government system that focuses on the beneficiaries, including citizens, residents, and visitors, and facilitate the digital transformation of the public sector by enhancing its capabilities.

The "Governance Digital Platform... Orientation and Impact" session was held during the ceremony to discuss the government's approach, perspectives, and platforms.

The Governor handed over the platforms' registration certificates to the entities that responded to the Authority's circular, including Absher, Etimad, Ejar, Balady, Tawakkalna, Sakani, Sehaty, Qiwa, Madrasati, and Najiz.

The Authority is the national reference and competent entity for digital governance in the Kingdom.

It aims to direct national efforts to harmonize government procedures, achieve optimal investment for existing assets, improve operational efficiency, and enhance the experience of government beneficiaries and digital service providers.



China Mulls Draft Law to Promote Private Sector Development

A Chinese national flag flutters on a financial street in Beijing. (Reuters)
A Chinese national flag flutters on a financial street in Beijing. (Reuters)
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China Mulls Draft Law to Promote Private Sector Development

A Chinese national flag flutters on a financial street in Beijing. (Reuters)
A Chinese national flag flutters on a financial street in Beijing. (Reuters)

Chinese lawmakers are deliberating a draft of the country's first basic law specifically focused on the development of the private sector, the country’s Xinhua news agency reported.

“The law will be conducive to creating a law-based environment that is favorable to the growth of all economic sectors, including the private sector,” said Justice Minister He Rong, while explaining the draft on Saturday during the ongoing session of the Standing Committee of the National People's Congress, the national legislature.

The draft private sector promotion law covers areas such as fair competition, investment and financing environments, scientific and technological innovation, regulatory guidance, service support, rights and interests protection and legal liabilities.

The draft has incorporated suggestions solicited from representatives of the private sector, experts, scholars and the general public, the minister said.

China left its benchmark lending rates unchanged as expected at the monthly fixing on Friday.

Persistent deflationary pressure and tepid credit demand call for more stimulus to aid the broad economy, but narrowing interest margin on the back of fast falling yields and a weakening yuan limit the scope for immediate monetary easing.

The one-year loan prime rate (LPR) was kept at 3.10%, while the five-year LPR was unchanged at 3.60%.

In a Reuters poll of 27 market participants conducted this week, all respondents expected both rates to stay unchanged.

Morgan Stanley said in a note that the 2025 budget deficit and mix are more positive than expected and suggest Beijing is willing to set a high growth target and record fiscal budget to boost market confidence, but further policy details are unlikely before March.

Last Friday, data released by the country's central bank said total assets of China's financial institutions had risen to 489.15 trillion yuan (about $68.03 trillion) by the end of third quarter this year.

The figure represented a year-on-year increase of 8%, said the People's Bank of China.

Of the total, the assets of the banking sector reached 439.52 trillion yuan, up 7.3% year on year, while the assets of securities institutions rose 8.7% year on year to 14.64 trillion yuan.

The insurance sector's assets jumped 18.3% year on year to 35 trillion yuan, the data showed.

The liabilities of the financial institutions totaled 446.51 trillion yuan, up 8% year on year, according to the central bank.

Separately, data released by the National Energy Administration on Thursday showed that China's electricity consumption, a key barometer of economic activity, rose by 7.1% year on year in the first 11months of the year.

During the period, power consumption of the country's primary industries increased by 6.8% year on year, while that of its secondary and tertiary sectors rose by 5.3% and 10.4%, respectively.

Residential power usage saw strong growth of 11.6% during this period, the administration said.

In November alone, power usage climbed 2.8% from one year earlier, according to the data.