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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)
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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.

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Dollar Holds Steady after ECB Leaves Rates Alone, Tariffs and Fed in Focus

US dollar banknotes are seen in this illustration taken May 4, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
US dollar banknotes are seen in this illustration taken May 4, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
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Dollar Holds Steady after ECB Leaves Rates Alone, Tariffs and Fed in Focus

US dollar banknotes are seen in this illustration taken May 4, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
US dollar banknotes are seen in this illustration taken May 4, 2025. REUTERS/Dado Ruvic/Illustration/File Photo

The dollar traded sideways against the euro on Thursday after the European Central Bank held rates steady, and was wedged between prospects for higher Japanese rates that supported the yen and worries about political risk after Sunday's elections.

The European Central Bank left interest rates steady at 2%, as expected, on Thursday, taking a break after a year of policy easing to wait for clarity over Europe's future trade relations with the United States, Reuters reported.

"The view that the ECB is probably on hold here is probably gaining a bit more traction. We've trimmed expectations for the cuts in September to certainly less than 50/50," said Shaun Osborne, chief foreign exchange strategist at Scotiabank in Toronto.

The Japanese central bank's deputy governor, Shinichi Uchida, said Tuesday's trade deal with Washington had reduced economic uncertainty, comments that fuelled optimism in the market about the potential resumption of interest rate hikes.

Analysts believe the yen will face persistent headwinds after Sunday's upper house election, with the opposition considering a no-confidence motion.

The European Union is nearing a deal that would impose a broad 15% tariff on EU goods, diplomats said. The rate, which could also extend to cars, would mirror the framework agreement the United States struck with Japan.

"The ECB faces a challenge that is quantitatively different from the BoJ's," said Thierry Wizman, global forex and rates strategist at Macquarie Group.

"The euro has appreciated by far more than the JPY so far in 2025, meaning that the disinflationary impulse from US import tariffs may be greater in the EU than in Japan, or the ECB may suspect as much," he added.

PMI data showed fragility in France following budget-cut proposals there, but also resilience in Germany and other parts of the euro zone.

Data showed that German business activity continued to grow marginally in July.

"As of now, there has been very little tariff impact on the hard data," said Mohit Kumar, economist at Jefferies.

ECONOMIC FALLOUT

Meanwhile, risk assets rallied as the trade deals eased fears over the economic fallout of a global trade war.

Next week the Federal Open Market Committee meets and is expected to leave rates where they are as policy makers wait for the expected impact from tariffs on inflation and growth to show up.

A number of US employment releases next week culminate with Friday's big June payrolls report, while the July Personal Consumption Expenditures Price Index and the first revision to 2nd quarter Gross Domestic Product could also move markets.

"A lot of event risk next week and not just from the Fed, we've got a lot of data next week as well, so that's probably going to shape expectations to some extent for September," Osborne said.

The euro was 0.17% firmer at $1.1786, not far from $1.1830 it hit earlier this month, which marked its strongest level in more than three years.

Against the yen, the dollar was 0.07% weaker at 146.39, and hit a fresh 2-week low earlier in the session at 145.86.

Olivier Korber, forex strategist at Societe Generale, expects the yen to strengthen further, citing support from the trade deal and prospects for higher interest rates.

Ishiba denied on Wednesday he had decided to quit after a source and media reports said he planned to announce his resignation to take responsibility for a bruising upper house election defeat.

Currencies mostly shrugged off news that US President Donald Trump, a vocal critic of Federal Reserve Chair Jerome Powell, will visit the central bank on Thursday, a surprise move that escalates tensions between the administration and the Fed.

The dollar index, which measures the greenback against a basket of six currencies including the euro and yen, was off 0.03% at 97.17.

In cryptocurrencies, bitcoin gained 0.33% to $118,391.37. Ethereum rose 2.14% to $3,647.18.