عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Arabia Hosts LEAP Conference to Discuss Future Technologies

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)
    Riyadh - Asharq Al-Awsat
TT
TT

Saudi Arabia Hosts LEAP Conference to Discuss Future Technologies

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)

Saudi Arabia will host LEAP, the global technology platform, to address future challenges such as healthcare technologies to improve the quality of life and increase life expectancy, empowering humans through robots and technologies.

The Ministry of Communications and Information Technology (MCIT) and the Federation for Cybersecurity, Programming, and Drones will organize the platform.

It will review the most prominent technologies in the education sector, creative economy, and showcase technologies that enhance the well-being of communities.

It will address future energy technologies that will enhance the region's leadership in the oil and gas sectors and the impact of technology on the development of energy sources.

The platform will be held on Feb. 1 to 3 in Riyadh, with the participation of more than 350 speakers from 80 countries and 700 innovators and start-ups from around the world.

Saudi Arabia will host the conference LEAP to address future challenges, as it consolidates its digital regional and global leadership.

Held under the theme "One Eye on the Stars," LEAP seeks to discuss the most prominent social and cultural challenges facing the world through modern technologies, which have the potential to reshape the way people live and find appropriate and innovative solutions for them.

The platform targets the attendance of 40,000 local and international visitors.

Vice Minister of Communications and Information Technology Haitham al-Ohali stressed that Saudi Arabia is undergoing an accelerating technological era, seeking to enable digital pillars to build a connected present and an innovative future.

Ohali indicated that Vision 2030 is a road map that points to the future under the leadership of Crown Prince Mohammed bin Salman.

Ohali said the expected results of LEAP will be significant and supportive of the Ministry's strategic directions that seek to make the Kingdom a global technology hub and a destination for major companies operating in the sector.

Meanwhile, Chairman of the Saudi Federation for Cybersecurity, Programming and Drones, Faisal al-Khamisi, said LEAP represents a global bridge towards the future, aiming to achieve leadership in technology development and innovation.

Most Viewed

 
 
Business

Dollar Recovers as Trump Proposes Canada, Mexico Tariffs

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
TT
TT

Dollar Recovers as Trump Proposes Canada, Mexico Tariffs

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

The US dollar rose on Tuesday, recovering from its biggest daily percentage drop in 14 months after President Donald Trump suggested the US could impose tariffs on Canada and Mexico by Feb. 1, countering expectations he might take a gradual approach.

Trump told reporters he was thinking about implementing tariffs of around 25% on imports from Canada and Mexico at the start of February over illegal immigrants and fentanyl crossing into the country. He also raised the possibility of a universal tariff but said the US was "not ready" for that yet.

The dollar fell sharply on Monday after Trump's first day in office passed with no specific plans on tariffs and officials said any new taxes would be imposed in a measured way, a major relief for trade-exposed currencies, Reuters reported.

"What you're seeing here, too, is just how crowded long dollar positioning is, so all you need is some ambiguity on the tariff front, and you get these kind of moves," said Erik Bregar, director, FX & precious metals risk management, at Silver Gold Bull in Toronto.

"The bigger outside moves are going to come now if we see some deals happening, some stuff being negotiated and some of this fear getting priced out. The dollar positioning is long enough that you're going to see some smart people trying to bet on a turn."

The dollar index, which measures the dollar against a basket of currencies, rose 0.32% to 108.33 after dropping 1.24% on Monday. It was up as much as 0.68% earlier in the session.

The euro was down 0.22% at $1.0391. The EU is also seen as a likely target for Trump's tariff policies. Sterling weakened 0.26% to $1.2291.

Talking to reporters on Monday, Trump said he would remedy the trade imbalance either through tariffs or by Europe buying more US oil and gas.

A subsequent trade memo directed agencies to investigate and remedy persistent trade deficits. Analysts at Jefferies said the memo should be seen as a "blueprint for what to expect next on tariffs," and April 1 will be an important date as the agency reports are due by that date.

The Canadian dollar weakened 0.8% versus the greenback to C$1.44 per dollar while the Mexican peso was down 0.86% versus the dollar at 20.698.

The inauguration speech focused on emergencies in immigration and energy and a more expansionist foreign policy, including a pledge to take back the Panama Canal.

In his first term in office, Trump had a history of announcing imminent plans for policy proposals, including on healthcare and infrastructure, only for nothing to take shape.

Against the Japanese yen, the dollar weakened 0.11% to 155.42.

The yen has strengthened against the dollar in three of the last four sessions, supported by growing expectations the Bank of Japan will raise interest rates on Friday.

Japan's top currency diplomat Atsushi Mimura said on Tuesday at a Reuters NEXT Newsmaker event that a weak yen would increase inflation by boosting import costs. Mimura said the government and the central bank were communicating closely every day through various channels.

Markets are pricing an 86.2% chance of a quarter-point increase.

The dollar strengthened 0.23% against the offshore Chinese yuan to 7.278. Trump has threatened China with tariffs of up to 60% but did not detail any plans on Monday.

Beijing later set a stronger fix for the yuan, suggesting it was still inclined to take steps to prop up the currency.