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Technology, Investments Boost Saudi Arabia's Shift to Digital Economy

People attend LEAP 2022, which concluded on Thursday. (Asharq Al-Awsat)
People attend LEAP 2022, which concluded on Thursday. (Asharq Al-Awsat)
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Technology, Investments Boost Saudi Arabia's Shift to Digital Economy

People attend LEAP 2022, which concluded on Thursday. (Asharq Al-Awsat)
People attend LEAP 2022, which concluded on Thursday. (Asharq Al-Awsat)

LEAP 2022, the global technology platform, uncovered Saudi Arabia's readiness to address technical solutions and requirements that can address future challenges amid the development of the sector in the Kingdom.

Several international companies asserted to Asharq Al-Awsat the importance of the conference, which revealed the future technologies, stressing that Saudi Arabia is steadily racing to become among the first countries that invest in future technology.

Several businessmen and economists said the conference explored the importance of partnerships between the public and private sectors to accelerate the Saudi drive towards achieving digital transformation.

They also believed that it would enhance the knowledge-based and green economies and develop technology for advanced industries that are possible for clean energy, seeking to achieve zero emissions.

Saudi Arabia is defining technology features in the Middle East through LEAP 2022.

Entrepreneurs

Unifonic CEO Ahmed Hamdan told Asharq Al-Awsat that companies seek such exhibitions to present the public with new solutions, given that the establishments are aware of market developments in the field of technology.

Hamdan indicated that the conference witnessed fantastic technical innovations and presentations, bringing together all local and international companies under one roof.

He revealed that several agreements were concluded between significant companies, highlighting their desire to develop and provide their best.

Through the conference, Unifonic tried to produce and showcase products to the market very quickly, said Hamdan, adding that the company will launch several initiatives.

He noted that the Saudi Ministry of Communications and Information Technology encourages small companies to become large and compete with high technologies.

The CEO added that Saudi Arabia is developing in the sector by adopting technologies and financial support to entrepreneurs.

The Ministry is also directing startups and providing them with appropriate solutions to achieve their desired goals, said the CEO, adding that this will empower startups and grant them a chance to develop in the future.

Supporting inventions

Vice President for Software AG in the Middle East Ahmad Salama explained that LEAP 2022 is a platform for a global vision for the technical community and is compatible with Vision 2030.

Salama indicated that projects, such as NEOM and the Red Sea, aim to achieve a future fueled by inventions, livability and sustainability for a prosperous economy.

He believes that this vision is also founded on a "connected enterprise" philosophy, which is adopted and supported by Software AG to support its progress and achieve transformation goals in Saudi Arabia and the world.

Software AG will continue to share global best practices and innovate new ones as a member of the thriving Saudi digital community, invest in the Kingdom's economy and its youth, and align with the Vision of mobilizing this technological advancement across the public and private sectors.

Saudi investor Abdullah al-Malehi, and head of Tamayouz, confirmed to Asharq Al-Awsat that the conference provided an opportunity for the business sector in technical industries to cooperate through opportunities that enhance the Saudi goals in cooperation with the public sector.

Malehi indicated that these partnerships are possible for digital transformation and shaping the future of banks in advanced technologies, noting that the local market is significant in advanced technology.

He explained that Saudi Arabia seeks to diversify its oil-dependent economy, noting that the announced investment includes contributions from major Saudi companies.

Gulf countries are working on initiatives to promote non-oil growth, said Malehi, stressing at the same time that the Kingdom will pump hundreds of billions of dollars in economic transformation represented by Vision 2030.

A large number of investments will be injected into the local market.

Artificial superintelligence

SingularityNET CEO Ben Goertzel pointed out that artificial intelligence is still limited, indicating that the development accompanying the digital infrastructure will transform it to Superintelligence.

Speaking at the "Scaling Up Decentralized AI to Power Global Transformation" session, during the third day of LEAP, Goertzel explained that everyone would be able to maximize the use of this technology.

Meanwhile, CEO of RMA Advisory Renato de Castro explained during "Metaverse VR Immersive" that the demand for virtual reality immersive experiences is accelerating, especially as it allows moving with ease.

De Castro explained that the number of Metaverse VR users has grown during the coronavirus pandemic, with over 90 players registering in a short period.

He explained that users spent over $40 million in purchases from this big and exciting market, predicting its volume to reach $100 billion soon.

Digital infrastructure

VMware regional director Saif Mashat said that the company is continuing to achieve its strategies and record-high levels of success in digital infrastructure projects, pointing out that it will expand to new projects in the Saudi market.

He explained that VMware is establishing future projects in line with the significant goals of Vision 2030, which necessitates that everyone unite their efforts and engage in professional cooperation.

The company focuses on training Saudi youth in cooperation with Saudi universities, said Mashat, announcing an agreement with the Prince Sultan University to train young men and girls on many digital skills and qualify faculty members to provide educational programs and content.

He indicated that the company would grant accredited certificates to the trainees.

Mashat also announced the company has several future agreements with some universities and sectors to train and qualify youths on technical programs and skills that the labor market requires.

He revealed plans with various sectors in 2022, namely projects to establish a distinguished digital infrastructure that matches the tremendous digital transformation witnessed by the Kingdom.

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Business

China's Finance Ministry: Fiscal Policies Will be More 'Proactive' in 2026

A man walks on a street in Beijing, China, 24 December 2025. EPA/WU HAO
A man walks on a street in Beijing, China, 24 December 2025. EPA/WU HAO
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China's Finance Ministry: Fiscal Policies Will be More 'Proactive' in 2026

A man walks on a street in Beijing, China, 24 December 2025. EPA/WU HAO
A man walks on a street in Beijing, China, 24 December 2025. EPA/WU HAO

China's finance ministry on Sunday said fiscal policies will be more proactive next year, reiterating its focus on domestic demand, technological innovation and a social safety net.

The statement comes as trading partners urge the world's second-biggest economy to reduce its reliance on exports, underscoring the urgency to revive confidence at home where a prolonged property crisis has rippled ⁠through the economy, weighing on sentiment.

China will boost consumption and actively expand investment in new productive forces and people's overall development, the ministry said in a statement after a two-day meeting at which it set ⁠2026 goals.

In addition, Reuters quoted the ministry as saying that it will support innovation to foster new growth engines, and improve the social security system by providing better healthcare and education services.

Other tasks for next year include promoting integration between urban and rural areas, and propelling China's transformation into a greener society.

China is likely to stick to ⁠its annual economic growth target of around 5% in 2026, government advisers and analysts told Reuters, a goal that would require authorities to keep fiscal and monetary spigots open as they seek to snap a deflationary spell.

Leaders this month promised to maintain a "proactive" fiscal policy next year that would stimulate both consumption and investment to maintain high economic growth.

Business

Bulgaria Adopts Euro Amid Fear and Uncertainty

Customers shop in a grocery store in the village of Chuprene, northwestern Bulgaria on December 7, 2025. (Photo by Nikolay DOYCHINOV / AFP)
Customers shop in a grocery store in the village of Chuprene, northwestern Bulgaria on December 7, 2025. (Photo by Nikolay DOYCHINOV / AFP)
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Bulgaria Adopts Euro Amid Fear and Uncertainty

Customers shop in a grocery store in the village of Chuprene, northwestern Bulgaria on December 7, 2025. (Photo by Nikolay DOYCHINOV / AFP)
Customers shop in a grocery store in the village of Chuprene, northwestern Bulgaria on December 7, 2025. (Photo by Nikolay DOYCHINOV / AFP)

Bulgaria will become the 21st country to adopt the euro on Thursday, but some believe the move could bring higher prices and add to instability in the European Union's poorest country.

A protest campaign emerged this year to "keep the Bulgarian lev", playing on public fears of price rises and a generally negative view of the euro among much of the population.

But successive governments have pushed to join the eurozone and supporters insist it will boost the economy, reinforce ties to the West and protect against Russia's influence.

The single currency first rolled out in 12 countries on January 1, 2002, and has since regularly extended its influence, with Croatia the last country to join in 2023.

But Bulgaria faces unique challenges, including anti-corruption protests that recently swept a conservative-led government from office, leaving the country on the verge of its eighth election in five years.

Boryana Dimitrova of the Alpha Research polling institute, which has tracked public opinion on the euro for a year, told AFP any problems with euro adoption would be seized on by anti-EU politicians.

Any issues will become "part of the political campaign, which creates a basis for rhetoric directed against the EU", she said.

While far-right and pro-Russia parties have been behind several anti-euro protests, many people, especially in poor rural areas, worry about the new currency.

"Prices will go up. That's what friends of mine who live in Western Europe told me," Bilyana Nikolova, 53, who runs a grocery store in the village of Chuprene in northwestern Bulgaria, told AFP.

The latest survey by the EU's polling agency Eurobarometer suggested 49 percent of Bulgarians were against the single currency.

After hyperinflation in the 1990s, Bulgaria pegged its currency to the German mark and then to the euro, making the country dependent on the European Central Bank (ECB).

"It will now finally be able to take part in decision making within this monetary union," Georgi Angelov, senior economist at the Open Society Institute in Sofia, told AFP.

An EU member since 2007, Bulgaria joined the so-called "waiting room" to the single currency in 2020, at the same time as Croatia.

The gains of joining the euro are "substantial", ECB president Christine Lagarde said last month in Sofia, citing "smoother trade, lower financing costs and more stable prices".

Small and medium-sized enterprises stand to save an equivalent of some 500 million euros ($580 million) in exchange fees, she added.

One sector expected to benefit in the Black Sea nation is tourism, which this year generated around eight percent of the country's GDP.

Lagarde predicted the impact on consumer prices would be "modest and short-lived", saying in earlier euro changeovers, the impact was between 0.2 and 0.4 percentage points.

But consumers -- already struggling with inflation -- fear they will not be able to make ends meet, according to Dimitrova.

Food prices in November were up five percent year-on-year, according to the National Statistical Institute, more than double the eurozone average.

Parliament this year adopted empowered oversight bodies to investigate sharp price hikes and curb "unjustified" surges linked to the euro changeover.

But analysts fear wider political uncertainty risks delaying much needed anti-corruption reforms, which could have a knock-on effect on the wider economy.

"The challenge will be to have a stable government for at least one to two years, so we can fully reap the benefits of joining the euro area," Angelov said.

Business

Syria Prepares to Launch New Currency Amid Major Challenges

Syrian Central Bank Governor Abdulkader Husrieh (X)
Syrian Central Bank Governor Abdulkader Husrieh (X)
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Syria Prepares to Launch New Currency Amid Major Challenges

Syrian Central Bank Governor Abdulkader Husrieh (X)
Syrian Central Bank Governor Abdulkader Husrieh (X)

Syria’s central bank governor, Abdulkader Husrieh, said the new Syrian pound is not merely a means of exchange but a symbol of the success of the Syrian revolution, national belonging, and confidence in the country’s ability to recover.

In a Facebook post, Husrieh said that with the launch of the new currency, Syrians were not just celebrating a banknote, but also celebrating their sovereignty and national identity, noting that many international experiences show that national currencies become strong when people rally around them, according to the Syrian Arab News Agency.

He pointed to Germany’s experience, where the introduction of the mark after the war marked the starting point of economic recovery, and to France, where the new French franc became the financial symbol of the new republic, known as the Fifth Republic.

Husrieh said the central bank would carry out its role with a clear understanding of the challenges and opportunities, while committing to responsibility, transparency, and the protection of the national currency. He added that the cornerstone remains public solidarity and trust, because a strong currency begins with the people's belief in it.

He called for turning the launch into a dignified national occasion through which Syrians express awareness, confidence, and adherence to the pound as a symbol of sovereignty and a national choice.

Husrieh added that supporting the pound is supporting the nation, and taking pride in it is a matter of pride in the future for Syrians and their children. He described the move as an opportunity for a new success following the success of the revolution in liberation and the lifting of economic sanctions that had shackled Syria’s economy for nearly fifty years.

Husrieh had recently announced that Jan. 1, 2026, would mark the launch of the new Syrian currency and the start of the exchange process for the old notes, with the exchange to be carried out through 66 companies and 1,000 designated outlets.

Restoring confidence

Political and economic researcher Bassel Kouwefi said the exchange plans, if well implemented, could serve as an entry point for rebuilding confidence in the national economy, encouraging domestic investment, and paving the way for broader reforms in the financial sector. However, he warned against failing to address the root causes of inflation and economic collapse during the previous regime's rule.

Speaking to Asharq Al-Awsat, Kouwefi described currency exchange and the removal of zeros as complex economic measures.

He said their main benefits include simplifying daily transactions, reducing the volume of banknotes in circulation, boosting confidence in stability, lowering printing and transportation costs, simplifying accounting records and financial software, and reducing currency speculation driven by corruption networks seeking to undermine stability in Syria.

Kouwefi said the exchange plans, if well-executed, could help restore confidence in the macroeconomy, but stressed the challenges posed by failing to tackle the fundamental causes of past inflation and collapse, including fiscal deficits, instability, and weak production. He said a comprehensive economic and financial program was therefore essential.

He added that the process also requires strong banking infrastructure, an organized transition period, and sufficient liquidity in the new denominations.

He said these remain major challenges under current Syrian conditions, alongside the need to mitigate social impacts that could lead to public confusion, market exploitation, and difficulties for less informed segments of society.