Saudi Arabia Leads Middle East Countries in Digital Services

Riyadh, Saudi Arabia /AFP
Riyadh, Saudi Arabia /AFP
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Saudi Arabia Leads Middle East Countries in Digital Services

Riyadh, Saudi Arabia /AFP
Riyadh, Saudi Arabia /AFP

Saudi Arabia ranked first in the field of digital services availability and development, according to the Government Electronic and Mobile Services (GEMS) Maturity Index, which is issued by the United Nations Economic and Social Commission for Western Asia (ESCWA) annually since 2019.

A statement by ESCWA said that GEMS measures performance in 84 government services that are essential to individuals in the various phases of their lives, and to businesses from their establishment through their operations to their closure. The Index is computed based on three pillars: availability and development of services; use of services and user satisfaction; and government efforts to publicize services.

In comments to Asharq Al-Awsat, Ahmed Al-Suwaiyan, Governor of the Saudi Digital Government Authority, pointed to the importance of unlimited support by the government and joint work among public agencies to provide distinguished digital services to citizens and enhance the competitiveness of the business sector.

He added that the great support provided by the Saudi government to the digital system had the greatest impact on the Kingdom’s superiority in the most important global indicators.

This success comes as a culmination of integration and joint work between government agencies to achieve government digital transformation as one of the goals of the Kingdom’s Vision 2030, Al-Suwaiyan underlined.

Eng. Muhammad Muzaffar, a member of the National Commercial Committee in the Federation of Saudi Chambers, told Asharq Al-Awsat that Saudi Arabia is keen to develop digital services, adding that the new achievement would further attract foreign investments.

Saudi Arabia has been ranked second globally among the G20 countries in the Digital Riser Report for the year 2021 issued by the European Center for Digital Competitiveness.

The Kingdom also topped the first group of the highest leading and innovative countries in the areas of providing government services and interacting with citizens according to the government technology report (GovTech) issued by the World Bank.



Gold Eyes Best Quarter in over Eight Years

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
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Gold Eyes Best Quarter in over Eight Years

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)

Gold halted its record run on Friday but remained on track for its best quarter since 2016 after a rally catalysed by an outsized US Federal Reserve interest rate cut, while markets braced themselves for a crucial inflation report due later in the day.

Spot gold was down 0.1% at $2,666.50 per ounce as of 1115 GMT, below the all-time peak of $2,685.42 hit in the previous session. It is heading for its best quarter since the first three months of 2016.

US gold futures fell 0.2% to $2,688.90, Reuters reported.

"The market at this point in time has priced in all the good news and there's also some hesitancy from fresh buyers to get involved at these record high levels," said Ole Hansen, head of commodity strategy at Saxo Bank.

Bullion has risen 29% so far this year, hitting successive record peaks after last week's half-percentage-point cut by the Federal Reserve and the stimulus measures announced by China earlier this week.

Silver prices surged, tracking bullion's strong performance, though some analysts warn that the rally may fade.

"Overall, industrial demand is still supportive for silver. But we need to have a stronger economic performance in China as well as in other developed countries," said ANZ commodity strategist Soni Kumari.

The surge in silver prices is more a spillover impact from gold, Kumari said.

Spot silver eased 0.1% to $31.98 per ounce, after hitting its highest since December 2012 at $32.71 on Thursday. It is set for a third straight week of gains.

"I do believe silver will continue to outperform gold. But as we all know, wherever gold goes, silver tends to go, but faster," Hansen added.

Both gold and silver serve as safe-haven investments, but the latter has more industrial applications, so tends to underperform during recessions and outperform when economies expand.

Inflows into gold exchange-traded funds, particularly from Western investors, are set to rise in coming months, adding yet more positive stimulus for already record high bullion prices. Some banks expect gold to rise towards $3,000.

In other metals, platinum was up 0.5% at $1,012.40 but palladium fell nearly 1.5% to $1,031.75.