Saudi Warns of Ukraine War Exacerbating Cybersecurity Breaches

Saudi Arabia is working on developing the fields of technology and cybersecurity and enhancing them with qualified national cadres (Asharq Al-Awsat)
Saudi Arabia is working on developing the fields of technology and cybersecurity and enhancing them with qualified national cadres (Asharq Al-Awsat)
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Saudi Warns of Ukraine War Exacerbating Cybersecurity Breaches

Saudi Arabia is working on developing the fields of technology and cybersecurity and enhancing them with qualified national cadres (Asharq Al-Awsat)
Saudi Arabia is working on developing the fields of technology and cybersecurity and enhancing them with qualified national cadres (Asharq Al-Awsat)

Saudi experts are warning against aggravating cybersecurity breaches as the effects of the Russian-Ukrainian war take a toll. So far, Saudi efforts have led to adding 40 job roles for cadres working in the field of cybersecurity.

Field specialists estimated the global shortage of human cadres at more than 3 million jobs.

Saudi Arabia has become more in need of qualified human personnel due to the expansion of its technology market, which is close to a fifth of the entire market size in the Middle East.

A seminar on the national economic effects of cybersecurity showed that about 85% of cybersecurity problems are caused by human errors.

However, cyber awareness and the use of technology and job examinations with human cadres can reduce these errors.

Majed Al-Sahli, a specialist in strategy and international cooperation at the National Cybersecurity Authority (NCA), stressed that the national cybersecurity strategy reflects Saudi Arabia’s ambition in a balanced manner.

The Kingdom’s strategy is divided between safety, trust, and growth.

“The strategy is based on several foundations, namely processes, procedures, techniques and human cadres,” Al-Sahli told Asharq Al-Awsat.

In an economic forum, Al-Sahli reviewed controls developed by the NCA.

These controls included the development of cloud computing controls, operational systems, e-commerce, and remote work.

Al-Sahli pointed out the role of the coronavirus pandemic in accelerating the development process of controls.

He highlighted several of the authority’s initiatives, such as capacity building, reducing risks, and democratizing cybersecurity.

Al-Sahli also reviewed national partnerships that led to the launch of the Saudi framework for cybersecurity forces and the addition of 40 job roles in cooperation with the General Authority for Statistics and the Ministry of Human Resources and Social Development.

Moreover, the Kingdom is working on cyber education, which is a promising project that could support and graduate qualified cadres.

Saudi Arabia is more in need of qualified cadres due to the size of the technology market in the Kingdom, which is approximately 17% of the market size in the Middle East.

The Kingdom’s sizable share of the technology market in the region represents a challenge in terms of bridging the gap found in human cadres.

Arwa Al-Hamad, Director of Cybersecurity at “Sanabel,” said that cybersecurity breaches became evident during the Russian-Ukrainian war.



SME Bank Signs 19 Agreements Worth over SAR3 Billion to Strengthen Finance, Development

The memoranda of understanding aim to establish a unified development-finance model that serves small and medium enterprises (SMEs) across various economic sectors - SPA
The memoranda of understanding aim to establish a unified development-finance model that serves small and medium enterprises (SMEs) across various economic sectors - SPA
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SME Bank Signs 19 Agreements Worth over SAR3 Billion to Strengthen Finance, Development

The memoranda of understanding aim to establish a unified development-finance model that serves small and medium enterprises (SMEs) across various economic sectors - SPA
The memoranda of understanding aim to establish a unified development-finance model that serves small and medium enterprises (SMEs) across various economic sectors - SPA

The Small and Medium Enterprises Bank (SME Bank) signed 19 cooperation agreements and memoranda of understanding with entities from both the public and private sectors, with a total value exceeding SAR3 billion, in support of the development finance ecosystem and the empowerment of enterprises as part of the Development Finance Conference MOMENTUM 2025, SPA reported.

The memoranda of understanding aim to establish a unified development-finance model that serves small and medium enterprises (SMEs) across various economic sectors and enhances integration among development entities under the National Development Fund ecosystem, thereby contributing to improving financing efficiency and expanding SMEs’ access to sustainable financing solutions.

The cooperation agreements come as an extension of the bank's commitment to expanding the range of financing options through strategic partnerships that support growth and sustainability, enable entrepreneurs to scale their businesses, and strengthen the role of the private sector in supporting the national economy and increasing its contribution to gross domestic product (GDP).


Saudi Arabia Seals 62 Market Access Deals Since Joining WTO

King Abdullah Financial District in Riyadh (Asharq Al-Awsat)
King Abdullah Financial District in Riyadh (Asharq Al-Awsat)
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Saudi Arabia Seals 62 Market Access Deals Since Joining WTO

King Abdullah Financial District in Riyadh (Asharq Al-Awsat)
King Abdullah Financial District in Riyadh (Asharq Al-Awsat)

Saudi Arabia has secured 62 market access deals in goods and services since joining the World Trade Organization, alongside 379 rounds of in person and virtual negotiations, and 42 laws and regulations enacted to fulfill its pre-accession commitments, the General Authority for Foreign Trade said in a report.

The kingdom became the WTO’s 149th member in December 2005 after 12 years of talks, a milestone that reshaped Saudi Arabia’s trade landscape and pushed it toward deeper global integration.

Accession paved the way for foreign investment, expanded non oil exports, strengthened the commercial ecosystem and enhanced transparency and international dispute settlement in line with WTO rules.

This month marks two decades since Saudi Arabia entered the global trade body, a period defined by sweeping reforms, expanding partnerships and a more assertive Saudi presence in international commerce.

Decision making role

Over the past 20 years, Saudi Arabia has steadily grown its influence within the WTO, moving from a new entrant to an active participant in global rulemaking.

Riyadh continues to overhaul its commercial framework to stimulate economic activity.

Key changes include the Commercial Register Law, the Trade Names Law, amendments to the Precious Metals and Gemstones Law, and updated executive regulations governing private laboratories.

The new Commercial Register and Trade Names laws aim to streamline business operations and ease regulatory burdens by consolidating company documentation into a single nationwide register and tightening procedures for reserving and protecting trade names.

Both laws align with Saudi Arabia’s accelerating economic and digital transformation under Vision 2030.

The Commercial Register Law, which comprises 29 articles, improves the ease of doing business by regulating registration procedures, ensuring data accuracy, mandating regular updates and making information readily accessible to investors and regulators.

Commercial register

The revamped system introduces a centralized electronic database that records traders’ names and key information, and sets out clearly defined responsibilities and procedures for registration.

It simplifies commercial activity by abolishing branch level records for firms and establishments. Instead, each entity will operate under one unified commercial register covering all activities nationwide, a shift expected to reduce costs and administrative burdens.

The law grants companies and sole proprietorships a five year transition period to settle existing branch records. Options include transferring a sole proprietorship’s branch record to another party as a main record, converting a branch record into a standalone company, or canceling the branch record and moving its assets and activities to the main register.

The legislation also obliges businesses to open bank accounts directly linked to their commercial entities to bolster credibility and ensure the integrity of financial transactions.

It eliminates the requirement to renew commercial registers and removes expiry dates altogether. Instead, businesses must complete an annual electronic confirmation of their data. Registers are suspended after a three month delay and deleted automatically after one year of suspension.

The law also introduces alternative enforcement tools that emphasize compliance over punitive action, including formal warnings and compulsory correction of violations.


Gold Climbs to Over One-month High after Fed Rate Cut; Silver Hits Fresh Record

NEW YORK, NEW YORK - DECEMBER 08: Silver jewelry is displayed in the Manhattan Jewelry district on December 9, 2025, in New York City. Spencer Platt/Getty Images/AFP
NEW YORK, NEW YORK - DECEMBER 08: Silver jewelry is displayed in the Manhattan Jewelry district on December 9, 2025, in New York City. Spencer Platt/Getty Images/AFP
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Gold Climbs to Over One-month High after Fed Rate Cut; Silver Hits Fresh Record

NEW YORK, NEW YORK - DECEMBER 08: Silver jewelry is displayed in the Manhattan Jewelry district on December 9, 2025, in New York City. Spencer Platt/Getty Images/AFP
NEW YORK, NEW YORK - DECEMBER 08: Silver jewelry is displayed in the Manhattan Jewelry district on December 9, 2025, in New York City. Spencer Platt/Getty Images/AFP

Gold rose on Thursday to hit its highest level in more than a month after the US Federal Reserve's quarter-point rate cut pushed the dollar lower, while silver surged to a fresh record high.

Spot gold was up 1.2% at $4,275.39 per ounce, as of 11:49 a.m. ET (16:49 GMT), reaching its highest level since October 21. US gold futures for February delivery gained 1.9% to $4,303.90 per ounce.

Spot silver added 3.2% to $63.77 per ounce, hovering near the session’s record high of $63.93, Reuters reported.

"Silver seems to be pulling gold up with it and it's also pulling up platinum and palladium...there's a lot of momentum behind it right now," said Marex analyst Edward Meir.

The US dollar slipped to over seven-week low against a basket of rival currencies, making greenback-priced gold more affordable for overseas buyers.

"Inflation hasn't really come back down to the Fed's 2% target, so, when you're lowering rates in an inflationary environment that is still not optimum, and that's very bullish for gold," Meir added.

The Federal Reserve on Wednesday delivered its third consecutive quarter-point cut, while policymakers also signaled a likely pause in further reductions as they monitor labor market trends and inflation that "remains somewhat elevated.”

Lower interest rates tend to be favorable to gold, as it is a non-yielding asset.

US President Donald Trump has advocated for lower interest rates since the start of his second term in January, and his nominee for the next Federal Reserve chair is expected to maintain that stance. White House economic adviser Kevin Hassett is currently viewed as the leading candidate for the position.

Investors now await the monthly US non-farm payrolls report, set to be released on December 16, for fresh cues on the Fed's policy path.

Meanwhile, India's pension regulator on Wednesday permitted investments in gold and silver ETFs for the country's pension funds.

Elsewhere, platinum gained 2.5% to $1,698.10, while palladium rose 1.3% to $1,494.88.