Saudi Arabia to Stimulate Local Cyber-security Industry

The new accelerator connects startups with investors, with the aim of expanding their activities and developing their capabilities. (Asharq Al-Awsat)
The new accelerator connects startups with investors, with the aim of expanding their activities and developing their capabilities. (Asharq Al-Awsat)
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Saudi Arabia to Stimulate Local Cyber-security Industry

The new accelerator connects startups with investors, with the aim of expanding their activities and developing their capabilities. (Asharq Al-Awsat)
The new accelerator connects startups with investors, with the aim of expanding their activities and developing their capabilities. (Asharq Al-Awsat)

The National Cybersecurity Authority (NCA) is working to accelerate the Kingdom’s entrepreneurship system and encourage innovation, as part of the CyberIC program for the wider development of the cybersecurity sector.

The NCA called on all local startups in the field to register in the “cybersecurity accelerator” for a period of three weeks, through a dedicated platform on its website.

The new accelerator connects startups with investors, with the aim of expanding their activities and developing their capabilities. The program aims to empower 40 startups within a period of three years, provide them with more than 6.5 million riyals (USD 1.7 million) in financial support and more than 500 hours of guidance and direction for enterprises seeking to expand in the cybersecurity sector.

The authority stated that the program also seeks to stimulate the industry and attract foreign and local investments, as part of Saudi efforts to develop the sector and qualify national capabilities.

The launching of the cybersecurity accelerator comes in cooperation with the Saudi Information Technology Company (SITE), and in partnership with Plug and Play - one of the world’s largest technology business accelerators.

The CyberIC program aims to develop and build national capabilities in the field of cybersecurity, localize technology and training content and stimulate the wider domestic cybersecurity sector.

According to NCA, the first phase of the CyberIC includes numerous initiatives, including training employees of national authorities, accelerating cybersecurity activities to stimulate the sector, and encouraging the development of national cybersecurity products, services and solutions.



Gold Holds Steady with All Eyes on Trump's Tariff Plans

FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa
FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa
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20

Gold Holds Steady with All Eyes on Trump's Tariff Plans

FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa
FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa

Gold prices held steady on Wednesday following a 2% decline in the previous session, while investors focused on US President Donald Trump's tariff plans, which have raised concerns about a trade war.

Spot gold was little changed at $2,912.69 an ounce, by 1120 GMT, after hitting a more than one-week low on Tuesday. Trump's trade policies, seen as inflationary and with potential to spark tiffs with trade partners, saw safe-haven gold hitting a record high of $2,956.15 on Monday.

US gold futures rose 0.3% to $2,926.70.

"The sharp correction in gold followed equities and bitcoin lower, but the bullion market saw some good bargain-hunting on the lows and unlike other asset classes, recovered its composure," independent analyst Ross Norman said, Reuters reported.

The dip in prices is "likely to stimulate good physical offtake and provide an entry point for those that may have missed the bull run," he added.

Wall Street's main indexes touched a one-month low on Tuesday and bitcoin slumped 5.6%.

Trump opened yet another front on Tuesday in his assault on global trade norms, ordering a probe into potential new tariffs on copper imports.

Rising price pressures due to tariffs could force the Federal Reserve to keep interest rates higher. Bullion is a preferred hedge against uncertainty and inflation, but higher rates can reduce its appeal as it yields no interest.

Focus was also on the US Personal Consumption Expenditures (PCE) report, the Fed's preferred inflation gauge, due on Friday.

The recent gains, which took gold within striking distance of $3,000, appeared to run out of steam, suggesting some traders had taken the opportunity to lock in profits, Frank Watson, market analyst at Kinesis Money, said in a note.

"Central bank behaviour will be key to gold's fortunes, as they have been an important element for demand in recent years."

Spot silver gained 0.1% to $31.77, platinum rose 0.9% to $974.86 and palladium added 1.6% to $942.29.