Saudi Arabia Seeks to Support Future Economies, Bridge Digital Divides

Eng. Abdullah Al-Swaha, Saudi Minister of Communications and Information Technology, at the event in Bali. (Asharq Al-Awsat)
Eng. Abdullah Al-Swaha, Saudi Minister of Communications and Information Technology, at the event in Bali. (Asharq Al-Awsat)
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Saudi Arabia Seeks to Support Future Economies, Bridge Digital Divides

Eng. Abdullah Al-Swaha, Saudi Minister of Communications and Information Technology, at the event in Bali. (Asharq Al-Awsat)
Eng. Abdullah Al-Swaha, Saudi Minister of Communications and Information Technology, at the event in Bali. (Asharq Al-Awsat)

Eng. Abdullah Al-Swaha, Saudi Minister of Communications and Information Technology, said on Thursday the Kingdom has taken bold steps to support future economies and innovation.

The minister revealed efforts to bridge the digital divide and to foster green energy projects in the northwestern NEOM region.

He stressed that the Kingdom’s presidency of the G20 in 2020 led to the transformation of the digital economy team into a permanent working group, to seize the opportunities provided by the sector and increase development and economic growth rates of the G20 members.

Al-Swaha made his comments during his participation in the meeting of digital economy ministers under Indonesia’s presidency of the G20 in Bali. The event saw the participation of ICT ministers and experts in group member states.

The minister noted that Saudi Vision 2030 was keen on supporting Saudi women as an important contributor to the development of the homeland.

In this regard, he said Saudi Arabia has improved women empowerment, from 7% in 2017 to over 30% in 2022, adding that his country was seeking to train more than 600 women in the Middle East and North Africa, as part of its cooperation with Apple Developer Academy.

Al-Swaha also pointed to innovative efforts in bridging the digital gap and enhancing green energy projects in NEOM.

He praised the outcomes of Saudi Arabia’s presidency for the G20, which resulted in changing the G20 Digital Economy Task Force (DETF) into the Digital Economy Work Group (DEWG), and “played an appreciated role in seizing opportunities provided by the digital economy and increasing development rates and economic growth for G20 countries.”



Gold Hits Three-week Peak on Softer Dollar and Safe Haven Inflows

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)
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Gold Hits Three-week Peak on Softer Dollar and Safe Haven Inflows

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)

Gold prices touched their highest level in three weeks on Friday supported by a softer dollar and safe-haven buying, while markets braced for potential economic and interest rate changes from US President-elect Donald Trump's proposed policies.

Spot gold was little changed at $2,658.11 per ounce, as of 1115 GMT, hitting its highest level since Dec. 13. Bullion is up about 1.5% for the week so far.

US gold futures were steady at $2,672.20.

The dollar index fell 0.3% from over a two-year high hit in the previous session, making dollar-priced bullion more affordable for holders of other currencies, Reuters reported.

"Gold bulls are setting the tone early doors this year, enjoying the lift from safe haven bids while riskier equities struggle to hold on to nascent gains," said Exinity Group Chief Market Analyst Han Tan.

On the geopolitical front, in Gaza Israeli airstrikes killed at least 68 Palestinians, Gaza authorities said. While, Russia launched a drone strike on the Ukrainian capital Kyiv on Wednesday, city officials said.

Trump's inauguration on Jan. 20 has heightened uncertainty, with his proposed tariffs and protectionist policies expected by many economists to be inflationary and potentially spark trade wars.

"Markets are aware that Trump's policies risk reawakening US inflationary impulses, which should be a boon for gold so long as markets adhere to the precious metal’s role as an inflation hedge," Tan added.

Bullion, which is considered a hedge against economic and geopolitical uncertainties, tends to thrive in lower interest rate environment.

After delivering three consecutive interest rate cuts in 2024, the US central bank now projects only two reductions in 2025 due to due to stubbornly high inflation.

Spot silver rose 0.6% to $29.75 per ounce.

"Lower real US yields and stronger global industrial production should favor the metal in 2025," UBS said in a note, adding that they see silver to trade between $36-38/oz in 2025.

Platinum added 0.8% to $930.09, and palladium gained 1.2% to $922.58. Both metals were on track for weekly gains.