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 Gains as Dollar Slips on Trump Tariff Uncertainty

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 Gains as Dollar Slips on Trump Tariff Uncertainty

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 rose on Tuesday as the US dollar eased due to uncertainty around President-elect Donald Trump's tariff plans, with further support coming from top consumer China's central bank adding to its gold reserves for a second straight month.

Spot gold was up 0.5% at $2,648.75 per ounce, as of 1218 GMT. US gold futures also rose 0.5% to $2,660.20.

"The main factor is the softening of the US dollar over the last two sessions, which has provided some relief for the precious metal," said Ricardo Evangelista, senior analyst at ActivTrades.

The dollar index eased towards a one-week low versus major peers as traders considered whether President-elect Donald Trump's tariffs would be less aggressive than promised following a report in the Washington Post, Reuters reported.

Trump however denied the report, deepening uncertainty about future US trade policies.

A stronger dollar makes bullion more expensive for other currency holders.

Traders are setting their sights on Friday's US jobs report for Fed policy clues, along with job openings data due later in the day, ADP employment and the minutes from the Fed's December meeting on Wednesday.

Fed Governor Lisa Cook on Monday said that the Fed can be cautious about any further rate cuts given a solid economy and inflation proving stickier than previously expected.

Bullion is considered a hedge against inflation, but high rates reduce the non-yielding asset's appeal.

Meanwhile, China's gold reserves stood at 73.29 million fine troy ounces at the end of December as the central bank kept buying gold for a second straight month, official data showed.

"By re-entering the market in December, Beijing signaled that its gold acquisition program remains active—a development likely to lend continued support to the precious metal's price," Evangelista added.

Gold prices gained about 27% in 2024, mainly boosted by robust central bank purchases and Fed rate cuts.

Spot silver gained 0.8% to $30.19 per ounce, platinum added 1.2% to $944.39 and palladium rose 0.9% to $928.38.