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Saudi Arabia to Adopt Strategy to Stimulate Development, Innovation and Research

The Sustainable Partnership Conference was launched on Wednesday in Riyadh, in the presence of Saudi ministers. (Asharq Al-Awsat)
The Sustainable Partnership Conference was launched on Wednesday in Riyadh, in the presence of Saudi ministers. (Asharq Al-Awsat)
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Saudi Arabia to Adopt Strategy to Stimulate Development, Innovation and Research

The Sustainable Partnership Conference was launched on Wednesday in Riyadh, in the presence of Saudi ministers. (Asharq Al-Awsat)
The Sustainable Partnership Conference was launched on Wednesday in Riyadh, in the presence of Saudi ministers. (Asharq Al-Awsat)

Senior Saudi government officials revealed serious trends towards activating development, innovation and research within the framework of the country’s transformation plan, disclosing the imminent completion of a strategy dedicated to research and development.

The Ministry of Education launched on Wednesday in Riyadh, the first dialogue conference, entitled “Integration and Sustainable Partnerships, which underlined the possibility of developing the research and innovation system in Saudi universities to contribute to the Kingdom’s investments and economy.

The speakers, including ministers and officials, called for the importance of integration between various sectors, by linking the research and innovation system in universities with the private sector to help achieve the goals of the Kingdom’s Vision 2030.

In this context, Saudi Minister of Investment Eng. Khalid Al-Falih disclosed the imminent completion of an integrated strategy for research and development in the Kingdom.

He added that public spending on universities in research and development must be commensurate with the capabilities of universities, which gives them a great responsibility to gain government’s confidence.

Al-Falih underlined the need to transform research minds in Saudi universities into an investment value, pointing to the importance of investing in research, development and innovation, to further boost the overall economy.

For his part, Saudi Minister of Industry and Mineral Resources Bandar Al-Khorayef stated that the innovation strategy would support the domestic product and increase the Kingdom’s exports.

A budget will be allocated for research and development in all government agencies, he revealed, pointing to important elements that encourage the Kingdom to have ambitions goals.

Al-Khorayef noted that restructuring the research, development and innovation system and achieving harmony between all sectors contributed to enhancing opportunities and strengthening economic returns. In this regard, he stressed the importance of linking research and innovation with industry, energy, military and technical industries.

Minister of Economy and Planning Faisal Al-Ibrahim stated that the ministry was keen to achieve the sustainable development goals, and was in charge of coordinating efforts in the public and private sectors, to achieve the goals of Vision 2030.

Minister of Education Youssef Al-Bunyan affirmed that Saudi Arabia has valuable opportunities to compete in the global market.

“We have promising opportunities for training and employing young people, to create an innovative generation,” he told the conference.

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Firm Dollar Keeps Pound, Euro and Yen Under Pressure

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo
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Firm Dollar Keeps Pound, Euro and Yen Under Pressure

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo

The US dollar charged ahead on Thursday, underpinned by rising Treasury yields, putting the yen, sterling and euro under pressure near multi-month lows amid the shifting threat of tariffs.

The focus for markets in 2025 has been on US President-elect Donald Trump's agenda as he steps back into the White House on Jan. 20, with analysts expecting his policies to both bolster growth and add to price pressures, according to Reuters.

CNN on Wednesday reported that Trump is considering declaring a national economic emergency to provide legal justification for a series of universal tariffs on allies and adversaries. On Monday, the Washington Post said Trump was looking at more nuanced tariffs, which he later denied.

Concerns that policies introduced by the Trump administration could reignite inflation has led bond yields higher, with the yield on the benchmark 10-year US Treasury note hitting 4.73% on Wednesday, its highest since April 25. It was at 4.6709% on Thursday.

"Trump's shifting narrative on tariffs has undoubtedly had an effect on USD. It seems this capriciousness is something markets will have to adapt to over the coming four years," said Kieran Williams, head of Asia FX at InTouch Capital Markets.

The bond market selloff has left the dollar standing tall and casting a shadow on the currency market.

Among the most affected was the pound, which was headed for its biggest three-day drop in nearly two years.

Sterling slid to $1.2239 on Thursday, its weakest since November 2023, even as British government bond yields hit multi-year highs.

Ordinarily, higher gilt yields would support the pound, but not in this case.

The sell-off in UK government bond markets resumed on Thursday, with 10-year and 30-year gilt yields jumping again in early trading, as confidence in Britain's fiscal outlook deteriorates.

"Such a simultaneous sell-off in currency and bonds is rather unusual for a G10 country," said Michael Pfister, FX analyst at Commerzbank.

"It seems to be the culmination of a development that began several months ago. The new Labour government's approval ratings are at record lows just a few months after the election, and business and consumer sentiment is severely depressed."

Sterling was last down about 0.69% at $1.2282.

The euro also eased, albeit less than the pound, to $1.0302, lurking close to the two-year low it hit last week as investors remain worried the single currency may fall to the key $1 mark this year due to tariff uncertainties.

The yen hovered near the key 160 per dollar mark that led to Tokyo intervening in the market last July, after it touched a near six-month low of 158.55 on Wednesday.

Though it strengthened a bit on the day and was last at 158.15 per dollar. That all left the dollar index, which measures the US currency against six other units, up 0.15% and at 109.18, just shy of the two-year high it touched last week.

Also in the mix were the Federal Reserve minutes of its December meeting, released on Wednesday, which showed the central bank flagged new inflation concerns and officials saw a rising risk the incoming administration's plans may slow economic growth and raise unemployment.

With US markets closed on Thursday, the spotlight will be on Friday's payrolls report as investors parse through data to gauge when the Fed will next cut rates.