عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Arabia, Oman Sign Executive Program to Enhance Digital Economy, Submarine Cable Investment

General view of Riyadh city, in Riyadh, Saudi Arabia, May 7, 2020. REUTERS/Ahmed Yosri
General view of Riyadh city, in Riyadh, Saudi Arabia, May 7, 2020. REUTERS/Ahmed Yosri
TT
TT

Saudi Arabia, Oman Sign Executive Program to Enhance Digital Economy, Submarine Cable Investment

General view of Riyadh city, in Riyadh, Saudi Arabia, May 7, 2020. REUTERS/Ahmed Yosri
General view of Riyadh city, in Riyadh, Saudi Arabia, May 7, 2020. REUTERS/Ahmed Yosri

Saudi Arabia and Oman on Saturday signed an executive program in the field of communications, information technology infrastructure and submarine communications cable investment.

Signed by the Minister of Communications and Information Technology (MCIT), Eng. Abdullah bin Amer Al-Swaha, and Omani Minister of Transport, Communications and Information Technology Eng. Said Hamood Al Maawali, the executive program aims at activating the strategic partnership stipulated in the memorandum of understanding the two countries signed last November.

The program aims at utilizing the geographic location of the two countries and enhance investment in submarine and land cables as well as creating a joint business environment to bolster cooperation in telecommunication and information technology infrastructure, and high-speed digital interconnection for data exchange.

It also aims at providing options for the implementation of regional digital interconnection through investment bodies and licensed companies, in addition to promoting joint investment in data centers and Global Cloud Services (GCS) to maximize the interest of the region.

Most Viewed

 
 
Business

Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
TT
TT

Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)

The United States on Thursday called on Israel to extend its cooperation with Palestinian banks for another year, to avoid blocking vital transactions in the occupied West Bank.

"I am glad that Israel has allowed its banks to continue cooperating with Palestinian banks, but I remain convinced that a one-year extension of the waiver to facilitate this cooperation is needed," US Treasury Secretary Janet Yellen said Thursday, on the sidelines of a meeting of G20 finance ministers in Rio de Janeiro.

In May, Israeli Finance Minister Bezalel Smotrich threatened to cut off a vital banking channel between Israel and the West Bank in response to three European countries recognizing the State of Palestine.

On June 30, however, Smotrich extended a waiver that allows cooperation between Israel's banking system and Palestinian banks in the occupied West Bank for four months, according to Israeli media, according to AFP.

The Times of Israel newspaper reported that the decision on the waiver was made at a cabinet meeting in a "move that saw Israel legalize several West Bank settlement outposts."

The waiver was due to expire at the end of June, and the extension permitted Israeli banks to process payments for salaries and services to the Palestinian Authority in shekels, averting a blow to a Palestinian economy already devastated by the war in Gaza.

The Israeli threat raised serious concerns in the United States, which said at the time it feared "a humanitarian crisis" if banking ties were cut.

According to Washington, these banking channels are key to nearly $8 billion of imports from Israel to the West Bank, including electricity, water, fuel and food.