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Al-Swaha: SEZ to Promote Saudi Arabia's Regional Leadership as Global Investment Hub

Al-Swaha: SEZ to Promote Saudi Arabia's Regional Leadership as Global Investment Hub
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Al-Swaha: SEZ to Promote Saudi Arabia's Regional Leadership as Global Investment Hub

Al-Swaha: SEZ to Promote Saudi Arabia's Regional Leadership as Global Investment Hub

Saudi Minister of Communications and Information Technology Eng. Abdullah Al-Swaha lauded the launching of the Cloud Computing Special Economic Zone (SEZ ), expressing his gratitude to Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, and the Crown Prince for launching it along other three zones across the Kingdom.

Al-Swaha said that the Cloud Computing SEZ will promote Saudi Arabia's position and regional leadership as a global investment hub, opening new perspectives for development and supporting the growth of the digital economy.

"The Cloud Computing SEZ, along with the other three zones, will diversify the national economy and increase non-oil resources and investment in emerging companies, thereby training and hiring national capacities and supporting entrepreneurs through cloud services, in addition to supporting innovation and academic research and the establishment of a regional developers community," state news agency SPA quoted Al-Swaha as saying.

Also, Governor of Communications, Space and Technology Commission (CST) Dr. Mohammed Altamimi thanked "the wise leadership for launching the zone to be governed and managed by CST in collaboration with the Economic Cities and Special Zones Authority (ECZA) and success partners," affirming that the zone aims to attract global cloud computing companies, which will play a key role in stimulating the adoption of modern technologies and Industry X.O.

"The zone will promote the Kingdom's reputation as an investment destination for technology companies in the region and as a vital centre with flexible systems, competitive advantages and special systems and regulations. The incentives and exemptions offered to companies will maximize the influence of the presence of small companies and establish an ecosystem of tech companies and jobs in specific tech majors such as AI, Machine Learning, quantum computing, Blockchain and other advanced technologies."

According to SPA, Saudi Arabia is one of the first countries to adopt specific regulations and regulatory frameworks for cloud computing providers, which aims to encourage the public and private sectors to adopt Cloud services rather than traditional IT solutions.

CST's role lies in regulating the ICT sector in Saudi Arabia by implementing policies, regulations, and approved programs to develop IT and Emerging Technologies, putting the appropriate procedures and proposing related regulations, and coordinating with the competent entities to adopt them. The commission ensures a competitive environment and issues the required licenses according to the Kingdom's regulations and conditions.

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Dollar Tumbles as Investors Seek Safe Havens after US Tariffs

US Dollar banknote is seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
US Dollar banknote is seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
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Dollar Tumbles as Investors Seek Safe Havens after US Tariffs

US Dollar banknote is seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
US Dollar banknote is seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

The dollar weakened broadly on Thursday, while the euro rallied after President Donald Trump announced harsher-than-expected tariffs on US trading partners, unsettling markets as investors flocked to safe havens such as the yen and Swiss franc.

The highly anticipated tariff announcement sent shockwaves through markets, with global stocks sinking and investors scrambling to the safety of bonds as well as gold.

Trump said he would impose a 10% baseline tariff on all imports to the United States and higher duties on some of the country's biggest trading partners.

The new levies ratchet up a trade war that Trump kicked off on his return to the White House, rattling markets as fears grow that a full-blown trade war could trigger a sharp global economic slowdown and fuel inflation, Reuters reported.

The dollar index, which measures the US currency against six others, fell 1.6% to 102.03, its lowest since early October.

The euro, the largest component in the index, gained 1.5% to a six-month high of $1.1021.

Trump has already imposed tariffs on aluminium, steel and autos, and has increased duties on all goods from China.

"Eye-watering tariffs on a country-by-country basis scream 'negotiation tactic', which will keep markets on edge for the foreseeable future," said Adam Hetts, global head of multi-asset and portfolio manager at Janus Henderson Investors.

The risk-sensitive Australian dollar added 0.56% to $0.63365, while the New Zealand dollar climbed 0.9% to $0.5796.

The yen strengthened to a three-week high against the dollar and was last up 1.7% at 146.76 per dollar, while the Swiss franc touched its strongest level in five months at 0.86555 per dollar.

"Negotiations are now going to be front of mind. This is probably the other big part of why we're seeing some of these currencies outperform," said Nicholas Rees, Head Of Macro Research at Monex Europe.

"It's very difficult actually to see how other countries make concessions that would encourage the US to lift these tariffs. And I think that's a big underpriced risk."

Investors are worried that some US trading partners could retaliate with measures of their own, leading to higher prices.

EU chief Ursula von der Leyen described the tariffs as a major blow to the world economy and said the 27-member bloc was prepared to respond with countermeasures if talks with Washington failed.

Worries about a global trade war have intensified since Trump stepped into the White House in January, combining with a slew of weaker-than-expected US data to stoke recession fears and undermine the dollar.

The dollar index is down more than 5.7% this year.

"These tariffs have certainly significantly increased the risks to the downside for global growth, so on balance we think that will eventually start to become more supportive again for the dollar," said Lee Hardman, senior currency analyst at MUFG.

In Asia currencies, China's onshore yuan slid to its weakest level against the dollar since February 13. China's offshore yuan also hit a two-month low.

The Vietnamese dong slumped to a record low.

Elsewhere, the Mexican peso and Canadian dollar strengthened.

Canada and Mexico, the two largest US trading partners, already face 25% tariffs on many goods and will not face additional levies from Wednesday's announcement.