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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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Türkiye's Central Bank Raises Inflation Forecasts, Vows Tight Policy

FILED - 24 May 2018, Türkiye, Istanbul: Turkish lira are kept fanned out. Photo: Can Merey/dpa
FILED - 24 May 2018, Türkiye, Istanbul: Turkish lira are kept fanned out. Photo: Can Merey/dpa
TT
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Türkiye's Central Bank Raises Inflation Forecasts, Vows Tight Policy

FILED - 24 May 2018, Türkiye, Istanbul: Turkish lira are kept fanned out. Photo: Can Merey/dpa
FILED - 24 May 2018, Türkiye, Istanbul: Turkish lira are kept fanned out. Photo: Can Merey/dpa

Türkiye's central bank raised its year-end inflation forecasts for this year and next to 44% and 21% respectively on Friday, and Governor Fatih Karahan vowed to keep policy tight to propel the disinflation process and hit targets.

The bank's previous inflation report three months ago forecast year-end inflation of 38% in 2024 and 14% next year, Reuters reported. The revision underlines its tougher-than-expected battle against inflation that began with aggressive rate hikes 18 months ago.
Presenting a quarterly update in Ankara, Karahan cited improvement in core inflation trends even as service-related price readings are proceeding slower than anticipated. But even in that sector, inflation is gradually losing momentum, he said.
"We will decisively maintain our tight monetary policy stance until price stability is achieved," he said. "As the stickiness in services inflation weakens, the underlying trend of inflation will decline further in 2025."
October inflation remained loftier than expected, dipping only to 48.58% annually on the back of tight policy and so-called base effects, down from a peak above 75% in May.
Monthly inflation - a gauge closely monitored by the bank for signs of when to begin rate cuts - rose by 2.88% in the same period on the back of clothing and food prices.
The bank has hiked rates by 4,150 basis points between June 2023 and March 2024, to 50%, as part of an abrupt shift to orthodox policy after years of low rates aimed at stoking growth.

President Recep Tayyip Erdogan, who in past years was viewed as influencing monetary policy, had supported the previous unorthodoxy. It triggered a series of currency crashes and sent inflation soaring.

Erdogan was quoted on Friday as telling reporters that "no one should doubt" the steady decline in inflation and that economic steps would continue with discipline and determination to ease price pressures.

The central bank warned last month that a bump in recent inflation readings increased uncertainty, prompting analysts to delay expectations for the first rate cut to December or January.

Karahan said the new inflation forecasts were based on maintaining tight policy, adding the bank would do "whatever is necessary" to wrestle inflation down, and pointing to what he called a significant fall in the annual rate since May.

He said the slowdown in domestic demand continues at a moderate pace and the output gap has continued to decline in the third quarter.