Saudi Arabia Bolsters Digital Infrastructure with New Communications, IT Law

Saudi Arabia’s Communications and Information Technology Commission has participated in the inauguration ceremony of the World Summit on the Information Society Forum 2022 (Asharq Al-Awsat)
Saudi Arabia’s Communications and Information Technology Commission has participated in the inauguration ceremony of the World Summit on the Information Society Forum 2022 (Asharq Al-Awsat)
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Saudi Arabia Bolsters Digital Infrastructure with New Communications, IT Law

Saudi Arabia’s Communications and Information Technology Commission has participated in the inauguration ceremony of the World Summit on the Information Society Forum 2022 (Asharq Al-Awsat)
Saudi Arabia’s Communications and Information Technology Commission has participated in the inauguration ceremony of the World Summit on the Information Society Forum 2022 (Asharq Al-Awsat)

Keeping pace with Saudi Arabia’s new direction towards innovation and the digital economy, the Saudi Cabinet, chaired by King Salman bin Abdulaziz Al Saud, approved on Tuesday, the Communications and Information Technology (IT) law.

The new law is meant to reinforce the Kingdom’s digital infrastructure.

Communications and Information Technology Minister Abdullah Alswaha said that the ICT law is an important step in consolidating Saudi Arabia's position as a center for technology, innovation and leadership, and a key driver for accelerating the growth of the digital economy, empowering entrepreneurs and enhancing the Kingdom's competitiveness.

Besides the telecommunications sector, the law focuses on the information technology sector.

Now, it includes broadly and more accurately the main and subsidiary telecommunications and information technology sectors, which include digital infrastructure, emerging technologies, e-governance, and enabling applications and services in various sectors.

Moreover, the Cabinet ratified an indicative model of a memorandum of understanding (MoU) between Saudi Data and Artificial Intelligence Authority (SDAIA) and peer entities in the other countries to launch the electronic link to verify the passengers’ compliance with COVID-19 health precautions.

SDAIA chairman will be delegated to hold talks with counterparts in other countries regarding a draft MoU, sign it and refer the final signed copy to proceed with formal procedures.

In other news, Saudi Arabia’s Governor of the Communications and Information Technology Commission Mohammed Al-Tamimi has participated in the inauguration ceremony of the World Summit on the Information Society Forum 2022, which is held in Geneva under the theme “ICTs for Well-Being, Inclusion and Resilience.”

The Kingdom’s participation aims at enhancing its international status in the ICT sector, in addition to highlighting its efforts and achievements in issues to be discussed in the forum, where the Kingdom of Saudi Arabia is considered a strategic partner to realize the goals of the summit and relevant Sustainable Development Goals and a main player in enhancing the culture of excellence and creativity in all fields related to ICT in the world.

Al-Tamimi, during a speech he delivered at the forum, highlighted the importance of sustainability for the ICT sector and the increasing need for it considering the accelerating challenges the world is witnessing.



Bitcoin Drops to 11-day Low amid Tech Selloff

FILE PHOTO: Sparks strike representation of cryptocurrency Bitcoin in this illustration taken November 24, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Sparks strike representation of cryptocurrency Bitcoin in this illustration taken November 24, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
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Bitcoin Drops to 11-day Low amid Tech Selloff

FILE PHOTO: Sparks strike representation of cryptocurrency Bitcoin in this illustration taken November 24, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Sparks strike representation of cryptocurrency Bitcoin in this illustration taken November 24, 2024. REUTERS/Dado Ruvic/Illustration/File Photo

Bitcoin fell below $100,000 on Monday, hitting its lowest in 11 days, in a move analysts attributed to a wave of caution after the surging popularity of a Chinese artificial intelligence model sparked a selloff in Western AI-related stocks.

The world's biggest cryptocurrency struggled to make gains last week, as a rally that had seen it break above $100,000 after US President Donald Trump's election ran out of steam, Reuters reported.

At 1156 GMT, bitcoin was at $98,852.17, down around 6% on the day, having fallen sharply in early trading to hit its lowest since Jan. 16.

Technology stocks plunged, as traders worried that Chinese AI startup DeepSeek could threaten Western companies' dominance of the sector, in a move some called AI's "Sputnik moment", referring to the former Soviet Union's launch of a satellite that marked the start of the space race in the late 1950s.

Bitcoin's losses are "seemingly driven by some risk-off sentiment circulating the markets currently due to DeepSeek," wrote eToro analyst Simon Peters.

Geoffrey Kendrick, global head of digital asset research at Standard Chartered, said a decline in Nasdaq futures had hurt crypto markets, but that disappointment over the Trump administration's announcement about a cryptocurrency stockpile had put digital assets more at risk of a sharp selloff.

Crypto failed to feature in Trump's day-one announcements after taking office last week, leaving some investors disappointed. In an executive order on Thursday, Trump created a working group to draft new crypto rules and explore a crypto stockpile, while the Securities and Exchange Commission (SEC) spiked accounting guidance that the industry said had stymied crypto adoption.

The prospect of interest rates staying higher for longer also hurt riskier assets, said Thomas Puech, CEO of digital asset hedge fund Indigo.

US Federal Reserve policymakers meet this week and are expected to keep interest rates on hold.