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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)
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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.

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Egypt Quarterly Current Account Deficit Eases to $2.1 Billion on Higher Remittances

A man walks in front of the new headquarters of Central Bank of Egypt, in Cairo, Egypt, November 3, 2024. (Reuters)
A man walks in front of the new headquarters of Central Bank of Egypt, in Cairo, Egypt, November 3, 2024. (Reuters)
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Egypt Quarterly Current Account Deficit Eases to $2.1 Billion on Higher Remittances

A man walks in front of the new headquarters of Central Bank of Egypt, in Cairo, Egypt, November 3, 2024. (Reuters)
A man walks in front of the new headquarters of Central Bank of Egypt, in Cairo, Egypt, November 3, 2024. (Reuters)

Egypt's current account deficit narrowed to $2.1 billion in January to March 2025 from $7.5 billion in the same period a year earlier, the central bank said on Tuesday.

The central bank attributed the slimmer deficit to the increase in remittances from Egyptians working abroad, as well as a rise in the services surplus due to higher tourism revenue.

Oil exports declined to $1.2 billion, from $1.4 in the year earlier, while imports of oil products rose to $4.8 from $3.4 billion.

Egypt has sought to import more fuel oil and liquefied natural gas this year to meet its power demands after disruptions to gas supply led to blackouts over the last two years.

Concerns over supplies increased after the pipeline supply of natural gas from Israel to Egypt decreased during Israel’s air war with Iran last month.

Revenues from the Suez Canal, declined to $0.8 billion in the third quarter of the country’s financial year, from $1 billion the same time a year ago, as Yemeni Houthis' attacks on ships in the Red Sea continued to cause disruption.

The Iran-aligned group says it attacks ships linked to Israel in support of Palestinians in Gaza.

Meanwhile, Egypt’s tourism revenues reached $3.8 billion, compared to $3.1 billion in the same period in 2023/24.

Remittances from Egyptians working abroad increased to $9.3 billion, from $5.1 billion. The increase in remittances has helped to reduce the wider trade deficit.

Foreign direct investment hit $3.8 billion, compared to $18.2 billion in the same quarter a year before.

Egypt has suffered an economic crisis exacerbated by a foreign currency shortage, which forced it to undergo economic reforms under an $8 billion IMF program that included allowing its pound to depreciate sharply last year.