Saudi Arabia Seeks to Support Future Economies, Bridge Digital Divides

Eng. Abdullah Al-Swaha, Saudi Minister of Communications and Information Technology, at the event in Bali. (Asharq Al-Awsat)
Eng. Abdullah Al-Swaha, Saudi Minister of Communications and Information Technology, at the event in Bali. (Asharq Al-Awsat)
TT

Saudi Arabia Seeks to Support Future Economies, Bridge Digital Divides

Eng. Abdullah Al-Swaha, Saudi Minister of Communications and Information Technology, at the event in Bali. (Asharq Al-Awsat)
Eng. Abdullah Al-Swaha, Saudi Minister of Communications and Information Technology, at the event in Bali. (Asharq Al-Awsat)

Eng. Abdullah Al-Swaha, Saudi Minister of Communications and Information Technology, said on Thursday the Kingdom has taken bold steps to support future economies and innovation.

The minister revealed efforts to bridge the digital divide and to foster green energy projects in the northwestern NEOM region.

He stressed that the Kingdom’s presidency of the G20 in 2020 led to the transformation of the digital economy team into a permanent working group, to seize the opportunities provided by the sector and increase development and economic growth rates of the G20 members.

Al-Swaha made his comments during his participation in the meeting of digital economy ministers under Indonesia’s presidency of the G20 in Bali. The event saw the participation of ICT ministers and experts in group member states.

The minister noted that Saudi Vision 2030 was keen on supporting Saudi women as an important contributor to the development of the homeland.

In this regard, he said Saudi Arabia has improved women empowerment, from 7% in 2017 to over 30% in 2022, adding that his country was seeking to train more than 600 women in the Middle East and North Africa, as part of its cooperation with Apple Developer Academy.

Al-Swaha also pointed to innovative efforts in bridging the digital gap and enhancing green energy projects in NEOM.

He praised the outcomes of Saudi Arabia’s presidency for the G20, which resulted in changing the G20 Digital Economy Task Force (DETF) into the Digital Economy Work Group (DEWG), and “played an appreciated role in seizing opportunities provided by the digital economy and increasing development rates and economic growth for G20 countries.”



Saudi Minister of Finance Approves 2025 Annual Borrowing Plan

A night view of Riyadh, Saudi Arabia. (SPA)
A night view of Riyadh, Saudi Arabia. (SPA)
TT

Saudi Minister of Finance Approves 2025 Annual Borrowing Plan

A night view of Riyadh, Saudi Arabia. (SPA)
A night view of Riyadh, Saudi Arabia. (SPA)

Saudi Minister of Finance Mohammed Abdullah Al-Jadaan approved on Sunday the Annual Borrowing Plan for the fiscal year 2025, following its endorsement by the Board of Directors of the National Debt Management Center.

The plan highlights key developments in public debt for 2024, initiatives related to local debt markets, and the funding plan and its guiding principles for 2025, in addition to the 2025 issuances’ calendar for the Local Saudi Sukuk Issuance Program in Saudi Riyal.

According to the plan, the projected funding needs for 2025 are estimated at approximately SAR139 billion. The amount is intended to cover the anticipated budget deficit of SAR101 billion for the fiscal year 2025, as outlined in the Ministry of Finance’s Official Budget Statement, and the principals’ repayment of the debts maturing in the current year, 2025, amounting to approximately SAR38 billion.

To boost the sustainability of the Kingdom's access to various debt markets and broaden the investor base, Saudi Arabia aims in 2025 to continue diversifying local and international financing channels to efficiently meet funding needs.

This will be achieved through the issuance of sovereign debt instruments at fair pricing, guided by well-defined and robust risk management frameworks.

Additionally, the Kingdom plans to benefit from market opportunities by executing private transactions that can promote economic growth, such as export credit agency financing, infrastructure development project financing, capital expenditure (CAPEX) financing, and exploring tapping into new markets and currencies based on market conditions.