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Six Trend Themes to Shape Digital Landscape in 2024

The Digital Cooperation Organization seeks to adopt the six significant trends in the digital economy. (Asharq Al-Awsat)
The Digital Cooperation Organization seeks to adopt the six significant trends in the digital economy. (Asharq Al-Awsat)
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Six Trend Themes to Shape Digital Landscape in 2024

The Digital Cooperation Organization seeks to adopt the six significant trends in the digital economy. (Asharq Al-Awsat)
The Digital Cooperation Organization seeks to adopt the six significant trends in the digital economy. (Asharq Al-Awsat)

An international report identified six trend themes that will influence the digital economy this year and act as pivotal factors shaping the evolution and transformation of the digital landscape, including artificial intelligence, trust economy, digital reality, cybersecurity, smart ecosystems, and the green economy.

Each trend theme is expected to have a transformative socio-economic impact in the coming decade, according to the Digital Cooperation Organization (DCO) report.

DCO Secretary-General Deemah AlYahya said: “The DCO Digital Economy Trends 2024 Report offers our unique viewpoint on the digital economy, formulating a 'how to’ guide for six of the most important digital economy trends.”

“The report covers implications and recommended actions for stakeholders across the global digital economy ecosystem, ensuring there is something valuable for everyone who aspires to contribute to the growth of an inclusive and sustainable digital economy.”

The report shows that AI, for example, is projected to become a $207 billion market by 2030 as both public and private sectors aim to optimize operations and boost efficiency.

According to the report, AI stands out as a potential game-changer for the digital economy.

Meanwhile, green tech is set to experience a similar boom, with its market size expected to climb to $83 billion by 2032, contributing significantly to the green economy's progress. The digital reality market furthermore is forecast to reach $1.35 billion by 2030.

Recommended actions are offered across each of the six themes for different stakeholders, in areas such as guiding the implementation of digital technologies, targeting global priorities, applying appropriate governance for the adoption of trends, and redefining business priorities, to contribute to the growth of the global digital economy.

Looking at AI, for example, the report recommends that the public sector creates controlled testing environments with flexible AI regulatory frameworks to foster innovation responsibly, collaborates with the private sector to prioritize investments in AI digital skills and infrastructure, and establishes transparency and accountability measures.

In turn, the private sector is advised to engage with regulators to keep AI regulatory frameworks aligned with innovation and business needs, embrace a culture of AI "coopetition" through joint research consortia and shared service platforms, and prioritize the implementation of AI cybersecurity, data privacy, and sustainability measures.

Intergovernmental and international organizations are meanwhile advised to foster global collaboration around AI governance, and encourage academics, industry leaders, and NGOs to join international forums to build partnerships and converge on unified standards for AI.

The Digital Cooperation Organization is the world's first standalone international intergovernmental organization focusing on the acceleration of the growth of an inclusive and sustainable digital economy.

It is a global multilateral organization founded in November 2020 that aims to enable digital prosperity for all.

The DCO brings together the Ministries of Communications and Information Technology of its Member States and is focused on empowering youth, women, and entrepreneurs, leveraging the accelerative power of the digital economy, and leapfrogging with innovation to drive economic growth and increase social prosperity.

The DCO brings together ministries of communications and information technology in 15 countries: the Kingdom of Bahrain, the People's Republic of Bangladesh, the Republic of Cyprus, the Republic of Djibouti, the Republic of The Gambia, the Republic of Ghana, the Hashemite Kingdom of Jordan, the State of Kuwait, the Kingdom of Morocco, the Federal Republic of Nigeria, the Sultanate of Oman, the Islamic Republic of Pakistan, the State of Qatar, the Republic of Rwanda, and the Kingdom of Saudi Arabia - collectively representing nearly $3.3 trillion in GDP and a market of nearly 800 million people, more than 70% of whom are under the age of 35.

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Critical Minerals: Saudi Arabia’s Rise in Global Mining

A worker collects samples at a mine in Brazil (Reuters)
A worker collects samples at a mine in Brazil (Reuters)
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Critical Minerals: Saudi Arabia’s Rise in Global Mining

A worker collects samples at a mine in Brazil (Reuters)
A worker collects samples at a mine in Brazil (Reuters)

Critical minerals are no longer treated as simple raw materials traded on global exchanges. Amid increasing geopolitical competition, they have become a core element of national sovereignty, nearly as strategic as oil and gas.

The reality is increasingly clear: countries that secure access to these minerals are better positioned to protect their industrial and technological future.

As nations race to safeguard supply chains, the Future Minerals Indicators report points to a decisive shift in the sector. Highly globalized models are giving way to more regional and resilient systems designed to reduce risk and enhance security.

Within this evolving landscape, Saudi Arabia has emerged as a strategic force. By translating its geological potential into a credible investment environment, the Kingdom has entered the world’s top quartile for mining attractiveness, combining rich resources with far-reaching regulatory reform.

Released during the Future Minerals Forum in Riyadh, the report noted that demand for several critical minerals is rising faster than expected. This surge is driven by the energy transition, rapid digitalization, and the industries supporting them. The report also highlighted a restructuring of supply chains toward more regional models, shaped by geopolitical tensions and concerns over supply security.

Production Gains and Regulatory Reform

Jeffrey Lorsch, a partner at McKinsey & Company, said Saudi Arabia’s mining outlook is constructive and forward-looking.

In an interview with Asharq Al-Awsat, he stressed that the sector has undergone major changes in both production and regulation over the past decade.

Saudi Arabia has tripled its gold output while expanding steel and phosphate production. Lorsch said these gains were accompanied by regulatory reforms that fundamentally reshaped investor perceptions of the Saudi market.

The impact goes beyond headline figures. He noted that the Kingdom has moved into the global top quartile for mining investment appeal, reflecting improved governance, clearer regulations, and a stronger business environment.

Lorsch added that growth opportunities are concentrated in areas where Saudi Arabia holds clear competitive advantages, particularly phosphates. The Kingdom ranks among the world’s top quartile in phosphate competitiveness and cost efficiency, with additional room for expansion.

Titanium and Specialized Minerals

Lorsch also pointed to the potential to double steel production over the next 10 to 15 years, alongside promising prospects in specialized minerals such as titanium. Saudi Arabia has become one of the world’s leading exporters of titanium sponge, in addition to aluminum and other commodities.

Titanium plays a critical role in aerospace and advanced medical industries, valued for its rare combination of strength and light weight.

Globally, the report highlighted accelerating demand for minerals tied to advanced technologies. Lorsch said demand for gallium and germanium—key inputs in electronics—is growing faster than anticipated, tightening global supply-demand balances.

By contrast, some commodities, notably nickel, have seen rapid capacity expansion. Indonesia’s aggressive entry into the market through international partnerships has added substantial volumes to global supply in a short period.

Structural Challenges

Despite positive momentum, the report identified structural constraints that could limit growth. Lorsch described the shortage of skilled labor as one of the sector’s biggest challenges, particularly the difficulty of attracting qualified workers to remote sites or deep underground mines.

Infrastructure gaps remain a major hurdle, especially in regions such as South Africa, where transport and logistics networks struggle to support large-scale mining output. These shortcomings often prevent resources from being converted into sustained production.

Financing the Resource Gap

The Future Minerals Indicators report also examined the disconnect between abundant mineral resources and the capital needed to develop them. Lorsch attributed this gap partly to the traditional structure of exploration financing, long dominated by small firms raising funds in markets such as London, Toronto, and Australia.

While more exploration companies from the Global South have emerged in recent years, regulatory quality and infrastructure readiness still play a decisive role in determining whether resources evolve into viable projects.

More broadly, the report argued that change in mining extends beyond demand to the architecture of supply chains themselves, which are increasingly exposed to geopolitical risk and concentration. Governments are playing a more active role through industrial policy, investment support, and the localization of processing and refining, aiming to strengthen supply security and reduce dependence on single regions. This reflects a broader shift in how minerals are viewed—from tradable commodities to strategic assets with economic and sovereign value.

Artificial Intelligence and the Mining Cycle

On digital transformation, Lorsch remarked that artificial intelligence is reshaping the sector on two fronts. On the demand side, it is driving higher consumption of essential materials, especially copper, as electrification and digital infrastructure expand.

On the supply side, digital tools are improving efficiency and recovery rates, particularly in gold and copper mining. These technologies allow higher output, reduced capital requirements, and enhanced the value of mining-related jobs.

The report concluded that mining is entering a period of structural realignment, marked by rising demand, a stronger government role, and reconfigured supply chains. While challenges in financing, infrastructure, and human capital persist, the shift is opening strategic opportunities for countries that have strengthened regulation and improved investment appeal, at a time when a new balance between markets and states is taking shape in a sector expected to remain central to the global economy for decades.

Business

Oil Set for First Weekly Decline in Seven Weeks ahead of US-Iran Talks

The sun rises behind the Tishrin oil field in the eastern Hasakah countryside, northeastern Syria (AP)
The sun rises behind the Tishrin oil field in the eastern Hasakah countryside, northeastern Syria (AP)
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Oil Set for First Weekly Decline in Seven Weeks ahead of US-Iran Talks

The sun rises behind the Tishrin oil field in the eastern Hasakah countryside, northeastern Syria (AP)
The sun rises behind the Tishrin oil field in the eastern Hasakah countryside, northeastern Syria (AP)

US crude futures rose slightly on Friday but were on track for their first weekly drop in seven weeks as supply concerns eased, and investors focused on the outcome of US-Iran nuclear talks in Oman later in the day.

Brent crude futures rose 25 cents, or 0.4%, to $67.80 a barrel at 0353 GMT, ‌while the US ‌West Texas Intermediate crude was also ‌up ⁠25 cents, ‌or 0.4%, at $63.54 a barrel.

The benchmarks are down more than 3% from near six-month highs reached in late January when US President Donald Trump threatened to strike Iran, with the two sides set to hold talks in Oman on Friday.

However, Tehran and Washington have not agreed on the agenda for the ⁠meeting. Iran wants to discuss only nuclear issues, while the US is ‌pressing to include Iran's ballistic missiles, support ‍for armed groups around ‍the region and the treatment of its people.

"The two ‍sides remain well apart, leaving tensions elevated. This should see the geopolitical risk premium remain in place," Daniel Hynes, an analyst at ANZ, said in a note on Friday.

Any escalation of tensions between the US and Iran could disrupt oil flows, as about a fifth of the world's ⁠total oil consumption passes through the Strait of Hormuz between Oman and Iran.

Saudi Arabia, the United Arab Emirates, Kuwait and Iraq export most of their crude via the strait, as does their fellow OPEC member Iran.

If the US-Iran talks ease the prospect of conflict in the region, oil prices could decline further.

"We think that geopolitical fears will give way to weak fundamentals," Capital Economics analysts said in a note, pointing to a recovery in Kazakhstan's oil output which will help push ‌oil prices lower, towards $50 per barrel by end-2026.

Business

ECB Holds Rates Steady, Offers No Clues on Next Move

The European Central Bank building in Frankfurt (Reuters)
The European Central Bank building in Frankfurt (Reuters)
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ECB Holds Rates Steady, Offers No Clues on Next Move

The European Central Bank building in Frankfurt (Reuters)
The European Central Bank building in Frankfurt (Reuters)

The European Central Bank warned Thursday a stronger euro could push inflation down too far after recent gains in the single currency, but sought to downplay any immediate threat to the eurozone economy.

As expected, the central bank for the 21-nation single-currency area kept its benchmark interest rate on hold at two percent, where it has been since June last year.

ECB President Christine Lagarde stressed the eurozone economy, which has been picking up speed recently, remained "resilient" and officials were confident inflation would settle around the central bank's two-percent target.

But much attention at her press conference focused on the recent gains of the euro, which jumped above the $1.20 threshold last week as the dollar weakened on renewed worries about US economic policy under President Donald Trump.

Combined with news that inflation had dropped below the ECB's target in January, speculation had mounted that the central bank might start mulling if and when to cut rates.

Lagarde made a nod to these concerns, warning that "a stronger euro could bring inflation down beyond current expectations", and noted the issue had been discussed by ECB officials at Thursday's meeting.

A stronger currency makes imports cheaper, which tends to push inflation down -- potentially leading consumers to delay purchases, with negative ripple effects across the economy.

A strong euro can also weigh on the eurozone's crucial exporters, particularly Germany, as it makes the cost of companies' goods pricier overseas.

But despite the gains last week, Lagarde pointed out that the euro had been steadily strengthening against the dollar since shortly after Trump took power last year.

And the current exchange rate was "very much in line with the overall average" since the euro was introduced, she stressed.

According to AFP, she also reiterated that the ECB feels it is in a "good place" -- phrasing which has been taken to mean the central bank is happy with the current level of rates.

The euro was barely changed against the dollar after Thursday's meeting at $1.18.

However, Frederik Ducrozet, an economist at Pictet Wealth Management, said some of the central bank's language appeared to signal "the ECB's growing discomfort with regard to the stronger euro".

Lagarde's comments indicate "that further currency appreciation would bring us closer to a pain threshold", he added.

As usual, the ECB chief gave no signal about the central bank's next move on rates.

But, given the movements in currencies and inflation, some analysts are now raising their bets on rate cuts in the second half of the year.

The Bank of England also left its benchmark interest rate unchanged Thursday, at 3.75 percent, while cutting its forecasts for UK growth this year and next.

Lagarde also said the global environment remained "challenging".

"The outlook is still uncertain, owing particularly to ongoing global trade policy uncertainty and geopolitical tensions," she said.

Trump's volatile trade policies in particular have unnerved Europe.

There was another flare-up last month when Trump threatened to hit eight European countries with new tariffs over their opposition to his desire to annex Greenland, but he later climbed down.

Central bankers around the world have been especially worried by Trump's targeting of US Federal Reserve chair Jerome Powell, whom he has criticized for not cutting rates faster.

On Thursday however Lagarde welcomed Trump's nomination of Kevin Warsh, a former Fed official, to be the next chief of the US central bank, a move that has broadly reassured markets.

"We go back a long way and I very much welcome (the) announcement of his appointment," said Lagarde.