Microsoft Says it Aims to Make Saudi Arabia Global Innovation Hub

Turki Badhris, head of Microsoft Arabia (Asharq Al-Awsat)
Turki Badhris, head of Microsoft Arabia (Asharq Al-Awsat)
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Microsoft Says it Aims to Make Saudi Arabia Global Innovation Hub

Turki Badhris, head of Microsoft Arabia (Asharq Al-Awsat)
Turki Badhris, head of Microsoft Arabia (Asharq Al-Awsat)

Microsoft recently announced a major partnership with the Saudi Ministry of Investment under an initiative focused on innovation.

This move aims to push Saudi Arabia to the forefront of global technology, especially in areas like Artificial Intelligence (AI), cloud computing, cybersecurity, and the Internet of Things(IoT).

Turki Badhris, head of Microsoft Arabia, explained in an interview with Asharq Al-Awsat during the “Leap 24” exhibition in Riyadh this month that the initiative aims to introduce over 70 of Microsoft’s partners to Saudi Arabia’s potential.

It also aims to support the Kingdom’s ambition to become a key innovation center in line with its national transformational plan, Vision 2030.

Badhris explained that the initiative aims to showcase the Kingdom’s potential and attract companies and investors with incentives.

This reflects Microsoft’s commitment to being a leader in AI, stressed Badhris.

The planned cloud data center in the Kingdom is expected to spur economic growth and diversification.

Badhris emphasized in his interview with Asharq Al-Awsat that this will contribute to Saudi Arabia's economic growth and diversification, in line with Microsoft’s vision to empower institutions of all sizes across sectors through advanced AI models.

The company’s investments aim to establish a vibrant tech ecosystem, boosting the Kingdom’s status as an innovation and investment hub.

Numerous institutions from various sectors are keen to utilize Microsoft’s cloud data centers to speed up digital transformations and drive innovation.

According to Badhris, these cloud data centers will have a positive impact on the Kingdom's economic growth, with forecasts suggesting that Microsoft, its partners, and cloud users could generate approximately $24 billion in new revenue over the next four years, surpassing 2022 levels.

The fast-paced evolution of cloud technology and AI highlights the crucial need for workforce development across all industries to boost their digital skills and address skill gaps in emerging tech.

Microsoft is actively working to equip the national workforce with the necessary skills for innovation and technology leadership, affirmed Badhris.

He stressed Microsoft’s role in preparing current and future workers in the Kingdom to embrace upcoming innovations and leverage emerging technologies like AI.

Saudi Arabia’s booming startup scene, the largest in the region, saw the birth of approximately 1,500 startups last year alone, buoyed by various government support programs, according to Badhris.

The head of Microsoft Arabia emphasized the company’s dedication to nurturing innovation through collaborations aimed at supporting startups and entrepreneurs.

In a joint effort with the Saudi Ministry of Communications and Information Technology, Microsoft announced the establishment of an Excellence Center in early March.

This initiative aims to equip professionals across the Kingdom with the advanced skills needed to thrive in the digital age and enhance their employability prospects.

Saudi Arabia’s national workforce program has equipped over 108,000 professionals in the Kingdom with the latest digital skills crucial for success in the AI era.

Microsoft, alongside the Ministry of Education, has trained over 250,000 teachers in the past two years and reached 5.6 million students through the “Madrasati” coding program.

Furthermore, more than 70,000 individuals have benefited from Microsoft Learn, completing 18,000 educational paths.



China, US Discuss Tariffs, Farm Trade at First Trade Council Meeting

US and Chinese flags are seen in this illustration taken March 20, 2025. (Reuters)
US and Chinese flags are seen in this illustration taken March 20, 2025. (Reuters)
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China, US Discuss Tariffs, Farm Trade at First Trade Council Meeting

US and Chinese flags are seen in this illustration taken March 20, 2025. (Reuters)
US and Chinese flags are seen in this illustration taken March 20, 2025. (Reuters)

China and the United States held their first trade council meeting under a bilateral economic and trade consultation mechanism via ‌video link ‌on Friday, China's ‌commerce ⁠ministry said on ⁠Saturday.

The two sides held "candid, in-depth and constructive discussions" on implementing outcomes ⁠from previous trade consultations, ‌including ‌tariffs, a reciprocal ‌tariff-reduction arrangement involving $30 ‌billion on each side, agricultural trade and other issues of ‌note, the ministry said.

Both sides will ⁠continue ⁠to use the council to address trade concerns, expand cooperation and reduce outstanding issues, it added.


IMF Says More Work Needed on Lebanon Reforms

A man walks past Lebanon's Central Bank headquarters in Beirut on November 10, 2026. (AFP)
A man walks past Lebanon's Central Bank headquarters in Beirut on November 10, 2026. (AFP)
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IMF Says More Work Needed on Lebanon Reforms

A man walks past Lebanon's Central Bank headquarters in Beirut on November 10, 2026. (AFP)
A man walks past Lebanon's Central Bank headquarters in Beirut on November 10, 2026. (AFP)

The International Monetary Fund said on Friday that more work was needed to reach an agreement on restructuring Lebanon's banking sector, one of the steps towards unlocking billions of dollars in financial assistance.

An IMF staff-level agreement reached in April 2022 laid out conditions to unlock assistance, including a law on the distribution of losses in the banking sector, known as the financial gap law, which parliament has still not voted on.

In a statement at the end of meetings that began on Tuesday, the IMF said "there was progress in further clarifying the approaches under consideration by the Banque du Liban (BdL) and the Government regarding banking sector reform, the draft financial regulation law and the recovery of deposits, and aligning them with international standards".

It however noted that "further work is needed to reach an agreement on a strategy for an effective and durable restructuring of Lebanon's banking sector, leading to a sound and resilient system".

The cabinet submitted a draft of the law to parliament in 2025, but the text is contested by the banking sector and political parties, preventing a vote.

Differences over estimates of losses and their distribution have stalled negotiations with the IMF.

In 2022, the government estimated losses resulting from the 2019 financial crisis at around $70 billion, a figure believed to have increased over the last seven years during which the crisis has remained unresolved.

Lebanese Finance Minister Yassin Jaber said during a news conference that he hoped to "achieve progress that would allow us to reach an agreement on a program with the IMF and sign it during the first quarter of next year, and by its end at the latest".

Lebanon's economic crisis, which the World Bank has ranked among the worst since 1850, has deprived depositors of access to all of their funds, destroyed confidence in the banking sector and led to greater reliance on cash liquidity in various economic and commercial activities.


Silver Demand Seen Down 5% This Year Due to Weaker Jewellery Purchases

Silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. (Reuters)
Silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. (Reuters)
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Silver Demand Seen Down 5% This Year Due to Weaker Jewellery Purchases

Silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. (Reuters)
Silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. (Reuters)

Silver demand is expected to fall by 5% in 2026 due to weaker jewellery demand and lower consumption in solar cells, where high prices have accelerated substitution, research showed on Friday.

Research done by consultancy Metals Focus for the Silver Institute puts demand at 1.08 billion troy ounces this year.

Silver, used in jewellery, electronics, electric vehicles and solar panels as well as for investment, is ‌down 59% ‌to $50 an ounce since retail buying drove prices ‌to ⁠a record high ⁠of $121.6 in January.

The base for that rally was created in 2025, when silver surged 147%, as massive inflows of the metal to US inventories due to tariff uncertainty and into silver-backed exchange-traded products (ETPs) tightened liquidity in the London market.

This year, expectations for higher interest rates, a stronger dollar and higher bond yields have weighed on investment ⁠sentiment.

Silver released through ETP selling, outflows from stocks ‌in the US and a smaller ‌market deficit improved liquidity in the physical market, the Silver Institute and ‌consultancy Metals Focus said on Friday.

Metals Focus sees net ETP ‌outflows of 45 million ounces this year after 278 million ounces of inflows in 2025.

As of early November, ETP holdings stood at 1.25 billion ounces.

Industrial demand is expected to fall by 3% in 2026 as installations ‌in photovoltaics have fallen short of expectations, particularly in China, while January's record silver prices accelerated ⁠substitution.

Meanwhile, demand ⁠for jewellery and silverware is forecast to decline by 22% and 17%, respectively, as higher prices and weaker rural spending in India encouraged purchases of smaller, lighter products.

Demand in China and the US is also subdued. Strong retail investment in late 2025 and early 2026 gave way to far more subdued buying from March as silver prices fell, Metals Focus said.

It expects global bar and coin demand to fall 2% this year, with US retail investment hitting its lowest level since 2010.