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Saudi Arabia, US Discuss Supporting Growth of Digital Economy in the Region

The Saudi Minister of Communications and Information met in Washington with the US Secretary of Commerce. SPA
The Saudi Minister of Communications and Information met in Washington with the US Secretary of Commerce. SPA
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Saudi Arabia, US Discuss Supporting Growth of Digital Economy in the Region

The Saudi Minister of Communications and Information met in Washington with the US Secretary of Commerce. SPA
The Saudi Minister of Communications and Information met in Washington with the US Secretary of Commerce. SPA

Saudi Minister of Communications and Information Technology Eng. Abdullah bin Amer Al-Sawah has met in Washington with the US Secretary of Commerce, Gina Raimondo.

Friday’s meeting was attended by Princess Reema bint Bandar bin Sultan bin Abdulaziz, the Saudi Ambassador to the US.

During the meeting, the two sides discussed strengthening the strategic partnership between the Kingdom and the US to support the growth of the digital economy in the region, as Saudi Arabia is a pivotal hub for technology and innovation.

They also discussed the acceleration of the growth of modern technologies to serve scientific and technical progress in various sectors, highlighting the expanding investment opportunities in the digital economy between the two countries.

Al-Sawah also held separate talks with White House officials.

Al-Sawah met with deputy national security advisor for cyber and emerging technology Anne Neuberger to discuss enhancing partnerships in the fifth- and sixth-generation technologies.
The minister also met with special presidential coordinator for global infrastructure and energy security Amos Hochstein and National Security Council Middle East and North Africa coordinator Brett McGurk to discuss cooperation in digital economy and innovation.
At a separate meeting with Chirag Parikh, the executive secretary of the White House National Space Council, Al-Sawah discussed joint investments in space economies and technologies and developing national talents.

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Saudi Industry Minister Says Kazakhstan Is a Trusted Partner in Critical Minerals

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef said Kazakhstan is a trusted partner in the critical minerals sector. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef said Kazakhstan is a trusted partner in the critical minerals sector. (SPA)
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Saudi Industry Minister Says Kazakhstan Is a Trusted Partner in Critical Minerals

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef said Kazakhstan is a trusted partner in the critical minerals sector. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef said Kazakhstan is a trusted partner in the critical minerals sector. (SPA)

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef said Kazakhstan is a trusted partner in the critical minerals sector, which is essential for energy transition, electricity, and advanced manufacturing industries.

He noted that mining partnerships between the two countries contribute to accelerating investment, strengthening supply chains, and creating sustainable industrial value, the Saudi Press Agency reported on Friday.

The remarks were made during a high-level panel discussion on global partnerships and the future of the mining and minerals sector, held as part of the Astana Mining and Metallurgy Congress in Kazakhstan. Government officials and industry leaders from around the world participated in the meeting.

The minister added that Saudi Arabia and Kazakhstan share similar economic and industrial ambitions, as well as a common vision of the importance of developing the mining sector and its role in supporting economic diversification, enhancing industrial resilience, and achieving sustainable growth.

Business

IMF Cuts 2026 Euro Zone Growth Forecast with Higher Inflation

FILE PHOTO: Dark clouds are seen over the building of the European Central Bank (ECB) in Frankfurt, Germany, June 6, 2024. REUTERS/Wolfgang Rattay/File Photo
FILE PHOTO: Dark clouds are seen over the building of the European Central Bank (ECB) in Frankfurt, Germany, June 6, 2024. REUTERS/Wolfgang Rattay/File Photo
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IMF Cuts 2026 Euro Zone Growth Forecast with Higher Inflation

FILE PHOTO: Dark clouds are seen over the building of the European Central Bank (ECB) in Frankfurt, Germany, June 6, 2024. REUTERS/Wolfgang Rattay/File Photo
FILE PHOTO: Dark clouds are seen over the building of the European Central Bank (ECB) in Frankfurt, Germany, June 6, 2024. REUTERS/Wolfgang Rattay/File Photo

The International Monetary Fund cut its growth forecast for the euro zone on Thursday and raised its expectation for inflation because of the US-Israeli war on Iran, adding that the economic situation could worsen if high energy prices persisted.

In its regular report on the economy of the 21 countries that share the euro currency, the IMF said economic growth this year would be 0.9%, down from ⁠1.1% forecast in ⁠April while inflation would be 2.8%, up from 2.6% forecast in April.

The IMF's had already revised down its euro zone growth forecast in April from its January prediction.

"Following a period of growth at potential and inflation on target, the euro area outlook has weakened," the IMF said in a report presented to ⁠euro zone finance ministers, referring to the war in the Middle East as a "large but temporary adverse supply shock."

"An even more persistent energy shock could raise inflation and inflation expectations further, even as a drop in confidence or financial stress could weaken demand. A resurgence of the conflict in the Middle East or delays in repairing energy infrastructure, intensified hostilities in Ukraine, and further trade policy adjustments pose additional downside risks," Reuters quoted it as saying.

The IMF said the European Central Bank, which earlier on Thursday raised interest rates for ⁠the first ⁠time in nearly three years, was likely to raise rates again for a cumulative 50 basis points increase in 2026, with a third rate rise also possible.

The IMF warned euro zone finance ministers against rushing to cushion their economies against the impact of high energy costs. "Broad-based fiscal support is not warranted," it said.

Many euro zone members had already introduced measures, averaging around 0.1 percent of GDP across the EU on a GDP-weighted basis as of May 2026.

It said, despite their limited scale so far, the measures likely blunted incentives for energy conservation and that future measures should targeted more to protect vulnerable households.

Business

Egypt Signs Deal to Transfer Shares in Wataniya 172 Fuel Stations to Taqa Arabia

Egyptian Prime Minister Mostafa Madbouly. Reuters file photo
Egyptian Prime Minister Mostafa Madbouly. Reuters file photo
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Egypt Signs Deal to Transfer Shares in Wataniya 172 Fuel Stations to Taqa Arabia

Egyptian Prime Minister Mostafa Madbouly. Reuters file photo
Egyptian Prime Minister Mostafa Madbouly. Reuters file photo

Egypt signed an agreement on Thursday with Taqa Arabia to transfer ownership of a stake in 172 state-owned Wataniya fuel stations through a newly established company, Quick Fuel, according to a ⁠cabinet statement.

Under the ⁠agreement, Taqa Arabia will acquire a 10% stake in Quick Fuel and will also have ⁠the option to acquire an additional 15% stake when the company is listed on the Egyptian stock exchange, Reuters reported.

Egypt said last year it would offer stakes in military-owned companies, which included Wataniya Petroleum, through ⁠its ⁠sovereign wealth fund.

The IMF has made increasing the role of the private sector in the economy a requirement for Egypt's $8 billion loan program.