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Saudi Communications Ministry Unveils 2nd Phase of Source Tech Initiative to Boost Digital Economy

The Saudi flag
The Saudi flag
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Saudi Communications Ministry Unveils 2nd Phase of Source Tech Initiative to Boost Digital Economy

The Saudi flag
The Saudi flag

The Saudi Ministry of Communications and Information Technology has announced the start of the second phase of the Source Tech initiative, which is part of efforts to boost the Saudi digital economy.
This phase's launch follows the initiative's success in its first stage, which established more than 15 tech centers in six regions across Saudi Arabia.
The initiative aims to maximize cooperation with the private sector to localize application and software development, outsourcing, and communication services within the Kingdom.
The initiative is part of the ministry's ongoing efforts to develop the digital economy, create job opportunities, and enhance technical skills for the youth in various Saudi regions.
In its second phase, the initiative seeks to further expand the number of technology centers, in partnership with the National Technology Development Program (NTDP), further enhancing the Kingdom's position as a global digital hub based on technology and innovation.
Additionally, it aims to strengthen continuous digital transformation efforts and support a wide range of leading technology companies that effectively contribute to achieving strategic goals and supporting digital economic growth.

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Egypt Aims to Reduce Inflation to Less than 10% by End of 2025

A general view shows Egypt's Nile river and the the University bridge in the capital Cairo on November 11, 2022. (AFP)
A general view shows Egypt's Nile river and the the University bridge in the capital Cairo on November 11, 2022. (AFP)
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Egypt Aims to Reduce Inflation to Less than 10% by End of 2025

A general view shows Egypt's Nile river and the the University bridge in the capital Cairo on November 11, 2022. (AFP)
A general view shows Egypt's Nile river and the the University bridge in the capital Cairo on November 11, 2022. (AFP)

Egypt aims to reduce inflation to less than 10% by the end of 2025 or the beginning of 2026, Prime Minister Mostafa Madbouly said on Thursday.

This came as the country's statistics agency CAPMAS showed on Thursday that Egypt's annual urban consumer price inflation slid to 25.7% in July from 27.5% in June.

Month-on-month, prices fell by 0.4% in July, down from 1.6% in June. Food prices declined by 0.3% in July, though they were still 28.5% higher than a year ago.

A poll of 18 analysts had expected inflation to have slowed to a median of 26.6% in July, extending a deceleration that began in September, when inflation reached a peak of 38.0%.

Egypt has tightened its monetary policy under an $8 billion International Monetary Fund financial support package it signed in March, although that programme has also required it to increase many domestic prices and let its currency plunge.

The central bank hiked interest rates by 600 basis points (bps) on March 6, bringing total increases in 2024 to 800 bps.

The government raised the price of some subsidised products to battle a budget deficit that hit 505 billion Egyptian pounds ($10.27 billion) in a 3.016 trillion pound budget in the year that ended on June 30.