Digital Cooperation Organization Calls for International Partnerships

Deemah Al-Yahya, Secretary-General of the Digital Cooperation Organization (DCO) (Asharq Al-Awsat)
Deemah Al-Yahya, Secretary-General of the Digital Cooperation Organization (DCO) (Asharq Al-Awsat)
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Digital Cooperation Organization Calls for International Partnerships

Deemah Al-Yahya, Secretary-General of the Digital Cooperation Organization (DCO) (Asharq Al-Awsat)
Deemah Al-Yahya, Secretary-General of the Digital Cooperation Organization (DCO) (Asharq Al-Awsat)

While individuals in some high-income countries rely on artificial intelligence for even the smallest aspects of daily life—such as scheduling appointments, making financial decisions, and even suggesting dinner menus—one-third of the world’s population remains without internet access.

To bridge this digital divide, international collaboration between governments, the private sector, and financial institutions has become an absolute necessity, according to Deemah Al-Yahya, Secretary-General of the Digital Cooperation Organization (DCO), in an interview with Asharq Al-Awsat.

Founded in 2020 and headquartered in Riyadh, the DCO consists of 16 member states, including five Gulf nations, representing a population of 800 million people. During its fourth General Assembly, held in Jordan over two days, the organization launched new initiatives aimed at reducing the global digital divide and approved its 2025–2028 agenda, which focuses on advancing digital maturity among its member states.

Al-Yahya outlined the DCO’s primary objectives, emphasizing its efforts to enhance regulatory frameworks in member states, attract foreign investments, and facilitate technology transfers between countries. One example is the potential adoption of Saudi Arabia’s “Absher” platform in countries such as Jordan and Morocco. Absher is an online system that allows Saudi citizens and residents to access government services, such as passport renewals and driver’s license applications, without visiting physical offices.

Additionally, the DCO connects developing country governments with financial institutions such as the World Bank and the Islamic Development Bank, as well as technology firms. This, Al-Yahya explained, contributes to narrowing both the digital and knowledge gaps between nations.

One of the biggest challenges to internet and AI expansion in developing countries—especially in the Global South—is access to electricity. For instance, ChatGPT consumes 25 times more energy than a traditional Google search. By 2030, AI’s energy consumption is expected to double that of an entire country like France, raising serious environmental and economic concerns. To overcome these barriers, multilateral international cooperation is no longer optional—it is essential. The digital world has no geographic boundaries, and no single country can tackle the complexities of digital transformation alone.

Al-Yahya stressed that fostering collaboration between governments, the private sector, and civil society is key to ensuring that the benefits of the digital revolution reach everyone, creating a brighter future without leaving anyone behind.

The issue is not just about internet access but also about equipping people with the skills to navigate new technologies. While AI could lead to job losses, it also has the potential to create new employment opportunities. The DCO works closely with member state governments to develop solutions and proposals for human capital development in the digital sector. Last month, International Labour Organization (ILO) Director-General Gilbert Houngbo predicted that between 70 and 80 million jobs will be created in the AI and technology sectors between 2023 and 2030. He emphasized the importance of re-skilling and adapting to AI to avoid exclusion from the workforce.

The digital economy is expanding at an unprecedented rate and is expected to reach $16.5 trillion by 2028, representing 17% of the global economy. Meanwhile, the global AI market is projected to surpass $800 billion by 2030. However, this growth remains concentrated in a handful of countries, with a significant lack of equal opportunities.

To address these challenges, the DCO is committed to uniting governments, the private sector, and civil society to promote inclusive and sustainable global digital prosperity. Reflecting on the DCO’s progress over the past four years, Al-Yahya acknowledged that significant milestones have been achieved but emphasized that there is still much work ahead to ensure digital economic growth benefits all. The 2025–2028 agenda marks the beginning of a new digital era, where global cooperation will be critical in driving inclusive and sustainable development—impacting over 800 million people across 16 member states and shaping a better future for future generations.

On the sidelines of the General Assembly, the DCO signed multiple Memorandums of Understanding (MoUs) with key organizations, including the Mohammed bin Salman Foundation (Misk), the HP Foundation, the Organization for Economic Cooperation and Development (OECD), and Oman’s government in partnership with 500 Global. Additionally, a memorandum was signed between the DCO and the United Nations Office for South-South Cooperation, reinforcing its commitment to international digital collaboration.



Saudi Arabia Expands Tourist E-Visa Eligibility to Four More Countries

The tourist visa allows visitors to attend events, perform Umrah, and visit exhibitions and conferences (SPA)
The tourist visa allows visitors to attend events, perform Umrah, and visit exhibitions and conferences (SPA)
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Saudi Arabia Expands Tourist E-Visa Eligibility to Four More Countries

The tourist visa allows visitors to attend events, perform Umrah, and visit exhibitions and conferences (SPA)
The tourist visa allows visitors to attend events, perform Umrah, and visit exhibitions and conferences (SPA)

Saudi Arabia has expanded its electronic tourist visa program by adding four countries to the list of eligible nationalities: Mexico, North Macedonia, Serbia, and Bosnia and Herzegovina.

The Ministry of Tourism said the move is part of ongoing efforts to facilitate travel to the Kingdom for visitors from around the world, allowing citizens of the newly added countries to apply electronically for tourist visit visas.

The tourist visa also permits holders to attend events, perform Umrah, visit exhibitions and conferences, and visit relatives and friends, in accordance with applicable regulations and instructions.


50-Year Contracts Open New Horizons for Real Estate Investment in Saudi Arabia

A neighborhood in the Saudi capital, Riyadh (SPA)
A neighborhood in the Saudi capital, Riyadh (SPA)
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50-Year Contracts Open New Horizons for Real Estate Investment in Saudi Arabia

A neighborhood in the Saudi capital, Riyadh (SPA)
A neighborhood in the Saudi capital, Riyadh (SPA)

Long-term real estate investment models are opening new opportunities for Saudi Arabia's private sector, as the Kingdom seeks to expand partnerships with investors to develop municipal assets and transform them into mixed-use projects.

The approach is expected to enhance the appeal of the real estate market, create investment opportunities spanning decades, and attract domestic and international capital to urban development. It also aims to improve land-use efficiency, maximize the economic value of municipal assets and increase housing supply.

Riyadh Region Municipality, the Ministry of Municipalities and Housing, and the National Center for Privatization & PPP (NCP) announced the launch of the expression of interest, prequalification and proposal submission phases for a joint land investment project in northern Riyadh.

The project involves developing a plot of municipal land under a 50-year partnership with the private sector, marking the municipality's first initiative under this joint investment model.

The private-sector partner will be responsible for designing, constructing, operating and maintaining all project facilities.

Located on Zaid bin Asim Street, the strategically positioned 30,015-square-meter site benefits from flexible urban planning regulations that allow for mixed-use development, including residential, commercial, office and recreational facilities.

The project aims to deliver high-quality developments that meet growing demand, serve local residents and community needs, and strengthen Riyadh's urban infrastructure.

Long-Term Investment Strategies

Offering investment opportunities through contracts extending up to 50 years represents a shift in how Saudi Arabia develops government-owned real estate assets.

The model gives private-sector investors a longer timeframe to develop projects and implement long-term investment strategies, overcoming some of the limitations associated with short- and medium-term contracts.

It also strengthens investors' ability to undertake financial and operational planning, allowing them to recover development costs and generate investment returns over a longer period.

This could make such opportunities more attractive to real estate companies and institutional investors.

The project forms part of Riyadh Region Municipality's strategy to improve the efficiency of municipal asset management, expand private-sector participation in urban development and attract high-value investments.

These efforts are intended to promote sustainable urban development, keep pace with the capital's rapid growth and advance Saudi Vision 2030 objectives, in line with the municipality's ambition to help create a prosperous, sustainable Riyadh with a higher quality of life.

Project Sustainability

Real estate expert Khaled al-Mobid said the launch of a 50-year investment project in Riyadh's Al-Narjis district represents an important step toward enabling the private sector to develop real estate assets and transform them into sustainable projects with substantial economic value.

Speaking to Asharq Al-Awsat, he explained that the extended investment period encourages developers to improve construction quality and services while enhancing the financial viability of projects.

He added that the model could help diversify real estate offerings and increase supply in one of the capital's most expensive neighborhoods.

Al-Mobid said the project's significance lies less in its immediate impact on property prices than in its potential to establish a replicable investment model.

Such a model, he noted, could gradually increase supply, strengthen competition and contribute to greater price stability across Riyadh's real estate market.

Diversifying Real Estate Supply

Real estate developer Ahmed Omar Basoudan said the importance of these contracts extends beyond simply making land available to investors.

They also create opportunities to develop integrated real estate assets combining residential, commercial, office and recreational uses, increasing the economic value of land and improving its utilization.

Speaking to Asharq Al-Awsat, Basoudan explained that bringing design, construction, operation and maintenance together under a single investment framework allows for more integrated developments.

It also creates a stronger link between construction quality, operational efficiency and long-term sustainability.

At the broader market level, he said, the model could help diversify real estate offerings, particularly in major cities experiencing rapid urban expansion and rising demand for residential, commercial and office space.

The participation of new developers and operators could also strengthen competition and improve the quality of projects and services.

Moreover, the approach could create integrated mixed-use urban destinations that meet residents' needs and support economic activity, rather than relying solely on conventional real estate development.

 

Replicating the Model

 

According to Basoudan, the success of this investment model will depend on how effectively contracts are structured, how risks are allocated between government entities and investors, and how clearly development, operation and maintenance obligations are defined.

Equally important, he said, is striking an appropriate balance between investment returns and the public interest.

Basoudan believes extending the model to other municipalities and regions could create an additional channel for attracting domestic and international investment.

It could also strengthen private-sector participation in urban development, in line with Saudi Vision 2030 objectives to diversify the economy and improve the efficiency of government asset management.


Gold Rallies as Dollar, Treasury Yields Soften after US Midterm Results

Gold chips displayed at a state-owned gold retail store in Surabaya, East Java (AFP)
Gold chips displayed at a state-owned gold retail store in Surabaya, East Java (AFP)
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Gold Rallies as Dollar, Treasury Yields Soften after US Midterm Results

Gold chips displayed at a state-owned gold retail store in Surabaya, East Java (AFP)
Gold chips displayed at a state-owned gold retail store in Surabaya, East Java (AFP)

Gold climbed to its highest level in over two weeks on Thursday as the fallout from the US midterm election results rippled through the global financial and oil markets.

Spot gold rose 1.6% to $4,124.89 per ounce by 0752 GMT. It touched $4,146.63 per ounce, its highest level since October 20, earlier in ‌the session.

Bullion ‌climbed about 3.4% on Wednesday, its biggest ‌daily gain ⁠since August 19.

US ⁠gold futures for December delivery climbed 1.5% to $4,135.40, Reuters said.

A weaker dollar and lower Treasury yields have helped gold recover above the key $4,000 level, though holding above that threshold remains crucial for the recovery outlook, said Linh Tran, market analyst at XS.com.

"If investment flows and yield movements continue to provide support, gold could stabilize ⁠above $4,000, also opening up an opportunity for a ‌recovery toward $4,200, followed by $4,400."

Oil prices ‌were slightly higher after earlier falling for a fourth day on ‌expectations that the losses US President Donald Trump's Republican Party ‌suffered in congressional elections this week may reduce the risk of further escalation of the US-Israeli war with Iran.

Lower energy prices ease inflationary pressures, reducing expectations that the central bank will keep interest rates higher ‌for longer, supporting the appeal of non-yielding bullion.

The dollar slid to its lowest in more ⁠than a ⁠month, and 10-year US Treasury yield fell to its lowest since September 10.

A weaker dollar makes greenback-priced bullion more affordable for holders of other currencies.

Market participants now await the US non-farm payrolls report on Friday to further gauge the Federal Reserve's monetary policy outlook.

Meanwhile, Citi has a 0-3 month price target of $4,500 per ounce for gold, the brokerage said on Wednesday, as it sees substantial upside potential if the Strait of Hormuz reopens and the Yemen/Saudi conflict de-escalates.

Among other metals, spot silver rose 0.8% to $52.63 per ounce, platinum gained 1.2% to $1,514.20 and palladium climbed 2.2% to $1,026.83.