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Saudi Arabia Declares 2026 ‘Year of Artificial Intelligence’ to Boost Data Economy

Abdullah Al-Ghamdi, President of Saudi Data and Al Authority, speaks during the Global Al Summit in Riyadh, Saudi Arabia October 21, 2020. REUTERS/Ahmed Yosri  
Abdullah Al-Ghamdi, President of Saudi Data and Al Authority, speaks during the Global Al Summit in Riyadh, Saudi Arabia October 21, 2020. REUTERS/Ahmed Yosri  
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Saudi Arabia Declares 2026 ‘Year of Artificial Intelligence’ to Boost Data Economy

Abdullah Al-Ghamdi, President of Saudi Data and Al Authority, speaks during the Global Al Summit in Riyadh, Saudi Arabia October 21, 2020. REUTERS/Ahmed Yosri  
Abdullah Al-Ghamdi, President of Saudi Data and Al Authority, speaks during the Global Al Summit in Riyadh, Saudi Arabia October 21, 2020. REUTERS/Ahmed Yosri  

As the global race toward a digital economy accelerates and the world enters a new era driven by algorithms, Saudi Arabia is positioning itself as a key player in the future of advanced technologies.

The Saudi Cabinet has declared 2026 the “Year of Artificial Intelligence,” a decision that reflects a strategic direction placing AI at the center of the Kingdom’s development policies in the coming years.

“This step embodies the vision of Crown Prince and Prime Minister Mohammed bin Salman, aimed at strengthening the Kingdom’s global standing in advanced technologies and creating broad national momentum around their role in shaping a smarter and more sustainable future,” said Abdullah Al-Ghamdi, president of the Saudi Data and Artificial Intelligence Authority (SDAIA), in a statement issued after the decision.

Al-Ghamdi added that the “Year of Artificial Intelligence” reflects Saudi Arabia’s scientific, cultural and humanitarian commitment to deploying these technologies in service of humanity and making them an effective tool for improving people’s lives worldwide.

He said the nationwide celebration of the year highlights the kingdom’s position as an international hub for advanced technologies and an influential actor in shaping global AI policy.

According to Al-Ghamdi, artificial intelligence has become one of the most powerful drivers of the global economy. Advanced economies increasingly rely on it to boost growth and improve quality of life by transforming vital sectors such as healthcare, education, transport, energy and security, while accelerating innovation and strengthening competitiveness.

Building a National AI Ecosystem

In recent years, the Saudi Data and Artificial Intelligence Authority, established by royal decree in 2019 with direct support from Crown Prince Mohammed bin Salman, has worked to build an integrated national ecosystem for data and artificial intelligence.

This effort has included expanding digital infrastructure, launching the National Strategy for Data and Artificial Intelligence, developing regulatory and governance frameworks, and introducing national platforms and programs to encourage the adoption of AI technologies across multiple sectors.

The authority has also hosted major international events in the field, most notably the Global AI Summit, which is preparing to hold its fourth edition in September under the patronage of the Crown Prince. The summit brings together leading experts, policymakers, and major technology companies from around the world.

These initiatives have helped Saudi Arabia achieve advanced rankings in several global indices related to data and artificial intelligence. They have also expanded the use of smart technologies across government, private and nonprofit sectors, improving service efficiency, boosting innovation, and stimulating the digital economy.

As part of efforts to build national capabilities, SDAIA trained more than one million Saudi citizens in artificial intelligence technologies within a single year through the SMAI initiative, reflecting the kingdom’s strategy of preparing a generation capable of working with emerging technologies and leading the country’s digital transformation.

Saudi Arabia’s AI sector is also experiencing rapid investment growth. Government spending on artificial intelligence and emerging technologies rose 56.25 percent in 2024 compared with 2023, according to the Saudi Press Agency.

Meanwhile, Saudi companies operating in the AI sector secured $9.1 billion in funding last year through 70 investment deals, while the number of companies working in the data and artificial intelligence sector has reached 664.

Expanding Technological Infrastructure

At the same time, Saudi Arabia has significantly expanded its technological infrastructure.

Data center capacity increased 42.4 percent between 2023 and 2024, alongside the launch of advanced projects such as the high-performance supercomputer Shaheen 3 and the development of global-scale data centers designed to support artificial intelligence applications.

In early 2026, the Kingdom also inaugurated Hexagon, the world’s largest government data center, with a capacity of 480 megawatts. Saudi Arabia now hosts nine cloud regions, four of which are under construction by global cloud service providers.

In addition, more than 430 government systems have been integrated into the National Data Lake, strengthening the country’s data infrastructure.

Saudi Arabia’s efforts extend beyond the domestic arena. The Kingdom has supported international initiatives promoting the responsible use of artificial intelligence in line with the United Nations Sustainable Development Goals.

Among the most notable initiatives is the establishment in Riyadh of the International Center for Artificial Intelligence Research and Ethics (ICAIRE) under the auspices of UNESCO.

As part of strengthening the national AI ecosystem, Crown Prince Mohammed bin Salman announced in May 2025 the launch of Humain, a company owned by the Public Investment Fund, Saudi Arabia’s sovereign wealth fund. The firm aims to develop and manage artificial intelligence solutions and invest across the sector.

The company is working on advanced AI models, including one of the most prominent large language models in Arabic. It is also developing next-generation data centers and cloud computing infrastructure, strengthening local technological capabilities and opening new opportunities for the digital economy both regionally and globally.

The Public Investment Fund and its portfolio companies are also supporting the AI ecosystem through investments and international partnerships, leveraging Saudi Arabia’s strategic geographic position between three continents, which facilitates connections between global data networks and enables rapid processing of vast data volumes.

The Kingdom’s rapidly growing economy and large youth population interested in emerging technologies are also contributing to capacity building, research and innovation in the field.

 

 

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Oil Prices Sink Further as Trump Signs Deal to Reopen Hormuz

(FILES) This aerial view shows the fuel depot of Aral at the Ruhr Oel petroleum refineries of BP Gelsenkirchen GmbH in Gelsenkirchen, western Germany on March 9, 2026. (Photo by Ina FASSBENDER / AFP)
(FILES) This aerial view shows the fuel depot of Aral at the Ruhr Oel petroleum refineries of BP Gelsenkirchen GmbH in Gelsenkirchen, western Germany on March 9, 2026. (Photo by Ina FASSBENDER / AFP)
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Oil Prices Sink Further as Trump Signs Deal to Reopen Hormuz

(FILES) This aerial view shows the fuel depot of Aral at the Ruhr Oel petroleum refineries of BP Gelsenkirchen GmbH in Gelsenkirchen, western Germany on March 9, 2026. (Photo by Ina FASSBENDER / AFP)
(FILES) This aerial view shows the fuel depot of Aral at the Ruhr Oel petroleum refineries of BP Gelsenkirchen GmbH in Gelsenkirchen, western Germany on March 9, 2026. (Photo by Ina FASSBENDER / AFP)

Oil prices tumbled again Thursday after US President Donald Trump and his Iranian counterpart signed off on a deal to end their war and reopen the Strait of Hormuz.

The news boosted optimism for a lasting peace between the two nations after more than three months of war that has rattled energy markets and fueled a fresh spike in inflation.

However, the upbeat mood on trading floors was tempered by expectations the US Federal Reserve will hike interest rates before year's end, after its new boss held his first policy meeting and acknowledged "persistently high prices are a burden for the American people", reported AFP.

Trump put his signature to the memorandum of understanding in Versailles after a G7 summit, telling reporters: "Just signed it."

Iranian foreign ministry spokesman Esmaeil Baqaei, quoted by state news agency IRNA, said the document "was finalized with the signatures of the presidents".

All eyes are now on the strait, through which a fifth of world oil normally passes and which Tehran effectively closed after the United States and Israel launched their war on Iran on February 28.

"As a first step, Islamic Republic of Iran will instantly reopen the Strait of Hormuz and the United States of America will immediately lift the naval blockade," Pakistan's Prime Minister Shehbaz Sharif, whose officials mediated the agreement, said on X.

The deal will see Washington commit to immediately waive oil sanctions and facilitate the release of a $300 billion reconstruction fund, while Tehran agrees to dilute its enriched uranium as talks on a longer-term agreement are held.

Crude fell more than three percent Thursday, extending the losses sustained since news broke at the weekend. Both main contracts have plummeted more than 15 percent since last week, when talk of an agreement began swirling.

"A signed MOU and a faster path toward reopening the Strait of Hormuz should pull some of the panic premium out of crude," wrote Stephen Innes at SPI Asset Management.

"That matters because oil was not just trading war risk. It was trading the possibility that reserve drawdowns and blocked Gulf flows would create an energy cliff."

Equities were mixed as they struggled to maintain the positive momentum seen this week.

Seoul was again at the forefront of the gains, ploughing past 9,000 points for the first time thanks to another surge in chip titans Samsung and SK hynix as the AI boom continues apace.

"South Korea supplies around 80 percent of the world's memory chips, and artificial intelligence is expected to continue growing for at least another decade," Kim Dae-jong, a professor at Sejong University, told AFP.

"Semiconductors account for roughly half of South Korea's industrial output, and this is seen as the biggest reason why Kospi broke through the 9,000-point mark."

Tokyo, Singapore, Taipei, Mumbai and Manila also rose but Hong Kong, Shanghai, Sydney, Wellington, Bangkok and Jakarta fell along with London. Paris was flat while Frankfurt rose.

The mixed performance followed the Fed's latest policy meeting that saw it hold rates as expected but indicate it could hike in the next six months.

The gathering was the first for new boss Kevin Warsh, who flagged the fact that inflation has been well above the bank's two percent target for years but vowed to "deliver price stability".

"Persistently high prices are a burden for the American people, but the recent past need not be prologue," he said after the meeting at which he also wanted wide-ranging reforms at the bank.

Warsh was appointed by Trump, who has launched an unprecedented assault on the Fed's independence and called previous boss Jerome Powell incompetent for not cutting rates enough.

Analysts pointed out that the Fed's post-meeting statement did not make mention of an easing bias, as it had done previously.

The fact there was more emphasis on prices rather than jobs was also noted.

Data this month has shown inflation at a three-year high, while the labor market remains healthy.

"While there is no suggestion the Fed's dual mandate has shifted away from unemployment as well as price stability, markets have been left with a view (that) the emphasis appears to have shifted to the latter for now," wrote National Australia Bank's Gavin Friend.

Business

MODON Boosts Saudi Supply Chains With More Than $147 Million in Investments

A safety and security vehicle operated by MODON (MODON) 
A safety and security vehicle operated by MODON (MODON) 
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MODON Boosts Saudi Supply Chains With More Than $147 Million in Investments

A safety and security vehicle operated by MODON (MODON) 
A safety and security vehicle operated by MODON (MODON) 

Saudi Arabia’s Industrial Cities and Technology Zones Authority (MODON) has strengthened the Kingdom’s position as a global logistics platform and a key hub for trade linking three continents, backed by more than SAR553 million ($147.5 million) in new investments during 2025.

The spending expanded developed logistics space within industrial cities to more than 16 million square meters, representing annual growth of 35 percent and supporting the objectives of the National Transport and Logistics Strategy.

The investment surge underscores MODON’s growing role in developing and managing industrial land and integrated logistics zones across the Kingdom.

Established in 2001, the authority currently oversees a network of 36 industrial cities, either operational or under development, in addition to private industrial complexes and cities. It also serves as a strategic enabler for investors by providing advanced infrastructure, smart logistics solutions and ready-built factories, in line with Saudi Vision 2030 goals to increase private-sector participation and diversify the economy.

Speaking to Asharq Al-Awsat, logistics expert Nashmi Al-Harbi said MODON has become the operational backbone of Saudi Arabia’s drive to establish itself as a global logistics hub.

He noted that the authority attracted SAR24 billion ($6.4 billion) in high-quality investments in 2024, including SAR6 billion ($1.6 billion) in foreign direct investment, strengthening national supply chains and increasing the sector’s contribution to gross domestic product.

Alignment With National Strategies

MODON’s expansion is closely aligned with the National Transport and Logistics Strategy. The authority is developing industrial and logistics platforms, as well as advanced distribution centers designed to ensure the smooth and flexible flow of goods.

The effort has been supported by the National Industrial Development and Logistics Program (NIDLP), which enabled MODON to develop more than 13 million square meters of land, launch new industrial cities in Taif and Asir, and establish a specialized logistics zone in Dammam.

NIDLP’s support also included adding more than 600 megawatts of electrical capacity and creating over 700 ready-built factories and industrial products, as well as self-storage facilities, support units and multi-story factory complexes aimed at simplifying business operations for investors and small and medium-sized enterprises.

Al-Harbi said the real value of these projects lies in their ability to translate national strategies into tangible infrastructure, linking industrial cities directly with international gateways while reducing both transit times and transportation costs.

Integrated Logistics Ecosystem

In recent years, MODON has expanded its logistics offerings to include logistics land plots of varying sizes, dedicated distribution centers, third-party logistics (3PL) warehouses, cold-storage facilities, container yards, fully serviced truck parks, self-storage units and open-air storage areas.

According to Al-Harbi, MODON now hosts 23 operational logistics centers covering more than 34 million square meters. Their proximity to ports and airports, combined with integrated support services, provides investors with a cost-efficient and highly productive operating environment.

Investments Strengthening Supply Chains

In 2025, logistics land covering more than one million square meters was allocated across 18 industrial cities, attracting investments exceeding SAR500 million ($133.3 million). Projects included warehouses, distribution centers, truck-service facilities and third-party logistics operations.

Among the major investments was a project by Jingdong Property to develop a 40,000-square-meter warehouse complex at MODON Oasis in Jeddah, with investments totaling SAR100 million ($26.7 million).

At Jeddah’s Third Industrial City, Kudu Food and Catering established an 18,000-square-meter distribution center valued at SAR50 million ($13.3 million). Saudi Commercial MASCO Co. Ltd. launched a 10,000-square-meter third-party logistics project worth SAR10 million ($2.7 million), while SMSA Express developed a logistics facility in Al-Ahsa’s First Industrial City on a 6,000-square-meter site with investments of SAR10 million.

Al-Harbi said manufacturing and food-processing industries are driving demand for logistics services, while rapid growth in e-commerce and pharmaceuticals is increasing the need for specialized distribution centers.

Connecting Industrial Cities to Trade Gateways

As part of its infrastructure development program, MODON completed a freight rail station at Dammam’s Second Industrial City, linking the logistics zone directly to King Abdulaziz Port and improving cargo flows between industrial centers and maritime gateways.

The authority also allocated six fuel stations across industrial cities in Al-Kharj, Tabuk, Madinah, Jeddah and Makkah, covering 65,100 square meters and attracting SAR36.6 million ($9.8 million) in investments.

In addition, 14 fully serviced truck yards covering nearly 500,000 square meters were allocated in several industrial cities, including Jeddah, Riyadh and Dammam. MODON also signed 16 logistics contracts worth SAR500 million ($133.3 million) to develop bus-support parking facilities for the Hajj and Umrah seasons within Makkah’s Second Industrial City on a site exceeding 850,000 square meters.

To support sustainability goals, the authority launched two electric-vehicle charging stations in Riyadh’s Second Industrial City, with capacity to serve four vehicles.

Smart Logistics and Future Growth

Al-Harbi said technology has become the main driver of logistics operations, noting SAR8.8 billion ($2.35 billion) in investments across 15 data centers supporting digital transformation and Fourth Industrial Revolution applications.

MODON is increasingly adopting automation and smart technologies to improve tracking accuracy and operational efficiency, while seeking to transform 100 factories into global “Factories of the Future.”

He identified rapid digitalization and environmental sustainability requirements as the sector’s main challenges, adding that MODON is addressing them through its Green Cities initiative, cybersecurity investments and workforce development programs.

Saudi Arabia recorded more than 290 million delivery orders in 2024, underscoring the need for advanced warehouses and efficient distribution networks. Al-Harbi said automated smart warehouses, specialized logistics centers, cold-chain solutions for food and pharmaceuticals, and green logistics services represent some of the Kingdom’s most promising investment opportunities.

He added that logistics services have become a critical enabler of Saudi exports by reducing costs and accelerating access to global markets through direct connections to international shipping routes and supply chains. Looking ahead, he expects the logistics sector’s contribution to GDP to rise to 10 percent as Saudi Arabia strengthens its role as a pivotal trade gateway linking Asia, Europe and Africa through expanding logistics and digital infrastructure.

 

 

Business

Syria-US Gas Deal Aims to Ease Financial Bottleneck

Syria’s Jihar gas field, one of the country’s major gas fields, in the desert west of Palmyra in Homs province. Syrian Energy Ministry/File Photo
Syria’s Jihar gas field, one of the country’s major gas fields, in the desert west of Palmyra in Homs province. Syrian Energy Ministry/File Photo
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Syria-US Gas Deal Aims to Ease Financial Bottleneck

Syria’s Jihar gas field, one of the country’s major gas fields, in the desert west of Palmyra in Homs province. Syrian Energy Ministry/File Photo
Syria’s Jihar gas field, one of the country’s major gas fields, in the desert west of Palmyra in Homs province. Syrian Energy Ministry/File Photo

The Syrian Petroleum Company has signed a major implementation contract with US companies ConocoPhillips and Novaterra Energy to develop gas fields and raise production, marking the most significant strategic breakthrough in economic and political ties between Damascus and Washington since the fall of Bashar al-Assad’s government in late 2024.

The agreement is the first major US energy deal in Syria in years. It also offers the clearest sign yet that the country has entered a phase of “integrated implementation” after US President Donald Trump’s decision to lift sanctions in July 2025.

The contract follows earlier US moves, beginning in early 2026, through memoranda of understanding with other companies, including Chevron for offshore exploration and HKN Energy for the onshore Rmeilan fields.

But the ConocoPhillips deal stands out as the largest binding implementation contract to develop Syria’s domestic gas sector, backed by Gulf and European alliances and financing aimed at ending the country’s acute energy crisis.

Energy experts say the deal, based on understandings reached last November, will go beyond the technical oil and gas sector. They see it as an international “vote of confidence” that could help break the financial bottleneck facing Syria’s new government, whose 2026 budget deficit is estimated at about $1.8 billion.

The US return comes as major regional and international players move into Syria’s energy sector through parallel contracts and partnerships with Saudi companies, including ADES, as well as Qatari and French firms. Together, these moves place Syria’s gas sector on the edge of a promising new phase that could drive recovery and reconstruction.

The contract puts earlier understandings into effect. In November 2025, the Syrian Petroleum Company signed a memorandum of understanding with ConocoPhillips and Novaterra Energy. Technical, legal and commercial talks followed, culminating in the latest agreement.

Importance of the contract

Syrian academic and energy expert Ziad Arbash said the deal matters because it turns a memorandum of understanding into an implementation contract. It sends a strong signal to global markets, he said, that Syria has become an attractive destination for oil and gas investment.

He said the agreement would also raise the “level of oil activity” in Syria in tangible ways: more work teams, engineers and technicians in the fields, modern rigs and equipment built to the latest technical standards, and stronger infrastructure and logistics to support company operations.

Arbash told Asharq Al-Awsat that every additional company operating in Syria helps draw in others. That, he said, lowers operating costs through economies of scale and the exchange of expertise, while creating a competitive environment that benefits the national economy.

A vote of confidence

The contract could have a wider ripple effect. For Arbash, the presence of a company the size of ConocoPhillips in the Syrian market is “a vote of confidence for other companies.”

He said it reduces the perceived risks of investing in Syria and demonstrates the Syrian government’s commitment to creating an investment environment that can attract major international firms.

Recent indicators point in the same direction. The Syrian Petroleum Company signed a contract with Saudi Arabia’s ADES to develop gas fields in April, after signing a memorandum of understanding with US company Chevron and a Qatari company in February. Reports have also pointed to alliances between US and Saudi companies to invest in northeastern Syria.

Breaking the financial bottleneck

The new Syrian government inherited a shattered economy from the previous government and is struggling with a budget deficit of about $1.8 billion.

According to figures presented by Finance Minister Yisr Barnieh at an April news conference announcing the 2026 budget, revenues are estimated at about 959 billion Syrian pounds, or around $8.7 billion, against spending of 1,056.7 billion pounds, or about $10.5 billion.

Arbash described the contract as “a pivotal step in overcoming the financial bottleneck” in the state budget through two linked tracks.

The first is easing the import bill. Syria currently depends on imports and regional supplies to improve electricity provision. At its pre-war peak, gas output stood at about 28 million cubic meters per day. It has since fallen to roughly a third of that level.

The government aims to raise production to about 15 million cubic meters per day next year. The contract is expected to add between 4 million and 5 million cubic meters per day within one year of work beginning. According to Arbash, that would sharply reduce the cost of importing oil and petroleum products, while better securing local gas needs for electricity and other vital sectors.

The second track is “exports and revenues.” Once Syria achieves a production surplus, it could move toward exports, generating hard currency that would ease pressure on the state budget and strengthen its ability to finance reconstruction and development projects.

Current estimates suggest the first phase of the project could increase production within one year of work beginning. Arbash urged caution, however, saying: “Let us be realistic and add another year before reaching the increase of 5 million cubic meters per day.”

An important breakthrough in bilateral relations

The contract was signed as relations between Syria’s new authorities and the Trump administration continue to improve after the fall of Bashar al-Assad’s rule in late 2024.

Arbash said the agreement represents an important breakthrough in relations between the two countries. It is the first implementation contract with a major US oil and gas company since Assad’s fall, reflects a shift in US policy toward Syria, and opens a channel for direct economic cooperation that could positively impact other political files.

The signing came as Damascus continues efforts to attract US investment. Syrian Energy Minister Mohamed al-Bashir discussed investment opportunities in the oil and gas sector with US officials last week.

According to Arbash, the deal could pave the way for broader normalization between the two countries, especially as other US companies enter the scene, including Baker Hughes, Hunt Energy and Argent LNG, which are preparing a comprehensive plan to develop Syria’s energy sector.

Current state of gas fields and production

Syria’s gas sector faces a long road back from the deep supply deficit left by 14 years of conflict. A United Nations report estimates direct and indirect losses to the oil and gas sector at more than $115 billion between 2011 and 2023.

Current production data published on the US Embassy in Damascus page shows a total domestic gas supply of only 7-10 million cubic meters per day. That is a steep fall from the pre-war peak of up to 30 million cubic meters per day.

Demand, meanwhile, has risen to between 23 million and 30 million cubic meters per day, driven mainly by the severe shortage in electricity generation. The gap leaves a daily shortfall of up to 15 million cubic meters, placing heavy constraints on power plants.

That is why Damascus has set its sights on a strategic goal for 2030: using the new international partnerships to double gas production before the end of the decade.

Infrastructure

The sector suffered heavy damage during the war, including to fields, facilities and transmission lines. Sanctions also obstructed maintenance for years. Still, Arbash said that developing proven gas reserves estimated at about 285 billion cubic meters could allow current production to return to its pre-war peak of 28 million cubic meters per day within four years.

Syria needs about 23 million cubic meters of water per day to ensure continuous electricity supplies.

For now, the country relies on imports and regional supplies to improve electricity provision. These include a project to supply Azerbaijani gas through Türkiye with Qatari financing, providing about 3.4 million cubic meters per day, or to supply it directly from Qatar through Jordan.

Syria is currently focused on rehabilitating infrastructure at existing fields through contracts with companies such as Saudi Arabia’s ADES. It also aims to double production through strategic partnerships with international companies, as reflected in the contract with ConocoPhillips and Novaterra Energy.

For Arbash, the signing marks “a qualitative shift in Syria’s energy sector” at a critical moment. Syria, he said, is trying to overcome its financial bottleneck, raise the “level of oil activity,” restore international confidence, attract additional Arab and Western investment, and “open a new page in Syrian-US relations through direct economic cooperation.”

“With expectations that the fruits of this contract will begin to appear within a year, and with parallel projects involving Saudi, Qatari and French companies, Syria’s gas sector is entering a promising phase that could become a main driver of economic recovery and a way out of the suffocating financial crisis, provided there is transparency in tendering and implementation,” Arbash said.

Where are the fields?

The agreements quickly had an impact on the ground. The Syrian Petroleum Company recently took over oil and gas fields that had been controlled by the Kurdish-led autonomous administration in the northeast, extending government control over resources concentrated in three main areas.

The eastern region, including Deir Ezzor and Hasakah, includes the Conoco field northeast of Deir Ezzor. ConocoPhillips established the field in 2001 with a capacity of 4.7 billion cubic meters a year. It produced 13 million cubic meters per day before halting operations because of attacks. The region also includes the al-Jabsa field in Hasakah. Together, the two fields accounted for 53% of Syria’s production before 2011.

The central region and the Homs desert include al-Shaer, the country’s largest field, with a production capacity of 35 million cubic meters per year in 2010. The area also includes the al-Jihar field west of Palmyra, as well as the al-Mahr and al-Jazal fields.

Arbash concluded that, based on these combined indicators, Syria’s gas sector is entering a promising phase capable of leading economic recovery and easing the suffocating financial crisis, provided the highest standards of “transparency in tendering and implementation” are upheld.