Saudi Ministry of Communications, Microsoft Announce Center of Excellence to Enhance Digital Capabilities of Saudi Workforce

The Saudi flag. Asharq Al-Awsat
The Saudi flag. Asharq Al-Awsat
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Saudi Ministry of Communications, Microsoft Announce Center of Excellence to Enhance Digital Capabilities of Saudi Workforce

The Saudi flag. Asharq Al-Awsat
The Saudi flag. Asharq Al-Awsat

The Ministry of Communications and Information Technology, through its Future Skills initiative, and Microsoft have announced a new Center of Excellence to empower professionals across Saudi Arabia with the advanced skills needed to thrive in the new digital era and enhance the employability of the Kingdom’s present and future workforce.

The announcement was made on the sidelines of LEAP 2024, bringing together the world’s leading innovators, IT experts, and industry leaders to highlight the latest advancements in technology.

The new Center of Excellence is part of joint efforts between the Ministry of Communications and Information Technology and Microsoft to enhance the digital capabilities of Saudi professionals and build the local talent pool, aligning with the goals of Saudi Arabia's Vision 2030 for a diversified and thriving economy.

This announcement reaffirms Microsoft’s commitment to empowering Saudi Arabia’s workforce to effectively leverage the latest cloud and AI technologies, as part of the company’s investment in a new cloud datacenter region in the Kingdom. Microsoft’s datacenter is poised to serve as a catalyst for digital innovation and economic growth, empowering local Saudi talent with relevant digital skills for cloud computing and AI.

Microsoft's dedication to talent development in Saudi Arabia is further exemplified by programs like the Global Skills initiative, benefitting over 108,000 professionals. Additionally, collaborations with the Ministry of Education have trained over 250,000 teachers and reached 5.6 million students through the Madrasti Codes program, with MS-Learn impacting more than 70,000 students.

Deputy Minister for Future Jobs and Capabilities Ibrahim Al-Nasser said the Center of Excellence marks a significant milestone in accelerating digital transformation and Saudi Arabia’s digital economy growth, contributing to the nation’s vision of a highly innovative and knowledge-based economy.

The Center of Excellence aims to develop the technical skills of students and the Kingdom’s workforce, featuring a Cloud Academy with Tuwaiq Academy, offering globally recognized, industry-endorsed skilling tracks in cloud computing, AI, IoT, and Generative AI.

President of Microsoft Arabia Turki Badhris highlighted the importance of a highly skilled workforce in driving innovation and economic growth. The Center of Excellence is designed to enhance the digital skills of various demographics, offering training programs and acting as a strategic knowledge partner for initiatives like the AI Community Skilling program with Noon Academy.



Pinterest Shares Surge as Strong Ad Spend Defies Tariff Uncertainty

A keyboard is placed in front of a displayed Pinterest logo in this illustration taken February 21, 2023. (Reuters)
A keyboard is placed in front of a displayed Pinterest logo in this illustration taken February 21, 2023. (Reuters)
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Pinterest Shares Surge as Strong Ad Spend Defies Tariff Uncertainty

A keyboard is placed in front of a displayed Pinterest logo in this illustration taken February 21, 2023. (Reuters)
A keyboard is placed in front of a displayed Pinterest logo in this illustration taken February 21, 2023. (Reuters)

Pinterest shares jumped more than 11% on Friday, after a strong quarterly revenue forecast allayed investor jitters about the uncertainty of advertising spending on its platform amid global economic volatility.

Its robust first-quarter revenue positions it alongside peers Reddit and Facebook-parent Meta, which also saw strong top-line results at a time when deepening global trade tensions have clouded the outlook for many firms dependent on marketing spend.

A shifting US trade policy coupled with escalating geopolitical tensions have sparked fears of a spike in inflation levels and a possible recession, prompting a broader pullback in consumer and enterprise spending.

However, Pinterest's focus on strengthening the effectiveness of its artificial intelligence tools for creating ad campaigns and a growing Gen Z userbase makes it an attractive destination for marketers.

"AI is helping to serve up the right type of ads for different audience segments, which ultimately means there could be a greater propensity to click on the ad if it is relevant," said Dan Coatsworth, investment analyst at AJ Bell.

Pinterest's global monthly active users rose 10% from a year earlier to 570 million in the first quarter, exceeding analysts' expectations according to data compiled by LSEG.

"We believe Pinterest's strategic focus on AI improvements and international expansion is yielding results," said Angelo Zino, senior equity analyst at CFRA Research.

Pinterest flagged a reduction in spending from Asian e-commerce retailers due to the roll-back of the "de minimis" exemption earlier this year, which led notable Chinese advertisers including online marketplace Temu and fast-fashion retailer Shein to slash ad budgets.

Barclays analysts said they expect "trends to worsen in e-commerce advertising" later this year if and when tariffs impact consumer spending.

If gains hold, Pinterest is set to add around $2 billion to its market cap.

The company trades at 14.51 times the estimates of its earnings for the next 12 months, compared with Reddit's 67.65 and Snap's 22.19.