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
TT

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.



Samsung Electronics Plans $7.2 Bln Buyback after Share Price Plunges

A Samsung logo is displayed in a supermarket in Sarajevo, Bosnia and Herzegovina, October 29, 2024. REUTERS/Dado Ruvic
A Samsung logo is displayed in a supermarket in Sarajevo, Bosnia and Herzegovina, October 29, 2024. REUTERS/Dado Ruvic
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Samsung Electronics Plans $7.2 Bln Buyback after Share Price Plunges

A Samsung logo is displayed in a supermarket in Sarajevo, Bosnia and Herzegovina, October 29, 2024. REUTERS/Dado Ruvic
A Samsung logo is displayed in a supermarket in Sarajevo, Bosnia and Herzegovina, October 29, 2024. REUTERS/Dado Ruvic

Samsung Electronics has decided to buy back shares worth 10 trillion won ($7.17 billion) over a one-year period to boost shareholder value, after shares plunged to more than four-year lows earlier in the week.
It is the first time Samsung Electronics has decided to buy back shares since 2017.
Of the total, three trillion won worth of shares, or 50.14 million common shares and 6.91 million preferred shares, will be repurchased in the next three months and cancelled, Samsung said after the market closed on Friday.
The board of directors will decide on ways to enhance shareholder value, including when and how to use the remaining seven trillion in the repurchase programme, Reuters quoted it as saying in a statement.
In the short term, the decision would likely help Samsung's share performance, but the company needs concrete business plans to better support its share performance, analysts said.
The world's top memory chip maker last month apologised for a disappointing quarterly profit, as it lagged rivals in supplying artificial intelligence chips to Nvidia. Samsung was the worst performing stock among major global chipmakers, also hurt by President-elect Donald Trump's threat to levy tariffs on imports that would hit demand for electronics products.
"It is a reflection that Samsung feels a sense of crisis due to the sharp stock drops," said Park Ju-gun, head of corporate analysis firm Leaders Index.
Park said the share buyback may intend to bolster depressed stock prices for Samsung shareholders including Chairman Jay Y. Lee's family members, who have put up some of their Samsung stocks as collateral to help pay inheritance taxes, as recent plunges threaten to trigger a margin call - a request for more collateral from banks for Lee's mother and his two sisters.
Shares of Samsung Electronics rose 7.2% on Friday, their biggest daily jump since March 2020 and rebounding from their lowest level since mid-June 2020. They were still down 32% year-to-date.