Saudi Arabia Ranks Second Among G20 in ICT Development for Second Year

A night view of Riyadh, Saudi Arabia. (SPA)
A night view of Riyadh, Saudi Arabia. (SPA)
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Saudi Arabia Ranks Second Among G20 in ICT Development for Second Year

A night view of Riyadh, Saudi Arabia. (SPA)
A night view of Riyadh, Saudi Arabia. (SPA)

Saudi Arabia ranked second among the Group of Twenty (G20) countries for the second consecutive time in the 2024 ICT Development Index published by the United Nations International Telecommunication Union (ITU).

The index tracks the digital development and progress of 170 countries in information and communication technology (ICT) services through sub-indicators divided into two axes: inclusive and effective communication.

The Kingdom also ranked first among the G20 countries in the effective communication axis and second in the inclusive communication axis, underscoring the continuous development of the communication and technology sector in the Kingdom, and its efforts to build and strengthen it.

These efforts have helped in achieving the global ranking and boosting the Kingdom's leadership in relevant international indices.

The Communications, Space and Technology Commission (CST) said the Kingdom's continuous progress in the index highlights the strength of its digital infrastructure and its contribution to driving the growth and development of the digital economy, as well as attracting investments.

The Kingdom's communication and technology market is the largest and fastest growing in the Middle East and North Africa (MENA) region, with an estimated value of SR166 billion.

The penetration rate of mobile subscriptions has reached 198% of the population, and the average monthly data consumption per capita in the Kingdom exceeds the global average by threefold.

The ICT Development Index published by the ITU measures digital development and the strength of digital infrastructure, providing comprehensive and transparent data and methodology that were developed in partnership with member states and expert teams in the field.



Samsung Expects a 56% Drop in Q2 Operating Profit, Far Short of Estimates

The logo of Samsung Electronics is seen at its headquarters in Seoul, South Korea, on July 4, 2016. (Reuters)
The logo of Samsung Electronics is seen at its headquarters in Seoul, South Korea, on July 4, 2016. (Reuters)
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Samsung Expects a 56% Drop in Q2 Operating Profit, Far Short of Estimates

The logo of Samsung Electronics is seen at its headquarters in Seoul, South Korea, on July 4, 2016. (Reuters)
The logo of Samsung Electronics is seen at its headquarters in Seoul, South Korea, on July 4, 2016. (Reuters)

Samsung Electronics on Tuesday projected a 56% drop in second-quarter operating profit from a year earlier, missing analysts' estimates by far.

Its chip business struggled with weak sales of artificial intelligence chips, dogged by delays in the supply of its latest chips to Nvidia and continued losses in its contract chip manufacturing business, analysts said.

The world's largest memory chipmaker estimated an operating profit of 4.6 trillion won for the April-June period, versus a 6.2 trillion won LSEG SmartEstimate.

That would compare with 10.4 trillion won in the same period a year earlier and 6.7 trillion won in the preceding quarter.

Revenue would likely fall 0.1% to 74 trillion won from a year earlier, the filing showed.

Samsung is expected to release detailed results, including a breakdown of earnings for each of its businesses, in late July.