Microsoft to invest in a new data center region in the Kingdom  

Microsoft to invest in a new data center region in the Kingdom  
Microsoft said its cloud region in Saudi Arabia will play a significant role in driving economic growth. (Supplied)
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Updated 07 February 2023
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Microsoft to invest in a new data center region in the Kingdom  

Microsoft to invest in a new data center region in the Kingdom  

RIYADH: Global tech firm Microsoft announced its plans to invest in a new cloud data center region in Saudi Arabia in response to growing customer demand for cloud services and data residency in the Kingdom. 

A region is a set of collaborating zones or data centers grouped together based on their geographical proximity. 

Announced during the LEAP 2023 international technology conference, the company said the new cloud data center region will offer enterprise-grade reliability and performance combined with customer privacy, data residency, and high-speed latency standards in Saudi Arabia. 

“This new data center region will provide organizations, enterprises, and developers in the Kingdom and around the world with access to scalable, highly available, and resilient cloud services while addressing their data residency, security, privacy, and compliance needs,” said Samer Abu-Ltaif, corporate vice president and president, Microsoft Central and Eastern Europe, Middle East and Africa. 

Microsoft said its cloud region in Saudi Arabia will play a significant role in driving economic growth. Citing an IDC study, the company added that its partners, and cloud-using customers will together generate around $24 billion in new revenues above the 2022 level over the next four years.  

“Today’s announcement reflects Microsoft’s longstanding commitment to Saudi Arabia and its ambitions for digital transformation,” said Thamer Alharbi, president, Microsoft Arabia.  

He added that their data center region will enable even more enterprises and industries in Saudi Arabia to benefit from a trusted cloud framework that protects the privacy of organizations’ data to the highest standard.” 

Saudi Vice Minister of Communications and Information Technology Haitham bin Abdul Rahman Al-Ohali said: “This important step is consistent with the steps taken by the Kingdom to accelerate its digital transformation and strengthen its position as an innovation hub.” 

He said the data center will also provide huge opportunities for startups and small and medium enterprises looking to enhance their competitiveness and leverage the advancements of the Fourth Industrial Revolution to develop innovative solutions.   

“This supports the Kingdom’s Vision 2030 goal of strengthening the role of the communications and information technology sector in creating a digital society, digital government, a thriving digital economy, and an innovative future for the Kingdom,” added Al-Ohali.  


Egypt to raise minimum wage to $113 a month from January 

Egypt to raise minimum wage to $113 a month from January 
Updated 15 sec ago
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Egypt to raise minimum wage to $113 a month from January 

Egypt to raise minimum wage to $113 a month from January 

CAIRO: Egypt’s government will raise the minimum wage paid by the private sector to 3,500 Egyptian pounds ($113) a month as of Jan. 1, according to a decision published in the official gazette on Monday. 

The last time the government increased the minimum wage was on July 1, when it set it at 3,000 pounds. 

Headline inflation in Egypt has risen sharply over the past two years, reaching a record 38 percent in September before slipping to 35.6 percent in November. 


Riyadh conference to highlight operational excellence and sustainability

Riyadh conference to highlight operational excellence and sustainability
Updated 48 min 33 sec ago
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Riyadh conference to highlight operational excellence and sustainability

Riyadh conference to highlight operational excellence and sustainability

RIYADH: A conference in Riyadh is poised to assess innovative operational experiences across various sectors, providing potential benefits to Saudi companies through knowledge transfer and adopting updated standards under the theme “Towards Creating Value to all Stakeholders.” 

The second edition of the Operational Excellence Conference, scheduled for Dec. 12 and 13 at the Four Seasons Hotel Riyadh, will showcase several success stories aimed at fostering a culture of operational excellence and implementing its concepts in alignment with the highest international standards. 

This two-day event aligns with the Kingdom’s efforts to address challenges and meet present and future needs, focusing on enhancing efficiency, achieving sustainability, and embracing technological innovation. 


Arab League meeting discusses facilitation of free trade zone

Arab League meeting discusses facilitation of free trade zone
Updated 50 min 58 sec ago
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Arab League meeting discusses facilitation of free trade zone

Arab League meeting discusses facilitation of free trade zone

RIYADH: Saudi Arabia has proposed creating a platform for trade during an Arab League meeting to enhance communication among member states and find solutions to potential obstacles in the region.

The 56th meeting of the Arab League’s Implementation and Follow-up Committee of the Economic and Social Council held on Dec. 10 focused primarily on implementing the Greater Arab Free Trade Area, according to the Saudi Press Agency. 

Bahjat Abu Al-Nasr, the director of the Economic Integration Department of the Arab League, said in his opening speech that the meeting’s agenda includes eight critical items.

He noted that the most prominent is the follow-up item examining the mechanisms for implementing the summit’s decision to facilitate the Arab free trade area. 

Through the Saudi-proposed resolution, the committee aims to discuss any obstacles that the implementation of the provisions of the zone may face.

Al-Nasr further pointed out that the meeting will also review developments in applying the new annexes that are complementary to the executive program of the free trade zone in various fields.

These include revising technical restrictions, trade facilitation, intellectual property rights and following up on the establishment of committees concerned with applying these annexes.


COP28 mobilizes over $83bn for climate efforts as conference nears end

COP28 mobilizes over $83bn for climate efforts as conference nears end
Updated 58 min 7 sec ago
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COP28 mobilizes over $83bn for climate efforts as conference nears end

COP28 mobilizes over $83bn for climate efforts as conference nears end

RIYADH: The ongoing UN Climate Change Conference has pledged over $83 billion for environmental-related efforts, including $792 million for a loss and damage fund to help developing countries suffering from the most extreme effects of global warming.

The overall total also includes a dedicated $568 million for the use of technology to ensure sustainability, while $129.3 million has been allocated toward the Least Developed Countries Fund.

COP28 has also allocated $134 million for an Adaptation Fund, while another $31 million has been assigned to a Special Climate Change Fund. 

The loss and damage fund was first announced during last year’s COP27 in Sharm el-Sheikh, but it was only a few weeks before the 2023 gathering in Dubai that affluent and developing nations managed agree on key points of the fund.

During this year’s COP28, 11 pledges and declarations were launched, including the first ever declarations on food systems transformation and health, plus statements on renewable energy and efficiency, as well as initiatives to decarbonize heavy emitting industries.

A press release from the event described the funding efforts as “setting the pace for a new era in climate action.”

The UAE also declared the launch of a $30 billion catalytic fund to drive positive climate action, while the World Bank revealed an increase of $9 billion annually for 2024 and 2025 to finance climate-related projects. 

Similarly, multilateral development banks announced a cumulative increase of $22.6 billion toward climate action. 

Moreover, some 130 countries backed the Global Renewables and Energy Efficiency Pledge, while 153 nations approved the COP28 UAE Declaration on Agriculture, Food, and Climate. 

Additionally, 141 countries endorsed the COP28 UAE Declaration on Climate and Health, and 66 countries supported the Global Cooling Pledge. 

The COP28 UAE Declaration on Hydrogen and Derivates has been approved by 37 countries, the statement added. 

During the event, the Oil and Gas Decarbonization Charter was backed by 52 companies, representing 40 percent of global oil production.


Qatari private sector exports fall 28% to $5bn in first 9 months

Qatari private sector exports fall 28% to $5bn in first 9 months
Updated 11 December 2023
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Qatari private sector exports fall 28% to $5bn in first 9 months

Qatari private sector exports fall 28% to $5bn in first 9 months

RIYADH: Qatar’s private sector exports declined 28 percent to 18.5 billion Qatari riyals ($5.08 billion) in the first nine months, the official data showed.

According to the Qatar Chamber, the private sector exports for the first nine months of 2022 were 26 billion riyals.

The organization’s recent trade report found that private sector exports for the third quarter slumped 47 percent to 3.25 billion riyals compared to 6.1 billion riyals accrued between May and June. 

It also nosedived 65 percent compared to 9.3 billion riyals earned in the corresponding period of 2022.

In terms of certificates of origin, 65 percent of the exports in the third quarter were done through general model certification.

While the Gulf Cooperation Council model constituted 19 percent of the exports, the Arab region framework and the united certificate for Singapore comprised 12 percent and 5 percent, respectively.

Notably, there were no recorded exports through the agricultural or animal certificate model, and exports were suspended through the preferences model.

The report highlighted iron products experienced a 158 percent surge in export value in the third quarter, followed by a 5 percent increase in aluminum products.

Chemical fertilizers had a modest increase of 0.6 percent, the report added.

However, essential and industrial oils experienced a 69 percent slump in export value. Fuel products saw a 54 percent fall. While paraffin dropped by 40 percent, low-density polyethylene recorded a 15 percent decline. 

Qatari private sector exports also reached 100 nations during the third quarter compared to 99 countries in the same period last year. 

Among economic regions, Asian countries, excluding the GCC and Arab countries, emerged as the top destination, accounting for 34.6 percent of the total export value.

The EU followed with 27.3 percent, trailed by the GCC countries at 22.6 percent. Arab countries secured the fourth position with 12.7 percent, and the US claimed the fifth spot with 1.7 percent.