Egypt looks to secure bank financing to strengthen food security

Egypt, a major global wheat importer, relies heavily on wheat to subsidize bread for tens of millions of its citizens. File
Egypt, a major global wheat importer, relies heavily on wheat to subsidize bread for tens of millions of its citizens. File
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Updated 10 September 2024
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Egypt looks to secure bank financing to strengthen food security

Egypt looks to secure bank financing to strengthen food security

RIYADH: Egypt is actively seeking bank financing to purchase essential commodities and strengthen strategic reserves as part of its efforts to enhance food security.

In a recent meeting with Egyptian Minister of Supply Sherif Farouk, officials from First Abu Dhabi Bank Egypt discussed ways to boost partnerships with the private sector and financial institutions.

They highlighted the importance of bank financing for improving internal trade infrastructure and exploring investment opportunities in the food industry.

This initiative is part of Egypt’s broader strategy to improve food security amid rising global inflation and supply chain disruptions.

The meeting follows the General Authority for Supply Commodities, Egypt’s state grains buyer, issuing its largest-ever tender for 3.8 million metric tonnes of wheat in August.

Farouk emphasized the importance of strengthening collaboration with relevant entities in several key areas, including financing the import of essential goods, enhancing strategic reserves, and developing the Egyptian commodity exchange. He also stressed the need to expand silo construction and increase storage capacities.

The meeting was attended by Hossam El-Garhy, deputy head of the General Authority for Supply Commodities, and Ahmed Kamal, assistant minister and official spokesperson for the ministry.

From First Abu Dhabi Bank Egypt, the attendees included Mohamed Abbas Fayad, CEO and managing director; Mohamed Galal El-Din, general manager and head of Financial Markets; Moustafa Fahmy, executive director and head of Global Markets Sales; and Tamer El-Gohary, head of Banking Services.

Farouk highlighted the necessity of creating new avenues for collaboration with financial institutions and enhancing partnerships with the private sector.

The minister reviewed FAB Egypt’s banking offers, financing, and investment opportunities and discussed potential collaboration with the General Authority for Supply Commodities. The goal is to finance the procurement of necessities, bolster strategic reserves, and improve the commodity exchange infrastructure.

Fayad expressed strong enthusiasm for deepening cooperation with the ministry and its affiliates in areas such as internal trade, food security initiatives, and financing various ministry projects. These projects include the development of silos, strategic warehouses, logistics areas, and wholesale and semi-wholesale markets.

Egypt, a major global wheat importer, relies heavily on wheat to subsidize bread for tens of millions of its citizens. The General Authority for Supply Commodities alone imports approximately 5.5 million metric tonnes of wheat annually for this purpose.

GASC is currently seeking wheat shipments for periods spanning the 1st to 15th and the 16th to 30th of each month, starting from October through April, with a specific shipment window in February from the 16th to the 28th. The authority is looking to purchase the wheat on a free-on-board basis using 270-day letters of credit.


Saudi Arabia, NASA explore collaborations in space technology

Saudi Arabia, NASA explore collaborations in space technology
Updated 02 October 2024
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Saudi Arabia, NASA explore collaborations in space technology

Saudi Arabia, NASA explore collaborations in space technology

JEDDAH: Saudi Arabia is seeking to strengthen its ties with NASA following a recent high-level meeting in the US focused on exploring partnerships in advanced technologies and global scientific innovation.

During his visit, Abdullah Al-Swaha, the Saudi minister of communications and information technology and chairman of the Saudi Space Commission, met with NASA Administrator Bill Nelson to discuss strategic collaborations in space-related industries.

The discussions centered on joint efforts to promote space-based scientific innovation for the benefit of humanity.

Al-Swaha also met with Princess Reema bint Bandar, the Saudi ambassador to the US, and leaders from the American Chamber of Commerce to explore investment opportunities between the two nations.

Topics included potential investments in the digital economy, artificial intelligence, space, and innovation, as well as Saudi initiatives aimed at fostering science and entrepreneurship, according to the Saudi Press Agency.

While in Washington, Al-Swaha praised Saudi students at the Cultural Attaché office for their achievements, highlighting their contributions to the country’s competitiveness in science, engineering, technology, and space.

As part of Saudi Arabia’s delegation to the 79th session of the UN General Assembly, he also participated in the Summit of the Future held last month in New York.

During the summit, Al-Swaha noted that Crown Prince Mohammed bin Salman’s support for youth and women has led to significant progress in inclusion and empowerment, with a 35 percent participation rate of women in the tech sector in just six years—surpassing averages in the EU and G20 countries.

He highlighted initiatives like the Misk Foundation’s “Saudi Codes” program, which has trained one million women and youth in programming, and the historic journey of Rayyanah Barnawi, the first Muslim Arab female astronaut to the International Space Station.

He concluded by emphasizing that these efforts have improved Saudi Arabia’s standing in global indices, including the UN E-Government Development Index 2024, where the Kingdom ranked fourth worldwide and second among G20 nations in the digital services index.

Al-Swaha also discussed Saudi Arabia’s role as a model of international cooperation, collaborating with the UN’s International Telecommunication Union to address the digital divide affecting 2.6 billion people lacking access to digital solutions.

He showcased the Kingdom’s pioneering virtual hospital, which has successfully performed specialized surgeries, including open-heart operations for patients in various countries. Additionally, he reaffirmed Saudi Arabia’s commitment to advancing its digital economy through the proposed establishment of the Digital Cooperation Organization, aimed at serving over 800 million people by providing digital platforms and a unified digital market to stimulate innovation in healthcare, education, and business.

At the summit, Al-Swaha also discussed Saudi Arabia’s efforts to bridge social, economic, and AI gaps during a session titled “Toward a Common Digital Future.”

He revealed that the Kingdom presented seven recommendations to the UN, including the establishment of an independent international scientific committee on AI and the creation of a platform for sharing AI-related standards and best practices.


Saudi Arabia expanding gender roles in cybersecurity, forum hears

Saudi Arabia expanding gender roles in cybersecurity, forum hears
Updated 02 October 2024
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Saudi Arabia expanding gender roles in cybersecurity, forum hears

Saudi Arabia expanding gender roles in cybersecurity, forum hears

RIYADH: Saudi Arabia is redefining its approach to cybersecurity as it advances its Vision 2030 agenda, aiming to broaden participation in the field beyond traditional military roles, a forum was told. 

Speaking on the first day of the Global Cybersecurity Forum in Riyadh, Silvana Koch-Mehrin, founder and president of global network Women Political Leaders, emphasized the need to make the industry more inclusive, stating: “Cybersecurity does not mean military.” 

Koch-Mehrin highlighted the diverse opportunities within the sector that appeal to women, particularly as they navigate the digital landscape. 

“It has a lot of different facets, passion, and relevance for women, especially as mothers and as individuals who live in the digital world. This is something women would be interested in working on,” she said. 

This push aligns with Saudi Arabia’s commitment to cybersecurity as a national priority, not only to safeguard its digital infrastructure but also to create opportunities for women in the workforce. 

Hala bint Mazyad Al-Tuwaijri, president of the Human Rights Commission in Saudi Arabia, pointed out that the reforms enabling this shift have been profound and far-reaching. 

“For a very long period of time, women were highly educated in Saudi, not all of them very young, and also they were only employed in certain sectors,” Al-Tuwaijri said. 

She added: “With the Vision 2030, and with the opening of different sectors for women, and also for the older reforms, the legal, structural procedure reforms that happened. These new sectors that opened, allowed for that kind of leap in the participation of women.” 

Al-Tuwaijri emphasized that empowering women in cyberspace is as essential as in the real world. 

“It’s a necessity — an economic and security necessity — for us to have women play a role because, from our experience in Saudi Arabia, the empowerment of women could not have reached these levels without the participation of women,” she said. 

Koch-Mehrin underscored the importance of challenging ingrained biases in the workplace and society, saying: “Perceptions on leadership and which jobs are for men or women are deeply rooted in many societies. It’s impressive to see what’s happening in Saudi Arabia, where these norms are being questioned and changed. This shift will be a major driver for future change.” 

One effective tool for facilitating this change, according to Koch-Mehrin, is mentoring, both traditional and reverse – where mid-level women work with senior male executives to raise awareness about unconscious biases. 

“Mentoring is critical,” she said, adding: “But I would also say reverse mentoring is very important, and some corporations do that already. It’s not only about traditionally male executive mentoring mid-level women on how to get up to the executive level but also about raising awareness about what it’s actually like for women in these spaces.” 

Saudi Arabia has made significant strides in strengthening its cybersecurity capabilities, reflecting the Kingdom’s growing focus on digital security as it becomes more interconnected globally.

The establishment of the National Cybersecurity Authority and initiatives like the Global Cybersecurity Forum position the Kingdom as a leader in safeguarding its digital landscape.  

As the country undergoes rapid digital transformation, ensuring the protection of data and infrastructure has become a national priority, where women can play a critical role. 


Public, private sectors partnership is crucial to ensure cyberspace safety, official says

Public, private sectors partnership is crucial to ensure cyberspace safety, official says
Updated 02 October 2024
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Public, private sectors partnership is crucial to ensure cyberspace safety, official says

Public, private sectors partnership is crucial to ensure cyberspace safety, official says

RIYADH: Genuine partnership between the public and private sector is crucial to ensure technology safety within cyberspace, a former director at the UK Government Communications Headquarters said. 

Speaking in a panel discussion titled “Pathways to De-escalation: Shared priorities for reducing tensions and advancing stability in cyberspace” on the first day of the Global Cybersecurity Forum in Riyadh, Sir Jeremy Fleming explained that the private sector has many of the levers needed to facilitate and highlight cyber threats effectively.

This falls in line with the fact that on the domestic front, working with the private sector offers governments a chance to leverage insights and expertise to improve digital defense. 

According to the Global Cybersecurity Index 2024, almost 63 percent of countries reported having inter-agency processes for cybersecurity within their governments.

“Big technology companies have as good a radar on what’s happening in cyberspace as governments do, and so that leads to two conclusions for me. The first is that there is no point in governments talking to each other about cyberspace. There has to be a genuine partnership with the private sector because the private sector has many of the levers we need to make sure that this technology is safe, to make sure that threats are called out,” Fleming said. 

“Now, there is a space in all of that for, for secret stuff, there’s a space for the things that only governments can do. But again, that has to be in tandem with the private sector,” he added. 

Fleming further highlighted the importance of effective communication within the sector.

“The second thought is that I spent the last 15 years thinking and talking about cyber, but if you ask me to give you a crisp definition of it, I’m still struggling. And so, I think we have a communication problem here in how we talk about cyber and how we engage our populations in making sure that it stays at the top of the agenda,” the former director of GCHQ said.

“The debate we’re having at the moment about artificial intelligence and particularly safety is a way into this,” he added.

Also speaking during the same panel, the former President of the European Commission and former Prime Minister of Portugal, Jose Manuel Barroso, shed light on child protection within cyberspace. 

“There are some areas where I believe international cooperation can be relatively sincere; one of them is child protection,” Barroso said.

“I don’t see any reason why the governments, in spite of geopolitical interests and differences, should not consider child protection a global public good,” he added.

Barroso continued to highlight that cybercrime will increase because there are politically and economically malign actors, and some of the technologies, including AI, generative AI, and others, make the digital space even more difficult to manage.

“It’s true that according to some experts, some of those innovations can also help us fight cybercrime, it’s true. But the reality is that the digital space is becoming increasingly difficult to manage from a security point of view, for states, for companies,” he said.

“So, my first word is let’s prepare. Preparedness is the key at the national level. At the regional level, in the European Union, we are doing something. We have a European Agency for Cyber Security. I believe it’s not sufficient,” the former president of the European Commission added.

Also present at the panel, former US Secretary of Defense Mark Esper tackled what businesses need in order to navigate the digital economy.

“As businesses try to navigate more and more the digital economy, they’re going to need more consistency, more predictability. They cannot afford patchworks of regulatory law or privacy and data sharing, things like that. So, we’re going to need to smooth out, smooth out that electronic environment,” Esper said.

“In cyberspace, it’s an asymmetric tool that rich countries, poor countries, strong countries, weak countries, organizations or people or even governments can use that tool against others to gain an advantage or to level the playing field,” he added.

The former US secretary of defense emphasized how cyberspace is not static, but instead, is dynamic.

“As you see increasing advances in artificial intelligence and quantum sciences and advanced logarithms and software, it’s going to make this offense-defense component all the more challenging out there,” he said.

Experts from technology, public policy, defense, and other sectors will gather in Riyadh for the two-day Global Cybersecurity Forum.  

The event will focus on fostering collaboration under the theme “Advancing Collective Action in Cyberspace,” with the goal of enhancing multi-stakeholder engagement and driving joint initiatives on key strategic priorities.  

The program will feature five core sub-themes, each addressing a crucial aspect of cybersecurity.


Saudi Arabia eyes investment boost in Azerbaijan

Saudi Arabia eyes investment boost in Azerbaijan
Updated 02 October 2024
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Saudi Arabia eyes investment boost in Azerbaijan

Saudi Arabia eyes investment boost in Azerbaijan

JEDDAH: Saudi Arabia is focused on increasing investment in Azerbaijan, noting that the current trade volume of $13.4 million is relatively small, indicating significant growth potential.

At the fifth Saudi-Azerbaijani Business Forum in Baku, Hassan Moejeb Al-Hwaizy, chairman of the Federation of Saudi Chambers, emphasized the opportunity for enhanced economic collaboration as both nations pursue diversified development.

The forum, which included Azerbaijani Deputy Minister of Economy Elnur Aliyev and over 300 investors and officials, outlined plans to bolster private-sector partnerships.

Orkhan Mammadov, chairman of the Azerbaijani business council, highlighted the country’s strong infrastructure and the forum’s role in promoting new investment projects.

In a post on X, he stated that the partnership between Saudi Arabia and Azerbaijan is now stronger and more dynamic than ever.

“Our meetings are always interesting and business-like. This time was no different. At the 5th meeting of our business council, we tried to find new areas of cooperation with our entrepreneurs. The council will expand trade relations between our countries,” Mammadov said.  

He remarked that significant strides were made during the forum to enhance economic relations, identify investment opportunities, and discuss future collaborations, calling it “a promising day for both nations.”

Azerbaijan proposed establishing a joint sovereign investment fund with Saudi Arabia to direct investments into critical sectors like energy, tourism, and infrastructure.

This proposal, discussed between Azerbaijan’s Minister of Economy Mikayil Jabbarov and Al-Hwaizy, aligns with both countries’ goals for economic diversification, as reported by the Saudi Press Agency. The Baku forum showcased Azerbaijan’s investment potential, offering Saudi investors tax exemptions, free money transfers, and simplified procedures in its free economic zones.

The forum also addressed logistical challenges facing Saudi investments. Al-Hwaizy emphasized the importance of strengthening economic cooperation and exploring investment opportunities in renewable energy, infrastructure, tourism, and agriculture.

Aliyev praised Saudi investments in Azerbaijan, particularly in renewable energy projects by ACWA Power, and highlighted incentives for further investment in agriculture, logistics, and healthcare.

Saudi Ambassador to Azerbaijan Essam Al-Jutaili reiterated the embassy’s commitment to supporting investors through the joint committee, encouraging Azerbaijani investors to seize opportunities in the Kingdom.

Ahmed Al-Dukhail, chairman of the Saudi-Azerbaijani Business Council, stated that the council aims to boost the import of raw materials from Azerbaijan to enhance Saudi industry while increasing exports to Azerbaijan. He also advocated for the removal of legislative and logistical barriers to facilitate trade.


Global Cybersecurity Forum highlights the need for collective action to secure the digital future

Global Cybersecurity Forum highlights the need for collective action to secure the digital future
Updated 02 October 2024
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Global Cybersecurity Forum highlights the need for collective action to secure the digital future

Global Cybersecurity Forum highlights the need for collective action to secure the digital future

RIYADH: Cybersecurity industry leaders have emphasized the growing importance of digital protection as the world becomes increasingly interconnected at a special event in Riyadh.

Speaking at the Global Cybersecurity Forum, Saad Al-Aboodi, CEO of the Saudi Information Technology Co., highlighted the global nature of the challenge during an address at the event, titled “Advancing Collective Action in Cyberspace.” 

He said: “We live in multiple and parallel grids of data connectivity, transportation, energy, and supply chains. Our systems and infrastructures are globally interconnected, whether directly or indirectly, making cybersecurity a critical global issue that affects every aspect of modern society.”

Al-Aboodi stressed the growing shift from physical to digital assets, underscoring the necessity of robust cybersecurity measures. 

“It’s a fact of life that our societies are tech-driven, and as we become more digitally interconnected, we are pushing more assets from the physical space to cyberspace,” he said. 

He further argued that cybersecurity needs to understand the economics of the online world, as well as promoting responsible emerging technologies, and enhancing international collaboration.

“Starting with the economics of cybersecurity, it’s a subject worth deeper contemplation by academia, think tanks, industry players, and policymakers,” Al-Aboodi said. 

“One would need to calculate the value of assets, cost of protection, cost of damage, and the cost to launch a cyberattack using today’s tools on today’s exposure services.”

Al-Aboodi pointed out that while the global cybersecurity market is worth approximately $180 billion in 2024, the cost of cybercrime could reach $9.5 trillion by the end of the year. 

He also warned of the increasingly intertwined relationship between physical and cyber warfare, leading to rising costs for protection and attacks. “The value of assets, the cost of cyberattacks, and the cost of protection will rapidly increase,” he said.

Artificial intelligence was another major topic of discussion, with Al-Aboodi describing AI as an “embedded technology” that has far-reaching impacts. 

“It’s not a standalone technology or a sector on its own,” he explained, adding: “It is pervasive and impactful in whatever it does and wherever it goes.”

Al-Aboodi further underscored the importance of cooperation in safeguarding the future of cyberspace, saying: “Only through collective action — governments, industries, and individuals working together — can we build a future where cyberspace is safe, dependable, and sustainable.”

Megat Zuhairy, CEO of Malaysia’s National Cyber Security Agency, reinforced the need for trust in the digital space.

“When it comes to investments coming into Malaysia, the main priority is to see whether there is a conducive environment, specifically in cybersecurity,” he said. 

“It’s always about shared responsibility, but sharing, understanding, and collaboration require trust. Trust is very important, regardless of how advanced the technology or skills are,” Zuhairy added.

Suk-Kyoon Kang, CEO of AhnLab, underscored the role of AI in achieving security efficiency. “One of the key objectives of AI is to achieve security efficiency and make people’s lives easier,” he said. 

AhnLab has been training AI models with over one petabyte of data, processing 10 million detections daily to accurately identify threats such as phishing emails and text messages.

Suk-Kyoon Kang, CEO of AhnLab. AN

Miguel Angel Canada, head of National Coordination at Spain’s National Cybersecurity Institute, emphasized the economic opportunities within the industry. 

“Cybersecurity is not a security issue — it’s a business opportunity,” Canada said. 

He called for stronger connections between research and market applications to ensure that new technologies translate into products and services.

Timothy Sherman, vice president and CTO of Security Solutions Engineering at Cisco Systems, emphasized the universal importance of cybersecurity. “Cybersecurity should be a given right for everybody,” Sherman said.

The two-day Global Cybersecurity Forum is a platform for experts to call for unified global action to address growing cyber threats.