Saudi cabinet approves digital economy policy

Saudi Arabia’s cabinet has approved a digital economy policy for the Kingdom.

According to Saudi Arabia’s state news agency SPA, The Minister of Communications and Information Technology Abdullah Al-Swaha said the policy will be a road map for the Kingdom’s directions for government authorities, the private sector and the international community in fields related to digital economy.

Moreover, investments will also be developed through the digitalization of the economy. Moreover, it will also increase local technical leadership and also invite international partnerships in the sectors of innovation and digital transformation.

Saudi Arabia Foreign Exchange Reserves Surge By 2.3%

Saudi Arabia’s total overseas reserves have been increased by 2.3% in November 2020, reaching 1.71 trillion riyals.

According to a report released by Saudi Central Bank (SAMA), Saudi Arabia’s overseas reserves increased by 38.7 billion riyals in November compared to October this year.

Report further stated that the total reserves of the Saudi Central Bank “Sama” include gold, special drawing rights, reserves with the International Monetary Fund, foreign exchange and overseas reserves, as well as investments in overseas securities.

According to the data released at the end of November, investments in overseas securities stood at 1.09 billion riyals, while the value of cash and financial reserves abroad was about 574.8 billion riyals.