Saudi Arabia will provide up to $4 million in loans to technology businesses as it seeks to boost its digital economy and attract new investment in the sector.
The Arab world’s largest economy will provide loans ranging from 100,000 Saudi riyals ($26,666) to 15 million riyals to support start-ups and small and medium enterprises operating in the technology sector, the Saudi Press Agency said.
The financing is part of an initiative by the kingdom’s National Technology Development Programme (NTDP) and the Small and Medium Enterprises Loan Guarantee Programme (Kafalah) that aims to foster the growth of information technology enterprises and improve "the financing of financial institutions licenced by the Saudi Central Bank to the information technology sector”, the SPA said.
Saudi Arabia also plans to attract new investment in the information and communications technology sector to create “success stories for local companies" through the new programme.
Saudi Arabia, the world's biggest oil exporter, is investing significantly in its digital transformation and has introduced various smart initiatives in recent years. Last month, the kingdom announced initiatives worth $4 billion in partnership with 10 global tech companies.
The new initiatives seek to boost the digital capabilities of the kingdom and produce one programmer out of every 100 Saudi nationals by 2030, the SPA said.
Saudi Arabia also unveiled its first locally made smart chip, which can be used in military, civil and commercial equipment applications.
The kingdom's recent programme will also offer guarantees for financing institutions to increase lending for profitable start-ups and SMEs in the technology sector, the SPA said.
The NTDP plans to launch several initiatives throughout this year to develop the ICT sector in the kingdom.
Saudi Arabia aims to attract foreign and local investment worth over 75 billion riyals in the fields of data and artificial intelligence by 2030 and is looking to develop customised applications that could propel the use of the Arabic language in AI algorithms and software.
AI is expected to contribute up to 12.4 per cent of the country’s gross domestic product – equivalent to 506.5bn riyals – by 2030, according to PwC.
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Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Sun jukebox
Rufus Thomas, Bear Cat (The Answer to Hound Dog) (1953)
This rip-off of Leiber/Stoller’s early rock stomper brought a lawsuit against Phillips and necessitated Presley’s premature sale to RCA.
Elvis Presley, Mystery Train (1955)
The B-side of Presley’s final single for Sun bops with a drummer-less groove.
Johnny Cash and the Tennessee Two, Folsom Prison Blues (1955)
Originally recorded for Sun, Cash’s signature tune was performed for inmates of the titular prison 13 years later.
Carl Perkins, Blue Suede Shoes (1956)
Within a month of Sun’s February release Elvis had his version out on RCA.
Roy Orbison, Ooby Dooby (1956)
An essential piece of irreverent juvenilia from Orbison.
Jerry Lee Lewis, Great Balls of Fire (1957)
Lee’s trademark anthem is one of the era’s best-remembered – and best-selling – songs.
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The specs: 2018 Nissan 370Z Nismo
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Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
MATCH INFO
What: 2006 World Cup quarter-final
When: July 1
Where: Gelsenkirchen Stadium, Gelsenkirchen, Germany
Result:
England 0 Portugal 0
(Portugal win 3-1 on penalties)
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Our legal advisor
Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.
Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation.
Education: Sagesse University, Beirut, Lebanon, in 2005.
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Full time contracts
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Fight card
1. Bantamweight: Victor Nunes (BRA) v Siyovush Gulmamadov (TJK)
2. Featherweight: Hussein Salim (IRQ) v Shakhriyor Juraev (UZB)
3. Catchweight 80kg: Rashed Dawood (UAE) v Khamza Yamadaev (RUS)
4. Lightweight: Ho Taek-oh (KOR) v Ronald Girones (CUB)
5. Lightweight: Arthur Zaynukov (RUS) v Damien Lapilus (FRA)
6. Bantamweight: Vinicius de Oliveira (BRA) v Furkatbek Yokubov (RUS)
7. Featherweight: Movlid Khaybulaev (RUS) v Zaka Fatullazade (AZE)
8. Flyweight: Shannon Ross (TUR) v Donovon Freelow (USA)
9. Lightweight: Mohammad Yahya (UAE) v Dan Collins (GBR)
10. Catchweight 73kg: Islam Mamedov (RUS) v Martun Mezhulmyan (ARM)
11. Bantamweight World title: Jaures Dea (CAM) v Xavier Alaoui (MAR)
12. Flyweight World title: Manon Fiorot (FRA) v Gabriela Campo (ARG)
SERIE A FIXTURES
Friday Sassuolo v Torino (Kick-off 10.45pm UAE)
Saturday Atalanta v Sampdoria (5pm),
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Benevento v Napoli (6pm)
Parma v Spezia (6pm)
Fiorentina v Udinese (9pm)
Juventus v Hellas Verona (11.45pm)
Monday AC Milan v AS Roma (11.45pm)
