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.
'THE WORST THING YOU CAN EAT'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
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The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
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