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Global leaders gather in Riyadh to forge collective action on cybersecurity

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. File
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. File
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Updated 02 October 2024

Global leaders gather in Riyadh to forge collective action on cybersecurity

Global leaders gather in Riyadh to forge collective action on cybersecurity

RIYADH: Experts from technology, public policy, defense, and other sectors will gather in Riyadh for the Global Cybersecurity Forum Annual Meeting on Oct. 2-3.  

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. “Beyond Cyber Discord: Building trust within geopolitical competition” will examine ways to overcome geopolitical tensions and cultivate trust among nations.  

“Cyber Psychology: Decoding human behaviors in Cyberspace” will explore the motivations of cybercriminals and strategies to protect users from cyber manipulation.  

The sub-theme “Cyber Social Fabric: Strengthening development and inclusion in Cyberspace” will focus on promoting social cohesion and equitable participation in the digital realm.  

Another critical topic, “Thriving Cyber Economy: Developing strong markets and building resilient cyber ecosystems,” will discuss strategies for economic growth and market integration within the cybersecurity sector. Lastly, “New Cyber Frontier: Integrating convergent technologies in Cyberspace” will investigate the impact of advanced technologies on the future of cybersecurity.  

The event builds on the success of previous editions, aiming to promote a collective approach to addressing challenges and opportunities in cyberspace.  

Day One  

The first day will kick off with various expert forums, fireside chats, and closed sessions, starting with the speaker session titled “Pathways to De-escalation: Shared priorities for reducing tensions and advancing stability in Cyberspace.”  

This session will delve into the effects of rising inter-state tensions in cyberspace and highlight opportunities for progress through new diplomatic channels, evolving norms, and emerging technologies.  

Also on the agenda is “Leadership Launchpad: Charting Paths to Leadership in Cybersecurity,” which will focus on strategies to advance mid-to-senior female cybersecurity professionals into executive roles. Additionally, “Ctrl + Invest” will showcase women-led ventures in the cybersecurity space.  

Another significant session, “Pioneering Pathways: Unleashing potential in the Cybersecurity sector,” will examine the diverse economic contributions of the cybersecurity industry in tech-driven markets, addressing its potential amid technological changes and the associated risks and opportunities for ecosystem development.  

“Equipping the Defenders: What law enforcement needs to win” will address the critical needs of law enforcement in tackling online child abuse, talent shortages, future skill requirements, and propose actionable solutions.  

In “Cyber Statecraft: The new chessboard of geopolitics,” participants will discuss strategies to integrate cybersecurity into national defense, enhancing geopolitical advantage and ensuring long-term security.  

“The Multilateral Frontier: Assessing the state of play and imperatives for collective action in cyber diplomacy” will analyze the current state of UN negotiations, emphasizing significant progress while addressing challenges in establishing robust international norms and frameworks for cyber governance.  

“Code, Clicks, and Culture: Social Transformation in the Technological Age” will focus on the social transformations driven by technological advancements and the cultural shifts resulting from increased interconnectedness and technology adoption across demographics.  

Additional panel discussions and closed sessions will also take place throughout the first day.  

Day Two  

The second day will feature in-depth discussions on the economic, political, and defense roles of cybersecurity in the digital era.  

One notable session, “The History of Cyber Diplomacy Future: Drawing insights from collaborative progress on trade, nuclear, and climate,” will explore how trade agreements, nuclear disarmament, and climate negotiations can inform effective strategies for cyber diplomacy.  

In “Principles of Stability: Applying the lessons of the past to the current and future challenges in Cyberspace,” participants will examine challenges through the lens of the Secure Future Initiative, a multiyear program focused on evolving Microsoft’s design, development, and operational standards for security.  

“Navigating the Future: Advancing the Global Cybersecurity Agenda to build confidence in cyberspace” will trace the evolution from the World Summit on the Information Society Action Line 5—which laid the groundwork for trust and security in information and communication technologies—to the establishment of the ITU Global Cybersecurity Agenda. This session will highlight how the principles of Action Line 5 have shaped the ITU’s broader approach to cybersecurity.  

Panels will cover the security of the healthcare sector, strategies for psychological defense against cyberattacks, and the critical role of the sector during mega events. These discussions aim to address specific sector vulnerabilities and broader resilience strategies in the face of evolving cyber threats.  

Child protection in cyberspace  

Concurrent with the GCF Annual Meeting, the Child Protection in Cyberspace Global Summit will take place on Oct. 2-3 in Riyadh.  

This summit will bring together key stakeholders worldwide to ensure that children are safe and protected in cyberspace. The event is held in collaboration with ITU, UNICEF, GCF, the DQ Institute, and WeProtect Global Alliance.  

“Protecting children online is a shared responsibility,” said ITU Secretary-General Doreen Bogdan-Martin. “With today’s children spending an increasing amount of time online, it is crucial to protect and empower them. The Child Protection in Cyberspace Global Summit will bring together leaders from all sectors to ensure our youngest users can thrive online.”  

The summit will convene prominent figures from government, international organizations, academia, and the private sector to explore multi-stakeholder collaboration for enhancing child protection in cyberspace. The second day will conclude with a high-level roundtable themed “Advancing Collective Action for Child Protection in Cyberspace.”  

“We must work together to make the Internet a safe place for children to learn, socialize, and express themselves,” said UNICEF Executive Director Catherine Russell. “This Summit marks an important opportunity to coordinate global efforts to maximize the benefits of digital technology in children’s lives while protecting them from harm.”  

The summit aims to achieve four key objectives: consolidating global efforts and advancing collective action; enhancing the global response to pressing challenges; mitigating emerging threats facing children in cyberspace; and ensuring child protection resonates with the agenda of global decision-makers.  

These objectives align with the goals of the Child Protection in Cyberspace initiative and support the UN Sustainable Development Goals 4, 5, 16, and 17 under the 2030 Agenda for Sustainable Development.  

“We are gathering in Riyadh because we all recognize that as the risks to children in cyberspace grow in number and complexity, we must collaborate to develop innovative partnerships to advance our collective efforts to protect them,” said Majed Al-Mazyed, governor of Ƶ’s National Cybersecurity Authority, speaking on behalf of the GCF Board of Trustees.  

The event will focus on finding pathways toward a safer cyberspace for children, including designing new collaborative approaches and mechanisms to enhance responsiveness to emerging technological threats.  

“What we need today is coordinated, multi-stakeholder collaboration that enhances not only children’s safety and well-being in cyberspace but also their cyber literacy, as our highest priority,” said Yuyhun Park, founder of the DQ Institute.  

A 2022 GCF global report found that 72 percent of children worldwide have experienced at least one type of cyber threat, with the most prevalent being unwanted ads and inappropriate content. Nearly one in five children reported facing bullying or unwanted sexual advances.  

“Child exploitation is an urgent and growing problem. We need to focus on preventing harm and work together for a cyberspace designed to protect children globally from exploitation,” said Iain Drennan, executive director of WeProtect Global Alliance.


Yemen and Iraq lead call for more crisis finance

Yemen and Iraq lead call for more crisis finance
Updated 16 November 2024

Yemen and Iraq lead call for more crisis finance

Yemen and Iraq lead call for more crisis finance

BAKU: A group of conflict-affected countries led by Iraq and Yemen is pushing at the COP29 climate talks to double financial aid to more than $20 billion a year to combat the natural disaster and security crises they face.
States mired in conflict or its aftermath have struggled to access private investment, because they are seen as too risky. That means UN funds are even more critical to their people, many of whom have been displaced by war and weather.
In response, the COP29 Azerbaijan presidency on Friday launched launch a new “Network of Climate-vulnerable Countries,” including Iraq, Yemen, Burundi, Chad, Sierra Leone, Somalia and Timor-Leste. They all belong to the g7+, an intergovernmental group of fragile countries that first sent the appeal.
The network aims to advocate as a group with climate finance institutions, build capacity in member states so they can absorb more finance, and create country platforms so investors can more easily find high-impact projects in which to invest, said think tank ODI Global, which helped the countries create the network.
“My hope is it will create a real platform for the countries in need,” said Abdullahi Khalif, chief climate negotiator for Somalia.


Half of UK businesses impacted by Middle East conflict

Half of UK businesses impacted by Middle East conflict
Updated 15 November 2024

Half of UK businesses impacted by Middle East conflict

Half of UK businesses impacted by Middle East conflict
  • British Chambers of Commerce survey shows companies faced increased costs, shipping disruption

LONDON: Half of British businesses say they have been affected by the conflict in the Middle East, according to a survey from the British Chambers of Commerce.

The findings show that on top of the devastating human impact of the fighting in Gaza and Lebanon, the economic repercussions are being felt around the world.

Houthi militants in Yemen began attacking shipping in the Red Sea shortly after the Oct. 7 Hamas attacks sparked Israel’s war on Gaza.

The militants claim they are targeting ships linked to Israel and its allies in solidarity with Palestinians. The result has been a huge reduction in traffic through one of the world’s busiest maritime trade routes.

The BCC said shipping container rates have risen sharply since the conflict began. The cost of shipping a 40-ft (12-meter) container from Shanghai to Rotterdam has risen from just over $1,000 at the start of the conflict to just under $4,000 now. Prices peaked at more than $8,000 in July.

Most shipping companies operating between Asia and Europe have opted to send vessels around the longer Cape Horn route rather than through the Red Sea and Suez Canal.

In the survey of about 650 businesses published this week by the BCC’s Insights Unit, UK firms said the conflict had led to increased costs, shipping disruption and delays, and uncertainty over oil prices. 

Half of those asked said the conflict had affected them, compared to just over a quarter in a similar survey in October 2023. This suggests more businesses worldwide have been affected by the fighting the longer it has gone on.

William Bain, the BCC’s head of trade policy, said: “Alongside the grim human impact of the ongoing conflict in the Middle East, the situation continues to have economic reverberations around the world.

“The effect on businesses here in the UK has continued to ratchet up the longer the fighting has continued.

“If the current situation persists, then it becomes more likely that the cost pressures will build further.”

Economists have warned that while the effects on the global economy have so far been largely limited to shipping costs and delays, further escalation could have a much wider impact.

The biggest concern would be a disruption to oil and gas supplies that would lead to a surge in global energy prices, fueling inflation.


COP29 unveils Baku Call initiative to bridge climate finance and peace for vulnerable communities

COP29 unveils Baku Call initiative to bridge climate finance and peace for vulnerable communities
Updated 15 November 2024

COP29 unveils Baku Call initiative to bridge climate finance and peace for vulnerable communities

COP29 unveils Baku Call initiative to bridge climate finance and peace for vulnerable communities
  • Elshad Iskandarov highlighted the 450 million people who live in regions simultaneously impacted by conflict and climate vulnerability

BAKU: The world’s most vulnerable communities stand at the heart of the newly launched “Baku Call on Climate Action for Peace, Relief, and Recovery,” unveiled on Friday at COP29. 

The initiative addresses the urgent need to tackle the interconnected challenges of climate change, conflict and humanitarian crises. 

Backed by key nations from both the Global North and South — including Egypt, Italy, Germany, Uganda, the UAE and the UK — it introduces the Baku Climate and Peace Action Hub as a platform for driving peace-sensitive climate actions and unlocking vital financial support for affected regions.

Speaking to Arab News, Ambassador Elshad Iskandarov of the COP29 Presidency articulated the stakes clearly, pointing to the 450 million people who live in regions simultaneously impacted by conflict and climate vulnerability. 

 

“These compounded crises not only strain existing resources but also hinder the effective delivery of climate finance,” he said. 

The Baku Call seeks to address this by providing a centralized mechanism to coordinate efforts across stakeholders — governments, UN agencies, think tanks and peace-building organizations. “The hub will serve as a unified entry point for vulnerable nations, ensuring streamlined access to climate finance and technical support,” he said.

The initiative builds on established frameworks such as COP27’s Climate Responses for Sustaining Peace and COP28’s Declaration on Climate, Relief, Recovery, and Peace, while adding practical innovations. 

Iskandarov highlighted a digital portal in development that will provide a clear overview of existing climate finance mechanisms, application requirements and best practices. 

“Imagine a country facing daily challenges of conflict, development and climate impact. Without proper guidance, navigating six to nine funding channels becomes nearly impossible,” he said. The portal aims to close this gap by strengthening national capacities and offering tools to access and manage climate funding effectively.

A central focus of the initiative lies in developing pilot projects tailored to conflict-affected areas, where conventional funding approaches often fall short. “In regions with strong non-state violent actors, we must ensure that funds reach the communities in need without falling into the wrong hands,” Iskandarov said. 

To achieve this, the hub will facilitate close collaboration with UN agencies and local communities, designing projects that integrate peacebuilding goals and adhere to stringent oversight standards.

Partnerships have been instrumental in shaping the initiative. The ambassador commended the co-lead nations for their shared commitment to inclusivity and cooperation, noting how countries such as the UAE, Egypt and the UK brought their experiences as prior COP hosts to strengthen the effort.

“This is not about initiative nationalism,” he said. “We’ve drawn lessons from the pandemic, where global unity was key, and applied them to forge a collaborative approach to the climate and peace nexus.”

The Baku Call also seeks to shift the broader narrative around climate and peace. Iskandarov expressed a long-term vision where this intersection is no longer synonymous with crisis and destruction but instead embodies hope and development. “Our ultimate goal is to create a future where the nexus of climate and peace signifies resilience and harmony, not despair,” he said.


Gulf’s record FDI inflows growing the pie for all, says Bahrain’s economic strategy chief

Gulf’s record FDI inflows growing the pie for all, says Bahrain’s economic strategy chief
Updated 15 November 2024

Gulf’s record FDI inflows growing the pie for all, says Bahrain’s economic strategy chief

Gulf’s record FDI inflows growing the pie for all, says Bahrain’s economic strategy chief

MANAMA: Gulf countries’ success in attracting foreign investments is a win-win for the region, a senior business strategy expert has told Arab News.

In an interview on the second day of the Bahrain International Airshow, Nada Al-Saeed, chief of strategy at the Bahrain Economic Development Board, described the Middle East’s growing ability to attract funding as “fantastic,” noting that it brings greater attention to the region.

In 2023, Ƶ secured foreign direct investment inflows of SR96 billion ($25.6 billion), 16 percent higher than its target amount, while Bahrain received a record $1.7 billion over the same period, marking an 55 percent annual increase.

“When Ƶ or the UAE does very well, it means that we could also benefit from that. I think that we often see the region as very competitive. I like to see it as a very collaborative and I think that everybody could benefit. If the pie gets larger, each individual’s share will also get larger.” she said. 

Reflecting on Bahrain’s FDI increase, Al-Saeed said that figure relates to the Economic Development Board’s achievements.

“If we are looking at the foreign direct investments’ statistics and results, we will see Bahrain actually attracted a much larger number than that, but this represents a record number for the EDB,” she said.

Nada Al-Saeed, chief of strategy at the Bahrain Economic Development Board. Supplied

Al-Saeed noted that funding secured in 2023 went to investment projects across all of Bahrain’s priority sectors, which include financial services, communication and technology, and manufacturing, as well as logistics and tourism,

“These are the key priority non-oil sectors identified by the government, and they are the focus of the EDB. The board has dedicated teams for each sector to promote and attract investments in these areas,” she said.

She also said that these projects have contributed to job creation in the country, and she expected this investment trend to continue.

Explaining how her organization’s strategy aligns with the country’s economic vision for 2030, Al-Saeed said that the EDB, as the nation’s investment promotion agency, works very closely with a wider ecosystem of stakeholders known as “Team Bahrain.” 

This group has tailored its investment promotion strategies to mirror the government’s national economic plans.

“Back in October 2021, the government launched the economic recovery plan where it identified key priority sectors, and the EDB aligned to that in order to ensure that we operate as a cohesive unit, and we are able to attract the right investments that will further stimulate the development and growth of our country,” the chief officer said.

Discussing the unique advantages Bahrain offers, Al-Saeed highlighted the country’s success over the past decades in attracting regional investors that now play a vital role in the nation’s economy.

“If we look at our foreign direct investment statistics, we will see the majority of our foreign investments come from the GCC region, and that is predominantly in the financial services sector, and this is a trend that we have seen since the 70s, where Bahrain managed to attract a lot of regional capital in the financial services sector from Ƶ, Kuwait, the UAE, and others, of course.” she said.

“There are many advantages because we treat GCC investors like Bahrainis when it comes to the processes of establishing business activities,” Al-Saeed added.

In addition, Bahrain has a wide range of incentives that are offered to investors.

One of these is the work of the country's labor fund, Tamkeen, which offers businesses the opportunity to support hiring local talent, as well as training and upskilling them to meet the needs of those companies.

Al-Saeed highlighted recent regulatory changes aimed at making Bahrain more attractive to global businesses and startups, and emphasized that significant efforts have been made to ensure the state remains both competitive and conducive to investments and business growth.

“Maybe one of the key, or most recent initiatives that is worth highlighting, is the Golden License program that was launched back in April 2023, which aims to provide streamlined services to strategic investment projects that are valued at $50 million or that creates 500 jobs here in Bahrain,” she said.

The chief officer added that through this initiative, projects and companies can benefit from expedited services when it comes to getting approvals, licenses or even access to decision makers. 

“This has been very instrumental in terms of ensuring that we provide high-class services to investors,” said Al-Saeed, noting that nine projects have been granted Golden License status since the initiative was launched.

She further said that the total of those projects is valued at $2.4 billion, with investors coming from various sectors and different regional and global countries, including Bahrain.

In response to a question about the role of the aviation sector in the EDB’s investment strategy,  Al-Saeed stated that it helps create a conducive investment environment, as it is what connects Bahrain with the rest of the world.

“This is not just in terms of the movement of people but also in transporting goods and service through air cargo. So, it is very important; as we do not target just the market that is within our geographic boundaries, but we aim to serve a much wider area and catchment area,” she said.


Ƶ’s demand for apartments pushes new mortgages over $16bn

Ƶ’s demand for apartments pushes new mortgages over $16bn
Updated 15 November 2024

Ƶ’s demand for apartments pushes new mortgages over $16bn

Ƶ’s demand for apartments pushes new mortgages over $16bn

RIYADH: Banks in Ƶ granted SR60.92 billion ($16.24 billion) in residential mortgages in the first nine months of 2024, an annual rise of 4.88 percent.

The data was released by the Saudi Central Bank, also known as SAMA, and it showed the bulk of the loans — constituting 64 percent or SR38.85 billion — was allocated for house purchases.

This segment did witness a 3.38 percent dip year on year, with its proportion of total loans shrinking from the 69 percent seen during the same period of 2023.

Demand for apartments surged, capturing 31 percent of total mortgages, up from 25 percent a year ago, as this category of lending reached SR18.6 billion.

This shift represents a 26.8 percent growth, underscoring the increasing preference for apartment ownership amid urbanization and demographic changes.

Additionally, loans for land purchases showed a promising trajectory, achieving an annual growth rate of 8.26 percent and amounting to SR3.5 billion, which signals a sustained interest in land investment across the Kingdom.

The rise in new residential bank loans across Ƶ is being driven by a blend of population growth, evolving mortgage policies, and increasing interest in apartment living.

According to a recent report from online real estate platform Sakan, the Kingdom’s population surged by four million over the past five years, with demand for housing climbing in response.

While this trend fuels the broader housing market, apartments have become a prominent focus, reflecting changing demographics and affordability needs.

The growth of the expatriate population, which expanded from 9.9 million in 2010 to 13.4 million in 2022 and now makes up over 40 percent of the population, also adds pressure on the rental market, particularly in major cities.

The government’s push for greater home ownership through buyer-friendly mortgage policies is helping fuel this apartment demand. 

Favorable mortgage options and the recent introduction of the Premium Residency Visa, often dubbed the “Saudi Green Card,” allow foreign investors to enter the market with purchases over SR4 million, fostering interest in upscale residential investments.

Additionally, the value proposition of apartments is clear, as with SR1 million, buyers can access apartment sizes that vary by city — for instance, around 131 sq. meters in North Riyadh to a more spacious 333 sq. meters in Dammam, according to the report.

Ƶ’s liberalized foreign ownership policies and affordable mortgage terms further boost demand, particularly for apartments in desirable areas.

The high rental yields offered by apartments in Ƶ also attract investors, with two- and three-bedroom apartments in Riyadh delivering yields of 9 to 10 percent, and even higher returns in Jeddah, where a two-bedroom unit yields 11.7 percent.

These returns are notably higher than apartment yields in neighboring Gulf cities, where they average between 5 to 6 percent in Dubai, Abu Dhabi, and Doha.

High rental yields not only make apartments attractive as long-term investments but also help offset rising property costs, driving both end-users and investors to favor this category in a market characterized by shifting residential preferences.

According to the report, the surge is also driven by the rapid evolution of real estate technology.

Platforms like Sakan are reshaping the real estate landscape by enhancing transparency, streamlining property transactions, and providing data-driven insights for buyers and investors alike.

Leveraging local knowledge and international expertise, these platforms are supporting the sector’s growth by simplifying access to property listings, improving market transparency, and facilitating faster transaction times.

As property technology continues to integrate into the Saudi market, it is poised to play a pivotal role in sustaining the momentum of residential lending and meeting the needs of a tech-savvy, expanding population.