Government agencies join with private sector giants at LEAP showcase

Government agencies join with private sector giants at LEAP showcase
Nazar Daniyel, digital director at Deloitte, speaking to Arab News
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Updated 07 March 2024
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Government agencies join with private sector giants at LEAP showcase

Government agencies join with private sector giants at LEAP showcase

RIYADH: Saudi Arabia’s technology conference LEAP 2024 is awash with thousands of international companies and startups, but government agencies are also using the event to showcase their digital products and services.

As well as 1,800 exhibitors, 170,000 attendees and 1,100 expert speakers, over 30 public sector entities are attending the Riyadh-based gathering, now in its third edition. 

The agencies are participating in the Digital Saudi Exhibition organized by the Digital Government Authority to showcase innovative models of working using emerging technologies.

In addition, they are also signing strategic agreements, launching new services and taking part in discussion sessions and workshops about digital transformation.

The participation aims to enhance Saudi Arabia’s global position as an innovative digital environment and highlight success stories in the transformation journey.

In addition, it emphasizes the most prominent digital government services aimed at raising the quality of life and enhancing competitiveness.

Furthermore, the exhibition unifies the efforts of the authorities in highlighting the development of digital government services in the Kingdom in accordance with the highest international standards and practices.

Ericsson, Mobily extend managed services agreement

During LEAP, Ericsson and Etihad Etisalat, popularly known as Mobily, have extended their managed services agreement for an additional three years to leverage next-generation artificial intelligence and machine learning for autonomous operations, according to a press release.

The data-driven operations aim to optimize processes, enhance operational and service metrics, and reduce time-to-market, ensuring Mobily consistently delivers high-quality services, elevates customer experiences, and enhances efficiency.

Alaa Malki, chief technology officer at Etihad Etisalat, said that his firm is committed to supporting digital transformation initiatives across the Kingdom’s public and private sectors in line with the aspirations of the Saudi Vision 2030.

He added: “Our long-term partnership with Ericsson enables us to enhance our infrastructure by introducing the latest technologies, boost the capabilities of our networks and strengthen our competitiveness in the Saudi telecom market, unlocking new possibilities for our customers.”

Ekow Nelson, vice president at Ericsson Middle East and Africa, said: “We are excited to contribute to a digitally empowered Saudi Arabia through our partnership with Mobily, building upon the foundation of Saudi Vision 2030.  

“We do this several in ways through our nearly two-decade-long relationship of delivering leading-edge innovations. 

“Our latest, Ericsson’s AI-powered managed services navigate complexity, will ensure reliable and adaptable networks for today’s dynamic needs and empower Mobily to offer exceptional experiences for its customer.”

STC Group, Diriyah Co. strengthen collaboration

Diriyah Co. and STC Group showcased the synergy between technology and giga-projects in the stc booth at the conference with a digital map of the UNESCO Heritage Site.

Their collaboration focuses on smart city solutions, sustainable development, and blending technology with cultural heritage in modern infrastructure.

According to an agreement signed last year, STC Group will develop wired and wireless communication networks and provide internet services for Diriyah Co.’s main headquarters, commercial premises and cloud security services.

It will also equip Diriyah’s locations with cutting-edge technology while retaining their distinctive heritage value.

Deloitte showcases innovative products, services

The Deloitte space at LEAP features a giant 3D screen, offering visitors an immersive glimpse into innovative technology products and services.

With technology solutions spanning data and AI, cloud, unlimited reality, sustainability, and cyber security, attendees are able to witness firsthand innovation.

Additionally, Deloitte is demonstrating assets in collaboration with strategic global alliances such as Anaplan, Adobe, and ServiceNow.

“LEAP 2024 provides an exceptional platform for us to showcase our commitment to innovation and emerging technologies, driving meaningful impact for our clients across the region,” said Rashid Bashir, consulting CEO at Deloitte Middle East.

He added: “We are thrilled to be part of this dynamic gathering once again, where we can demonstrate our dedication to pushing boundaries and shaping the future of business in the Middle East.”

Visitors of the Deloitte space have the opportunity to engage in a gamified Immersive Spatial F1 Experience. This interactive showcase highlights cross-industry use cases of technologies enabled by Deloitte, including immersive learning, media streaming, product visualization, and collaborative multiplayer engagement.

Saudamini Dubey, digital transformation lead partner at Deloitte, told Arab News that this is the second year that the company is partnering with LEAP. 

“The reason we are here is because it allows us to showcase our tech transformation capabilities and not just globally, but also more importantly out here in Saudi Arabia, where we have a lot of talent based out of a Deloitte Digital center in Riyadh and also our new head office,” she said.

Among others, Dubey went on to highlight the immersive experience mimicking being in the race track while participating in a multiplayer game.

She explained: “If you look at the Formula One racing, normally it’s about cars whizzing right across with a lot of analytics or support. Out here, you can almost feel like you’re there in the race. You’re able to also look at all the details of the car, the race itself.”

Dubey pointed out that Deloitte has worked on different projects tackling sustainability and climate change.

She added: “We have our green impact, which focuses on climate and sustainability, and we are also very proud to be partnering with partners like ServiceNow to launch an innovation space with them at the Deloitte Digital Center focused on the public sector. We are partnering with organizations like Adobe ServiceNow and a plan to showcase our end-to-end transformative capabilities.”

LEAP is an annual premier tech event founded in 2022 by the Ministry of Communication and Information Technology. It brings together leading professionals from the sector to deliberate on the industry’s future and the innovative opportunities ahead.


Oil Updates — prices rise amid US tariff threat but still set for weekly loss

Oil Updates — prices rise amid US tariff threat but still set for weekly loss
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Oil Updates — prices rise amid US tariff threat but still set for weekly loss

Oil Updates — prices rise amid US tariff threat but still set for weekly loss

NEW YORK: Oil prices rose on Friday as markets weighed the threat of tariffs by US President Donald Trump on Mexico and Canada, the two largest crude exporters to the US, that could take effect this weekend.

Brent crude futures for March, which expires on Friday, gained 61 cents at $77.48 a barrel at 7:30 a.m. Saudi time. The more-active April contract was at $76.37 a barrel, up 48 cents.

US West Texas Intermediate crude gained 65 cents to $73.38.

For the week, Brent is set to fall 1.3 percent while WTI has declined 1.69 percent.

However, for the month of January, Brent is set to gain 3.8 percent, its best month since June, and WTI is poised to climb 2.3 percent.

“Crude oil prices declined this week due to increasing fears surrounding Trump’s tariffs, which are expected to hinder global economic growth,” said Priyanka Sachdeva, senior market analyst at Phillip Nova.

Investors are contemplating the likelihood of US tariffs alongside a flurry of executive orders and policy announcements, ANZ Bank analyst Daniel Hynes said.

Trump has threatened to impose a 25 percent tariff as early as Saturday on Canadian and Mexican exports to the US if those two countries do not end shipments of fentanyl across US borders.

It is unclear if the tariffs would include crude oil. On Thursday, Trump said he would soon decide whether to exclude Canadian and Mexican oil imports from the tariffs.

In 2023, the last full year of data, Canada exported 3.9 million barrels per day of crude to the US, out of 6.5 million bpd of total imports, while Mexico exported 733,000 bpd, according to the US Energy Information Administration, the statistical arm of the Department of Energy.

The increased risk of supply disruptions from the foreign policies of the new Trump administration has kept prices elevated, Hynes said.

“Sanctions on Russia, stopping purchases of Venezuelan oil and maximum pressure on Iran will increase the geopolitical risk premium on oil,” said Hynes.

“This could be compounded by the refilling of the strategic petroleum reserve, adding to oil demand,” he said.

The market will be watching the upcoming OPEC+ meeting scheduled for Feb. 3 as recent US sanctions on Russian oil have removed over a million barrels from global supplies, possibly prompting the producer group to reconsider its output plans, Phillip Nova’s Sachdeva said.

Kazakhstan’s energy minister said on Wednesday that the group is set to discuss Trump’s plans to raise US oil production and take a joint stance on the matter at next week’s meeting.

On the monetary front, the Federal Reserve’s decision to keep interest rates unchanged signals a cautious approach moving forward amid ongoing inflation challenges in the world’s largest economy, Sachdeva added.

“With the threats of Trump’s tariffs, the path to disinflation is likely to become even more turbulent.”


Saudi Arabian Military Industries appoints new CEO

Saudi Arabian Military Industries appoints new CEO
Updated 30 January 2025
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Saudi Arabian Military Industries appoints new CEO

Saudi Arabian Military Industries appoints new CEO

RIYADH: The Saudi Arabian Military Industries has announced the appointment of Thamer M. Al-Muhid as its new chief executive officer, effective Feb. 1, according to a statement released on Thursday.

The decision was confirmed during a meeting of SAMI’s board of directors, chaired by Saudi Defense Minister Prince Khalid bin Salman.

With over 30 years of global leadership experience, Al-Muhid brings extensive expertise in driving organizational transformation, operational excellence, and international expansion.

The newly appointed CEO of SAMI, Thamer M. Al-Muhid. Supplied

His diverse background encompasses strategic initiatives, mergers and acquisitions, research and development, and forging key international partnerships—all of which equip him to lead SAMI into a new phase of growth and innovation.

Before his appointment, Al-Muhid served as group CEO and managing director of Saudi Chemical Co. Holding, and has held senior leadership roles at prominent organizations such as SABIC, Almarai, and the Ministry of Commerce and Industry.

Replacing Walid Abu Khaled, Al-Muhid will oversee the company’s efforts to advance cutting-edge technologies, produce world-class defense products, and strengthen strategic partnerships.

His leadership is expected to expedite Public Investment Fund-owned SAMI’s progress toward achieving its ambitious objectives, including localizing 50 percent of the Kingdom’s defense spending and fostering national talent in the defense sector.

This appointment underscores SAMI’s ongoing commitment to positioning Saudi Arabia as a global leader in defense manufacturing and innovation.


Saudi crowdfunding platform Lendo secures $690m warehouse facility led by J.P. Morgan

Saudi crowdfunding platform Lendo secures $690m warehouse facility led by J.P. Morgan
Updated 30 January 2025
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Saudi crowdfunding platform Lendo secures $690m warehouse facility led by J.P. Morgan

Saudi crowdfunding platform Lendo secures $690m warehouse facility led by J.P. Morgan

RIYADH: Lendo, a debt crowdfunding platform in Saudi Arabia, has secured a SR2.6 billion ($690 million) warehouse facility, with J.P. Morgan serving as the lead arranger.

According to an official statement, the facility will support increased job creation within the Kingdom, underscoring Lendo’s commitment to fostering domestic economic growth and employment opportunities.

Endorsed by Fintech Saudi, this achievement highlights the rapid expansion of Saudi Arabia’s fintech sector and signals the substantial potential for small and medium-sized enterprise financing within the economy, it added.

The initiative also aligns with Saudi Vision 2030, which aims to raise SME lending from 4 percent in 2018 to 20 percent by 2030.

“This landmark facility represents a transformative moment for Lendo and the Saudi fintech ecosystem,” said Osama Alraee, CEO and co-founder of Lendo.

“The strong backing from global financial institutions such as J.P. Morgan validates our innovative approach to SME financing and positions us to significantly expand our impact in the Saudi market. This facility will accelerate our mission of driving SME growth while contributing to the Kingdom’s Vision 2030 goals.”

The statement said the facility will be strategically allocated to enhance Lendo’s lending capacity, introduce innovative financial products, and broaden the company’s coverage of SMEs across the Kingdom.

George Deves, co-head of Northern European Asset-Backed Securities at J.P. Morgan, remarked: “We are pleased to collaborate with Lendo on this landmark transaction. A robust and rapidly expanding SME sector is crucial to the local economy, and this financing will contribute to the strategic goal of boosting SME lending in Saudi Arabia.”

Moreover, the deal underscores the growing confidence of international investors in the Kingdom’s fintech sector, particularly in the strength of its regulatory framework.

Lendo has successfully completed two rounds of investment to date, with its most recent Series B funding round, raising $28 million, led by Sanabil Investments, a wholly owned subsidiary of Saudi Arabia’s Public Investment Fund.


Saudi Arabia’s flyadeal joins IATA, boosting Kingdom’s aviation growth

Saudi Arabia’s flyadeal joins IATA, boosting Kingdom’s aviation growth
Updated 30 January 2025
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Saudi Arabia’s flyadeal joins IATA, boosting Kingdom’s aviation growth

Saudi Arabia’s flyadeal joins IATA, boosting Kingdom’s aviation growth

JEDDAH: Saudi Arabia’s low-cost carrier, flyadeal, has joined the International Air Transport Association, marking a significant step in its regional and global expansion while supporting the Kingdom’s growing aviation sector.

On Jan. 29, flyadeal’s management welcomed an IATA delegation, led by Kamil Al-Awadhi, the regional vice president for Africa and the Middle East, to celebrate the milestone at the airline’s headquarters in Jeddah.

In November, flyadeal earned IATA’s Operational Safety Audit certification, the highest safety accreditation in the airline industry.

This thorough evaluation examines an airline’s operational safety, ensuring it adheres to the most rigorous standards, covering areas like aircraft engineering, maintenance, flight operations, cabin services, ground handling, cargo, and security.

Saudi Arabia is investing heavily in its aviation sector as part of the Vision 2030 initiative, which seeks to diversify the economy beyond fossil fuels, boost the private sector, and enhance global connectivity.

The country aims to accommodate 330 million passengers by 2030, serve over 250 destinations, and transport 4.5 million tonnes of air cargo.

Steven Greenway, CEO of flyadeal, expressed his pride in joining IATA, an association that has long represented the airline industry with a unified voice.

“Since our founding in 2017, our growth has been rapid, with operational safety as a top priority. Becoming an IATA member was a natural next step for us,” he said.

Greenway also highlighted flyadeal’s new position alongside Saudia, the full-service airline that has been a longstanding IATA member.

“As Saudia and IATA celebrate their 80th anniversaries this year, we are proud to be part of this milestone,” he added.

Al-Awadhi also celebrated the addition of flyadeal to IATA, noting that their membership reflects the airline’s significant role in Saudi Arabia’s aviation expansion.

“Saudi Arabia has made remarkable strides in developing a world-class aviation sector,” he said. “flyadeal’s inclusion further demonstrates the Kingdom’s commitment to enhancing connectivity and fostering sustainable industry growth.”

He also praised the government’s ambitious vision for aviation and reaffirmed IATA’s commitment to supporting Saudi Arabia’s strategy to grow a thriving aviation industry that benefits travelers, businesses, and the economy.

flyadeal, which plans to carry more than 75,000 pilgrims on dedicated international charters during this year’s Hajj season, operates from key hubs in Riyadh, Jeddah, and Dammam.

It offers nearly 30 year-round and seasonal destinations within Saudi Arabia, as well as select cities in the Middle East, Europe, and North Africa.

The airline’s fleet includes 36 Airbus A320 aircraft, and it plans to significantly expand its network over the next 12 months as part of a major international growth initiative.


Closing Bell: Saudi main index ends the week in red at 12,415 

Closing Bell: Saudi main index ends the week in red at 12,415 
Updated 30 January 2025
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Closing Bell: Saudi main index ends the week in red at 12,415 

Closing Bell: Saudi main index ends the week in red at 12,415 
  • MSCI Tadawul Index increased by 4.12 points, or 0.27%, to close at 1,544.02
  • Parallel market Nomu gained 201.99 points, or 0.65%, to close at 31,250.65

RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Thursday, losing 23.99 points, or 0.19 percent, to close at 12,415.49. 

The total trading turnover of the benchmark index was SR6.49 billion ($1.73 billion), as 139 stocks advanced, while 89 retreated.    

The MSCI Tadawul Index increased by 4.12 points, or 0.27 percent, to close at 1,544.02. 

The Kingdom’s parallel market, Nomu, rose, gaining 201.99 points, or 0.65 percent, to close at 31,250.65. This comes as 45 of the listed stocks advanced, while 36 retreated. 

The best-performing stock was United Cooperative Assurance Co., with its share price surging by 7.94 percent to SR10.20. 

Other top performers included the Saudi Steel Pipe Co., which saw its share price rise by 7.33 percent to SR73.20, and Gulf General Cooperative Insurance Co., which saw a 5.91 percent increase to SR12.18. 

Bupa Arabia for Cooperative Insurance Co. saw the largest decline of the day, with its share price dropping 4.12 percent to SR186. 

CHUBB Arabia Cooperative Insurance Co. saw its shares drop by 3.59 percent to SR56.40, while The Mediterranean and Gulf Insurance and Reinsurance Co. declined 3.17 percent to SR25.95. 

On the announcements front, Jarir Marketing Co. profits slightly increased to SR974 million by the end of 2024, compared to SR973 million in the same period of 2023. 

According to a Tadawul statement, operating profit totaled SR1.05 billion in 2024, up from SR1.04 billion in the corresponding period of 2023, reflecting a 0.74 percent growth. The increase in profits was attributed to a 2.2 percent rise in total sales, driven by higher sales in the smartphone, computer, and tablet sectors. 

The company’s total profit also rose by 3.8 percent, which is higher than the sales growth due to a relative improvement in profit margins in certain departments, particularly smartphones, as a result of discounts granted by suppliers, the statement added. 

Jarir Marketing also reported that shareholders’ equity reached SR1.74 billion by the end of the period, compared to SR1.77 billion at the end of the same period last year. 

Shares of Jarir traded 1.38 percent lower in today’s trading session on the main market to close at SR12.82. 

Moreover, SNB Capital Co. serving as the lead manager of the Arabian Co. for Agricultural and Industrial Investment, announced that Entaj will proceed with an initial public offering of 9 million ordinary shares, representing 30 percent of its total share capital.