Saudi Arabia to establish energy sub-sector fund to support non-profit associations
Updated 08 July 2024
Arab News
RIYADH: Saudi Arabia is set to establish an energy sub-sector fund to benefit the not-for-profit sector, thanks to a new agreement signed between the government and the Associations Support Fund.
The memorandum of understanding signed with the Ministry of Energy is part of an effort to support associations that specialize in this field.
The MoU also underscores the government’s commitment to advancing energy initiatives through targeted support.
Saudi Arabia is making steady progress in developing its energy sector, as this contributes toward the Kingdom’s goal of achieving carbon neutrality by 2060.
The newly established fund will focus on several key areas of cooperation. First, it will create developmental sub-portfolios designed to provide support for entities.
It will also seek to empower non-profit associations that specialize in various aspects of energy, and build high-quality initiatives that will activate and enhance the role of these organizations that focus on the sector.
Established by the Ministry of Human Resources and Social Development, ASF has an independent financial liability that is strategically linked to the development strategy and the strategy of the non-profit sector.
The fund aims to increase the number of associations that implement sustainable and influential development programs.
It also seeks to provide supportive and enabling programs that contribute to building a distinguished business model for the associations.
In addition, it provides financial tools and facilities for the associations that contribute to supporting them and enabling them to achieve their vision and fulfill their mission.
In December last year, ASF signed an agreement with Sekaya Charitable Foundation to enhance joint cooperation in water irrigation projects in the Kingdom, Saudi Press Agency reported.
The agreement aims to establish a sub-fund, the Water Associations Support Fund, to develop and empower entities working in the water irrigation sector, aligning with the objectives of Vision 2030.
Saudi Arabia unveils telecom, tech, and tourism deals at LEAP 2025
Updated 14 sec ago
MOHAMMED AL-KINANI
JEDDAH: Telecom licenses designed to drive SR1 billion ($267 million) investment in Saudi Arabia were announced during LEAP 2025, as tech and tourism partnerships were also unveiled.
The conference, being held in Riyadh, saw a focus on digital innovation, sustainable luxury, and artificial intelligence adoption.
The major investment deals and strategic partnerships showcased at the event further cemented the Kingdom’s position as a regional hub for digital transformation.
CST grants 4 telecom licenses
Saudi Arabia’s Communications, Space, and Technology Commission announced on Feb. 12 the issuance of four licenses, including those for carrier service providers, telecommunication services, and non-terrestrial network operations.
The move aims to drive the development of advanced smart infrastructure, enable the latest technologies, improve service competition, and attract more investment to support growth in Saudi Arabia’s telecom sector, according to the Saudi Press Agency.
CST granted carrier service provider licenses to Water Transmission and Technologies Co., Saudi Arabia Railways, and Raqeem Smart Solutions.
The permit allows utility companies to provide excess telecommunications infrastructure capacity, such as fiber optics and towers, to licensed individual service providers.
The licenses were presented to the companies during a formal ceremony attended by Mohammed bin Saud Al-Tamimi, CST governor; Abdullah Al-Abdulkarim, president of the Saudi Water Authority; Mamdouh Al-Shuaibi, vice president of sustainability at SWA; and Omar Al-Rejraje, CST deputy governor for the regulation and competition sector.
The permit granted to WTCO will enable companies to offer services to individual license holders, optimize infrastructure, expand telecom services, and drive digital transformation.
Around 1B SAR
investments in expanding digital infrastructure in Saudi Arabia at #LEAP25, through four licenses: Carrier Service Provider License, and the provision of telecommunication services and the operation services of Non-Terrestrial Networks (NTN).
Meanwhile, SAR’s license is expected to boost the telecom sector, with investments in fiber-optic cables along railway routes, extending services to remote areas through its network on northern and eastern corridors.
The authorization awarded to Raqeem is expected to attract investments and enhance telecom services for the Kingdom’s industrial infrastructure, as per SPA.
CST also granted a general class license, along with permits for providing telecom services via non-terrestrial networks and operating NTN services, to SKYFive Arabia.
The authorization, presented to the company’s CEO Mohammed Abdulrahim, allows the company to develop advanced satellite communication solutions, improving aviation connectivity in the Kingdom.
This allowance enables efficient in-flight connectivity for commercial aircraft, improving services for Saudi citizens and visitors and supporting quality of life and digital transformation.
ROSHN signs key deals for digital transformation
ROSHN Group was honored with the Top Google Cloud Customer Accelerated Growth Award. ROSHN Group
ROSHN Group, a Saudi leading multi-asset class developer and part of the Kingdom’s Public Investment Fund, has signed several memorandums of understanding as part of its commitment to digital transformation.
According to a press release, a partnership was inked with Saudi Information Technology Co. to collaborate on managed detection and response, cybersecurity advisory, and cloud services.
It also struck a deal with T2 company to advance research in emerging technology and property technology solutions and with Jahez Group to further develop smart mobility infrastructure for autonomous, electric vehicle-based delivery services.
During the conference, ROSHN Group was honored with the Top Google Cloud Customer Accelerated Growth Award, a testament to its approach to leveraging advanced cloud technologies.
Globant, Red Sea Global to focus on luxury tourism
Globant, a leading technology firm specializing in digital solutions, has teamed up with Red Sea Global to develop a digital program to enhance the visitor experience at one of the Kingdom’s major tourism projects.
According to a statement, the initiative aligns with Saudi Arabia’s Vision 2030 strategy, showcasing the nation’s commitment to sustainable and technologically advanced tourism.
The program centers around a robust, digitally enabled ecosystem integrating advanced technologies such as AI, the Internet of Things, and data analytics.
The release added that this connected visitor experience will provide intuitive, real-time interactions tailored to individual preferences.
Sultan Moraished, group head of technology and corporate excellence at RSG, said: “The Red Sea destination represents a bold vision for the future of tourism, one that combines luxury, technology, and sustainability in perfect harmony.”
Moraished added that partnering with Globant is a significant step toward creating a connected experience that will set a global standard, not just for the region but for destinations worldwide.
Federico Pienovi, chief business officer and CEO of new markets at Globant, said the partnership with RSG shows how technology can reshape tourism by focusing on the visitor, creating an ecosystem centered around convenience, personalization, and sustainability.
Accenture, Google Cloud boost AI in Saudi Arabia
Global professional services company Accenture announced on Feb. 11 that it will extend its Joint Generative AI Center of Excellence to Saudi Arabia, building on its international collaboration with Google Cloud,
The initiative aims to help organizations create new business opportunities and improve customer experiences by establishing a modern digital core and scaling generative AI agents to enhance operational efficiency and enterprise intelligence, according to a statement from Accenture.
Majid Al-Tuwaijri, Saudi Arabia chair and country managing director at Accenture, said that being ready for continuous reinvention hinges on a modern digital core to seize every opportunity rapidly.
“We are expanding our joint Accenture and Google Cloud Generative AI CoE to bring new capabilities to the region and transform how Saudi organizations can reinvent products, services and experiences,” he said.
Al-Tuwaijri added that their partnership with Google Cloud aims to help clients in Saudi Arabia accelerate business outcomes in new ways.
“We are unique because our strategy brings together key stakeholders to pioneer digital sovereignty and to develop systems that are not only secure and compliant but also resilient and future-ready,” he said.
Bader Al-Madi, general manager of Google Cloud in Saudi Arabia, said that organizations need a combination of leading technology and services expertise to successfully deploy generative AI.
He added: “With Google Cloud’s advanced capabilities and Accenture’s industry expertise, customers will have access to the resources needed to plan, deploy, and optimize generative AI projects.”
In its statement, Accenture pointed out that this expansion can help rapidly transform ideas into tangible value by combining the latest Google Cloud technologies with the services company’s industry-tested solutions and services with significant generative AI projects in production.
It added that experts from both companies will work closely with clients to identify transformative use cases and rapidly develop and scale them in production for strategic advancements.
Accenture further said that the collaboration will help enable organizations to harness the power of generative AI while maintaining data security and compliance through Google’s Dammam cloud region.
Qatar’s economy to expand 2% as LNG, tourism drive growth, IMF says
Qatar’s banking sector remains strong, with banks well-capitalized, liquid, and profitable
IMF’s outlook suggests that inflation will remain at a moderate level in the coming years
Updated 3 min 8 sec ago
REEM WALID
RIYADH: Qatar’s real gross domestic product is projected to grow by 2 percent in 2024-25, supported by public investment, liquefied natural gas spillovers, and a strong tourism sector, the International Monetary Fund said.
The IMF expects the Gulf nation’s medium-term growth to average 4.75 percent, driven by a substantial increase in LNG production and early benefits from reforms under the Third National Development Strategy.
The fund also said that Qatar’s inflation is expected to ease to an average annual rate of 1 percent in 2024 before stabilizing at around 2 percent over the medium term, reflecting broader economic trends rather than short-term price fluctuations.
The country’s annual inflation rate slowed to 0.24 percent in December from 0.95 percent in November, according to Consumer Price Index data released in early February. The IMF’s outlook suggests that inflation will remain at a moderate level in the coming years.
“With lower hydrocarbon prices, both the current account and fiscal surpluses narrowed in 2023, to 17 percent of GDP and 5.5 percent of GDP, respectively. The twin surpluses moderated further in 2024,” the statement said.
“Over the medium, as Qatar’s LNG production expands massively, both the current and fiscal accounts will likely remain in surpluses, albeit declining as a share of GDP, as hydrocarbon prices are projected to fall,” it added.
Qatar’s banking sector remains strong, with banks well-capitalized, liquid, and profitable. The capital adequacy ratio stood near 20 percent, while the return on equity reached 14.5 percent in the third quarter of 2024, said the IMF.
Non-resident deposits have declined significantly following measures by the Qatar Central Bank to reduce banks’ net short-term foreign liabilities, with lenders also extending the average maturity and diversifying their foreign funding sources.
“Qatar has started to implement the ambitious Third National Development Strategy to build a more diversified, knowledge-based, and private sector-driven economy. Guided by NDS3, reform momentum has strengthened significantly, including to attract and retain high-skilled expatriate workers, foster innovation, promote public-private partnerships, and further improve the business efficiency,” the statement said.
“Qatar is well positioned to leverage digitalization and AI (artificial intelligence) for productivity gains, and the nation’s climate agenda is advancing,” it added.
Inflation data released in February showed Qatar’s average inflation rate for 2024 stood at 1.13 percent, down from 2.85 percent in 2023 and 5 percent in 2022, reflecting a sustained downward trend.
Saudi Cabinet approves MoU with Turkiye in the field of central banking
Updated 12 February 2025
Nirmal Narayanan
RIYADH: The Saudi Cabinet has approved a memorandum of understanding with Turkiye designed to strengthen cooperation in central banking between key financial institutions in the countries.
Crown Prince Mohammed bin Salman chaired the Cabinet on Feb. 11, during which the Kingdom’s economy and the progress of various government-led initiatives were discussed, the Saudi Press Agency reported.
The approval of the MoU between the central banks of Saudi Arabia and Turkiye highlights the progress of economic and trade ties between the two nations.
In December, Saudi Arabia’s Cabinet approved the signing of an MoU between the Kingdom and Turkiye to boost cooperation in the field of energy.
Turkiye is a key destination for Saudi Arabia’s non-oil goods, with the Kingdom sending outbound shipments worth SR960.4 million ($256.09 million) to the West Asian nation in November.
Hakan Fidan, foreign minister of Turkiye, visited the Kingdom in January, where he met his Saudi counterpart, Faisal bin Farhan, and discussed ways to develop ties in various sectors to increase trade volume.
An MoU was also approved by the Cabinet to enhance cooperation in the financial sector between the Saudi Ministry of Finance and the Qatari Ministry of Finance.
It also gave the green light to an MoU between the Saudi General Authority for Foreign Trade and Maldives’ Ministry of Economic Development and Trade to strengthen commercial ties.
An additional MoU approved by the body was between the Saudi Ministry of Economy and Planning and the Omani Ministry of Economy to enhance cooperation between both sides.
The Cabinet also praised the continuing economic diversification efforts in the Kingdom, particularly the launch of the King Salman Automobile Manufacturing Complex.
The initiative is expected to boost the economic contribution of the non-oil sector to the Kingdom’s gross domestic product and support the National Industry and Logistics Development Program.
The body also commended the completion of the Financial Sustainability Program’s executive plan, which seeks to enhance Saudi Arabia’s spending efficiency, develop effective revenue streams, and bolster the Kingdom’s economic resilience under Vision 2030.
Saudi fintech unicorn Tabby doubles valuation to $3.3bn after $160m funding boost
Updated 12 February 2025
Nour El-Shaeri
RIYADH: Saudi Arabia’s first fintech unicorn Tabby has doubled its valuation to $3.3 billion following the successful closure of a $160 million series E funding round.
The round was led by Hong Kong-based Blue Pool Capital, and Hassana Investment Co., the funding arm of Saudi Arabia’s General Organization for Social Insurance, with participation from STV and Wellington Management.
This latest investment makes Tabby the most valuable fintech company in the Middle East and North Africa.
The company claims to have doubled its annualized transaction volumes to over $10 billion since its last $200 million series D funding round in 2023, which secured its unicorn status — a designation for startups valued at $1 billion or more without a stock market listing.
Under the National Unicorn Program, also known as Saudi Unicorns, the Kingdom aims to significantly increase the number of high-growth startups, create jobs, and boost gross domestic product.
The program, a collaborative initiative by the Ministry of Communication and Information Technology, the Mohammed bin Salman Foundation, and the National Technology Development Program, provides services such as expansion support and investor connections for promising tech startups.
“This investment allows us to accelerate our rollout of products that make managing money simpler and more rewarding for our customers. We’re focused on creating tangible impact — helping people take control of their finances with tools that are accessible, effortless and built for their everyday lives,” said Hosam Arab, CEO and co-founder of Tabby.
Tabby has expanded beyond its core buy now, pay later service with the acquisition of digital wallet Tweeq and the introduction of Tabby Card for flexible payments beyond checkout, as well as Tabby Plus, a subscription program.
In 2023, Tabby announced plans for an initial public offering in the Saudi market following its headquarters’ relocation to the Kingdom.
Founded in the UAE before moving to Saudi Arabia, the company has experienced exponential growth in alignment with the Kingdom’s strategic goals.
Tabby’s latest funding round will accelerate its expansion into financial products, including digital spending accounts, payments, cards, and money management tools.
The investment also strengthens its position ahead of its planned IPO.
Tabby currently has over 15 million registered users and more than 40,000 sellers on its platform, the company said.
Oil Updates — prices retreat after report of US crude stockpile rise
Updated 12 February 2025
Reuters
LONDON: Oil prices edged down on Wednesday as an industry report showed an increase in US crude stockpiles and tariff worries weighed on sentiment, though stronger refining margins limited the market’s downside.
Brent futures fell 25 cents, or 0.3 percent, to $76.75 a barrel by 7:08 a.m. Saudi time, while US West Texas Intermediate crude dropped 28 cents, or 0.4 percent, to $73.04 a barrel.
The declines snapped a three-day streak of gains for prices with Brent climbing 3.6 percent while WTI rose 3.7 percent.
Crude oil stockpiles in the US, the world’s biggest oil producer and consumer, rose by 9.4 million barrels in the week ending February 7, according to sources citing American Petroleum Institute data on Tuesday.
Gasoline inventories fell by 2.51 million barrels, and distillate stocks dropped by 590,000 barrels, the sources said the API data showed.
Data from the Energy Information Administration will be released later on Wednesday.
The EIA increased its estimate for US crude production while leaving its demand forecast unchanged. It now expects US crude oil output to average 13.59 million barrels per day in 2025, up from its prior estimate of 13.55 million bpd.
Prices also slipped on concerns that multiple US tariffs being enacted or threatened could limit global economic growth and energy demand.
But stronger refining margins limited price losses overall. Complex refining margins in Singapore clawed back January losses, averaging at $3 a barrel or more in the past week, LSEG pricing data showed.
“Prompt refinery margins are healthy, reversing the negative margin trends from previous month. There is strong demand for refineries to run hard, particularly as we head into the turnaround season in northwest Europe and Asia,” said June Goh, senior analyst at Sparta Commodities in a reply to Reuters.
On the macroeconomic front, traders were waiting key US consumer price index data which will be released at 1330 GMT on Wednesday for clues on the country’s economic performance and the potential impact on interest rates.
US Federal Reserve Chair Jerome Powell said on Tuesday that the Fed was in no hurry to make any further interest rate cuts, but stood ready to do so if inflation declined further or the job market weakened.
