PIF invests $200m in new Saudi ETF by State Street Global Advisers 

JEDDAH: Qatar Steel and Bahrain Steel have signed a $1.27 billion agreement to supply 5 million tonnes of the product over five years, aiming to enhance industrial cooperation and strengthen the sector in the region. 

Qatar’s Ministry of Commerce and Industry announced the agreement on Feb. 9, saying that the deal falls within the framework of the Industrial Partnership for Sustainable Economic Development, which promotes private-sector collaboration across member states.

The initiative supports a range of industries, including agriculture, food, and fertilizers. It also extends to pharmaceuticals, textiles, and chemicals. Additionally, the program benefits sectors such as plastics, manufacturing, and minerals. 

The Gulf’s steel industry has experienced significant expansion, driven by major investments in infrastructure and industrial projects.

The ministry highlighted that this strategic partnership would provide Qatar Steel with a stable supply of essential raw materials, enhancing production efficiency and supporting sustainable economic growth. 

The agreement is expected to create new investment opportunities, enhance industrial competitiveness in both Qatar and Bahrain, and strengthen local supply chains. 

By reducing reliance on imported raw materials, the deal aims to boost economic resilience and market stability across the region. 

Bahrain Steel, an iron ore pelletizing company located in the heart of the Arabian Gulf, operates twin plants with a combined capacity of 12 million tonnes of pellets. The company represents a $3.5 billion investment and plays a central role in the region’s steel industry, according to its website. 

Producing a range of pellets for both direct reduction and blast furnace steelmaking, Bahrain Steel sources raw materials via its own port terminal. Three-quarters of its finished products are exported. 

Established in 1974 as the Arabian Gulf’s first integrated steel plant, Qatar Steel began commercial production in 1978 and has been a wholly owned subsidiary of Industries Qatar since 2003.

Headquartered in Messaieed Industrial City, south of Doha, it also operates a UAE-based subsidiary, Qatar Steel Company FZE. 

RIYADH: The world’s first fully sustainable artificial intelligence data center was among the key announcements during the second day of the LEAP 2025 tech conference in Riyadh.

Industry leaders, investors, and policymakers unveiled multi-billion-dollar initiatives to drive digital transformation and technological advancements in the Kingdom, reinforcing the nation’s Vision 2030 ambitions to foster innovation, attract foreign investment, and lead the digital revolution.

A major event highlight was the announcement of a world-first net-zero 1.5-gigawatt data center by DataVolt in NEOM’s Oxagon at a cost of $5 billion.

NEOM’s Deputy CEO Rayan Fayez commented that such investment in Oxagon, backed by previous investment in green hydrogen, further reinforces the Kingdom’s commitment to renewable energy and sustainable urban development.

Mobily’s AI and connectivity plans

Salman Bin Abdulaziz Al-Badran, CEO of Mobily, revealed the company’s plans to invest more than $900 million to develop and expand data centers, submarine cables, and cross-border connectivity to support AI-driven demands. 

“We have in Mobily a 39-megawatt data center capacity to be deployed, with 13 MW already completed and set to go commercial by the end of Q1,” he said.

In addition, Mobily is investing in submarine cables to enhance connectivity, with projects linking Africa and the Gulf to the Red Sea aimed at strengthening digital infrastructure across the region.

Alfanar’s leap to the future

Amer Al-Ajmi, executive vice president of Alfanar, outlined the company’s significant contributions to Saudi Arabia’s digital transformation, including the completion of 5 million smart meter replacements in just 13 months. 

He also described a new $1.4 billion investment in four data centers across two cities as “our leap to the future.”

Zoom and Skyfive Arabia expand in Saudi Arabia

Zoom’s Global Chief Information Officer Gary Sorrentino, made a significant commitment to the Saudi market, announcing a $75 billion investment in the Kingdom. 

Meanwhile, Mohannad Kalash, vice president of Zoom Communications for the Middle East, Turkiye, Africa, and Pakistan region, confirmed plans to establish a new data center in Riyadh.

SkyFive Arabia CEO Mohamed AbdelRehim announced an initial investment of $100 million to expand in Saudi Arabia, Turkiye, and South Africa, “with an ambition to connect more than 1,000 aircraft,” he added.

SkyFive Arabia is also committed to bringing high-speed 100 megabits per second connectivity to aircraft, ensuring inflight Internet services are comparable to home broadband speeds.

Hewlett Packard Enterprise and SAR drive localization efforts

Mohammad Al-Rehaili, managing director of Hewlett Packard Enterprise for the Middle East, announced a major localization milestone with the manufacturing of HBA Aruba networking equipment in the Kingdom. 

More than 20,000 units will be produced annually, improving supply chain efficiency in the nation by 30 percent, he noted.

Meanwhile, Abdullah Al-Yousef, infrastructure vice president at Saudi Arabia Railways, revealed that the company had obtained a license from the Communications, Space and Technology Commission to lease telecom infrastructure commercially, allowing it to extend its fiber optic and telecom tower network.

Saudi Arabia’s tech future

LEAP 2025, being held in Riyadh until Feb. 12, continues to draw global investors and technology pioneers to Saudi Arabia, reinforcing the country’s commitment to advancing AI, connectivity, sustainability, and digital transformation.

Haytham Al-Ohali, vice minister of the Ministry of Communications and Information Technology, emphasized the evolution of the event, saying: “When we started LEAP back in 2022, it was really about bringing four key ingredients to the table: the power of investments, industry leaders and knowledgeable speakers, the latest global technology, and cutting-edge innovation from our entrepreneurs and startup community.” 

The minister highlighted that over $30 billion has been invested in Saudi Arabia’s tech sector over the past three years, in addition to the $14.9 billion announced during the first day of LEAP 2025.

Al-Ohali also underlined the country’s commitment to making artificial intelligence accessible, saying: “Saudi is doing its part to democratize inferencing to more than 4 billion people that live in the Kingdom.”