Riyadh Airports Co. to improve travel experience with digital transformation

Riyadh Airports Co. to improve travel experience with digital transformation
RAC has partnered with tech giant Cognizant to strengthen its digital capabilities in the domains of finance, human resources, procurement, and planning, which will ultimately enhance the traveler experience. Shutterstock
Short Url
Updated 24 December 2023
Follow

Riyadh Airports Co. to improve travel experience with digital transformation

Riyadh Airports Co. to improve travel experience with digital transformation

RIYADH: Saudi Arabia’s air travelers can expect an improved travel experience with Riyadh Airports Co. planning to enhance digital transformation in its core function, according to a statement.

To materialize this, RAC has partnered with tech giant Cognizant to strengthen its digital capabilities in the domains of finance, human resources, procurement, and planning, which will ultimately enhance the traveler experience. 

In the initial phase, Cognizant will leverage the Systems Applications and Products in the Data Processing Appian framework to establish process automation for operations at the King Khalid International Airport. 

Cognizant will also assist RAC in enhancing its back-office functions to streamline operations and elevate traveler satisfaction, the press statement added. 

“Establishing a strategic partnership with Cognizant is a transformative milestone for RAC. Cognizant’s unparalleled expertise in automation and enterprise applications perfectly aligns with our aspirations, empowering us to extend a warm welcome to the world,” said Osama Al-Fawaz, chief of information and communication technology at RAC.

He added: “Together, we are dedicated to creating a seamless experience that benefits the airport’s stakeholders, business partners and airlines, further solidifying Saudi Arabia’s position as a leading global aviation destination.”

Strengthening the aviation sector is crucial for Saudi Arabia, as the Kingdom is diversifying its economy away from oil and is concentrating on areas like tourism. 

Saudi Arabia anticipates welcoming over 150 million visitors by 2030, and an important aspect of RAC’s strategy is the integration of smarter processes and advanced automation to reinforce the position of King Khalid International Airport as the busiest airport in the country.

“Our collaboration with RAC exemplifies Cognizant’s commitment to helping raise global standards in digital engineering, airport operations, and customer experience within the aviation industry,” said Tarek Zarg El Aioun, Saudi Arabia general manager at Cognizant. 

He added: “We are excited to contribute to RAC’s vision for a technologically advanced and efficient airport management, enhancing the overall passenger and airline experience through innovative solutions.” 


Jeddah to host 52 ready-built factories in Saudi-Omani deal

Jeddah to host 52 ready-built factories in Saudi-Omani deal
Updated 44 sec ago
Follow

Jeddah to host 52 ready-built factories in Saudi-Omani deal

Jeddah to host 52 ready-built factories in Saudi-Omani deal

JEDDAH: A total of 52 ready-built factories will be developed in Jeddah through a private sector partnership between the Saudi Authority for Industrial Cities and Technology Zones and Oman’s Osara Corp.

The Saudi organization, known as MODON, signed an agreement with Osara Real Estate Development to construct an industrial park spanning over 45,000 sq. meters in Jeddah’s Second Industrial City.

The project aligns with MODON’s goals of attracting foreign direct investment, fostering strategic partnerships, and supporting the National Industrial Strategy and the Kingdom’s Vision 2030, according to the Saudi Press Agency.

The Kingdom aims to triple its manufacturing gross domestic product by 2030 and raise the value of industrial exports to SR557 billion ($148.34 billion.) The country also aims to raise total investments in the sector to SR1.3 trillion, increase exports of advanced technology products by six times, and generate tens of thousands of high-quality jobs.

The agreement between MODON and the Omani company contributes to empowering entrepreneurs and small and medium-sized enterprises. It represents a significant step toward plans to grant the private sector a larger role in industrial development.

In a statement, MODON highlighted that this agreement coincides with the launch of several innovative services and products aimed at meeting the needs and aspirations of its beneficiaries.

These include a ready-made factory solution that offers access to over 1,500 facilities, as well as the development of the “Motamim” initiative, which allows plants and companies to operate within established sites and receive support for their manufacturing operations.

In 2024, MODON completed several new development projects, including the construction of 20 factories, each spanning 450 sq. meters, and 12 production sites, each covering 900 sq. meters, in the MODON Oasis in Jeddah.

Additionally, 24 facilities, each covering 225 sq. meters, were built in the First Industrial City in Jeddah, along with 20 plants, in the industrial city of Taif.

The developments also included 40 supporting units in the MODON Oasis in Al-Ahsa and 32 ready-made factories with supporting units in the industrial city of Waad Al-Shamal.

The authority emphasized that these projects are in line with its vision to become the preferred destination for investment growth and a leading partner in the industrial and technological ecosystem.

Since its inception in 2001, MODON has developed and managed prominent industrial cities and technology zones in partnership with the public and private sectors.

The total developed land area across 37 industrial cities has grown to over 215 million sq. meters, with the number of industrial establishments reaching about 6,882, making a significant contribution to Saudi Arabia’s economic development.


Expat inflows to keep demand high for residential real estate in Riyadh and Jeddah: S&P Global 

Expat inflows to keep demand high for residential real estate in Riyadh and Jeddah: S&P Global 
Updated 11 November 2024
Follow

Expat inflows to keep demand high for residential real estate in Riyadh and Jeddah: S&P Global 

Expat inflows to keep demand high for residential real estate in Riyadh and Jeddah: S&P Global 

RIYADH: The demand for residential real estate in Riyadh and Jeddah is projected to remain high due to the growing population, according to a new report. 

Released by capital market economy firm S&P Global, the study said that expat inflows are one of the reasons for an average expected growth of 3.3 percent a year between 2024 and 2027.

Rental yields also remain high, with year-on-year growth in the first of half of 2024 coming it at 9 percent in Riyadh and 4 percent in Jeddah, the report underlined. 

Saudi Arabia’s real estate is a vital element of the country’s economy, contributing around 7 percent of gross domestic product and supporting numerous additional sectors.

“We recently revised the outlook on our sovereign ratings on Saudi Arabia to positive from stable to reflect our view of the country’s strong outlook for non-oil growth and its economic resilience to volatile oil prices,” the S&P report said. 

“Vision 2030 targets a 70 percent homeownership rate by 2030, and the country is on track to achieve this, with the rate hitting 63.7 percent at the end of 2023, according to the Ministry of Municipal and Rural Affairs,” the release added. 

The analysis further showed that new residential units and mortgages will continue to rise in 2024, keeping with the country’s homeownership target.

It also highlighted that visa policy reforms and regulatory changes could boost direct foreign investment in the property sector.

However, the report said that private real estate developers face significant challenges, including mounting construction costs and competition for financing from other Vision 2030 projects.


Mining industry accelerates decarbonization with AI and tech investments: KPMG report

Mining industry accelerates decarbonization with AI and tech investments: KPMG report
Updated 11 November 2024
Follow

Mining industry accelerates decarbonization with AI and tech investments: KPMG report

Mining industry accelerates decarbonization with AI and tech investments: KPMG report
  • 43% identify artificial intelligence as a crucial tool for addressing strategic challenges
  • Companies are increasingly adopting key performance indicators to monitor carbon reduction efforts

RIYADH: The metals and mining sector is accelerating decarbonization, digital transformation, and resilience, with 55 percent of executives prioritizing emissions reduction, according to a new survey report. 

KPMG’s 2024 Global Metals and Mining Outlook revealed that nearly half — 47 percent — of mining executives view technology investments as essential to transforming carbon footprints over the next five years. 

The report, based on insights from over 450 C-level executives, including Bob Wilt, CEO of Saudi Arabia’s national mining company Ma’aden, highlighted shifts driven by sustainability, technological advancements, and supply chain strategies. 

Sammy Ahmed, partner and head of energy and natural resources at KPMG for Europe, Middle East and Africa said: “The metals and mining sector stands at a pivotal crossroads, where decarbonization, geopolitical shifts, and technology, including AI, are reshaping the path to resilience and growth.” 

He added that integrating sustainable practices with operational transformation is essential for achieving a net-zero future, offering a strategic advantage for long-term success. 

The global consulting network revealed that 43 percent identify artificial intelligence as a crucial tool for addressing strategic challenges, including optimizing production and reducing emissions. 

According to Wilt, as quoted in the report: “The time it takes from exploration to commissioning a mine has been cut from sixteen years to nine years, thanks to AI and advanced analytics.” 

The report said that as companies strive to reduce emissions and improve operational efficiency, initiatives like mining machinery electrification and operational redesign are central, offering significant environmental and economic benefits. 

It added that companies are increasingly adopting key performance indicators to monitor carbon reduction efforts, with 43 percent already implementing systems to track carbon footprints. 

“We note that companies are adapting by strengthening compliance through AI and scenario planning,” said Farhan Muhammad, director of metals and mining at KPMG in Saudi Arabia. 

“Global trends, like the use of AI and innovation for decarbonization, sustainability, operational efficiency and business continuity are increasingly being implemented in Saudi Arabia as well, with promising outcomes so far,” he added. 

Despite challenges from price volatility and supply chain disruptions, the report highlighted that the outlook remains optimistic. KPMG noted that 66 percent of executives reported increased output price volatility due to geopolitical instability and surging demand for minerals like lithium, copper, and nickel. 

However, 61 percent expressed confidence in their companies’ growth potential over the next two years, with 58 percent investing in new markets and partnerships to strengthen supply chains. 

The industry is also facing a workforce gap in tech skills, with 47 percent of executives noting shortages in skilled talent. Companies are addressing this through upskilling initiatives and partnerships with educational institutions to attract talent from technology and renewable energy sectors. 

On regulatory issues, 33 percent of executives identify Scope 1 and 2 emissions as significant regulatory risks, while 30 percent cite Scope 3 emissions as an area of concern. AI is increasingly utilized to predict regulatory changes and manage compliance, with 56 percent of executives noting its role in mitigating regulatory risks. 


Oil Updates – prices little changed as US storm threat abates, China stimulus disappoints

Oil Updates – prices little changed as US storm threat abates, China stimulus disappoints
Updated 11 November 2024
Follow

Oil Updates – prices little changed as US storm threat abates, China stimulus disappoints

Oil Updates – prices little changed as US storm threat abates, China stimulus disappoints

SINGAPORE: Oil prices were little changed on Monday as the threat of supply disruptions from a US storm eased and after China’s stimulus plan disappointed investors seeking fuel demand growth in the world’s No. 2 oil consumer.

Brent crude futures rose 4 cents to $73.91 a barrel by 10:14 a.m. Saudi time, while US West Texas Intermediate crude futures were at $70.31 a barrel, down 7 cents.

Both benchmarks fell more than 2 percent on Friday.

Beijing’s latest stimulus package announced at the National People’s Congress (NPC) standing committee meeting on Friday fell short of market expectations, IG market analyst Tony Sycamore said in a note, adding that its murky forward guidance hinted at only modest stimulus for housing and consumption.

ANZ analysts said the lack of direct fiscal stimulus implied that Chinese policymakers have left room for assessing the impact of policies the next US administration will introduce.

“The market will now shift focus to the Politburo meeting and Central Economic Work Conference in December, where we expect more pro-consumption countercyclical measures to be announced,” they added in a note.

Oil consumption in China, the world’s driver of global demand growth for years, has barely grown in 2024 as its economic growth has slowed, gasoline use has declined with the rapid growth of electric vehicles and liquefied natural gas has replaced diesel as a truck fuel.

Oil prices have also eased after concerns about potential supply disruptions from storm Rafael in the US Gulf of Mexico subsided.

More than a quarter of US Gulf of Mexico oil and 16 percent of natural gas output remained offline on Sunday, according to the offshore energy regulator.

Shell and Chevron each said on Sunday they would start redeploying personnel to their Gulf of Mexico platforms to resume operations.

Looking ahead, there were also concerns that US oil and gas output could rise under the new Trump administration although analysts say 2025’s production forecast is unlikely to change.

“We think producers may think twice about turbo-charging US supply in an era when OPEC+ has already staked out plans to gradually raise production targets over the course of 2025,” Tim Evans of Evans Energy said in a note.

Trump’s election promise of hiking import tariffs to boost the US economy have clouded the global economic outlook although expectations that he could tighten sanctions on OPEC producers Iran and Venezuela and cut oil supply to global markets partly caused oil prices to gain more than 1 percent last week.

Oil markets are also being supported by firm demand from US refiners who are expected to run their plants at above 90 percent of their crude processing capacity on low inventories and improving demand for gasoline and diesel, executives and industry experts said.


ROSHN rebrands as multi-asset developer to lead Saudi real estate transformation

ROSHN rebrands as multi-asset developer to lead Saudi real estate transformation
Updated 10 November 2024
Follow

ROSHN rebrands as multi-asset developer to lead Saudi real estate transformation

ROSHN rebrands as multi-asset developer to lead Saudi real estate transformation

RIYADH: ROSHN, the real estate development company backed by the Public Investment Fund, has announced a bold transformation into a multi-asset real estate developer, the Saudi Press Agency reported.

This move is underscored by the launch of a refreshed corporate identity and a new strategy designed to elevate the quality of life across the Kingdom.

The redefined strategic direction includes an expanded portfolio that spans new categories of real estate assets, marking a significant step in ROSHN’s commitment to reshaping the urban landscape. The company aims to lead the sector’s transformation by creating vibrant, sustainable communities, in alignment with the Kingdom’s Vision 2030 goals.

This move is underscored by the launch of a refreshed corporate identity. SPA

This shift also aligns with Saudi Arabia’s national objective of achieving a 70 percent homeownership rate and enhances ROSHN’s role in driving economic growth and job creation. It marks a key milestone in ROSHN’s leadership within the real estate sector and sets the stage for the development of mixed-use projects and multi-asset destinations across the country.

“ROSHN is proud to be a pioneer in the Kingdom’s real estate development sector, with an ambitious vision to transform the urban landscape,” said Ghada Al-Rumayan, group chief marketing and communications officer. “As ROSHN grows, its vision becomes increasingly clear, reflected in its expansionary approach and commitment to creating distinctive, high-quality destinations that enhance the quality of life across the Kingdom.”

The new identity reflects ROSHN’s dedication to diversifying its real estate offerings. The company is expanding beyond residential communities to include integrated spaces that cater to various segments of society. The goal is to raise living standards and foster economic development, in line with the goals of Vision 2030.

One of the latest projects showcasing this vision is the MARAFY development in Jeddah, which aims to create a pioneering waterway system connecting the Red Sea to Jeddah’s neighborhoods — a first of its kind in the Kingdom.

ROSHN’s current portfolio spans over 200 million sq. m of residential communities, alongside more than 4 million sq. m of commercial spaces, including offices, retail outlets, and tourism facilities. The company also has significant investments in infrastructure, healthcare, education, mosques, and essential services.

Moreover, it is expanding into emerging sectors such as logistics, industrial zones, transportation, entertainment, and fitness centers, reinforcing its broad ambitions and role in diversifying the economy.

By broadening its focus beyond traditional residential developments, ROSHN aims to become a leader in the development of mixed-use, multi-asset communities that contribute to the Kingdom’s long-term growth and prosperity.