Saudi Arabia and Singapore aim to enhance strategic partnership in digital economy and tech
Saudi Arabia and Singapore aim to enhance strategic partnership in digital economy and tech/node/2443621/business-economy
Saudi Arabia and Singapore aim to enhance strategic partnership in digital economy and tech
KSA’s minister of communications and information technology, Abdullah Al-Swaha, held talks with his counterpart from Singapore, Josephine Teo, in Davos on Wednesday. (SPA)
Saudi Arabia and Singapore aim to enhance strategic partnership in digital economy and tech
Particular areas of mutual interest include the opening of joint markets, efforts to encourage technical investments, development of the digital sector
Updated 18 January 2024
Arab News
DAVOS: Saudi Arabia’s minister of communications and information technology, Abdullah Al-Swaha, held talks with his counterpart from Singapore, Josephine Teo, on the sidelines of the World Economic Forum in Davos on Wednesday.
They discussed ways to enhance their nations’ strategic partnership in the fields of digital economy, emerging technologies and digital government.
They also highlighted the importance of efforts to encourage innovation and digital development initiatives that fall under the umbrella of the Saudi-Singapore Joint Committee.
Particular areas of mutual interest include the opening of joint markets, efforts to encourage technical investments, development of the digital sector, and enhanced cooperation in the research and development of advanced technologies to help enhance and support the growth of the digital economy.
66% of organizations expect AI to have major cybersecurity impact in 2025: WEF
Only 37% have processes to determine the security of AI tools before implementation
Updated 19 sec ago
Zaira Lakhpatwala
DUBAI: The cybersecurity ecosystem has grown more complex with implications for both organizations and governments, according to the World Economic Forum’s latest “Global Cybersecurity Outlook” report released on Monday.
Sixty-six percent of organizations expect artificial intelligence to have a major impact on cybersecurity in 2025. But only 37 percent of organizations have processes in place to assess the security of AI tools before deployment, the report found.
Akshay Joshi, head of the WEF’s Centre for Cybersecurity, told Arab News: “Geopolitical uncertainties, advances in emerging technologies and supply chain vulnerabilities are among the key factors contributing to complexity in cyberspace, all of which point to the need for building cyber resilience across organizations and nations.”
The report calls for a shift in perspective from cybersecurity to cyber resilience, which it describes as an organization’s ability to mitigate the impact of significant cyber incidents on its goals and objectives.
Supply-chain challenges are the greatest barrier to achieving cyber resilience due to their increasing complexity, along with lack of visibility and oversight into the security levels of suppliers, according to the report.
Over half (54 percent) of large organizations consider supply-chain challenges as the greatest barrier to achieving cyber resilience.
Another significant factor is geopolitical tensions, which affect the cybersecurity strategy of nearly 60 percent of organizations surveyed in the report.
Geopolitics also affect risk perception with 45 percent of cyber leaders saying they are concerned about disruption of operations and business processes. And approximately 33 percent of CEOs say cyber espionage, loss of sensitive information and intellectual property theft are their top concerns.
There is widespread disparity regionally and economically when it comes to cyber resilience. For example, 35 percent of small organizations believe their cyber resilience is inadequate — a proportion that has increased sevenfold since 2022.
On the other hand, the share of large organizations reporting insufficient cyber resilience has nearly halved since 2022 down from 13 percent to 7 percent.
Regionally, only 15 percent of respondents in Europe and North America lack confidence in their country’s ability to respond to major cyber incidents targeting critical infrastructure. But this number rises to 36 percent in Africa and 42 percent in Latin America.
The Middle East region is more optimistic with respondents saying they are “confident” (36 percent) and “very confident” (36 percent).
“This confidence is a result of the unequivocal focus on cybersecurity in the Kingdom and across the wider region coupled with the importance given to global collaborative efforts,” Joshi explained.
In addition to these insights, the report highlighted the economic implications of cybersecurity and the role of leadership in prioritizing it as a core business enabler.
It also stressed the need for collaborative efforts to secure networks essential to the digital economy and for ways to effectively address the increasing shortage of cybersecurity skills.
Saudi Arabia’s Surj Sports Investment partners with Enfield Investment to boost global portfolio
Surj, established in 2023, is dedicated to fostering growth in the global sports sector and building a robust sporting ecosystem in Saudi Arabia and the wider Middle East
Updated 13 January 2025
Arab News
WASHINGTON: Saudi Arabia’s Surj Sports Investment Co. signed a strategic partnership agreement on Monday with US-based Enfield Investment Partners to expand and enhance investments in the global sports sector.
The partnership follows EIP’s recent launch of a $4 billion global fund aimed at investing in sports assets.
The two companies plan to explore opportunities in key areas, including clubs, leagues, media rights, and sports infrastructure, a statement issued on Monday said.
Surj, established in 2023, is dedicated to fostering growth in the global sports sector and building a robust sporting ecosystem in Saudi Arabia and the wider Middle East.
The company’s strategy focuses on direct investments in sports events and activities to enhance fan engagement and regional sports participation.
“We are delighted to partner with EIP, which has demonstrated a bold vision with the launch of its new sports assets fund,” said Surj CEO Danny Townsend.
“This collaboration marks a significant milestone in Surj’s journey to expand its presence in the American market and foster transformative investments in the global sports sector,” he added.
Jake Silverstein, co-founder and chairman of EIP, echoed Townsend’s sentiments.
“The launch of our Global Sports Assets Fund marks the beginning of an exciting chapter. Partnering with Surj Sports Investment enables us to align our shared vision for advancing the future of the sports industry,” he said.
As part of the collaboration, EIP plans to establish a regional headquarters in Riyadh to complement its Washington base, reflecting the partnership’s commitment to fostering growth in Saudi Arabia and beyond.
“The Kingdom’s extraordinary transformation is reshaping the global sports landscape,” Silverstein added. “Through this partnership, we aim to create meaningful and lasting impact, leveraging the resources and expertise of both parties to drive innovation and growth.”
The agreement highlights Saudi Arabia’s growing influence in the global sports arena, which has culminated in the Kingdom’s successful bid to host the 2034 FIFA World Cup.
Saudi Aramco secures $9bn in deals on first day of iktva forum
145 agreements signed in one day mark a leap toward strengthening local industries
Updated 13 January 2025
REEM WALID
RIYADH: Saudi Aramco has secured 145 agreements and memorandums of understanding worth an estimated $9 billion on the opening day of the In-Kingdom Total Value Add Forum and Exhibition 2025.
These deals are expected to drive the localization of products and services in Saudi Arabia, enhancing local content in the supply chain and fostering collaboration.
The agreements align with the core objectives of iktva, which aim to enhance supply chain efficiency and add value across Saudi Aramco’s operations.
By increasing local content, the program helps develop a more diverse and competitive energy industry in the Kingdom. It also supports the strategic goal of retaining 70 percent of procurement spending within Saudi Arabia, directly benefiting local businesses.
On its first day, the event highlighted 210 localization opportunities across 12 sectors, with a combined annual market value of $28 billion. These opportunities are seen as key to driving long-term industrial growth and reducing reliance on imports.
During the event, Saudi Aramco President and CEO Amin Nasser reflected on the company’s progress, noting that Aramco achieved a 67 percent local content score for its procurement of goods and services in 2024, up from just 35 percent in 2015.
“Since launching iktva in 2015, we’ve made significant strides. Back then, most of our materials and services were sourced from outside Saudi Arabia,” Nasser said.
Nasser emphasized that the success of iktva depends on its ability to create value for all stakeholders.
“For Aramco, a largely localized supply chain ensures continuity and helps us navigate operational challenges more effectively,” he said. “Since 2015, iktva has contributed over $240 billion to Saudi Arabia’s GDP and led to the creation of 350 local manufacturing facilities with investments totaling more than $9 billion.”
These new facilities cover a range of sectors, including chemicals, non-metallics, information technology, electrical and instrumentation, and drilling. As a result, 47 products are now being manufactured for the first time in Saudi Arabia.
Saudi Energy Minister Prince Abdulaziz bin Salman also addressed the gathering, announcing the Kingdom’s plans to enrich and sell uranium. “We’re committed to monetizing all our mineral resources, including uranium,” the minister said. “By enriching and selling uranium, along with producing yellowcake, we will secure essential raw materials for energy security.”
Prince Abdulaziz discussed the future of the petrochemical sector, emphasizing the importance of producing more advanced chemicals. “The future of petrochemicals is not just about plastics or polymers. We’re aiming for better, more sophisticated chemical products,” he noted.
Saudi Energy Minister Prince Abdulaziz bin Salman. SPA
Looking ahead, the energy minister spoke about potential collaborations with Egypt, indicating that a roadmap for joint ventures would be outlined in February. “We have much to look forward to with Egypt,” he said.
In a separate panel, Prince Abdulaziz highlighted the role of integrated collaboration between sectors in achieving the Kingdom’s Vision 2030.
He explained that major energy expansion projects are key to supporting industrial development by providing diverse energy sources and offering competitive prices for gas feedstock.
This, he added, would help stimulate the growth of manufacturing and facilitate the transition to cleaner energy.
Saudi Investment Minister Khalid Al-Falih also spoke during the ministerial dialogue session, stressing that standardized incentives for the industrial sector are critical to achieving Vision 2030.
These incentives, he said, will help accelerate the creation of new industrial facilities and strengthen local supply chains at all stages of the value chain, making Saudi industries more competitive.
The first day of the forum also saw the launch of ASMO, a joint venture between Saudi Aramco Development Co. and DHL. The new venture aims to transform the procurement and supply chain landscape across the Middle East and North Africa region.
Additionally, the opening ceremonies for the Novel Non-Metallic Solutions facility at King Salman Energy Park and the NMDC Offshore Fabrication Yard at Ras Al-Khair were held.
Novel, a partnership between Aramco and Baker Hughes, is focused on introducing a range of composite products to the market, while the NMDC fabrication yard will provide maritime engineering services and fabricate equipment and materials.
Running from Jan.13-16 in Dammam, the iktva Forum continues to spotlight critical infrastructure projects and collaborative opportunities aimed at advancing the local supply chain ecosystem and supporting the Kingdom’s long-term industrial goals.
Saudi entertainment authority unveils 29 investment opportunities
Updated 13 January 2025
Nour El-Shaeri
RIYADH: Saudi Arabia’s General Entertainment Authority has unveiled 29 investment opportunities targeting six key sectors of the industry.
The initiative, in collaboration with the Ministry of Investment, aims to expand the Kingdom’s entertainment landscape while fostering private sector participation and aligning with Vision 2030 objectives.
The targeted sectors include facilities, destinations, water parks, adventure parks, virtual reality parks, and e-gaming centers.
These opportunities are designed to enhance growth in the entertainment sector, drive economic diversification, and promote sustainable development.
According to the GEA, the initiative also seeks to empower the private sector within Saudi Arabia and internationally, while improving the quality of life for citizens and residents.
By focusing on infrastructure development across these entertainment segments, the initiative reflects Saudi Arabia’s strategic commitment to becoming a global entertainment hub. This effort also supports the Quality of Life Program, which is a core pillar of Vision 2030.
These investment initiatives are set to play a significant role in boosting the sector as projections indicate that the sector will generate 450,000 jobs and contribute 4.2 percent to the country’s gross domestic product by 2030.
Vision 2030 aims to transform Saudi Arabia’s entertainment sector by increasing household spending on recreation from 2.9 percent to 6 percent by 2030.
It seeks to generate over SR120 billion ($31.9 billion) in investments, create 100,000 direct and indirect jobs, and enhance the sector’s contribution to the economy.
Saudi Arabia, Oman to strengthen financial ties with new agreement
Saudi Minister of Finance Mohammed Al-Jadaan and his Omani counterpart, Sultan Al-Habsi, signed deal to enhance cooperation in financial affairs
Areement underscores commitment of Riyadh and Muscat to collaborate on advancing shared financial sector goals
Updated 13 January 2025
MOHAMMED AL-KINANI
JEDDAH: Saudi Arabia and Oman are set to strengthen financial ties with a new agreement aimed at enhancing cooperation and facilitating the exchange of information and expertise.
The deal, signed during the board of governors’ retreat of the Islamic Development Bank Group in the city of Madinah, aims to improve financial policies, governance in the public sector, and joint coordination on regional and international issues.
Saudi Minister of Finance Mohammed Al-Jadaan and his Omani counterpart, Sultan Al-Habsi, signed a memorandum of understanding to enhance cooperation in financial affairs between the two countries, according to a statement from the Saudi Finance Ministry.
This comes as Oman’s non-oil exports to Saudi Arabia have more than doubled since 2020, surpassing 1 billion Omani rials ($2.6 billion) by the end of 2023, according to Oman’s National Center for Statistics and Information. Non-oil imports from Saudi Arabia also grew, reaching 1.84 billion rials in the same period.
Al-Jadaan said “this MoU represents a significant step in the ongoing efforts to deepen financial collaboration between the two brotherly nations,”
He added: “it will pave the way for the exchange of financial expertise, the promotion of knowledge-sharing, and the fostering of closer economic ties.”
Al-Habsi underscored the importance of the MoU as “a cornerstone for enhancing bilateral relations.”
He said that “it will facilitate the exchange of financial information and expertise while strengthening coordination between Saudi Arabia and Oman on regional and international financial issues of mutual interest.”
The agreement underscores the commitment of Riyadh and Muscat to collaborate on advancing shared financial sector goals, further strengthening the ties between the two nations, the release added.
In October 2024, the two countries signed a deal to enhance economic and planning cooperation, focusing on medium and long-term strategies, monetary policies, and economic studies.
The five-year agreement was finalized by Saudi Minister of Economy and Planning Faisal Al-Ibrahim and Omani Minister of Economy Said bin Mohammed Al-Saqri.
Earlier in April 2024, another MoU was signed during a meeting between Al-Habsi and Sultan bin Abdulrahman Al-Marshad, the CEO of the Saudi Fund for Development.
The agreement centered on joint development projects, including initiatives in infrastructure, higher education, vocational training, and key industries, including mining, transportation, communications, and energy.
