Global Cybersecurity Forum event sees international leaders gather to drive collaborative solutions

Global Cybersecurity Forum event sees international leaders gather to drive collaborative solutions
The Geneva event marked the initiation of the “Meet GCF” series, which is planned to be hosted in various international cities throughout the year. Screenshot
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Updated 24 January 2024
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Global Cybersecurity Forum event sees international leaders gather to drive collaborative solutions

Global Cybersecurity Forum event sees international leaders gather to drive collaborative solutions

RIYADH: Collaborations in addressing challenges and opportunities in cyberspace took center stage at a forum in Geneva organized in partnership with Saudi Arabia’s UN Mission.

The event, organised by the Global Cybersecurity Forum, was attended by more than 60 diplomats, UN representatives, and non-governmental organization officials, participating in the GCF Institute’s efforts to promote global dialogue, research, and cyberspace-related initiatives. 

During his opening speech, the Ambassador and Permanent Representative of Saudi Arabia to the UN, Abdulmohsen Majed bin Khothaila, emphasized the GCF as a symbol of the country’s dedication to consolidating global cybersecurity endeavors.

He stated: “GCF is a testament to Saudi Arabia’s determination to unite international cybersecurity efforts and champion initiatives that advance peace, prosperity, and positive socio-economic impact for the benefit of all nations and communities.”

The gathering’s focal point was a panel discussion featuring key figures in the cybersecurity domain titled “Securing Tomorrow – the Imperative of Collaboration in Cyberspace.”

 

 

Lead participants included Yuhyun Park of the DQ Institute, Giacomo Persi-Paoli of the UN Institute for Disarmament Research, Akshay Joshi of the World Economic Forum’s Centre for Cybersecurity, and Jovan Kurbalija of the DiploFoundation and the Geneva Internet Platform.

The Geneva event marked the initiation of the “Meet GCF” series, which is planned to be hosted in various international cities throughout the year. The goal is to engage stakeholders and foster global collaboration to address crucial cybersecurity issues.

Jovan Kurbalija of the DiploFoundation emphasized the importance of partnership, stating: “The cost of not collaborating in cyberspace is more attacks, more risks, more fear, more instability.” 

He underscored the pivotal role platforms like GCF play in ensuring the benefits of cyberspace are accessible to everyone. He stressed the importance of battling for inclusion in its financial, technical, economic, and social sectors for the future.

As cybercrime continues to rise globally, with an estimated cost of $2 trillion in 2023, public, private, and non-profit leaders are seeking innovative, collaborative pathways to combat escalating threats and guarantee that cyberspace remains a facilitator of prosperity for all.

Akshay Joshi of WEF emphasized the global nature of the cybersecurity landscape, stating: “This is a global playing field, and any approach that we take to address threats needs to be global, and public and private in nature.”

The GCF 2023 Annual Meeting discussions resulted in five critical, cross-cutting priorities, including the need to enhance cyber resilience in key sectors. This led to the establishment of GCF’s Operational Technology Cybersecurity Center of Excellence. The forum also inspired a shared vision to harness cyberspace for growth while ensuring safety, sustainability, and inclusivity.


Closing Bell: Saudi Arabia’s main market dips slightly to 12,362

Closing Bell: Saudi Arabia’s main market dips slightly to 12,362
Updated 13 sec ago
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Closing Bell: Saudi Arabia’s main market dips slightly to 12,362

Closing Bell: Saudi Arabia’s main market dips slightly to 12,362

RIYADH: Saudi Arabia’s Tadawul All Share Index was steady on Wednesday, as it marginally shed 7.21 points or 0.06 percent to close at 12,362.39.

The total trading turnover of the benchmark index was SR7.62 billion ($2.03 billion), with 109 of the listed stocks advancing and 122 falling.

The Kingdom’s parallel market Nomu also declined 317 points to close at 31,000.87, while the MSCI Tadawul Index edged down by 0.26 percent to 1,545.02.

The best-performing stock on the main market was Naseej International Trading Co. The firm’s share price surged by 9.96 percent to SR108.20.

Naseej was one of the three Tadawul-listed firms, alongside Saudi Cable Co. and Middle East Specialized Cables Co., to hit their highest levels in a year.

Saudi Cable Co. peaked today at SR128, compared to SR62.9 in March, a 103.58 percent increase.

Middle East Specialized Cables Co. share price jumped from SR21.28 in January 2024 to close at SR47.2 today.

Naseej International Trading Co.’s share price increased 55.7 percent from January last year to close at SR98.4 on Wednesday.

Other top gainers were Jahez International Co. for Information System Technology and Middle East Healthcare Co., whose share prices grew by 6.09 percent and 4.75 percent, to SR33.95 and SR79.40, respectively.

National Medical Care Co. and Al Jouf Cement Co. also saw a positive change, with their share prices surging by 4.12 percent and 4.01 percent to SR161.6 and SR11.92, respectively.  

Elm Co. saw the steepest decline of the day, with its share price dropping 4.03 percent to close at SR1,176.2.  

United International Transportation Co. and Etihad Atheeb Telecommunication Co. declined, with their shares slipping 2.72 percent and 2.66 percent to SR82.30 and SR102.60, respectively. 

On Nomu, Armah Sports Co. was the best performer, with its share price rising by 7.34 percent to reach SR95.  

Quara Finance Co. also delivered a strong performance as its share price rose by 5.26 percent, reaching SR20, while Arabian Food and Dairy Factories Co. recorded a 2.99 percent increase at SR99.  

WSM for Information Technology Co. shed the most on Nomu, with its share price dropping by 6.33 percent to reach SR53.3.  

Saudi Parts Center Co. experienced a 6.25 percent decline in share prices, closing at SR60, while First Avenue for Real Estate Development Co. 6.04 percent to settle at SR9.02. 


Saudi crude output up 1.21% to hit 8.92m bpd: JODI 

Saudi crude output up 1.21% to hit 8.92m bpd: JODI 
Updated 22 January 2025
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Saudi crude output up 1.21% to hit 8.92m bpd: JODI 

Saudi crude output up 1.21% to hit 8.92m bpd: JODI 

RIYADH: Saudi Arabia’s crude oil production rose to 8.92 million barrels per day in November, a 1.21 percent annual increase according to the latest release from the Joint Organizations Data Initiative. 

The report showed a 2.05 percent drop in crude exports, which fell to 6.21 million bpd, although this figure marks the highest level in eight months. 

Refinery crude exports surged 36 percent year on year to 1.14 million bpd in November but declined by 18.65 percent compared to October. 

Key refined products included diesel, motor gasoline, aviation gasoline, and fuel oil.

Diesel exports accounted for 38 percent of refined product shipments, while motor and aviation gasoline made up 24 percent, and fuel oil comprised 11 percent. 

Notably, motor and aviation shipments rose 63 percent annually to 272,000 bpd in November. Diesel exports also increased by 27 percent reaching 439,000 bpd. 

Saudi Arabia’s refinery output reached 2.35 million bpd, a 13 percent year-on-year increase, with diesel representing 40 percent of total refined products, followed by motor and aviation gasoline at 25 percent and fuel oil at 19 percent. 

Domestic demand for refinery products increased by 210,000 bpd year on year, reaching 2.56 million bpd. 

OPEC+ has decided to delay the start of oil output increases by three months until April, and extend the full unwinding of cuts by a year, now set to finish by the end of 2026. 

This decision was made in response to weak global demand and rising production from countries outside the group. OPEC+, which controls around half of the world’s oil production, had initially planned to begin unwinding cuts in October 2024, but delays were caused by global demand slowdowns and growing non-OPEC+ output. 

Direct crude usage 

Saudi Arabia’s direct crude oil burn fell by 119,000 bpd in November to 382,000 bpd, a 24 percent year-on-year decline and a 5.5 percent increase from October. 

The annual reduction can be attributed to the global shift toward cleaner energy sources, such as natural gas, renewables, and electricity, which are gradually replacing crude oil in sectors like power generation and shipping. 

Additionally, improved energy efficiency and stricter environmental regulations have led to further reductions in crude oil use. 

By 2030, the Saudi government plans to phase out the use of crude oil, fuel oil, and diesel in power generation, replacing them with natural gas and renewable energy sources. 

This transition is a key component of the Kingdom’s Vision 2030 initiative, aimed at diversifying its energy mix and reducing dependence on oil, both domestically and in global markets. 

As Saudi Arabia moves toward this objective, natural gas demand is anticipated to rise sharply, driving increased investments in the natural gas supply chain, including exploration and infrastructure development. 


Ogero resumes telecom expansion in Lebanon, boosting connectivity and major upgrades

Ogero resumes telecom expansion in Lebanon, boosting connectivity and major upgrades
Updated 40 min 50 sec ago
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Ogero resumes telecom expansion in Lebanon, boosting connectivity and major upgrades

Ogero resumes telecom expansion in Lebanon, boosting connectivity and major upgrades
  • Ogero connected 221,000 households to fiber-optic Internet in 2024 and plans to add 406,000 new subscribers this year
  • It is is also upgrading from Wi-Fi 5, currently used at Beirut Rafic Hariri International Airport, to Wi-Fi 7

RIYADH: Lebanon’s state-owned telecom company Ogero is working to restore and expand the country’s connectivity after experiencing damages due to the Israeli conflict.

The clashes have significantly disrupted Lebanon’s telecom infrastructure, impeding connectivity and slowing the nation’s digital advancement.

Ogero’s Chairman and Director General Imad Kreidieh announced in a live broadcast that the company’s expansion plans will resume, supported by funding from multiple donors.

According to Kreidieh, Ogero connected 221,000 households to fiber-optic Internet in 2024 and plans to add 406,000 new subscribers to the network this year.

The company is also upgrading from Wi-Fi 5, currently used at Beirut Rafic Hariri International Airport, to Wi-Fi 7. The upgrade will provide speeds of up to 3,500 megabits per second with ultra-low latency of 2—4 milliseconds. 

The network’s backhaul capacity is being upgraded from 20 gigabits per second to 40 Gbps to support enhanced connectivity, according to Kreidieh.

Ogero is also expanding its LTE infrastructure, increasing the number of stations from 97 to 219 by the end of 2025 and 390 by 2026, which translates to better and wider coverage nationwide. 

The LTE-Advanced capacity will be quadrupled from 10 Gbps to 40 Gbps to enhance performance and service quality.

The top official also said that Ogero will build 215 new stations in the southern and Baalbek regions, which were heavily damaged by Israeli strikes, over the next 24 months, allowing users to regain connectivity.

In a move toward sustainability, Ogero is also implementing solar energy solutions for 358 sites, with a 4-megawatt production capacity and 463 kiloampere-hours storage capacity. The $9.6 million project is expected to generate $8.5 million in annual savings, according to Kreidieh.

Ogero serves as the core of the Ministry of Telecommunications, providing essential infrastructure for all telecom networks, including mobile operators, data service providers, and Internet service providers.


Up to 40 Canadian firms eyeing investment in Saudi Arabia’s healthcare sector

Up to 40 Canadian firms eyeing investment in Saudi Arabia’s healthcare sector
Updated 22 January 2025
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Up to 40 Canadian firms eyeing investment in Saudi Arabia’s healthcare sector

Up to 40 Canadian firms eyeing investment in Saudi Arabia’s healthcare sector

RIYADH: Up to 40 Canadian firms are eying investment in Saudi Arabia’s healthcare sector amid efforts to strengthen economic ties between the countries.

The interest was highlighted at a healthcare event organized by the Federation of Saudi Chambers at its headquarters in Riyadh, which showcased various investment opportunities within the sector, the Saudi Press Agency reported.

This aligns with Saudi Arabia’s objective to boost private sector participation in healthcare to 25 percent by 2030, reflecting the rapid growth and expansion of the industry, along with attractive investment incentives. It also underscores the Kingdom’s broader efforts to strengthen ties with Canada, highlighted by the restoration of diplomatic relations in May 2023 after a five-year hiatus.

During the gathering, Chairman of the Saudi-Canadian Business Council Mohammed bin Nasser Al-Duleim highlighted the body’s pivotal role in boosting trade relations and fostering investment between the Kingdom and the North American country.

Al-Duleim also provided an overview of Vision 2030 initiatives and talked up the incentives and support offered by Saudi Arabia to foreign investors.

The Ambassador of Canada to the Kingdom Jean-Philippe Linteau commended the efforts to strengthen economic ties between countries. 

He emphasized the joint business council’s contributions and highlighted the strong interest of Canadian firms in Saudi Arabia’s healthcare sector.

In December, economic cooperation was the focus of a high-level meeting between a senior Saudi official and the Canadian ambassador, reflecting the ongoing progress in relations between the two nations.

The Kingdom’s Minister of Economy and Planning Faisal Al-Ibrahim held talks with Linteau at his department’s headquarters in Riyadh, SPA said at the time. 

Since normalizing relations, Canada is keen to build a “great relationship” with the Kingdom, Linteau said during an interview with Arab News in February. 

His commets came a month after Saudi Arabia and Canada agreed to re-exchange trade delegations, aiming to improve economic relations and increase trade and investment volumes. 

Hassan Al-Huwaizi, president of the Saudi Chambers of Commerce, emphasized at the time that establishing a joint business council would provide a platform for business leaders to promote activities and engage in partnerships, facilitating continuous interaction and information exchange about market opportunities.

In 2022, Saudi exports to Canada stood at $2.5 billion, with imports valued at $959 million, according to online data visualization and distribution platform Observatory of Economic Complexity.


Saudi Arabia, Palestine to boost trade with formation of new business council

Saudi Arabia, Palestine to boost trade with formation of new business council
Updated 22 January 2025
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Saudi Arabia, Palestine to boost trade with formation of new business council

Saudi Arabia, Palestine to boost trade with formation of new business council
  • Formation of the Saudi-Palestinian Business Council represents a significant step in strengthening economic ties
  • It comes two after a ceasefire deal came into effect between Israel and Hamas

RIYADH: Saudi Arabia and Palestine have agreed to form a business council to boost bilateral trade and promote investments between both nations. 

The agreement to form the first Saudi-Palestinian Business Council was made during a meeting between Hassan Al-Huwaizi, chairman of the Federation of Saudi Chambers, and Mazen Ghanem, Palestinian ambassador to the Kingdom, in Riyadh, the Saudi Press Agency reported. 

The formation of the Saudi-Palestinian Business Council represents a significant step in strengthening economic ties, particularly as trade between the two countries continues to grow. 

In the third quarter of 2024, the Kingdom’s overall exports to Palestine stood at SR118.3 million ($31.53 million), representing a 35 percent rise compared to the previous three months, according to data from the General Authority for Statistics. 

Saudi Arabia also imported Palestinian goods worth SR4 million in the third quarter of 2024.

During the meeting, Al-Huwaizi stressed the need to empower Palestinian business owners to invest in Saudi Arabia and market products from the West Asian nation in the Kingdom’s market. 

He also reaffirmed the federation’s support for holding exhibitions and conferences to introduce and market Palestinian products in the Kingdom. 

The new agreement comes just two after a ceasefire deal came into effect between Israel and Hamas, allowing some displaced residents to return to their homes. 

To stabilize the economy, the Palestine Monetary Authority issued new instructions to banks to ease the burden of accumulated installments on borrowers in Gaza and the West Bank during the war period. 

The authority also instructed banks to stop collecting installments in Gaza until the end of June, with the possibility of scheduling and postponing it further. 

Other instructions from the monetary authority include reducing interest rates on new loans and stopping the collection of commissions and late fees. 

Earlier this month, Palestinian President Mahmoud Abbas met with Nayef bin Bandar Al-Sudairi, the Saudi ambassador to Palestine, and honored him with the Star of Al-Quds medal, a top-rated decoration provided by the state. 

During the meeting, Abbas extended his greetings to King Salman and Crown Prince Mohammed bin Salman and thanked Saudi Arabia for the support offered to the Palestinian people and their cause. 

Abbas also praised Al-Sudairi’s efforts to strengthen the friendly relations between Palestine and the Kingdom.