Women’s growing role in defense sector to be highlighted at WDS

Women’s growing role in defense sector to be highlighted at WDS
The expansion of women’s roles in the military and their integration into the armed forces are deemed crucial steps towards achieving the goals stated in Vision 2030. (AN photos)
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Updated 08 February 2024
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Women’s growing role in defense sector to be highlighted at WDS

Women’s growing role in defense sector to be highlighted at WDS
  • One of its primary focus areas for discussion will be the revolutionary shift of the role of women within the industry

RIYADH: As Riyadh gears up to host the second edition of the World Defense Show, the question of women’s growing role in the sector is taking center stage.

The event promises to congregate local and global military industry players with Saudi Arabia’s key leadership, international delegations and prominent industry decision-makers, and of one of its primary focus areas for discussion will be the revolutionary shift of the role of women within the industry.
Globally, the defense sector remains largely a male-dominated industry. Last year, it was reported that women represented a mere 23 to 25 percent of the labor force of the top five US defense contractors.
While the imbalance is also present in the Middle East, a region that is traditionally more conservative when it pertains to gender roles, recent years have demonstrated a notable uptick in female participation.
Arab women are increasingly breaking stereotypes by taking on roles traditionally reserved for men in the defense sector, with many now serving as pilots, engineers, and peacekeepers, as well as joining special force units.

The decision to allow women into the Saudi military came as part of the Kingdom’s Vision 2030 agenda that seeks to reform almost every aspect of life and government, including supporting female inclusion in the workforce.
The expansion of women’s roles in the military and their integration into the armed forces are deemed crucial steps towards achieving the goals stated in Vision 2030.
In 2018, the Kingdom provided women with the opportunity to apply for a number of non-military security roles. Saudi women have also been a part of public security since 2019, in the General Directorate of Prisons, Criminal Evidence and Customs and the General Directorate of Narcotics.
The Saudi military chief of staff, Fayyad Al-Ruwaili, and the director general of the General Administration of Admission and Recruitment, Imad Al-Aidan, launched the first military section for women in the Saudi Arabian Armed Forces in January 2021.
This allowed women to join the military as lance corporals, corporals, sergeants, and staff sergeants in the Royal Saudi Land Forces as well as the Royal Saudi Air Defense force, the Royal Saudi Navy, Strategic Missile Forces and Armed Forces Medical Services. Women could also rise through the ranks to a number of officer positions and senior positions.
The establishment of the Armed Forces Women’s Cadre Training Centre in February 2022 and the subsequent graduation of hundreds of women was another crucial step in in preparing women for military roles.
The inaugural graduation ceremony for female recruits was in September, marking the first time in the Kingdom’s history that women will begin service in front-line roles.
The efforts towards progress also saw further initiatives promoting gender equality and diversity implemented within defense institutions.
Policies have been introduced to ensure equal opportunities for men and women in recruitment, training, and career progression. Arab countries have also been investing in mentorship programs and leadership development initiatives specifically tailored for women in the defense sector, fostering a supportive environment for their professional growth.

During the first World Defense Show in 2022, the International Women in Defense Program, which took place on International Women’s Day, was deemed a “resounding success” by its organizers.
Led by the Kingdom’s ambassador to the US, Princess Reema bint Bandar, the event addressed the challenges and celebrated achievements in the industry, though a series of expert panels and discussions.
The program returns for WDS 2024, with an expanded format and another impressive roll call of influential industry leaders, with Princess Reema once again at the helm.
The ambassador said: “This is a moment to celebrate the contributions and achievements of women around the world from our past and present. Women have been serving, fighting, and contributing to the security and prosperity of their nations for over 100 years.”
She added: “International Women in Defense is a global campaign, creating resilience in an ever-changing world, and helping us to navigate the challenges we face within the sector, sharing personal experiences and celebrating the contributions of women who continue to serve their country. In this event, we converge to support national, regional and international efforts to accelerate women’s participation in the defense sector on a global scale, forging alliances and sharing best practices which are fundamental to retain the pace of change.”
These acknowledgements of the advancements in the role of women in defense contribute greatly to changing global perceptions about the capabilities and contributions of women in traditionally male-dominated fields.

Globally, female CEOs in the aerospace and defense industry surpasses other industries in gender equality.
According to global organizational consulting firm Korn Ferry, women CEOs represent 19 percent of the leaders in aerospace and defense, compared to just 5 percent across all other sectors. Four of the five largest US aerospace and defense firms — Lockheed Martin, General Dynamics, Northrop Grumman and Boeing’s defense, space and security division — are all headed by women.
Within the region, there have also been notable achievements: Jana Sader became Lebanon’s first female fixed-wing pilot; Sheikha Aisha bint Rashid Al-Khalifa became Bahrain’s first female fighter pilot; and Saudi Arabia’s Rayannah Barnawi became the first Arab woman astronaut.
In Saudi Arabia, this signifies a broader societal shift in attitudes towards gender roles, reflecting a commitment to inclusivity, diversity, and the recognition of the valuable contributions women can make in defense and security.
By all accounts, the strides made in the Middle East, also contribute significantly to the global narrative of women increasingly playing pivotal roles in defense and security.


Saudi Arabia’s e-commerce sector sees 10% growth, official figures reveal

Saudi Arabia’s e-commerce sector sees 10% growth, official figures reveal
Updated 9 sec ago
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Saudi Arabia’s e-commerce sector sees 10% growth, official figures reveal

Saudi Arabia’s e-commerce sector sees 10% growth, official figures reveal

RIYADH: Saudi Arabia’s e-commerce sector saw its upward momentum continue in the fourth quarter of 2024, with 40,953 businesses now registered across the Kingdom— a 10 percent increase year on year.

The latest data from the Ministry of Commerce revealed that Riyadh led with 16,834 registrations, followed by Makkah with 10,314, and Eastern Province with 6,488. In the Madinah and Qassim regions, e-commerce enrollments reached 1,952 and 1,324, respectively. 

The growth falls in line with Saudi Arabia’s ongoing transition toward a diversified, digitally-driven economy, with e-commerce playing a crucial role. The Kingdom now ranks among the top 10 countries globally in expansion of this sector.

These figures align with the nation’s goal to increase modern commerce and e-commerce’s share of the retail sector to 80 percent by 2030, as well as the government’s aspiration to raise online payments to 70 percent by the same year.

The Ministry of Commerce’s latest quarterly report further revealed that the logistics sector recorded an 82 percent surge in the issuance of records in the fourth quarter compared to the same period of 2023 to reach 16,561 registrations.

The capital led the list with 8,074 registrations, followed by Makkah with 4,235 and Eastern Province with 2,038. The Madinah and Qassim regions recorded 486 enrollments each.

Regarding application development, the report showed that the sector witnessed a 36 percent year-on-year jump in the issuance of records to reach 15,775 registrations in the final quarter of 2024, compared to the corresponding quarter of 2023.

Riyadh topped the list with 9,647 registrations, followed by Makkah with 3,191 and the Eastern Province with 1,590.

The Kingdom’s fintech solutions sector also recorded a 12 percent year-on-year increase with the issuance of 3,152 records in the fourth quarter of 2024, compared to the same period a year earlier.

The bulletin also underscored significant growth across various promising sectors, aligning with Saudi Arabia’s Vision 2030 goals. 

Notable expansions were observed in several key fields, including cloud computing services, manufacturing solar panels and their parts, and real estate activities.

Growth was also seen in organizing tourist trips, entertainment events, conferences, and trade fairs.

These developments reflect the Kingdom’s strategic focus on fostering innovation and sustainable growth across diverse industries.  

The ministry’s quarterly business sector bulletin provides an overview of the latest developments in the nation’s commercial environment, highlighting Saudi Arabia’s economy’s continued growth and diversification. 


Jordan’s total FDI reaches $1.3bn, reflecting strong investor confidence 

Jordan’s total FDI reaches $1.3bn, reflecting strong investor confidence 
Updated 5 min 57 sec ago
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Jordan’s total FDI reaches $1.3bn, reflecting strong investor confidence 

Jordan’s total FDI reaches $1.3bn, reflecting strong investor confidence 

RIYADH: Jordan’s foreign direct investment inflows rose 3.7 percent year on year in the third quarter of 2024, reaching $457.8 million, according to preliminary data from the balance of payments. 

This figure represents 3.2 percent of the nation’s gross domestic product, reflecting sustained investor confidence despite economic headwinds in the region, the Jordan News Agency reported. 

For the first nine months of 2024, total FDI inflows amounted to $1.3 billion, or 3.3 percent of GDP, slightly down from $1.6 billion in the same period of 2023.

However, the 2024 figure surpassed cumulative FDI levels seen in both 2021 and 2022, signaling long-term growth momentum. 

While foreign investment in Jordan has traditionally focused on energy, tourism, real estate, manufacturing, and services, the country launched its Economic Modernization Vision in 2022 to boost growth. The plan targets $60 billion in investments and 1 million jobs over the next decade, with key sectors including ICT, health care, tourism, real estate, mining, and agriculture. 

The latest data showed that Arab nations contributed nearly half of Jordan’s FDI inflows in the first three quarters of 2024, accounting for 49.1 percent. Among these, Gulf Cooperation Council countries led with 31.7 percent. 

EU nations accounted for 11.5 percent, with the Netherlands and France contributing 4.9 percent and 3.5 percent, respectively. 

Non-Arab Asian countries made up 7.2 percent, led by China at 2.5 percent and followed by India at 2.1 percent. The remaining 32.2 percent came from various global regions. 

The financial and insurance sector was the top recipient of FDI, attracting 15.7 percent of total inflows. Manufacturing attracted 7.7 percent, followed by information and communication with 7.5 percent, mining and quarrying at 7.3 percent, and transportation and storage at 7.0 percent. Wholesale and retail trade accounted for 6.1 percent. 

Notably, real estate and land investments by non-Jordanian individuals made up 14.9 percent of total FDI, highlighting the ongoing appeal of Jordan’s property market. 

Jordan’s strong FDI performance reflects its strategic efforts to enhance its investment climate and capitalize on its position as a regional business hub. 

Economic experts projected Jordan’s growth to range between 2.5 percent and 3 percent in 2025, driven by an improved business environment and increased investments, according to the Jordan News Agency report last month. 

This aligns with the country’s average growth rate of 2.5 percent over the past decade, as reported by the World Bank, providing a solid foundation for expansion. 

Recent government measures, such as reducing penalties for unlicensed vehicles and offering tax cuts for electric cars, aim to boost financial and social stability, addressing economic challenges and attracting further investment. 


Saudi Aramco increases February oil prices for Asia

Saudi Aramco increases February oil prices for Asia
Updated 8 min 13 sec ago
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Saudi Aramco increases February oil prices for Asia

Saudi Aramco increases February oil prices for Asia

RIYADH: Saudi Aramco has raised its crude oil prices for Asian customers in February, marking the first increase in three months, according to an official announcement made on Monday.

The official selling price for the benchmark Arab Light crude has been raised by 60 cents per barrel, following a significant drop to a four-year low in January.

For February, the price of Arab Light crude for Asian buyers has been set at $1.50 per barrel above the regional benchmark.

Other grades also saw price increases: the OSPs for Arab Extra Light and Super Light grades were raised by 60 cents per barrel and 50 cents per barrel, respectively.

Similarly, the OSP for Arab Medium crude was increased by 50 cents per barrel. However, the price for Arab Heavy crude saw a reduction of 50 cents per barrel.

For North America, Aramco has set the February OSP for Arab Light crude at $3.50 per barrel above the Argus Sour Crude Index.

These adjustments align with changes in the market structure for both the first and third month Dubai prices.

Data from Reuters shows that the spread widened by 42 cents per barrel in backwardation in December compared to the previous month.

February’s spot premiums for Middle Eastern crude grades recovered after falling to their lowest point in a year, driven by uncertainties surrounding Iranian and Russian supply chains.

In particular, some independent refiners in China turned back to Middle Eastern oil as new Western sanctions and strong demand in China pushed prices for Iranian and Russian oil to multiyear highs.

Saudi Aramco produces five grades of crude oil: Super Light, Arab Light, Arab Extra Light, Arab Medium, and Arab Heavy.

These grades are differentiated by their density: Super Light has a density greater than 40, Arab Extra Light ranges from 36 to 40, Arab Light falls between 32 and 36, Arab Medium is between 29 and 32, and Arab Heavy has a density of less than 29.

Saudi Aramco typically releases its crude OSPs around the 5th of each month, setting the pricing trend for other major producers, including Iran, Kuwait, and Iraq. These price benchmarks impact approximately 9 million barrels per day of crude oil shipments to Asia.


Saudi Aramco eyes oil refinery project in Bangladesh, ambassador reveals

Saudi Aramco eyes oil refinery project in Bangladesh, ambassador reveals
Updated 12 min 22 sec ago
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Saudi Aramco eyes oil refinery project in Bangladesh, ambassador reveals

Saudi Aramco eyes oil refinery project in Bangladesh, ambassador reveals
  • Essa Al-Duhailan highlighted the transformative potential of establishing a maritime route between Chattogram and Jeddah or Dammam
  • Refinery aims to address Bangladesh’s growing demand for petroleum products

RIYADH: Saudi energy giant Aramco plans to build an oil refinery in Bangladesh, potentially transforming the sector in the Bay of Bengal, revealed the Kingdom’s Ambassador Essa Al-Duhailan.

During the launch of the report “Enhancing Saudi-Bangladesh Economic Engagement: Trends, Key Challenges and Long-Term Growth Prospects” at the Foreign Ministry in Dhaka, the ambassador emphasized Aramco’s potential investment.

Saudi Arabia, home to the largest Bangladeshi expatriate community, has increasingly engaged with Bangladesh through investment agreements and establishing a joint business council, signaling a deepening economic partnership. 

The proposed refinery aims to address Bangladesh’s growing demand for petroleum products while positioning itself as a regional supplier to markets like China and India. 

“We are talking about Aramco, the biggest oil company in the world. They are willing to come to Bangladesh to build a refinery here,” said Al-Duhailan, according to state-run news agency Bangladesh Sangbad Sangstha.

The ambassador highlighted the transformative potential of establishing a maritime route between Chattogram and Jeddah or Dammam, enhancing trade efficiency and connectivity, BSS reported.

“Our international company, Red Sea Gateway Terminal, is already operating the Patenga terminal and is keen to contribute to the Matarbari deep-sea port,” he added.

Reflecting on past challenges, Al-Duhailan mentioned Aramco’s previous high-profile delegations to Bangladesh from 2016-2018, which did not yield engagement. “But we will not talk about the past. We will talk about the future,” the ambassador said, calling for renewed focus on bilateral cooperation.

The event also spotlighted the broader Saudi-Bangladesh relationship. Al-Duhailan said that ACWA Power, the world’s largest renewable energy company, is exploring a $3.5 billion investment in Bangladesh. 

He added that the South Asian country is a green field for investment while advocating for reforms to streamline bureaucratic processes and combat corruption.

The report detailed pathways to deepen economic ties and outlined opportunities for Bangladesh to boost exports to the Kingdom, expand imports of vital resources, and attract investment in key sectors.

Challenges such as bureaucratic inefficiencies and corruption were also addressed, with strategic recommendations for overcoming these barriers.

The ambassador emphasized the importance of combining political and economic engagement for mutual benefit. “We have unique relations… we have many success stories,” he said, urging both nations to create more collaborative achievements in trade, culture, tourism, and beyond.

The analysis, prepared by the Bangladeshi Foreign Ministry, serves as a roadmap for enhancing bilateral economic engagement, offering valuable insights for policymakers and investors from both nations. It sets the stage for a strengthened partnership poised to unlock new growth opportunities, BSS reported.

In March, Bangladesh secured a $1.4 billion financing deal with the International Islamic Trade Finance Corp., enabling it to strengthen crude oil imports from suppliers like Saudi Aramco. 

The funding bolstered the South Asian nation’s energy security and alleviated pressure on its dollar reserves, underscoring Aramco’s pivotal role in Bangladesh’s energy landscape.

Bangladesh’s government, led by Nobel laureate Muhammad Yunus, has emphasized strengthening ties with Saudi Arabia as a key priority. Following his first meeting with Al-Duhailan in August, Yunus underscored the Kingdom’s role as a vital partner in addressing Bangladesh’s economic challenges.


Saudi Arabia, BlackRock explore collaborative opportunities to advance Vision 2030 goals

Saudi Arabia, BlackRock explore collaborative opportunities to advance Vision 2030 goals
Updated 42 min 26 sec ago
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Saudi Arabia, BlackRock explore collaborative opportunities to advance Vision 2030 goals

Saudi Arabia, BlackRock explore collaborative opportunities to advance Vision 2030 goals

RIYADH: A meeting between Saudi Arabia’s economy minister and the vice chairman of BlackRock focused on global economic developments, investment opportunities, and the Kingdom’s Vision 2030 diversification efforts.

During the talks in Riyadh on Jan. 5, Faisal Al-Ibrahim and Philipp Hildebrand discussed identifying potential collaborations to advance Saudi Arabia’s goals of reducing its dependence on oil revenues and fostering growth in key sectors such as renewable energy, technology, and tourism, according to a post on X.

 

In an interview with Arab News last year, BlackRock’s Managing Director, Head of Middle East Client Business, and CEO of Saudi Arabia, Yazeed Al-Mubarak, said that the global client base has shown a growing interest in gaining exposure to Middle Eastern assets.  

In August, BlackRock deepened its engagement with the Kingdom by signing a memorandum of understanding with the Saudi Real Estate Refinance Co., a subsidiary of the Public Investment Fund. 

The agreement, signed during an official visit to the US by Saudi Minister of Municipalities and Housing Majid Al-Hogail, will develop the country’s real estate finance sector and increase the share of businesses in the industry’s capital markets.