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LEAP24 to witness $11.9bn tech investment deals, says minister

LEAP24 to witness $11.9bn tech investment deals, says minister
Minister of Communications and Information Technology Abdulla Al-Swaha.
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Updated 04 March 2024
Nadin Hassan
MANAL AL-BARAKATI
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LEAP24 to witness $11.9bn tech investment deals, says minister

LEAP24 to witness $11.9bn tech investment deals, says minister
Updated 04 March 2024
Nadin Hassan MANAL AL-BARAKATI
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RIYADH: Saudi Arabia’s international technology conference LEAP is set to witness $11.9 billion of investment deals over its three-day duration — eclipsing last year’s figure of $9 billion, according to a senior minister. 
During the opening remarks at the event, Minister of Communications and Information Technology Abdulla Al-Swaha highlighted that investments in generative artificial intelligence acceleration and cloud infrastructure sectors are set to be key benefactors from the funding blitz. 
The minister told those at the Riyadh-based gathering, which runs from March 4 to 7 and is the third edition of the event, that the Kingdom’s digital economy is “the most bold and audacious success story of the 21st century.” 
He added: “When it comes to resilience, while the whole world was facing headwinds when it comes to VC (venture capital) funding with negative 30 to 40 percent, the Kingdom, under His Royal Highness’s leadership, we adjusted the sail and changed the headwinds into tailwinds and we grew by 33 percent.” 
Al-Swaha highlighted a significant investment in regional cloud infrastructure in the preceding year, marking it as one of the sector’s most substantial and notable investments.  
Alongside this, he announced the introduction of Amazon Web Services in Saudi Arabia, establishing the Kingdom as the sole nation in the region hosting all key hyperscalers. 
Furthermore, AWS plans to establish an infrastructure region within the Kingdom by 2026, with the objective of providing support to developers, startups, entrepreneurs, and enterprises, as well as entities in healthcare, education, gaming, and nonprofit sectors. 
The minister also underlined the ongoing efforts, led by Crown Prince Mohammed bin Salman, and in collaboration with Saudi Aramco, to advance the diffusion of technologies and industries in the Kingdom. 
He announced Aramco’s largest industrial laboratory guidance model, METABRAIN, which aims to provide guidance and support to all industries in the Kingdom. 
“This LLM is powered by more than data — data for more than 90 years, with seven tokens of public and proprietary data. We aim to reach 1 trillion parameters by the end of today, starting with 250 parameters,” Al-Swaha stated.  
He continued: “Aramco is joining hands with one of the revolutionary technologies. I think it’s best to hear from the founders in this specific interview about how they’re doing that, aiming to build one of the largest AI inference capabilities for the industrial age.” 
In his keynote address, Aramco’s President and CEO Amin Nasser stressed his belief that METABRAIN will serve to increase productivity and growth as well as transform “the way we work.” 
Equipped with 90 years of exclusive data, the large language model is helping to analyze plans, get data as well as “historically drilling down cost and recommending options for downstream.” 
Last week, the energy giant announced a significant upward revision in the estimated reserves of gas and condensate in its Jafurah reserves. The CEO underscored that “this was made possible by combining advanced machine learning system together with the data gathered by our in-house experts.” 
During the event, Aramco also announced the establishment of the Saudi Accelerated Innovations Lab, or SAIL, a market-driven digital innovation engine with the first hub in Saudi Aramco and plans for national and global expansions. 
Commenting on this announcement, the CEO said: “Our goal is to create new digital products and digital ventures. An example is the Aramco IBM innovation strategic partnership, which through SAIL, is expected to be operational in early 2026.” 
According to the executive, Aramco and IBM will collaborate in areas such as cybersecurity, sustainability, circular economy, and material science. 
The global tech leader also unveiled plans for a software development lab to operate in Saudi Arabia. 
Arvind Krishna, chairman and CEO of IBM, said: “We have decided to open a software development lab where we are going to be harnessing the talent of the local population. We are going to build AI-based technologies here that we are then going to take into our global market. I think that is incredibly exciting.”  
As part of a series of announcements, Dell Technologies revealed plans to open a new merge and logistics fulfillment center, incorporating a second touch manufacturing facility in the Kingdom. 
The new center, based out of Riyadh, will handle all Dell product lines in Saudi Arabia, including notebooks, desktops, and servers, as well as, storage, and networking.  
Dell is also relocating its Flat Panel Monitor Hub to Riyadh, ensuring stocked inventory is delivered directly to customers with same-day or next-day shipments.  
The event also saw several announcements from international companies in the field of up-skilling, education, and training. 
Among them, UiPath, a global software company, announced the establishment of the “Saudi School of Automation,” the first in the region, aimed at training skills and nurturing Saudi talents.  
UiPath will cover automation fundamentals through advanced developments, culminating in a professional certificate. 
Similarly, an American cloud-scale company unveiled a partnership with the Saudi Digital Academy to establish a new academy in the Kingdom. 
Datadog’s Academy focuses on the latest trends and regional priorities, offering a range of programs, including certifications, in-person workshops, and online training, as highlighted by Alexis Le Quoc, the company’s CEO during the forum. 
Marking the third announcement of a new academy in the nation, ServiceNow’s CEO Bill McDermott revealed that the company will be opening a ‘ServiceNow Academy’ in the Kingdom. 
The institute aims to train thousands of Saudis in “digital skills related to this new generation platform,” he said.  
The company also emphasized that it will be launching its ServiceNow platform in Arabic later this month, featuring domain-specific LLMs capable of operating in the Arabic language. 
 

Topics: LEAP24

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Saudi Arabia to strengthen healthcare through partnership with China’s BGI Group

Saudi Arabia to strengthen healthcare through partnership with China’s BGI Group
Updated 02 December 2024
MOHAMMED AL-KINANI
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Saudi Arabia to strengthen healthcare through partnership with China’s BGI Group

Saudi Arabia to strengthen healthcare through partnership with China’s BGI Group
Updated 02 December 2024
MOHAMMED AL-KINANI

JEDDAH: Saudi Arabia is poised to bolster its healthcare system through a strategic new partnership with China’s BGI Group. The collaboration will focus on localizing medical services, improving supply chains, and advancing preventive care to better serve the Kingdom’s population.

On Dec. 2, the Public Investment Fund’s fully owned National Unified Procurement Co. signed a memorandum of understanding with Shenzhen-based BGI Group. The partnership is aimed at enhancing healthcare cooperation and leveraging BGI’s cutting-edge expertise to support Saudi Arabia in delivering comprehensive, high-quality healthcare services to its citizens.

The signing ceremony, held in China, was attended by Saudi Minister of Health Fahad bin Abdulrahman Al-Jalajel, who is on an official visit to the country.

The agreement aligns with the goals of Saudi Arabia’s Healthcare Sector Transformation Program, which aims to modernize and integrate the Kingdom’s medical system.

The transformation effort prioritizes innovation, financial sustainability, and disease prevention, while expanding access to healthcare, enhancing e-health services, and improving care quality in line with international standards.

As part of the MoU, Nupco and BGI will explore opportunities for direct collaboration in developing integrated logistics services for biological samples. This will help strengthen the infrastructure of Saudi Arabia’s healthcare sector.

Al-Jalajel emphasized that Saudi Arabia is emerging as a global hub for digital health and innovation, with the partnership with BGI underscoring the Kingdom’s commitment to addressing global health challenges.

The minister’s visit to China is part of broader efforts to deepen health cooperation and reinforce Saudi Arabia’s position as a global center for health innovation — aligning with both the Health Transformation Program and Vision 2030.

This MoU follows a visit in November by a Nupco delegation to BGI Genomics. During the visit, the group, including Nupco CEO Fahad Al-Shebel, was introduced to BGI Genomics’ innovative technologies in proactive disease prevention, multi-omics research, and smart laboratory solutions. BGI’s leadership, including CEO Yin Ye and CEO of BGI Genomics Zhao Lijian, welcomed the delegation, marking a significant milestone in the two organizations’ growing collaboration.

The visit also reinforced the ongoing strategic partnership between the two companies, which began with efforts to combat the COVID-19 pandemic.

During discussions, both sides expressed a shared commitment to expanding cooperation in areas like genetic testing, laboratory expansion, and medical sample transportation — all aimed at advancing life sciences.

BGI highlighted that both parties agreed to enhance localized genetic testing services in Saudi Arabia, contribute to the Kingdom’s public health and precision medicine initiatives, and make significant contributions to improving public health outcomes.

This partnership marks a key step in the Kingdom's healthcare transformation journey, reinforcing its vision to provide world-class medical services while advancing technological innovation in the sector.

Topics: Healthcare

Saudi Green Initiative Forum to focus on climate resilience and sustainability 

Saudi Green Initiative Forum to focus on climate resilience and sustainability 
Updated 02 December 2024
REEM WALID 
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Saudi Green Initiative Forum to focus on climate resilience and sustainability 

Saudi Green Initiative Forum to focus on climate resilience and sustainability 
Updated 02 December 2024
REEM WALID 

RIYADH: Nature-based solutions for climate resilience and community adaptation will take center stage at the fourth edition of the Saudi Green Initiative Forum, set to run from Dec. 3 to 4 in Riyadh. 

The event, held alongside the 16th Conference of the Parties to the UN Convention to Combat Desertification, aims to address pressing global environmental challenges, including land rehabilitation, carbon reduction innovations, and sustainable financing. 

The forum will also address the role of natural solutions in helping communities adapt to climate change and the need to enhance efforts to preserve the Kingdom’s rich biodiversity, according to a statement. 

This aligns with the UNCCD’s goal of restoring 15 billion hectares of land by 2030, as a recent UN study indicates that 90 percent of the Earth’s soil is at risk of degradation by 2050. 

During the Riyadh COP16 conference, the SGI exhibition will open its doors to visitors to learn about the Kingdom’s efforts in reducing emissions, planting trees, and protecting the environment through innovative, interactive experiences. 

The exhibition will provide valuable insights into the Kingdom’s qualitative initiatives, focusing on three key goals – reducing carbon emissions by 278 million tons annually by 2030, planting 10 billion trees, and protecting 30 percent of Saudi Arabia’s land and marine areas.

It will also host the “Saudi Green Initiative Dialogues” series, launched in 2023 and returning this year with participation from international experts. The discussions will cover the latest trends and innovations in climate and sustainability, fostering new opportunities for a more sustainable future. 

Launched in 2021, the SGI aims to engage all sectors of society in climate action and support Saudi Arabia’s goal of achieving net zero emissions by 2060. 

The initiative underscores the Kingdom’s climate efforts, addressing challenges like rising temperatures, low rainfall, sand and dust storms, and desertification, all aimed at enhancing quality of life and building a sustainable future for generations to come. 

Saudi Arabia’s hosting of COP16 highlights its commitment to environmental protection. As the largest multilateral conference the Kingdom has ever hosted, it mobilizes global cooperation to drive the necessary changes and actions for the future of the planet. 

Topics: COP16 Saudi Green Initiative (SGI)

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Private sector must be part of the solution in Saudi land conservation, says top official

Private sector must be part of the solution in Saudi land conservation, says top official
Updated 02 December 2024
Ghadi Joudah
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Private sector must be part of the solution in Saudi land conservation, says top official

Private sector must be part of the solution in Saudi land conservation, says top official
Updated 02 December 2024
Ghadi Joudah

RIYADH: The private sector must play a pivotal role in Saudi Arabia’s land conservation efforts, according to the Kingdom’s deputy minister of environment and adviser to the president of COP16, Osama Faqeeha.

Faqeeha shared this message during the COP16 opening press conference on Dec. 2, underscoring the need for businesses to contribute actively to environmental sustainability.

“Businesses can be part of the solution by focusing their investments in infrastructure, integrating drought resilience, sustainable land management, biodiversity protection, and climate resilience into their operations, while also leveraging innovation,” Faqeeha stated.

The deputy minister emphasized that environmental protection must become a core element of business strategy: “That needs to be a visible and tangible financial contribution of the private sector in land conservation.”

Faqeeha highlighted that such investments would bring multiple benefits to businesses, including improved biodiversity, climate resilience, food security, and social well-being.

“The business of exploiting degraded land and then moving to recover virgin land is not sustainable—environmentally, socially, or even for the businesses themselves,” he added.

Faqeeha also warned about the broader impacts of land degradation on business stability: “We are seeing now that land degradation is a major cause of migration and conflict. And, of course, political instability is not good for business, so companies must consider these factors as well.”

His call for greater private sector involvement aligns with Saudi Arabia’s growing environmental initiatives, emphasizing the need for collaboration between government and businesses in addressing pressing ecological challenges.

Faqeeha’s comments reflect a shift toward integrating sustainability into business models, demonstrating that preserving the environment can also protect long-term corporate interests. He stressed that innovative solutions must be scaled up, particularly in light of the significant economic costs associated with land degradation.

During the press conference, Ibrahim Thiaw, the executive secretary of the UNCCD, also urged for a more prominent role for the private sector in combating global land degradation, stressing that it is a major driver of the crisis.

“We are very happy to have high-level participation from the private sector at COP16,” Thiaw said. “This is not only for governments to negotiate among themselves, but also to engage the private sector because the number one driver of land degradation in the world is food systems, mining, and cotton production for fashion.”

Thiaw commended Saudi Arabia for its leadership in addressing drought and land degradation, especially in the world’s most vulnerable regions.

“I would like to thank the government of Saudi Arabia for sparking this movement, which will likely take us the next 10 years or more to reverse the tide on drought,” he noted.

The initiative, Thiaw explained, targets the 80 poorest countries, as well as lower-middle-income nations, to help them transition from reactive drought responses to proactive measures like early warning systems and agricultural resilience.

Highlighting the urgency of the issue, Thiaw noted: “We have already degraded 40 percent of the land in the world.” He stressed that restoring 1.5 billion hectares of degraded land could help produce necessary food, provide clean water, and ensure breathable air.

Thiaw also pointed out the need for increased financing, particularly from the private sector.

“Only 6 percent of land restoration funding comes from the private sector,” he said. “We need the private sector to invest in their land and business to secure their production and ensure their activities are sustainable in the long run.”

As the global population grows, Thiaw warned that food systems must evolve. “We need to produce twice as much food by 2050 to feed a growing population and middle class,” he stated.

Thiaw identified addressing drought, land restoration, and financing as key priorities in the fight against global land degradation.

Prof. Johan Rockström, director of the Potsdam Institute for Climate Impact Research, also spoke about the goals of COP16, anticipated outcomes, and insights drawn from the Special Report on Land: Planetary Boundaries: Confronting the Global Crisis of Land Degradation.

The report provides practical suggestions for promoting sustainable land use and food production to protect human health and the environment.

“Humanity is at a critical juncture, and for the first time, we need to consider the real risk of destabilizing life support on the entire planet,” Rockström said.

He noted that current trends in global warming could push temperatures over 3°C within 75 years, a scenario he described as catastrophic. “This is a pathway that unequivocally leads to disaster. There’s absolutely no scientific evidence that we can support a world population under such conditions,” he added.

The global land area affected by degradation, which spans approximately 15 million sq. km, is increasing by about 1 million sq. km annually.

Rockström stressed the critical role of land in reversing this trend. “Land is a fundamental precondition that will determine whether or not we can turn this around or continue down an unstoppable path toward even worse warming levels,” he said.

He outlined the devastating consequences of continued land degradation, warning: “We are losing 1 million sq. km of healthy land each year.” This loss, he noted, is pushing the planet toward disaster.

“Unsustainable land management—how we manage agriculture, forestry, and land use—is the single largest emitter of greenhouse gases in the global economy, contributing roughly 23 percent of emissions,” he said. However, intact ecosystems still absorb 25 percent of carbon dioxide emissions, creating a delicate balance.

“The planet is just barely balancing,” Rockström cautioned. “For every day we lose more intact land, we lose that capacity, and the teetering balance will collapse.”

 

Topics: COP16 Green & Blue

Closing Bell: Saudi main market closes in red to settle at 11,739  

Closing Bell: Saudi main market closes in red to settle at 11,739  
Updated 02 December 2024
Nour El-Shaeri  
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Closing Bell: Saudi main market closes in red to settle at 11,739  

Closing Bell: Saudi main market closes in red to settle at 11,739  
Updated 02 December 2024
Nour El-Shaeri  

RIYADH: Saudi Arabia’s Tadawul All Share Index dropped by 0.02 percent, or 2.39 points, to settle at 11,739.35 points on Monday.   

The total trading turnover of the benchmark index was SR5.4 billion ($1.4 billion), as 82 of the listed stocks advanced, while 143 retreated.      

The MSCI Tadawul Index also decreased by 1.30 points, or 0.09 percent, to close at 1,470.29.      

The Kingdom’s parallel market Nomu increased, gaining 115.94 points, or 0.38 percent, to close at 30,289.06 points. This comes as 37 of the listed stocks advanced while as many as 44 retreated.      

The index’s top performer, Saudi Reinsurance Co., saw a 5.99 percent increase in its share price to close at SR47.80.      

Other top gainers included Saudi Chemical Co., which saw a 5.07 percent increase to reach SR9.54, while Fitaihi Holding Group’s share price rose by 4.58 percent to SR4.34.   

Electrical Industries Co. also recorded a positive trajectory, with share prices rising 4.51 percent to reach SR7.42.  

Tamkeen Human Resource Co. also witnessed positive gains, rising 4.41 percent to reach SR71.   

SHL Finance Co. saw the steepest decline on TASI, with its share price dropping 3.87 percent to SR16.90.    

National Medical Care Co. followed with a 3.54 percent drop to SR158.20. MBC Group Co. also saw a notable drop of 3.40 percent to settle at SR51.20.    

Al-Baha Investment and Development Co. saw a decline of 3.33 percent, with shares settling at SR0.29. 

Saudi Ceramic Co. also underperformed, with shares dropping 3.15 percent to SR35.40.   

In Nomu, Sure Global Tech Co. was the best performer, with its share price rising by 8.18 percent to reach SR88.60.    

Arabian Plastic Industrial Co. and Purity for Information Technology Co. also delivered strong performances. Arabian Plastic Industrial Co. saw its share price rise by 5.28 percent, reaching SR36.90, while Purity for Information Technology Co. recorded a 3.95 percent increase, standing at SR13.70.    

Enma AlRawabi Co. also fared well with 3.93, and the Neft Alsharq Co. for Chemical Industries increased 3.86 percent.   

Fesh Fash Snack Food Production Co. shed the most in Nomu, with its share price dropping by 5.23 percent to reach SR14.50.    

Almuneef Co. for Trade, Industry, Agriculture and Contracting experienced a 4.94 percent decline in share prices, closing at SR5.20, while AME Co. for Medical Supplies dropped 4.67 percent to settle at SR102.   

Aqaseem Factory for Chemicals and Plastics Co. declined by 4.53 percent, while Naas Petrol Factory Co. saw a drop of 4.15 percent, making them among the top decliners.   

On the announcement front, the Saudi Exchange has revealed the listing and commencement of trading for shares of United International Holding Co. on the main market, effective Tuesday, Dec. 3, 2024.     

In accordance with listing regulations, daily price fluctuation limits will be set at 30 percent above or below the share price for the first three days of trading.    

During this period, static price fluctuation limits will also be applied at 10 percent.  

Topics: TASI Tadawul shares Stock Market

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Saudi Arabia establishes ‘Friends of the Chair’ group to advance COP16 outcomes 

Saudi Arabia establishes ‘Friends of the Chair’ group to advance COP16 outcomes 
Updated 02 December 2024
Nour El-Shaeri
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Saudi Arabia establishes ‘Friends of the Chair’ group to advance COP16 outcomes 

Saudi Arabia establishes ‘Friends of the Chair’ group to advance COP16 outcomes 
Updated 02 December 2024
Nour El-Shaeri

RIYADH: Saudi Arabia aims to secure concrete outcomes from COP16 by establishing a “Friends of the Chair” group tasked with drafting the Riyadh Policy Declaration, a key outcome document of the conference. 

Osama Faqeeha, Saudi deputy minister of environment and adviser to the COP16 presidency, announced the formation of the group, emphasizing its role in shaping the conference’s ministerial declaration. 

“The Friends of the Chair group will be facilitated by a group representing the COP presidency, and a report on the outcomes of its work will be submitted directly to me in my capacity as president,” Faqeeha said. 

This initiative underscores Saudi Arabia’s commitment to ensuring collaborative and actionable results from the conference. 

A Friends of the Chair group is an informal working body established during international conferences to assist in drafting key outcome documents or resolving complex issues. It is composed of representatives selected to support the conference presidency’s objectives. 

Gender equality and sustainable land management were among the major themes discussed at COP16. 

Hungary’s representative highlighted the critical importance of women in addressing challenges like desertification, land degradation, and drought, commending COP16 for its gender-focused initiatives. 

“We particularly welcome the efforts made by the UNCCD secretariat and the global mechanism to promote gender equality and empowerment of all women in the implementation of the convention, considering the crucial role of women in reaching these objectives,” the Hungarian representative said. 

Hungary’s remarks were part of broader discussions on pressing global issues, including drought resilience, sand and dust storms, and sustainable land use. 

These conversations reflected a growing international consensus on the need for gender-inclusive approaches to climate resilience and sustainability. 

Azerbaijan also contributed to the dialogue, emphasizing the importance of sustainable land management in achieving global climate and biodiversity targets, particularly those under the UN Sustainable Development Goal 15. 

“SDG 15, target three, which aims to strive toward land degradation neutrality by 2030, is a driving force for many countries to strengthen policies for sustainable land management,” the representative said. 

Azerbaijan further called for expanding the scope of the UNCCD to include all terrestrial ecosystems beyond the current focus on arid and semi-arid regions. 

“We encourage UNCCD to take further actions to consider the full range of terrestrial ecosystems for the UNCCD to be fully recognized as a global document,” the representative added. 

They also highlighted priorities like drought preparedness, wildfire management, and public-private partnerships to advance regional cooperation and sustainability. 

Running from Dec. 2 to 13, the first few days of COP16 are set to see a number of high-profile summits, ministerial dialogues, and announcements to address the pressing challenges associated with land degradation, degradation and drought. 

French President Emmanuel Macron is expected to be among the attendees, as is the President of the World Bank Ajay Banga. 

 

Topics: COP16 Green & Blue

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