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Microsoft launches Center of Excellence to boost Saudi workforce’s digital skills 

Special Microsoft launches Center of Excellence to boost Saudi workforce’s digital skills 
Turki Badhris, president of Microsoft Arabia. AN
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https://arab.news/yqj3p

Updated 07 March 2024
Nadin Hassan 
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Microsoft launches Center of Excellence to boost Saudi workforce’s digital skills 

Microsoft launches Center of Excellence to boost Saudi workforce’s digital skills 
Updated 07 March 2024
Nadin Hassan 
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RIYADH: The Saudi workforce is set to receive a digital skills boost after Microsoft announced a new Center of Excellence, empowering professionals in the Kingdom. 

In collaboration with the Ministry of Communication and Information Technology, the disclosure was made on the sidelines of the tech conference LEAP, being held in Riyadh

In an interview with Arab News, Turki Badhris, president of Microsoft Arabia, expanded on the thinking behind the center as he highlighted the company’s accomplishment of empowering over 100,000 Saudi professionals.

Badhris said: “We just recently announced our Center of Excellence with the Ministry of Communication and Information Technology in partnership with Tuwaiq and our partner Spectrum (Networks). That is to build an AI advanced digital academy that definitely will help the workforce in Saudi Arabia with the latest digital skills and AI skills.”  

He underlined the significant role that artificial intelligence plays in realizing Saudi Arabia’s Vision 2030 and broader digital transformation initiatives in the Kingdom. 

“We believe that AI has evolved from just being a buzzword to a reality today that is changing the way we live and work, definitely transforming our world. In order to really unlock and unleash the potential of AI technology, the data centers are there to unleash that potential of AI,” he added. 

“We are seeing a big and increased demand from our customers, including organizations in the private sector and government. They really want to move into the cloud, and we predict in Microsoft that many of these customers will move to the Cloud in 2024,” said Badhris.

The Centre of Excellence, powered by Spectrum Networks, offers a wide range of globally recognized, industry-endorsed, and role-based skilling tracks. 

These tracks aim to support individuals, from beginners to experienced professionals, and organizations in gaining a professional edge. They offer training and certifications in current technologies like cloud computing, AI, Internet of Things, and Generative AI. 

“We have more than 2,500 partners in Saudi Arabia, and we are working closely with them to strengthen their capabilities and advancement, especially when it comes to our solutions,” Badhris said. 

He added that recently, in collaboration with the Ministry of Investment, the company launched a significant initiative called the Alliance to Innovate.

Badhris said through this move, Microsoft Arabia is encouraging more than 70 global and regional partners with specialities in areas such as cybersecurity, IoT, cloud and AI to come to Saudi Arabia to “see the potential” and “hopefully, to come and move their headquarters.” 

Topics: LEAP24 Microsoft Arabia business

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Oil Updates — Crude retreats on demand concerns after Fed signals slower easing ahead

Oil Updates — Crude retreats on demand concerns after Fed signals slower easing ahead
Updated 54 sec ago
Reuters
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Oil Updates — Crude retreats on demand concerns after Fed signals slower easing ahead

Oil Updates — Crude retreats on demand concerns after Fed signals slower easing ahead
Updated 54 sec ago
Reuters

LONDON: Oil prices fell in Asian trade on Thursday after the US Federal Reserve signaled it would slow the pace of interest rate cuts in 2025, which could slow economic growth and reduce fuel demand.

Brent futures fell 47 cents, or 0.6 percent, to $72.92 a barrel by 8:15 a.m. Saudi Time. US West Texas Intermediate crude fell 39 cents, or 0.6 percent, to $70.19.

The declines reversed most of the benchmark contracts’ gains from Wednesday when prices settled higher as US crude stocks fell and the US Federal Reserve cut interest rates by 25 basis points as expected.

Prices weakened after US central bankers issued projections calling for two quarter-point interest rate cuts in 2025 on concerns about rising inflation. That was half a point less than they had anticipated as of September.

Lower rates decrease borrowing costs, which can boost economic growth and demand for oil.

“The demand-supply balance going into 2025 continues to look unfavorable and predictions of more than 1.0 million bpd demand growth in 2025 look stretched in our opinion. Even if OPEC+ continues to withhold production, the market may still be in surplus,” DBS Bank’s energy sector team lead Suvro Sarkar said.

Meanwhile, although demand in the first half of December rose year-on-year, volumes remained lower than expected by some analysts.

JP Morgan analysts said in a note that global oil demand growth for December so far was 700,000 barrels per day less than it had expected, and for the year-to-date, global demand had risen by 200,000 bpd less than it had forecast in November 2023.

Official data from the Energy Information Administration on Wednesday showed US crude stocks fell by 934,000 barrels in the week to Dec. 13, compared with analysts’ expectations in a Reuters poll for a 1.6 million-barrel draw.

While the drawdown was less than expected, the market found support in the data as US crude exports rose by 1.8 million bpd last week to 4.89 million bpd.

Topics: Oil US Federal Reserve energy oil prices oil updates Brent crude

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SAMA cuts benchmark interest rate to 5% in line with US Federal Reserve move 

SAMA cuts benchmark interest rate to 5% in line with US Federal Reserve move 
Updated 9 min 3 sec ago
MIGUEL HADCHITY 
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SAMA cuts benchmark interest rate to 5% in line with US Federal Reserve move 

SAMA cuts benchmark interest rate to 5% in line with US Federal Reserve move 
Updated 9 min 3 sec ago
MIGUEL HADCHITY 

RIYADH: Saudi Arabia’s central bank lowered its benchmark interest rate to 5 percent, its third cut this year, aligning with the US Federal Reserve’s recent decision to reduce rates by 25 basis points. 

The Saudi Central Bank, also known as SAMA, reduced its repurchase agreement rate to 5 percent and the reverse repurchase agreement rate to 4.5 percent, it said in a statement. The move is aimed at maintaining monetary stability amid shifting global economic conditions. 

The move aligns with the US Federal Reserve decision, which similarly cut rates by 25 basis points, bringing its target range to 4.25–4.5 percent. 

“This decision is in line with SAMA’s mandate of preserving monetary stability in the context of global developments,” SAMA said. 

The reduction follows a more aggressive 50-basis-point cut in September and reflects a recalibration of policy as inflationary pressures ease. The move is expected to lower borrowing costs, providing relief after two years of elevated rates designed to curb inflation.  

Central banks across the Gulf Cooperation Council, whose currencies are largely pegged to the dollar, mirrored the Fed’s move despite relatively stable inflation levels in the region. 

The UAE cut its overnight deposit facility rate by 25 basis points to 4.4 percent, while Oman trimmed its repo rate by the same margin to 5 percent. Qatar opted for a slightly deeper reduction, lowering its three main rates by 30 basis points. Bahrain reduced its overnight deposit rate by 25 basis points to 5 percent. 

In a separate statement, the Central Bank of Kuwait announced on Wednesday that it had adopted a “gradual and balanced approach” to monetary policy, reducing its discount rate by 25 basis points to 4 percent, effective Sept. 19. 

Over the past two years, the US Federal Reserve has aggressively raised interest rates to combat inflation, significantly tightening monetary policy to stabilize prices. 

Although inflation in the US has edged closer to the Fed’s 2 percent target, it remains slightly elevated, leaving consumers burdened by high costs.  

The GCC economies, particularly Saudi Arabia, stand to benefit from the recent rate cuts. Lower borrowing costs are expected to bolster the Kingdom’s non-oil sectors, a key pillar of Vision 2030. Industries such as construction, real estate, and services, which have already experienced robust growth, are likely to gain additional momentum. 

Moreover, cheaper credit could accelerate investments in infrastructure and technology — two critical components of Saudi Arabia’s economic diversification strategy. 

Topics: US Fed Inflation saudi central bank

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Saudi Arabia’s ACWA Power launches $3bn renewable projects in Uzbekistan

Saudi Arabia’s ACWA Power launches $3bn renewable projects in Uzbekistan
Updated 18 December 2024
MOHAMMED AL-KINANI
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Saudi Arabia’s ACWA Power launches $3bn renewable projects in Uzbekistan

Saudi Arabia’s ACWA Power launches $3bn renewable projects in Uzbekistan
  • ACWA Power has been significantly involved in Uzbekistan’s renewable energy sector in recent years
  • Uzbekistan aims to generate 40 percent of its electricity from renewable sources by 2030
Updated 18 December 2024
MOHAMMED AL-KINANI

JEDDAH: Saudi utility giant ACWA Power launched three renewable projects in Uzbekistan, including wind, solar, and battery storage, marking a $3 billion investment in the country’s energy transition.

On Dec. 18, Uzbekistan’s President Shavkat Mirziyoyev and the Kingdom’s Minister of Energy, Prince Abdulaziz bin Salman, who joined virtually, inaugurated the projects.

The initiatives include the Bash and Dzhankeldy Wind Power Plants with a total capacity of 1,000 megawatts and a transmission line, the Samarkand 1 and 2 solar projects with 1,000 MW of solar power and a 1,000 MWh battery energy storage system, and the Tashkent BESS Project, which consists of a 500 MWh BESS.

Uzbekistan aims to generate 40 percent of its electricity from renewable sources by 2030, a critical milestone in its broader plan to achieve 20 gigawatts of clean energy capacity by the decade’s end.

Mohammad Abunayyan, the chairman of ACWA Power’s board of directors, who also chairs the Saudi-Uzbek Business Council, emphasized the significant progress in his company’s collaboration with the Uzbek government, highlighting its role as a key strategic investor in the country’s rapidly growing clean energy sector.

Abunayyan said: “Today’s groundbreaking highlights the multitude of large-scale foreign direct investments and commendable efforts by Uzbekistan to strengthen the potential of the country’s energy system and capacity. It also paves the way for the commencement of ACWA Power projects that are expected to yield widespread benefits for Uzbekistan’s key regions and communities.”

Prince Abdulaziz commended the robust relationship between the Kingdom and Uzbekistan and said the alliance has nurtured deep collaboration across multiple sectors, with a particular focus on energy, which has brought mutual benefits to both nations, according to a statement from the company.

The Saudi minister also praised the economic cooperation between the two countries, particularly in the context of Saudi Vision 2030 and Uzbekistan Strategy 2030. He stressed their shared goals of economic development, diversification, renewable energy, and sustainable growth, as well as the Kingdom’s growing investment in Uzbekistan’s electricity sector amid the country’s energy transition.

In October, ACWA Power announced it signed a letter of intent with the Asian Infrastructure Investment Bank to secure $150 million for the development of three wind power plants in Uzbekistan, namely the Kungrad 1, 2, and 3 plants in the Karakalpakstan region.

The company, listed on the Saudi Stock Exchange, said in a press release that the financing will support the three facilities, each with a capacity of 500 MW.

The financing term is set at four years and will be backed by an institutional guarantee from ACWA Power.

Uzbekistan is a key foreign market for ACWA Power, which has been significantly involved in the country’s renewable energy sector in recent years.

The company’s current portfolio in Uzbekistan includes 11.6 GW of power, with 10.1 GW from renewable sources, along with the country’s first green hydrogen project, which has an annual capacity of 3,000 tonnes.

Since the partnership began, four major projects worth approximately $3 billion have been successfully implemented, with an ongoing portfolio of initiatives valued at $15 billion, ACWA Power said in the statement.

Topics: Saudi Arabia ACWA Power Uzbekistan renewable projects

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Saudi Arabia unveils enhanced e-guide to boost exports

Saudi Arabia unveils enhanced e-guide to boost exports
Updated 18 December 2024
MOHAMMED AL-KINANI
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Saudi Arabia unveils enhanced e-guide to boost exports

Saudi Arabia unveils enhanced e-guide to boost exports
Updated 18 December 2024
MOHAMMED AL-KINANI

JEDDAH: The Kingdom’s businesses now have access to an enhanced support system through the newly launched electronic guide by the Saudi Export Development Authority.

SEDA has introduced the first digital version of its Export Incentive Service, or Incentives, which provides a comprehensive overview of key benefits, application procedures, and eligibility criteria aimed at promoting exports.

The initiative is designed to help Saudi companies expand into global markets by offering nine distinct incentives that adhere to World Trade Organization regulations, according to the Saudi Press Agency.

This launch is part of SEDA’s ongoing efforts to enhance the export environment, raise awareness of export practices, develop human capital within the sector, and create new opportunities for Saudi exporters.

Additionally, the program seeks to address the challenges faced by exporters through collaboration with both public and private sector stakeholders. By supporting these efforts, the program aligns with the Kingdom’s Vision 2030 goals of diversifying sources of national income.

The guide caters to the specific needs of exporters, covering a wide range of activities, including e-commerce platform registration, product certification, participation in international trade shows, marketing, advertising, product registration, and facilitating visits to potential buyers. It also offers legal consultations and specialized training.

A notable feature of the program is its cost-sharing component. The initiative compensates companies for a portion of the costs associated with entering new markets, offering reimbursement ranging from 50 percent to 75 percent, depending on specific terms and conditions.

In the third quarter of 2024, Saudi Arabia’s non-oil exports reached SR79.48 billion ($21.17 billion), marking an impressive 16.76 percent increase compared to the same period in 2023, according to data from the General Authority for Statistics.

Notably, the Kingdom’s exports to the UAE amounted to SR19.58 billion, followed by India at SR6.78 billion and China at SR6.48 billion.

Chemical products led the Kingdom’s non-oil exports, representing 25.5 percent of total shipments, with a 5.3 percent year-on-year increase. Plastic and rubber products followed, accounting for 24.9 percent of exports, reflecting an 8.9 percent growth compared to the previous year.

In addition to the export incentives program, SEDA recently introduced another initiative exempting industrial inputs from customs duties.

Developed in collaboration with the Ministry of Industry and Mineral Resources, this service provides industrial companies with customs duty exemptions on inputs used to produce export goods. This move aligns with Vision 2030’s broader goal of diversifying the economy and increasing non-oil exports.

The service covers industrial inputs, such as raw materials, labor, fuel, equipment, and buildings, enabling Saudi manufacturers to reduce costs associated with production for export. By improving cost efficiency, the initiative aims to enhance the global competitiveness of Saudi industries.

Together, these programs are designed to diversify income sources, enhance non-oil exports, and promote sustainable growth, offering innovative solutions tailored to the needs of exporters while supporting the competitiveness of the Kingdom’s industrial sector.

Topics: exports

Closing Bell: Saudi indices close in green

Closing Bell: Saudi indices close in green
Updated 18 December 2024
Nour El-Shaeri
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Closing Bell: Saudi indices close in green

Closing Bell: Saudi indices close in green
Updated 18 December 2024
Nour El-Shaeri

RIYADH: Saudi Arabia’s Tadawul All Share Index edged up on Wednesday, gaining 12.33 points, or 0.10 percent, to close at 11,961.05.  

The total trading turnover of the benchmark index was SR4.5 billion ($1.2 billion), as 117 of the listed stocks advanced, while 106 retreated.     

The MSCI Tadawul Index increased by 0.40 points, or 0.03 percent, to close at 1,498.37.  

The Kingdom’s parallel market Nomu also gained 95.94 points, or 0.31 percent, to close at 31,196.25. This comes as 47 of the listed stocks advanced, while 39 retreated.  

The best-performing stock of the day was Savola Group, with its share price surging by 9.98 percent to SR33.60.  

Other top performers included United International Holding Co., which saw its share price rise by 9.01 percent to SR171.80, and Batic Investments and Logistics Co., which saw a 6.05 percent increase to SR3.68.     

Alkhaleej Training and Education Co. saw its share price surge by 4.35 percent to SR32.35, while Fitaihi Holding Group recorded a 3.58 percent rise, closing at SR4.34.  

Red Sea International Co. saw the biggest decline of the day, with its share price dropping 7.05 percent to SR56.70. 

Jahez International Co. for Information System Technology saw its shares drop 5.07 percent to SR29, while Zamil Industrial Investment Co. declined 3.95 percent to SR32.80. 

Moreover, Sumou Real Estate Co. dropped 3.83 percent to SR46.50, while Al-Baha Investment and Development Co. fell 3.12 percent to SR0.31. 

On the parallel market Nomu, the top performer was View United Real Estate Development Co. with its share price surging by 30 percent to reach SR9.88.  

Leen Alkhair Trading Co. saw a 9.62 percent surge in its share price to SR25.65, placing second, followed by Yaqeen Capital Co., which rose 8.13 percent to SR26.60. 

Dar Almarkabah for Renting Cars Co. saw a 7.71 percent increase, reaching SR17.75, while Abdulaziz and Mansour Ibrahim Albabtin Co. rose 7.59 percent to SR17.80. 

Nomu’s two biggest decliners for the day were Enma AlRawabi Co., with its share price falling 11.65 percent to SR22, and Knowledge Net Co., which dropped 8.70 percent to SR31.50. 

Leaf Global Environmental Services Co. followed with a dip of 8.40 percent in its share price reaching SR97.10.  

Bena Steel Industries Co. and Advance International Company for Communication and Information Technology were also among the worst performers with a 7.16 percent and 6.25 percent decline respectively.  

On the announcement front, Saudi Arabia’s Capital Market Authority has approved Saudi Fisheries Co.’s request to reduce its capital from SR400 million to SR66.99 million, representing a reduction in the number of shares from 40 million to 6.7 million. The move aims to restructure the company’s capital base.

Saudi Fisheries Co.’s share price closed Wednesday with a 0.44 percent drop to settle at SR22.56.

Additionally, the CMA has approved Makkah Construction and Development Co.’s request to increase its capital from SR1.65 billion to SR2 billion.

The capital increase will be achieved by issuing 0.213 bonus shares for every existing share owned by registered shareholders, with a total of 35.18 million new shares to be issued.

The increase will be funded by transferring SR351.84 million from the company’s statutory reserve account to its capital.

Makkah Construction and Development Co.’s share price dropped 1.46 percent on Wednesday to settle at SR107.80.

In a separate announcement, Yaqeen Capital Co., acting as the financial advisor and lead manager for ITMAM Consulting Co., disclosed the firm’s intention to offer 3 million ordinary shares, representing 14.29 percent of its total capital, in an initial public offering.

The company plans to list its shares on the parallel market, subject to regulatory approval. 

Topics: Closing Bell Saudi Stock Exchange (Tadawul) Tadawul All Share Index (TASI)

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