Public, private sectors partnership is crucial to ensure cyberspace safety, official says

Public, private sectors partnership is crucial to ensure cyberspace safety, official says
Sir Jeremy Fleming, former director at the UK Government Communications Headquarters. Screenshot
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Updated 02 October 2024
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Public, private sectors partnership is crucial to ensure cyberspace safety, official says

Public, private sectors partnership is crucial to ensure cyberspace safety, official says

RIYADH: Genuine partnership between the public and private sector is crucial to ensure technology safety within cyberspace, a former director at the UK Government Communications Headquarters said. 

Speaking in a panel discussion titled “Pathways to De-escalation: Shared priorities for reducing tensions and advancing stability in cyberspace” on the first day of the Global Cybersecurity Forum in Riyadh, Sir Jeremy Fleming explained that the private sector has many of the levers needed to facilitate and highlight cyber threats effectively.

This falls in line with the fact that on the domestic front, working with the private sector offers governments a chance to leverage insights and expertise to improve digital defense. 

According to the Global Cybersecurity Index 2024, almost 63 percent of countries reported having inter-agency processes for cybersecurity within their governments.

“Big technology companies have as good a radar on what’s happening in cyberspace as governments do, and so that leads to two conclusions for me. The first is that there is no point in governments talking to each other about cyberspace. There has to be a genuine partnership with the private sector because the private sector has many of the levers we need to make sure that this technology is safe, to make sure that threats are called out,” Fleming said. 

“Now, there is a space in all of that for, for secret stuff, there’s a space for the things that only governments can do. But again, that has to be in tandem with the private sector,” he added. 

Fleming further highlighted the importance of effective communication within the sector.

“The second thought is that I spent the last 15 years thinking and talking about cyber, but if you ask me to give you a crisp definition of it, I’m still struggling. And so, I think we have a communication problem here in how we talk about cyber and how we engage our populations in making sure that it stays at the top of the agenda,” the former director of GCHQ said.

“The debate we’re having at the moment about artificial intelligence and particularly safety is a way into this,” he added.

Also speaking during the same panel, the former President of the European Commission and former Prime Minister of Portugal, Jose Manuel Barroso, shed light on child protection within cyberspace. 

“There are some areas where I believe international cooperation can be relatively sincere; one of them is child protection,” Barroso said.

“I don’t see any reason why the governments, in spite of geopolitical interests and differences, should not consider child protection a global public good,” he added.

Barroso continued to highlight that cybercrime will increase because there are politically and economically malign actors, and some of the technologies, including AI, generative AI, and others, make the digital space even more difficult to manage.

“It’s true that according to some experts, some of those innovations can also help us fight cybercrime, it’s true. But the reality is that the digital space is becoming increasingly difficult to manage from a security point of view, for states, for companies,” he said.

“So, my first word is let’s prepare. Preparedness is the key at the national level. At the regional level, in the European Union, we are doing something. We have a European Agency for Cyber Security. I believe it’s not sufficient,” the former president of the European Commission added.

Also present at the panel, former US Secretary of Defense Mark Esper tackled what businesses need in order to navigate the digital economy.

“As businesses try to navigate more and more the digital economy, they’re going to need more consistency, more predictability. They cannot afford patchworks of regulatory law or privacy and data sharing, things like that. So, we’re going to need to smooth out, smooth out that electronic environment,” Esper said.

“In cyberspace, it’s an asymmetric tool that rich countries, poor countries, strong countries, weak countries, organizations or people or even governments can use that tool against others to gain an advantage or to level the playing field,” he added.

The former US secretary of defense emphasized how cyberspace is not static, but instead, is dynamic.

“As you see increasing advances in artificial intelligence and quantum sciences and advanced logarithms and software, it’s going to make this offense-defense component all the more challenging out there,” he said.

Experts from technology, public policy, defense, and other sectors will gather in Riyadh for the two-day Global Cybersecurity Forum.  

The event will focus on fostering collaboration under the theme “Advancing Collective Action in Cyberspace,” with the goal of enhancing multi-stakeholder engagement and driving joint initiatives on key strategic priorities.  

The program will feature five core sub-themes, each addressing a crucial aspect of cybersecurity.


Saudi Arabia calls for global satellite standards to spur investment

Saudi Arabia calls for global satellite standards to spur investment
Updated 5 sec ago
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Saudi Arabia calls for global satellite standards to spur investment

Saudi Arabia calls for global satellite standards to spur investment

JEDDAH: Saudi Arabia has called for greater international coordination on technical standards and radio spectrum management to boost satellite investment and global collaboration, during the 40th Space Symposium in Colorado. 

The event, held from April 7 to 10, drew senior representatives from major industry players including SpaceX, Amazon’s Project Kuiper, and Iridium, as well as EchoStar, Lockheed Martin, and Boeing. 

Saudi Arabia’s participation comes amid its push to position itself as a regional cloud and connectivity hub with strategic access to Europe, Asia, and Africa.

Speaking at a high-level panel hosted by the Kingdom’s Communications, Space and Technology Commission on April 8, CST Governor Mohammed bin Saud Al-Tamimi urged alignment on technical specifications to create “a stimulating investment environment in the space communications sector,” according to the Saudi Press Agency. 

“He also highlighted its role in enhancing integration between local and international actors, enhancing market entry opportunities for all missions, and adopting technical systems that comply with specifications and standards, which will lead to reduced capital and operational costs,” SPA reported. 

Al-Tamimi reaffirmed the Kingdom of Saudi Arabia’s steadfast commitment to supporting international efforts to advance the space and satellite communications sector. 

He noted that the industry currently relies on a range of proprietary, non-standardized technologies, posing a challenge to seamless integration. 

However, the CST governor emphasized that this also presents an opportunity to enhance interoperability, reduce manufacturing costs, and deliver improved services to end users. 

The session reflects the commission’s continued efforts to advance the Kingdom’s global leadership in the field of satellite communications, in line with the objectives of Saudi Vision 2030 to harness modern technologies for economic and social development. 

The Kingdom is home to the Middle East and North Africa’s largest and fastest-growing information and communications technology market, valued at over $40.9 billion and accounting for 4.1 percent of gross domestic product, according to the US International Trade Administration. 

Positioned as a key technology services and cloud hub, the Kingdom benefits from strategic international connectivity via the Red Sea and the Gulf, offering the potential to serve European, Asian, and African markets. 

The symposium is a global forum for space professionals across government, industry, and academia, including representatives from PwC, New Space Group, and SEAKR, as well as Leonardo and BAE Systems. It aims to address critical sector challenges and drive innovation. 

The panel aimed to discuss the unification of technical standards in satellite communications, foster international cooperation, and provide an effective global platform for dialogue on the challenges and opportunities related to the expansion of these technologies, according to a press release from the CST. 

Discussions centered on supporting innovation, building an integrated ecosystem to encourage investment and technological progress, and enhancing regulatory frameworks while aligning global perspectives. 

On the sidelines of the Colorado conference, Al-Tamimi also held separate meetings with Lord David Willetts, chair of the UK Space Agency, and Janet Petro, acting administrator of NASA, to explore partnership opportunities in space exploration and advanced technologies. 


Aramco and Sinopec plan major Yasref expansion to boost petrochemical output 

Aramco and Sinopec plan major Yasref expansion to boost petrochemical output 
Updated 35 min 25 sec ago
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Aramco and Sinopec plan major Yasref expansion to boost petrochemical output 

Aramco and Sinopec plan major Yasref expansion to boost petrochemical output 

RIYADH: A major petrochemical industry expansion is set for Saudi Arabia’s west coast as Aramco, Sinopec, and Yasref advance plans to develop a fully integrated complex in Yanbu.

The three companies have signed a venture framework agreement to advance engineering studies for the project, adding new high-capacity facilities to the Yasref, short for Yanbu Aramco Sinopec Refining Co., site. 

Announced during Yasref’s 10th anniversary, the agreement will advance the construction of a mixed-feed steam cracker with an annual capacity of 1.8 million tons and a 1.5 million tonnes-per-year aromatics complex, complete with associated downstream derivatives. 

The project is part of Aramco’s long-term downstream strategy to transition from primarily an oil producer to an integrated energy and chemicals company.

“The Yasref Venture Framework Agreement further deepens and elevates our strategic partnership with Sinopec,” said Amin Nasser, Aramco’s president and CEO. 

“As we look forward to strengthening our collaboration with Sinopec in making Yasref a leading refining and petrochemicals joint venture, we aim to contribute to growing Saudi Arabia’s position as a global leader in energy and chemicals,” he added. 

Aramco has outlined plans to convert up to 4 million barrels per day of crude oil into petrochemicals by 2030, aligning with the Kingdom’s Vision 2030 goal to diversify the economy away from oil dependence. 

Yasref, a joint venture between Aramco — which holds 62.5 percent equity — and Sinopec, with 37.5 percent, is central to this strategy and serves as a key hub for refining and petrochemical integration on the Red Sea coast. 

The new expansion is expected to optimize synergies across existing operations and enhance the joint venture’s ability to meet rising global demand for high-value petrochemical products. 

“Our strong relationship with Sinopec continues to build momentum,” said Mohammed Al-Qahtani, Aramco downstream president. 

“The planned Yasref expansion aligns with our downstream strategy to unlock the full potential of our resources, including converting up to four million barrels per day of crude oil into petrochemicals by 2030,” he added. 

“In partnership with Sinopec, we aim to advance cutting-edge refining and petrochemical capabilities to deliver high-value products, create new opportunities, drive industrial innovation, and enable economic transformation,” he said. 

Sinopec, one of China’s largest state-owned energy firms, has increasingly invested in joint ventures abroad as part of Beijing’s broader Belt and Road Initiative. 

The BRI is a global development strategy introduced by China in 2013, aiming to enhance international trade and stimulate economic growth across Asia, Africa, and Europe. 

Inspired by the ancient Silk Road trade routes, the BRI seeks to create a vast network of transportation, energy, and telecommunications infrastructure. 

“Yasref, a flagship joint venture symbolizing China-Saudi energy cooperation, has not only served as a key driver for Saudi Arabia’s local economic growth but also actively advanced petrochemical industry upgrades,” said Zhao Dong, Sinopec’s president. 

“The Yasref expansion project represents a significant milestone in our bilateral partnership, ushering in a new phase of deeper and more far-reaching collaboration,” he added. 

The move reinforces the Kingdom’s growing petrochemical ambitions as global energy markets pivot toward downstream products amid uncertain demand growth for transportation fuels. 

Petrochemicals are projected to account for over a third of oil demand growth through 2030, according to the International Energy Agency, as usage in plastics, packaging, and industrial products continues to rise in emerging economies. 

Yasref is one of a number of strategic partnerships between Aramco and Sinopec, which also include Sinopec Senmei Petroleum Co., Sinopec SABIC Tianjin Petrochemical Co., and Fujian Refining & Petrochemical Co.


PIF-owned Lucid secures $1.1bn through convertible notes offering 

PIF-owned Lucid secures $1.1bn through convertible notes offering 
Updated 53 min 43 sec ago
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PIF-owned Lucid secures $1.1bn through convertible notes offering 

PIF-owned Lucid secures $1.1bn through convertible notes offering 

RIYADH: Electric vehicle manufacturer Lucid Group, majority-owned by Saudi Arabia’s Public Investment Fund, has closed a $1.1 billion offering of convertible senior notes due in 2030. 

In a statement, the company said $935.6 million of the net proceeds will be used to repurchase approximately $1.05 billion in aggregate principal of its outstanding 1.25 percent convertible senior notes due 2026. 

The offering also included the exercise of an option granted to initial purchasers, allowing them to acquire an additional $100 million in principal amount of the new notes. 

The capital raise comes just days after Lucid reported first-quarter deliveries of 3,109 vehicles — a 58 percent increase from the same period last year. 

Lucid’s offering of convertible senior notes is a way for the company to raise cash now by borrowing money that can later be converted into shares, while protecting existing investors from dilution. 

Taoufiq Boussaid, chief financial officer at Lucid, said: “We are delighted to have completed this offering, which better positions Lucid for future growth and success, while strengthening our already close partnership with the PIF, and minimizing any effect to existing shareholders.” 

He added: “The support of the PIF continues to be one of Lucid’s key strategic differentiators as we work together toward a more sustainable future.” 

Lucid said PIF backed the transaction through a prepaid forward share purchase agreement, providing the company with upfront cash while allowing the fund to acquire shares at a future date. 

The company also executed capped call transactions to increase the effective conversion price of the notes to $4.80 per share of Lucid’s Class A common stock. 

It added that this conversion price is double the last reported sale price of Lucid’s Class A common stock on the Nasdaq Global Select Market, which stood at $2.40 as of April 2. 

The capped call transaction limits the number of shares Lucid may issue to debt holders or investors, helping protect existing shareholders from dilution. 

“As a result of the capped call transactions, dilution or cash obligations upon a conversion of the notes should be mitigated by such increase in the effective conversion price of the notes,” the company said. 

Lucid used approximately $118.3 million of the net proceeds from the offering to cover the cost of the capped call transactions. 

Convertible senior notes are a type of debt instrument companies use to raise capital. 

These notes are considered “senior” in the capital structure, meaning they take precedence over other unsecured or subordinated debt in the event of liquidation, offering greater protection to investors. 

Lucid said it intends to use the remainder of the net proceeds for general corporate purposes. 

The company also retains the right to settle any conversions in cash, shares of its Class A common stock, or a combination of both, allowing flexibility in managing potential dilution or cash obligations, the statement concluded. 


Saudi, Japanese firms forge strategic gaming and esports partnership

Saudi, Japanese firms forge strategic gaming and esports partnership
Updated 09 April 2025
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Saudi, Japanese firms forge strategic gaming and esports partnership

Saudi, Japanese firms forge strategic gaming and esports partnership

 

DUBAI: Tokyo-based GLOE Inc. has signed a memorandum of understanding with Hawk Gaming Group, a Saudi gaming and esports company.

This partnership is designed to foster the growth and expansion of the gaming and esports industries in both Saudi Arabia and Japan.

Through its Vision 2030 initiative, Saudi Arabia has strategically positioned itself as a global leader in these sectors, making substantial investments in entertainment.

As part of this effort, the National Gaming and Esports Strategy, introduced in 2022 by Crown Prince Mohammed bin Salman, aims to establish the sector as a key driver of the national economy.

Hawk Gaming Group chairman and CEO Turki Faisal said: “Gamers are the driving force behind future economies. They are the center of innovation, culture, and growth. Through our partnership with GLOE, we aim to unlock the full potential of Japan’s world-class content and talent, not only within Saudi Arabia but on a global scale. Together, we’ll create new economic opportunities, strengthen industry connections, and contribute to realizing Vision 2030.”

In 2023, Saudi Arabia’s gaming industry generated approximately $7.2 billion in revenue, with 23.5 million active gamers. The country is also preparing to host its inaugural Olympic Esports Games in Riyadh in 2027. By 2030, the Saudi esports sector is projected to contribute $13.3 billion to the nation’s gross domestic product and create 39,000 new jobs.

According to a press release from GLOE Inc., Hawk Gaming Group is leading the charge in this transformative movement, providing cutting-edge solutions in game development, esports infrastructure, AI applications, and talent development and scouting.

The recently signed memorandum of understanding between GLOE and Hawk Gaming Group outlines a collaboration focused on leveraging the strengths of both nations, ranging from intellectual property and human resources to business opportunities.

Akihito Furusawa, GLOE Inc.’s co-CEO, said: “While Japan has a wealth of exceptional game content, localization and cultural adaptation in the Middle East have been limited.

“With global interest in Saudi Arabia’s esports scene at an all-time high, this is the perfect opportunity to bring Japanese games to the region. Together with Hawk Gaming Group, we will promote and expand Japanese gaming content across the Middle East.”


Clothing purchases leads $5bn pre-Eid spending in Saudi Arabia: SAMA data

Clothing purchases leads $5bn pre-Eid spending in Saudi Arabia: SAMA data
Updated 09 April 2025
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Clothing purchases leads $5bn pre-Eid spending in Saudi Arabia: SAMA data

Clothing purchases leads $5bn pre-Eid spending in Saudi Arabia: SAMA data

RIYADH: Saudi Arabia’s point-of-sale transactions rose to SR20 billion ($5.3 billion) in the week ending March 29, driven by SR3.1 billion in spending on clothing and footwear.

Following Eid Al-Fitr, POS transactions dropped by 47.6 percent to SR10.5 billion in the week ending April 5, according to the latest figures from the Saudi Central Bank, also known as SAMA.

During that seven-day period, spending in restaurants and cafes was the only sector to record a positive change, with the value of transactions rising by 2.6 percent to SR2.23 billion. This sector also saw a 12.4 percent surge in terms of the number of sales, reaching 56.1 million, which claimed the biggest share of the POS.

The education sector recorded the largest dip in transaction value, with a 69.8 percent fall to SR10.2 million. Spending on furniture followed, dropping 68.5 percent to SR141 million, while transactions decreased by 63.1 percent to 876,000. 

Expenditure on transportation came in third place, falling by 66.8 percent to SR322.8 million.

Spending on miscellaneous goods and services decreased by 58.9 percent, bringing the total value of transactions to SR1.12 billion, claiming the third-largest share of the POS.

The value of transactions in the telecommunication and construction divisions dropped by 47.8 percent to SR86.6 million and 51.6 percent to SR148.8 million, respectively.

Spending on electronics dropped by 47.9 percent to SR10.2 million, while expenditure on public utilities saw a 47.8 percent dip to SR32.5 million. Spending on food and beverages recorded a 36.2 percent decline to SR1.64 billion but still held the second-biggest share of the POS.

Spending in the leading three categories accounted for approximately 47.5 percent or SR5 billion of the week’s total value.

Geographically, Riyadh dominated POS transactions, representing around 30.3 percent of the total, with expenses in the capital reaching SR3.19 billion — a 49.9 percent decrease from the previous week. 

Jeddah followed with a 49.7 percent increase to SR1.4 billion; Madinah came in third at SR516.5 million, down 44.7 percent. 

Makkah experienced the most significant decrease in spending, dropping by 57.7 percent to SR515.6 million.

Tabuk followed with a 50.9 percent reduction to SR174.8 million.

Makkah and Tabuk saw the largest falls in terms of number of transactions, dropping by 35.7 percent and 26.1 percent, respectively, to 8.1 million and 3.5 million transactions.