Cybersecurity is not just about securing data, Schneider Electric official says 

Special Cybersecurity is not just about securing data, Schneider Electric official says 
Abdulrahman Al-Musfir, regional head of Schneider Electric’s cyber safety unit in the Middle East and Africa. AN
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Updated 02 October 2024
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Cybersecurity is not just about securing data, Schneider Electric official says 

Cybersecurity is not just about securing data, Schneider Electric official says 

RIYADH: The notion that cybersecurity is limited to securing information technology has been labeled a misconception, according to a top official from Schneider Electric. 

In an interview with Arab News during the Global Cybersecurity Forum in Riyadh, Abdulrahman Al-Musfir, regional head of the French multinational corporation’s cyber safety unit in the Middle East and Africa, emphasized that including operational technology is crucial for comprehensive cybersecurity. 

“When we speak about cybersecurity, we need to differentiate between IT cybersecurity and OT cybersecurity. So, for IT security, we are protecting information, data. However, in the OT security, we are protecting the process. Whether it’s a power plant, whether it’s an oil and gas plant, whether it’s a manufacturing production line. All these are considered as operational technology or industrial control systems,” Al-Musfir said.

“At Schneider Electric, we manufacture and we conduct maintenance and services for these systems and solutions. And it is part of our duty as a digital company for producing these solutions to make sure that they are secure by design and secure by operations,” he added. 

Al-Musfir explained that understanding securing systems and operation processes is critical when it comes to infrastructure and energy sectors. 

“The theme of this forum is advancing collective action. And when we speak mainly about the critical infrastructure sector, including oil and gas, electricity, and water, for nations, this is one of the most sensitive sectors or industries that we have for any nation,” he said. 

He highlighted that such sectors impact human safety and national economies. “For this critical infrastructure, we need to secure the full supply chain related to any systems, solutions for any automation that is part of this critical infrastructure,” he added.

According to Al-Musfir, establishing strong cybersecurity resilience requires full alignment between the producers of technology and its participants, such as end users in petrochemical companies, oil firms, and government entities. 

He emphasized that government regulations must be implemented to enable the industry and secure it effectively. 

“There must be a balance between innovation and security restrictions and control, and it is our role as a collective action to ensure that we put all these cybersecurity risk mitigations across the full value chain for this kind of industry or sector,” he said. 

The GCF is scheduled to take place from Oct. 2-3 under the theme “Advancing Collective Action in Cyberspace,” with the goal of enhancing multi-stakeholder engagement and driving joint initiatives on key strategic priorities. 


Oil Updates — crude rises as investors return from holidays, eye China recovery 

Oil Updates — crude rises as investors return from holidays, eye China recovery 
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Oil Updates — crude rises as investors return from holidays, eye China recovery 

Oil Updates — crude rises as investors return from holidays, eye China recovery 

SINGAPORE: Oil prices nudged higher on Thursday, the first day of trade for 2025, as investors returning from holidays cautiously eyed a recovery in China’s economy and fuel demand following a pledge by President Xi Jinping to promote growth, according to Reuters. 

Brent crude futures rose 17 cents, or 0.06 percent, to $74.82 a barrel by 08:47 a.m. Saudi time after settling up 65 cents on Tuesday, the last trading day for 2024. US West Texas Intermediate crude futures gained 19 cents, or 0.26 percent, to $71.91 a barrel after closing 73 cents higher in the previous session. 

China’s Xi said on Tuesday in his New Year’s address that the country would implement more proactive policies to promote growth in 2025. 

China’s factory activity grew in December, according to the private-sector Caixin/S&P Global survey on Thursday, but at a slower than expected pace amid concerns over the trade outlook and risks from tariffs proposed by US President-elect Donald Trump. 

The data echoed an official survey released on Tuesday that showed China’s manufacturing activity barely grew in December, though services and construction recovered. The data suggested policy stimulus is trickling into some sectors as China braces for new trade risks. 

Traders are returning to their desks and probably weighing higher geopolitical risks and also the impact of Trump running the US economy red hot versus the impact of tariffs, IG market analyst Tony Sycamore said. 

“Tomorrow’s US ISM manufacturing release will be key to crude oil’s next move,” Sycamore added. 

Sycamore said WTI’s weekly chart is winding itself into a tighter range, which suggests a big move is coming. 

“Rather than trying to predict in which way the break will occur, we would be inclined to wait for the break and then go with it,” he added. 

Investors are also awaiting weekly US oil stocks data from the Energy Information Administration that has been delayed until Thursday due to the New Year holiday. 

US crude oil and distillate stockpiles are expected to have fallen last week while gasoline inventories likely rose, an extended Reuters poll showed on Tuesday.  

US oil demand surged to the highest levels since the pandemic in October at 21.01 million barrels per day, up about 700,000 bpd from September, EIA data showed on Tuesday. 

Crude output from the world’s top producer rose to a record 13.46 million bpd in October, up 260,000 bpd from September, the report showed. 

In 2025, oil prices are likely to be constrained near $70 a barrel, down for a third year after a 3 percent decline in 2024, as weak Chinese demand and rising global supplies offset efforts by OPEC+ to shore up the market, a Reuters monthly poll showed. 

In Europe, Russia halted gas exports via Soviet-era pipelines running through Ukraine on New Year’s Day. The widely expected stoppage will not impact prices for consumers in the EU as some buyers have arranged alternative supply, while Hungary will keep receiving Russian gas via the TurkStream pipeline under the Black Sea. 


Saudi Venture Capital invests in VC fund by Global Ventures

Saudi Venture Capital invests in VC fund by Global Ventures
Updated 01 January 2025
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Saudi Venture Capital invests in VC fund by Global Ventures

Saudi Venture Capital invests in VC fund by Global Ventures
  • Fund will include supply chain technology, agritech, enterprise software as a service, and emerging technologies
  • Partnership underscores growing commitment to innovation and entrepreneurship

RIYADH: Startups in Saudi Arabia’s technology sector are poised to benefit from a new investment announcement by Saudi Venture Capital, which has committed funds to Global Ventures III, according to a press release.

The early-stage venture capital fund managed by Global Ventures exceeds $150 million in size and will primarily target investments in technology and tech-enabled sectors across Saudi Arabia, the Middle East and North Africa, and Sub-Saharan Africa. 

The focus areas for the VC fund will include supply chain technology, agritech, enterprise software as a service, and emerging technologies such as artificial intelligence and deep-tech.

Established in 2018, SVC is a subsidiary of the Small and Medium Enterprises Bank, which is part of Saudi Arabia’s National Development Fund. 

The investment is in line with SVC’s broader goal of boosting venture capital activity in the Kingdom and supporting the growth of startups and small and medium-sized enterprises in the region.

Nabeel Koshak, the CEO and board member at SVC, highlighted the strategic importance of this investment, saying: “Our investment in the venture capital fund by Global Ventures is part of SVC’s Investment in Funds Program, in alignment with our strategy to catalyze venture investments by fund managers investing in Saudi-based startups, especially during their early stage.”

Noor Sweid, founder and managing partner at Global Ventures, emphasized the significance of the investment in strengthening Saudi Arabia’s startup ecosystem. 

“The market opportunity continues to be immense, with emerging technologies across platforms being built by exceptional founders continuing to shine through,” Sweid said.

The partnership underscores the growing commitment to innovation and entrepreneurship in Saudi Arabia’s rapidly evolving tech landscape.


Saudi Arabia allocates 5 sites for mining complexes to boost investments

Saudi Arabia allocates 5 sites for mining complexes to boost investments
Updated 01 January 2025
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Saudi Arabia allocates 5 sites for mining complexes to boost investments

Saudi Arabia allocates 5 sites for mining complexes to boost investments

RIYADH:  Saudi Arabia has allocated five sites for establishing mining complexes in the Makkah and Asir regions as part of its strategy to attract quality investments, enhance transparency, and support local communities. 

The initiative, led by the Ministry of Industry and Mineral Resources, aims to position mining as a cornerstone of the Kingdom’s industrial base.

The designated sites include four in Taif Governorate — North Nimran Mining Complex No. 1, covering 3.47 sq. km, North Nimran Mining Complex No. 2, covering 2.77 sq. km, South Nimran Mining Complex, covering 5.12 sq. km, and East Nimran Mining Complex, covering 15.76 sq. km. 

Additionally, South Wadi Ya’ra Mining Complex in Khamis Mushait Governorate spans 15.08 sq. km.

This allocation is part of the Kingdom’s efforts to establish mining as the third pillar of its industrial economy, alongside oil and petrochemicals, the Ministry said in a post on X.

This initiative seeks to capitalize on the Kingdom’s mineral wealth, valued at approximately SR9.4 trillion ($2.5 trillion) and distributed across more than 5,300 identified sites. By safeguarding resources and ensuring regulatory compliance, the ministry aims to foster sustainable investment and deter unauthorized mining activities.

In November 2024, Saudi Arabia awarded 11 exploration licenses for six sites spanning a total of 850 sq. km across Riyadh, Makkah, and Asir. These permits, issued under the Accelerated Exploration Program, are part of a competitive initiative to unlock underutilized resources and attract domestic and international investors.

Earlier this week, the ministry launched the Innovative Industrial and Mining Products Program, described as a significant step toward enhancing development and supporting the digital transformation of these sectors.

The program “represents a key step toward fostering innovation in the industrial and mining sectors,” the ministry said on X, adding that it reflects its commitment to “developing innovative solutions that support the Kingdom’s industrial transformation and stimulate the growth and sustainability of the mining sector.”

Saudi Arabia’s measures highlight its ambition to diversify the economy, leverage untapped resources, and solidify its position as a global leader in mining and industrial development.


Closing Bell: Saudi Arabia’s key benchmark index begins 2025 with gains

Closing Bell: Saudi Arabia’s key benchmark index begins 2025 with gains
Updated 01 January 2025
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Closing Bell: Saudi Arabia’s key benchmark index begins 2025 with gains

Closing Bell: Saudi Arabia’s key benchmark index begins 2025 with gains

RIYADH: Saudi Arabia’s Tadawul All Share Index began the year on a positive note, gaining 0.34 percent or 40.81 points to close at 12,077.31 points on Wednesday.

The total trading turnover for the benchmark index reached SR3.3 billion ($882.8 million), with 152 stocks advancing and 71 declining. The MSCI Tadawul Index also saw a slight increase, rising 5.30 points (0.35 percent) to finish at 1,514.61 points.

Meanwhile, the Kingdom's parallel market, Nomu, experienced a decline, falling 481.86 points (1.53 percent) to close at 30,993.86 points. The market saw 24 stocks gain, while 45 retreated.

Salama Cooperative Insurance Co. led the day’s gains, with its share price climbing 9.54 percent to SR19.98. Other top performers included Wataniya Insurance Co., which saw a 6.04 percent increase to SR26, and Allied Cooperative Insurance Group, which rose 5.65 percent to SR14.22. Fawaz Abdulaziz Alhokair Co. saw a 4.54 percent rise to SR13.82, while Shatirah House Restaurant Co. gained 3.44 percent, closing at SR21.68.

On the other side, Nayifat Finance Co. was TASI’s worst performer, with a 3.75 percent drop to SR14.88. Riyad REIT Fund fell 2.79 percent to SR6.61, and Al-Babtain Power and Telecommunication Co. saw a decline of 2.31 percent, settling at SR38.10. Savola Group and Gulf Insurance Group also posted losses, with their share prices falling by 1.91 percent to SR36 and 1.58 percent to SR31.20, respectively.

On the announcements front, the General Authority for Competition approved the economic concentration process for BinDawood Holding’s acquisition of 100 percent of Zahret Al Rawda Pharmacies Co. Ltd.

The decision, dated December 31, 2024, marks a significant step in the acquisition process. BinDawood has announced it will provide updates on the completion of the transaction and any material developments as they arise. By Wednesday’s close, BinDawood’s share price had risen 1.08 percent to SR6.54.

Separately, First Avenue for Real Estate Development Co. disclosed the signing of a non-binding Letter of Intent with Awj Real Estate Development and Investment Co. to establish a real estate fund focused on commercial, office, and hospitality projects.

The fund will invest in four key assets: West La Perle, East La Perle, La Perle Residential Land, and La Perle Hotel Land. First Avenue is expected to hold between 40 percent and 50 percent of the fund, with Awj holding between 50 percent and 60 percent. First Avenue’s shares dropped 1.71 percent, closing at SR8.60.


Egypt signs $120m deal to establish pharmaceutical industrial zone

Egypt signs $120m deal to establish pharmaceutical industrial zone
Updated 01 January 2025
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Egypt signs $120m deal to establish pharmaceutical industrial zone

Egypt signs $120m deal to establish pharmaceutical industrial zone

RIYADH: Egypt is set to establish a $120 million pharmaceutical industrial hub in the Suez Canal Economic Zone, marking a significant move toward localizing medicine production and bolstering its regional manufacturing position.

The agreement was finalized between SCZONE’s investment arm, SCZONE Istithmar, and the Arab Pharmaceutical Materials Co., or Arab API, which will oversee the new facility. The deal was signed in the presence of Khaled Abdel Ghafar, Egypt's minister of health, alongside other high-ranking officials.

The deal outlines plans for a new facility in Sokhna Industrial Area, spanning 96,828 sq. meters. It will focus on producing key raw materials for the pharmaceutical industry, further strengthening Egypt's self-sufficiency in medicines. The site will produce active and inactive ingredients, intermediate materials, and chemicals essential for drug manufacturing.

“This project reflects SCZONE’s commitment to localizing the pharmaceutical industries in Egypt and strengthening its position in this field to become a regional hub for this industry based on the capabilities of SCZONE,” said Waleid Gamal El-Dien, chairman of SCZONE.

He added that SCZONE is dedicated to fostering an attractive investment environment with the infrastructure needed to ensure the success of such projects. “This project marks a significant shift in Egypt's pharmaceutical industry sector,” he continued.

“It is not just an industrial project, but it is an implementation of Egypt’s vision based on integration between all concerned parties to achieve self-sufficiency in essential medicines, and reduce the gap between supply and demand in the local market,” Gamal El-Dien said.

The partnership will see SCZONE Istithmar collaborate with Arab API to build, manage, and operate the plant. The contract was signed by Ahmed Saeed Kilani, chairman of Arab API, and Mohamed Abdel Gawad, SCZONE’s vice chairman for investment and promotion affairs, on behalf of their organizations.

The facility aims to meet local pharmaceutical needs while positioning Egypt as an exporter, strengthening the country’s manufacturing capacity.

Ghafar noted that the investment in the facility is a vital step in enhancing public health services and contributing to the national economy. He emphasized the government’s focus on achieving self-sufficiency and reducing pharmaceutical imports.

The new plant will support Egypt’s rapidly growing pharmaceutical industry, meeting rising domestic demand and positioning the country as a key player in the global market.

The $120 million investment is part of a broader pharmaceutical initiative within SCZONE, which includes other factories such as Ateco Pharma and Genavex Egypt, further strengthening local production capabilities.

In addition, SCZONE has earmarked 4 million sq. meters for the creation of a larger pharmaceutical industrial zone in partnership with the Egyptian Authority for Unified Procurement. This initiative underscores the government’s push for collaboration across stakeholders to achieve long-term self-sufficiency in medicine production.

The new plant is expected to reduce Egypt's reliance on imported pharmaceuticals, boost local production, and expand exports. It is part of the government’s broader strategy to modernize and expand the pharmaceutical sector, improve health services, and contribute to Egypt’s economic development.

SCZONE has played a key role in attracting investment to Egypt’s pharmaceutical sector, leveraging its strategic location and competitive advantages. The Sokhna Industrial Zone, where the new plant will be located, already hosts successful pharmaceutical projects, including Ateco Pharma’s intravenous injection drugs factory and Genavex’s vaccine manufacturing facility.