Qiddiya awards $1bn contract for Prince Mohammed bin Salman Stadium to Saudi-Spanish consortium

The new stadium is likely to host games during the Kingdom’s 2034 FIFA World Cup. File/@spagov

Short Url

https://arab.news/b6qam

Updated 03 October 2024

MOHAMMED AL-KINANI

October 03, 2024 14:03

Qiddiya awards $1bn contract for Prince Mohammed bin Salman Stadium to Saudi-Spanish consortium

Updated 03 October 2024

MOHAMMED AL-KINANI

October 03, 2024 14:03

JEDDAH: Saudi Arabia’s project developer Qiddiya Investment Co. has awarded a Spanish consortium an SR4 billion ($1 billion) contract for the Prince Mohammed bin Salman Stadium initiative.

The agreement was granted to the company FCC Construction and the Kingdom’s leading contracting firm Nesma & Partners for the building of the sports facility at the project on the outskirts of Riyadh.

With the US-based architect Populous as the undertakings consultant, the contract covers the construction of a multipurpose stadium on top of the 200-meter-high Tuwaiq cliff in the new sports and entertainment district within the city, according to media outlet MEED.

In July, Saudi Arabia submitted its official bid to host the 2034 FIFA World Cup at a ceremony organized by the Federation Internationale de Football Association, known as FIFA, in Paris, France. The official announcement of the host nation for the tournament will be made on Dec. 11.

The new project marks a significant milestone in the realization of Vision 2030, aimed at enhancing tourism, generating thousands of jobs, boosting the national economy, and increasing annual visitors to the Kingdom by 1.8 million football fans and an additional six million drawn to non-football events.

The stadium’s design allows for multipurpose use, with the entire pitch capable of being transformed within hours to host various sporting and entertainment events, including rugby, boxing, and mixed martial arts, as well as esports championships, exhibitions, and concerts.

The facility will be built in the heart of Qiddiya, just 40 minutes from Riyadh, atop one of Tuwaiq Mountain’s peaks at an elevation of 200 meters, according to the Saudi Press Agency.

With a seating capacity of over 45,000, it is expected to attract international visitors with its innovative design and unique technological offerings, creating an immersive experience for guests.

Among its features are retractable flooring, a foldable roof, and a movable upper wall that can open, revealing views of the lower city, home to key attractions like Six Flags Qiddiya and the water park.

The sports facility’s exterior frame, selected interior walls, and roof will also be covered with 1.5 km display screens.

A standout feature of the stadium is its advanced climate control system, which will enable year-round events without excessive energy consumption. This will be achieved through an eco-friendly cooling lake located beneath the stadium, where rainwater collected from the surrounding area will be pumped into an ice wall to cool the air entering the central conditioning system.

Earlier in 2024, the investment company announced the launch of the stadium, which is set to be one of the world’s most prominent.

The announcement followed Crown Prince Mohammed bin Salman’s unveiling of Qiddiya’s urban master plan and global brand, positioning it to become a leading destination for entertainment, sports, and culture globally.

Saudi Arabia urges global cooperation to build trust, strengthen cybersecurity frameworks

Updated 56 min 21 sec ago

Nadin Hassan

October 03, 2024 15:14

Saudi Arabia urges global cooperation to build trust, strengthen cybersecurity frameworks

Updated 56 min 21 sec ago

Nadin Hassan

October 03, 2024 15:14

RIYADH: Saudi Arabia’s efforts to spearhead global cooperation in digital defense took center stage at the Global Cybersecurity Forum held in Riyadh, as building trust via a global partnership is key, according to an official.

Speaking during a panel session at the event, the Minister of State for Foreign Affairs, Adel Al-Jubeir, highlighted the Kingdom’s proactive stance in building international trust in the digital space.

“There are areas where that can be used in order to build confidence, and that confidence helps us work better with each other,” Al-Jubeir said.

He added: “Because one, I understand two issues, one on the protection of children, and one on the empowerment of women. I don’t believe anyone on this globe can not appreciate and support the importance of protecting our children from evil on the Internet.”

Al-Jubeir pointed out that cybersecurity is no longer just a technical issue but a crucial factor in attracting investment.

“When investors look at countries, they look at cybersecurity. It’s become now one of the main, if not the main issue,” he said.

Al-Jubeir continued: “Would you invest in a company in which you cannot use the Internet safely? Of course not, so this is an incentive for countries to do something about enhancing and protecting their networks.”

Adding to the discussion, the former Indian Minister of Foreign Affairs, Shyam Saran, underlined the urgency of keeping pace with the quick advancements in cyber technology.

“The speed of change is so rapid that states are constantly playing catch-up, both in terms of domestic laws and international agreements,” he said.

Saran added: “Because of the speed of change that is taking second here you have a technology which is, in fact, in the nature of what I would call a multiplicator. That is, it has an impact across various domains.”

He highlighted that cybersecurity impacts multiple sectors, including defense and energy, making collaboration even more essential.

Al-Jubeir stressed the complexities of cybersecurity compared to other global challenges, such as trade or environmental issues.

“With cyber, a single individual sitting in a dorm room can wreak havoc on a nation’s electricity system, banking system, or defense system,” he said.

This global nature of cyber threats, he explained, necessitates a collaborative effort among nations to develop a unified framework of laws and procedures that protect cyberspace.

This proactive approach is part of Saudi Arabia’s broader strategy to position itself as a responsible global actor, connecting continents through its strategic geographic location.

“Our policy has always been about connectivity — whether it’s data lines, sea lanes, or air traffic. We are cognizant of the responsibilities and opportunities our position offers the global community,” Al-Jubeir said.

He added: “Saudi Arabia is all about bridge building. Just look at our geographic location cases between three continents: Asia, Africa, and Europe. The more bridges we build, the more connectivity we have, whether that connectivity is shipping, whether it’s data lines, whether it’s cyber, whether it’s thought connectivity.”

Additionally, the minister underscored the comprehensive nature of the Kingdom’s approach to cybersecurity, which aligns closely with its Vision 2030 initiative.

This sweeping reform plan aims to diversify the economy and create a secure digital environment conducive to technological innovation and investment.

Al-Jubeir highlighted how the digital age has transformed global job creation and industries, making it easier for countries to benefit from outsourcing through cyber technologies.

“In the past, nations hosted call centers which created jobs and spin-off industries,” he said, adding that today’s technologies, such as 3D printing, enable production across borders, creating even more opportunities. However, he warned that these advantages will only be realized by countries that establish a solid legal framework and secure their networks from vulnerabilities.

Al-Jubeir pointed to Saudi Arabia’s Vision 2030 as a prime example of a comprehensive reform initiative that integrates economic and social development with a focus on cybersecurity.

“What we have done in Saudi Arabia when you look at Vision 2030 is very comprehensive,” he said. The minister emphasized the importance of ensuring every aspect of society is connected and protected from cyber threats, stressing that even a single weakness in the system could lead to widespread disruption.

Reflecting on the need for agility in the digital economy, Al-Jubeir urged nations to be quick and adaptable to maintain their competitive edge.

“If you’re not quick on your feet and comprehensive, you’re going to lose, and you are going to forfeit opportunities,” he said.

Al-Jubeir also emphasized the importance of global collaboration in cybersecurity, advocating for shared baselines and codes of conduct that will help create a secure international framework.

He added: “Very optimistic that we can get there, but the key is to get globally everyone to think in terms of baselines.”

Topics: GCF2024 Global Cybersecurity Forum Global cybersecurity

Democratizing cybersecurity expertise crucial to counter AI-fueled digital crimes: Microsoft executive

Updated 58 min 58 sec ago

Nadin Hassan

Reem Walid

October 03, 2024 15:16

Democratizing cybersecurity expertise crucial to counter AI-fueled digital crimes: Microsoft executive

Updated 58 min 58 sec ago

Nadin Hassan Reem Walid

October 03, 2024 15:16

RIYADH: Democratizing cybersecurity expertise is essential to combat the rising threat of digital crimes fueled by AI tools, according to Joy Chik, president of Identity and Access Network at Microsoft.

In an interview with Arab News during the Global Cybersecurity Forum in Riyadh, Chik emphasized how AI can help bridge the workforce gap in cybersecurity.

In the first quarter of 2023, Microsoft reported a staggering tenfold increase in password-based attacks on cloud identities, escalating from 3 billion to over 30 billion per month.

The company also detected approximately 6,000 attempted cyberattacks daily over the past year, which included phishing scams and sophisticated nation-state-backed attacks targeting critical infrastructure.

“So, I think to address that, one way is to democratize the expertise in security, and that’s when Gen AI, what Microsoft would produce — the kind of copilot for security. These are the tools so that you can have the skill set to democratize and have more people enabled to leverage these tools to combat cybercrime,” Chik said.

She added that AI can help alleviate the shortage of skilled labor in the industry. “Earlier, I talked about whether we have a shortage of cybersecurity labor, skilled laborers, if you will, and expertise, and AI is a way to democratize that.”

“I do think it is really important that we’re not just on the defense, but also move to the offense,” Chik said. “When I say offense, it’s about secure by design, secure by default, and how we can defend against supply chain attacks.”

Chik explained that threats range from “probably the simplest, which is attacking your credentials, passwords, or identity, to phishing attacks, and to more sophisticated, nation-state-sponsored ones, like targeting critical infrastructure.” She emphasized Microsoft’s commitment to enhancing security measures based on insights gained from real-world incidents, noting that a key aspect of the company’s Secure Future initiative is not only addressing immediate needs but also promoting a security-first mindset and culture.

Chik also highlighted Microsoft’s efforts to move toward a password-free future, stating, “We all know passwords are not secure, and yet they’re the most common way for people to log into their online services. How can we provide a simple yet more secure method for identifying individuals without requiring them to remember passwords?”

One proposed solution is passkey technology, a multi-factor authentication method developed in collaboration with Microsoft, Google, Apple, and other industry leaders.

“That is a phishing-resistant multi-factor authentication that does not require a password at all. At the same time, it uses your mobile phone, for example, but saves your credentials in a safe manner so they cannot be easily phished,” she concluded.

Topics: GCF2024

Saudi Arabia’s non-oil GDP expected to grow 5.5% from 2025 to 2027: Moody’s

Updated 03 October 2024

Nirmal Narayanan

October 03, 2024 12:50

Saudi Arabia’s non-oil GDP expected to grow 5.5% from 2025 to 2027: Moody’s

Updated 03 October 2024

Nirmal Narayanan

October 03, 2024 12:50

RIYADH: Saudi Arabia’s non-hydrocarbon real gross domestic product is set to grow between 5 and 5.5 percent from 2025 to 2027, driven by increased government spending, a new analysis showed.

In its latest report, US-based credit rating agency Moody’s stated that this growth marks an improvement from the 4.6 percent growth recorded in 2022-2023 and the modest 1.5 percent seen between 2017 and 2019.

The Kingdom’s efforts to strengthen its non-oil sector align with the strategic objectives of Vision 2030, which aims to diversify the economy and decrease reliance on crude oil revenues.

Moody’s emphasized that sustained government spending will be essential to support economic diversification initiatives.

“While we expect non-hydrocarbon economic activity to remain robust, downside risks to oil prices and production levels will amplify the trade-off between implementing diversification projects and maintaining a robust fiscal position and sovereign balance sheet,” Moody’s noted in the report.

The recent pre-budget statement from Saudi Arabia, issued on Sept. 30, underscores the focus on advancing economic diversification and social programs, particularly under Vision 2030 and various giga-projects.

Government spending is projected to stay high at around 30 to 32 percent of GDP during 2025-2027, consistent with recent trends.

“The relatively high level of spending, which will likely have an increased allocation to capital expenditure, will support non-hydrocarbon economic growth and the gradual reduction of the kingdom’s exposure to long-term global carbon transition,” added the rating agency.

Moody’s emphasized the crucial role of Saudi Arabia’s Public Investment Fund in the Kingdom’s economic diversification efforts, noting that the fund could mitigate economic challenges during periods of lower oil prices.

“The PIF’s role may reduce some of the implementation risks to economic diversification in the event of lower oil prices and production. Continued robust growth in non-hydrocarbon private-sector activity would also provide momentum to the diversification efforts,” concluded the report.

In a separate analysis, S&P Global recently projected Saudi Arabia’s GDP growth at 1.4 percent for this year, with an acceleration to 5.3 percent anticipated in 2025.

According to the analysis, this growth is expected to be bolstered by the Kingdom’s diversification strategy, which focuses on enhancing the non-oil private sector and reducing reliance on crude oil revenues.

The report also noted that potential US Federal Reserve rate cuts could benefit emerging markets like Saudi Arabia, enhancing growth fundamentals and attracting greater capital inflows.

Topics: Moody's Saudi economy

Saudi leaders unite with global icons in Uzbekistan to discuss growth of creative economy

Updated 03 October 2024

Jasmine Bager

October 03, 2024 12:18

Saudi leaders unite with global icons in Uzbekistan to discuss growth of creative economy

Updated 03 October 2024

Jasmine Bager

October 03, 2024 12:18

TASHKENT: Industry leaders from Saudi Arabia joined fashion icon Naomi Campbell and other prominent figures at a pivotal conference in Uzbekistan dedicated to the creative economy.

Taking place in Tashkent from Oct. 2 to 4, the forum serves as a platform for members of the global creative community to engage in essential discussions on sustainable development and innovation within artistic practices.

The conference also highlighted the promising future of the creative economy, a sector rapidly expanding worldwide. Currently, cultural and creative industries generate approximately $2.3 trillion annually and contribute 3.1 percent to the global GDP, with projections suggesting this could rise to 10 percent by 2030.

Organized by the Uzbekistan Art and Culture Development Foundation, Indonesia, the UN Conference on Trade and Development, and the World Intellectual Property Organization, this year’s event aimed to explore new avenues for the creative economy.

The 4th World Conference on Creative Economy showcased a robust Saudi presence, aimed at fostering collaboration under the theme: “Inclusively creative: A shifted reality.”

Saudi Arabia’s participation in the event underscores the country’s rising influence in the international creative landscape, aligning its initiatives with global movements in sustainability, creativity, and cultural diplomacy.

Although she was unable to attend in person due to unrest in the Middle East and North Africa region, Princess Nourah Al-Faisal— a key figure in the Kingdom’s creative community— underscored the significance of the discussions, referring to the conference as “an exciting and important platform.”

Speaking exclusively to Arab News, she emphasized: “It’s extremely important that, at a time like this, people come together to talk about creativity, youth empowerment, and the sustainability of the creative economy to develop a better world for future generations.”

She further expressed her regret at missing the event: “I am just so sorry that I was unable to make it. It’s such an exciting event, an important event to have, and so many important discussions and dialogues are taking place.”

Jeroen Frumau, lead consultant for Princess Nourah Al-Faisal’s consulting service, Adhlal, elaborated on her contributions during a panel discussion titled “Creative and sustainable — visions for a world that works for people and planet.”

Nora Al-Dabal, executive director for Arts and Creative Industries at the Royal Commission for AlUla, participated in another panel, “Innovation engines — creative clusters, fab-labs, and artist accelerators.”

She shared her motivation for being part of the discussions: “A lot of our work focuses on the Global South, and being here today with the creatives and the policymakers is very important.”

Al-Dabal added: “We do run a residency program in AlUla that is open for artists from all over the world. We strive to make sure it is inclusive.”

AlUla, renowned as one of the largest open living museums globally, has recently emerged as a significant hub for creatives in northwestern Saudi Arabia.

Ahmad Angawi, a prominent Saudi speaker and founder of Zawiya 97— described as a “creative hub located in the heart of historic Al-Balad, Jeddah”— also shared insights on the Kingdom’s leadership in the creative economy.

He expressed his satisfaction with the Saudi presence at the conference: “I was very pleased to see the Saudi presence here; we have Nora Al-Dabal from AlUla and, later, Mashael Al-Yahya from Misk Foundation.”

Angawi told Arab News that while Princess Nourah Al-Faisal was unable to attend, her planned participation signifies that “we are already leading in the creative economy.”

His work with the Al Makmad Foundation and Zawiya 97, alongside decades dedicated to reviving traditional Saudi crafts, underscores the Kingdom’s commitment to preserving traditional arts while embracing innovation.

“It’s always a pleasure to be here in Uzbekistan — it’s a rich history,” Angawi said, adding, “We have a beautiful connection of cultural exchange between Uzbekistan and Saudi. It’s always a great pleasure to highlight and show the commonality between us and them.”

Angawi went to say: “It’s a great time for creatives, for artists, for craftsmen, and for makers to be developing work … even the technology of AI is rooted in the crafts.”

Key participants at the WCCE included Saida Mirziyoyeva, adviser to the president of Uzbekistan, along with other influential figures. The sessions covered a broad spectrum of topics, including the integration of AI in the arts, the future of creative education, and the potential for art and culture to enhance diplomacy and urban development.

Gayane Umerova, chairperson of Uzbekistan’s Art and Culture Development Foundation, expressed her enthusiasm for the ongoing creative transformation: “We are living in a very exciting time for arts and culture,” she said. “Creators today are blurring the lines between business, arts, and technology, and WCCE comes at an opportune time for a global discussion on uplifting the next generation of creators.”

A panel discussion at the event, which was held in Uzbekistan for the first time. Supplied

Discussions at WCCE, established in 2018, emphasized the importance of mindful collaboration across industries and sectors to ensure equitable growth, particularly as creative fields increasingly intersect with technology and sustainability initiatives.

As the first WCCE held in Uzbekistan, the conference demonstrated the potential of the creative sector to drive sustainable development, job creation, and cultural enrichment on a global scale. The next biennial WCCE is set to return to its origins in Indonesia, where the inaugural event took place.

Topics: World Conference on Creative Economy creative economy AlUla

UAE’s non-oil sector growth steady amid slight PMI decline: S&P Global

Updated 03 October 2024

Nirmal Narayanan

October 03, 2024 11:30

UAE’s non-oil sector growth steady amid slight PMI decline: S&P Global

Updated 03 October 2024

Nirmal Narayanan

October 03, 2024 11:30

RIYADH: The UAE’s non-oil sector growth remained stable in September, with the Purchasing Managers’ Index dipping slightly to 53.8 from 54.2 the previous month, according to S&P Global.

Although the index remains well above the neutral 50 mark, this reading is the second-lowest in three years, only surpassing July’s figure of 53.7.

The PMI decline was primarily driven by a slowdown in new orders and reduced job creation.

Despite indicating robust gains, rates of growth in activity and new business across the non-oil economy receded in September.

David Owen, senior economist at S&P Global Market Intelligence, said: “The UAE PMI continued to show a loss of momentum in the non-oil private sector, with growth having softened considerably since the start of the year.”

He added: “Businesses faced further challenges with the completion of new work, despite a slowing of sales growth and a strong uplift in purchases.”

Owen also highlighted the impact of competitive pressures, stating that “tougher market conditions have led to a more cautious outlook for the upcoming year — output expectations are now at their lowest since early 2023.”

Although business activity rose in September, it did so at the slowest pace since the same month of 2021.

Nevertheless, new business levels for non-oil firms increased sharply, bolstered by a solid rise in export sales and favorable local market conditions.

“Firms opted to maximize revenues while sales are still strong, as output charges rose at the fastest rate for over six-and-a-half years,” said Owen.

Although cost pressures remained significant, he added there are signs of easing inflationary trends compared to recent months.

The report also indicated a robust expansion in Dubai’s non-oil private sector. Overall activity levels increased at the fastest pace in four months, even with a slower rise in new business volumes.

“The expansion led non-oil businesses to increase staffing and inventories to greater degrees than in August. Supplier performance also improved, though to a lesser extent amid reports of customs delays,” stated S&P Global.

Kuwait PMI rises

In a separate report, S&P Global revealed that Kuwait’s PMI rose to 50.3 in September from 49.8 in August, indicating a modest expansion in new orders.

The analysis indicated a return to growth in employment and increased business confidence among non-oil private sector companies.

Andrew Harker, economics director at S&P Global, said: “While new orders expanded and firms raised output, growth rates are not what they were earlier in the year. It was good to see employment return to growth, but here too the rate of job creation was only marginal.”

The report noted that price discounting and marketing efforts contributed to further expansion of new orders in September, while new export orders continued to rise steadily.

Additionally, the analysis highlighted that purchase stocks returned to growth in September after pausing in August.

“On the whole, companies continued to do a good job of limiting price rises to customers, but this again came in the face of sharply rising input costs, suggesting that there is some pressure on margins. It therefore remains to be seen how long firms will be able to maintain competitive pricing policies,” added Harker.

Egypt’s businesses deteriorate

Meanwhile, Egypt’s PMI fell to 48.8 in September from 50.4 in August, signaling weakened business conditions due to rising pressures that dampened sales.

“As cautioned as a possible risk last month, rising price pressures curbed the non-oil private sector’s recovery in September. With input cost inflation at a six-month high and output charges rising accordingly, albeit to a softer degree, firms reported this having a dampening effect on customer orders, leading them to scale back business activity,” said Owen.

According to the report, non-oil companies in Egypt reported a solid reduction in their activity levels in September, reversing the first uplift for three years in August.

Despite this downturn, the report indicated sustained improvements in purchases and employment levels.

“There were some positives from the latest data, however, namely that firms continued to increase their buying levels and staffing. The expansions suggest there is still some hope that the non-oil sector could bounce back in the fourth quarter,” added Owen.

The report concluded by saying that business confidence in the 12-month activity outlook remained positive in September, although the degree of optimism softened from August and was the lowest in three months.

Topics: Purchasing Managers’ Index (PMI) UAE economy

Qiddiya awards $1bn contract for Prince Mohammed bin Salman Stadium to Saudi-Spanish consortium

Qiddiya awards $1bn contract for Prince Mohammed bin Salman Stadium to Saudi-Spanish consortium

‘World Cup dream is becoming reality,’ says Hammad Albalawi, head of Saudi Arabian Football Federation FIFA World Cup 2034 bid unit

2034 World Cup: Saudi Arabia’s game-changer in sports and travel

Saudi Arabia urges global cooperation to build trust, strengthen cybersecurity frameworks

Saudi Arabia urges global cooperation to build trust, strengthen cybersecurity frameworks

Democratizing cybersecurity expertise crucial to counter AI-fueled digital crimes: Microsoft executive

Saudi Arabia calls for harmonized international efforts to ensure cybersecurity

Democratizing cybersecurity expertise crucial to counter AI-fueled digital crimes: Microsoft executive

Democratizing cybersecurity expertise crucial to counter AI-fueled digital crimes: Microsoft executive

Saudi Arabia’s non-oil GDP expected to grow 5.5% from 2025 to 2027: Moody’s

Saudi Arabia’s non-oil GDP expected to grow 5.5% from 2025 to 2027: Moody’s

Saudi Arabia’s non-oil business growth continues as PMI rises to 56.3

Growth of Saudi banking sector accelerated by diversification initiatives: Moody’s

Saudi leaders unite with global icons in Uzbekistan to discuss growth of creative economy

Saudi leaders unite with global icons in Uzbekistan to discuss growth of creative economy

Uzbekistan’s Air Samarkand to operate regular flights to Saudi Arabia

Saudi creative and media industry on trajectory of continued expansion, says GroupM MENA boss

UAE’s non-oil sector growth steady amid slight PMI decline: S&P Global

UAE’s non-oil sector growth steady amid slight PMI decline: S&P Global

Saudi Arabia’s non-oil business growth continues as PMI rises to 56.3

UAE’s non-oil private sector rebounds in August: PMI report

Latest updates

France says Israel’s ‘persona non grata’ designation of UN chief ‘unjustified’

Lebanon state media says new Israeli strikes hit south Beirut

Lebanon says it’s monitoring border crossings after Israeli accusations of weapon smuggling

REVIEW: ‘Wolfs’ boasts A-list double trouble with Clooney and Pitt

Mbappe left out of France squad for Nations League games

Recommended

Can Syria cope with influx of people displaced by Israel-Hezbollah conflict in Lebanon?

What Israel’s purported invasion of Lebanon means for Hezbollah and its Iranian backers

WHO has been preparing for ‘worst-case scenario’ in Lebanon, regional chief tells Arab News

Search form

Print Edition

Search form

Search form

You are here

Qiddiya awards $1bn contract for Prince Mohammed bin Salman Stadium to Saudi-Spanish consortium

Qiddiya awards $1bn contract for Prince Mohammed bin Salman Stadium to Saudi-Spanish consortium

Related

Saudi Arabia urges global cooperation to build trust, strengthen cybersecurity frameworks

Related

Democratizing cybersecurity expertise crucial to counter AI-fueled digital crimes: Microsoft executive

Saudi Arabia’s non-oil GDP expected to grow 5.5% from 2025 to 2027: Moody’s

Related

Saudi leaders unite with global icons in Uzbekistan to discuss growth of creative economy

Related

UAE’s non-oil sector growth steady amid slight PMI decline: S&P Global

Related

Latest updates

Recommended

Search form

Print Edition