Collaboration key to strengthening global cyber resilience, says ITU official

Doreen Bogdan-Martin, secretary-general of the International Telecommunication Union, speaks during a panel discussion at the cybersecurity forum in Riyadh.
Doreen Bogdan-Martin, secretary-general of the International Telecommunication Union, speaks during a panel discussion at the cybersecurity forum in Riyadh.
Short Url
Updated 03 October 2024
Follow

Collaboration key to strengthening global cyber resilience, says ITU official

 Collaboration key to strengthening global cyber resilience, says ITU official

RIYADH: Domestic and international cooperation are crucial components of the global cybersecurity agenda, according to Doreen Bogdan-Martin, secretary-general of the International Telecommunication Union.

Speaking at the panel discussion titled “Navigating the future: Advancing international cooperation to build confidence in cyberspace” during the Global Cybersecurity Forum in Riyadh, she emphasized the urgent need for enhanced global efforts to combat cyber threats.

Bogdan-Martin noted that international collaboration is vital for addressing the transnational nature of these threats. Such cooperation allows for the sharing of best practices, intelligence, and resources, which strengthens collective cyber resilience.

In 2023, cyberattacks impacted over 343 million victims, and data breaches rose by 72 percent between 2021 and 2023, breaking previous records, according to Forbes Advisor.

“There’s still some gap that’s remaining. I think we are progressing on the right track, but we need to do more; we need to go faster; we need to go deeper,” she said.  

“We have a global cybersecurity agenda that we laid out back in 2007, and I actually think it’s still very relevant today,” Bogdan-Martin. 

She highlighted the importance of establishing a robust legal and regulatory framework, operational preparedness, and capacity building as critical components in addressing cyber challenges, adding that “cooperation, both domestically and internationally,” is vital. 

Bogdan-Martin noted that the landscape has become increasingly complex, particularly with the emergence of artificial intelligence. “Look at just the past year and a half and how generative AI has sort of swept the planet. I don’t think we understood how quickly the technology would evolve, but we knew that we had to be building safety by design back in the day,” she said. 

In a separate panel, titled “Crime Inc: The institutionalization of organized cybercrime,” Deputy Assistant Attorney General Josh Goldfoot from the US Department of Justice shed light on the structured nature of cybercrime. 

“The message I wanted to convey about how cybercrime is organized is that it is dispersed and centered around specialization,” Goldfoot explained. “One attack on a company requires several different components: malware, reconnaissance, penetration, and, finally, economic exploitation.” 

Goldfoot elaborated that cybercriminals often specialize in specific aspects of an attack and advertise their services to others in online forums. 

Experts from technology, public policy, defense, and other sectors gathered in Riyadh for the two-day Global Cybersecurity Forum, focusing on the theme “Advancing Collective Action in Cyberspace.” 

The event was aimed at enhancing multi-stakeholder engagement and driving joint initiatives on key strategic priorities, featuring five core sub-themes that address critical aspects of cybersecurity. 


Saudi banks’ mortgage lending surges to near 3-year high of $2.7bn

Saudi banks’ mortgage lending surges to near 3-year high of $2.7bn
Updated 2 min 47 sec ago
Follow

Saudi banks’ mortgage lending surges to near 3-year high of $2.7bn

Saudi banks’ mortgage lending surges to near 3-year high of $2.7bn

RIYADH: Saudi banks issued SR10.06 billion ($2.7 billion) in new residential mortgages in November, a 51.23 percent increase compared to the same month last year, according to recent data. 

Figures from the Kingdom’s central bank, also known as SAMA, show this is the highest monthly amount in over two years, underscoring robust activity in the Saudi housing market. 

Houses accounted for the majority of these loans at SR6.5 billion, or 65 percent, followed by apartments at 31 percent and land purchases at 4 percent. 

This comes as Saudi Arabia’s residential market continued to show strong demand fundamentals in the third quarter of 2024, with annual growth in sales transaction volumes across major metropolitan areas such as Riyadh, Jeddah, and Dammam, according to a report released earlier this month by CBRE Middle East, a global leader in commercial real estate. 

Apartment lending saw the highest annual growth rate, surging 60.6 percent, followed by houses at 49 percent and land at 24.35 percent in November, SAMA showed. 

The steady rise in the share of apartment financing, increasing from 14 percent in 2018 to 31 percent in 2024, highlights a notable shift in Saudi Arabia’s residential real estate landscape.

These homes are increasingly favored by expatriates and smaller families, offering a cost-effective alternative to traditional houses. 

They also cater to the affordability needs of young Saudis entering the housing market amid escalating property prices. 

Conversely, the share of house financing has declined from 75 percent in 2018 to 65 percent in 2024, reflecting changing demographics and lifestyle preferences. 

Riyadh, in particular, has witnessed a surge in demand fueled by population growth and a steady inflow of expatriates attracted by expanding job opportunities. 

Over the 12 months leading to the third quarter, transaction volumes in Riyadh surged by 31 percent year on year, reaching 24,000 sales, according to the CBRE report. 

However, this heightened demand has outpaced the supply of new housing units, leading to supply constraints and further driving up real estate prices. 

CBRE report showed that the average villa price in Riyadh has increased by more than 5 percent over the past year, with further value growth expected in 2025 as high-quality modern inventory is completed and supply-demand dynamics remain tight. 

Villa sales values in Riyadh currently average nearly SR6,000 per sq. meter, with potential for further growth in the coming quarters. Apartment growth has been more modest at approximately 4 percent year on year, with prices now averaging close to SR5,000 per sq. meter, the report added. 

The Kingdom is accelerating residential construction, particularly in Riyadh, as part of its Vision 2030 agenda to accommodate a growing population and attract international talent. 

While major projects are underway to address the housing shortage, supply constraints remain a pressing challenge. 

Limited land availability and construction delays have intensified the housing crunch, pushing property prices higher. These challenges are most pronounced in urban centers like Riyadh, where the demand-supply gap is particularly acute. 

The transformation of Saudi Arabia’s housing market reflects broader economic and societal changes. 

As the Kingdom continues efforts to diversify its economy, attract foreign investment, and enhance quality of life, demand for varied housing options, including apartments, is expected to grow. 

SAMA’s latest figures highlight a market in transition, adapting to the needs of a dynamic and evolving population. 

With ongoing construction and strategic urban planning, Saudi Arabia aims to balance demand and supply, ensuring sustainable growth in its residential real estate sector. 


Saudi Arabia’s unemployment rate hits 3.7%: GASTAT

Saudi Arabia’s unemployment rate hits 3.7%: GASTAT
Updated 1 min 5 sec ago
Follow

Saudi Arabia’s unemployment rate hits 3.7%: GASTAT

Saudi Arabia’s unemployment rate hits 3.7%: GASTAT
  • Labor force participation across Saudis and non-Saudis reached 66.6%
  • Unemployment rate increased by 0.4 percentage points

RIYADH: Saudi Arabia’s unemployment rate dropped to 3.7 percent in the third quarter of 2024, down 0.5 percentage points from last year, official data showed. 

According to data released by the General Authority for Statistics, labor force participation across Saudis and non-Saudis reached 66.6 percent during the third quarter, reflecting a year-on-year increase of 0.2 percentage points and a quarterly rise of 0.4 percentage points. 

The unemployment rate increased by 0.4 percentage points compared to the second quarter of this year. 

Saudi Arabia’s improving job market aligns with Vision 2030, the Kingdom’s blueprint for creating job opportunities for Saudis and driving economic growth. Strengthening the labor market is key to the Kingdom’s long-term socio-economic strategy. 

Joblessness among Saudi nationals rose slightly to 7.8 percent in the third quarter, up 0.7 percentage points from the previous quarter but down 1 percentage point compared to the same period in 2023.

The labor force participation rate for Saudis rose by 0.7 percentage points quarter on quarter to 51.5 percent. 

“The employment-to-population ratio for Saudis also increased by 0.2 percentage points compared to the second quarter of 2024, reaching 47.4 percent, and increased by 1.1 percentage points compared to the third quarter of 2023,” said GASTAT. 

To address unemployment, Saudi Arabia launched Jadarat, a unified employment platform, in June to connect job seekers with opportunities in both the public and private sectors. 

The participation rate for Saudi females reached 36.2 percent in the third quarter, an increase of 0.8 percentage points compared to the second quarter. 

“The employment-to-population ratio of Saudi females increased by 0.5 percentage points reaching 31.3 percent. Meanwhile, the unemployment rate of Saudi females increased by 0.8 percentage points recording 13.6 percent, compared to the previous quarter of 2024,” said GASTAT. 

Among Saudi men, labor force participation climbed to 66.9 percent, up 0.6 percentage points quarter on quarter, while their unemployment rate increased by 0.7 percentage points to 4.7 percent. 

GASTAT’s data highlighted that 95.6 percent of unemployed Saudis are open to working in the private sector. Of these, 77.5 percent of women and 91.1 percent of men are willing to work at least eight hours a day. 

Additionally, 60.9 percent of unemployed Saudi women and 44 percent of unemployed Saudi men are willing to commute at least one hour to their workplace. 


Oil Updates — crude rises on expanding Chinese factory activity, but set to end year lower 

Oil Updates — crude rises on expanding Chinese factory activity, but set to end year lower 
Updated 31 December 2024
Follow

Oil Updates — crude rises on expanding Chinese factory activity, but set to end year lower 

Oil Updates — crude rises on expanding Chinese factory activity, but set to end year lower 

SINGAPORE: Oil prices rose on Tuesday after data showed China’s manufacturing activity expanded in December, but they are on track to end lower for a second consecutive year due to demand concerns in top consuming countries, according to Reuters. 

Brent crude futures rose 60 cents, or 0.8 percent, to $74.59 a barrel as of 08:30 a.m. Saudi time. US West Texas Intermediate crude gained 62 cents, or 0.9 percent, to $71.61 a barrel. For the year, Brent declined 3.2 percent, while WTI was down 0.1 percent. 

China’s manufacturing activity expanded for a third straight month in December but at a slower pace, an official factory survey showed on Tuesday, suggesting a blitz of fresh stimulus is helping to support the world's second-largest economy. 

Chinese authorities have also agreed to issue a record 3 trillion yuan ($411 billion) in special treasury bonds in 2025 to revive economic growth, Reuters reported last week. 

A weaker demand outlook in China has forced both OPEC and the International Energy Agency to cut their oil demand expectations for 2025. 

OPEC and its allies earlier this month delayed their plan to start raising output until April 2025 against a backdrop of falling prices. The IEA expects global oil supply to exceed demand in 2025 even if OPEC+ cuts remain in place, as rising production from the US and other outside producers outpaces sluggish demand. 

While a weak longer-term demand outlook has weighed on prices, they could find short-term support from declining US crude stockpiles, which are expected to have fallen by about 3 million barrels last week. 

Both Brent and WTI were buoyed by a larger-than-expected drawdown from US crude inventories in the week ended Dec. 20 as refiners ramped up activity and the holiday season boosted fuel demand.  

Investor focus next year will be on the Federal Reserve’s rate path after the central bank earlier this month projected just two rate cuts, down from four in September, due to stubbornly high inflation. 

Lower interest rates generally incentivize borrowing and fuel growth, which in turn is expected to boost oil demand. 

The shifting expectations around US rates and the widening interest rate differentials between the US and the other economies have lifted the dollar and weighed on other currencies. 

A stronger dollar makes purchases of oil more expensive for consumers outside the US, weighing on demand. 

Markets are also gearing up for President-elect Donald Trump’s policies around looser regulation, tax cuts, tariff hikes and tighter immigration that are expected to be both pro-growth and inflationary - and ultimately dollar-positive.


ACWA Power expands into China with over 1GW of renewable energy projects

ACWA Power expands into China with over 1GW of renewable energy projects
Updated 30 December 2024
Follow

ACWA Power expands into China with over 1GW of renewable energy projects

ACWA Power expands into China with over 1GW of renewable energy projects

RIYADH: Saudi utility giant ACWA Power has announced its successful expansion into China, securing over 1 gigawatt of renewable energy projects.

The portfolio includes solar photovoltaic and wind energy initiatives, which will be jointly owned by ACWA Power and leading Chinese renewable energy firms.

In a statement to Tadawul, ACWA Power confirmed that the projects are spread across several Chinese provinces and are in advanced stages of development. This milestone represents the company’s formal entry into China’s renewable energy sector, positioning ACWA Power for future growth in one of the world’s largest clean energy markets.

The expansion aligns with ACWA Power’s broader ambitions in China. Earlier this month, Yunhe Lyu, head of ACWA Power’s China operations, shared plans to invest up to $50 billion in renewable energy projects across the country by 2030. The company aims to acquire clean power assets with a capacity of up to 20 GW and to develop 1 million tonnes of green hydrogen.

“We have an ambitious target of investing up to $50 billion in green energy, renewable technologies, green hydrogen, and desalination projects by 2030,” Lyu told Bloomberg. “Our goal is to reach 1.3 GW of renewable energy capacity in China by the end of this year.”

ACWA Power’s strategy also involves collaboration with Chinese state-owned enterprises, both within China and abroad. For example, the company partnered with China Southern Grid International in July on a wind project in Uzbekistan and with State Power Investment Corp. on power initiatives in Saudi Arabia.

The expansion into China is part of a broader strengthening of economic ties between Saudi Arabia and China. Since Chinese President Xi Jinping’s visit to Riyadh in 2022, the two nations have deepened their economic collaboration, particularly in sectors aligned with Saudi Arabia’s Vision 2030.

In 2023, bilateral trade between the countries reached $107.23 billion, with China exporting $42.86 billion in goods to Saudi Arabia and importing $64.37 billion, primarily crude oil and petrochemical products. By August 2024, trade had already totaled $70.87 billion, continuing to show robust growth.

Notably, China has become the Kingdom’s leading source of greenfield foreign direct investment, contributing $21.6 billion from 2021 to October 2024. About one-third of this investment is in clean technologies such as solar, wind, and battery storage.

Saudi Aramco has also been instrumental in strengthening bilateral ties. In November, Aramco, in partnership with China’s Sinopec, began construction of a $9.82 billion petrochemical complex in Fujian province. The project will include a 320,000-barrel-per-day refinery and a 1.5-million-tonne-per-year ethylene plant, with full operational status expected by 2030. This project is set to boost China’s refining and petrochemical capacity while reinforcing Aramco’s position in the downstream energy sector.

Earlier in September, Aramco signed several key agreements with Chinese partners, including a development framework agreement with Rongsheng Petrochemical Co. Ltd. and a strategic cooperation agreement with Hengli Group Co. Ltd. These partnerships are aimed at enhancing China’s energy security and supporting the country’s industrial development.

Beyond traditional energy, Aramco’s collaboration with China also extends to advanced technologies and lower-carbon energy solutions. In March, Aramco President and CEO Amin Nasser addressed the China Development Forum in Beijing, underscoring the company’s commitment to being a reliable energy partner and its vision for future cooperation in the global energy transition.


Closing Bell: Saudi indices close in green for second day in a row

Closing Bell: Saudi indices close in green for second day in a row
Updated 30 December 2024
Follow

Closing Bell: Saudi indices close in green for second day in a row

Closing Bell: Saudi indices close in green for second day in a row
  • MSCI Tadawul Index increased by 11.41 points, or 0.76%, to close at 1,505.97
  • parallel market Nomu gained 460.61 points, or 1.48%, to close at 31,513.42

RIYADH: Saudi Arabia’s Tadawul All Share Index gained 0.91 percent, or 108.17 points, to reach 12,000.92 points on Monday.

The total trading turnover of the benchmark index was SR5.1 billion ($1.3 billion), as 172 of the listed stocks advanced, while 65 retreated.

The MSCI Tadawul Index also increased by 11.41 points, or 0.76 percent, to close at 1,505.97. 

The Kingdom’s parallel market Nomu also reported increases, gaining 460.61 points, or 1.48 percent, to close at 31,513.42. This comes as 39 of the listed stocks advanced, while as many as 47 retreated.

The index’s top performer, Saudi Reinsurance Co., saw a 10 percent increase in its share price to close at SR51.70.  

Other top performers included Saudi Industrial Development Co., which saw an 8.98 percent increase to reach SR30.95, while Walaa Cooperative Insurance Co.’s share price rose by 7.42 percent to SR19.68. 

Middle East Specialized Cables Co. recorded a positive trajectory, with share prices rising 6.17 percent to reach SR43.90. Fawaz Abdulaziz Alhokair Co. also witnessed positive gains, with 5.07 percent reaching SR12.84. 

Alkhaleej Training and Education Co. was TASI’s worst performer, with the company’s share price falling by 3.26 percent to SR31.15. 

Sustained Infrastructure Holding Co. followed with a 2.86 percent drop to SR32.25. National Medical Care Co. also saw a notable decline of 2.11 percent to settle at SR167.40. 

Elm Co. and Arriyadh Development Co. were among the top five worst performers, with shares dropping by 2.06 percent to settle at SR1,114.80 and by 2.03 percent to sit at SR33.85, respectively. 

On the announcement front, WSM for Information Technology Co. has finalized its acquisition of Wasl Technology Information Systems Limited Co., marking the conclusion of a transaction valued at SR8.5 million. 

The company announced the signing of the final purchase agreement on Dec. 29 with Tanabw for Information Technology, effectively transferring Wasl Technology Information Systems into a branch of Tanabw. 

The acquisition process began with the signing of a non-binding memorandum of understanding on Oct. 27, followed by regulatory approval on Nov.10 when WSM received a No Notification Required Certificate from the General Authority for Competition. Value Capital acted as the financial adviser for the deal. 

The transaction is expected to expand WSM’s technology capabilities and strengthen its presence in the IT sector. Further details on integration plans and strategic objectives post-acquisition have yet to be disclosed, the company stated in a bourse statement.

WSM closed Monday’s trading session with a 4.30 percent increase to reach SR49.70. 

Also, Waja Co. has announced the signing of a Shariah-compliant bank facility agreement with Alinma Bank, securing financing worth SR16 million. The agreement, finalized on Dec.30, has a tenure of one year. 

The facility is backed by a promissory note from the company and will be used to support Islamic financing for letters of credit, various Islamic bank guarantees, and tawarruq transactions.

Waja’s move aligns with its strategy to enhance its financial capabilities while adhering to Islamic banking principles. 

The financing is expected to bolster the company’s liquidity and operational flexibility, enabling it to pursue its business objectives effectively. Further updates regarding the utilization of funds were not disclosed, according to a bourse filing.

Waja Co.’s share price dropped 0.25 percent on Monday to settle at SR7.86.