JEDDAH: Cybercrime is not a new phenomenon, but it is hitting the headlines as never before. The growing frequency and sophistication of online threats have exposed businesses to new risks.
The fourth edition of the Kingdom Cybersecurity Meeting aims to address these issues that continue to challenge business leaders to rethink their defense strategies to counter persistent threats in cyberspace.
The event will take place on April 18 and 19 in Riyadh, and will feature more than 20 speakers.
Dr. Taghreed Justinia, assistant professor and program director for health informatics at King Saud bin Abdulaziz University for Health Sciences, said: “We are a country with a uniquely vast geography, (as our) cities (are) still distinctly separated and still under development… We also have an advanced and reliable telecommunications infrastructure that could support a vision favoring smart cities. It is necessary to focus on securing the infrastructure and data. Getting citizens and various agencies involved in unifying the vision is an important step. Investing in cybersecurity is a necessity and should be considered in the planning and budgeting stages of any project. It should not be left for later stages or only when there is a security threat.”
Abubakar Arshad, cybersecurity adviser at the Telecommunications Regulatory Authority Bahrain, said: “Artificial intelligence (AI) is one of the most crucial technological developments of our times. It is changing every aspect of technologies around us… Criminals are using AI to hack into the most sophisticated systems. This trend is set to continue exponentially. Therefore, as cybersecurity professionals, we need to be aware of the threat and also adopt AI technologies to protect against threats from organized cybercriminals...”
Set against the backdrop of the growing cyber menace and with the emerging need of aligning security closely to business imperatives, the Kingdom Cybersecurity Meeting will contribute to efforts in building an effective cybersecurity strategy in the region.
“This market is booming with rapid infrastructure development and we must keep up the pace of security alongside the speed of these development projects... Cybersecurity is of key interest to anyone involved with information technology,” Justinia said.
Saudi Arabia braces to fight cybercrimes
Saudi Arabia braces to fight cybercrimes
Saudi Arabia, South Korea sign deal to boost cooperation in space sector
RIYADH: The Saudi Space Agency has entered into a new partnership with the Korean Aerospace Administration to boost cooperation in the space sector.
A memorandum of understanding was signed at the SSA’s headquarters in Riyadh, marking a significant step in strengthening bilateral ties between Saudi Arabia and South Korea in space exploration and technology development.
The agreement is in line with the Saudi Space Agency’s broader mission to support the Kingdom’s Vision 2030 goal of becoming a global leader in space exploration.
It also seeks to contribute to the nation’s scientific and economic growth through innovation and technological advancements in space.
The MoU comes as part of Saudi Arabia’s growing commercial space sector, which is primarily driven by the private sector.
Over 250 companies are currently operating in the country, emphasizing the strong involvement of the private sector. Additionally, more than 20 government agencies regulate and support the industry, according to recent findings by SpaceTech in Gulf.
Mohammed Al-Tamimi, CEO of the Saudi Space Agency, emphasized that the agreement reflects the Kingdom’s ongoing commitment to enhancing international cooperation in space.
He stated that the SSA values such global partnerships, viewing them as essential for advancing technological capabilities and growing the space economy. Al-Tamimi underscored that the MoU will foster collaboration by integrating the expertise of both Saudi and Korean space professionals.
The terms of the agreement outline key areas of collaboration, including the development of deep space technologies, manned flight programs, satellite launches, and payloads. The MoU also sets out to strengthen capabilities in space sciences and engineering, facilitate the exchange of knowledge, and enhance expertise in advanced space applications.
Moreover, the agreement seeks to advance space research and technical development, while fostering an environment conducive to investment in the space sector. This partnership is expected to contribute to the growth of the space economy and improve the global standing of both Saudi Arabia and South Korea.
In September, Al-Tamimi led the Saudi delegation to the fifth G20 Space Economy Leaders Meeting in Foz do Iguacu, Brazil, where he highlighted Saudi Arabia’s advancements in space exploration.
He also emphasized the Kingdom’s commitment to using space technology for sustainable development and climate change mitigation. During the meeting, he participated in discussions on innovation, entrepreneurship, and the role of space in addressing global challenges, further showcasing the Saudi Space Agency’s efforts to improve infrastructure, attract investment, and leverage space technology for sustainable progress.
Closing Bell: Saudi main index closes in red at 11,718
RIYADH: Saudi Arabia’s Tadawul All Share Index continued its downward trend for the second consecutive day on Tuesday as it shed 27.67 points or 0.24 percent to close at 11,717.96.
The total trading turnover of the benchmark index was SR7.70 billion ($2.05 billion), with 122 stocks advancing and 116 declining.
Saudi Arabia’s parallel market Nomu also shed 268.15 points to close at 30,763.22.
The MSCI Tadawul index declined by 0.25 percent to 1,483.35.
The best-performing stock on the main market was Riyadh Cables Group Co. The company’s share price increased by 10 percent to SR129.80.
The share price of Batic Investments and Logistics Co. also edged up by 6.34 percent to SR2.85.
Al-Baha Investment and Development Co. also saw its stock price rising by 5.88 percent to SR0.36.
Conversely, the share price of Arabian Contracting Services Co. declined by 5.12 percent to SR129.80.
On the announcements front, Mohammed Hadi Al Rasheed and Partners Co. said that its net profit for 2024 reached SR80.74 million, representing a rise of 80.58 percent compared to 2023.
In a Tadawul statement, the company said that the rise in net profit was driven by an increase in sales and customers amid expansion in line with the company’s strategy.
Despite posting an increase in profit, the share price of Mohammed Hadi Al Rasheed and Partners Co. declined by 9.04 percent to SR142.80.
Twareat Medical Care Co. said that its net profit witnessed a rise of 65.98 percent year on year to reach SR23.5 million.
The healthcare firm added that its overall revenue also rose by 23.97 percent year on year in 2024, driven by improved sales strategies, new service contracts in areas like NEOM, Jubail, and Jafurah, and expanding medical services for existing clients.
Twareat Medical Care Co.’s board of directors also recommended dividends at SR0.25 per share for 2024.
The share price of the company edged up by 6.53 percent to SR22.50.
Arabian Centers Co., also known as Cenomi Centers said that the firm’s net profit for 2024 stood at SR1.22 billion, representing a decline of 18.44 percent compared to 2023.
In a Tadawul statement, Cenomi Centers revealed that its overall revenue reached SR2.34 billion in 2024, marking a year on year rise of 4.01 percent.
It also announced that its board of directors has decided to pay a dividend of SR0.37 per share for the third quarter of 2024.
The share price of Cenomi Centers edged up by 1.29 percent to SR20.36.
Walaa Cooperative Insurance Co. said that it witnessed a net profit of SR64.30 million in 2024, representing a 56.55 percent decline compared to 2023.
The insurance firm’s share price declined by 3.53 percent to SR18.04.
Tabuk offers over 120 investment opportunities, driven by young workforce, strong demand
- Region is undergoing a major transformation, hosting some of the Kingdom’s most innovative projects and significant investments
- It aims to become a leading tourism destination along the Red Sea
JEDDAH: Saudi Arabia’s Tabuk region offers over 120 investment opportunities across sectors, from large projects to small businesses, leveraging its young workforce and strong consumer demand, a top official said.
The region’s mayor, Hussam bin Muwafaq Al-Youssef, and local business leaders discussed important initiatives and investment opportunities in the municipal sector. The meeting, part of the “Chamber’s Diwaniya” events during Ramadan, aimed to strengthen communication, encourage dialogue, and exchange ideas.
The gathering was also attended by Imad Al-Fakhri, chairman of the Tabuk Chamber of Commerce, and members of the organization’s board of directors, according to the Saudi Press Agency.
The northwestern region is undergoing a major transformation, hosting some of the Kingdom’s most innovative projects and significant investments. It aims to become a leading tourism destination along the Red Sea.
A key driver of this change is NEOM, a futuristic urban development that merges natural wonders with cutting-edge technologies. As Saudi Arabia’s largest giga-project and a central element of Vision 2030, NEOM, along with AMAALA and the Red Sea projects, are set to fuel growth and attract substantial investment across various sectors.
During the gathering titled “Tabuk ... Your Investment Destination,” Al-Yousef discussed key regional developmental and economic projects and shed light on his mayoralty’s plans to improve quality of life and attract investments.
The mayor highlighted some of the region’s competitive advantages, such as manufacturing, agriculture, mining, energy, and tourism, which have contributed to boosting Tabuk’s investment appeal.
He discussed the area’s significant potential, particularly in the tourism sector and said the municipality is working to create an investment-friendly environment by offering a variety of flexible processes and support to investors and entrepreneurs.
Al-Youssef said Tabuk boasts valuable assets, specifically its young talent, population structure, and purchasing power, placing the region third in the Kingdom for per capita consumption.
He added the municipality has over 120 available investment prospects across different sectors, including large, medium, and small-scale projects.
He encouraged business leaders to seize the opportunities and invest in the growing sectors, particularly with the government’s ongoing support for the private sector.
Al-Fakhri praised the municipality’s efforts in creating a competitive business environment and supporting investors and commended the collaboration between the public and private sectors in driving development, attracting investments, and overcoming challenges to benefit the region and its residents.
Al-Yousef listened to attendees’ feedback on the challenges investors face in the municipal sector and received suggestions for improving the investment environment and municipal services.
UAE to double FDI to $65.3bn with new investment strategy
RIYADH: The UAE is planning to double its foreign direct investments to 240 billion dirhams ($65.35 billion) annually by 2031 — up from the 112 billion dirhams it saw in 2023.
As part of the nation’s newly approved National Investment Strategy, the scheme aims to grow the country’s total FDI stock from 800 billion dirhams to 2.2 trillion dirhams over the coming years, with a focus on key sectors such as industry, logistics, and financial services, as well as renewable energy and information technology.
Sheikh Mohammed bin Rashid Al-Maktoum, vice president, prime minister, and ruler of Dubai, chaired the UAE cabinet meeting at Qasr Al Watan in Abu Dhabi, where the investment strategy was approved, according to a report by the Emirates News Agency.
“The UAE continues to develop its economy, expand global markets, attract investments, and create the most business-friendly environment in the world,” the vice president said.
The strategy comprises of 12 new programs and 30 initiatives, including the Financial Sector Development Program, the One-Market Program, and InvestUAE, aimed at enhancing investment promotion and economic diversification.
The cabinet also reviewed the UAE’s strategic partnerships with African nations, reporting that 95 percent of previously approved initiatives have been implemented.
As a result, total trade volume with sub-Saharan Africa has increased from 126.7 billion dirhams in 2019 to 235 billion dirhams over five years, marking an 87 percent rise.
“The UAE will continue to build new economic bridges across the world and reinforce its role as a global trade hub, connecting markets worldwide,” Al-Maktoum said.
The cabinet reviewed progress on the National Digital Economy Strategy, which seeks to raise the sector’s contribution to the gross domestic product from 9.7 percent to 19.4 percent over the next six years.
The meeting also addressed advancements in industrial technology, approving the Industrial Technology Transformation Index, a first-of-its-kind indicator designed to measure specialized progress and sustainability practices in UAE factories.
“The UAE now has more than 13 licensed transplant centers, with a 30 percent increase in transplant procedures. Kidney, liver, heart, lung, and pancreas transplants are now being performed in the UAE,” Sheikh Al-Maktoum said.
The body also approved the restructuring of the Emirates Research and Development Council, chaired by Sheikh Abdullah bin Zayed Al Nahyan, with a mandate to define national research priorities and enhance collaboration between government entities, the private sector, and academia.
In social affairs, the government announced an increase in the social support budget by 29 percent to 3.5 billion dirhams, with a 37 percent rise in beneficiaries, while 3,200 individuals have transitioned from financial aid recipients to the workforce.
A new remote work system for federal government employees outside the UAE was also approved, allowing the country to leverage global expertise for specialized tasks and projects.
Additionally, the cabinet ratified 28 international agreements, including comprehensive economic partnership agreements with Malaysia, New Zealand, and Kenya, alongside security, logistics, and government cooperation pacts with various nations.
As part of its sustainability initiatives, the cabinet launched the National Green Certificates Program for buildings, a voluntary classification system to certify sustainable structures across commercial, industrial, hospitality, and residential sectors.
Other regulatory approvals included new laws on plant variety protection, commercial fraud prevention, and the practice of health care professions by non-physicians and pharmacists.
Al-Maktoum reaffirmed the UAE’s commitment to economic growth and global engagement, stating: “The teams continue their work, our growth trajectory accelerates, and every day, we witness our nation’s future becoming greater, stronger, and more prosperous — driven by the dedication of thousands of exceptional teams across all sectors.”
Saudi private sector powers $314bn investment boom, outpacing Vision 2030 target
RIYADH: Saudi Arabia’s gross fixed capital formation rose to SR1.18 trillion ($313.68 billion) in 2024, marking a 5.3 percent annual increase, recent data showed.
A report from the Ministry of Investment attributed this growth to rising non-government sector investments, which expanded by 7.6 percent during the year.
The Kingdom’s GFCF has outperformed expectations, with cumulative investments from 2021 to 2024 reaching SR4.11 trillion — 28 percent above the initial target of SR3.22 trillion for the period.
By 2030, the National Investment Strategy, a key driver of Vision 2030, aims to push total annual GFCF to SR2 trillion, contributing 30 percent to gross domestic product. The plan also targets SR1.7 trillion in domestic investments within GFCF, reinforcing Saudi Arabia’s commitment to private sector expansion and sustainable economic growth.
GFCF, which measures the net increase in physical assets within an economy, is a crucial component of GDP as it reflects capital accumulation supporting future production capabilities and economic growth.
In 2024, the private sector accounted for 88 percent of total GFCF, reaching SR1.03 trillion. Meanwhile, the government sector, which made up 12 percent, saw an 8.3 percent decline to SR144.3 billion, signaling a strategic shift toward private sector-led growth.
Foreign direct investment has also exceeded projections, with total inflows from 2021 to the third quarter of 2024 reaching SR391 billion, including SR104 billion from the Aramco deal, according to the ministry. This surpasses the SR295 billion target for the period by 33 percent, reflecting strong investor confidence and Saudi Arabia’s success in attracting capital under Vision 2030.
The Kingdom has implemented a range of pro-business reforms, including regulatory streamlining, tax incentives, and the Regional Headquarters Program to attract multinational corporations. Giga-projects like NEOM, the Red Sea, and Qiddiya, along with public-private partnerships and sovereign investment initiatives, are also drawing investor interest across sectors.
In a recent milestone, the Kingdom approved the organization of the Saudi Investment Promotion Authority to enhance its investment ecosystem and attract global capital. Endorsed during a Cabinet meeting chaired by Crown Prince Mohammed bin Salman earlier in March, the authority will promote investment opportunities domestically and internationally while working closely with key stakeholders.
Investment Minister Khalid Al-Falih noted that the initiative strengthens Saudi Arabia’s position as a premier investment hub, leveraging its strategic location, investor-friendly policies, and world-class infrastructure.
