“This is just the beginning. We are in a cyberwar as we speak,” said Amir Kolahzadeh, founder and chief executive of internet security firm IT Sec. “We expect to see more sophisticated attacks, possibly with targeted demographics or location. Our smart buildings, our smart cars, our smart everything is a target.”
More than 100,000 organizations in at least 150 countries have so far been hit by the WannaCry ransomware attack, including Telefonica, FedEx, Nissan, Deutsche Bahn and the UK’s National Health Service, with experts warning that the attack is a clear sign of the escalating challenges facing cyber security.
One of the largest attacks of its kind, the WannaCry virus exploited a security hole in Microsoft Windows, encrypting common file formats and rendering a PC useless until a ransom is paid.
“Ransomware is a type of malicious software that blocks access to data until a ransom is paid and displays a message requesting payment to unlock it,” said Ghareeb Saad, senior security researcher, global research and analysis team, at Kaspersky Lab.
“Ransomware has been very successful recently, becoming one of the main threats of the year. One of the reasons why ransomware is successful lies in the simplicity of the business model used by cybercriminals. Once the ransomware gets into a system there is almost no chance of getting rid of it without losing personal data. Also, the demand to pay the ransom in bitcoins makes the payment process anonymous and almost untraceable, which is very attractive to fraudsters.”
So far there has been an unknown — but believed to be limited — number of attacks in the Middle East and North Africa, with only Egypt in the list of top 20 attacked countries, according to Kaspersky Lab. It was ranked 19th globally, although Kolahzadeh says a number of unnamed regional institutions have been compromised.
“We have been notified that a few systems that are part of large organizations in mission-critical control infrastructure have been infected,” said Kolahzadeh. “Unfortunately, a version two of the ransomware has been released that bypasses the earlier kill switch that was found.”
Saudi Telecom (STC) denied that its systems were affected after photos were circulated on social media claiming to show infected STC computers, but both Saudi Arabia and the UAE are known to be high-value targets for attacks.
Earlier this month US-based cyber security firm Symantec reported that the UAE and Saudi Arabia were the most targeted countries in the Middle East when it comes to ransomware. The company also found that 30 percent of UAE ransomware victims are willing to pay a ransom, compared with 34 percent globally, despite the country’s Telecommunications Regulatory Authority advising against payment of any ransom.
“These sort of attacks are only avoidable with proper cyber-security awareness training and the correct levels of cyber security, regardless of the size of your organization,” says Kolahzadeh. “Ransomware is extremely dangerous since it is the source of income for cybercriminals. However, it is easily avoidable with proper end-point protection and user awareness.”
Newer and more dangerous versions of the WannaCry virus may emerge, with Windows users urged to install the official patch from Microsoft that closes the vulnerability used in the attack, says Kaspersky Lab. There are also patches available for Windows XP, Windows 8, and Windows Server 2003.
“WannaCry is also targeting embedded systems,” says Saad. “We recommend ensuring that dedicated security solutions for embedded systems are installed, and that they have both anti-malware protection and default deny functionality enabled.”
Such widespread disruption as that caused by WannaCry raises fears of future attacks. And not only ransomware, but all forms of cyber attacks.
On Oct. 21 last year, for example, a cyber-attack brought down much of the internet across large tracts of the US. The attack was the work of the Mirai botnet, which is made up of Internet-connected devices such as digital cameras, routers and DVRs, and targeted the servers of Dyn, a firm that controls much of the internet’s domain name system infrastructure. Dyn remained under sustained assault for the best part of a day, bringing down sites such as Twitter, The Guardian, Netflix, Reddit, CNN and many others across Europe and the US.
“Everything is connected now, from televisions to refrigerators to children’s toys. They are connected to the internet, and every connection is a point of potential attack,” said Dino Wilkinson, a partner at law firm Norton Rose Fulbright (Middle East) in Dubai. “The botnet attack used internet of things devices as a gateway to get in and to control.
“This is the whole issue with autonomous vehicles. Yes they are great, but they are reliant on communications technology, and so they are potentially open to be hacked or breached in the same way as any other piece of connected technology. And hacking into a car or vehicle has quite massive implications.
“We will see more and more of this kind of stuff,” he added. “From our side we are seeing more clients talking to us about preventative support — helping them with policies, looking at insurance and other measures that can protect them.”
How to protect yourself from ransomware
The key to remaining safe and free of attacks is vigilance. It is about making sure your systems are up-to-date, that you are careful about what you do on your computer, what you use it for, and what sites you visit.
“My advice to all users is to stay vigilant to emails that are received from external or untrusted sources,” said Amir Kolahzadeh, founder and chief executive of internet security firm IT Sec.
“Do not click on links or open attachments in emails from unidentified and/or suspicious senders. Do investigate the email before opening it. Ensure that an anti-virus software is installed on your personal computers, and always keep them updated. Report any suspicious activities to the IT service desk in your organization. Proactively change your passwords. Ensure they are strong and hard to guess.”
WannaCry? Latest cyberattack is ‘just the beginning’
WannaCry? Latest cyberattack is ‘just the beginning’
Saudi Arabia to welcome Middle East’s first TRIBE hotel in King Salman Park
- TRIBE Riyadh King Salman Park hotel will feature two restaurants, meeting facilities, banquet hall, gym, and swimming pool
- TRIBE Living will introduce 150 apartments ranging from studios to three-bedroom units
RIYADH: French hospitality group Accor and Naif Alrajhi Investment have signed an agreement to bring the Middle East’s first TRIBE hotel to Saudi Arabia.
The project, featuring a 250-key property, will be situated within Riyadh’s King Salman Park and will include the debut of TRIBE Living, a new residential community concept.
The collaboration builds on the partnership between the two entities, which successfully launched Fairmont Ramla Serviced Residences last year, according to a press release.
This initiative aligns with Saudi Arabia’s Vision 2030, which aims to diversify the economy and boost the tourism sector, targeting 150 million annual visitors by 2030.
“The introduction of TRIBE and TRIBE Living to Saudi Arabia showcases our focus on design-led, lifestyle experiences that meet the growing demand for modern, accessible hotel offerings in Riyadh,” said Duncan O’Rourke, Accor’s CEO for premium, midscale and economy brands for Middle East, Africa and Asia Pacific.
The TRIBE Riyadh King Salman Park hotel will also feature two restaurants, meeting facilities, a banquet hall, a gym, and a swimming pool.
TRIBE Living will introduce 150 apartments ranging from studios to three-bedroom units, offering residents access to the hotel’s dining and recreational amenities, the release added.
Since its launch in 2017, the TRIBE brand has grown to 18 hotels with 2,708 rooms globally.
Riyadh is emerging as a global hub for business and leisure, fueled by growing demand for premium accommodations. Accor aims to capitalize on this trend with 1,683 operational keys in the city and 2,740 in the pipeline.
The announcement follows the King Salman Park Foundation’s plan to develop its first real estate investment plot in collaboration with Naif Alrajhi Investment.
“We are delighted to be working with Accor once again, a trusted partner, to introduce new and iconic brands to the local market for the first time. This partnership is a significant step forward in our ongoing commitment to delivering world-class destinations that cater to both local and international audiences,” Naif Saleh Al-Rajhi, chairman and CEO of Naif Alrajhi Investment.
The project is part of King Salman Park’s Package 1, a 290,000-sq.-meter mixed-use development featuring residential, commercial, retail, and recreational spaces. The district is strategically located near the park’s key attractions, such as the Royal Arts Complex and Visitors Pavilion.
Accor is planning substantial growth in the Kingdom, with 45 new establishments and 9,800 keys expected by 2030, O’Rourke told Arab News in May.
Saudi Arabia’s hospitality sector has gained momentum, driven by large-scale events such as Riyadh Season and AlUla Season.
A report by JLL released earlier this month highlighted that urban infrastructure development is creating new opportunities in the Kingdom, driven by the government’s push for economic diversification and increased tourism.
Closing Bell: Saudi main index closes in green, reaches 11,949 points
- MSCI Tadawul Index increased by 15.52 points, or 1.05%, to close at 1,500.07
- Parallel market Nomu lost 285.18 points, or 0.91%, to close at 30,953.11 points
RIYADH: Saudi Arabia’s Tadawul All Share Index increased by 0.84 percent or 99.42 points to reach 11,948.79 points on Monday.
The total trading turnover of the benchmark index was SR4.9 billion ($1.3 billion), as 111 of the listed stocks advanced, while 117 retreated.
The MSCI Tadawul Index also increased by 15.52 points, or 1.05 percent, to close at 1,500.07.
The Kingdom’s parallel market Nomu dropped, losing 285.18 points, or 0.91 percent, to close at 30,953.11 points. This comes as 32 of the listed stocks advanced while 51 retreated.
The main index’s top performer, Zamil Industrial Investment Co., saw a 4.31 percent increase in its share price to close at SR33.90.
Other top performers included Saudi Reinsurance Co., which saw a 4.20 percent increase to reach SR47.15, while the Mediterranean and Gulf Insurance and Reinsurance Co.’s share price rose by 4.16 percent to SR23.52.
Red Sea International Co. also recorded a positive trajectory, with share prices rising 3.89 percent to reach SR56.10.
Kingdom Holding Co. also witnessed positive gains, with 3.75 percent reaching SR9.13.
National Co. for Learning and Education was TASI’s worst performer, with the firm’s share price dropping by 3.94 percent to SR204.60.
Aldrees Petroleum and Transport Services Co. followed with a 3.84 percent drop to SR120.20. Riyadh Cement Co. also saw a notable drop of 3.61 percent to settle at SR32.05.
Walaa Cooperative Insurance Co. and MBC Group Co. were among the top five poorest performers, with shares declining by 3.52 percent to settle at SR17.56 and by 3.17 percent to sit at SR54.90, respectively.
On the announcement’s front, Almujtama Alraida Medical Co. disclosed that Khabeer Althanyia Investment Co. — a major shareholder — has announced its intention to distribute and deposit its 630,673 shares in Almujtama Alraida, representing 6.64 percent of the company’s capital, into the investment portfolios of its current partners.
The move, according to a filing on Tadawul, will result in changes to the list of the company’s major shareholders.
Almujtama Alraida Medical Co.’s share price dropped 2.91 percent on Monday to settle at SR30.05.
Najran Cement Co. announced that its shareholders approved the transfer of SR163.62 million from its statutory reserve, as reported in its financial statements for the year ending Dec. 31, 2023, to its retained earnings balance of SR138.15 million.
The decision was made during the company’s extraordinary general meeting held on Dec. 22, according to a statement on Tadawul.
Shareholders also approved the repurchase of up to 17 million shares to be held as treasury shares, citing the board’s view that the company’s stock is trading below its fair value.
The share buyback will be financed through the firm’s resources, including cash balances or credit facilities, with the board authorized to complete the process within 12 months of the meeting date.
The repurchased shares can be retained for a maximum of 10 years, after which the company will comply with applicable laws and regulations, the statement said.
Najran Cement Co.’s share price saw a 1.22 percent dip on Monday to close at SR8.92.
Saudi Arabia inaugurates Yanbu Grain Terminal to boost food security, trade
- Yanbu Grain Handling Terminal will serve public and private sector importers
- It boasts a storage capacity of 156,000 tonnes, including 12 silos with a combined capacity of 96,000 tonnes
RIYADH: Saudi Arabia has inaugurated the Yanbu Grain Handling Terminal, underscoring the Kingdom’s efforts to strengthen public-private partnerships, enhance agricultural trade, and bolster food security across the region.
The event was attended by Abdulrahman Al-Fadli, minister of environment, water and agriculture, and by various government and private sector officials, according to the Saudi Press Agency.
The Yanbu Grain Handling Terminal will serve public and private sector importers, and boasts a storage capacity of 156,000 tonnes, including 12 silos with a combined capacity of 96,000 tonnes.
Food security has risen up the agenda in recent years, as countries in the Gulf contend with the impacts of climate change, the consequences of trade-disrupting conflicts such as the Ukraine-Russia war, and interruptions to supply routes through the Red Sea.
In September 2022, in response to these challenges, the Kingdom collaborated with regional partners to launch a food security action plan with an initial funding of $10 billion.
The Yanbu Grain Handling Terminal will be operated by the National Grains Co., a joint venture between the national shipping carrier Bahri and the Saudi Agricultural and Livestock Investment Co.
It features a 650-meter conveyor belt and a discharge rate of 800 tonnes per hour directly from ships, with an annual handling capacity exceeding 3 million tonnes of grain.
According to Bahr’s statement to the Saudi Stock Exchange, the inauguration delay was caused by the inclusion of additional requirements to enhance future operational efficiency, along with the construction of extra infrastructure to accommodate potential future expansions.
The company said that because of this the total project cost rose by 7 percent from the initially allocated SR412.5 million ($109.7 million), though the increase is not deemed significant.
The Yanbu Grain Handling Terminal aims to become a world-class logistics hub, connecting three continents and supporting the Kingdom’s vision for a resilient and efficient agricultural supply chain.
Established in 2020 as a strategic partnership between SALIC and Bahri, the National Grain Co. aims to fulfill the Kingdom’s future feed grain requirements while enhancing its global competitiveness.
It is committed to advancing grain trade, handling, and storage through the Yanbu terminal, strengthening supply chains and ensuring price stability across Saudi Arabia.
SALIC, a Public Investment Fund-owned company, was formed in 2011 to secure food supply for Saudi Arabia through mass production and investment.
When the project was announced in 2020, Al-Fadli, who is also the chairman of SALIC’s board of directors, said: “The project aims to enhance the velocity of the main grain influx to Saudi Arabia and is considered the first regional center for grains in the commercial port of Yanbu.”
He added that SALIC relies on the geographical location of the Kingdom and the port infrastructure to enhance food distribution in the region by linking the Kingdom to global grain sources, especially countries where SALIC is investing.
A grain delivery service to customers within the Kingdom has been introduced as part of the project, ensuring greater proximity to clients, enhanced customer experience, and improved profitability margins.
UAE’s ADNOC boosts drilling capabilities with 2 new jack-up rigs
- ADNOC Drilling will expand its fleet to 142 platforms
- UAE possesses the sixth-largest crude oil reserves globally
JEDDAH: The Abu Dhabi National Oil Co. has received two new jack-up rigs, reinforcing its position as one of the largest drillship fleet owners globally.
ADNOC Drilling will launch the new rigs by the first quarter of next year, expanding its fleet to 142 platforms. This marks a strong year for the company, showcasing its performance and strategy, according to UAE state news agency WAM.
For over 50 years, ADNOC Drilling has been the exclusive provider of drilling and rig-related services to ADNOC Group under agreed contractual terms, supporting the firm’s upstream operations in exploring and developing oil and gas resources in the UAE.
With most of the Gulf country’s crude oil and gas reserves located in Abu Dhabi, ADNOC oversees the majority of nationwide exploration, appraisal, development, and production activities, which are managed by ADNOC, either independently or in partnership with third parties.
In its analysis of the company’s performance, JPMorgan, a global financial services firm, said: “Since its initial public offering, ADNOC Drilling has proven to be a high-quality, defensive business, consistently meeting and surpassing guidance and expectations. The exceptional performance also reflects positive progress with ADNOC Drilling’s two joint ventures.”
The UAE possesses the sixth-largest crude oil reserves globally, with approximately 107 billion stock tank barrels of proven oil reserves. Since its inception in 1972, ADNOC Drilling has played a crucial role in enabling ADNOC to unlock the country’s oil and gas resources efficiently and reliably, contributing to the nation’s energy sector.
This year, Enersol, a joint venture between Alpha Dhabi Holding and ADNOC Drilling, acquired four oilfield services technology companies, while Turnwell, another business partnership between ADNOC, SLB, and Patterson-UTI, set a record for initial well delivery time, accelerating the development of the UAE’s unconventional energy reserves.
Following its second upward guidance revision this year alongside its third-quarter results, ADNOC Drilling is on track to deliver its best-ever performance in Q4. ADNOC Drilling anticipates at least mid-single-digit expansion as it scales operations, according to WAM.
ADNOC forecasts a rise in drilling activity in the coming years, driven by its commitment to increasing crude oil production capacity by 25 percent, reaching five million barrels per day by 2027.
As the company looks to expand beyond the UAE and explore opportunities in the region, it foresees a growing need to expand its rig fleet to support its strategic growth plans.
The energy giant believes that expanding its rig fleet will enhance its current capabilities in rig hire, drilling, completion services, and associated operations and enable the company to offer unconventional drilling and biogenic well services. This expansion is expected to contribute to increased revenue and profitability.
Terminal 4 at Cairo International Airport to boost Egypt’s aviation and tourism sectors
- Project is expected to bolster the country’s tourism goals and improve traveler experiences
- Egypt’s aviation sector also improved 36 spots to 27th in the 2024 edition of the Air Transport Infrastructure Index
RIYADH: Egypt is advancing its aviation sector with the ongoing development of Terminal 4 at Cairo International Airport, set to accommodate 30 million passengers annually.
According to a statement from the Cabinet, the “New Republic Air Gateway” project is expected to bolster the country’s tourism goals, improve traveler experiences, and position Egypt as an international aviation hub.
This year, the government announced plans to involve the private sector in airport management, including a global tender for Cairo International.
Egypt’s aviation sector also improved 36 spots to 27th in the 2024 edition of the Air Transport Infrastructure Index, aligning with Vision 2030’s focus on sustainable development, innovation, and global competitiveness.
Prime Minister Mostafa Madbouly, during a meeting at the New Administrative Capital, reviewed progress on the project alongside Minister of Civil Aviation Sameh El-Hefny. The session focused on the terminal’s specifications, implementation strategy, and potential to reshape the African nation’s aviation and tourism landscapes.
“Airport development works come within the framework of presidential directives to upgrade the Egyptian airport system, raise its capacity and improve the level of services provided to passengers,” he said.
At the meeting, Madbouly emphasized the importance of creating world-class facilities to accommodate rising traveler numbers.
El-Hefny outlined the project’s phased execution, with completion expected within four to five years. He also revealed that negotiations are underway with international firms specializing in airport construction and management to ensure world-class execution.
The minister emphasized the cutting-edge features of the new terminal, including its ability to initially handle 30 million passengers annually, with expansion potential to 40 million.
In September 2023, Cairo Airport Co. partnered with Pangiam, a trade and travel technology company, and signed two agreements to develop the new terminal. These deals, focused on enhancing the airport’s operations with advanced technology, include a feasibility study to incorporate emerging technologies and deliver a seamless travel experience.
The terminal will feature a state-of-the-art runway equipped with advanced navigation and lighting technologies that meet international standards.
Once operational, Terminal 4 is expected to elevate Cairo International Airport’s global status, making it a hub for regional and international travel.
