Royal Bank of Scotland (RBS) said on Sunday the completion of a merger between Alawwal bank and Saudi British Bank would lead to RBS shedding $5.9 billion of risk weighted assets and boost its core capital.
RBS, through Dutch subsidiary NatWest Markets N.V., was part of a consortium including NLFI and Banco Santander S.A. that held an aggregate 40% equity stake in Alawwal bank, the British bank said in a statement. RBS also had an interest equivalent to a 15.3% stake in Alawwal bank.
RBS said that as a result of the merger completion, it would recognise an income gain on disposal of the Alawwal bank stake for shares received in Saudi British Bank of almost $503 million and a reduction in risk weighted assets of nearly $5 billion.
RBS also said the deal would extinguish legacy liabilities of almost $377.
The changes would increase the bank's CET1 core capital ratio by 60 basis points, it said.
The merger will also help RBS to focus on its target markets, RBS chief executive Ross McEwan said in a statement.
RBS, which was rescued in 2008 with a nearly $57 billion capital injection by the British government, has been shrinking its overseas operations since the financial crisis to focus on its UK lending operations.
RBS says Saudi bank merger boosts its core capital
RBS says Saudi bank merger boosts its core capital
- RBS had a 15.3% interest in Alawwal bank
- The changes would boost the banks CET1 core capital ratio by 60 basis points
Egypt advances nuclear program with permit for spent fuel storage
RIYADH: Egypt’s Nuclear Power Plants Authority has secured a permit to construct a spent atomic fuel storage facility at the El-Dabaa power plant, located approximately 320 km northwest of Cairo.
The NPPA plans to begin the construction of the facility in 2025. This storage solution will provide safe, dry, and scientifically advanced containment for spent nuclear fuel, with the capacity to store waste for up to 100 years, all while adhering to the highest standards of safety and environmental protection.
El-Dabaa, Egypt’s first nuclear power plant and the country’s largest energy project in decades, is being developed in collaboration with Russia’s Rosatom. The plant will house four VVER-1200 reactors, the same type as those in operation at Russia’s Leningrad and Novovoronezh plants, as well as Belarus’s Ostrovets.
In a statement issued by the NPPA, Amjad El-Wakeel, chairman of the authority, highlighted the achievement as a significant milestone in Egypt’s nuclear program. “The authority has successfully secured the permit for the construction of the spent nuclear fuel storage facility at El-Dabaa, aligning with the project’s implementation timeline,” the statement read.
The NPPA formally submitted the permit request to Egypt’s Nuclear and Radiological Regulatory Authority on June 12, 2024, accompanied by comprehensive design and technical documentation reviewed by nuclear specialists.
Following a series of productive technical meetings between NPPA and NRRA experts, the permit was granted during NRRA’s seventh session on Dec. 31, 2024.
The decision came after a successful site inspection by NRRA representatives, who visited the El-Dabaa plant from Dec.1 to 5, 2024, to assess the site’s readiness for construction.
This development highlights Egypt’s commitment to advancing its nuclear energy program in line with both national priorities and international safety standards, the statement further noted.
Located in the Matrouh governorate along the Mediterranean coast, 250 km west of Alexandria, the El-Dabaa site offers numerous strategic advantages, including access to rail and road networks, low seismic activity, and an abundant supply of cooling water.
The El-Dabaa nuclear project, which has been in the planning stages since 1954, received formal approval in 1983 and was publicly announced in 2007. Following approval from the International Atomic Energy Agency in 2010, Egypt finalized agreements with Russia in 2015. Contracts came into effect in December 2017, and construction officially commenced in July 2022.
Saudi Arabia’s non-oil sector sustains growth in December: PMI survey
RIYADH: Saudi Arabia’s non-oil private sector ended 2024 on a strong footing, driven by the fastest sales growth in a year, which pushed the Kingdom’s Purchasing Managers’ Index to 58.4 in December, according to a survey.
The Riyad Bank Saudi Arabia PMI survey, compiled by S&P Global, showed that total sales volumes in the non-energy sector rose sharply in December, fueling robust increases in business activity and inventories.
This performance underscores the Kingdom’s ongoing economic diversification under Vision 2030, which aims to reduce reliance on oil and promote sustainable growth.
“Saudi Arabia’s non-oil private sector ended 2024 on a high note, reflecting the successful strides made under Vision 2030. The Purchasing Managers’ Index recorded 58.4, underscoring the sector’s resilience and expansion,” said Naif Al-Ghaith, chief economist at Riyad Bank.
However, December’s PMI slightly declined from November’s 17-month high of 59. In October, the PMI stood at 56.9, and it registered 56.3 and 54.8 in September and August, respectively.
According to S&P Global, any PMI reading above 50 signals growth in the non-oil sector, while readings below 50 indicate contraction. Notably, the Kingdom’s PMI has stayed above the 50 neutral mark continuously since September 2020, affirming the progress of its non-energy sector.
The survey highlighted that cost inflation remained sharp in December due to strong input demand, but an easing of job creation helped to soften salary pressures for businesses.
Non-oil businesses participating in the PMI survey noted that strong economic conditions, higher client demand, and new marketing campaigns contributed to a significant upturn in new work during the final month of 2024.
“The non-oil GDP is expected to grow by more than 4 percent in 2024 and 2025, driven by substantial improvements in business conditions. A significant rise in new orders has bolstered this growth, indicating increased market confidence and demand,” said Al-Ghaith.
He added: “Despite challenges such as sharp cost inflation due to strong input demand, the sector has navigated these pressures effectively. December saw a notable increase in material costs, yet wage costs rose more moderately. This balance was aided by an easing in job creation, which helped soften salary pressures.”
Saudi Arabia’s non-oil businesses also strengthened their presence in international markets. The survey reported the sharpest increase in new export orders in 17 months, driven by product innovations and strong relationships with international clients.
Business expectations improved to a nine-month high in December, with firms expressing optimism that robust sales growth would lead to greater activity levels in 2025.
“With the non-oil GDP anticipated to continue its upward trajectory, the sector is well-positioned to contribute significantly to the Kingdom’s long-term economic goals,” said Al-Ghaith.
He added: “The focus on improving business conditions, boosting domestic and international demand, and managing inflationary pressures aligns seamlessly with Vision 2030’s objectives, setting the stage for sustained growth and prosperity in the upcoming years.”
Saudi green bond market soars on sustainable financing shift
- Kingdom’s Green Financing Framework provides a comprehensive roadmap for backing climate-focused initiatives
RIYADH: Saudi Arabia’s green bond market is experiencing dramatic growth, positioning the Kingdom as a major player in sustainable financing as it works to meet the ambitious objectives of Vision 2030.
Green bonds, together with sukuk, have seen a surge in popularity, offering critical funding for eco-friendly projects in areas such as renewable energy, sustainable water management, and waste reduction.
Launched by the Ministry of Finance in March, Saudi Arabia’s Green Financing Framework provides a comprehensive roadmap for backing climate-focused initiatives, igniting interest from both domestic and foreign investors.
This foundation underscored the Kingdom’s environmental commitments under initiatives like the Saudi Green Initiative, which aims to combat climate change, reach net-zero emissions by 2060, and drive a national transition toward sustainable practices.
CEO of Middle East and North Africa and Asia Pacific at Saxo Bank, Damian Hitchen highlighted their strategic value in an interview with Arab News: “Green bonds are a critical financial tool for advancing Saudi Arabia’s Vision 2030, especially in reducing oil reliance and promoting renewable energy.”
“They foster a more balanced and resilient economy by funding projects outside the oil sector, such as green infrastructure and renewable energy,” Hitchen explained.
Pioneering projects and government support fuel growth
Vision 2030 has made sustainability a cornerstone of Saudi Arabia’s economic strategy, launching the Saudi Green Initiative and the Circular Carbon Economy framework.
“The key factor responsible for the growth of green bonds is Saudi Arabia’s Vision 2030, which aims to reduce the nation’s dependency on oil and increase reliance on clean energy to protect the environment and diversify its economy,” said Vijay Valecha, chief investment officer at Century Financial.
He added that “strong government support,” evident from initiatives like the Saudi Green Initiative, offers a framework for sustainable projects and regulatory support for green finance instruments.
Significant achievements include the $8 billion funding for NEOM’s green hydrogen plant — the largest such project in the Middle East.
The growing awareness of environmental issues and the measures taken by the government to transition to a low-carbon future highlight the potential for green bonds.
Vijay Valecha, chief investment officer at Century Financial
Saxo Bank’s Hitchen noted that the Kingdom’s commitment to green bonds could set a regional precedent, adding: “Saudi Arabia is emerging as a key player in the GCC’s (Gulf Cooperation Council’s) green bond market, spurred by Vision 2030 and the Saudi Green Initiative, which prioritize renewable energy and carbon emission reductions.”
Meanwhile, Century Financial’s Valecha saw that Saudi Arabia is rapidly catching up as a key player in this market, citing NEOM’s green hydrogen plant as “a significant development.”
Investor confidence in green bonds surges
Saudi Arabia’s sovereign wealth organization, the Public Investment Fund, first issued a green bond in 2022, underscoring its commitment by allocating billions of dollars toward green infrastructure, renewable energy, and sustainable water projects.
Hitchen saw this as creating a ripple effect in the market.
“Investor appetite for green bonds in Saudi Arabia has grown substantially, with institutional and retail investors increasingly drawn to sustainable finance. A notable shift in demand has emerged as environmental, social, and governance factors gain importance in investment strategies,” he said.
Valecha confirmed this rising demand, noting that “the investor appetite for green bonds in Saudi Arabia, particularly from institutional investors, is significant and is surging rapidly.”
He added: “This is evident from recent green bond issuance by the Public Investment Fund, which raised $8.5 billion.”
Valecha anticipated that as the government continues to promote financial literacy and awareness around sustainable investing, retail participation will also rise, “particularly as more individuals understand the tangible benefits of green bonds.”
This growth in demand comes as PIF plans to direct an additional $19.4 billion toward green projects, reflecting confidence in the stability and potential of Saudi Arabia’s green bond market.
“The growing awareness of environmental issues and the measures taken by the government to transition to a low-carbon future highlight the potential for green bonds,” Valecha added.
Driving economic diversification and long-term sustainability
The rapid growth of green bonds is not only drawing in substantial investments but also supporting Saudi Arabia’s economic diversification, promoting eco-friendly industries and generating new market opportunities.
Hitchen said: “Green bonds contribute to long-term economic stability and resilience by funding these non-oil sectors. They are pivotal for renewable energy goals, financing projects like solar and wind power to help the Kingdom achieve up to 130 gigawatts of renewable energy by 2030.”
Valecha echoed the transformative impact of these investments, asserting that green bonds are key to “providing the necessary funding to support large-scale solar and wind power projects, thus reducing reliance on fossil fuels and transitioning the Saudi economy toward a low-carbon future.”
This shift not only benefits the environment but also creates jobs and opens avenues for sustainable urban development, green transportation, and water conservation.
As the Kingdom’s financial markets continue to embrace green bonds, the regulatory framework and investor confidence have solidified, laying the groundwork for sustainable growth.
Hitchen called for further steps to maintain this momentum, stressing the importance of “strengthening government support and establishing robust transparency standards to give investors confidence that their funds are driving genuine sustainability.”
Valecha agreed, suggesting that a comprehensive green finance ecosystem is essential.
“The government should further strengthen the rules and regulations to boost investor confidence and attract more capital,” he said, adding: “A domestic green finance ecosystem, including ESG reporting standards and clearer tax incentives, can go a long way in supporting the demand for green bonds.”
Connecting the Kingdom: Saudi Arabia’s 5G revolution
- Industry’s value is expected to reach $13.41 billion by 2029 — up from $2.1 billion in 2023
RIYADH: Healthcare, urban living and transportation are all being revolutionized in Saudi Arabia thanks to the Kingdom’s enthusiastic adoption of 5G technology, experts have told Arab News.
The industry’s value in Saudi Arabia is expected to reach $13.41 billion by 2029 — up from $2.1 billion in 2023 — as Vision 2030 initiatives drive the Kingdom’s economic diversification, according to analysis by TechSci Research.
While telecommunications is the obvious sector to benefit from the rollout of this technology — which promises significantly faster data speeds, more reliable connections, and the ability to connect a multitude of devices simultaneously — it will expand the capabilities of many industries.
Nader Kobrosli, a partner in management consulting firm Oliver Wyman’s Communications, Media and Technology practice, said his company forecasts that this technology could provide an $18 billion boost to the economy by 2030.
5G will play a crucial role in nurturing a knowledge-based economy, generating new job opportunities, and attracting foreign investments.
Nader Kobrosli, partner at Oliver Wyman’s Communications, Media and Technology practice
“By enabling high-speed connectivity, 5G fuels the adoption of AI and IoT, facilitating real-time data insights and enhancing efficiency across all major sectors, including manufacturing, retail, energy, healthcare, and public services. This means 5G will play a crucial role in nurturing a knowledge-based economy, generating new job opportunities, and attracting foreign investments,” Kobrosli said.
5G making cities smarter
By enabling smart city applications, 5G technology plays a crucial role in the Kingdom’s vision to transform its urban spaces into efficient, sustainable, and highly connected ecosystems.
“For residents, 5G facilitates seamless connectivity, enhances public safety, and improves transportation with real-time traffic management and autonomous vehicle integration,” said Federico Pienovi, chief business officer and CEO for Asia and Pacific as well as Middle East and North Africa at software development company Globant.
5G facilitates seamless connectivity, enhances public safety, and improves transportation with real-time traffic management and autonomous vehicle integration.
Federico Pienovi, chief business officer and CEO for Asia, Pacific and MENA at Globant
“It provides the infrastructure for data-driven insights, remote operations, and business automation, leading to increased productivity and cost efficiency. This connectivity ecosystem enriches everyday life, attracts talent, and drives economic growth, making Saudi Arabia a model for smart city development in the region,” he added.
5G-led IoT services have already accelerated the proliferation of ‘smart’ services and industrial automation use cases.
Sauvik Tegta, partner at Kearney Middle East & Africa — Communications, Media, and Technology practice
Oliver Wyman’s Kobrosli noted that from energy savings to improved traffic flow, 5G will enhance urban living, and this in turn will attract significant investments and help position Saudi cities as models of innovation in the digital age.
“Residents and businesses will also benefit from this advanced infrastructure, and will enjoy a more connected, efficient, and environmentally-friendly urban environment,” he said.
Undoubtedly, 5G technology is an important catalyst in Saudi Arabia’s smart city initiatives, providing cutting-edge connectivity for new cities like NEOM and Qiddiya and existing conurbations such as Riyadh and Makkah.
“Through smart poles that incorporate 5G cell sites, KSA’s smart cities are empowered with intelligent use cases that enhance urban living — from connected transportation networks to energy-efficient buildings and smart utilities, all of which contribute to sustainability goals,” said Hazem Galal, partner, Cities and Local Government global leader, Smart Mobility Global co-leader, at PwC Middle East.
Through smart poles that incorporate 5G cell sites, KSA’s smart cities are empowered with intelligent use cases that enhance urban living.
Hazem Galal, partner, cities and local government global leader, smart mobility global co-leader, at PwC Middle East
Sauvik Tegta, partner at Kearney Middle East & Africa — Communications, Media, and Technology Practice, stressed that 5G is a core enabler, supporting Internet-of-Things-based capabilities in the near term, and more data-heavy and low latency capabilities in the mid-to-long term.
“5G-led IoT services have already accelerated the proliferation of ‘smart’ services and industrial automation use cases such as smart parking, smart lighting, smart meters and grids effectively modernizing an aging infrastructure,” he said.
The Kearney partner added that “ubiquitous high-speed mobile connectivity” now enables convenient “anywhere-anytime services” that are fundamentally reshaping social and work-life habits.
5G transforming healthcare
The rollout of 5G infrastructure is revolutionizing healthcare in the Kingdom, particularly in how services such as telemedicine, remote diagnostics, and AI-powered patient care, are delivered.
From Globant perspective, Pienovi said: “The high speed and low latency of 5G enable healthcare providers to extend their reach to remote areas through telemedicine and remote monitoring, allowing patients to connect with specialists without traveling, ultimately reducing congestion in urban hospitals.”
He added that 5G facilitates the integration of Internet of Medical Things devices, which optimize resource management and reduce costs by offering real-time data on patient health.
“Lastly, the low latency of 5G supports advanced applications like robotic surgeries and AI-driven diagnostics, enhancing precision and safety in medical interventions and improving overall patient outcomes,” Pienovi said. From PwC’s side, Galal emphasized that 5G’s low latency and high data capacity mean that healthcare providers can deliver real-time, high-quality care remotely, reaching patients in rural or underserved areas and thus enhancing access to care.
“While KSA is considered a highly urbanized country with more than 80 percent living in cities, the remaining population lives in rural areas, where access to a full range of health care services can be challenging. Furthermore, 5G’s capabilities in handling massive amounts of medical data securely and efficiently support advanced research, predictive analytics, and precision medicine, which are reshaping how healthcare is delivered and experienced in the Kingdom,” the PwC partner said.
Tegta from Kearney said that Saudi Arabia’s 5G infrastructure played a vital role in supporting healthcare services during the COVID-19 pandemic.
“As lockdowns took effect, 5G infrastructure became central to enabling telemedicine, remote patient monitoring, virtual consultations, and self-care. Public and private health care service providers were able to leverage multiple apps to enhance transparency, improve care coordination, accelerate communication, and enable faster response times,” the Kearney partner said.
“This foundation is expected to accelerate the adoption of more advanced digital healthcare services that will be proactive, personalized, predictive, and preventative. By 2030, services such as e-triaging, enhanced self-service and self-care, high-definition digital imaging, telesurgery, and connected ambulances will become commonplace,” he added.
Supporting education
According to Ian Khan, a technology futurist and author who writes on the subject of AI, 5G makes virtual and augmented reality accessible in classrooms, meaning students can explore a historical site or conduct experiments in a virtual lab from anywhere.
“In fact, VR and AR in education are projected to grow significantly, with the global market expected to reach $12.6 billion by 2025, largely driven by 5G technology. It’s also helping teachers personalize lessons because they can instantly access data on student progress and adjust in real-time,” Khan told Arab News.
“For rural areas, 5G bridges gaps by making remote learning smooth and reliable, ensuring all students have access to quality education. It’s a huge step toward a digitally savvy, future-ready workforce,” he added.
Rajesh Duneja, Partner at Arthur D. Little Middle East, said 5G technology is set to transform education in Saudi Arabia through developments such as enabling immersive augmented reality and virtual reality applications, and allowing students to engage in interactive, hands-on learning environments that make complex topics more accessible and engaging.
“Additionally, 5G’s high-speed connectivity will enhance the quality of video and audio for online classes, especially in remote areas where traditional Internet may be less reliable,” Duneja said.
He also flagged up how 5G supports a vast network of IoT devices in the classroom, from interactive whiteboards to smart desks, enabling personalized learning experiences that cater to each student’s needs.
Saudi Arabia’s signal to the world
Technology futurist Khan said that Saudi Arabia’s leadership in 5G didn’t happen by accident and is the result of strategic planning.
“The Kingdom invested heavily in telecom infrastructure, spending an estimated $1.5 billion by 2022, which aligns with our Vision 2030 goals to diversify the economy through digital transformation,” Khan said.
“Strong public-private partnerships, particularly with telecom companies like STC and Zain, helped speed up 5G deployment. Progressive regulations by the Communications and Information Technology Commission have also made it easier for telecoms to innovate, boosting Saudi Arabia’s position not just regionally but globally,” he added.
Arthur D. Little’s Duneja said the government’s investment in an expansive fiber network has been critical as it supplies the high-capacity backhaul needed to support 5G’s bandwidth demands.
“Additionally, streamlined regulations for international Internet connectivity have enabled easier data flow and stronger connectivity options. Support from the Ministry of Communications and Information Technology has also been crucial, with efforts to promote a thriving digital economy that positions the Kingdom at the forefront of technological innovation in the region,” he added.
Ranking third in 5G download speed across Europe, the Middle East, and Africa, according to Opensignal, only underscores Saudi Arabia’s commitment to being a technology leader.
With its 5G speeds reaching around 272.6 Mbps, the Kingdom’s advanced infrastructure is on display for the world to see.
“This achievement lays a strong foundation for advances in everything from AI to smart cities. High-speed connectivity means we can support the next generation of tech innovations, like autonomous vehicles and IoT networks, that require reliable, fast data,” Khan said.
“It’s a signal to the world that Saudi Arabia is serious about its digital future, making it an attractive hub for global tech investments and partnerships,” the technology futurist added.
Egypt’s Connect Money gets ready to land in Saudi Arabia
- Firm officially planning to enter the Saudi market by mid-year 2025
RIYADH: Saudi Arabia’s fintech growth has grabbed the attention of Egypt’s Connect Money as the company commences its expansion plan.
Founded this year by Ayman Essawy, Marwan Kenawy, and Momtaz Moussa, Connect Money provides a white-label card issuing platform that allows businesses to offer debit and credit cards to their customers without building fintech infrastructure or securing regulatory licenses.
In an interview with Arab News, Essawy, the company’s CEO, stated that Connect Money is officially planning to enter the Saudi market by mid-year 2025 and will then aim to expand to Morocco.
“We see a very big opportunity toward expansion, especially in Saudi Arabia and Morocco. Saudi Arabia is one of the hot topics in the region and fintech is growing significantly,” he said.
“We have strong connections with the whole Saudi ecosystem, and we have built a good relationship with the regulators and leading financial providers there and partner banks,” he added.
“We found that there is a need for our services to further accelerate fintech growth in Saudi Arabia,” Essawy claimed.
The CEO further said that once the expansion to Saudi Arabia begins, 80 to 90 percent of the company’s focus will be dedicated toward the Kingdom.
“We have spent the last 10 years operating on the business-to-business side in our past ventures and we claim to have very good market understanding across different sectors,” he added.
He further claims that after operating in Saudi Arabia for seven years at his first venture, Dsquares, the founder was able to carefully identify the market gaps in the financial industry.
The CEO also takes pride in being a serial entrepreneur and the founder of Egypt’s largest coupon platform Lucky ONE.
A problem to solve
Essawy explained that the company solves three critical problems for any large enterprise planning to incorporate strong fintech solutions internally.
He cited “very long compliance and regulatory cycles” for these companies as an issue, adding: “These cycles occur because they do not have the capability to build an infrastructure since they already operate a core business be it telecom, logistics, and even oil and gas.”
The CEO went on to say: “Second is the very high cost of building the infrastructure, so first, it takes a very long time to get granted a license and second is that there’s a very high cost for building and operating this part of the business.”
We have spent the last 10 years operating on the business-to-business side in our past ventures and we claim to have very good market understanding across different sectors.
Ayman Essawy, Connect Money CEO
Thirdly, Essawy explained that these entities usually look for reasons to turn cash users into cashless, a value-added service that Connect Money provides.
When asked why companies would even pursue such a solution, Essawy replied: “It’s one of two things. First, operational efficiencies, so turning cash cycles, which is very expensive in terms of efficiency and makes the business operational cycle much longer, cost of actually collecting cash or disbursing cash is already high. “So, turning this operational role or operational service into a cashless service, and that happens through issuing white-label cards.”
He added: “Second is generating new revenue streams. These come from banking services such as transactions, credit, providing credit to businesses, basically financing with businesses and so on.”
Essawy further said that the solution provided by Connect Money is basically putting all these services into a “one-stop shop” for embedded finance.
“This shop comes from getting the right approvals from regulators, issuing white-label cards, and providing a full managed service on top of that, as if I’m creating your small bank for your company,” he said.
The CEO cited the ride-hailing giant Uber as an example, stating that the solution would give the global company a small bank for its drivers to manage, open, and issue cards as well as create accounts and put incentives.
“This solution would be completely managed by Connect Money, yet the client has full ownership of the service,” he added. “Basically, as a company, you own the customers, you own the operations, and you own everything legally, but Connect Money is managing them on your behalf,” he explained.
The company has already incorporated itself into the Kingdom’s market and will soon announce the hiring of its Saudi-based founding member to lead the local office.
Business fundamentals
Connect Money has already seen significant traction in Egypt, landing eight contracts in under a year of operation. The company also has a 10-week go-to-market plan to onboard clients.
Essawy also stated that the company is currently the sole provider of such services in the region, but the founder also expects competition to increase as the market scales.
The founder explained that Saudi Arabia holds a different market segmentation, and that there is a misconception that the nation only consists of high-value customers.
“There is a lot to be tackled in the mid layers with the hyper growth that is taking place in the Kingdom,” he added.
“We believe that there is a significant opportunity for new segments and new mid-sized businesses that would require our services. We still believe that there is still a big gap between cash and cashless transactions which we aim to bridge,” he added.
He further emphasized that the market dynamics are almost completely different from Egypt.
Essawy also shared his view on the growing number of Egyptian companies expanding to Saudi Arabia, saying: “I’ve seen many companies expand to Saudi Arabia as a first choice and I don’t think this is a wise decision.”
He added: “I think each business model is dependent on what’s the end goal and where you can scale. In Saudi Arabia, you’ll find business but you’ll also find an expensive working environment.”
He further advises any company expanding to Saudi Arabia to reexamine their margins and growth pace before taking that step.
