International Women’s Day: Business leaders blaze a trail for Arab women

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Updated 08 March 2022
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International Women’s Day: Business leaders blaze a trail for Arab women

  • Thanks to social reforms and economic empowerment, women are making their names in Arab boardrooms
  • Meet the pioneering Arab women laying the foundations for the region’s next generation of female business leaders

RIYADH: Women are increasingly making names for themselves in boardrooms across the Arab world as reforms and empowerment initiatives provide new opportunities. Their future successes will be built on the work of pioneering Arab women who laid the foundations for the next generation of female business leaders in the region. Here, we profile nine of them.


Sarah Al-Suhaimi
Chairperson of the Saudi Arabian Stock Exchange
SAUDI ARABIA

Al-Suhaimi has been head of the Saudi Arabian Stock Exchange, also known as Tadawul, since February 2017. The first Saudi woman to hold the position at the largest stock market in the Middle East, she was reappointed chairperson of the board of directors in 2020.

In addition she has been CEO and a member of the board of directors of the National Commercial Bank since March 2014. In April 2021, NBC merged with banking firm Samba and was renamed Saudi National Bank.

Al-Suhaimi served as vice-chairperson of the advisory committee to the board of the Capital Market Authority between 2013 and 2015, and before that as chief investment officer at Jadwa Investment.

She was named one of “50 people to watch” by Bloomberg Businessweek in 2017.


Randa Mohammed Sadik
CEO of Arab Bank
JORDAN

Arab Bank, one of the largest financial institutions in the Middle East, was the first private-sector business of its kind in the Arab world when it was founded in 1930 in Jerusalem, Mandatory Palestine. Its headquarters are now Amman, Jordan, and it has more than 600 branches on five continents.

Sadik, a Jordanian national, served for more than 10 years as deputy CEO of Arab Bank before becoming CEO last year.

She previously worked at the National Bank of Kuwait for 24 years, including a spell as Group General Manager of the International Banking Group.


Areej Mohsin Haider Darwish
Chairperson of Mohsin Haider Darwish’s Automotive, Construction, Equipment and Renewable Energy cluster
OMAN

Mohsin Haider Darwish, a renowned and leading business house in the Middle East, earned a place on the 2020 Forbes list of the Top 100 Arab Family Businesses in the Middle East. It has a diverse business presence, with a variety of interests in trading, contracting and projects. It has brought a number of international brands to Oman, including Land Rover, Jaguar, McLaren, Volvo, MG, Ford, Ashok Leyland, Huawei, Hitachi, KDK and DAIKIN.

Darwish graduated from Sultan Qaboos University with a bachelor’s degree in computer science. Her career began with a position at Petroleum Development Oman. She joined MHD, the family business, in 1994 and with the guidance, support and motivation of her father, she worked her way up to become chairperson of its Automotive, Construction, Equipment and Renewable Energy cluster of operations.



Sheikha Hanadi Nasser Bin Khaled Al-Thani
Founder of Amwal and Al-Waab City
QATAR

Sheikha Hanadi began her career as an assistant lecturer in economics at Qatar University. In 1998 she founded the Qatar Ladies Investment Company, known as Amwal, the first investment company granted a license by Qatar Central Bank to conduct investment banking and asset and wealth management in the country.

In 2005 she founded Al-Waab City, an urban community development featuring more than 1.2 million square meters of mixed-use amenities. She is also founding chairperson of car dealership Q-Auto.

Sheikha Hanadi is chairperson of education and training organization INJAZ Qatar and a board member of INJAZ Al-Arab. She is a member of the Middle East board of Planet Finance and the advisory board of the Legatum Center for Development and Entrepreneurship at the Massachusetts Institute of Technology.

She has been on Arabian Business magazine’s list of Most Influential Arabs for several consecutive years, and was named a Young Global Leader by the World Economic Forum in 2005.



Raja Easa Al-Gurg
Group managing director and vice-chairperson of Easa Saleh Al-Gurg Group
UAE

Known for her leadership of the family business, a conglomerate consisting of more than 20 businesses in a number of sectors including retail, construction, industrial and real estate, Al-Gurg is also a business leader in her own right, carving a niche through her support for female Arab entrepreneurs. She is president of Dubai Business Women Council and on the board of the Dubai Chamber of Commerce and Industry.

She serves as deputy chairperson of the National Bank of Fujairah, is on the advisory board of Coutts Bank, the wealth-management division of Royal Bank of Scotland Group, and on the board of trustees of community-development foundation Mohammed bin Rashid Al-Maktoum Global Initiatives.

In 2020, Al-Gurg received the Legion of Honor, Chevalier, from French President Emmanuel Macron, for enhancing bonds between France and the UAE.

She ranked top of the 2020 Forbes list of 100 Power Businesswomen in the Middle East, second on its 2019 list of Women Heading Family Businesses, and 89th on its 2020 list of the World’s 100 Most Powerful Women.



Mona Zulficar
Founding partner and chairperson of Zulficar and Partners, and EFG Hermes
EGYPT

In addition to her position with leading Egyptian law firm Zulficar and Partners, Zulficar has been chairperson of financial services company EFG Hermes Holding since 2008, and chairperson of the Egyptian Microfinance Federation since 2015.

An attorney for more than 35 years, she specializes in major restructuring and project finance. International legal directories consistently rank her as an expert in banking, finance, and mergers and acquisitions.

An advocate for human rights and women’s rights since 1985, Zulficar led several campaigns resulting in significant legal reforms. She is currently working on an equal opportunity and non-discrimination law.

She was an expert member of the board of the Central Bank of Egypt (2003-2011); vice-president of the Constitutional Committee of the 2014 Constitution; vice-president of the UN Human Rights Council Advisory Committee (2008-2013); chairperson of the Women’s Health Improvement Association in Cairo; and chairperson of the External Gender Consultative Group of the World Bank in Washington DC (2000–2006).



Jalila Mezni
Co-founder and CEO of Societe d’Articles Hygieniques
TUNISIA

Entrepreneur Mezni — co-founder and CEO of Societe d’Articles Hygieniques, which makes diapers, tissues, and other hygiene products — weathered the storm of the Arab Spring over the past decade and guided her business through the worst of it.

She founded SAH in 1995 after quitting her job as vice-president of a Tunisian bank. She saw an opportunity in the hygiene-products industry and, at the suggestion of a colleague, applied to a government program that provided her with cheap land and tax breaks in a poor area outside of Tunis. Her business was born.

SAH Group now has a presence in 21 African nations and employs 4,000 people at nine production facilities.



Nezha Hayat
Chairperson and CEO of the Moroccan Capital Market Authority
MOROCCO

Hayat has been chair and CEO of the Moroccan Capital Market Authority since 2016. It is responsible for the country’s non-banking capital markets, including the stock exchange and brokerage firms. She is also president of the Africa/Middle East Regional Committee of the International Organization of Securities Commissions.

An advocate for women’s rights, she is a founding member and president of Club des Femmes Administrateurs d’Entreprises, a non-profit that promotes good governance and gender diversity on the boards of public and private companies.

Her career began in Spain, where from 1985 to 1988 she worked in the international division of Banco Atlantico, responsible for global risks and restructured debt.

In 1999, she was elected president of the Association of Stockbrokers in Morocco, serving two terms. She co-founded Association des Femmes Chefs d’Enterprises du Morocco, an association for female entrepreneurs, in 2000, and was nominated as a global leader for tomorrow by the World Economic Forum in 2001.



Mona Ataya
CEO and founder of Mumzworld
PALESTINE

Ataya is the CEO of Mumzworld, a leading online store for baby products in the Middle East, which she founded in 2011. In 2014 and 2015, she was ranked among the 100 Most Powerful Arab Women by Arabian Business.

While she was raising her three children, she spotted a gap in the market when she struggled to find support for mothers who need advice and help with decisions about purchases of products for their children. She decided to make it her mission to empower mothers and make a difference in the community.

To develop her skills, she landed a job with Procter and Gamble working on leading brands in the soap sector and later with Johnson and Johnson managing a broad portfolio of leading global brands, including Neutrogena and Clean & Clear. Later, she became a co-founding members of job-search site Bayt.com.


Saudi startup investment shifts focus to AI, enterprise software, and SMEs

Updated 28 December 2024
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Saudi startup investment shifts focus to AI, enterprise software, and SMEs

RIYADH: Saudi Arabia’s startup ecosystem is gaining momentum, propelled by government-backed initiatives and an influx of investor interest. While the fintech sector remains a primary focus, emerging opportunities in artificial intelligence, enterprise systems, and small-to-medium enterprise investments are drawing attention.

As part of its Vision 2030 initiative to reduce its dependence on oil, Saudi Arabia is positioning itself as a regional hub for innovation, creating fertile ground for startups and attracting significant venture capital flows.

Why fintech?

Tushar Singhvi, deputy CEO of Crescent Enterprises and head of its investment platform, CE-Ventures, discussed the enduring potential of the fintech sector in an interview with Arab News. He pointed to the Kingdom's robust national strategy, which aims to establish 525 fintech companies by 2030, as a key driver behind sustained growth.

“Saudi Arabia’s fintech sector is set for sustained growth, driven by a clear national strategy to have 525 fintech companies by 2030,” Singhvi said.

In 2023, Saudi Arabia captured 58 percent of all fintech venture capital in the Middle East and North Africa. Singhvi also highlighted pivotal moves like the acquisition of Tweeq by Tabby and the launch of Samsung Pay, both of which support Saudi Arabia’s goal of becoming a cashless society.

“These efforts position Saudi Arabia as a leader in fintech innovation, making the sector highly attractive to investors,” Singhvi stated.

He added that this fintech momentum is aligned with the broader push for economic diversification. Vision 2030, Saudi Arabia’s ambitious roadmap for its post-oil economy, is channeling investments into long-term growth sectors like fintech, logistics, and healthcare.

“Investors are focusing on sectors with long-term growth potential, like financial services, healthcare, and renewable energy,” Singhvi said, emphasizing a rising interest in ESG-aligned investments that prioritize sustainability and social impact.

The fintech sector’s growth is further accelerated by the relative underdevelopment of traditional financial services in the region, according to Khaled Talhouni, managing partner at Nuwa Capital. He noted that the services available to both consumers and businesses from traditional financial institutions remain limited compared to the maturity of the overall economy.

“The availability and depth of services to both consumers and firms from traditional financial institutions like banks remains woefully under-developed relative to the maturity of the overall economy,” Talhouni explained.

This gap presents significant opportunities for fintech startups. However, Talhouni anticipates market consolidation, with smaller companies potentially being acquired by larger players. “I do suspect some consolidation in the space with smaller players folding into larger ones,” he said.

The rise of AI

AI is another area where Saudi Arabia is positioning itself for major growth. Singhvi pointed to the partnership between the Saudi Data and Artificial Intelligence Authority and NVIDIA to build one of the largest high-performance computing data centers in MENA.

“Saudi Arabia is rapidly aligning with global AI trends, aiming to be a top 15 AI leader by 2030,” Singhvi explained. Along with such investments, there is a concerted effort to build a skilled workforce, ensuring that the Kingdom can adopt AI and enterprise technologies to fuel its digital transformation.

Talhouni, however, sees the real opportunity for startups in integrating AI into day-to-day business operations rather than in large-scale AI infrastructure.

“Rather than investing in AI infrastructure/LLMs (large language models) etc., startups will incorporate AI into their normal course of business naturally across the region,” he said. “AI will become embedded in the offerings of all startups,” but he does not expect many companies in the region to invest deeply in large-scale AI or deeptech, except for specific use cases.

Talhouni emphasized that AI will likely serve as an enabling technology, integrated into existing business models, rather than being the primary focus for most startups.

Shifting focus

Singhvi anticipates a shift in investor attention toward enterprise systems as Saudi companies scale up and strive for global competitiveness. He highlighted that enterprise software will play a pivotal role in the Kingdom’s broader digital transformation efforts.

“We are seeing more and more SaaS (Software as a Service) companies emerge from the region and the Kingdom,” Talhouni observed. However, scaling such businesses can be challenging, given the relatively small number of large companies in the region. “SaaS/Enterprise requires a large number of firms and a relatively large economy to flourish,” he said. Despite these hurdles, Talhouni noted that niche opportunities exist for creating regional champions in the sector.

Why not oil and gas?

While the oil and gas sector has traditionally been the cornerstone of Saudi Arabia’s economy, it poses significant challenges for startups. Singhvi explained that the sector’s complex regulations and high capital requirements create barriers to entry for smaller companies. Established industry giants dominate research and development, making it tough for new players to break into the space.

“The oil and gas sector’s complex regulations and high capital requirements create significant barriers for startups,” Singhvi said.

However, Singhvi noted the growing opportunities for energy-tech startups, particularly those focused on digital transformation and sustainability, through partnerships with oil and gas companies.

“There has been a rise in strategic collaborations between oil and gas companies and energy-tech startups, which is accelerating the shift toward digital innovation,” he said.

Talhouni offered a broader perspective, suggesting that much of the innovation in the oil and gas sector requires specialized research and development infrastructure, which the region still lacks.

“Most innovation in the oil and gas sector is in engineering, material science, and deeptech,” he explained, adding that these fields require strong research-driven universities and a grant system, which are not yet widespread in the region.

“Unlike consumer internet startups that require, as an example of the opposite side of the spectrum, much easier entry with existing cloud infrastructure and limited technical/research-driven processes required,” he added.

This, he believes, makes it harder for new startups to break into the oil and gas industry, compared to the more accessible fintech sector, where cloud infrastructure allows companies to scale with fewer resources.

The growing SME sector

According to Ibrahim AbdelRahim, managing partner at Moonbase Capital, Saudi Arabia’s SME sector has experienced impressive growth, largely driven by government support and Vision 2030 initiatives.

“As of the fourth quarter of 2023, the number of SMEs in the country reached 1.31 million, reflecting a 3 percent quarter-on-quarter increase,” AbdelRahim noted, referencing a report by the General Authority for Small and Medium Enterprises.

This marks a staggering 179 percent increase in SME numbers over the last eight years. While most of these SMEs are micro-sized, they are well-positioned for further growth.

AbdelRahim also highlighted the rising interest in search funds, a new asset class in the region that aligns well with Saudi Arabia’s economic landscape.

“Many investors are eager to diversify their portfolios with search funds due to their potential for steady returns that surpass those of real estate investments or forex trading,” he said.

Moonbase Capital, one of the pioneers in search funds in the region, has seen growing interest from high-net-worth individuals and family offices in Saudi Arabia.

From an entrepreneurial perspective, AbdelRahim believes search fund-backed ventures will thrive in the coming decade, thanks to the rapid growth and transformation of the SME sector.


Edtech in Saudi Arabia: revolutionizing education through innovation

Updated 3 min 41 sec ago
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Edtech in Saudi Arabia: revolutionizing education through innovation

RIYADH: Edtech, short for educational technology, refers to the use of technology—hardware, software, and digital resources—to enhance teaching, learning, and educational outcomes.

It encompasses a wide range of tools and techniques aimed at improving the educational experience, including online learning platforms, educational apps, digital textbooks, virtual reality simulations, gamified learning experiences, and more.

Edtech is utilized in schools, universities, corporate training settings, and lifelong learning environments to make education more engaging, accessible, and effective.

When it comes to Saudi Arabia specifically, investing in edtech aligns with the Kingdom’s Vision of establishing a knowledge-based economy.

The edtech market size in Saudi Arabia is projected to exhibit a growth rate of 13.3 percent during 2024-2032, according to global management consulting firm imarc.

This comes as the market is being propelled by a surge in demand for tailored education to meet individual student needs, a heightened emphasis on digital literacy and tech competencies, and a growing recognition of the value of adaptable and convenient learning options.

Saudi efforts

There is no doubt that the Saudi Ministry of Education isn’t just talking about the future—they’re building it, step by step, with initiatives designed to transform their classrooms into cutting-edge hubs of AI and digital mastery.

“Take their ‘Future Intelligence Program,’ for example, which aims to empower 30,000 students with skills in AI, machine learning, and smart technologies. Imagine a generation of Saudi youth who can program self-driving cars before they even graduate high school,” Ian Khan, a technology futurist and author who writes on the subject of AI, told Arab News.

“This is more than just an upgrade in skills—this is about shaping a workforce ready to dominate the tech economy. Layer on top of that the SAMAI initiative, where 1 million Saudis will gain expertise in AI and digital tools, and it becomes clear that Saudi Arabia isn’t just keeping up with global tech trends—they're aiming to lead them,” Khan added.

He went on to note that this bold vision is intricately aligned with Saudi Vision 2030, which strives to create a knowledge-driven economy.

“This AI-driven, personalized learning experience is where the future of education meets the individual’s unique strengths and needs, gearing up the country for its next leap forward,” Khan concluded in that regard.

Initiatives

There is no doubt that the Kingdom is actively integrating AI into its education system to create a future-ready workforce.

“Programs such as the Future Intelligence Programmer aim to train thousands of students in AI, equipping them with the skills to innovate in a rapidly digital world. AI is being used to personalize learning experiences, automate administrative tasks for educators, and enable more tailored educational pathways,” Samer Bohsali, Middle East head of government & public sector practice, Bain & Co., told Arab News.

“These efforts are part of a broader vision to transform the Kingdom’s education system, setting new standards for digital literacy and student engagement,” Bohsali said.

On behalf of PwC Middle East, Partner at Education and Skills Ayham Fayyoumi told Arab News that the Kingdom is adopting a cautious yet forward-thinking approach to AI in education, with initiatives focusing on several key areas.

Samer Bohsali, Middle East Head of Government & Public Sector Practice, Bain & Co. (Supplied)

“One notable example is the implementation of adaptive learning systems, which use AI to analyze individual student performance and tailor educational content accordingly. These systems can identify students’ strengths and weaknesses, offering personalized learning experiences that enhance educational outcomes,” Fayyoumi said.

“Additionally, AI-powered virtual assistants are being introduced to support both teachers and students in managing routine tasks, such as administrative work or grading, allowing educators to dedicate more time to core instructional activities. These AI tools are designed to streamline workflows, enhance productivity, and improve engagement in the classroom,” he added.

Global partnerships

Global EdTech partnerships are crucial for the Kingdom for several reasons including access to innovation, enhanced learning opportunities, cross-cultural exchange, among several others.

“When Saudi Arabia decided to revolutionize its educational landscape, they didn’t go it alone—they teamed up with global powerhouses like Google, Microsoft, and Coursera. This collaboration isn't just window dressing. It’s a deliberate strategy to equip students and educators with the latest tools in AI, cloud computing, and data science,” Khan said.

“Google Cloud’s Elevate Program, for example, has trained over 25,000 Saudi women in cloud technologies. This is more than just a skillset boost—this is building a tech-savvy workforce that can compete on a global stage,” he added.

The technology futurist continued to highlight that these partnerships give Saudi educators access to AI-powered platforms that personalize learning and streamline assessments, ultimately creating more engaging and efficient classrooms.

“The future of education isn’t just digital—it’s adaptable, global, and responsive. And Saudi Arabia, through these forward-thinking collaborations, is leading the charge toward a tech-dominant educational future,” Khan said.

Saudi Arabia’s collaboration with global tech leaders also empowers the nation to adopt advanced educational tools that inspire innovation in the classroom.

From Bain & Co.’s side, Bohsali explained that these partnerships provide access to AI-driven platforms that foster personalized learning and critical thinking.

“This digital transformation is not just about adopting technology but also about reshaping how education is delivered, making learning more engaging and aligned with the future needs of the global economy ,” he said.

Saudi Arabia’s educational technology firms are using AI and technological advancements to revolutionize conventional educational approaches and enhance student achievements. Taking cues from effective programs in the UK and elsewhere, Saudi Arabia is directing significant resources into AI-infused tools across various sectors, particularly education.

Consequently, this initiative is fostering expansion in the education sector and sparking creativity within private enterprises, which is positively impacting more than 6 million students in the nation.

In that regard, PwC partner Fayyoumi said: “Several EdTech companies are at the forefront of this revolution, incorporating advanced AI technologies into their products and services to enhance learning experiences.”

“These companies are providing products utilizing AI to offer personalized learning pathways, adaptive assessments, and real-time feedback to better meet the unique needs of individual students. Such tools not only improve engagement but also boost academic performance by catering to diverse learning styles,” he added.

Saudi Vision 2030

“Saudi Vision 2030 isn’t just about a shift in economic strategy—it’s a transformation in mindset. At the heart of this vision is the move from a resource-based economy to one driven by knowledge, innovation, and technology,” Khan said.

“By embedding AI and digital learning in classrooms, programs like SAMAI and the Future Intelligence Program are crafting a new generation of thinkers, doers, and creators. The ripple effects will be profound. Think about it—students will be more engaged because their learning is tailored to their strengths,” he added.

The technology futurist emphasized that the education system will be more efficient, and graduates will emerge prepared for high-demand sectors like AI, cybersecurity, and digital industries.

He underlined that this is the essence of future readiness—where a nation’s educational foundation aligns perfectly with the demands of tomorrow’s economy.

On Bain & Co.’s behalf, Bohsali said: “By embedding AI and advanced technologies into the curriculum, the Kingdom is fostering a generation of learners who are not only technologically adept but also equipped to lead in innovation.”

Ayham Fayyoumi, Partner, Education and Skills, PwC Middle East.

“The expected outcomes are profound—enhanced digital literacy, improved educational outcomes, and the positioning of Saudi Arabia as a global leader in the knowledge economy,” Bohsali added.

Education is a key pillar, for both youth and above in achieving the goals of Vision 2030. This comes as the median age of Saudis is 22 years, and 63 percent of the Saudi population is below the age of 30.

Furthermore, PwC’s 2024 Hopes & Fears survey shows that nearly three-quarters of people surveyed in Saudi foresee the growing importance of digital skills in their roles over the coming five years.

“Incorporating digital tools within the education ecosystem can help boost the overall student learning experience and prepare them for their future work environments,” Fayyoumi said.

The PwC partner concluded by emphasizing that by enhancing the education sector using digital technologies such as AI, Saudi Arabia stands to build a globally competitive society, and to become the hub for the next generation of digitally equipped leaders in the Kingdom.

“Thus, the digital transformation of the education sector is another important part of Vision 2030’s success, to ensure young people in the Kingdom have the right skills for the future world of work,” he said.


Saudi Arabia’s oil legacy fuels shift to renewable energy hub

Updated 28 December 2024
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Saudi Arabia’s oil legacy fuels shift to renewable energy hub

RIYADH: Saudi Arabia’s established prowess in crude oil production could help the Kingdom emerge as a global leader in the renewable energy sector, experts suggest.

Paul Sullivan, an energy and environment expert at Johns Hopkins University, emphasized that Saudi Arabia possesses the technical and engineering skills necessary to become a central hub for renewable energy.

Speaking with Arab News, he explained that the Kingdom’s vast experience in energy production could be leveraged to accelerate its transition toward cleaner energy sources.

Bolstering renewable energy capacity is critical for Saudi Arabia as it aims to generate 130 gigawatts of clean energy by 2030 and achieve net-zero emissions by 2060.

At the center of this ambitious plan is NEOM, a flagship project through which Saudi Arabia intends to become a leading manufacturer and exporter of green hydrogen. NEOM, in partnership with ACWA Power and Air Products, aims to export up to 600 tonnes of hydrogen per day by 2026.

“Saudi Arabia has many technical, business, and engineering skills that can spill over from oil and gas to renewables. One obvious one is drilling. Advanced drilling techniques can be used to develop geothermal energy in many places in the Kingdom,” said Sullivan.

He further noted: “Saudi Arabia has massive potential for geothermal energy. Skills in developing pipelines, refineries, ports, pumping stations, and more could also be transferred to geothermal.”

Sullivan also pointed out that expertise in electrical engineering and the construction industry, honed through Saudi Arabia’s legacy oil business, can be used to build new energy systems, including wind, solar, geothermal, and nuclear power.

“Saudi Arabia has a lot of financial clout from its oil business that could be redirected, but properly, to green energy and other environmental industries such as advanced desalination,” he added.

Technical and commercial expertise

Peter Brishimov, a partner in Energy and Process Industries at Kearney Middle East and Africa, echoed similar sentiments, emphasizing that Saudi Arabia’s experience in crude oil production provides a solid foundation for future renewable energy projects.

“In terms of technology, it is leveraging its track record in effectively deploying large-scale capital projects. On the commercialization front, given that the market for renewable energy is not yet as global as the one for oil, the Kingdom is building the bridge to make renewable energy commercially viable in both the short term and long term,” Brishimov explained.

He noted that Saudi Arabia is also focused on expanding its interconnection infrastructure and advancing green hydrogen production, which would enable the Kingdom to meet its own renewable energy needs while positioning itself as a global player.

Sullivan suggested that Saudi Arabia could quickly transform its traditional energy infrastructure into facilities capable of producing green energy.

“All over the world, traditional energy systems are being transformed into green energy hubs. The knowledge is out there. Saudi Arabia can build on that with its excellent energy research institutes, universities, and think tanks. KAPSARC comes to mind,” he said.

In August, a collaboration between KAUST, NEOM’s Education, Research, and Innovation Foundation, and ENOWA was announced to accelerate the development of Saudi Arabia’s hydrogen economy. As part of the agreement, ERIF will sponsor three strategic projects focused on hydrogen research, working in partnership with KAUST researchers to advance the development of hydrogen as a renewable energy source.

Human capital development

Sullivan also emphasized the importance of retraining the Kingdom's workforce to support the green energy transition.

“The traditional energy workforce will need retraining for the skills that are not transferable. Some people may not move that easily to newer ways of doing things, and some may be left behind. Younger people should be educated in the new opportunities. The training and education systems for traditional energy can be developed alongside the same for the new systems,” he said.

Brishimov highlighted that human capital development is crucial for the energy transition, often overshadowed by factors such as natural resources and capital availability.

“Based on its track record in building an oil industry, the Kingdom is in a strong position to do the same in the renewable energy domain. Through its national policies for enabling human capital development and Saudization requirements, Saudi Arabia is positioning itself to successfully transition its workforce,” he added.

Potential challenges

Discussing potential obstacles, Sullivan pointed out that some critical minerals and metals required for green energy production, particularly in electric vehicles, will need to be imported. However, he noted that Saudi Arabia is making strides in developing its mining sector, which could mitigate this issue in the future.

“The fact that it is so inexpensive to get the oil out of the ground can hamper the development of green energy. Legacy systems that are cash cows can slow down the development of new industries,” Sullivan said.

However, he also noted that, as seen in China’s transition, the development of green energy does not necessarily hinder the growth of new energy sectors.

“The development of green energy as the Chinese used coal to develop their green energy. So, it is not necessarily the case that being successful in legacy energy will slow down the growth of new energy,” he explained.

Saudi Arabia has set a bold target of deriving 50 percent of its power generation from renewables by 2030. According to Brishimov, this goal presents significant challenges, especially in terms of the speed of infrastructure deployment. “In excess of 100 GW of renewable capacity will need to be deployed by 2030,” he said.

He further noted that Saudi Arabia is addressing this challenge by using a combination of renewable energy auctions and direct deployment by the Public Investment Fund (PIF) to ensure rapid progress. Additionally, the Kingdom is pursuing ambitious localization targets within the renewable energy sector. “These targets must be achieved in parallel, without hindering the speed of deployment or the commercial attractiveness of renewable energy projects,” Brishimov explained.

Balancing old and new energy systems

Energy experts have long emphasized the importance of a gradual transition to renewables, rather than a sudden shift away from traditional energy sources. Haitham Al-Ghais, secretary- general of OPEC, stated in July that oil will continue to play a crucial role in future energy pathways, particularly as petroleum products remain essential for various industries, including electricity generation.

“Oil will continue to play a pivotal role in future energy pathways,” Al-Ghais said. He added that OPEC member countries, including Saudi Arabia, are developing clear national electrification plans that align with efforts to reduce emissions.

Sullivan shared a similar perspective, arguing that the future energy landscape should incorporate both traditional and renewable energy systems to ensure energy security. “For energy and economic security, resilience, and reliability, both new and old systems need to be developed. Oil will be needed for a long time to come,” he said.

He concluded: “Saudi Arabia and many in the GCC can also gain by jumping onto the new energy train. If anything, it brings business and economic diversification for a risky future of change.”


Pakistan weekly inflation increases for third week in a row

Updated 28 December 2024
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Pakistan weekly inflation increases for third week in a row

  • Pakistan’s annual consumer inflation slowed to 4.9 percent in November, lower than the government’s forecast
  • Major increase observed in prices of chicken, tomatoes, sugar, vegetable ghee, liquefied petroleum gas and soap

ISLAMABAD: Short-term inflation, measured by the Sensitive Price Index (SPI), has risen to 5.08 percent in Pakistan on a year-on-year basis, the country’s statistics bureau said this week, with an increase observed in prices of edible items.
The SPI, which comprises 51 essential items collected from 50 markets in 17 cities, is computed on a weekly basis to assess the price movement of essential commodities at shorter interval of time so as to review the price situation in the country.
The SPI for the week ending on Dec. 26 increased by 0.80 percent as compared to the previous week, according to the Pakistan Bureau of Statistics (PBS). This is the third time short-term has increased in the South Asian country. Weekly inflation last decreased by 0.34 percent in Pakistan in the week ending on Dec. 5.
“During the week, out of 51 items, prices of 17 (33.33 percent) items increased, 10 (19.61 percent) items decreased and 24 (47.06 percent) items remained stable,” it said in a report.
Major increase was observed in prices of chicken (22.47 percent), tomatoes (20.75 percent), sugar (2.19 percent), vegetable ghee 1 kilogram (1.17 percent), firewood (0.95 percent), cooking oil 5 liter (0.74 percent), cooked beef and mustard oil (0.69 percent) each, liquefied petroleum gas (0.18 percent) and washing soap (0.09 percent).
The items that recorded a decrease in prices included onions (8.13 percent), potatoes (2.38 percent), bananas (0.68 percent), rice (0.50 percent) and eggs (0.30 percent).
Pakistan’s annual consumer inflation slowed to 4.9 percent in November, lower than the government’s forecast, according to the PBS. The finance ministry had projected inflation would slow to 5.8 percent-6.8 percent in November and ease to 5.6 percent-6.5 percent in December.
Consumer inflation cooled from 7.2 percent in October, a sharp drop from a multi-decade high of nearly 40 percent in May 2023.


Suzuki Motor former boss Osamu Suzuki, who turned minicar maker into global player, dies at 94

Updated 28 December 2024
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Suzuki Motor former boss Osamu Suzuki, who turned minicar maker into global player, dies at 94

  • Suzuki was known for his candid remarks and friendliness, calling himself an ‘old guy from a small to mid-size company’
  • Born on Jan. 30, 1930 as Osamu Matsuda, Suzuki worked in banking after graduating from Tokyo’s Chuo University School of Law

TOKYO: Osamu Suzuki, the charismatic former boss of Suzuki Motor Corp. who helped turn the Japanese mini-vehicle maker into a globally competitive company, has died, the company said Friday. He was 94.
Suzuki was known for his candid remarks and friendliness, calling himself an “old guy from a small to mid-size company.” He became CEO of Suzuki in 1978 and was leading the company when it became the first Japanese automaker to start local production in India, where its cars proved hugely popular.
Born on Jan. 30, 1930 as Osamu Matsuda, Suzuki worked in banking after graduating from Tokyo’s Chuo University School of Law. He joined Suzuki Motor, which is based in the central Japanese city of Hamamatsu, in 1958 when he married a daughter of the company’s then-president Shunzo Suzuki, who belonged to the company’s founding family. As is sometimes the custom in such situations, Matsuda adopted his wife’s maiden name.
In 1979, a year after he became Suzuki Motor’s fourth company president, he launched an affordable minicar, which became a big hit and was promoted to world markets.
Under Suzuki’s leadership, the company’s sales grew more than tenfold to 3 trillion yen ($19 billion) in the 2000s.
Suzuki also led business tie-ups with other global leaders such as General Motors and Volkswagen AG in the 2000s. Amid intensifying competition and industrial transformation, Suzuki also formed a capital alliance with Toyota Motor Corp. in 2019 to co-develop self-driving vehicles.
While other Japanese automakers have expanded in the US and Chinese markets, offering a wide range of vehicles, Suzuki has stuck with mini and compact cars, mostly in South and Southeast Asia.
Suzuki stressed the importance of understanding the grassroots level.
“Making good quality and low-price products is the basis of manufacturing,” Suzuki once told an interview with the broadcaster NHK television. “We cannot lower costs while sitting in the offices of president or chairperson, so I have to be in a factory to understand the work and get ideas.”
Suzuki stepped down as president at age 85 in 2015, handing the post to his son, Toshihiro Suzuki. He served as an adviser to the company after resigning as chairman in 2021.
The company said Suzuki died Wednesday of malignant lymphoma.