Egypt’s Intella relocates headquarters to Saudi Arabia after KSA’s AI boom 

Operating a Software-as-a-Service business model, Intella has been profitable since its inception in 2021 but has been heavily investing in research and development. (Supplied)
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Updated 28 May 2023
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Egypt’s Intella relocates headquarters to Saudi Arabia after KSA’s AI boom 

  • Kingdom is becoming a hub for tech companies, says Intella CEO and founder Nour Taher
  • Saudi Arabia’s artificial intelligence sector is increasingly attracting regional and international players as demand continues to escalate, with Egypt-based Intella the latest to join the field.

CAIRO: Speaking exclusively with Arab News, Nour Taher, CEO and founder of the company, said Intella has begun relocating its headquarters to the Kingdom after gaining massive traction in the country. 

The move is evidence of how Saudi Arabia is making strides in the field of artificial intelligence and positioning itself at the forefront of the AI revolution in the Middle East. 

“Saudi is becoming a hub for tech companies, and we plan on playing a core role in the Saudi tech ecosystem,” Taher said. 




Nour Taher

“Saudi Arabia is currently our largest market with 70 percent of our business coming from there. We have just taken the decision to relocate our HQ there to better serve our existing clients and further expand our business. We are also inspired and aligned with Saudi Arabia’s Vision 2030,” she added. 

Intella is one of the region’s leading deep tech companies that aspires to create Arabic-language AI technology that caters to a vast range of dialects.  

“Our mission is to capture voice data and convert it into text, which we then analyze and mine for valuable information,” Taher explained. 

AI-Powered products 

The company offers a wide range of products in the areas of voice transcribing, data mining, and AI-powered insight capturing. 

“Our unique advantage lies in our ability to amass vast datasets, which we continue to expand with every conversation captured. By harnessing the power of technology, we are able to reveal insights and patterns that might have been impossible to detect through traditional means,” she explained. 

Intella offers Intella Contact Center Intelligence, a transcribing then analyzing tool for call centers; Intella Surveys, a real-time insight-capturing tool for businesses; and Intella Voice, a multi-dialect Arabic voice transcriber which averages a 95.7 percent accuracy rate covering 25 dialects. 

“We transcribe different Saudi dialects such as Najdi, Hejazi, Gulf and Faifi with an accuracy exceeding 95 percent, even when multiple dialects are intertwined within the same conversation,” Taher explained. 

Opportunities Ahead 

Intella has already cemented its position in the Kingdom with a majority of its client base coming from Saudi Arabia as well as landing multiple partnerships. 

Taher explained that the company’s AI products are suited for contact centers, government bodies, businesses, media agencies, and educational institutions. 

FASTFACTS

Intella won the Startup World Cup regional competition last February and will be heading to Silicon Valley to compete in the grand finale for a $1 million prize.

Saudi Arabia has positioned itself as a cornerstone for AI development in the region, with multi-billion dollar investments and initiatives set to reshape the sector.

The Kingdom established the Saudi Data and Artificial Intelligence Authority back in 2019 to drive national data and AI to transform the country as a leading data-driven economy.

Saudi Arabia has also set its sights on being ranked among the top 15 nations in AI by 2030.

“We have hundreds of active partnerships, in Saudi Arabia we are working very closely with governmental entities, consulting firms, tech companies, and contact centers. We have also secured global and regional partnerships with big tech companies like Huawei and Microsoft,” Taher stated. 

Taher believes that the Kingdom holds a massive opportunity for AI adoption. She stated that the company’s products were built for businesses and institutions to capture solutions and expand on them. 

“The most exciting part at Intella is that we’re not trying to build solutions alone. The first thing we’ve done when we built our model was avail it through API integration for other parties to integrate with and build on top of,” she said. 

“Saudi Arabia is becoming a tech hub and is attracting a lot of regional and global tech players, hence empowering everyone with accurate multi-dialect transcription could mean that every single conversation turns into meaningful insights,” she added. 

With Saudi Arabia opening to the world, Arabic speaking individuals are heading to the Kingdom to take hold of the opportunities presented by the trillion-dollar economy. “What’s interesting about the Saudi market for us is that Arabic is the main spoken language and even the expats in Saudi are predominantly Arab, so we believe the country is in line with our vision of bridging the gap between global AI advancements and the Arab-speaking world,” Taher emphasized. 

“We’ve also seen an increasing demand from Saudi media and podcast companies who are using our self-service platform to obtain transcripts for their voice content to boost their search engine optimization,” she added. 

Taher aims to position Intella as a market leader in the Saudi space as she stated that the company is actively hiring in Riyadh across a wide range of roles. 

“We are currently 29 and we’re expecting to double this year with the majority of the new hiring happening in our Saudi office,” she added. 

Operating a Software-as-a-Service business model, Intella has been profitable since its inception in 2021 but has been heavily investing in research and development, Taher claims. 

“We have already quadrupled last year’s revenue in the first 5 months of this year,” she said. 

In terms of funding, the company secured a $1 million investment last year through a funding round led by Hala Ventures, in addition to “wrapping up a larger round which will be announced soon,” Taher said. 

Furthermore, Intella won the Startup World Cup regional competition last February and will be heading to Silicon Valley to compete in the grand finale for a $1 million prize. 

Saudi Arabia has positioned itself as a cornerstone for AI development in the region, with multi-billion dollar investments and initiatives set to reshape the sector. 

The Kingdom established the Saudi Data and Artificial Intelligence Authority back in 2019 to drive national data and AI to transform the country as a leading data-driven economy.  

This includes the development of Saudi Arabia’s National Strategy for Data and AI, which was launched in 2020 with the aim of attracting $20 billion in investments for AI initiatives, training 20,000 data and AI specialists, and certifying 100,000 Saudi citizens in the sector by 2030. 

Moreover, Saudi Arabia has set its sights on being ranked among the top 15 nations in AI by 2030.  

Another major attraction is the Kingdom’s giga-project NEOM, intended to be a smart city powered by AI, machine learning, and other variations of advanced technology.


Saudi Arabia’s GACA ushers in new era of passenger experience with AI

Updated 21 November 2024
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Saudi Arabia’s GACA ushers in new era of passenger experience with AI

JEDDAH: Saudi Arabia’s aviation authority is revolutionizing the passenger experience by incorporating artificial intelligence into its services, in alignment with the nation’s strategic aviation plan, a senior Saudi official said.

At the 2024 Global Civil Aviation Forum in Shanghai, Abdulaziz bin Abdullah Al-Dahmash, vice president of the General Authority of Civil Aviation for Quality and Passenger Experience, highlighted the authority’s ongoing initiatives designed to improve passenger satisfaction.

A session dedicated to GACA’s role in enhancing the passenger experience featured international experts and focused on the authority's efforts to align with Saudi Arabia's aviation strategy and Vision 2030.

The discussion underscored Saudi Arabia's use of data analytics and AI to transform the aviation sector, supporting the National Aviation Strategy and the broader Vision 2030 objectives. This approach is part of the Kingdom's goal to achieve excellence in both aviation services and infrastructure.

The National Aviation Strategy serves as a roadmap to solidify Saudi Arabia’s position as a global leader in tourism, business travel, and logistics. Built around three core pillars — empowering national tourism, improving domestic aviation, and aligning with Vision 2030 — the strategy aims to enhance interconnectivity, increase the market share of national carriers, and expand airport infrastructure.

By leveraging its strategic location and investment potential, Saudi Arabia’s aviation strategy directly contributes to Vision 2030, which aims to strengthen services and bolster the travel and logistics sectors.

Al-Dahmash noted that to achieve the National Aviation Strategy’s ambitious goals, which include tripling passenger traffic to 330 million annually by 2030, Saudi Arabia is prioritizing major infrastructure projects.

This includes constructing new airports, such as the King Salman International Airport, and expanding existing ones to accommodate the surge in passenger numbers. Alongside this, there is a strong focus on improving operational efficiency and enhancing the overall passenger experience.

In this context, GACA is actively developing and implementing programs to meet evolving passenger expectations. One such innovation is the introduction of AI-powered systems that manage and monitor passenger flow, tracking wait times across Saudi airports.

Additionally, the “Bagless Traveler” initiative is transforming the travel process by enabling passengers to complete check-in and baggage handling from their accommodation. During its pilot phase, the service successfully assisted over one million passengers, with more than 2 million bags processed without incident.

Al-Dahmash also emphasized the importance of regulatory frameworks that GACA has implemented, noting that these efforts have significantly improved services at Saudi airports, leading to higher levels of passenger satisfaction. This success has garnered recognition, with several airports receiving local and international awards.

Moreover, GACA has presented its innovative passenger experience programs at global conferences, sharing its best practices with civil aviation authorities worldwide, demonstrating how others can leverage these advancements for similar success.


Closing Bell: Saudi main index slips to close at 11,840

Updated 21 November 2024
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Closing Bell: Saudi main index slips to close at 11,840

  • Parallel market Nomu gained 681.17 points, or 2.28%, to close at 30,540.28
  • MSCI Tadawul Index lost 4.52 points, or 0.30%, to close at 1,486.82

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Thursday, losing 27.40 points, or 0.23 percent, to close at 11,840.52. 

The total trading turnover of the benchmark index was SR5.39 billion ($1.43 billion), as 98 of the stocks advanced and 131 retreated. 

The Kingdom’s parallel market Nomu gained 681.17 points, or 2.28 percent, to close at 30,540.28. This comes as 63 of the listed stocks advanced, while 23 retreated. 

The MSCI Tadawul Index lost 4.52 points, or 0.30 percent, to close at 1,486.82. 

The best-performing stock of the day was Al-Baha Investment and Development Co., whose share price surged 10 percent to SR0.33. 

Other strong performers included Saudi Reinsurance Co., with a 7.05 percent increase in its share price to SR43.30, and Saudi Chemical Co., which saw its share price rise 5.46 percent to SR10.24. 

Saudi Cable Co. recorded the largest decline, with its share price dropping 4.02 percent to SR97.90. 

CHUBB Arabia Cooperative Insurance Co. also saw its stock fall 3.13 percent to SR49.50. 

Naseej International Trading Co. experienced a 2.64 percent drop in its share price, which fell to SR92.30. 

On the announcements front, Saudi Awwal Bank has disclosed its intention to issue an SR-denominated Additional Tier 1 Sukuk through a private placement in the Kingdom, as part of its SR20 billion Additional Tier 1 Sukuk issuance program. 

According to a Tadawul statement, the bank has appointed HSBC Saudi Arabia as the sole lead manager for the proposed offer. The statement said the purpose of the issuance is to strengthen the bank’s capital base and support the achievement of its long-term strategic objectives. 

The amount and terms of the sukuk will be determined at a later stage, based on market conditions at that time. 

Saudi Awwal Bank closed the session at SR31.40, down 0.63 percent. 

The Saudi Investment Bank has announced the completion of its US dollar-denominated Additional Tier 1 capital sustainable sukuk offering under its Additional Tier 1 capital sukuk program. 

A bourse filing revealed that the offer is valued at $750 million, comprising 3,750 sukuk with a par value of $200,000 each and a return of 6.275 percent. 

The sukuk have a perpetual maturity, callable after five years. Settlement of the sukuk issuance is scheduled for Nov. 27, and the sukuk will be listed on the London Stock Exchange’s International Securities Market. 

Saudi Investment Bank closed the session at SR13.88, down 0.29 percent. 


Aramco to increase borrowing, focus on dividend growth, CFO says

Updated 21 November 2024
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Aramco to increase borrowing, focus on dividend growth, CFO says

RIYADH: Saudi Aramco plans to increase borrowing and focus on enhancing its dividend distribution strategy, revealed the company’s chief financial officer. 

In an interview with Bloomberg, Ziad Al-Murshed explained that this move is part of the company’s efforts to optimize its capital structure. 

Aramco is considered one of the pillars of the Saudi economy, encompassing the entire oil production chain, from hydrocarbon extraction to energy generation, as well as refining and commercial distribution activities.  

“You’ll see us do a couple of things. One is, just take on more debt compared to use of equity,” Al-Murshed said during the interview. 

“It’s nothing to do with the dividend, it is optimizing our capital structure so that we end up with a lower weighted average cost of capital,” he added. 

Aramco returned to the debt market earlier this year after a three-year hiatus, raising $9 billion in two separate issuances. In June, it launched a $6 billion offering of dollar-denominated bonds, followed by a $3 billion issuance of Islamic bonds in September.   

The CFO noted: “We had the luxury of sitting out those three years until the market became conducive.” 

Al-Murshed provided insight into how the company increased its dividend by 4 percent in each of the past two years and is now paying over $81 billion in base dividends. 

“We’re looking for it to be progressive over the years,” he said, adding that the company’s free cash flow supports this strategy. 

While the company plans to issue debt regularly, Al-Murshed emphasized that it will not be overly frequent and revealed that Aramco has no plans to sell more debt for the remainder of 2024. 

“We want to be active, but we don’t want to be too active,” he said. 

The CFO further clarified that the company’s decision to sell debt is primarily aimed at broadening its investor base. 

Al-Murshed did not specify whether Aramco would borrow to support its dividend payments, which are set to total $124 billion this year, exceeding the company’s earnings. 

Earlier this month, Aramco reported a net profit of SR103.37 billion ($27.52 billion) for the third quarter of 2024, exceeding analyst expectations, which had projected a median net income of $26.9 billion. 

However, in a statement released at the time, the company noted a 15.4 percent decline in net profit compared to the same period in 2023, attributed to challenging market conditions, including lower prices for crude oil, refined products, and chemicals. 

Aramco’s vision remains to be the world’s leading integrated energy and chemicals company, operating in a safe, sustainable, and reliable manner.   


Saudi Arabia's Ma’aden proceeds with $10bn capital raise to boost phosphate stake

Updated 21 November 2024
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Saudi Arabia's Ma’aden proceeds with $10bn capital raise to boost phosphate stake

  • Ma’aden said its shareholders will convene virtually on Dec. 11 to approve the capital increase
  • Plan includes issuing 111 million new ordinary shares valued at SR10 each

RIYADH: Saudi Arabian Mining Co., or Ma’aden, has issued a shareholder circular outlining the terms of its plan to raise its share capital to SR38.03 billion ($10.1 billion) from SR36.92 billion to boost its phosphate business. 

The move follows an earlier announcement to acquire a 25 percent stake in Ma’aden Wa’ad Al-Shamal Phosphate Co. from Mosaic Phosphates B.V., increasing its ownership in the joint venture to 85 percent. 

In April, Ma’aden announced the signing of an agreement to acquire 210.93 million shares owned by Mosaic Co. and its subsidiary, Mosaic Phosphates B.V. Regulatory approval for the transaction was granted in November by the Capital Market Authority.

In a bourse filing, Ma’aden said its shareholders will convene virtually on Dec. 11 to approve the capital increase. The plan includes issuing 111 million new ordinary shares valued at SR10 each, representing a 3.01 percent rise in the company’s share capital. 

In exchange, Mosaic Phosphates will transfer its MWSPC stake to Ma’aden, aligning with the Saudi firm’s strategic expansion in the phosphate sector. 

MWSPC, established in 2014 and based in Turaif, is a joint venture between Ma’aden, Mosaic Co., and Saudi Basic Industries Corp. Following the transaction, SABIC will retain its 15 percent stake while Ma’aden strengthens its position as a global phosphate leader. 

Mosaic Netherlands Holding Co., a subsidiary of Mosaic Co., will receive the newly issued shares, which will be subject to a three-year lock-up period. Limited transfers will begin in the fourth year, with full tradability by the fifth year, the circular said. 

The acquisition will enhance Ma’aden’s control over MWSPC, recognized as a low-cost, large-scale phosphate producer. It will also grant Ma’aden access to Mosaic’s marketing rights, a component of the deal’s valuation at SR5.62 billion. 

Ma’aden expects increased earnings per share following the transaction, reflecting anticipated synergies and enhanced operational efficiencies, according to the document. 

The company assured shareholders that all regulatory approvals for the transaction have been secured, with a detailed timeline for procedural steps provided in the circular. 

The move underscores Ma’aden’s commitment to driving value creation in the Kingdom’s mining sector, aligning with Saudi Vision 2030 goals to diversify the economy and develop industrial capabilities. 

In the first half of this year, Ma’aden achieved a net profit of SR2 billion, marking a 160 percent increase compared to the same period in 2023. 

The surge in profitability was driven by several key factors. A major contributor to this financial success was the significant boost in sales volume, according to a Tadawul statement. 

The company’s robust performance in primary aluminum and gold sales played a crucial role in driving up revenues. Ma’aden also benefited from reductions in raw material costs and lower depreciation expenses, which further enhanced its profitability. 

Ma’aden’s performance and strategic advancements underscore its commitment to leading the mining sector and contributing to Saudi Arabia’s economic diversification goals, particularly in developing mining as a critical pillar of the Kingdom’s industry. 


Saudi Urban 20 delegation emphasizes need for frameworks to tackle development issues 

Updated 21 November 2024
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Saudi Urban 20 delegation emphasizes need for frameworks to tackle development issues 

RIYADH: Saudi Arabia emphasized the need for comprehensive strategic frameworks to tackle global economic, climate, and development challenges during the seventh Urban 20 Summit in Rio de Janeiro. 

A delegation led by Fahd Al-Rasheed, adviser to the General Secretariat of the Saudi Council of Ministers, participated in several key discussions at the event, highlighting the Kingdom’s urban development strategies and its commitment to sustainability, social inclusion, and economic empowerment on a global scale. 

Speaking about the country’s approach to urban transformation, Al-Rasheed said: “Saudi Arabia has adopted a comprehensive strategic framework for urban development and transformation that empowers city leadership to pursue the initiatives that drive their growth and success.” 

He also underlined that the U20, which unites cities from G20 member states, is vital in facilitating tools such as financing models to support cities in achieving their goals. 

Al-Rasheed gave those remarks during a panel discussion titled “Empowering Cities on their Own Paths to Development,” which included global urban leaders such as Edward Glaeser of Harvard University, Nasiphi Moya, mayor of Pretoria, and Kate Gallego, mayor of Phoenix. 

At the summit, Al-Rasheed also attended the launch of the first U20 book, a compilation of insights from global urbanists addressing shared challenges faced by metropolizes. 

His contribution, titled “Enlightened City Leadership: A New Model for a Sustainable Urban Future,” highlighted the importance of training city leaders to manage the complexities of modern urban administration. 

“Delivering on urban development imperatives requires comprehensive strategic planning that embraces governance, resourcing, and competitive advantage,” he remarked. 

Al-Rasheed pointed to projections that cities with populations exceeding 1 million will increase from 700 today to 1,600 by 2080. 

To meet the growing demand, he underlined that approximately 2 million urban leadership professionals will need to be trained over the next 35 years. 

“Urban development plans must include mechanisms to address pervasive issues, including poverty and social inclusion while preparing the next generation of city leaders to confront the deluge of challenges that cities will continue to face worldwide,” he said. 

The Urban 20 event in Brazil. Supplied

Al-Rasheed further explained that although many institutions offer training in disciplines such as urban planning, civil engineering, and public administration, there remains a lack of programs providing a comprehensive curriculum specifically focused on preparing city leaders to address both the technical and socioeconomic aspects of their roles. 

The U20 summit concluded with a closed-door session attended by Luiz Inacio Lula da Silva, president of Brazil, where Al-Rasheed reiterated the Kingdom’s commitment to sustainability and social equity in urban development. 

“We are proud to represent Saudi Arabia’s unique perspective and experience in urban development on this important global stage,” he said, according to press release, adding: “We look forward to continuing Saudi Arabia’s legacy of leadership at the Urban 20 and to continuing our work with urban leaders from around the world to unify city voices around common challenges.” 

Among the highlights of the delegation’s activities was a mayoral dinner co-hosted by Al-Rasheed and Eduardo Paes, mayor of Rio de Janeiro and chair of this year’s Urban 20. 

The event brought together more than 100 city leaders, including the mayors of major cities such as Paris, Pretoria, Helsinki, and Phoenix, to celebrate civic leadership and its impact on urban development. 

Representatives from multinational organizations, such as Anaclaudia Rossbach, executive director of UN-Habitat, also attended the gathering.

In his opening remarks at the dinner, Al-Rasheed said: “Mayoral leadership calls for a unique combination of abilities to anticipate and navigate future trends, including technological disruptions, economic shifts, and demographic changes, while demonstrating the social sensitivity to care for and improve citizens’ daily lives.” 

He added: “By convening senior city leaders from around the world to address the common challenges of urban development and city leadership, Saudi Arabia continues to demonstrate its commitment to global collaboration in the spirit of the Urban 20.”