KARACHI: Pakistan is eyeing investment opportunities in the Saudi and Middle Eastern markets in the Information Technology sector, caretaker minister for IT Dr. Umar Saif said on Thursday, hoping the sector’s exports could swell to about $10 billion in the short term.
The minister was speaking at a three-day exhibition titled ‘Declaring Pakistan the Regional ICT Hub’ at Karachi’s Expo Center where he spoke of Pakistan’s immense potential in the domestic and international IT market, saying that its population comprised educated and tech savvy youth.
“At this point, my highest priority is to make sure that our youth gets better skills, that they’re able to contribute to the domestic economy, and to the emerging investments and opportunities in the Middle Eastern market,” Saif told Arab News at the sidelines of the event.
“We are working closely with the Saudi market, we’re working closely with the Middle Eastern market,” he said, adding that Pakistan was also eyeing markets in Africa.
“What we do here in terms of software production, in terms of handset manufacturing, in terms of competitiveness for telecom operators, will have huge implications for the growth of the local economy as well as our export potential.”
Saif said Pakistan’s current IT exports did not reflect its real exports as many companies were not bringing export proceeds to the country.
“Currently, the IT industry employs about 150,000 people and has an export of about $2.6 billion,” he said. “I think the actual export is more than this because a lot of It companies— because these are service companies— park their money outside of Pakistan because they find it difficult to bring it to Pakistan.”
Saif said by addressing IT-related issues, the government can encourage Pakistani IT companies to bring export proceeds back to the country instead of maintaining offshore offices. He said Pakistan’s annual IT exports could be increased to $3.5 billion through these measures.
The minister said Pakistan can boost its exports from $2.6 billion to about $10 billion in the short term by undertaking strategic interventions in the IT industry and online freelancing, to make sure the youth are upskilled and contributing to the IT sector.
Speaking at the event earlier, Saif said Pakistan’s IT ministry will train 100,000 software developers through a partnership program with a private company, adding that the trainings would help enhance exports by $2 billion per annum.
To achieve this, he said various programs and boot camps would be organized to enhance the capacity of university graduates in accordance with skills that were required by the IT industry.
Saif said introduction of a de-risking mechanism for venture capital could bring back the investment trend in the country’s startup culture. “The ministry is planning to launch a fund of funds with 30 percent equity of the government,” he said.
Over 400 brands, including a Saudi-based multinational Unifonic showcased their products at the exhibition. Unifonic is involved in managing conversation platforms and AI-based voice chatbot solutions.
“We have started our operations and we see Pakistan as a big market because it’s a country with 225 million people, a very vibrant and upcoming ecommerce scenario from our perspective,” Khurram Rahat, senior country director of Unifonic, told Arab News.
The organizers of the exhibition expect over 35,000 visitors to attend the event during the three days.
Pakistan ‘working closely’ with Saudi, Middle East markets on IT investments — minister
https://arab.news/g35ku
Pakistan ‘working closely’ with Saudi, Middle East markets on IT investments — minister
- IT minister says with strategic interventions, IT exports in short term can be increased from $2.6 billion to about $10 billion
- Urges Pakistani IT companies to bring export proceeds back to the country instead of maintaining offshore offices
Saudi Arabia ranks 17th globally in competitiveness index as it outshines economic heavyweights
JEDDAH: Saudi Arabia has maintained its spot in the top 20 of the World Competitiveness Ranking, ahead of global heavyweights the UK, Germany and France.
The Kingdom secured 17th position on the list, driven by strong governance, infrastructure upgrades, diversification, and regulatory reforms.
Issued by the International Institute for Management Development’s World Competitiveness Center, the ranking is widely recognized as a benchmark for evaluating how effectively countries utilize their resources to drive long-term economic growth.
Saudi Arabia was placed just behind China in 16th and ahead of Australia in 18th place.
Although this marks a slight drop from 16th in 2024, Saudi Arabia’s 2025 ranking represents a significant improvement from 32nd in 2023 and 24th in 2022, underscoring its rising economic stature.
As part of Vision 2030, Saudi Arabia launched the National Competitiveness Center in 2019, with the organization now working with 65 government bodies to drive reforms centered on productivity, sustainability, inclusiveness, and resilience.
According to the World Competitiveness Center, the Kingdom needs to “continue efforts to promote renewable energy and reduce carbon emissions” and “carry on enhancing overall competitiveness across multiple pillars.”
Improvement will also come if Saudi Arabia continues to “invest even more in human capital development across all economic sectors” and push ahead with “ongoing government endeavors to achieve the targets in the Saudi 2030 vision.”
The IMD report is one of the world’s most comprehensive competitiveness benchmarks, evaluating 69 countries across four pillars: economic performance, government efficiency, business efficiency, and infrastructure.
The ranking shows that GCC countries continue to demonstrate their growing economic strength and regional importance, with the UAE leading the group, securing fifth place globally, reflecting its diversified economy and strategic initiatives to attract investment.
Qatar follows in ninth place, supported by substantial infrastructure development and robust financial resources.
Bahrain was ranked 22, Oman came in at 28, and Kuwait was placed at 36, showing steady progress through structural reforms and sectoral investment despite ongoing challenges.
These rankings underscore the GCC’s ambition to strengthen global economic resilience and competitiveness.
Switzerland, Singapore, and Hong Kong lead the ranking, while Canada, Germany, and Luxembourg saw the most notable improvements among the top 20 economies.
Saudi focus
According to the IMD, Saudi Arabia has made progress in several key economic areas, although some aspects still require improvement.
On the economic performance indicator, the Kingdom ranks 17th globally with a score of 62.3. Its domestic economy scored 59.2, placing it 25th worldwide, an improvement of six positions from the previous year.
International trade advanced three places to 29th with a score of 56.0, while global investment climbed four spots to 16th with a score of 57.8, signaling increased investor confidence.
However, the employment sector declined slightly, dropping three positions to 29th with a score of 55.6.
Inflationary pressures impacted the prices indicator, which fell eight places to 19th despite maintaining a relatively strong score of 60.7.
These mixed results reflect Saudi Arabia’s ongoing efforts to strike a balance between growth and economic stability amid global and domestic challenges.
Public finance indicators remain solid, with a score of 69.5, placing the Kingdom 13th globally, despite a modest three-position drop.
Tax policy holds steady at 67.6 points and 12th place, with a similar three-rank decline. The institutional framework experienced a more pronounced decline, dropping seven places to 27th with a score of 58.6, indicating potential areas for reform.
In contrast, business legislation improved, rising two places to 13th with a score of 67.6, indicating regulatory progress. The societal framework remains a key challenge, ranking 55th with a score of 44.2, representing a nine-position decline, which highlights the need for continued social and structural development to support economic goals.
Saudi Arabia ranked 12th globally in business efficiency with a strong score of 81.4. Productivity and efficiency showed further strength, scoring 66 and placing the Kingdom 15th, up six spots.
The labor market remains a key strength, ranking 9th despite a four-place drop, with a score of 64.2. The finance sector gained three ranks to 19th with 63.4 points, while management practices rose to 17th with a score of 64.
Attitudes and values remain a significant national asset, ranking third globally with a score of 81.6, reflecting a strong culture of resilience and ambition.
Infrastructure continues to show marked improvement. Basic infrastructure ranks seventh globally with a score of 67.6, up two positions. Technological infrastructure rose 10 places to 23rd with a score of 59.5, and scientific infrastructure improved nine spots to 29th with a score of 52.1.
Health and environment indicators gained slightly, moving up one place to 47th with a score of 47.5. Education declined marginally, down one position to 39th with a score of 55.4, signaling an area for continued focus.
Riyadh Air to launch new destination every 2 months as 787 deliveries near
- Carrier is awaiting delivery of its initial aircraft to commence services
- Riyadh Air has secured the necessary landing slots for its first destinations
RIYADH: Saudi Arabia’s Riyadh Air is gearing up to introduce a new international destination every two months once it begins operations, as the carrier prepares to receive its first Boeing 787 aircraft.
Riyadh Air, fully owned by the Public Investment Fund, is awaiting delivery of its initial aircraft to commence services, according to CEO Tony Douglas.
Speaking to Bloomberg, he said the airline requires two jets to initiate a round-trip route to each new destination, adding that Saudi carrier aims to connect to 100 cities by 2030 as part of its long-term growth strategy.
This aligns with the Kingdom’s National Aviation Strategy, which targets doubling passenger capacity to 330 million annually from over 250 global destinations and increasing cargo handling to 4.5 million tonnes by 2030.
The carrier currently has four Boeing 787 Dreamliners in different stages of assembly at Boeing’s facility in Charleston, South Carolina. Operations are expected to begin once the first two aircraft have been delivered.
Riyadh Air had initially planned to launch services in early 2025, but delays in aircraft handovers from Boeing have pushed back the timeline.
“The fact that these are in production probably brings my blood pressure down,” Douglas said. “I will actually not believe they have been delivered until the day after they have been delivered.”
Douglas also said Riyadh Air has secured the necessary landing slots for its first destinations, though he did not disclose which cities.
At the Paris Air Show this week, the airline announced an order for up to 50 Airbus A350 long-range jets, with deliveries expected to begin in 2030.
Riyadh Air has also placed orders for 60 Airbus A321neo narrowbody aircraft and as many as 72 Boeing 787s, including options.
Commenting on the Airbus order, Douglas said the decision was based on the aircraft’s capabilities and favorable commercial terms when compared with Boeing’s 777X model. “It was a very close call,” he said.
The airline’s growth strategy reflects the Kingdom’s ambition to transform Riyadh into a global travel hub and position Saudi Arabia as a major player in international aviation.
Riyadh Air aims to contribute to the broader Vision 2030 goals by enhancing connectivity and promoting tourism across the Kingdom.
Saudi-based TIME Entertainment makes Nomu market debut
RIYADH: TIME Entertainment Co., a Saudi-based full-service live events and experiences management company, has officially begun trading on the Nomu parallel market, marking a significant step in its growth trajectory.
Chairwoman Ameera Al-Taweel described the listing as a strategic milestone that underscores the company’s maturity and readiness for future expansion.
TIME’s listing comes as part of broader efforts by Saudi Arabia to expand investor participation in the Nomu market. In 2024 alone, Nomu has seen 28 IPOs and three direct listings, raising about SR1.1 billion ($293 million).
“We have built a Saudi business model within the live events sector that meets global standards. The events sector is vast and diverse. Our experience represents a successful model that has been built based on a global vision, capped with a Saudi identity, and is distinguished by specializing in producing and organizing major live events managed by a multi-skilled team of some of the best events professionals globally.” Al-Taweel said in a statement.
Al-Taweel also highlighted the company’s role as a trusted partner to government, semi-government, and private sector clients. “We believe that we represent a national choice that executes major global events and constantly works,” she added.
CEO Obada Awad said the company is guided by a strategy rooted in sustainable growth and market responsiveness.
“We also place significant emphasis on sustainable operational improvement and diligent work to develop and launch premium and quality services that add real value to the market,” he said.
TIME Entertainment specializes in producing large-scale live events across sectors such as sports, entertainment, culture, tourism, and conferences. It offers end-to-end production and management services, in addition to creative and consultancy expertise.
The company is also focused on crafting distinctive narratives grounded in Saudi culture and heritage, with the aim of sharing them with global audiences. Its goal is to deliver innovative, artistically rich, and high-quality experiences.
Saudi Arabia’s entertainment sector is rapidly emerging as a key pillar of the Kingdom’s economic diversification agenda. As the country moves away from its traditional reliance on oil, strengthening the entertainment industry is seen as critical to driving growth across multiple sectors.
A recent report by consultancy AlixPartners found that 33 percent of Saudi consumers plan to increase spending on out-of-home entertainment — well above the global average of 19 percent — highlighting strong local demand.
Saudi Arabia, France discuss $2.6bn aviation sector investment potential amid flurry of deals
RIYADH: Aviation investment opportunities worth more than SR10 billion ($2.6 billion) were set out at high-level Saudi-French meeting amid a flurry of deals aimed at strengthening the sector.
Airport infrastructure, air navigation, and advanced technologies were among the areas flagged up as available for investment during a roundtable held on the sidelines of the 55th Paris Air Show.
The agreements signed covered strengthening ground support capabilities, localizing technology, and advancing workforce training, and involved Saudi Ground Services Co., France’s Alvest Group, and Arabian Alvest Equipment Maintenance Co., the Saudi Press Agency reported.
The deals come as Saudi Arabia and France deepen economic ties, with non-oil trade exceeding SR20 billion ($5.33 billion) in 2024. The relationship was reinforced during President Emmanuel Macron’s December visit, where both sides endorsed a strategic partnership roadmap and signed a memorandum of understanding to establish a Strategic Partnership Council.
The roundtable was chaired by Abdulaziz bin Abdullah Al-Duailej, president of the General Authority of Civil Aviation, and brought together more than 65 Saudi and French public and private sector entities, including CEOs, aviation safety officials, and specialists across airports, services, and infrastructure.
“The meeting highlighted the Kingdom’s Vision 2030 objectives to achieve economic diversification, and its keen interest in empowering the private sector and building global industrial partnerships,” the SPA report stated.
It added: “The meeting also highlighted the National Aviation Strategy and its focus on developing the aviation industry, making it a top priority sector.”
Saudi Ground Services Co.’s MoU with Alvest Group and Arabian Alvest Equipment Services Co. involves localizing smart, eco-friendly technologies for ground equipment, along with all related maintenance and technical support services. A separate MoU with the same partners was signed to offer training programs and an accredited diploma in technical services and ground equipment maintenance.
The discussions also explored future challenges in global aviation, emphasizing the need for joint strategic efforts in innovation, sustainability, and infrastructure development.
Also at the Paris Air Show, Saudi firm Cluster2 Airports signed an MoU with Airbus to deploy advanced digital solutions aimed at improving operational efficiency, security, and integration across all airports under its network.
The partnership includes the introduction of smart technologies such as Airbus’ Agnet Turnaround platform, an advanced system that enables real-time coordination of airport ground operations.
The latest agreements support the National Aviation Strategy, under which the Kingdom aims to expand capacity to 330 million passengers and 4.5 million tonnes of cargo annually by 2030, connecting to over 250 global destinations.
UAE receives ‘AA/A-1+’ rating thanks to robust growth: S&P Global
RIYADH: S&P Global has assigned the UAE its “AA/A-1+” foreign and local currency sovereign credit ratings with a stable outlook as it expects strong fiscal and external positions to be maintained over the next two years.
In its latest report, the global credit rating agency said that the grades reflect the Emirates’ net asset position, which could provide a buffer to counteract the effects of oil price swings and geopolitical tensions in the Gulf region.
According to the agency, this rating indicates a country’s strong capacity to meet its financial commitments.
The strong rating of the UAE aligns with the broader trend observed in the Middle East region, and in March, S&P Global raised Saudi Arabia’s rating to “A+” from “A” with a stable outlook underpinned by the Kingdom’s ongoing social and economic transformation.
In its latest report, the US-based agency said: “The stable outlook reflects our expectation that the UAE’s consolidated fiscal and external positions will remain strong over the next two years, amid continued prudent policymaking and resilient economic growth.”
This is the first time S&P has issued a consolidated sovereign credit rating for the entire UAE, as opposed to the individual emirates.
Non-oil sector to drive growth
S&P Global added that the UAE’s economic growth is expected to remain resilient at 4 percent over 2025-2028, driven by strong non-oil sector performance and a rise in activities.
“Despite lower oil prices and headwinds from a global economic slowdown, we expect that continued fiscal surpluses at the consolidated federal government and individual emirates level, along with investment income on liquid assets, will support an increase in the net asset position to an estimated 177 percent of GDP (gross domestic product) through 2028,” the report said.
S&P Global further said that the UAE government’s fiscal surpluses are expected to average around 3.2 percent of GDP through 2028, based on assumptions that Brent oil prices will stay around $60 per barrel in 2025 and $65 per barrel through 2028.
Government debt will remain stable at about 28 percent of GDP over the next four years as the federal government and emirates, including Abu Dhabi, plan to issue local currency debt to develop domestic capital markets.
According to the report, the country will have limited monetary flexibility given that the dirham is pegged to the US dollar.
“This means the UAE’s monetary policy is closely aligned with that of the US Federal Reserve, regardless of domestic economic conditions. We also consider that the domestic local currency bond market remains underdeveloped compared with similarly rated peers,” added S&P Global.
The report comes just days after an economic update prepared by the Institute of Chartered Accountants in England and Wales, in association with Oxford Economics, said that the economy of the UAE is projected to expand by 5.1 percent in 2025, driven by a recovery in oil output and a 4.7 percent rise in non-oil GDP, with tourism expected to emerge as a key element propelling this growth.
Earlier this month, the Central Bank of the UAE revealed that the Emirates’ GDP reached 1.77 trillion dirhams ($481.4 billion) in 2024, recording 4 percent growth, with non-oil sectors contributing 75.5 percent of the total.
CBUAE added that the Emirates is expected to witness economic growth of 4.5 percent in 2025 before accelerating further to 5.5 percent in 2026.
The latest S&P Global analysis further said that the UAE’s oil production is projected to rise to about 3.5 million barrels per day by 2028, up from slightly less than 3 million in 2024, while the Ghasha gas and Ruwais liquefied natural gas are expected to significantly enhance Abu Dhabi’s production capacity.
The non-oil growth in the Emirates will be underpinned by public investment and government efforts to diversify the economy, combined with increasing trade and foreign investment.
“Projects such as the Saadiyat cultural district and Disney Park in Abu Dhabi, and the Wynn integrated resort in Ras Al Khaimah seek to boost tourism revenue,” added the analysis.
Affirming the growth of tourism in the country, a report released in April showed that Dubai recorded a 3 percent annual increase in international visitor numbers to 5.31 million in the first quarter of this year.
According to the data released by the Dubai Department of Tourism and Commerce Marketing, the city also attracted 18.7 million international tourists in 2024, representing a 9 percent rise compared to the previous year.
S&P Global added that the UAE would be modestly affected by the proposed 50 percent US tariff on steel and aluminum if no agreement is reached, as these metals accounted for 4.3 percent of the Emirates’ non-oil outbound shipments in 2023.
In 2023, the UAE exported approximately $1.4 billion worth of steel and aluminum products to the US, representing about 0.3 percent of its GDP.
The study further noted that the UAE has also introduced structural measures to enhance the business environment, which include a foreign direct investment law that permits foreign investors to fully own businesses in various sectors, as well as rules to liberalize personal and family law.
Another initiative is the Golden Visa Program, aimed at supporting talent retention by granting long-term residency to investors, entrepreneurs, and skilled professionals.
“We anticipate that these measures will increase labor market flexibility, investment, and foreign worker inflows. This will be balanced by the nationalization of the workforce, or ‘Emiratization’ policies,” added S&P Global.
Future outlook
The analysis further stated that the UAE’s credit rating could be upgraded in the future if Emirates implements significant measures to improve the effectiveness of monetary policy, such as establishing a deep domestic capital market.
However, the rating could be downgraded if the UAE’s per capita wealth, currently at $47,000, starts declining due to lower economic growth or higher population inflows.
“Downside pressure could also arise if the consolidated government interest burden were to increase materially because of higher borrowing, alongside elevated external financing needs,” added the report.
