RIYADH: Saudi Arabia’s international technology conference LEAP is set to witness $11.9 billion of investment deals over its three-day duration — eclipsing last year’s figure of $9 billion, according to a senior minister.
During the opening remarks at the event, Minister of Communications and Information Technology Abdulla Al-Swaha highlighted that investments in generative artificial intelligence acceleration and cloud infrastructure sectors are set to be key benefactors from the funding blitz.
The minister told those at the Riyadh-based gathering, which runs from March 4 to 7 and is the third edition of the event, that the Kingdom’s digital economy is “the most bold and audacious success story of the 21st century.”
He added: “When it comes to resilience, while the whole world was facing headwinds when it comes to VC (venture capital) funding with negative 30 to 40 percent, the Kingdom, under His Royal Highness’s leadership, we adjusted the sail and changed the headwinds into tailwinds and we grew by 33 percent.”
Al-Swaha highlighted a significant investment in regional cloud infrastructure in the preceding year, marking it as one of the sector’s most substantial and notable investments.
Alongside this, he announced the introduction of Amazon Web Services in Saudi Arabia, establishing the Kingdom as the sole nation in the region hosting all key hyperscalers.
Furthermore, AWS plans to establish an infrastructure region within the Kingdom by 2026, with the objective of providing support to developers, startups, entrepreneurs, and enterprises, as well as entities in healthcare, education, gaming, and nonprofit sectors.
The minister also underlined the ongoing efforts, led by Crown Prince Mohammed bin Salman, and in collaboration with Saudi Aramco, to advance the diffusion of technologies and industries in the Kingdom.
He announced Aramco’s largest industrial laboratory guidance model, METABRAIN, which aims to provide guidance and support to all industries in the Kingdom.
“This LLM is powered by more than data — data for more than 90 years, with seven tokens of public and proprietary data. We aim to reach 1 trillion parameters by the end of today, starting with 250 parameters,” Al-Swaha stated.
He continued: “Aramco is joining hands with one of the revolutionary technologies. I think it’s best to hear from the founders in this specific interview about how they’re doing that, aiming to build one of the largest AI inference capabilities for the industrial age.”
In his keynote address, Aramco’s President and CEO Amin Nasser stressed his belief that METABRAIN will serve to increase productivity and growth as well as transform “the way we work.”
Equipped with 90 years of exclusive data, the large language model is helping to analyze plans, get data as well as “historically drilling down cost and recommending options for downstream.”
Last week, the energy giant announced a significant upward revision in the estimated reserves of gas and condensate in its Jafurah reserves. The CEO underscored that “this was made possible by combining advanced machine learning system together with the data gathered by our in-house experts.”
During the event, Aramco also announced the establishment of the Saudi Accelerated Innovations Lab, or SAIL, a market-driven digital innovation engine with the first hub in Saudi Aramco and plans for national and global expansions.
Commenting on this announcement, the CEO said: “Our goal is to create new digital products and digital ventures. An example is the Aramco IBM innovation strategic partnership, which through SAIL, is expected to be operational in early 2026.”
According to the executive, Aramco and IBM will collaborate in areas such as cybersecurity, sustainability, circular economy, and material science.
The global tech leader also unveiled plans for a software development lab to operate in Saudi Arabia.
Arvind Krishna, chairman and CEO of IBM, said: “We have decided to open a software development lab where we are going to be harnessing the talent of the local population. We are going to build AI-based technologies here that we are then going to take into our global market. I think that is incredibly exciting.”
As part of a series of announcements, Dell Technologies revealed plans to open a new merge and logistics fulfillment center, incorporating a second touch manufacturing facility in the Kingdom.
The new center, based out of Riyadh, will handle all Dell product lines in Saudi Arabia, including notebooks, desktops, and servers, as well as, storage, and networking.
Dell is also relocating its Flat Panel Monitor Hub to Riyadh, ensuring stocked inventory is delivered directly to customers with same-day or next-day shipments.
The event also saw several announcements from international companies in the field of up-skilling, education, and training.
Among them, UiPath, a global software company, announced the establishment of the “Saudi School of Automation,” the first in the region, aimed at training skills and nurturing Saudi talents.
UiPath will cover automation fundamentals through advanced developments, culminating in a professional certificate.
Similarly, an American cloud-scale company unveiled a partnership with the Saudi Digital Academy to establish a new academy in the Kingdom.
Datadog’s Academy focuses on the latest trends and regional priorities, offering a range of programs, including certifications, in-person workshops, and online training, as highlighted by Alexis Le Quoc, the company’s CEO during the forum.
Marking the third announcement of a new academy in the nation, ServiceNow’s CEO Bill McDermott revealed that the company will be opening a ‘ServiceNow Academy’ in the Kingdom.
The institute aims to train thousands of Saudis in “digital skills related to this new generation platform,” he said.
The company also emphasized that it will be launching its ServiceNow platform in Arabic later this month, featuring domain-specific LLMs capable of operating in the Arabic language.
LEAP24 to witness $11.9bn tech investment deals, says minister
https://arab.news/wyskc
LEAP24 to witness $11.9bn tech investment deals, says minister
Strong Middle East representation as World Economic Forum unveils annual meeting agenda
- Leaders from Israel, Iran, Syria and Palestine to be key speakers at event, which will address ongoing conflicts in the region and explore its future prospects
- US President-elect Donald Trump set to appear; organizers highlight growing presence of Global South and tout ‘parity’ among developing and developed countries
LONDON: The Middle East will have a significant presence at the annual meeting of the World Economic Forum next week, reflecting the growing influence of emerging markets, the organization said on Tuesday.
Mirek Dusek, the forum’s managing director, said he was “pleased” with the increase in the number of representatives from emerging markets expected to attend the event. He added that the “proportion is growing this year. We’re seeing particularly strong numbers, for example, from the Middle East, also from South Asia.”
Nearly 3,000 people from more than 130 countries, including 900 business leaders, are expected to attend the annual meeting, which will take place in Davos, Switzerland, from Jan. 20 to 25.
The forum has faced repeated criticism from some for being an elite gathering focused on the traditional major powers and big business, but Dusek highlighted the growing presence of leaders from the Global South. He said participation among developing nations was now “on parity” with that of developed countries.
The theme of this year’s meeting is “Collaboration for the Intelligent Age” and it will address “five distinct but interconnected thematic priorities,” the forum said, reflecting its efforts to navigate a complex geopolitical and economic landscape.
“(The agenda) is linked, first and foremost, to this deep sense of being on the cusp of a new era for the world economy, or at least in transition to a new situation for the world economy,” Dusek said.
Key discussions will consider the transformative effects of rapid technological advances, including developments in artificial intelligence, as well as the challenges arising from geopolitical fragmentation and the need to foster global collaboration during what Dusek described as a “key time for the world economy.”
The forum will also address issues such as economic growth, trade and investment, exploring “new sources of growth in this global economy.” It will examine how the public and private sectors can invest in the development of human capital and create quality jobs to help build modern and resilient societies.
The forum’s president and CEO, Borge Brende, said: “It is our 55th annual meeting taking place in Davos, and it is happening against the most complicated geopolitical backdrop in generations. But still, in the fragmented and partly polarized world, there are still areas where we can collaborate.”
The Middle East is expected to play a pivotal role in the discussions, as the forum addresses ongoing conflicts in the region and its future prospects.
Syria’s foreign minister, Asaad Hassan Al-Shaibani, is scheduled to present his country’s plans for the future after the fall of the Assad regime in December after its 52-year rule.
The humanitarian crisis in Gaza will also feature prominently in discussions, alongside efforts to rebuild trust and promote reconciliation in the region. Israeli President Isaac Herzog, Palestinian Prime Minister Mohammed Mustafa, Iranian Vice President Mohammed Reza Aref, and the UN’s special envoy for Yemen, Hans Grundberg, are among the key speakers who will address the issues.
“We were very close (to a full-scale conflict) between Israel and Iran, and I don’t think we’re out of the woods yet,” said Brende, as he expressed hope that the forum will serve as a platform “for peace, reconciliation, and addressing humanitarian suffering.”
Rebuilding trust between institutions and efforts to address climate change are other longstanding priorities for forum, and organizers said these will remain central to the discussions.
Amid concerns that such topics have been “losing ground” amid other political and economic challenges, Gim Huay Neo, the forum’s managing director, reiterated its focus on finding and implementing tangible solutions.
“There will be multiple dialogs that will be really focused around tangible action that companies and governments can take to support the net-zero, nature-positive transition pathways and, more importantly, how they can work together to build partnerships that can enable and empower the action in a faster and much more skilled manner,” she said.
In a surprise announcement, Brende said US President-elect Trump, whose inauguration coincides with the opening day of the forum, would participate via a digital address. He is expected to outline his administration’s plans for implementing its policies, in particular his pledge to end the war in Ukraine.
Ukrainian President Volodymyr Zelensky will also deliver a special address and take part in a question-and-answer session.
In total, 60 heads of state and government will take part in the event, including European Commission President Ursula von der Leyen and Chinese Vice Premier Ding Xuexiang.
Saudi Arabia to offer 5k sq. km of mining exploration opportunities in 2025: Alkhorayef
RIYADH: Saudi Arabia is promoting upcoming exploration opportunities across 5,000 sq. km mineralized belts in 2025 as the Kingdom continues its steadfast growth in the mining sector, according to a minister.
Speaking at the Future Minerals Forum in Riyadh on Jan. 15, Saudi Arabia’s Minister of Industry and Mineral Resources Bandar Alkhorayef said that the Kingdom’s mining sector is the fastest growing globally, with a mineral potential estimated at $2.5 trillion.
This allocation of new exploration sites to tap mineral wealth is part of Saudi Arabia’s efforts to establish mining as the third pillar of the Kingdom’s industrial economy.
Earlier this month, Saudi Arabia allocated five sites for establishing mining complexes in the Makkah and Asir regions as part of the nation’s strategy to attract quality investments, enhance transparency, and support local communities.
“Guided by our Vision 2030, Saudi Arabia’s mining sector has become the fastest growing globally, with a mineral potential estimated at $2.5 trillion. Our focus on regulatory frameworks, innovation, and infrastructure development has helped the Kingdom to become the top-tier destination for mining investment and exploration,” said Alkhorayef.
He added: “This year also, we are promoting upcoming exploration opportunities across 5,000 sq. km of promising mineralized belts. Our exploration incentives program, launched only last year, is already giving results with six companies receiving funding.”
Alkhorayef said that Saudi Arabia has also launched the Mining Innovation Studio aimed at turning Riyadh into a global hub for the industry and accelerating cutting-edge technologies.
“This is just one step toward realizing Riyadh’s vision of becoming the Silicon Valley of mining,” added the minister.
During the speech, Alkhorayef said that events like FMF are crucial to elevating the mining sector and ensuring sustainable growth of the industry.
Highlighting the progress of the forum, the Saudi minister added that the FMF has evolved and grown, with the number of attendees increasing from 3,500 in 2022 to over 20,000 in 2025.
“Within a few years, we could make FMF the most prominent international platform for minerals around the world, contributing to forming the future of the sector and achieving sustainable growth,” said Alkhorayef.
He added: “This year, under the theme, ‘The Year of Impact,’ we gather with a shared commitment to tackle some of the most pressing challenges of our times; ensuring a sustainable energy transition, addressing critical mineral shortage, and fostering economic prosperity for all.”
During the talk, the minister added that this year’s FMF will also witness the launch of the first-ever regional leadership roundtable focussing on Africa, Central Asia, and Latin America to create a “powerful global minerals impact.”
He further said the forum will also witness several debates featuring industry leaders tackling issues such as resource depletion, sustainability, and stakeholder engagement.
“Future Minerals Forum 2025 is promising to be a catalyst for actionable solutions and transformative change,” said Alkhorayef.
Saudi Arabia’s annual inflation rate rises by 1.7% in 2024: GASTAT
- Inflation rate remained among the lowest in the Middle East and globally,nflation rate remained among the lowest in the Middle East and globally
- GASTAT highlighted a 0.8 percent year-on-year increase in food and beverage prices in 2024
RIYADH: Consumer prices in Saudi Arabia increased by 1.7 percent in 2024, driven primarily by higher housing costs, data from the General Authority for Statistics revealed.
House rents surged by 10.6 percent year on year, significantly contributing to the overall inflationary pressure. The broader category of housing, water, electricity, gas, and other fuels saw a collective price increase of 8.8 percent, further intensifying the cost of living for households.
Despite the uptick, Saudi Arabia’s inflation rate remained among the lowest in both the Middle East and globally. This reflects the Kingdom’s ongoing efforts to ensure economic resilience and mitigate the impacts of global price pressures.
The actual inflation rate for 2024 was lower than projections made by the World Bank in October, which had forecasted a 2.1 percent increase for the year and a slight rise to 2.3 percent in 2025. Both figures were below the Gulf Cooperation Council average.
GASTAT’s latest report also detailed several other shifts in consumer prices. Food and beverage prices saw a moderate 0.8 percent increase, while restaurant and hotel costs rose by 2 percent. Educational expenses rose by 1.3 percent, further reflecting price trends across various sectors.
Meanwhile, several categories experienced price declines. Clothing and footwear prices fell by 3.4 percent, driven by a 5.8 percent drop in ready-made clothing. Similarly, the cost of furnishings and household equipment decreased by 3.4 percent, and transport costs fell by 2.4 percent.
The entertainment and culture sector also saw a price reduction of 1.3 percent, largely due to a 5.9 percent decrease in audiovisual equipment prices, underscoring the nuanced shifts in consumer price indices across different areas
In a separate report, GASTAT confirmed that Saudi Arabia’s inflation rate remained stable at 1.9 percent in December 2024, compared to the same month in 2023.
House rents continued to exert significant pressure, increasing by 10.6 percent year on year in December. Villa rents rose by 9.9 percent during the same period, further underscoring the housing sector’s impact on inflation. According to GASTAT, the housing sector accounted for 25.5 percent of the inflationary weight in December, highlighting its dominant role in shaping overall price trends.
The broader housing, water, electricity, gas, and other fuels category saw an 8.9 percent year-on-year increase in December, reinforcing the sector’s central role in driving inflation.
Food and beverage prices rose 0.8 percent, with meat and poultry prices seeing a notable 2.8 percent increase. Personal goods and services expenses grew by 2.2 percent, driven by a 20.2 percent surge in prices for jewelry, watches, and precious antiques. Education costs also increased by 1.1 percent, primarily due to a 1.8 percent rise in intermediate and secondary education fees.
On the other hand, prices for furnishings and home equipment fell by 2.8 percent, while clothing and footwear costs declined by 2.2 percent. Transportation expenses decreased by 2.5 percent, primarily due to a 3.9 percent reduction in vehicle purchase prices.
Oil Updates — crude inches up, but uncertainty over sanctions impact caps gains
SINGAPORE: Oil prices rose on Wednesday trimming losses from the previous day, as the focus turned back to potential supply disruptions from sanctions on Russian tankers, though gains were capped as the market awaited more clarity on their impact.
Brent crude futures edged up 11 cents, or 0.1 percent, to $80.03 a barrel by 8:15 a.m. Saudi time, after dropping 1.4 percent in the previous session. US West Texas Intermediate crude climbed 23 cents, or 0.3 percent, to $77.73 a barrel after a 1.6 percent decline.
Prices slipped on Tuesday after the US Energy Information Administration predicted oil would come under pressure over the next two years as supply would outpace demand.
“The dominant driver has been all about the Russian oil sanctions lately, compounded by a streak of stronger US economic data,” said Yeap Jun Rong, market strategist at IG.
“The key question remains on how much Russian supply will be lost in the global market and whether alternative measures can offset the shortfall,” said Yeap, adding that in the near term oil may give up some of its sharp gains from the past week.
The market also found some support on Wednesday from a drop in crude stockpiles in the US, the world’s biggest oil consumer, reported by the American Petroleum Institute late on Tuesday.
“Oil prices are trading firmer in early morning trading in Asia today after API numbers showed that US crude oil inventories fell more than expected over the last week,” said ING analysts.
The analysts added that while crude oil stocks in the country’s flagship storage hub Cushing, Oklahoma, increased by 600,000 barrels, inventories were still historically low. Cushing in the delivery location for WTI futures contracts.
The API reported US crude oil stocks fell by 2.6 million barrels in the week ended Jan. 10, according to market sources citing the API figures. They added that gasoline inventories rose by 5.4 million barrels while distillate stocks climbed by 4.88 million barrels.
A Reuters poll showed analysts expected US crude oil stockpiles fell by about 1 million barrels in the week to Jan. 10. Stockpile data from the Energy Information Administration, the statistical arm of the US Department of Energy, is due at 6:30 p.m. Saudi time.
On Tuesday, the EIA trimmed its outlook for global demand in 2025 to 104.1 million barrels per day, while expecting supply of oil and liquid fuel to average 104.4 million bpd.
It predicted Brent prices would fall 8 percent to average $74 a barrel in 2025, then fall further to $66 a barrel in 2026, while WTI would average $70 in 2025 and fall to $62 next year.
World Economic Forum adds Aramco facility to its Global Lighthouse Network
- The network recognizes industrial sites that use advanced technologies to boost performance, operations and sustainability
- North Ghawar Oil Producing Complex is the 5th Aramco facility to earn a place in the network
LONDON: The World Economic Forum has added Aramco’s North Ghawar Oil Producing Complex to its prestigious Global Lighthouse Network.
It is the fifth Aramco facility to earn a place in the network. The company said the addition honors its efforts to enhance operational and environmental performance.
Nasir K. Al-Naimi, the company’s upstream president, described the achievement as testament to the company’s focus on innovation and operational excellence.
“It validates our journey towards a truly digital and lower-carbon-emissions future, where technology empowers us to optimize our processes, reduce our environmental impact, and deliver exceptional value to our customers and shareholders.”
The Global Lighthouse Network, established by the forum in 2018 in collaboration with management consultancy McKinsey & Company, recognizes industrial facilities worldwide that have leveraged Fourth Industrial Revolution technologies to achieve measurable improvements in financial performance, operations and sustainability, and reduce environmental impacts.
The Aramco facility was one of 17 industrial sites worldwide added to the network on Tuesday. It now comprises 189 facilities worldwide, and Aramco is the only energy company represented by more than three facilities. The North Ghawar site is located in Al-Ahsa Governorate in the Eastern Province.
