Data Saudi platform officially launched to facilitate economic data access

The platform was launched on a trial basis in September 2023. SPA
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Updated 07 March 2024
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Data Saudi platform officially launched to facilitate economic data access

  • New platform will increase transparency of information related to national economy in line with Vision 2030

RIYADH: A new framework is set to serve as a central hub for accessing transparent economic and social data, thanks to the official launch of the Data Saudi platform.

On the sidelines of the tech conference LEAP 2024 held in Riyadh, Minister of Economy and Planning Faisal Al-Ibrahim introduced the service, which will facilitate access to data and increase the transparency of information related to the national economy, in line with Saudi Vision 2030.

Since its trial basis launch in September 2023, the platform has undergone continuous updates and has been augmented by several features, according to the Saudi Press Agency.

It includes key indicators and provides the ability to view them throughout the Kingdom and across its regions through visual and interactive methods that facilitate users’ access to details on the Saudi economic and social sectors, SPA reported.

The platform’s indicators provide accurate and diverse information from a variety of sectors. Important economic indicators such as the international trade balance, worker remittances, capital-account balance, and current-account balance are highlighted.

Several social markers such as population density, births and newborns, and a population pyramid are also included.

HIGHLIGHTS

• The platform’s indicators provide accurate and diverse information from a variety of sectors.

• Indicators such as trade balance, remittances, capital-account balance, and current-account balance are highlighted.

• Several social markers such as population density, births and newborns, and a population pyramid are also included.

• SDAIA signed three MoUs focusing on the localization of digital technologies and innovations. 

• LEAP featured over 1,000 international and local companies and more than 1,000 expert speakers from 180 countries.

Meanwhile, the Ministry of Economy and Planning received recognition during LEAP 2024 from Digital Government Authority Gov. Ahmed Al-Suwaiyan for securing the National Enterprise Architecture Accreditation Certificate.

Governmental organizations who demonstrate excellence in implementing the national model for enterprise architecture maturity standards are awarded the certificate by the relevant authority.

In the public sector, these standards help to accelerate digital transformation and raise the bar for maturity.

LEAP 2024 featured over 1,000 international and local companies in the technology sector and more than 1,000 expert speakers from 180 countries. To accommodate such a large turnout the venue is nearly double the size it was last year.

The Kingdom’s Vice Minister of Communications and Information Technology Haitham Al-Ohali welcomed thought leaders, influencers, investors, and innovators worldwide to the event.

“This edition arrives at a time when variables are accelerating, and generative artificial intelligence is a critical turning point at the economic and social levels,” he said.

After three days of significant announcements, the LEAP conference saw major deals signed in artificial intelligence and innovation localization during its concluding sessions.  

On the event’s sidelines, the Saudi Data and Artificial Intelligence Authority, or SDAIA, signed three memorandums of understanding, including one with Samsung Electronics Co., focusing on the localization of digital technologies and innovations. 

The collaboration will also potentially involve integrating Tawakkalna, the Saudi citizen’s digital companion system, into all Samsung devices in the Kingdom. Additionally, it encompasses providing training services and workshops on the latest technologies used in the field of mobile application development. 

The authority also signed an agreement with PwC Middle East, with the aim of conducting pioneering research and experiments on the latest AI tools and large language models specifically designed for the Arabic language.  

In an effort to establish an advanced virtual laboratory for AI and a center for Generative AI experiments, the agreement aims to leverage GenAi to enhance SDAIA’s operations and capabilities. This includes organizing ideation workshops and proposing use cases for adopting advanced GenAi tools. 

In another boost to localization, the authority’s final agreement was with tech giant intel. The partnership aims to build national capabilities in AI by providing programs to equip university students with knowledge and skills needed to utilize AI in various professional fields.

The technology conference was awash with thousands of international companies and startups. The government agencies also used the event to showcase their digital products and services.

As many as 1,800 exhibitors, 170,000 attendees and 1,100 expert speakers, and over 30 public sector entities attended the gathering in Riyadh. 

The agencies participated in the Digital Saudi Exhibition organized by the Digital Government Authority to showcase innovative models of working using emerging technologies.

In addition, they also signed strategic agreements, launched new services and took part in discussion sessions and workshops about digital transformation.

On Wednesday, Saudi Minister of Communications and Information Technology Abdullah Al-Swaha unveiled the Kingdom’s plans to launch a strategy for space and a space company to boost government investment and private sector’s contribution to the field.

There are two main phases Saudi Arabia will be focusing on, with details to be announced in the coming national strategy, he revealed. First, Al-Swaha said, is the upstream, which is space exploration.

The second will be downstream, he noted, saying: “In the downstream, we will focus on three main markets: space telecommunications — to connect the unconnected world — we have a golden opportunity to fill this void in the Kingdom and our brothers in Africa and Asia. The second is navigation, which according to studies, affects 7 percent of the local production, and we, therefore, will localize this. Lastly, is carbon reduction through earth observation to be
able to track emissions.”


Oil Updates — crude drops, poised for biggest monthly fall in 3 years

Updated 19 sec ago
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Oil Updates — crude drops, poised for biggest monthly fall in 3 years

SINGAPORE: Oil prices extended declines on Wednesday and were set for their largest monthly drop in more than three years as the global trade war eroded the outlook for fuel demand, while fears of mounting supply also weighed.

Brent crude futures fell by 83 cents, or 1.29 percent, to $63.42 per barrel by 10:30 a.m. Saudi time. US West Texas Intermediate crude futures dropped 92 cents, or 1.52 percent, to $59.50 a barrel.

Brent and WTI have lost 15 percent and 17 percent respectively so far this month, the biggest percentage drop since November 2021.

Both benchmarks slumped after US President Donald Trump’s April 2 announcement of tariffs on all US imports. They then sank further to four-year lows as China responded with its own levies against US imports, stoking a trade war between the top two oil-consuming nations.

Trump’s tariffs on imports into the US have made it probable the global economy will slip into recession this year, according to a Reuters poll.

China’s factory activity contracted at the fastest pace in 16 months in April, a factory survey showed on Wednesday.

Worries about demand amid the trade war have weighed on investor sentiment, said ANZ bank senior commodity strategist Daniel Hynes.

“There are also concerns that recent strength in US economic data was only temporary, due to stockpiling ahead of the tariffs that now appears to be abating,” he added.

US consumer confidence slumped to a nearly five-year low in April on growing concerns over tariffs, data showed on Tuesday.

Recent signs of a de-escalation in the trade wars, including a pair of orders Trump signed on Tuesday to soften the blow of his auto tariffs, eased some jitters among global investors.

That said, analysts believe the oil market will stay under pressure as the Trump administration continues to prioritize lower oil prices to manage inflation.

Oil prices were also undermined by fears of mounting supply from the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+.

Several OPEC+ members will suggest a ramp-up of output hikes for a second straight month in June, sources told Reuters last week. The group will meet on May 5 to discuss output plans.

On the supply front, US crude oil inventories rose by 3.8 million barrels last week, market sources said on Tuesday citing American Petroleum Institute data.

US government data on stockpiles is due at 5:30 p.m. Saudi time on Wednesday. Analysts polled by Reuters expect, on average, an 400,000 barrel increase in US crude oil stocks for last week.


Saudi Arabia’s PIF starts selling 7-year sukuk, document shows 

Updated 30 April 2025
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Saudi Arabia’s PIF starts selling 7-year sukuk, document shows 

RIYADH: Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, has begun accepting bids for the sale of benchmark-sized, dollar-denominated 7-year Islamic bonds, or sukuk, according to an arranging bank document seen by Reuters on Wednesday. 

The indicative price for the sukuk sale has been placed around 145 basis points over US Treasuries, the document shows. 

Last week, Reuters reported through sources that Gulf issuers, including Saudi Arabia’s $925 billion sovereign wealth fund, are preparing a series of bond offerings despite market volatility caused by US President Donald Trump’s tariff policies.


Saudi Arabia, Azerbaijan sign SME deal to strengthen trade ties

Updated 29 April 2025
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Saudi Arabia, Azerbaijan sign SME deal to strengthen trade ties

RIYADH: Saudi Arabia and Azerbaijan have signed a comprehensive agreement focused on strengthening economic collaboration through the development of small and medium-sized enterprises, in a move that underscores both nations’ commitment to enhancing bilateral trade and investment.

The memorandum of understanding was formalized during the 8th session of the Saudi-Azerbaijani Joint Committee, held in Riyadh. It was signed between Saudi Arabia’s Small and Medium Enterprises General Authority, known as Monsha’at, and Azerbaijan’s Small and Medium Business Development Agency, known as KOBIA.

The SME agreement aligns with Saudi Arabia’s Vision 2030 strategy, which prioritizes economic diversification and entrepreneurship. For Azerbaijan, it marks another step in forging strategic partnerships in the Gulf region to bolster private-sector growth and create new market opportunities for innovative enterprises.

In a statement posted on X, Monsha’at said: “In the presence of H.E Minister of Investment, Eng. Khalid bin Abdulaziz Al-Falih, and the Deputy Prime Minister of the Republic of Azerbaijan, Samir Sharifov, Monsha’at, signed a MoU with ‘KOBİA’ Agency, as part of the 8th session of the Saudi-Azerbaijani Joint Committee activities, to strengthen cooperation in supporting the SMEs and entrepreneurship’s growth between the two countries.”

The agreement encompasses a broad range of initiatives, including knowledge exchange, joint training programs, and support for technical innovation. It also promotes investment opportunities, cross-border partnerships, and institutional collaboration through exhibitions and shared platforms.

 

 

In a separate announcement, the Saudi Ministry of Investment revealed the signing of two additional memorandums of understanding between private-sector companies from both countries.

“These agreements cover the development of maritime infrastructure and the establishment of industrial and medical facilities in the Kingdom, including the production of biotechnology and oncology medicines, the establishment of research and development centers, and infrastructure for re-export warehouses,” the Ministry noted in a post on X.

The joint committee also reviewed a series of potential joint ventures aimed at strengthening cooperation across mutually beneficial sectors. These initiatives are closely aligned with both countries’ long-term goals for economic diversification.

Officials from Saudi Arabia and Azerbaijan emphasized the importance of fostering dynamic SME ecosystems as engines of job creation, innovation, and global competitiveness. By aligning policy frameworks and enabling institutional collaboration, the two nations aim to unlock greater private-sector engagement and regional trade expansion.


Closing Bell: Saudi main index closes in red at 11,746

Updated 29 April 2025
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Closing Bell: Saudi main index closes in red at 11,746

RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Tuesday, losing 38.43 points, or 0.33 percent, to close at 11,746.20.

The total trading turnover of the benchmark index was SR6.87 billion ($1.83 billion), as 86 stocks advanced, while only 157 retreated. 

The MSCI Tadawul Index decreased by 5 points, or 0.33 percent, to close at 1,493.77. 

The Kingdom’s parallel market, Nomu, dipped, losing 89.34 points, or 0.31 percent, to close at 28,331.37. This comes as 35 stocks advanced, while 43 retreated.

The best-performing stock on the main index was Arabian Contracting Services Co., with its share price surging by 9.88 percent to SR131.20.

Other top performers included Al-Baha Investment and Development Co., which saw its share price rise by 4.94 percent to SR4.25, and Sumou Real Estate Co., which saw a 3.93 percent increase to SR 46.25. 

The worst performer of the day was Alistithmar AREIC Diversified REIT Fund, whose share price fell by 3.39 percent to SR9.41. 

Saudi Tadawul Group Holding Co. and Saudi Kayan Petrochemical Co. also saw declines, with their shares dropping by 2.94 percent and 2.83 percent to SR185 and SR5.83, respectively. 

On the announcements front, Alinma Bank announced its interim financial results for the first three months of the year, with net profit amounting to SR1.5 million, a 1.3 percent dip compared to the previous quarter.

The bank’s total comprehensive income saw a 56 percent increase in the first quarter of 2025 to reach SR1.6 million. 

Saudi Ceramic Co. also announced its financial results for the same period, with its net profit dipping by 88.4 percent to SR20.8 million compared to the previous quarter. Similarly, the company’s total comprehensive income saw a decrease of 88.7 percent to SR20.8 million. 

Saudi Ceramic Co.’s share price traded 3.15 percent higher on the main market to reach SR27.85. 

In the first quarter of 2025, Astra Industrial Group’s net profits saw a 30.7 percent quarter-on-quarter increase to reach SR171.8 million. The group attributed the increase to an uptick in gross profit in the pharmaceuticals sector and a decrease in finance costs in the specialty chemical sector. 

The group’s share price traded 0.52 percent lower to reach SR153.


Diriyah Co. awards $1.13bn contract for King Saud University relocation 

Updated 29 April 2025
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Diriyah Co. awards $1.13bn contract for King Saud University relocation 

JEDDAH: Saudi Arabia’s Diriyah Co. has awarded a SR4.22 billion ($1.13 billion) construction contract to relocate King Saud University’s utilities and administration offices, advancing infrastructure development in one of the Kingdom’s flagship urban projects. 

The project was given to a joint venture between China Railway Construction Corp.’s Saudi branch and China Railway Construction Group Central Plain Construction Co., according to a press release. 

Part of the Public Investment Fund’s giga-project portfolio, the Diriyah development is a 14 sq. km mixed-use district poised to house nearly 100,000 residents and provide office space for tens of thousands of professionals across the technology, media, arts, and education sectors. 

Once complete, it is expected to generate 178,000 jobs, attract nearly 50 million annual visitors, and contribute SR70 billion to Saudi Arabia’s gross domestic product. 

Jerry Inzerillo, group CEO of Diriyah Co., said: “We are delighted to announce this major contract to support King Saud University, whose campus adjoins the Diriyah development area.” 

He emphasized that the agreement represents a significant step in furthering efforts to enhance both educational and infrastructural excellence in the Kingdom. 

“We are proud to support one of the Kingdom’s leading academic institutions in delivering enhanced infrastructure services that will benefit both its students and the broader university community,” Inzerillo said. 

The contract includes the design and construction of several critical infrastructure components. These include a district cooling plant, water storage facilities, and a sewage treatment plant, as well as an LPG/SNG plant and a diesel pumping station. 

The scope also covers a utility tunnel, irrigation tanks, office buildings, warehouses, and maintenance workshops. 

Li Chongyang, chairman of China Railway Construction International Group, said the project reflects the firm’s commitment to delivering world-class infrastructure to the highest standards. 

“We look forward to contributing to the success of this iconic project and supporting the continued growth of King Saud University,” he said. 

This latest award brings the total value of contracts issued by Diriyah Co. in 2025 to over $2.9 billion, as the area undergoes rapid transformation into a global destination aligned with Vision 2030.