Public, private sectors partnership is crucial to ensure cyberspace safety, official says

Sir Jeremy Fleming, former director at the UK Government Communications Headquarters. Screenshot
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Updated 02 October 2024
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Public, private sectors partnership is crucial to ensure cyberspace safety, official says

RIYADH: Genuine partnership between the public and private sector is crucial to ensure technology safety within cyberspace, a former director at the UK Government Communications Headquarters said. 

Speaking in a panel discussion titled “Pathways to De-escalation: Shared priorities for reducing tensions and advancing stability in cyberspace” on the first day of the Global Cybersecurity Forum in Riyadh, Sir Jeremy Fleming explained that the private sector has many of the levers needed to facilitate and highlight cyber threats effectively.

This falls in line with the fact that on the domestic front, working with the private sector offers governments a chance to leverage insights and expertise to improve digital defense. 

According to the Global Cybersecurity Index 2024, almost 63 percent of countries reported having inter-agency processes for cybersecurity within their governments.

“Big technology companies have as good a radar on what’s happening in cyberspace as governments do, and so that leads to two conclusions for me. The first is that there is no point in governments talking to each other about cyberspace. There has to be a genuine partnership with the private sector because the private sector has many of the levers we need to make sure that this technology is safe, to make sure that threats are called out,” Fleming said. 

“Now, there is a space in all of that for, for secret stuff, there’s a space for the things that only governments can do. But again, that has to be in tandem with the private sector,” he added. 

Fleming further highlighted the importance of effective communication within the sector.

“The second thought is that I spent the last 15 years thinking and talking about cyber, but if you ask me to give you a crisp definition of it, I’m still struggling. And so, I think we have a communication problem here in how we talk about cyber and how we engage our populations in making sure that it stays at the top of the agenda,” the former director of GCHQ said.

“The debate we’re having at the moment about artificial intelligence and particularly safety is a way into this,” he added.

Also speaking during the same panel, the former President of the European Commission and former Prime Minister of Portugal, Jose Manuel Barroso, shed light on child protection within cyberspace. 

“There are some areas where I believe international cooperation can be relatively sincere; one of them is child protection,” Barroso said.

“I don’t see any reason why the governments, in spite of geopolitical interests and differences, should not consider child protection a global public good,” he added.

Barroso continued to highlight that cybercrime will increase because there are politically and economically malign actors, and some of the technologies, including AI, generative AI, and others, make the digital space even more difficult to manage.

“It’s true that according to some experts, some of those innovations can also help us fight cybercrime, it’s true. But the reality is that the digital space is becoming increasingly difficult to manage from a security point of view, for states, for companies,” he said.

“So, my first word is let’s prepare. Preparedness is the key at the national level. At the regional level, in the European Union, we are doing something. We have a European Agency for Cyber Security. I believe it’s not sufficient,” the former president of the European Commission added.

Also present at the panel, former US Secretary of Defense Mark Esper tackled what businesses need in order to navigate the digital economy.

“As businesses try to navigate more and more the digital economy, they’re going to need more consistency, more predictability. They cannot afford patchworks of regulatory law or privacy and data sharing, things like that. So, we’re going to need to smooth out, smooth out that electronic environment,” Esper said.

“In cyberspace, it’s an asymmetric tool that rich countries, poor countries, strong countries, weak countries, organizations or people or even governments can use that tool against others to gain an advantage or to level the playing field,” he added.

The former US secretary of defense emphasized how cyberspace is not static, but instead, is dynamic.

“As you see increasing advances in artificial intelligence and quantum sciences and advanced logarithms and software, it’s going to make this offense-defense component all the more challenging out there,” he said.

Experts from technology, public policy, defense, and other sectors will gather in Riyadh for the two-day Global Cybersecurity Forum.  

The event will focus on fostering collaboration under the theme “Advancing Collective Action in Cyberspace,” with the goal of enhancing multi-stakeholder engagement and driving joint initiatives on key strategic priorities.  

The program will feature five core sub-themes, each addressing a crucial aspect of cybersecurity.


Saudi Aramco lowers July oil prices for Asian markets

Updated 04 June 2025
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Saudi Aramco lowers July oil prices for Asian markets

RIYADH: Saudi Aramco has slashed its official selling price for crude oil destined for Asia in July, the company confirmed in an official statement on Wednesday.

The state-owned oil giant cut the price of its benchmark Arab Light crude by $0.20, setting it at $1.20 per barrel above the average of Oman and Dubai crude prices.

Saudi Aramco prices its crude oil across five density-based grades: Super Light (greater than 40), Arab Extra Light (36-40), Arab Light (32-36), Arab Medium (29-32), and Arab Heavy (below 29).

The company’s monthly pricing decisions impact the cost of around 9 million barrels per day of crude exported to Asia and serve as a pricing benchmark for other major regional producers, including Iran, Kuwait, and Iraq.

In the North American market, Aramco set the July OSP for Arab Light at $3.50 per barrel above the Argus Sour Crude Index.

Aramco determines its OSPs based on market feedback from refiners and an evaluation of crude oil value changes over the past month, taking into account yields and product prices.

Plans by OPEC+ producers to increase output by 411,000 barrels per day in July are also weighing on the market.

Yet, there was some support as wildfires reduced Canada’s production by some 344,000 bpd, according to Reuters calculations.

 


PIF-backed Lucid inks graphite supply deal to bolster US EV battery material sourcing

Updated 04 June 2025
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PIF-backed Lucid inks graphite supply deal to bolster US EV battery material sourcing

RIYADH: Lucid Group, the electric vehicle manufacturer backed by Saudi Arabia’s Public Investment Fund, has signed a multiyear supply agreement with Graphite One to source natural graphite from the US.

The move is aimed at reinforcing the company’s domestic supply chain for battery production. The agreement aligns with Lucid’s broader strategy to secure critical raw materials domestically.

It follows similar deals with Graphite One and Syrah Resources as the company ramps up efforts to localize its EV production ecosystem.

According to the terms, the graphite will be supplied through Lucid’s battery cell partners for use in upcoming vehicle models.

Lucid is majority-owned by PIF, which holds a 60 percent stake, amounting to 1.77 billion shares. The partnership underscores the sovereign fund’s long-term commitment to advancing electric mobility as part of Saudi Arabia’s Vision 2030.

In September 2023, Lucid opened its first international manufacturing facility in King Abdullah Economic City. The plant currently produces 5,000 vehicles per year, with plans to scale up to 155,000 units annually. The expansion is expected to support Saudi Arabia’s ambitions to diversify its economy and become a regional hub for electric vehicle manufacturing.

“A supply chain of critical materials within the United States drives our nation’s economy, increases our independence against outside factors or market dynamics, and supports our efforts to reduce the carbon footprint of our vehicles,” said Marc Winterhoff, interim CEO at Lucid.

Under the latest deal, Lucid and its battery suppliers will begin receiving natural graphite from Graphite Creek, a deposit located near Nome, Alaska, starting in 2028. This builds on a prior agreement signed in 2024, in which Graphite One will provide synthetic graphite from its proposed anode materials facility in Warren, Ohio — also set to begin production in 2028.

“This agreement complements the deal we struck with Lucid in 2024 — which marked the first synthetic graphite agreement between a US graphite developer and a US EV company,” said Anthony Huston, CEO of Graphite One.

He added: “We made history then — and we’re continuing to make history now as we build momentum for our efforts to develop a fully domestic graphite supply chain, to meet market demands and strengthen US industry and national defense.”

Lucid is also expected to receive natural graphite active anode material from Syrah Resources starting in 2026, as part of its ongoing diversification of supply sources.

In a further boost to its financial position, Lucid closed a $1.1 billion offering of convertible senior notes in April, due in 2030. The announcement came shortly after the company reported first-quarter deliveries of 3,109 vehicles — a 58 percent increase year on year.


Closing Bell: Saudi main index closes in green before Eid holidays 

Updated 04 June 2025
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Closing Bell: Saudi main index closes in green before Eid holidays 

RIYADH: Saudi Arabia’s Tadawul All Share Index climbed on Wednesday, gaining 172.1 points, or 1.59 percent, to close at 11,004.53. 

The total trading turnover on the benchmark index was SR4.61 billion ($1.23 billion), with 191 listed stocks advancing and 50 declining.

The Kingdom’s parallel market Nomu surged by 257.9 points to close at 27,307.74. 

Meanwhile, the MSCI Tadawul Index edged up by 1.67 percent to 1,406.49.  

The best-performing stock on the main market was Saudi Industrial Investment Group, with its share price surging 7.03 percent to SR17.36. 

The share price of ACWA Power Co. also rose by 6.72 percent to SR269.80.  

Al-Babtain Power and Telecommunication Co. saw its stock price increase by 5.40 percent to SR5.40. 

Conversely, the share price of Saudi Steel Pipe Co. fell by 6.33 percent to SR56.20. 

Saudi Research and Media Group also saw a dip, with its share price easing 2.26 percent to SR127. 

On the announcements front, Saudi National Bank completed its offer of Saudi riyal-denominated Additional Tier 1 sukuk, with the settlement finalized on June 3. 

According to a statement on the Saudi Exchange dated May 11, the issuance was conducted through a private offer to eligible investors in the Kingdom. The total value of the sukuk offering amounted to SR1.73 billion. 

The bank issued 1,730 sukuk, each with a par value of SR1 million. The sukuk will offer an annual return of 6 percent from the issue date until June 3, 2030. 

The share price of Saudi National Bank increased by 0.88 percent to close at SR34.45. 

The announcement coincided with the implementation of the unified regulation for cross-border registration of investment funds among Gulf Cooperation Council countries, which came into effect in 2025, according to the Capital Market Authority. 

The regulation outlines requirements for registering and marketing investment funds across GCC countries and introduces a dedicated regulatory guide. 

It aims to clarify procedures for handling both local and Gulf-based funds, enhance financial market services, and reduce regulatory challenges. 

Additionally, the framework seeks to support mechanisms that attract international investments to the Saudi financial market and boost foreign ownership in investment funds. 

The broader goal is to improve liquidity in regional financial markets, enhance the competitiveness of GCC economies, and foster integration by unifying the policies and systems governing domestic, regional, and foreign investment activities. 

The regulation also aims to ensure a transparent and stable investment environment. 

Under the framework, the legislative committee in each host country will have the authority to set standards for approving fund registrations and supervising funds within its jurisdiction, including overseeing the appointed agent and their interactions with investors. 

Cross-border registration must be conducted through the capital market authorities of both the fund’s country of origin and the host country. 

The regulation allows investment funds established in any GCC member state to be promoted in other countries applying the framework. 

It also outlines the process for offering Saudi funds in Gulf markets, with a focus on aligning with regulatory review mechanisms and cross-border registration requirements to ensure full compliance with approved guidelines. 


Saudi POS spending hits $4bn pre-Adha, fueled by increased spending across all sectors 

Updated 04 June 2025
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Saudi POS spending hits $4bn pre-Adha, fueled by increased spending across all sectors 

RIYADH: Saudi Arabia’s point-of-sale transactions climbed 33 percent to SR15.5 billion ($4.15 billion) in the week preceding Eid Al-Adha, driven by increased spending across all sectors. 

The latest data from the Saudi Central Bank, also known as SAMA, showed that the clothing and footwear sector led the growth seen in the week ending May 31, registering the largest jump in transaction value, up 72.7 percent to SR1.2 billion. 

The sector also saw a 61.6 percent rise in the number of transactions, reaching 8.6 million. 

The education sector followed, recording a 61.6 percent increase in transaction value to SR242.1 million. Telecommunication spending ranked next, rising 44.5 percent to SR136.2 million, with transactions up 19.9 percent to 2.1 million. 

Food and beverages — the sector with the biggest share of total POS value — recorded a 34.2 percent increase to SR2.2 billion. 

Transportation spending rose 29.7 percent to SR898.8 million, while restaurants and cafes saw a 24.3 percent increase, totaling SR2 billion and claiming the second-biggest share of this week’s POS. 

The smallest spending gains were in hotels, rising by 9 percent to SR207.5 million, and construction and building materials, which increased by 12.9 percent to SR267.6 million. 

Health outlays rose by 28.4 percent to reach SR952.8 million, while the public utilities sector increased by 29.1 percent to SR55.3 million. 

Spending on electronics followed the trend, rising 23.1 percent to SR187.2 million, and recreation and culture edged up 42.5 percent to SR324.3 million. 

Miscellaneous goods and services claimed the third-largest share of total transactions value, with an uptick of 34.4 percent to SR1.9 billion. 

The top three categories — food and beverages, miscellaneous goods and services, and clothing and footwear — accounted for 39.9 percent of the week’s total spending, amounting to SR6.2 billion. 

Geographically, Riyadh dominated POS transaction value, with expenses in the capital reaching SR5.4 billion, a 42.7 percent increase from the previous week. 

Jeddah followed with a 27.7 percent rise to SR2.1 billion, while Dammam ranked third, up 25.1 percent to SR776.5 million. 

Hail saw the biggest weekly increase in transaction value, inching up 52.6 percent to SR262.6 million, followed by Tabuk with a 51.3 percent uptick to SR323.6 million. 

Hail recorded 4.3 million deals in transaction volume, up 24.7 percent, while Tabuk reached 5.2 million transactions, rising 21.1 percent. 


Hong Kong-based Gaw Capital plans to step up Middle East investments

Updated 04 June 2025
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Hong Kong-based Gaw Capital plans to step up Middle East investments

  • Gaw Capital targets UAE, Saudi Arabia for investments
  • Firm plans separate investment vehicle for Middle East

HONG KONG: Gaw Capital plans to bolster investments in the Middle East, its top executive said, as the Hong Kong-based multi-asset investment manager looks to tap into the post-COVID boom in the region’s real estate and other industrial sectors.

Christina Gaw, Gaw’s managing principal and global head of capital markets, said the firm is looking at real estate and other businesses in the UAE and Saudi Arabia as their population has a large demand for real assets.

Gaw acquired a residential building in Abu Dhabi in May for more than $150 million, and signed a pact in November with Expo City Dubai and Lingang Group to explore creating the Expo Life Science Park in Dubai.

The firm, which had $34.4 billion of assets under management as of the end of 2024, expects to close another deal in the region in the second half of the year, said Gaw, whose two elder brothers founded the company in 2005.

Gaw’s interest in the Middle East comes against the backdrop of a post-pandemic property boom there, fueled by business demand and foreign investment.

“(The Middle East) is very wealthy, what can you bring to them? It’s the expertise ... they want to attract talents and different businesses,” Gaw said in an interview. “And we have tenants and business who want to expand there, so we act as a bridge ... to provide them funding and local connections.”

The firm plans to set up a separate vehicle to build an investment track record in the Middle East first before using its main funds in the future.

Gaw, whose main focus has been Greater China and in recent years in Japan and Australia, is also raising a $2 billion fund for private equity and private credit opportunities in Asia Pacific.

The fund is receiving interest from Middle Eastern and Asian investors, as well as in North America, who are looking to diversify amid changing geopolitics.

“Currently the US has many uncertainties. Investors who have been overweighting the US and have done well for many years now may say, ‘I need a little level play’,” Gaw said.

“Asia, on the other hand, has underperformed in the past five years, creating relative value, and people feel they need a repositioning and add some positions in Asia.”

Besides the Middle East, Gaw this year also made investments including more than $1 billion in the Tokyu Plaza Ginza mall in Tokyo with a joint venture partner, and a 45 percent stake in Agility Asset Advisers, a real estate manager in Japan.

In its home market, Gaw said that the firm was focusing on a private credit business linked to upper-middle class residential projects, and was in talks with developers with liquidity needs as well as banks that are selling their non-performing loans.