Saudi Arabia to power data platforms with AI to drive Vision 2030 goals

Economy and Planning Minister Faisal Al-Ibrahim speaks at the first Saudi Statistics Forum held from April 27–28 in Riyadh. AN photo
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Updated 27 April 2025
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Saudi Arabia to power data platforms with AI to drive Vision 2030 goals

  • Officials pledge major upgrades in statistical systems to enhance decision-making and global competitiveness

RIYADH: Saudi Arabia plans to enhance its data platforms, strengthen digital transformation, and use artificial intelligence and modern technologies to improve statistical operations and data accuracy, according to a minister.

In his opening remarks at the first Saudi Statistics Forum held from April 27–28 in Riyadh, Economy and Planning Minister Faisal Al-Ibrahim said the Kingdom aims to build a modern, accessible, and globally competitive data ecosystem to support decision-making aligned with Vision 2030.

“In the coming phase, we will continue to develop data platforms, strengthen the digital transformation journey, and leverage administrative data, artificial intelligence, and modern technologies to further improve statistical operations, enhance data accuracy, and facilitate easier access to information,” Al-Ibrahim said.

He added: “Today, Saudi Arabia stands as an international platform for showcasing achievements, sharing success stories with the global community, accelerating the pace of development, and maximizing positive impact both locally and internationally in the field of statistics.”

The minister emphasized that the country will continue to develop administrative data systems and adopt modern technologies to improve the accuracy and accessibility of information across sectors. 

The forum coincides with the 65th anniversary of establishing official statistical work in the Kingdom. This journey has witnessed the sector undergo transformative shifts toward higher quality and greater transparency. 

“Transparency is crucial in supporting evidence-based decisions, especially given international challenges that highlight the need to develop statistical systems, adopt high-performance standards, and enhance the speed and efficiency of decision-making,” Al-Ibrahim. 

He continued: “Today, many national and international statistical agencies and organizations are participating in this forum with the aim of transferring expertise, sharing pioneering experiences in statistical methodologies and best practices, and showcasing modern approaches to innovation and statistical development.”

The minister emphasized the crucial role of accurate, timely data in enabling evidence-based policymaking, particularly in the face of global challenges, and highlighted the need for resilient and agile statistical systems. 

“Saudi Arabia today stands as an international platform for showcasing achievements, sharing success stories, and accelerating positive impact both locally and globally in the field of statistics,” Al-Ibrahim added. 

The forum comes as Saudi Arabia prepares to host the Sixth UN World Data Forum in Riyadh in November 2026. 

During the event, Fahad Al-Dossari, president of GASTAT, reiterated the authority’s commitment to supporting decision-makers by continuously developing the statistical system to meet national and international standards. 

“Statistics are no longer merely supportive tools; today, they are at the heart of development work and a critical enabler of sustainable development, ensuring efficient spending, enhancing service quality, and supporting economic and social growth,” Al-Dossari said. 

He noted that the authority has recently launched a number of strategic initiatives aimed at achieving full digital transformation in statistical operations, including promoting statistical innovation, enhancing the use of AI technologies, analyzing big data, and updating methodologies to align with best global practices. 

As part of its efforts to meet rising demands for data in a rapidly evolving economy, GASTAT introduced around 39 new statistical products in 2023. 

These products aim to deliver greater detail, broaden sector coverage, and enhance regional statistics to better inform both public policies and private sector investments. 

Al-Dossari stressed that continuous collaboration between GASTAT and its partners in the government, private sector, and academic institutions is key to ensuring the success of Saudi Arabia’s broader data agenda. 

He also highlighted the importance of national surveys as critical tools for expanding statistical coverage and providing timely indicators. 




Minister of Industry and Mineral Resources Bandar Alkhorayef speaks at the event. AN photo

During a panel discussion, the role of data as a foundation for industrial development and economic diversification was further emphasized by Minister of Industry and Mineral Resources Bandar Alkhorayef.

“In the industrial sector, we cannot imagine that industry could thrive without infrastructure — whether in the form of industrial cities, energy supply, or other essential elements. Without this infrastructure, neither industry can grow nor investment be attracted,” Alkhorayef said 

The minister underlined that Saudi Vision 2030 targets specific sectors that require precise, regularly updated data, allowing investors to accurately assess market conditions, identify opportunities, and anticipate trends. 

Recognizing this, Saudi Arabia has taken proactive steps to institutionalize early technology adoption across sectors. 

“Today, there is a massive abundance of data, and the key question is how we can harness it to serve decision-making processes and reduce associated risks,” Alkhorayef said. 

He continued: “One of the risks we must be cautious about is relying on modern technologies without having accurate and trustworthy data sources, which can lead to misleading results despite the strength of the tools used.”

Therefore, here in the Kingdom, “we consider the early integration of technology as an essential part of all sectors.” 

As technology reshapes the world of statistics, the nation is positioning itself at the forefront of innovation in data management. 

Alkhorayef emphasized the growing global opportunity to harness AI and big data analytics to drive smarter decision-making. 

However, he warned that relying on modern technologies without ensuring the accuracy and reliability of data can lead to misleading outcomes. 

The Saudi Data and Artificial Intelligence Authority also plays a key role in regulating and accelerating the use of data technologies, striking a balance between strong legislative frameworks and rapid digital transformation efforts. 

“SDAIA combines regulation and ensuring the proper development of technologies with accelerating their use to serve our national goals, whether to achieve the objectives of Vision 2030 or to support investors in accessing data quickly and mitigating investment risks,” Alkhorayef said. 

He continued: “Thus, I believe the integrated system we see today positions the Kingdom as one of the best countries for attracting investments, thanks to the high level of reliability regarding opportunities and how to capitalize on them.” 

During the forum, GATSTAT signed memorandums of understanding with four countries, including the UAE’s  Federal Competitiveness and Statistics Centre, Qatar’s National Planning Council, Statistics Estonia, and Finland. 

The MoUs aim to foster cooperation and facilitate the exchange of expertise in the field of statistics.


UAE shares end higher as outcome of US-China trade talks awaited

Updated 09 June 2025
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UAE shares end higher as outcome of US-China trade talks awaited

LONDON: Stock markets in the UAE ended higher on Monday, in step with Asian peers, as investors awaited the outcome of US-China trade talks in London in the hope that a deal could boost the global economic outlook.

Top US and Chinese officials will sit down in London on Monday for talks aimed at defusing the high-stakes trade dispute between the two super powers that has widened to export controls over goods and components critical to global supply chains.

Dubai’s benchmark index hit its highest levels since 2008 and settled up 1 percent, with almost all sectors in positive territory.

Tolls operator Salik Company gained 2.3 percent and Deyaar Development surged 14.6 percent.

In Abu Dhabi, the index was up for a third straight session and gained 0.1 percent, lifted by a 1.6 percent rise in blue-chip developer Aldar Properties and a 1.8 percent advance in Abu Dhabi’s flagship energy firm Abu Dhabi National Energy Company.

Most stock markets in the Gulf and Egypt including Saudi, Qatar, Kuwait are closed on Monday due to a public holiday.


Saudi commercial bank profits jump 16% in April, topping $2bn before zakat, tax

Updated 09 June 2025
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Saudi commercial bank profits jump 16% in April, topping $2bn before zakat, tax

  • Year-to-date earnings reached SR32.97 billion, an annual rise of 20%
  • Banks getting balance sheets ready for next investment wave

RIYADH: Saudi Arabia’s banking sector extended its winning streak in April, posting SR7.77 billion ($2.07 billion) in pre-zakat and tax profits, a 16 percent increase compared to the same month last year.

According to the Saudi Central Bank, also known as SAMA, this brought year-to-date earnings to SR32.97 billion, an annual rise of 20 percent, keeping the Kingdom firmly on course for another record-breaking period.

The sustained momentum is attributed to a robust mix of state spending on giga-projects, resilient consumer demand, and still-elevated interest rates.

Financing volumes continue to climb, driven primarily by corporate borrowers across a growing range of industries, including manufacturing, utilities, insurance, and private education. 

Speaking at the inaugural 24 Fintech conference in September, Finance Minister Mohammed Al-Jadaan said the Kingdom had licensed 224 fintech firms by the second quarter of 2024. File/SPA

Contractors are also racing to secure long-term credit for giga-projects such as NEOM, Diriyah, and the Jafurah gas field.

A wider Gulf picture

Strong as those local figures are, the broader region is also gaining momentum. A Kamco Invest report released in May showed that Gulf banks collectively earned a record $15.6 billion in the first quarter of 2025, an 8.6 percent increase from a year earlier.

Financial institutions in the UAE posted the largest absolute increase, adding $639.6 million, while Saudi lenders recorded the fastest annual growth at 17.2 percent.

Kamco added that fee income is rising, costs are under control, and loan-loss provisions fell sharply during the period, cushioning a small dip in net interest income.

Investor appetite is visible in market valuations. Forbes Middle East’s “30 Most Valuable Banks 2025” March list includes 10 Saudi lenders with a combined market cap of about $269 billion— roughly one-third of the entire ranking.

Al Rajhi Bank led the pack at $105.6 billion, with Saudi National Bank following at $54.7 billion.

Contractors are racing to secure long-term credit for giga-projects such as NEOM, Diriyah, and the Jafurah gas field. NEOM

Global Finance named Saudi Awwal Bank the Kingdom’s best lender in its May “World’s Best Banks in the Middle East 2025” release, highlighting its HSBC-backed mobile app upgrades, Visa Direct payments, and one-stop small and medium-sized enterprises lending platform.

Cleaning the books and raising cash

Banks are also getting balance sheets ready for the next investment wave.

Bloomberg reported in March that lenders are exploring sales of older non-performing loans to specialist investors to free up capital for upcoming mega project drawdowns.

They’re also tapping capital markets. By June, they had issued over $5.6 billion in Additional Tier-1 bonds, already a full-year record and the world’s second-largest AT1 issuance in 2025, according to Bloomberg.

The spree includes Al Rajhi Bank’s $1.25 billion deal in April, Banque Saudi Fransi’s $650 million perpetual at 6.375 percent in May, Saudi Awwal Bank’s $650 million inaugural issue, and Alinma Bank’s $500 million of sustainable sukuk, all heavily oversubscribed.

Saudi National Bank was ranked in the Forbes Middle East’s “30 Most Valuable Banks 2025” March list. Shutterstock

By tapping eager investors now, while margins remain healthy and global demand for Gulf paper is strong, lenders are bulking up capital buffers and keeping loan-to-deposit ratios in check. That leaves them better prepared to fund the fast-rising credit needs of projects like NEOM and Diriyah without tripping liquidity alarms later in the year.

Fintech role

Fintech is reshaping Saudi banking from the ground up. The Saudi Central Bank’s Open Banking Framework — most recently updated in September to cover payment-initiation services — sets common technical rules that let lenders and start-ups plug their systems together safely and at speed.

Speaking at the inaugural 24 Fintech conference in September, Finance Minister Mohammed Al-Jadaan revealed that the Kingdom had licensed 224 fintech firms by the second quarter of 2024, up from fewer than 100 just three years earlier.

One of the newest players is Riyadh-based Stitch, which closed a $10 million seed round on May 28. The company offers a single set of application-programming interfaces that lets banks, fintechs and even non-financial brands bolt on real-time payments and open-banking functions far faster than older systems.

Early adopters already include Lulu Exchange and point-of-sale platform Foodics. The founders say the fresh cash will go toward doubling the engineering team and expanding the product suite.

Saudi Arabia’s sustained momentum is attributed to a robust mix of state spending on giga-projects, resilient consumer demand, and still-elevated interest rates. File/AFP

Looking ahead

Riyad Capital’s first-quarter preview, released in April, expects another double-digit profit rise this year, about SR19 billion for the listed banks it tracks, as loan growth stays strong and rate cuts arrive slowly.

S&P Global, in its Saudi Arabia Banking Sector Outlook 2025 report, says a 10 percent increase in lending should outweigh a 20- to 30-basis-point dip in margins, keeping sector returns on assets near 2.1 percent to 2.2 percent.

Funding is the main watchpoint. Moody’s shifted its system outlook to stable on Feb. 25, saying strong credit growth is tightening liquidity, but capital buffers remain solid.

For now, asset-quality risks remain low. S&P expects non-performing loans to edge up to just 1.7 percent by the end of 2025, while loan-loss provisions are projected to stay around 50 to 60 basis points. Banks’ total capital ratios, hovering near 19 percent, provide a solid buffer to absorb potential shocks from falling oil prices or rising private-sector leverage.

Saudi lenders are still the region’s earnings workhorse. Profits are rising, market values are high, and fresh money — from bond buyers to venture capitalists — is flowing in. If they can keep gathering deposits quickly enough to fund a fast-growing loan book, the Kingdom’s banks look set to stay ahead of their Gulf neighbors in both profit and ambition well into next year.


Saudi carrier flynas to expand operations across 4 hubs, official says 

Updated 09 June 2025
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Saudi carrier flynas to expand operations across 4 hubs, official says 

  • Hubs include Riyadh, Jeddah, Madinah, and Dammam as part of growth plan
  • Carrier expanded its summer schedule, launching four new international destinations

RIYADH: Saudi Arabia’s low-cost carrier flynas is set to expand operations across its four main hubs — Riyadh, Jeddah, Madinah, and Dammam — as part of an ambitious growth plan, according to a top official. 

In an interview with Al-Eqtisadiah, Waleed Ahmed, the company’s official spokesperson, said that flynas holds the largest aircraft order in the Kingdom and one of the biggest in the Middle East, with a total of 280 aircraft set to be received. 

This follows a major deal signed in July with Airbus to acquire 160 new aircraft, including 30 wide-body A330neo and 130 single-aisle jets across A320neo, A321neo, and A321LR models. 

The airline has seen a sharp rise in passenger traffic, with volumes climbing from around 11 million in 2023 to more than 14.7 million in 2024, reflecting the low-cost carrier’s rapid expansion in line with Saudi Arabia’s push to position itself as a leading global hub for tourism and business. 

“These numbers reinforce the company’s role in supporting Vision 2030, which aims to increase the number of passengers to 330 million and attract more than 150 million international passengers by that year.” Ahmed said, as quoted by Al-Eqtisadiah. 

He also highlighted that, as part of its ambitious strategic plan, flynas has expanded its summer schedule by launching four new destinations for the first time: Krakow in Poland, Geneva in Switzerland, Milan in Italy, and Rize in Turkiye, in addition to its usual summer routes. 

Last week, flynas finalized its initial public offering at SR80 ($21) per share — the top of its indicated price range — following strong demand from both institutional and retail investors. 

The pricing values the airline at an estimated market capitalization of SR13.6 billion at listing. 

The offering followed the company’s announcement last month of its intention to float 30 percent of its share capital on the Saudi Exchange, making flynas the first airline in the Kingdom to go public and the first Gulf airline IPO in nearly two decades. 

In line with its ongoing fleet expansion, flynas recently took delivery of its fourth Airbus A320neo of 2025, bringing the total number of A320neo aircraft in its all-Airbus fleet to 57. The current fleet includes 63 aircraft — 57 A320neo, four A320ceo, and two A330neo wide-body jets.


Al-Habtoor Group chairman to lead high-level delegation to Syria, exploring investment opportunities

Updated 09 June 2025
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Al-Habtoor Group chairman to lead high-level delegation to Syria, exploring investment opportunities

  • Group said visit reflects its ongoing strategy to explore new cooperation with Syrian government
  • Khalaf Al-Habtoor to visit Syria in coming days

RIYADH: The head of Dubai conglomerate Al-Habtoor Group is set to visit Syria with a delegation of senior executives to discuss potential investments and partnerships with the new government.

According to a statement, the visit reflects the group’s ongoing strategy to explore new avenues of cooperation with the Syrian government and to assess potential investment opportunities across multiple sectors. 

It added that the trip stems from “a firm belief” in Syria’s ability to recover its strength and regional standing and the importance of public-private partnerships in the country’s rebuilding phase.

The move comes as Syria’s transitional government, led by President Ahmed Al-Sharaa, pushes economic reforms to attract foreign investment, including privatizations, relaxed trade policies, and major infrastructure deals. 

Speaking ahead of the trip, the group’s Chairman Khalaf Ahmad Al-Habtoor said: “Syria is a country rich in culture, history, and capable people. We believe in its future potential and are eager to play a role in its revival through meaningful projects that generate employment.”  

He added: “We look to Syria with great confidence. Its people possess the energy and resilience needed to shape a strong and prosperous future. As an Arab group with deep regional roots, we consider it both a moral and economic responsibility to stand as a partner in rebuilding stable and thriving societies.”

Al-Habtoor Group, a UAE-based multinational with a strong presence in the hospitality, real estate, and automotive industries, has a history of large-scale investments in the Middle East. The move follows the organization’s recent withdrawal from Lebanon, where it cited instability as a barrier to business.


Jordan’s foreign exchange reserves hold steady at $22.76bn in May

Updated 09 June 2025
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Jordan’s foreign exchange reserves hold steady at $22.76bn in May

  • Gold holdings at the end of May were valued at $7.76 billion
  • Qatar Central Bank recorded a 3.6% increase in its foreign currency reserves and liquidity

RIYADH: Jordan’s foreign exchange reserves remained largely unchanged in May, standing at $22.76 billion, as per new data released by the Central Bank of Jordan. 

The slight month-on-month dip — about 0.2 percent from April — reflects broad stability in the Kingdom’s external buffers. 

Jordan’s foreign exchange figures are broadly in line with trends observed across other Middle East and North African countries. 

The Qatar Central Bank recorded a 3.6 percent increase in its foreign currency reserves and liquidity, reaching 258.135 billion Qatari riyals ($70.9 billion) in May, up from 249.165 billion riyals in May 2024. 

Jordan’s long-term foreign-currency issuer default rating was affirmed at “BB-” with a stable outlook by Fitch Ratings. File/AFP

Egypt’s foreign exchange reserves rose to $48.525 billion by the end of May, compared to $48.144 billion in April, marking an increase of $381 million. 

“The Central Bank of Jordan stated in a statement today that its total foreign reserves are sufficient to cover the country’s imports of goods and services for approximately nine months,” the Qatar News Agency reported. 

The central bank also reported that gold holdings at the end of May were valued at $7.76 billion, totaling 2.345 million ounces, underscoring the role of bullion in Jordan’s reserve composition. 

“It added that the presence of comfortable levels of foreign reserves enhances the ability to influence exchange rates, provides a stable economic environment, and enhances the confidence of foreign creditors and investors,” the QNA report stated, citing the Jordan Central Bank. 

The Central Bank of Jordan said its total foreign reserves are sufficient to cover the country’s imports of goods and services for approximately nine months. File/AFP

In May, Jordan’s long-term foreign-currency issuer default rating was affirmed at “BB-” with a stable outlook by Fitch Ratings, citing the country’s macroeconomic stability and progress on fiscal and economic reforms. 

The US-based credit rating agency noted that the rating and stable outlook also reflect Jordan’s resilient financing sources — including a liquid banking sector, a robust public pension fund, and sustained international support. 

Despite the stable outlook, Jordan’s credit rating remains below that of several other countries in the region. In February, Fitch affirmed Saudi Arabia’s IDR at “A+” with a stable outlook, while the UAE was rated “AA-.” 

Fitch said the ratings are constrained by high government debt, moderate growth, risks from domestic and regional politics, as well as current account deficits and net external debt levels that exceed those of rating peers. 

Jordan’s foreign exchange figures are broadly in line with trends observed across other Middle East and North African countries. Central Bank of Jordan

A “BB” rating indicates elevated vulnerability to default risk, particularly in the event of adverse shifts in business or economic conditions. However, it also suggests some degree of financial or operational flexibility in meeting commitments. 

Fitch also noted that Jordan’s government remains committed to advancing its three-pillar reform agenda — spanning economic, public administration, and political sectors — despite external pressures. 

The agency added that the pace of reforms will continue to be shaped by the need to preserve social stability, resistance from vested interests, and institutional capacity limitations.