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RIYADH: Six Saudi companies have secured spots in the finals of the Entrepreneurship World Cup, a competition organized by the General Authority for Small and Medium Enterprises, or Monsha’at.
The finalists represent a range of innovative ventures, highlighting the Kingdom’s entrepreneurial spirit. Among them are Ammar Real Estate, a platform that offers technology-driven solutions for lease management, and AmplifAI, which focuses on diabetic foot care using artificial intelligence, the Saudi Press Agency reported.
Another finalist, Ballurh, is a business intelligence platform that integrates with point-of-sale systems to generate actionable insights from various data sources.
Other finalists include Fbni, a leader in eco-friendly construction materials; MisMar, which provides an app for car maintenance and repair services, and Moddakir, an educational platform that helps users develop customized learning plans for the Qur’an.
The Saudi companies advanced through national and regional qualifying rounds and now stand among 100 firms competing in the EWC finals. Their innovative solutions span diverse sectors, positioning them to enhance local and global competitiveness.
The EWC is hosted by Monsha’at in partnership with the Prince Mohammed bin Salman Foundation, or Misk, and the Global Entrepreneurship Network.
The finals will take place during the Biban 24 Forum, held from Nov. 5— 9 at the Riyadh Exhibition and Convention Center, under the theme “A Global Destination for Opportunities.”
RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Wednesday, losing 55.22 points, or 0.46 percent, to close at 11,901.77.
The total trading turnover of the benchmark index was SR4.68 billion ($1.24 billion), as 68 of the stocks advanced and 159 retreated.
Similarly, the Kingdom’s parallel market Nomu lost 25.27 points, or 0.10 percent, to close at 26,379.91. This comes as 33 of the listed stocks advanced while 34 retreated.
The MSCI Tadawul Index lost 5.85 points, or 0.39 percent, to close at 1,495.35.
The best-performing stock of the day was Al-Baha Investment and Development Co., whose share price surged 3.45 percent to SR0.30.
Other top performers were Umm Al-Qura Cement Co. as well as Saudi Pharmaceutical Industries and Medical Appliances Corp.
The worst performer was East Pipes Integrated Co. for Industry., whose share price dropped by 4.49 percent to SR157.40.
Other fallers were Bupa Arabia for Cooperative Insurance Co. and Arabian Contracting Services Co.
On the announcements front, Bank Albilad has revealed its interim financial results for the period ending on Sept. 30.
According to a Tadawul statement, the firm recorded a net profit of SR2.016 billion in the first nine months of the year, reflecting a 14.4 percent surge compared to the same period in 2023.
The increase is mainly due to a rise in total operating income by 6 percent, which can be attributed to the growth in net income from investing and financing assets, other operating revenue, dividend income, and net fee and commission earnings.
Bank Albilad’s shares ended the session at SR36, up 0.28 percent.
Banque Saudi Fransi has announced its interim financial results for the period ending on Sept. 30. According to a Tadawul statement, the firm recorded a net profit of SR3.427 billion in the first nine months of the year, reflecting an 0.942 percent surge compared to the same period in 2023.
This increase is mainly attributed to a decrease in total operating expenses by 2.8 percent while total operating income decreased by 0.7 percent.
This decline in total operating expenses was primarily due to lower impairment charges for expected credit losses on loans and advances, which was partially offset by salaries and employee-related expenses, other operating and general and administrative costs, impairment charges for other financial assets as well as depreciation and amortization.
The decrease in total operating earnings was driven by lower net special commission income, trading revenue, and exchange profits, which was partially offset by higher net fee and commission income and gains on non-trading investments.
Banque Saudi Fransi’s shares ended the session at SR31.30, down 1.12 percent.
RIYADH: The transformative impact of artificial intelligence on global industries was a key focus at the UN Industrial Development Organization’s event in Riyadh.
During this year’s Multilateral Industrial Policy Forum, discussions centered on how AI is reshaping various sectors and the global economy, with panelists sharing insights and strategies from their countries on navigating this rapidly changing landscape.
Russian Deputy Minister of Economic Development Alexey Gruzdev highlighted the remarkable speed of AI’s growth in the global market, noting that it ranks among the fastest across different sectors.
He elaborated on Russia’s strategic vision, presenting a comprehensive plan for AI development that extends to 2030.
“We made up the strategy for development of artificial intelligence in Russia until 2030,” Gruzdev stated, emphasizing the focus on scientific research, software development, data hardware improvement, and enhancing public awareness of AI technologies.
The plan also seeks to increase the availability of qualified personnel to meet the demands of the burgeoning Russian AI market.
In addition to the national strategy, Gruzdev mentioned the introduction of an AI code of ethics, which establishes general behavioral principles and standards to promote ethical AI use in the country.
Saudi Arabia’s Assistant Minister of Planning and Development Abdullah Al-Ahmari presented the Kingdom’s ambitious “Future Factories” program, aimed at digitally transforming 4,000 factories. He discussed how Saudi Arabia is leveraging AI to revolutionize industrial processes and strengthen its position as a leader in innovation.
Al-Ahmari explained that the initiative focuses on digitizing industrial processes through the integration of digital tools, positioning Saudi Arabia at the forefront of industrial innovation.
Concerns about AI’s impact on employment were also addressed. Siemens General Counsel Abdullah Al-Ajlan raised alarms about potential job displacement resulting from increased automation in industries. “One of the main concerns I’ve noticed in discussions around AI and digital transformation is employment and job displacement,” Al-Ajlan noted.
He underscored the necessity of recognizing that certain sectors will continue to require human skills, even as automation and AI technologies evolve.
Al-Ajlan stressed that the success of AI integration relies not only on technological advancements but also on the establishment of legal frameworks: “It is important to touch upon the importance of clear laws and regulations policies that maintain the values of digitalization.”
As the panel concluded, it became clear that while AI presents vast opportunities, it also necessitates careful consideration of ethical standards, workforce impacts, and regulatory frameworks to ensure a balanced and progressive approach to its adoption.
RIYADH: The Energy Localization Forum in the Saudi capital Riyadh saw the signing of 124 agreements worth over $27.7 billion with 118 companies.
The deals represent a significant step in the Kingdom’s efforts to localize its energy sector and cover a range of industries, from oil and gas to renewable energy and petrochemicals. They also aim to foster long-term economic growth, reduce import dependency, and position the country as a global energy leader by achieving 75 percent localization by 2030.
The forum, which takes place from Oct. 23— 24, also highlighted the launch of the “Nuwatin” initiative, a localization enablement program designed to facilitate partnerships between suppliers, investors, and energy sector stakeholders.
The initiative already includes 63 suppliers and 59 energy components and is expected to increase the localization of energy products by up to 20 percent in some areas.
Live Stream of HRH Minister of Energy’s Opening Remarks at #EnergyLocalization24 https://t.co/bbXKhWVefz
The program will act as a platform for public and private sectors to collaborate and overcome project development challenges, supporting Saudi Arabia’s broader efforts to localize critical aspects of its energy supply chain.
Saudi Aramco played a prominent role at the forum, securing 10 agreements under the “Drilling Equipment and Chemicals” initiative with global leaders such as Baker Hughes, Schlumberger, and Weatherford International.
These deals are set to enhance the localization of key equipment and services within the oil and gas sector. Aramco also signed five deals focused on gas monitoring and control systems with companies like Honeywell and Emerson, reflecting the Kingdom’s commitment to strengthening its domestic energy infrastructure.
The Saudi Electricity Co., known as SEC, also made significant strides, signing two major deals with Siemens Energy and Hitachi Energy to localize high-voltage gas-insulated switchgears, a critical component of Saudi Arabia’s power grid. Additionally, SEC entered into seven agreements to advance the production of electrical components with companies such as Arabian Transformers Co. and Power Transmission & Telecommunication.
سمو #وزير_الطاقة يفتتح أعمال #ملتقى_توطين_قطاع_الطاقة في نسخته الأولى، والذي يهدف إلى ترسيخ الريادة العالمية للمملكة في أسواق ومجالات الطاقة كافة، وتعزيز استدامة سلاسل الإمداد.
HRH Minister of Energy inaugurates the first edition of #EnergyLocalization24, aimed at reinforcing… pic.twitter.com/rq5ilgmS3a
In his keynote address, Saudi Minister of Energy Prince Abdulaziz bin Salman highlighted the Kingdom’s unwavering focus on building a fully localized energy supply chain. “We should not be content with just local content but go deeper into materials, components, and minerals,” he said, advocating for a comprehensive approach that spans the entire supply chain — from raw materials to finished products.
The minister added that achieving this goal requires coordinated efforts across sectors, dismissing the idea of siloed strategies. “No matter what you do in silos, you’re not going to achieve anything,” he said.
He reiterated the importance of working cohesively to realize the Kingdom’s localization goals, adding that Saudi Arabia’s energy sector is supported by a broader ecosystem designed to empower companies like Aramco, SABIC, and SEC to achieve ambitious targets.
Live Stream from Day 1 of #EnergyLocalization24 | 23 October https://t.co/VfZynsXl2s
The forum also showcased the Kingdom’s growing focus on renewable energy. An agreement was announced to localize the manufacturing of wind towers for the country’s wind turbine energy system. The deal, made with Al Yamama and AIC Steel, represents Saudi Arabia’s increasing commitment to renewable energy as part of its sustainability efforts.
Another major development was the launch of the GCC Lab Co. for Technical Services, a collaboration involving key players like SABIC, the Nusaned program, and SNB Capital. This new entity will provide technical services to further support the localization of advanced energy technologies.
These efforts are part of Saudi Arabia’s broader strategy to create a sustainable, self-reliant energy ecosystem. As Prince Abdulaziz highlighted, the Kingdom’s localization goals are deeply tied to its ambition to lead the global energy market while ensuring security and resilience for decades to come.
DAMMAM: Student hackers, robots and international visitors came together for Saudi Arabia’s first ever Digital Transformation Forum for the Non-Profit Sector in Dammam.
Eastern Province Deputy Gov. Prince Saud bin Bandar inaugurated the event, which began in Dhahran Expo center on Oct, 23.
With a robot greeting guests as they entered the vast exhibition space, the two-day event was packed full of innovative ideas in the non-profit sector.
The forum featured 31 individual booths, showcasing the digital achievements of various local and Kingdom-wide organizations.
The event’s agenda included about a dozen workshops, six panels, and eight advisory labs, with over 50 speakers in total and hundreds of networking sessions.
At the back of the space were 11 teams ready to take part in the digital hackathon activation, which required them to solve a problem or issue plaguing the non-profit sector.
The winners of the top three hackathon teams were set to receive cash prizes totaling SR100,000 ($26,664).
The event was organized by local Ertiqa Association, in collaboration with the Council of Civil Societies and strategic partners such as the Ministry of Communications and Information Technology and the National Center for the Development of the Non-Profit Sector.
CEO of Ertiqa Omar Al-Shaibani and Ali Al-Humimeidy – a representative of the Ministry of Communications and Information Technology – gave Public Affairs Officer at the US Consulate Dhahran, Caroline Platt, a tour of the space.
“Attending this groundbreaking forum in the Kingdom provided an excellent opportunity to strengthen the consulate’s relationships with local NGOs and key stakeholders in the digital transformation space, such as Ertiqa,” Platt told Arab News.
The official held discussions with leaders from the nonprofit sector, including the Civil Society Council, Hewar Corner and Awqaf, as well as with the students participating in the hackathon.
“I was truly impressed by the organization and professionalism displayed throughout the event. Our visit underscores our commitment to innovation and collaboration, aligning our objectives with local initiatives and identifying potential partnership opportunities to enhance our support in the region,” Platt added.
Arab News also spoke to the head of projects and leader of the volunteers at Ertiqa, Shaima Al-Anazi, about the non-profit’s decade-long initiative that has turned it into one of the shining success stories out of the region, and one of the main organizers of the event.
“We are at the forefront of the initiatives from Al-Fozan for community service, a specialized charity that focuses on refurbishing computers,” she told Arab News.
“This association is dedicated to collecting old devices from individuals, government entities and private companies across the Kingdom,” she added.
Over the last decade, 88,928 computers have been jolted back to life, along with 62,875 printers and scanners, via their pilot program.
Customers can send their unwanted devices into the organization’s Dammam office, and Ertiqa also collaborates with local electronics shop eXtra to help support them in the refurbishment process.
If found usable, the devices are wiped clean using a globally-recognized software called Blancco, then redistributed to charity and educational organizations.
The devices that they find to be faulty during inspection go through a different process where the raw materials are extracted and are then safely deposited.
“It protects the environment from electronic waste and carbon emissions,” Al-Anazi added.
“We believe that technology is a key factor in the success of organizations and we want to increase awareness in the non-profit sector—as we are one of the leading organizations in this field,” she said.
RIYADH: Saudi Arabia’s foreign direct investment inflows reached SR96 billion ($25.6 billion) in 2023, marking a 50 percent annual increase from the previous year, according to recent data.
A report from the Ministry of Investment said that these figures are calculated using a new methodology aligned with the International Monetary Fund’s sixth edition of the Balance of Payments Manual, which offers updated guidelines for compiling cross-border transaction data.
The figures exclude the SR55 billion Aramco deal from 2022, in which a consortium led by BlackRock Real Assets and Hassana Investment Co. acquired a 49 percent stake in a newly-formed gas pipeline subsidiary.
The reported inflows surpassed the National Investment Strategy target by 16 percent. Saudi Arabia aims to boost FDI inflows to 5.7 percent of its nominal gross domestic product by 2030, up from the current 2.4 percent, with a target of attracting $100 billion annually.
#MISA just released the second edition of its Saudi Arabia FDI Report, featuring a detailed analysis of the data and performance of 2023, FDI inflow reached SAR 96 billion ($26 BN). To read the full report, visit this link: https://t.co/njarcRCJy0 pic.twitter.com/3W2AWz4aRr
The report also highlighted that FDI stock — the total value of foreign investments in the Kingdom — reached SR897 billion, a 13.4 percent annual increase. Net inflows surged by 91.1 percent to SR86 billion.
Manufacturing industries led FDI inflows in 2023, amounting to SR34.44 billion, or 36 percent of the total. The financial and insurance sectors followed with SR14.86 billion, construction attracted SR13.38 billion, and wholesale and retail trade saw SR12.57 billion in inflows.
By the end of last year, manufacturing industries also contributed the largest share of the total FDI stock, reaching approximately SR258.74 billion, or 29 percent of the total. Wholesale and retail trade activities contributed SR134.8 billion, or 15 percent, while financial and insurance sectors accounted for SR112.13 billion, or 12 percent.
Saudi Arabia is actively working to cultivate an attractive investment environment as part of its Vision 2030 initiative, which aims to diversify the economy away from oil revenues.
The Kingdom has rolled out a series of ambitious reforms and projects designed to foster FDI and enhance the overall business environment.
These initiatives include streamlining regulatory processes, offering incentives to investors, and hosting high-profile events that showcase the Kingdom’s potential as a global investment hub.
Between 2017 and 2023, the compound annual growth rate (CAGR) reached 70% for the net inflow, while inflow growth rate reached 23% in the same period.
For more detailed via:https://t.co/njarcRCJy0 pic.twitter.com/h2cL5kARK5
The country’s focus on localization and innovation has positioned manufacturing as a critical pillar for attracting global investments, aligning with its goals of self-sufficiency and sustainable development.
The Saudi government’s proactive approach to improving the ease of doing business has also played a key role in attracting FDI.
Localization efforts have evolved from mere compliance to becoming vital engines for both short-term success and long-term growth. Companies like Emerson have exemplified this journey by establishing local manufacturing facilities and expanding their operations to include a wide range of products tailored to the specific needs of the Saudi market.
The focus on building a skilled local workforce has strengthened the manufacturing sector’s attractiveness to foreign investors. Initiatives that promote collaboration with local educational institutions ensure a continuous talent pipeline, with Saudi nationals leading the way in these operations.
This commitment to workforce development, especially through enhancing opportunities for women in manufacturing roles, aligns with Vision 2030’s broader goals and fosters a more inclusive economy.
Initiatives like “In-Kingdom Total Value Add,” or IKTVA, support the localization of supply chains, reducing reliance on imports while enhancing domestic manufacturing capabilities.
By sourcing critical components locally, manufacturers can lower transportation costs and environmental footprints, making the sector even more appealing to foreign investors.
Riyadh leads FDI inflows
Riyadh attracted SR33 billion in FDI inflows, positioning it as the leading region in Saudi Arabia. This can be attributed to its status as the Kingdom’s capital and economic hub, where government initiatives and major infrastructure projects have bolstered investor confidence.
The Eastern Province followed with SR29 billion in inflows, benefiting from its natural resources and strategic location, which support trade and industrial activities. The region includes key cities such as Dammam, Al-Hasa, Al-Jubail, and Al-Khobar.
#GASTAT
Foreign direct investment stock in Saudi Arabia increases by 13.4% at the end of 2023 reaching 897 billion SAR
Al-Khobar recently achieved the 99th position in the International Institute for Management Development’s Smart City Index for 2024, becoming the fifth Saudi city to earn smart city status alongside Riyadh, Jeddah, Makkah, and Madinah.
This recognition highlights the Kingdom’s commitment to Saudi Vision 2030, focusing on technology-driven urban development. The IMD index evaluates cities on their ability to utilize advanced technologies to create sustainable, intelligent communities.
The Madinah region attracted SR23 billion in FDI, driven by its religious significance and recent reforms to enhance global investment opportunities.
As Muslim high-net-worth individuals worldwide increasingly seek property investments in the holy cities of Makkah and Madinah, the region is becoming a magnet for significant financial commitments.
Investments in infrastructure, such as Turkish airport operation and services firm TAV Airports’ $275 million project to expand Prince Mohammad Bin Abdulaziz International Airport, further highlight the region’s growing appeal.
This upgrade is essential to accommodate the rising passenger traffic, which soared nearly 50 percent last year to reach 9.4 million. By enhancing the airport’s capacity to handle 18 million passengers annually, the development strengthens the region’s connectivity and bolsters its appeal as a destination for religious tourism.
In tandem with these infrastructure advancements, the hospitality sector in Madinah is also poised for transformation. Taiba Investments, a hospitality and real estate company, has announced a strategic partnership with Hilton to bring the Waldorf Astoria Hotels & Resorts brand to the city.
The renovation of the existing Taiba Front Hotel into Waldorf Astoria Al Madinah is set to elevate the tourism experience, featuring over 300 luxurious rooms and suites, multiple dining options, and state-of-the-art facilities, including multi-functional halls and a fitness center.
Scheduled to open in 2028, the hotel will enhance the pilgrimage experience, situated just a stone’s throw from the Prophet’s Mosque.
Top countries driving FDI inflows
In 2023, Saudi Arabia’s FDI inflows came from a diverse international landscape, with the top 20 countries accounting for 85 percent of the total.
The UAE led the way, contributing 19 percent, followed by France with 11 percent. The UK and the Netherlands each contributed around 7 percent, while Egypt accounted for 6 percent.
Among G20 nations, France was a significant player, contributing 12 percent, followed by the UK with 7 percent. The US and India also made noteworthy contributions, with 6 percent and 4 percent, respectively.
