Saudi Aramco buys 7.4 percent stake in Norwegian software firm Cognite
Both Cognite and Aker BP are part of Norwegian billionaire Kjell Inge Roekke’s group of companies
Updated 02 February 2022
Reuters
Saudi Aramco has bought a 7.4 percent stake in Norwegian industrial software group Cognite from oil firm Aker BP, Cognite said on Wednesday.
The price for the stake was “around 1 billion Norwegian crowns,” or about $113 million, an Aker BP spokesperson told Reuters, valuing Cognite at just over $1.5 billion.
Cognite and Saudi Aramco are in a partnership to provide digitalization services in Saudi Arabia and the wider Middle East region.
“Cognite has proven that their technology delivers complex real time insights seamlessly and is optimising how energy is being supplied to the world,” Saudi Aramco Senior Vice President Ahmad A. Al-Sa’adi said in a statement.
Both Cognite and Aker BP are part of Norwegian billionaire Kjell Inge Roekke’s group of companies, whose investment firm Aker ASA has a 50.5 percent stake in Cognite.
US venture capital firm Accel holds 12.4 percent while Cognite’s Chief Executive John Markus Lervik owns 7.2 percent, an Aker spokesman said in May last year.
Human capability key to navigating global shifts, says Saudi education minister
Updated 5 sec ago
MIGUEL HADCHITY - NADIN HASSAN
RIYADH: Saudi Arabia’s education minister called for a fundamental rethink of how nations develop human capital, warning that demographic shifts, technology, and global volatility demand long-term investment in skills and values.
Yousef Al-Benyan, who also chairs the executive committee of the Human Capability Development Program, opened the Human Capabilities Initiative in Riyadh by stressing the central role of human development in national resilience and growth.
“Our world is evolving faster than ever, driven by technological leaps, environmental sustainability, challenges, and also demographic shifts and global uncertainties,” Al-Benyan said.
“Yet, amidst these complexities, one important constant remains: human capability, the boundless potential of our people,” he added.
He underscored the need for lifelong learning and a transformative approach to education that prioritizes future-ready skills, curriculum reform, and teacher development. “We need to define the future roles of teachers — whether they remain a delivery model or transition into facilitators,” he said.
Al-Benyan also underscored that building human capability is essential to fostering skills, knowledge, and values. This, he suggested, empowers individuals to lead productive lives and equips future generations to meet challenges ahead.
On the opening day of the Human Capabilities Initiative, education ministers and policymakers discussed how technology and curriculum reform can shape the future of education. AN Photo
Global scouts initiative
Following Al-Benyan’s remarks, Saudi Arabia took a major step toward youth empowerment and global collaboration by signing an agreement with the Saudi Arabian Scouts Association, the World Organization of the Scout Movement, and the World Scout Foundation.
Under the agreement, the Kingdom will allocate $50 million over 10 years to support the Messengers of Peace initiative, a global program that enables youth to lead community-based peacebuilding and sustainable development projects worldwide.
At the national level, Saudi Arabia has committed to further strengthening its education system through the National Curriculum Center, a research-driven institution dedicated to the highest quality standards in shaping the future of learning.
The center collaborates with key government partners, including the Ministries of Sports, Education, Economy and Planning, and Culture, to equip teachers with the tools needed to inspire students and prepare them for global competition.
Policymakers discuss education
On the opening day of the Human Capabilities Initiative, education ministers and policymakers discussed how technology and curriculum reform can shape the future of education.
During a panel discussion titled “Activating and Expanding Human Potential from Preparation to #BeyondReadiness,” Al-Benyan stressed the critical role of human development in achieving national ambitions.
“We want to have an ambitious nation and a thriving economy. If you want to achieve this destination, the only way is to focus on human development,” he said.
Al-Benyan emphasized the importance of current and future generations and called for an evolving education system. “Our vision is not only to meet market needs but also to make sure that our education system, and more importantly, the higher education system, creates a new industry that can create new jobs,” he added.
The minister also stressed the need for curriculum reforms, stating: “We need to start also from changing the curriculum and make sure it has the proper focus on developing the skills requirement.”
He also underscored the need for regular performance assessments in education, diversity, leadership, and the evolving role of teachers. “We need to define the future roles of teachers — whether they remain as a delivery model or transition into facilitators,” he said.
UAE’s AI strategy
Sarah Bint Yousef Al-Amiri, UAE’s minister of education, shared insights on integrating artificial intelligence into education. “We have invested quite extensively well over a decade in EdTech (education technology). Our EdTech has integrated AI capabilities to provide a personalized learning experience within the classroom,” she said.
Al-Amiri urged policymakers to rethink education strategies around AI. “Our paradigm shift is not to think of AI as another EdTech tool but to evolve our education policy development centered around the human,” she explained. She also advocated for lifelong learning, stating: “We need to look at the education process as continuous, and not disruptive or disconnected.”
Maldives’ tech solutions
Maldives’ Minister of State for Higher Education Ahmed Shafeeu detailed the challenges of delivering education across dispersed islands. “We have about 200 islands where people live, while we have over 1,200 islands altogether. This creates many challenges,” he said.
The Maldives’ early adoption of technology was crucial during the pandemic. “In 2017, we made sure that we provided one tablet to every student in the Maldives, and it came as a blessing when COVID hit us,” Shafeeu noted.
He also highlighted remote teaching solutions to address teacher shortages, with technology helping bridge gaps in subjects like physics and biology.
The minister emphasized sustainability in education, saying: “What we do within the curriculum is help students understand sustainable lifestyles.”
The discussions at the Human Capabilities Initiative underscore the need for adaptive, technology-driven, and lifelong learning approaches to education. These strategies ensure that nations can navigate future challenges while unlocking the full potential of their people.
Saudi Arabia shifts investment focus from resources to talent, says Al-Falih
Updated 24 sec ago
Nour El-Shaeri
RIYADH: Saudi Arabia is positioning itself as a global investment hub, not only due to its oil wealth or market size, but increasingly because of its expanding base of skilled human capital.
Speaking at the Human Capability Initiative in Riyadh, Minister of Investment Khalid Al-Falih said the Kingdom is entering a new phase where talent, rather than natural resources, is becoming the main driver of investment.
“The magnet for efficiency-seeking investment is talent,” Al-Falih said, highlighting a strategic shift toward capability-led growth.
He emphasized that investment and education must evolve in tandem, forming a mutually reinforcing cycle.
“Investments create a demand pull on skills development, which influences how universities, vocational schools, and individuals respond to market signals,” he explained. “That, in turn, builds a talent pool that becomes a magnet for further investment.”
H.E. @Khalid_AlFalih, Saudi Arabia's Minister of Investment @MISA, explored the connection between investment and human skill development, reaffirming H.R.H. the Crown Prince's commitment to empowering human capabilities.#HCI2025#BeyondReadiness#Saudivision2030
The remarks reflect Saudi Arabia’s broader efforts to diversify its economy and build a knowledge-based future in line with Vision 2030.
According to Al-Falih, the Kingdom is already seeing results from this approach.
“If you see what we’ve done over the last 10 years in investment, our FDI has quadrupled in terms of flows, and our FDI stock has nearly doubled,” he said.
As a result, employment in foreign investment-backed companies has risen by 40 percent, and the number of Saudi nationals employed by these firms has doubled. Meanwhile, the number of investor licenses issued has increased nearly tenfold. The presence of regional headquarters has also surged—from just five prior to the launch of Vision 2030 to more than 600 today.
These figures, Al-Falih said, reflect growing global confidence in Saudi Arabia’s business environment and the evolution of its labor market.
Looking ahead, he predicted a significant shift in how the Kingdom is viewed by international investors.
“We have moved from a place where people looked at the Kingdom as a source for natural resources, to a place where they invest because of market, capital—and increasingly—talent,” he said.
With continued global partnerships and sustained investment in human capital, Al-Falih expressed confidence in the Kingdom’s future: “I predict that in the next decade, Saudi Arabia will be the destination for investment—a hub of local and international talent within an ecosystem that promotes continuous learning and future readiness.”
He also identified human skill development as a central pillar of the Kingdom’s national investment strategy, reinforcing its long-term vision of economic transformation.
“We see human skill development—from education to executive programs to vocational school—as one of our most important investment verticals,” he said.
Al-Falih pointed to Saudi Arabia’s growing ability to attract international academic institutions as evidence of this strategy, citing the newly announced investment license obtained by the University of New Haven as an example of targeted, strategic investment in education.
Beyond formal education, he called for a system that supports lifelong learning and personal growth.
“The half-life of the knowledge you learn from school is getting shorter and shorter,” he noted, stressing the importance of experiential learning and stronger collaboration with the private sector. He referenced global workforce development efforts such as IBM’s training initiatives as potential models.
Al-Falih also emphasized the importance of character-building and resilience in workforce development.
“Building the character of the individual is something that we as parents need to do from birth,” he said. “We need to follow it through the school, so making sure that teachers are able to build that human character and that resilience.”
He added that as modern careers continue to evolve, mobility across industries, organizations, and borders is becoming the norm.
“People are mobile across disciplines, but they’re also mobile across organizations, and they’re mobile across countries,” he said.
The HCI 2025 was launched on Sunday in Riyadh, bringing together more than 300 global leaders, policymakers, and experts from 120 countries to discuss the future of skills and human capability development.
Held under the patronage of Crown Prince Mohammed bin Salman, the event is organized by the Human Capability Development Program in partnership with the Ministry of Education. Under the theme “Beyond Readiness,” the second edition of HCI features over 100 panel discussions, a ministerial roundtable with 20 international ministers, and a series of strategic initiatives. It also marks the launch of Human Capability and Learning Week, running through April 16.
Saudi, Egypt explore investment opportunities at high-level Cairo forum
Updated 9 min 51 sec ago
Mohammad Al-Kinani
JEDDAH: Saudi Arabia is advancing efforts to deepen economic integration with Egypt, as over 100 investors gathered in Cairo for a high-level forum to unlock $30 billion in investment opportunities.
Led by Federation of Saudi Chambers Chairman Hassan Moajab Al-Huwaizi, the delegation began its visit on April 12 with the Saudi-Egyptian Business Forum, aimed at expanding collaboration in food security, industry, and real estate, as well as tourism and infrastructure, the Saudi Press Agency reported.
The mission follows the recent ratification of a bilateral agreement designed to promote and protect cross-border investments.
The event, attended by more than 10 Egyptian ministers, underscores the growing alignment between the two countries. “The relationship between Egypt and Saudi Arabia is based on integration and strategic partnership,” Egypt’s Transport Minister Kamel Al-Wazir said, according to a post by FSC on X.
He added that Egypt is prioritizing industrial development and investor access, specifically in energy and logistics. “We are prepared to address challenges and promoting the reach of Saudi products across Africa,” Al-Wazir said.
The investment protection agreement—originally signed during Crown Prince Mohammed bin Salman’s visit to Cairo in October and approved by Egypt’s parliament in March—is part of the broader work of the Saudi-Egyptian Supreme Coordination Council. It includes provisions on capital security, technology transfer, and human resource development.
Saudi Ambassador to Egypt Saleh bin Eid Al-Husseini said the agreement was finalized in record time to instill investor confidence. He also noted Egypt’s upgraded credit rating and highlighted increased connectivity, with 186 daily flights and 30,000 passengers traveling between the two countries.
The business forum also included bilateral meetings, field visits to key development projects, and discussions with Egyptian institutions to translate opportunity into action.
Bandar bin Mohammed Al-Amri, head of the Saudi-Egyptian Business Council, said the forum united commercial and diplomatic leaders from both sides. “The support of both nations’ leaderships, along with the participation of more than 10 Egyptian ministers in the forum, underscores Egypt’s commitment to welcoming Saudi investors,” he said.
He added: “With over 7,200 Saudi companies operating in Egypt with investments exceeding $35 billion, and more than 5,000 Egyptian companies active in the Kingdom, the economic relationship is both deep and strategic.”
About 700,000 Saudis currently live in Egypt, while more than 2.5 million Egyptians live and work in Saudi Arabia. “As key players in the Muslim world, the two nations enjoy a strategic partnership. Nothing can affect this relation,” Al-Amri said.
Bilateral trade between nations reached $6.5 billion in the first eight months of 2024, up from $4.9 billion during the same period in 2023 — a 32.7 percent jump — according to Egypt’s Central Agency for Public Mobilization and Statistics. Egypt is now the Kingdom’s seventh-largest trading partner.
Saudi Arabia, US in talks to sign deal on nuclear technology
US and Saudi Arabia to sign agreement on energy investments and civilian nuclear technology
Further details on nuclear cooperation between Washington and Riyadh would come later this year
Updated 16 min 42 sec ago
Reina Takla
RIYADH: The US and Saudi Arabia will sign a preliminary agreement on energy cooperation and civilian nuclear technology, Energy Secretary Chris Wright told a press conference in the Saudi capital on Sunday.
The US official said that details on nuclear cooperation between the two countries would come later this year.
He said the cooperation will focus on building a commercial nuclear power industry in the Kingdom “with meaning developments expected this year.”
“There will definitely be a 123 nuclear agreement with Saudi Arabia,” Wright said. He said Washington expects long-term cooperation with Riyadh to develop civilian nuclear industry in the Kingdom.
Responding to a question by Arab News, the top US official said the two sides will cooperate across major energy sectors with “US technologies and partnerships playing a key role.”
He said Saudi Arabia has excellent solar resources and room for technological improvement.
Wright also praised the Kingdom’s approach to efficient energy development and said it applied to all energy sources.
Commenting on the bilateral ties between the two countries, the energy secretary said: “I believe Saudi Arabia will be one of the leading countries investing in the US, which is a win for both nations.”
Lebanon approves bank restructuring law to tackle financial crisis
Updated 13 April 2025
Miguel Hadchity
RIYADH: The Lebanese government approved a draft law on April 12 to reform and restructure the country’s banking sector, marking a significant step toward addressing the financial crisis that has persisted since 2019.
Following a four-hour Cabinet session chaired by Prime Minister Nawaf Salam at the Grand Serail, Information Minister Paul Morcos announced that the approved legislation prioritizes protecting depositors, particularly small savers.
“Within a few weeks, we will achieve the reform package that Lebanon, its economy, and its banking sector need, especially the small depositors,” Morcos said. He added that the government is now drafting another bill to tackle the financial deficit, which would help restore fiscal stability, according to the National News Agency.
The new banking reform law, consisting of 39 clauses, follows recent amendments to Lebanon’s banking secrecy laws — a key demand for transparency and accountability. Morcos emphasized that the reforms align with conditions set by the International Monetary Fund for potential financial assistance.
Morcos expressed optimism, noting that after the removal of banking secrecy, the government had quickly moved forward with reforms in accordance with IMF requirements. He added that a third phase — focused on tackling the fiscal deficit — is anticipated in the near future, reflecting ongoing efforts to stabilize Lebanon’s struggling economy.
IMF and international support
Speaking to local media prior to the Cabinet session, Economy Minister Amer El-Bisat noted that the IMF recognized the complexity of banking reform, requiring extensive political and legal discussions.
Meanwhile, Labor Minister Mohammad Haidar clarified that the law focuses on bank restructuring rather than immediate solutions for depositors’ frozen funds.
The move was welcomed by the UN Special Coordinator for Lebanon, who called it a sign of the government’s commitment to reform. “This positive momentum must continue in parliament and of course, later, in practice,” UNSCOL stated on X.
Ongoing crisis
Lebanon’s economic collapse since 2019 has seen the Lebanese pound lose nearly all its value, plunging millions into poverty while depositors remain unable to access their savings.
The international community, including the IMF and the World Bank, has long demanded structural reforms in exchange for aid, blaming the crisis on decades of corruption and mismanagement.
Central Bank Governor Karim Souaid and other Lebanese officials are set to meet IMF representatives later this month during World Bank meetings in Washington, as Lebanon seeks a new financial rescue plan.
On May 7, World Bank Managing Director of Operations Anna Bjerde began a two-day visit to Lebanon to discuss the country’s socio-economic challenges and reinforce the institution’s commitment to supporting Lebanon during this critical period.
The discussions focused on the World Bank’s planned support in the coming years, particularly in water security, renewable energy expansion, and digital public services — key areas for Lebanon’s transition toward sustainable development. These efforts build on prior analytical work and policy reports designed to guide public debate and decision-making.
