Saudi firms focused on nurturing talent, says business school dean

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Updated 22 October 2023
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Saudi firms focused on nurturing talent, says business school dean

  • London Business School reaffirms commitment to supporting the Kingdom in achieving its Vision 2030 objectives

RIYADH: Amid Saudi Arabia’s ongoing efforts to nurture its young talent, the London Business School reaffirmed its commitment to supporting the Kingdom in achieving its Vision 2030 objectives.  

The dean of the premier institute said the school is focused on infusing high-quality management and leadership skills among the youth throughout the Kingdom.

In an interview with Arab News, Francois Ortalo-Magne said: “So many people are young, the country is growing fast, so lots of the young people need to be effective as workers.”  

Ortalo-Magne, who often visits the Kingdom, said his business school’s partner organizations are enthusiastic about training their respective members or employees with “a real dedication to recruit properly and to train them to help them grow.”   

“We found with our partners that this is a real mindset, that we are here for Vision 2030,” the official added.  

The LBS dean described Saudi Aramco as one of their prominent clients and emphasized that many other major organizations in the Kingdom benefit from the school’s expertise. 




Francois Ortalo-Magne, London Business School dean. (Supplied)

Ortalo-Magne highlighted a unique partnership where LBS collaborated with Saudi organizations to design a 10-week training program specifically tailored to meet the immediate requirements of young employees.  

Talking about training programs for women, the official stressed the need to offer them a healthy environment to foster growth and leadership skills.   

“There are some programs that we have designed to help women specifically, not only with the training but with the coaching, identifying sponsors and we are getting excellent results with that,” he added.  

While men and women benefit from similar training in many areas, Ortalo-Magne said there is a focus on unleashing women’s talent.  

Highlighting LBS’ longstanding presence in Saudi Arabia, the dean said his frequent visits to the country are primarily driven by the school’s dedication to connecting with alumni and engaging with corporate clients seeking support in their transformation journeys.   

“I come here, always for the same, to meet our alumni and hear from them what they are doing and how we can better support them and to meet corporate clients and organizations that we are helping with their transformation.”   

The business school collaborates with organizations to identify their specific objectives and then tailors training programs to empower employees to achieve those goals. These programs cover a wide range of areas, including strategy, finance, diversification, data-driven decision-making, and fostering women’s leadership.   

He explained: “We help high-potential employees within the organizations who are likely to drive transformation. For instance, we equip management with strategy and finance skills, enable organizations to diversify, become more consumer-centric, and make data-informed decisions.”  

The school operates across two campuses in different cities, with modern facilities in both London and Dubai.  

Ortalo-Magne highlighted the flexible approach to training delivery, which can take various forms, depending on an organization’s needs.   

For certain programs, faculty members visit the Kingdom to deliver the training. In other cases, it is a combination of interventions held in both Riyadh and London, he explained.  

Ortalo-Magne added: “There’s another big element, of course, in particular after COVID-19, (that is) using online technologies.”   

While the school values face-to-face interaction as an integral part of the transformation, he said they advocate enhancing their programs with online components.   

Regarding accessibility to LBS programs, Ortalo-Magne stressed that “when it comes to selecting candidates for a program, it’s all about the partnership that we have with the corporate partner.”   

Usually, organizations have their own assessments of skills required for their people. “So, they will determine with us what type of training and outcome they’re looking for and what prerequisite skills people will need.”  

He added: “We don’t just train the elite or the top (people) of an organization. Some organizations have ambitions to train a whole layer of management. Then it’s up to us to develop learning methodologies to help that whole layer.”  

Ortalo-Magne stressed the need for strategy, finance, and leadership development.  

He also noted a growing interest in the concept of “train the trainer.”

“We’re also seeing demand for ‘train the trainer’ so that we don’t just have everybody come to the business school, but we can train people who can then train within their organizations, which allows us to scale our training faster.”   

The dean emphasized LBS’ vision of being an engaged community walking the learning journey together. He reiterated the importance of trust and partnership in delivering effective training programs.  


Aramco signs 34 agreements worth $90bn with US firms to boost innovation, growth

Updated 14 May 2025
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Aramco signs 34 agreements worth $90bn with US firms to boost innovation, growth

RIYADH: Saudi energy giant Aramco signed 34 agreements and memorandums of understanding worth approximately $90 billion with major US companies, as it seeks to advance its long-term strategy and strengthen innovation.

Signed on the sidelines of the Saudi-US Investment Forum, the agreements span a wide array of sectors including liquefied natural gas, chemicals, and fuels, as well as artificial intelligence and emission-reduction technologies. 

The forum was held on the occasion of the US President Donald Trump’s state visit to the Kingdom.

In a statement, the energy company’s president and CEO, Amin Nasser, said the announcements “show the breadth and depth of Aramco’s long history of partnerships with US companies since the first discovery of oil in the Kingdom more than 90 years ago.” 

He added: “Our US-related activities have evolved over the decades, and now include multidisciplinary R&D, the Motiva refinery in Port Arthur, startup investments, potential collaborations in LNG, and ongoing procurement.”

In the downstream sector, Aramco inked deals with Honeywell UOP and Motiva for technology licensing and an aromatics project at the Port Arthur refinery, respectively.

It also signed agreements with Afton Chemical to develop chemical fuel additives, and with ExxonMobil to evaluate a major upgrade to the SAMREF refinery, potentially transforming it into a world-class integrated petrochemical complex.

For upstream developments, Aramco’s deals included a memorandum with Sempra Infrastructure linked to the Port Arthur LNG 2 project, a collaboration with Woodside Energy to explore global opportunities including lower-carbon ammonia, and a final agreement with NextDecade for the long-term purchase of 1.2 million tonnes per annum of LNG from the Rio Grande LNG Facility.

Technology and innovation were at the heart of several agreements. A strategic framework was signed with Amazon Web Services to cooperate on digital transformation and lower-carbon initiatives.

With NVIDIA, Aramco agreed to establish advanced industrial AI infrastructure, an AI Hub, and training programs. Qualcomm also signed an MoU with Aramco Digital to explore connectivity solutions using Aramco’s 450 MHz 5G network.

Aramco’s procurement arm reinforced its links with major US service and equipment providers, including SLB, Baker Hughes, Halliburton, and Emerson, while partnerships in asset management and finance were inked with PIMCO, State Street, and Wellington, as well as BlackRock, Goldman Sachs, and Morgan Stanley, among others.

Additional agreements included a plan with Guardian Glass to localize specialty glass manufacturing in the Kingdom.

These deals reflect Aramco’s commitment to fostering industrial development, technological advancement, and long-term partnerships that align with its strategic vision and the Kingdom’s broader economic diversification goals.


Saudi wealth fund signs $11bn deals to boost financial markets

Updated 14 May 2025
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Saudi wealth fund signs $11bn deals to boost financial markets

  • PIF partners with Franklin Templeton, Neuberger Berman, and BlackRock to accelerate Vision 2030 goals

RIYADH: Saudi Arabia’s Public Investment Fund has signed a series of landmark agreements with leading US financial institutions worth a combined potential investment of up to $11 billion, signaling a major push to strengthen and diversify the Kingdom’s capital markets as part of Vision 2030.

The deals — sealed with Franklin Templeton, Neuberger Berman, and BlackRock — aim to boost local asset management capabilities, deepen investor participation, and enhance the Kingdom’s global financial standing.

These agreements were signed during US President Donald Trump’s visit to Riyadh, underscoring the deepening economic ties between the two nations and the Kingdom’s growing role as a regional and global financial hub.

Agreement with Franklin Templeton

In a major step toward diversifying Saudi Arabia’s investment landscape, PIF signed a memorandum of understanding with Franklin Templeton to jointly invest up to $5 billion. The collaboration will span Saudi equities and fixed income strategies across both public and private markets.

According to a joint statement, the agreement focuses not only on capital deployment but also on knowledge transfer, talent development, and innovation within the local asset management sector.

The move aligns with PIF’s broader agenda to partner with top global financial institutions and expand its international investment portfolio.

Neuberger Berman joins forces with PIF

In a separate deal, the wealth fund has partnered with Neuberger Berman to launch a Riyadh-based multi-asset investment platform with up to $6 billion in assets. The US firm, which manages $515 billion globally, will establish operations in Saudi Arabia — pending regulatory approval — covering equities, fixed income, and private market strategies.

George Walker, CEO of Neuberger Berman, emphasized the firm’s commitment to building local teams, promoting education, and aligning with regional investment priorities under Vision 2030. The agreement is expected to attract further international interest and bolster the Kingdom’s standing as a global investment destination.

Collaboration with BlackRock

Building on an existing relationship, PIF and BlackRock have signed a non-binding letter of intent to deepen their collaboration via a new index mandate focused on Saudi equities. The initiative, announced at the Saudi-US Investment Forum in Riyadh, will be managed through BlackRock’s Riyadh Investment Management platform, established in 2024.

The expanded partnership underscores PIF’s confidence in BlackRock’s capabilities and highlights efforts to diversify investment offerings and advance Saudi Arabia’s capital market ecosystem. While the agreement is subject to regulatory and internal approvals, it marks a significant step in positioning Saudi equities on the global stage.

These agreements follow a series of high-profile engagements aimed at strengthening Saudi-US economic ties, including recent discussions around broader investment flows.

Collectively, the new partnerships reinforce the PIF’s role as a catalyst for financial transformation, in line with the national agenda to diversify the economy and promote sustainable growth.

PIF’s latest annual report revealed a 390 percent surge in assets under management since the 2016 launch of Vision 2030 — underscoring the rapid pace of institutional development and global investor interest in the Kingdom.


ACWA Power expands Saudi-US energy cooperation with $500m deals

Updated 14 May 2025
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ACWA Power expands Saudi-US energy cooperation with $500m deals

RIYADH: Saudi Arabia’s ACWA Power has signed new agreements worth $500 million with several US firms, further solidifying its strategic ties with the country and expanding the scope of joint energy projects to over $6 billion.

The memorandums of understanding were formalized during the Saudi-US Investment Forum held in Riyadh, underlining ACWA Power’s ongoing commitment to leveraging international partnerships in support of the Kingdom’s Vision 2030 goals and its net zero target by 2060.

The agreements come in the wake of US President Donald Trump’s visit to Saudi Arabia, during which he was accompanied by a delegation of leading business figures.

“These strategic partnerships with leading American companies are a direct investment in the future of Saudi Arabia, aligning with the key objectives of Vision 2030,” said Raad Al-Saady, vice chairman and managing director of ACWA Power.

He added: “ACWA Power is committed to leveraging American innovation and expertise to accelerate the development of renewable energy solutions, creating jobs, diversifying the economy, and supporting a sustainable future for the Kingdom.”

Among the highlights of the new collaborations, ACWA Power will work on deploying advanced tracker technologies for photovoltaic solar energy projects, with the aim of reducing energy costs and boosting local production.

“ACWA Power’s strategy is driven by value-driven partnerships like these. Access to cutting-edge technology and expertise is critical as we diversify our portfolio, expand into new markets, and achieve our objectives in meeting net zero by 2050,” said Marco Arcelli, CEO of ACWA Power.

The Saudi-listed company also signed a deal with GE Vernova to test innovations in combined-cycle gas turbine projects and electricity transmission and distribution systems within the Kingdom.

A separate agreement was signed with Baker Hughes to pilot innovations in green hydrogen production.

The collaboration aims to leverage the US-based firm’s technical expertise in developing electrolysis solutions that enhance the safety and efficiency of hydrogen generation.

The partnership may also pave the way for in-Kingdom manufacturing, fostering a local ecosystem for innovation in green hydrogen technologies.

In addition, ACWA Power announced a partnership with KBR for the execution of large-scale projects. 

The agreement will utilize the US firm’s ammonia processing technology and engineering capabilities, alongside its program management and operational expertise to ensure project success.

Another agreement involves Energy Recovery, focusing on research into energy-saving operation technologies in seawater desalination.


Oman, Japan sign deal to tackle environmental issues

Updated 14 May 2025
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Oman, Japan sign deal to tackle environmental issues

RIYADH: Oman’s Environment Authority and Japan’s Ministry of the Environment have signed a bilateral agreement aimed at enhancing cooperation on environmental issues and advancing sustainable development, according to the Oman News Agency.

The agreement seeks to strengthen the implementation of international environmental treaties, including the Paris Agreement, and lays the groundwork for a collaborative framework based on equality, reciprocity, and mutual benefit.

To combat climate change, Oman has launched a national plan aiming for zero-carbon neutrality by 2050. The strategy includes a comprehensive transition of the energy sector toward renewable sources, enhanced energy efficiency, and significant emission reductions across all sectors.

The pact was signed by Abdullah bin Ali Al-Amri, chairman of Oman’s Environment Authority, and Matsuzawa Yutaka, vice-minister for Global Environmental Affairs at Japan’s Ministry of the Environment. The signing ceremony was attended by Japan’s Ambassador to Oman Kiyoshi Serizawa.

Key areas of cooperation outlined in the agreement include climate change mitigation and adaptation, waste management, biodiversity conservation through nature-based solutions, and environmental monitoring.

The two nations also agreed to collaborate on training programs, expert exchanges, scientific research, and joint initiatives. The partnership will promote knowledge sharing and foster dialogue on both current and emerging environmental challenges.


OPEC cuts non-OPEC+ oil supply forecast amid falling investment

Updated 14 May 2025
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OPEC cuts non-OPEC+ oil supply forecast amid falling investment

RIYADH: OPEC has lowered its forecast for oil supply growth from non-OPEC+ producers in 2025, citing reduced capital spending and mounting market pressures.

In its monthly report released Wednesday, OPEC said it now expects oil output from countries outside the OPEC+ alliance to increase by about 800,000 barrels per day in 2025 — down from last month’s estimate of 900,000 bpd.

OPEC+—which includes OPEC members, Russia, and other allied producers— has struggled in recent years to stabilize the market amid surging production from US shale and other non-member nations. A slowdown in that growth would ease the path for OPEC+ to manage supply more effectively.

The group also reported a projected 5 percent decline in capital expenditure on oil exploration and production outside OPEC+ in 2025. This follows a $3 billion increase in 2024 investment, which brought total spending to $299 billion.

“The potential impact on production levels in 2025 and 2026 of the decline in upstream E&P oil investments will constitute a challenge, despite the industry’s continued focus on efficiency and productivity improvements,” the report said.

While the US remains the leading source of non-OPEC+ supply growth, OPEC has revised its US output forecast downward, now expecting an increase of 300,000 bpd in 2025 compared to 400,000 bpd predicted last month.

Oil prices have come under additional pressure recently following OPEC+’s decision to accelerate output increases in May and June, as well as the implementation of new trade tariffs by President Donald Trump.

Despite global economic headwinds, OPEC left its forecasts for oil demand growth in 2025 and 2026 unchanged, after cutting them last month. The decision reflects updated data from the first quarter and the influence of shifting trade dynamics.

The group welcomed the recent trade deal between the US and China, calling it a sign of potential longer-term stabilization.

“The 90-day trade agreement between the US and China suggests the potential for more lasting agreements, likely supporting a normalization of trade flows but at potentially elevated tariff levels compared to pre-April escalations,” OPEC said.