Saudi Arabia raising the bar with its information security approach: WEF official 

Akshay Joshi, head of the industry and partnerships at the Center for Cybersecurity at the WEF.
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Updated 02 November 2023
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Saudi Arabia raising the bar with its information security approach: WEF official 

RIYADH: Saudi Arabia’s government and private sectors are advancing in cybersecurity, with the leadership strongly emphasizing the importance of electronic information protection, according to a top official from the World Economic Forum. 

Speaking to Arab News on the sidelines of the Global Cybersecurity Forum, Akshay Joshi, head of the industry and partnerships at the Center for Cybersecurity at the WEF, highlighted Saudi efforts in cybersecurity and its role in the global landscape. 

“There is a well-established national cybersecurity authority. On top of that, you have leading organizations such as Saudi Aramco, SITE, NEOM and Saudi Telecommunications Co. — all of which are partnering with us,” said Joshi, who was elated to see the GCF in its third iteration.   

He added: “One aspect is to be a leader in cybersecurity and prioritize it for your own country. The second is to try and take leadership in terms of bringing other players on board this problem as well.”   

Talking about the significance of focusing on cybersecurity amid increasing online threats amid technological developments such as artificial intelligence, Joshi said that cybersecurity today is so vital that it intersects all aspects of life.

“We have seen that technologies are developing at an unprecedented pace, and AI is a good example of that. Until last year, we were talking about AI. We weren’t talking about generative AI, as it may be. And that’s the new thing that took us by storm as of last year,” he said. 

He added that the top questions in people’s minds, ever since, have been about security, privacy and the ethics of the underlying AI systems. 

According to Joshi, the advent of technological innovations has been so rapid that in 2018, blockchain and cryptocurrencies were the buzzwords. Videoconferencing took the mantel during the COVID-19 pandemic, and then came the metaverse and the possibilities it could offer and now generative AI. 

Foreseeing the future, Joshi said that quantum computing is one thing that the world is essentially waiting for, but that has heightened security-related considerations. 

“So, if we look at all of these transformations, cybersecurity is a top concern. Therefore, there is no digital transformation without cybersecurity being deep and green,” he added. 

Elaborating on the role of public-private partnerships in addressing cybersecurity challenges, he said that the commerical realm has a lot of expertise because companies are defending their infrastructure daily. 

“Private sector businesses are sitting on a lot of information overall. If we think about the public sector, particularly law enforcement, the mandate to prosecute cybercriminals squarely lies with them,” said the WEF executive 

Naturally, it is a partnership in the making because if the expertise on how these attack vectors are emerging lies is available, then law enforcement will have the mandate to prosecute. 

“This is ripe for public-private partnership. If we think about critical infrastructure, which is a different element, a lot of the providers of critical infrastructure in many countries or operators might be the private sector,” added Joshi. 

He also pointed out the need to stop looking at cybersecurity in isolation and consider it a global problem.  

“Cyberspace is very unique. It transcends borders. The risks facing one particular country, from a cybersecurity perspective, are the exact risks that other countries can also face. Therefore, we need to move beyond just national approaches and think about global public-private cooperation if we are to solve this issue,” Joshi said.

There is also a need for a structural alignment among various industry stakeholders and governments that assesses the ground situation as a business imperative. 

“Within critical infrastructure organizations, it is important to view cybersecurity not as a technical problem but as a business imperative. There needs to be adequate risk mitigation measures and a resilience plan overall,” said Joshi. 

There is also a dire need for cybersecurity professionals worldwide, as many organizations need help finding and retaining skilled individuals to protect their digital assets.  

According to Joshi, it is one of the key priorities, as he cited a report that estimated that the talent shortfall last year was roughly 3.5 million cybersecurity professionals. 

“I think there is a massive shortage. This report basically highlights the talent shortfall at one point in time. Now, if you’re thinking about generative AI that came into the mix, we have a new tech landscape,” he said, summing up the need for organizations to keep their guards up.


Egypt approves $221m in oil exploration deals with foreign firms 

Updated 9 sec ago
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Egypt approves $221m in oil exploration deals with foreign firms 

RIYADH: Egypt’s Cabinet has approved a series of oil exploration and development agreements valued at $221 million, signaling a renewed push to attract foreign investment into its energy sector. 

A statement issued following its 43rd meeting, chaired by Prime Minister Mostafa Madbouly, said ministers had signed off on five draft petroleum commitment agreements.

The deals involve the Egyptian General Petroleum Corp., the Egyptian Natural Gas Holding Co., and a group of international oil companies. 

Egypt’s oil and gas sector is rapidly expanding through exploration and global deals, reinforcing its role as a regional energy hub. This aligns with projections from Imarc Group, which forecasts a 4.37 percent annual growth rate for the sector from 2025 to 2033. 

The cabinet release stated: “These agreements cover oil exploration and exploitation in the Northwest Al Maghrah area in the Western Desert, East El Hamad in the Gulf of Suez, East Gemsa Marine in the Gulf of Suez, and the Integrated Research and Development Area in the Western Desert.” 

It added: “They also cover exploration and exploitation of gas and crude oil in the North Damietta Marine area in the Mediterranean Sea.” 

The contracts include a non-refundable signature bonus of $31.5 million and require the drilling of at least 24 wells, the cabinet said. 

Last month, the cabinet approved two deals allowing the Ministry of Petroleum to sign contracts with foreign firms. One permits South Valley Egyptian Petroleum and Lukoil to operate in South Wadi El-Sahl in the Eastern Desert, while the other authorizes the Egyptian General Petroleum Corporation and Lukoil to explore the adjacent Wadi El-Sahl area. 

Egypt holds a key position in global energy markets through the Suez Canal and Suez-Mediterranean pipeline. 

Since its 2015 expansion, the Suez Canal has served as a vital route for oil and liquefied natural gas shipments from North Africa and the Mediterranean to Asia. Revenue from these transit points makes up a significant portion of the government’s income. 

In April, officials reported that Suez Canal revenue fell by nearly two-thirds over the past year, citing regional tensions and Middle East conflicts as major factors disrupting traffic. 

The canal remains a critical source of foreign currency, handling around 10 percent of global trade in recent years. 


IEA forecasts slowdown in global oil demand growth for the rest of 2025

Updated 35 min 26 sec ago
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IEA forecasts slowdown in global oil demand growth for the rest of 2025

LONDON: The International Energy Agency said on Thursday economic headwinds combined with record sales of electric vehicles will reduce global oil demand growth to 650,000 barrels per day for the remainder of 2025.

That marks a slowdown from the 990,000 bpd the IEA measured for demand growth over January-March.

“Increased trade uncertainty is expected to weigh on the world economy and, by extension, oil demand,” the IEA said in its May oil market report.

The IEA now expects global demand growth to average 740,000 bpd overall this year, an upward revision of 20,000 bpd on the month because of higher expected economic growth and lower oil prices supporting consumption.

It sees demand growth then averaging a similar 760,000 bpd in 2026.

The Paris-based watchdog hiked its supply growth forecast by almost 400,000 bpd on the month to 1.6 million bpd in 2025 as expectations of higher output from Saudi Arabia offset a predicted slowdown in US shale oil output in a lower oil price environment.

Saudi Arabia accounts for almost all of the hike in the IEA’s 2025 supply growth forecast, the IEA said, as it is the only country with room to add barrels back to the market based on current production levels.

The OPEC+ group agreed a second monthly accelerated output increase for June at its last meeting.

“Based on continued price weakness, we expect more activity cuts over the coming quarters,” the IEA said of US shale, having cut its US shale forecast by 40,000 bpd for 2025 and 190,000 bpd for 2026.

In its own monthly oil report on Wednesday, the Organization of Petroleum Exporting Countries trimmed its forecast for oil supply growth from the US and other producers outside the wider OPEC+ group for 2025.

A sharp rise in supply, considerably outpacing demand growth, will force oil storage levels higher by an average of 720,000 bpd this year, the IEA said, after stocks declined on average by 140,000 bpd last year. 


Saudi Arabia’s annual inflation rate holds steady at 2.3% in April: GASTAT 

Updated 51 min 51 sec ago
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Saudi Arabia’s annual inflation rate holds steady at 2.3% in April: GASTAT 

RIYADH: Rent increases and fuel price rises helped Saudi Arabia post an inflation rate of 2.3 percent in April — the same level as a year earlier — official data showed.

According to the latest figures from the General Authority for Statistics, a 6.8 percent increase in the cost of housing, water, electricity, gas, and other fuels contributed to the rise.

Within this category, rents paid for housing rose by 8.1 percent, driven by an 11.9 percent spike in apartment rental prices, a category that holds significant weight in the overall index. 

This comes as Saudi Arabia’s real estate market continued its growth trajectory in the first quarter of 2025, with overall property prices rising 4.3 percent year on year. 

The Kingdom’s inflation rate was similar to Middle Eastern neighbour Jordan, which posted a modest increase of 1.97 percent in the first four months of 2025, but significantly lower than the 13.5 percent registered in April by Egypt.

In its release, GASTAT stated that rental growth “had a substantial effect on the overall annual inflation rate for April 2025 due to the section’s weight, which amounted to 25.5 percent.” 

The release showed that food and beverage prices also saw an increase of 2.2 percent, influenced by a 9.4 percent rise in vegetable prices. The prices of restaurants and hotels rose by 2 percent, driven by a 2 percent increase in catering services. 

The education sector witnessed a 1.3 percent increase, mainly due to a 5.6 percent rise in fees for intermediate and secondary education. 

The prices of furnishing and home equipment, however, decreased by 1.8 percent, driven by a 3.5 percent decline in furniture, carpets, and flooring prices. 

Clothing and footwear prices dropped by 1.2 percent, with ready-made clothing prices falling by 2.1 percent. 

Transportation costs also decreased by 1 percent, primarily due to a 1.8 percent reduction in vehicle purchase prices. Communication services saw a slight decrease of 1.5 percent. 

Monthly inflation 

The consumer price index recorded a slight increase of 0.3 percent in April compared to March. 

This monthly increase was mainly influenced by the rise in housing, water, electricity, gas, and other fuels by 0.3 percent, driven by a 0.4 percent increase in actual housing rents and prices. 

The report also noted a minor increase in food and beverages with 0.4 percent, restaurants and hotels with 0.7 percent, and personal goods and services with 0.8 percent, compared to the previous month. 

Prices of education saw an increase of 0.2 percent, while furnishing and home equipment prices edged up by 0.4 and clothing and footwear prices went up by 0.2 percent. 

There were decreases in the prices of recreation and culture by 0.4 percent and the transportation, communication and health section by 0.1 percent. 

The prices of tobacco division products showed no significant change in April. 

Wholesale Price Index 

In another report, GASTAT revealed that the Wholesale Price Index reached 2 percent in April compared to the same month of the previous year. 

This increase was mainly driven by a 4.5 percent rise in the prices of agriculture and fishery products, which was affected by a 6.9 percent rise in prices of agricultural products. 

Prices of other transportable goods, excluding metal products, machinery and equipment, saw a year-on-year increase of 4.1 percent, driven by an 8.2 percent rise in the prices of refined petroleum products. Moreover, the prices of furniture rose by 9.3 percent. 

Prices of food products, beverages, tobacco, and textiles remained unchanged in April, but ores and minerals prices dipped by 1.7 percent, due to a 1.7 percent decrease in stone and sand prices. 

On a monthly basis, the WPI increased by 0.1 percent in April compared to March, attributed to a 0.7 percent rise in prices of agriculture and fishery products, driven by a 1.3 percent increase in the prices of agricultural products, and a 2.5 percent rise in the prices of fish and other fishing products. 

The prices of metal products, machinery and equipment increased by 0.2 percent driven by a 1.1 percent uptick in the prices of basic metals and a 0.1 percent increase in the prices of equipment transport. 

In a month-on-month comparison, the prices of ores and minerals increased by 0.1 percent, due to a 0.1 percent rise in the prices of stone and sand. 

The prices of other transportable commodities except metal products, machinery and equipment, and the prices of food products, beverages, tobacco, and textiles remained stable, and did not record any significant relative change in April. 

Global and regional inflation trends

Global headline inflation is set to keep moving down, with the World Bank projecting it to decline to 4.2 percent in 2025 and to 3.5 percent in 2026, “converging back to target earlier in advanced economies than in emerging markets and developing economies,” according to an International Monetary Fund report in January.

Across the Middle East, inflation patterns show notable divergence. Lebanon has seen a dramatic slowdown, with annual inflation dropping to 14.2 percent in March from 70.36 percent a year earlier. This sharp deceleration stems largely from exchange rate stabilization, as the Lebanese pound has maintained a steady rate of about 89,500 to the US dollar since mid-2023. 

“Inflation is projected to continue declining across MENA economies, remaining elevated only in few cases,” Jihad Azour, director of the Middle East and Central Asia Department at the International Monetary Fund, stated in April.

Meanwhile, Qatar’s inflation eased by 1.15 percent year on year in January, driven by declines in food, housing, and transport costs, according to data from the National Planning Council.

In late 2024, Gulf economies experienced measured inflationary pressures. Data from the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf showed that overall inflation across GCC states rose by 1.7 percent year-on-year in October. 


Trump: India has offered US a trade deal with zero tariffs

Updated 15 May 2025
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Trump: India has offered US a trade deal with zero tariffs

RIYADH: US President Donald Trump said on Thursday in Doha that India had offered the US a trade deal with zero tariffs.

New Delhi is seeking to clinch a trade deal with the US within the 90-day pause on tariff hikes announced by Trump on April 9 for major trading partners, which had included a 26 percent tariff on India.

“It is very hard to sell in India, and they are offering us a deal where basically they are willing to literally charge us no tariffs,” Trump said in a meeting with executives in Doha.

The US is India’s largest trading partner, with bilateral trade totalling some $129 billion in 2024. The trade balance is currently in favour of India, which runs a $45.7 billion surplus with the US.


MP Materials, Ma’aden to jointly develop rare earths supply chain in Saudi

Updated 15 May 2025
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MP Materials, Ma’aden to jointly develop rare earths supply chain in Saudi

LONDON: US rare earths miner MP Materials has signed a memorandum of understanding with Saudi Arabia’s flagship mining company Ma’aden to jointly develop a rare earth supply chain in the Middle Eastern country.

The agreement was signed on the sidelines of the US-Saudi Investment Forum, where President Donald Trump secured a $600 billion investment from the Kingdom covering the energy, defense and mining sectors.

Saudi Arabia has been pushing to become a global critical minerals hub at a time when minerals processing is fast becoming a necessity for tech-focused economies looking to produce their own building blocks for AI, electric vehicles and other sectors.

Last month, Reuters reported Ma’aden was weighing a rare-earths partnership with at least one of four foreign firms, including MP Materials, China’s Shenghe Resources, Australia’s Lynas Rare Earths or Canada’s Neo Performance Materials.

The partnership between MP Materials and Ma’aden would include mining, separation, refining and magnet production of rare earth minerals.

“Today’s announcement is an important first step toward rebalancing the global supply chain ... especially in robotics and physical AI — while deepening the strategic alliance between the United States and Saudi Arabia,” said MP Materials CEO James Litinsky.

Ma’aden’s CEO Bob Wilt said the partnership was an integral step toward establishing mining as “the third pillar” of the Saudi economy.

Shares of MP Materials rose nearly 5 percent before the bell.