Saudi Data and Artificial Intelligence Authority, Shareek sign deal to accelerate AI, cloud innovation

A deal has been signed between the Saudi Data and Artificial Intelligence Authority and the Private Sector Partnership Reinforcement Program, known as Shareek. X/@SDAIA_SA
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Updated 15 July 2025
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Saudi Data and Artificial Intelligence Authority, Shareek sign deal to accelerate AI, cloud innovation

RIYADH: Saudi Arabia’s private sector is set to gain a boost in AI-driven innovation and data capabilities through a new agreement aimed at accelerating digital transformation across key industries. 

The new deal, signed between the Saudi Data and Artificial Intelligence Authority and the Private Sector Partnership Reinforcement Program, known as Shareek, aims to conduct comprehensive market studies and coordinate with relevant authorities, according to an official statement. 

The memorandum of understanding also includes a mandate to develop AI-aligned business models and provide technical consultation services to private sector entities participating in the Shareek program. 

This comes as the Gulf’s largest economy positions itself as a global AI hub under its Vision 2030 strategy, which targets $135.2 billion in economic value from the technology by the end of the decade. 

The same roadmap aims to raise the private sector’s contribution to gross domestic product to 65 percent by 2030, signaling a shift toward tech-led diversification away from oil dependency. 

In a post on X, SDAIA stated that the MoU also seeks to “develop investment opportunities in cooperation with relevant authorities” and to “develop business models for both parties, in accordance with established procedures.” 

It added that the agreement will also focus on “identifying and prioritizing investment opportunities and providing specialized technical consultations,” as well as “sharing investment opportunities with the sector and relevant authorities to join the Private Sector Partnership Reinforcement Program – Shareek.”

Launched in 2021, Shareek is a flagship public-private partnership program aiming to unlock SR5 trillion ($1.33 trillion) in investments by 2030. It supports large Saudi companies in accelerating growth and driving economic development. Its collaboration with SDAIA highlights its role in advancing large-scale digital transformation.

The development comes as the Kingdom expands its global tech alliances, with SDAIA signing an MoU with Advanced Micro Devices, or AMD, on the sidelines of the Saudi-US Investment Forum in Riyadh in May to strengthen the AI ecosystem. 

The agreement aims to develop specialized AI data centers powered by AMD technologies, supporting the Kingdom’s efforts to build a robust digital infrastructure.

These developments come as Saudi Arabia’s global AI standing continues to rise, with the Kingdom ranking third worldwide in the OECD AI Policy Observatory in December, behind only the US and the UK.


Saudi Arabia taps French bank to expand local debt market

Updated 27 July 2025
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Saudi Arabia taps French bank to expand local debt market

RIYADH: The Saudi Ministry of Finance and the National Debt Management Center have signed an agreement appointing France’s Societe Generale as a primary dealer for the Kingdom’s local debt instruments, according to an official statement.

Societe Generale will join five other international institutions already operating as primary dealers, namely BNP Paribas, Citigroup, and Goldman Sachs, as well as J.P. Morgan, and Standard Chartered Bank.

As part of ongoing efforts to deepen and diversify its domestic debt market under Vision 2030, the Ministry of Finance and the NDMC have taken new steps to strengthen the role of international and local institutions in supporting sukuk and bond issuance.

“This agreement fits within the Financial Sector Development Program strategy as a step toward achieving the objectives of Saudi Vision 2030 by strengthening financial sector institutions and advancing the financial market,” NDMC stated.

The NDMC stated that the deal reaffirms its role in enhancing access to local debt markets by diversifying the investor base. This approach aims to ensure sustainable access to the secondary market and support its growth.

“It is noteworthy that applications for subscription in the primary market for the government's local debt instruments are submitted to the NDMC through the appointed primary dealers on a scheduled monthly basis where these dealers receive the applications submitted by investors,” the statement said.

The French bank will also be added to the list of 10 local institutions participating in the program, including Saudi National Bank, Saudi Awwal Bank, and AlJazira Bank, as well as Alinma Bank, AlRajhi Bank, Albilad Capital, AlJazira Capital, AlRajhi Capital, Derayah Financial Co., and Saudi Fransi Capital.

The Kingdom’s sukuk market has witnessed significant growth in recent years, underpinned by its strategic role in the Kingdom’s Vision 2030 economic diversification plans. In the first quarter of 2025, corporate bond and sukuk issuance more than doubled to $37 billion, up from $15.5 billion in the same period of 2020.

Saudi Arabia accounted for more than 60 percent of all sukuk and bond issuance across the Gulf Cooperation Council during that period, according to the Kuwait Financial Center, also known as Markaz.

The NDMC surpassed the $1 billion threshold with its May sukuk issuance, raising SR4.08 billion ($1.08 billion)—a 9.09 percent increase from April and a 54.5 percent rise compared to March’s SR2.64 billion.

In June, the NDMC raised SR2.355 billion, marking a decline from May but demonstrating typical monthly funding fluctuations.

The July issuance rebounded sharply to SR5.02 billion, an increase of 113.6 percent month on month. That issuance was split into tranches maturing in 2029, 2032, 2036, and 2039.

According to S&P Global, the Kingdom’s domestic debt markets are expected to expand further amid Vision 2030 reforms, with sovereign and corporate issuance at 20.7 percent of gross domestic product and corporate debt alone rising from 1.9 percent in 2020 to 3.4  percent in early 2025.


Fitch affirms Saudi Arabia’s ‘A+’ rating with stable outlook

Updated 27 July 2025
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Fitch affirms Saudi Arabia’s ‘A+’ rating with stable outlook

RIYADH: Fitch Ratings has affirmed Saudi Arabia’s long-term foreign-currency issuer default rating at “A+” with a stable outlook.

The agency cited the Kingdom’s strong fiscal and external balance sheets, continued growth in the non-oil sector, and solid banking fundamentals as key drivers behind the rating.

Fitch also noted that Saudi Arabia’s government debt levels and sovereign net foreign assets remain well above the medians for “A” and “AA” rated countries, supported by significant fiscal buffers in the form of deposits and other public sector assets.

The latest rating action comes as Gulf economies navigate the impact of lower oil prices while advancing economic diversification plans. The “A+” rating reflects Saudi Arabia’s fiscal and external buffers built over years of high oil revenues, even as the Kingdom faces widening deficits due to large-scale investment spending.

In its rating commentary, Fitch stated: “Oil dependence, World Bank governance indicators and vulnerability to geopolitical shocks have improved but remain weaknesses.” 

Despite pressure from reduced oil revenues and rising fiscal and current account deficits, Fitch emphasized that Saudi Arabia’s external reserves are expected to remain “large relative to peers,” averaging 12.8 months of current external payments in 2025 — well above the “A” median of 1.8 months.

However, the agency warned that the Kingdom is likely to gradually shift to a net external debtor position by 2027, due to sustained external borrowing and a strong domestic investment orientation.

The report also reviewed regional peers, highlighting that neighboring countries have maintained strong credit profiles. In July, the UAE’s long-term foreign-currency rating was affirmed at “AA-” with a stable outlook, supported by low consolidated government debt, a strong net external asset position, and high gross domestic product per capita.

Fitch also pointed to Abu Dhabi’s sovereign net foreign assets — equivalent to 157 percent of the UAE’s GDP in 2024 — as among the highest of all Fitch-rated sovereigns.

In May, Qatar retained its “AA” rating with a stable outlook, driven by its expanding liquefied natural gas production capacity and one of the highest per capita GDP levels globally. The agency highlighted Qatar’s flexible public finance framework as a key factor in enhancing economic resilience.

Similarly, in March, Kuwait’s long-term foreign-currency rating was reaffirmed at “AA-” with a stable outlook.

For Saudi Arabia, Fitch projected a budget deficit of 4 percent of GDP in 2025, mainly due to lower oil income and a significantly reduced dividend from Saudi Aramco.

“Growth in current spending should be contained, and we expect capex to fall in line with ongoing project recalibration,” the report stated.

The deficit is expected to narrow to 3.6 percent by 2027, supported by rising non-oil revenue, higher oil production, and government spending growing more slowly than nominal GDP.

Fitch also underscored the Kingdom’s ongoing economic transformation under Vision 2030. It noted that GDP rebasing led to a 14 percent upward revision of the 2024 headline GDP figure, “almost entirely due to a 28 percent increase in the non-oil private sector (now 56 percent of GDP).”

Real GDP growth is projected at 4.3 percent in 2025, rising to 4.7 percent in 2026 before easing to 3.6 percent in 2027, driven by increased oil production and steady expansion in the non-oil sector. Non-oil growth is forecast to average 4.5 percent during this period, underpinned by continued public and government-related entity spending.


Oman Airports sees 2% rise in passenger traffic in June  

Updated 27 July 2025
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Oman Airports sees 2% rise in passenger traffic in June  

RIYADH: Passenger traffic at Oman’s airports rose 2 percent year on year in June, driven by infrastructure upgrades, tourism campaigns, and the seasonal draw of Dhofar’s Khareef climate, according to the country’s airport operator. 

Oman Airports, a government-owned company that manages and operates the civil airports, reported 1.13 million passengers across its network last month, up from 1.10 million in June 2024, the Oman News Agency reported.  

The company attributed the growth in passenger volumes to ongoing efforts to position Oman as a year-round travel destination, along with improved airport facilities, the adoption of advanced technologies, and coordinated tourism initiatives. 

This comes as the Sultanate accelerates its Vision 2040 efforts to diversify the economy, strengthen non-oil sectors like tourism, and reduce reliance on oil revenues. 

The ONA report stated: “The start of the Khareef season in Dhofar also represents an additional factor in attracting visitors, as the governorate is renowned for its stunning natural beauty and unique weather during this period.”  

Oman Airports said it continues to invest in infrastructure and digital solutions to enhance the passenger experience, reduce processing times, and support growing travel demand. The company expects traffic momentum to remain strong in the coming period, supported by tourism events and expansion plans across the airport network.   

Earlier in July, Oman Airports signed a cooperation agreement with Singapore’s Changi International Airport to boost non-aeronautical revenues. The deal includes joint development of themed activity zones and optimization of land leasing strategies, aligning with Oman’s broader push to diversify income sources beyond oil. 

Under the agreement, Changi will provide technical support and practical solutions aimed at improving Oman Airports’ long-term revenue generation. This includes commercial master planning and initiatives targeting both international travelers and local residents.  

Oman Airports manages all airports across the Sultanate, including Muscat International, Salalah, Duqm, and Suhar airports. The company has also extended its services to operate regional airports in the oil concession areas of Fahud, Marmul, and Qarn Alam for Petroleum Development Oman. 

Oman’s tourism industry has been identified as a key non-oil growth sector, with government initiatives focused on increasing international arrivals, expanding hospitality offerings, and promoting cultural and eco-tourism experiences.  

Authorities have been working to streamline visa processes, attract foreign investment into the leisure sector, and market Oman’s natural assets — such as its coastline, desert landscapes, and historic sites — to a broader global audience. 


Saudi and Syrian business leaders commit to energy sector revival

Updated 27 July 2025
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Saudi and Syrian business leaders commit to energy sector revival

  • Syrian Minister of Energy Mohammed Al-Bashir outlined the ministry’s recent achievements and its strategic direction
  • He said economic partnerships and investor engagement are essential to advancing the energy sector

RIYADH: Saudi and Syrian business leaders affirmed their readiness to support the redevelopment of Syria’s energy infrastructure following a high-level meeting in Riyadh. 

The participants presented proposals for joint projects focused on conventional and renewable energy sectors, signaling a potential shift toward greater regional investment collaboration. 

During the meeting, which included members of the Syrian expatriate community and Saudi business executives, Syrian Minister of Energy Mohammed Al-Bashir outlined the ministry’s recent achievements and its strategic direction despite prevailing challenges, the Syrian Arab News Agency reported. 

He said economic partnerships and investor engagement are essential to advancing the energy sector and welcomed collaborative initiatives aimed at bolstering development efforts. 

The talks coincide with a broader renewal of Saudi-Syrian relations, underlined by the July Syrian-Saudi Investment Forum held in Damascus. 

In a follow-up to that momentum, business leaders at the recent Riyadh meeting “affirmed their readiness to help rebuild infrastructure and expand investment opportunities in both conventional and renewable energy,” according to the report by SANA. 

The forum united over 120 investors and executives from the Kingdom’s public and private sectors and witnessed the signing of 47 agreements and memoranda of understanding valued at SR24 billion ($6.4 billion). 

The conference also marked a significant deepening of bilateral cooperation across various sectors, including energy, real estate, infrastructure, telecommunications, and finance. 

The recent meeting builds on the SR11 billion in infrastructure commitments made during the forum, notably the inauguration of the Fayhaa White Cement Factory in Adra Industrial City. 

The plant, backed by a $20 million investment from Northern Region Cement Co., is the first of its kind in Syria and is projected to create over 1,100 direct and indirect jobs. 

Additional agreements worth SR4 billion targeted the telecommunications sector, while cooperation in agriculture, financial services, health care, education, and IT were also highlighted. 

The forum’s economic significance builds upon recent diplomatic and financial milestones. 

Saudi Arabia officially reopened its embassy in Damascus in 2024 after a 12-year hiatus. 

In April, the Kingdom, in coordination with Qatar, settled Syria’s $15 million debt to the World Bank, enabling access to multilateral funding for redevelopment. 

Syrian and Saudi officials emphasized the historical and cultural ties between the two nations, framing the forum as a key moment in rebuilding economic cooperation. 

Syrian Economy Minister Mohammad Al-Shaar described the event as a “historic milestone,” while Saudi Minister of Investment Khalid Al-Falih underscored the Kingdom’s long-term commitment to supporting Syria’s path to recovery and sustainable growth. 


Arab entrepreneurs celebrate innovation, culture, and UK-MENA partnership

Updated 49 min 55 sec ago
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Arab entrepreneurs celebrate innovation, culture, and UK-MENA partnership

LONDON: In a landmark moment for Arab entrepreneurship, the Arab Entrepreneurs Board recently hosted an event at the House of Lords, celebrating entrepreneurship, innovation, and the strengthening of UK-MENA partnerships.

The gathering marked the first event of its kind in the UK, and the second major initiative by the board following the successful Arab Women Awards ceremony in April 2025.

The event was opened by Lord Dominic Johnson, who delivered a keynote highlighting the critical role of entrepreneurship in building resilient, inclusive economies.

Lord Dominic Johnson, who delivered a powerful keynote highlighting the critical role of entrepreneurship in building resilient, inclusive economies. Supplied

Other distinguished speakers included Bandar Reda, secretary-general of the Arab British Chamber of Commerce, and Faisal Abbas, editor-in-chief of Arab News. Both speakers highlighted the importance of deepening the strategic, economic, and cultural ties between the UK and the MENA region.

Hosted by Wael Alzein, founder and CEO of the Arab Entrepreneurs Board, and Dr. Asma Ounnas, co-founder and chief strategy officer, the evening brought together key voices from business, diplomacy, and media under the shared mission of amplifying the Arab entrepreneurial presence on the global stage. The overarching theme focused on UK-MENA partnership, and the role of Arab entrepreneurship in bridging economies, cultures, and communities.

“This gathering was not just symbolic — it was strategic,” said Ounnas. “We are reshaping the narrative around Arab enterprise by putting collaboration, creativity, and global ambition at the heart of our work.”

Adding a unique cultural dimension, the evening featured an exclusive exhibition of signed lithograph paintings by King Charles III and Prince Khaled Al-Faisal, commemorating the 25th anniversary of their artistic celebration of the Asir mountains.

Guests also received signed copies of “Anecdotes of an Arab Anglophile” authored by Arab News Editor-in-chief Faisal Abbas.

The guest list included representatives from leading brands such as NEOM, Binghatti, BMG Financial Group, The Ritz London, Aston Martin, Harrods, Hill House Interiors, Luxury Magazine, and Bicester Village, alongside diplomatic envoys from Arab embassies, members of the House of Lords, and representatives from both the London Chamber of Commerce and  industry and the British Chambers of Commerce.

Entrepreneur members of the board were also present. All attendees were united by a shared commitment to fostering long-term partnerships, driving innovation, and promoting regional prosperity. 

“We were deeply inspired by the energy in the room — from startups to sovereign-level projects,” said Alzein. “This is just the beginning of a movement that connects ideas with capital, and vision with execution.”

The Arab Entrepreneurs Board also announced a slate of upcoming events and initiatives, including more awards ceremonies, summits, strategic partnerships, and the launch of their new PR division in London aimed at amplifying Arab entrepreneurship on the global stage.