Cybersecurity is not just about securing data, Schneider Electric official says 

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Updated 02 October 2024
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Cybersecurity is not just about securing data, Schneider Electric official says 

Cybersecurity is not just about securing data, Schneider Electric official says 

RIYADH: The notion that cybersecurity is limited to securing information technology has been labeled a misconception, according to a top official from Schneider Electric. 

In an interview with Arab News during the Global Cybersecurity Forum in Riyadh, Abdulrahman Al-Musfir, regional head of the French multinational corporation’s cyber safety unit in the Middle East and Africa, emphasized that including operational technology is crucial for comprehensive cybersecurity. 

“When we speak about cybersecurity, we need to differentiate between IT cybersecurity and OT cybersecurity. So, for IT security, we are protecting information, data. However, in the OT security, we are protecting the process. Whether it’s a power plant, whether it’s an oil and gas plant, whether it’s a manufacturing production line. All these are considered as operational technology or industrial control systems,” Al-Musfir said.

“At Schneider Electric, we manufacture and we conduct maintenance and services for these systems and solutions. And it is part of our duty as a digital company for producing these solutions to make sure that they are secure by design and secure by operations,” he added. 

Al-Musfir explained that understanding securing systems and operation processes is critical when it comes to infrastructure and energy sectors. 

“The theme of this forum is advancing collective action. And when we speak mainly about the critical infrastructure sector, including oil and gas, electricity, and water, for nations, this is one of the most sensitive sectors or industries that we have for any nation,” he said. 

He highlighted that such sectors impact human safety and national economies. “For this critical infrastructure, we need to secure the full supply chain related to any systems, solutions for any automation that is part of this critical infrastructure,” he added.

According to Al-Musfir, establishing strong cybersecurity resilience requires full alignment between the producers of technology and its participants, such as end users in petrochemical companies, oil firms, and government entities. 

He emphasized that government regulations must be implemented to enable the industry and secure it effectively. 

“There must be a balance between innovation and security restrictions and control, and it is our role as a collective action to ensure that we put all these cybersecurity risk mitigations across the full value chain for this kind of industry or sector,” he said. 

The GCF is scheduled to take place from Oct. 2-3 under the theme “Advancing Collective Action in Cyberspace,” with the goal of enhancing multi-stakeholder engagement and driving joint initiatives on key strategic priorities. 


Saudi Aramco sets indicative pricing for benchmark dollar bond sale

Saudi Aramco sets indicative pricing for benchmark dollar bond sale
Updated 27 May 2025
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Saudi Aramco sets indicative pricing for benchmark dollar bond sale

Saudi Aramco sets indicative pricing for benchmark dollar bond sale

RIYADH: Saudi Aramco has launched the sale of a three-part, dollar-denominated bond, with tranches of 5-, 10- and 30-year maturities, fixed income news service IFR reported on Tuesday.

The oil giant set an indicative price for the 5-year tranche at 115 basis points over US Treasuries, while the 10-year and 30-year tranches carry initial price guidance of 130 bps and 185 bps respectively over US Treasuries, IFR reported.

The deal is expected to be priced later on Tuesday and will be of benchmark size, usually considered to be at least $500 million.

Citi, Goldman Sachs International, HSBC and JPMorgan are leading the transaction, with Abu Dhabi Commercial Bank, Bank of China, BofA Securities, Emirates NBD Capital, First Abu Dhabi Bank, Mizuho, MUFG, NATIXIS, Riyad Capital, SMBC, SNB Capital and Standard Chartered Bank acting as passive book-runners.


Turkish central bank gross reserves rose $7.5bn last week, traders and data say

Turkish central bank gross reserves rose $7.5bn last week, traders and data say
Updated 27 May 2025
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Turkish central bank gross reserves rose $7.5bn last week, traders and data say

Turkish central bank gross reserves rose $7.5bn last week, traders and data say

ANKARA: Turkiye’s central bank bought more foreign currency last week, lifting its total reserves by a further $7.5 billion after sharp declines in March and April, bankers’ calculations from data showed on Tuesday.
Market turmoil in March over the detention and jailing of Istanbul Mayor Ekrem Imamoglu, who is President Tayyip Erdogan’s main political rival, triggered a policy pivot, including a hike in the bank’s key interest rate last month.
Bankers’ calculations, based on preliminary data, also showed that the central bank’s net reserves rose by $8 billion last week to $48 billion.
The central bank bought some $13 billion in the last three weeks, data showed, marking a reversal after it had sold some $57 billion to help stabilize the lira and other financial markets in the face of the turmoil.
Separately, overnight interest rates, which had dropped briefly to the main policy rate level of 46 percent on Friday, returned this week to 49 percent, at the upper band of the rate corridor that was also earlier raised to head off market turmoil.
Traders are closely monitoring whether overnight rates will hover close to the upper band of the rate corridor — 49 percent — in the coming days, for further signals on the policy path ahead.
Bankers have said that lowering overnight market rates would be a necessary step before the central bank resumes its easing cycle, which began in December but was reversed in April in the wake of the mayor’s arrest and jailing.
The bank’s next two scheduled policy meetings will be on June 19 and July 24.


Oil Updates — little changed as higher OPEC+ output expectations weigh on sentiment

Oil Updates — little changed as higher OPEC+ output expectations weigh on sentiment
Updated 27 May 2025
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Oil Updates — little changed as higher OPEC+ output expectations weigh on sentiment

Oil Updates — little changed as higher OPEC+ output expectations weigh on sentiment

LONDON: Oil prices were little changed on Tuesday on increasing expectations members of the Organization of Petroleum Exporting Countries and their allies, known as OPEC+, will decide to increase their output at a meeting later this week.

Brent crude futures were up 11 cents, or 0.2 percent, at $64.85 a barrel by 9:40 a.m. Saudi time, while US West Texas Intermediate crude rose 6 cents, or 0.1 percent, to $61.59 a barrel. The WTI contract did not settle on Monday because of the US Memorial Day holiday.

“Crude oil edged lower as the market contemplated the outlook for rising OPEC supply,” Daniel Hynes, senior commodity strategist at ANZ, said in a note.

OPEC+ will likely finalize July output at their meeting, which sources have previously told Reuters will entail a production increase of 411,000 barrels per day.

Russian Deputy Prime Minister Alexander Novak said on Monday that OPEC+ had yet to discuss hiking output. The group is likely to finalize output quotas in an online ministerial meeting on May 28.

Eight OPEC+ members that had pledged additional voluntary cuts are now expected to meet on May 31, one day earlier than previously scheduled, three sources within the group told Reuters on Monday.

OPEC+ members had already agreed to accelerate oil output increases for a second month in June.

However, US President Donald Trump’s decision to extend trade talks with the European Union until July 9 alleviated immediate fears of tariffs that could suppress fuel demand.

Iran set the official selling price for its light crude oil grade for Asian buyers at $1.80 a barrel above the Oman/Dubai average for June, the state-owned National Iranian Oil Co. said. The price it set for May was a premium of $1.65.

Iranian President Masoud Pezeshkian said on Monday that Iran would be able to survive if negotiations with the US over its nuclear program fail to secure a deal.

If nuclear talks between the US and Iran fail, it could mean continued sanctions on Iran, which would limit Iranian supply and be supportive of oil prices. 


Closing Bell: Saudi main index closes higher, gains 76 points  

Closing Bell: Saudi main index closes higher, gains 76 points  
Updated 26 May 2025
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Closing Bell: Saudi main index closes higher, gains 76 points  

Closing Bell: Saudi main index closes higher, gains 76 points  
  • MSCI Tadawul 30 Index climbed 14.22 points, or 1.01%, to 1,416.62
  • Parallel market Nomu fell 237.23 points, or 0.88%, to 26,780.54

RIYADH: Saudi Arabia’s Tadawul All Share Index closed higher on Monday, rising 76.18 points, or 0.69 percent, to finish at 11,075.96.

The total trading value on the main market reached SR4.32 billion ($1.1 billion).  

Despite the benchmark’s gain, market breadth leaned negative, with 70 stocks advancing while 171 declined.  

The MSCI Tadawul 30 Index climbed 14.22 points, or 1.01 percent, to 1,416.62.  

The parallel market, Nomu, however, ended in the red, falling 237.23 points, or 0.88 percent, to 26,780.54, with 36 stocks advancing and 59 declining.  

ACWA Power Co. led the session’s gainers on the main index, surging 9.96 percent to close at SR276.00, supported by trading turnover of SR192.89 million.  

Astra Industrial Group advanced 4.38 percent to SR157.20, followed by Saudi Industrial Investment Group, which gained 3.64 percent to SR15.38.  

Other notable risers included Dar Alarkan Real Estate Development Co., up 3.55 percent to SR20.44, and Jamjoom Pharmaceuticals Factory Co., which closed 3.13 percent higher at SR171.40.   

On the downside, Raoom Trading Co. recorded the steepest drop, falling 4.31 percent to SR68.90.  

Jabal Omar Development Co. declined 4.14 percent to SR22.70, while The National Co. for Glass Industries ended 4.03 percent lower at SR44.10.  

SHL Finance Co. dropped 4.03 percent to SR18.56, and National Metal Manufacturing and Casting Co. slipped 3.90 percent to SR13.32.  

On the announcement front, Arabian Pipes Co. signed a contract with Saudi Aramco valued at approximately SR104 million for the manufacturing and supply of steel pipes.   

The agreement, signed on May 26, will span nine months and is expected to impact financial results in the fourth quarter of 2025 and the first quarter of 2026.   

Despite the news, shares of Arabian Pipes closed 1.03 percent lower at SR8.62.   

Meanwhile, United Carton Industries Co. is set to debut on the main market on May 27 following the completion of its SR600 million IPO.   

The final offer price was set at SR50 per share, giving the packaging firm an implied market capitalization of SR2 billion at listing. It marks the sixth listing on Tadawul so far this year. 


Saudi Arabia increases wage support to 50% for tourism sector jobs


Saudi Arabia increases wage support to 50% for tourism sector jobs

Updated 26 May 2025
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Saudi Arabia increases wage support to 50% for tourism sector jobs


Saudi Arabia increases wage support to 50% for tourism sector jobs

  • Move aims to bolster Saudization across 43 professions
  • It is designed to enhance the appeal and sustainability of careers in the sector

RIYADH: Saudi Arabia has raised wage subsidies for local workers in the tourism sector from 30 percent to 50 percent, in a strategic push to expand employment opportunities for Saudi nationals and reduce reliance on foreign labor.

The initiative, part of the Employment Support Program by the Human Resources Development Fund, was unveiled by the Ministry of Tourism in coordination with other government agencies.

It extends financial support to 43 tourism-related professions and is designed to enhance the appeal and sustainability of careers in the sector.

According to the Saudi Press Agency, the program aligns with the Ahlaha initiative — the ministry’s national workforce empowerment plan — which seeks to train and integrate Saudi citizens into the tourism industry.

The updated wage support is expected to encourage more private sector involvement in national workforce development and marks a significant step toward achieving the goals outlined in the Kingdom’s National Tourism Strategy, which aims to create 1.6 million jobs by 2030 as part of the broader Vision 2030 economic diversification agenda.

“The step aims to raise the percentage of national employment in the tourism sector, while ensuring job sustainability and stability for Saudi workers,” the SPA report stated.

The decision underscores ongoing efforts by the Ministry of Tourism and its partners to empower Saudi men and women in tourism-related roles and increase Saudization rates across the industry.

Latest figures from the General Authority for Statistics show that by the fourth quarter of 2024, employment in the tourism sector grew by 4 percent year on year. Saudi nationals comprised 25 percent of the workforce — or 242,073 employees — while expatriates accounted for 75 percent, totaling 724,458 workers. The Riyadh and Makkah regions led the sector in employment numbers.

In a related move, authorities announced in April that 41 key tourism roles, including hotel managers, travel agency directors, and tour guides, will be exclusively reserved for Saudi nationals starting April 2026. The decision is part of continued efforts to localize critical job functions and strengthen the domestic workforce.