Global leaders gather in Riyadh to forge collective action on cybersecurity

The event will focus on fostering collaboration under the theme 'Advancing Collective Action in Cyberspace,' with the goal of enhancing multi-stakeholder engagement and driving joint initiatives on key strategic priorities. File
The event will focus on fostering collaboration under the theme 'Advancing Collective Action in Cyberspace,' with the goal of enhancing multi-stakeholder engagement and driving joint initiatives on key strategic priorities. File
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Updated 02 October 2024
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Global leaders gather in Riyadh to forge collective action on cybersecurity

Global leaders gather in Riyadh to forge collective action on cybersecurity

RIYADH: Experts from technology, public policy, defense, and other sectors will gather in Riyadh for the Global Cybersecurity Forum Annual Meeting on Oct. 2-3.  

The event will focus on fostering collaboration under the theme “Advancing Collective Action in Cyberspace,” with the goal of enhancing multi-stakeholder engagement and driving joint initiatives on key strategic priorities.  

The program will feature five core sub-themes, each addressing a crucial aspect of cybersecurity. “Beyond Cyber Discord: Building trust within geopolitical competition” will examine ways to overcome geopolitical tensions and cultivate trust among nations.  

“Cyber Psychology: Decoding human behaviors in Cyberspace” will explore the motivations of cybercriminals and strategies to protect users from cyber manipulation.  

The sub-theme “Cyber Social Fabric: Strengthening development and inclusion in Cyberspace” will focus on promoting social cohesion and equitable participation in the digital realm.  

Another critical topic, “Thriving Cyber Economy: Developing strong markets and building resilient cyber ecosystems,” will discuss strategies for economic growth and market integration within the cybersecurity sector. Lastly, “New Cyber Frontier: Integrating convergent technologies in Cyberspace” will investigate the impact of advanced technologies on the future of cybersecurity.  

The event builds on the success of previous editions, aiming to promote a collective approach to addressing challenges and opportunities in cyberspace.  

Day One  

The first day will kick off with various expert forums, fireside chats, and closed sessions, starting with the speaker session titled “Pathways to De-escalation: Shared priorities for reducing tensions and advancing stability in Cyberspace.”  

This session will delve into the effects of rising inter-state tensions in cyberspace and highlight opportunities for progress through new diplomatic channels, evolving norms, and emerging technologies.  

Also on the agenda is “Leadership Launchpad: Charting Paths to Leadership in Cybersecurity,” which will focus on strategies to advance mid-to-senior female cybersecurity professionals into executive roles. Additionally, “Ctrl + Invest” will showcase women-led ventures in the cybersecurity space.  

Another significant session, “Pioneering Pathways: Unleashing potential in the Cybersecurity sector,” will examine the diverse economic contributions of the cybersecurity industry in tech-driven markets, addressing its potential amid technological changes and the associated risks and opportunities for ecosystem development.  

“Equipping the Defenders: What law enforcement needs to win” will address the critical needs of law enforcement in tackling online child abuse, talent shortages, future skill requirements, and propose actionable solutions.  

In “Cyber Statecraft: The new chessboard of geopolitics,” participants will discuss strategies to integrate cybersecurity into national defense, enhancing geopolitical advantage and ensuring long-term security.  

“The Multilateral Frontier: Assessing the state of play and imperatives for collective action in cyber diplomacy” will analyze the current state of UN negotiations, emphasizing significant progress while addressing challenges in establishing robust international norms and frameworks for cyber governance.  

“Code, Clicks, and Culture: Social Transformation in the Technological Age” will focus on the social transformations driven by technological advancements and the cultural shifts resulting from increased interconnectedness and technology adoption across demographics.  

Additional panel discussions and closed sessions will also take place throughout the first day.  

Day Two  

The second day will feature in-depth discussions on the economic, political, and defense roles of cybersecurity in the digital era.  

One notable session, “The History of Cyber Diplomacy Future: Drawing insights from collaborative progress on trade, nuclear, and climate,” will explore how trade agreements, nuclear disarmament, and climate negotiations can inform effective strategies for cyber diplomacy.  

In “Principles of Stability: Applying the lessons of the past to the current and future challenges in Cyberspace,” participants will examine challenges through the lens of the Secure Future Initiative, a multiyear program focused on evolving Microsoft’s design, development, and operational standards for security.  

“Navigating the Future: Advancing the Global Cybersecurity Agenda to build confidence in cyberspace” will trace the evolution from the World Summit on the Information Society Action Line 5—which laid the groundwork for trust and security in information and communication technologies—to the establishment of the ITU Global Cybersecurity Agenda. This session will highlight how the principles of Action Line 5 have shaped the ITU’s broader approach to cybersecurity.  

Panels will cover the security of the healthcare sector, strategies for psychological defense against cyberattacks, and the critical role of the sector during mega events. These discussions aim to address specific sector vulnerabilities and broader resilience strategies in the face of evolving cyber threats.  

Child protection in cyberspace  

Concurrent with the GCF Annual Meeting, the Child Protection in Cyberspace Global Summit will take place on Oct. 2-3 in Riyadh.  

This summit will bring together key stakeholders worldwide to ensure that children are safe and protected in cyberspace. The event is held in collaboration with ITU, UNICEF, GCF, the DQ Institute, and WeProtect Global Alliance.  

“Protecting children online is a shared responsibility,” said ITU Secretary-General Doreen Bogdan-Martin. “With today’s children spending an increasing amount of time online, it is crucial to protect and empower them. The Child Protection in Cyberspace Global Summit will bring together leaders from all sectors to ensure our youngest users can thrive online.”  

The summit will convene prominent figures from government, international organizations, academia, and the private sector to explore multi-stakeholder collaboration for enhancing child protection in cyberspace. The second day will conclude with a high-level roundtable themed “Advancing Collective Action for Child Protection in Cyberspace.”  

“We must work together to make the Internet a safe place for children to learn, socialize, and express themselves,” said UNICEF Executive Director Catherine Russell. “This Summit marks an important opportunity to coordinate global efforts to maximize the benefits of digital technology in children’s lives while protecting them from harm.”  

The summit aims to achieve four key objectives: consolidating global efforts and advancing collective action; enhancing the global response to pressing challenges; mitigating emerging threats facing children in cyberspace; and ensuring child protection resonates with the agenda of global decision-makers.  

These objectives align with the goals of the Child Protection in Cyberspace initiative and support the UN Sustainable Development Goals 4, 5, 16, and 17 under the 2030 Agenda for Sustainable Development.  

“We are gathering in Riyadh because we all recognize that as the risks to children in cyberspace grow in number and complexity, we must collaborate to develop innovative partnerships to advance our collective efforts to protect them,” said Majed Al-Mazyed, governor of Saudi Arabia’s National Cybersecurity Authority, speaking on behalf of the GCF Board of Trustees.  

The event will focus on finding pathways toward a safer cyberspace for children, including designing new collaborative approaches and mechanisms to enhance responsiveness to emerging technological threats.  

“What we need today is coordinated, multi-stakeholder collaboration that enhances not only children’s safety and well-being in cyberspace but also their cyber literacy, as our highest priority,” said Yuyhun Park, founder of the DQ Institute.  

A 2022 GCF global report found that 72 percent of children worldwide have experienced at least one type of cyber threat, with the most prevalent being unwanted ads and inappropriate content. Nearly one in five children reported facing bullying or unwanted sexual advances.  

“Child exploitation is an urgent and growing problem. We need to focus on preventing harm and work together for a cyberspace designed to protect children globally from exploitation,” said Iain Drennan, executive director of WeProtect Global Alliance.


Foreign currency sukuk issuance projected to reach $80bn in 2025

Foreign currency sukuk issuance projected to reach $80bn in 2025
Updated 09 July 2025
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Foreign currency sukuk issuance projected to reach $80bn in 2025

Foreign currency sukuk issuance projected to reach $80bn in 2025
  • Foreign currency sukuk issuances rose 8.94% year on year to $41.4 billion
  • Sustainable sukuk issuance surged 275 in the first half of 2025 to $9.3 billion

RIYADH: The global sukuk market is poised to maintain its strength in 2025, with foreign currency-denominated issuances expected to reach between $70 billion and $80 billion, according to a new report by S&P Global.

In the first half of 2025, foreign currency sukuk issuances rose 8.94 percent year on year to $41.4 billion, driven by increased activity in the UAE, Bahrain, and Kuwait. Saudi Arabia remained a key player, contributing 38.9 percent of the total market volume, as local banks continued to support Vision 2030-related initiatives.

Earlier this year, Fitch Ratings shared a similar outlook, forecasting that Saudi Arabia would remain a major driver of US dollar-denominated sukuk and debt issuance in 2025 and 2026. Banks in the Kingdom alone are expected to issue over $30 billion as institutions seek to diversify their funding sources.

The increase in global sukuk issuance came despite external headwinds, including new US tariffs and delayed interest rate cuts. S&P noted that issuers in core Islamic finance markets took advantage of brief periods of market stability to secure funding.

“We expect performance in the second half of the year to depend on the evolving geopolitical situation in the Middle East. However, since we don’t expect a full-scale regional war, we think the resilient foreign currency issuance trends observed in the first half will continue,” S&P Global said in the report.

“It will also be supported by the Fed’s expected reduction in interest rates. Therefore, we maintained our forecasts for foreign currency-denominated issuances to reach about $70 billion to $80 billion for the full year in 2025,” it added.

Foreign currency sukuk issuance had already climbed to $72.7 billion in 2024, a 29 percent increase from the previous year, supported by significant financing needs in Islamic finance hubs and fiscal pressures due to lower oil prices.

According to S&P, geopolitical tensions are not expected to significantly disrupt issuance this year. Instead, market activity will hinge on the direction of monetary policy, domestic liquidity conditions, and investment trends in key Islamic finance countries.

Local currency issuance

Despite the robust performance of foreign currency sukuk, total sukuk issuance globally fell 15 percent in the first half of 2025 to $101.3 billion. The decline was largely due to a steep drop in local currency sukuk, which fell to $59.8 billion from $81 billion a year earlier. Malaysia, Saudi Arabia, Qatar, and the UAE all reported weaker domestic issuance.

S&P attributed this to liquidity constraints in some markets and improved fiscal performance in others, reducing the need for domestic borrowing.

“For example, we have observed a significant drop in local currency issuances in Saudi Arabia, where banks’ liquidity is instead being channeled into financing Vision 2030. The drop was mainly underpinned by lower issuances from the government,” the agency said.

Shariah Standard 62

S&P also pointed to ongoing uncertainty surrounding the implementation of Shariah Standard 62 by the Accounting and Auditing Organization for Islamic Financial Institutions .

In April, AAOIFI announced amendments to the draft standard following industry feedback but did not provide details or a timeline.

The proposed guidelines aim to harmonize key elements of the sukuk structure, including asset backing, ownership transfer, and trading rules.

“The implementation process following the amendment is also uncertain. This means that it is now very difficult to determine the implications of adopting the new standard on market performance,” S&P noted.

“The need to issue prior to the adoption of the standard may also abate since issuers and investors no longer perceive the disruption as imminent,” it added.

Fitch Ratings had earlier warned that the standard could significantly reshape the sukuk market and potentially increase fragmentation if adopted in its current form.

Sustainable sukuk

Sustainable sukuk issuance surged 27 percent in the first half of 2025 to $9.3 billion, up from $7.4 billion in the same period last year, according to S&P.

Banks, led by the Islamic Development Bank, accounted for nearly half of the total, followed by corporates from the GCC and Malaysia. These instruments fund environmentally friendly projects such as renewable energy and green infrastructure.

Saudi issuers dominated the market, accounting for over 60 percent of total sustainable sukuk issuance. S&P attributed this to the alignment of Islamic finance with sustainability principles, the central role of the Islamic Development Bank, and strong funding demand from local banks.

In January, Fitch projected that outstanding ESG sukuk globally would exceed $50 billion in 2025, with Saudi Arabia playing a leading role.

The total value of ESG-focused sukuk climbed 23 percent year on year to $45.2 billion in 2024, according to Fitch.

In February, Saudi Arabia also raised €2.25 billion ($2.36 billion) through a euro-denominated bond offering under its Global Medium-Term Note Program, including its first green tranche.


Saudi chocolate industry expands as Riyadh leads in manufacturing registrations

Saudi chocolate industry expands as Riyadh leads in manufacturing registrations
Updated 09 July 2025
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Saudi chocolate industry expands as Riyadh leads in manufacturing registrations

Saudi chocolate industry expands as Riyadh leads in manufacturing registrations
  • Riyadh region topped the list with 1,490 active commercial registrations
  • Saudi chocolate market projects to reach $1.53 billion by end of decade

JEDDAH: Saudi Arabia’s cocoa and chocolate manufacturing sector is seeing growing entrepreneurial interest, with the number of active commercial registrations reaching 3,532 by the end of June.

A report by the Ministry of Commerce revealed that the Riyadh region topped the list with 1,490 active commercial registrations, followed by the Makkah region with 909 and the Eastern Province with 416. Al-Qassim and Madinah ranked fourth and fifth with 213 and 149 filings, respectively.

The chocolate manufacturing landscape in the Kingdom has evolved considerably, establishing itself as the largest producer among Gulf Cooperation Council countries, according to a release by Mordor Intelligence, a market research firm specializing in data-driven industry insights.

“The industry has shown remarkable progress in adopting advanced manufacturing technologies and sustainable practices, particularly in response to increasing consumer demand for premium chocolate products,” the release highlighted.

The analysis, published in May, indicates that Saudi Arabia had over 1,000 chocolate-producing facilities in 2023, with Riyadh accounting for around 35 percent of these production sites.

It also notes that the country’s chocolate market is segmented by confectionery variants — dark, milk, and white chocolate — and by distribution channels, including convenience stores, online retail, supermarkets, and others.

The report highlighted that this strong manufacturing base enables the country to produce around 50 percent of its chocolate domestically, thereby reducing reliance on imports while maintaining high-quality standards.

The firm estimates the Saudi chocolate market size at $1.23 billion in 2025 and projects it to reach $1.53 billion by the end of the decade, growing at a compound annual growth rate of 4.5 percent during the forecast period from 2025 to 2030.

“The Saudi Arabia chocolate market is experiencing significant transformation driven by changing consumer demographics and preferences. With over half the population under 25 years old as of 2023, the market is heavily influenced by younger consumers who are increasingly health-conscious yet maintain strong chocolate consumption patterns,” the Mordor Intelligence study stated.

It added that this demographic shift has led to interesting consumption patterns, with “studies showing that two-thirds of Saudi children consume chocolate twice daily in 2023.”

The firm believes that consumer spending patterns in the Kingdom’s chocolate market reflect the country’s growing affluence and changing preferences.

“In 2023, the annual chocolate expenditure per person in Saudi Arabia reached $41, significantly higher than the Middle Eastern average of $4. This high per capita spending is particularly noteworthy given that over 66 percent of consumers in Saudi Arabia claimed they were willing to pay more for quality products in 2022,” the analysis said.

The study noted that the trend toward premiumization has prompted chocolate manufacturers in the Kingdom to introduce more sophisticated product lines and innovative flavor combinations.

According to Mordor Intelligence’s global chocolate market analysis, the industry is experiencing a notable shift in consumption patterns, particularly in established markets where sophisticated consumer preferences are driving product innovation.

“Europe stands as a testament to this trend, processing 35 percent of the world’s cacao and accounting for 45 percent of global chocolate consumption in 2022. Switzerland leads this consumption pattern with an impressive chocolate consumption per capita of 11 kg in 2022, setting benchmarks for premium chocolate consumption globally,” the firm said in its release.

It added that this high consumption rate has encouraged manufacturers to expand their premium product lines and experiment with new flavors and formulations.

The company further reported that global chocolate demand is rising, driven by increased per capita consumption and a strong gifting culture. It added that Europe leads consumption, accounting for nearly 48 percent of the market, with the UK and Switzerland having the highest per capita rates.


Closing Bell: Saudi main index slips to 11,294

Closing Bell: Saudi main index slips to 11,294
Updated 09 July 2025
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Closing Bell: Saudi main index slips to 11,294

Closing Bell: Saudi main index slips to 11,294
  • Parallel market Nomu edged down by 119.05 points to close at 27,343.79
  • MSCI Tadawul Index declined by 0.35% to 1,449.23

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Tuesday, shedding 51.39 points, or 0.45 percent, to close at 11,294.07. 

The total trading turnover on the benchmark index reached SR5.32 billion ($1.42 billion), with 65 stocks advancing and 187 declining. 

The Kingdom’s parallel market Nomu also edged down by 119.05 points to close at 27,343.79, while the MSCI Tadawul Index declined by 0.35 percent to 1,449.23. 

The best-performing stock on the main market was Arabian Centers Co., also known as Cenomi Centers, with its share price rising 7.60 percent to SR21.10. 

Arabian Drilling Co. also gained 5.66 percent to close at SR88.60, while Tourism Enterprise Co. climbed 5.49 percent to SR0.96. 

BAAN Holding Group Co. shares slipped 4.35 percent to SR2.42, ranking among the weaker performers of the day. 

On the announcement front, Alinma Bank launched a US dollar-denominated sukuk under its Trust Certificate Issuance Program, with the offering opening and closing on July 8, according to a Tadawul filing. 

The sukuk, which has a five-year maturity, requires a minimum subscription of $200,000, with increments in multiples of $1,000.

The bank noted that the sukuk will be listed on the International Securities Market of the London Stock Exchange, and issued in reliance on Regulation S under the US Securities Act of 1933. 

Following the announcement, Alinma Bank’s share price declined 0.74 percent to SR27. 

Meanwhile, Riyad Bank announced it had completed the issuance of US dollar-denominated Tier 2 trust certificates under its International Trust Certificate Issuance Program, with a total value of SR1.2 billion. 

According to a Tadawul statement, the bank issued 6,250 certificates, each with a nominal value of $200,000. These certificates will also be listed on the London Stock Exchange’s International Securities Market. 

Riyad Bank’s share price edged down 0.07 percent to close at SR28.88. 


Saudi Arabia, Kuwait forge AI partnership to advance governance, innovation


Saudi Arabia, Kuwait forge AI partnership to advance governance, innovation

Updated 09 July 2025
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Saudi Arabia, Kuwait forge AI partnership to advance governance, innovation


Saudi Arabia, Kuwait forge AI partnership to advance governance, innovation

  • Deal aims to enhance cooperation on AI governance standards
  • Partnership highlights both associations’ commitment to supporting regional initiatives

JEDDAH: Saudi Arabia and Kuwait have taken a significant step toward strengthening regional collaboration on artificial intelligence governance and innovation by forming a strategic partnership focused on advancing standards, research, and responsible development in the Artificial Intelligence of Things.

The Kingdom’s Artificial Intelligence Governance Association, which operates under the technical supervision of the Saudi Data and Artificial Intelligence Authority, has signed a memorandum of understanding with Kuwait’s Association of Artificial Intelligence of Things.

The agreement is aimed at enhancing cooperation on AI governance standards, promoting knowledge exchange, supporting scientific research, and driving innovation in the emerging AIoT sector.

A report by Boston Consulting Group published in April highlighted the Gulf region’s strategic prioritization of AI, noting that all GCC nations have launched national strategies to foster economic diversification and digital transformation.

The memorandum was signed by AIGA Chairwoman Dhabia bint Ahmed Al-Buainain and Sheikh Mohammed bin Ahmed Al-Sabah.

In a post on X, Al-Buainain said: “The agreement stems from a shared vision to enhance regional cooperation in artificial intelligence and its governance, and to build strategic partnerships that advance responsible and innovative AI policies and applications across the Gulf states.”

According to the BCG report, the UAE and Saudi Arabia are leading in infrastructure development and adoption, while Oman and Kuwait are working to expand their capabilities through global partnerships. However, the study pointed out that despite significant state-led investments, challenges remain in private sector funding, research output, and talent development, which hinder the region's ability to fully harness AI’s potential.

As reported by the Saudi Press Agency, the agreement marks AIGA’s first international memorandum of understanding, underscoring its intention to play a broader regional role in the responsible governance of advanced technologies.

The partnership highlights both associations’ commitment to supporting regional initiatives, strengthening governance frameworks, and fostering the exchange of expertise. It also aligns with national and regional objectives to develop knowledge-based economies fueled by emerging technologies.

In a statement, AIGA described the memorandum as a strategic move to deepen regional cooperation in AI governance. The signing ceremony was attended by senior officials from both organizations, along with representatives from SDAIA and AIGA.

Sheikh Mohammed bin Ahmed Al-Sabah, chairman of AAIOT, welcomed the agreement and described it as a “promising opportunity to exchange experiences and develop joint projects that serve the interests of our communities.”

He also emphasized that the deal supports efforts in both countries to advance AI capabilities according to the highest ethical and organizational standards.

AIGA underscored the importance of the memorandum, stating: “This agreement is particularly significant as it is the first international memorandum of understanding signed by the Artificial Intelligence Governance Association outside the Kingdom, representing a step toward expanding cooperation in the field of governance of responsible advanced technologies.”

The association added that the partnership aims to create new avenues for collaboration in setting AI governance standards, promoting research, and encouraging innovation in AIoT — all contributing to a more sustainable and ethically driven technological future.


Qatar’s international reserves rise 3.5% in June, topping $70bn


Qatar’s international reserves rise 3.5% in June, topping $70bn

Updated 08 July 2025
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Qatar’s international reserves rise 3.5% in June, topping $70bn


Qatar’s international reserves rise 3.5% in June, topping $70bn

  • Official reserve assets rose to 199.65 billion riyals
  • Gold holdings rose to 44.5 billion riyals

RIYADH: Qatar’s international reserves and foreign currency liquidity climbed 3.51 percent year on year in June to reach 258.88 billion Qatari riyals ($70.9 billion), according to data released by the Qatar Central Bank.

The reserves also edged up 0.29 percent from May, adding 744 million riyals during the month. The increase reflects the resilience of Qatar’s monetary framework amid global economic uncertainty.

Official reserve assets — which make up the core of the central bank’s holdings — rose to 199.65 billion riyals in June, marking a 4.46 percent annual increase and a 0.47 percent rise from the previous month.

The uptick was driven by higher gold reserves, stronger balances with foreign banks, and an improved reserve position with the International Monetary Fund.

Gold holdings rose to 44.5 billion riyals in June, slightly up from 44.3 billion in May. Special Drawing Rights deposits inched up to 5.26 billion riyals, while Qatar’s IMF reserve position grew by 81 million to 5.25 billion riyals.

Foreign bank balances jumped by 1.33 billion riyals to 17.75 billion, although the central bank’s holdings of foreign bonds and treasury bills dipped to 132.14 billion riyals, down 763 million from the month before.

In the wider Gulf region, Saudi Arabia and Kuwait reported relatively stable reserve positions.

The Saudi Central Bank posted official reserves of SR1.716 trillion ($457.7 billion) in June, slightly down from SR1.721 trillion in May but up from SR1.647 trillion in April. The total includes SR1.620 trillion in foreign currency reserves and SR81.33 billion in SDRs. The IMF reserve position stood at SR13.28 billion, while gold holdings remained unchanged at SR1.62 billion.

Kuwait’s reserves totaled 14.106 billion dinars ($46 billion) in May, compared to 14.633 billion dinars in April, according to the Central Bank of Kuwait. Foreign currency and deposits abroad accounted for 12.49 billion dinars, with SDR holdings at 1.33 billion. Gold reserves remained steady at 31.7 million dinars.

Qatar’s total international reserves comprise official reserve assets — including foreign bonds, deposits, gold, SDRs, and IMF balances — as well as other liquid foreign currency holdings.