Kuwait Petroleum keen on preserving public funds, CEO says
Kuwaiti government earlier cut its energy sector’s operating spending
Updated 26 July 2020
Arab News
DUBAI: Kuwait Petroleum Corporation (KPC) wants to preserve public funds to counter the economic consequences of the coronavirus pandemic, the state-owned firm’s CEO said, after it started to implement austerity measures and reduce expenses.
In statement Hashem Hashem said the company paid great attention to the observations of all oversight bodies, both external and internal, state news agency KUNA reported.
Hashem said the company’s commitment “to adhere to the principle of full cooperation with the parliament to complete its oversight role in order to achieve the common goal of serving Kuwait’s interest.
In March the Kuwaiti government announced a reduction in its energy sector’s operating spending as oil prices collapsed because of coronavirus outbreak.
Hashem in an earlier memo said KPC and its subsidiaries would “rationalize spending and review their priorities for the financial year of 2020/2021, while ensuring the safety and continuity of the company’s operations.”
Among KPC’s cost-cutting measures are the termination of services of non-Kuwaitis under permanent and private contracts as well as subcontractors.
Kuwait National Petroleum Company, a KPC subsidiary, likewise abandoned plans to build the 1.5-gigawatt Al-Dabdaba solar complex which would have been operational by 2021.
It was likewise reported that the Ahmadi City buildings project has been cancelled after being considered as ‘a non-strategic project.’
Closing Bell: Saudi main index ends lower at 11,188
MSCI Tadawul 30 Index lost 12.2 points to close at 1,428.81
Parallel market Nomu declined by 156.89 points to end at 27,260.73
Updated 21 min 3 sec ago
Nadin Hassan
RIYADH: Saudi Arabia’s Tadawul All Share Index closed in the red on Thursday, falling 114.94 points, or 1.02 percent, to settle at 11,188.74.
The total trading turnover reached SR4.4 billion ($1.17 billion), with 76 stocks advancing and 165 declining.
The MSCI Tadawul 30 Index also dropped, losing 12.2 points, or 0.85 percent, to close at 1,428.81.
The Kingdom’s parallel market Nomu declined by 156.89 points, or 0.57 percent, to close at 27,260.73, with 29 stocks gaining and 49 retreating.
The best-performing stock of the day was Saudi Reinsurance Co., rising 3.70 percent to SR49.
Other top gainers included Al-Rajhi Company for Cooperative Insurance, whose share price rose 3.65 percent to SR119.2, and Umm Al-Qura Cement Co., which gained 3.42 percent to SR17.54.
The day’s largest decline was seen in SHL Finance Co., with its share price dipping 4.93 percent to SR19.30.
Al-Etihad Cooperative Insurance Co. saw its shares drop 3.86 percent to SR13.44, while Saudi Arabian Oil Co. declined 3.64 percent to SR25.15.
The best performer on the Kingdom’s parallel market was Enma AlRawabi Co., with its share price surging by 7.77 percent to reach SR24.98.
Lamasat Co.’s share price increased by 7.58 percent to reach SR7.1, and Natural Gas Distribution Co. reached SR47, increasing by 6.82 percent.
Albattal Factory for Chemical Industries Co. was the worst performer on the parallel market, declining 16.83 percent to reach SR42.
Aramco, stc drive Saudi brands’ value up 14% to $117bn, new report shows
Energy, banking, and telecommunications represent nearly 74% of the total brand value in the rankings
Dairy producer Almarai is recognized as the Kingdom’s third strongest brand
Updated 29 min 14 sec ago
Reem Walid
RIYADH: Saudi Arabia’s top 100 brands reached a combined valuation of $116.8 billion as of January, up 14 percent year on year, led by energy giant Aramco and telecom operator stc, according to a new report.
Marketing consultancy firm Brand Finance said Aramco retained its position as the Kingdom’s most valuable brand for the sixth consecutive year, with a valuation of $41.7 billion.
The company’s strength stems from its global oil production capabilities and investments in low-carbon technologies.
Aramco retained its position as the Kingdom’s most valuable brand for the sixth consecutive year. Shutterstock
The Kingdom’s economy remains heavily influenced by its core sectors — energy, banking, and telecommunications — which together represent nearly 74 percent of the total brand value in the rankings. This sector concentration underscores Saudi Arabia’s ongoing economic diversification efforts as part of its Vision 2030 strategy.
Andrew Campbell, managing director, Brand Finance Middle East, said: “Saudi Arabia’s brand landscape is evolving at an impressive pace, driven by bold strategies, innovation, and a clear vision for the future.”
46% of the total brand value of the top 150 brands in the #MiddleEast are Saudia Arabian brands. The combined value of the 63 Saudi brands featured in the ranking stands at $112.4 billion.
He added: “From long-standing powerhouses like Aramco and stc to fast-rising brands like Saudia and Almarai, there’s a real sense of momentum across sectors. These brands are not only contributing to the Kingdom’s economic transformation but also setting new benchmarks for excellence in the region and beyond.”
The report further revealed that stc ranked as the Kingdom’s second most valuable brand in 2025, with a valuation of $41.7 billion, up 16 percent year on year.
This growth is primarily linked to the successful implementation of its Masterbrand strategy, which facilitated expansion into sectors like banking, cybersecurity, B2B, and IT services through strategic mergers and acquisitions.
stc ranked as the strongest brand in Saudi Arabia, earning a Brand Strength Index score of 88.7 out of 100 and an AAA rating. File/Reuters
The report by the London-based brand valuation consultancy showed that stc is also ranked as the strongest brand in Saudi Arabia, earning a Brand Strength Index score of 88.7 out of 100 and an AAA rating. Its continued investment in 5G infrastructure and digital financial services has solidified its position as a telecom leader.
An AAA rating is the highest possible credit or brand strength rating, indicating robust reliability, quality, and performance.
With brand value up 20 percent to $4.7 billion, Dairy producer Almarai is recognized as the Kingdom’s third strongest brand, earning a Brand Strength Index score of 85.5 out of 100 and an AAA brand strength rating.
Almarai is also ranked as the top brand in Saudi Arabia for environmental, social, and governance performance. Almarai
This follows the brand’s collaboration with Google Cloud, launched in November, which is driving its digital transformation and enhancing operational efficiency.
Almarai is also ranked as the top brand in Saudi Arabia for environmental, social, and governance performance, underscoring its strong commitment to ethical business practices, sustainable farming, and reducing carbon emissions.
As for Saudia, its brand value surged by 34 percent to reach $1.1 billion in January, making it the fastest-growing Saudi brand and marking its first time crossing the billion-dollar milestone.
Saudia’s brand value surged by 34 percent to reach $1.1 billion in January. Wikipedia
This achievement is largely attributed to the airline’s bold rebranding, along with advances in AI-driven customer service and infrastructure upgrades, which have significantly boosted its global brand visibility.
The report further revealed that ROSHN Group, with a brand value of $1.1 billion, is the highest-ranked new entrant in the Kingdom this year. It also became the most valuable real estate brand in the country and secured a place among the top 20 brands overall. This debut reflects the company’s strong financial performance and ambitious expansion strategy.
“Saudi Arabia’s brand landscape is evolving at an impressive pace, driven by bold strategies, innovation, and a clear vision for the future. It’s particularly exciting to see new entrants like ROSHN Group make such a strong debut, showing that diversification and ambition are paying off,” Campbell added.
In the record of the continuous achievements of #ROSHNGROUP, this new accomplishment comes to confirm our vision and ambition, turning into reality every day
We are proud to announce that ROSHN GROUP has been recognized as the Most Valuable Real Estate Brand in Saudi Arabia, and…
— ROSHN Group | مجموعة روشن (@Roshnksa) May 21, 2025
Saudi Arabia doubles funding to Union of Arab Chambers
Expanded support will significantly enhance UAC’s capacity to deliver programs and initiatives empowering the Arab private sector
FSC and UAC are working to boost intra-Arab trade and expand access to third markets
Updated 30 min 13 sec ago
MOHAMMED AL-KINANI
JEDDAH: Saudi Arabia has doubled its financial contribution to the Union of Arab Chambers, a decisive move aimed at reinforcing regional economic integration and boosting private sector cooperation across the Arab world.
The Federation of Saudi Chambers announced the increase on Tuesday, stating that the expanded support will significantly enhance the UAC’s capacity to deliver programs and initiatives that empower the Arab private sector and foster closer economic ties among member states.
The decision underscores the Kingdom’s growing leadership role in regional economic affairs and comes at a time when calls for deeper intra-Arab collaboration are intensifying. A 2023 report from the UN Economic and Social Commission for Western Asia warned of declining exports and over-reliance on limited markets, urging Arab countries to diversify and strengthen intra-regional trade.
Despite shared economic interests, intra-Arab trade made up just 13.8 percent of the region’s total foreign trade by late 2024—a figure FSC President Moejeb Al-Hwaizy described as “modest” in comparison to other global economic blocs. Al-Hwaizy was elected first vice president of the UAC during its 135th session in Qatar.
The FSC noted that Saudi Arabia’s enhanced contribution reflects its “strategic responsibility” as the UAC’s largest financial backer and soon-to-be president. “This is an extension of the federation’s role in supporting the private sector at the local, regional, and international levels,” it said.
The Kingdom’s leadership in the UAC, founded in 1951 and comprising chambers from all Arab League member states, highlights its broader ambition to promote joint Arab economic action, unlock cross-border investment, and facilitate closer coordination among private sector leaders.
With several joint initiatives already underway, the FSC and UAC are working to boost intra-Arab trade and expand access to third markets through business partnerships and strategic cooperation.
As the only Arab country in the G20 and the region’s largest economy, Saudi Arabia’s growing influence in Arab economic institutions signals its continued commitment to fostering unity and resilience in a rapidly evolving global trade environment.
Saudi Arabia’s Matarat, Thales sign deal to transform air travel experience
Deal focuses on enhancing innovation, operational efficiency, and overall passenger experience
It also includes knowledge-sharing initiatives, operational streamlining, and joint innovation efforts
Updated 24 min 31 sec ago
Arab News
RIYADH: Matarat Holding, the state-owned company responsible for managing Saudi Arabia’s airports, has signed a strategic agreement with French aerospace and defense giant Thales to advance the Kingdom’s aviation sector through cutting-edge digital technologies.
The agreement, formalized during the Passenger Terminal Expo 2025 in Madrid, Spain, focuses on enhancing innovation, operational efficiency, and the overall passenger experience across the Kingdom’s 27 airports.
According to a statement by Matarat, the partnership will leverage Thales’ expertise in artificial intelligence, biometrics, automation, and data-driven systems to develop safer, smarter, and more efficient travel journeys.
As part of the collaboration, advanced digital platforms and next-generation infrastructure will be deployed throughout Saudi Arabia’s airport network.
“This collaboration with Matarat Holding represents a revolutionary step in reimagining the future of the Saudi aviation sector,” said Bernard Roux, CEO of Thales in Saudi Arabia and Central Asia.
“By combining Thales’ digital transformation capabilities with Matarat’s operational excellence, we aim to build a smart and secure aviation ecosystem.”
Roux emphasized that the integration of AI, cybersecurity solutions, and connected systems will not only improve passenger experience and boost efficiency, but also enhance national security, contributing directly to the Kingdom’s Vision 2030 goal of becoming a global aviation leader.
In addition to technology deployment, the agreement includes knowledge-sharing initiatives, operational streamlining, and joint innovation efforts aimed at future-proofing the Kingdom’s aviation infrastructure.
Cairo plans economic independence as IMF program nears end
PM said government is developing a long-term national economic strategy that will extend to 2030
IMF continues to stress the importance of accelerating structural reforms and managing debt levels
Updated 22 May 2025
Nour El-Shaeri
RIYADH: Egypt is preparing to transition away from its current economic reform program with the International Monetary Fund, which is scheduled to conclude by late 2026 or early 2027, according to the country’s prime minister.
Speaking during his weekly press conference, Mostafa Madbouly stated that the government is developing a long-term national economic strategy that will extend to 2030 and focus on sustaining growth without relying on international institutions, according to an official release.
The comments come as Egypt attempts to stabilize an economy that has struggled with record inflation, a depreciating currency, and mounting debt. Over the past few years, authorities have pushed through reforms to unlock external funding, including a major IMF deal, Gulf-backed investments, and a record sale of state assets.
In a release on its official social media handle, the Egyptian Cabinet quoted the prime minister as saying: “We are aiming to develop a national program for the Egyptian state without relying on other international institutions. This will be linked to submitting, for the first time next year, a three-year budget.”
Egypt’s Prime Miister Mostafa Madbouly speaks during a weekly press conference in Cairo. Facebook/Egyptian Cabinet
In response to a question about the government’s vision beyond the current IMF program and its efforts to preserve the gains reflected in recent positive economic indicators, the release added: “Madbouly confirmed that the government is drafting a detailed plan extending to 2030. This reflects a broader outlook beyond the IMF program, which ends by late 2026 or early 2027.”
Egypt’s current $8 billion program with the IMF began as a $3 billion agreement in late 2022 and was expanded by $5 billion in March 2024.
The deal includes major reforms such as currency devaluation, sharp interest rate hikes, tighter fiscal policy, and privatization of state-owned assets.
So far, Egypt has received about $3.3 billion, with a fifth program review conducted in early May 2025.
The IMF continues to stress the importance of accelerating structural reforms and managing debt levels.
In the release, Madbouly emphasized that the government is prioritizing macroeconomic stability and social development.
He pointed to the growing importance of social support programs, saying they would continue to expand annually.
Egypt’s Prime Miister Mostafa Madbouly said the government is drafting a detailed plan extending to 2030. Facebook/Egyptian Cabinet
He also underlined the importance of technological advancement, industrial development, and greater reliance on digital transformation and artificial intelligence in the country’s future economic model.
Regarding Egypt’s ongoing IMF program, Madbouly clarified that the reform agenda was created and implemented by the Egyptian government itself, with the IMF acting in a supportive role.
He said the presence of the IMF and similar institutions in Egypt serves as a confidence signal to foreign investors and the global financial community, and that the IMF’s involvement does not entail new conditions or burdens on citizens.
Madbouly also addressed developments in the Future of Egypt agricultural project, which he said is designed to rely on modern, mechanized farming and industrial methods.
Unlike traditional high-density agricultural zones in the Nile Delta, the new areas will be less labor-intensive and structured to attract large-scale private sector participation.
He said the aim is to preserve agricultural productivity by avoiding the fragmentation of land that has affected other regions.
On technical education reform, Madbouly announced that the government is reviewing plans to convert outdated commercial diploma schools into modern technological schools that align with labor market needs.
Egypt is encouraging private sector participation in the strategic initiative. Facebook/Egyptian Cabinet
This reform will also involve private sector partnerships and follow successful models such as the WE School for ICT Education.
He noted that graduates from current vocational tracks will be eligible to join digital transformation initiatives like the state-supported Digital Pioneers Program.
In the health sector, the prime minister confirmed that the second phase of Egypt’s universal health insurance scheme will expand to five additional governorates.
He added that one densely populated governorate might also be included in this phase, bringing the total number of covered regions to 12.
Madbouly said the system’s financial viability has been reassessed and extended to ensure it can remain sustainable for up to 50 years.
He also spoke about the government’s plan to support the local production of infant formula, describing it as a capital-intensive industry that requires significant investment.
The state is encouraging private sector participation in this strategic initiative and is ready to act as a partner to ensure long-term success and stability in production.
