Mobility sector’s winning game plan for World Cup

Qatar’s public transportation company Mowasalat will provide 75,000 airport transfers per day from Hamad International Airport to the Doha city center. (AFP)
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Updated 20 November 2022
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Mobility sector’s winning game plan for World Cup

  • Car rental platforms and airlines are creating flexible mobility options for football fans traveling to the venues

RIYADH: Regional ride-hailing apps, car rental platforms and airlines in Qatar are cashing in on FIFA World Cup opportunities by creating flexible mobility options for football fans traveling to the venues. 

The prospects seem brighter with a map in Qatar detailing the route that sports enthusiasts who live in neighboring countries can take to get to the World Cup if they wish to drive. 

However, those making day trips to the event will only be allowed to enter the country by private car if they have a Qatar-registered vehicle and will instead need to park at the Abu Samra border and travel by bus for the remaining 90 km. 

Taking advantage of the surge in tourism and the government’s restrictions on car travel, the mobility sector is offering inter- country car rides, shuttle flights, and car rentals via Saudia or Careem to avoid the hassle. 

What’s driving this move?

In an interview with Arab News, Careem’s Managing Director of mobility Bassel Al-Nahlaoui said customers can now book inter- country flights from Saudi Arabia to Doha for the FIFA World Cup 2022. 

Saudi residents can book more affordable and hassle-free rides to and from the Kingdom to Qatar. 

It will cost about SR1,000 ($266.10) for a taxi ride from Dammam or Al-Ahsa to Doha, Al-Nahlaoui said. 

In addition, customers can book a ride to Doha one day in advance for a car that accommodates up to three people. 

HIGHLIGHT

Taking advantage of the surge in tourism and the government’s restrictions on car travel, the mobility sector is offering inter-country car rides, shuttle flights, and car rentals via Saudia or Careem to avoid the hassle.

According to Al-Nahlaoui, passengers will need to change to a Qatari Careem car at one border. “There will be Careem staff at the borders to help passengers with the transition between the two borders, which makes it even more convenient,” he added. 

Although the car ride might take three to four hours, Al-Nahlaoui said that it is equivalent to the time it takes traveling by plane. “If you go to an airport, between airport security and the flight, it’s probably going to take you four hours from the same place,” he said. 

According to a car rental company in Qatar that did not want to reveal itself, there has been more demand for chauffeur-driven cars than self-driven rentals, so they have yet to experience much interest. 

The Qatari government’s public transportation company Mowasalat will provide 75,000 airport transfers per day from Hamad International Airport to the Doha city center, said a source familiar with the matter. 

“For a 10-minute drive, some suppliers are charging 500 Qatari riyals per transfer,” he said. 

He added that there is a shortage of airport transfers, and suppliers have to sell their full-day car and chauffeur rides for $1,500 for eight hours to get a transfer. 

To tackle the shortage, Careem has also collaborated with the Qatari government to accommodate the influx of tourists. As a result, anyone living in Qatar can also become a Careem captain for the duration of the World Cup, allowing them to use their private cars to help transport tourists and residents, Al-Nahlaoui said. 

“I think that is going to help manage the demand and help provide a lot of these people with additional income over that period,” he added. 

The ride-hailing company has more than doubled its fleet size in Qatar. “As you see, the demand is increasing every day as we get closer to the event, and customers are trying to solve some of their problems,” he said. 

Careem will offer customers a “zero-wait-time solution” with dedicated pickup lanes across all eight stadiums and the airport using a one-time password code as part of its World Cup initiative. 

By navigating a pickup point from the app and requesting a one-time password, passengers can take the first car available and provide the code to the captain instead of booking a car in advance. 

For tourists from Southeast Asia who do not know Careem, Grab or Alipay can also be used, which will be dispatched to Careem captains, making getting a ride more accessible and convenient. 

Flying past the action 

Akbar Al-Baker, Qatar Airways Group CEO, told Arab News that the airline has partnered with  flydubai, Kuwait Airways, Oman Air and Saudia to connect match ticket holders to Doha. 

He added that the airline would provide “match-day shuttle” flights for 24-hour experiences during the FIFA World Cup Qatar 2022. 

Abdullah Al-Shahrani, Saudia’s general manager of media affairs and communications, told Arab News that the airline launched its shuttle flights as a convenient, affordable and logistically-free option for guests attending a one-day match in Doha. 

From Riyadh, Jeddah and Dammam, 780 scheduled, additional and shuttle flights will run to the Qatari capital at SR1,417, 

SR1,577 and SR1,037, respectively. “The airline has also increased the frequency of the scheduled flights,” he said.

Several of the airline’s flights from Riyadh, Jeddah and Dammam are fully booked, according to Al-Shahrani. 

Saudia’s same-day shuttle service will target not only football fans but also tourists from around the world who will visit Qatar during the world cup. 

Saudia is also collaborating with the Saudi Tourism Authority on promoting attractive destinations in the Kingdom and with the Saudi Entertainment Authority on promoting Riyadh season activities, according to Al-Shahrani. 


Pakistan stocks soar to record high amid budget buzz, IMF tranche

Updated 15 May 2025
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Pakistan stocks soar to record high amid budget buzz, IMF tranche

  • Pakistan this week received second tranche of special drawing rights worth $1,023 million from IMF under EFF program
  • Pakistan’s federal budget for next fiscal year to be finalized within next four weeks, budget talks with IMF from May 14-23

ISLAMABAD: Bulls took charge of the local bourse today, Thursday, as the Pakistan Stock Exchange surged to new heights, fueled by optimism surrounding upcoming budget announcements and the release of a $1 billion tranche by the IMF, analysts said.

Pakistan on Wednesday received the second tranche of special drawing rights worth 760 million ($1,023 million) from the IMF under an extended fund facility (EFF) program. The IMF last week approved a fresh $1.4 billion loan to Pakistan under its climate resilience fund and also approved the first review of its $7 billion program, freeing about $1 billion in cash.

Pakistan’s federal budget for the next fiscal year, starting July, will be finalized within the next four weeks, with scheduled budget talks with the IMF to take place from May 14-23, according to the finance ministry.

The benchmark index witnessed a remarkable intraday rally, climbing as much as 1,453 points before closing with an impressive gain of 1,425 points at 119,961, marking a 1.20% increase and setting a new all-time high.

“Refinery stocks ended the day in the green amid sector-specific developments,” brokerage house Topline Securities said in a daily market review. 

“The government is working to finalize a binding legal framework between oil marketing companies and refineries, with key clauses like take-or-pay aimed at resolving ongoing disputes over product upliftment and HSD imports — a move expected to bring greater clarity and stability to the supply chain.” 

Market participation also picked up, with total traded volume reaching 695 million shares and a traded value of Rs39.01 billion. Pakistan Refinery Limited topped the volume chart with 50.8 million shares traded.

Samiullah Tariq, head of research and development at Pak Kuwait Investment Company Ltd, said the market was positive due to recent inflows from the IMF, noting the “expectations of further inflows on the back of the IMF Board approval.”

Thursday’s bullish momentum also comes as the market continues to recover from upheaval brought by the most intense military row between Pakistan and India in years last week. The two nuclear-armed nations agreed to a US-brokered ceasefire on Saturday. 


Closing Bell: Saudi main index slips to close at 11,485 

Updated 15 May 2025
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Closing Bell: Saudi main index slips to close at 11,485 

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Thursday, losing 46.95 points, or 0.41 percent, to close at 11,485.05. 

The total trading turnover of the benchmark index was SR5.28 billion ($1.40 billion), as 61 of the stocks advanced and 179 retreated.  

Similarly, the Kingdom’s parallel market Nomu lost 46.12 points, or 0.17 percent, to close at 27,841.06. This comes as 32 of the listed stocks advanced while 43 retreated.  

The MSCI Tadawul Index lost 4.40 points, or 0.30 percent, to close at 1,462.76.   

The best-performing stock of the day was Miahona Co., whose share price surged 10 percent to SR24.86.  

Other top performers included National Gypsum Co., whose share price rose 4.90 percent to SR21 as well as Saudi Manpower Solutions Co., whose share price surged 3.09 percent to SR7.01. 

Zamil Industrial Investment Co. recorded the most significant drop, falling 10 percent to SR43.20. 

Arabian Contracting Services Co. also saw its stock prices fall 8.21 percent to SR125.20, while Retal Urban Development Co. also saw its share value decline 6.98 percent to SR15.72. 

On the announcements front, Saudi Awwal Bank has completed the offering of its USD-denominated Additional Tier 1 Green Sukuk, valued at $650 million. According to a statement on Tadawul, the total number of sukuk issued stands at 3,250, based on a minimum denomination and total issue size at a par value of $200,000 each. The sukuk offers a return of 6.50 percent and features perpetual maturity. 

Saudi Awwal Bank ended the session at SR34.40, up 1.31 percent. 

Bank Albilad has announced the commencement of its offering for a USD-denominated Additional Tier 1 Capital Sukuk. According to a bourse filing, the final amount and terms of the sukuk will be determined at a later stage, subject to prevailing market conditions. The offering period runs from May 15 to May 16. 

The minimum subscription is set at $200,000, with additional increments of $1,000, based on a par value of $200,000. The bank has appointed HSBC Bank plc, Albilad Capital, Goldman Sachs International, and Emirates NBD Bank PJSC as joint lead managers for the issuance. 

Bank Albilad ended the session at SR27.10, up 0.19 percent. 

Emaar, The Economic City has announced its interim financial results for the first three months of 2025. According to a Tadawul statement, the company reported a net loss of SR123 million in the period ending March 31, down 65 percent compared to the corresponding quarter a year earlier. 

This decrease in net loss is primarily attributed to an increase in revenues, a decrease in operational expenses, and reversal of ECL provision following a reassessment compared to the recorded provision in the corresponding quarter. 

Emaar, The Economic City ended the session at SR13.50, down 1.02 percent. 

Zamil Industrial Investment Co. reported a net profit of SR21.8 million for the first quarter of 2025, marking a 301 percent increase compared to the same period last year, according to a bourse filing.

The sharp rise in earnings was driven by higher sales across all business segments, along with increased operating income in the air conditioning, construction, and insulation divisions. The company also benefited from improved contributions from associates and joint ventures, as well as reduced financial charges. 


Saudi Arabia forges ahead in AI and tech through US partnerships

Updated 15 May 2025
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Saudi Arabia forges ahead in AI and tech through US partnerships

JEDDAH: Saudi Arabia is advancing its artificial intelligence, cybersecurity, and cloud computing capabilities through agreements signed with leading US tech firms during an investment forum in Riyadh.

Among the deals signed during the event, six agreements were inked by entities from the Kingdom with US companies, reflecting the deepening strategic and technological cooperation between the two countries.

The forum commenced on May 13 at the King Abdulaziz International Conference Center in the Saudi capital, with the participation of high-ranking officials from both countries. 

It coincided with the visit of US President Donald Trump, during which the Kingdom announced the signing of agreements with the North American country valued at over $300 billion.

These agreements mark a significant step forward in Saudi Arabia’s push to build a diversified, knowledge-based economy through strategic international partnerships, according to the Saudi News Agency.

The Saudi Data and Artificial Intelligence Authority, known as SDAIA, inked four memorandums of understanding with US technology firms PureStorage, DataDirect Network, Wika.io, and Palo Alto Networks during the event.

The agreements aim to enhance the Kingdom’s data and AI infrastructure, drive innovation in emerging technologies, and strengthen cooperation in cybersecurity and technical fields, SPA reported

In a separate move, the Saudi Digital Government Authority signed an MoU with the leading US multinational technology company Oracle to expand collaboration in cloud computing, AI, and digital services.

“The partnership is expected to strengthen the Kingdom’s leadership in cloud computing and digital transformation, enhance digital awareness among government employees and the wider community, and improve the efficiency of government services provided to citizens and residents,” the authority said in a statement.

The release added that the deal represents a model of constructive collaboration and an extension of national efforts aimed at promoting digital innovation, supporting the economy, and achieving institutional excellence through the development of the digital government ecosystem.

The signing ceremony took place at the authority’s headquarters in Riyadh and was attended by Ahmed Al-Suwaiyan, governor of DGA, and Cormac Watters, executive vice president and general manager at Oracle EMEA applications.

The agreement was signed by DGA Vice Gov. Abdullah Al-Faifi and Oracle Country Leader Reham Al-Musa.

The National Center for Privatization signed a memorandum of cooperation with the Association for the Improvement of American Infrastructure to strengthen professional competencies in privatization and public-private partnerships.

Signed on the sidelines of the forum, the agreement “reflects the NCP’s efforts to expand collaboration with the US private sector and develop training programs for Saudi professionals,” SPA report noted.

Under the deal, NCP and AIAI will work together on joint events, expert exchanges, and specialized sessions aimed at promoting institutional knowledge and global best practices in the Kingdom’s privatization ecosystem.


Saudi Arabia aiming to foster innovation and global collaboration, says economy minister 

Updated 15 May 2025
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Saudi Arabia aiming to foster innovation and global collaboration, says economy minister 

RIYADH: Saudi Arabia aims to foster a dynamic private sector, create jobs for its citizens, and attract international talent as part of its Vision 2030 strategy, according to a top official. 

Speaking during an interview with Fox News on the sidelines of the Saudi-US Investment Forum, Economy and Planning Minister Faisal Al-Ibrahim said the Kingdom has embarked on a transformative path to unlock its potential and shift its growth narrative beyond oil. 

The forum was held on the occasion of US President Donald Trump’s visit to Saudi Arabia, during which he was accompanied by a delegation of leading business figures. 

Al-Ibrahim said: “We want a private sector that’s dynamic. We’re a young population, but in about 20, 25, 30 years, we’ll start the aging process. What we should look like at that stage is a government and a private sector and a third sector, and academia that is leveraging fully generative AI and other technological tools toward productivity.”  

He added: “But also that has created jobs for a lot of Saudis, and has been able to, in the process, attract a lot of talent to come to Saudi to make Saudi Arabia their home.” 

The minister emphasized that diversification has already begun to yield results, with sectors such as tourism, culture, and technology,  as well as sports and artificial intelligence, contributing significantly to gross domestic product. 

“We would love to be competitive in a large and vibrant consumer market, such as that in the US,” the minister said, highlighting the Kingdom’s increasing connections with global markets, especially American capital markets. 

Al-Ibrahim noted that the non-oil gross domestic product has surpassed 50 percent for the first time, but cautioned against complacency. 

“We’re not over-celebrating that, but we’re acknowledging this as a milestone. What we want to see is more non-oil exports growing. More non-oil exports of our manufacturing, GDP,” Al-Ibrahim said. 

The minister also emphasized the importance of service sector quality, adding: “We want to see user experience in the services side, especially on the tourism side, second to none. Still have a lot of work to do.” 

He noted that both Crown Prince Mohammed bin Salman and President Donald Trump have spoken of “peace and prosperity” as tools to address global challenges, reinforcing the Kingdom’s alignment with international efforts toward stability. 

“We’ve seen what dialogue has led to in terms of the US and UK deal, US and China deal, and what Saudi has led to also through dialogue in the region,” the minister added. 

On regional developments, he commented on the US decision to lift sanctions on Syria and its potential impact. 

“Something as strong and meaningful and material as lifting sanctions could help a country such as Syria to invest more capital in building the institutions they need to be a more stable country, but also bring more stability to the region and be a force for good,” Al-Ibrahim said.

Describing the relationship between the crown prince and President Trump, the minister added: “I see common values between both leaders, regardless of age and background, and I think that’s one of the things that really brings the mutual respect into the public eye.” 

Addressing skepticism about the Kingdom’s evolution, the minister concluded: “Saudi Arabia is a long-term reliable partner, if you ask anyone who has dealt with the Kingdom, government, people, anyone who has visited here ... Saudi Arabia has always been and always will be a force for good, for innovation.” 


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

Updated 15 May 2025
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Egypt approves $221m of oil exploration deals with foreign firms 

RIYADH: Egypt has approved $221 million worth of deals with foreign firms for oil exploration and exploitation in the Western Desert and Gulf of Suez.

A statement issued following a meeting of the country’s Cabinet, 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.