Datacom aims to ride Saudi Arabia’s tech wave 

Datacom aims to ride Saudi Arabia’s tech wave 
Datacom’s commitment to AI governance, risk management, and ethical practices underscores its dedication to responsible AI development. (SPA)
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Updated 01 October 2024
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Datacom aims to ride Saudi Arabia’s tech wave 

Datacom aims to ride Saudi Arabia’s tech wave 
  • Firm offers innovative AI solutions tailored to local requirements

CAIRO: Technological infusion across all sectors has boosted Saudi Arabia’s position as a catalyst of change, attracting players from all over the globe. 

Datacom, under the leadership of CEO Dawood Moya, aims to be a significant contributor to this by establishing itself as a trusted partner for digital transformation, artificial intelligence, automation, and process intelligence within the public services, financial services industry, and oil and gas sectors. 

In an interview with Arab News, Moya shared that Datacom plans to become a critical player in Saudi Arabia, aspiring to be one of the core partners for governmental bodies and industry leaders. 

Moya said: “Our aim is to stay for a long term in Saudi Arabia and become one of the core partners for governmental bodies and FSI and oil and gas companies. Datacom will become the key driver in elevating the AI capabilities and make the Kingdom as one of the leading countries in AI.” 

Becoming a partner 

Datacom’s strategy for the Saudi market includes developing innovative AI solutions tailored to local requirements, collaborating with local universities and research institutions to foster AI talent. 

The company aims to leverage its AI expertise to generate significant impacts for organizations and citizens in the Kingdom. 

A significant aspect of Datacom’s expansion strategy involves education and training. 

“Datacom aims to invest in training AI professionals and experts locally,” Moya said.

By creating AI curriculums, training programs, workshops, and certifications, Datacom hopes to raise AI awareness and promote acceptance. 

Additionally, the company plans to collaborate with the Saudi government to develop AI-friendly policies and regulations, focusing on AI governance and ethics. 

Partnerships play a crucial role in Datacom’s approach, with the company already working with over five ministries across Saudi Arabia “developing highly sophisticated AI solutions, which are unique, innovative and effective to enhance the ministries services performance,” Moya said. 

Datacom is also committed to understanding local needs and culture, developing AI solutions that respect data sovereignty requirements, and establishing sector-specific Centers of Excellence to drive AI adoption. 

Looking forward, Datacom has set ambitious growth objectives for the next year, prioritizing Saudi Arabia within its expansion strategy. 

“Saudi Arabia is the main priority for Datacom. Even when our headquarters is right now based in Ajman, UAE, for different reasons, our focus is Saudi Arabia and UAE, in this order of priorities,” Moya stated. 

The company is offering a portfolio of customized AI solutions, including digital humans with generative AI capabilities, innovative data analysis solutions, and tailored AI ethics and governance models based on Saudi regulations. 

Datacom plans to adapt to and comply with evolving regulations in Saudi Arabia by partnering with the Saudi Authority for Data and Artificial Intelligence, the National Cybersecurity Authority, and other governmental bodies. 

The company’s commitment to AI governance, risk management, and ethical practices underscores its dedication to responsible AI development. 

The strategic importance of the Saudi market for Datacom is underscored by the Kingdom’s substantial investment in AI, its economic transformation, government support, and technological adoption, Moya highlighted. 

This investment, along with robust policies and a tech-savvy population, creates a conducive environment for AI growth and innovation. 

“We established our office 6 months ago, thanks to the support of our local partnership network, who identify us as a technology disruptor in the market,” Moya shared. 

The company plans to register its local entity before the end of 2024, further solidifying its presence in the Kingdom. 

Business fundamentals 

The company’s business model is centered on reselling disruptive technologies rather than developing software. 

Moya explained, “Our business model is based in our operations. We are not software developers, but resellers of the most disruptive technologies we are able to identify, thanks to our experience, know-how, and international presence in the technology segment.” 

This approach leverages Datacom’s expertise and extensive network to introduce cutting-edge solutions to the Saudi market. 

The motivation behind founding Datacom was to bridge a significant gap in the implementation of AI technologies. 

“We clearly identified a gap in the know-how of the implementation of AI technologies. Our team is composed by senior experts in the technology field,” Moya highlighted. 

The company has not yet reached profitability but has set a target to achieve this milestone in 2024.  

To gauge success, Datacom utilizes several key performance indicators. 

“We are using performance indicators like: Cost of lead, percentage of conversion rate, percentage of closure rate, Churn Rate,” Moya said.  

Regarding funding, Datacom is privately funded and does not have immediate plans to secure additional finance. However, when asked if the company remains open to potential investment opportunities, he said: “We are open to have conversations with investors that would align with our mission and vision. I’m sure that we can give answers to many questions that are still unanswered, and the Arab world is a window of opportunities, due to the exciting moment that is living, and the support that the regional governments are providing to accelerate that momentum.” 

A booming market 

Moya assessed the current market landscape in Saudi Arabia, noting the significant opportunities presented by the government’s dedicated AI strategy and industry push. 

Forecasting the industry’s evolution, Moya emphasized the rapid growth expected in the Saudi AI market. “We believe that the Saudi Arabia artificial intelligence market is poised for significant growth, and several trends are shaping its evolution,” he explained. 

“The Saudi Arabia AI market was valued at $3.11 billion in 2023 and is projected to grow at a CAGR (compound annual growth rate) of 42.6 percent between 2024 and 2030. This growth is driven by investments in developing AI solutions across different sectors,” Moya said. 

He added that sectors such as health care, public services, and retail are seeking AI solutions to enhance productivity and efficiency. “Retail companies, for example, use AI to gain consumer insights and optimize promotions and pricing.” 

“Arabic focused NLP (natural language processing) and IDP (intelligent document processing) solutions are the initial solutions deployed in Saudi Arabia,” Moya said. 

“As Saudi Arabia continues its privatization initiatives, AI investments will play a crucial role. The country’s rapidly expanding economy and surging foreign investments contribute to this trend,” he added.
 


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

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 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 

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 

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

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

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 

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 

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 

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 

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.