London Business School to open Riyadh office amid rising demand for executive education

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Updated 15 April 2025
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London Business School to open Riyadh office amid rising demand for executive education

London Business School to open Riyadh office amid rising demand for executive education

RIYADH: London Business School is set to open an office in Riyadh in the coming months, a move its dean says reflects the institution’s long-term commitment to supporting Saudi Arabia’s Vision 2030 and the country’s accelerating demand for executive education.  

The new location will deliver tailored executive education programs for both public and private sector organizations, building on London Business School’s expanding presence in the Kingdom. 

“Opening a third location is a big move for us, and we are making this investment because we strongly believe in the future of Vision 2030,” said Sergei Guriev, dean of London Business School, in an interview with Arab News on the sidelines of the Human Capability Initiative in Riyadh. 

“We want to be part of this transformation, and we want to help enhance human capability of Saudi public and private sector organizations through providing leadership and business skills,” he added. 

The expansion will mark the school’s third global location and its second in the Middle East after Dubai. It will be managed by Florin Vasvari, appointed executive dean of executive education, Middle East, and Helen Kerkentzes, associate dean of executive education, who will serve as general manager. 

“We’ve grown our relationships with Saudi public and private sector organizations a lot. We have many Saudi students coming to our campuses in London and Dubai, but we also teach programs for Saudi corporations as well as, public sector organizations in London and in Riyadh,” Guriev said. 

He explained the school runs both open-enrollment and custom-designed programs to meet the needs of Saudi companies. 

“Open executive education programs are when students can apply from all sectors of Saudi economies,” he said. “But we also design custom customer-centric programs for Saudi corporations.” 

In recent years, the number of Saudi executives enrolling in open-enrollment Executive Education programs has surged by over 250 percent. 

Guriev noted that nearly one-third of LBS’s global executive education clients are either Saudi individuals or companies. 

“For us, Saudi Arabia is the biggest country for our executive education,” he said. 

The Kingdom has also become the top source of students at the school’s Dubai campus. 

“Saudi nationals are the biggest national group and account in the last intake, they account for about 40 percent of the student body in Dubai, in our executive MBA program in Dubai,” Guriev noted. 

He said the decision to open an office in Riyadh was part of a broader strategic move backed by the school’s leadership.  

“When I came on board as a dean, I talked to the board, the governing body of the London Business School. In November, we made the decision to proceed with opening an office,” he said. “In April, we stand on stage with three ministers, holding our commercial registration and investment license, allowing us to operate in Saudi Arabia.”  

On gender inclusion, Guriev praised the Kingdom’s progress and reaffirmed LBS’s commitment to advancing female leadership. 

“We drastically increase the participation of women in our programs in Saudi Arabia and in London. For us it’s very important and we praise the focus of the government on increasing of economic activity of women,” he said. 

“This is one of the great successes of recent years of the Kingdom of Saudi Arabia. And we want to be part of the success, providing more programs for women, not only in London but here on the ground in Riyadh, making it easier for female business leaders to take programs from London Business School,” Guriev added.  


Saudi Arabia and Kyrgyzstan announce establishment of a joint business council 

Saudi Arabia and Kyrgyzstan announce establishment of a joint business council 
Updated 7 sec ago
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Saudi Arabia and Kyrgyzstan announce establishment of a joint business council 

Saudi Arabia and Kyrgyzstan announce establishment of a joint business council 

BISHKEK: Saudi Arabia and Kyrgyzstan, represented by the Saudi Chambers Federation and the Kyrgyz Chamber of Commerce and Industry, announced the signing of an agreement to establish a Saudi-Kyrgyz Joint Business Council — a significant step to advance economic cooperation between the two countries. 

The signing ceremony took place on the sidelines of the Saudi-Kyrgyz Business Forum held on May 21 in Bishkek, the Kyrgyz capital, in the presence of Kyrgyz Minister of Economy and Commerce Bakyt Sydykov, Saudi Chambers Federation Chairman Hassan bin Muajab Al-Huwaizi, and several ministers and officials from both nations, the Saudi Press Agency reported. 

The forum was also attended by Saudi-Kyrgyz Business Council Chairman Ahmed Al-Dakhil, Saudi Arabia’s Ambassador to Kyrgyzstan Ibrahim bin Radi Al-Radi, Kyrgyzstan’s Ambassador to Saudi Arabia Ulukbek Maripov, along with more than 100 investors. 

The chairman of the Saudi Chambers Federation emphasized that the establishment of the joint business council is the result of sustained efforts and mutual desire, providing an effective platform for Saudi and Kyrgyz businessmen to showcase and promote their activities and build commercial partnerships, amid vast opportunities for cooperation between the two countries. 

The joint business forum reviewed investment opportunities, advantages, and incentives in Saudi Arabia and Kyrgyzstan across sectors including exports, healthcare, pharmaceuticals, banking, hydropower, agriculture, and technology. 

Bilateral meetings were also held between company representatives from both countries. 

Notably, the federation’s delegation visits to Kyrgyzstan included a series of meetings with government and private sector officials to discuss prospects for economic cooperation and explore investment opportunities. 


Saudi crude output hits 8.96m bpd in March: JODI data

Saudi crude output hits 8.96m bpd in March: JODI data
Updated 21 min 3 sec ago
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Saudi crude output hits 8.96m bpd in March: JODI data

Saudi crude output hits 8.96m bpd in March: JODI data

RIYADH: Saudi Arabia’s crude oil production rose to 8.96 million barrels per day in March, reflecting a 0.11 percent monthly increase, according to the latest Joint Organizations Data Initiative data.

According to the database, crude exports fell by 12.11 percent month on month to 5.75 million bpd.

Refinery crude exports rose 10.3 percent during this period to 1.55 million bpd. The uptick was driven primarily by diesel shipments, which jumped 20.66 percent from the previous month to 806,000 bpd.

It also accounted for the largest share of refined product exports in March at 52 percent, followed by motor and aviation gasoline at 17 percent, and fuel oil at 12 percent.

Total refinery output reached 2.94 million bpd in March, a 12.32 percent monthly increase, with diesel comprising 42 percent of refined products, motor and aviation gasoline 24 percent, and fuel oil 15 percent.

Domestic demand for refined petroleum products increased by 223,000 bpd in March compared to the previous month, reaching 2.22 million bpd.

On an annual basis, demand rose by 5.07 percent, equivalent to 107,000 bpd.

The Kingdom’s slight increase in crude production across the month came amid a broader strategic pivot within OPEC+, which has agreed to significantly boost oil output starting in June. The alliance announced an additional 411,000 bpd increase for June, following a similar adjustment made for May.

This marks a continuation of the group’s recent efforts to accelerate the return of previously curtailed supply to the global market. The upcoming increase is expected to add further downward pressure on prices, which have already been trending lower due to ample inventories, modest international demand growth, and increasing non-OPEC output.

Direct crude usage

Saudi Arabia’s direct crude oil burn rose to 383,000 bpd in March, reflecting a 35.3 percent increase from the previous month.

Direct crude burn refers to the use of unrefined crude oil for electricity generation, rather than for export or refining.

The increase came amid the seasonal ramp-up in cooling needs as temperatures begin to rise heading into the warmer months.

Although the Kingdom has made substantial progress in expanding its natural gas infrastructure to reduce reliance on direct crude burn, fluctuations still occur, particularly in transitional months like March, when energy demand begins to shift but supply systems have not fully ramped up.


Saudi Arabia launches BAE Systems Arabian Industries to boost local manufacturing 

Saudi Arabia launches BAE Systems Arabian Industries to boost local manufacturing 
Updated 43 min 35 sec ago
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Saudi Arabia launches BAE Systems Arabian Industries to boost local manufacturing 

Saudi Arabia launches BAE Systems Arabian Industries to boost local manufacturing 
  • Company results from the merger of two major players in the defense ecosystem
  • Merger was finalized nearly four months ago to consolidate operational strengths

JEDDAH: Defense manufacturing is set to advance in Saudi Arabia with the launch of BAE Systems Arabian Industries, a new entity aimed at accelerating localization and strengthening the Kingdom’s military industrial base. 

The company results from the merger of two major players in the defense ecosystem — BAE Systems Saudi Development and Training, which focuses on capability building, and the Saudi Maintenance and Supply Chain Management Co., a provider of supply chain and technical services, the Saudi Press Agency reported. 

The move marks further progress in the Kingdom’s push to expand its defense capabilities, with localization of military spending rising to 19.35 percent in 2024, up from just 4 percent in 2018. The Kingdom aims to surpass 50 percent by 2030, in line with Vision 2030’s goal of a self-sufficient defense sector. 

Ahmad Abdulaziz Al-Ohali, governor of the General Authority for Military Industries, speaks during the inauguration ceremony in Riyadh. X/@GAMI_KSA

Ahmad Abdulaziz Al-Ohali, governor of the General Authority for Military Industries, inaugurated BAE Systems Arabian Industries at an official ceremony held at the company’s new headquarters in Riyadh, attended by several officials and defense industry leaders. 

In a post on his X handle, the governor said: “This will enhance local content and open up broad horizons for national and international companies to contribute to building a solid and sustainable military-industrial system, to enhance local content in terms of human and technical cadres.” 

The merger was finalized nearly four months ago to consolidate operational strengths and leverage over three decades of experience in defense training, capability development, and logistics. 

Saudi Arabia continues its push to expand its defense capabilities, with localization of military spending. X/@GAMI_KSA

“He pointed out that the integration of national and global expertise within this unified entity reflects the confidence of major companies in the attractive investment environment provided by the authority in cooperation with its partners in both the public and private sectors,” the SPA report stated. 

Al-Ohali noted that the initiative would play a key role in transferring knowledge and building national expertise, supporting the Kingdom’s goal of localizing over 50 percent of military spending by 2030. 

He reaffirmed the authority’s support for initiatives that boost local content and create opportunities for both national and international companies to help build a strong and sustainable military-industrial sector. 

The inauguration of BAE Systems Arabian Industries marks a major step forward in enhancing local content and building national capabilities in the Saudi military industries sector. X/@GAMI_KSA

In a LinkedIn post, Abdulatif Al-Shaikh, the new company’s CEO, said: “We are guided by a clear vision to be the leading Saudi company in the defense sector by supporting and developing capabilities within the Kingdom and across the region, in alignment with Vision 2030.” 

In another development, Saudi Arabia recently completed production of its first locally manufactured components for the Terminal High Altitude Area Defense, or THAAD system launcher, in Jeddah.

This follows localization agreements signed during the 2024 World Defense Show and reflects increasing technical collaboration with global defense firms such as Lockheed Martin. 


Egypt’s exports to Lebanon up 43.8% across 2024: Official data

Egypt’s exports to Lebanon up 43.8% across 2024: Official data
Updated 19 min 31 sec ago
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Egypt’s exports to Lebanon up 43.8% across 2024: Official data

Egypt’s exports to Lebanon up 43.8% across 2024: Official data
  • Value of imports declined by 2.3%, totaling $237.7 million
  • Trade exchange between Egypt and Lebanon reached $1 billion in 2024

RIYADH: The value of Egyptian exports to Lebanon saw a 43.8 percent year-on-year surge in 2024 to reach $762.8 million, according to new figures.

Data from Egypt’s Central Agency for Public Mobilization and Statistics also showed that imports from the Middle Eastern country declined by 2.3 percent, totaling $237.7 million during the same period.

These shifts in trade come amid broader economic trends. The region’s gross domestic product grew by 1.8 percent in 2024, reaching $3.6 trillion despite ongoing challenges, according to a March report by the Arab Investment and Export Credit Guarantee Corporation, or Dhaman.

Looking ahead, this economic momentum appears set to continue. Moody’s projects 2.9 percent growth for the region in 2025, up from 2.1 percent in 2024, while maintaining a stable outlook for the region’s sovereign credit fundamentals over the next 12 months.

Egyptian investments in Lebanon amounted to $9.7 million during the fiscal year 2023/2024. File/Reuters

The newly released CAPMAS report revealed there was “an increase in the value of trade exchange between Egypt and Lebanon, reaching $1 billion in 2024, compared to $774 million in 2023, an increase of 29.3 percent.”

The main export groups of goods to Lebanon during 2024 included fuels, mineral oils, and distillation products worth $215 million, iron and iron products worth $65 million, and cement worth $55 million.

The value of fruit and vegetable exports stood at $48 million, while sugar and sugar products were worth $41 million. 

As for the main import groups of goods from Lebanon during the same year, they entailed iron and iron products worth $118 million, fruits and vegetables worth $72 million, and electrical appliances and equipment worth $22 million.

The value of plastics imports stood at $4 million, while dyeing and coating extracts were also worth $4 million.

The value of fruit and vegetable exports stood at $48 million, while sugar and sugar products were worth $41 million. Shutterstock

The CAPMAS data also shed light on how the value of Lebanese investments in Egypt amounted to $51.2 million during the fiscal year 2023/2024, compared to $51.4 million during the fiscal year 2022/2023.

Egyptian investments in Lebanon amounted to $9.7 million during the fiscal year 2023/2024, compared to $7.9 million during the fiscal year 2022/2023.

“The value of remittances from Egyptians working in Lebanon amounted to $42.9 million during the fiscal year 2023/2024, compared to $38.1 million during the fiscal year 2022/2023, while the value of remittances from Lebanese working in Egypt amounted to $3.5 million during the fiscal year 2022/2023, compared to $3.7 million during the fiscal year 2022/2023,” the CAPMAS report added.

According to estimates, the number of Egyptians residing in Lebanon reached 11,300 by the end of 2023, the report concluded.


Invest Qatar launches $1bn incentive program to accelerate investment

Invest Qatar launches $1bn incentive program to accelerate investment
Updated 21 May 2025
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Invest Qatar launches $1bn incentive program to accelerate investment

Invest Qatar launches $1bn incentive program to accelerate investment
  • Move was announced during the 5th Qatar Economic Forum
  • Program offers financial packages for local and international investors covering up to 40% of expenses

DUBAI: Investment promotion agency Invest Qatar has launched a $1 billion program aimed at accelerating investment inflows and boosting diversification of the Qatari economy, it said on Wednesday.
Announced during the 5th Qatar Economic Forum, the program offers financial packages for local and international investors covering up to 40 percent of expenses such as setup costs, construction, leases and staff for a five-year period.
It said the first phase of the program will offer four off-the-shelf packages designed to stimulate fresh investment, support the expansion and digitization of existing facilities, create high-skilled employment, and promote knowledge transfer.
The Advanced Industries Package targets high-value, technology-intensive sectors such as pharmaceuticals, chemicals, automotive, and electronics.
The Logistics Package encourages investments in infrastructure, automation and advanced logistics services, while the Technology Package seeks to develop the digital economy through support for cybersecurity, cloud computing, artificial intelligence and data-driven innovation.
The Lusail financial services package aims to advance fintech, insurance, asset and wealth management, while incentivising firms to establish offices in Lusail, the country’s main financial district.