Kingdom to account for 50% of GCC’s ICT investment

Updated 26 September 2012
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Kingdom to account for 50% of GCC’s ICT investment

RIYADH: Saudi Arabia has become one of the fastest growing IT markets in the Middle East. Furthermore, it is projected to account for around 50 percent of the GCC’s total ICT investments during 2010 to 2012, according to a report from RNCOS, a research solutions company.
Government organizations are among the largest IT service providers in the Kingdom. With 22 objectives with 46 supporting initiatives, the Second National e-Government Action Plan is a fully formed project able to take the Kingdom’s e-government performance to the next level.
There are four strategic themes to the new plan — build a sustainable e-government work force, improve the experience of the public in their interactions with Government, develop a culture of collaboration, and improve government efficiency — all resulting in the efficient and immediate delivery of services and goods to Saudi citizens.
The 3rd Annual e-Government Summit, organized by business information company naseba and being held yesterday and today in Riyadh, presents the new initiative in detail. The welcome address was given by Mamdouh Khawaji, vice president of IT at SEDCO, who examined the need for public awareness in e-government initiatives. He noted the “United Nations defines e-government as the employment of the Internet for delivering government information and services to the citizens: Hence citizens are a key component of this service.”
With the implementation of the Second National Plan, the government also hopes to increase collaboration with private companies as a way to ease project workload and to further develop Saudi Arabia’s economy by creating jobs.
The first panel of the day was an in-depth case study on countries such as Singapore who have adopted public-private partnerships (PPP).
It was led by industry leader Abdulaziz Al-Mulhem, assistant minister and CIO of planning at the Ministry of Culture and Information, Saudi Arabia. He cited how constraints on resources – coupled with wealth in the private sector and bureaucracy in the public sector – means PPP is a much needed tool to facilitate opportunities such as jointly owning technology or services. He concluded by saying “e-government means the engagement of people, government and PPPs – which creates people-public partnerships – it is the people who are the most important.”
Alexander Zarovsky, international business chief at InfoWatch, led a panel discussion on national digital information traffic monitoring, data loss prevention, social media monitoring and other topics. In it, he stated the timeliness of the summit, highlighting how 92 percent of security incidents online are now related to personal data – for example, credit card numbers, bank accounts and personal emails, which can lead to company-level hacking. He concluded “compliance and risk management are the leading drivers for the national program and this summit allows us all to come together and discuss these issues.”
Other panels included dialogue on digital security threats and solutions, e-participation – which involves connecting people and politics through the internet – and a panel discussion on effective ways to implement e-government interoperability.


Closing Bell: Saudi main market sheds 85 points to finish at 11,098 

Updated 17 February 2026
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Closing Bell: Saudi main market sheds 85 points to finish at 11,098 

RIYADH: Saudi Arabia’s Tadawul All Share Index closed lower in the latest session, falling 85.79 points, or 0.77 percent, to finish at 11,098.06. 

The MSCI Tadawul 30 Index declined 0.63 percent to close at 1,495.23, while the parallel market index Nomu dropped 0.91 percent to 23,548.56.  

Market breadth was firmly negative, with 42 gainers against 218 decliners on the main market. Trading activity saw 226 million shares exchanged, with total turnover reaching SR4.5 billion ($1.19 billion).  

Among the session’s gainers, Tourism Enterprise Co. rose 9.40 percent to SR15.02. SHL Finance Co. advanced 4.51 percent to SR16.00, while Almasar Alshamil for Education Co. gained 3.56 percent to SR23.88.  

Dar Alarkan Real Estate Development Co. added 3.03 percent to SR19.70, and Banque Saudi Fransi climbed 2.61 percent to SR19.30. 

On the losing side, Almasane Alkobra Mining Co. recorded the steepest decline, falling 6.61 percent to SR96.

Al Moammar Information Systems Co. dropped 5.14 percent to SR164.20, while National Company for Learning and Education declined 4.60 percent to SR124.30. Saudi Ceramic Co. slipped 4.14 percent to SR27.30, and Arabian Contracting Services Co. fell 4.12 percent to SR116.50. 

On the announcement front, Saudi Telecom Co. announced the distribution of interim cash dividends for the fourth quarter of 2025 in line with its approved dividend policy.  

The company will distribute SR2.74 billion, equivalent to SR0.55 per share, to shareholders for the quarter.  

The number of shares eligible for dividends stands at approximately 4.99 billion shares. The eligibility date has been set for Feb. 23, with distribution scheduled for March 12.  

The company noted that treasury shares are not entitled to dividends and that payments will be made through Riyad Bank via direct transfer to shareholders’ bank accounts. stc shares last traded at SR44.80, unchanged on the session. 

Separately, National Environmental Recycling Co., known as Tadweer, reported its annual financial results for the year ended Dec. 31, 2025, posting significant growth in revenue and profit.  

Revenue rose 53.5 percent year on year to SR1.24 billion, compared with SR806 million in the previous year. Net profit attributable to shareholders increased 68.4 percent to SR60.9 million, up from SR36.2 million a year earlier, driven by higher sales volumes and operational expansion.

Tadweer shares last traded at SR3.80, up 2.70 percent.