Atos, an international IT services company, has appointed Marc Kassis CEO for Atos in the Middle East.
Marc will be responsible for leading further growth for Atos in this important market in his new role, says a company statement.
Francis Meston, executive vice president consulting and system integration, Atos, said: “We are delighted to welcome Marc to Atos. His experience will be invaluable as we extend our innovative offerings in the Middle East especially in the public sector, retail and telecom markets, using the new expertise and technology from the recent acquisition of Bull.”
Marc Kassis, CEO of Atos in the Middle East, said: “I am delighted to join Atos and look forward to working with the team in the Middle East to build on recent business successes and further grow Atos in this important and growing market.”
Before joining Atos, Marc was the managing director of Dassault Systemes for the Middle East.
Prior to that he held a number of roles at Alcatel and Alcatel-Lucent including Middle East CEO where he led the Qatari unit of Alcatel-Lucent during the Vodafone Qatar initiative.
Marc is French foreign trade adviser to the ambassador in Dubai (Conseiller du Commerce Extérieur de la France) and board member of the Qatari-French Business Club that he co-founded.
Marc holds an MSc. (Eng) diploma in electricity and electronics from Supélec, a leading French university.
He also has a Masters degree of Science from Nice-Sophia Antipolis University in France.
In the Middle East, Atos, headquartered in Dubai, has 250 employees providing on and off-shore services from offices in Cairo, Doha, Riyadh and Abu Dhabi and Dubai.
Atos is servicing clients in all of these countries across telco, manufacturing, finance, public sector and health care.
In addition, there are business development efforts in Bahrain, Kuwait and Oman. Its global partners include EMC, Microsoft, Oracle and SAP.
Atos is focused on business technology that powers progress and helps organizations to create their firm of the future.
Atos appoints Marc Kassis as CEO for the Middle East
Atos appoints Marc Kassis as CEO for the Middle East
Saudi Reinsurance earns ‘A2’ rating from Moody’s, outlook stable
RIYADH: Moody’s has upgraded the insurance financial strength rating of Saudi Reinsurance Co. to “A2” from “A3” and revised its outlook to stable from positive, a new report showed.
Released by the global credit rating agency, the data indicated that Saudi Re’s A1.sa national scale IFSR has also been affirmed, according to a statement.
The upgrade of Saudi Re’s IFSR signifies the company’s improved business and financial position following the Public Investment Fund’s minority acquisition and the government’s implementation of enhanced reinsurance escrow regulations. Saudi Re is well-equipped to utilize these regulations to bolster its market position and potential for growth within the Kingdom.
The upgrade also aligns with the fact that the company experienced premium growth in 2024, with gross written premiums increasing by approximately 48 percent to SR2.36 billion ($629 million), driven by the strict implementation of existing domestic reinsurance ceding requirements and its participation in new government-mandated insurance initiatives.
The newly released Moody’s statement said: “Furthermore, the rating upgrade reflects our expectation that Saudi Re will continue to benefit from the ongoing growth and diversification of the Saudi economy, along with government initiatives aimed at promoting growth in the local insurance sector.”
“In addition, we believe that the company’s increased capital base, the good diversification of its business, and its central role in supporting the local insurance sector enable it to withstand potential shocks that may arise. We expect the ongoing trade tensions and increased volatility in financial markets to have a limited impact on the company,” it added.
The statement further disclosed that the organization expects the firm’s strong market position, coupled with its affiliation with PIF, to support continued growth in business volumes as market opportunities expand.
It also emphasized that the company’s strong capital adequacy and consistent underwriting discipline support its ability to maintain a solid balance sheet and profitability, even amid rapid growth.
“The stable outlook reflects our expectation that Saudi Re will maintain its underwriting discipline and good profitability, while maintaining strong capital adequacy and asset quality. Factors that could lead to an upgrade or downgrade of the ratings,” the statement said.
Moody’s continued to note that increased ownership by PIF and evidence of explicit support may also contribute to a rating upgrade.
Saudi Arabia ramps up mining investment as sector outpaces global peers
RIYADH: Saudi Arabia’s mining sector is emerging as a global standout, supported by regulatory reforms, major investment, and a strong pipeline of domestic projects, a new analysis said.
In a report titled “Saudi Arabia Doubles Down on Mining,” S&P Global Ratings said the sector is poised for rapid expansion, with its contribution to gross domestic product expected to surge from $17 billion in 2024 to $75 billion by 2030, under the government’s Vision 2030 strategy.
Saudi Arabia’s mining ambitions are anchored in its substantial natural endowments and reinforced by robust government support. The country holds an estimated SR9.37 trillion ($2.5 trillion) in mineral reserves — a 90 percent increase on a 2016 forecast — thanks to new discoveries of rare earth elements, base metals, and expanded phosphate and gold deposits.
Hina Shoeb, credit analyst at S&P Global Ratings, said: “Saudi Arabia's proactive measures and substantial resources may help offset continued cost pressures and support the resilience of metals and mining companies’ credit profiles.”
The agency noted that unlike many global peers, Saudi Arabia’s metals and mining companies benefit from strong government support, a modern regulatory framework — including the Mining Investment Law — and substantial state-led investment in mega projects and infrastructure.
The number of exploitation licenses has increased by 138 percent since 2021, and exploration permits rose from 58 to 259, driven by the law’s transparency and investor-friendly policies.
Flagship state-owned enterprise Ma’aden reported SR32 billion in 2024 revenues, with a diversified portfolio spanning gold, phosphate, aluminum, and base metals. Its gold output alone reached 450,000 ounces, while phosphate production surpassed 6.5 million tonnes.
The number of exploration firms has grown from just six in 2020 to 133 in 2023. “As budgets continue to increase, the likelihood of discovering additional resources and expanding existing operations supports our view of sustainable, long-term growth of Saudi Arabia’s metals and mining industry,” the report said.
The Vision 2030 framework has driven a shift away from oil dependency, focusing instead on sectors like mining, tourism, and manufacturing.
The mining sector alone contributed about $400 million in revenues as of 2023 and is now backed by a $100 billion investment plan targeting critical minerals by 2035.
Government funding also includes a SR29 billion commitment to the Wa’ad Al-Shamal phosphate project.
Saudi Arabia’s geography offers logistical advantages with access to European, Asian, and African markets, while mega projects such as NEOM and Qiddiya are expected to drive up local demand for construction materials and high-value metals.
These projects, the report stated, “which benefit from funding and infrastructure investments, aim to reduce the country’s import costs for metals, including iron, steel, precious and semi-stones, by creating a solid domestic market for metals and minerals.”
However, the report also notes infrastructure and labor as potential bottlenecks. Many deposits are in remote desert regions lacking adequate transportation and water infrastructure.
Additionally, the sector’s expansion will require substantial investments in workforce training to avoid high labor costs from foreign recruitment.
S&P states that Saudi Arabia’s commitment to financial discipline, low debt levels in the sector, and targeted policy support position the Kingdom’s mining industry to grow sustainably — even amid volatile commodity markets.
“We expect these initiatives will spur domestic demand for metals, reduce import dependency, and over time improve the sector's operational efficiency,” S&P added.
Pakistan’s stocks, dollar bonds plunge amid investor concerns over surging tensions with India
- Pakistani stocks lose two percent of their index value at close of market, dollar bonds decline by more than four cents
- Tensions between India and Pakistan surged this week after Delhi blamed Islamabad for an attack in Jammu and Kashmir
KARACHI: Pakistan’s stocks and dollar-denominated bonds plunged in value on Thursday, which financial experts attributed to investor concerns over surging tensions between Islamabad and New Delhi.
Pakistan’s stocks shed two percent of their index value when the market closed on Thursday, as per data from the Pakistan Stock Exchange (PSX). The benchmark KSE-100 Index plummeted to 114,661 points but managed to recover some ground before closing at 115,019.81 points.
Pakistan’s dollar-denominated bonds maturing in 2036 also declined by more than four cents to 74 cents, international news agency Reuters reported, citing data from Tradeweb. Pakistani financial experts attributed the plunges to increasing investor concerns after renewed tensions between Islamabad and New Delhi.
New Delhi on Wednesday blamed Pakistan for being involved in an attack this week in Indian-administered Kashmir. Gunmen killed 26 men at a tourist site in the Anantnag district in Indian-administered Kashmir, following which India announced it was suspending its decades-old water-sharing treaty with Pakistan, among a raft of measures that included downgrading ties with Islamabad on Wednesday. Pakistan denied involvement in the attack and reciprocated with similar measures on Thursday.
“Both the KSE-100 and Nifty-50 are in the red today due to pressure from rising Pakistan-India tensions following the Pahalgam incident,” Najeeb Ahmed Khan Warsi, head of online trading at brokerage firm Foundation Securities Ltd., told Arab News.
The Nifty-50 is India’s National Stock Exchange index, representing the float-weighted average of the country’s 50 largest listed companies.
Warsi said investor sentiment remained “cautious” despite corporate earnings largely aligning with market expectations, noting that trading at Asian markets had also subdued with global recovery losing momentum amid uncertainty over the US–China tariff policy.
“Geopolitical and global economic concerns continue to overshadow market fundamentals,” he said.
Kamal Ahmed, an analyst at AKD Securities Ltd., said whenever border tensions arise, stock markets in both countries experience uncertainty. This prompts investors to take safer positions that impacts the market negatively.
“The market sentiment going forward will depend on how long this standoff lasts,” Ahmed explained. “Investors will remain cautious and the market could decline further if the situation escalates.”
Top brokerage firm Topline Securities said the plunge reflected “heightened investor caution.”
“Despite the risk-averse sentiment, overall participation remained firm with volumes clocking in at 505 million shares and a turnover of Rs24.44 billion ($87.94 million), underscoring continued investor engagement amid macro and geopolitical overhangs,” Topline Securities said in a statement.
Despite being supported by strong earnings, Pakistan’s stock index has lost 2.9 percent since Tuesday, when the attack took place. Pakistan’s stock market has been performing impressively, gaining more than 80 percent last year in both dollar and rupee terms. This surge was primarily driven by investor optimism surrounding a positive review by the International Monetary Fund, whose executive board is expected to approve a $1 billion tranche for Pakistan next month.
Further positive developments, such as global ratings agency Fitch recently upgrading Pakistan’s credit rating, are expected to support the growth of the country’s equities.
Re-exports drive 14% annual growth in Saudi Arabia’s non-oil trade in February
RIYADH: Saudi Arabia’s non-oil exports, including re-exports, rose 14.32 percent annually in February to reach SR26.11 billion ($6.96 billion), according to the latest data from the General Authority for Statistics.
The increase was primarily driven by a 46 percent surge in re-exports, which rose to SR10.05 billion and accounted for a record-high 10.7 percent of total trade — up from 7.2 percent the previous year.
The Kingdom posted a trade surplus of SR30.57 billion ($8.15 billion) in February, the highest value recorded in 10 months and a 4 percent increase during this period.
Despite the uptick in non-oil shipments, total exports declined by 2.65 percent year-on-year to SR93.74 billion, weighed down by an 8 percent drop in oil exports, which stood at SR67.62 billion. Oil retained a dominant 72.1 percent share of total shipments.
The latest trade data underscores Saudi Arabia’s ongoing efforts to diversify its economy under Vision 2030. The fall in oil exports aligns with the Kingdom’s participation in OPEC+ output adjustments aimed at stabilizing prices in global energy markets.
On April 3, eight OPEC+ nations, including Saudi Arabia, reaffirmed their commitment to supporting market balance. The group agreed to phase out 2.2 million barrels per day in voluntary production cuts, starting with a 411,000 bpd increase in May.
This front-loaded adjustment, equivalent to three months of scheduled increments, brings the Kingdom’s required output to 9.2 million bpd. The group will continue to monitor conditions with monthly reviews.
Top trade partners: China and UAE lead
China retained its status as Saudi Arabia’s largest trade partner in February, accounting for 16.18 percent of Saudi exports and 24.14 percent of the Kingdom’s imports.
The bulk of exports to China — around 89 percent— were oil-related, while the remaining 11.3 percent included plastics, rubber, chemicals, and transport equipment.
South Korea ranked second among export destinations, with shipments primarily composed of oil products. The UAE came in third for overall exports but led as the Kingdom’s top non-oil trade partner.
Roughly 85 percent of Saudi exports to the UAE were non-oil goods, and the country received about 30 percent of all non-oil exports during the month.
This strong trade relationship was anchored in the shipment of machinery and mechanical appliances, electrical equipment, and vehicles, as well as aircraft and associated transport equipment.
India and Japan rounded out the top five export destinations. Oil accounted for 81 percent of exports to India and 97 percent to Japan.
Imports into the Kingdom
Saudi imports in February were led by China, which supplied goods worth SR15.25 billion, making up 24.14 percent of the total. The US followed with 7.32 percent, while India accounted for 6.7 percent and the UAE 4.6 percent.
The top categories of imports included machinery and mechanical appliances, electrical equipment and parts, vehicles and transport equipment, base metals and their articles, and products of the chemical industries.
The ratio of non-oil exports to imports rose to 41.3 percent in February— the highest in 2.5 years— reflecting stronger non-oil trade performance and a slowdown in import activity, as total imports fell 5.6 percent to SR63.17 billion, the lowest level in 15 months.
Recent industrial data reinforces the impact of Saudi Arabia’s diversification strategy on trade dynamics.
According to the General Authority for Statistics, non-oil industrial activity rose by 3.2 percent year-on-year in February, supported by a 0.2 percent increase in overall manufacturing.
Within the manufacturing sector, chemical production expanded by 3.5 percent, while food processing jumped by 6.3 percent.
Other infrastructure-related sectors also saw gains, including a 13.1 percent increase in water and waste management services and a 1.1 percent rise in electricity and gas supply.
These trends signal that the Kingdom’s diversification efforts are boosting exports and strengthening internal production capabilities, helping to narrow the trade gap and reduce dependence on imported goods.
GCC trade sees strong rebound
Saudi Arabia recorded an SR4.53 billion trade surplus with GCC countries in February, up from an SR452 million deficit a year earlier. The improvement was largely driven by a 40.6 percent increase in the Kingdom’s trade balance with the UAE.
Much of this momentum stems from the surge in re-exports — goods imported into the Kingdom and then exported without significant transformation.
Re-export growth signals Saudi Arabia’s growing role as a logistics and distribution hub for the wider region, leveraging its expanding infrastructure, customs facilitation, and trade zone development.
The Kingdom’s strategic location at the crossroads of Asia, Africa, and Europe— combined with world-class ports, industrial cities, and bonded logistics zones— has made it increasingly attractive for regional and international supply chain operations.
Initiatives like the National Industrial Development and Logistics Program and Saudi Arabia’s push to be a global logistics center have bolstered this re-export capability.
This shift is further supported by efforts among Gulf states to deepen regional integration, simplify cross-border trade, and promote economic unity.
Enhanced connectivity, customs coordination, and regulatory alignment have improved the movement of goods and services across borders, particularly between the Kingdom and the UAE, which is a key destination and conduit for Saudi re-export flows.
Saudi Arabia’s tourism workforce hits 966k amid sector growth push
RIYADH: Employment in Saudi Arabia’s tourism sector climbed 4 percent year on year in the final quarter of 2024 as the Kingdom accelerated its efforts to expand the industry.
According to new data from the General Authority for Statistics, the workforce included 242,073 Saudi nationals, making up 25 percent, and 724,458 foreign workers, or 75 percent.
This aligns with Saudi Arabia’s National Tourism Strategy, which aims to create 1.6 million jobs by 2030, and attract 150 million visitors annually while increasing tourism’s contribution to 10 percent of gross domestic product.
The figures come in the same week as it was announced that from April 2026 41 tourism roles, including hotel managers, travel agency directors, and tour guides, will be reserved for Saudi nationals under government plans to boost local employment and reduce reliance on foreign labor.
In its latest report, GASTAT stated that the total number of employees in the sector reached 966,531 during the last three months of 2024, adding: “The number of male employees in tourism activities reached 837,972, with a participation rate of 86.7 percent, while the number of female employees in tourism activities reached 128,559, with a participation rate of 13.3 percent of the total employees in tourism activities during Q4 of 2024.”
The highest employment levels were reported in Riyadh and Makkah regions, which together accounted for nearly two-thirds of the total workforce in tourism-related activities.
Riyadh alone employed 320,617, while Makkah followed with 268,954. The capital also had the highest share of Saudi nationals in the sector at 95,825, or 29.9 percent of its local tourism workforce.
Saudi Arabia’s hospitality footprint continued to grow, with the number of licensed establishments rising to 4,425 by the end of 2024, including 2,163 hotels and 2,262 serviced apartments and other accommodations.
The data showed hotel occupancy remained relatively stable at 56 percent, compared to 60.2 percent a year earlier, despite the rapid expansion in licensed capacity. Serviced apartments, meanwhile, saw a modest increase, rising to 55.9 percent from 55.4 percent the previous year.
The average daily hotel room rate remained competitive at SR440 ($117.31) in the fourth quarter of 2024, slightly easing from SR449 a year earlier. Meanwhile, serviced apartment rates saw strong growth, rising 25.1 percent to SR220 — pointing to increasing demand and limited supply in that segment.
The data also highlighted the average length of stay for hotel guests, which remained steady at approximately 3.6 nights in the fourth quarter of 2024 — the same as in the corresponding period of 2023.
In contrast, the average stay in serviced apartments and other hospitality facilities was around 2.1 nights, marking a 12.1 percent decline compared to the same quarter of the previous year.
