More than 100 Saudi groups at Dubai’s GITEX week

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Above, visitors and participants during a previous GITEX Technology Week event at the Dubai World Trade Center in Dubai. (AFP)
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Updated 24 September 2019
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More than 100 Saudi groups at Dubai’s GITEX week

  • GITEX is an international platform fore technology enthusiasts to engage with industry leaders
  • It opens Oct. 6

DUBAI: More than 100 Saudi organizations, including government entities, private companies and startups, are participating at the upcoming GITEX Technology Week in Dubai, from Oct. 6 to 10, indicating an increase in Saudi participation from last year at the annual technology gathering.

Bringing in one of the biggest contingents at the event, at 114, Saudi Arabia is also an official partner of GITEX this year, which is expecting to host more than 100,000 visitors over four days at the Dubai World Trade Centre (DWTC).

“There’s a lot of collaboration and integration in this region — there’s a lot of learning and sharing. GITEX is an international platform. This is where the Saudi contingent comes — from the big enterprise sector to the startup ecosystem — to interact with hundreds and thousands of visitors from over 140 countries,” Trixie LohMirmand, senior vice president of events management at DWTC, told reporters on Sunday.

LohMirmand also noted a spike in Saudi participation at the GITEX Future Stars, a concurrent event that focuses on the region’s startup community.

“We have a big Saudi Innovation Day. In fact, Saudis are again bringing a big contingent of startups. It’s led by the deputy minister of communications from Saudi Arabia to explore partnerships and discuss the opportunities in the region, particularly for startups,” she said, referring to the three special sessions that will focus on the Kingdom’s technology drive.

This increase in participation, LohMirmand said, is a reflection of a bigger “impetus on innovation and the getting the startup community going” in the region.

“We see a lot of new tech coming out, so there’s a lot of interest to give these companies an opportunity to connect to the rest of the world. When you come to GITEX, we connect you to the rest of the world — we host over 500 investors from all around the world, including from Silicon Valley,” she added.

Firat Aktas, DWTC’s director of brand innovation and communication, stressed: “You can see what’s happening around the world — the Saudis are showing their ambition very clearly in various industries.”

Earlier this year, the Saudi Telecom Company signed a deal with Swedish telecommunications company Ericsson to launch commercial 5G services in the Kingdom. “The roll-out continues. It’s a huge deployment in different parts of Saudi Arabia,” Wojciech Bajda, head of Gulf Council countries and global customer unit zain, told Arab News. “The focus for our customers currently is to understand how to monetize 5G, how to make sure there’s an industrial application of 5G in Saudi Arabia.”

Bajda also said they are looking at introducing 5G to different sectors in the Kingdom such as mining, and oil and gas. “We have engagements with different industries in trying to prototype together, and see if there’s something relevant for Saudi Arabia, and for our customers like the Saudi Telecom Company to pick up and do a full implementation,” he added. 

What to expect at GITEX this year 

This year’s GITEX, which has the theme “Synergizing the Mind and Technology Economy,” will highlight the region’s 5G adoption, as well as other futuristic concepts such as artificial intelligence (AI), robotics, and immersive technology.

LohMirmand said the dwelling time for GITEX visitors has increased over the years, owing to the gathering’s massive content offering.

“We are measuring more in terms of dwelling time. You can have 100,000 people come one day and do, but now the trend for us is we’re seeing them staying longer. Because there’s so much content, there’s so much knowledge, and so many companies with new technology, dwelling time is much longer, averaging 3.5 to 4 days,” she explained.

“Visitors and exhibitors are having deeper and more meaningful interactions at the show.”

The halls of DWTC will be divided into six sectors: 5G, AI, Future mobility, GITEX lifestyle tech, and Smart cities. It opens Oct. 6.


Egypt increases funding needed in 2024-2025 budget by over $59bn 

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Egypt increases funding needed in 2024-2025 budget by over $59bn 

RIYADH: Egypt has increased the amount of funding required in its 2024-2025 budget by over 2.8 trillion pounds ($59 billion) following successive shock waves.

In the financial statement of the new draft budget, Minister of Finance Mohamed Maait highlighted that the changes are reflective of the continuous struggles that the North African country has been facing following the COVID-19 epidemic. 

The added funding aims to alleviate the inflationary effects that have been burdening the Egyptian public, improve the standard of living, and meet the developmental needs of citizens, the report said. 

The allocation of spending in the budget will also seemingly reflect the needs of individuals by increasing spending on health and education and aiming to improve job opportunities. 

Egypt’s economy has witnessed blows over the last half year due to the ongoing crisis in Gaza, which has slowed tourism growth and cut into Suez Canal revenue, two of the country’s biggest sources of foreign currency.

Amid a staggering shortage of foreign currency and rapidly increasing inflation, the challenges prompted the International Monetary Fund to expand its financial support to Egypt to $8 billion in an attempt to shore up the country’s economy.

In a statement in March, the IMF board said its decision would enable Egypt to immediately receive about $820 million.

Similarly, the UAE, represented by a private consortium led by the Abu Dhabi Developmental Holding Co., signed a landmark agreement with Egypt in February to invest $35 billion in Ras El-Hekma, a region on the Mediterranean coast 350 km northwest of Cairo. 

Since securing the deal, which marked the single largest foreign direct investment in the North African country, the nation launched some long-sought reforms with the central bank delivering a 600 basis-point interest rate hike and a pledge to unshackle its currency alongside a devaluation.

This led S&P Global Ratings to note that it has been encouraged by the rush of financial support to Egypt, therefore lifting its economic outlook for the country to positive from stable after the long-awaited currency devaluation, which is poised to ease foreign currency shortages. 


Saudi Arabia’s aviation growth plays pivotal role in economic development: GACA president 

Updated 16 min 21 sec ago
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Saudi Arabia’s aviation growth plays pivotal role in economic development: GACA president 

RIYADH: Growth in air traffic, heightened investment interest, and a comprehensive strategy are driving Saudi Arabia’s aviation sector expansion, according to a top official. 

Abdulaziz Al-Duailej, president of the Saudi General Authority of Civil Aviation, highlighted the sector’s pivotal role in economic growth and sustainable development during his speech at the Airlines Economic Growth Frontiers conference in Riyadh. 

Al-Duailej emphasized that Saudi Arabia is significantly advancing its civil aviation sector under Vision 2030 and the National Aviation Strategy, according to a report by the Saudi Press Agency. 

The initiative aims to cement the Kingdom’s leadership in Middle Eastern civil aviation by enabling investments worth $100 billion by 2030 and leveraging private sector resources and expertise. 

The strategy also outlines a holistic plan to upgrade airport services, airlines, and associated facilities, including cargo and logistics. 

It aims to enhance the Kingdom’s global air connectivity through 29 airports, significantly grow passenger numbers, and establish Saudi Arabia as a premier center for cargo and logistics by 2030. 

Al-Duailej pointed out the initiative’s focus on enabling competition and efficiency to stimulate investment and growth, overseeing its implementation, and ensuring compliance with regulations that provide safety, security, and sustainability. 

He also highlighted the significant progress made in the aviation sector’s infrastructure and overall performance, driven by several undertakings launched by GACA. 

These initiatives include massive investments that offer unprecedented opportunities for global aviation investors and operators. 

He also mentioned a partnership between the public and private sectors to triple Abha International Airport’s capacity to accommodate 10 million passengers by 2030. The airport has already received interest from 100 companies to participate in this project. 

Among the undertakings is the establishment of Riyadh Air, the launch of the master plan for King Salman International Airport in Riyadh, which aims to serve nearly 120 million passengers by 2030, and the opening of the Red Sea International Airport. 

Moreover, Al-Duailej highlighted the launch of the National Air Connectivity Program to support the tourism and travel sectors in the Kingdom. 

He also discussed significant investments in renewable energy and advanced air transport involving Saudia Airlines and NEOM, alongside substantial expansions by The Helicopter Co. 

These efforts align with broader regulations promoting environmental awareness, ensuring balanced and sustainable growth for the aviation sector in the Kingdom in the long term.

Regarding passenger traffic, Al-Duailej revealed that the Kingdom saw a 26 percent increase last year, reaching a record 112 million travelers and surpassing 2019 figures by 8 percent. 

In the first two months of this year alone, air traffic increased by 20 percent compared to the same period in 2023. 

Another point of emphasis was the increase in air connectivity to nearly 150 destinations, with low-cost airlines driving growth between 2019 and 2023, thereby doubling their market share both domestically and internationally. 

The Airlines Economic Growth Frontiers conference, hosted by AVILEASE, a subsidiary of the Public Investment Fund, aims to highlight opportunities within the civil aviation sector. 

The event, held at the Four Seasons in Riyadh from April 22-23, saw the presence of the vice presidents of the GACA, representatives of the PIF, and numerous officials and industry stakeholders from around the world. 


TotalEnergies, OQ to launch $1.6bn LNG Bunkering project in Oman 

Updated 51 min 26 sec ago
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TotalEnergies, OQ to launch $1.6bn LNG Bunkering project in Oman 

RIYADH: Oman’s Sohar Port is set to house a new $1.6 billion liquefied natural gas bunkering plant following an agreement inked between OQ and TotalEnergies. 

Bunkering involves transferring LNG to a ship for use as fuel, offering a cleaner alternative compared to traditional methods such as marine gas oil and heavy fuel oil. 

TotalEnergies will provide 80 percent of the investment, with OQ contributing the remaining 20 percent through their joint venture, Marsa Liquefied Natural Gas LLC. 

The Marsa LNG project, the first of its kind in the Middle East, is poised to have significant economic implications. It’s expected to bolster Oman’s treasury revenues and enhance local value through collaborative local investments. 

Patrick Pouyanne, chairman and CEO of TotalEnergies, said: “We are proud to open a new chapter in our history in the Sultanate of Oman with the launch of the Marsa LNG project, together with our partner OQ, demonstrating our long-term commitment to the country.” 

He explained that the innovative project illustrates their pioneer spirit and showcases the relevance of their integrated multi-energy strategy, with the ambition of being a responsible player in the energy transition. 

“By paving the way for the next generation of very low emission LNG plants, Marsa LNG is contributing to making gas a long-term transition energy,” Pouyanne added. 

The plant, powered entirely by solar energy, is expected to contribute to the reduction of carbon emissions and the shipping industry’s overall carbon footprint. Notably, it is projected to emit less than 3 kg of carbon dioxide per oil equivalent barrel. 

“The Marsa LNG project is one of the many initiatives that reflect Oman’s goal of achieving carbon neutrality by 2050,” Minister of Energy and Minerals Salim Al-Aufi said. 


Minister affirms Riyadh as global solutions hub ahead of special meeting of World Economic Forum

Updated 23 April 2024
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Minister affirms Riyadh as global solutions hub ahead of special meeting of World Economic Forum

RIYADH: Riyadh has emerged as a beacon of “thought leadership, action, and solutions,” stated one of Saudi Arabia’s top officials as the Kingdom’s capital prepares to host the World Economic Forum.

Faisal Al-Ibrahim, the minister of economy and planning, made the comments ahead of the summit on global collaboration, growth, and energy for development, slated for April 28 to 29, which aims to empower leaders from both public and private sectors to tackle mutual global challenges.

According to the WEF website, the meeting will also advance key forum initiatives in the region and beyond as it aims to bridge the growing North-South global divide, which has further widened on issues such as emerging economic policies, the energy transition and geopolitical shocks.

“The Crown Prince’s patronage of the World Economic Forum Special Meeting in Riyadh is a testament to our leadership’s determination to convene the world to take action and expand global collaboration on the critical topics of our time,” said Al-Ibrahim in a post on X.

He welcomed global leaders to this pivotal moment for social, economic, and human development, urging them to “build bridges toward a secure, stable and sustainable future.”


Saudi Arabia’s Diriyah Co. unveils its mixed-use commercial office and retail offering Zallal

Updated 32 min 31 sec ago
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Saudi Arabia’s Diriyah Co. unveils its mixed-use commercial office and retail offering Zallal

RIYADH: Saudi Arabia’s Diriyah Co. has shared plans for its inaugural mixed-use commercial office and retail development Zallal, set to launch in the Bujairi district during the first half of 2025. 

This project will feature two low-rise office buildings with a combined leasable space of around 6,000 sq. m. Additionally, there will be 12 mixed retail and food and beverage outlets spread across about 8,000 sq. m. 

Located next to the popular Bujairi Terrace, Zallal will benefit from proximity to a venue that attracts thousands of visitors daily. 

The development is also located close to the recently completed Diriyah Art Futures and the soon-to-open Bab Samhan Hotel. 

Jerry Inzerillo, group CEO of Diriyah Co, said: “We have been delighted with the hugely positive reception that Zallal has had from the commercial sector, and we are in advanced negotiations with international and local companies eager to benefit from the central location in the heart of Diriyah and the diverse range of accessible retail, F&B and office space available.” 

He added: “With construction well underway, Zallal maintains the exciting momentum at Diriyah, and when open, will benefit from the thousands of daily visitors to Bujairi Terrace becoming the latest completed precinct in our rapidly developing masterplan.” 

The company stated that prospective tenants have responded very favorably to the project, and advanced leasing negotiations are underway with several businesses and organizations. 

Zallal will provide direct access to Wadi Hanifah and offer views of the UNESCO World Heritage site of At-Turaif from its position on the outskirts of the Saudi capital. 

The ongoing construction work aims to integrate design elements that reflect Diriyah’s nearly 300-year history of traditional Najdi architecture. 

Furthermore, Zallal will feature an underground parking facility offering direct access to Wadi Hanifah, Al Imam Abdulaziz bin Muhammad bin Saud Road, and public transportation options. 

The facility is designed with convenience in mind, featuring designated coach drop-off points for tourists and visitors. This ensures a seamless transition to the pedestrian-friendly environment upon arrival. 

Among the companies already involved in leasing negotiations are well-known international brands seeking to establish their presence in Saudi Arabia for the first time, the company said. Additionally, local companies and emerging Saudi concepts are also part of the leasing discussions. 

In February, Diriyah Co. unveiled its plans to initiate construction on 11 new assets by the end of 2024, with the signing of two agreements on the sidelines of the Public Investment Fund’s Private Sector Forum.