RIYADH: Telecommunications major stc Group has been named the best workplace in Saudi Arabia by the professional networking platform LinkedIn. 

According to a press statement, the firm was followed in second place by hospitality giga-project Red Sea Global, with energy giant Saudi Arabian Oil Co., also known as Aramco, ranked third.

Motor vehicle manufacturing company Ceer took fourth place on the list, while ROSHN, backed by the Kingdom’s Public Investment Fund, and Riyad Bank, secured fifth and sixth spots, respectively. 

“LinkedIn top companies is an annual list created by data on its platform, which will help professionals identify the top workplaces to grow their careers. The list uncovers the organizations leading the way in growth and learning opportunities for their employees, equity in the workplace, and strong company culture,” according to the report. 

Business consulting firm Bain & Co. was named the top organization in the UAE, followed by Mastercard and Procter & Gamble. 

“This year’s lists show how companies in the UAE and Saudi Arabia are continuing to grow and expand, which further cements the region’s reputation as a leading business hub,” said Salma Altantawy, senior news editor at LinkedIn. 

She added: “Our research has previously indicated professionals’ appetite for new career moves in 2024, and this list recognizes those employers that can be a top choice for professionals looking to make those moves.” 

Saudi Entertainment Ventures, also known as SEVEN, was named the tenth-top company in Saudi Arabia, an indication of the sector’s growth in the Kingdom. 

“Entertainment companies Miral and Saudi Entertainment Ventures have joined the top 15 companies in the UAE and Saudi Arabia in 2024. Both companies took 10th place in their respective countries, which shows the rise of the entertainment industry across the region,” said LinkedIn in the report. 

According to the survey, a majority of regional professionals are considering switching jobs this year and the UAE has seen a growth in hiring over the last 12 months. 

In February, stc Group revealed that its net profit in 2023 rose 9 percent to SR13.3 billion ($3.55 billion) compared to the previous year. 

In a Tadawul statement, the company revealed that the rise in profit was driven by an SR4.90 billion year-on-year rise in revenues. 

RIYADH: Global tech giant Microsoft will invest $1.5 billion in the UAE-based artificial intelligence technology company G42, aiming to offer the latest AI solutions and skilling initiatives.      

As part of the deal, G42 will grant the US firm a minority stake and Brad Smith, Microsoft’s vice chair and president, will join the Emirati firm’s board of directors, according to a press release.  

G42 will utilize Microsoft Azure to run its AI applications and services, partnering to deliver advanced solutions to global public sector clients and large enterprises.

Smith said: “Our two companies will work together not only in the UAE, but to bring AI and digital infrastructure and services to underserved nations.”     

He added: “We will combine world-class technology with world-leading standards for safe, trusted, and responsible AI, in close coordination with the governments of both the UAE and the United States.”    

The companies will collaborate to bring advanced AI and digital infrastructure to nations in the Middle East, Central Asia, and Africa, ensuring equitable access to services to address critical governmental and business concerns, while upholding high levels of security and privacy, the release added. 

“Microsoft’s investment in G42 marks a pivotal moment in our company’s journey of growth and innovation, signifying a strategic alignment of vision and execution between the two organizations,” said Tahnoon bin Zayed Al-Nahyan, chairman of G42.     

“This partnership is a testament to the shared values and aspirations for progress, fostering greater cooperation and synergy globally,” he added.   

The agreement also encompasses a $1 billion investment in a fund for developers, which aims to bolster the creation of a skilled and diverse AI workforce, as well as foster innovation and competitiveness for the UAE and the broader region. 

“This partnership significantly enhances our international market presence, combining G42’s unique AI capabilities with Microsoft’s robust global infrastructure. Together, we are not only expanding our operational horizons but also setting new industry standards for innovation,” said Peng Xiao, group CEO of G42. 

The release stated that this expanded collaboration will empower organizations of all sizes in new markets to harness the benefits of AI and the cloud, while ensuring they adopt AI that adheres to world-leading standards in terms of safety and security.