Saudi Data and AI Authority recognized for achieving maturity in software development  

CMMI Institute, which specializes in software engineering, evaluated the software development life cycle of the National Information Center and awarded it the highest honor.  (File/LEAP)
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Updated 18 June 2023
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Saudi Data and AI Authority recognized for achieving maturity in software development  

RIYADH: Saudi Arabia’s technology prowess in artificial intelligence and data management has been recognized as a benchmark for process excellence worldwide, with its nodal agency achieving the highest level of maturity in software development, reported the Saudi Press Agency.  

Saudi Data and Artificial Intelligence Authority, represented by the National Information Center, has achieved the most advanced process capability, becoming the first agency in the Gulf Cooperation Council to be awarded the CMMI Level 5 certification.  

CMMI stands for Capability Maturity Model Integration, a process level improvement training and appraisal program, and Level 5 is the highest level of maturity within the model.  

According to the SPA report, the CMMI Institute, which specializes in software engineering, evaluated the software development life cycle of the National Information Center and awarded it the highest honor.  

The CMMI Institute was formally established in 2012 and later acquired in 2016 by the global nonprofit organization ISACA, previously known as Information Systems Audit and Control Association.  

Positioning Saudi Arabia as a global leader in advanced technologies like artificial intelligence and software development is a key agenda of the Kingdom’s Vision 2030.  

In 2022, Mishari Al-Mishari, the deputy director of SDAIA, told Arab News that the agency aims to create a leading data and AI-driven economy and make Saudi Arabia one of the top countries in technology.  

“Data is the new oil, and that’s our perception and belief of how much we could make out of data,” said Al-Mishari.  

Earlier in May, Google’s vice president for global public affairs and public policy, Karan Bhatia, said that Saudi Arabia could provide the right environment for businesses and economies to maximize the potential of AI.  

“The Kingdom is well-positioned to leverage AI with its young, educated population and a strong commitment to innovation. It is important to establish the right environment, policies and skills for AI so that people, businesses and communities in Saudi Arabia can benefit from AI,” said Bhatia.  

In April, a report by Stanford University revealed that the Kingdom ranks second globally for societal awareness of artificial intelligence. The survey covered several areas, the most important being the extent of “society’s knowledge of the benefits and value of AI products and services.” 


Closing Bell: Saudi stocks slip as Tadawul falls 1% amid broad market weakness

Updated 30 December 2025
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Closing Bell: Saudi stocks slip as Tadawul falls 1% amid broad market weakness

RIYADH: Saudi stocks fell sharply on Tuesday, with the Tadawul All Share Index closing down 108.14 points, or 1.03 percent, at 10,381.51.

The broader decline was reflected across major indices. The MSCI Tadawul 30 Index slipped 0.78 percent to 1,378.00, while Nomu, the parallel market index, fell 1 percent to 23,040.79.

Market breadth was strongly negative on the main board, with 237 stocks falling compared to just 24 gainers. Trading activity remained robust, with 164.7 million shares changing hands and a total traded value of SR3.19 billion ($850.6 million).

Among the gainers, SEDCO Capital REIT Fund led, rising 2.73 percent to SR6.77, followed by Chubb Arabia Cooperative Insurance Co., which gained 2.69 percent to SR20.20.

National Medical Care Co. added 1.72 percent to close at SR141.60, while Alyamamah Steel Industries Co. and Thimar Advertising, Public Relations and Marketing Co. advanced 1.57 percent and 1.13 percent, respectively.

Losses were led by Al Masar Al Shamil Education Co., which tumbled 8.36 percent to SR24.65. Raoom Trading Co.fell 6.75 percent to SR64.20, while Alkhaleej Training and Education Co. dropped 6.60 percent to SR18.12 and Naqi Water Co. declined 5.51 percent to SR54.00. Gulf General Cooperative Insurance Co. closed 5.44 percent lower at SR3.65.

On the announcement front, Chubb Arabia Cooperative Insurance Co. signed a multiyear insurance agreement with Saudi Electricity Co. to provide various coverages, expected to positively impact its financial results over the 2025–2026 period. The deal will run for three years and two months and is within the company’s normal course of business.

Meanwhile, Bupa Arabia for Cooperative Insurance Co. announced a one-year health insurance contract with Saudi National Bank, valued at SR330.2 million, covering the bank’s employees and their families from January 2026. Despite the sizable contract, Bupa Arabia shares fell 0.8 percent to close at SR137, weighed down by the broader market weakness.

In contrast, United Cooperative Assurance Co. revealed an extension of its engineering insurance agreement with Saudi Binladin Group for the Grand Mosque expansion in Makkah. The contract value exceeds 20 percent of the company’s gross written premiums based on its latest audited financials and is expected to support results through 2026. However, the stock came under selling pressure, ending the session down 4.51 percent at SR3.39.