Connecting the Kingdom: Saudi Arabia’s 5G revolution

By enabling smart city applications, 5G technology plays a crucial role in the Kingdom’s vision to transform its urban spaces into efficient, sustainable, and highly connected ecosystems. (SPA)
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Updated 04 January 2025
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Connecting the Kingdom: Saudi Arabia’s 5G revolution

  • Industry’s value is expected to reach $13.41 billion by 2029 — up from $2.1 billion in 2023

RIYADH: Healthcare, urban living and transportation are all being revolutionized in Saudi Arabia thanks to the Kingdom’s enthusiastic adoption of 5G technology, experts have told Arab News.

The industry’s value in Saudi Arabia is expected to reach $13.41 billion by 2029  — up from $2.1 billion in 2023 — as Vision 2030 initiatives drive the Kingdom’s economic diversification, according to analysis by TechSci Research.

While telecommunications is the obvious sector to benefit from the rollout of this technology — which promises significantly faster data speeds, more reliable connections, and the ability to connect a multitude of devices simultaneously — it will expand the capabilities of many industries.

Nader Kobrosli, a partner in management consulting firm Oliver Wyman’s Communications, Media and Technology practice, said his company forecasts that this technology could provide an $18 billion boost to the economy by 2030. 

5G will play a crucial role in nurturing a knowledge-based economy, generating new job opportunities, and attracting foreign investments.

Nader Kobrosli, partner at Oliver Wyman’s Communications, Media and Technology practice

“By enabling high-speed connectivity, 5G fuels the adoption of AI and IoT, facilitating real-time data insights and enhancing efficiency across all major sectors, including manufacturing, retail, energy, healthcare, and public services. This means 5G will play a crucial role in nurturing a knowledge-based economy, generating new job opportunities, and attracting foreign investments,” Kobrosli said.

5G making cities smarter

By enabling smart city applications, 5G technology plays a crucial role in the Kingdom’s vision to transform its urban spaces into efficient, sustainable, and highly connected ecosystems.

“For residents, 5G facilitates seamless connectivity, enhances public safety, and improves transportation with real-time traffic management and autonomous vehicle integration,” said Federico Pienovi, chief business officer and CEO for Asia and Pacific as well as Middle East and North Africa at software development company Globant. 

5G facilitates seamless connectivity, enhances public safety, and improves transportation with real-time traffic management and autonomous vehicle integration.

Federico Pienovi, chief business officer and CEO for Asia, Pacific and MENA at Globant

“It provides the infrastructure for data-driven insights, remote operations, and business automation, leading to increased productivity and cost efficiency. This connectivity ecosystem enriches everyday life, attracts talent, and drives economic growth, making Saudi Arabia a model for smart city development in the region,” he added. 

5G-led IoT services have already accelerated the proliferation of ‘smart’ services and industrial automation use cases.

Sauvik Tegta, partner at Kearney Middle East & Africa — Communications, Media, and Technology practice

Oliver Wyman’s Kobrosli noted that from energy savings to improved traffic flow, 5G will enhance urban living, and this in turn will attract significant investments and help position Saudi cities as models of innovation in the digital age.

“Residents and businesses will also benefit from this advanced infrastructure, and will enjoy a more connected, efficient, and environmentally-friendly urban environment,” he said.

Undoubtedly, 5G technology is an important catalyst in Saudi Arabia’s smart city initiatives, providing cutting-edge connectivity for  new cities like NEOM and Qiddiya and existing conurbations such as Riyadh and Makkah.

“Through smart poles that incorporate 5G cell sites, KSA’s smart cities are empowered with intelligent use cases that enhance urban living — from connected transportation networks to energy-efficient buildings and smart utilities, all of which contribute to sustainability goals,” said Hazem Galal, partner, Cities and Local Government global leader, Smart Mobility Global co-leader, at PwC Middle East. 

Through smart poles that incorporate 5G cell sites, KSA’s smart cities are empowered with intelligent use cases that enhance urban living.

Hazem Galal, partner, cities and local government global leader, smart mobility global co-leader, at PwC Middle East

Sauvik Tegta, partner at Kearney Middle East & Africa — Communications, Media, and Technology Practice, stressed that 5G is a core enabler, supporting Internet-of-Things-based capabilities in the near term, and more data-heavy and low latency capabilities in the mid-to-long term. 

“5G-led IoT services have already accelerated the proliferation of ‘smart’ services and industrial automation use cases such as smart parking, smart lighting, smart meters and grids effectively modernizing an aging infrastructure,” he said.

The Kearney partner added that “ubiquitous high-speed mobile connectivity” now enables convenient “anywhere-anytime services” that are fundamentally reshaping social and work-life habits.

5G transforming healthcare

The rollout of 5G infrastructure is revolutionizing healthcare in the Kingdom, particularly in how services such as telemedicine, remote diagnostics, and AI-powered patient care, are delivered.

From Globant perspective, Pienovi said: “The high speed and low latency of 5G enable healthcare providers to extend their reach to remote areas through telemedicine and remote monitoring, allowing patients to connect with specialists without traveling, ultimately reducing congestion in urban hospitals.”

He added that 5G facilitates the integration of Internet of Medical Things devices, which optimize resource management and reduce costs by offering real-time data on patient health. 

“Lastly, the low latency of 5G supports advanced applications like robotic surgeries and AI-driven diagnostics, enhancing precision and safety in medical interventions and improving overall patient outcomes,” Pienovi said. From PwC’s side, Galal emphasized that 5G’s low latency and high data capacity mean that healthcare providers can deliver real-time, high-quality care remotely, reaching patients in rural or underserved areas and thus enhancing access to care.

“While KSA is considered a highly urbanized country with more than 80 percent living in cities, the remaining population lives in rural areas, where access to a full range of health care services can be challenging. Furthermore, 5G’s capabilities in handling massive amounts of medical data securely and efficiently support advanced research, predictive analytics, and precision medicine, which are reshaping how healthcare is delivered and experienced in the Kingdom,” the PwC partner said.

Tegta from Kearney said that Saudi Arabia’s 5G infrastructure played a vital role in supporting healthcare services during the COVID-19 pandemic.

“As lockdowns took effect, 5G infrastructure became central to enabling telemedicine, remote patient monitoring, virtual consultations, and self-care. Public and private health care service providers were able to leverage multiple apps to enhance transparency, improve care coordination, accelerate communication, and enable faster response times,” the Kearney partner said.

“This foundation is expected to accelerate the adoption of more advanced digital healthcare services that will be proactive, personalized, predictive, and preventative. By 2030, services such as e-triaging, enhanced self-service and self-care, high-definition digital imaging, telesurgery, and connected ambulances will become commonplace,” he added.

Supporting education 

According to Ian Khan, a technology futurist and author who writes on the subject of AI, 5G makes virtual and augmented reality accessible in classrooms, meaning students can explore a historical site or conduct experiments in a virtual lab from anywhere.

“In fact, VR and AR in education are projected to grow significantly, with the global market expected to reach $12.6 billion by 2025, largely driven by 5G technology. It’s also helping teachers personalize lessons because they can instantly access data on student progress and adjust in real-time,” Khan told Arab News.

“For rural areas, 5G bridges gaps by making remote learning smooth and reliable, ensuring all students have access to quality education. It’s a huge step toward a digitally savvy, future-ready workforce,” he added.

Rajesh Duneja, Partner at Arthur D. Little Middle East, said 5G technology is set to transform education in Saudi Arabia through developments such as enabling immersive augmented reality and virtual reality applications, and allowing students to engage in interactive, hands-on learning environments that make complex topics more accessible and engaging. 

“Additionally, 5G’s high-speed connectivity will enhance the quality of video and audio for online classes, especially in remote areas where traditional Internet may be less reliable,” Duneja said.

He also flagged up how 5G supports a vast network of IoT devices in the classroom, from interactive whiteboards to smart desks, enabling personalized learning experiences that cater to each student’s needs.

Saudi Arabia’s signal to the world 

Technology futurist Khan said that Saudi Arabia’s leadership in 5G didn’t happen by accident and is the result of strategic planning.

“The Kingdom invested heavily in telecom infrastructure, spending an estimated $1.5 billion by 2022, which aligns with our Vision 2030 goals to diversify the economy through digital transformation,” Khan said.

“Strong public-private partnerships, particularly with telecom companies like STC and Zain, helped speed up 5G deployment. Progressive regulations by the Communications and Information Technology Commission have also made it easier for telecoms to innovate, boosting Saudi Arabia’s position not just regionally but globally,” he added.

Arthur D. Little’s Duneja said the government’s investment in an expansive fiber network has been critical as it supplies the high-capacity backhaul needed to support 5G’s bandwidth demands.

“Additionally, streamlined regulations for international Internet connectivity have enabled easier data flow and stronger connectivity options. Support from the Ministry of Communications and Information Technology has also been crucial, with efforts to promote a thriving digital economy that positions the Kingdom at the forefront of technological innovation in the region,” he added.

Ranking third in 5G download speed across Europe, the Middle East, and Africa, according to Opensignal, only underscores Saudi Arabia’s commitment to being a technology leader.

With its 5G speeds reaching around 272.6 Mbps, the Kingdom’s advanced infrastructure is on display for the world to see.

“This achievement lays a strong foundation for advances in everything from AI to smart cities. High-speed connectivity means we can support the next generation of tech innovations, like autonomous vehicles and IoT networks, that require reliable, fast data,” Khan said.

“It’s a signal to the world that Saudi Arabia is serious about its digital future, making it an attractive hub for global tech investments and partnerships,” the technology futurist added.


Oil Updates — crude climbs as investors weigh new US tariffs

Updated 10 February 2025
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Oil Updates — crude climbs as investors weigh new US tariffs

SINGAPORE: Oil prices ticked higher on Monday even as investors weighed US President Donald Trump’s latest tariff threat, this time on all steel and aluminum imports, which could dampen global economic growth and energy demand.

Brent crude futures climbed 54 cents, or 0.7 percent, to $75.20 a barrel by 10:34 a.m. Saudi time while US West Texas Intermediate crude was at $71.50 a barrel, up 50 cents, or 0.7 percent. The market posted its third consecutive weekly decline last week on concerns about a global trade war.

Trump said he will announce on Monday 25 percent tariffs on all steel and aluminum imports into the US, in another major escalation of his trade policy overhaul.

Just a week ago, the president announced tariffs on Canada, Mexico and China, but suspended those for the neighboring countries the next day.

In light of Trump’s temporary backdown last week, investors appeared to be shrugging off the steel and aluminum tariff threat for now, Tony Sycamore, a Sydney-based analyst at IG said.

“The market has realized tariff headlines are likely to continue in the weeks and months ahead,” he said, adding that there was an equal chance they could be walked back or even increased at some point in the near future.

“So perhaps investors are coming to the conclusion it’s not the best course of action to react to every headline negatively.”

China’s retaliatory tariffs on some US exports are due to take effect on Monday, with no sign as yet of progress between Beijing and Washington.

Oil and gas traders are seeking waivers from Beijing for US crude and liquefied natural gas imports.

Trump said on Sunday that the US is making progress with Russia to end the Ukraine war, but declined to provide details about any communications he had with Russian President Vladimir Putin.

Sanctions imposed on Russian oil trade on January 10 disrupted Moscow’s supplies to its top clients China and India.

Washington also stepped up pressure on Iran last week, with the US Treasury imposing new sanctions on a few individuals and tankers that help to ship millions of barrels of Iranian crude oil per year to China.

Sanctions on Iran and failure to reach a nuclear deal are upside risks to oil prices even though Trump’s policies are aimed at driving energy prices lower, Citi analysts said in a note.

“We see oil likely trading sideways to down over the next month or so, with the fundamental downward pressure building on crude in our base case throughout the year,” they said.

Brent is forecast to average $60 to $65 a barrel in the second half of 2025 as Trump will be persistent in his desire to lower energy prices, and he will ultimately prove to be a bearish influence on the oil market, Citi said.


Manufacturing sector drives Saudi industrial growth to 2.1%

Updated 10 February 2025
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Manufacturing sector drives Saudi industrial growth to 2.1%

RIYADH: Saudi Arabia’s Industrial Production Index recorded a 2.1 percent annual increase in December, driven by a rise in manufacturing activity and waste management services, according to recent data.

Figures from the General Authority for Statistics show that non-oil activities expanded by 4 percent year on year, reflecting growth across most sectors except for electricity and gas supply.

Manufacturing emerged as the main driver of growth, recording a 6.3 percent annual increase, according to the report.

The latest IPI figures reinforce Saudi Arabia’s economic diversification efforts under Vision 2030, as the Kingdom continues to expand its industrial base and attract investment beyond oil.

The growth in manufacturing and non-oil activities highlights the ongoing structural transformation of the Saudi economy, positioning the country as a key player in the global industrial landscape.

The manufacturing sector’s expansion was supported by a strong performance in key industries, particularly the production of coke and refined petroleum products, which surged 9.3 percent year on year.

This refers to the processes of refining crude oil into fuels and chemicals such as gasoline, diesel, and jet fuel, as well as producing coke by heating coal in low-oxygen conditions. Coke, a carbon-rich product, is primarily used in steel production.

The chemical manufacturing sector also contributed to the increase, rising 4.8 percent annually. Similarly, the food industry saw an 8.8 percent annual rise, while the paper products sector grew by 8.7 percent. The electrical devices sector posted a 10.5 percent increase during this period.

Mining and quarrying activity, which holds significant weight in the general index, declined 0.4 percent year on year in December. The sector also recorded a 0.2 percent drop compared to November, reflecting the impact of reduced oil production levels.

Meanwhile, utility-related activities showed mixed performance. The water supply, sewerage, and waste management sector grew 0.8 percent annually but saw a 1.9 percent monthly decline.

The electricity, gas, steam, and air conditioning supply sector registered a 1.9 percent annual decline, with a sharper 15.6 percent monthly drop.

Meanwhile, the oil sector posted an annual increase of 1.3 percent, despite a slight reduction in Saudi Arabia’s oil production, which declined to 8.91 million barrels per day in December compared to 8.94 million bpd a year earlier.

As the Kingdom seeks to reduce its reliance on oil revenues, refining and petrochemical sectors have become key pillars of economic diversification.

The production of refined fuels such as gasoline, diesel, and jet fuel not only supports domestic energy needs but also contributes to the Kingdom’s export capacity, generating significant non-oil revenues.

Additionally, coke production, primarily used in the steel industry, strengthens Saudi Arabia's industrial base, supporting its ambitions in sectors like construction, infrastructure, and manufacturing.

These industries align with Vision 2030, driving economic growth while fostering technological innovation, job creation, and value-added production within the Kingdom’s non-oil economy.


Saudi Arabia bets on flying taxis and autonomous vehicles to transform mobility  

Updated 10 February 2025
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Saudi Arabia bets on flying taxis and autonomous vehicles to transform mobility  

RIYADH: Saudi Arabia is positioning itself at the forefront of mobility innovation, with industry leaders highlighting the potential of flying taxis and autonomous vehicles at the LEAP conference in Riyadh. 

FlyNow, a developer of electric aviation solutions, is preparing to roll out a modular system of helicopters to transport goods and passengers, according to co-founder and chief operating officer Yvonne Winter. 

“Economic growth is tightly linked to mobility,” Winter said during a panel discussion, adding: “And to solve traffic issues related to congestion, air quality pollution, and noise pollution, air transportation is the way to go.” 

She described this new industry as “the low-altitude economy,” and insisted that “together we have to find a way to unlock it.” 

FlyNow COO and co-founder Yvonne Winter. AN Photo

Winter noted that one of the biggest challenges for international governments and regulatory bodies is the absence of a feasible blueprint for implementation — an issue FlyNow has tackled with a step-by-step approach that “is considered to be very safe.” 

As part of this approach, a regulatory sandbox has been developed to validate different vehicles, air traffic management systems, and operational reports before progressing to cargo applications. 

Following extensive cargo trials over low-population areas, FlyNow plans to expand testing to urban settings and passenger transport. 

Winter said e-helicopters will reduce waiting times and be both affordable and accessible to the public. 

Mobility push  

Ayman Mesfer, general manager of the Intelligence and Future Sector at the Ministry of Transport and Logistics Services, said Saudi Arabia is embracing new technologies across all transportation modes: land, air, and sea. 

The ministry plans to launch an incubator to provide financial and advisory support for small and medium-sized enterprises working on mobility solutions. 

Ayman Mesfer, general manager of the Intelligence and Future Sector at the Ministry of Transport and Logistics Services. AN Photo

“The ministry will take a look at deployment of new and major technologies from all aspects, from AI applications, data utilizations, as well as the talents as the enablers, and the infrastructure,” Mesfer said. 

Omaima Bamasag, deputy of transport enablement at the Transport General Authority, highlighted the agency’s new Future Mobility Program. The initiative comprises 12 stakeholders from both the public and private sectors, working to identify gaps in Saudi Arabia’s mobility systems and propose new plans. 

Omaima Bamasag, deputy of transport enablement at the Transport General Authority. AN Photo

Approved by the Higher Committee for Transportation, led by Crown Prince Mohammed bin Salman, the committee has already introduced 216 projects and identified 16 gaps, with alternative projects designed to bridge them. 

Key successes include the development of a framework for autonomous vehicle policies, pilot requirements for AVs, the deployment of scooters during the past two Hajj seasons, a student shuttle at King Saud University, and Jahez food delivery services during Hajj. 

“This is all piling up toward realizing AV ambitions and validating the AV policy and regulation that has been put forward. And keep an eye out for a pilot AV taxi that you will be seeing soon here in Riyadh,” Bamasag said. 

Infrastructure and partnerships 

According to Mesfer, the Ministry of Transport and Logistics Services has partnered with multiple entities to develop the regulatory framework and infrastructure for these technologies. 

Alongside the General Authority for Civil Aviation, the ministry has developed an advanced air mobility roadmap tracking aviation and drone deployment. 

It has also partnered with King Abdullah University of Science and Technology to construct a new testing ground, described as a “living lab” to assess technologies across land, maritime, railway, and aviation sectors. Additional collaborating entities include TGA and the Roads General Authority. 

The country has already piloted an air taxi in NEOM, signaling its commitment to integrating futuristic transportation solutions. 

In November 2023, TGA established a regulatory sandbox to facilitate the testing of unregulated mobility technologies. Since then, five business models have emerged: micromobility, e-scooters, e-car rentals, ride-sharing, and drop-off and pick-up boxes. 

“Gathering all these challenges, trying to resolve them, and paving the way for these technologies to be regulated and then licensed. 

Once these technologies or companies are licensed, they will have a tremendous impact on GDP and job creation,” he said. 

On innovative mobility solutions, Antonio Jara, chief security officer of Libelium, spoke about the company’s work in Saudi Arabia and Europe to create digital twins for low-emission zones. These models integrate data from IoT sensors, noise, and air quality metrics. 

Antonio Jara, chief security officer of Libelium. AN Photo

Jara emphasized the importance of data spaces for normalization, smart modeling, classification, and quality assessment, creating a secure data exchange platform between stakeholders. 

That data is then incorporated into AI models, such as zonification for clustering, pollution simulation and forecasting or digital twins, CO2 equivalent modeling, and low-emission zone analysis. 

These models help track pollution sources, provide sustainability impact assessments, and monitor crowd movement. 

Libelium’s AI capabilities include data standardization, already implemented in major cities such as Amsterdam, Helsinki, and Paris. Other models focus on traffic prediction, meteorological data, clustering, and an LEZ service model for impact assessment.  

Speaking to Arab News about Saudi applications, Jara said: “Aramco, Johns Hopkins — they are optimizing parking with these AI models. NEOM is another real example; they are monitoring all the pollution propagation from the tunnels, The Line.” 

Pollution tracking involves both real-time data and predictive analysis. 

“We are also doing a proof of concept in Riyadh municipality because they want to understand the real benefit of the metro in reducing traffic-related pollution,” Jara added.


Saudi Arabia transforming into ‘center of gravity’ in regional tech space: expert 

Updated 10 February 2025
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Saudi Arabia transforming into ‘center of gravity’ in regional tech space: expert 

RIYADH: Saudi Arabia is quickly becoming a dominant force in the regional technology ecosystem, establishing itself as the “center of gravity” for startups in the Middle East, according to an industry expert. 

In an interview with Arab News during the LEAP 2025 Tech Conference, Mohammed Al-Zubi, founder of Saudi early-stage venture capital firm Nama Ventures, stated that the rapid evolution of the event is a reflection of the momentum in the sector. 

“The amount of progress we’ve made from LEAP 23, 24, 25 — it’s phenomenal,” he said, adding that the impact of the event is mind-boggling. 

“Minister Al-Swaha was on stage — the level and magnitude of the announcements are really mind-boggling,” he added. 

He emphasized that the Kingdom is now a regional leader in investment, deal flow, and overall market growth. “If you look at all the reports, Saudi Arabia today is leading on all metrics.” 

Prioritizing teams over ideas 

As an early-stage firm, Nama Ventures focuses on investing in strong founding teams with complementary skill sets and clearly defined roles. 

Al-Zubi described the company’s investment approach as having two key components: a micro-level evaluation of the team and a macro-level assessment of the idea. “As they say in real estate—location, location, location—here, it’s team, team, team,” he explained. 

He stressed that Nama Ventures typically avoids investing in solo founders unless they have an exceptionally strong track record. 

“We typically don’t invest in solo founders unless the pedigree speaks for itself,” Al-Zubi said. Instead, the firm looks for teams with clear role clarity and complementary skill sets, ensuring a balance between execution, operations, and sales. 

“So it can’t be, you know, two sellers coming together. We want to see the seller, the doer, and the operator,” he explained. 

While Nama Ventures is willing to take risks related to execution, it steers clear of risks associated with unproven business prototypes. The firm prefers to invest in established business models rather than entirely new concepts.

“We don’t mind what we refer to as copycats,” he said. “We think about taking a model that works very well, innovating, and localizing it for this part of the world makes sense.” 

The firm is particularly interested in startups that can adapt existing successful business models to the MENA region while minimizing risks. 

AI across all industries 

While Nama Ventures remains broadly sector-agnostic, it is naturally inclined toward industries with strong transactional components. 

“Although we say we are sector agnostic, in reality, we don’t add much value if it’s a gaming or content company,” Al-Zubi noted. 

“We like and favor transactional stuff. Show me a product or service in exchange for a riyal.”

This focus has led the firm to invest more heavily in fintech, proptech, and other sectors with clear revenue streams. 

Artificial intelligence is another critical element in the firm’s investment thesis, not as a standalone category but as an embedded technology across various industries. 

“Today, we don’t think of AI as a separate model. We want to see AI embedded in fintech. We want to see AI embedded in proptech. We see AI embedded in entertaintech,” he said. 

Al-Zubi emphasized that startups that fail to integrate AI into their operations risk falling behind. “If you have not taken advantage of AI today, you are a generation behind, and you’re in the playground with a broken leg,” he added.

Nama Ventures has incorporated AI tools to enhance its investment process. 

The investment approach 

Al-Zubi highlighted that Nama Ventures differentiates itself by taking a highly involved approach to supporting its portfolio companies. 

The firm does not act as a passive investor but instead plays an active role in guiding founders, leveraging its entrepreneurial experience. 

“The beauty about this asset class is there is no such thing as an investor— you have to be a value-add investor by definition. We’re not silent financial investors. Part of our role is to provide value-add,” he said. 

He pointed to Nama’s experience as a key differentiator. “We’ve walked the talk. We say we are technologists that became technology managers, that became entrepreneurs, that failed and succeeded, that became angel investors, and then fund managers,” he explained. 

“I always joke and say, if you have not had a moment where you look into the ceiling worrying about payroll as a founder, you should not be writing checks for early-stage founders because you lack that entrepreneurial empathy.” 

Nama Ventures also helps its portfolio companies navigate the complexities of fundraising. “We do a lot of heavy lifting on structuring the rounds in itself,” Al-Zubi said. 

“A lot of the time, although we’re on the buy side—we’re investing—we’re really helping them out, almost like a sell-side advisory, in terms of helping them think about the deal and the terms.” 

He emphasized the importance of ensuring that founders understand the agreements they are entering. “We love that our founders are educated and sophisticated because it makes for a better long-term relationship.” 

The firm’s technical expertise also sets it apart from other investors. “We’re geeks. We’ve been on the console, we’ve written code,” Al-Zubi said. 

“If you want to be a tech investor and don’t have a tech affinity, I think that’s a disadvantage.” This hands-on technical knowledge enables Nama Ventures to assist startups in building their tech teams and optimizing their technical infrastructure. 

“We’re known as the fund that can help you find your CTO (chief technology officer) or connect you and help you with your tech stack.” 

An unconventional LP base 

Unlike many venture capital firms that raise funds from institutional investors or sovereign wealth funds, Nama Ventures opted to build its first fund primarily through high-net-worth individuals and family offices. 

“We opted for Fund I, which is not typical. We didn’t raise from sovereigns, we didn’t raise from institutions,” Al-Zubi said. “We went the high-net-worth family office route, and we enjoy a very healthy LP (limited partners) base.” 

Nama’s investors see the firm as a vehicle for accessing early-stage opportunities while managing risk. 

“We’ve got 63 LPs that have partnered with us, and we’ve become their feeder fund,” Al-Zubi explained.

Many of these family offices understand that early-stage investing can be highly risky and challenging to diversify on their own.

“A lot of the family offices come and say, I really should not be doing early-stage pre-seed and seeds. It’s too risky, I’m going to lose money, I cannot diversify—let Nama be my diversification engine. Let them uplift that deal flow, and I’ll cherry-pick their winners and co-invest with them.” 

This approach has allowed investors to invest in leading technology companies at such an early stage. 

Al-Zubi referenced startups like Tamara, Salla, and Calo, which are all Nama portfolio companies on the path to initial public offerings, with some currently crossing $1 billion in valuations. 

KSA’s support for startups 

Al-Zubi believes Saudi Arabia’s support for the startup ecosystem is unmatched globally. Having spent time in the Silicon Valley, London, and the Middle East, he argued that the Kingdom’s government-led initiatives are unparalleled. 

“I would argue that Saudi Arabia today has an unparalleled support and incentive plan for the tech startup ecosystem,” he said. “The coopetition between the government entities, whether it’s NTDP (National Technology Development Program), whether it’s MISA (Ministry of Investment of Saudi Arabia), whether it’s MISK—it’s incredible. It really is incredible.” 

He sees the Kingdom’s multi-layered approach to economic development—attracting global tech giants while nurturing early-stage startups—as a key driver of long-term growth. 

Just act 

Al-Zubi encourages aspiring entrepreneurs to take the leap and start their own businesses, highlighting that the experience of building a startup is an invaluable learning opportunity.

“My advice is just do it. You don’t have to have all the answers—you have to figure it out along the journey,” he said. 

“Even if you do an entrepreneurial endeavor and fail, you are so much more interesting for the next job. You’re probably going to get your boss’ boss’ job because you’ve spent a year, 18 months being a domain expert in that field.” 

He urged founders to embrace iteration and adaptability. “We have a saying: if you’re still on the same business model 18 months from launching, something is actually wrong. You cannot be that right,” he said. “Keep pivoting and iterating till you get more product-market fit before you run out of cash.” 


Saudi Aramco executive highlights key factors to unlock AI potential

Updated 09 February 2025
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Saudi Aramco executive highlights key factors to unlock AI potential

RIYADH: Real-world data, computing power, and talent are the three key factors required to unlock the full potential of artificial intelligence, according to a Saudi Aramco top official.

On the first day of LEAP in Riyadh from Feb. 9-12, the executive vice president of technology and innovation at Saudi Aramco Ahmad Al-Khowaiter, discussed in his speech “Transforming Industries with Data and AI” these main requirements crucial to Aramco’s success.

This falls in line with the National Strategy for Data and Artificial Intelligence, which aims to train 40 percent of the workforce in essential skills to combat data and AI illiteracy and develop a talent pool of 20,000 data and AI specialists.

It also aligns well with the strategy’s target of attracting SR75 billion ($19.99 billion) in local and foreign investments, as well as supporting over 300 startups to encourage entrepreneurship. 

“Maximizing its (artificial intelligence) potential requires three main elements, three main enablers. One is tremendous amounts of real-world data. You need the data first, then you need to be able to put in place computing power, computing infrastructure to be able to do the models,” Al-Khowaiter said. 

“Finally, and probably the most important element, which I think we tend to forget in our excitement around technology, is you need the talent. You need the subject matter experts who can tell you if the model is telling the truth,” he added. 

The executive highlighted that Aramco has over 90 years of proprietary data from its extensive geological and process surveys. He explained that the company collects about 10 billion data points daily across all its facilities. 

Al-Khowaiter also shed light on how building capable AI models are not limited to global tech companies. 

He said: “It is within the reach of enterprises, even startups, to design AI suited to their own businesses. We have believed this from the beginning, developing our own models with our own data, which is why it gives me great pleasure to introduce our latest innovation Plant Meta Brain, a time series transformer model utilizing large time series data sets.”

He added: “Using these large data sets, we’re able to model the real-time processes that underlie our operations, and we are able to provide actionable insight in real-time to operators, engineers, and scientists. By working in real time with minimal user input, we anticipate demand, optimize operations, predict product qualities, and maximize production.” 

Al-Khowaiter explained that this approach would allow the company’s experts to focus on more value-added tasks instead of troubleshooting or developing models from the ground up.

“We believe our AI is only as good as our HI, our human intelligence, and this is why we are training. More than 6,000 AI developers across the company,” he said. 

“We’re also using the engineers, scientists and operators we already have to work with those AI developers to train new models, making them more robust and more reliable,” he added.

Al-Khowaiter concluded by saying: “Aramco is not only using our unique size and scale to maximize the use of AI on an industrial scale but our decade’s worth of data.” 

Held under the theme “Into New Worlds,” LEAP 2025 aims to expand business networking and investment opportunities in the tech sector. 

The event plays a critical role in Saudi Arabia’s ambition to become a global technology hub, aligning with its Vision 2030 plan to diversify the economy. As part of this initiative, the Kingdom has pledged $100 billion toward advancing its technology sector.