KSA on its way to becoming financial, IT hub

One of the aims of Saudi Vision 2030 is to establish a digital infrastructure that can pave the way for young Saudis in fields such as innovation and technology. (Reuters file)
Updated 20 June 2018
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KSA on its way to becoming financial, IT hub

  • Young Saudi entrepreneurs will be the first beneficiaries of this new alliance, which will further facilitate electronic trading and motivate the growth of small and medium enterprises.
  • Geidea started with just five employees, including founder Abdullah Al-Othman, but now has more than 500 staff and branches within the Kingdom and abroad.

RIYADH: Gulf Capital, an alternative investment company, has acquired a SR1 billion ($260 million) stake in Geidea, the leading provider of electronic payment solutions and financial technologies in Saudi Arabia.

Geidea started with just five employees, including founder Abdullah Al-Othman, but now has more than 500 staff and branches within the Kingdom and abroad.

Young Saudi entrepreneurs will be the first beneficiaries of this new alliance, which will further facilitate electronic trading and motivate the growth of small and medium enterprises. This deal should encourage Saudi entrepreneurs to use persistence and consistency as the major tools required for success. 

Investors will also now increasingly turn their attention toward Saudi Arabia’s financial and information technology sectors to find new opportunities. One of the aims of Saudi Vision 2030 is to establish a digital infrastructure that can boost the economy and pave the way for young and ambitious Saudis in fields such as innovation and technology. 

Many companies in the technology industry experience difficulties finding qualified Saudis, which means that the market is still thirsty for developers and programmers. This could be owing to a lack of training courses and practical skills in the teaching system that can help students in the workplace.

Looking at the IT output of local universities, faculty and management are expected to review the current curriculum and see whether it aligns with such expeditious changes in the Saudi labor market and delivers up-to-date knowledge, skills and abilities. Otherwise, young graduates will most probably study abroad to meet the new expectations of the Saudi market, which might create a gap between demand and supply in the IT industry.  

There is good news with a forthcoming new college specializing in cybersecurity, artificial intelligence and advanced technology, which is expected to have a substantial impact in attracting graduates to major in technology. 


Saudi public prosecution announces results of investigation into Khashoggi killing

Updated 52 min 2 sec ago
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Saudi public prosecution announces results of investigation into Khashoggi killing

RIYADH: Saudi Arabia’s public prosecutor said on Thursday he was seeking the death penalty for five out of 11 suspects charged in the murder of Saudi journalist Jamal Khashoggi.

Khashoggi was killed in the country’s Istanbul consulate on Oct. 2 after a struggle by a lethal injection dose and his body was dismembered and taken out of the building, he told reporters in Riyadh.

The Prosecutor said Khashoggi’s body parts were then handed over to a local Turkish agent outside the consulate grounds, the spokesman said, adding that the drawing of the agent has been prepared and will be handed over to the Turkish authorities.

He said that the head of Khashoggi’s repatriation team was the one who ordered the killing of the victim, adding that the investigations into the whereabouts of the victim’s body are still ongoing.

He noted that the mission of the team was to persuade Khashoggi to return to the kingdom.

The prosecutor said a former adviser had been due to meet the team that was ordered to repatriate journalist Khashoggi, who was killed after efforts to negotiate his return failed.

He added that the ex-advisor had been banned from travelling and remained under investigation, and that the case has been transferred to court while investigations continue.

The prosecutor said Saudi Arabia has requested Turkey to sign a cooperation deal on a probe into the murder of journalist Jamal Khashoggi.

“We have requested the brotherly Turkish authorities to sign a special cooperation mechanism specific to this case in order to provide them with the results of the investigation,” he said, adding that “the public prosecutor is still awaiting a response to these requests.”