Data-led innovation needed to help Saudi firms process information, says Dell ahead of LEAP

Data-led innovation needed to help Saudi firms process information, says Dell ahead of LEAP
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Updated 27 January 2022

Data-led innovation needed to help Saudi firms process information, says Dell ahead of LEAP

Data-led innovation needed to help Saudi firms process information, says Dell ahead of LEAP

RIYADH: The majority of Saudi businesses gather data faster than it can be analyzed and used, Dell Technologies has warned ahead of the LEAP tech event being held in Riyadh from Feb. 1-3.

The US firm is set to take part in the forum, which is focused on future and disruptive technologies.

Ahead of the event, Mohamed Talaat, vice president in Saudi Arabia, Egypt and Levant at Dell Technologies, pointed to research by his company in 2021 that showed 70 percent of Saudi respondents have data-driven business and consider data as the lifeblood of their organisation.

However, 59 percent said they were gathering data faster than they could analyze and use.

Talaat said: “Saudi Arabia today stands at the threshold of change, underpinned by the nation’s ambitious vision and drive to transform, innovate and build a legacy for generations to come.

“Dell Technologies remains committed to advancing the country’s transformation agenda. We're empowering local organizations with end-to-end infrastructure and client solutions. They not only support a data-driven work culture, but are also capable of predicting the future and achieving better business results.”


UAE Wrap — Dubai issues eight new customs policies and announces DubaiPay as a new payment method

UAE Wrap — Dubai issues eight new customs policies and announces DubaiPay as a new payment method
Updated 11 sec ago

UAE Wrap — Dubai issues eight new customs policies and announces DubaiPay as a new payment method

UAE Wrap — Dubai issues eight new customs policies and announces DubaiPay as a new payment method

Dubai issues eight new customs policies and announces DubaiPay as a new payment method : UAE Wrap 

Eight new customs policies issued

Dubai Customs has issued eight new policies, in order to secure the flow of trade and facilitate the flow of goods and shipments to commercial markets without delay, according to a statement issued by the Dubai Media Office.

Over a period of time between January 2020 and April 2022, the Department of Tariff & Origin released eight major customs policies relating to passengers’ disclosures of currencies, negotiable financial instruments, precious metals and precious stones.

“These customs policies issued by the Tariff & Origin Department aim at the first place to facilitate trade by defining controls and procedures applied at Dubai Customs to implement customs measures related to trade agreements with member states that have agreements with the GCC countries,” said Ahmed Al-Khrousi, Director of Tariff & Origin Department in a statement.

The customs policies issued during this period dealt with enabling a country’s free trade agreements with other countries and determining the origin of its products for the purposes of applying non-preferential and preferential treatment to the originating products.

Additionally, the department established a customs policy which governs exchange conditions and controls for trade, as well as an Arab free trade zone, to facilitate the implementation of this agreement.

Furthermore, the organization released a customs policy on the conditions and controls for applying the Free Trade Agreement to the countries of the European Free Trade Association.

Additionally, the policies described the procedures for applying the TIR Carnet, which outlines how to deal with land-transported trade following TIR arrangements.

The TIR Carnet allows road transport of goods in transit between countries that are members of the TIR Convention without the payment of duties and taxes. 

Dubai announces DubaiPay as a new payment method for Al Ansari Exchange

DubaiPay’s payment services will be made available to Al Ansari Exchange users through its partnership with the Government of Dubai, represented by the Department of Finance (DoF) and Dubai Smart Government Establishment (DSG), according to a statement issued by the Dubai Media Office.

The agreement was signed by Wesam Al Abbas Lootah, CEO of DSG, Jamal Hamed Al Marri, executive director of Central Accounts at DoF, and Rashed A. Al Ansari, CEO of Al Ansari Exchange, at the headquarters of Digital Dubai.

Al Ansari Exchange, one of DubaiPay’s first private companies, will become one of the company’s service providers. DubaiPay is now available on Al Ansari Exchange’s mobile app as an alternative payment method.


Saudi Power Procurement Co. receives A1 rating from Moody's

Saudi Power Procurement Co. receives A1 rating from Moody's
Updated 15 min 11 sec ago

Saudi Power Procurement Co. receives A1 rating from Moody's

Saudi Power Procurement Co. receives A1 rating from Moody's

RIYADH: Saudi Power Procurement Co., the sole licensed principal buyer of electricity in Saudi Arabia, received an A1 rating from Moody's Investors Service on May 23.

The rating reflects SPPC’s low-risk profile, the transparency of its regulatory framework, and its ability to maintain a good liquidity profile despite the high seasonality of working capital, it said.

"The A1 issuer rating and stable outlook assigned to SPPC are aligned with that of the Government of Saudi Arabia, because of the company's very close integration into the public sector, with a clear public policy mandate that aligns SPPC's interests and objectives with those of the government," Moody's lead analyst on SPPC, Paul Feghaly, said. 

 


BlackRock, Fidelity among bidders for UAE’s Borouge $2bn IPO: Bloomberg

BlackRock, Fidelity among bidders for UAE’s Borouge $2bn IPO: Bloomberg
Updated 19 min 52 sec ago

BlackRock, Fidelity among bidders for UAE’s Borouge $2bn IPO: Bloomberg

BlackRock, Fidelity among bidders for UAE’s Borouge $2bn IPO: Bloomberg

RIYADH: Borouge’s $2 billion initial public offering has drawn interest from big investors, including the world’s largest asset manager BlackRock Inc. and Fidelity.

The UAE-based firm received bids from the two international funds for the share sale that could value it at $20 billion at listing, Bloomberg reported citing unnamed sources.

Borouge had generated orders at 17 times the amount offered as of mid-day May 25, the third day of book-building, which will run until May 30, Bloomberg’s sources noted.

Other sources told Al Arabiya that the total requests reached 21 times coverage, representing almost $40 billion, by the end of the third day on May 25.

Borouge, which is a joint venture between Abu Dhabi National Oil Co. and Austria’s chemical producer Borealis, produces plastics used in a wide range of products.

Representatives for Adnoc and BlackRock declined to comment to Bloomberg on the news.


Petrochemical prices to remain the same for the next two years: Tasnee CEO

Petrochemical prices to remain the same for the next two years: Tasnee CEO
Updated 42 min 51 sec ago

Petrochemical prices to remain the same for the next two years: Tasnee CEO

Petrochemical prices to remain the same for the next two years: Tasnee CEO
  • Prices for propane and butane in Saudi Arabia remained unchanged, as those in Japan rose significantly, where propane prices topped $800 per ton

RIYADH: Petrochemical prices are expected to remain the same through 2022, and likely to continue until 2023, CEO of National Industrialization Co., also known as Tasnee, Mutlaq Al-Morished, said.

Al-Morished told Argaam that petrochemical prices are “very good” for all producers at present, while indicating a marginal decline in some prices.

The price of basic materials such as iron, copper, lead, and aluminum is also high, he added.

The GCC region terminal prices reached $8,000, up from $800-850 earlier, resulting in higher prices for end products.

Prices for propane and butane in Saudi Arabia remained unchanged, as those in Japan rose significantly, where propane prices topped $800 per ton — the highest level in 30 years.

Prices have fallen to $600 per ton today, but they are unattractive to investors building new industries, Al-Morished said.

Established in 1985, Tasnee is one of the largest petrochemical and industrial companies in the Kingdom. It also has interests in metals, industrial services, and environmental technologies.


Saudi recycling firm Tadweeer’s shares soars 30% on market debut

Saudi recycling firm Tadweeer’s shares soars 30% on market debut
Updated 43 min 46 sec ago

Saudi recycling firm Tadweeer’s shares soars 30% on market debut

Saudi recycling firm Tadweeer’s shares soars 30% on market debut

RIYADH: Shares in Saudi Arabia’s National Environmental Recycling Co. soared 30 percent after its debut on the parallel market Nomu on Thursday.

Shares surged in afternoon trading, reaching SR84.50 ($22.53), against an initial public offering price of SR65, as of 12:54 p.m. Saudi time.

Established in 2015, Tadweeer deals with the recycling of electrical and electronic waste in line with the Saudi Green Initiative.