IT consulting firm Saudi Networkers to proceed with IPO for 25% stake 

IT consulting firm Saudi Networkers to proceed with IPO for 25% stake 
The Riyadh-based technical consulting services provider intends to proceed with an initial public offering for a 25 percent stake. (Shutterstock)
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Updated 21 June 2022

IT consulting firm Saudi Networkers to proceed with IPO for 25% stake 

IT consulting firm Saudi Networkers to proceed with IPO for 25% stake 

RIYADH: Saudi Networkers Services Co., a Riyadh-based technical consulting services provider, said it intends to proceed with an initial public offering for a 25 percent stake.

Looking to float 1.5 million shares on Saudi Arabia’s parallel stock market Nomu, the company has hired Aldukheil Financial to advise on the IPO, according to a statement.

Derayah capital will act as the lead manager of the offering, which will be confined to qualified investors and will open for subscription starting July 24 until July 28.

Aldukheil Financial said the offer price will be determined and disclosed prior to the subscription period.

Saudi Networkers share sale comes at a time when the region, especially Saudi Arabia, is witnessing an IPO boom buoyed by rising oil prices.


Saudi Aramco launches research hub to help hit net-zero emissions by 2050

Saudi Aramco launches research hub to help hit net-zero emissions by 2050
Updated 16 sec ago

Saudi Aramco launches research hub to help hit net-zero emissions by 2050

Saudi Aramco launches research hub to help hit net-zero emissions by 2050

RIYADH: Saudi Aramco has launched a new research center to accelerate the development of low-carbon energy solutions using advanced analytics as the oil giant moves ahead with hitting its net-zero ambition. 

Inaugurated today at the King Abdullah University of Science and Technology, the Aramco Research Center will deploy artificial intelligence and machine learning to develop ways to advance low-carbon solutions and enable a circular carbon economy, a press release said.

“The Aramco Research Center at KAUST offers a unique opportunity to strengthen our collaboration with KAUST and accelerate the development of cutting-edge technologies that will contribute to a low-carbon future,” Chief Technology Officer Ahmad Al-Khowaiter said. 

He added that the research at this new facility will help the company meet its obligations to customers and energy consumers worldwide, while also supporting its ambition of reaching operational net-zero emissions by 2050. 

This comes after the world’s biggest oil exporter released its first sustainability report earlier this month, pledging to reduce its upstream carbon intensity by at least 15 percent to 8.7 kilograms of carbon dioxide by 2035.

With the establishment of the research center, Aramco looks to leverage on KAUST’s capabilities in areas such as super-computing and data analytics.


Saudi industrial sector investments reach $361bn in April

Saudi industrial sector investments reach $361bn in April
Updated 16 min 16 sec ago

Saudi industrial sector investments reach $361bn in April

Saudi industrial sector investments reach $361bn in April

RIYADH: Saudi Arabia’s industrial sector investments reached SR1.35 trillion ($361 billion) in April 2022, according to the Ministry of Industry and Mineral Resources.

The number of valid licenses stood at 2,126, including 1,359 for building materials quarries, 559 for exploration, 164 for exploitation, 29 for reconnaissance and 15 for surplus ore, Argaam reported.

During January to April 2022, the ministry issued 302 mining licenses, including 26 for building materials quarries, 21 for exploration, one for reconnaissance and 13 for surplus ore.


Cybersecurity industry expected to hit $300bn by 2024, study shows

Cybersecurity industry expected to hit $300bn by 2024, study shows
Updated 21 min 55 sec ago

Cybersecurity industry expected to hit $300bn by 2024, study shows

Cybersecurity industry expected to hit $300bn by 2024, study shows

RIYADH: The cybersecurity industry is expected to grow by more than double to hit $300 billion by 2024, according to a study by Global Market Insights.  

By 2026, the cybersecurity market in the Middle East and Africa is expected to reach $2.89 billion and register a compound annual growth rate of 7.9 percent between 2021 and 2026. 

Saudi Arabia’s cybersecurity market is predicted to increase to over SR21 billion ($5.5 billion) by 2023, according to a statement. 

The Middle East is moving rapidly toward adopting transformative digital technologies to enable economic diversification.


Saudia makes 30% more seats available to meet rising summer demand

Saudia makes 30% more seats available to meet rising summer demand
Updated 24 min 15 sec ago

Saudia makes 30% more seats available to meet rising summer demand

Saudia makes 30% more seats available to meet rising summer demand

RIYADH: Saudi Arabian Airlines, known as Saudia, is planning to provide 6.5 million seats on 30,000 flights during July and August as it prepares to meet the growing demand of this year’s summer season. 

As of June 30th, the carrier will be offering 765,600 seats weekly — a 30 percent increase over last year’s summer, according to a statement. 

Saudia will operate 3,500 flights every week, linking the Kingdom with a regular flight network as it flies to four continents. 

The summer plan also includes measures to meet the necessary requirements such as maintenance, catering and ground services on time, it said.


India In-Focus — Shares rise; Minister says Indian economy to touch $30tln in next 30 years

India In-Focus — Shares rise; Minister says Indian economy to touch $30tln in next 30 years
Updated 27 min 7 sec ago

India In-Focus — Shares rise; Minister says Indian economy to touch $30tln in next 30 years

India In-Focus — Shares rise; Minister says Indian economy to touch $30tln in next 30 years

MUMBAI: Indian shares rose on Monday to their highest in more than two weeks, with technology and metal stocks leading the gains as easing oil prices tempered inflation fears.

The NSE Nifty 50 index rose 1.2 percent to 15,887.15, as of 0500 GMT, and the S&P BSE Sensex climbed 1.16 percent to 53,340.36, leaving it on track for a third straight session of gains.

Welspun Corp. jumped 4.8 percent after the steel products maker said it got orders worth 6 billion rupees ($76 million).

Gaming platform Nazara Technologies surged 7.1 percent to its highest in nearly seven weeks after it said it would buy a stake in sports media company Absolute Sports.

Indian economy to touch $30 trillion in next 30 years

Piyush Goyal, the Central Minister for Commerce and Industry said that the Indian economy will touch $30 trillion in the next 30 years. 

According to the minister, if India grows at 8 percent every year on a compounded annual growth basis, the economy will double in about nine years, Financial Express reported. 

The minister also predicted that the country’s economy will reach $6.5 trillion from $3.2 trillion today in the next nine years. 

“Eighteen years from now, we will be about $13 trillion economy. And then another nine years after that, that is 27 years from now, we will be a $26 trillion economy… Then obviously, 30 years from today, confidently we can all expect that the Indian economy will be a $30 trillion economy,” said the minister. 

(With inputs from Reuters)