Saudi Aramco inks $250m deal with US-based Beyond Limits to build global AI corridor

Special Amjad Abdullat, CEO of Beyond Limits, told Arab News during the event that the agreement will help build the project with relationships between the Kingdom and the US.
Amjad Abdullat, CEO of Beyond Limits, told Arab News during the event that the agreement will help build the project with relationships between the Kingdom and the US.
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Updated 19 September 2022

Saudi Aramco inks $250m deal with US-based Beyond Limits to build global AI corridor

Saudi Aramco inks $250m deal with US-based Beyond Limits to build global AI corridor

RIYADH: Saudi Aramco has signed an agreement valued at $250 million with Beyond Limits, a California-based artificial intelligence technology company, to build a global AI corridor, the oil behemoth announced at an industry event in Riyadh last week.

The global AI corridor would create an ecosystem in the Kingdom by commercializing complex AI solutions, training Saudi talent and supporting Saudi startups.

Amjad Abdullat, CEO of Beyond Limits, told Arab News during the event that the agreement will help build the project with relationships between the Kingdom and the US.

“In California, we have the greatest number of Nobel Prize laureates, a lot of intellectual property in AI and the largest number of venture capitalists investing in the AI ecosystem. So, we want to bring all that to the Kingdom to help build a strong network of AI entrepreneurs and unicorns,” Abdullat told Arab News.

Abdullat explained that the project would have an academy that will focus on training Saudi youth, a residency that will help AI startups in the Kingdom to work with seasoned professionals and an R&D Program that will support the creation of IPs.

“There is also an investment component that will attract foreign venture capital investments to the Kingdom, in addition to the domestic investment,” he added.

Established in 2014, Beyond Limits specializes in industrial AI technology software and was recognized as Global Company of the Year by Frost & Sullivan and one of America’s Best Startup Employers by Forbes in 2021.

In March, the company acquired Altec Products, Inc., a leading integrated document management and workflow solutions provider.Amjad Abdullat, CEO of Beyond Limits, told Arab News during the event that the agreement will help build the project with relationships between the Kingdom and the US.


Anaam International plans to raise capital to $42mn through a rights issue 

Anaam International plans to raise capital to $42mn through a rights issue 
Updated 14 sec ago

Anaam International plans to raise capital to $42mn through a rights issue 

Anaam International plans to raise capital to $42mn through a rights issue 

RIYADH: Saudi poultry processing firm Anaam International Holding Group’s board recommended an increase in capital of SR158 million ($42 million) through a rights issue.

The capital increase is aimed at boosting the working capital, lowering the loan rates, and supporting the business growth of the company, according to a bourse filing.

The capital hike is subject to the approval of the relevant official authorities and the company’s shareholders.

Wasatah Capital was appointed to act as the financial advisor to the offering.


Egypt’s non-oil economy under strain as inflationary pressure grows: S&P Global

Egypt’s non-oil economy under strain as inflationary pressure grows: S&P Global
Updated 30 min 51 sec ago

Egypt’s non-oil economy under strain as inflationary pressure grows: S&P Global

Egypt’s non-oil economy under strain as inflationary pressure grows: S&P Global

RIYADH: Business conditions in Egypt’s non-oil economy continue to be under strain with the country’s Purchasing Managers’ Index staying unchanged at 47.6 in September compared to the previous month, according to S&P Global.

According to S&P Global, a PMI above 50.0 marks growth, while those below 50.0 signals contraction.

Egypt’s PMI signals a solid deterioration in business conditions, albeit one that was the joint-weakest for seven months, as inflationary pressures, energy rationing, import restrictions, and weak demand continue to impact the country’s non-oil economy.  

“Non-oil activity in Egypt continued to suffer from weak demand, geopolitical tensions and surging inflation in the final month of the third quarter,” said Shreeya Patel, an economist at S&P Global Market Intelligence.

She added: “Firms nevertheless remain hopeful that macroeconomic conditions would improve in the medium-term, but for now, non-oil Egyptian businesses are challenged to operate in an environment which includes persistently high prices, weak demand and growing uncertainty.”


Saudi Arabia’s non-oil economy continues to maintain growth as PMI hits 56.6% in Sept: S&P

Saudi Arabia’s non-oil economy continues to maintain growth as PMI hits 56.6% in Sept: S&P
Updated 47 min 39 sec ago

Saudi Arabia’s non-oil economy continues to maintain growth as PMI hits 56.6% in Sept: S&P

Saudi Arabia’s non-oil economy continues to maintain growth as PMI hits 56.6% in Sept: S&P

RIYADH: Saudi Arabia continues to maintain ongoing expansion in its non-oil economy as both of its key indicators — output and new orders — recorded gains, registering the Kingdom’s Purchasing Managers’ Index at 56.6 in September, the latest data from S&P Global revealed.

Although down on August's 57.7, Saudi Arabia managed to maintain this growth for the 25th successive month as the Kingdom steadily progresses in its journey to diversify its economy in line with Vision 2030.

According to S&P Global, readings above 50.0 mark growth, while those below 50.0 signals contraction. 

“Albeit down on August, Saudi Arabia’s non-oil private sector economy retained an impressive pace of growth during September, especially against the backdrop of increasingly challenging global economic conditions,” said David Owen, an economist at S&P Global Market Intelligence. 

He added: “Both output and new orders rose at rates above their averages for their current 25-month growth sequences, whilst confidence in the quality of goods and services provided meant firms expect to successfully convert into hard contract wins a high proportion of what is an extremely positive pipeline of new business.”


Global alliance on green economy launched in Dubai

Global alliance on green economy launched in Dubai
Updated 04 October 2022

Global alliance on green economy launched in Dubai

Global alliance on green economy launched in Dubai
  • UAE’s Economy Ministry is setting up shop inside the immersive virtual world

DUBAI: A “Global Alliance on Green Economy” was launched at the 8th World Green Economy Summit, which concluded in Dubai.

The summit was held under the theme “Climate action leadership through collaboration: The roadmap to net-zero.” A large number of ministers, experts, decision-makers, officials, representatives of institutions, and the academic community from around the world took part in the summit.

The alliance aims to build a coalition of countries, prioritizing a green economy in the context of climate action and sustainable development, to enhance the capacity of developing countries, provide support for their green economy transition projects and exchange knowledge on implementation.

“If we want to fast-track our transition to a green economy, we must all work together, and to do so, we need one platform with one common objective. The UAE Global Alliance on Green Economy seeks to provide such a platform,” said Mariam bint Mohammed Almheiri, UAE minister of climate change and environment.

Bet on tech

The UAE, which already boasts the world’s tallest skyscraper and has launched a bold Mars mission, now hopes to become a pioneer in the depths of the metaverse.

In a project launched at Dubai’s gleaming Museum of the Future, it announced that the UAE’s Economy Ministry was setting up shop inside the immersive virtual world that is now taking shape. 

If we want to fast-track our transition to a green economy, we must all work together.

Mariam bint Mohammed Almheiri, UAE minister of climate change and environment

Those who don their virtual reality goggles or use other means to venture within will find a ministry open for business with companies and even ready to sign bilateral agreements with foreign governments, officials said.

The metaverse is an online world where users will eventually be able to game, work and study, its proponents say — although it is still in a “test” phase, the UAE’s economy minister conceded.

Abdulla bin Touq Al-Marri was speaking at the inaugural Dubai Metaverse Assembly, held at the museum whose innovative ring shape decorated with Arabic calligraphy flanks the city’s main thoroughfare.

Representatives of tech giants mingled with entrepreneurs and developers exploring the potential of the metaverse, a network of digital spaces intended as an extension of the physical world.

DFM adopts new methodology

Dubai Financial Market said on Monday it planned to adopt a new methodology for its main equities indices, which will come into effect in the fourth quarter, according to Reuters.

The Dubai bourse’s general index, Shariah index and sector indices, will be calculated by S&P Dow Jones Indices, it said in a statement.

A key improvement among the changes is a limit on the weighting of a listed company to 10 percent from 20 percent, which should result in a larger representation of companies on the DFM’s benchmarks, it said.

The Dubai bourse said the index calculation will be based on actual free float adjusted market capitalization, and that the indices will be rebalanced on a quarterly basis, from semi-annually currently.

The bourse plans to align its sectors with an industry classification standard which is followed by institutional clients, it said.

DFM will have seven sectors: Financials, industrials, real estate, utilities, communication services, materials and consumer staples.

The bourse has invited market participants for consultations on the index methodology ahead of possible changes, with the revised indexes to be launched in Q4, it said.


Egyptian pound weakens the most in four months

Egyptian pound weakens the most in four months
Updated 03 October 2022

Egyptian pound weakens the most in four months

Egyptian pound weakens the most in four months
  • Foreign currency has dried up in Egypt over the last six months, forcing banks and importers to scramble to find dollars to pay for imports and putting pressure on the central bank to let its value weaken

CAIRO: Egypt weakened its currency on Monday by the most in more than four months, with the Egyptian pound falling by more than 0.10 pounds to the dollar, according to Refinitiv data.

The pound was trading at 19.62 to the dollar at 1337 GMT, down from 19.49 at the open.

Foreign currency has dried up in Egypt over the last six months, forcing banks and importers to scramble to find dollars to pay for imports and putting pressure on the central bank to let its value weaken.

Dollars have disappeared in part because of the higher cost of imported commodities, a drop in Russian and Ukrainian tourists and a flight of dollars from Egyptian treasury markets.

The last time the central bank allowed the currency to weaken so quickly was from May 22 to May 25, when it fell by 0.34 pounds against the dollar in three days.

The pound weakened to a record low on Dec. 21, 2016, when it traded at 19.80 pounds per dollar during intraday trade, according to Refinitiv. But in subsequent years it rebounded.

Egypt since March has been negotiating a financial support package from the IMF, which has long been urging it to allow greater exchange rate variability.