You are here

  • Home
  • Aramco announces deal with Zoom at LEAP 2023 
LEAP 2023
LEAP 2023

Aramco announces deal with Zoom at LEAP 2023 

Aramco announces deal with Zoom at LEAP 2023 
The strategic partnership with Aramco aims to build Zoom’s first global data center in the Kingdom (Shutterstock)
Short Url

https://arab.news/bpza4

Updated 07 February 2023
Arab News

Aramco announces deal with Zoom at LEAP 2023 

Aramco announces deal with Zoom at LEAP 2023 
Updated 07 February 2023
Arab News

RIYADH: In line with the Kingdom’s aim to accelerate digital transformation, the Saudi Arabian Oil Co., also known as Saudi Aramco, announced a strategic partnership with Zoom and an increase in funding for Wa’ed Ventures on Feb. 6.  

The announcements were made at the second edition of LEAP, a major international technology conference held annually in Saudi Arabia. 

With more than 700 speakers from 50 countries and 900 local and international companies in attendance at the Riyadh Front Center for Exhibitions and Conventions, this year’s edition of LEAP represents a huge economic advance in the Kingdom through many partnerships, deals and investment tours.

The strategic partnership with Aramco aims to build Zoom’s first global data center in the Kingdom to support the digital transformation ecosystem.

It is expected to connect to the Zoom global data center network and will serve Saudi Arabia and the region.

The two companies will also explore the joint development of innovative technology solutions for the energy sector. 

The partnership aims to contribute to the digital transformation of various market sectors, such as energy, industry, education and healthcare. 

Aramco also announced that additional funds had been allocated by the company to Wa’ed Ventures, increasing the size of its Kingdom-focused venture capital arm from $200 million to $500 million.

The increase aims to enable the company to deliver an accelerated investment performance regionally and globally.

Wa’ed Ventures intends to localize global frontier technologies to advance the Kingdom’s innovation ecosystem; expand investments in mid and growth-stage startups; and fund underserved domains such as environmental, social and governance, the metaverse and quantum computing. 

Amin Nasser, Aramco’s president and CEO, said: “Our establishment of a diversified network of partners has helped us maintain a track record of reliability, and our new strategic partnership with Zoom is expected to further enable innovative solutions focusing on the digital transformation ecosystem.”

“Furthermore, with an expanded fund size, Wa’ed Ventures aims to facilitate the cross-pollination of innovation between the global and local markets,” he added. 

Topics: LEAP 2023 Aramco Saudi Aramco ZOOM

Related

Microsoft, Huawei and Oracle among $9bn of tech deals announced during LEAP23 in Riyadh 
Business & Economy
Microsoft, Huawei and Oracle among $9bn of tech deals announced during LEAP23 in Riyadh 

Closing bell: Saudi stocks close higher for third consecutive day

Closing bell: Saudi stocks close higher for third consecutive day
Updated 27 March 2023
Arab News

Closing bell: Saudi stocks close higher for third consecutive day

Closing bell: Saudi stocks close higher for third consecutive day
Updated 27 March 2023
Arab News

RIYADH: Saudi Arabia’s Tadawul All Share Index rose for the third session in a row on Monday as it went up 4.25 points – 0.04 percent – to 10,463.61, as investors’ confidence grew on encouraging market conditions. 

On Monday, parallel market Nomu also went up, by 16.15 points or 0.908 percent, to close at 19,247.78, while the MSCI Tadawul 30 Index went down by 0.23 percent to 1,420.29. 

The total trading turnover of the benchmark index was SR7 billion ($1.86 billion).

Takween Advanced Industries Co. led the gainers, as its share prices went up 9.95 percent to SR8.62. 

Other top gainers of the day were Al Kathiri Holding Co. and Zain KSA, whose share prices rose 9.89 percent and 7.43 percent respectively. 

SABIC Agri-Nutrients Co. was the worst performer, with its share price dropping 8.61 percent to SR127.40. 

On the earnings front, Arab Sea Information System Co. incurred a net loss of SR10.43 million in 2022, compared to a net profit of SR21.6 million in 2021. Despite the loss reported, the company’s share prices surged by 3.95 percent to SR81.50. 

Another firm that reported losses in 2022 was Sadr Logistics Co. The company reported a net loss of SR7.2 million, versus a net profit of SR3.6 million a year earlier. Even though the firm incurred loss, its share prices rose 2.94 percent to SR35. 

Wafrah for Industry and Development Co. revealed its net profit in 2022 was SR19 million, compared to the SR11 million net loss incurred in 2021. Driven by the rise in profit, its share prices rose by 1.20 percent to SR33.60. 

Meanwhile, Alamar Foods Co. also reported a net profit of SR115.25 million in 2022, down 1.83 percent from 117.40 in 2021. The company’s share prices closed at SR141.00, down 7.11 percent. 

Savola Group's net profit hit SR742.8 million, up 234.75 percent, compared to SR221.9 million in 2021. Driven by the rise in profits, the company’s directors recommended a 6.6 percent dividend payout, or SR0.66 per share, for 2022, according to a Tadawul statement. The company’s share prices were intact on Monday at SR27. 

The net profit of Saudi Networkers Services Co. also surged by 13.99 percent in 2022 to SR32.32 million. As the profit of the company surged, the company’s share prices increased by 1.08 percent to SR56. 

Topics: Closing Bell

Related

Closing bell: Saudi benchmark index continues upward movement on promising market conditions
Business & Economy
Closing bell: Saudi benchmark index continues upward movement on promising market conditions

Qatar launches new derivatives exchange framework

Qatar launches new derivatives exchange framework
Updated 27 March 2023
Arab News

Qatar launches new derivatives exchange framework

Qatar launches new derivatives exchange framework
Updated 27 March 2023
Arab News

RIYADH: Qatar’s stock exchange will introduce a new derivatives market that allows the trading of options and future contracts on local stocks and the main equity index, the country’s financial center regulatory authority announced on Monday.

After a three-month consultation with investors and market participants, the Qatar Financial Centre Regulatory Authority announced the new regulatory framework for listed derivatives.  

“The launch of the derivatives exchange will be an important milestone in the development of the Qatar capital markets and Qatar’s ambition to move to developed market status,” said the stock exchange’s acting CEO, Abdulaziz Al-Emadi.  

Option contracts give their holders the right, but not the obligation, to buy or sell shares of the underlying company at a specific price on or before a certain date, usually referred to as the expiration day.

Future contracts on the other hand are types of derivatives whereby the involved parties transact shares of a specific company at a predetermined future date and price.

The exchange also plans to set up an entity that will provide clearing and settlement services for trades in options and derivative contracts, QFCRA said in a statement.

The market will allow options, contracts linked to underlying assets, and futures, contracts set at a future date, to be traded in local stocks and the market’s equity index. 

Michael Ryan, CEO of the QFCRA, added: “The regulatory authority looks forward to working with the Qatar Stock Exchange to launch the new derivatives exchange, as this exchange will provide opportunities that allow investors to better manage and diversify their financial portfolios.” 

The bourse’s rules also enable the central clearing house to manage settlement risks and ensure an efficient settlement process. 

Al-Emadi added: “The issuance of the Derivatives Markets and Exchanges Rules for the year 2023 establishes the necessary regulatory framework for the Qatar Stock Exchange to move forward with its plans to establish a derivatives exchange and the counterparty to the central clearing house.” 

According to the American finance company and index benchmarker MSCI, Qatar, is still identified as an emerging market. The leading liquefied natural gas exporter is now redirecting its focus to the development of its equities market by opening it up to a wider investor base and introducing more listings.  

In January, Qatar’s bourse welcomed its first initial public offering, IT services firm MEEZA, in almost three years under new regulations which allowed companies to offer a price range to test investor appetite and determine pricing.

Topics: Qatar derivatives

Related

Qatar pushes tourism and culture after the World Cup  
Lifestyle
Qatar pushes tourism and culture after the World Cup  

UAE In-Focus – Abu Dhabi’s Presight AI raises $496m in IPO  

UAE In-Focus – Abu Dhabi’s Presight AI raises $496m in IPO  
Updated 27 March 2023
Arab News

UAE In-Focus – Abu Dhabi’s Presight AI raises $496m in IPO  

UAE In-Focus – Abu Dhabi’s Presight AI raises $496m in IPO  
Updated 27 March 2023
Arab News

RIYADH: Presight AI, a data analytics firm owned by Abu Dhabi’s G42 Group, has listed and started trading its shares on the First Market of the Abu Dhabi Stock Exchange.  

The initial public offering, which raised roughly 1.822 billion dirhams ($496 million) in proceeds, witnessed strong demand from retail and professional investors.  

The IPO was oversubscribed by 136 times, excluding the commitment from the company’s cornerstone investor, International Holding Corporation.  

Presight’s shares are also certified to be Shariah compliant, according to an announcement by the Shariah Board of Dubai Islamic Bank, the IPO’s lead manager.

“We are delighted to have completed Presight’s IPO, and to begin our next chapter as only the second technology company to be listed on the ADX, reinforcing our position as a pioneer in the industry,” Mansoor Al Mansoori, chairman of Presight, said.  

Presight’s IPO now gives investors the opportunity to own a share of the data analytics company powered by AI, hence enabling positive societal impact. The company’s products are used in three major industries with significant impact and market development potential including public services, finance and sports.  

Al Ansari completes IPO  

UAE-based exchange house Al Ansari Financial Services announced that the final offer price for its IPO has been set at 1.03 dirhams per share, which is at the top of the previously indicated price range from 1.00 dirhams per share.  

The statement comes after the book-building and subscription processes for its IPO on March 24, have been completed. Al Ansari raised 773 million dirhams with its IPO.  

Last week, the company expanded the size of its retail offering from 5 percent of the share capital to 7.5 percent in response to strong investor demand.  

The dividend yield will be at least 7.8 percent at the listing price, and the market value of the group will be 7.73 billion dirhams.  

Following the completion of the IPO, Al Ansari Holding will continue to own 90 percent of the group’s issued share capital.  

Topics: UAE

Related

UAE In-Focus: UAE, South Korea eye strengthening economic ties  
Business & Economy
UAE In-Focus: UAE, South Korea eye strengthening economic ties  
UAE In-Focus – Entrepreneurship fund Ruwad increases direct financing pot by over 100%   
Business & Economy
UAE In-Focus – Entrepreneurship fund Ruwad increases direct financing pot by over 100%   

Saudi Electricity Co. plans capital expenditure increase to $9.3bn for 2023

Saudi Electricity Co. plans capital expenditure increase to $9.3bn for 2023
Updated 27 March 2023
ARAB NEWS 

Saudi Electricity Co. plans capital expenditure increase to $9.3bn for 2023

Saudi Electricity Co. plans capital expenditure increase to $9.3bn for 2023
Updated 27 March 2023
ARAB NEWS 

RIYADH: State-owned Saudi Electricity Co. has announced that it intends to allocate between SR30 billion ($8 billion) and SR35 billion for its 2023 capital expenditure, according to the company’s 2022 financial presentation. 

This is at least 10 percent higher than the electric power distribution firm’s 2022 capex which stood at SR27.4 billion. 

Even though SEC did not provide a clear breakdown of the allocated amount, it is projected that expenditure in transmission and distribution infrastructure will be a priority considering that they dominated the firm’s capital expenditure for the past three years.  

In addition to this, SEC shed light on plans to further grow and expand its fleet, develop its distribution as well as transmission pipelines, and potentially achieve 23 percent automation within its distribution grid.  

Between 2021 and 2022, the firm experienced a 0.6 percent surge in generation capacity from 83,036 MW to 83,539 MW.  

Similarly, total load also rose 1.8 percent in the same period to reach 65,301 MW in 2022, up from 64,161 in 2021.  

On the other hand, the energy produced increased 2.6 percent to hit 191,964 GW in 2022, up from 168,985 GW a year earlier.  

Meanwhile, SEC’s fuel consumption hit 348 million barrels of oil equivalent, or mmboe, per day in 2022, reflecting an 8.1 percent boost compared to 2021’s 332 mmboe a day. 

As for the total number of substations, they rose to reach 1,209 in 2022 in comparison to the 1,190 reported back in 2021. Consequently, this accounted for a 2.8 percent increase in transformers’ capacity.  

With regard to the number of registered customers, the company registered a 4 percent jump to reach 10.9 million in 2022, up from 10.5 million in 2021.  

Established in 2000, SEC has monopolized generation, transmission and distribution of electric power in the Kingdom through 45 power generation plants in the country. 

The firm’s vision revolves around achieving integration of the environment, economy and social issues into the firm’s corporate cultural and economic values in order to accomplish the greater objectives of sustainable development. 

Topics: Saudi Electricity Co. (SEC)

Related

​​SABB pens deal with Saudi Electricity Co. to automate bank guarantees
Business & Economy
​​SABB pens deal with Saudi Electricity Co. to automate bank guarantees

New law allowing foreigners to buy all kind of properties in KSA soon: Top official

New law allowing foreigners to buy all kind of properties in KSA soon: Top official
Updated 27 March 2023
Arab News

New law allowing foreigners to buy all kind of properties in KSA soon: Top official

New law allowing foreigners to buy all kind of properties in KSA soon: Top official
Updated 27 March 2023
Arab News

RIYADH: Saudi Arabia is planning to relax its property ownership laws for foreigners as the Kingdom eyes attracting investments into the real estate sector as part of its strategy to diversify its economy. 

The new law that will allow foreigners to buy all kinds of real estate properties is “in its final stages and will be made public in a short period,” revealed the Kingdom’s Real Estate General Authority chief Abdullah Alhammad. 

This comes after Saudi Arabia issued a directive in 2021 allowing non-Saudis, legal residents of the country to buy single property with some conditions.  

But the REGA CEO pointed out that the new law will be “broader and more comprehensive than the current law” for real estate ownership, as foreigners will be able to buy any kind of property including commercial, residential, and agricultural in accordance with the regulations. 

The earlier law had prohibited foreigners from buying properties in holy cities, but Alhammad said, “the initial reading of the law shows that it allows foreigners to own property everywhere in the Kingdom, including Makkah and Madinah.” 

He clarified that any concerns about the negative effects of foreign ownership of the property were monitored in advance while solutions were developed for all problems and unacceptable practices. 

Saudi Arabia is looking to transform its real estate sector by bringing in new laws while making the sector attractive to foreign investors as the Kingdom eyes to improve the sector’s contribution to the national gross domestic product.  

The Kingdom’s latest move can open up new investment destinations for expats and global investors looking for green pastures, away from traditional markets, including the UAE.  

Amid rising urbanization, Saudi Arabia’s major cities including Riyadh and Jeddah have been chronically under-supplied – something that industry reports suggest is driving property prices high, making it unaffordable to many.  

Saudi Arabia’s Real Estate General Authority acknowledged that real estate prices in Saudi Arabia are high on a supply-demand imbalance. 

Expressing concern about the rising property prices, the REGF chief said high prices negatively impact the real estate sector. 

He pointed out that the majority of people looking for real estate today lack the means to buy and the price of the property today is more than the purchasing power, making it challenging to find a suitable property. 

“The investors were also affected by the high prices of the real estate,” noted Alhammad. 

He explained that the landowners are unable to make easier transactions due to the high prices of the land. "When the landowner wants to sell, he reduces prices to be able to sell it.”  

According to Alhammad, the real estate market is an open market subject to supply and demand. 

The authority’s chief also noted that the initiative to impose taxes on white lands was taken in 2017.  

White land is basically vacant land that is allocated for residential, or commercial residential use, and located within the urban boundary limits in the Kingdom. 

In 2016, Saudi Arabia decided to capitalize on undeveloped land in urban areas, which makes up 30 percent of those areas. The government decided to impose a 2.5 percent tax, based on land value, on landowners who had purchased plots but left them undeveloped. 

By way of imposing the White Land Tax, the government wants to increase the volume of plots available for development in urban areas.  

REGA chief added that the Ministry of Municipal and Rural Affairs started working on plans to boost or raise the efficiency of fees by an additional 10 percent. 

Topics: Saudi real esate foreign ownership

Related

Saudi real estate rental deals up 81% to reach $20.2bn
Business & Economy
Saudi real estate rental deals up 81% to reach $20.2bn
PIF-owned Saudi Real Estate Refinance Co. signs ‘largest-of-its-kind’ deal with Al Rajhi Bank
Business & Economy
PIF-owned Saudi Real Estate Refinance Co. signs ‘largest-of-its-kind’ deal with Al Rajhi Bank

Latest updates

Bus crash kills 20 in Saudi Arabia’s Asir region
Bus crash kills 20 in Saudi Arabia’s Asir region
New York waits... and waits... for expected Trump indictment
New York waits... and waits... for expected Trump indictment
India’s parliament adjourned after protests over Gandhi expulsion
India’s parliament adjourned after protests over Gandhi expulsion
UN Security Council rejects Russian demand for Nord Stream probe
In this picture provided by Swedish Coast Guard, a leak from Nord Stream 2 is seen, on Sept. 28, 2022. (AP)
North Korea’s Kim orders more production of weapons-grade nuclear materials
North Korea’s Kim orders more production of weapons-grade nuclear materials

Search form

Print Edition
Read pdf version Subscribe now
© 2023 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement.