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)
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Updated 07 February 2023
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Aramco announces deal with Zoom at LEAP 2023 

Aramco announces deal with Zoom at LEAP 2023 

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. 


COP28: UN climate event mobilizes over $57 billion in first four days

COP28: UN climate event mobilizes over $57 billion in first four days
Updated 16 sec ago
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COP28: UN climate event mobilizes over $57 billion in first four days

COP28: UN climate event mobilizes over $57 billion in first four days

DUBAI: The UN’s climate action summit has mobilized over $57 billion from various sectors in just four days of the event, with financial pledges and commitments covering finance, health, food, nature and energy.

On climate finance, the UAE announced on opening day a $30 billion catalytic fund, ALTÉRRA, with an emphasis on unlocking private finance across the Global South.

The COP28 host-country also partnered with the Bill & Melinda Gates Foundation to contribute $200 million for ‘Food Systems, Agriculture Innovation and Climate Action,’ focused on agricultural research, scaling agricultural innovations and funding technical assistance.

It also announced a $150 million pledge for water security.

The World Bank meanwhile announced an increase of $9 billion annually to finance climate-related projects.

In a historic move, the Climate Loss and Damage fund was finally operationalized with about $750 million pledged in the first 48 hours of COP28 to help vulnerable nations cope with the impacts of climate change.

In addition, $3.5 billion has been announced to replenish the Green Climate Fund; $2.7 billion was pledged for health; $2.6 billion for food systems transformation; $2.6 billion to protect nature; $467 million for urban climate action and $1.2 billion has been committed for relief, recovery and peace.

On energy, $2.5 billion was mobilized for renewables and $1.2 billion for methane emission reduction. In addition, $568 million was pledged to drive investments in clean energy manufacturing.

Meanwhile, eight new declarations have been announced that will help transform every major system of the global economy including food systems, health and renewable energy.


Saudi Arabia’s real estate supply reservations more than double

Saudi Arabia’s real estate supply reservations more than double
Updated 1 min 12 sec ago
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Saudi Arabia’s real estate supply reservations more than double

Saudi Arabia’s real estate supply reservations more than double

RIYADH: Citizens in Saudi Arabia are gaining greater access to residential units as the real estate supply reservations surged 110 percent year-on-year in November to reach 12,503, according to new figures.  

The Kingdom’s National Housing Co. announced that residential units were sold at competitive prices starting from SR250,000 ($66,649) compared to the previous year’s rates, in which the lowest contract amounted to SR321,000 per residential unit, the Saudi Press Agency reported. 

This falls in line with the Gulf country’s plans and strategies to launch several extensive residential projects in order to achieve a balance between population growth and rapid urban expansion. 

This also comes as the rise in population density has led to increased demand for housing. Thus, the Kingdom is working to boost the real estate supply to meet this need, aligning with a sustainable urban approach.


Riyadh Air partners with Turkish Airlines to offer wide range of benefits for travelers 

Riyadh Air partners with Turkish Airlines to offer wide range of benefits for travelers 
Updated 16 min 53 sec ago
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Riyadh Air partners with Turkish Airlines to offer wide range of benefits for travelers 

Riyadh Air partners with Turkish Airlines to offer wide range of benefits for travelers 

RIYADH: Saudi Arabia’s nascent flag carrier Riyadh Air has signed a strategic memorandum of understanding with Turkish Airlines to offer a wide range benefits for travelers using the carriers.

Under the deal, passengers of both airlines can enjoy the convenience of a comprehensive interline and codeshare agreement, allowing for smooth connections across the networks of both Turkish Airlines and Riyadh Air, according to a press statement.  

Another feature of this cooperation agreement is the offering of a loyalty program, which allows passengers to earn points or credits on codeshare flights operated by either airline. 

The press statement added that these benefits will be offered to travelers after Riyadh Air launches operations in mid-2025 and is subject to regulatory approvals by relevant authorities.  

The signing ceremony took place on the sidelines of the 15th International Conference on Air Services Negotiations, which is affiliated with the International Civil Aviation Organization, being held in Riyadh.  

“This agreement is another very significant step in the evolution of Riyadh Air as we partner with the world’s largest global airline by destinations served,” said Riyadh Air CEO Tony Douglas. 

He added: “Bilateral agreements with established network airlines are extremely important to Riyadh Air and there are significant benefits to this partnership, our passengers can enjoy greater connectivity to the world and deeper access to Turkiye, while an increased flow in volumes of tourism, religious and business travel into the Kingdom of Saudi Arabia is anticipated.”  

Strengthening the aviation sector is very crucial for Saudi Arabia, as the Kingdom is aiming to become a global tourism hub, aligned with the goals outlined in Vision 2030.  

Through its National Tourism Strategy, Saudi Arabia aims to attract 150 million tourists to the Kingdom by 2030.  

“This memorandum of understanding is more than a collaboration; it’s a bridge between Turkiye and Saudi Arabia, further strengthening our ties,” said Levent Konukcu, chief investment and technology officer at Turkish Airlines.  

He added: “It’s also an opportunity to expand our reach and offer our guests more choices and convenience. We believe this partnership will not only benefit our customers but also contribute significantly to the tourism and business sectors of both countries.”  


CEOs discuss key issues at Saudi Insurance Authority’s 1st meeting

CEOs discuss key issues at Saudi Insurance Authority’s 1st meeting
Updated 55 min 4 sec ago
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CEOs discuss key issues at Saudi Insurance Authority’s 1st meeting

CEOs discuss key issues at Saudi Insurance Authority’s 1st meeting

RIYADH: Saudi Arabia’s insurance sector is set to see significant cooperation between companies and shareholders after the Kingdom’s Insurance Authority held its first CEO meeting. 

The meeting came within the framework to strengthen relations between insurance companies and industry leaders to advance the sector.  

During the gathering on Dec. 3, Abdulaziz Al-Boug, chairman of the authority’s board, emphasized the IA’s keenness to work with insurance companies as partners in a bid to further develop the sector, according to a report by the Saudi Press Agency.  

He also added that the authority is focused on regulating the sector, stimulating growth and innovation, enhancing competitiveness, and increasing the sector’s efficiency and contribution to the economy.  

Al-Boug highlighted the insurance sector’s significant role in protecting the national economy, properties, and upholding the rights of policyholders including individuals, companies, and government entities.

Effective risk management and creating an attractive investment environment are also key focus areas.  

Naji Al-Tamimi, the IA’s CEO, stressed the importance of united efforts and transparency between the authority and active companies in the sector.   

The authority’s objectives include regulating and supervising the insurance sector in Saudi Arabia, raising public awareness, ensuring the protection of all contractual parties and beneficiaries, and contributing to the sector’s financial stability and development.  

The meeting marks the beginning of a new phase for the Saudi insurance industry, with plans to review and develop all insurance-related systems and regulations.   

This approach is expected to create a competitive and flexible market, ensuring sector stability, increased investments, and a diversity of insurance products that reflect positively on end-users and align with global standards.  

In August, the Saudi Cabinet, chaired by Crown Prince Mohammed bin Salman, approved the establishment of the IA.  

“The Cabinet’s decision to establish the Saudi Insurance Authority underlines the Kingdom’s commitment to building and developing a world class insurance sector — one set apart by established best practices and international standards,” Adel Al-Eisa, media spokesperson for insurance companies in Saudi Arabia told Arab News in September.   

He added: “The launch of the authority marks the latest step taken by the Kingdom to regulate, supervise, control, support and enhance the Saudi insurance sector, and enhancing its effectiveness.” 


Saudi Arabia forges alliance with University of Chicago to drive economic growth and policy innovation 

Saudi Arabia forges alliance with University of Chicago to drive economic growth and policy innovation 
Updated 04 December 2023
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Saudi Arabia forges alliance with University of Chicago to drive economic growth and policy innovation 

Saudi Arabia forges alliance with University of Chicago to drive economic growth and policy innovation 

RIYADH: Saudi Arabia has collaborated with the University of Chicago to advance research and implement effective public policies, focusing on nurturing local talent and enhancing economic opportunities within the Kingdom. 

The Ministry of Economy and Planning has signed a three-year research agreement with the university’s Division of Social Sciences to conduct economic research contributing to the development of social and economic policies. 

The agreement, signed by Saudi Arabia’s Vice Minister of Economy and Planning Ammar Nagadi, encompasses the research and study of various policy areas, including macroeconomics, international organizations, social development, as well as labor market dynamics, according to the Saudi Press Agency. 

The collaboration with the University of Chicago aligns with the ministry’s directives to formulate policies based on scientific and empirical evidence, establish partnerships with local and international entities, and promote growth and innovation in the private sector. 

Saudi Arabia has been strengthening research and investment opportunities in the private sector as the Kingdom steadily diversifies its economy away from oil, in line with the goals outlined in Vision 2030. 

In November 2023, MEPX, a composite index released by the Ministry of Economy and Planning, revealed that corporate stability has helped Saudi Arabia’s private sector maintain its continued expansion in the third quarter of this year. 

The robust expansion of the private sector in the third quarter of 2023 signifies economic growth and contributes significantly to addressing employment needs in Saudi Arabia, added the ministry in the report.

Furthermore, an October report from Saudi Arabia’s National Labor Observatory revealed a 10.5 percent increase in the number of Saudis in the private sector during the second quarter, reaching 2.2 million. This surge is attributed to a resilient economic rebound that expanded the workforce. 

This data reflects a positive trend in the employment sector, as the private sector continues to expand its workforce, creating opportunities for Saudi citizens.