Saudia unveils beta version of new Travel Companion platform

Saudia unveils beta version of new Travel Companion platform
Director General of Saudia Group, Ibrahim Al-Omar. Huda Bashatah/AN
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Updated 25 April 2024
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Saudia unveils beta version of new Travel Companion platform

Saudia unveils beta version of new Travel Companion platform

RIYADH: The Kingdom’s flagship airline Saudia has launched a beta version of its digital platform, the Travel Companion, powered by advanced artificial intelligence, aiming to transform the industry.

The new initiative, unveiled during a special event, is part of a two-year plan developed in partnership with global professional services firm Accenture.

“This platform, resulting from our ongoing collaboration with Accenture, signifies our forward-looking approach to providing guests with unparalleled convenience and flexibility,” the Director General of Saudia Group, Ibrahim Al-Omar, said. 

The main objective of this launch is to transform how travelers engage with the airline and establish new benchmarks for digital travel.

TC, initially named, offers personalized and tailored solutions to meet individual preferences and needs, providing search results from trusted and authenticated sources and incorporating visual aids in its responses.

The interface is designed as a comprehensive, one-stop solution that enables users to book concierge services, including hotels, transportation, and restaurants, as well as activities and attractions, without the need to switch between multiple platforms.

“This is a beta version. This is not the product. We will keep enhancing and developing it,” Al-Omar stressed.

Moreover, it establishes seamless connections with transportation platforms and various train companies, ensuring a smooth and uninterrupted journey.

Commenting on the new announcement, Chief Data and Technology Officer at Saudia, Abdulgader Attiah, told Arab News: “It’s like having the VVVIP concierge service at your hand. For public, it’s not any anymore VIP service. It’s not a paid service. You have it for free, and it will give you all what all kind of services that VVIP service would provide to you, so it’s your private concierge.”

He added: “We will be the anchor for the travel industry. We are not anymore, an operator for an airline, but with this app, you will be an anchor for all tourism ecosystem in a single app, so everyone can collaborate in this app, and having the links, so you don’t need to communicate with any other party, so through this app, you can communicate to all travel ecosystem.”

In future phases, Saudia plans to add more features, including voice command and digital payment solutions.

“Once we add the complete solution we will add the more services, which is we call it the concierge services; booking for hotels and transportation and the restaurants, all of these ones is done during the, next two years, and this is the complete life cycle of the, vision we have today,” Attiah told Arab News.

He added: “If you want to develop this app, five years back, it would take three, four years. Today, we have developed only in seven, eight months. To that from the inspirational part to having an actual booking, we started back in June and now we are live.”

Attiah also underlined that Saudia is the first airline in the world to implement a GenAI-based chatbot that can perform end-to-end actions, meaning it can not only engage in conversation but also execute tasks or actions based on user requests.

With an always-on Travel Companion available through a telecom e-SIM card provided by Saudia, users can stay connected globally without relying on additional internet providers.

Furthermore, users can purchase data packages for extended use, guaranteeing continuous access to the platform’s services.


Pakistan’s finance chief seeks deeper US trade ties, welcomes reform efforts at global lenders

Pakistan’s finance chief seeks deeper US trade ties, welcomes reform efforts at global lenders
Updated 23 April 2025
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Pakistan’s finance chief seeks deeper US trade ties, welcomes reform efforts at global lenders

Pakistan’s finance chief seeks deeper US trade ties, welcomes reform efforts at global lenders
  • Muhammad Aurangzeb downplays US tariff concerns, says Pakistan sees greater opportunity in rebalancing trade
  • IMF chief says the international lender is trying to determine how to design loan programs for countries like Pakistan

KARACHI: Pakistan’s finance minister said on Tuesday the country wants to broaden trade and investment ties with the United States, especially in minerals critical to the energy transition, while also joining other vulnerable economies in urging reforms at the World Bank and International Monetary Fund (IMF).
Minister Muhammad Aurangzeb is currently in Washington to attend the IMF-World Bank Spring Meetings, where policymakers are grappling with debt distress, climate vulnerabilities and growing calls from the Global South to reshape how multilateral institutions lend and design reforms.
The IMF has acknowledged the need to tailor programs more toward pro-growth reforms and private-sector led development, particularly for repeat borrowers like Pakistan.
“We genuinely believe that there’s a win-win situation,” Aurangzeb said at the Atlantic Council, pointing to high-level US interest in Pakistan’s copper and rare earth potential. “Reko Diq is only the first one... the value addition and downstream stuff is going to be really game-changing for Pakistan.”
Aurangzeb downplayed concerns over US tariffs, saying the country saw greater opportunity in rebalancing trade and attracting strategic investment.
He reiterated a high-level delegation from Islamabad would visit Washington in the coming weeks to explore broader cooperation beyond tariffs, citing minerals, agriculture and green technology as key areas.
On multilateral reform, Aurangzeb welcomed the willingness of IMF and World Bank leaders to reassess their lending frameworks, especially in light of liquidity strains across the Global South.
“These institutions also need to have ownership and accountability at their end to really drive impact,” he said, calling for a system that allows countries like Pakistan to access flexible financing and avoid perpetual debt cycles.
He praised recent efforts to unify public and private sector arms within the World Bank and to coordinate better with other lenders like the ADB and AIIB.
IMF Managing Director Kristalina Georgieva said on Tuesday the international lending agency was not just telling countries to get their own houses in order, but was also looking at the way it does business, including conducting a review of how it designs loan programs, and determines their length and conditions.
She said the IMF was also looking at countries that have had repeated programs, such as Pakistan, Argentina and Egypt, to ensure loan programs were designed the right way.
Pakistan has been in over 20 IMF programs, including a $7 billion Extended Fund Facility finalized last year to stabilize its economy.
Aurangzeb said the government was pursuing structural reform, with a focus on climate, population, and fiscal sustainability, including efforts to broaden the tax base and digitize enforcement.
– With input from Reuters


Saudi Arabia raises $990m through April sukuk issuance

Saudi Arabia raises $990m through April sukuk issuance
Updated 22 April 2025
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Saudi Arabia raises $990m through April sukuk issuance

Saudi Arabia raises $990m through April sukuk issuance

RIYADH: Saudi Arabia’s National Debt Management Center raised SR3.71 billion ($990 million) through its riyal-denominated sukuk issuance for April, reflecting a 40.5 percent increase compared to the previous month, according to an official statement.

The amount marks a significant rise from March, when the Kingdom secured SR2.64 billion through sukuk. In previous months, Saudi Arabia issued SR3.07 billion in February and SR3.72 billion in January, continuing a trend of strong activity in the domestic debt market.

Sukuk are Shariah-compliant financial instruments similar to bonds, offering investors partial ownership in an issuer’s assets. They are structured to adhere to Islamic finance principles, which prohibit interest payments.

According to the NDMC, the April issuance was divided into four tranches. The first tranche was valued at SR1.31 billion and is set to mature in 2029. The second amounted to SR80 million, maturing in 2032, while the third tranche, worth SR765 million, will expire in 2036. The largest portion, valued at SR1.55 billion, is due in 2039.

The Kingdom’s debt market has seen rapid growth in recent years, drawing increased interest from investors seeking fixed-income instruments amid a global environment of rising interest rates.

Earlier this month, a report by Kuwait Financial Center, known as Markaz, revealed that Saudi Arabia led the Gulf Cooperation Council region in primary debt issuances in the first quarter of the year. The Kingdom raised $31.01 billion from 41 offerings, accounting for 60.2 percent of all issuances across the GCC during that period.

In a separate development, global credit rating agency S&P Global said Saudi Arabia’s expanding non-oil sector and healthy sukuk issuance levels could contribute significantly to the growth of the global Islamic finance industry.

The agency projected global sukuk issuance could reach between $190 billion and $200 billion in 2025, with foreign currency-denominated issuances contributing up to $80 billion, provided market volatility remains contained.

A report published in December by Kamco Invest further projected that Saudi Arabia would account for the largest share of bond maturities in the GCC from 2025 to 2029, with a total of $168 billion expected to mature during that period.


Over 40 Indian firms have established regional HQs in Saudi Arabia, official reveals

Over 40 Indian firms have established regional HQs in Saudi Arabia, official reveals
Updated 22 April 2025
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Over 40 Indian firms have established regional HQs in Saudi Arabia, official reveals

Over 40 Indian firms have established regional HQs in Saudi Arabia, official reveals

RIYADH: More than 40 Indian companies have established headquarters in Saudi Arabia, with additional facilities in the defense sector expected in the near future, according to a top official.   

Abdulaziz Al-Qahtani, chairman of the Saudi-Indian Business Council, made the comments as Indian Prime Minister Narendra Modi arrived in Jeddah on Tuesday for a two-day visit. 

He is expected to meet with Crown Prince and Prime Minister Mohammed bin Salman during the trip.  

Al-Qahtani said the visit aligns with Saudi Arabia’s broader push to localize defense spending, boost technology transfer, and expand domestic investment across sectors that contribute to national gross domestic product.  

In an interview with Al-Eqtisadiah, Al-Qahtani said Saudi investments in India are valued at around $10 billion, including stakes by the Public Investment Fund in major companies such as Reliance Jio Platforms, Reliance Retail, OYO Hotels, and the Health Technology Co. 

“Al-Qahtani pointed out that the Saudi-Indian Business Council is working to encourage Indian investment in Saudi Arabia, identify investment opportunities in India, and transfer and localize technology in various sectors, such as space and defense,” Al-Eqtisadiah reported.   

“It also aims to exchange expertise in education and training, benefit from mutual expertise in tourism and entertainment, and cooperate in the healthcare sector, pharmaceutical and medical supplies industries, and enhance integration in logistics services,” the report added.  

Al-Qahtani added that India has invited Saudi Arabia to invest in its growing defense sector, which has opened up to private investors in recent years.  

Indian firms that have already established regional bases in Saudi Arabia include those working in automobile and bus manufacturing.  

The move by the more than 40 Indian firms comes amid a wave of multinational companies establishing regional bases in the Kingdom. 

Almost 600 international companies have set up bases in Saudi Arabia since 2021, including Northern Trust, IHG Hotels & Resorts, and Deloitte, the Saudi Press Agency reported in March. 

The growth was fueled by the government-backed Riyadh regional headquarters program, which offers incentives such as a 30-year corporate income tax exemption and withholding tax relief, alongside regulatory support for multinationals operating in the Kingdom. 

India remains a key energy partner for the Kingdom, as it imported 14 percent of Saudi Arabia’s crude oil production and 18 percent of its liquefied natural gas exports in the past year.    

Bilateral trade has also expanded in sectors such as chemicals, construction, and contracting, as well as healthcare training, and information technology.   

Total trade between the two countries reached around $42 billion in the financial year 2023-24. Of this, Indian exports to Saudi Arabia accounted for approximately $11 billion, consisting of engineering products, rice, and petroleum derivatives, as well as chemicals, food and medical supplies, and textiles.    

Saudi exports to India totaled SR31 billion ($8.2 billion), including crude oil, liquefied natural gas, fertilizers, chemicals, and plastics.   


Saudi gold investment demand up 9% in 2024 as bar purchases surge 

Saudi gold investment demand up 9% in 2024 as bar purchases surge 
Updated 22 April 2025
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Saudi gold investment demand up 9% in 2024 as bar purchases surge 

Saudi gold investment demand up 9% in 2024 as bar purchases surge 

RIYADH: Saudi Arabia’s demand for gold bars and coins rose 9 percent in 2024 to 15.4 tonnes, reaffirming the Kingdom’s position as the Gulf region’s largest investment market for the precious metal, a new report showed. 

The World Gold Council’s Gold Demand Trends Full Year 2024 report attributed the increase to heightened investor appetite for safe-haven assets amid economic uncertainty, despite a slowdown in jewelry purchases. 

The document highlighted that Saudi Arabia’s performance in the gold market aligns with a broader regional trend, with countries like the UAE and Kuwait also showing strong growth. 

Saudi investors responded to fluctuations in gold prices, taking advantage of opportunities in the market. 

In particular, demand for bars surged, while the sale of coins saw a slight decrease. The report noted that this robust performance was not limited to the first three quarters of 2024 but continued in the final quarter, with a 20 percent year-on-year increase in bar and coin purchases to 4.3 tonnes. 

Despite the strong growth in investment demand, gold jewelry consumption in the Kingdom experienced a decline, falling by 8 percent to 35 tonnes in 2024. 

This decrease reflects the impact of high gold prices, which have limited the purchasing power of consumers. 

The report indicated that the demand for gold jewelry saw a slight recovery in the fourth quarter of 2024, driven by a price dip that prompted buying. 

The World Gold Council also observed a regional trend where gold remained a key asset class for investors, particularly in the face of rising inflation and geopolitical instability. 

As the global gold price reached record highs in 2024, Saudi investors increasingly turned to gold as a hedge against these challenges. 

The UAE also registered an increase in bar and coin demand, rising 15 percent annually to 13.3 tonnes in 2024. Fourth-quarter demand in the UAE climbed to 3.4 tonnes, up from 3.1 tonnes a year earlier. 

However, jewelry consumption in the Emirates declined 13 percent over the year, totaling 34.7 tonnes, reflecting similar affordability challenges seen across the region. 

Looking ahead, the World Gold Council expects the Kingdom’s gold market to remain resilient, supported by strong investor interest in gold and its role as a hedge in uncertain times. 

The report came as gold extended its record run on Tuesday, breaching $3,500 per ounce, as weakness in the dollar, US President Donald Trump’s attacks on the Federal Reserve and trade war fears boosted demand for the safe-haven asset.

Spot gold was up 0.5 percent at $3,440.51 an ounce by 3:21 p.m. Saudi time, after rising as much as 2.2 percent to $3,500.05 earlier in the session. US gold futures climbed 0.9 percent to $3,454.60.


Saudi Arabia posts 66.7% rise in industrial licenses in February

Saudi Arabia posts 66.7% rise in industrial licenses in February
Updated 22 April 2025
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Saudi Arabia posts 66.7% rise in industrial licenses in February

Saudi Arabia posts 66.7% rise in industrial licenses in February

JEDDAH: Saudi Arabia issued 105 new industrial licenses in February, marking a 66.7 percent increase compared to January, supporting the Kingdom’s drive for economic growth and diversification. 

A total of 113 factories also commenced production during the second month of the year, representing a 9.7 percent increase in comparison with the previous month, according to a statement issued by the Ministry of Industry and Mineral Resources.

According to a report from the ministry’s National Industrial and Mining Information Center, the new licenses represent investments exceeding SR1.02 billion ($272 million) and are expected to create 1,504 jobs.

These developments are part of a broader trend in the sector. An official study revealed that 1,346 new industrial permits were issued in the first quarter of 2024, paving the way for over 44,000 new job opportunities and attracting investments surpassing SR50 billion ($13.3 billion). 

They also align with Saudi Arabia’s National Industrial Strategy, unveiled by Crown Prince Mohammed bin Salman in October 2022, which seeks to accelerate sector growth and raise the number of factories across the Kingdom to approximately 36,000 by 2035.

The strategy targets 12 sub-sectors and outlines over 800 investment opportunities, valued at SR1 trillion, with the goal of tripling the nation’s industrial gross domestic product. 

The issuance of permits also correlates with the Kingdom’s National Industrial Development and Logistics Program, launched in 2019, to support the industrial sector and drive sustainable development. 

The ministry added in its statement that factories entering the production phase attracted investments totaling SR900 million and generated 4,114 new jobs, underscoring the continued growth and expansion of the country’s industrial base as these establishments reach full operational capacity. 

Saudi Arabia’s Industrial Production Index recorded a 1.3 percent year-on-year increase in January, driven by sustained growth in manufacturing and waste management, according to the General Authority for Statistics. Monthly, the index remained steady at 103.9, unchanged from December. 

The manufacturing sub-index posted a 4 percent annual rise, supported by a 4.3 percent increase in the production of coke and refined petroleum products, as well as a 4.2 percent uptick in chemicals and chemical products. 

The report, which monitors key industrial indicators, also revealed that investments linked to newly issued industrial licenses reached SR1.197 billion, with the associated projects expected to create more than 2,500 job opportunities across the Kingdom.