SAFE unveils expansion plans to transform aviation security: CEO

Special Turki Matooq Al-Thonayan, CEO of the National Security Services Co. AN photo by Huda Bashatah
Turki Matooq Al-Thonayan, CEO of the National Security Services Co. AN photo by Huda Bashatah
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Updated 22 May 2024
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SAFE unveils expansion plans to transform aviation security: CEO

SAFE unveils expansion plans to transform aviation security: CEO

RIYADH: Saudi Arabia’s aviation sector is set for substantial safety and security enhancements as the National Security Services Co. prepares to embark on an ambitious expansion plan, its CEO told Arab News.

Turki Matooq Al-Thonayan explained how the company, also known as SAFE, already has operations spanning multiple countries and a workforce exceeding 10,000 employees.

The comments came on the sidelines of the Future Aviation Forum, which saw over 5,000 industry experts and leaders from more than 120 countries gather in Riyadh to discuss issues facing the sector.

In his interview with Arab News, Al-Thonayan emphasized the strategic integration of SAFE’s plans with the aviation sector, aligning with broader transportation goals, saying: “The plan of expansion is totally integrated with aviation. Why we are here is because of transportation, talking about aviation, land, and maritime.”

Al-Thonayan went on explaining that the company is also targeting Saudi Arabia’s giga-projects like NEOM, the Red Sea and Qiddiya.

“We are targeting the mass event in VIP protection, industrial facilities. And moreover, we are trying to support the government and their initiative to privatize the security services,” he added.

SAFE was launched in 2021 and is totally owned by the Public Investment Fund.

According to the CEO, the company was initially focused on security services but has since added firefighting, safety, and critical facility management to its remit.

“We are working in more than 37 governments within the Kingdom, we are working in Bahrain and we launched our office in the UAE, and we are planning for more expansion in the future,” Al-Thonayan said.

The focus on customer experience is at the heart of SAFE’s operational ethos. “Because if we are providing the services like the firefighting, the facility management, the security, this affects the passengers and the customers and the airports,” he said.

“The engagement between the passengers and the services is going to be for security and verification. Our goal is how to make this experience excellent, how we address the goal of the passengers,” Al-Thonayan explained.

Understanding the needs of passengers and ensuring their swift and efficient movement through airports is a priority for SAFE. “Sometimes their goal is to move as fast as possible to their businesses, to their collaboration within the Kingdom. So we would like to enhance the process. We would like to improve the efficiency of the services within the airport,” the top official noted.

“Our goal is to be the ultimate security, safety, firefighting partner,” he emphasized.

Al-Thonayan outlined the firm’s key objectives, which revolve around enhancing service efficiency and generating revenue, and said: “Our success is to be a reliable enabler. So how we can enable the ecosystem of aviation to move faster toward their targets, how we can make them do more.”

He highlighted that SAFE aims to offer comprehensive solutions that streamline services and ensure reliability, saying: “We are planning to offer and make a commercial offering for a total solution. So instead of having scattered services among these suppliers, we will have one quality service provider that is reliable from the ecosystem, from the government, from the client, from the service provider.”

The concept of integration is central to the company’s approach, as Al-Thonayan noted.

“Being in Bahrain or being in the UAE, or being in Saudi Arabia, the added value here is to have an integrated service. Door to door, which enables the network to do the business and do smooth and efficient logistics where it contributes and operation excellence, and cost efficiency,” the CEO explained.

Al-Thonayan stressed the importance of global operations and the role SAFE plays in facilitating seamless travel experiences. “Our target is to make smooth, excellent, and efficient operations with our destination all over the globe. Today we are talking about the globe coming to Saudi Arabia. How can I enhance this process to make their life easy? How we can contribute and the quality of the lifestyle. This is our role,” he said.

Highlighting recent partnerships, Al-Thonayan mentioned significant agreements aimed at enhancing the aviation network within the Kingdom.

“The ecosystem in aviation consists of airlines, logistics, and airports. So we have signed (an MoU) today with Dammam Airport Co., DACO and Cluster 2, which is another 22 airports,” he added.

These collaborations are going to enhance the network within the Kingdom, according to the CEO. “Our role here is to provide security solutions for our safety solutions, and how can we succeed to transform the model and the business operation from scattered business to a total solution business,” he added.

Al-Thonayan underscored the significance of accredited training and technology integration to enhance services. By shifting security’s role from a cost center to a value generator, SAFE aims to cultivate data networks for expanded services. This vision was demonstrated through recent agreements that are viewed as a starting point for further success and collaboration.

 Al-Thonayan reiterated SAFE’s commitment to setting high standards in the aviation sector and ensuring an exceptional customer experience.

“We would like to say to our colleagues in the sector, we are the front or the national front. Passengers, travelers, airport companies, airline companies, will see first our employees, the security, the customer service, and they will make the impression,” he said,

“We are obligated and committed to deliver the best customer experience for the globe,” the CEO concluded.

With these comprehensive strategies and partnerships, SAFE is poised to play a pivotal role in the future of aviation security and customer experience, both within the Kingdom and beyond.


Egypt’s official reserve assets soar 36% annually to reach $45bn

Egypt’s official reserve assets soar 36% annually to reach $45bn
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Egypt’s official reserve assets soar 36% annually to reach $45bn

Egypt’s official reserve assets soar 36% annually to reach $45bn

RIYADH: Egypt’s official reserve assets surged by nearly 36 percent year on year, reaching $45.05 billion in January, according to recent data. 

Figures from the Central Bank of Egypt show that the increase was primarily driven by a sharp rise in the value of gold reserves, which grew by 37 percent over the year, reaching $11.42 billion. 

Gold now represents around 25 percent of Egypt’s total reserves, reinforcing its role as a key hedge against global economic volatility and a valuable buffer for the country’s foreign exchange position. 

The growth in Egypt’s reserves was not limited to gold. A significant 70 percent rise in other reserve assets also contributed to the overall increase, representing approximately 49 percent of the total reserves. 

Data also showed that foreign currency reserves in convertible currencies remained relatively stable, edging up by just 1.05 percent to $11.2 billion in January. 

Special Drawing Rights, a form of international reserve asset issued by the International Monetary Fund, witnessed a dramatic decline of 91.55 percent, falling to just $31 million. 

This sharp drop suggests that Egypt has likely tapped into its SDR holdings to meet urgent liquidity needs, further highlighting the strain on the country’s foreign exchange resources. 

Meanwhile, other foreign currency assets, which include securities and deposits not classified as part of the Central Bank’s official reserve holdings, increased by 18.65 percent, reaching $14.06 billion.  

The rise was primarily driven by a surge in foreign deposits outside the official reserves, which rose by 53 percent to $10.17 billion. 

The need for enhanced liquidity in Egypt became especially pronounced throughout 2024. The country faced severe foreign exchange shortages, a sharp devaluation of the Egyptian pound, and mounting structural economic pressures. 

The Egyptian pound’s decline to a record low on the parallel market exacerbated trade disruptions and investor uncertainty, prompting urgent economic reforms. 

In response to these challenges, Egypt secured a landmark $35 billion agreement with Abu Dhabi’s ADQ in February, injecting critical reserves. 

In March, the country also received an $8 billion package from the International Monetary Fund, which provided essential support for fiscal and structural adjustments. 

The central bank’s decision to float the currency and implement interest rate hikes further helped restore stability. 

These policy measures not only helped attract foreign inflows but also boosted remittances, which contributed to the recovery of Egypt’s reserve levels. 


Global cooperation and AI key to boosting productivity in developing economies, say AlUla panelists 

Global cooperation and AI key to boosting productivity in developing economies, say AlUla panelists 
Updated 33 min 45 sec ago
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Global cooperation and AI key to boosting productivity in developing economies, say AlUla panelists 

Global cooperation and AI key to boosting productivity in developing economies, say AlUla panelists 

February 16-17RIYADH: Technology adoption, institutional capabilities, and entrepreneurship are crucial for driving productivity across developing economies, government and industry leaders insisted at the AlUla Conference for Emerging Market Economies. 

The event highlighted artificial intelligence, digital transformation, and global cooperation as key to strengthening financial stability, promoting sustainable growth, and enhancing economic resilience in these regions. 

This comes on the back of the growing importance of these technologies in enhancing financial decision-making, reducing risks, and increasing economic resilience by improving transparency and access to financial services.

Reflecting on previous discussions around the topic, Saudi Arabia’s Minister of Economy and Planning Faisal Al-Ibrahim, said: “We talked about diversification, but it was hard to get the political will and the whole-of-government and whole-of-nation action behind it. Today, we’re seeing it, and we’re trying to make it count.”

Al-Ibrahim emphasized that while transformative technologies play a crucial role in boosting productivity, their adoption is not a straightforward process. 

He noted that emerging economies cannot simply implement a technology support package and expect immediate results. Instead, he stressed the importance of developing the necessary capabilities and foundational elements to effectively integrate and benefit from these technologies. 

Saudi Arabia’s Vision 2030 initiative has positioned both the private and public sectors to capitalize on artificial intelligence. 

“There are institutional capabilities in the private sector and, with Vision 2030, even in the public sector. Because of that, we’re seeing companies in generative AI flocking to companies such as Aramco and the energy sector because the use cases are clear, and the data is structured and ready to be used,” Al-Ibrahim added. 

Argentina’s Minister of Deregulation and State Transformation, Federico Sturzenegger, shared an optimistic perspective on AI’s impact, adding that the technology will accelerate economic transformation, affecting labor markets and commodity prices. 

Brookings Senior Fellow Santiago Levy pointed out structural challenges in emerging economies, particularly the lack of mid-sized firms capable of adopting technology, saying: “There are very few firms that can actually engage in technology adoption,” he said. 

Looking ahead, Al-Ibrahim stressed the importance of bold leadership and policy decisions to accelerate transformation. 

“We want to see more innovation-driven entrepreneurship activity commensurate with the level of activity at Vision 2030. It attracts innovators and creates high-value jobs in the long term,” he said. 

Global collaboration was another key theme of the discussion. Al-Ibrahim urged stakeholders to shift their approach, saying: “It needs to move away from trying to please everyone at the cost of offering a meaningful, serious solution to the problem.” 


Saudi Capital Markets Forum 2025 to drive growth and innovation in global finance

Saudi Capital Markets Forum 2025 to drive growth and innovation in global finance
Updated 17 February 2025
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Saudi Capital Markets Forum 2025 to drive growth and innovation in global finance

Saudi Capital Markets Forum 2025 to drive growth and innovation in global finance

RIYADH: Saudi Arabia is set to host the fifth edition of the Capital Markets Forum from Feb. 18 to 20 in Riyadh, uniting leading financial experts in the capital and highlighting the Kingdom’s position as a key economic hub.

Organized by the Saudi Tadawul Group and held under the patronage of the Minister of Finance and Chairman of the Financial Sector Development Program Committee, Mohammed Al-Jadaan, the forum will convene top policymakers, business leaders, and industry experts to discuss key trends and developments shaping the nation’s capital markets.

With a strong focus on the evolving financial landscape, the event will be held under the theme “Powering Connections,” and is set to unlock new investment opportunities, foster strategic partnerships, and further position the Kingdom as a key player in the global capital markets ecosystem.

Saudi-based economist Talat Hafiz told Arab News that the forum “provides a vital platform for stakeholders to engage in meaningful discussions, explore emerging market opportunities, and shape the future of capital formation.”

He added: “Saudi Arabia’s capital market continues to demonstrate strong momentum, with increasing investor participation and a dynamic regulatory environment that supports the sustainable growth of the financial market.” 

Hafiz also underlined the increasing global interest in the Kingdom’s market: “Saudi Arabia’s capital market continues to attract global demand, driven by its market depth, regulatory advancements, and strong investor participation.”

Agenda for 2025 Forum

The 2025 forum will feature three days of discussions, presentations, and networking.

Day one will commence at the KAFD Conference Center with an official opening and welcome address, followed by sessions including “The Annual Economic Sprint: Navigating New Economic Frontiers,” where experts will analyze macroeconomic trends and growth trajectories.

Additional key discussions will include “The Capital Horizon: The Middle East as the New Capital Market Nexus” and “The Capital Crystal Ball: The Future Landscape of Capital Markets.”

The inaugural day will conclude with the 2024 Saudi Capital Market Awards presentation, recognizing the achievements and contributions of market participants across various categories.

The second and third days will occur at the Four Seasons Hotel, featuring sessions on capital management systems, market insights, and investment strategies. Industry leaders from DirectFN, Awqaf Investment, Nahdi Medical Co., and Sahm Capital will discuss how companies adapt to economic shifts.

Key projects such as Liqaa and Edaa Connect will be highlighted, providing attendees with insights into emerging financial technologies and data-driven investment approaches.

The final day will focus on data access, financial analytics, and transparency in capital markets, featuring presentations from Wamid and S&P Global.

Additional discussions will explore global economic outlooks, fintech advancements, and the increasing significance of environmental, social, and governance considerations in investment strategies.

The gathering will feature a distinguished lineup of speakers, including high-ranking government officials, top executives, and global financial leaders. Among them is Khalid Al-Faleh, minister of investment of Saudi Arabia, who will provide insights into the Kingdom’s economic strategies and monetary policies.

The event will also welcome Poppy Gustafsson, the UK minister of investment, and Sarah Al-Suhaimi, chairperson of Saudi Tadawul Group, alongside Khalid Al-Hussan, CEO of the group.

International financial leaders such as Bonnie Y Chan, CEO of Hong Kong Exchanges and Clearing Limited, and Nandini Sukumar, CEO of the World Federation of Exchanges, will contribute their expertise on global market integration and regulatory advancements.

Additionally, key figures from major financial institutions, including Roland Chai, president of European Market Services at Nasdaq, and Scott O’Malia, CEO of the International Swaps and Derivatives Association, will share their perspectives on capital market trends and investment opportunities.

Highlights from the 2024 Forum

The Saudi Capital Markets Forum 2024 was one of the largest conferences in the sector globally, with 4,200 participants and 640 investors from 41 firms.

Themed “Powering Growth,” it emphasized Saudi Arabia’s role as a financial hub and provided a platform for major industry discussions and announcements.

The event facilitated 15,000 meeting requests between investors, issuers, and market participants, reinforcing its role as a premier networking and investment platform.

Several memorandums of understanding were signed, including collaborations to enhance environmental awareness, promote sustainability initiatives, and foster cultural development.

A significant announcement was made on the launch of a Social Responsibility Index in collaboration with the Ministry of Human Resources and Social Development, further strengthening the Kingdom’s commitment to responsible investing.

Regulatory advancements were a key focus, with discussions addressing the potential introduction of a framework for follow-on share offerings, signaling progressive reforms in the nation’s financial ecosystem.

Additionally, Saudi Tadawul Group revealed the first-ever international edition of the forum, CONNECT Hong Kong, which took place on May 9, 2024. The event focused on strengthening ties between Saudi Arabia and Asian capital markets, fostering international collaboration, and advancing market connectivity.

Over the past three years, the event has generated over 25,000 meeting requests, attracted over 10,000 attendees, and drew more than 4,000 investors.


Oil Updates — prices steady as market eyes Russia-Ukraine peace deal

Oil Updates — prices steady as market eyes Russia-Ukraine peace deal
Updated 17 February 2025
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Oil Updates — prices steady as market eyes Russia-Ukraine peace deal

Oil Updates — prices steady as market eyes Russia-Ukraine peace deal

SINGAPORE: Oil prices were little changed on Monday as investors eyed developments on a potential Russia-Ukraine peace deal that could ease sanctions disrupting global supply flows.

Brent crude futures was up 7 cents at $74.81 a barrel at 7:30 a.m. Saudi time, while US West Texas Intermediate crude was stable at $70.75 a barrel.

The market continued to keep an eye on progress of peace talks, after US President Donald Trump and his administration officials announced they had begun discussions with Russia to end the war in Ukraine.

“If negotiations lead to a resolution, more Russian barrels would enter global supplies, which could significantly impact oil prices negatively,” said Priyanka Sachdeva, senior market analyst at Phillip Nova.

“Despite bearish developments, the near-term for oil looks somewhat supported by positive signs on the demand side,” said Sachdeva, pointing to largely stable forecasts for oil demand.

US President Donald Trump said on Sunday he believes he could meet “very soon” with Russian President Vladimir Putin to discuss ending the war in Ukraine.

His comments come as the US and Russia are preparing for initial talks in Saudi Arabia in the coming days.

US Secretary of State Marco Rubio also said on Sunday Ukraine and Europe would be part of any “real negotiations” to end Moscow’s war, signalling that US talks with Russia this week were a chance to see how serious Putin is about peace.

Sanctions by the US and EU on Russian oil exports have curbed its shipments and disrupted seaborne oil supply flows.

Meanwhile, the risk of a global trade war is capping prices after Trump last week ordered commerce and economic officials to study reciprocal tariffs against countries that place tariffs on US goods and to return their recommendations by April 1.

US energy firms last week added oil and natural gas rigs for a third week in a row for the first time since December 2023, energy services firm Baker Hughes said in its closely followed report on Friday.

The oil and gas rig count, an early indicator of future output, rose by two to 588 in the week to Feb. 14.


IMF’s support for Egyptian economy to remain a priority, Georgieva says

IMF’s support for Egyptian economy to remain a priority, Georgieva says
Updated 17 February 2025
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IMF’s support for Egyptian economy to remain a priority, Georgieva says

IMF’s support for Egyptian economy to remain a priority, Georgieva says

RIYADH: The International Monetary Fund’s commitment to supporting Egypt’s economic reforms will remain a priority, despite external pressures, according to managing director Kristalina Georgieva.

Speaking on the sidelines of the AlUla Conference for Emerging Market Economies, the official reaffirmed her organization’s stance, emphasizing that political considerations fall outside its mandate.

This comes on the back of Egypt’s ongoing 46-month IMF loan program, which was initially approved in 2022 and expanded to $8 billion in 2024 amid an economic crisis marked by soaring inflation and acute foreign currency shortages. 

In an interview with Asharq, Georgieva acknowledged that Egypt faces economic headwinds, exacerbated by regional instability, including recent geopolitical tensions.

When asked whether the IMF would remain committed to the country regardless of any external pressures, Georgieva was firm in her response.

“We look at the macro position of a country, and we concentrate on the economy. There are matters of politics that are not in our domain. We are not the best institution to comment on that. So I can confirm that for the fund to support the Egyptian economy in the path of reforms, this is and will remain a priority,” she said.

Reflecting on the wider geopolitical situation facing Egypt, Georgieva said the country “has been going through some difficult times” because of the events in the region.

“We know that just the loss of revenues from the Suez Canal are hitting the fiscal position of Egypt significantly,” she said.

The IMF official highlighted the necessity of structural reforms aimed at enhancing competitiveness and strengthening private sector participation.

“I want to express my respect for some of the key brave steps that they have taken, for example, letting the exchange rate reflect market conditions, moving forward with a privatization program, being very keen on reducing subsidies so the country can be in a stronger position,” Georgieva said.

“Of course, the more the government does what is necessary, the stronger the position of Egypt. We are looking at the progress today. And, actually, our board will soon discuss the second review of the program,” she added.

Discussing the next steps in the IMF’s program with Egypt, Georgieva said: “We will be presenting the outcome of the review to our board of directors. There will be a discussion and a decision then taken by the board as management.”

She emphasized that the IMF has remained engaged with Egyptian authorities despite the rapidly changing global environment. “This is an environment of rapid change, not just in Egypt, everywhere in the world. We remain very engaged so we can get to a point of board discussion. And it is a matter of schedule,” she said.

Engagement with Syria

Addressing Syria’s engagement with the IMF, Georgieva noted that the institution’s involvement had been “unfortunately interrupted” since 2009.

“Even more unfortunate is what happened to the Syrian people. For far too long, they have suffered the consequences of a civil war. And we are very much praying that there would be a new page turned for Syria," she said.

Georgieva confirmed that engagement at the staff level has resumed to address significant gaps in economic data.

“There is already indication of the key institutions like the central bank that they would be looking for support to build institutional strength of Syria so it can function well for the benefit of the economy and the benefit of people,” she said.

When asked about the timeline for potential IMF assistance to the country, Georgieva emphasized that the speed of engagement depends on Syrian authorities.

“I was very encouraged to learn from my staff that first contacts have already taken place. And, as far as we are concerned, we stand ready to support Syria. It is a very important country for its own people, and you know very well it is also very important for the whole region. So as quickly as the conditions allow, that quickly we would move,” said the IMF official.

Organized by the IMF and Saudi Arabia, the high-level annual conference in AlUla brings together finance ministers, central bank governors, policymakers, and leaders from the public and private sectors. The two-day event serves as a platform to discuss global economic challenges and pathways for emerging markets.

During the interview, Georgieva highlighted the significance of the AlUla Conference, noting that it marks the first time emerging markets have gathered to discuss policy issues of shared interest.

“We have over 70 central bank governors, ministers of finance, and representatives of international organizations gathering here,” she said.

“The agenda is very interesting. All the topics you cover are being discussed today and tomorrow. Well, we hope it is a successful conference, and we are looking forward to the additions next year and so forth,” she added.