Riyadh Air teams up with noon payments to enhance digital transactions 

Riyadh Air teams up with noon payments to enhance digital transactions 
The agreement aims to provide travelers with benefits such as card acceptance, alternative payment options, and enhanced features. Supplied
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Updated 01 October 2024
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Riyadh Air teams up with noon payments to enhance digital transactions 

Riyadh Air teams up with noon payments to enhance digital transactions 
  • Deal aims to provide travelers with benefits such as card acceptance, alternative payment options, and enhanced features
  • Partnership highlights Riyadh Air’s commitment to improving the passenger experience

JEDDAH: Passengers on Riyadh Air will benefit from a more seamless digital transaction experience as the soon-to-be-operational Saudi carrier has partnered with noon payments.

The collaboration between the Public Investment Fund-owned companies will integrate the transaction gateway into the airline’s system, boosting processing capabilities and ensuring secure, efficient transactions, according to a press release. 

The agreement aims to provide travelers with benefits such as card acceptance, alternative payment options, and enhanced features. The partnership highlights Riyadh Air’s commitment to improving the passenger experience. 

The move comes amid the Saudi government’s push for a cashless society by encouraging consumers to switch to cards for financial transactions, with data from the Saudi Central Bank showing digital wallet usage surged from 315,000 in 2018 to 17 million in 2022, covering over half of the population. 

 

 

Adam Boukadida, chief financial officer at Riyadh Air, said: “We are dedicated and focused on providing a seamless and elevated travel experience from booking flights to landing. Our attention to detail and laser focus on digitally enhancing our guests’ travel experience will only be strengthened by this new partnership.”  

He added: “Our agreements with noon payments allow us to tap into their expertise in digital solutions, which will optimize our operational efficiency while offering guests a familiar and trusted payment method.”  

Boukadida noted that this would be another step in changing how global travelers book and pay for flights, while also demonstrating their commitment to fostering local innovation and contributing to Saudi Arabia's broader economic goals. 

This partnership reflects Riyadh Air’s ongoing commitment to innovation since its launch in March 2023. 

The airline has worked with global partners like Lufthansa Systems, IBM Consulting, and Accenture, as well as Swiss AS, CAE, and Microsoft to improve its services and operations, aiming to set new standards in aviation sustainability and passenger experience. 

“At noon payments, we’re all about using innovation and technology to create standout experiences. Partnering with Riyadh Air lets us take this commitment to the next level, bringing world-class payments service, security, and care to every guest,” said Dhruv Paul, general counsel, at noon. 

This deal comes on the backdrop of Riyadh Air’s agreement with CellPoint Digital in June to integrate advanced payment technology.  

Based at King Khalid International Airport in Riyadh, the airline is set to support its digital-first strategy and prepare for commercial operations scheduled to start in 2025.  

Under the agreement, Riyadh Air will employ CellPoint Digital’s Payment Orchestration platform to manage local and cross-border transactions efficiently. 


Saudi Arabia and Azerbaijan explore joint sovereign investment fund to boost bilateral economic ties

Saudi Arabia and Azerbaijan explore joint sovereign investment fund to boost bilateral economic ties
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Saudi Arabia and Azerbaijan explore joint sovereign investment fund to boost bilateral economic ties

Saudi Arabia and Azerbaijan explore joint sovereign investment fund to boost bilateral economic ties

RIYADH: Azerbaijan has proposed the creation of a joint sovereign investment fund with Saudi Arabia, aiming to enhance investments in key sectors and potential third-party markets. 

The initiative was discussed during a meeting in Azerbaijan between the country’s Minister of Economy, Mikayil Jabbarov, and Hassan Al-Huwaizi, chairman of the Federation of Saudi Chambers, who led a business delegation from the Kingdom to explore investment opportunities in the nation.

The minister highlighted that the proposed fund could drive investments in priority sectors such as energy, tourism, and infrastructure, crucial for both economies’ diversification agendas, the Saudi Press Agency reported.

Saudi companies are already significantly involved in Azerbaijan, reflecting strong economic ties between the two countries. 

Jabbarov emphasized the presence of major corporations such as Aramco, SABIC, and ACWA Power in Azerbaijan, highlighting the country’s appeal as an investment destination, according to the report.

In addition to the establishment of the fund, discussions focused on the broader spectrum of Saudi investments in Azerbaijan, with key areas identified, including petroleum, renewable energy, and industry, as well as tourism, agriculture, and mining.

Both sides acknowledged the necessity of signing an investment protection agreement to ensure a secure environment for investors, safeguarding the flow of capital between the nations.

Al-Huwaizi stressed the importance of this document, highlighting that legal and financial security is pivotal for attracting more Saudi investments into Azerbaijan. 

He also discussed the potential for Azerbaijani companies to engage in infrastructure projects within the Kingdom, as well as opportunities to export food products to Saudi Arabia. 

The Federation of Saudi Chambers further expressed support for a proposal to hold a regional exhibition showcasing regional products in Azerbaijan, further solidifying trade relations between the two regions.

The visit coincided with the second edition of the Gulf Cooperation Council-Azerbaijan Economic Forum, held in Baku, which focused on fostering sustainability, investments, and partnerships between nations. 

Organized by the Federation of GCC Chambers in collaboration with Azerbaijan’s Export and Investment Promotion Agency, the forum provided a platform for businesses to explore new investment opportunities and strengthen ties. 

A memorandum of understanding was signed during the event, facilitating cooperation on investment projects and trade promotion between the GCC and Azerbaijan.

Azerbaijan’s Minister of Finance, Samir Sharifov, also met with the Kingdom’s delegation, offering attractive incentives to Saudi investors. 

Sharifov outlined key benefits, such as the allocation of free land for manufacturing projects and assurances of smooth capital flows, backed by the stability of the Azerbaijani currency. These incentives aim to make Azerbaijan’s free economic zones more appealing to Saudi investors.

The recent developments underscore the growing economic cooperation between the Kingdom and Azerbaijan, driven by mutual interests in expanding sectors such as energy, infrastructure, and tourism. 

Both nations view this collaboration as a strategic step toward diversifying their economies and boosting bilateral trade.


Saudi fertilizer exports to US climb 2% as trade ties flourish

Saudi fertilizer exports to US climb 2% as trade ties flourish
Updated 01 October 2024
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Saudi fertilizer exports to US climb 2% as trade ties flourish

Saudi fertilizer exports to US climb 2% as trade ties flourish

RIYADH: Fertilizer exports to the US from Saudi Arabia saw an annual increase of 2 percent in 2023 as total bilateral trade reached SR112 billion ($29.7 billion), according to new figures.

A report by the US-Saudi Business Council showed that strong oil exports and growing non-oil sectors have fueled and bolstered this economic relationship, with the Kingdom’s exports to the US standing at SR60 billion over the 12-month period.

Of that, $13.7 billion was derived from crude oil, reaffirming the Kingdom’s position as a key oil supplier to the North American country.

In the non-oil sector, exports to the US amounted to SR8.5 billion, according to the Saudi Press Agency.

This came as Saudi Vision 2030 aims to position the nation as a global investment hub, focusing on diversifying the economy beyond oil.

“Trade relations between the US and Saudi Arabia remain a cornerstone of economic engagement between the two countries, reflecting shared strategic interests and evolving global dynamics,” Albara’a Al-Wazir, director of economic research at the US-Saudi Business Council, said.

He added: “As both countries progress, the growth of trade and foreign direct investment will be key to deepening this partnership. FDI serves as a vital channel for the exchange of capital, technology, and expertise, which is particularly important as Saudi Arabia works to diversify its economy beyond oil.”

Fertilizers led the non-oil exports, valued at SR3 billion, making up 35 percent of the Kingdom’s non-oil exports to the US, while organic chemicals ranked second – valued at SR2.6 billion, representing 31 percent of the total.

In 2023, inorganic chemicals, precious and rare metals, and radioactive materials experienced a significant surge of 7.686 percent, reaching $12 million.

US exports to Saudi Arabia also gained strong momentum, totaling $13.8 billion, marking a 20 percent increase from the previous year.

These exports encompassed several key industries, including electrical and mechanical equipment, industrial products, agricultural goods, and pharmaceuticals.

Automobiles continued to be the leading US export to the Kingdom, valued at $2.8 billion which reflects a 32 percent year-on-year increase.

The second-largest export category was nuclear reactors, boilers, machinery, and parts, accounting for 18 percent of total US exports to the country, with a value of $2.5 billion and a growth rate of 38 percent year-on-year.

Aircraft and parts ranked as the third-largest US export category to Saudi Arabia, contributing $1.7 billion.

Texas maintained its lead as the top US state in trade with the Kingdom, with exports totaling $2.9 billion.

California came in second, exporting $886 million, marking a 12 percent increase from the previous year.

 

North Carolina rose to third place with $846 million in exports, experiencing a 17 percent year-on-year growth.

 

“The US is well-positioned to support this transformation through investment in non-oil sectors such as manufacturing, technology, and renewable energy—crucial areas for Saudi Arabia’s Vision 2030 goals,” Al-Wazir said.


Saudi Arabia’s tourism growth key to Vision 2030: Accor CEO 

Saudi Arabia’s tourism growth key to Vision 2030: Accor CEO 
Updated 01 October 2024
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Saudi Arabia’s tourism growth key to Vision 2030: Accor CEO 

Saudi Arabia’s tourism growth key to Vision 2030: Accor CEO 

DUBAI: French hospitality firm Accor is optimistic about the growth potential in Saudi Arabia’s tourism sector, which is being driven by the Kingdom’s Vision 2030 objectives and rich history, said the company’s top official. 

In an interview with Arab News on the sidelines of the Future Hospitality Summit in Dubai, Sebastien Bazin, group chairman and CEO of Accor, highlighted the pivotal role of the hospitality industry in reducing unemployment among Saudis. 

Bolstering the tourism sector and reducing joblessness is crucial for Saudi Arabia, as the Kingdom embarks on an economic diversification effort aimed at decreasing its dependence on oil. 

The National Tourism Strategy of Saudi Arabia aims to attract 150 million visitors by 2030 and increase the sector’s contribution to the nation’s gross domestic product from 6 percent to 10 percent. 

Bazin said: “I am very bullish about Saudi Arabia. They have a plan, they have a leader, they have a vision, they have the right brands, and they have the financial resources, geography, and history. So, it is the country not to miss.”

He added: “They (Saudi Arabia) have something which is gold in their hands — the population. You have 70 percent of the population under 35 years old. Many of them don’t have a job. They are seeking and asking for a job.” 

The CEO explained that the generosity of Saudi culture would play a significant role in encouraging the country’s youth to enter the travel and hospitality industry. “It is an enormous base to build upon.” 

Bazin also pointed to the Middle East’s emergence as a global tourist hotspot for both international and domestic travelers. He identified several factors fueling tourism growth in the region, including “great airlines, great infrastructure, safety protocols, food and beverage venues, and impeccable weather.” 

Bazin added: “I am very positive. You are going to see a 5 percent to 7 percent demand growth globally in the world of travel and tourism. I think that growth in the Gulf Cooperation Council and Saudi will probably be well above 10 percent. Much faster, much bigger than the rest of the world.”

He further stated that the growth of tourism in the GCC and the Middle East will be driven by the emerging middle class and domestic travelers. 

Regarding the impact of advanced technologies like artificial intelligence on the hospitality sector, Bazin expressed a cautious optimism, asserting that AI should enhance rather than replace human interactions. 

“We know it (AI) is going to be big. It certainly is going to be very important for data before and after your stay; all that seamless journey will probably be Generative AI-driven. During the stay, where you’re going to be with me in the hotel, AI will be instrumental. But I don’t want AI to surpass human interactions,” said Bazin. 

He added: “I want you to say ‘hello’ when you pop in, and I want my people to ask you, ‘How are you today?’ That human interaction is one of the reasons why you travel — to discover somebody else’s culture and religion. So, AI is a critical and important enhancer, but should not be a replacer of what we do every day.” 


Pakistan annual inflation slows to lowest in almost four years in September

Pakistan annual inflation slows to lowest in almost four years in September
Updated 01 October 2024
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Pakistan annual inflation slows to lowest in almost four years in September

Pakistan annual inflation slows to lowest in almost four years in September
  • Consumer prices rose 6.93% in September from a year ago, according to Bureau of Statistics 
  • CPI decreased by 0.5% in Sept. 2024 as compared to increase of 0.4% in previous month

ISLAMABAD: Pakistan’s inflation clocked in at 6.9% on a year-on-year basis in September 2024, the bureau of statistics said on Tuesday, slowing to the lowest rate in almost four years after the government slashed fuel prices and food costs eased.

Consumer prices rose 6.93% in September from a year ago, according to data released by Pakistan Bureau of Statistics. The reading in August 2024 stood at 9.6%.

On a month-on-month basis, CPI decreased by 0.5% in September 2024 as compared to an increase of 0.4% in the previous month and an increase of 2.0% in September 2023.

“CPI National for the month of September, 2024 decreased to 6.93% over September, 2023,” the statistics bureau said in a statement. “The Urban CPI decreased to 9.29% while Rural CPI decreased to 3.65%.”

“Due to aggressive monetary tightening, the State Bank of Pakistan (SBP) has achieved bringing inflation below the one-year target of 7% ahead of time,” Mohammed Sohail, CEO Topline Securities, said in a note.

Pakistan’s Finance Division announced on Monday it had slashed the price of petrol by Rs2.07 per liter till the next fortnight due to the fluctuating global prices of petroleum products.

Petroleum and electricity prices have been the key drivers of high inflation in Pakistan over the past two years. Inflation averaged close to 30% in FY23 and 23.4% in FY24, which ended on June 30, 2024.

The September inflation reading is lower than official expectations, as the finance ministry had expected inflation to decelerate in the next two months (September-October) and hover around 8-9%.

“Inflation is expected to remain within the range of 8% to 9% in September and October 2024,” the Ministry of Finance said in its ‘Monthly Economic Update and Outlook’ released last week. 

The slowing inflation figure also gives impetus to a further cut in the key policy rate.

In September, the central bank announced its most aggressive cut in the key policy rate since April 2020, reducing it by 200bps to bring it down to 17.5% amid slowing inflation and declining international oil prices.

“With continued disinflation expected, mainly on the back of high base effect, falling global commodities, this gives SBP room to keep lowering the policy rate, as real interest rates are nearly 1090bps positive,” Shahid Ali Habib, CEO Arif Habib Limited, said in a note.

The IMF last month approved a $7 billion loan program that includes tough measures such as higher taxes on farm incomes and electricity prices. The prospect of such moves has worried poor and middle-class Pakistanis. But inflation has started moving on a downward trend, albeit from a high base.


Global leaders gather in Riyadh to forge collective action on cybersecurity

Global leaders gather in Riyadh to forge collective action on cybersecurity
Updated 01 October 2024
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Global leaders gather in Riyadh to forge collective action on cybersecurity

Global leaders gather in Riyadh to forge collective action on cybersecurity

RIYADH: Experts from technology, public policy, defense, and other sectors will gather in Riyadh for the Global Cybersecurity Forum Annual Meeting on Oct. 2-3.  

The event will focus on fostering collaboration under the theme “Advancing Collective Action in Cyberspace,” with the goal of enhancing multi-stakeholder engagement and driving joint initiatives on key strategic priorities.  

The program will feature five core sub-themes, each addressing a crucial aspect of cybersecurity. “Beyond Cyber Discord: Building trust within geopolitical competition” will examine ways to overcome geopolitical tensions and cultivate trust among nations.  

“Cyber Psychology: Decoding human behaviors in Cyberspace” will explore the motivations of cybercriminals and strategies to protect users from cyber manipulation.  

The sub-theme “Cyber Social Fabric: Strengthening development and inclusion in Cyberspace” will focus on promoting social cohesion and equitable participation in the digital realm.  

Another critical topic, “Thriving Cyber Economy: Developing strong markets and building resilient cyber ecosystems,” will discuss strategies for economic growth and market integration within the cybersecurity sector. Lastly, “New Cyber Frontier: Integrating convergent technologies in Cyberspace” will investigate the impact of advanced technologies on the future of cybersecurity.  

The event builds on the success of previous editions, aiming to promote a collective approach to addressing challenges and opportunities in cyberspace.  

Day One  

The first day will kick off with various expert forums, fireside chats, and closed sessions, starting with the speaker session titled “Pathways to De-escalation: Shared priorities for reducing tensions and advancing stability in Cyberspace.”  

This session will delve into the effects of rising inter-state tensions in cyberspace and highlight opportunities for progress through new diplomatic channels, evolving norms, and emerging technologies.  

Also on the agenda is “Leadership Launchpad: Charting Paths to Leadership in Cybersecurity,” which will focus on strategies to advance mid-to-senior female cybersecurity professionals into executive roles. Additionally, “Ctrl + Invest” will showcase women-led ventures in the cybersecurity space.  

Another significant session, “Pioneering Pathways: Unleashing potential in the Cybersecurity sector,” will examine the diverse economic contributions of the cybersecurity industry in tech-driven markets, addressing its potential amid technological changes and the associated risks and opportunities for ecosystem development.  

“Equipping the Defenders: What law enforcement needs to win” will address the critical needs of law enforcement in tackling online child abuse, talent shortages, future skill requirements, and propose actionable solutions.  

In “Cyber Statecraft: The new chessboard of geopolitics,” participants will discuss strategies to integrate cybersecurity into national defense, enhancing geopolitical advantage and ensuring long-term security.  

“The Multilateral Frontier: Assessing the state of play and imperatives for collective action in cyber diplomacy” will analyze the current state of UN negotiations, emphasizing significant progress while addressing challenges in establishing robust international norms and frameworks for cyber governance.  

“Code, Clicks, and Culture: Social Transformation in the Technological Age” will focus on the social transformations driven by technological advancements and the cultural shifts resulting from increased interconnectedness and technology adoption across demographics.  

Additional panel discussions and closed sessions will also take place throughout the first day.  

Day Two  

The second day will feature in-depth discussions on the economic, political, and defense roles of cybersecurity in the digital era.  

One notable session, “The History of Cyber Diplomacy Future: Drawing insights from collaborative progress on trade, nuclear, and climate,” will explore how trade agreements, nuclear disarmament, and climate negotiations can inform effective strategies for cyber diplomacy.  

In “Principles of Stability: Applying the lessons of the past to the current and future challenges in Cyberspace,” participants will examine challenges through the lens of the Secure Future Initiative, a multiyear program focused on evolving Microsoft’s design, development, and operational standards for security.  

“Navigating the Future: Advancing the Global Cybersecurity Agenda to build confidence in cyberspace” will trace the evolution from the World Summit on the Information Society Action Line 5—which laid the groundwork for trust and security in information and communication technologies—to the establishment of the ITU Global Cybersecurity Agenda. This session will highlight how the principles of Action Line 5 have shaped the ITU’s broader approach to cybersecurity.  

Panels will cover the security of the healthcare sector, strategies for psychological defense against cyberattacks, and the critical role of the sector during mega events. These discussions aim to address specific sector vulnerabilities and broader resilience strategies in the face of evolving cyber threats.  

Child protection in cyberspace  

Concurrent with the GCF Annual Meeting, the Child Protection in Cyberspace Global Summit will take place on Oct. 2-3 in Riyadh.  

This summit will bring together key stakeholders worldwide to ensure that children are safe and protected in cyberspace. The event is held in collaboration with ITU, UNICEF, GCF, the DQ Institute, and WeProtect Global Alliance.  

“Protecting children online is a shared responsibility,” said ITU Secretary-General Doreen Bogdan-Martin. “With today’s children spending an increasing amount of time online, it is crucial to protect and empower them. The Child Protection in Cyberspace Global Summit will bring together leaders from all sectors to ensure our youngest users can thrive online.”  

The summit will convene prominent figures from government, international organizations, academia, and the private sector to explore multi-stakeholder collaboration for enhancing child protection in cyberspace. The second day will conclude with a high-level roundtable themed “Advancing Collective Action for Child Protection in Cyberspace.”  

“We must work together to make the Internet a safe place for children to learn, socialize, and express themselves,” said UNICEF Executive Director Catherine Russell. “This Summit marks an important opportunity to coordinate global efforts to maximize the benefits of digital technology in children’s lives while protecting them from harm.”  

The summit aims to achieve four key objectives: consolidating global efforts and advancing collective action; enhancing the global response to pressing challenges; mitigating emerging threats facing children in cyberspace; and ensuring child protection resonates with the agenda of global decision-makers.  

These objectives align with the goals of the Child Protection in Cyberspace initiative and support the UN Sustainable Development Goals 4, 5, 16, and 17 under the 2030 Agenda for Sustainable Development.  

“We are gathering in Riyadh because we all recognize that as the risks to children in cyberspace grow in number and complexity, we must collaborate to develop innovative partnerships to advance our collective efforts to protect them,” said Majed Al-Mazyed, governor of Saudi Arabia’s National Cybersecurity Authority, speaking on behalf of the GCF Board of Trustees.  

The event will focus on finding pathways toward a safer cyberspace for children, including designing new collaborative approaches and mechanisms to enhance responsiveness to emerging technological threats.  

“What we need today is coordinated, multi-stakeholder collaboration that enhances not only children’s safety and well-being in cyberspace but also their cyber literacy, as our highest priority,” said Yuyhun Park, founder of the DQ Institute.  

A 2022 GCF global report found that 72 percent of children worldwide have experienced at least one type of cyber threat, with the most prevalent being unwanted ads and inappropriate content. Nearly one in five children reported facing bullying or unwanted sexual advances.  

“Child exploitation is an urgent and growing problem. We need to focus on preventing harm and work together for a cyberspace designed to protect children globally from exploitation,” said Iain Drennan, executive director of WeProtect Global Alliance.