Saudi platform WeBook aims for billion-dollar valuation, stock exchange listing

Saudi platform WeBook aims for billion-dollar valuation, stock exchange listing
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Updated 01 September 2024
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Saudi platform WeBook aims for billion-dollar valuation, stock exchange listing

Saudi platform WeBook aims for billion-dollar valuation, stock exchange listing
  • Head of the General Entertainment Authority announced all Riyadh Season events will be exclusively streamed on the WeBook platform
  • WeBook has attracted 5 million users from over 160 countries, offering access to more than 520 global events

JEDDAH: Saudi Arabia’s event booking platform, WeBook, aims to become a billion-dollar company as it signals its intention to list on the stock exchange. 

Launched in October 2023 during the Riyadh Season, WeBook quickly became essential for managing attendance, selling over 11 million tickets and supported by a 2,500-member team.

At a recent press conference for the upcoming Riyadh Season, Turki Alalshikh, chairman of the General Entertainment Authority, announced that all events will be exclusively streamed on the WeBook platform. 

“This year, all our events will be available exclusively through WeBook – there will be no TV transmission. So, if you want to watch, watch via WeBook,” he said. 

Alalshikh added that viewers will have two options: a free, ad-supported version or a premium, ad-free subscription. 

In a post on his X account, Alalshikh revealed that ticket sales via the WeBook platform have exceeded SR1 billion ($266.5 million). 

He expressed hopes that the platform, rated at 4.8 out of 5, will become a billion-dollar company listed on the Saudi market. 

WeBook has attracted 5 million users from over 160 countries, offering access to more than 520 global events, according to its website. 

The platform has enhanced the ticket-buying process with features like waitlists, improved resale options, a loyalty program, and faster payments via Apple Pay.

WeBook has also created a team to collaborate with local authorities to combat ticket fraud. The team has canceled over 18,000 counterfeit tickets, shut down eight black market sites, banned over 5,000 accounts, and monitored more than 3 million transactions. 

Last year, WeBook generated over SR45 million in revenue, served more than 65,500 users, and facilitated over 100,000 resales. 

The Saudi Pro League announced in August that it has signed a three-year deal with WeBook to handle ticket sales for ROSHN Saudi League matches, starting with the 2024-25 season. The agreement aims to streamline the fan experience, offering early access to tickets and season passes for fans inside the Kingdom and abroad. 

With its continued growth and innovative features, WeBook is poised to play a significant role in Saudi Arabia’s entertainment and event management landscape. 


Saudi Arabia’s cybersecurity market poised for growth amid rising investments

Saudi Arabia’s cybersecurity market poised for growth amid rising investments
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Saudi Arabia’s cybersecurity market poised for growth amid rising investments

Saudi Arabia’s cybersecurity market poised for growth amid rising investments

RIYADH: The cybersecurity market in Saudi Arabia is set for significant growth, fueled by increasing technology investments and the rising demand for digital protection.

Hesham Al-Taleb, VP of R&D at Saudi Information Technology Co., highlighted this trend in an interview with Arab News, noting that as technology investments rise, the need for cybersecurity will grow correspondingly.

Al-Taleb explained that the relationship between technology investment and cybersecurity is intertwined; more economic activity and digital business operations lead to greater requirements for cybersecurity measures.

Recent data from the National Cybersecurity Authority reveals that Saudi Arabia’s investment in cybersecurity products, solutions, and services rose to SR13.3 billion ($3.55 billion) in 2023, marking a 10.83 percent increase from the previous year.

Al-Taleb also pointed out the unique challenges organizations face regarding cybersecurity threats, which can disrupt vital services. He anticipates continued growth in both cybersecurity solutions and advisory services, alongside a burgeoning demand for skilled professionals in the field.

Al-Taleb underscored the essential role of partnerships in achieving success, whether with regulators, customers, or international entities. He emphasized that collaboration is vital for fostering effective relationships.

A key aspect of their approach is actively listening to customers’ needs and pain points, which helps in developing effective products and solutions. This strong focus on customer engagement not only informs product development but also highlights the significance of advisory services within their operations. By providing tailored guidance, they ensure that clients receive the support necessary to tackle their specific cybersecurity challenges effectively.

“We also work hand-in-hand with the NCA as their technical arm to make sure that the regulations and the things that are done from the policies side are actually aligning with the challenges,” Al-Taleb said.

He added: “When it comes to cybersecurity, challenges meet either on the technology side, on the governance side.”

Al-Taleb noted that cybersecurity was identified as a critical issue for Saudi Arabia in 2017, prompting its incorporation into a national strategy. This led to the establishment of NCA as the regulatory body responsible for overseeing digital defense initiatives.

Endorsed by a royal order, the plan aims to protect the Kingdom’s national entities and critical infrastructure while also capitalizing on economic opportunities within the expanding cybersecurity and secure-by-design technology sectors. This strategic approach underscores the importance of cybersecurity not only as a protective measure but also as a driver of economic growth.


Aramco Digital aims to make Saudi Arabia a cybersecurity, AI leader, says top executive

Aramco Digital aims to make Saudi Arabia a cybersecurity, AI leader, says top executive
Updated 46 min 49 sec ago
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Aramco Digital aims to make Saudi Arabia a cybersecurity, AI leader, says top executive

Aramco Digital aims to make Saudi Arabia a cybersecurity, AI leader, says top executive

RIYADH: Aramco Digital is at the forefront of Saudi Arabia’s shift toward a technology-driven economy, implementing key initiatives in cybersecurity, 5G infrastructure, and artificial intelligence.

In alignment with Vision 2030, the company is developing an industrial 5G network and a major AI-driven data center, positioning the Kingdom as a global tech leader and driving economic growth through digital innovation.

In an interview with Arab News at the Global Cybersecurity Forum in Riyadh, Margarete Schramboeck, a board member of Aramco Digital, highlighted the firm’s crucial role in Saudi Arabia’s digital transformation, particularly in cybersecurity and its industrial applications.

“Cybersecurity plays an important role not only for our private lives but especially for the business lives,” Schramboeck said, highlighting the importance of Aramco Digital and its subsidiary, Cyberani, in safeguarding companies, industrial sectors, and government authorities. 

Their priority is to create safer and more productive environments. “It’s one of our focuses,” she added.

As a comprehensive information and communication technology company, Aramco Digital is working to enhance Saudi Arabia’s online infrastructure. 

The firm has secured a license to develop an industrial private 5G network, which will soon be deployed across the country. This network will serve as a foundation for industrial companies and government entities. 

Schramboeck also shared that Aramco Digital is collaborating with US artificial intelligence company Groq to build a major data center designed for storage and AI-focused processing. 

“Most importantly, it (the data center) is Saudi, and it is important that we see that this is an important aspect,” she added.

This facility aims to become one of the largest in the Middle East, potentially the world, driving the Kingdom’s ambition to be a global hub for AI and digital innovation.

The company’s commitment aligns with Vision 2030, Saudi Arabia’s blueprint for economic diversification. “Helping Saudi Arabia and the region in this digital transformation is key for us,” Schramboeck said, emphasizing the local origin of the data center and its role in shaping the Kingdom’s future.

Schramboeck also discussed the critical role of cybersecurity in enabling broader digital transformation. “We cannot do anything today without cybersecurity,” she stressed, linking it to the resilience of economies worldwide. 

She praised the Global Cybersecurity Forum for spotlighting the skills and innovative potential within the sector, underscoring its importance in building economic resilience.

Reflecting on the Kingdom’s digital progress, Schramboeck expressed admiration for the country’s advancements, particularly in the public sector, highlighting that “Saudi Arabia and the government sector is ahead of a lot of European countries.” 

While she acknowledged the potential for cooperation between the Kingdom and Europe, particularly in industrial automation, she emphasized that Saudi Arabia has been making remarkable strides in achieving its goals through investment in both funding and manpower.

Schramboeck concluded by expressing her desire to help bridge the gap between the Kingdom and mid-sized European companies specializing in industrial automation. 

“There are a lot of mid-sized European specialized companies in this field. Sometimes they don’t know about Saudi Arabia, they don’t dare to come here,” she said, expressing her commitment to fostering collaboration and growth in this field.


Saudi Arabia urges global cooperation to build trust, strengthen cybersecurity frameworks

Saudi Arabia urges global cooperation to build trust, strengthen cybersecurity frameworks
Updated 03 October 2024
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Saudi Arabia urges global cooperation to build trust, strengthen cybersecurity frameworks

Saudi Arabia urges global cooperation to build trust, strengthen cybersecurity frameworks

RIYADH: Saudi Arabia’s efforts to spearhead global cooperation in digital defense took center stage at the Global Cybersecurity Forum held in Riyadh, as building trust via a global partnership is key, according to an official.

Speaking during a panel session at the event, the Minister of State for Foreign Affairs, Adel Al-Jubeir, highlighted the Kingdom’s proactive stance in building international trust in the digital space.

“There are areas where that can be used in order to build confidence, and that confidence helps us work better with each other,” Al-Jubeir said.

He added: “Because one, I understand two issues, one on the protection of children, and one on the empowerment of women. I don’t believe anyone on this globe can not appreciate and support the importance of protecting our children from evil on the Internet.”

Al-Jubeir pointed out that cybersecurity is no longer just a technical issue but a crucial factor in attracting investment. 

“When investors look at countries, they look at cybersecurity. It’s become now one of the main, if not the main issue,” he said. 

Al-Jubeir continued: “Would you invest in a company in which you cannot use the Internet safely? Of course not, so this is an incentive for countries to do something about enhancing and protecting their networks.”

Adding to the discussion, the former Indian Minister of Foreign Affairs, Shyam Saran, underlined the urgency of keeping pace with the quick advancements in cyber technology. 

“The speed of change is so rapid that states are constantly playing catch-up, both in terms of domestic laws and international agreements,” he said. 

Saran added: “Because of the speed of change that is taking second here you have a technology which is, in fact, in the nature of what I would call a multiplicator. That is, it has an impact across various domains.”

He highlighted that cybersecurity impacts multiple sectors, including defense and energy, making collaboration even more essential.

Al-Jubeir stressed the complexities of cybersecurity compared to other global challenges, such as trade or environmental issues. 

“With cyber, a single individual sitting in a dorm room can wreak havoc on a nation’s electricity system, banking system, or defense system,” he said. 

This global nature of cyber threats, he explained, necessitates a collaborative effort among nations to develop a unified framework of laws and procedures that protect cyberspace.

This proactive approach is part of Saudi Arabia’s broader strategy to position itself as a responsible global actor, connecting continents through its strategic geographic location. 

“Our policy has always been about connectivity — whether it’s data lines, sea lanes, or air traffic. We are cognizant of the responsibilities and opportunities our position offers the global community,” Al-Jubeir said. 

He added: “Saudi Arabia is all about bridge building. Just look at our geographic location cases between three continents: Asia, Africa, and Europe. The more bridges we build, the more connectivity we have, whether that connectivity is shipping, whether it’s data lines, whether it’s cyber, whether it’s thought connectivity.”

Additionally, the minister underscored the comprehensive nature of the Kingdom’s approach to cybersecurity, which aligns closely with its Vision 2030 initiative. 

This sweeping reform plan aims to diversify the economy and create a secure digital environment conducive to technological innovation and investment.

Al-Jubeir highlighted how the digital age has transformed global job creation and industries, making it easier for countries to benefit from outsourcing through cyber technologies.

“In the past, nations hosted call centers which created jobs and spin-off industries,” he said, adding that today’s technologies, such as 3D printing, enable production across borders, creating even more opportunities. However, he warned that these advantages will only be realized by countries that establish a solid legal framework and secure their networks from vulnerabilities.

Al-Jubeir pointed to Saudi Arabia’s Vision 2030 as a prime example of a comprehensive reform initiative that integrates economic and social development with a focus on cybersecurity.

“What we have done in Saudi Arabia when you look at Vision 2030 is very comprehensive,” he said. The minister emphasized the importance of ensuring every aspect of society is connected and protected from cyber threats, stressing that even a single weakness in the system could lead to widespread disruption.

Reflecting on the need for agility in the digital economy, Al-Jubeir urged nations to be quick and adaptable to maintain their competitive edge. 

“If you’re not quick on your feet and comprehensive, you’re going to lose, and you are going to forfeit opportunities,” he said. 

Al-Jubeir also emphasized the importance of global collaboration in cybersecurity, advocating for shared baselines and codes of conduct that will help create a secure international framework. 

He added: “Very optimistic that we can get there, but the key is to get globally everyone to think in terms of baselines.”


Democratizing cybersecurity expertise crucial to counter AI-fueled digital crimes: Microsoft executive

Democratizing cybersecurity expertise crucial to counter AI-fueled digital crimes: Microsoft executive
Updated 03 October 2024
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Democratizing cybersecurity expertise crucial to counter AI-fueled digital crimes: Microsoft executive

Democratizing cybersecurity expertise crucial to counter AI-fueled digital crimes: Microsoft executive

RIYADH: Democratizing cybersecurity expertise is essential to combat the rising threat of digital crimes fueled by AI tools, according to Joy Chik, president of Identity and Access Network at Microsoft.

In an interview with Arab News during the Global Cybersecurity Forum in Riyadh, Chik emphasized how AI can help bridge the workforce gap in cybersecurity.

In the first quarter of 2023, Microsoft reported a staggering tenfold increase in password-based attacks on cloud identities, escalating from 3 billion to over 30 billion per month.

The company also detected approximately 6,000 attempted cyberattacks daily over the past year, which included phishing scams and sophisticated nation-state-backed attacks targeting critical infrastructure.

“So, I think to address that, one way is to democratize the expertise in security, and that’s when Gen AI, what Microsoft would produce — the kind of copilot for security. These are the tools so that you can have the skill set to democratize and have more people enabled to leverage these tools to combat cybercrime,” Chik said. 

She added that AI can help alleviate the shortage of skilled labor in the industry. “Earlier, I talked about whether we have a shortage of cybersecurity labor, skilled laborers, if you will, and expertise, and AI is a way to democratize that.”  

“I do think it is really important that we’re not just on the defense, but also move to the offense,” Chik said. “When I say offense, it’s about secure by design, secure by default, and how we can defend against supply chain attacks.”  

Chik explained that threats range from “probably the simplest, which is attacking your credentials, passwords, or identity, to phishing attacks, and to more sophisticated, nation-state-sponsored ones, like targeting critical infrastructure.” She emphasized Microsoft’s commitment to enhancing security measures based on insights gained from real-world incidents, noting that a key aspect of the company’s Secure Future initiative is not only addressing immediate needs but also promoting a security-first mindset and culture.

Chik also highlighted Microsoft’s efforts to move toward a password-free future, stating, “We all know passwords are not secure, and yet they’re the most common way for people to log into their online services. How can we provide a simple yet more secure method for identifying individuals without requiring them to remember passwords?”

One proposed solution is passkey technology, a multi-factor authentication method developed in collaboration with Microsoft, Google, Apple, and other industry leaders.

“That is a phishing-resistant multi-factor authentication that does not require a password at all. At the same time, it uses your mobile phone, for example, but saves your credentials in a safe manner so they cannot be easily phished,” she concluded. 


Qiddiya awards $1bn contract for Prince Mohammed bin Salman Stadium to Saudi-Spanish consortium

Qiddiya awards $1bn contract for Prince Mohammed bin Salman Stadium to Saudi-Spanish consortium
Updated 03 October 2024
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Qiddiya awards $1bn contract for Prince Mohammed bin Salman Stadium to Saudi-Spanish consortium

Qiddiya awards $1bn contract for Prince Mohammed bin Salman Stadium to Saudi-Spanish consortium

JEDDAH: Saudi Arabia’s project developer Qiddiya Investment Co. has awarded a Spanish consortium an SR4 billion ($1 billion) contract for the Prince Mohammed bin Salman Stadium initiative. 

The agreement was granted to the company FCC Construction and the Kingdom’s leading contracting firm Nesma & Partners for the building of the sports facility at the project on the outskirts of Riyadh.

With the US-based architect Populous as the undertakings consultant, the contract covers the construction of a multipurpose stadium on top of the 200-meter-high Tuwaiq cliff in the new sports and entertainment district within the city, according to media outlet MEED.

In July, Saudi Arabia submitted its official bid to host the 2034 FIFA World Cup at a ceremony organized by the Federation Internationale de Football Association, known as FIFA, in Paris, France. The official announcement of the host nation for the tournament will be made on Dec. 11.

The new project marks a significant milestone in the realization of Vision 2030, aimed at enhancing tourism, generating thousands of jobs, boosting the national economy, and increasing annual visitors to the Kingdom by 1.8 million football fans and an additional six million drawn to non-football events.

The stadium’s design allows for multipurpose use, with the entire pitch capable of being transformed within hours to host various sporting and entertainment events, including rugby, boxing, and mixed martial arts, as well as esports championships, exhibitions, and concerts.

The facility will be built in the heart of Qiddiya, just 40 minutes from Riyadh, atop one of Tuwaiq Mountain’s peaks at an elevation of 200 meters, according to the Saudi Press Agency.

With a seating capacity of over 45,000, it is expected to attract international visitors with its innovative design and unique technological offerings, creating an immersive experience for guests. 

Among its features are retractable flooring, a foldable roof, and a movable upper wall that can open, revealing views of the lower city, home to key attractions like Six Flags Qiddiya and the water park.

The sports facility’s exterior frame, selected interior walls, and roof will also be covered with 1.5 km display screens. 

A standout feature of the stadium is its advanced climate control system, which will enable year-round events without excessive energy consumption. This will be achieved through an eco-friendly cooling lake located beneath the stadium, where rainwater collected from the surrounding area will be pumped into an ice wall to cool the air entering the central conditioning system.

Earlier in 2024, the investment company announced the launch of the stadium, which is set to be one of the world’s most prominent. 

The announcement followed Crown Prince Mohammed bin Salman’s unveiling of Qiddiya’s urban master plan and global brand, positioning it to become a leading destination for entertainment, sports, and culture globally.