Saudi Arabia’s Qiddiya Investment Co. and Globant partner in immersive entertainment push

Saudi Arabia’s Qiddiya Investment Co. and Globant partner in immersive entertainment push
Developing mega projects like Qiddiya is one of the goals outlined in Saudi Arabia’s Vision 2030 program. Supplied
Short Url
Updated 03 November 2024
Follow

Saudi Arabia’s Qiddiya Investment Co. and Globant partner in immersive entertainment push

Saudi Arabia’s Qiddiya Investment Co. and Globant partner in immersive entertainment push
  • Globant will work with QIC to develop the Qiddiya PLAY LIFE Connected Experience
  • Deal to showcase how digital ecosystems can enhance the entertainment and cultural sectors in the Kingdom

RIYAD: Qiddiya Investment Co., wholly owned by Saudi Arabia’s Public Investment Fund, signed an agreement with tech firm Globant to turn Qiddiya City into an immersive hub.

Under the deal, Globant will work with QIC to develop the Qiddiya “PLAY LIFE Connected Experience,” a digital entertainment, sports, and culture ecosystem designed to transform how visitors and residents interact with the destination’s wide range of offerings, according to a press statement. 

Developing mega projects like Qiddiya is one of the goals outlined in Saudi Arabia’s Vision 2030 program, as the Kingdom continues to evolve as a global tourism and entertainment destination. 

“Our partnership with Globant marks a pivotal step in realizing Qiddiya’s vision as the world’s first city dedicated entirely to play. The Qiddiya PLAY LIFE Connected Experience will enhance how visitors engage with our attractions and set a new standard for digital integration in entertainment and tourism,” said Abdulrahman Al-Ali, chief technology officer at QIC. 

He added: “We are creating a destination that is both innovative and unforgettable, and this collaboration will help ensure that every visitor’s journey is personalized, seamless, and truly unique.” 

The press statement said that the PLAY LIFE Connected Experience framework will leverage advanced systems like artificial intelligence, data analytics, and cloud technology to develop an interface that will personalize and enhance every interaction at Qiddiya City. 

The platform will also allow visitors to book events, manage their itineraries, discover new adventures, and engage with the community, all through a personalized, real-time interface. 

“Partnering with Qiddiya on this program is a major milestone for Globant. We are not building a smart city but creating an immersive, digitally connected experience that brings Qiddiya to life in ways that go beyond traditional entertainment. This is the future of how cities and people will interact, and we are thrilled to lead this transformation,” said Federico Pienovi, CEO and chief business officer of new markets at Globant. 

The incorporation of technology in Qiddiya City will showcase how digital ecosystems can enhance the entertainment and cultural sectors in the Kingdom, according to the press statement.

Mamdouh Al-Doubayan, managing director for the Middle East and North Africa at Globant, said the deal will help the Saudi workforce advance in the technological sector. 

“Projects like Qiddiya provide unparalleled opportunities to transfer our expertise in digital transformation and innovation, especially in the entertainment industry, to the new generation of Saudis. As a result of creating opportunities for upskilling and reskilling, we are helping to build the future workforce and enabling the Kingdom to become a leader in digital ecosystems,” said Al-Doubayan.


Pakistan stocks smash 113,000 mark on strong performance by energy, fertilizer sectors

Pakistan stocks smash 113,000 mark on strong performance by energy, fertilizer sectors
Updated 27 sec ago
Follow

Pakistan stocks smash 113,000 mark on strong performance by energy, fertilizer sectors

Pakistan stocks smash 113,000 mark on strong performance by energy, fertilizer sectors
  • KSE-100 index climbed 2784.61, or 2.51 percent, to stand at 113,594.82 points at 2:48pm
  • Investors confident of significant interest rate cut at next monetary policy meeting on Dec. 16

ISLAMABAD: Pakistani stocks continued their record-breaking streak on Thursday, crossing the 113,000-point mark for the first time during intra-day trading, with the strong performance of energy and fertilizer shares contributing to the gains. 

The benchmark KSE-100 index climbed 2784.61, or 2.51 percent, to stand at 113,594.82 points at 2:48 pm, from the previous close of 110,810.21 points. 

“Lower T-Bill yields, leading up to next week’s monetary policy, are driving investor enthusiasm,” Head of Equities at Intermarket Securities Raza Jafri told Arab News. “Index heavyweight energy and fertilizer contribute most to today’s rise.”

Arif Habib Corporation Chief Executive Officer Ahsan Mehanti attributed the record-breaking streak to surging global crude oil prices, upbeat Pakistan Oil Fields sales, car sales, cement dispatches data for November 2024 and the Asian Development Bank raising the growth forecast to three percent for FY25.

“These factors played the role of a catalyst in the record surge,” he told Arab News. “Stocks showed record bullish activity after government bonds yields fell by up to 100bps in the State Bank of Pakistan auction expected to bring significant policy easing next week.”

Stocks have been performing well this week on the back of investor confidence of a significant interest rate cut by the central bank at the next monetary policy meeting on Dec. 16.

Pakistan’s central bank has already slashed interest rates by 700 basis points (bps) in four consecutive meetings since June, bringing it to 15 percent.

According to a poll by Topline Securities, 71 percent of participants expect the central bank to announce a minimum rate cut of 200bps next week. 

Pakistan’s annual consumer inflation also slowed to 4.9 percent in November, lower than the government’s forecast and the lowest in nearly six years. This is down from 38 percent last year.

Trade data released by the Pakistan Bureau of Statistics also supports positive investor sentiment as the trade deficit narrowed by 7.39 percent during the first five months (July-November) of the current fiscal year, standing at $8.651 billion, compared to $9.341 billion during the same period last year.

Exports rose by 12.57 percent to hit $13.69 billion, while imports increased by 3.90 percent to $22.342 billion during this period. November’s trade deficit narrowed even further, dropping by 18.60 percent year-on-year to $1.589 billion compared to $1.952 billion in November 2023.


IEA predicts global oil market will remain well-supplied in 2025

IEA predicts global oil market will remain well-supplied in 2025
Updated 27 min 37 sec ago
Follow

IEA predicts global oil market will remain well-supplied in 2025

IEA predicts global oil market will remain well-supplied in 2025

RIYADH: The global oil market is expected to be adequately supplied in 2025, even as OPEC+ extends its voluntary production cuts by an additional three months, according to the International Energy Agency.

In its latest report, the IEA raised its global oil demand growth forecast for 2025 to 1.1 million barrels per day, up from its previous estimate of 990,000 bpd. This upward revision is driven by rising oil demand in Asian markets.

The report comes just a day after OPEC revised its own global oil demand growth projection for 2025, cutting it to 1.4 million bpd. According to the oil producers’ group, total global oil demand is expected to reach 105.3 million bpd in 2025, an increase from 103.8 million bpd in 2024.

The IEA noted that OPEC+ decision to extend its voluntary production cuts for another three months and push back the ramp-up period by nine months, now extending to September 2026, has significantly reduced the potential supply surplus that was anticipated for next year.

However, the IEA cautioned that persistent overproduction from some OPEC+ members, strong supply growth from non-OPEC+ countries, and relatively modest global oil demand growth would still result in a comfortably supplied market in 2025.

Global oil consumption is projected to reach 103.9 million bpd in 2025, closely aligned with OPEC+ forecast.

The IEA also highlighted that oil demand growth next year would be largely driven by petrochemical feedstocks, while demand for transport fuels remains constrained by behavioral changes and advancements in technology.

The report also indicated that crude oil production from OPEC could increase next year if countries such as Libya, South Sudan, and Sudan can maintain their production levels, along with the expansion of Kazakhstan’s Tengiz field.

On the global supply side, non-OPEC+ countries are expected to contribute the majority of production growth, with the US, Brazil, Canada, Guyana, and Argentina collectively adding over 1.1 million bpd.

Additionally, the IEA forecasted that Saudi Arabia’s oil supply would receive a boost in 2025 from the start-up of Saudi Aramco’s Jafurah gas project, which will increase the Kingdom’s natural gas liquid supply.

In June, Aramco finalized $25 billion worth of agreements for the second phase of its Jafurah gas field development and the third phase of its master gas system expansion.

These infrastructure upgrades are expected to increase the network’s capacity by 3.15 billion standard cubic feet per day.

 


Qatar records budget surplus of $27.43m in Q3, finance ministry says

Qatar records budget surplus of $27.43m in Q3, finance ministry says
Updated 12 December 2024
Follow

Qatar records budget surplus of $27.43m in Q3, finance ministry says

Qatar records budget surplus of $27.43m in Q3, finance ministry says

CAIRO: Qatar recorded a budget surplus of 100 million Qatari riyals ($27.43 million) in the third quarter of 2024, the finance ministry said on Wednesday.

Qatar's total revenues registered around 51.3 billion riyals in the same quarter.


Egypt to bolster IPO program with 10 offerings in 2025: PM Madbouly

Egypt to bolster IPO program with 10 offerings in 2025: PM Madbouly
Updated 12 December 2024
Follow

Egypt to bolster IPO program with 10 offerings in 2025: PM Madbouly

Egypt to bolster IPO program with 10 offerings in 2025: PM Madbouly

RIYADH: Egypt is set to accelerate its initial public offering program, with plans to propose stakes in at least 10 state-owned companies next year, according to Prime Minister Mostafa Madbouly.

In a Facebook post, the Egyptian prime minister’s office said that some of the companies which will float its shares include Wataniya Co., Safi Co., Silo Food Co, and 580-megawatt wind farm Gabal El Zeit.

The PM office added that shares of state-owned Alexandria Bank and Banque du Caire will also be included in the upcoming offerings. 

The announcement made by Madbouly indicates new efforts from the government to divest some of its assets to strengthen the country’s private sector and fiscal capabilities. 

Earlier this month, Egypt’s United Bank completed the public and private offering of 330 million shares, representing 30 percent of its issued capital. 

The United Bank offering raised a total of 4.57 billion Egyptian pounds ($90 million). 

Other companies that will be listed in 2025 include CID Pharma, Misr Pharma, and Alamal Alsharif Plastics.

Regarding tourism growth, Madbouly said that Egypt had a succesful year despite regional crises and geopolitical tensions. 

“This year, we will exceed 15 million tourists despite all the challenges that have affected the arrival of tourists in the region, but Egypt is on a good track in this area, and the numbers will be better next year,” said the prime minister. 

He added: “We are working in the tourism sector strongly, and we are moving ahead to increase hotel rooms, and improve the tourist experience in Egypt.” 

In the Facebook post, the PM’s office also highlighted the progress of the electricity connection project between Saudi Arabia and Egypt. 

He added that the work at the Badr converter station is 65 percent completed, with the first phase of the project’s wiring process expected to be completed before the next summer season. 

The prime minister further said that Egypt’s inflation rate fell to 25.5 percent in November, a significant decrease in this index over the past two years. 

In September 2023, the inflation rate in Egypt had increased to an all-time high of 38 percent. 

Madbouly added that the country’s reserve cash index has also improved, reaching $47 billion in November. 

Earlier this month, a report released by Fitch Ratings echoed the economic revival of Egypt. It highlighted that the general business and operating conditions for financial institutions in the country are expected to improve next year. 

The US-based agency added that falling inflation, improved investor confidence, and healthy foreign currency liquidity conditions are some of the major factors that could strengthen the banking sector in Egypt in 2025. 


Saudi Arabia’s money supply reaches $783bn: SAMA 

Saudi Arabia’s money supply reaches $783bn: SAMA 
Updated 12 December 2024
Follow

Saudi Arabia’s money supply reaches $783bn: SAMA 

Saudi Arabia’s money supply reaches $783bn: SAMA 

RIYADH: Saudi banks’ money supply increased by 9.21 percent year on year in October, reaching SR2.94 trillion ($782.96 billion), according to the Kingdom’s central bank, also known as SAMA. 

A significant portion of this growth was driven by term deposits, which surged by 15.34 percent to SR971.1 billion during the period. 

Demand deposits, the largest component of the money supply, accounted for 48.55 percent, or SR1.42 trillion, but recorded a comparatively modest growth rate of 8.63 percent. 

In contrast, other quasi-money deposits, which represent 10.64 percent of the money supply, declined by 4.27 percent, totaling SR312.51 billion.  

Time and savings deposits accounted for 33.07 percent of Saudi Arabia’s money supply in October, marking their highest level in nearly 15 years. 

This upward trend has gained momentum in recent years, largely due to SAMA’s alignment of its interest rate policy with the US Federal Reserve. 

The Fed’s tightening cycle, which pushed interest rates to a peak of 6 percent in July 2022, incentivized depositors to shift toward interest-earning accounts to maximize returns during this period of elevated rates. 

This mirrored policy, aimed at combating inflation, made interest-generating accounts increasingly attractive to Saudi depositors seeking higher returns.  

A significant factor contributing to the growth of term deposits has been the influence of institutional deposits, particularly from government-related entities. 

According to Fitch Ratings, these entities accounted for a substantial 70 percent of the total deposit inflows in 2023. This strategic channeling of funds into time deposits not only provided banks with much-needed liquidity but also highlighted the role of bulk deposit agreements with favorable terms as a growth driver for this category. 

Despite the Federal Reserve shifting to a monetary easing stance — reducing rates by 50 basis points in September and an additional 25 basis points in November — term deposits in Saudi banks continue to gain traction. 

Government-linked entities appear to maintain their preference for term deposits due to their stability and return potential. 

Additionally, the predictability of these deposits aligns well with the broader macroeconomic environment, where banks rely on such inflows to manage liquidity pressures effectively and maintain operational stability. 

Another contributing factor could be the interest rate lag, where the transmission of lower benchmark rates into domestic banking systems takes time. This lag keeps deposit rates relatively competitive, allowing time deposits to retain their appeal even as monetary policy shifts toward easing. 

Time and savings accounts, while crucial for liquidity management, are generally considered a costlier funding source for banks due to the interest obligations they carry. 

Saudi banks, however, have managed to maintain robust profitability metrics, with most reporting strong financial results in 2023 and through 2024. 

Fitch Ratings projects this strength to persist throughout 2024, supported by favorable macroeconomic conditions and the Kingdom’s high operating environment score of bbb+ — the highest among Gulf Cooperation Council banking sectors and emerging markets globally.