Aramco launches global innovation award for robotics excellence at WRO 2024
Updated 28 November 2024
Arab News Japan
Aramco has partnered with the Aston Martin Aramco Formula One® Team and World Robot Olympiad to launch the Aramco Innovation Award, a new global honor recognizing excellence in robotics design and technology.
The award aims to inspire and reward young innovators who excel in creativity, problem-solving, critical thinking and technical skills.
The first Aramco Innovation Award will be presented at the 2024 World Robot Olympiad international final, which will take place from Nov. 28-30 in İzmir, Turkiye.
It will be given to the winning team of the future innovators category (senior age group). More than 5,500 teams and 15,000 students from around the world will compete for the award.
At the international final, 48 teams from 45 countries are eligible to win.
The prize includes an exclusive Aston Martin Aramco Formula One® Team Innovation Experience, which features a tour of the AMR Technology Campus in Silverstone, the home of British motorsport.
Khalid A. Al-Zamil, Aramco vice president of public affairs, said: “We’re excited to launch the Aramco Innovation Award as part of our dedication to developing future science, technology, engineering and math innovators. By partnering with Aston Martin Aramco Formula One® Team and World Robot Olympiad, we aim to inspire young minds to explore new possibilities in robotics and encourage the next generation of STEM careers.”
Luca Furbatto, engineering director, Aston Martin Aramco Formula One® Team, said: “We are thrilled to work with our partner Aramco to offer this insightful tour of our technology campus in Silverstone to the winners of the Aramco Innovation Award. It allows students the chance to see how a Formula One® team operates, and we expect it will help to inspire the next generation of designers and engineers through STEM opportunities.”
The Aramco Innovation Award celebrates young innovators who use robotics to address real-world challenges. By recognizing these achievements, Aramco and its partners are investing in future technology leaders who will help to shape the technologies of tomorrow’s world.
Claus Ditlev Christensen, secretary general of WRO, said: “Introducing the Aramco Innovation Award at this year’s WRO international final represents our ongoing mission to inspire young innovators. This collaboration with Aramco and Aston Martin Aramco Formula One® Team gives students an extraordinary chance to experience the latest technology. We believe these future leaders have the potential to drive the next wave of advancements in robotics.”
World Economic Forum begins in Davos amid hope and uncertainty
Annual meeting coincides with high geopolitical tensions, rapid technological advancements and escalating impacts of climate change
Discussions at Swiss resort town will include center on the future of work, technology, and climate action among other pressing topics
Updated 20 January 2025
Arab News
DUBAI: As the world’s elite arrive in the snow-capped Swiss mountains for the World Economic Forum (WEF) Annual Meeting 2025, the event promises to be a pivotal moment as global leaders address the world’s most pressing challenges.
With more than 350 government leaders, including 60 heads of state, attending, alongside business executives, civil society leaders, global experts, and other influential individuals from more than 130 countries, the forum’s organizers say the event — which runs from Jan. 20 to Jan. 24 — is intended to “drive dialogue and create solutions to the world’s shared problems.”
A picture taken on January 19, 2025 shows the Alpine resort of Davos ahead of the World Economic Forum annual meetig. (AFP)
The theme of the 2025 meeting, “Collaboration for the Intelligent Age,” will focus on five pillars crucial for a sustainable and inclusive future: Reimagining Growth, Industries in the Intelligent Age, Investing in People, Safeguarding the Planet, and Rebuilding Trust.
Klaus Schwab, the WEF’s founder and chairman, emphasized the role of Davos as a unique venue in bringing together thousands of decision makers to address global challenges.
“Despite divergent positions and great uncertainties, the Annual Meeting 2025 will foster a spirit of cooperation and constructive optimism with the objective of shaping the forthcoming Intelligent Age in a more sustainable and inclusive way” Schwab said in a press release
WEF founder and chairman Klaus Schwab speaks with the forum's managing directors Mirek Dusek and Neo Gim Huay, president and CEO Borge Brende and head of media Yann Zopf ahead of the annual meeting in Davos. (AFP)
In that same release, Børge Brende, president and CEO of the WEF, echoed this sentiment, noting that unprecedented collaboration is required to deal with the world’s most pressing issues.
“The only way to address urgent challenges and unlock new opportunities is through innovative, cooperative approaches,” Brende stated.
Among the heads of state set to participate are U.S. President-elect Donald Trump (via video link), European Commission President Ursula von der Leyen, German Chancellor Olaf Scholz, South African President Cyril Ramaphosa, Argentine President Javier Milei, and Ukrainian President Volodymyr Zelenskyy.
Opinion
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Leaders from international organizations including the United Nations, the World Health Organization, and the International Monetary Fund will also be present, alongside 1,600 business leaders, including more than 900 CEOs and more than 120 “tech pioneers.”
Civil society will also be well represented, with more than 170 leaders from labor unions, non-governmental organizations, and academia, and more than 160 members of the WEF’s Global Shapers, Young Global Leaders and Social Innovators.
Protestors are seen on a two-day hike from Kueblis to Davos as part of a demonstration of the collective 'Strike WEF' in Switzerland on Jan. 18, 2025 ahead of the annual meeting of the World Economic Forum in Davos. (Keystone via AP)
The event will also be attended by 120 “cultural leaders,” and will feature an Arts and Culture program showcasing music, film, photography, interactive AI-driven art and handcrafted creations.
Mirek Dusek, WEF managing director, said in a statement: “By convening leaders from around the world and different walks of life, the Annual Meeting provides a platform to share views and knowledge at a time of profound change for people and communities.
“A core goal of our proceedings is to enable broad-based agency and solutions in the context of the new economy that seems to be emerging.”
Discussions at Davos will include debates on the future of work, technology, and climate action, and will also examine critical initiatives in areas including cybersecurity, artificial intelligence, and renewable energy. (AFP)
Discussions at Davos will include debates on the future of work, technology, and climate action. Reports such as the Global Cooperation Barometer 2025 and the Future of Jobs Report will be discussed during sessions, as will the ways in which new technologies will reshape industries and potentially create millions of jobs, while also terminating many others.
The meeting will also examine critical initiatives in areas including cybersecurity, artificial intelligence, and renewable energy, with the aim of creating “responsible, inclusive strategies for the future.”
Gim Huay Neo, WEF managing director said in a press release, “We will explore how data and technologies, as well as innovative partnerships, can be harnessed to create value and empower leadership for people, planet and prosperity.”
‘We believe stability and peace are a prerequisite to prosperity,’ says Saudi minister of economy ahead of WEF
Global economy needs a more stable Middle East, Faisal Alibrahim said ahead of World Economic Forum annual meeting in Davos
The Saudi minister of economy and planning discussed FDI inflow, giga-projects and need for “common ground”
Updated 20 January 2025
Reina Takla
RIYADH: A stable Middle East is crucial for global prosperity, according to the Saudi minister of economy and planning, who also underlined the Kingdom’s commitment to being a reliable partner for economic growth.
Speaking to Arab News ahead of the World Economic Forum annual meeting in Davos, Switzerland, Faisal Alibrahim said: “We believe in stability and peace as a prerequisite for prosperity, and we believe in the global economies’ need for a more stable Middle East.”
He emphasized that the Kingdom’s own transformative journey plays a significant role in fostering regional stability and prosperity.
“We see our role internally, in unlocking our potential as an economy and society. (We also see) its clear and direct impact on the region’s stability and prosperity,” he said.
The WEF annual meeting will focus on geopolitical shocks, living standards and energy transition among other challenges. (WEF photo)
Alibrahim conveyed a message of confidence and reassurance. “The message that I would share on top of that is that the Kingdom is a long-term, reliable partner, and will always work toward shaping a prosperous future,” he said.
“If you keep that in mind, and then you keep in mind the opportunities that are being created in the Kingdom with this transformation, you’ll see that there is no better place to invest for results, both commercially and financially but also from an impact point of view, than the Kingdom today.”
He encouraged investors to recognize the significant opportunities that the Kingdom’s transformative journey presents.
Attracting foreign investment
Alibrahim emphasized the Kingdom’s commitment to attracting $100 billion in foreign direct investment (FDI) by 2030, but stressed that the focus is on attracting high-quality, long-term, value-creating investments that contribute significantly to the Kingdom’s economic growth and development.
“Our target is still 5.7 percent of GDP in 2030, which amounts roughly to $100 billion of inflow in 2030. That’s why the National Investment Strategy was launched, and since it was launched, we’ve been exceeding our yearly targets, consistently,” he said.
While acknowledging the challenges, Alibrahim expressed confidence in achieving this target, saying: “This is a long-term journey and we need to continue working with our partners, continue working intra-governmentally to figure out more ways where we can make sure that the momentum we have in attracting foreign capital will continue.”
Faisal Alibrahim discussed attracting investment into the Kingdom and how the economy can be shielded from shocks with Arab News ahead of the World Economic Forum annual meeting in Davos. (AN Photo)
He highlighted the importance of continuous policy refinement and a proactive approach to identifying and addressing potential roadblocks.
Acknowledging the recent trends in FDI inflows, Alibrahim noted that while 2023 saw figures exceeding initial targets, the first three quarters of 2024 showed a slight decline to around SR17 billion. “We’ll continue to monitor how it progresses, and see what the latest numbers are,” he said.
However, he emphasized that these figures should be viewed within the context of a long-term trajectory. He pointed out that many of the transformative projects undertaken as part of Vision 2030 have long lead times, and their impact on FDI inflows will become increasingly evident in the coming years.
Reiterating the Kingdom’s commitment to creating a conducive environment for foreign investment, he said: “The Kingdom’s approach to unlocking its potential, involves really rewriting the economic playbook.”
He added: “This is not just about investments or the government spending money. This is about creating an environment that’s vibrant, that attracts capital, attracts minds to the opportunities that are being created in the Kingdom led today by the government. Tomorrow, ultimately, we want the private sector to lead it.”
This vision necessitates a continuous process of reform and adaptation, Alibrahim said, adding: “This means that reform is a daily exercise.”
As early as 2018, the Kingdom has actively worked on enhancing its competitiveness by streamlining regulations and fostering a more conducive environment to improve the ease of doing business. (AN illustration)
The Kingdom is actively working to enhance its competitiveness by streamlining regulations, improving the ease of doing business, and fostering a more conducive environment for both domestic and international enterprises.
Emphasizing the importance of private-sector engagement, Alibrahim said: “Many laws are being revised. Many laws are being taken to public consultation, and at the heart of all of this is engagement with the private sector and with investors to understand that these laws and the reforms and the regulations, as they evolve, are exactly, what is needed.”
Shielding economy from shocks
Alibrahim acknowledged the inherent challenges posed by the interconnected nature of the global economy. “It’s important to keep in mind that we are shifting the structure of the Saudi economy,” he said. “We’re shifting from an economic structure that relied heavily on oil inflows for its economic activity, to one where we will continue to rely on inflows, but not in the same manner.”
This fundamental shift, according to him, is crucial for mitigating the impact of external shocks and building a more resilient economy.
Highlighting the encouraging growth of the non-oil sector as evidence of this ongoing transformation, he said: “Non-oil activities today represent 52 percent of our total real GDP. Non-oil growth for the last three years on average is 6 percent.
“Our ambition is to take it even further. We are closing 2024 with non-oil growth at 3.9 percent. (In) 2025, we project it to be 4.8 percent. (In) 2026, the Ministry of Economy and Planning projects it to be 6.2 percent.”
He said these figures demonstrated the Kingdom’s progress in restructuring its economy in the right direction.
According to Alibrahim, however, navigating the complexities of the global economy requires a proactive and adaptable approach. “As we shift, whatever plays into our risk assessment is shifting as well,” he said. “In the past, anything that affected the oil market will directly affect our ability to operate as an economy. Today that is shifting.”
He emphasized the importance of continuous monitoring and proactive risk assessment to anticipate and mitigate potential challenges. “The name of the game, in our view, is agile policymaking, more engagement and more institutional capabilities, engaging with all constituents, being agile in decision-making and continuously investing in your institutional capabilities so that you can have better quality policy responses,” he said.
Of ambition and prudence
Acknowledging the ambitious nature of the Kingdom’s giga-projects, Alibrahim emphasized the need for a balanced approach. “What’s critical is to keep in mind that to achieve vision 2030, we started the planning with confidence like you said, but also delivering with optimism, and we believe optimism is a choice,” he said.
“It’s a decision. It’s a design input. It’s not just a gut or emotional reaction or a feeling, but more importantly, managing with prudence.”
He cited the impressive growth of the tourism sector, exceeding initial targets, as a testament to the Kingdom’s ability to effectively plan and execute ambitious initiatives.
“We had the target of 100 million visitors in 2030. We reached 100 million seven years early. Today, that number has been increased to 150 million.”
The Kingdom surpassed its target of 100 million visitors in 2023.
This remarkable achievement demonstrates the Kingdom’s capacity to successfully plan, implement and even surpass ambitious goals, according to Alibrahim.
Still, he reiterated the need for evaluation and adjustments. “On top of that, we wanted to make sure as we got more knowledgeable and are aware of how to manage the economy and economic management, we don’t want to create value leakage like what happened before in the 1980s,” he said.
“We also don’t want to overheat the economy and create an inflation environment that might hurt the private sector, the existing private sector or other players outside of these projects, so a decision to revisit how fast we go without really affecting the pace and scale of overall Vision 2030 was looked at.”
These adjustments reflect a commitment to responsible and sustainable development, according to Alibrahim.
He recognized that while the tourism sector has exceeded expectations, other factors, such as the emergence of new projects, necessitate a careful review of timelines and resource allocation.
“In parallel, new inputs came in. We won hosting the Asian Cup for 2027, Asian Winter games in Trojena 2029, World Expo 2030, World Cup 2034. We’re hosting the world twice in four years very soon,” he said.
World Expo 2030 takes place from Oct. 1, 2030, to March 31, 2031 in Riyadh. (X: @bieparis)
These new opportunities, while exciting, require careful consideration and integration into the overall development plan, according to Alibrahim.
“We just concluded for the first time a long-term fiscal exercise,” he said. “We decided to shift things. There is agility in decision making, there is prudence in management, and we’re not ashamed to talk about that.”
To ensure the successful and sustainable execution of these ambitious projects, Alibrahim stressed the importance of quality and sustainability. “We need to make sure that the optimal value creation for the local economy (and) minimizing the impact of creating an inflationary environment on the economy as well as in the private sector and then using innovation and using these opportunities to invite quality investors and quality partners that can come in and set up shop,” he said.
He also underscored the need for clarity and transparency in these large-scale projects. “For the first time in a long time, we do have clarity on the types of projects that we will have and what kind of partners we need, which is clarity that the private sector always seeks,” he said.
This clarity, in his opinion, creates an opportunity to attract international partners with the expertise and resources to deliver high-quality infrastructure projects while maximizing knowledge transfer and minimizing risks. “Infrastructure in general is a sector that we see will be witnessing a lot of investment in the Kingdom,” he said.
Saudi Arabia heads to Davos
Saudi Arabia’s delegation to the WEF annual meeting in Davos this year will feature for the first time a “Saudi House.” This centralized hub will serve as a meeting point for government officials, business leaders and other stakeholders participating in the forum.
Saudi House was designed to bring together all the government entities that are participating in Davos in one convenient location, Alibrahim said.
Using this opportunity to create a positive impact on the global economy, he will champion a key call in Davos for global leadership to move beyond tepid economic growth and embrace a more ambitious, “intrepid leadership-led” approach.
(Saudi MEP illustration image)
Rewriting the economic playbook: A new era of growth
Alibrahim spoke of the importance of realizing that the Kingdom’s approach to unlocking its potential involves “rewriting the economic playbook.”
This ambitious undertaking extends beyond attracting investment; it’s about cultivating a dynamic and vibrant ecosystem that attracts both capital and talent, according to him.
“This is not just about investments or the government spending money,” he said, elaborating the point. “This is about creating an environment that’s vibrant, that attracts capital, attracts minds to the opportunities that are being created in the Kingdom led today by the government.”
This vision necessitates a continuous process of reform and adaptation, Alibrahim said, adding: “This means that reform is a daily exercise.”
He said the Kingdom is actively working to enhance its competitiveness by streamlining regulations, improving the ease of doing business, and fostering a more conducive environment for both domestic and international enterprises.
A global growth platform
Alibrahim asserted that Saudi Arabia has emerged as a leading global growth platform. “What’s critical for us is the strengths that the Kingdom has in the past,” he said.
He highlighted a key differentiator, saying: “Every country has its strengths, and we need to build on these strengths to transform.”
He explained that while many countries rely primarily on either natural resources or human capital, the Kingdom possesses a unique advantage by leveraging both. This unique combination of abundant natural resources and a dynamic human capital base sets the Kingdom apart from many other emerging markets.
Furthermore, he emphasized the Kingdom’s strategic advantages. “We have a large land area that can be leveraged for (diverse) projects, including AI. We have access to natural resources, specifically cleanest hydrocarbon energy globally, but also renewable energy of the cheapest wind and solar globally delivered by the private sector.
General view of the 300-MW Sakaka Solar Energy Project in Al-Jouf province. Saudi Arabia has committed to have 50 percent of its power generated from renewable sources by 2030. (Photo courtesy of Acwa Power)
“We also have green hydrogen investments working on blue hydrogen, working on many other sources,” said. These abundant and diverse energy resources provide a strong foundation for sustainable economic growth and attract significant investment in clean energy technologies.
Alibrahim also highlighted the Kingdom’s human capital as a key driver of growth. “We also have access to a talent pool that is today Saudi based,” he said. “Sixty-three percent of the population is below the age of 30, a young and dynamic population full of optimism and full of energy.”
He drew attention to the Kingdom’s strategic location and its growing global influence. “Keep in mind the Kingdom’s location connecting three continents and the Kingdom’s leadership role in the global issues, also connecting the world and helping the world to shape a more prosperous future,” he said.
Strategic partnerships
The growing significance of strategic partnerships with leading global financial institutions is an important aspect to consider, according to Alibraim. “The Kingdom today is a global investment powerhouse that’s leveraging on its diplomatic determination, economic potential, resources with natural and human,” he said.
While the Kingdom has long-standing relationships with many global financial institutions, the nature of these partnerships is evolving.
“What’s different today is that we’re seeing a lot of these firms when we talk about investment firms, we’re looking at the Kingdom as not just a source of capital, but as a capital of opportunities,” he said.
During the interview with Arab News, the minister underlined the Kingdom’s commitment to being a reliable partner for economic growth. (AN Photo)
He maintained that leading global financial institutions are increasingly recognizing the Kingdom not just as a destination for investment, but as a partner in growth and development. “They want to invest in the Kingdom,” he said.
He also mentioned the growing confidence of international investors in the Kingdom’s economic transformation. “Almost 571, if I’m not mistaken, multinational companies, investment and otherwise, have signed to re-establish their or establish the region headquarters in the Kingdom well beyond our targets for 2030, six seven years ahead (of schedule).”
This significant influx of multinational companies serves as a powerful testament to the growing attractiveness of the Kingdom as a business and investment hub, he added.
Alibrahim reiterated the long-term nature of these partnerships and the Kingdom’s commitment to fostering mutually beneficial collaborations. “But more importantly, the Kingdom has always been and will continue to be a long-term, reliable partner, so what’s happening in the Kingdom is going to create a lot of opportunities for anyone who wants to come and truly shape what the future looks like,” he said.
When asked about successful leadership, Alibrahim outlined three key imperatives: a long-term vision, unwavering optimism, and a commitment to building strong institutions.
He spoke of the importance of a long-term perspective, saying: “In the Kingdom, when we started with Vision 2030, it came from a long-term view, and I’m going to always refer to the vision as an evidence and example because we’re living it, so the first thing is having a long-term horizon and continuously thinking with a long-term view,” he said.
According to him, this long-term vision serves as a guiding principle, ensuring that all decisions and initiatives are aligned with the Kingdom’s overarching goals and aspirations.
Furthermore, Alibrahim pointed to the importance of clarity in the planning and effective communication in driving progress. “This is a day-in, day-out exercise that we need to continue living in order to be in a better position to achieve our ambitions,” he said.
“Today in the Kingdom, Vision 2030 has been going on for eight years, and it still feels like the same energy momentum as when it was launched. In fact, maybe some people say it’s even more energy and more momentum.”
Finally, Alibrahim highlighted the crucial role of strong institutions in supporting sustainable development and long-term prosperity. “To continue investing in building institutional capabilities. This is a long-term investment. This is something that will serve the generations to come. Stronger institutions mean better economic performance,” he said.
Saudi Arabia is on track to achieve the United Nations' Sustainable Development Goals. (Photo courtesy of Monshaat.gov)
A common ground
The importance of finding and fostering common ground in an increasingly interconnected yet fragmented world was pointed out by Alibrahim.
“We were in Berlin a few months ago. The theme was Common Ground. We talked about it in Davos two or three years ago. In the blog post, we pushed the common ground is what keeps people at the table, and we need to make sure we maintain that common ground and fight for protecting that common ground, but also work constructively to grow it,” he said.
According to Alibrahim, the global landscape is evolving with increasing trade fragmentation and a shift away from hyper-globalization. “The world is shifting,” he said. “There is more trade fragmentation. Hyper globalization has ended. Today we have a new kind of globalization.”
This new reality necessitates a renewed focus on dialogue and collaboration, he said, adding: “All this means that dialogue is going to be essential, and at the heart of the dialogue is keeping our mind on what we have in common and how we can grow that as we move forward.”
Saudi Arabia to showcase $100bn aviation investment opportunities at WEF
Updated 19 January 2025
Reem Walid
RIYADH: Saudi Arabia’s General Authority of Civil Aviation is set to present over $100 billion in investment opportunities at the World Economic Forum in Davos, taking place from Jan. 20 to 24.
The Saudi House Pavilion will serve as the venue for showcasing critical aviation projects, encompassing airports, airlines, cargo logistics, and ground services, according to GACA statement.
These initiatives are central to the Kingdom’s ambitious strategy to establish itself as a global aviation hub.
According to the statement, at the heart of the presentation will be the allocation of $50 billion for the expansion and modernization of major airports. An additional $40 billion will be dedicated to new aircraft acquisitions, while $10 billion will be directed toward creating advanced logistics hubs at key airports in Riyadh, Jeddah, and Dammam.
Mohammed Al-Khurais, GACA’s executive vice president of strategy and business intelligence, underscored the scope of the investments.
“Saudi Arabia is offering aviation opportunities on an unprecedented scale. Through our ambitious Saudi Aviation Strategy, we aim to triple passenger traffic, expand to 250 destinations, and handle 330 million passengers and 4.5 million tonnes of cargo annually.”
The pavilion, organized by the Ministry of Economy and Planning, will host high-level discussions and key announcements. Among the speakers will be Abdullah Al-Dubaikhi, Saudi Arabia’s assistant minister of investment, as well as executives from major aviation players, including Archer Aviation and Jeddah Airport.
The GACA statement said panel discussions will focus on high-profile projects such as the King Salman International Airport in Riyadh, a sprawling mega-hub featuring six runways. There will also be dialogue surrounding public-private partnerships aimed at upgrading regional airports.
Beyond traditional infrastructure, the showcase will explore emerging sectors within aviation, such as cargo and logistics, Advanced Air Mobility, and business aviation.
This forward-thinking approach highlights Saudi Arabia’s commitment to not only modernizing its air transport network but also shaping the future of global aviation.
The Saudi pavilion will serve as a dynamic platform to present the Kingdom’s economic vision, fostering collaboration between global leaders, innovators, and investors, the statement said.
Aviation, positioned as a cornerstone of Saudi Arabia’s Vision 2030, is expected to play a pivotal role in transforming the Kingdom into a leading force in the global aviation industry.
Kingdom’s ‘Saudi House’ to showcase transformation in Davos
Saudi Minister of Economy and Planning Faisal Alibrahim sees WEF annual meeting as a platform for dialogue and collaboration
Says centralized hub to serve as meeting point for Saudi government officials, business leaders and other stakeholders
Updated 19 January 2025
Reina Takla
RIYADH: This year, the Saudi delegation to the annual meeting of the World Economic Forum in Davos, Switzerland, will feature, for the first time, a “Saudi House.”
The centralized hub will serve as a meeting point for government officials, business leaders, and other stakeholders participating in the forum.
“Saudi House was designed to facilitate the participation of all the (Saudi) government entities taking part in Davos in one location,” Faisal Alibrahim, the Saudi minister of economy and planning, said in an interview with Arab News.
“We think putting everyone in one place will create the vibrancy that can demonstrate and echo the vibrancy we are seeing here in the Kingdom.”
Speaking ahead of the trip, he spoke of the importance of the Davos summit as a platform for dialogue and collaboration.
“We’re going there because the Kingdom today is a more integrated player,” Alibrahim said.
“We’ve learned more about what we need to do and what we need to achieve, but we also learned more about what we can offer to our partners, to people from all around the world,” he added.
Using this opportunity to create a positive impact on the global economy, Alibrahim will champion a key call in Davos for global leadership to move beyond tepid economic growth and embrace a more ambitious, “intrepid leadership-led” approach.
“Today, the world is looking at two things that sometimes can be seen as in conflicting directions,” he said. “One, we’re at this tepid growth trajectory today, between 2.7 percent and 3.2 percent, according to the World Bank or the IMF, and we’ve been in this economic stalemate for a few years for various reasons.”
He highlighted the stark contrast between this sluggish economic growth and the immense potential unlocked by technological advancements and innovation.
Alibrahim argued that a new era of “intrepid leadership-led” growth is essential to bridge this gap. “We need bold leadership,” he said. “We need to move from tepid growth to intrepid leadership-led growth that can really bring the two together and unlock the potential of the globe. That’s the wider theme.”
This is part of a full interview with Alibrahim, which discussed the importance of a stable Middle East for global prosperity, attracting foreign investment, how the Kingdom is shielded from external shocks and geopolitics, and balancing ambitious giga-projects with prudence, among other topics.
Saudi Arabia issues nearly 522K commercial records in 2024
2024 saw 368,038 registrations from establishments and 153,931 from companies
Number of commercial records granted in 2023 was 368,038
Updated 19 January 2025
MOHAMMED AL-KINANI
JEDDAH: Saudi Arabia experienced a 60 percent increase in commercial records in 2024, with a total of 521,969 issued, compared to the previous year, according to the Ministry of Commerce.
The number of commercial records granted in 2023 was 368,038, the ministry said in a statement outlining its achievements for 2024.
Last year, there were 368,038 registrations from establishments and 153,931 from companies, bringing the total number of active commercial records in the Kingdom to 1,606,169.
This comes as Saudi Arabia is driving economic diversification to reduce reliance on oil, aiming to boost the private sector’s share of gross domestic product from 40 percent to 65 percent by 2030.
Central to this transformation is cultivating an economy fueled by entrepreneurship and innovation, with small and medium enterprises expected to increase their contribution from 20 percent to 35 percent by the end of the decade.
The ministry said the 2024 registrations encompassed a wide range of economic activities, with wholesale and retail trade, construction, accommodation, food services, and manufacturing industries, dominating the list.
Over the past three months, the Kingdom’s commercial records have experienced remarkable growth, driven by the implementation of the New Companies Law, which came into effect in early 2023. The rule introduced significant reforms to facilitate business processes and foster a more dynamic corporate environment.
By the end of the third quarter of 2024, commercial records surged to 389,413, up from 230,762 before the law’s enactment, according to the ministry.
Key reforms under the rule include streamlined procedures for establishing joint-stock companies, remote participation for shareholders, and enhanced financing options, such as allowing limited liability companies to issue debt instruments.
The changes have simplified company formation and introduced flexible financing avenues, reshaping the corporate landscape.
The law also promotes broader ownership by easing the purchase of shares and equity stakes. Notable innovations include the introduction of a simplified joint-stock company model and provisions accommodating non-profit organizations. Additionally, reforms enable sole proprietorships to transition into any company type, modernize rules for mergers and transformations, and allow for company splits.
Small and micro enterprises benefit from reduced compliance burdens, as they are exempt from the requirement of an external auditor.
The law also enhances digital services, facilitating remote shareholder meetings and decision-making. Furthermore, it removes restrictions across all stages of company formation, operation, and dissolution.
