Aramco launches global innovation award for robotics excellence at WRO 2024

Aramco launches global innovation award for robotics excellence at WRO 2024
At the international final, 48 teams from 45 countries are eligible to win. (Shutterstock)
Short Url
Updated 28 November 2024
Follow

Aramco launches global innovation award for robotics excellence at WRO 2024

Aramco launches global innovation award for robotics excellence at WRO 2024

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.”


PIF completes acquisition of 23% stake in Saudi Re to bolster local insurance sector

PIF completes acquisition of 23% stake in Saudi Re to bolster local insurance sector
Updated 10 sec ago
Follow

PIF completes acquisition of 23% stake in Saudi Re to bolster local insurance sector

PIF completes acquisition of 23% stake in Saudi Re to bolster local insurance sector
  • Investment is expected to significantly strengthen Saudi Re’s position as the national reinsurer
  • Saudi Re to contribute to growth of Saudi reinsurance market and improve risk management for local insurers

RIYADH: Saudi Arabia’s Public Investment Fund has acquired a 23.08 percent stake in Saudi Reinsurance Co. through a capital increase and subscription to new shares. 

The deal, originally signed in July 2024, raises Saudi Re’s capital from SR891 million ($237 million) to SR1.15 billion, a move aimed at enhancing the insurer’s financial stability and credit ratings. 

The investment, which received regulatory approval and shareholder consent, is expected to strengthen Saudi Re’s position as the national reinsurer significantly, according to a press release. 

The move aligns with the Kingdom’s broader commitment to bolstering its insurance sector in line with the goals of Vision 2030. 

By retaining more premiums domestically, Saudi Re will contribute to the growth of the Saudi reinsurance market and improve risk management for local insurers. 

Sultan Alsheikh, head of financial institutions at PIF, said: “By investing in Saudi Re, PIF is reinforcing a leading regional reinsurer and strengthening Saudi Arabia’s insurance sector, which is an essential component of sustainable economic growth.” 

He added: “This enhances access to quality financial services for insurers and their policyholders, and strengthens the sector.” 

Arab News previously reported that Saudi Re’s capital increase would be funded by the issuance of 26.73 million new shares, valued at SR10 each, according to a bourse filing at the time. Representing 30 percent of the company’s capital, the shares were to be fully subscribed by PIF at SR16 per share, totalling SR427.68 million. 

“We are delighted to welcome PIF as a strategic investor and look forward to its role in enabling Saudi Re’s strategy and reinforcing its position as a national reinsurer, while further strengthening its presence regionally and globally,” said Ahmed Al-Jabr, CEO of Saudi Re. 

“This investment will provide us with multiple benefits, including boosting our financial position and unlocking opportunities for expansion and growth,” he added. 

Saudi Re, listed in the Saudi Market Exchange, operates in over 40 countries across the Middle East, Asia, Africa and Lloyd’s market in the UK. It holds high credit ratings, including an A-minus from S&P Global and an A3 from Moody’s. 

In the first nine months of 2024, the company recorded total written premiums of SR1.94 billion ($520 million), with a compound annual growth rate of 17 percent over the past five years. 

The investment aligns with PIF’s broader strategy under Vision 2030 to foster economic diversification and create partnerships that promote local content. 

The fund’s strategy, as set out in the PIF Program 2021-2025 — one of the Vision 2030 realization programs — aims to enable many promising sectors and contribute to increasing local content by creating partnerships with the private sector. 

By scaling up Saudi Re’s capacity to meet the rising demand for reinsurance solutions, PIF is contributing to the development of a robust and innovative insurance ecosystem in Saudi Arabia. 


Abu Dhabi wealth fund seeks full ownership of Aramex

Abu Dhabi wealth fund seeks full ownership of Aramex
Updated 24 min 55 sec ago
Follow

Abu Dhabi wealth fund seeks full ownership of Aramex

Abu Dhabi wealth fund seeks full ownership of Aramex
  • ADQ, through its subsidiary Q Logistics, makes a conditional cash offer

JEDDAH: Abu Dhabi’s sovereign wealth fund has submitted a cash offer that will see it acquire 100 percent of Aramex’s shares, according to an announcement made by the logistics company on Monday.

The offer, which is conditional, comes from Q Logistics Holding LLC, a fully owned subsidiary of ADQ. It targets the portion of Aramex’s issued and paid-up share capital that is not already owned by Abu Dhabi Ports Co.

ADQ was established in 2018 and has a broad portfolio of domestic assets, including Abu Dhabi state carrier Etihad Airways and Abu Dhabi Ports Co., through which it holds a 22.69 percent stake in Aramex.

Aramex confirmed that the proposal will be presented to its board of directors. The company also stated that it will adhere to the required procedures in accordance with the decision of the chairman of the Securities and Commodities Authority regarding the Rules of Acquisition and Merger of Public Joint Stock Companies. 

Following the acquisition offer, Aramex’s shares opened at 2.65 dirhams ($0.72), up from the previous close of 2.31 dirhams. 

In its statement, Aramex noted that shareholders, excluding Abu Dhabi Ports Co., would receive 3 dirhams per share in cash. This offer represents a 33 percent premium over the closing share price of 2.25 dirhams as of Jan. 9. Furthermore, the offer price is a 35 percent premium over the one-month volume-weighted average price of 2.23 dirhams per share.

The company also stated that it would provide further updates on any material developments related to the offer.

In a separate announcement on Jan. 8, Aramex revealed a major step in its efforts to decarbonize logistics in the oil and gas sector. 

The company launched its first commercial deployment of electric trucks and charging solutions in the UAE, in partnership with Admiral Mobility, a local electric vehicle solutions provider. The new fleet includes eight-tonne Farizon electric trucks, each equipped with a 162 kWh battery, certified for use in both the UAE and Saudi Arabia.

This initiative aligns with Aramex’s broader strategy to offer sustainable logistics solutions to its clients while reducing the environmental impact of industrial supply chains. 

The company emphasized that the electric trucks will specifically benefit its oil and gas sector clients by offering efficient and eco-friendly transportation options. Aramex remains committed to achieving carbon neutrality by 2030 and net-zero emissions by 2050.


Saudi banking sector boosted by flurry of debt, sukuk issuances

Saudi banking sector boosted by flurry of debt, sukuk issuances
Updated 13 January 2025
Follow

Saudi banking sector boosted by flurry of debt, sukuk issuances

Saudi banking sector boosted by flurry of debt, sukuk issuances
  • Al Rajhi Bank, Banque Saudi Fransi, and Arab National Bank are among the key players
  • CMA’s strategy seeks to expand the debt instruments market to 24.1% of GDP by 2025

RIYADH: Saudi Arabia’s banking sector is experiencing a surge in activity in debt and sukuk markets as leading financial institutions move to strengthen their capital bases and fund strategic growth initiatives. 

Al Rajhi Bank, Banque Saudi Fransi, and Arab National Bank are among the key players announcing substantial issuances to tap local and international investors.

This wave in activity supports the Capital Market Authority’s objective of transforming the Kingdom’s investment market into a key pillar of the its economy, as outlined in Vision 2030. The plan emphasizes expanding financing options, promoting funding opportunities, and attracting international investors.

Al Rajhi Bank unveiled plans to issue US dollar-denominated additional Tier 1 capital sustainable sukuk under its international sukuk program established in April. 

The issuance, approved by the bank’s board in March, will be executed through a special purpose vehicle and offered to eligible investors both within Saudi Arabia and abroad, according to a statement on the Saudi stock exchange.

The bank has enlisted a consortium of leading financial institutions, including Citigroup, HSBC, and Goldman Sachs, as joint lead managers and bookrunners for the proposed issuance. 

Banque Saudi Fransi similarly announced its intention to issue US dollar-denominated certificates under its Trust Certificate Issuance Program. The initiative follows a board resolution granting executive management the authority to oversee the program and carry out issuances as needed. 

“The issuance is expected to be through a special purpose vehicle and by way of an offer to eligible investors in the Kingdom of Saudi Arabia and internationally,” a statement said.

HSBC will serve as global coordinator, and several prominent institutions, including Japanese-based bank holding company Mizuho and Saudi Fransi Capital, acting as joint lead managers. 

Meanwhile, Arab National Bank has opted for a Saudi Riyal-denominated additional Tier 1 capital sukuk. 

The private placement, valued at SR11.25 billion ($2.9 billion), aims to bolster the bank’s capital base while supporting general corporate purposes. HSBC Saudi Arabia and ANB Capital Co. have been appointed as joint lead managers for the issuance. 

The developments highlight the growing momentum in the Kingdom’s financial markets as banks look to diversify funding sources and enhance their capital adequacy. 

By prioritizing sustainable finance and investor protection, Saudi Arabia is aligning with international standards and leveraging its leadership in Islamic finance to attract a broader range of investors.

The CMA’s strategy seeks to expand the debt instruments market to 24.1 percent of gross domestic product by 2025 by implementing regulatory reforms, improving market accessibility, and streamlining issuance processes.


Annual trade between Qatar and Jordan hits $248m

Annual trade between Qatar and Jordan hits $248m
Updated 13 January 2025
Follow

Annual trade between Qatar and Jordan hits $248m

Annual trade between Qatar and Jordan hits $248m

RIYADH: The trade exchange between Qatar and Jordan rose to 910 million Qatari riyals ($248.16 million) in 2024, a 5.81 percent increase from the previous year, driven by higher imports of Jordanian food and consumer goods. 

Both countries saw their trade balance grow 5.6 percent year on year over the 12-month period, with total commerce rising from 800 million riyals in 2022 to 860 million riyals in 2023, according to data from Qatar’s Planning and Statistics Authority, as reported by Jordan News Agency. 

This comes as the trade and economic relationship between Jordan and Qatar has been on an upward trajectory since the establishment of the Joint Business Council in 2015. 

In November, Jordanian Prime Minister Jafar Hassan and Qatari Prime Minister and Foreign Minister Sheikh Mohammed bin Abdulrahman Al-Thani met to discuss ways to further enhance cooperation in various fields including economic development, trade, investment, and infrastructure. 

Last year, Jordan’s major exports to Qatar included food and consumer products such as fresh and processed foods, vegetables, and fruits, as well as meats, dairy products, and grains. 

Other significant food exports included fresh cheeses, poultry, sweets, and rice. Additionally, Jordan shipped juices, nuts, and oils, as well as pickles, herbs and honey. 

Eggs and Jordanian coffee were also traded.

Conversely, Qatar’s exports to Jordan were largely comprised of chemicals and industrial products, including motor oils, sulfuric acid, aluminum molds, and paraffin. 

Other key Qatari exports to Jordan were polyethylene, iron rods, and chemical fertilizers, as well as plastic bags, organic fertilizers, and medical solutions. 

The growing trade ties between Qatar and Jordan are part of a broader trend of increasing regional trade. 

Saudi Arabia also saw significant growth in its trade relationship with Jordan. In the third quarter of 2024, Saudi exports to Jordan reached SR3.78 billion ($1.01 billion), marking a 15.95 percent year-on-year increase. 

Non-oil exports from the Kingdom to Jordan totaled SR2.26 billion, with rubber and plastic products accounting for SR766.7 million and chemicals contributing SR320.2 million. Jordan’s exports to Saudi Arabia during the same period were valued at SR1.49 billion. 

With ongoing efforts to bolster economic ties, the trade relationship between Qatar and Jordan is expected to continue its positive trajectory. 


Saudi Arabia, Japan strengthen investment ties with strategic MoU

Saudi Arabia, Japan strengthen investment ties with strategic MoU
Updated 13 January 2025
Follow

Saudi Arabia, Japan strengthen investment ties with strategic MoU

Saudi Arabia, Japan strengthen investment ties with strategic MoU

DUBAI: The Saudi Investment Promotion Authority on Monday signed a memorandum of understanding with Japan’s Mizuho Bank Ltd. in an effort to enhance investment opportunities between the two countries.

The MoU was signed by Assistant Minister of Investment Ibrahim bin Yousef Al-Mubarak and bank CEO Masahiko Kato.

The agreement means the Saudi Investment Promotion Authority will provide its expertise and information to help integrate support services to Japanese companies interested in investing in the Kingdom, according to the Saudi Press Agency.

The memorandum comes within the Vision 2030 framework, which aims to diversify the national economy by attracting foreign investments, supporting economic partnerships with international companies, strengthening bilateral investment relations and long-term partnerships, and opening new qualitative areas for cooperation in the investment and economic fields.

On Sunday, the Saudi Japanese Joint Business Council Meeting convened in Riyadh with Minister of Investment Khalid Al-Falih and Japanese Minister of Economy, Trade and Industry Muto Yoji.

Attending the meeting were more than 80 representatives of companies and entities from both nations.

The Japanese delegation included those from industrial and commercial companies, as well as financial institutions focusing on modern technologies with an interest in the Saudi market.