KAUST drives Vision 2030 with groundbreaking sustainability efforts 

Special KAUST is spearheading innovations in agriculture, energy, and water management, sectors vital to Saudi Arabia’s future.   
KAUST is spearheading innovations in agriculture, energy, and water management, sectors vital to Saudi Arabia’s future.   
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Updated 09 December 2024
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KAUST drives Vision 2030 with groundbreaking sustainability efforts 

KAUST drives Vision 2030 with groundbreaking sustainability efforts 
  • KAUST’s Accelerating Impact Strategy focuses on translating research into practical innovations, directly aligning with Vision 2030
  • KAUST is spearheading innovations in agriculture, energy, and water management, sectors vital to the Kingdom’s future

RIYADH: With a vision that merges innovative research and practical solutions, King Abdullah University of Science and Technology is shaping the future of Saudi Arabia by tackling sustainability challenges and driving economic innovation.   

Speaking to Arab News on the sidelines of the UN Convention to Combat Desertification COP16 in Riyadh, Sir Edward Byrne, the president of KAUST, emphasized the university’s critical role in achieving the Kingdom’s ambitious goals.

“KAUST has two major contributions to make: brilliant science to validate the principles and the direction forward, and technology implementation to enable the journey,” he said.   

KAUST’s Accelerating Impact Strategy focuses on translating research into practical innovations, directly aligning with Vision 2030.     

The university’s initiatives are addressing pressing environmental challenges, fostering economic development, and positioning KAUST as a global research leader.   

“We have several hundred projects currently geared to the environmental needs of the Kingdom,” Byrne said.      




Sir Edward Byrne, President of KAUST.

Turning vision into reality    

KAUST is spearheading innovations in agriculture, energy, and water management, sectors vital to Saudi Arabia’s future.    

The university’s Center for Sustainable Food Production is developing salt-resistant crops and advanced soil technologies to enhance dryland farming.   

“Our researchers are making better soil that holds water, enabling efficient farming with minimal resources,” Byrne said.  

In energy, KAUST is pioneering clean energy generation and battery storage solutions.   

“We’ve signed a memorandum on cryogenic carbon capture with the Ministry of Energy, showing how we can safely store carbon while transitioning to a diverse energy mix,” Byrne said. 

These innovations are not years away but are being developed and implemented now, benefiting both the Kingdom and the global community. 

Water sustainability is another priority. KAUST is exploring methods to reduce the energy cost of desalination by up to 90 percent. “Generating water is incredibly energy-intensive,” Byrne said.    

He added: “We’re looking at ways to make it far more efficient, which is crucial for the Kingdom’s sustainability goals.”   

KAUST’s contributions extend beyond the lab and into real-world applications, as Byrne highlighted partnerships with key entities such as SABIC, Saudi Aramco, and the Saudi Electricity Co., which are leveraging KAUST’s expertise to scale transformative technologies. 

Research backed by collaboration    

Prof. Sami Al-Ghamdi, a leading expert in environmental impact research at KAUST, highlighted the importance of collaboration.   

“Addressing sustainability and environmental issues requires partnerships,” Al-Ghamdi said.   

He added: “We work with ministries, companies like NEOM, and stakeholders to ensure our research translates into actionable solutions.”   

Al-Ghamdi stressed KAUST’s role in bridging the gap between science and implementation stating: “We don’t just create academic papers. We develop solutions that can be applied locally, nationally, and internationally.”   

 

For example, KAUST is advancing the Red Sea research agenda, previously underexplored, to tackle global challenges related to energy, water, and food security.   

Through startups and innovations, the university is driving real-world applications of its research.   

“We’re transforming lab research into market-ready solutions, addressing issues like climate and environmental sustainability,” Al-Ghamdi said.    

He pointed out that KAUST is also playing a significant role in promoting green jobs, aligning with global trends in sustainability-focused employment.    

Monitoring sustainability   

Prof. Matthew McCabe is at the forefront of KAUST’s Earth Observation Dashboard, a tool that monitors land degradation and restoration in real time.   




Prof. Matthew McCabe.

“We are looking for planetary variables that we can turn data into actionable intelligence. And that’s going to be of use for things like the Saudi Green Initiative and the African Forest Restoration Project,” McCabe said.   

The dashboard provides independent verification of restoration efforts, a critical need as global agreements like the Kunming-Montreal Protocol call for restoring 30 percent of land by 2030. 

“You will be aware that in COP there’s a number of targets and policies that have been signed by representative countries. The Kunming-Montreal Protocol, for instance, calls for the restoration of 30 percent of land by 2030,” McCabe said.     

He continued: “Their targets and signatures on pages. What we actually need is independent verification that these activities and actions are actually happening. The beauty of having a platform in space is that it can see everything. It sees everywhere. There’s no country that it’s not passing over at some point in time.”  

McCabe underscored the economic benefits of restoring ecosystems noting: “I think having a healthy environment is the centerpiece of a prosperous economy. Full stop, so certainly there's going to be a huge explosion in green jobs.”   

The platform’s capabilities extend beyond Saudi Arabia. “We’re using lessons learned here to support large-scale projects like Africa’s AFA100, which aims to restore 100 million hectares,” McCabe stated. 

He added: “We have shown we can get these actionable insights, turning data into knowledge. We’ve shown that we can do that here in the Kingdom. What we want to do is translate and scale that to everywhere, and we’re working with partners around the world.” 

This scalability ensures that innovations developed at KAUST can benefit global environmental restoration initiatives.    

Addressing land degradation   

In another interview with Arab News, Prof. Fernando Maestre at KAUST stressed that land is fundamental for achieving sustainability. 

“Our projects improve restoration activities and monitor biodiversity and carbon sequestration across Saudi ecosystems,” Maestre said.   

One critical gap Maestre’s team is addressing is the lack of data on soil organic carbon in arid regions.   

“There is a lack of data from Saudi Arabia, for instance, and for many other arid and hyperactive regions. One of the key objectives of our research program is to contribute to fill this gap, providing reliable data obtaining and standardize manner across major Saudi ecosystems on soil carbon,” he said.  

 

Maestre added: “Another key component for research is to provide the ground data that are needed to validate remote sensing approaches that are currently being used to monitor biodiversity and to characterize vegetation productivity, to achieving land degradation neutrality.”   

By combining advanced satellite technology with ground data, Maestre’s research supports both local and global sustainability efforts.   

However, Maestre emphasized the importance of local engagement. “Satellites won’t plant trees or move camels,” he said,  

He added: “We listen to local stakeholders and integrate their knowledge with cutting-edge science to create effective solutions.” 

Maestre’s approach involves building partnerships with local and international collaborators.   

“Collaboration is key to addressing global challenges. By working with over 200 scientists from 25 countries, we bring a global perspective to local issues,” he added.    

His team’s efforts are helping bridge the gap between research and real-world application, ensuring that science informs policy and practice effectively.    

 

A bright future ahead

Since its founding 15 years ago, KAUST has established itself as a global research powerhouse.   

“KAUST is only 15 years old in an incredibly short period of time, it’s recognized globally as one of the world’s truly great research universities that draws incredible engineering and scientific talent into the kingdom, and that’s happening in an ongoing way,” Byrne said. 

KAUST’s groundbreaking contributions are already transforming Saudi Arabia’s view on global science.    

Byrne emphasized the university’s role as a beacon for attracting scientific talent to the Kingdom. “KAUST’s success shows that Saudi Arabia can develop a world-class research university from the ground up, inspiring other initiatives like NEOM,” he said. 

Looking ahead, KAUST’s commitment to sustainability and innovation will continue to drive progress. 

By addressing challenges in energy, water, food, and land management, the university is ensuring that Saudi Arabia not only meets its Vision 2030 goals but sets an example for the world.  

“KAUST is the third great university I've led, and it is by far the most aligned with the world's needs. The work going on there at the moment to help develop a sustainable future for the planet is in my mind just incredible,” Byrne concluded. 

As the Kingdom advances its Vision 2030 goals, KAUST’s role in sustainability, economic development, and innovation is more vital than ever. 

With its unique combination of cutting-edge research, strategic partnerships, and actionable solutions, KAUST is not just shaping the future of Saudi Arabia but also setting a global benchmark for scientific excellence and sustainability. 


Closing Bell: Saudi main index rises to close at 12,126

Closing Bell: Saudi main index rises to close at 12,126
Updated 12 January 2025
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Closing Bell: Saudi main index rises to close at 12,126

Closing Bell: Saudi main index rises to close at 12,126
  • Parallel market Nomu gained 12.14 points, or 0.04%, to close at 31,039.53
  • MSCI Tadawul Index gained 1.87 points, or 0.12%, to close at 1,512.01

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 29.22 points, or 0.24 percent, to close at 12,126.97. 

The total trading turnover of the benchmark index was SR4.26 billion ($1.13 billion), as 140 of the stocks advanced and 91 retreated. 

The Kingdom’s parallel market Nomu gained 12.14 points, or 0.04 percent, to close at 31,039.53. This comes as 47 of the listed stocks advanced, while 34 retreated. 

The MSCI Tadawul Index gained 1.87 points, or 0.12 percent, to close at 1,512.01. 

The best-performing stock of the day was Fitaihi Holding Group, which debuted on the main market on Sunday, with its share price surging 6.15 percent to SR4.66. 

Other top performers included Saudi Industrial Investment Group, which saw its share price rise 5.59 percent to SR17.00, and Fawaz Abdulaziz Alhokair Co., whose share price surged 4.88 percent to SR15.46. 

Arabian Pipes Co. recorded the biggest decline, with its share price falling 3.62 percent to SR12.24. 

Maharah Human Resources Co. followed, with its stock price decreasing 2.75 percent to SR6.73. 

Takween Advanced Industries Co. also experienced a drop, with its share price slipping 2.39 percent to SR10.62. 

On the announcements front, Banan Real Estate Co. completed the acquisition of a 45 percent stake in Qimam Noshz Real Estate Development Co., with a total capital of SR71 million. 

According to a Tadawul statement, the stake is to be divided with Banan Real Estate Co. holding 23 percent, while its subsidiary, Al-Aziziah Investment and Real Estate Development Co., holding 22 percent.

Banan Real Estate Co. closed the session at SR6.80, down 0.88 percent. 

Al-Etihad Cooperative Insurance Co. has signed an agreement with AlRajhi Bank to provide bancassurance services and quotations for leased vehicle comprehensive insurance. 

A bourse filing revealed that this partnership is part of the “Lease with a Promise to Own” program. The one-year contract’s revenues are projected to exceed 5 percent of the company’s gross written premiums reported in its 2023 annual financial statements. The financial impact of this agreement is expected to reflect in the firm’s performance starting from the first quarter of 2025. 

Al-Etihad Cooperative Insurance Co. closed the session at SR17.86, up 0.57 percent.

Scientific and Medical Equipment House Co. announced it has been awarded a project tender by the General Directorate of Health Affairs in Najran Region valued at SR99 million. 

According to a Tadawul statement, the project covers the maintenance and repair of medical devices and equipment for several hospitals in the area. The financial impact of the project is anticipated to begin in the second quarter of 2025. 

The firm ended the session at SR51.60, marking a 51.60 percent increase. 


Saudi Arabia ranks 7th globally in IPO proceeds, leads GCC region

Saudi Arabia ranks 7th globally in IPO proceeds, leads GCC region
Updated 12 January 2025
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Saudi Arabia ranks 7th globally in IPO proceeds, leads GCC region

Saudi Arabia ranks 7th globally in IPO proceeds, leads GCC region
  • Kingdom accounted for 42 of the 53 IPOs in the GCC in 2024
  • UAE led in terms of proceeds with $6.2 billion

RIYADH: Saudi Arabia led the Gulf Cooperation Council’s initial public offerings market in 2024, earning a global ranking of seventh in total IPO proceeds, according to the latest report from Kamco Invest. 

The Kingdom accounted for 42 of the 53 IPOs in the GCC last year, significantly outpacing its regional peers and aligning with expectations to maintain its leadership in the coming year.

The surge in listings highlights Saudi Arabia’s dominant position in the regional capital markets and its role as a key driver of IPO activity across the GCC. 

The figure represents a sharp increase from 46 IPOs across the GCC in 2023, underscoring continued investor interest and market dynamism. 

 

GCC issuers collectively raised $12.9 billion in 2024, a 19.8 percent increase from $10.8 billion in 2023, despite global IPO markets experiencing their weakest performance since 2009. 

Within the GCC, Saudi companies contributed $4.1 billion, amounting to 31.6 percent of total regional proceeds. 

While the UAE led in terms of proceeds with $6.2 billion, its share of GCC IPO proceeds dropped from 56.3 percent in 2023 to 47.8 percent in 2024. 

Oman ranked third, with state-backed privatizations raising $2.5 billion, or 19.3 percent of total GCC proceeds. 

 

The majority of Saudi IPOs occurred on the Nomu–Parallel Market, which hosted 28 of the Kingdom’s listings. 

The main market recorded 14 IPOs, including standout listings such as Dr. Soliman Abdel Kader Fakeeh Hospital, which was oversubscribed 119 times and garnered orders worth $91 billion.

Other notable listings included Almoosa Health, Miahona Utilities, and Nice One Beauty Digital Marketing. 

The strong demand was driven by a local investor base and underscored the resilience of Saudi capital markets despite challenges such as declining oil prices and geopolitical tensions. 

 

The report said that sectors such as health care, materials, and professional services were among the most active in Saudi IPOs, reflecting strong fundamentals and investor confidence in these industries. 

Globally, the GCC ranked fourth in IPO proceeds, trailing China, the US, and Japan, demonstrating its growing importance as a financial hub. 

Looking ahead to 2025, Saudi Arabia is expected to further dominate, with 31 IPOs in the pipeline, according to Kuwait-based asset management company Kamco Invest. 

The Kingdom’s Public Investment Fund is set to play a pivotal role with upcoming listings of Saudi Global Ports, Nupco, and Tabreed District Cooling, among others. Several private companies, including flynas, Tabby, and Ejada Systems, are also preparing IPOs. 

 

Oman plans to privatize up to 30 assets in the coming years, with Asyad Group and Oman Electricity Transmission Co. expected to go public in 2025. 

In the UAE, major listings are anticipated from hotel operator FIVE and real estate companies under Dubai Holding, alongside Dubizzle Group and Alpha Data. 

Despite external headwinds like geopolitical tensions and rising economic pressures, the GCC IPO market has proven resilient, with a robust pipeline of offerings across various sectors. 


Oman’s import price index up 1.1% in Q3 2024

Oman’s import price index up 1.1% in Q3 2024
Updated 12 January 2025
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Oman’s import price index up 1.1% in Q3 2024

Oman’s import price index up 1.1% in Q3 2024
  • Largest price hike was recorded in miscellaneous manufactured goods category, which rose by 11%
  • Mineral fuels and related materials saw a significant decrease of 22.2%

RIYADH: Oman’s general index of import prices saw an increase of 1.1 percent in the third quarter of 2024 compared to the same period in 2023, according to data from the National Center for Statistics and Information.

The largest price hike was observed in the miscellaneous manufactured goods category, which rose by 11 percent. This was followed by beverages and tobacco (up 6.7 percent), and food and live animals (up 5.7 percent).

Other notable increases included machinery and transport equipment (5.3 percent), chemicals and related materials (4.3 percent), raw materials (4.3 percent), manufactured goods primarily categorized by material (1.6 percent), and vegetable and animal oils, fats, and waxes (0.9 percent).

In contrast, the category of mineral fuels and related materials saw a significant decrease of 22.2 percent.

This increase in import prices aligns with Oman’s overall rise in imports, which grew by 10.8 percent, reaching 8 billion Omani rials ($20.8 billion) by June 2024, up from 7.2 billion rials in the same period of 2023.

Additionally, the general index of import prices declined by 4.8 percent when compared to the second quarter of 2024. This drop was largely due to decreases in the prices of beverages and tobacco (-22.4 percent), mineral fuels and related materials (-11.6 percent), and chemicals and related materials (-10.8 percent).

The miscellaneous manufactured goods category also saw a reduction of 10.2 percent, while machinery and transport equipment dropped by 3.9 percent. However, the raw materials category saw a 32 percent increase, vegetable and animal oils, fats, and waxes rose by 9.2 percent, and food and live animals increased by 3.5 percent.

Lending trend

Oman’s banking sector experienced a 4.2 percent year-on-year growth in the total balance of credit granted by the end of November 2024, reaching 32.2 billion rials.

According to the Central Bank of Oman, credit to the private sector grew by 5.1 percent, totaling 26.8 billion rials during the same period. This growth reflects the central role of the banking sector in providing credit within the Omani economy, especially given the limited access the private sector has to debt capital markets. In 2022, private sector credit represented 55.4 percent of the country’s gross domestic product, a trend consistent with data from the International Monetary Fund.

Further breakdowns of the credit data revealed that the largest share (45.3 percent) of the private sector credit went to individuals, followed closely by non-financial companies at 45.1 percent. The remaining 9.6 percent was divided between financial firms (6.1 percent) and other sectors (3.5 percent).

In terms of deposits, the total balance in Omani banks grew by 10.8 percent, reaching 31.5 billion rials by the end of November. Of this, private sector deposits increased by 9.2 percent, amounting to 20.6 billion rials.

The breakdown of private sector deposits revealed that the individual sector held the largest share at 49.7 percent, followed by the non-financial corporate sector at 30.6 percent, and the financial corporate sector at 17.1 percent. Other sectors accounted for 2.6 percent.


Saudi entertainment authority launches 3rd startup accelerator to drive innovation 

Saudi entertainment authority launches 3rd startup accelerator to drive innovation 
Updated 12 January 2025
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Saudi entertainment authority launches 3rd startup accelerator to drive innovation 

Saudi entertainment authority launches 3rd startup accelerator to drive innovation 
  • Program offers consulting, mentorship, and international exposure to participating startups
  • Initiative runs for 10 months and is designed to foster entrepreneurship

RIYADH: Saudi Arabia’s entertainment sector is set for growth as the General Entertainment Authority launches the third edition of its accelerator program, which will support 32 startups.

The initiative is designed to drive innovation, foster entrepreneurship, and help shape the future of the Kingdom’s entertainment industry, according to the Saudi Press Agency.

The 10-month accelerator program offers participating startups a comprehensive suite of benefits, including mentorship, consulting, co-working spaces, and international exposure.

Each cohort, consisting of 16 companies, will receive 192 hours of expert guidance and two international trips to explore global market trends.

Aligned with Saudi Arabia’s Vision 2030 objectives of economic diversification, the program is set to play a key role in strengthening the entertainment ecosystem. With projections indicating that the sector will generate 450,000 jobs and contribute 4.2 percent to the country’s gross domestic product by 2030, the initiative aims to enhance innovation, attract investment, and position Saudi Arabia as a regional entertainment hub.

The program builds on the success of its previous editions. The first accelerator, launched in 2023, reviewed 260 project registrations and selected 14 startups after a rigorous vetting process. Entrepreneurs benefited from weekly workshops, personalized consulting, and opportunities to connect with investors.

In the second edition, which launched in mid-2023, the GEA expanded its efforts to help startups overcome market challenges and achieve sustainable growth. Tailored programs helped participants navigate the unique obstacles of the entertainment sector, increasing their chances of success.

The GEA’s initiative is part of a broader strategy to support the Kingdom's growing entertainment industry. Through this accelerator, the GEA aims to foster an environment where innovation thrives, businesses grow, and global partnerships are forged.

In addition to the extensive mentorship and training, participants also had access to 56 hours of expert counseling in June 2023, with speakers and consultants from Saudi Arabia’s leading entrepreneurs sharing valuable insights.

The success of the first two accelerators laid the foundation for the third edition, which is expected to continue driving momentum in the entertainment sector as it evolves into a major contributor to Saudi Arabia’s economic transformation.


Saudi SME job growth hits 10-month high amid expansion plans 

Saudi SME job growth hits 10-month high amid expansion plans 
Updated 12 January 2025
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Saudi SME job growth hits 10-month high amid expansion plans 

Saudi SME job growth hits 10-month high amid expansion plans 
  • SMEs doubled over past seven years, with 45% led by women entrepreneurs, says finance minister
  • Riyad Bank Saudi Arabia SME Purchasing Managers’ Index stood at 56.9 in December

RIYADH: Saudi Arabia’s small and medium enterprises recorded their strongest employment growth in 10 months during December, fueled by long-term expansion plans and robust domestic demand, according to a new report. 

The Riyad Bank Saudi Arabia SME Purchasing Managers’ Index stood at 56.9 in December, slightly lower than November’s 57.1 but well above the neutral 50 mark, indicating sustained growth in the sector. 

Strengthening the SME segment is a cornerstone of the Kingdom’s economic diversification strategy under Vision 2030, aimed at reducing dependence on oil revenues. 

Finance Minister Mohammed Al-Jadaan highlighted the sector’s rapid growth in October, noting that the number of SMEs in Saudi Arabia had doubled over the past seven years, with 45 percent now led by women entrepreneurs. 

“The Riyad Bank Saudi Arabia SME PMI concluded the year on a high note, reflecting a robust performance of the SME sector. The fourth quarter of the year showcased a marked improvement over the third quarter, with the average PMI hitting 56.8, the highest quarterly reading since the end of 2023,” said Naif Al-Ghaith, chief economist at Riyad Bank.  

He added: “This upturn in the SME sector is a testament to the thriving economic environment, characterized by increasing output levels and a surge in incoming new work.”  

The report attributed December’s employment surge to sharp increases in output and incoming new work, supported by stronger business and consumer spending. 

The analysis said that SMEs widely reported strong demand conditions, fueled by increased business and consumer spending, alongside a supportive economic environment. 

S&P Global said job creation rose in December, with staffing levels and growth rates accelerating at their fastest pace since February. 

“This surge in employment is fueled by long-term business expansion plans and upcoming new projects, reflecting a positive outlook among SMEs,” said Al-Ghaith.  

Despite higher input costs, including salary increases and rising raw material prices, inflation pressures eased slightly in December compared to the previous month. 

Business confidence among SMEs reached its highest level since March, marking three consecutive months of improved expectations. 

He added: “This optimistic trajectory aligns with Saudi Arabia’s Vision 2030.”  “The strong performance of SMEs, as evidenced by the Riyad Bank Saudi Arabia SME PMI, underscores the ongoing efforts to bolster economic diversification and support the growth of this sector.”  

He said that SMEs’ resilience and expansion are pivotal for achieving Vision 2030’s goals of creating sustainable employment and promoting inclusive economic growth. 

The positive SME performance aligns with broader economic trends. A separate S&P Global report showed that Saudi Arabia’s overall PMI for December reached 58.4, signaling robust growth in the non-oil economy. 

“By fostering a vibrant SME sector, Saudi Arabia can enhance its economic resilience, create sustainable employment opportunities, and promote inclusive growth, all key components of a diversified and dynamic economy,” concluded Al-Ghaith.  

The employment growth reflects the Kingdom’s ongoing commitment to transforming its economy into a global hub for innovation, entrepreneurship, and investment.