2024 marks Saudi Arabia’s bold leap toward technological leadership

2024 marks Saudi Arabia’s bold leap toward technological leadership
Saudi Arabia is poised to continue shaping the future of technology, creating growth opportunities, and enhancing the quality of life for its citizens. Shutterstock
Short Url
Updated 31 December 2024
Follow

2024 marks Saudi Arabia’s bold leap toward technological leadership

2024 marks Saudi Arabia’s bold leap toward technological leadership
  • Kingdom launched ALLaM, a generative AI model tailored specifically for the Arabic language
  • Technology also played a critical role during the Hajj season

RIYADH: Saudi Arabia’s digital transformation journey reached new heights in 2024, solidifying its position as a global leader in technology and innovation. 

Guided by Vision 2030, the Kingdom continued to reshape its economic and social landscapes through extensive digital initiatives spanning government, the private sector, and international partnerships. From advancements in artificial intelligence to significant strides in the digital economy, Saudi Arabia’s achievements over the past year set the stage for even bolder ambitions in 2025.

Revolutionary achievements

One of the standout accomplishments of 2024 was the consolidation of government data. The creation of a centralized data lake integrated 27 large systems with over 322 systems in the National Data Bank. This initiative not only enhanced the quality of national data but also automated data-sharing processes, fostering collaboration across entities and delivering substantial cost savings.

Saudi Arabia also launched ALLaM, a generative AI model tailored specifically for the Arabic language. Integrated into IBM’s Watsonx platform, ALLaM was recognized as the leading generative AI model for Arabic, as measured by the Arabic MMLU benchmark. This innovation underscored the Kingdom’s commitment to preserving its cultural and linguistic heritage while advancing global AI standards.

“Saudi Arabia’s digital transformation initiatives, driven by Vision 2030, have created a strong foundation for the Kingdom to emerge as a global leader in technology and innovation,” said Louise Bou Rached, sales director for the Middle East, North Africa, and Turkiye region at Milestone Systems, in an interview with Arab News. 




Louise Bou Rached, Sales Director, MENAT at Milestone Systems. Supplied

She continued: “The strategic focus on AI, IoT (Internet of Things), 5G, and cloud infrastructure is enabling the development of smart cities, digital governance, and innovative industries.”

Bou Rached highlighted initiatives like NEOM and The Line, which combine cutting-edge technology with sustainability to redefine urban living and attract global attention. “This transformation is enhancing the Kingdom’s international reputation and driving economic diversification, positioning Saudi Arabia as a model for other nations aspiring to achieve technological leadership,” she said.

A key element in this transformation has been the integration of advanced video management systems across smart city projects, improving security, efficiency, and data-driven decision making. “VMS technology ensures the seamless operation of urban environments and aligns with the Kingdom’s broader vision of fostering a secure and intelligent ecosystem,” Bou Rached added.

Technology also played a critical role during the Hajj season, with advanced AI solutions ensuring the safety and well-being of millions of pilgrims. Smart platforms like Basier and Sawaher deployed over 400 AI-linked cameras across key locations, including tunnels and the Jamarat facility. These systems provided real-time crowd density analysis, enabling authorities to address emergencies efficiently. This initiative marked a significant leap in combining AI with large-scale event management.

“Projects involving smart cities, artificial intelligence, and renewable energy are shaping new industries and lifestyles in Saudi Arabia,” said Arun Leslie John, the chief market analyst at Century Financial, in an interview with Arab News. Smart cities like NEOM, he noted, are redefining urban living with intelligent systems that optimize resource management, sustainability, and citizen engagement.

“AI is reshaping industries, from health care to logistics, by enabling predictive analytics, automating processes, and improving efficiency,” he added. John also pointed out that the implementation of Open RAN technology is “seriously changing the scene of the country’s telecommunications sector, offering flexible and cost-efficient network infrastructure, essential for extending 5G and upcoming 6G networks.” 

“Companies specializing in such technologies can take advantage of the emergent demand for improved telecommunication solutions,” John said.




Arun Leslie John, Chief Market Analyst at Century Financial. Supplied

AI discussions

Saudi Arabia reinforced its position as a global AI leader by hosting the third Global AI Summit, which brought together world leaders, researchers, and industry experts to discuss ethics, developments, and the future of AI. The event emphasized the Kingdom’s commitment to becoming a hub for AI innovation.

The country also launched the Open Access National Gateway, providing scientists and researchers access to more than 1,000 advanced laboratories. This initiative bolstered Saudi Arabia’s ability to attract top talent, foster innovation, and drive scientific breakthroughs across various fields. 

The establishment of the National Semiconductor Hub marked a significant milestone in the Kingdom’s drive for technological independence. Launched in partnership with top institutions like King Abdullah University of Science and Technology, the hub supports multiple initiatives, including a joint master’s program with the University of California and Princess Nourah University. Over 850 professionals were trained to localize semiconductor technology, further cementing Saudi Arabia’s place in the global tech landscape.

“Saudi Arabia’s investment in space exploration is about exploring the cosmos and leveraging satellite technology to advance telecommunications, agriculture, and disaster management. These advancements are driving diversification away from oil dependency, creating a high-tech economy that attracts global investments and cultivates homegrown innovation,” Bou Rached noted.

Saudi Arabia’s digital transformation efforts received global recognition in 2024. The Kingdom achieved several milestones such as securing the second place among G20 countries in the ICT Development Index and sixth place globally in the UN E-Government Development Index, climbing 25 positions.

These achievements underscored Saudi Arabia’s progress in delivering efficient, accessible, and citizen-centric digital services.

In the space sector, Saudi Arabia celebrated the graduation of 15 startups from the Space Tech Entrepreneurship Program, which offered financial support, training, and mentorship. This initiative attracted both domestic and international investments, highlighting the Kingdom’s growing influence in the space industry.

The Kingdom also secured over SR41 billion ($10.9 billion) in foreign and domestic investments in technology and data centers in 2024. These investments were complemented by enhancements to digital infrastructure, including efforts to localize emerging technologies and establish a thriving innovation ecosystem.

Notable initiatives included the Cloud First Policy, which prioritized cloud-based solutions across government entities and the expansion of 5G networks, positioning Saudi Arabia among the top 10 countries globally for mobile Internet speeds.

In March, the Kingdom unveiled an updated Digital Transformation Index, designed to elevate public sector adherence to technological advancements. The revised standards, reduced from 125 to 96, aimed to improve the quality of e-government services in line with Vision 2030. More than 233 entities participated in workshops to refine methodologies, contributing to an 85.53 percent overall progress rate in digital transformation.

‘Into New Worlds’

Scheduled for February 2025 in Riyadh, LEAP – the Kingdom’s premier tech-focused conference and exhibition – will bring together 1,000 expert speakers, 680 startups, and over 215,000 global attendees. Under the theme “Into New Worlds,” the event will explore cutting-edge technologies and their practical applications. The 2024 edition of LEAP surpassed previous ones, with agreements worth more than $12 billion being signed.

Greater achievements on the horizon

Saudi Arabia’s roadmap for 2025 builds on the transformative momentum of 2024, with ambitious plans designed to further elevate the Kingdom’s global standing in technology and innovation. In AI and data advancements, efforts will focus on increasing the number of datasets in the National Data Bank to improve accessibility and foster greater collaboration.

The adoption of AI across government entities will be further strengthened to stimulate innovation and improve service delivery. Expanding the scope of the National Smart Cities Platform will be a key priority, with an emphasis on security, safety, and sustainability, while introducing new use cases to enhance quality of life and environmental conservation.

In space exploration, Saudi Arabia plans to manufacture and launch a satellite dedicated to investigating space weather as part of the Artemis 2 mission to the moon. Economically, the Kingdom aims to bolster the ICT sector’s contribution to its gross domestic product by introducing two additional multibillion-dollar companies, bringing the total number of such companies to eight.

As 2025 unfolds, Saudi Arabia is poised to continue shaping the future of technology, creating growth opportunities, and enhancing the quality of life for its citizens. By building on its 2024 achievements, the Kingdom is well-positioned to realize its Vision 2030 goals and establish itself as a global leader in the digital era.


Oil Updates — crude heads to first weekly loss since April on OPEC+ supply hike prospect

Oil Updates — crude heads to first weekly loss since April on OPEC+ supply hike prospect
Updated 59 min 27 sec ago
Follow

Oil Updates — crude heads to first weekly loss since April on OPEC+ supply hike prospect

Oil Updates — crude heads to first weekly loss since April on OPEC+ supply hike prospect

SINGAPORE: Oil prices dropped for a fourth consecutive session on Friday and were set for their first weekly decline in three weeks, weighed down by renewed supply pressure from another possible OPEC+ output hike in July.

Brent futures fell 31 cents, or 0.5 percent, to $64.13 a barrel by 7:12 a.m. Saudi time. US West Texas Intermediate crude futures lost 33 cents, or 0.5 percent, to $60.87.

For the week, Brent has fallen 1.9 percent, and WTI has dropped 2.5 percent, following two weeks of gains.

Both contracts touched their lowest in more than one week on Thursday after a Bloomberg News report that OPEC+ was considering another large production increase at a meeting on June 1.

Increasing output by 411,000 barrels a day (bpd) for July was among the options discussed, but no final agreement has yet been reached, the report said, citing delegates.

“The oil market is under renewed pressure as noise builds around what OPEC+ will do with their July output levels,” ING analysts wrote in a research note.

They expect that OPEC+ will go ahead with a 411,000 bpd supply increase for July and currently forecast Brent to average $59 per barrel in the fourth quarter.

OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, agreed to increase production by nearly 1 million barrels per day in April, May and June.

The supply tailwind offset jitters earlier this week triggered by a report saying Israel is making preparations to strike Iranian nuclear facilities and new sanctions announced by the EU and Britain on Russia’s oil trade.

A large crude oil build in the US also weighed on oil prices.

As traders brace for a flood of increased supply in coming months from OPEC+, US crude oil storage demand has surged in recent weeks to levels similar to the COVID-19 pandemic, according to data from storage broker The Tank Tiger.

On Friday, the market will watch for US oil and gas rig count data from Baker Hughes that is used as an indicator for future supply.

The market is also closely watching US-Iranian nuclear negotiations which could determine the future supply of Iranian oil. The fifth round of talks will take place in Rome on Friday.


Saudi Arabia launches global platform to shape future of tourism 

Saudi Arabia launches global platform to shape future of tourism 
Updated 22 May 2025
Follow

Saudi Arabia launches global platform to shape future of tourism 

Saudi Arabia launches global platform to shape future of tourism 

RIYADH: Saudi Arabia has launched TOURISE, a global platform connecting leaders in tourism, tech, investment, and sustainability, as it positions itself to shape future travel policy and innovation. 

The platform, officially introduced by Minister of Tourism Ahmed Al-Khateeb, will serve as a year-round initiative to unlock investment opportunities, address sector-wide challenges, and develop policies to guide the next phase of global tourism growth.  

The launch aligns with Saudi Arabia’s broader push to become a global tourism hub, backed by major infrastructure investments, streamlined visas, and high-profile events. In 2024, Saudi Arabia hit its Vision 2030 target of 100 million visitors — seven years early — with tourism now contributing nearly 5 percent to gross domestic product. 

Speaking during the virtual launch, Al-Khateeb said: “Tourism is one of the most dynamic, connective forces in the world’s economy, supporting one in ten jobs globally. But as the world evolves, the sector must too.”  

He added: “Whether adapting to technological disruption and changing traveler expectations, to addressing the urgent calls for sustainability and a more equitable approach to travel, TOURISE will be the much-needed platform to shape the future of tourism.”  

TOURISE will be supported by an advisory board composed of global figures from the tourism, hospitality, and technology, as well as entertainment and investment sectors. 

According to the official press release, TOURISE will also form working groups focused on key themes and will publish white papers and global indices in collaboration with international organizations. 

The first TOURISE Summit will take place in Riyadh from Nov. 11-13. The event will explore four major areas: the role of artificial intelligence in tourism, investment and business model innovation, travel experience upgrades, and inclusive and sustainable tourism practices.  

An Innovation Zone will spotlight emerging technologies from both public and private sector firms. 

An accompanying awards program will recognize destinations and organizations that demonstrate leadership in categories such as sustainability, digital transformation, cultural preservation, inclusive tourism and workforce development.  

Nominations for the awards are scheduled to open on June 2, with winners to be announced on the summit's opening day. 

“For this industry to evolve and reach its full potential, public-private sector collaboration is critical to the continued success of Travel & Tourism worldwide,” said Julia Simpson, president and CEO of the World Travel & Tourism Council and a member of the TOURISE advisory board.  


Egypt central bank cuts key interest rates by 100 basis points, statement says

Egypt central bank cuts key interest rates by 100 basis points, statement says
Updated 22 May 2025
Follow

Egypt central bank cuts key interest rates by 100 basis points, statement says

Egypt central bank cuts key interest rates by 100 basis points, statement says

CAIRO: Egypt’s central bank lowered its key interest rates by 100 basis points on Thursday, its second rate cut in 2025 after keeping rates unchanged for a year.


Closing Bell: Saudi main index ends lower at 11,188

Closing Bell: Saudi main index ends lower at 11,188
Updated 22 May 2025
Follow

Closing Bell: Saudi main index ends lower at 11,188

Closing Bell: Saudi main index ends lower at 11,188
  • MSCI Tadawul 30 Index lost 12.2 points to close at 1,428.81
  • Parallel market Nomu declined by 156.89 points to end at 27,260.73

RIYADH: Saudi Arabia’s Tadawul All Share Index closed in the red on Thursday, falling 114.94 points, or 1.02 percent, to settle at 11,188.74.

The total trading turnover reached SR4.4 billion ($1.17 billion), with 76 stocks advancing and 165 declining.

The MSCI Tadawul 30 Index also dropped, losing 12.2 points, or 0.85 percent, to close at 1,428.81.

The Kingdom’s parallel market Nomu declined by 156.89 points, or 0.57 percent, to close at 27,260.73, with 29 stocks gaining and 49 retreating.

The best-performing stock of the day was Saudi Reinsurance Co., rising 3.70 percent to SR49.

Other top gainers included Al-Rajhi Company for Cooperative Insurance, whose share price rose 3.65 percent to SR119.2, and Umm Al-Qura Cement Co., which gained 3.42 percent to SR17.54.

The day’s largest decline was seen in SHL Finance Co., with its share price dipping 4.93 percent to SR19.30.

Al-Etihad Cooperative Insurance Co. saw its shares drop 3.86 percent to SR13.44, while Saudi Arabian Oil Co. declined 3.64 percent to SR25.15.

The best performer on the Kingdom’s parallel market was Enma AlRawabi Co., with its share price surging by 7.77 percent to reach SR24.98.

Lamasat Co.’s share price increased by 7.58 percent to reach SR7.1, and Natural Gas Distribution Co. reached SR47, increasing by 6.82 percent.

Albattal Factory for Chemical Industries Co. was the worst performer on the parallel market, declining 16.83 percent to reach SR42.


Aramco, stc drive Saudi brands’ value up 14% to $117bn, new report shows 

Aramco, stc drive Saudi brands’ value up 14% to $117bn, new report shows 
Updated 22 May 2025
Follow

Aramco, stc drive Saudi brands’ value up 14% to $117bn, new report shows 

Aramco, stc drive Saudi brands’ value up 14% to $117bn, new report shows 
  • Energy, banking, and telecommunications represent nearly 74% of the total brand value in the rankings
  • Dairy producer Almarai is recognized as the Kingdom’s third strongest brand

RIYADH: Saudi Arabia’s top 100 brands reached a combined valuation of $116.8 billion as of January, up 14 percent year on year, led by energy giant Aramco and telecom operator stc, according to a new report.

Marketing consultancy firm Brand Finance said Aramco retained its position as the Kingdom’s most valuable brand for the sixth consecutive year, with a valuation of $41.7 billion.

The company’s strength stems from its global oil production capabilities and investments in low-carbon technologies. 

Aramco retained its position as the Kingdom’s most valuable brand for the sixth consecutive year. Shutterstock

The Kingdom’s economy remains heavily influenced by its core sectors — energy, banking, and telecommunications — which together represent nearly 74 percent of the total brand value in the rankings. This sector concentration underscores Saudi Arabia’s ongoing economic diversification efforts as part of its Vision 2030 strategy. 

Andrew Campbell, managing director, Brand Finance Middle East, said: “Saudi Arabia’s brand landscape is evolving at an impressive pace, driven by bold strategies, innovation, and a clear vision for the future.” 

He added: “From long-standing powerhouses like Aramco and stc to fast-rising brands like Saudia and Almarai, there’s a real sense of momentum across sectors. These brands are not only contributing to the Kingdom’s economic transformation but also setting new benchmarks for excellence in the region and beyond.” 

The report further revealed that stc ranked as the Kingdom’s second most valuable brand in 2025, with a valuation of $41.7 billion, up 16 percent year on year. 

This growth is primarily linked to the successful implementation of its Masterbrand strategy, which facilitated expansion into sectors like banking, cybersecurity, B2B, and IT services through strategic mergers and acquisitions. 

stc ranked as the strongest brand in Saudi Arabia, earning a Brand Strength Index score of 88.7 out of 100 and an AAA rating. File/Reuters

The report by the London-based brand valuation consultancy showed that stc is also ranked as the strongest brand in Saudi Arabia, earning a Brand Strength Index score of 88.7 out of 100 and an AAA rating. Its continued investment in 5G infrastructure and digital financial services has solidified its position as a telecom leader. 

An AAA rating is the highest possible credit or brand strength rating, indicating robust reliability, quality, and performance. 

With brand value up 20 percent to $4.7 billion, Dairy producer Almarai is recognized as the Kingdom’s third strongest brand, earning a Brand Strength Index score of 85.5 out of 100 and an AAA brand strength rating. 

Almarai is also ranked as the top brand in Saudi Arabia for environmental, social, and governance performance. Almarai

This follows the brand’s collaboration with Google Cloud, launched in November, which is driving its digital transformation and enhancing operational efficiency. 

Almarai is also ranked as the top brand in Saudi Arabia for environmental, social, and governance performance, underscoring its strong commitment to ethical business practices, sustainable farming, and reducing carbon emissions. 

As for Saudia, its brand value surged by 34 percent to reach $1.1 billion in January, making it the fastest-growing Saudi brand and marking its first time crossing the billion-dollar milestone. 

Saudia’s brand value surged by 34 percent to reach $1.1 billion in January. Wikipedia

This achievement is largely attributed to the airline’s bold rebranding, along with advances in AI-driven customer service and infrastructure upgrades, which have significantly boosted its global brand visibility. 

The report further revealed that ROSHN Group, with a brand value of $1.1 billion, is the highest-ranked new entrant in the Kingdom this year. It also became the most valuable real estate brand in the country and secured a place among the top 20 brands overall. This debut reflects the company’s strong financial performance and ambitious expansion strategy. 

“Saudi Arabia’s brand landscape is evolving at an impressive pace, driven by bold strategies, innovation, and a clear vision for the future. It’s particularly exciting to see new entrants like ROSHN Group make such a strong debut, showing that diversification and ambition are paying off,” Campbell added.