LEAP 2025 sees flurry of infrastructure announcements

Redington has operated in the Kingdom for 24 years. Redington

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Updated 11 February 2025

Nour El-Shaeri

February 11, 2025 14:30

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LEAP 2025 sees flurry of infrastructure announcements

Updated 11 February 2025

Nour El-Shaeri

February 11, 2025 14:30

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RIYADH: Saudi Arabia’s premier technology event, LEAP 2025, has showcased major investment announcements and strategic collaborations, further cementing the Kingdom’s position as a regional hub for digital transformation.

From large-scale infrastructure projects to artificial intelligence-driven innovations, companies have unveiled commitments that align with the nation’s Vision 2030’s push for technological advancement.

Redington Commits $533.3m to Saudi expansion

Redington, a global technology aggregator, announced an SR2 billion ($533.3 million) investment over the next decade to strengthen its presence in Saudi Arabia.

The funds, sourced from internal accruals, will be used to establish a new headquarters, a smart distribution center, and talent development initiatives.

The firm, which has operated in the Kingdom for 24 years, delivered $1.5 billion worth of technology in 2024 alone.

Viswanath Pallasena, the company’s CEO for the Middle East and Africa, said: “We are wholeheartedly committed to Saudi Vision 2030, where technology is a key component to all its three pillars — a vibrant society, a thriving economy, and an ambitious nation. We’re truly dedicated to playing an active role in bringing its transformative goals to life.”

PIF’s SEVEN and TAWAL to develop digital infrastructure for entertainment destinations

The partnership was signed by Abdulrahman Al-Ali, chief information technology officer at SEVEN, and Mohammed Al-Haqbani, CEO of TAWAL. SEVEN

Saudi Entertainment Ventures, also known as SEVEN, a subsidiary of Qiddiya Investment Co. backed by the Public Investment Fund, signed a strategic agreement with TAWAL, a Saudi telecommunications infrastructure firm, to establish neutral digital infrastructure across its 21 entertainment destinations.

The partnership includes the development of internal and external telecom infrastructure featuring indoor coverage systems, multi-band antenna distribution, and neutral communication towers.

The goal is to enhance 4G and 5G connectivity, support Internet-of-Things applications, and enable advanced digital services for visitors.

“This partnership marks a significant step in advancing the digital infrastructure of our entertainment destinations, enabling exceptional and seamless experiences for our visitors,” said Abdulrahman Al-Ali, chief information officer at SEVEN.

Qualcomm and Aramco Digital unveil AI-enabled industrial 5G smartphones

Qualcomm Technologies and Aramco Digital announced a collaboration to develop the world’s first AI-enabled industrial 5G smartphones with native support for the 450-megahertz spectrum.

The 450MHz spectrum is a low-frequency band known for its long-range coverage and strong signal penetration, making it ideal for industrial and rural connectivity. It supports IoT, machine-to-machine communication, and private 5G networks, particularly in energy, utilities, and remote operations.

These devices, powered by Qualcomm’s QCM8550 and QCM6490 processors, will be designed for industrial applications, providing advanced connectivity and data transfer capabilities.

“At Aramco Digital, we are committed to pushing the boundaries of technological innovation,” said Eid Al-Harbi, connectivity president at Aramco Digital. “By utilizing cutting-edge 5G and AI technologies, we are enabling smarter, more sustainable industry that aligns with the Kingdom’s Vision 2030 and beyond.”

IBM and Lenovo expand AI collaboration in Saudi Arabia

Ayman Al-Rashed, regional vice president, IBM Saudi Arabia and Giovanni Di Filippo, president of EMEA, Lenovo, at LEAP 2025. IBM

IBM and Lenovo announced an expansion of their technology partnership to accelerate generative AI adoption in the Kingdom.

The collaboration will integrate IBM’s watsonx AI portfolio, including the Saudi Data and Artificial Intelligence Authority’s open-source Arabic Large Language Model, with Lenovo’s infrastructure.

The initiative is expected to help Saudi businesses and government agencies enhance AI-driven decision-making in areas such as fraud detection, public safety, and IT operations.

Giovanni Di Filippo, president of EMEA Infrastructure Solutions Group at Lenovo, emphasized the significance of the partnership, and said: “We’re pleased to deepen our partnership to bring IBM’s fit-for-purpose generative AI offerings together with Lenovo’s infrastructure solutions to provide customers in Saudi Arabia with solutions designed to meet their unique needs.”

EDGNEX to deploy 500MW of data center capacity by 2030

EDGNEX, the digital infrastructure arm of DAMAC Group, revealed plans to roll out 500 megawatts of data center capacity across the Kingdom by 2030, targeting AI and cloud computing demands.

With existing operations in Riyadh and Dammam, EDGNEX aims to expand its Saudi footprint while engaging local vendors and creating high-value technology and engineering jobs.

The company’s broader portfolio spans 10 countries, with a projected capacity exceeding 1000MW.

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Topics: LEAP2025 Redington Saudi Entertainment Ventures (SEVEN)

Oil Updates — crude rebounds as Ukraine ceasefire deal remains elusive

Updated 14 March 2025

Reuters

March 14, 2025 10:23

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Oil Updates — crude rebounds as Ukraine ceasefire deal remains elusive

Updated 14 March 2025

Reuters

March 14, 2025 10:23

SINGAPORE: Oil prices rebounded on Friday to recover some of their losses of more than 1 percent in the previous session, partly due to the diminishing prospects of a quick end to the Ukraine war that could bring back more Russian energy supplies.

Brent crude futures rose 70 cents, or 1 percent, to $70.58 a barrel by 9:50 a.m. Saudi time after settling 1.5 percent lower in the previous session. US West Texas Intermediate crude was at $67.28 a barrel, up 73 cents, or 1.1 percent, after closing down 1.7 percent on Thursday.

Russian President Vladimir Putin said on Thursday that Moscow supported a US proposal for a ceasefire in Ukraine in principle, but sought a number of clarifications and conditions that appeared to rule out a quick end to the fighting.

“Russia’s tepid support of a 30-day ceasefire proposal with Ukraine has reduced confidence around a ceasefire in the short term,” IG market analyst Tony Sycamore said.

“The feeling is that US won’t lift sanctions until they agree a ceasefire.”

However, the global trade war that has roiled financial markets and raised recession fears is escalating with US President Donald Trump on Thursday threatening to slap a 200 percent tariff on wine, cognac and other alcohol imports from Europe.

The International Energy Agency warned on Thursday that global oil supply could exceed demand by around 600,000 barrels per day this year, due to growth led by the United States and weaker than expected global demand.

“The macroeconomic conditions that underpin our oil demand projections deteriorated over the past month as trade tensions escalated between the US and several other countries,” the IEA said, prompting it to revise down its demand growth estimates for the fourth quarter of 2024 and the first quarter of 2025.

The Trump-driven trade war woes and demand worries dented oil prices on the previous day, though the possibility of less Russian oil in the global markets in the near term provided some cushion during Friday’s trade.

“Most price projections were to the downside in the short term, but geopolitical tension could still cause supply disruptions,” ANZ analysts said in a note to clients.

On Friday, China and Russia stood by Iran after the US demanded nuclear talks with Tehran, with senior Chinese and Russian diplomats saying dialogue should only resume based on “mutual respect” and all sanctions ought to be lifted.

This comes a day after Washington stepped up sanctions, including on Iran Oil Minister Mohsen Paknejad.

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Topics: oil updates oil prices

Closing Bell: Saudi main index closes in green at 11,725

Updated 13 March 2025

Miguel Hadchity

March 13, 2025 16:14

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Closing Bell: Saudi main index closes in green at 11,725

Updated 13 March 2025

Miguel Hadchity

March 13, 2025 16:14

RIYADH: Saudi Arabia’s Tadawul All Share Index gained 20.95 points, or 0.18 percent, closing at 11,725.88 on Thursday. The total trading volume for the benchmark index reached SR6.20 billion ($1.65 billion), with 141 stocks advancing and 94 declining.

The MSCI Tadawul Index also saw an increase, rising by 2.36 points, or 0.16 percent, to close at 1,479.27.

In contrast, the Kingdom’s parallel market, Nomu, slipped by 37.56 points, or 0.12 percent, closing at 31,135.85. This decline came as 54 stocks rose, while 29 saw a decrease.

The top-performing stock of the day was Rasan Information Technology Co., which saw its share price surge by 9.87 percent to SR79.

Other strong performers included Saudi Chemical Co., whose share price climbed by 5.89 percent to SR8.45, and Saudi Research and Media Group, which gained 5.66 percent, reaching SR175.60.

On the other hand, Nice One Beauty Digital Marketing Co. was the worst performer, with its share price dropping by 4.99 percent to SR40.90.

National Shipping Co. of Saudi Arabia and Alandalus Property Co. also faced declines, with their shares falling by 4.29 percent and 3.55 percent, respectively, to SR29 and SR23.90.

On the announcements front, First Milling Co. reported a net profit of SR250.9 million for 2024, marking a 13.9 percent increase compared to the previous year.

The company attributed this growth to higher sales, improved product mixes and pricing, as well as the introduction of new products.

Additionally, continued growth in small-pack goods, which offer higher profit margins, alongside efficiency improvements, cost leadership, and enhanced cash management, contributed to the rise, with increased interest income from Shariah-compliant Murabaha deposits.

Despite the positive results, First Milling Co.’s share price remained unchanged at SR60.90 during today’s trading.

Umm Al-Qura Cement Co. also reported impressive results, with a net profit of SR47.7 million for 2024, a staggering 1,107 percent increase from the previous year’s SR3.9 million.

This growth was driven by higher sales volumes and values, as well as reductions in administrative expenses, financing costs, and zakat. Despite the strong performance, the company’s shares fell by 1.98 percent, closing at SR18.78.

Lastly, ADES Holding Co. announced that it had received a Shariah Evaluation Report confirming its compliance with Islamic guidelines for the year ending Dec. 31.

The report, issued by the Shariyah Review Bureau, affirmed that the company’s activities aligned with Shariah standards. ADES Holding’s shares closed 0.74 percent lower on the main market at SR16.10.

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Topics: TASI NOMU MSCI

Saudi money supply up 9% to hit $791bn in January

Updated 13 March 2025

Dayan Abou Tine

March 13, 2025 14:15

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Saudi money supply up 9% to hit $791bn in January

Updated 13 March 2025

Dayan Abou Tine

March 13, 2025 14:15

RIYADH: Saudi Arabia’s money supply climbed to SR2.97 trillion ($791 billion) in January, marking a 9 percent annual rise, official data showed.

According to figures from the Saudi Central Bank, known as SAMA, demand deposits accounted for 48.75 percent of the total, reaching SR1.45 trillion. While still below the April 2021 peak of 60.21 percent, they edged up from 48.42 percent a year ago, reflecting shifting monetary conditions.

Demand deposits are a crucial part of the money supply. When individuals deposit money into checking accounts, it increases the total amount of demand deposits, thereby expanding the overall money supply in the economy.

A demand deposit refers to money held in a bank account that can be withdrawn at any time, whenever the account holder requires it.

These funds are generally used for everyday expenses. Banks or financial institutions typically offer little to no interest on the balance in a demand deposit account.

Time and savings deposits — which surged during the US Federal Reserve’s aggressive rate hikes, mirrored by Saudi Arabia due to the riyal’s peg to the US dollar — reached SR985.03 billion in January, accounting for 33.21 percent of total deposits.

As the Fed began easing monetary policy in September, lowering interest rates from their 6 percent peak to 5 percent by December, time deposits started to decline from their 33.61 percent high in November.

This shift reflects a gradual return to shorter-term deposit preferences as rate-sensitive accounts adjust to a lower-yield environment.

The third-largest category, other quasi-money deposits — including residents’ foreign currency accounts, marginal deposits for letters of credit, outstanding remittances, and bank repo transactions with the private sector — stood at SR301.28 billion, making up 10.16 percent of total deposits. Currency outside banks totaled SR233.71 billion.

Over the past two years, the Fed’s aggressive rate hikes aimed at curbing inflation led to a rise in term deposits as customers sought higher-yielding accounts, but with benchmark rates now easing, demand deposits have started to regain share.

Despite the 9 percent annual rise in money supply, deposit growth continues to lag behind bank lending, which surged 14.66 percent during the same period to exceed SR3 trillion for the first time. This growth has been driven by corporate credit expansion, particularly in real estate, infrastructure, and other key Vision 2030 sectors.

As deposit inflows moderate, Saudi banks have increasingly turned to external borrowing to bridge funding gaps. Recent issuances of euro-denominated bonds highlight the evolving financing landscape, with the debt capital market playing an increasingly pivotal role.

Speaking at the Capital Markets Forum 2025 in Riyadh in February, Mohammad Al-Faadhel, assistant deputy of financing at the Capital Market Authority, highlighted how Vision 2030 has transformed Saudi Arabia from a capital exporter to a credit-driven market, accelerating debt market growth.

Al-Faadhel noted that the Sukuk and Development Capital Market Committee was established in collaboration with key stakeholders to remove obstacles and support market expansion.

With ongoing structural reforms, Saudi Arabia’s financial ecosystem is evolving rapidly, setting the stage for continued growth in capital markets, corporate lending, and alternative financing mechanisms under Vision 2030.

Loan-to-deposit ratio holds steady

Saudi Arabia’s loan-to-deposit ratio rose to 82.78 percent in January, up from 80.05 percent in the same month last year, yet slightly lower than December’s 83.24 percent, according to SAMA data.

The LDR, a key banking metric, measures the proportion of loans issued by banks relative to their total deposits, indicating liquidity levels and lending capacity.

The increase over the past year reflects strong credit demand, particularly from corporate borrowers in key Vision 2030 sectors such as real estate, infrastructure, and industrial expansion.

However, the slight month-on-month decline suggests a stabilization in lending activity, as banks balance loan issuance with available deposit inflows. Despite the surge in credit, the LDR remains well below the regulatory cap of 90 percent, ensuring ample liquidity and financial stability within the banking system.

This ratio is closely monitored by regulators and investors as it influences banks’ ability to extend new loans while maintaining a healthy funding base.

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Topics: Saudi Central Bank (SAMA) Saudi money supply

BSF, Diriyah Co. ink $1.6bn financing deal to develop Wadi Safar project

Updated 13 March 2025

MOHAMMED AL-KINANI

March 13, 2025 14:04

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BSF, Diriyah Co. ink $1.6bn financing deal to develop Wadi Safar project

Updated 13 March 2025

MOHAMMED AL-KINANI

March 13, 2025 14:04

JEDDAH: Banque Saudi Fransi has signed a financing deal worth SR6 billion ($1.6 billion) with Diriyah Co. to develop the Wadi Safar project, highlighting the private sector’s role in driving economic growth.

The development is a key cultural and tourism destination within the larger Diriyah area, which aims to attract over 50 million visitors by 2030 while supporting major initiatives, according to the bank, which rebranded as BSF in June after 48 years in the market.

During the signing ceremony, Bader Al-Salloom, CEO of BSF, and Jerry Inzerillo, CEO of Diriyah Co., emphasized the importance of this partnership in achieving sustainable development and enhancing Diriyah’s position as a prominent cultural and historical hub.

The agreement between the two parties aligns with Saudi Vision 2030’s goal of transforming the Kingdom into a global tourist destination. The Diriyah Gate Development Authority has set a precedent by blending respect for heritage with innovative, sustainable ventures, such as Al-Bujairi Terrace, which has become a major tourist attraction since its opening in 2022.

The deal is also part of BSF’s initiatives to back significant development projects that boost infrastructure, promote tourism, and drive economic growth in Saudi Arabia, the bank said in a statement.

The Wadi Safar project, introduced in December 2023 by the DGDA, is one of the three main initiatives under the Diriyah Co’s development plan.

It covers an area of approximately 62 sq. km and is set to become an upscale residential community, including high-end hospitality facilities, recreational and sports venues, and advanced commercial and retail spaces.

The project will offer premium real estate units designed to cater to the needs of both investors and visitors. Moreover, Wadi Safar’s gated community will serve as an oasis within Riyadh, featuring three major resorts: Six Senses, Aman, and Oberoi.

It is also the location for the ongoing development of the Greg Norman-designed championship signature golf course and Royal Diriyah Golf Club.

The Diriyah development project aims to generate around 178,000 job opportunities and is expected to contribute SR18.6 billion to the Kingdom’s gross domestic product upon completion.

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Topics: Banque Saudi Fransi Diriyah Co. Wadi Safar

UAE joins dividend surge as global payouts hit record $1.75tn in 2024

Updated 13 March 2025

Nadin Hassan

March 13, 2025 13:42

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UAE joins dividend surge as global payouts hit record $1.75tn in 2024

Updated 13 March 2025

Nadin Hassan

March 13, 2025 13:42

RIYADH: The UAE was among 17 countries setting new dividend records in 2024 as global payouts surged to a record $1.75 trillion, marking a 6.6 percent increase from the previous year, a new report showed.

According to research by trading platform eToro, UAE-listed companies maintained steady dividend distributions, driven by strong performances in the banking, energy, and real estate sectors.

This comes as Saudi-listed companies also made significant dividend moves in 2024, with energy firm Aramco declaring a total payout of $85.4 billion despite a drop in net profit, while Al Rajhi Bank’s total shareholder payments reached SR10.84 billion ($2.89 billion), combining a first-half cash dividend of SR5 billion and a second-half payout of SR5.84 billion.

“The financial sector has been a standout performer, with UAE banks benefiting from higher interest rates and economic expansion. Abu Dhabi Islamic Bank, for instance, raised its dividend payout to 50 percent of its annual profit, reflecting the sector’s robust earnings growth,” said Josh Gilbert, a market analyst at eToro.

Energy companies also played a significant role, with ADNOC Gas announcing a $3.41 billion dividend, supported by high oil prices and a commitment to 5 percent annual dividend growth.

In the real estate sector, Emaar Properties doubled its dividend to 8.8 billion dirhams ($2.4 billion), backed by record property sales and strong market demand.

For income-focused investors, dividends remain a core element of long-term strategies, providing consistent cash flow and potential for compounding returns.

“While 2024 saw record dividend distributions, certain increases, such as Emaar’s 100 percent payout of its share capital, may not be repeated annually. These sectors are cyclical, and dividends could fluctuate with market conditions,” Gilbert added.

Despite concerns about sustainability, UAE companies’ focus on shareholder returns highlights the market’s resilience. The country’s dividend growth outlook remains positive, supported by strong corporate earnings, favorable government policies, and continued investor interest.

Whether targeting high yields or steady income, the UAE remains an attractive market for global investors.

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Topics: UAE dividends etoro Abu Dhabi Islamic Bank

LEAP 2025 sees flurry of infrastructure announcements

LEAP 2025 sees flurry of infrastructure announcements

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Closing Bell: Saudi main index closes in green at 11,725

Closing Bell: Saudi main index closes in green at 11,725

Saudi money supply up 9% to hit $791bn in January

Saudi money supply up 9% to hit $791bn in January

Saudi banks’ money supply hits $786bn, time and savings deposits share at 15-year high

SAMA cuts benchmark interest rate to 5% in line with US Federal Reserve move

BSF, Diriyah Co. ink $1.6bn financing deal to develop Wadi Safar project

BSF, Diriyah Co. ink $1.6bn financing deal to develop Wadi Safar project

Closing Bell: Banque Saudi Fransi raises $810m in sukuk issuance to strengthen capital base

Diriyah Company partners with Golf Saudi to operate Wadi Safar Golf Course, Royal Golf Club

UAE joins dividend surge as global payouts hit record $1.75tn in 2024

UAE joins dividend surge as global payouts hit record $1.75tn in 2024

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Closing Bell: Saudi main index continues to decline on third consecutive day

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LEAP 2025 sees flurry of infrastructure announcements

LEAP 2025 sees flurry of infrastructure announcements

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Oil Updates — crude rebounds as Ukraine ceasefire deal remains elusive

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