LEAP 2025 sees flurry of infrastructure announcements

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
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LEAP 2025 sees flurry of infrastructure announcements

LEAP 2025 sees flurry of infrastructure announcements

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. 


Closing Bell: Saudi main index closes in green at 11,970 

Closing Bell: Saudi main index closes in green at 11,970 
Updated 26 March 2025
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Closing Bell: Saudi main index closes in green at 11,970 

Closing Bell: Saudi main index closes in green at 11,970 

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Wednesday, gaining 263.98 points, or 2.26 percent, to close at 11,970.19. 

The total trading turnover of the benchmark index was SR6.18 billion ($1.65 billion), as 239 stocks advanced, while 14 retreated.    

The MSCI Tadawul Index increased by 6.13 points, or 0.41 percent, to close at 1,490.20. 

The Kingdom’s parallel market, Nomu, also rose, gaining 374.70 points, or 1.22 percent, to close at 30,988.44. This comes as 56 stocks advanced, while 27 retreated. 

The best-performing stock was Umm Al Qura for Development and Construction Co. with its share price surging by 14.19 percent to SR23.98. 

Other top performers included Allied Cooperative Insurance Group, which saw its share price rise by 9.13 percent to SR13.86, and Nama Chemicals Co., which saw a 8.98 percent increase to SR30.95. 

Gulf General Cooperative Insurance Co. saw the biggest decline of the day, with its share price slipping 2.60 percent to SR9. 

The Co. for Cooperative Insurance at SR139, down 1.56 percent, and Astra Industrial Group at SR151, down 1.31 percent, both saw declines. 

On the announcement front, Rawasi Albina Investment Co. reported its 2024 financial results, posting net profits of SR7.4 million, a 68.4 percent drop from the previous year. In a statement on Tadawul, the company attributed the decline to a reduced gross profit margin. 

Saudi Fisheries Co. reported a net loss of SR40.9 million for 2024, an improvement from SR119.9 million the previous year, reflecting a 65.8 percent reduction. SFICO attributed the reduction to lower farm-related expenses for shrimp and fish production, a decline in operating costs amid reduced business activity, and a 27 percent drop in SG&A expenses.  

Additionally, the reversal of a SR7.6 million impairment for non-financial assets contributed to the improvement, the firm said in a Tadawul statement. 

However, the net margin remained negative due to fixed farm costs incurred after harvesting, increased consultancy expenses related to capital restructuring, and the recognition of SR8.98 million in provisions for inventory, supplier advances, and trade receivables. 

The firm’s shares traded 2.41 percent higher on the main market to close at SR102. 

Eastern Province Cement Co. also announced its annual financial results for last year. The company’s net profit surged to SR248 million from SR196 million in the previous year. 

In a statement, the company said that the increase was driven by higher cement sales in both quantity and value, along with a rise in precast sales.  

Additionally, reduced losses from the share in an associate company’s results, lower other expenses, realized gains from the sale of investments at fair value through profit or loss, and a decrease in zakat expenses contributed to the overall improvement. 

The firm’s shares traded 4.26 percent higher on the main market to close at SR35.50. 


Egypt’s economy expands 4.3% in second quarter, says minister

Egypt’s economy expands 4.3% in second quarter, says minister
Updated 26 March 2025
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Egypt’s economy expands 4.3% in second quarter, says minister

Egypt’s economy expands 4.3% in second quarter, says minister

RIYADH: Egypt’s economy grew 4.3 percent in the second quarter of 2024-25, accelerating from 2.3 percent a year earlier, driven by structural reforms and rising private sector investment, Planning Minister Rania Al-Mashat said. 

The improved performance reflects the government’s fiscal and monetary adjustments alongside a reduction in public investment, which Al-Mashat said has helped stabilize the economy and drive growth. 

The minister previously forecast 4 percent growth for the full fiscal year, highlighting Egypt’s focus on improving its investment climate and securing $4.2 billion in macroeconomic support from global partners.   

In a statement posted on the government’s official Facebook page, she said: “This is driven by structural reforms aimed at diversifying sources of growth and increasing the competitiveness of the Egyptian economy, which was evident in the strong performance of productive sectors such as manufacturing, tourism, and communications.” 

Al-Mashat added that the government is working to shift toward tradable sectors like manufacturing to create a more diversified and sustainable economy, strengthening Egypt’s ability to navigate global economic challenges. 

She also highlighted the positive outlook for gross domestic product growth, supported by ongoing structural reforms and economic diversification. 

Non-oil manufacturing led economic growth, expanding by 17.74 percent — a sharp turnaround from an 11.56 percent contraction in the same period last year — driven by increased production and faster customs clearance.  

The tourism sector maintained its strong performance with an 18 percent surge, while private investment rose, making up more than half of total investments. Public investment, however, declined by 25.7 percent.  

The Information and Communications Technology sector grew by 10.4 percent, supported by digital infrastructure expansion and rising demand for services. 

Despite ongoing geopolitical tensions affecting Suez Canal activity and a slowdown in the extraction sector, Al-Mashat underscored that economic reforms remain key to building a more competitive, sustainable economy and bolstering investor confidence.  

She noted that net exports turned positive in the second quarter, driven by growth in commodity and service exports. 

In January, Al-Mashat reiterated the government’s focus on disciplined investment management, stating that the public investment budget for the year is capped at 1 trillion Egyptian pounds ($19.78 billion), prioritizing projects that are at least 70 percent complete. 

Between 2020 and 2024, Egypt’s private sector secured $14.5 billion in concessional development financing from global partners. For the first time, private sector access to international soft financing surpassed that of the government in 2024, Al-Mashat noted at that time. 

She also revealed that negotiations are ongoing with the EU and other international partners for a second phase of macroeconomic support, including €4 billion ($4.10 billion) in budget aid and €1.8 billion in investment guarantees. 


CMA proposes easing investor criteria for Nomu to boost participation, liquidity

CMA proposes easing investor criteria for Nomu to boost participation, liquidity
Updated 26 March 2025
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CMA proposes easing investor criteria for Nomu to boost participation, liquidity

CMA proposes easing investor criteria for Nomu to boost participation, liquidity

JEDDAH: Saudi Arabia’s Capital Market Authority has proposed easing investor criteria for Nomu, the Kingdom’s parallel market, aiming to expand participation and improve liquidity.

The proposed amendments suggest reducing the minimum transaction requirement for individual investors from SR40 million ($8 million) to SR30 million over a 12-month period.

Additionally, the requirement for quarterly trading activity would be eliminated. Under the new regulations, board and committee members of companies listed on Nomu would also be eligible to qualify as investors.

The project aims to reserve the term “Qualified Investor in the Parallel Market” for eligible categories, amend the minimum transaction value required for classifying a natural person as a qualified investor, and rank board members and committee members of listed companies as suitable to invest.

Saudi Arabia accounted for 31 percent of the region’s total initial public offering proceeds in 2024, making it the second-largest contributor after the UAE. The Saudi Exchange, Tadawul, witnessed 14 IPOs on its main market, collectively raising $3.8 billion. Nomu also saw 28 IPOs, generating $297 million.

The CMA called upon relevant and interested persons participating in the capital market to share their feedback on the draft for 30 days, ending on April 28.

Earlier in March, the CMA called for feedback on the draft “Regulatory Framework for Debt Instruments Offering Platforms and Investing in Them,” which aims to develop debt instrument offerings by licensed capital market institutions for securities crowdfunding.

With the consultation period to end on April 23, the draft outlines regulatory and licensing requirements for offering and investing in debt instruments, aligning with developments in the capital market.

Key proposals include allowing organizations to present debt instruments in the sukuk and debt market and enabling companies with a FinTech Experimental Permit to obtain the necessary license to operate as capital market institutions.

Organizations will need an arranging license to offer debt instruments through crowdfunding platforms. The draft also introduces requirements for safeguarding client funds and registrable functions for licensed establishments.

The proposal aims to expand the role of capital market institutions in financial technology, enhance the debt market, and increase participation in securities crowdfunding, supporting the CMA’s objectives.


Jewelry spending fuels Saudi POS surge for 2nd consecutive week

Jewelry spending fuels Saudi POS surge for 2nd consecutive week
Updated 26 March 2025
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Jewelry spending fuels Saudi POS surge for 2nd consecutive week

Jewelry spending fuels Saudi POS surge for 2nd consecutive week

RIYADH: Saudi Arabia’s point-of-sale transactions climbed 6.3 percent to SR14.4 billion ($3.8 billion) in the week ending March 22, with jewelry once again leading the growth.

The latest figures from the Saudi Central Bank, also known as SAMA, showed that spending in the sector registered the largest increase in the value of transactions at 29.9 percent to reach SR544.4 million.

Jewelry also saw a 34.4 percent surge in terms of the number of transactions, reaching 403,000.

The hotel sector ranked second with a 24.8 percent surge in transaction value to SR440 million. Spending on clothing and footwear followed, rising 24.5 percent, holding the second-largest share of POS transactions at SR1.87 billion.

Overall transactions increased by 22.4 percent to 12 million.

Expenditure on transportation edged up by 6.9 percent to SR950.8 million, and spending in restaurants and cafes increased by 3.7 percent, bringing the total value of transactions to SR1.5 billion.

The smallest spending increases were in the telecommunication and the construction sectors, rising by 0.2 percent to SR114.8 million and 0.03 percent to SR308 million, respectively.

Spending on education saw the steepest decline for the second week in a row, dropping 37.2 percent to SR88.2 million, following a 144.6 percent surge during the week from March 2 to 8 as students returned from the winter break.

Expenditure on public utilities saw a 4.5 percent dip to SR52.4 million, and spending on food and beverages recorded a 2 percent drop to SR1.88 billion, but still held the largest share of the POS.

Miscellaneous goods and services accounted for the third biggest POS share, with a 5.8 percent uptick, reaching SR1.7 billion. 

Spending in the leading three categories accounted for approximately 38.1 percent, or SR5.5 billion, of the week’s total value.

Geographically, Riyadh dominated POS transactions, representing around 34.1 percent of the total, with spending in the capital reaching SR4.9 billion — a 4.6 percent increase from the previous week. 

Jeddah followed with a 9.8 percent increase to SR2.1 billion, and Makkah came in third at SR933.2 million, up 14 percent. 

Tabuk experienced the smallest increase in spending, edging up by 0.6 percent to SR248.2 million. 

Buraidah and Makkah saw the largest increases in terms of number of transactions, surging by 4.2 percent and 3 percent, respectively, to 4.4 million and 9.8 million transactions.


Emirates NBD teams up with BlackRock to expand private market access 

Emirates NBD teams up with BlackRock to expand private market access 
Updated 26 March 2025
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Emirates NBD teams up with BlackRock to expand private market access 

Emirates NBD teams up with BlackRock to expand private market access 

RIYADH: Dubai’s Emirates NBD has partnered with US-based investment firm BlackRock to launch a dedicated platform aimed at giving its wealthy clients greater access to private markets and alternative assets. 

The two firms signed a memorandum of understanding to create this platform, as well as introduce an initial range of evergreen offerings focused on income and growth strategies, tailored exclusively for the UAE wealth market, according to a press statement. 

Clients of Emirates NBD Asset Management will gain access to BlackRock’s Alternative Investments platform, which currently oversees more than $450 billion in assets under management. 

The appetite for private market investments has been rising globally, driven by investors seeking portfolio diversification and stronger returns. This trend is further fueled by a slowdown in global capital market activity amid higher borrowing costs, with the alternative asset market projected to reach $30 trillion by the end of the decade. 

Marwan Hadi, group head of retail and wealth management at Emirates NBD, said: “Innovation is a cornerstone at Emirates NBD, and we are pleased to partner with BlackRock to offer access to best-in-class, products in alternative markets through a dedicated platform while supporting the growing needs of investors in the region.”  

He added: “We are deeply committed to creating value through our offerings and advancing the investment landscape in the UAE and the wider region, which has been experiencing a strong appetite in the last few years.” 

This partnership also aims to democratize investment opportunities previously limited to institutional investors and ultra-high-net-worth individuals. 

Beyond investment opportunities, BlackRock will leverage its open architecture approach to support Emirates NBD Asset Management’s private markets expansion, offering services including marketing, education, training, and technology. 

“We are delighted to partner with Emirates NBD as they build out their private markets platform. Spurred by investor sentiment and facilitated by product innovation, technology, and regulatory advancements, wealth allocations to private markets are predicted to increase materially over the next five years,” said Rachel Lord, head of International at BlackRock. 

Emirates NBD serves more than 9 million customers across 13 countries, holding 997 billion dirhams ($271 billion) in assets as of Dec. 31, 2024.