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RIYADH: US-based cybersecurity firm Palo Alto Networks has partnered with Sirar, the cybersecurity subsidiary of Saudi telecom giant stc, to combat the growing internet threats, said the CEO EMEA and LATAM of Palo Alto Networks.
“The partnership is important as the Kingdom has a strong and advanced awareness status in cybersecurity, but it’s always a race between the tech front,” said Palo Alto Networks’ CEO EMEA and LATAM Helmut Reisinger.
“It is important for technology providers since they rely heavily on local partners,” he added.
Speaking on the current cyber trends affecting the region, he said: “the Middle East is a global trading place in all the ecosystems. It’s home to critical infrastructure and there’s paranoia, given the global geopolitical situation, about protecting this infrastructure.”
“Saudi Arabia has one of the most critical assets in this area. The Kingdom has a strong digital way of life, with businesses strongly adopting digital transformation.”
When talking about the significant cyber threat, he explains that the major threats today are mainly related to infrastructure and cloud security since 43 percent of cloud workloads are not protected.
“And then, another major threat is that the hacker community becomes increasingly industrialized,” he added.
Additionally, ransomware attacks, business email compromises and software vulnerabilities pose the greatest threat. “This is why there are increasing soft supply chain attacks, which means you take advantage of a vulnerability in a softer piece.”
Talking about measures the Kingdom should implement to increase its resilience to cyber-attacks, Reisinger believes it should raise awareness that cyberattacks can also be physical attacks.
It also should identify the critical lessons you are learning in a country. “I think an overarching good plan and governance is in place to increase this level. We see this, we hear this, and there are activities ongoing on that.”
“The other pieces I believe in the making are also role models in the region, and the Kingdom is a good place if you look here for the global cybersecurity forum is quite impressive,”
Reisinger also urged private entities and governments to adopt a zero-trust policy. “We call it zero trust with zero exceptions,” he added.
As global worker places are shifting to hybrid workspaces, Reisinger said there is a need to protect network assets and remote workers, who are increasingly working in hybrid environments.
Palo Alto Networks is a leader in cybersecurity globally, with a market cap of around $50 billion with strong market growth.
RIYADH: Banks in the UAE are set to witness 52 percent growth in their revenue to about $25 billion by 2030 as the financial sector undertakes widespread digital transformation practices to improve customer experience, said a senior official of the UAE Banks Federation.
Speaking at the Abu Dhabi Finance Week earlier this week, Abdulaziz Al-Ghurair, chairman of the UAE Banks Federation, said the transformation has led to the region’s leading banks registering nearly 95 percent of digital transactions, out of which over 90 percent was done over mobile phones.
Citing the Central Bank of UAE data, Al-Ghurair revealed that in 2021 the share of cash payments in overall transactions declined from 69 percent to 20 percent, even as the total share of digital accounts rose from 7 percent in 2018 to 51 percent in 2021.
He further said that changing customer needs had triggered significant technology investments and upgrades across the banking sector that will facilitate superior customer experience in times to come.
The chairman revealed that UBF has been instrumental in promoting digital transformation and consolidating the sector’s leadership in developing digital solutions, contributing further to economic development in the region.
In a webinar held last month, the federation emphasized on the relentless role of the Central Bank of UAE in adopting the latest technologies to enable greater financial inclusion and develop the national digital economy.
“Under the direct supervision of the Central Bank of the UAE, the federation is committed to creating the conditions for this development. This progress requires keeping up with the latest trends in the financial sector to create solutions that meet customers’ needs,” said Jamal Saleh, director-general of the UBF, in a statement.
He added: “Digitalization is currently one of the most important pillars of the global economy. It is part of our continuous efforts to ensure the consolidation of the banking and finance sector’s leadership through a proactive approach of studying and analyzing global market trends.”
In June, the CBUAE held a meeting with the CEOs of banks operating in the UAE to discuss the continued UAE’s banking sector recovery, the increasing role of digitalization of the financial sector and Emiratization initiatives in the financial sector.
As part of the meeting, the central bank took stock of the implementation of its National Payment System Strategy, which comprised the instant payments platform and fast-tracked modernization of financial infrastructure and payment system data centers.
It also outlined a series of wide-ranging initiatives to increase Emiratization in the financial sector, which included creating 5,000 additional jobs in the banking and insurance sector by the end of 2026.
RIYAHD: Saudi Arabia’s sukuk issuance in November closed at SR9.9 billion ($2.6 billion) of bids received, up SR6.2 billion from the previous month, according to the National Debt Management Center.
The Saudi Riyal Local Sukuk Program is one of Saudi Arabia’s financing tools where the Ministry of Finance issues local instruments that are then organized by NDMC and divided into monthly tranches for investors.
NDMC reported that the total amount of all bids received stood at SR9.9 billion in November, up from SR3.13 billion in October and SR7.4 billion in September.
As for the total amount allocated, it was set at SR6.6 billion last month compared to only SR0.7 billion in October and SR1.7 billion in September, showed the data.
Last month’s sukuk issuance was divided into two tranches, or parts of different sizes and maturity dates, as opposed to into three tranches the two preceding months.
The first tranche in November’s issuance marked a size of SR 5.6 billion maturing in 2030, whereas the second a size of SR1 billion maturing in 2034.
October’s three tranches stood at SR0.3 billion, SR0.3 billion and SR0.1 billion with their maturity dates being 2029, 2032 and 2037 respectively.
In addition, September’s tranches recorded SR0.2 billion, SR0.7 billion and SR0.8 billion with maturities of 2027, 2032 and 2037 respectively.
Al Rajhi Banking and Investment Corp., the Kingdom’s largest valued bank, completed the offering and subscription of Tier 1 sukuk denominated in Saudi Riyals, valued at SR10 billion on Tuesday.
The rate of return is reset on Nov. 16, and is reset every five years following the first reset date, according to a bourse filing.
The sukuk allocation is expected to be completed by Nov. 13, and the settlement is scheduled for Nov. 16.
Surplus refunds will be provided to eligible investors on Nov. 16, after which the sukuk will be listed and traded on the Saudi stock exchange, Tadawul
The sukuk issuance continues to stand in line with the statement made by NDMC in May of this year that the organization “will continue, in accordance with the approved Annual Borrowing Plan, to consider additional funding activities subject to market conditions and through available funding channels locally or internationally.”
“This is to ensure the Kingdom’s continuous presence in debt markets and manage the debt repayments for the coming years while taking into account market movements and the government debt portfolio risk management.”
RIYADH: Riyadh’s hotel industry continues to register improved performance, with the occupancy and room tariffs in October hitting their highest levels for any month since March 2022, according to global hospitality data provider STR.
The Saudi capital saw the occupancy level of city hotels reaching 72.3 percent last month, allowing hotel operators to quote higher average daily rates of SR771.24 ($205), revealed STR’s preliminary data for October 2022.
As Riyadh’s hotel rooms stayed strong on occupancy with charging comparatively higher daily tariffs, this helped hoteliers earn better revenue per available room, or RevPAR, at SR557.28, which is the highest since May 2011.
With these improved numbers, the Riyadh hotel market’s ADR and RevPAR levels surpassed the pre-pandemic comparable, while occupancy remained slightly below October 2019, stated STR.
Saudi capital has emerged as one of the major destinations for international events and forums amid the Kingdom’s push to become a regional hub for trade and business. The city was host to the Future Investment Initiative forum in October that saw top CEOs, policymakers, investors and entrepreneurs from across the world attending the three-day event to discuss the future of international investment and the global economy.
The Saudi hospitality market has been on a steady recovery path post the COVID-19 pandemic that played havoc with the global hotel industry.
The return of a variety of events that were previously suspended due to the pandemic is now sustaining and boosting visitor arrivals in Saudi cities, according to global property consultant Knight Frank, as it helped hotels to register better occupancy and daily rates.
For instance, the recent Riyadh International Book Fair is reported to have attracted over 1 million visitors from across the nation. This resulted in improving occupancy rates in the capital’s hotels, noted Knight Frank. Furthermore, it said that rising activity amongst international corporates relocating or expanding their presence in Riyadh has also boosted business travel.
“Looking forward, with the recent launch of the third edition of Riyadh Season, we expect strong demand for hotel rooms this winter. Additionally, as noted above, with rising business travel, room rates are expected to continue rising across the city,” said Turab Saleem, partner – Head of Hospitality, Tourism and Leisure at Knight Frank.
To cater to the growing demand and as part of the economic transformation plans, he said a myriad of new hotel offerings are being planned to accommodate the government’s forecast increase in visitor numbers.
He added: “We expect the total number of hotel rooms to rise by around 25 percent to 25,800 keys by the end of 2024, with over half of the upcoming supply expected to be internationally branded and operated.”
According to September 2022 data from STR, Middle East & Africa was the only world region to show an increase in overall hotel pipeline activity at the end of the third quarter, with 130,956 rooms under construction, 38,147 rooms in the final planning stages, and 74,510 rooms in the planning stage. This comes as the Middle East and Africa regions have a total of 243,613 rooms under contract.
STR noted that most of the region’s pipeline activity is focused in the Middle East, with Saudi Arabia leading the construction activity in the region with 39,070 rooms, followed by the UAE’s 32,373 rooms.
RIYADH: Retailers in the Gulf Cooperation Council region are reporting higher turnovers due to inflation rises and consumers increasing spending on necessities, according to investment banking advisory firm Alpen Capital.
A report from the Dubai-based company forecasts the GCC’s overall retail sector is set to register 15.7 percent year-on-year growth, reaching revenue of $296.8 billion in 2022 — with the period covering the FIFA World Cup 2022 in Qatar prompting 36 percent year-on-year growth.
Alpen Capital also expects to see a compound annual growth rate of 5.7 percent to reach $370 billion by 2026.
Qatar will see the highest growth in the region during 2022, with its sales expected to reach $18.5 billion, however, growth is expected to normalize at a CAGR of 3.5 percent after the World Cup.
Favorable demographics, improving macroeconomic factors and tourism revival will contribute to the growth, along with governments’ push for economic diversification and growing prominence of retailers who sell in both bricks and mortar and online settings, the report added.
“The industry was severely hit by the restrictions imposed during the pandemic; however, retailers were responsive to the changing demands and innovated to sail through difficult times,” said Sameena Ahmad, managing director of corporate affairs at Alpen Capital.
She added: “As the retail industry continues to recover, there is an urgent need for retailers to upscale their digital presence to stay relevant as well as compete with regional and international players.”
Another Alpen Capital managing director, Krishna Dhanak, said GCC retail is transforming post-pandemic and that consolidation is expected.
“Operators have shifted their focus on brand acquisition to strengthen their geographical presence as well as expand and diversify their product offerings,” he explained.
“Larger e-commerce players are likely to acquire niche operators offering customized products and services. Going forward, we expect consolidation in the industry to intensify in order to drive earnings, gain market share and improve operational efficiency,” Dhanak added.
Alpen said across the region, non-food retail sales are forecasted to grow at a CAGR of 6.2 percent between 2022 and 2026, while food retail sales are anticipated to increase at an annualized rate of 4.9 percent during the same period.
Saudi Arabia and the UAE lead sales regionally, cumulatively accounting for 78.5 percent of the total sales by 2026, the report added, due to large and diverse populations, liberalization of policies and a growing appetite for unique shopping experiences.
Retail sales in the Kingdom and the UAE are forecasted to grow at a CAGR of 6.5 percent and 5.1 percent, respectively, between 2022 and 2026, Alpen said.
Bahrain, Oman and Kuwait are expected to grow at a CAGR of 7.3 percent, 6.1 percent and 3.5 percent, respectively during the forecast period, Alpen concluded.
RIYADH: Saudi Arabia has signed a memorandum of understanding with Indonesia to cooperate in energy fields in pursuit of their common aspirations, according to the Saudi Press Agency.
Signed on the sidelines of the G20 summit meetings currently being held in Bali, the MoU aims to enhance cooperation in the fields of oil and gas, electricity, and renewable energy.
The understanding will also encompass energy efficiency, clean hydrogen, the application of the circular carbon economy and its technologies to reduce the effects of climate change, digital transformation, innovation, cybersecurity, and artificial intelligence in the field of energy.
Cooperation will be achieved through exchanging information and experiences in areas related to the MoU, exchanging visits between experts and specialists, and organizing conferences, seminars, and working sessions.
It also entails conducting joint studies and working to develop qualitative partnerships between the two countries to localize materials, products and services, and supply chains and their technologies.
Saudi Arabia’s Crown Prince Mohammed bin Salman arrived in Indonesia on Tuesday to participate in the G20 summit as leaders gathered to discuss a number of issues facing the world, including the war in Ukraine, a global economic downturn, and food security, among other topics.
In September, Saudi Commerce Minister Majid Al-Qasabi met Indonesia’s Trade Minister Zulkifli Hasan on the sidelines of the G-20 trade, investment and industry working group meeting in Bali.
The two sides agreed on a road map, with periodic follow-ups, for boosting trade exchanges between the two countries, the Saudi Press Agency reported.
The ministers also discussed ways to enhance and support the business sector to aid the development of trade relations, and ways to take advantage of the opportunities available in the two countries and turn them into tangible partnerships.
In October, Indonesia was looking to exchange resources with Saudi Arabia to boost the production of electric vehicles and strengthen energy cooperation, a top Indonesian business leader revealed.
Speaking to Arab News on the sidelines of the Future Investment Initiative forum in Riyadh, Arsjad Rasjid, chairman of the Indonesian chamber of commerce, said the Southeast Asian country supplied more than 40 percent of the world’s nickel, heavily used in e-vehicle batteries, and had an array of energy facilities.
“This is where Saudi Arabia, with the capital and technology, and Indonesia can work together,” he added. “There is interconnectivity here on the level of electric vehicle ecosystems that can be synergized between Saudi and Indonesia.”
