萝莉视频

Datacom aims to ride 萝莉视频鈥檚 tech wave听

Datacom aims to ride 萝莉视频鈥檚 tech wave听
Datacom鈥檚 commitment to AI governance, risk management, and ethical practices underscores its dedication to responsible AI development. (SPA)
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Updated 01 October 2024

Datacom aims to ride 萝莉视频鈥檚 tech wave听

Datacom aims to ride 萝莉视频鈥檚 tech wave听
  • Firm offers innovative AI solutions tailored to local requirements

CAIRO: Technological infusion across all sectors has boosted 萝莉视频鈥檚 position as a catalyst of change, attracting players from all over the globe.听

Datacom, under the leadership of CEO Dawood Moya, aims to be a significant contributor to this by establishing itself as a trusted partner for digital transformation, artificial intelligence, automation, and process intelligence within the public services, financial services industry, and oil and gas sectors.听

In an interview with Arab News, Moya shared that Datacom plans to become a critical player in 萝莉视频, aspiring to be one of the core partners for governmental bodies and industry leaders.听

Moya said: 鈥淥ur aim is to stay for a long term in 萝莉视频 and become one of the core partners for governmental bodies and FSI and oil and gas companies. Datacom will become the key driver in elevating the AI capabilities and make the Kingdom as one of the leading countries in AI.鈥澨

Becoming a partner听

Datacom鈥檚 strategy for the Saudi market includes developing innovative AI solutions tailored to local requirements, collaborating with local universities and research institutions to foster AI talent.听

The company aims to leverage its AI expertise to generate significant impacts for organizations and citizens in the Kingdom.听

A significant aspect of Datacom鈥檚 expansion strategy involves education and training.听

鈥淒atacom aims to invest in training AI professionals and experts locally,鈥 Moya said.

By creating AI curriculums, training programs, workshops, and certifications, Datacom hopes to raise AI awareness and promote acceptance.听

Additionally, the company plans to collaborate with the Saudi government to develop AI-friendly policies and regulations, focusing on AI governance and ethics.听

Partnerships play a crucial role in Datacom鈥檚 approach, with the company already working with over five ministries across 萝莉视频 鈥渄eveloping highly sophisticated AI solutions, which are unique, innovative and effective to enhance the ministries services performance,鈥 Moya said.听

Datacom is also committed to understanding local needs and culture, developing AI solutions that respect data sovereignty requirements, and establishing sector-specific Centers of Excellence to drive AI adoption.听

Looking forward, Datacom has set ambitious growth objectives for the next year, prioritizing 萝莉视频 within its expansion strategy.听

鈥溌芾蚴悠 is the main priority for Datacom. Even when our headquarters is right now based in Ajman, UAE, for different reasons, our focus is 萝莉视频 and UAE, in this order of priorities,鈥 Moya stated.听

The company is offering a portfolio of customized AI solutions, including digital humans with generative AI capabilities, innovative data analysis solutions, and tailored AI ethics and governance models based on Saudi regulations.听

Datacom plans to adapt to and comply with evolving regulations in 萝莉视频 by partnering with the Saudi Authority for Data and Artificial Intelligence, the National Cybersecurity Authority, and other governmental bodies.听

The company鈥檚 commitment to AI governance, risk management, and ethical practices underscores its dedication to responsible AI development.听

The strategic importance of the Saudi market for Datacom is underscored by the Kingdom鈥檚 substantial investment in AI, its economic transformation, government support, and technological adoption, Moya highlighted.听

This investment, along with robust policies and a tech-savvy population, creates a conducive environment for AI growth and innovation.听

鈥淲e established our office 6 months ago, thanks to the support of our local partnership network, who identify us as a technology disruptor in the market,鈥 Moya shared.听

The company plans to register its local entity before the end of 2024, further solidifying its presence in the Kingdom.听

Business fundamentals听

The company鈥檚 business model is centered on reselling disruptive technologies rather than developing software.听

Moya explained, 鈥淥ur business model is based in our operations. We are not software developers, but resellers of the most disruptive technologies we are able to identify, thanks to our experience, know-how, and international presence in the technology segment.鈥澨

This approach leverages Datacom鈥檚 expertise and extensive network to introduce cutting-edge solutions to the Saudi market.听

The motivation behind founding Datacom was to bridge a significant gap in the implementation of AI technologies.听

鈥淲e clearly identified a gap in the know-how of the implementation of AI technologies. Our team is composed by senior experts in the technology field,鈥 Moya highlighted.听

The company has not yet reached profitability but has set a target to achieve this milestone in 2024. 听

To gauge success, Datacom utilizes several key performance indicators.听

鈥淲e are using performance indicators like: Cost of lead, percentage of conversion rate, percentage of closure rate, Churn Rate,鈥 Moya said. 听

Regarding funding, Datacom is privately funded and does not have immediate plans to secure additional finance. However, when asked if the company remains open to potential investment opportunities, he said: 鈥淲e are open to have conversations with investors that would align with our mission and vision. I鈥檓 sure that we can give answers to many questions that are still unanswered, and the Arab world is a window of opportunities, due to the exciting moment that is living, and the support that the regional governments are providing to accelerate that momentum.鈥澨

A booming market听

Moya assessed the current market landscape in 萝莉视频, noting the significant opportunities presented by the government鈥檚 dedicated AI strategy and industry push.听

Forecasting the industry鈥檚 evolution, Moya emphasized the rapid growth expected in the Saudi AI market. 鈥淲e believe that the 萝莉视频 artificial intelligence market is poised for significant growth, and several trends are shaping its evolution,鈥 he explained.听

鈥淭he 萝莉视频 AI market was valued at $3.11 billion in 2023 and is projected to grow at a CAGR (compound annual growth rate) of 42.6 percent between 2024 and 2030. This growth is driven by investments in developing AI solutions across different sectors,鈥 Moya said.听

He added that sectors such as health care, public services, and retail are seeking AI solutions to enhance productivity and efficiency. 鈥淩etail companies, for example, use AI to gain consumer insights and optimize promotions and pricing.鈥澨

鈥淎rabic focused NLP (natural language processing) and IDP (intelligent document processing) solutions are the initial solutions deployed in 萝莉视频,鈥 Moya said.听

鈥淎s 萝莉视频 continues its privatization initiatives, AI investments will play a crucial role. The country鈥檚 rapidly expanding economy and surging foreign investments contribute to this trend,鈥 he added.


ACWA Power advances $1.8bn capital increase plan to boost global expansion, says CFO鈥

ACWA Power advances $1.8bn capital increase plan to boost global expansion, says CFO鈥
Updated 15 June 2025

ACWA Power advances $1.8bn capital increase plan to boost global expansion, says CFO鈥

ACWA Power advances $1.8bn capital increase plan to boost global expansion, says CFO鈥

RIYADH: Saudi utility giant ACWA Power is moving forward with its SR7 billion ($1.8 billion) capital increase as part of a broader strategy to expand its footprint in energy transformation, water desalination, and green hydrogen production, according to its chief financial officer.

In an interview with Al-Ekhbariya, Abdulhameed Al-Muhaidib described the capital raise as a critical step to reinforce the company鈥檚 leadership both domestically and internationally in sustainable infrastructure.

ACWA Power鈥檚 investment portfolio currently stands at around SR400 billion, encompassing over 78 gigawatts of production capacity and more than 9.5 million cubic meters per day in water desalination capacity. In line with long-term objectives, the company鈥檚 board approved a plan two years ago to triple assets under management to over SR937.5 billion by 2030.

The initiative also aligns with 萝莉视频鈥檚 national goal of achieving a balanced energy mix by 2030, targeting an equal split between gas and renewable sources for electricity generation.

鈥淭he company decided to increase its capital through a rights issue rather than expanding into debt markets, with the aim of strengthening its financial position and enhancing credit flexibility. A large portion of the proceeds will be used to expand its project portfolio both inside and outside the Kingdom,鈥 said Al-Muhaidib.

He noted that 60 percent of ACWA Power鈥檚 current investments are located in the Kingdom, with the remaining 40 percent spread across international markets. Between 75 percent and 85 percent of the new capital will be allocated to greenfield projects, while acquisitions will account for no more than 20 percent.

鈥淎CWA Power鈥檚 infrastructure projects rely primarily on debt, with shareholders鈥 equity covering 20 percent to 25 percent of the financing structure. The company will continue this financing strategy while maintaining net debt at approximately SR20 billion, despite the significant growth expected through 2030,鈥 he added.

Highlighting the company鈥檚 geographical expansion, Al-Muhaidib said ACWA Power added new projects worth SR34 billion in 2024 across 萝莉视频, Egypt, Azerbaijan, Uzbekistan, and China.

He also pointed out the firm鈥檚 active presence in China, with more than 90 employees based in its Shanghai office to support growth in that market.

ACWA Power successfully achieved nine financial closings in 2024, amounting to SR34.6 billion. The CFO said a dedicated internal team has been established to streamline project execution from inception to operation.

He confirmed that the Capital Market Authority has approved the capital increase, with the final offering price set to be announced during the company鈥檚 general assembly on June 30.

鈥淪eventy-seven percent of shareholders have submitted their subscription pledges,鈥 Al-Muhaidib noted, adding that the high participation rate underscores investor confidence in the company鈥檚 long-term strategy.

ACWA Power reported a net profit of SR1.75 billion in 2024, a 5.74 percent increase year on year, according to a Tadawul filing issued in February. The gain was attributed to higher revenues from operations and maintenance, increased electricity sales, and improved earnings from equity-accounted investees, capital recycling, and net finance income.


Closing Bell: Saudi main index retreats to 10,731.59

Closing Bell: Saudi main index retreats to 10,731.59
Updated 15 June 2025

Closing Bell: Saudi main index retreats to 10,731.59

Closing Bell: Saudi main index retreats to 10,731.59
  • Parallel market Nomu lost 393.70 points to settle at 26,404.44
  • MSCI Tadawul Index dropped 11.64 points, closing at 1,380.40

RIYADH: 萝莉视频鈥檚 Tadawul All Share Index fell on Sunday, declining 109.35 points, or 1.01 percent, to close at 10,731.59.

Trading turnover reached SR5.15 billion ($1.37 billion), with only 25 stocks advancing while 233 declined.

The parallel market, Nomu, also ended the session in negative territory, losing 393.70 points, or 1.47 percent, to settle at 26,404.44. A total of 24 stocks rose while 70 registered losses. The MSCI Tadawul Index dropped 11.64 points, or 0.84 percent, closing at 1,380.40.

Saudi Research and Media Group led the day鈥檚 gainers, with its share price climbing 9.89 percent to SR155.60. Dr. Sulaiman Al Habib Medical Services Group rose 3.82 percent to SR261, and Jazan Development and Investment Co. advanced 3.32 percent to SR10.28.

On the losing side, MBC Group Co. posted the steepest decline, falling 9.99 percent to SR36.95. Modern Mills for Food Products Co. slipped 6.66 percent to SR30.85, while Wafrah for Industry and Development Co. dropped 6.27 percent to SR26.15.

On the announcements front, Tabuk Agricultural Development Co. signed an agreement with the National Electricity Transmission Co., a subsidiary of Saudi Electricity Co., under the Kingdom鈥檚 Liquid Displacement Program.

The project aims to cut emissions by replacing liquid fuels used in power generation at the company鈥檚 facilities with electricity, while improving operational reliability without imposing significant financial burdens.

Separately, Professional Medical Expertise Co., also known as ProMedEx, signed a memorandum of understanding with Zhende Medical Co., Ltd and MedSurg FZ-LLC to establish a joint manufacturing venture in 萝莉视频.

The facility will produce medical supplies tailored to the domestic market and the wider region. Under the agreement, Zhende Medical will hold a 51 percent stake in the new entity, ProMedEx will own 35 percent, and MedSurg will hold the remaining 14 percent. Capital details will be disclosed at a later stage.


Oman residential property prices jump 7.3% in Q1 on land demand

Oman residential property prices jump 7.3% in Q1 on land demand
Updated 15 June 2025

Oman residential property prices jump 7.3% in Q1 on land demand

Oman residential property prices jump 7.3% in Q1 on land demand
  • Jump driven by 6.5% rise in residential land prices
  • Apartment prices rose 17% in May, while villas gained 6.4%

RIYADH: Oman鈥檚 residential property prices climbed 7.3 percent year on year in the first quarter of 2025, led by a sharp increase in residential land values, official figures showed.

According to data from the National Center for Statistics and Information, the jump was driven by a 6.5 percent rise in residential land prices, which form the largest component of the real estate index. 

The gain reflects a broader regional upswing in property activity during early 2025. In the Kingdom, residential property prices rose 4.3 percent in the first quarter. The UAE continued to post strong gains, with Dubai prices climbing 16.5 percent and Abu Dhabi villa prices increasing 4.4 percent over the same period. In Qatar, real estate transactions reached 1.27 billion Qatari riyals ($350 million) in March alone.

Oman is working to ramp up housing supply as part of its Vision 2040 strategy, aiming to deliver 62,800 new residential units by 2030. Some 5,500 of these are expected to hit the market in 2025, according to consultancy Cavendish Maxwell.

NCSI data also showed strong momentum within individual property types. Apartment prices rose 17 percent in May, while villas gained 6.4 percent, and prices for other residential units increased 2.2 percent. The overall residential real estate price index grew 5.5 percent quarter on quarter in the first three months.

Oman is working to ramp up housing supply as part of its Vision 2040 strategy, aiming to deliver 62,800 new residential units by 2030. File/Reuters

On an annual basis, land prices climbed 5.5 percent, apartment prices rose 4.3 percent, and villa prices increased 4.5 percent. Other home types saw the steepest gains, rising 13.4 percent compared to the same period last year.

At the governorate level, Muscat led the price growth with a 17.4 percent increase in residential land values year on year in the first quarter. Musandam followed with a 12.8 percent rise, while Al-Batinah North and South recorded gains of 7.3 percent and 6.1 percent, respectively. Dhofar and Ash Sharqiyah South posted more moderate increases.

However, the gains were not uniform across the country. Al Buraimi saw residential land prices plummet 35.1 percent, followed by declines in Al Dhahirah at 25.3 percent, Al Wusta at 20.4 percent, Ad Dakhiliyah at 3.7 percent, and Ash Sharqiyah North at 0.8 percent.

Oman鈥檚 real estate market ended 2024 on a strong note, with total transaction values rising 28.1 percent year on year to 3.13 billion Omani rials ($8.13 billion) by November, according to NCSI.

In a bid to attract foreign capital and stimulate development, the sultanate has rolled out a series of reforms, including relaxed ownership restrictions for non-citizens and new tax incentives aimed at boosting investor confidence.


Investors on edge over Israel-Iran conflict, anti-Trump protests

Investors on edge over Israel-Iran conflict, anti-Trump protests
Updated 15 June 2025

Investors on edge over Israel-Iran conflict, anti-Trump protests

Investors on edge over Israel-Iran conflict, anti-Trump protests
  • Israel launched a barrage of strikes across Iran on Friday and Saturday
  • Strikes knocked risky assets on Friday, including stocks

NEW YORK: Dual risks kept investors on edge ahead of markets reopening late on Sunday, from heightened prospects of a broad Middle East war to US-wide protests against US President Donald Trump that threatened more domestic chaos.

Israel launched a barrage of strikes across Iran on Friday and Saturday, saying it had attacked nuclear facilities and missile factories and killed a swathe of military commanders in what could be a prolonged operation to prevent Tehran building an atomic weapon.

Iran launched retaliatory airstrikes at Israel on Friday night, with explosions heard in Jerusalem and Tel Aviv, the country鈥檚 two biggest cities.

On Saturday Prime Minister Benjamin Netanyahu said Israeli strikes would intensify, while Tehran called off nuclear talks that Washington had held out as the only way to halt the bombing.

Israel on Saturday also appeared to have hit Iran鈥檚 oil and gas industry for the first time, with Iranian state media reporting a blaze at a gas field.

The strikes knocked risky assets on Friday, including stocks, lifted oil prices and prompted a rush into safe havens such as gold and the dollar.

Meanwhile, protests, organized by the 鈥淣o Kings鈥 coalition to oppose Trump鈥檚 policies, were another potential damper on risk sentiment. Hours before those protests began on Saturday, a gunman posing as a police officer opened fire on two Minnesota politicians and their spouses, killing Democratic state assemblywoman Melissa Hortman and her husband.

All three major US stock indexes finished in the red on Friday, with the S&P 500 dropping 1.14 percent. Oil and gold prices soaring. The dollar rose.

Israel and Iran are 鈥渘ot shadowboxing any more,鈥 said Matt Gertken, chief geopolitical analyst at BCA Research. 鈥淚t鈥檚 an extensive and ongoing attack.鈥

鈥淎t some point actions by one or the other side will take oil supply off the market鈥 and that could trigger a surge in risk aversion by investors, he added.

Any damage to sentiment and the willingness to take risks could curb near-term gains in the S&P 500, which appears to have stalled after rallying from its early April trade war-induced market swoon. The S&P 500 is about 20 percent above its April low, but has barely moved over the last four weeks.

鈥淭he overall risk profile from the geopolitical situation is still too high for us to be willing to rush back into the market," said Alex Morris, chief investment officer of F/m Investments in Washington.

US stock futures are set to resume trading at 6 p.m. (2200 GMT) on Sunday.

With risky assets sinking, investors鈥 expectations for near-term stock market gyrations jumped.

The Cboe Volatility Index rose 2.8 points to finish at 20.82 on Friday, its highest close in three weeks.

The rise in the VIX, often dubbed the Wall Street 鈥榝ear gauge,鈥 and volatility futures were 鈥渃lassic signs of increased risk aversion from equity market participants,鈥 said Michael Thompson, co-portfolio manager at boutique investment firm Little Harbor Advisors.

Thompson said he would be watching near-term volatility futures prices for any rise toward or above the level for futures set to expire months from now.

鈥淭his would indicate to us that near-term hedging is warranted,鈥 he said.

The mix of domestic and global tensions is a recipe for more uncertainty and unease across most markets, BCA鈥檚 Gertken said.

鈥淢ajor social unrest does typically push up volatility somewhat, and adding the Middle Eastern crisis to the mix means it鈥檚 time to be wary.鈥


UAE posts 4% GDP growth in 2024 as economic diversification accelerates

UAE posts 4% GDP growth in 2024 as economic diversification accelerates
Updated 15 June 2025

UAE posts 4% GDP growth in 2024 as economic diversification accelerates

UAE posts 4% GDP growth in 2024 as economic diversification accelerates
  • Non-oil GDP grew by 5%, totaling 1,342 billion dirhams
  • Central Bank forecasts 4.5% growth in 2025 and 5.5% in 2026

JEDDAH: The UAE鈥檚 gross domestic product reached 1.77 billion dirhams ($481.4 billion) in 2024, recording 4 percent growth, with non-oil sectors contributing 75.5 percent of the total, highlighting diversification progress.

The Central Bank of the UAE has maintained its real GDP growth forecast at 4 percent for 2024, with an expected acceleration to 4.5 percent in 2025 and 5.5 percent in 2026.

According to the Central Bank鈥檚 Quarterly Economic Review for December 2024, this growth outlook was supported by strong performances in tourism, transportation, financial and insurance services, construction and real estate, and communication sectors.

In comparison, 萝莉视频, the largest economy in the region, recorded a modest growth rate of 1.3 percent in 2024, with its non-oil sector contributing 54.8 percent of GDP as the Kingdom steadily advances its Vision 2030 reforms.

UAE Minister of Economy Abdulla bin Touq Al-Marri said the latest GDP figures released by the FCSC reflect a renewed and positive momentum in the national economy. File/WAM

Qatar鈥檚 economy expanded by 2.4 percent, supported by non-hydrocarbon activities comprising nearly 64 percent of GDP, reflecting ongoing efforts to broaden its economic base.

Oman鈥檚 GDP grew by 1.7 percent, driven by a 3.9 percent increase in non-oil activities, particularly in industry and services, while Kuwait鈥檚 economy contracted by 2.7 percent in 2024 due to lower oil revenues under extended OPEC+ cuts, though its non-oil sector showed relative resilience with stronger private sector credit growth.

According to the Federal Competitiveness and Statistics Centre, the non-oil GDP grew by 5 percent, totaling 1,342 billion dirhams, while oil-related activities contributed 434 billion dirhams to the overall economy.

Minister of Economy Abdulla bin Touq Al-Marri emphasized that the latest GDP figures released by the FCSC reflect a renewed and positive momentum in the national economy, according to the UAE鈥檚 official news agency.

Construction and building contributed 11.7 percent, while real estate activities accounted for 7.8 percent of the non-oil GDP. File/WAM

He added that they further underscore the new milestones achieved by the UAE in economic diversification and competitiveness, guided by the vision and directives of its leadership.

The minister emphasized that 鈥渢hese indicators reflect the sustained success of the nation鈥檚 economic strategies, which are driving the transition toward an innovative, knowledge-based, and sustainable economic model aligned with global trends and emerging technologies,鈥 WAM reported.

鈥淲ith each milestone, we are moving closer to achieving the UAE鈥檚 target of raising GDP to 3 trillion dirhams by the next decade, while reinforcing its position as a global hub for the new economy, driven by sustainable development, international competitiveness, and forward-looking leadership,鈥 Al-Marri said, as per WAM.

FCSC Managing Director Hanan Mansour Ahli saId that the UAE鈥檚 4 percent GDP growth in 2024 reflects the country鈥檚 strong economic performance, driven by a forward-looking vision centered on sustainable, non-oil-led development.

The Central Bank of the UAE has maintained its real GDP growth forecast at 4 percent for 2024, with an expected acceleration to 4.5 percent in 2025 and 5.5 percent in 2026. Wikipedia

As per the WAM report, the transport and storage sector was the fastest-growing contributor to the country鈥檚 GDP last year, expanding by 9.6 percent year-on-year. This surge was largely attributed to the outstanding performance of the country鈥檚 airports, which handled 147.8 million passengers, marking a rise of nearly 10 percent.

It added that the building and construction sector registered an 8.4 percent growth in 2024, driven by robust investments in urban infrastructure. Financial and insurance activities grew by 7 percent, while the hospitality sector, including hotels and restaurants, saw a 5.7 percent increase. 

The real estate sector also posted a 4.8 percent rise during the same period.

Based on the FCSC findings, the news agency stated that with regard to non-oil economic activities that contributed most to the GDP, the trade sector contributed 16.8 percent, the manufacturing sector accounted for 13.5 percent, and financial and insurance activities contributed 13.2 percent.

The transport and storage sector was the fastest-growing contributor to the country鈥檚 GDP last year, expanding by 9.6 percent year-on-year. File/WAM

鈥淐onstruction and building contributed 11.7 percent, while real estate activities accounted for 7.8 percent of the non-oil GDP,鈥 it concluded.

According to WAM, passenger traffic through the UAE鈥檚 airports also saw a notable rise of 10 percent, reaching a total of 147.8 million travelers. 

Meanwhile, financial and insurance activities grew by 7 percent, while the hospitality sector, including restaurants and hotels, expanded by 5.7 percent. The real estate sector posted a 4.8 percent growth, underscoring its continued importance in the nation鈥檚 economic landscape.