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Global leaders gather in Riyadh to forge collective action on cybersecurity

The event will focus on fostering collaboration under the theme 'Advancing Collective Action in Cyberspace,' with the goal of enhancing multi-stakeholder engagement and driving joint initiatives on key strategic priorities. File
The event will focus on fostering collaboration under the theme 'Advancing Collective Action in Cyberspace,' with the goal of enhancing multi-stakeholder engagement and driving joint initiatives on key strategic priorities. File
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Updated 02 October 2024

Global leaders gather in Riyadh to forge collective action on cybersecurity

Global leaders gather in Riyadh to forge collective action on cybersecurity

RIYADH: Experts from technology, public policy, defense, and other sectors will gather in Riyadh for the Global Cybersecurity Forum Annual Meeting on Oct. 2-3.  

The event will focus on fostering collaboration under the theme “Advancing Collective Action in Cyberspace,” with the goal of enhancing multi-stakeholder engagement and driving joint initiatives on key strategic priorities.  

The program will feature five core sub-themes, each addressing a crucial aspect of cybersecurity. “Beyond Cyber Discord: Building trust within geopolitical competition” will examine ways to overcome geopolitical tensions and cultivate trust among nations.  

“Cyber Psychology: Decoding human behaviors in Cyberspace” will explore the motivations of cybercriminals and strategies to protect users from cyber manipulation.  

The sub-theme “Cyber Social Fabric: Strengthening development and inclusion in Cyberspace” will focus on promoting social cohesion and equitable participation in the digital realm.  

Another critical topic, “Thriving Cyber Economy: Developing strong markets and building resilient cyber ecosystems,” will discuss strategies for economic growth and market integration within the cybersecurity sector. Lastly, “New Cyber Frontier: Integrating convergent technologies in Cyberspace” will investigate the impact of advanced technologies on the future of cybersecurity.  

The event builds on the success of previous editions, aiming to promote a collective approach to addressing challenges and opportunities in cyberspace.  

Day One  

The first day will kick off with various expert forums, fireside chats, and closed sessions, starting with the speaker session titled “Pathways to De-escalation: Shared priorities for reducing tensions and advancing stability in Cyberspace.”  

This session will delve into the effects of rising inter-state tensions in cyberspace and highlight opportunities for progress through new diplomatic channels, evolving norms, and emerging technologies.  

Also on the agenda is “Leadership Launchpad: Charting Paths to Leadership in Cybersecurity,” which will focus on strategies to advance mid-to-senior female cybersecurity professionals into executive roles. Additionally, “Ctrl + Invest” will showcase women-led ventures in the cybersecurity space.  

Another significant session, “Pioneering Pathways: Unleashing potential in the Cybersecurity sector,” will examine the diverse economic contributions of the cybersecurity industry in tech-driven markets, addressing its potential amid technological changes and the associated risks and opportunities for ecosystem development.  

“Equipping the Defenders: What law enforcement needs to win” will address the critical needs of law enforcement in tackling online child abuse, talent shortages, future skill requirements, and propose actionable solutions.  

In “Cyber Statecraft: The new chessboard of geopolitics,” participants will discuss strategies to integrate cybersecurity into national defense, enhancing geopolitical advantage and ensuring long-term security.  

“The Multilateral Frontier: Assessing the state of play and imperatives for collective action in cyber diplomacy” will analyze the current state of UN negotiations, emphasizing significant progress while addressing challenges in establishing robust international norms and frameworks for cyber governance.  

“Code, Clicks, and Culture: Social Transformation in the Technological Age” will focus on the social transformations driven by technological advancements and the cultural shifts resulting from increased interconnectedness and technology adoption across demographics.  

Additional panel discussions and closed sessions will also take place throughout the first day.  

Day Two  

The second day will feature in-depth discussions on the economic, political, and defense roles of cybersecurity in the digital era.  

One notable session, “The History of Cyber Diplomacy Future: Drawing insights from collaborative progress on trade, nuclear, and climate,” will explore how trade agreements, nuclear disarmament, and climate negotiations can inform effective strategies for cyber diplomacy.  

In “Principles of Stability: Applying the lessons of the past to the current and future challenges in Cyberspace,” participants will examine challenges through the lens of the Secure Future Initiative, a multiyear program focused on evolving Microsoft’s design, development, and operational standards for security.  

“Navigating the Future: Advancing the Global Cybersecurity Agenda to build confidence in cyberspace” will trace the evolution from the World Summit on the Information Society Action Line 5—which laid the groundwork for trust and security in information and communication technologies—to the establishment of the ITU Global Cybersecurity Agenda. This session will highlight how the principles of Action Line 5 have shaped the ITU’s broader approach to cybersecurity.  

Panels will cover the security of the healthcare sector, strategies for psychological defense against cyberattacks, and the critical role of the sector during mega events. These discussions aim to address specific sector vulnerabilities and broader resilience strategies in the face of evolving cyber threats.  

Child protection in cyberspace  

Concurrent with the GCF Annual Meeting, the Child Protection in Cyberspace Global Summit will take place on Oct. 2-3 in Riyadh.  

This summit will bring together key stakeholders worldwide to ensure that children are safe and protected in cyberspace. The event is held in collaboration with ITU, UNICEF, GCF, the DQ Institute, and WeProtect Global Alliance.  

“Protecting children online is a shared responsibility,” said ITU Secretary-General Doreen Bogdan-Martin. “With today’s children spending an increasing amount of time online, it is crucial to protect and empower them. The Child Protection in Cyberspace Global Summit will bring together leaders from all sectors to ensure our youngest users can thrive online.”  

The summit will convene prominent figures from government, international organizations, academia, and the private sector to explore multi-stakeholder collaboration for enhancing child protection in cyberspace. The second day will conclude with a high-level roundtable themed “Advancing Collective Action for Child Protection in Cyberspace.”  

“We must work together to make the Internet a safe place for children to learn, socialize, and express themselves,” said UNICEF Executive Director Catherine Russell. “This Summit marks an important opportunity to coordinate global efforts to maximize the benefits of digital technology in children’s lives while protecting them from harm.”  

The summit aims to achieve four key objectives: consolidating global efforts and advancing collective action; enhancing the global response to pressing challenges; mitigating emerging threats facing children in cyberspace; and ensuring child protection resonates with the agenda of global decision-makers.  

These objectives align with the goals of the Child Protection in Cyberspace initiative and support the UN Sustainable Development Goals 4, 5, 16, and 17 under the 2030 Agenda for Sustainable Development.  

“We are gathering in Riyadh because we all recognize that as the risks to children in cyberspace grow in number and complexity, we must collaborate to develop innovative partnerships to advance our collective efforts to protect them,” said Majed Al-Mazyed, governor of Ƶ’s National Cybersecurity Authority, speaking on behalf of the GCF Board of Trustees.  

The event will focus on finding pathways toward a safer cyberspace for children, including designing new collaborative approaches and mechanisms to enhance responsiveness to emerging technological threats.  

“What we need today is coordinated, multi-stakeholder collaboration that enhances not only children’s safety and well-being in cyberspace but also their cyber literacy, as our highest priority,” said Yuyhun Park, founder of the DQ Institute.  

A 2022 GCF global report found that 72 percent of children worldwide have experienced at least one type of cyber threat, with the most prevalent being unwanted ads and inappropriate content. Nearly one in five children reported facing bullying or unwanted sexual advances.  

“Child exploitation is an urgent and growing problem. We need to focus on preventing harm and work together for a cyberspace designed to protect children globally from exploitation,” said Iain Drennan, executive director of WeProtect Global Alliance.


Electric vehicle sales growth eases to 21% in July, research firm says

Electric vehicle sales growth eases to 21% in July, research firm says
Updated 13 August 2025

Electric vehicle sales growth eases to 21% in July, research firm says

Electric vehicle sales growth eases to 21% in July, research firm says

LONDON: Global electric vehicle sales grew 21 percent year-on-year in July, the slowest rate since January and down from 25 percent in June, as momentum in plug-in hybrid sales in China slackened, market research firm Rho Motion said on Wednesday.

China is the world’s biggest car market and accounts for more than half of global EV sales, which in Rho Motion’s data include battery-electric vehicles and plug-in hybrids.

Its overall car sales growth slowed in July, with BYD , the world’s largest EV maker, recording its third monthly drop in registrations.

The relatively muted slowdown in overall EV sales, however, shows other markets are taking up some of the slack, with European sales, for one, benefiting from incentives aimed at speeding up decarbonization.

Global sales of battery-electric vehicles and plug-in hybrids rose to 1.6 million units in July, Rho Motion data showed.

China’s EV sales growth, which averaged 36 percent a month in the first half, eased to 12 percent in July as the previously booming market was dampened by a pause in some 2025 government subsidy schemes for EV and plug-in hybrid purchases, Rho Motion data manager Charles Lester said.

Chinese sales reached around one million vehicles. European sales surged 48 percent to about 390,000 units, while North American sales climbed 10 percent to more than 170,000. Sales in the rest of the world jumped 55 percent to more than 140,000 vehicles.

“Despite regional variations, the overall trajectory for EV adoption in 2025 remains strongly upward,” Lester said.

Chinese car sales are expected to return to strong growth from August as new funds become available for its subsidy schemes, while a cut in US tax credits for buying or leasing new EVs at the end of September will hurt demand there, Lester added.


Saudi EXIM Bank’s H1 credit facilities surge 44% to $6.29bn

Saudi EXIM Bank’s H1 credit facilities surge 44% to $6.29bn
Updated 13 August 2025

Saudi EXIM Bank’s H1 credit facilities surge 44% to $6.29bn

Saudi EXIM Bank’s H1 credit facilities surge 44% to $6.29bn
  • Export financing disbursements rose 26.2% to SR8.87 billion
  • Gowth supports bank’s mandate to help double Kingdom’s industrial exports

RIYADH: Ƶ’s Export-Import Bank boosted credit facilities by 44 percent in the first half of the year, reaching SR23.61 billion ($6.29 billion), as the state lender stepped up efforts to accelerate non-oil export growth. 

Export financing disbursements rose 26.2 percent to SR8.87 billion in the six months to June, while credit insurance coverage surged 58.8 percent to SR14.74 billion, the Saudi Press Agency reported. 

The growth supports the bank’s mandate to help double the Kingdom’s industrial exports from SR254 billion in 2022 to SR557 billion by 2030, and SR892 billion by 2035, in line with the National Industrial Strategy. 

“The leap achieved by the bank in the credit facilities provided during this year reflects the extent of the tireless efforts and strategic plans that seek to achieve all economic development goals,” said Saad bin Abdulaziz Al-Khalb, CEO of Saudi EXIM Bank. 

He added that the bank’s progress since its inception underscores its role in building a diversified and sustainable national economy. 

The lender launched the “Bridges Initiative” to align with the Kingdom’s industrial transformation to speed up access to industrial inputs and enhance export competitiveness. The program is expected to expand opportunities for Saudi non-oil exports and introduce more flexible financing solutions. 

“Among the achievements made during this period is the bank’s obtaining its first credit rating from Fitch International with an A+ rating, which reflects the bank’s creditworthiness and commitment to the highest standards of efficiency and transparency,” said Al-Khalb.

Fitch Ratings assigns an A+ rating to entities with an exceptionally strong capacity to meet financial commitments and a low expectation of default risk. The agency cited the bank’s strategic importance as a government-owned entity and its central role in export financing, guarantees, and insurance. 

Saudi EXIM Bank, affiliated with the National Development Fund, is working to diversify the Kingdom’s economic base by enhancing the efficiency of the national non-oil export system, bridging financing gaps, and reducing export risks. 

On the sidelines of the African Development Bank Group’s annual meetings in Cote d’Ivoire in May, the bank signed four agreements to strengthen trade and investment ties across the continent. 

The deals were signed by Al-Khalb with Africa50, the Ghana Export-Import Bank, Blend International Ltd., and Guinea’s Ministry of Planning and International Cooperation, according to SPA. 


Education spending drives Saudi POS transactions to $3bn as other sectors slump

Education spending drives Saudi POS transactions to $3bn as other sectors slump
Updated 13 August 2025

Education spending drives Saudi POS transactions to $3bn as other sectors slump

Education spending drives Saudi POS transactions to $3bn as other sectors slump
  • Pharmacies and medical supplies saw largest decrease
  • Total POS value stood at SR13.6 billion despite a 12.3% weekly drop

RIYADH: Ƶ’s point-of-sale transactions remained above the $3 billion mark for the second week in a row due to a 32.5 percent increase in spending on education in the week ending Aug. 9.

The sector recorded SR251.79 million ($67.09 million) in transactions despite a 3.2 percent dip, reaching 161,000. It was the only one to see a positive change during the monitored period.

The total POS value stood at SR13.6 billion with a 12.3 percent weekly drop, underscoring the resilience of consumer activity across the Kingdom, according to data from the Saudi Central Bank, also known as SAMA. 

The subcategory of pharmacies and medical supplies saw the largest decrease, dropping by 24.7 percent to SR278.94 million. Spending on freight transport and courier services ranked next, falling 23.8 percent to SR48.68 million. 

Food and beverages, the sector with the biggest share of total POS value, recorded a 17.8 percent decrease to SR1.93 billion. In comparison, the restaurants and cafes sector saw a 7.9 percent decrease, totaling SR1.75 billion and claiming the second-largest share of this week’s POS.

Spending on transportation ranked third despite a 14.5 percent decline to SR1.04 billion.

The top three categories accounted for approximately 34.4 percent of the week’s total spending, amounting to SR4.71 billion.

The smallest decline was seen in the hotels sector, which decreased by 1 percent to SR349.97 million, followed by expenditure on medical services, which saw a 6.6 percent dip to SR474 million.

Spending on apparel, clothing, and accessories saw a 10.7 percent dip to SR998.90 million, and recreation and culture decreased by 13.4 percent to settle at SR345.58 million.

Geographically, Riyadh dominated POS transactions, with expenses in the capital reaching SR4.58 billion, a 9.8 percent decrease from the previous week. 

Jeddah followed closely with a 9.7 percent dip to SR1.91 billion, while Dammam ranked third, declining 9.2 percent to SR634.68 million.

Al-Qatif saw the smallest decrease, down 3 percent to SR92.35 million, followed by Abha with a 5.5 percent drop to SR285.04 million.

Hail recorded 3.99 million deals in transaction volume, down 12.6 percent from the previous week, while Tabuk reached 4.49 million transactions, falling 10.5 percent.


Oil Updates — prices steady as market awaits inventory data, US-Russia meeting

Oil Updates — prices steady as market awaits inventory data, US-Russia meeting
Updated 13 August 2025

Oil Updates — prices steady as market awaits inventory data, US-Russia meeting

Oil Updates — prices steady as market awaits inventory data, US-Russia meeting

SINGAPORE: Oil prices were little changed on Wednesday as investors awaited US inventory data, while eyeing an upcoming meeting between US President Donald Trump and Russian President Vladimir Putin.

Brent crude futures dipped 3 cents, or 0.05 percent, to $66.09 a barrel at 9:11 a.m. Saudi time, while US West Texas Intermediate crude futures edged down 8 cents, or 0.13 percent, at $63.09. Both contracts settled lower on Tuesday.

Trump and Putin are due to meet in Alaska on Friday to discuss ending Russia’s war in Ukraine that has shaken oil markets since February 2022.

Oil investors are in a “wait-and-see mode” ahead of the meeting, said ING commodity strategists.

“The outcome could remove some of the sanction risk hanging over the market,” the ING strategists added.

Investors also awaited further cues after an industry report showed US crude stockpiles climbed last week.

Crude inventories in the United States, the world’s biggest oil consumer, rose by 1.52 million barrels last week, market sources said, citing American Petroleum Institute figures on Tuesday. Gasoline inventories dropped while distillate inventories gained slightly.

Should the US Energy Information Administration data later on Wednesday also show a decline, it could indicate that consumption during the summer driving season has peaked and refiners are easing back their runs. The driving season typically runs from the Memorial Day holiday at the end of May to the Labor Day holiday in early September.

Analysts polled by Reuters expect the EIA report to show crude inventories fell by about 300,000 barrels last week. Outlooks issued by OPEC and the EIA on Tuesday pointed to increased production this year, which also weighed on prices. But both expect output in the US, the world’s largest producer, to decline in 2026, while other regions will increase oil and natural gas production.

US crude production will hit a record 13.41 million barrels per day in 2025 due to increases in well productivity, though lower oil prices will prompt output to fall in 2026, the EIA forecast in a monthly report.

The Organization of the Petroleum Exporting Countries’ monthly report said global oil demand will rise by 1.38 million bpd in 2026, up 100,000 bpd from the previous forecast. Its 2025 projection was left unchanged.

The White House on Tuesday tempered the expectations for a quick Russia-Ukraine ceasefire deal, which may lead investors to reconsider an end to the war soon and any easing of sanctions on Russian supply, which had been supporting prices.

“Trump downplayed expectations of his meeting with President Putin ... However, expectations of additional sanctions on Russian crude continue to fall,” ANZ senior commodity strategist Daniel Hynes wrote in a note. 


Closing Bell: Saudi main index closes in red at 10,770

Closing Bell: Saudi main index closes in red at 10,770
Updated 12 August 2025

Closing Bell: Saudi main index closes in red at 10,770

Closing Bell: Saudi main index closes in red at 10,770
  • Parallel market Nomu lost 91.69 points to close at 26,144.11
  • MSCI Tadawul Index edged down 0.26% to 1,391.13

RIYADH: Ƶ’s Tadawul All Share Index slipped on Tuesday, shedding 21.98 points, or 0.20 percent, to close at 10,769.66. 

The total trading turnover on the main index reached SR4.08 billion ($1.09 billion), with 94 stocks advancing and 159 declining. 

The Kingdom’s parallel market Nomu also fell, losing 91.69 points to close at 26,144.11, while the MSCI Tadawul Index edged down 0.26 percent to 1,391.13. 

The best-performing stock on the main market was Red Sea International Co., whose share price jumped 9.96 percent to SR45.72. BAAN Holding Group Co. rose 4.98 percent to SR2.32, while Astra Industrial Group gained 4.71 percent to SR149. 

The share price of Methanol Chemicals Co. dropped by 9.92 percent to SR10.62. 

On the announcements front, Saudi Electricity Co. reported a net profit attributable to common shares of SR1.86 billion after deducting profit attributable to Mudaraba instruments for the second quarter, up 113 percent from SR0.87 billion a year earlier. 

The company’s net profit before Mudaraba payments stood at SR6.25 billion, compared to SR5.24 billion in the same quarter of 2024, reflecting a 19.26 percent increase. 

The utility’s share price slipped 0.61 percent to SR14.61. 

First Milling Co. announced it had completed the acquisition of a 100 percent stake in Jeddah-based Al Manar Feed Co. in a deal valued at SR77 million. In a Tadawul filing, the company said the acquisition aligns with its strategy to boost feed production capacity. 

With the purchase, First Milling Co. will add a daily production capacity of 450 tonnes in the feed segment, bringing its total feed output to 1,350 tonnes per day. 

The company’s share price rose 0.28 percent to SR53.20.