Ƶ

Public, private sectors partnership is crucial to ensure cyberspace safety, official says

Public, private sectors partnership is crucial to ensure cyberspace safety, official says
Sir Jeremy Fleming, former director at the UK Government Communications Headquarters. Screenshot
Short Url
Updated 02 October 2024

Public, private sectors partnership is crucial to ensure cyberspace safety, official says

Public, private sectors partnership is crucial to ensure cyberspace safety, official says

RIYADH: Genuine partnership between the public and private sector is crucial to ensure technology safety within cyberspace, a former director at the UK Government Communications Headquarters said. 

Speaking in a panel discussion titled “Pathways to De-escalation: Shared priorities for reducing tensions and advancing stability in cyberspace” on the first day of the Global Cybersecurity Forum in Riyadh, Sir Jeremy Fleming explained that the private sector has many of the levers needed to facilitate and highlight cyber threats effectively.

This falls in line with the fact that on the domestic front, working with the private sector offers governments a chance to leverage insights and expertise to improve digital defense. 

According to the Global Cybersecurity Index 2024, almost 63 percent of countries reported having inter-agency processes for cybersecurity within their governments.

“Big technology companies have as good a radar on what’s happening in cyberspace as governments do, and so that leads to two conclusions for me. The first is that there is no point in governments talking to each other about cyberspace. There has to be a genuine partnership with the private sector because the private sector has many of the levers we need to make sure that this technology is safe, to make sure that threats are called out,” Fleming said. 

“Now, there is a space in all of that for, for secret stuff, there’s a space for the things that only governments can do. But again, that has to be in tandem with the private sector,” he added. 

Fleming further highlighted the importance of effective communication within the sector.

“The second thought is that I spent the last 15 years thinking and talking about cyber, but if you ask me to give you a crisp definition of it, I’m still struggling. And so, I think we have a communication problem here in how we talk about cyber and how we engage our populations in making sure that it stays at the top of the agenda,” the former director of GCHQ said.

“The debate we’re having at the moment about artificial intelligence and particularly safety is a way into this,” he added.

Also speaking during the same panel, the former President of the European Commission and former Prime Minister of Portugal, Jose Manuel Barroso, shed light on child protection within cyberspace. 

“There are some areas where I believe international cooperation can be relatively sincere; one of them is child protection,” Barroso said.

“I don’t see any reason why the governments, in spite of geopolitical interests and differences, should not consider child protection a global public good,” he added.

Barroso continued to highlight that cybercrime will increase because there are politically and economically malign actors, and some of the technologies, including AI, generative AI, and others, make the digital space even more difficult to manage.

“It’s true that according to some experts, some of those innovations can also help us fight cybercrime, it’s true. But the reality is that the digital space is becoming increasingly difficult to manage from a security point of view, for states, for companies,” he said.

“So, my first word is let’s prepare. Preparedness is the key at the national level. At the regional level, in the European Union, we are doing something. We have a European Agency for Cyber Security. I believe it’s not sufficient,” the former president of the European Commission added.

Also present at the panel, former US Secretary of Defense Mark Esper tackled what businesses need in order to navigate the digital economy.

“As businesses try to navigate more and more the digital economy, they’re going to need more consistency, more predictability. They cannot afford patchworks of regulatory law or privacy and data sharing, things like that. So, we’re going to need to smooth out, smooth out that electronic environment,” Esper said.

“In cyberspace, it’s an asymmetric tool that rich countries, poor countries, strong countries, weak countries, organizations or people or even governments can use that tool against others to gain an advantage or to level the playing field,” he added.

The former US secretary of defense emphasized how cyberspace is not static, but instead, is dynamic.

“As you see increasing advances in artificial intelligence and quantum sciences and advanced logarithms and software, it’s going to make this offense-defense component all the more challenging out there,” he said.

Experts from technology, public policy, defense, and other sectors will gather in Riyadh for the two-day Global Cybersecurity Forum.  

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.


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. 


OPEC projects global oil demand to rise by 1.38m bpd in 2026

OPEC projects global oil demand to rise by 1.38m bpd in 2026
Updated 12 August 2025

OPEC projects global oil demand to rise by 1.38m bpd in 2026

OPEC projects global oil demand to rise by 1.38m bpd in 2026
  • Supply growth from producers outside OPEC+ is trimmed, signaling a tighter market outlook

LONDON: OPEC on Tuesday raised its forecast for global oil demand next year and trimmed its forecast for growth in supply from the US and other producers outside the wider OPEC+ group, pointing to a tighter market outlook.

The outlook for higher demand and a drop in supply growth from outside OPEC+ would make it easier for OPEC+ to proceed with its plan to pump more barrels to regain market share after years of cuts aimed at supporting the market.

World oil demand will rise by 1.38 million barrels per day in 2026, the Organization of the Petroleum Exporting Countries said in a monthly report, up 100,000 bpd from the previous forecast. This year’s expectation was left unchanged.

In the report, OPEC also increased its forecast for world economic growth slightly this year to 3 percent as President Donald Trump’s administration signs some trade deals and the economies of India, China and Brazil outperform expectations.

“Economic data at the start of the second half of 2025 further confirm the resilience of global growth, despite persistent uncertainties related to US-centered trade tensions and broader geopolitical risks,” OPEC said in the report.

Oil supply from countries outside the Declaration of Cooperation — the formal name for OPEC+ — will rise by about 630,000 bpd in 2026, OPEC said, down from last month’s forecast of 730,000 bpd.

OPEC's report said it now expects US output of tight oil, another term for shale, to decline by 100,000 bpd in 2026, versus last month’s outlook for flat output year on year.

“The 2026 forecast assumes sustained capital discipline, additional drilling and completion efficiency gains, weaker momentum in drilling activities and increased associated gas production in key shale oil regions,” OPEC said.

OPEC’s report also showed that in July, OPEC+ raised crude output by 335,000 bpd, a further increase reflecting its decisions this year to increase output quotas.


Cost excellence key to unlock potential of Ƶ’s mining sector: Alvarez and Marsal

Cost excellence key to unlock potential of Ƶ’s mining sector: Alvarez and Marsal
Updated 12 August 2025

Cost excellence key to unlock potential of Ƶ’s mining sector: Alvarez and Marsal

Cost excellence key to unlock potential of Ƶ’s mining sector: Alvarez and Marsal
  • Kingdom’s mining and minerals industry is poised for sustainable long-term growth
  • It has already laid strong foundations in the sector

RIYADH: Mining firms operating in Ƶ should implement disciplined financial planning, transparency, and cost ownership in their operating model to reap long-term benefits, according to an analysis. 

In its latest report, professional services firm Alvarez and Marsal said the Kingdom’s mining and minerals industry is poised for sustainable long-term growth with committed investments worth SR246 billion ($65.55 billion) supporting the sector. 

The study was released just days after the Kingdom’s ranking on the Mining Investment Attractiveness Index jumped from 104th in 2013 to 23rd in 2024, cementing the nation’s status as the world’s fastest-rising power in the exploration industry, according to Canadian public policy think tank Fraser Institute.

As a part of its economic diversification efforts, Ƶ is accelerating the development of its mining sector, with the Kingdom’s mineral wealth now estimated at SR9.4 trillion ($2.5 trillion).

Commenting on the latest report, Alexander Shvets, managing director, infrastructure and capital projects – metals and mining at Alvarez and Marsal Middle East, said: “Ƶ’s mining sector is now central to the Kingdom’s economic transformation.” 

He added: “Building on this momentum with embedded cost visibility and performance tracking will help operators to achieve global competitiveness and long-term value creation.” 

According to Alvarez and Marsal, adopting structured financial frameworks can help mining companies seize emerging opportunities and ensure operational excellence as the sector matures. 

“Control is not just a finance function — it’s an operational discipline. In mining, where complexity and capital intensity are high, real-time cost visibility and team capability are what turn strategy into measurable results,” said Renat Akimbitov, managing director, infrastructure and capital projects – metals and mining at Alvarez and Marsal Middle East. 

The report said Ƶ has already laid strong foundations in the sector, with the establishment of institutions such as the Saudi Geological Survey, creating a dynamic and investor-friendly environment.

In March, the Kingdom also launched a new incentive package to attract foreign direct investments into the nation’s mining sector. 

At that time, the Saudi Press Agency reported that the Kingdom’s Ministry of Investment is collaborating closely with the Ministry of Industry and Mineral Resources through an exploration enablement program aimed at simplifying investments in the mineral exploration industry. 

Alvarez and Marsal outlined a strategy for mining and industrial companies to strengthen financial resilience by implementing activity-based budgeting, which links finance directly to operational drivers for greater accuracy and agility.

The report also underscored the vitality of empowering business leaders with digital dashboards to manage costs dynamically, as well as conducting structured cost review meetings to ensure accountability through regular performance tracking. 

Alvarez and Marsal further highlighted the importance of cost-capability building and said that equipping teams with practical tools and training is essential to foster a cost-conscious culture within the organization. 


Ƶ’s mining sector jumps to 23rd globally in Fraser Institute index  

Ƶ’s mining sector jumps to 23rd globally in Fraser Institute index  
Updated 12 August 2025

Ƶ’s mining sector jumps to 23rd globally in Fraser Institute index  

Ƶ’s mining sector jumps to 23rd globally in Fraser Institute index  

RIYADH: Ƶ’s mining sector has leapt 81 places over the past decade to rank 23rd globally in the Fraser Institute’s Investment Attractiveness Index, underscoring the Kingdom’s rapid emergence as a global mining contender. 
The rise from 104th place in 2013 marks one of the steepest climbs recorded by the Canadian think tank and puts Ƶ ahead of several established mining destinations in Asia and Latin America.  
The Fraser Institute credited the surge to sweeping regulatory reforms, strategic investment, and accelerated exploration activity.
These improvements reflect investor confidence in a stable regulatory environment and the vast untapped mineral wealth supported by large-scale geological surveys, new discoveries, and competitive mining licensing rounds. The rise aligns with the rapid growth of Ƶ’s mining industry, a key pillar of the Kingdom’s Vision 2030 diversification strategy.   
Commenting on the Fraser Institute’s 2024 report, Vice Minister of Industry and Mineral Resources for Mining Affairs Khalid Al-Mudaifer said: “It reflects the structural transformation of the Saudi mining sector in line with the targets of Vision 2030.” 
He added: “Our focus remains on maximizing the economic value of our mineral resources, creating jobs for citizens, and localizing supply chains.”  
The vice minister said mining is no longer a traditional sector; rather, “it has become a key driver of industrial and economic growth, and we are committed to building on this momentum to ensure sustainable success.” 
The Kingdom also ranked 20th globally in the Policy Perception Index, up from 82nd a decade ago, and 24th in the Best Practices Mineral Potential Index, rising from 58th. 
This comes as Ƶ issued a record number of new mining exploration licenses in the first half of 2025, registering a 144 percent increase year on year, official data showed.   
The Ministry of Industry and Mineral Resources reported that 22 licenses were granted during the period, up from nine in the same period a year earlier, underscoring rising investor interest and the government’s drive to build a more competitive and attractive mining sector.  
Commenting on Ƶ’s significant jump in the rankings, Minister of Industry and Mineral Resources Bandar Alkhorayef described the progress as “unprecedented positive results that align with the Kingdom’s rise as a global mining power, reflecting the impact of reforms to enhance competitiveness in the mining investment environment, which have increased global investor confidence.”   
“We are proud of this progress and will continue to develop the mining sector to maximize its role in diversifying our economy in line with Vision 2030 targets,” he added. 


The Fraser Institute highlighted the Kingdom’s broad regulatory transformation, covering areas such as security of tenure, taxation, environmental legislation, infrastructure, and community engagement, which enabled Ƶ to rank in the top quartile of the index for the first time.  
The report also noted investors had no concerns regarding political stability — one of the Kingdom’s key strengths — and commended the Mining Exploration Enablement Program for reducing investment risks and boosting early-stage project confidence.  
Data from the report showed marked improvements between 2013 and 2024, including a 305.8 percent increase in the clarity and effectiveness of mining administration, from 17 percent to 69 percent, ranking 11th globally.   
The clarity of land use for mining activities rose by 82.2 percent, from 45 percent to 82 percent, placing the Kingdom 7th globally.  
The effectiveness of labor regulations improved by 102.2 percent, from 45 percent to 91 percent, while the quality of geological databases saw an 81.8 percent increase, from 33 percent to 60 percent.    
The Fraser Institute’s Annual Survey of Mining Companies is considered one of the most trusted global benchmarks for evaluating mining investment environments and is widely used by investors, governments, and financial institutions to assess opportunities in the sector.


Dar Global boosts GDV by 67% to $12.5bn with Saudi expansion, entry into financial services

Dar Global boosts GDV by 67% to $12.5bn with Saudi expansion, entry into financial services
Updated 12 August 2025

Dar Global boosts GDV by 67% to $12.5bn with Saudi expansion, entry into financial services

Dar Global boosts GDV by 67% to $12.5bn with Saudi expansion, entry into financial services

RIYADH: The London-listed luxury real estate developer, Dar Global, has increased its gross development value by 67 percent to $12.5 billion, driven by new large-scale projects in Ƶ and a move into financial services.

Dar Global, majority-owned by Saudi developer Dar Al-Arkan and listed on the London Stock Exchange, announced it secured a joint development agreement with its parent company and completed major land acquisitions for projects in Riyadh and Jeddah, significantly expanding its footprint in the Kingdom.

In Riyadh, the company acquired part of a major integrated scheme worth $2.8 billion, anchored by a $300 million land purchase, replacing a previously announced deal in March. The decision aimed to deliver greater scale, higher profitability, and lower development risk.

In Jeddah, the firm signed another joint development agreement for a landmark mixed-use project on one of the city’s most prominent sites, with an estimated GDV of $1.95 billion.

Both projects will feature luxury villas, a world-class golf course, and a high-end hotel, tapping into Ƶ’s rapid economic transformation and growing demand for premium real estate.

“These milestones mark an important inflection point for Dar Global. In Ƶ, we are delivering landmark projects in prime locations and looking to bring in more overseas investment as the Kingdom opens up,” Ziad El-Chaar, CEO of Dar Global, said.

“The enhanced financing facility reinforces our balance sheet to fuel growth at scale, and the establishment of a financial services arm in DIFC (Dubai International Financial Center) enhances our ability to structure capital and unlock global opportunities,” he added.

To accelerate these developments, Dar Global expanded its Litmus financing facility from $275 million to $440 million, adding $165 million in liquidity.

The facility, underwritten by Emirates National Bank of Dubai and supported by Abu Dhabi Commercial Bank, First Abu Dhabi Bank, and Zand Bank, is secured through pledged shares and corporate guarantees.

The additional funds will strengthen the company’s balance sheet, speed up project delivery, and support expansion across the Middle East, Europe, and North America.

Dar Global acquired a licensed financial services platform in the Dubai International Financial Center, authorized to provide asset management, investment banking, and advisory services.

Operating as an independent subsidiary, the platform will enable the company to attract institutional and private capital into larger-scale projects and create investment vehicles to channel funds from the GCC and beyond.

Dar Global has positioned itself as a bridge between high-growth markets and international investors, leveraging partnerships with landowners, government bodies, and brands to deliver real estate offerings to global clients.