Sign in
DEBT WATCH-
IT solutions provider Al Moammar Information Systems secured a SAR 252 mn, three-year Shariah-compliant loan from Riyad Bank, according to a filing to Tadawul. The funding will be used to pay for outstanding invoices and finance large-scale projects, and the issuance of letters of credit.
IT solutions firm Sure Global Tech renewed a SAR 15 mn, three-year Shariah-compliant loan with Riyad Bank, it said in a disclosure to Tadawul. The funding will be allocated to the ongoing and upcoming projects, and the issuance of letters of credit.
Saudi Industrial Development Company subsidiary gears up for SAR 10 mn sukuk sale: Mattress manufacturer Sleep High, a subsidiary of Tadawul-listed Saudi Industrial Development Company, plans to sell SAR 10 mn in Murabaha sukuk to finance its working capital needs, a filing to the exchange showed. Sukuk Capital was appointed to manage the issuance. The date of the issuance was not disclosed.
DIGITIZATION-
Aramco’s tech arm Aramco Digital and AI company Groq are building the world’s largest inferencing data center in the world in the Kingdom, Groq said in a statement. The center, set to be operational by the end of 2024, will use Groq’s AI technology to handle large-scale data processing efficiently, with plans to expand its capacity to support a large number of developers and handle extensive data workloads.
Oracle partners with SDAIA to boost AI skills in the Kingdom: US software company Oracle signed an MoU with the Saudi AI and Data Authority (SDAIA) to offer AI training programs, SDAIA said in a LinkedIn post. This came on the sidelines of the Global AI Summit.
ALSO- US Tech giant IBM penned an MoU with the Kingdom’s AI watchdog to bring the Arabic Large Language Model (LLM) ALLaM and IBM’s AI platform watsonx to the government cloud Deem, according to a statement from IBM. This comes after ALLaM was integrated into watsonx in May.
Secure data + service exchange between gov’t entities: SDAIA launched the Saudi Private Integration Network Exchange (Spine) to connect over 3k government entities in a bid to facilitate and secure data and services exchange, according to a post on X. Spine also aims to facilitate local and international connectivity with SDAIA’s National Information Center.
The Kingdom eyes educating 1 mn Saudis on AI under a new program: SDAIA, the Education Ministry, and the Human Resources and Social Development Ministry launched the One Mn Saudis in AI Initiative (SAMAI), a program aiming to improve 1 mn Saudis’ understanding of AI, its applications, and its ethical implications, SDAIA said in a Linkedin post. The initiative includes AI skills training for both business and day-to-day applications. The educational platform is available here.
OTHER AGREEMENTS FROM SDAIA-
#1- SDAIA and Huawei signed an MoU to establish a program dedicated to training and developing IT and AI talents in Saudi Arabia, with the goal of improving the Kingdom’s national AI capabilities, according to a LinkedIn post.
#2- SDAIA and Microsoft signed an MoU to partner on data and AI initiatives, including developing an Arabic Language Model and creating a center to focus on generative AI, according to its LinkedIn post.
#3- SDAIA + National Guard signed an MoU to collaborate on data and AI initiatives including facilitating electronic connectivity, partnering through the government cloud, developing AI models for the private sector, offering specialized training for the National Guard, supporting AI projects, and providing specialized consulting in the field, according to SDAIA’s LinkedIn post.
AVIATION-
Saudi Arabia’s second flag carrier Riyadh Air kicked off test flights on Thursday, with its maiden flight launching from King Khalid International Airport in Riyadh to King Abdulaziz International Airport in Jeddah, it said in a statement posted on X. The move is part of a process to secure the Air Operator Certificate from the General Authority of Civil Aviation. Riyadh Air plans to start commercial operations next year.
Qatar Airways plans to resume flights between Doha and Abha from 2 January, 2025, with two weekly flights on Thursdays and Saturdays, according to a press release. In addition, the Qatari flag carrier will increase the number of weekly flights between Doha and Neom from two to four.
TOURISM-
Saudi Arabia probes maritime ties with Suez Canal: Deputy Transport and Logistic Services Minister Rumaih bin Muhammad Al Rummain and Chairman of Egypt’s Suez Canal Authority Osama Rabie discussed maritime cooperation, boosting maritime tourism, facilitating yacht and cruise ship entry, and enhancing passenger and goods transport, state news agency SPA reported.
CONSTRUCTION-
A new shopping mall is coming to Madinah: The Madinah Regional Municipality gave the green light to the construction of a commercial mall in the Jasham District, according to state news agency SPA. No further details were disclosed regarding the project’s value or contractors.
MANUFACTURING-
A spree of projects coming to Madinah: The Saudi Authority for Industrial Cities and Technology Zones (Modon) signed an agreement to build a SAR 300 mn baby formula factory in Madinah Industrial City and a separate agreement to revamp 30 factories for SMEs working in the light industry sector with SAR 100 mn, according to state news agency SPA.
AND- More agreements: Modon signed an MoU with Taibah University and the National Academy for Industry to provide training programs for workers at industrial establishments and SMEs and inked another one with the Saudi Red Crescent Authority in Medina to bolster emergency services in the city.
INS.-
Wataniya Ins. Company received a renewed license from the Ins. Authority, valid for three years from 3 January, 2025 to 1 December, 2027, according to a filing to Tadawul.
SPACE.-
Saudi and Brazil’s space agencies signed a strategic cooperation agreement to strengthen space economy partnerships, according to Arab News. This came during Saudi Space Agency Vice Chairman and CEO Mohammed Al Tamimi’s two-day visit to the G20 Space Economy Leaders Meeting in Brazil’s Foz do Iguacu.
