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OIL AND GAS
Ades signs 10-year contract extension: Tadawul-listed oil and gas drilling company Ades Holding has extended a contract with an undisclosed national oil company for SAR 1.3 bn for the use of the standard jack-up rig Admarine 657, according to a filing to Tadawul (pdf). The 10-year extension will go into effect upon the expiry of the previous contract in 3Q 2024.
What they said: “The extension comes at a time when the offshore jackup market is witnessing severe tightness, and such a 10-year extension adds a considerable amount of backlog which further supports future revenue growth and extends backlog visibility in line with the Group’s strategy,” Ades Holding CEO Mohamed Farouk said.
EDUCATION-
Registration wrapped up yesterday for the IT skill development program ITXcelerate, which is offered under an agreement between Dell Technologies, Aramco, and the National IT Academy (NITA) for university graduates and senior students. The program is scheduled to take place from 21 July to 3 November.
About the program: ITXcelerate is a four-month course designed to prepare Saudi fresh grads and students for the IT job market by offering them training in the fields of data storage management, data science and big data analytics, and artificial intelligence. It also offers on-site job shadowing options.
AI-
SDAIA receives ISO certification for AI management: The Saudi Data and AI Authority (SDAIA) became among the first bodies globally to be certified with ISO 42001:2023, the world’s first artificial intelligence (AI) management standard, it said on X. The certification stipulates requirements for managing risks, transparency, and ethical considerations regarding the implementation of AI systems.
REAL ESTATE-
Market intelligence real estate platform Suhail plans to feature properties worth more than SAR 2 bn for sale in the coming period, the platform’s CEO Ahmed Bukhamseen told Aleqtisadiah. Suhail leverages AI to generate market data for real estate investors, allowing them to compare different offer prices and gather insights to help them make informed decisions.
