抖阴短视频

Ukraine keen to cooperate with KSA in digitalization push: vice minister

Ukraine keen to cooperate with KSA in digitalization push: vice minister
Oleksandr Bornyakov, Ukraine鈥檚 vice minister of digital transformation, further noted that 抖阴短视频鈥檚 business-friendly environment for foreign investments is one of the main reasons behind his current tour of the Kingdom. (SPA)
Short Url
Updated 12 May 2024

Ukraine keen to cooperate with KSA in digitalization push: vice minister

Ukraine keen to cooperate with KSA in digitalization push: vice minister
  • European nation鈥檚 growing prowess in technology could help 抖阴短视频 in its digital transformation journey

RIYADH:聽抖阴短视频鈥檚 technological landscape is set to get a boost as Ukraine has expressed its eagerness to cooperate with the Kingdom in multiple sectors including agri-tech, fintech, and cybersecurity.聽

Speaking to Arab News during his visit to the Saudi capital, Oleksandr Bornyakov, Ukraine鈥檚 vice minister of digital transformation, said the European nation鈥檚 growing prowess in technology could help 抖阴短视频 in its digital transformation journey.聽

During his visit to the Kingdom, the vice minister held meetings with the officials of the Kingdom鈥檚 information and investment ministries and the General Authority of Small and Medium Enterprises also known as Monsha鈥檃t.

鈥淢y visit is kind of like exploring 鈥 breaking the ice. Since we are the policymaking body in Ukraine, we know everybody in Ukraine from the tech sector. We want to hear from the local government
about what kind of problems they face, and what kind of things they need, and then, decide what鈥檚 the best fit for fulfilling those. I think there鈥檚 an interest in bringing this expertise to 抖阴短视频,鈥 said the vice minister.聽

He added: 鈥淔rom an educational perspective we build a framework of how we teach people from school to university. So they become very talented engineers. We have expertise in almost every sector like healthcare, automotive, energy, and finance. And when countries like 抖阴短视频, trying to digitize any of these fields, I think we could be helpful.鈥澛

He said that his visit to Riyadh seeks to establish a relationship on the government level, which will in turn help them to cooperate with private sector entities including startups in the future.聽

During his visit to the Kingdom, the Ukrainian vice minister also presented several digital products to Saudi officials that can be used on the government-to-government level.聽

The world is changing fast, and I can鈥檛 imagine my life without many digital things that I have become used to. So I think any country that wants to follow up on this and, be on the edge of the technology has to change and invest a lot in this.

Oleksandr Bornyakov, Ukraine鈥檚 vice minister of digital transformation

He said that 抖阴短视频 is quickly developing, and there is enormous potential for technological firms in the Kingdom.聽

Bornyakov added that 抖阴短视频 should build an entrepreneurship culture in the Kingdom so that local talents in the country can leapfrog in the technological sector with innovations and products.聽

鈥淭he world is changing fast, and I can鈥檛 imagine my life without many digital things that I have become used to. So I think any country that wants to follow up on this and, be on the edge of the technology has to change and invest a lot in this. Because, in the West, many great things happen. Even Google, it came from students,鈥 the official said.聽

He added: 鈥淚 think, Gulf countries and 抖阴短视频 in particular also want to have this, this entrepreneurship culture. And, we know how to teach people how to do that, and, be part of this. I think that鈥檚 why we have this mutual interest. And I feel that 抖阴短视频 is open to that experience.鈥 Bornyakov further noted that 抖阴短视频鈥檚 business-friendly environment for foreign investments is one of the main reasons behind his current tour of the Kingdom.聽

鈥淗ere, there is an investment environment. You can easily come to create a business in one or two days, then open a bank account, and then you are good to go. So this is one of the reasons that we decided to do this tour and, figure out who鈥檚 doing what,鈥 he added.聽

The vice minister also lauded 抖阴短视频鈥檚 efforts to diversify its economy away from oil aligned with the goals outlined in Vision 2030.聽

鈥淚 think diversifying is a good idea. It鈥檚 actually what鈥檚 happening in Ukraine. When I started in 2019, the contribution of the IT sector to the gross domestic product was 2.5-2.6 percent, and now it is close to 5 percent. As of today, 41 percent of all Ukrainian export services are IT.聽

鈥淚 think it is also something interesting here. The energy sector might be strong, for how many years, we do not know,鈥 he said.聽

According to Bornyakov, Ukraine is also steadily reducing its dependence on grains and heavy machinery, and technological products from the IT sector are becoming major contributors to the nation鈥檚 economy.聽

鈥淗istorically, Ukraine was what? Grain and heavy machinery. Unfortunately, due to war, we lost a lot of factories and heavy machinery. And because we thought about IT, even though, less than a decade ago, but still, the sector was evolving very fast. We now have a source of export revenue, which is almost $8 billion every year, and just maybe five years ago, it was $3 billion or $4 billion,鈥 he added.聽

HIGHLIGHT

Oleksandr Bornyakov鈥檚 visit to Riyadh seeks to establish a relationship on the government level, which will in turn help them to cooperate with private sector entities including startups in the future.

Bornyakov also talked about the success of Ukraine鈥檚 Diaa application which allows Ukrainians to use digital documents on their smartphones instead of physical ones for identification and sharing purposes, along with accessing over 130 government services. 聽

According to the vice minister, there are 20 million active Diaa users in Ukraine, and he claimed that no other government app in the world can boast about such a huge user database.聽 He also added that such applications have huge potential in the Gulf Cooperation Council region, which will reduce the hassles of paper passports and other government documents, as it allows people to carry everything on a smartphone.聽

鈥淲e want to implement the vision of President Zelensky to build a country in smartphone. Then we created a government super app called Diaa. We started by putting all the papers of a citizen like driver鈥檚 license, car titles, insurance, diplomas, birth certificates, tax IDs, and passport, everything on the phone, so you don鈥檛 carry paper. So, we were the first country in the world to introduce digital passports,鈥 said Bornyakov.聽

He added: 鈥淭here is a huge demand for such apps since Gulf countries have a union, GCC. And if you travel, and if you want to identify yourself, you will have to use different passports and different procedures. We have a solution to solve all of these problems.鈥澛

According to the vice minister, Ukraine has opened a source code for these applications, which makes countries use these codes to develop applications as per their requirements.聽

鈥淩ecently, we have opened source code, so you don鈥檛 have to pay us. So you can take this and we can showcase and you can use the source code to build, something that you own as this union (GCC), and use it for the sake of its people. And that is one of the things we are happy to share with the world,鈥 he added.聽


UAE鈥檚 economy minister says Middle East desires 鈥榤ore peace鈥 as US President Trump takes charge

UAE鈥檚 economy minister says Middle East desires 鈥榤ore peace鈥 as US President Trump takes charge
Updated 22 January 2025

UAE鈥檚 economy minister says Middle East desires 鈥榤ore peace鈥 as US President Trump takes charge

UAE鈥檚 economy minister says Middle East desires 鈥榤ore peace鈥 as US President Trump takes charge
  • Abdulla bin Touq Al-Marri speaks of need to strengthen historic ties with US
  • GCC region has experienced significant economic growth over past 50 years
  • Emirati minister spoke on panel addressing geopolitical, environmental issues
  • Minister shares hopes of Dubai becoming 鈥20-minute commute鈥 city

DAVOS: Arab Gulf countries want to strengthen their historic ties with the US under the new administration of President Donald Trump as the Middle East urgently needs peace and stability, according to the UAE鈥檚 Minister of Economy Abdulla bin Touq Al-Marri.

The Emirati minister spoke at the World Economic Forum in Davos on Tuesday and said that the UAE was the US鈥 No. 1 commerce partner within the Gulf Cooperation Council, with a bilateral trade of $40 billion annually.

He added that the relationship between the UAE and the US was an example of the strategic ties that Washington had forged with other GCC countries, such as Oman and Bahrain.

Al-Marri said the GCC region had experienced significant economic growth over the past 50 years. However, the Middle East continued to be a volatile region, riddled with political and armed conflicts.

Al-Marri said: 鈥淣ow, what do we want in the region? We want more peace and we want more stability, and we want more growth for the region.鈥

He added that the UAE viewed its relationship with the US from a macro perspective and wished to continue on a strong and steady path during the Trump administration.

The Emirati minister was speaking on a panel called 鈥淗ard Power: Wake-up Call for Companies,鈥 which addressed geopolitical and environmental issues related to corporations and investments.

Other panelists included Ukraine鈥檚 Deputy Prime Minister Yulia Svyrydenko; Nader Mousavizadeh, the CEO of Macro Advisory Partners; and Nir Bar Dea, the CEO of Bridgewater Associates.

Svyrydenko said that Ukraine faced a challenge in convincing investors and corporations to conduct business in a country locked in a conflict with Russia.

The deputy premier said that Ukrainian officials had done their homework to create a secure environment for investments in Ukraine, but that Kyiv was finding it challenging to meet the safety expectations of potential investors.

Svyrydenko said: 鈥淲hat kind of security guarantee do (investors) need? Do you need an anti-missile system in the industrial belts? Or do you need troops, or do you need NATO? It鈥檚 time for business to be more vocal about this and help us (answer) this issue.鈥

Ukraine's Deputy Prime Minister, Yulia Svyrydenko, said that Kyiv was finding it challenging to meet the safety expectations of potential investors (AFP)

Al-Marri said the UAE was 鈥渟upportive鈥 of the government of Ukraine when asked if Russian nationals residing in the UAE could return home if Trump helps to end the conflict in Eastern Europe.

There are no officially published figures regarding the number of Russian residents in the UAE although at least 1 million Russians visit the country annually as tourists.

Despite the potential for a tariff war between the US and China, Al-Marri stressed that the annual bilateral trade volume between Beijing and Abu Dhabi stood at $80 billion annually.

He said: 鈥淵ou can鈥檛 say 鈥業 need the world without China,鈥 and you can鈥檛 have the world without China; let鈥檚 be clear on that. You need China in this kind of trade domain.鈥

Al-Marri said that the UAE had 鈥渁lways built a bridge, always designed a supply chain鈥 between regions.

He added: 鈥淲e are ready for the world. We are very open, and we need corporations as well to think about the UAE as a place (for business and trade).鈥

He said that the UAE鈥檚 strategic location between East and West was ideal for companies connecting with various markets.

He added: 鈥淪o, if you open a shop in Dubai or Abu Dhabi, you are operating the whole world.鈥

The minister shared his hopes of Dubai becoming a 鈥20-minute commute鈥 city, as its population is projected to reach 4 million next year.


抖阴短视频 raises $990m in sukuk issuances for January

抖阴短视频 raises $990m in sukuk issuances for January
Updated 21 January 2025

抖阴短视频 raises $990m in sukuk issuances for January

抖阴短视频 raises $990m in sukuk issuances for January

RIYADH: 抖阴短视频鈥檚 National Debt Management Center has completed its riyal-denominated sukuk issuance for January, raising SR3.72 billion ($990 million).

In December 2024, the Kingdom raised SR11.59 billion through sukuk, while the amounts in November and October were SR3.41 billion and SR7.83 billion, respectively. Sukuk are Shariah-compliant debt instruments that provide investors with partial ownership of the issuer鈥檚 assets until maturity.

According to the NDMC, the January sukuk issuance was divided into four tranches. The first tranche, valued at SR1.25 billion, is set to mature in 2029. The second tranche, sized at SR1.40 billion, will mature in 2032, while the third tranche, worth SR1.03 billion, will mature in 2036. The fourth and final tranche was valued at SR28 million and will mature in 2039.

The consistent issuance of these Islamic bonds is in line with expectations outlined in a recent report by S&P Global, which projected that global sukuk issuance could reach between $190 billion and $200 billion in 2025.

The growth is largely expected to come from markets such as 抖阴短视频 and Indonesia. S&P Global also reported that global sukuk issuances amounted to $193.4 billion in 2024, a slight dip from $197.8 billion in 2023.

Adding further optimism to the market, a report from Fitch Ratings released on Jan. 21 highlighted the expansion of the environmental, social, and governance sukuk market.

Fitch expects that outstanding global issuance of ESG sukuk will surpass $50 billion by 2025, with 抖阴短视频 expected to play a significant role in this growth.

Meanwhile, a December analysis by Kamco Invest projected that 抖阴短视频 would face the largest share of bond maturities in the Gulf Cooperation Council region between 2025 and 2029, with an estimated total of $168 billion.


ESG sukuk set to cross $50bn in 2025: Fitch Ratings

ESG sukuk set to cross $50bn in 2025: Fitch Ratings
Updated 21 January 2025

ESG sukuk set to cross $50bn in 2025: Fitch Ratings

ESG sukuk set to cross $50bn in 2025: Fitch Ratings

RIYADH: The global issuance of environmental, social, and governance sukuk is expected to surpass $50 billion outstanding in 2025, driven by Islamic finance markets in countries including 抖阴短视频, according to an analysis. 

In its latest report, Fitch Ratings said the global value of Shariah-compliant bonds focused on ESG expanded by 23 percent year on year to $45.2 billion outstanding in 2024. This growth outpaced global ESG bonds, which saw a 16 percent increase. The analysis added that countries such as the UAE, Indonesia, and Malaysia would play a key role in driving the growth of ESG sukuk.

These bonds are investments in renewable energy and other environmental assets and are considered key debt instruments as the world moves toward a greener future. 

鈥淭he ESG sukuk market has a robust credit profile, with nearly all Fitch-rated ESG sukuk being investment grade,鈥 said Bashar Al Natoor, global head of Islamic Finance at Fitch Ratings. 

He added: 鈥淪ukuk is now a key ESG funding tool in emerging markets, with growth expected amidst sustainability initiatives, funding needs, and a favorable funding environment. However, issuances remain concentrated in a handful of countries.鈥

ESG sukuk expansion also outpaced global sukuk growth, which witnessed a 10 percent increase in 2024. 

The US-based credit rating agency added that green and sustainable sukuk could help issuers opportunistically tap demand from ESG-sensitive international investors from the US, Europe, and Asia, as well as sukuk-focused Islamic investors from the Gulf Cooperation Council region. 

Several factors, including funding diversification goals, enabling regulations, sustainability initiatives, and net-zero targets pursued by sovereigns, banks, and corporations, as well as government-related entities, could boost the issuance of this debt product in 2025.

The analysis revealed that ESG sukuk is also likely to cross 15 percent of global dollar sukuk issuance in the medium term. 

The report also highlighted the impact of the adoption of Accounting and Auditing Organization for Islamic Financial Institutions鈥 Sharia Standard 62. 

鈥淩isks facing ESG sukuk market growth include Shariah-compliance complexities, such as linked to AAOIFI Sharia Standard No. 62, weakening sustainability drives, geopolitical risks, and oil volatilities,鈥 said Fitch Ratings. 

This AAOIFI guideline, which was published as an exposure draft in late 2023, aims to standardize various aspects of the sukuk market, including asset backing, ownership transfer, and trading procedures.

Earlier this month, S&P Global said that global sukuk issuance is projected to hit between $190 billion and $200 billion in 2025, driven by increased activity in key markets such as the Kingdom and Indonesia. 

In December, a report by Kamco Invest projected that 抖阴短视频 would face the largest share of bond maturities in the GCC region from 2025 to 2029, reaching an estimated $168 billion.


WEF panel explores ways to drive economic growth in uncertain times 聽

WEF panel explores ways to drive economic growth in uncertain times 聽
Updated 21 January 2025

WEF panel explores ways to drive economic growth in uncertain times 聽

WEF panel explores ways to drive economic growth in uncertain times 聽

DUBAI: The World Bank Group鈥檚 forecast suggests that between 2024 and 2026, countries that collectively account for more than 80 percent of the world鈥檚 population and global GDP will still be growing more slowly than they did in the decade before COVID-19.

Moreover, new trade barriers introduced have nearly tripled since 2019, according to the UN.

In this environment, how do global economies find growth? That was the question being explored by a World Economic Forum panel 鈥淔inding Growth in Uncertain Times鈥 in Davos.

Moderated by WEF President and CEO Borge Brende, the panel featured Ngozi Okonjo-Iweala, director-general of the World Trade Organization; David Rubenstein, co-founder and co-chairman of global investment firm Carlyle; Marcus Wallenberg, chairman of Swedish bank Skandinaviska Enskilda Banken and Khaldoon Khalifa Al-Mubarak, group CEO, Mubadala Investment Company.

Okonjo-Iweala laid out four requirements for growth: maintaining or restoring macroeconomic stability and good management including fiscal consolidation; openness and predictability of global markets, which requires strengthening resilience in economies; 鈥渞e-globalization,鈥 which means decentralizing and diversifying supply chains; and lastly, adopting technology and AI, which will increase productivity and lower trade costs in a way that allows for double-digit growth in trade from now until 2040.

There are many questions about US policy with President Donald Trump stepping into office on Monday. Rubenstein addressed some of these questions and concerns saying that in just a day, Trump has issued several executive orders.

鈥淚 think you will see him (Trump) doing a lot of fairly robust things that might not have been anticipated before,鈥 he said.

He went on to explain some of the new administration鈥檚 policies, such as tax cuts, aimed at spurring growth; imposing tariffs as a negotiation tool for greater trade cooperation; and increasing production of natural gas and oil, which is already at its highest in the country.

鈥淭he biggest impediments to growth,鈥 not just for the US but globally, are the wars in the Middle East, Rubenstein said.

He added: 鈥淭he US鈥檚 problems are not the biggest problems. The biggest challenge for economic growth around the world is the Global South, which, because of the challenges of the last 15 years went further behind the developed markets than desired.鈥

The US is feeling 鈥渇airly bullish鈥 about the economy for the near future, and so, it has to ensure it is helping out other countries in terms of wars and access to technology, Rubenstein added.

Europe, on the other hand, is lagging behind with weak growth forecasts. This is partly due to Europe not being as competitive, according to Wallenberg.

He said: 鈥淥ver the years, Europe has tended to perhaps not understand our competitive situation and the strategic position that we find ourselves (in) with a very strong United States and a very strong China, and therefore our competitiveness has been challenged.鈥

Wallenberg pointed out that Europe is a rather larger market, which means there is potential for scale. But first, it needs to revive its confidence as well as that of its consumers along with 鈥渁 singular capital market that is unified鈥 and 鈥渁 number of institutions that can provide more risk capital,鈥 among other things.

鈥淲e have all the ingredients to make it happen,鈥 he said. 鈥淣ow, we just have to stand up and get it done.鈥

Turning to the Middle East, Mubadala鈥檚 Al-Mubarak underlined the importance of sovereign wealth funds.

Because they are 鈥渉ighly capitalized鈥 and have a 鈥渉igh liquidity position鈥 as well as the ability to think and invest long term, sovereign funds are becoming more and more important to support global growth, he said.

He explained why the UAE is a good example of a growth story. For example, its capital Abu Dhabi was rated the safest city in the world for the seventh year running; it ranked fifth globally in AI competitiveness according to a Stanford study; and it recorded the largest inflow of high-net-worth individuals globally in 2024, he said.

The UAE sets the example of 鈥済rowth in this new world,鈥 particularly 鈥渉ow to create growth and diversify from one sector to a multi-faceted economy,鈥 Al-Mubarak said.

 


Closing Bell: 抖阴短视频鈥檚 Tadawul ends slightly lower at 12,370聽

Closing Bell: 抖阴短视频鈥檚 Tadawul ends slightly lower at 12,370聽
Updated 21 January 2025

Closing Bell: 抖阴短视频鈥檚 Tadawul ends slightly lower at 12,370聽

Closing Bell: 抖阴短视频鈥檚 Tadawul ends slightly lower at 12,370聽

RIYADH: 抖阴短视频鈥檚 Tadawul All Share Index closed slightly lower on Tuesday, dipping 0.08 percent, or 9.91 points, to settle at 12,369.63.  

Trading turnover on the main market reached SR6.92 billion ($1.84 billion), with 133 stocks advancing and 97 declining.  

The Kingdom鈥檚 parallel market, Nomu, also shed 27 points to close at 31,317.97, while the MSCI Tadawul Index slipped 0.17 percent to 1,549.08. 

The best-performing stock on the main market was Rasan Information Technology Co., with its share price rising 9.99 percent to SR88.10. 

Other top gainers included Saudi Cable Co., which rose 9.97 percent to SR128, and Walaa Cooperative Insurance Co., up 6.24 percent to SR22.80. 

Conversely, ACWA Power Co.鈥檚 share price fell 3.49 percent to SR420. 

On the announcements front, Al Jouf Cement Co. said it has signed a SR38 million agreement with Mohammed Shahi Al-Ruwaili Contracting to export various types of cement and clinker to Syria. 

According to a statement on Tadawul, the contract will be effective from Feb. 1 to Feb. 28, 2026. 

The company noted that the agreement's financial impact will be reflected in its performance from the first quarter of 2025 through the first quarter of 2026. 

Al Jouf Cement Co.鈥檚 share price rose 1.42 percent to SR11.46. 

Scientific and Medical Equipment House Co., known as Equipment House, announced securing a SR105.07 million tender to maintain and repair medical devices and equipment in hospitals and health centers under the Riyadh First Health Cluster. 

According to a Tadawul statement, the contract covers King Salman Hospital, Al Iman Hospital, and Imam Abdulrahman Al Faisal Hospital, as well as the Convalescent Hospital, and various dental complexes. 

The company noted that the financial impact of the deal will be reflected starting in the second quarter of this year. 

Scientific and Medical Equipment House Co.鈥檚 share price edged up by 0.19 percent to SR52.20.  

Aldrees Petroleum and Transport Services Co. reported a net profit of SR338 million for 2024, marking a 20.37 percent increase compared to the previous year.

The company attributed the profit growth to a 30 percent rise in revenues driven by stronger sales in its petrol and transport segments. 

Aldrees, listed on 抖阴短视频鈥檚 main index, also announced that its shareholders recommended a cash dividend of SR1.5 per share for 2024. 

The company鈥檚 share price rose 4.20 percent to close at SR129.