抖阴短视频鈥檚 sukuk and debt capital market up聽$8bn since 2019
抖阴短视频鈥檚 sukuk and debt capital market up聽$8bn since 2019/node/2524951/business-economy
抖阴短视频鈥檚 sukuk and debt capital market up聽$8bn since 2019
In the final quarter of 2023, 抖阴短视频鈥檚 sukuk and bond issuances rose 2.8 percent in value year over year. Shutterstock
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Updated 06 June 2024
Arab News
抖阴短视频鈥檚 sukuk and debt capital market up聽$8bn since 2019
Updated 06 June 2024
Arab News
RIYADH: 抖阴短视频鈥檚 sukuk and debt capital market has grown significantly since 2019, surpassing SR30 billion ($7.9 billion), according to the Kingdom鈥檚 Capital Market Authority.
The regulatory body has announced that the market has witnessed an annual growth rate of 7.9 percent, with unlisted issuances showing a particularly robust yearly growth rate of 9.6 percent.
The unlisted sukuk and debt capital market has expanded from SR72 billion in 2019 to approximately SR105 billion by the end of 2023.聽
The total size of the corporate sukuk and debt capital market reached SR125 billion by the end of 2023, compared to SR95 billion at the end of 2019.
鈥淎dditionally, the number of companies issuing debt instruments has tripled by the end of 2023 compared to the end of 2019,鈥 CMA said.
In the final quarter of 2023 alone, the Kingdom鈥檚 sukuk and bond issuances rose 2.8 percent in value year over year, reaching about SR758.8 billion.聽
The growth was attributed to an increase in the listed sukuk and bonds issued by the government, which constituted 70 percent of the total, at SR529.8 billion.
Sukuk are Shariah-compliant financial certificates through which investors gain partial ownership of an issuer鈥檚 assets until maturity.
The authority, formed under the Financial Sector Development Program, has played a crucial role in these advancements through its Sukuk and Debt Instruments Market Development Committee.
The committee, chaired by the chairman of the CMA, has launched multiple initiatives to enhance market liquidity and attract a diverse investor base.
In terms of market activity, the value of trades and the number of transactions surged significantly. The traded value reached SR2.5 billion in 2023, up from SR0.8 billion in 2019, with the number of executed transactions increasing from 3,722 in 2021 to 36,961 in 2023.
CMA鈥檚 Deputy Assistant of Financing and Investment, Fahad Mohammed bin Hamdan, highlighted the authority鈥檚 commitment to fostering a thriving sukuk and debt capital market.聽
He pointed out the significant increase in individual investors鈥 participation, which rose from about 1 percent at the end of 2021 to approximately 12.5 percent by the end of 2023.聽
This shift was propelled by a successful public offering of sukuk in the last quarter of 2022, attracting over 125,000 individual investors.
Bin Hamdan added: 鈥淎t the same time, the share of banks declined from roughly 60 percent at the end of 2021 to 48 percent at the end of 2023. The share of government entities also dropped by 7 percent, from 20 percent at the end of 2021 to 13 percent in 2023.鈥
He explained that the share of investment funds increased from about 12 percent at the end of 2021 to 15 percent at the end of 2023. Regarding the number of executed transactions in the sukuk and debt capital market, both listed and unlisted, rose to 36,961 in 2023, compared to 3,722 in 2021, an increase of 893 percent.
Sector-wise, by the end of 2023, the financial industry emerged as the most active issuer of sukuk and debt instruments, followed by the energy and public utilities sectors.
Looking ahead, the CMA plans to continue developing the market through 16 strategic initiatives aimed at enhancing the legislative environment, incentives, and infrastructure to make the market more attractive to issuers and investors.聽
Key measures include easing regulatory frameworks, introducing sustainable bonds, removing withholding tax requirements for local debt instrument issuances, and expanding the REPO framework to include debt capital market instruments.
Bin Hamdan emphasized that these efforts are designed to boost the sukuk and debt capital market鈥檚 regional and international competitiveness, ultimately contributing to the broader economic growth and diversification goals of 抖阴短视频.
抖阴短视频 is focused on advancing its capital market by encouraging the private sector鈥檚 involvement and attracting foreign institutional investors to support key projects in the country.
Saudi startup investment shifts focus to AI, enterprise software, and SMEs
Updated 28 December 2024
Nour El-Shaeri
RIYADH: 抖阴短视频鈥檚 startup ecosystem is gaining momentum, propelled by government-backed initiatives and an influx of investor interest. While the fintech sector remains a primary focus, emerging opportunities in artificial intelligence, enterprise systems, and small-to-medium enterprise investments are drawing attention.
As part of its Vision 2030 initiative to reduce its dependence on oil, 抖阴短视频 is positioning itself as a regional hub for innovation, creating fertile ground for startups and attracting significant venture capital flows.
Why fintech?
Tushar Singhvi, deputy CEO of Crescent Enterprises and head of its investment platform, CE-Ventures, discussed the enduring potential of the fintech sector in an interview with Arab News. He pointed to the Kingdom's robust national strategy, which aims to establish 525 fintech companies by 2030, as a key driver behind sustained growth.
鈥湺兑醵淌悠碘檚 fintech sector is set for sustained growth, driven by a clear national strategy to have 525 fintech companies by 2030,鈥 Singhvi said.
In 2023, 抖阴短视频 captured 58 percent of all fintech venture capital in the Middle East and North Africa. Singhvi also highlighted pivotal moves like the acquisition of Tweeq by Tabby and the launch of Samsung Pay, both of which support 抖阴短视频鈥檚 goal of becoming a cashless society.
鈥淭hese efforts position 抖阴短视频 as a leader in fintech innovation, making the sector highly attractive to investors,鈥 Singhvi stated.
He added that this fintech momentum is aligned with the broader push for economic diversification. Vision 2030, 抖阴短视频鈥檚 ambitious roadmap for its post-oil economy, is channeling investments into long-term growth sectors like fintech, logistics, and healthcare.
鈥淚nvestors are focusing on sectors with long-term growth potential, like financial services, healthcare, and renewable energy,鈥 Singhvi said, emphasizing a rising interest in ESG-aligned investments that prioritize sustainability and social impact.
The fintech sector鈥檚 growth is further accelerated by the relative underdevelopment of traditional financial services in the region, according to Khaled Talhouni, managing partner at Nuwa Capital. He noted that the services available to both consumers and businesses from traditional financial institutions remain limited compared to the maturity of the overall economy.
鈥淭he availability and depth of services to both consumers and firms from traditional financial institutions like banks remains woefully under-developed relative to the maturity of the overall economy,鈥 Talhouni explained.
This gap presents significant opportunities for fintech startups. However, Talhouni anticipates market consolidation, with smaller companies potentially being acquired by larger players. 鈥淚 do suspect some consolidation in the space with smaller players folding into larger ones,鈥 he said.
The rise of AI
AI is another area where 抖阴短视频 is positioning itself for major growth. Singhvi pointed to the partnership between the Saudi Data and Artificial Intelligence Authority and NVIDIA to build one of the largest high-performance computing data centers in MENA.
鈥湺兑醵淌悠 is rapidly aligning with global AI trends, aiming to be a top 15 AI leader by 2030,鈥 Singhvi explained. Along with such investments, there is a concerted effort to build a skilled workforce, ensuring that the Kingdom can adopt AI and enterprise technologies to fuel its digital transformation.
Talhouni, however, sees the real opportunity for startups in integrating AI into day-to-day business operations rather than in large-scale AI infrastructure.
鈥淩ather than investing in AI infrastructure/LLMs (large language models) etc., startups will incorporate AI into their normal course of business naturally across the region,鈥 he said. 鈥淎I will become embedded in the offerings of all startups,鈥 but he does not expect many companies in the region to invest deeply in large-scale AI or deeptech, except for specific use cases.
Talhouni emphasized that AI will likely serve as an enabling technology, integrated into existing business models, rather than being the primary focus for most startups.
Shifting focus
Singhvi anticipates a shift in investor attention toward enterprise systems as Saudi companies scale up and strive for global competitiveness. He highlighted that enterprise software will play a pivotal role in the Kingdom鈥檚 broader digital transformation efforts.
鈥淲e are seeing more and more SaaS (Software as a Service) companies emerge from the region and the Kingdom,鈥 Talhouni observed. However, scaling such businesses can be challenging, given the relatively small number of large companies in the region. 鈥淪aaS/Enterprise requires a large number of firms and a relatively large economy to flourish,鈥 he said. Despite these hurdles, Talhouni noted that niche opportunities exist for creating regional champions in the sector.
Why not oil and gas?
While the oil and gas sector has traditionally been the cornerstone of 抖阴短视频鈥檚 economy, it poses significant challenges for startups. Singhvi explained that the sector鈥檚 complex regulations and high capital requirements create barriers to entry for smaller companies. Established industry giants dominate research and development, making it tough for new players to break into the space.
鈥淭he oil and gas sector鈥檚 complex regulations and high capital requirements create significant barriers for startups,鈥 Singhvi said.
However, Singhvi noted the growing opportunities for energy-tech startups, particularly those focused on digital transformation and sustainability, through partnerships with oil and gas companies.
鈥淭here has been a rise in strategic collaborations between oil and gas companies and energy-tech startups, which is accelerating the shift toward digital innovation,鈥 he said.
Talhouni offered a broader perspective, suggesting that much of the innovation in the oil and gas sector requires specialized research and development infrastructure, which the region still lacks.
鈥淢ost innovation in the oil and gas sector is in engineering, material science, and deeptech,鈥 he explained, adding that these fields require strong research-driven universities and a grant system, which are not yet widespread in the region.
鈥淯nlike consumer internet startups that require, as an example of the opposite side of the spectrum, much easier entry with existing cloud infrastructure and limited technical/research-driven processes required,鈥 he added.
This, he believes, makes it harder for new startups to break into the oil and gas industry, compared to the more accessible fintech sector, where cloud infrastructure allows companies to scale with fewer resources.
The growing SME sector
According to Ibrahim AbdelRahim, managing partner at Moonbase Capital, 抖阴短视频鈥檚 SME sector has experienced impressive growth, largely driven by government support and Vision 2030 initiatives.
鈥淎s of the fourth quarter of 2023, the number of SMEs in the country reached 1.31 million, reflecting a 3 percent quarter-on-quarter increase,鈥 AbdelRahim noted, referencing a report by the General Authority for Small and Medium Enterprises.
This marks a staggering 179 percent increase in SME numbers over the last eight years. While most of these SMEs are micro-sized, they are well-positioned for further growth.
AbdelRahim also highlighted the rising interest in search funds, a new asset class in the region that aligns well with 抖阴短视频鈥檚 economic landscape.
鈥淢any investors are eager to diversify their portfolios with search funds due to their potential for steady returns that surpass those of real estate investments or forex trading,鈥 he said.
Moonbase Capital, one of the pioneers in search funds in the region, has seen growing interest from high-net-worth individuals and family offices in 抖阴短视频.
From an entrepreneurial perspective, AbdelRahim believes search fund-backed ventures will thrive in the coming decade, thanks to the rapid growth and transformation of the SME sector.
Edtech in 抖阴短视频: revolutionizing education through innovation
Updated 28 December 2024
Reem Walid
RIYADH: Edtech, short for educational technology, refers to the use of technology鈥攈ardware, software, and digital resources鈥攖o enhance teaching, learning, and educational outcomes.
It encompasses a wide range of tools and techniques aimed at improving the educational experience, including online learning platforms, educational apps, digital textbooks, virtual reality simulations, gamified learning experiences, and more.
Edtech is utilized in schools, universities, corporate training settings, and lifelong learning environments to make education more engaging, accessible, and effective.
When it comes to 抖阴短视频 specifically, investing in edtech aligns with the Kingdom鈥檚 Vision of establishing a knowledge-based economy.
The edtech market size in 抖阴短视频 is projected to exhibit a growth rate of 13.3 percent during 2024-2032, according to global management consulting firm imarc.
This comes as the market is being propelled by a surge in demand for tailored education to meet individual student needs, a heightened emphasis on digital literacy and tech competencies, and a growing recognition of the value of adaptable and convenient learning options.
Saudi efforts
There is no doubt that the Saudi Ministry of Education isn鈥檛 just talking about the future鈥攖hey鈥檙e building it, step by step, with initiatives designed to transform their classrooms into cutting-edge hubs of AI and digital mastery.
鈥淭ake their 鈥楩uture Intelligence Program,鈥 for example, which aims to empower 30,000 students with skills in AI, machine learning, and smart technologies. Imagine a generation of Saudi youth who can program self-driving cars before they even graduate high school,鈥 Ian Khan, a technology futurist and author who writes on the subject of AI, told Arab News.
鈥淭his is more than just an upgrade in skills鈥攖his is about shaping a workforce ready to dominate the tech economy. Layer on top of that the SAMAI initiative, where 1 million Saudis will gain expertise in AI and digital tools, and it becomes clear that 抖阴短视频 isn鈥檛 just keeping up with global tech trends鈥攖hey're aiming to lead them,鈥 Khan added.
He went on to note that this bold vision is intricately aligned with Saudi Vision 2030, which strives to create a knowledge-driven economy.
鈥淭his AI-driven, personalized learning experience is where the future of education meets the individual鈥檚 unique strengths and needs, gearing up the country for its next leap forward,鈥 Khan concluded in that regard.
Initiatives
There is no doubt that the Kingdom is actively integrating AI into its education system to create a future-ready workforce.
鈥淧rograms such as the Future Intelligence Programmer aim to train thousands of students in AI, equipping them with the skills to innovate in a rapidly digital world. AI is being used to personalize learning experiences, automate administrative tasks for educators, and enable more tailored educational pathways,鈥 Samer Bohsali, Middle East head of government & public sector practice, Bain & Co., told Arab News.
鈥淭hese efforts are part of a broader vision to transform the Kingdom鈥檚 education system, setting new standards for digital literacy and student engagement,鈥 Bohsali said.
On behalf of PwC Middle East, Partner at Education and Skills Ayham Fayyoumi told Arab News that the Kingdom is adopting a cautious yet forward-thinking approach to AI in education, with initiatives focusing on several key areas.
鈥淥ne notable example is the implementation of adaptive learning systems, which use AI to analyze individual student performance and tailor educational content accordingly. These systems can identify students鈥 strengths and weaknesses, offering personalized learning experiences that enhance educational outcomes,鈥 Fayyoumi said.
鈥淎dditionally, AI-powered virtual assistants are being introduced to support both teachers and students in managing routine tasks, such as administrative work or grading, allowing educators to dedicate more time to core instructional activities. These AI tools are designed to streamline workflows, enhance productivity, and improve engagement in the classroom,鈥 he added.
Global partnerships
Global EdTech partnerships are crucial for the Kingdom for several reasons including access to innovation, enhanced learning opportunities, cross-cultural exchange, among several others.
鈥淲hen 抖阴短视频 decided to revolutionize its educational landscape, they didn鈥檛 go it alone鈥攖hey teamed up with global powerhouses like Google, Microsoft, and Coursera. This collaboration isn't just window dressing. It鈥檚 a deliberate strategy to equip students and educators with the latest tools in AI, cloud computing, and data science,鈥 Khan said.
鈥淕oogle Cloud鈥檚 Elevate Program, for example, has trained over 25,000 Saudi women in cloud technologies. This is more than just a skillset boost鈥攖his is building a tech-savvy workforce that can compete on a global stage,鈥 he added.
The technology futurist continued to highlight that these partnerships give Saudi educators access to AI-powered platforms that personalize learning and streamline assessments, ultimately creating more engaging and efficient classrooms.
鈥淭he future of education isn鈥檛 just digital鈥攊t鈥檚 adaptable, global, and responsive. And 抖阴短视频, through these forward-thinking collaborations, is leading the charge toward a tech-dominant educational future,鈥 Khan said.
抖阴短视频鈥檚 collaboration with global tech leaders also empowers the nation to adopt advanced educational tools that inspire innovation in the classroom.
From Bain & Co.鈥檚 side, Bohsali explained that these partnerships provide access to AI-driven platforms that foster personalized learning and critical thinking.
鈥淭his digital transformation is not just about adopting technology but also about reshaping how education is delivered, making learning more engaging and aligned with the future needs of the global economy ,鈥 he said.
抖阴短视频鈥檚 educational technology firms are using AI and technological advancements to revolutionize conventional educational approaches and enhance student achievements. Taking cues from effective programs in the UK and elsewhere, 抖阴短视频 is directing significant resources into AI-infused tools across various sectors, particularly education.
Consequently, this initiative is fostering expansion in the education sector and sparking creativity within private enterprises, which is positively impacting more than 6 million students in the nation.
In that regard, PwC partner Fayyoumi said: 鈥淪everal EdTech companies are at the forefront of this revolution, incorporating advanced AI technologies into their products and services to enhance learning experiences.鈥
鈥淭hese companies are providing products utilizing AI to offer personalized learning pathways, adaptive assessments, and real-time feedback to better meet the unique needs of individual students. Such tools not only improve engagement but also boost academic performance by catering to diverse learning styles,鈥 he added.
Saudi Vision 2030
鈥淪audi Vision 2030 isn鈥檛 just about a shift in economic strategy鈥攊t鈥檚 a transformation in mindset. At the heart of this vision is the move from a resource-based economy to one driven by knowledge, innovation, and technology,鈥 Khan said.
鈥淏y embedding AI and digital learning in classrooms, programs like SAMAI and the Future Intelligence Program are crafting a new generation of thinkers, doers, and creators. The ripple effects will be profound. Think about it鈥攕tudents will be more engaged because their learning is tailored to their strengths,鈥 he added.
The technology futurist emphasized that the education system will be more efficient, and graduates will emerge prepared for high-demand sectors like AI, cybersecurity, and digital industries.
He underlined that this is the essence of future readiness鈥攚here a nation鈥檚 educational foundation aligns perfectly with the demands of tomorrow鈥檚 economy.
On Bain & Co.鈥檚 behalf, Bohsali said: 鈥淏y embedding AI and advanced technologies into the curriculum, the Kingdom is fostering a generation of learners who are not only technologically adept but also equipped to lead in innovation.鈥
鈥淭he expected outcomes are profound鈥攅nhanced digital literacy, improved educational outcomes, and the positioning of 抖阴短视频 as a global leader in the knowledge economy,鈥 Bohsali added.
Education is a key pillar, for both youth and above in achieving the goals of Vision 2030. This comes as the median age of Saudis is 22 years, and 63 percent of the Saudi population is below the age of 30.
Furthermore, PwC鈥檚 2024 Hopes & Fears survey shows that nearly three-quarters of people surveyed in Saudi foresee the growing importance of digital skills in their roles over the coming five years.
鈥淚ncorporating digital tools within the education ecosystem can help boost the overall student learning experience and prepare them for their future work environments,鈥 Fayyoumi said.
The PwC partner concluded by emphasizing that by enhancing the education sector using digital technologies such as AI, 抖阴短视频 stands to build a globally competitive society, and to become the hub for the next generation of digitally equipped leaders in the Kingdom.
鈥淭hus, the digital transformation of the education sector is another important part of Vision 2030鈥檚 success, to ensure young people in the Kingdom have the right skills for the future world of work,鈥 he said.
抖阴短视频鈥檚 oil legacy fuels shift to renewable energy hub
Updated 28 December 2024
Nirmal Narayanan
RIYADH: 抖阴短视频鈥檚 established prowess in crude oil production could help the Kingdom emerge as a global leader in the renewable energy sector, experts suggest.
Paul Sullivan, an energy and environment expert at Johns Hopkins University, emphasized that 抖阴短视频 possesses the technical and engineering skills necessary to become a central hub for renewable energy.
Speaking with Arab News, he explained that the Kingdom鈥檚 vast experience in energy production could be leveraged to accelerate its transition toward cleaner energy sources.
Bolstering renewable energy capacity is critical for 抖阴短视频 as it aims to generate 130 gigawatts of clean energy by 2030 and achieve net-zero emissions by 2060.
At the center of this ambitious plan is NEOM, a flagship project through which 抖阴短视频 intends to become a leading manufacturer and exporter of green hydrogen. NEOM, in partnership with ACWA Power and Air Products, aims to export up to 600 tonnes of hydrogen per day by 2026.
鈥湺兑醵淌悠 has many technical, business, and engineering skills that can spill over from oil and gas to renewables. One obvious one is drilling. Advanced drilling techniques can be used to develop geothermal energy in many places in the Kingdom,鈥 said Sullivan.
He further noted: 鈥湺兑醵淌悠 has massive potential for geothermal energy. Skills in developing pipelines, refineries, ports, pumping stations, and more could also be transferred to geothermal.鈥
Sullivan also pointed out that expertise in electrical engineering and the construction industry, honed through 抖阴短视频鈥檚 legacy oil business, can be used to build new energy systems, including wind, solar, geothermal, and nuclear power.
鈥湺兑醵淌悠 has a lot of financial clout from its oil business that could be redirected, but properly, to green energy and other environmental industries such as advanced desalination,鈥 he added.
Technical and commercial expertise
Peter Brishimov, a partner in Energy and Process Industries at Kearney Middle East and Africa, echoed similar sentiments, emphasizing that 抖阴短视频鈥檚 experience in crude oil production provides a solid foundation for future renewable energy projects.
鈥淚n terms of technology, it is leveraging its track record in effectively deploying large-scale capital projects. On the commercialization front, given that the market for renewable energy is not yet as global as the one for oil, the Kingdom is building the bridge to make renewable energy commercially viable in both the short term and long term,鈥 Brishimov explained.
He noted that 抖阴短视频 is also focused on expanding its interconnection infrastructure and advancing green hydrogen production, which would enable the Kingdom to meet its own renewable energy needs while positioning itself as a global player.
Sullivan suggested that 抖阴短视频 could quickly transform its traditional energy infrastructure into facilities capable of producing green energy.
鈥淎ll over the world, traditional energy systems are being transformed into green energy hubs. The knowledge is out there. 抖阴短视频 can build on that with its excellent energy research institutes, universities, and think tanks. KAPSARC comes to mind,鈥 he said.
In August, a collaboration between KAUST, NEOM鈥檚 Education, Research, and Innovation Foundation, and ENOWA was announced to accelerate the development of 抖阴短视频鈥檚 hydrogen economy. As part of the agreement, ERIF will sponsor three strategic projects focused on hydrogen research, working in partnership with KAUST researchers to advance the development of hydrogen as a renewable energy source.
Human capital development
Sullivan also emphasized the importance of retraining the Kingdom's workforce to support the green energy transition.
鈥淭he traditional energy workforce will need retraining for the skills that are not transferable. Some people may not move that easily to newer ways of doing things, and some may be left behind. Younger people should be educated in the new opportunities. The training and education systems for traditional energy can be developed alongside the same for the new systems,鈥 he said.
Brishimov highlighted that human capital development is crucial for the energy transition, often overshadowed by factors such as natural resources and capital availability.
鈥淏ased on its track record in building an oil industry, the Kingdom is in a strong position to do the same in the renewable energy domain. Through its national policies for enabling human capital development and Saudization requirements, 抖阴短视频 is positioning itself to successfully transition its workforce,鈥 he added.
Potential challenges
Discussing potential obstacles, Sullivan pointed out that some critical minerals and metals required for green energy production, particularly in electric vehicles, will need to be imported. However, he noted that 抖阴短视频 is making strides in developing its mining sector, which could mitigate this issue in the future.
鈥淭he fact that it is so inexpensive to get the oil out of the ground can hamper the development of green energy. Legacy systems that are cash cows can slow down the development of new industries,鈥 Sullivan said.
However, he also noted that, as seen in China鈥檚 transition, the development of green energy does not necessarily hinder the growth of new energy sectors.
鈥淭he development of green energy as the Chinese used coal to develop their green energy. So, it is not necessarily the case that being successful in legacy energy will slow down the growth of new energy,鈥 he explained.
抖阴短视频 has set a bold target of deriving 50 percent of its power generation from renewables by 2030. According to Brishimov, this goal presents significant challenges, especially in terms of the speed of infrastructure deployment. 鈥淚n excess of 100 GW of renewable capacity will need to be deployed by 2030,鈥 he said.
He further noted that 抖阴短视频 is addressing this challenge by using a combination of renewable energy auctions and direct deployment by the Public Investment Fund (PIF) to ensure rapid progress. Additionally, the Kingdom is pursuing ambitious localization targets within the renewable energy sector. 鈥淭hese targets must be achieved in parallel, without hindering the speed of deployment or the commercial attractiveness of renewable energy projects,鈥 Brishimov explained.
Balancing old and new energy systems
Energy experts have long emphasized the importance of a gradual transition to renewables, rather than a sudden shift away from traditional energy sources. Haitham Al-Ghais, secretary- general of OPEC, stated in July that oil will continue to play a crucial role in future energy pathways, particularly as petroleum products remain essential for various industries, including electricity generation.
鈥淥il will continue to play a pivotal role in future energy pathways,鈥 Al-Ghais said. He added that OPEC member countries, including 抖阴短视频, are developing clear national electrification plans that align with efforts to reduce emissions.
Sullivan shared a similar perspective, arguing that the future energy landscape should incorporate both traditional and renewable energy systems to ensure energy security. 鈥淔or energy and economic security, resilience, and reliability, both new and old systems need to be developed. Oil will be needed for a long time to come,鈥 he said.
He concluded: 鈥湺兑醵淌悠 and many in the GCC can also gain by jumping onto the new energy train. If anything, it brings business and economic diversification for a risky future of change.鈥
ISLAMABAD: Short-term inflation, measured by the Sensitive Price Index (SPI), has risen to 5.08 percent in Pakistan on a year-on-year basis, the country鈥檚 statistics bureau said this week, with an increase observed in prices of edible items.
The SPI, which comprises 51 essential items collected from 50 markets in 17 cities, is computed on a weekly basis to assess the price movement of essential commodities at shorter interval of time so as to review the price situation in the country.
The SPI for the week ending on Dec. 26 increased by 0.80 percent as compared to the previous week, according to the Pakistan Bureau of Statistics (PBS). This is the third time short-term has increased in the South Asian country. Weekly inflation last decreased by 0.34 percent in Pakistan in the week ending on Dec. 5.
鈥淒uring the week, out of 51 items, prices of 17 (33.33 percent) items increased, 10 (19.61 percent) items decreased and 24 (47.06 percent) items remained stable,鈥 it said in a report.
Major increase was observed in prices of chicken (22.47 percent), tomatoes (20.75 percent), sugar (2.19 percent), vegetable ghee 1 kilogram (1.17 percent), firewood (0.95 percent), cooking oil 5 liter (0.74 percent), cooked beef and mustard oil (0.69 percent) each, liquefied petroleum gas (0.18 percent) and washing soap (0.09 percent).
The items that recorded a decrease in prices included onions (8.13 percent), potatoes (2.38 percent), bananas (0.68 percent), rice (0.50 percent) and eggs (0.30 percent).
Pakistan鈥檚 annual consumer inflation slowed to 4.9 percent in November, lower than the government鈥檚 forecast, according to the PBS. The finance ministry had projected inflation would slow to 5.8 percent-6.8 percent in November and ease to 5.6 percent-6.5 percent in December.
Consumer inflation cooled from 7.2 percent in October, a sharp drop from a multi-decade high of nearly 40 percent in May 2023.
Suzuki Motor former boss Osamu Suzuki, who turned minicar maker into global player, dies at 94
Suzuki was known for his candid remarks and friendliness, calling himself an 鈥榦ld guy from a small to mid-size company鈥
Born on Jan. 30, 1930 as Osamu Matsuda, Suzuki worked in banking after graduating from Tokyo鈥檚 Chuo University School of Law
Updated 28 December 2024
AP
TOKYO: Osamu Suzuki, the charismatic former boss of Suzuki Motor Corp. who helped turn the Japanese mini-vehicle maker into a globally competitive company, has died, the company said Friday. He was 94.
Suzuki was known for his candid remarks and friendliness, calling himself an 鈥渙ld guy from a small to mid-size company.鈥 He became CEO of Suzuki in 1978 and was leading the company when it became the first Japanese automaker to start local production in India, where its cars proved hugely popular.
Born on Jan. 30, 1930 as Osamu Matsuda, Suzuki worked in banking after graduating from Tokyo鈥檚 Chuo University School of Law. He joined Suzuki Motor, which is based in the central Japanese city of Hamamatsu, in 1958 when he married a daughter of the company鈥檚 then-president Shunzo Suzuki, who belonged to the company鈥檚 founding family. As is sometimes the custom in such situations, Matsuda adopted his wife鈥檚 maiden name.
In 1979, a year after he became Suzuki Motor鈥檚 fourth company president, he launched an affordable minicar, which became a big hit and was promoted to world markets.
Under Suzuki鈥檚 leadership, the company鈥檚 sales grew more than tenfold to 3 trillion yen ($19 billion) in the 2000s.
Suzuki also led business tie-ups with other global leaders such as General Motors and Volkswagen AG in the 2000s. Amid intensifying competition and industrial transformation, Suzuki also formed a capital alliance with Toyota Motor Corp. in 2019 to co-develop self-driving vehicles.
While other Japanese automakers have expanded in the US and Chinese markets, offering a wide range of vehicles, Suzuki has stuck with mini and compact cars, mostly in South and Southeast Asia.
Suzuki stressed the importance of understanding the grassroots level.
鈥淢aking good quality and low-price products is the basis of manufacturing,鈥 Suzuki once told an interview with the broadcaster NHK television. 鈥淲e cannot lower costs while sitting in the offices of president or chairperson, so I have to be in a factory to understand the work and get ideas.鈥
Suzuki stepped down as president at age 85 in 2015, handing the post to his son, Toshihiro Suzuki. He served as an adviser to the company after resigning as chairman in 2021.
The company said Suzuki died Wednesday of malignant lymphoma.