Abu Dhabi Department of Energy Launches Foresight Reports to Navigate Future Energy Trends

Bank Nizwa has reaffirmed its role in advancing the country’s growth by signing a financing agreement for the Hafeet Rail project, committing USD 45 million to the initiative. The signing ceremony took place in Abu Dhabi, underscoring the bank’s support for this major infrastructure development. The Hafeet Rail project, which will connect Abu Dhabi, the capital of the United Arab Emirates (UAE), with Sohar Port in Oman, represents a significant step in enhancing regional collaboration and infrastructure progress.

The ambitious Hafeet Rail project represents a strategic collaboration between the UAE and the Sultanate of Oman, designed to enhance the existing tourism infrastructure and offer residents and travelers the unique experience of cross-country rail travel throughout the Gulf Cooperation Council (GCC). This railway system will provide passengers with breathtaking views of the mountains, highlands, and vast deserts of both nations. In its initial phase, the transformative project will involve the construction of a 303 km high-speed railway line, with 163 km situated within Oman. The rail line will incorporate two tunnels, 60 bridges, and two passenger stations in Sohar and Al Ain, significantly reducing travel time while ensuring enhanced safety, comfort, and luxury for all travelers.

On this milestone, Mr. Khalid Al Kayed, Chief Executive Officer of Bank Nizwa, stated, “We take great pride in extending our financing to the pioneering Hafeet Rail project, which has the potential to revolutionize travel and goods transportation across the GCC. At Bank Nizwa, we are committed to advancing national and regional priorities that enhance infrastructure and development, aligning our countries with international standards. We are honored to contribute to a project that will generate numerous direct and indirect employment opportunities while significantly reducing logistics costs and the carbon footprint associated with cross-border transportation.”

Bank Nizwa’s participation in this landmark project, marked by a financial commitment of USD 45 million, underscores the trust and confidence the bank has cultivated within the regional community. As a leading Islamic financial institution, Bank Nizwa is dedicated to supporting initiatives that promote sustainable development and infrastructural advancement across Oman and the GCC. The Hafeet Rail Project exemplifies this commitment, illustrating the bank’s strategic role in fostering economic growth and enhancing trade capabilities between neighbouring nations.

By playing a pivotal role in this regionally significant project, Bank Nizwa solidifies its position as the most-trusted and preferred financial partner, not only for individuals seeking exceptional Sharia-compliant banking solutions but also for organizations, corporations, and government entities alike.

The Central Bank of Bahrain’s (CBB) Board of Directors held for its fourth meeting of 2024 on Sunday, 13 October, under the chairmanship of Mr. Hassan Khalifa Al Jalahma.

During the meeting, the Board reviewed several key topics, including the CBB’s performance report and recent developments in the financial sector for the third quarter of 2024, as well as the CBB’s financial performance report.

The Board also reviewed key monetary and banking indicators for the year including the money supply, which increased by BD 0.6 million to reach BD 16.4 billion at the end of August 2024, compared to the same period in 2023. As for retail banks, total private deposits increased to BD14.3billion at the end of August 2024, an increase of 2.9% compared to the end of August 2023. The outstanding balance of total loans and credit facilities extended to resident economic sectors increased to BD12.2 billion at the end of August 2024, an increase of 5.2% compared to the end of 2023, with the Business Sector accounting for 42.3% and the Personal Sector at 48.8% of total loans and credit facilities.  The balance sheet of the banking system (retail banks and wholesale sector banks) increased to $243.1 billion at the end of August 2024, an increase of 8.2% compared to the end August of 2023.

Point of Sales (POS) data for August 2024 totaled 18.2 million transactions (77.2% of which were contactless), an increase of 18.1% compared to the same period in 2023. The total value of POS transactions for August 2024 totaled BD 387.7 million (52.2% of which were contactless), an increase of 15.7% compared to the same period in 2023.

The banking sector maintained a high level of capital adequacy and liquidity, as the capital adequacy ratio of the banking sector reached 20.0% in Q2 2024 compared with 19.3% in Q2 2023. The capital adequacy ratio for the various banking sectors was 32.9% for conventional retail banks, 16.7% for conventional wholesale banks, 19.6% for Islamic retail banks, and 20.8% for Islamic wholesale banks in Q2 2024.

The total number of registered Collective Investment Undertakings (CIUs) as of August 2024 stood at 1715 CIUs, compared to 1673 funds as of August 2023. The net asset value (NAV) of the CIUs increased from US$ 10.651 billion in Q2 2023 to US$ 11.178 billion in Q2 2024, reflecting an increase of 4.95%. Moreover, the NAV of Bahrain domiciled CIUs increased from US$ 4.390 billion in Q2 2023 to US$ 4.428 billion in Q2 2024, reflecting an increase of 0.87%. Furthermore, the NAV of overseas domiciled CIUs increased from US$ 6.261 billion in Q2 2023 to US$ 6.750 billion in Q2 2024, reflecting an increase of 7.81%. Additionally, the NAV of Shari’a-compliant CIUs increased from US$ 1.412 billion in Q2 2023 to US$ 1.812 billion in Q2 2024, reflecting an increase of 28.33%.

The Saudi EXIM Bank has entered into a USD 50 million credit facility agreement with DL Hudson Limited, aimed at fostering the expansion of Saudi non-oil exports by linking local exporters to international buyers across more than 22 global markets.

This collaboration enables the Saudi EXIM Bank, through its International Buyer Finance Product, to provide financing to DL Hudson Limited for the acquisition of Saudi products, which will then be distributed to customers worldwide. DL Hudson Limited, a UK-based firm, focuses on trading in ferrous and nonferrous metals as well as energy.

The agreement was signed by the Director General of the Finance Department at the Saudi EXIM Bank, Eng. Abdulatif Al-Ghaith, and the Chief Operating Officer of DL Hudson Limited, Mr. Moises Portillo, in London, UK.

Regarding the agreement, Eng. Abdulatif Al-Ghaith said: “This agreement comes within the framework of the bank’s endeavor to provide financing solutions that contribute to the development of Saudi non-oil exports and enhance their competitiveness in global markets, highlighting the agreement’s role in promoting exports across several key national economic sectors and create new trade opportunities for local exporters by linking them to many global markets.” Al-Ghaith also praised DL Hudson expertise in trading metals, expressing his appreciation for this cooperation, and looking forward to future cooperation opportunities.

The Saudi EXIM Bank, a development bank under the National Development Fund, plays a key role in diversifying the Kingdom’s economic base. It strengthens the export system for national non-oil products and services by addressing financing gaps and minimizing export risks. These efforts support the growth of the non-oil economy in alignment with the Kingdom’s Vision 2030.

AmiViz, the leading cybersecurity-focused value-added distributor headquartered in the Middle East, has announced a strategic partnership with Utimaco, a global platform provider of IT security solutions. This collaboration aims to expand Utimaco’s footprint and impact across the Middle Eastern markets, offering organizations access to advanced data protection, key management, secure payments and Trust as a Service offering through AmiViz’s comprehensive network and robust channel partner ecosystem.

As cyber threats continue to escalate globally and regionally, organizations in the Middle East are facing increased pressure to protect their critical data and communication networks. By partnering with AmiViz, Utimaco can reach a broader range of customers, helping enterprises safeguard sensitive information while ensuring compliance with local and international regulations.

Utimaco’s comprehensive security solutions, including Hardware Security Modules (HSMs), key management, and data encryption technologies, form the foundation of digital trust across diverse industries. By safeguarding data, identities, and communications, Utimaco enables secure operations for critical sectors such as financial services, telecommunications, and government entities.

“Partnering with Utimaco represents a significant step forward in our mission to deliver unparalleled value and advanced security solutions to our customers,” said Ilyas Mohammed, COO at AmiViz. “Utimaco’s reputation for reliability and innovation in cybersecurity aligns perfectly with our commitment to providing top-quality, robust security infrastructures for businesses across the Middle East.”

AmiViz will offer comprehensive support, from pre-sales consultancy to post-sales implementation, ensuring that Utimaco’s solutions are seamlessly integrated into customers’ cybersecurity ecosystems. The AmiViz Partner Program will also play a key role in helping Utimaco build and nurture relationships with local partners, thereby increasing its market share and footprint in the region.

Scott Kemish, global vice president channel sales & partnerships, Utimaco, commented on the partnership, “We are delighted to join forces with AmiViz to expand our presence in the Middle East. AmiViz’s deep understanding of the regional market, coupled with its vast partner network, makes it the ideal partner to help us deliver our cybersecurity and compliance solutions to organizations throughout the region. Together, we can empower businesses to protect their data, identities, and communications in an increasingly complex digital landscape.”

Binance has announced a strategic partnership with TOKEN2049, the premier global events platform for digital asset professionals and enthusiasts. TOKEN2049 is known for hosting the largest global events focused on cryptocurrency, blockchain, and decentralized technologies in Dubai and Singapore, where founders and executives of leading Web3 companies share their insights on the industry’s past, present, and future.

Set to take place in Dubai from 30 April to 1 May 2025, TOKEN2049 is returning to Dubai to feature high-profile speakers and unparalleled networking opportunities designed to unite the Web3 community and professionals in the space. This partnership underscores Binance’s and TOKEN2049’s leadership in the blockchain space, particularly within the MENA region, as Dubai continues to solidify its status as a global hub for cryptocurrency and blockchain innovation.

“We are thrilled to join forces with TOKEN2049 for their Dubai event in 2025, bringing back our much-loved Binance Clubhouse. This strategic collaboration enhances our shared vision of empowering the next chapter of Web3 while reinforcing our commitment to building trust and fostering engagement among the community. We look forward to collaborating with TOKEN2049 in creating a vibrant and inspired Clubhouse space for 2025.” – Rachel Conlan, CMO at Binance.

“TOKEN2049 Dubai is set to be a landmark event, bringing together the global crypto ecosystem for a spectacular new experience. With 15,000 attendees and over 500 side events, Dubai will be the industry’s focal point on 30 April – 1 May 2025. Our partnership with Binance underscores TOKEN2049’s position as the premier global platform for showcasing the latest industry developments and driving technological innovation.” – Alex Fiskum, Co-Founder of TOKEN2049.

In line with TOKEN2049’s dedication to celebrating and unifying the blockchain industry, Binance Blockchain Week is also returning to Dubai this year. Under the theme ‘Momentum,’ the event will highlight the Middle East’s crucial role in the global digital economy and explore how decentralized finance has continued to evolve.  Binance Blockchain Week will feature some of the most influential and educational leaders within the industry and is an opportunity to network with some of the most fast paced networks and ecosystems in the word, paving the way for newcomers and opening more doors for developers and enthusiasts alike.

This partnership spotlights the combined efforts of Binance and TOKEN2049 to foster deeper connections within the blockchain community, empowering developers, enthusiasts, and newcomers to collaborate with industry leaders. By uniting these key players, the partnership aims to accelerate innovation and shape the future of decentralized finance globally.

The newly minted Nobel laureate Geoffrey Hinton has a message about the artificial-intelligence systems he helped create: get more serious about safety or they could endanger humanity.

“I think we’re at a kind of bifurcation point in history where, in the next few years, we need to figure out if there’s a way to deal with that threat,” Hinton said in an interview Tuesday with a Nobel Prize official that mixed pride in his life’s work with warnings about the growing danger it poses.

The 76-year-old Hinton resigned from Google last year in part so he could talk more about the possibility that AI systems could escape human control and influence elections or power dangerous robots. Along with other experienced AI researchers, he has called on such companies as OpenAI, Meta Platforms and Alphabet -owned Google to devote more resources to the safety of the advanced systems that they are competing against each other to develop as quickly as possible.

Hinton’s Nobel win has provided a new platform for his doomsday warnings at the same time it celebrates his critical role in advancing the technologies fueling them. Hinton has argued that advanced AI systems are capable of understanding their outputs, a controversial view in research circles.

“Hopefully, it will make me more credible when I say these things really do understand what they’re saying,” he said of the prize.

Hinton’s views have pitted him against factions of the AI community that believe dwelling on doomsday scenarios needlessly slows technological progress or distracts from more immediate harms, such as discrimination against minority groups .

“I think that he’s a smart guy, but I think a lot of people have way overhyped the risk of these things, and that’s really convinced a lot of the general public that this is what we should be focusing on, not the more immediate harms of AI,” said Melanie Mitchell, a professor at the Santa Fe Institute, during a panel last year.

Hinton visited Google’s Silicon Valley headquarters Tuesday for an informal celebration, and some of the company’s top AI executives congratulated him on social media.

On Wednesday, other prominent Googlers specialising in AI were also awarded a Nobel Prize. Demis Hassabis, chief executive of Google DeepMind, and John M. Jumper, director at the AI lab, were part of a group of three scientists who won the chemistry prize for their work on predicting the shape of proteins.

Thinking like people

Hinton is sharing the Nobel Prize in physics with John Hopfield of Princeton University for their work since the 1980s on neural networks that process information in ways inspired by the human brain. That work is the basis for many of the AI technologies in use today, from ChatGPT’s humanlike conversations to Google Photos’ ability to recognise who is in every picture you take.

“Their contributions to connect fundamental concepts in physics with concepts in biology, not just AI—these concepts are still with us today,” said Yoshua Bengio , an AI researcher at the University of Montreal.

In 2012, Hinton worked with two of his University of Toronto graduate students, Alex Krizhevsky and Ilya Sutskever, on a neural network called AlexNet programmed to recognise images in photos. Until that point, computer algorithms had often been unable to tell that a picture of a dog was really a dog and not a cat or a car.

AlexNet’s blowout victory at a 2012 contest for image-recognition technology was a pivotal moment in the development of the modern AI boom, as it proved the power of neural nets over other approaches.

That same year, Hinton started a company with Krizhevsky and Sutskever that turned out to be short-lived. Google acquired it in 2013 in an auction against competitors including Baidu and Microsoft, paying $44 million essentially to hire the three men, according to the book “Genius Makers.” Hinton began splitting time between the University of Toronto and Google, where he continued research on neural networks.

Hinton is widely revered as a mentor for the current generation of top AI researchers including Sutskever, who co-founded OpenAI before leaving this spring to start a company called Safe Superintelligence.

Hinton received the 2018 Turing Award, a computer-science prize, for his work on neural networks alongside Bengio and a fellow AI researcher, Yann LeCun . The three are often referred to as the modern “godfathers of AI.”

Warnings of disaster

By 2023, Hinton had become alarmed about the consequences of building more powerful artificial intelligence. He began talking about the possibility that AI systems could escape the control of their creators and cause catastrophic harm to humanity. In doing so, he aligned himself with a vocal movement of people concerned about the existential risks of the technology.

“We’re in a situation that most people can’t even conceive of, which is that these digital intelligences are going to be a lot smarter than us, and if they want to get stuff done, they’re going to want to take control,” Hinton said in an interview last year.

Hinton announced he was leaving Google in spring 2023, saying he wanted to be able to freely discuss the dangers of AI without worrying about consequences for the company. Google had acted “very responsibly,” he said in an X post.

In the subsequent months, Hinton has spent much of his time speaking to policymakers and tech executives, including Elon Musk , about AI risks.

Hinton cosigned a paper last year saying companies doing AI work should allocate at least one-third of their research and development resources to ensuring the safety and ethical use of their systems.

“One thing governments can do is force the big companies to spend a lot more of their resources on safety research, so that for example companies like OpenAI can’t just put safety research on the back burner,” Hinton said in the Nobel interview.

An OpenAI spokeswoman said the company is proud of its safety work.

With Bengio and other researchers, Hinton supported an artificial-intelligence safety bill passed by the California Legislature this summer that would have required developers of large AI systems to take a number of steps to ensure they can’t cause catastrophic damage. Gov. Gavin Newsom recently vetoed the bill , which was opposed by most big tech companies including Google.

Hinton’s increased activism has put him in opposition to other respected researchers who believe his warnings are fantastical because AI is far from having the capability to cause serious harm.

“Their complete lack of understanding of the physical world and lack of planning abilities put them way below cat-level intelligence, never mind human-level,” LeCun wrote in a response to Hinton on X last year.

Dubai has introduced the “Dubai Cashless Strategy,” an initiative from Digital Dubai a forward-thinking initiative designed to accelerate the adoption of secure digital payment solutions across both the public and private sectors. This strategy is a key move in reinforcing the city’s position as a global leader in the digital economy.

The strategy supports Dubai’s broader economic ambitions outlined in the Dubai Economic Agenda (D33) and Digital Dubai’s goal to integrate digital solutions into all aspects of daily life. By 2026, the initiative seeks to ensure that 90% of transactions within the city are cashless. This shift is anticipated to contribute more than AED 8 billion to the economy annually, largely driven by fintech advancements.

Abdulrahman Saleh Al Saleh, Director-General of the Department of Finance, highlighted that Dubai’s financial infrastructure meets international standards, making the city a frontrunner in cashless transactions. He noted that almost all government transactions were conducted digitally in 2023, showcasing Dubai’s advanced digital capabilities. Al Saleh also emphasized how this initiative aligns with His Highness Sheikh Mohammed bin Rashid Al Maktoum’s vision to enhance Dubai’s global business status.

Helal Saeed Almarri, Director-General of the Department of Economy and Tourism, reiterated the strategy’s alignment with the D33 agenda, which focuses on transitioning the majority of transactions to digital formats by 2026.

Hamad Obaid Al Mansoori, Director-General of Digital Dubai, stressed the growing importance of cashless payments in everyday life and the city’s goal of becoming a global digital hub. The strategy promotes innovation through AI-driven solutions and contactless technology, aiming to simplify digital transactions for both consumers and merchants while reducing payment processing fees.

Fintech is seen as a key player in realizing the Dubai Cashless Strategy, supporting the emirate’s standing as a leader in digital innovation. By encouraging digital payments, the strategy aims to offer a more secure and efficient way for businesses, government entities, and consumers to manage transactions across the city.

Bitget has introduced the GMCI indices to its futures market, offering traders secure access to a diverse range of assets. The GMCI indices are meticulously curated to provide a reliable snapshot of the market, based on strict inclusion criteria.

To be part of the GMCI Indices, a coin must be actively traded on at least one of eight major centralized exchanges (CEXs) and meet minimum trading volume requirements. Additionally, each coin must be backed by at least one of three custodians, ensuring asset security and integrity. The indices prioritize coins with transparent circulating market capitalizations, with data sourced from CoinMarketCap and CoinGecko, and live pricing provided by Coin Metrics, which also acts as the third-party index calculation agent for GMCI.

The GMCI 30 index stands out by featuring the top 30 coins within the GMCI asset universe, excluding stablecoins, wrapped assets, and staked assets such as USDC, WBTC, and stETH. This index provides traders with exposure to a comprehensive set of the leading digital assets, capturing the broader market’s movements while maintaining diversification and reducing over-concentration in any single asset.

“At Bitget we prioritize the security of our users while delivering world-class innovation. This aligns with Bitget’s broader strategy of accelerating utility and mass adoption of crypto within a safe and secure ecosystem,” said Gracy Chen, CEO at Bitget. “By providing a curated set of assets backed by trusted custodians, we aim to empower traders with informed, diversified options to enhance the ease of managing wealth,” she added.

Rebalancing occurs monthly, on the last Friday of each month, with adjustments made according to the circulating market capitalization of the coins. This process ensures the indices remain up to date with market fluctuations, allowing them to reflect current trends and price movements accurately. While individual token positions are capped at 25% during rebalancing, they can float based on price performance, offering a dynamic representation of the market’s momentum throughout the month.

The GMCI Meme index, caters to the growing interest in meme coins, a segment that has garnered significant attention and trading volume within the crypto community. This index includes the top meme coins traded across selected exchanges, allowing users to hop on emerging memecoin trends securely.

“Our collaboration with Bitget to launch a perpetual contract on the GMCI 30 index is a significant step in expanding the accessibility of our index solutions to a broader market. As a leading crypto exchange in terms of trading volume and innovation, Bitget shares our vision of delivering cutting-edge, reliable products to the trading community. This marks the beginning of further partnerships that will see GMCI indices used as the benchmark of choice for innovative trading products across leading platforms,” said Maarten Botman, CEO at GMCI.

Offering exposure to a range of assets, GMCI indices help traders navigate diverse market segments. GMCI indices provide the robustness and transparency investors are accustomed to on the traditional financial markets while tapping into expertise in crypto much like Bitget. With this, Bitget users can now access GMCI indices including memecoins indices on the platform.

Facilio has announced a major new deployment with Berkeley Services Group, a well-established integrated facilities management (IFM) company based in Dubai. This partnership aims to utilize Facilio’s advanced Connected CaFM platform to optimize Berkeley FM’s service offerings and boost operational efficiency across the UAE.

Founded in Dubai in 1984, Berkeley Services Group (BSG) has been a leader in the industry, offering a wide range of services such as building maintenance, soft services, smart solutions, landscaping, and security. Known for its strategic collaborations and technology-driven approach, BSG has become a trusted leader in IFM, setting new standards for client-focused and people-centric management solutions.

Speaking about the deployment, Fayaz Mohammad, Head of Facilities Management, Berkeley Services said, “Facilio’s platform-led approach to operations & maintenance aligns perfectly with our needs. Its scalable infrastructure, robust automation and real-time KPI reporting capabilities stand out – it not just improves our operational capabilities but also helps boost growth and profitability across verticals. By leveraging this innovative technology, we can position ourselves at the forefront of technology-driven integrated facilities management, delivering exceptional experiences to our clients across diverse industries.

“Our Connected CaFM solution will enable Berkeley to deploy services swiftly while meeting demands for high-quality service, rapid response times, and zero downtime. It is a solution that is purpose-built to solve for IFM firms such as Berkeley. Being a no-code/low-code adaptable self-serve platform, it allows them to onboard customers and expand usage to cover everything from asset management to audit and compliance management seamlessly. It not only elevates their operational capabilities but also enhances customer satisfaction and retention, drives business expansion across verticals and ensures they continue to stay at the forefront of innovation,” said Prabhu Ramachandran, CEO of Facilio.

With Facilio‘s Connected CaFM platform, Berkeley Services can now streamline their operations through a single, centralized platform, allowing them to manage all facilities and operational tasks efficiently. The platform enables cost optimization by tracking expenses and identifying potential savings, while providing 360-degree visibility into operations, allowing the team to monitor tickets raised and resolved to improve service response times and overall efficiency.

Compliance is assured with automated reporting and health, safety, and environmental (HSE) management, ensuring regulatory standards are consistently met. Additionally, the platform accelerates deployment by templatizing onboarding workflows, leading to a faster return on investment. It also holds vendors accountable by monitoring their adherence to service level agreements (SLAs), ensuring high performance and reliability. The platform’s scalable infrastructure further allows Berkeley Services to easily add new service lines through customizable modules without the need for coding or extensive IT efforts.

This deployment echoes Facilio’s success stories with other prominent FM Service providers such as Musanadah and CIT Group in Saudi Arabia, Quality FM in the UAE, and Q3 Services in the UK.

Oman achieved significant growth in investments across its special economic zones, free zones, and industrial cities during the first half of 2024, with a 20% increase compared to the same period in 2023.

A report published early October 2024 by the Public Authority for Special Economic Zones and Free Zones (OPAZ), revealed that total investments reached over RO20.1 billion, an increase of RO3.4 billion from the previous year.

These investments span various regions overseen by OPAZ. The Special Economic Zone at Duqm (SEZAD) saw a notable surge, with a 55% increase in cumulative investment compared to last year. New investments in SEZAD amounted to RO2.1 billion, bringing total investments there to over RO6 billion.

In Oman’s industrial cities, total investments reached RO7.5 billion, while the Salalah Free Zone secured RO4.6 billion by mid-2024. Investments in the Sohar Free Zone stood at RO1.3 billion, and the Al Mazyunah Free Zone surpassed RO139 million. Additionally, Khazaen Economic City reported a cumulative committed investment of RO459.5 million.

The report also noted a rise in new business registrations, with 1,885 registered within OPAZ-supervised areas in the first half of 2024. During this time, OPAZ issued 735 public service licenses, 740 activity licenses, 156 building permits, and 5,466 work and investor licenses, while conducting over 15,000 inspection and supervision visits. A total of 191 environmental permits were also granted.

Employment in these economic zones, free zones, and industrial cities grew to 71,684 by the middle of 2024. The Omanisation rate reached 35%, with industrial cities leading with an Omanisation rate of 38%.

To encourage further strategic investments, OPAZ introduced a project tracking system through Odoo, which streamlines project monitoring and documentation. By mid-2024, there were 160 projects under execution registered in the system. OPAZ also launched an awareness initiative, with 145 companies applying and 20 following up.

Currently, OPAZ oversees 15 established zones, which include two economic zones, three free zones (Sohar, Salalah, and Al Mazyunah), and 10 industrial cities. There are also eight new zones under development, such as the integrated economic zone in Ibri, Dhahirah Governorate; an economic zone in Al Rawda, Buraimi Governorate; a free zone at Muscat International Airport; and five more industrial cities. This brings the total number of operational and developing areas under OPAZ to 23.

Dell Technologies and Alinma Bank today signed a Memorandum of Understanding (MoU) to accelerate the Saudi-based bank’s digital transformation initiatives.

The MoU signed during the 24 Fintech Summit in Riyadh by Mohammed Talaat, VP, KSA & Egypt at Dell Technologies and Yaser Alofi, Chief Information Officer (CIO) at Alinma bank marks a significant step forward in the Shariah-compliant bank’s digital transformation strategy.

The agreement outlines a collaborative framework for both parties to jointly develop and deliver innovative data center transformation solutions. This includes Dell’s IT infrastructure and workload migration solutions, the Dell AI Factory models and frameworks, cybersecurity enhancements, as well as client, edge, and multicloud solutions delivered with flexibility through Dell APEX.

Dell APEX is an end-to-end portfolio of as-a-Service and subscription services where customers pay only for the services consumed. It helps customers scale resources based on their needs and simplifies IT management through consistent performance, predictable costs, and on-demand access to Dell’s infrastructure and services.

Alinma Bank, established in 2006, has earned a reputation for its innovative offerings, customer-focused approach, and pioneering efforts in digital banking.

Mohammed Talaat, VP, KSA & Egypt at Dell Technologies said: “The Saudi banking sector is at a pivotal stage of growth spurred by technological advancements and an increased focus on innovation. We are happy to contribute to this evolution and support Alinma Bank in its digital transformation journey. By combining our strengths, we can deliver innovative and scalable solutions that address the evolving needs of the bank while delivering even greater value to their customers.”

Yaser Alofi, Chief Information Officer (CIO) at Alinma Bank said:“We are excited to deepen our relationship with Dell and leverage their expertise in delivering cutting-edge technology solutions. This collaboration aligns perfectly with our long-term growth strategy and our commitment to raising benchmarks and setting new standards for the financial industry.”

Bayt.com announced its collaboration with Oracle to elevate the experience for both employers and job seekers. Bayt.com‘s integration with Oracle enables employers to quickly and easily publish their job openings – created with Oracle Fusion Cloud Recruiting – on the Bayt.com platform to access to a broader pool of talent and help ensure they reach a diverse and highly qualified audience.

Employers using Oracle Recruiting now benefit from a streamlined recruitment process that eliminates the need for repetitive data entry and minimizes the risk of application drop-offs by job seekers. Candidates can use their existing Bayt.com CVs to apply for opportunities directly, without needing to re-enter information or leave the platform, saving valuable time in the application process. With Bayt.com’s reach and Oracle’s robust infrastructure, organizations can efficiently connect with candidates, enhancing the speed and success of their hiring efforts.

Another key feature of this collaboration is the integration of Bayt.com’s Evalufy, an advanced applicant video assessment tool with AI-powered transcription and translation capabilities. This tool is now available to Oracle Recruiting users, enabling employers to assess candidates more effectively, reduce time-to-hire, and help ensure a better match between candidates and job requirements.

Akram Assaf, Co-founder and Chief Technology Officer at Bayt.com, said, “Our collaboration with Oracle underscores our commitment to enhancing the recruitment ecosystem in the Middle East. Leveraging Oracle Recruiting not only amplifies our capacity to connect employers with their ideal candidates, but reaffirms our commitment to stand at the forefront of recruitment innovation. This collaboration ultimately underscores a shared dedication to leveraging technology in fostering more efficient, accessible, and engaging recruitment experiences.”

The collaboration between Bayt.com and Oracle introduces a series of benefits aimed at streamlining the recruitment process for both job seekers and employers. Job seekers can now enjoy a near-seamless application process through Bayt.com, enhancing the efficiency of application completion due to its simplicity and ease of use. This highlights Bayt.com’s commitment to enhancing the job seeker experience and providing tools that empower them to build a lifestyle of their choice. Employers, on the other hand, are poised to benefit from unparalleled access to an extensive database of over 52 million professionals across the Middle East. This access not only expands their talent pools, but it also increases the visibility and diversity of potential candidates.

“Our collaboration with Bayt.com further highlights the commitment of both entities to deliver cutting-edge solutions tailored to meet the dynamic needs of the global workforce. Employers can now benefit from a near-seamless job posting process and automatic status updates, helping ensure a smooth experience for both recruiters and candidates,” said Nagaraj Nadendla, senior vice president of HCM product development at Oracle. “The easy apply application process enriches the job seeker experience, helping them remain engaged and well-informed throughout their application journey.”

Bayt.com’s collaboration with Oracle Recruiting exemplifies a shared vision of leveraging technology to simplify the hiring process, expand access to quality talent, and elevate the overall candidate experience. As this partnership continues to evolve, Bayt.com and Oracle are set to redefine talent acquisition dynamics, setting new benchmarks for efficiency and engagement in the competitive job market.

Further highlighting the organization’s commitment to its people and practices, VFS Global has been Great Place To Work® Certified™ in the UAE and KSA (from September 2024 to September 2025). The company has also secured the certification in India, China and Philippines this year, truly highlighting the company’s focus on creating a welcoming and supportive professional environment.

Nirbhik Goel, Chief Human Resources Officer, VFS Global said, “Being certified a Great Place to Work here in the Middle East is a truly special accolade. It acknowledges our tireless efforts towards ensuring that all our employees feel valued and have the support and tools required to excel in their professional endeavors. I would like to thank all our employees who contributed to this survey. Needless to say, we would not be a Great Place to Work without a great workforce driving us to success every day.”

VFS Global employees in the UAE and KSA ranked the company highly on employee value creation, with a strong majority agreeing that the organization makes employees feel safe, welcome, and equipped to succeed. A large majority showed faith in the way the Management runs the company and feel proud to tell people they work at VFS Global.

VFS Global has remained committed to the Saudi Vision 2030, with 72% of its employee strength being Saudi nationals, and 40% of the employees being women.

Dedicated to the career development of Saudi nationals, VFS Global has a slew of initiatives for employee empowerment and professional growth. Their Global Resource Pool program deploys Saudi employees in VFS Global offices abroad, providing international exposure and experience. Their Leaders of Tomorrow program identifies and upskills promising employees for leadership positions.

Dedicated to investing in Saudi talent, the organization also actively participates in the Employment Support Programs in the Kingdom. The Human Resource Development Fund (HRDF)-run Tamheer program saw 25 employees enrolled in trainings across VFS Global offices in Saudi Arabia. The organization also aligned with the Tawteen Program, aimed at enhancing employment opportunities for the Saudi Youth. Between the two initiatives, VFS Global employed 71 and 121 Saudi nationals respectively over the last two years.

Most recently, the organization launched its Alumni program, to connect former VFS Global employees with current staff members, offering networking, mentorship, and career development support.

Great Place To Work is the global authority on workplace culture. Since 1992, they have surveyed more than 100 million employees worldwide and used those deep insights to define what makes a great workplace: trust. Their employee survey platform empowers leaders with the feedback, real-time reporting, and insights they need to make strategic people decisions.