Qatar Ranks between the top 5 in Expat Insider 2024 for Quality of Life and Career

The Saudi Minister of Economy and Planning, Faisal Al-Ibrahim, shared that the Kingdom’s investments in infrastructure are projected to reach around $1 trillion by 2030, with key industries poised for significant growth in the coming years.

During his address at the Public Investment Fund (PIF) Private Sector Forum in Riyadh, Al-Ibrahim stressed on the important role the PIF is playing in this economic evolution. The PIF, known for its ability to fund and establish vital companies, is integral to Saudi Arabia’s long-term strategy to expand its non-oil sector. This expansion, fueled by private-sector involvement, is set to lay the foundation for a more diversified and sustainable economy, reducing reliance on oil exports.

Al-Ibrahim highlighted that the PIF’s mission goes beyond financial returns. The fund is a driving force in fostering innovation, creating new industries, and strengthening the Kingdom’s knowledge economy. By introducing innovative business models, PIF is also nurturing national talent and enhancing the human capital essential to the country’s future.

A key element of Saudi Vision 2030 is the emphasis on non-oil sectors and high-value exports, with the goal of building a resilient economy that thrives beyond oil revenues. Al-Ibrahim described this ongoing economic transformation as a pivotal shift—one that goes beyond a mere transition, redefining Saudi Arabia’s national economy.

The minister also emphasized the importance of public-private partnerships in supporting sustainable growth. Through these collaborations, the PIF is enabling the development of the Kingdom’s infrastructure and helping bring the goals of Vision 2030 to fruition. With a strong economic agenda and substantial investments, Saudi Arabia is laying the groundwork for long-term prosperity and economic resilience.

AmiViz, the leading cybersecurity-focused value-added distributor headquartered in the Middle East, announced a strategic distribution agreement with Titania, a global leader in network vulnerability and exposure risk management solutions. This collaboration underscores a shared commitment to enhancing network security and the operational resilience of enterprises across the region.

With cyber threats growing in scale and sophistication, organizations are under increasing pressure to ensure their networks are secure, compliant, and optimized. Titania’s world-renowned solutions, including its flagship product, Nipper Enterprise, provide near-real-time visibility and analysis of all network configuration changes to detect exposure to the tactics, techniques and procedures (TTPs) used by even advanced threats such as Volt and Salt Typhoon. By automating posture reporting and identifying potential indicators of compromise, it helps streamline organizations’ incident responses and improves security outcomes.

The agreement enables AmiViz to bring Titania’s innovative solutions to its extensive partner ecosystem, catering to critical industries such as finance, healthcare, energy, and government. AmiViz offers resellers and system integrators seamless access to Titania’s advanced solutions, along with value-added services like training, technical support, and pre-sales assistance through its vast network of channel partners.

This partnership is poised to address a growing demand in the Middle East and Africa for proactive cybersecurity measures. Titania’s precise and automated network risk management capabilities align with the region’s focus on digital transformation, where secure and resilient networks are essential to success. By leveraging AmiViz’s deep market expertise and established distribution network, Titania’s solutions are set to reach a wide range of customers looking to enhance proactive network security.

Commenting on the partnership, Ilyas Mohammed, AmiViz’s Chief Operating Officer, said, “We are excited to partner with Titania, whose innovative approach to proactive configuration security addresses a critical need in today’s cybersecurity landscape. Together, we aim to equip enterprises across the Middle East and Africa with the tools they need to safeguard their networks and ensure operational resilience.”

Titania CEO, Victoria Dimmick, added, “Titania’s mission to enable organizations to protect their critical network infrastructure and remain operationally ready, resilient, and recoverable, is one we are advancing through partnerships. AmiViz’s strong presence and expertise in the Middle East and Africa will be instrumental in supporting organizations in the region to enhance network security.”

This agreement strengthens AmiViz’s portfolio of advanced cybersecurity offerings and reinforces Titania’s position as a trusted partner in network security innovation worldwide.

The UAE has taken a bold step towards redefining urban transportation with the commencement of air corridor mapping and regulatory framework development for piloted and autonomous air taxis and cargo drones. This transformative initiative marks a major leap forward in the nation’s mission to lead the future of mobility. Through a strategic partnership between the General Civil Aviation Authority (GCAA) and the Advanced Technology Research Council (ATRC) entities—Technology Innovation Institute (TII) and ASPIRE—the UAE is on track to reshape the way people and goods move through urban spaces.

The UAE has achieved a remarkable position among the top 10 countries with the most AI companies per million population, as revealed in the Global AI Competitiveness Index.

The report, a collaborative effort between the International Finance Forum (IFF) and Deep Knowledge Group, analyzed over 55,000 AI companies worldwide to evaluate the density, financing, and development of AI enterprises globally.

Highlighting its growing prominence in AI enterprise density, the UAE stands alongside innovation hubs such as Singapore and Hong Kong. This milestone reflects the UAE’s strategic vision to become a global leader in AI, driven by progressive policies, robust infrastructure, and targeted investments.

Dmitry Kaminskiy, General Partner of Deep Knowledge Group stated: “The UAE’s ranking among the top 10 countries for AI companies per capita demonstrates how targeted investments are creating an ecosystem where AI innovation thrives. This is a blueprint for how nations can transform strategic vision into measurable impact.”

Government strategic support and investment

The UAE has consistently demonstrated its commitment to AI at the highest levels. In 2017, the UAE became the first nation to appoint an AI Minister, a groundbreaking move to embed AI at the core of its national strategy. The government’s AI Strategy 2031 aims to contribute AED 335 billion (USD 91 billion) to GDP by 2031 and reduce operational costs by 50% through AI innovation.

The UAE has also established the AED 10 billion (USD 2.7 billion) Dubai Future Accelerator Fund to support AI innovation projects. Complementing this is the nation’s business-friendly environment and zero personal income tax.

Talent attraction and development

To support its AI ambitions, the UAE is rapidly building a talent pipeline. Key initiatives include the Golden Visa program, offering 10-year residency to AI professionals, and the establishment of the Mohamed bin Zayed University of Artificial Intelligence (MBZUAI), the world’s first dedicated AI research university. Partnerships with top global universities have further enhanced the UAE’s AI research capabilities, supported by high-value scholarships and advanced research funding. As a result, the UAE boasts an annual AI talent growth rate of 30%.

Infrastructure excellence

The UAE’s world-class digital infrastructure underpins its leadership in AI innovation. With over 90% 5G network coverage, 97.1% internet penetration, and the largest data center cluster in the Middle East, the nation provides an unparalleled environment for AI companies to thrive. Its well-developed smart city infrastructure offers the perfect testing ground for cutting-edge AI applications.

UAE’s AI success story: G42

Abu Dhabi-based G42 is a shining example of the UAE’s AI prowess. Specializing in healthcare, finance, and smart city solutions, G42 has become a global leader in AI innovation. In 2024, Microsoft invested USD 1.5 billion into the company, forming a partnership to establish AI research institutes in Abu Dhabi to develop “responsible” AI.

G42 also introduced Jais, an open-source Arabic AI language model with 30 billion parameters. Trained on extensive Arabic data and English computer code, Jais highlights G42’s contributions to advancing AI in the region. Currently valued at over USD 10 billion, G42 embodies the UAE’s vision of becoming a global AI hub.

With its strategic initiatives, investments, and infrastructure, the UAE is well-positioned to lead the global AI revolution. The Global AI Competitiveness Index highlights the country’s impressive progress and underscores its dedication to shaping a future where AI is a driving force for innovation and economic growth.

Qatar’s economy is on track for steady growth, with the International Monetary Fund (IMF) projecting an average expansion of 4.75% in the medium term. This growth is mainly driven by a significant increase in liquefied natural gas (LNG) production and early progress in reforms under the Third National Development Strategy (NDS3).

According to the IMF’s latest report, inflation is expected to ease, reaching around 1% in 2024 before stabilizing at 2% in the following years. While economic growth slowed after the 2022 FIFA World Cup, signs of recovery are emerging. Real GDP is projected to grow by 2% between 2024 and 2025, supported by strong public investment, ongoing LNG expansion, and a rebound in tourism.

In 2023, Qatar’s current account and fiscal surpluses narrowed due to lower hydrocarbon prices. However, the IMF expects both surpluses to remain stable over the medium term as LNG production continues to expand. Still, they may decline as a percentage of GDP if hydrocarbon prices fall further.

A key part of Qatar’s long-term strategy is NDS3, which focuses on economic diversification, a knowledge-based economy, and private-sector growth. The country has made notable progress in attracting skilled expatriates, fostering innovation, and strengthening public-private partnerships. Additionally, Qatar is leveraging digitalization and artificial intelligence to drive productivity.

The IMF praised Qatar’s economic resilience and positive outlook but emphasized the need to maintain prudent macroeconomic policies. It urged the country to accelerate fiscal reforms, including diversifying revenue sources through a value-added tax. Improving public investment management and spending efficiency were also highlighted as key priorities.

The IMF directors further commended Qatar’s efforts to build a more inclusive and dynamic economy. They encouraged policies that support innovation, business efficiency, and human capital development—particularly through attracting high-skilled workers, increasing private-sector employment for Qatari nationals, and boosting female workforce participation.

TASARU Mobility Investments, a prominent investment entity wholly owned by the Public Investment Fund (“PIF”) of Saudi Arabia, has launched a strategic joint venture (“JV”) in collaboration with Bahri, the National Shipping Company of Saudi Arabia, and MOSOLF Group, a leading European provider of automotive logistics and technology solutions. This joint venture aims to deliver comprehensive and innovative logistics solutions tailored to meet the needs of the automotive and mobility sectors in Saudi Arabia. It embodies the concept of sustainable logistics innovation by leveraging advanced technologies and developing infrastructure that supports the transformation of the automotive and mobility landscape. ​

The JV will leverage the strength of all three partners to deliver integrated, world-class logistics solutions for the automotive and mobility sectors in Saudi Arabia. These services include shipping, transportation, electric vehicle handling, inspection, and customs clearance. The initiative aims to meet market demand, address industry challenges, and ensure the efficiency and seamlessness of logistics operations.​

TASARU’s primary role in this strategic investment involves providing essential capital, facilitating access to the local market, and strengthening the ability of automotive companies to efficiently manage their operations within the Kingdom while effectively meeting market demand.​

Michael Mueller, Chief Executive Officer of TASARU, stated, “At TASARU, we have a profound understanding of the evolving market needs. This partnership represents a strategic investment to address increasing demand in the automotive and mobility sectors. This joint venture is one of many initiatives that signify a critical step toward enhancing the Kingdom’s global competitiveness and driving sustainable logistics innovation in the automotive and mobility sectors. We are committed to addressing market challenges, ensuring our services align seamlessly with Saudi Arabia’s Vision 2030 objectives, and contributing to the growth of the Kingdom’s automotive and mobility landscape.”​

Leveraging its extensive expertise in maritime transportation and logistics, Bahri Logistics will play a pivotal role in overseeing the shipping and operational aspects of the joint venture. Its contributions will be critical to ensuring the efficient transportation and handling of both imported and locally manufactured vehicles, thereby strengthening the Kingdom’s logistics capabilities and advancing its transportation infrastructure. As a global leader in maritime operations, Bahri operates across five key business units—Oil, Chemicals, Logistics, Dry Bulk, and Ship Management. Bahri Logistics, in particular, specializes in the transport of project cargo, heavy equipment, and essential goods for key sectors such as defense, construction, and manufacturing. Through its strategic partnerships with leading international companies, Bahri’s global reach will be instrumental in expanding the joint venture’s impact and enhancing its operational scope. ​

Eng. Soror Basalom, President of Bahri Integrated Logistics, commented on the venture, stating, “This collaboration with Mosolf Group’s technical expertise and TASARU’s investment prowess brings together to Bahri Integrated Logistics a robust Automotive logistics infrastructure and solutions, which is integral to our transformation into a Multi Vertical logistics leader. This joint venture not only boosts our operational capabilities but also enhances the efficiency of vehicle import and export operations and supports the growth of the local manufacturing infrastructure.” ​

Building on its position as a leading Germany-based automotive logistics provider, Mosolf Group will leverage its extensive experience managing large-scale operations across Europe. Specializing in comprehensive solutions for international OEMs, car rental companies, and the automotive trade, Mosolf operates 41 technical and logistical centers across Europe and handles over 3 million vehicles annually, making it one of the top players in the European automotive logistics market. By drawing on this vast expertise, Mosolf will bring advanced technical knowledge, logistical support, and industry best practices to the joint venture. These contributions will play a critical role in optimizing logistics processes for both imported and domestically manufactured vehicles. Additionally, this partnership will support the Kingdom’s Vision 2030 goals by promoting sustainable innovation, enhancing local manufacturing infrastructure, and fostering economic diversification in the automotive and mobility sectors.

​Dr. Jörg Mosolf, Chief Executive Officer of Mosolf Group added, “Our experience in managing the transport of three million vehicles annually across more than 41 technical and logistics centers in Europe positions us uniquely to bring best practices and advanced logistics solutions to this venture. We are committed to enhancing the operational success of Saudi Arabia’s automotive sector by implementing efficient logistics processes for both imported and locally manufactured vehicles.” ​

The JV’s operations address the fragmented automotive logistics landscape in KSA by offering end-to-end solutions that support key Vision 2030 objectives. fostering industrial growth and enhancing infrastructure to support local manufacturing and vehicle import/export through the development of critical logistics infrastructure. Partnering with international leaders like Mosolf attracts foreign investment, facilitates knowledge transfer, and boosts confidence in Saudi Arabia’s automotive sector. The JV will also create high-value jobs, advancing local employment and skills in logistics and operations. In addition to its focus on providing logistics and advanced technologies, which aligns with Vision 2030’s sustainability and innovation goals.

Finastra, a global provider of financial software applications and marketplaces, announced it has been selected by Al Rayan Bank, one of the largest Islamic banks in Qatar with international presence, to implement a new, fully-fledged Islamic core banking solution. By moving to Finastra’s next-generation solution, the bank will benefit from a holistic offering that will streamline its operations, lower total cost of ownership, and offer enhanced functionality to its customers in Qatar.

“We are undergoing a technology transformation journey to ensure that we continue to offer robust, digital Sharia-compliant services that meet our customers’ needs when and where required,” said Hamad Al Kubaisi, Group Chief HR Officer at Al Rayan Bank. “The next step in this journey is to upgrade our banking core with a solution that provides us with the necessary agility, rich functionality and advanced technology to keep pace with our customers’ needs.”

Stuart Rennie, Group Operating Officer at Al Rayan Bank added, “After an extensive selection process, we decided to extend our longstanding partnership with Finastra due to its robust and future-proof solution, and the trust we have in their team. By migrating to Finastra’s next-generation core banking solution, we look forward to providing our customers with a streamlined, fully integrated offering and seamless user journeys.”

Finastra Essence is a core banking solution that combines deep functionality and advanced technology to increase enterprise agility, reduce costs and improve operational efficiency. Powered by an open, microservices architecture, the solution’s rich, broad and deep banking functionality enables institutions to rapidly deploy market-leading products and services. It caters for both conventional banking and the specific needs that Islamic Financial Institutions (IFIs) have when offering Sharia-compliant products and services.

“Finastra has been a close strategic partner with Al Rayan Bank for more than 16 years, which demonstrates our commitment to the bank’s growth and success,” said Siobhan Byron, EVP, Universal Banking at Finastra. “A key part of our customer-centric offering is being agile when it comes to how we work and deliver our solutions. This ensures banks like Al Rayan Bank can reimagine banking by delivering financial services that align with their customers’ expectations and values.”

Accenture is collaborating with Google Cloud to accelerate the adoption of cloud solutions and generative AI capabilities within the Kingdom of Saudi Arabia in order to address local data, operational and software sovereignty needs. The initiative aims to help organizations create new business opportunities and improve customer experiences by establishing a modern digital core and scaling generative AI agents to enhance operational efficiency and enterprise intelligence.

According to a recent report by the Saudi Data and Artificial Intelligence Authority in collaboration with Accenture, the adoption of generative AI has the potential to increase Saudi Arabia’s gross domestic product by four percent. To address this unique opportunity, Accenture will collaborate with Google Cloud to advance AI initiatives locally.

Building on their global collaboration, Accenture and Google Cloud will extend their joint Generative AI Center of Excellence (CoE) to Saudi Arabia to provide organizations with cutting-edge industry solutions, products and assets, including generative AI agents. This expansion can help rapidly transform ideas into tangible value by combining the latest Google Cloud technologies with Accenture’s industry-tested solutions and services with significant generative AI projects in production. Experts from both companies will work closely with clients to identify transformative use cases and rapidly develop and scale them in production for strategic advancements. The collaboration will help enable organizations to harness the power of generative AI while maintaining data security and compliance through Google’s Dammam cloud region.

“Being ready for continuous reinvention hinges on a modern digital core to rapidly seize every opportunity. We’re expanding our joint Accenture and Google Cloud Generative AI CoE to bring new capabilities to the region and transform how Saudi organizations can reinvent products, services and experiences,” said Dr. Majid Altuwaijri, Kingdom of Saudi Arabia chair and country managing director at Accenture. “Our partnership with Google Cloud aims to help clients in Saudi Arabia accelerate business outcomes in new ways. We are unique because our strategy brings together key stakeholders to pioneer digital sovereignty and to develop systems that are not only secure and compliant but also resilient and future ready.”

“Organizations need the combination of leading technology and services expertise to successfully deploy generative AI,” said Bader Almadi, country manager of Kingdom of Saudi Arabia at Google Cloud. “With Google Cloud’s advanced capabilities and Accenture’s industry expertise, customers will have access to the resources needed to plan, deploy and optimize generative AI projects.”

The collaboration arrives at a decisive moment for organizations across diverse industries seeking to expedite their digital journeys and derive the value of sovereign cloud and generative AI across their enterprise. For example, the General Organization for Social Insurance (GOSI) has a powerful mission to provide innovative social insurance products and services to all participants and their families in Saudi Arabia.

Driven by their core values of innovation and excellence, GOSI recently applied the power of generative AI capabilities to rapidly design and prototype a scalable, secure AI environment built on cloud technology. This initiative has enabled GOSI’s developers, data scientists, and researchers to experiment hands-on with the latest AI models, tools, and technologies, extending the value of AI and sovereign cloud through tangible outcomes.

In addition to advancing the impact of scaling generative AI, Accenture and Google Cloud are committed to fostering local talent and skills. Their local collaboration will include training programs, hackathons and hands-on labs to experiment and equip professionals with the necessary skills to capitalize on the potential of cloud and generative AI effectively. This focus on skilling and talent development is crucial for driving sustainable growth and innovation in Saudi Arabia. For example, local clients and citizens can now tap into Accenture’s technology training and learning services through Accenture LearnVantage for tailored upskilling programs; specialized, predesigned technology academies; ecosystem certification services; and managed services for a client’s own learning capabilities.

The Institute of Chartered Accountants in England and Wales (ICAEW) and the UAE Internal Auditors Association (UAE IAA) have signed a Memorandum of Understanding (MOU) to launch an integrated qualification program, designed to fast-track professionals into finance and internal audit careers.

With a strong focus on talent development and upskilling, the partnership will offer a joint qualification pathway for talent, combining the globally recognized ICAEW Business and Finance Professional (BFP) qualification with the UAE IAA HASAAD® program, a training initiative focused on internal audit excellence among UAE graduates. This initiative directly supports the UAE’s National Employment Strategy 2031 to build a knowledge-based economy, ensuring a pipeline of skilled finance and audit professionals that are workforce-ready and positioned for career success in key economic sectors.

Under this partnership, the UAE IAA is now an approved Partner in Learning (PiL) for the delivery of ICAEW’s Certificate in Finance, Accounting and Business (ICAEW CFAB) modules. These form part of the ICAEW BFP qualification, providing aspiring finance and audit professionals with a globally respected qualification and enhanced career progression opportunities. Participants will also complete the HASAAD® program, gaining specialized knowledge in internal auditing and bridging the gap between education and professional practice.

Beyond technical qualifications, the program places a strong emphasis on employability and workplace readiness. It incorporates neuro-linguistic programming (NLP) techniques to build essential workplace skills. Participants will also benefit from guaranteed internships, with options for work-based placements or virtual internships designed by the UAE IAA. These internships count towards the 12-month BFP work experience requirement, ensuring graduates enter the workforce job-ready. Upon completion, participants are provided direct access to employment opportunities.

The program is designed to be flexible and accessible, allowing participants to study part-time while completing school or opt for a full-time three-year pathway that includes a minimum of 12 months of structured internship experience.

Commenting on the partnership, Hanadi Khalife, Head of Middle East, ICAEW, said: “A strong finance and audit workforce is essential to the UAE’s long-term economic resilience. By integrating ICAEW’s globally recognized CFAB and BFP qualifications with the HASAAD® program, we are equipping professionals with the expertise and hands-on experience needed to drive financial integrity and corporate governance across the region.”

H.E. Abdulqader Obaid Ali, Chairman of the Board, UAE IAA, added: “Strengthening internal audit and finance capabilities is essential for advancing corporate transparency and economic growth. Our collaboration with ICAEW establishes a clear pathway for professionals to gain internationally recognized qualifications and real-world industry exposure. By aligning education with industry needs, we are actively shaping a highly skilled workforce that will strengthen the UAE’s competitive edge in the global economy.”

This partnership represents a significant step forward in professional education and workforce development in the UAE. The ICAEW and UAE IAA remain committed to equipping the next generation of finance and internal audit professionals with the skills and expertise needed to support the UAE’s ambitions as a global financial hub.

UAE retail investors are optimistic about their home market, with four in five (80%) expecting growth from the UAE stock market in 2025, according to a new survey by trading and investing platform eToro.

This sentiment underscores trust in the UAE’s economy, with real estate and construction (53%) seen as the most promising local investment sectors by UAE retail investors, closely followed by technology and telecoms (43%) and banking and financial services (42%).

The survey also highlights that local investors have significant exposure to UAE stock exchanges, with 46% stating they hold stocks listed on the Dubai Financial Market (DFM), 29% on the Abu Dhabi Securities Exchange (ADX), and 13% are invested in both.

George Naddaf, Managing Director MENA at eToro, said: “As the UAE continues to advance its financial infrastructure and attract more foreign investments, the country’s economic outlook remains highly promising. With the government’s commitment to economic diversification and ongoing capital market development, UAE-based investors are well positioned to capitalize on their increasingly sophisticated local investment landscape.”

When looking beyond the domestic stock market and considering global investment opportunities in the first quarter of the year, UAE retail investors are focusing on financial services (79%), technology (72%), and communications (70%) as key growth areas.

AI is seen as a key catalyst for growth, with 81% of UAE retail investors expecting to see the stock price of AI-driven listed companies increase in 2025, reinforcing a strong belief in innovation-led opportunities worldwide. Similarly, among asset classes, cryptoassets stand out as a major focus, with four in five (81%) planning to invest in cryptoassets in the first quarter, followed by commodities (78%), alternative investments like real estate and private equity (77%) and domestic equities (75%).

“AI and cryptoassets dominated 2024 and continued to drive market momentum in the first month of 2025. UAE retail investors’ sustained enthusiasm for crypto, even before its record-breaking performance surpassing $109,000, underlines their ability to identify emerging trends and capitalize on them,” explained George Naddaf. “However, portfolio diversification remains key to navigating market cycles and mitigating risk. By complementing local exposure with global assets investors can build resilience against volatility while capturing growth from broader economic trends.”

NEOM, the sustainable region taking shape in northwest Saudi Arabia, and DataVolt, a Saudi-based international developer, investor and operator of data centers, signed a landmark agreement, marking a significant step toward realizing the Kingdom’s vision for a sustainable, data-driven economy.

The development will take a phased approach, with phase one funded by an initial investment of USD 5 billion expected to be operational by 2028. Aligning with Oxagon’s ambition, the 1.5-gigawatt factory will integrate a wide range of computing densities and energy-efficient architectures to address the global challenges posed by traditional data centers.

According to the International Energy Agency (IEA), data centers currently consume between 1 to 1.3 percent of global electricity demand. With the advancements of generative AI, power consumption is expected to grow exponentially over the next decade. The energy-intensive nature of data centers and the cumulative impact of associated carbon emissions necessitate a rapid need for transition to clean sustainable solutions.

Commenting on the landmark announcement, Vishal Wanchoo, CEO of Oxagon, said: “The Kingdom is at the forefront of the global energy transition. At Oxagon, we are accelerating a renewable energy industrial ecosystem that is set to power businesses with green energy and technology solutions. The agreement with DataVolt highlights the potential impact of the sustainable infrastructure Oxagon offers its tenants and sets the foundations for the first green-AI workload to come on-stream in KSA along with the necessary computing power for regional and global impact.”

Rajit Nanda, CEO of DataVolt, added: “This agreement with NEOM and Oxagon underscores our unwavering commitment to support the Kingdom’s vision of becoming a regional digital and AI hub. The Kingdom’s strategic location, coupled with its abundant green energy resources, aligns perfectly with DataVolt’s mission in providing state-of-the-art sustainable data centers. This project marks a significant milestone in advancing the Kingdom’s leadership as a digital powerhouse in the region.”

As part of the agreement, Oxagon will lease DataVolt the land for the development of the facility and provide the sustainable data center operator with infrastructure support. The ambition is for the facility to be entirely powered by renewable energy, providing a fully integrated, end-to-end data center solution. The project will utilize advanced cooling technologies and is designed to operate at net zero, addressing the global challenges of power availability and the carbon footprint posed by data centers.

Oxagon’s strategic location on the Red Sea coast, combined with access to sub-sea cables providing fiber connectivity, alongside cost-competitive renewable energy, green hydrogen, and a rapidly expanding industrial ecosystem, makes it the ideal location for DataVolt to develop a large-scale green AI factory.

As part of its ongoing efforts to lead the banking sector, Oman Arab Bank (OAB) unveiled a new suite of banking e-services for small and medium enterprises (SMEs), corporate clients and government entities. The launch took place at a special event hosted by the bank under the patronage of H.E. Dr. Said bin Mohammed bin Ahmed Al-Saqri, Minister of Economy, with the presence of more than 800 bank clients and high-profile guests.

The newly introduced digital commercial banking solutions from OAB provide businesses with seamless, real-time access to their financial transactions, enabling them to process payments, authorize transactions and manage payroll efficiently. The new e-services include:

1. Mobile Commercial Banking Application:
   • This will allow the bank’s valued customers to manage their banking accounts and conduct business transactions such as payments, payroll and transaction approvals at any time and from any location.
2. Host-to-Host Payment Solutions:
   • A direct connection system linking the clients’ systems with the bank’s payment system, incorporating the latest developments in this field, significantly saving time and effort while reducing banking transaction costs.
3. Global “SWIFTNet” System:
   • A global system that offers simplified connectivity for securely, quickly and efficiently transferring messages and financial transactions from the client to the bank.

By leveraging these advanced technologies, OAB empowers businesses with greater financial control, operational efficiency and a future-ready digital banking experience.

Speaking about the bank’s vision for innovation in banking solutions, Sulaiman Hamed Al Harthi, CEO of Oman Arab Bank, stated, “In light of the rapid technological developments in banking, Oman Arab Bank continues its diligent efforts to adopt and localize the latest technologies, exploring the best digital solutions and utilizing them. Its focus is serving the nation and supporting its development journey, setting an example of excellence and leadership in the banking sector. From this perspective, we have been eager to provide innovative banking services that cater to the needs of various sectors, beginning with micro-enterprises and progressing to small and medium-sized enterprises, which form the backbone of the national economy and are an essential part of the vital resources in advancing this generous nation and extending to large companies and public and private institutions that play a role in driving development.”

Meanwhile, Sulaiman Ali Al Hinai, Chief Wholesale Banking Officer, commented, “These solutions have been meticulously designed following comprehensive studies to offer you the highest levels of security, flexibility and ease in managing your businesses, thereby enhancing your capacity to grow and evolve in a world facing shifts in needs and accelerating challenges. The launch of these solutions reaffirms our continued leadership in digital commercial banking services, where we do not merely keep pace with trends but consistently strive to be at the forefront of innovation, elevating the standards in delivering this type of service and becoming the model to emulate and the reference point to acknowledge.”

OAB is recognized for its strong commitment to leading the banking sector through ongoing investment in cutting-edge technology and efforts to meet and exceed customer expectations.

Egypt’s banking sector continued to strengthen its financial position as net foreign assets (NFA) recorded a surplus of $5.224 billion (EGP 265.898 billion) in December 2024, according to data from the Central Bank of Egypt (CBE). Despite a slight dip from November’s $5.95 billion (EGP 295.6 billion), the sector remains in surplus, marking a significant turnaround from the deficit recorded earlier in 2024.

The latest figures show that total foreign assets across both the CBE and commercial banks rose to EGP 3.506 trillion in December, up from EGP 3.325 trillion the previous month. Simultaneously, foreign liabilities saw a reduction, declining from EGP 3.029 trillion to EGP 3.240 trillion.

This marks a continuation of Egypt’s improving financial health, with net foreign assets first returning to positive in May 2024 after overcoming a significant deficit of EGP 174.385 billion in April.

The banking sector also experienced a substantial increase in local liquidity, which reached EGP 11.636 trillion by December 2024—up from EGP 8.877 trillion at the same time the previous year. The money supply (M1) saw a jump to EGP 2.803 trillion from EGP 2.370 trillion, reflecting increased economic activity and consumer spending. Currency circulating outside the banking system also rose, reaching EGP 1.121 trillion from EGP 1.068 trillion.

Non-governmental deposits in local currency followed a strong upward trend, reaching EGP 7.555 trillion by the end of December 2024, up from EGP 6.247 trillion a year earlier. Demand deposits rose to EGP 1.682 trillion, with the private business sector holding the largest share at EGP 922.387 billion, followed by the household sector at EGP 642.666 billion.

Meanwhile, time deposits and savings certificates in local currency climbed to EGP 5.873 trillion, reflecting growing investor confidence in Egypt’s banking system.

Egypt’s foreign currency deposits also witnessed a remarkable increase, totaling EGP 2.959 trillion by December 2024, compared to EGP 1.561 trillion in December 2023. Demand deposits in foreign currencies stood at EGP 701.434 billion, while time deposits and savings certificates reached EGP 2.258 trillion.

The household sector continued to play a major role in this growth, holding EGP 1.583 trillion in foreign currency time deposits and savings certificates. The private business sector accounted for EGP 537.940 billion, while the public business sector held EGP 136.462 billion.

With steady improvements in net foreign assets and robust growth in both local and foreign currency deposits, Egypt’s banking sector is on a solid trajectory. The combination of increased liquidity, a surplus in foreign assets, and growing confidence in the financial system highlights the sector’s resilience amid broader economic developments.

These trends indicate a more stable financial outlook for the country as policymakers continue efforts to strengthen the banking system and sustain economic growth in the years ahead.

Burgan Bank announced the establishment of a strategic USD 500 million Certificates of Deposit (CDs) program in Kuwait, rated ‘F1’ by Fitch Ratings, which is equivalent of “A”. This short-term debt instrument, spearheaded by the Bank’s Treasury team, serves as a strategic mechanism for the bank to maintain a diversified source of liquidity, optimize the balance sheet and allow for sufficient access to funding.

The program has been established in coordination with Mizuho, as the Lead Arranger, whereas MUFG Bank, the Industrial and Commercial Bank of China (ICBC), the Korea Development Bank (KDB), the Development Bank of Singapore (DBS), and Standard Chartered Bank (SCB) act as a Dealers.

CDs are short term debt instruments with maturities up to one year. They are primarily popular with Asian investors and can be priced at fixed, floating or zero coupon (at a discount).

Mr. Tony Daher, Group Chief Executive Officer at Burgan Bank, commented “We are proud to introduce our new CD program and are pleased with the positive reception it has received. This program reinforces our commitment to achieving the strategy aimed at growth in both the local and regional markets. This program demonstrates our commitment to growth and strengthens our leading position in the domestic and regional markets.”

Mr. Daher added: “In addition to strengthening our relationships in the global financial and investment markets, the inclusion of CD program to Burgan Bank’s portfolio enables the bank to attract new segments of investors in the global market and enhances the bank’s risk profile and resilience against market fluctuations.”

Mr. Abdullah Marafie, General Manager of Treasury and Financial Institutions at Burgan Bank, added: “The launch of CD program aligns with the group’s policies that aim to diversifying the sources of funding, which enhances liquidity stability and protects the bank from any financial shocks. This program will contribute to the bank’s adherence to Basel III ratios including Liquidity Coverage Ratio (LCR), Loan to Deposit Ratio (LDR), and Net Stable Funding Ratio (NSFR).”

Mr. Marafie added: “The program has been carefully designed to expand Burgan Bank’s presence in the region, particularly in Asian markets where short-term debt instruments are in high demand. Building relationships with foreign investors also helps to open broader horizons for securing long term financing. In line with our commitment to meeting market needs, this program was developed based on comprehensive studies and research to ensure that our products align with our position as a trusted financial partner.”