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SAMA Uses Blockchain for Local Deposits of Announced Funds
The Saudi Arabian Monetary Authority (SAMA) used blockchain technology to deposit part of the liquidity that SAMA had previously announced to be injected into the banking sector “as part of SAMA’s actions aimed at enhancing the sector’s capabilities to continue its role in providing credit facilities,” the organization announced.
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Saudi Arabia’s PIF Eyes Bargain Stakes in Blue Chip Companies Likely to Rebound – Report
A “shopping list is being readied” for potential investments by Saudi Arabia’s Public Investment Fund in healthcare, technology, and logistics companies around the world as the coronavirus pandemic creates potential opportunities for bargain investments, according to a Financial Times report.
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Saudi Cabinet Shakeup Places Khalid Al-Falih in Charge of New Investment Ministry
Saudi Arabia has shaken up its government investment bodies with a major change to SAGIA, the Saudi Arabian General Investment Authority, making the body a full ministry and replacing former Governor Ibrahim Al-Omar with former Saudi Aramco head Khalid Al-Falih, the King revealed in a series of royal decrees. In three separate royal orders, Eng. Ibrahim bin […]
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Saudi Aramco Sees Increased Number of Cyberattacks since Late 2019
Saudi Aramco has seen an increase in attempted cyber attacks since the final quarter of 2019 and has successfully repelled all of them so far, according to a Reuters report, which cited comments from an interview with chief information security officer Khalid al-Harbi.
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Saudi Arabia’s SAMA Launches First Licenses for Non-Bank Financial Institutions in Line With Financial Sector Development Program Goals
The Saudi Arabia Monetary Agency (SAMA) announced the launch of licenses for non-bank financial institutions, a news release on its website said, issuing the first licenses for an electronic wallet company and the first license for a payment services company in the Kingdom.
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Saudi Aramco Makes $5 million Investment in Blockchain-Based Oil Trading Company VAKT
Saudi Aramco Energy Ventures (SAEV) has invested $5 million into blockchain-based oil trading company VAKT, the company said in a press release.
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Saudi Aramco Energy Ventures Prepares New $500m Fund, Opens Office in China
Saudi Aramco Energy Ventures (SAEV), a unit of the kingdom’s energy company, is preparing to start a new $500 million fund this year after completing $500m in investments, Bloomberg reports.
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Saudi Arabia to Grant Citizenship to ‘Scientists, Intellectuals and Innovators’ From Around the World
In a bid to attract top talent and spark innovation in the Kingdom, Saudi Arabia has announced that it would grant full citizenship to “scientists, intellectuals, and innovators” from key sectors and focuses, according to reports.
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MODON, GAMI Ink Deal to Promote Investments in Saudi Arabia’s Defense Sector
A new strategic cooperation between the Saudi Authority for Industrial Cities and Technology Zones (MODON) and the General Authority for Military Industries (GAMI) aims to encourage the localization of military industries in the Kingdom, according to the Saudi Press Agency (SPA). The new cooperation “supports the localization of 50 percent of the expenditure in military industries through […]
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Saudi-based STV Leads $23 Million Funding Round in Trukker
Saudi-based Saudi Technology Ventures (STV) said in a blog post that it is leading a $23 million investment round in Trukker, a truck-focused digital freight marketplace and aggregator based in the UAE. “Today, truck drivers must communicate with brokers via phone calls in order to negotiate pricing of each transaction and discuss capacity and routes,” […]
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MUST-READS
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Saudi Arabia’s treatment of women is a barrier for technology investment
Specifically they want to know about the role of women in the desert kingdom, says Abdullah Al-Swaha, the Saudi minister of communication and information technology.
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Saudi Aramco uses new technology to re-explore vast Empty Quarter
Oil giant Saudi Aramco is using new technology to re-explore areas of the vast Arabian desert known as the Empty Quarter, which could help to bolster its proven reserves of oil and gas before the company offers its shares to the public.
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Prince Turki Bin Saud Mohammed Al Saud, president of the King Abdulaziz City for Science and Technology (KACST)
In an interview with Global Platform, Prince Turki Bin Saud Mohammed Al Saud, president of the King Abdulaziz City for Science and Technology (KACST) in Riyadh, the kingdom of Saudi Arabia, speaks on the development of science, technology and innovation in the kingdom.
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Here comes the Son: Masayoshi Son and Saudi Arabia launch a monster technology fund
But Mr Son’s fund, which is bigger than all investments of American venture-capital firms in 2016 combined, could help solve their “unicorn” problem: how to unload profitably the many private tech startups worth more than $1bn.
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HHI & Saudi Arabia’s Bahri to develop smart ship technology together
South Korea’s top shipbuilder Hyundai Heavy Industries Co. has joined hands with Saudi Arabia’s national shipping company to develop cutting-edge smart ship technology as part of efforts to foster its smart ship business.
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Saudi real estate investors to employ virtual reality (VR) technology
Abdullah Aba Al Khail, CEO of Voxel, one of the most prominent projects incubated by the Badir Program for Technology Incubators and Accelerators of King Abdulaziz City for Science and Technology (KACST), pointed out that real estate developers have begun to adopt the latest technological innovation in their operations, thus keeping up with the changing market trends and meeting the growing customer expectations.
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Abu Dhabi and Saudi Arabia to team up on energy technology and renewables
Under the terms of the agreements, Adnoc and Aramco will collaborate to identify technologies that could improve operational performance and efficiency across the oil and gas value chain, according to a statement. The deal was signed by Sultan Al Jaber, the Adnoc chief executive and Minister of State, and Amin Nasser, the Aramco president and chief executive.
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The Lure of Technology in the Gulf
The diversification effort away from oil and gas markets has increasingly focused on two priorities: first, to invigorate nascent private sector activity within Gulf states; second, to place state investment funds internationally in high growth sectors that will generate a steady stream of revenue.
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Saudi Arabia is harnessing technology for the future – now is the moment to embrace change
We are seeing the stuff of science fiction turn into accepted reality; the new developments of the emergent fourth industrial revolution are going to aid development, power growth and deliver change in ways we may now barely conceive.
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Mobile technology redefines Saudi business undertakings
Mobile technology is transforming the way Saudi Arabia does business, and has grown into the most effective communications channel for local, regional, and international companies trying to tap into the limitless potential presented by the Kingdom’s prosperous market, according to KSA industry experts.
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