海角直播

Moody鈥檚 upgrades 6 Saudi GRIs to Aa3, citing strong sovereign support

Moody鈥檚 upgrades 6 Saudi GRIs to Aa3, citing strong sovereign support
Moody鈥檚 upgraded the Kingdom鈥檚 credit rating to Aa3 with a stable outlook in November.听Shutterstock
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Updated 27 November 2024

Moody鈥檚 upgrades 6 Saudi GRIs to Aa3, citing strong sovereign support

Moody鈥檚 upgrades 6 Saudi GRIs to Aa3, citing strong sovereign support

RIYADH: Moody鈥檚 has upgraded the ratings of six major government-related institutions in 海角直播, including the Public Investment Fund, to Aa3 from A1.

The move reflects strong sovereign backing and stable credit linkages to the government.听

The agency also assigned the Aa3 rating to Saudi Aramco, Saudi Basic Industries Corp., and Saudi Electricity Co., as well as Saudi Power Procurement Co., and Saudi Telecom Co.听

Moody鈥檚 assigns an Aa3 rating to companies with high quality, low credit risk, and strong ability to repay short-term debts, providing an assessment of the creditworthiness of borrowers, including governments, corporations, and other entities that issue debt.听

鈥淭he rating action is a direct consequence of the sovereign rating action and reflects the credit linkages between the Government of 海角直播 and each of the six entities,鈥 said Moody鈥檚.听

It added: 鈥淲hile several of these corporates benefit to varying degrees from international assets and cash flows, they all have significant credit linkages to the 海角直播 sovereign and are exposed to the domestic environment including political, economic, regulatory and social factors.鈥澨

The strong ratings received by these firms is an indication of 海角直播鈥檚 robust economic stability, following Moody鈥檚 upgrade of the Kingdom鈥檚 credit rating to Aa3 with a stable outlook in November.听

In May, Fitch Ratings upgraded 海角直播鈥檚 credit rating to A+ with a stable outlook.听

PIF




File/AFP

The upgrade of PIF鈥檚 long-term issuer rating to Aa3 from A1 aligns with the Saudi government鈥檚 rating action and reflects the strong credit linkage between the sovereign wealth fund and the Kingdom, according to Moody鈥檚.听

The report also noted that PIF is expected to receive strong and extraordinary support from the Saudi government whenever needed.听

鈥淧IF is closely interlinked with the Kingdom because it is one of the main vehicles of the Kingdom to execute its Vision 2030; PIF continues to receive contributions from the Kingdom via asset transfers; and given the fund鈥檚 investment focus and concentration in domestic markets,鈥 added the US-based agency.听

According to the analysis, PIF鈥檚 rating is in line with that of the Saudi government, meaning the fund鈥檚 rating could be downgraded if the sovereign rating declines.听

In July, PIF鈥檚 consolidated financial statement revealed that the fund generated SR331 billion ($88.3 billion) in revenue in 2023 from its diverse investment portfolio, reflecting over 100 percent growth compared to 2022.听

Saudi Aramco




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The report indicated that Aramco鈥檚 rating upgrade reflects the high likelihood of extraordinary support from the government if needed.听

The US-based agency also noted that the energy company has access to nearly all of 海角直播鈥檚 vast hydrocarbon resources and significant petrochemical operations.听

Earlier in November, Aramco reported a net profit of SR103.37 billion for the third quarter of 2024, surpassing analyst expectations, which had projected a median net income of SR101.06 billion.听

SABIC




File/AFP

According to Moody鈥檚, SABIC鈥檚 rating upgrade is due to its strong reliance on the government and the high probability of receiving government support in the event of financial distress.听

The report also highlighted the company鈥檚 strong global position in the petrochemical and fertilizer markets as another key factor behind the credit rating upgrade.听

In the third quarter of this year, SABIC reported a net profit of SR1 billion, a turnaround from the net loss of SR2.87 billion in the same period last year.听

SEC

Describing SEC as the 鈥渄ominant vertically integrated electricity utility in 海角直播,鈥 Moody鈥檚 stated that the company served over 11.23 million customers as of Sept. 30, 2024.听

鈥淪EC鈥檚 rating reflects the significant credit linkages between SEC and its ultimate shareholder, the Government of 海角直播. All of SEC鈥檚 assets are in 海角直播 and the company benefits from supportive government policies,鈥 said the US-based agency.听

In the third quarter of this year, SEC reported a net profit of SR4.7 billion, a 19.8 percent increase compared to the same period last year.听

SPPC

Moody鈥檚 stated that SPPC has a clear public policy mandate that aligns its interests and objectives with those of the government.听

As the sole licensed principal buyer of electricity in 海角直播, the company has significant credit linkages with the government, which played a crucial role in the latest rating action.听

Moody鈥檚 also noted that the rating reflects SPPC鈥檚 low business risk profile, its monopoly position in the Kingdom, and its ability to maintain a strong liquidity profile despite high working capital seasonality.听

stc

According to the report, the rating upgrade of stc 鈥 the leading integrated telecommunications and ICT operator in 海角直播 鈥 reflects the company鈥檚 strategic importance to the government, as well as the state鈥檚 high level of control through PIF.听

Moody鈥檚 added that stc generates over 90 percent of its revenue in the Kingdom and plays a key role in supporting the government鈥檚 technological and digital ambitions, a crucial goal outlined in Vision 2030.听

Affirming stc鈥檚 dominance in the Saudi market, the company reported a net profit of SR11.23 billion in the first nine months of this year, a 2 percent increase compared to the same period in 2023.


AI-powered threats test 海角直播鈥檚 cyber defenses

AI-powered threats test 海角直播鈥檚 cyber defenses
Updated 24 October 2025

AI-powered threats test 海角直播鈥檚 cyber defenses

AI-powered threats test 海角直播鈥檚 cyber defenses
  • Investments surge under Vision 2030 to counter growing digital risks听

ALKHOBAR: As artificial intelligence reshapes industries, it is simultaneously rewriting the rules of cybersecurity, forcing 海角直播 to confront new layers of digital risk across its critical sectors.

The Kingdom now faces one of the most aggressive cyberthreat landscapes in the world. Regional data shows 海角直播 accounted for 63 percent of all cyber incidents in the Middle East in 2025, with phishing attacks alone surging 22.5 percent in the second quarter 鈥 much of it driven by AI-generated emails, deepfake voice scams, and automated phishing tools.

This shift marks a turning point for national security. While 海角直播 continues to invest billions in building a world-class cyber ecosystem, experts warn that attackers are evolving faster than defenses can keep pace.

海角直播鈥檚 digital defense ecosystem faces a new reality as AI-enabled phishing and deepfake attacks exploit data vulnerabilities faster than ever before.

A new era of AI-fueled attacks

Damian Wilk, general manager of Emerging Markets EMEA at Gigamon, said the rise of artificial intelligence has created a double-edged effect for security teams.

鈥淎s AI accelerates digital transformation across industries, it鈥檚 also inadvertently arming cybercriminals with more advanced tools,鈥 he said. 鈥淭his dual impact has made data visibility and quality a frontline defense, particularly in hybrid cloud environments.鈥

Wilk pointed to a recent Gigamon survey of global CISOs, in which 86 percent believe combining packet-level data with metadata is essential to improving their organization鈥檚 security posture. Metadata, he added, is emerging as a scalable way to extract insight from expanding data volumes without overwhelming security teams.

Cybersecurity specialists in the Kingdom are leveraging AI analytics to detect and counter sophisticated threats across hybrid cloud environments. (Supplied)

n the Middle East, the urgency is especially acute. With critical infrastructure and government networks now prime targets, Wilk said deep observability 鈥 the integration of network telemetry and logs 鈥 is no longer optional. It has become the backbone of proactive defense and operational resilience.

鈥淎s threats grow in speed and complexity, regional stakeholders must rethink their investment priorities,鈥 he added. 鈥淭he focus should move beyond reactive firewalls and endpoint tools toward data-driven architectures capable of anticipating and preventing attacks before they occur.鈥

海角直播鈥檚 cyber investments intensify

The Kingdom has steadily scaled its cyber capabilities. In 2023, 海角直播 invested SR13.3 billion ($3.55 billion) in cybersecurity, a year-on-year increase of 10.83 percent. Key institutions, including the Saudi Data and AI Authority and the National Cybersecurity Authority, are leading national programs that integrate AI into threat monitoring and workforce development.

Opinion

This section contains relevant reference points, placed in (Opinion field)

These initiatives are part of the broader Vision 2030 agenda, which places digital resilience and AI readiness at the heart of economic diversification. Yet, despite growing awareness, the sophistication of attacks continues to outpace defenses.

The hidden risk inside connected devices

Osama Al-Zoubi, vice president for the Middle East and Africa at Phosphorus Cybersecurity, highlights one of the most overlooked weak points: the XIoT ecosystem 鈥 the extended network of IoT, OT, and IIoT devices embedded across industries.

鈥淏illions of unmanaged and often unpatched devices exist within enterprise and industrial environments,鈥 Al-Zoubi said. 鈥淭hese include everything from smart sensors and security cameras to operational technology that controls power grids or production systems. Each one represents a potential entry point for attackers.鈥

海角直播鈥檚 digital defense ecosystem faces a new reality as AI-enabled phishing and deepfake attacks exploit data vulnerabilities faster than ever before. (Supplied)

He warned that as 海角直播 modernizes infrastructure 鈥 from smart cities to energy systems鈥攖he number of connected endpoints is skyrocketing. Without a clear inventory and ongoing monitoring of these assets, organizations risk leaving their most critical systems exposed.

鈥淭o truly protect the Kingdom鈥檚 digital future, cybersecurity strategies must go beyond traditional IT networks,鈥 he said. 鈥淴IoT security has to become a national priority, because it鈥檚 the layer that quietly powers the modern economy yet remains the easiest to exploit.鈥 

Proactive defense over passive response

Both experts agree on one central message: visibility is power. Observing data traffic through hybrid clouds and identifying vulnerabilities across connected devices are crucial to effective cybersecurity.

For 海角直播, this means moving from a reactive posture to proactive intelligence. Organizations are urged to adopt continuous monitoring, integrate AI-driven analytics, and align their data security frameworks with national directives from SDAIA and NCA.

Wilk emphasized that the future of cybersecurity lies in predictive visibility 鈥 turning network data into actionable intelligence.

DID YOU KNOW?

鈥 AI now enables deepfake voice calls and automated phishing, making traditional defenses less effective.

鈥 The Kingdom invested $3.55 billion in cybersecurity in 2023 鈥 a 10.8 percent annual increase.

鈥 86 percent of CISOs say combining packet-level data with metadata strengthens cyber defenses.

鈥淚t鈥檚 not just about detecting threats but about anticipating them. The more visibility you have into your environment, the faster you can adapt and mitigate risk.鈥

Al-Zoubi added that public-private collaboration will be key.

鈥淐ybersecurity is no longer an isolated technical function 鈥 it鈥檚 a shared responsibility between governments, regulators, and the private sector,鈥 he said. 鈥淎wareness, investment, and execution must move in sync if we are to stay ahead of AI-enabled adversaries.鈥

At the heart of 海角直播鈥檚 cybersecurity strategy lies visibility 鈥 real-time monitoring and deep observability that anticipate attacks before they strike. (Supplied)

A call to secure the unseen

As 海角直播 accelerates toward a data-driven economy, experts stress that awareness alone is not enough. The focus must shift to execution 鈥 closing visibility gaps, protecting overlooked devices, and embedding AI into every layer of cyber defense.

In a region where digital transformation is advancing at record speed, the consequences of inaction are no longer theoretical. The Kingdom鈥檚 growing reliance on AI, cloud services, and smart infrastructure makes cybersecurity both an economic and national security imperative.

鈥淎I has changed the rules of engagement,鈥 Wilk said. 鈥淚t鈥檚 redefining what it means to defend.鈥

Al-Zoubi agrees, issuing a stark warning:

鈥淥ctober is Cybersecurity Awareness Month, but for 海角直播, awareness must extend year-round. The devices we ignore today could be the ones that bring tomorrow鈥檚 systems down.鈥
 

 


Saudi EXIM Bank extends $26.6bn in credit since launch to boost non-oil exports听

Saudi EXIM Bank extends $26.6bn in credit since launch to boost non-oil exports听
Updated 23 October 2025

Saudi EXIM Bank extends $26.6bn in credit since launch to boost non-oil exports听

Saudi EXIM Bank extends $26.6bn in credit since launch to boost non-oil exports听

RIYADH: 海角直播鈥檚 Export-Import Bank has provided SR100 billion ($26.6 billion) in credit facilities since its establishment in 2020, marking a major milestone in its development journey. 

The achievement reflects ongoing efforts to boost the national economy by supporting the Kingdom鈥檚 non-oil exports and enhancing their competitiveness in regional and international markets, the Saudi Press Agency reported. 

This aligns with Saudi Vision 2030, which aims to raise the share of non-oil exports from 16 percent to 50 percent of gross domestic product, promoting economic diversification and sustainable growth for the Kingdom. 

According to figures released in August, credit facilities grew 44 percent in the first half of 2025, reaching SR23.61 billion, as the state lender intensified efforts to accelerate non-oil export growth. 

Saad bin Abdulaziz Al-Khalb, CEO of the Saudi EXIM Bank, said the institution has made significant progress in supporting Saudi non-oil exports. 

鈥淪ince its establishment, it has achieved rapid qualitative leaps in providing credit facilities to enable Saudi non-oil exports to expand and spread in various markets around the world, culminating today in reaching SR100 billion,鈥 he said, as reported by SPA. 

Al-Khalb added that this milestone comes in the first year of the bank鈥檚 operational phase following the completion of its establishment last February. 

He emphasized that the bank will continue to 鈥渟trive and intensify efforts to reach further horizons to achieve its broader development and economic goals.鈥 

Al-Khalb added that the bank will 鈥渋ntensify efforts to extend strategic partnerships鈥 aimed at enhancing the efficiency of the export-import system, facilitating trade with regional and global markets, and stimulating commercial and investment opportunities for local exporters across various sectors. 

鈥淭he bank focuses primarily on building international partnerships to enhance the development and diversification of Saudi non-oil exports and increase their global competitiveness, while adhering to the highest standards of efficiency and transparency, and relying on the principles of sustainability and environmental, social, and corporate governance as part of the bank鈥檚 strategic and operational identity,鈥 he said. 

Founded in February 2020, Saudi EXIM Bank operates under the oversight of the National Development Fund. Its mission is to support and expand Saudi non-oil exports by addressing financing gaps and mitigating export-related risks, thereby contributing to sustainable economic growth and diversifying the Kingdom鈥檚 income sources. 


海角直播 to host 100 startups in Entrepreneurship World Cup finals

海角直播 to host 100 startups in Entrepreneurship World Cup finals
Updated 23 October 2025

海角直播 to host 100 startups in Entrepreneurship World Cup finals

海角直播 to host 100 startups in Entrepreneurship World Cup finals

RIYADH: Some 100 startups from 46 countries have officially qualified for the finals of the Entrepreneurship World Cup 2025, set to be held in the Saudi capital as a centerpiece of the Biban 2025 forum.

Scheduled for Nov. 5-8 at the Riyadh Front Exhibition and Conference Centre, the EWC finals are organized by the Small and Medium Enterprises General Authority under the theme 鈥淎 Global Destination for Opportunity.鈥

Hosting the finals of the EWC as part of Biban 2025 underscores 海角直播鈥檚 role in supporting global innovation and entrepreneurship, according to the Saudi Press Agency.

It reflects the Kingdom鈥檚 advanced position in attracting international startups, investments, and pioneering ideas, aligning with the economic diversification and sustainability goals outlined in its Vision 2030 blueprint.

The EWC is recognized as the largest global competition for entrepreneurs. This year鈥檚 edition is being held by 惭辞苍蝉丑补鈥檃迟 in collaboration with the Global Entrepreneurship Network and the Misk Foundation. 

Participants will compete for a share of a prize pool exceeding $1.5 million in an event that gathers a global elite of entrepreneurs, investors, and experts, highlighting the Kingdom鈥檚 growing stature as a global hub for entrepreneurship and innovation, SPA reported.

The competition attracted an overwhelming response during its registration phase, with over 10,300 applications received from more than 169 countries. 

The submitted projects underwent multiple rigorous evaluation and judging processes starting last May. From this pool, 250 projects advanced to a virtual training camp, held in partnership with Spain's Esade Ramon Llull University, where the top 100 finalists were ultimately selected to compete for the title.

Among the countries with the strongest representation in the finals are 海角直播, the US, and the UK.

The qualifying startups span a wide array of vital and forward-looking sectors, including communications, health, and space.

The EWC plays a crucial role in empowering entrepreneurs worldwide by providing a platform to present their ideas directly to investors and venture capital funds. 

Finalists also benefit from specialized training, mentorship, and networking programs designed to enhance their competitive edge and help transform their ideas into scalable projects with global potential.


Closing Bell: Saudi exchange ends week in green at 11,612

Closing Bell: Saudi exchange ends week in green at 11,612
Updated 23 October 2025

Closing Bell: Saudi exchange ends week in green at 11,612

Closing Bell: Saudi exchange ends week in green at 11,612

RIYADH: 海角直播鈥檚 Tadawul All Share Index continued its upward movement for the second consecutive day, gaining 25.78 points, or 0.22 percent, to close at 11,611.68.

The total trading turnover of the benchmark index reached SR4.88 billion ($1.30 billion), with 153 of the listed stocks advancing and 97 declining.

The Kingdom鈥檚 parallel market Nomu also gained 13.65 points to close at 25,048.78.

The MSCI Tadawul Index advanced by 0.15 percent to 1,513.22.

Tourism Enterprise Co. was the best-performing stock of the day, with its share price increasing by 8.19 percent to SR17.04.

The share price of Alkhaleej Training and Education Co. rose 5.72 percent to SR28.10, while AYYAN Investment Co. climbed 5.34 percent to SR13.61.

Conversely, shares of Jamjoom Pharmaceuticals Factory Co., which announced its financial results on Oct. 21, declined 4.26 percent to SR152.80.

In a Tadawul filing, Jamjoom Pharmaceuticals said its net profit for the first nine months of this year stood at SR395.73 million, marking a rise of 29.78 percent compared with the same period in 2024.

The pharmaceutical firm鈥檚 third-quarter net profit rose 12.29 percent year on year to SR106.7 million.

Saudi Awwal Bank reported a net profit of SR6.4 billion for the first nine months of this year, representing an increase of 7.75 percent compared with the same period in 2024.

In a Tadawul statement, the bank said its third-quarter net profit reached SR2.14 billion, up 13.86 percent year on year.

Shares of Awwal Bank fell 1.18 percent to SR31.92.

海角直播n Mining Co., also known as Ma鈥檃den, announced it had signed an engineering, procurement, and construction management contract worth SR391.1 million with 海角直播n Bechtel Co. and Bechtel Australia Pty Ltd.

The 39-month contract covers EPC management services for the construction of the Al Rjum mine project, which is expected to produce 3.6 million ounces of gold over 12 years, with estimated annual output of 300,000 ounces.

Ma鈥檃den said the financial impact of the deal will be determined after construction completion and the start of production.

Shares of Ma鈥檃den edged up 0.86 percent to SR64.20.


PIF-backed EVIQ, Apsco partner to expand Saudi EV charging network听

PIF-backed EVIQ, Apsco partner to expand Saudi EV charging network听
Updated 23 October 2025

PIF-backed EVIQ, Apsco partner to expand Saudi EV charging network听

PIF-backed EVIQ, Apsco partner to expand Saudi EV charging network听

JEDDAH: Electric vehicle charging infrastructure in 海角直播 is set to improve as Public Investment Fund-backed EVIQ has partnered with Arabian Petroleum Supply Co. to deploy fast-charging stations nationwide. 

The collaboration will integrate EVIQ鈥檚 advanced charging technologies with Apsco鈥檚 extensive service station network, focusing on busy highways, urban centers, and key stations to optimize accessibility for EV drivers, according to a press release. 

EVIQ aims to install over 5,000 fast chargers by 2030, supporting the Kingdom鈥檚 target of electrifying 30 percent of vehicles in Riyadh by 2030 and achieving net-zero emissions by 2060. 

The project builds on EVIQ鈥檚 prior agreement with international chauffeur service Blacklane to expand the EV network in major cities. 

Mohammad Bakr Gazzaz, CEO of EVIQ, said: 鈥淭his collaboration with Apsco marks another milestone in our mission to enable a seamless, accessible, and sustainable EV charging ecosystem across the Kingdom.鈥 

He added: 鈥淭ogether, we are taking a significant step toward realizing the Kingdom鈥檚 Vision 2030 goals for greener mobility, paving the way for the future of electric transportation in the Kingdom of 海角直播.鈥 

EVIQ, a joint venture of PIF and Saudi Electricity Co., is building a nationwide fast-charging network and operates a state-of-the-art R&D facility in Riyadh. 

Apsco is a national energy provider with over 65 years of experience in fuels, lubricants, and energy solutions across automotive, aviation, and industrial sectors. 

鈥淏y joining forces with EVIQ, we are enabling the infrastructure required for the future of electric transportation, empowering our customers with reliable and accessible charging options across the Kingdom,鈥 said Azzam Qari, CEO at Apsco. 

海角直播 is building a comprehensive electric vehicle ecosystem, investing in US-based EV maker Lucid through PIF and developing its homegrown brand Ceer, which is set to launch its first models in 2026. 

Last month, Jeddah鈥檚 EV network received a boost after the city鈥檚 transport authority signed a memorandum of understanding with Petromin Co. to develop new charging stations in 海角直播鈥檚 second-largest city. 

Under the agreement, Jeddah Transport Co. and Electromin 鈥 Petromin鈥檚 mobility subsidiary 鈥 will collaborate on site assessments, design, installation, and operational support for the facilities.

Global projections indicate that eco-friendly vehicles could make up 50 percent of car sales by 2035, highlighting the importance of the country鈥檚 electrification efforts in shaping the future of mobility.