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Riyadh fintech forum ‘a turning point’ in Swiss-Saudi partnership

Riyadh fintech forum ‘a turning point’ in Swiss-Saudi partnership
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Swiss Embassy and Fintech Saudi organized the first Saudi-Swiss Fintech Forum on Nov. 25 - 26 in Riyadh. (Supplied)
Riyadh fintech forum ‘a turning point’ in Swiss-Saudi partnership
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Swiss Embassy and Fintech Saudi organized the first Saudi-Swiss Fintech Forum on Nov. 25 - 26 in Riyadh. (Supplied)
Riyadh fintech forum ‘a turning point’ in Swiss-Saudi partnership
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Swiss Embassy and Fintech Saudi organized the first Saudi-Swiss Fintech Forum on Nov. 25 - 26 in Riyadh. (Supplied)
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Updated 28 November 2024

Riyadh fintech forum ‘a turning point’ in Swiss-Saudi partnership

Riyadh fintech forum ‘a turning point’ in Swiss-Saudi partnership

RIYADH: The Switzerland Embassy in coordination with the Saudi Ministry of Investment and Fintech Saudi organized the first Saudi-Swiss Fintech Forum in Riyadh.

Swiss and Saudi experts took part in the event on Nov. 25-26 under the theme “Connecting Leaders across Borders.”

The forum provided a platform for the exchange of ideas and the rethinking of traditional financial models.

Switzerland is an established financial hub and ֱ has the largest financial services industry in the Middle East.

Swiss Ambassador to ֱ, Yasmine Chatila Zwahlen, said the forum marked a turning point in the development of the partnership between Switzerland and ֱ.

Nezar Al-Haidar, CEO of Fintech Saudi, said the collaboration between Fintech Saudi and its Swiss counterparts creates opportunities for knowledge sharing, and paves the way for access to new markets.

The leaders are working to make ֱ a global fintech hub, and this collaboration deepens the ties between our ecosystems, he added.

Arab News met Saudi and Swiss experts at the forum, who discussed finance, market opportunities and the importance of Swiss expertise in ֱ’s fintech development.

Yazeed Al-Shamsi, co-founder and CEO of Ejari, said: “Our perception of Swiss cooperation is positive. Fintech is the sector that has received the most funding in ֱ in the last three or four years. There is still room for growth.”

Al-Shamsi said that the banking and insurance sectors contribute significantly to gross domestic product, and there are still opportunities in wealth management, investment, financing, and alternative financing. 

Abdulmajeed Al-Askar, CEO of MoneyMoon, told Arab News that Saudi companies see Swiss-Saudi cooperation as a chance to bridge two diverse but complementary markets.

Switzerland has a long history of financial expertise, while ֱ is becoming a hub of entrepreneurial energy and digital adoption.

This collaboration is about building long-term partnerships that enable both sides to innovate and scale faster, Al-Askar said.

ֱ has many talented financial leaders and professionals, he added.

“By combining expertise with a forward-thinking approach, we can create an ecosystem that sets new benchmarks. ֱn leaders can design solutions tailored to the population’s needs. With new talent, we are creating an entirely new financial paradigm for the region.” 

Eva Selamlar, head of the Swiss Financial Innovation Office, said that Swiss companies can contribute their expertise to help Saudi Vision 2030. 

Andreas Iten, CEO of Tinety, said: “There are many opportunities in this market. The regulatory framework is favorable, so Swiss companies should look at it because there are great opportunities and a big need for digital solutions.”

The forum explored the opportunity for Switzerland and the Kingdom to advance their ambitions in the financial technology sector, in line with Vision 2030.


Riyadh event highlights women’s role in diplomacy

Riyadh event highlights women’s role in diplomacy
Updated 17 June 2025

Riyadh event highlights women’s role in diplomacy

Riyadh event highlights women’s role in diplomacy
  • Speech stresses progress made under King Salman, Crown Prince Mohammed bin Salman

RIYADH: The Prince Saud Al-Faisal Institute for Diplomatic Studies in Riyadh has held a symposium to mark the forthcoming International Day of Women in Diplomacy. It was attended by Vice Foreign Minister Waleed Elkhereiji, female diplomatic leaders, and ambassadors accredited to the Kingdom.

Elkhereiji spoke of the importance of empowering women in diplomacy, citing the progress made under the leadership of King Salman and Crown Prince Mohammed bin Salman in light of the Vision 2030 reform plan.

He noted that Saudi women now serve as ambassadors, leaders, and negotiators on the global stage, the Saudi Press Agency reported.

The symposium discussed efforts to support women’s diplomatic careers, the role of men in advancing change, and the unique contributions women bring to diplomacy.

Topics also included the global rise of women in diplomacy, their impact on foreign and domestic policy, and ways to enhance female participation in multilateral forums to address future challenges.


Saudi theatrical show ‘Terhal’ returns to Diriyah

Saudi theatrical show ‘Terhal’ returns to Diriyah
Updated 52 min 39 sec ago

Saudi theatrical show ‘Terhal’ returns to Diriyah

Saudi theatrical show ‘Terhal’ returns to Diriyah
  • “Terhal” is a pioneering Saudi production which boasts advanced lighting and visual technology

RIYADH: The Ministry of Culture is to present the theatrical performance “Terhal” from Aug. 4-25 at Mayadeen Venue in Diriyah.

“Terhal” is a pioneering Saudi production which boasts advanced lighting and visual technology, according to the Saudi Press Agency.

It offers a visually captivating experience, telling the story of a young Saudi man who dreams of shaping his country’s future.

His journey across the Kingdom takes him through diverse landscapes and rich traditions, helping him to rediscover ֱ’s cultural and natural heritage. He returns to his village at the end with renewed confidence, wisdom, and hope.

The show features stunning scenes inspired by Saudi landscapes, and highlights young Saudi talents alongside renowned international performers.

The second edition of “Terhal” builds on the success of its 2023 debut which celebrated Saudi culture, from performing arts to handicrafts, traditional attire and cuisine.

 


80% of Saudi adults reported using AI tools, with 1 in 3 using them regularly

The results of the study were unveiled during an event in Riyadh on Tuesday. (AN photo)
The results of the study were unveiled during an event in Riyadh on Tuesday. (AN photo)
Updated 17 June 2025

80% of Saudi adults reported using AI tools, with 1 in 3 using them regularly

The results of the study were unveiled during an event in Riyadh on Tuesday. (AN photo)
  • The study consisted of a poll surveying 1,059 adults and 370 business leaders based in the Kingdom in March 2025

RIYADH: A study has revealed that 80 percent of Saudi adults now use AI tools, with one in three using them regularly.

This is almost double the number of adults in the US who report using one of the large language model-based chatbots — which was found to be 52 percent in a recent study by Elon University.

The findings are “a clear demonstration that technology and collaboration can unlock potential, and that we can directly contribute to the ambition of the Kingdom and their vision for the future,” said Anthony Nakache, MENA managing director for Google — which created the report with research agency Public First.

The study consisted of a poll surveying 1,059 adults and 370 business leaders based in the Kingdom in March 2025.

It also interviewed people and businesses about their experiences using Google technology and data services.

The study found that people and businesses are embracing Al, with 53 percent of businesses in the Kingdom relying on at least one Al tool in their workflows.

About 90 percent of adults in ֱ say becoming an Al superpower should be a top priority and 88 percent of businesses agree that Al is an important opportunity for the Saudi economy.

The study also looked at ֱ’s usage of Google’s Gemini, and found that 53 percent of adults said they had used the Al assistant, with one in three users now using it daily.

The report found that 86 percent of users agreed that the tool helped them to be more productive.

A total of 90 percent of public sector workers said that AI-enabled tools help them to be more productive at work, and 70 percent said their job would be harder without access to AI tools.

“The report reflects our investment in accelerating the Kingdom’s ambitious journey toward a diversified, AI-driven economy,” Nakache added.

“Through significant investments, strong local partnerships and our AI-powered tools, we’re bringing substantial economic value and empowering individuals, businesses and communities,” he said.

Public First is a global policy and strategy consultancy specializing in economic modeling and opinion research.


ֱ marks UN’s World Day to Combat Desertification and Drought

The world needs to restore approximately 1.5 billion hectares of land by 2030 to combat desertification.
The world needs to restore approximately 1.5 billion hectares of land by 2030 to combat desertification.
Updated 17 June 2025

ֱ marks UN’s World Day to Combat Desertification and Drought

The world needs to restore approximately 1.5 billion hectares of land by 2030 to combat desertification.
  • Event aims to spotlight urgent need to address growing challenges

JEDDAH: ֱ has marked the UN’s World Day to Combat Desertification and Drought, an awareness event held annually on June 17.

The day aims to spotlight the urgent need to address the growing challenges of land degradation, desertification and drought.

The Ministry of Environment, Water and Agriculture said the event emphasized the importance of land restoration as a driver of opportunity, the Saudi Press Agency reported.

It helps to raise awareness of the critical role healthy ecosystems play in creating jobs, enhancing food and water security and strengthening economic resilience, the ministry added.

It also highlighted ֱ’s diverse geography and climate which is home to a unique biodiversity adapted to a range of climatic conditions.

The Kingdom has launched several major environmental initiatives, most notably the Saudi Green Initiative, which aims to plant 10 billion trees over the coming decades.

The Kingdom is currently implementing 86 initiatives and programs with total investments exceeding SR705 billion ($188 billion), covering all aspects of the green economy.

These initiatives align with the core objectives of the SGI: reducing carbon emissions, expanding national afforestation, and protecting terrestrial and marine ecosystems.

More than 313,000 hectares of degraded land across the Kingdom have now been restored, and 115 million trees planted.

MEWA has also launched the Environmental Awareness Initiative, which is designed to raise environmental literacy and support Sustainable Development Goals.

The plan also emphasizes the importance of community engagement and cross-sector collaboration — from public institutions to private and non-profit entities.

As part of its efforts to monitor marine habitats, the ministry has conducted extensive field surveys along the Red Sea coast, covering over 600 coral reef sites, 200 seagrass locations and 100 mangrove areas.

According to UN data, desertification, land degradation and drought remain among the most pressing environmental challenges today, impacting up to 40 percent of the Earth’s land surface.

As the UN Decade on Ecosystem Restoration (2021–2030) reaches its midpoint, there is a critical need to accelerate restoration efforts on a global scale.

If current trends continue, the world will need to restore 1.5 billion hectares of land by 2030, creating a restoration economy valued at over $1 trillion.

The planet is currently losing healthy land at a rate equivalent to four football fields per second.

Munira Al-Hazani, president and founder of the Saudi Botanical Society, told Arab News: “Today, as we commemorate the World Day to Combat Desertification and Drought, the Saudi Botanical Society renews its steadfast commitment to safeguarding the Kingdom’s invaluable botanical heritage and tackling the critical environmental challenges that threaten our land.

“At this distinguished event, SABS had the privilege of presenting its mission through a dedicated pavilion — an inspiring botanical garden that embodies our shared commitment to environmental stewardship and sustainable solutions.

“On this critical day, I urge all sectors — governmental, private, and civil society — to unite with shared purpose and commitment.”


Hajj Ministry suspends 7 Umrah firms over transport violations

Hajj Ministry suspends 7 Umrah firms over transport violations
Updated 17 June 2025

Hajj Ministry suspends 7 Umrah firms over transport violations

Hajj Ministry suspends 7 Umrah firms over transport violations
  • Ministry took regulatory measures against the violating companies, suspending their operations and liquidating their bank guarantees to cover alternative transport costs

JEDDAH: The Ministry of Hajj and Umrah recorded violations by seven Umrah companies due to deficiencies in providing transport services to pilgrims, as stipulated in their approved programs.

It is part of the ministry’s efforts to enhance service quality for pilgrims and visitors of the Prophet’s Mosque, ensuring compliance with contracts in line with Saudi Vision 2030, which aims to improve the pilgrim experience at every stage of their journey.

The ministry took regulatory measures against the violating companies, suspending their operations and liquidating their bank guarantees to cover alternative transport costs for affected pilgrims, ensuring services meet approved standards.

It highlighted its commitment to protecting pilgrims’ rights and providing services of the highest quality and professionalism.

The ministry also highlighted its zero-tolerance approach to negligence or breach of contractual obligations, the Saudi Press Agency reported.

It called on all Umrah companies to strictly adhere to approved regulations and deliver services according to designated schedules, ensuring quality and the comfort of pilgrims and visitors during their stay in the Kingdom.