海角直播

Oxagon to host one of the world鈥檚 largest AI data centers as DataVolt invests $5bn

Special Oxagon Executive Director Howard Wu highlighted the significance of the project鈥檚 architectural design and AI workload management. AN photo by Abdulrahman bin Shalhoub
Oxagon Executive Director Howard Wu highlighted the significance of the project鈥檚 architectural design and AI workload management. AN photo by Abdulrahman bin Shalhoub
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Updated 10 February 2025

Oxagon to host one of the world鈥檚 largest AI data centers as DataVolt invests $5bn

Oxagon to host one of the world鈥檚 largest AI data centers as DataVolt invests $5bn
  • Facility has capacity of 1.5 gigawatts and will be built in Oxagon鈥檚 industrial quarter and powered entirely by renewable energy
  • First phase, a 300-megawatt facility, is set to be operational by 2028

RIYADH: 海角直播 is set to host one of the world鈥檚 largest artificial intelligence data centers following a $5 billion investment by DataVolt in Oxagon, the industrial city within NEOM.

The facility, with a capacity of 1.5 gigawatts, will be built in Oxagon鈥檚 industrial quarter and powered entirely by renewable energy.

Speaking to Arab News at the LEAP 2025 tech conference in Riyadh, Oxagon Executive Director Howard Wu highlighted the significance of the project鈥檚 architectural design and AI workload management.

鈥淭his marks a very important step because you really have a data center 鈥 in the case of our partnership with DataVolt 鈥 that is building the entire facility from the ground up. So, it鈥檚 really an end-to-end infrastructure, built from the energy grid to the building, to the AI servers, to the file system, operating system, runtime, and application,鈥 he said.

Wu emphasized that the data center will be groundbreaking in scale and sustainability.

When completed, he said it will be one of the world鈥檚 largest at 1.5GW and will run entirely on renewable energy.

The first phase, a 300-megawatt facility, is set to be operational by 2028. Due to the energy-intensive nature of computing and cooling systems, Wu explained that data centers are typically measured by power capacity.

鈥淥n a site-wide level, we would say it鈥檚 a 300 MW site. You have huge amounts of power to run them, and because of the density of the chips, they generate a huge amount of heat. Then you have to cool them to bring the temperature down,鈥 he said.聽

As demand for AI-driven data processing and cloud computing continues to surge 鈥 fueled by platforms like TikTok and Instagram 鈥 Oxagon鈥檚 AI data center is expected to play a pivotal role in the region鈥檚 digital transformation.

鈥淎s this demand continues to grow, we certainly see a strong growth market within the region, but also globally,鈥 the executive said.

He added that while computing power continues to advance in line with Moore鈥檚 Law, technological innovations allow for upgrades without a proportional rise in energy consumption, making power capacity the key metric for measuring data centers.

The decision to partner with DataVolt was driven by the company鈥檚 financial commitment, technological expertise, and innovative approach to data center architecture.

Wu highlighted the key qualities that made DataVolt an ideal partner, stating that the company brought significant capital investment and a strong vision. 鈥淭he third part is their innovative thinking, along with all the architecture and engineering,鈥 he said. He added that combining these qualities made it extremely difficult to find a partner that met all three major criteria.

Once completed, the AI data center will enhance Oxagon鈥檚 growing technology ecosystem, benefiting its tenants and partners while reinforcing 海角直播鈥檚 position as a global leader in digital infrastructure.


Closing Bell: Saudi main index slips to close at 11,559聽

Closing Bell: Saudi main index slips to close at 11,559聽
Updated 08 October 2025

Closing Bell: Saudi main index slips to close at 11,559聽

Closing Bell: Saudi main index slips to close at 11,559聽

RIYADH: 海角直播鈥檚 Tadawul All Share Index ended lower on Wednesday, falling 23.96 points, or 0.21 percent, to close at 11,559.27.  

The total trading turnover for the main index stood at SR7.62 billion ($2.03 billion), with 619.4 million shares traded. A total of 60 stocks advanced, while 191 declined.  

The MT30 Index, which tracks the top 30 companies by market capitalization, also slipped 1.75 points, or 0.12 percent, to 1,507.62.   

In contrast, the Nomu parallel market gained 172.63 points, or 0.68 percent, to close at 25,693.25, with 47 gainers and 41 losers.  

Saudi Paper Manufacturing Co. was the day鈥檚 best performer, climbing 3.03 percent to SR59.60. It was followed by Naqi Water Co., which rose 2.71 percent to SR56.95, and Al Babtain Power and Telecommunication Co., which increased 2.50 percent to SR61.50.  

Middle East Pharmaceutical Industries Co. gained 2.13 percent to SR134, while Naseej International Trading Co. advanced 2.03 percent to SR90.30.  

On the downside, Chubb Arabia Cooperative Insurance Co. recorded the sharpest fall, slipping 3.87 percent to SR39.70. Saudi Printing and Packaging Co. dropped 3.66 percent to SR10.79, while Emaar the Economic City fell 3.55 percent to SR13.30.   

Saudi Reinsurance Co. decreased 3.05 percent to SR49.98, and Gulf General Cooperative Insurance Co. shed 3.02 percent to SR5.13.  

On the announcement front, Rabigh Refining and Petrochemical Co. announced developments regarding the binding share sale and purchase agreement between Saudi Aramco and Sumitomo Chemical Co. Ltd.   

The company said the agreement involves the transfer of marketing rights for products currently held by Sumitomo and its affiliates to Saudi Aramco and its subsidiaries.   

The company confirmed that it has entered into related agreements to finalize the amendments required under the 鈥淥mnibus Amendment Agreement.鈥  

Petro Rabigh shares closed 0.26 percent lower at SR7.70.  

Meanwhile, Saudi Vitrified Clay Pipes Co. said that the Saudi Authority for Industrial Cities and Technology Zones approved a waiver of the lease agreement to Al-Muthahidah Al-Manaqiyah Industries Co., making its SR45 million factory sale binding.  

The financial impact will be reflected in the third quarter of 2025, the company said. 

SVCP shares closed 0.86 percent lower at SR27.76.  

In addition, Thimar Advertising, Public Relations and Marketing Co. announced filing a legal lawsuit before the Securities Disputes Resolution Committee against Middle East Financial Investment Co., the manager of the Saudi Film Fund, in connection with a previously signed SR37.5 million investment agreement.   

The company said the disputed amount remains recorded as a debit balance and will be reclassified once a ruling is issued.  

Thimar Advertising鈥檚 shares closed 0.69 percent lower at SR15.82.  


海角直播, Morocco forge pact to protect investments聽

海角直播, Morocco forge pact to protect investments聽
Updated 08 October 2025

海角直播, Morocco forge pact to protect investments聽

海角直播, Morocco forge pact to protect investments聽

JEDDAH: 海角直播 and Morocco have signed an agreement to encourage and protect mutual investments, aiming to safeguard investors鈥 rights and boost cross-border capital flows as the two nations strengthen economic cooperation. 

The deal was signed in Rabat by Saudi Investment Minister Khalid Al-Falih and Moroccan Minister of Economy and Finance Nadia Fettah Alaoui during the Saudi minister鈥檚 official visit to the North African nation. 

This comes amid growing economic relations, with trade between the two countries reaching SR5 billion ($1.33 billion) in 2024. Saudi exports accounted for SR4.3 billion, while imports stood at SR640 million. 

In a post on its official X account, the Saudi Ministry of Investment said both ministers signed 鈥渁n agreement to encourage and protect mutual investments between the two Kingdoms, to strengthen the economic partnership between them, safeguard investors鈥 rights, and support the flow of investments in various sectors.鈥 

Under the agreement, the two countries committed to creating a stable and transparent environment for investors. It guarantees fair and equitable treatment, freedom to transfer funds, and protection against expropriation without fair compensation. The pact also enables investors to seek international arbitration in the event of disputes 

Al-Falih and Alaoui also discussed ways to enhance financial partnerships, economic policies, stimulate growth, and strategies for financing major developmental projects. 

Morocco ranks as 海角直播鈥檚 57th largest export partner and 51st for imports, with key trade including vehicles, insulated wires, fertilizers, and clothing from 海角直播, and refined petroleum, vehicles, accessories, and wheat from Morocco. 

The deal also aims to promote sustainable economic growth and address challenges faced by investors, thereby strengthening bilateral economic cooperation and deepening the strategic partnership between the two countries. 

In another post, the Investment Ministry said Al-Falih held a bilateral meeting with Moroccan Minister of Investment, Convergence, and Evaluation of Public Policies Karim Zidane. 

鈥淭hey discussed the strategic vision for sustainable development, the evaluation of public policies and the improvement of the business environment and explored ways to enhance economic cooperation between the two countries,鈥 the post added.

During his visit, Al-Falih also met with Morocco鈥檚 Minister of Industry and Trade Ryad Mezzour, with whom he discussed strengthening industrial and commercial cooperation, developing manufacturing industries, and attracting new investments. 

The Saudi minister also met with several Moroccan government officials and a group of business and financial leaders to strengthen investment relations and address challenges facing investors in both countries. 


Riyadh Air ready for take-off with first flight to London on Oct. 26

Riyadh Air ready for take-off with first flight to London on Oct. 26
Updated 08 October 2025

Riyadh Air ready for take-off with first flight to London on Oct. 26

Riyadh Air ready for take-off with first flight to London on Oct. 26
  • Here鈥檚 a sneak peek at its first flight, luxury lounge launch, and new partnerships

RIYADH: Announced at its headquarters in the Kingdom鈥檚 capital, Riyadh Air is officially taking to the skies 鈥 and it鈥檚 earlier than you think.

The airline鈥檚 maiden flight will depart from Riyadh to London鈥檚 Heathrow on Oct. 26 with a Boeing 787-9 technical spare aircraft named 鈥淛amila,鈥 which means 鈥渂eautiful鈥 in Arabic.

Riyadh Air, the newest national airline for 海角直播, was announced in 2023 and is owned by the Kingdom鈥檚 Public Investment Fund.

As well as revealing the maiden flight, the airline also announced a string of fresh updates 鈥 from its opening of a luxury lounge, launching of a loyalty program, as well as new high-profile partnerships.

Talking to Arab News, Riyadh Air CEO Tony Douglas said: 鈥淚鈥檒l be honest, on a personal level it鈥檚 almost overwhelming. And I鈥檓 probably speaking on behalf of the whole of the Riyadh Air family. It is a historic moment. It鈥檚 been a three-year pathway to perfect, and the next stage of this is leading us through to going live on Oct. 26, daily service to London Heathrow.鈥 

"We鈥檝e got two new aircraft soon to be delivered. We need three to start commercial operations, with ticket sales to the general public. So we鈥檙e going to put Jamila, which is our technical spare aircraft, onto Heathrow first. When the first new one gets delivered, we switch Jamila on to Dubai, second destination. The new aircraft goes on to Heathrow.鈥 

Flights to Dubai will soon follow, with winter 2025 and summer 2026 destinations to be announced imminently.

"When the second new aircraft arrives, that one goes on to Dubai, Jamila retires as the technical spare and then we open to general public sales. And it鈥檚 going to be very soon,

鈥淚t鈥檚 very, very soon. The first aircraft came out the paint shop 10 days ago. It鈥檚 finished. Obviously, testing and certification, it takes time. We鈥檙e not in control of it, hence the reason we鈥檙e not giving a precise date. But why have we done this release, this press conference today, is we know it鈥檚 imminent,鈥 the CEO added. 

鈥淲e are not just selling tickets; we are selling an experience,鈥 Osamah Al-Nuaiser, senior vice president of marketing and corporate communications, told Arab News.

The first daily launch flights will carry select guests, allowing the airline to refine operations and the overall experience before general commercial passengers are welcomed.It was also announced that travelers will be welcomed into Riyadh Air鈥檚 first premium airport experience 鈥 the 鈥淗afawa Lounge鈥 at King Khalid International Airport, located between Terminals 1 and 2. 

鈥淗afawa鈥 is an Arabic word that embodies warmth and hospitality. Spanning nearly 2,000 sq. meters and accommodating 370 guests, the lounge is exclusively for Business Elite and Business Class travelers and will have private and communal spaces and dining areas.

Riyadh Air is also launching its loyalty program 鈥淪feer,鈥 now open to travelers via the Riyadh Air website. 

Meaning 鈥淎mbassador鈥 in Arabic, early registrants will receive priority bookings and other perks. 

When fully activated in 2026, 鈥淪feer鈥 will feature gamified challenges, leaderboards, invitations to exclusive events, complimentary onboard Wi-Fi and a range of benefits from global partners.

Commenting on Sfeer, the CEO said: "So this is really exciting for us as well. To the best of our knowledge, we can鈥檛 think of another airline that launched the loyalty program at exactly the same time as launching the airline. One of the many benefits of signing up straight away to become a Sfeer member is you will become a Founders Club member as well. That will give lots of unique benefits, but also the ability to start now planning your travel with Riyadh Air.鈥

A cornerstone of Riyadh Air鈥檚 international strategy is its partnership with Saudia Airlines, the Kingdom鈥檚 national carrier, Al-Nuaiser emphasized.

鈥淪audia Airlines is very important. We started the first airline partnership with Saudia and the reason being we need to integrate not compete. Of course, we need to make sure that there鈥檚 synergy between both national carriers,鈥 Al-Nuaiser told Arab News.

The arrangement allows travelers to earn and redeem loyalty points across both carriers, Riyadh Air and Saudia, strengthening integration and connectivity rather than competition.

A partnership with Saudi wellness brand Kayanee was also announced, which will see the company provide loungewear and amenity kits for Business Elite, Business, and Premium Economy cabins. 

Another major announcement focuses on Riyadh Air鈥檚 partnership with the popular ride-sharing brand Uber, which is already widely-used in 海角直播. This collaboration will provide seamless ground transportation for travelers and integrate loyalty benefits, marking a key step in connecting the seamless transport of passengers from doorstep to departure.

Cabin crew uniforms are designed by Paris-based Saudi designer Mohammed Ashi, and were unveiled in June, 2024, at Haute Couture Week in the French capital.

As announced earlier this year, Riyadh Air鈥檚 catering will be handled by Saudi company Catrion under a five-year, SR2.3 billion ($610 million) contract, ensuring consistent food and beverage quality across all flights. Menus promise to blend Saudi and international flavors for a premium culinary experience鈥 and plenty of Saudi coffee.

Since its launch two years ago, Riyadh Air has partnered with 10 other global carriers including Delta, Virgin Atlantic, and Turkish Airlines, as well as China Eastern, Singapore Airlines, and EgyptAir, enabling gradual network expansion.

Underlining the pace of its development, Riyadh Air has grown from fewer than 10 employees to nearly 600.

鈥淚鈥檓 employee number nine in the airline. So I鈥檓 part of the founding members of Riyadh Air. Never been prouder than seeing the establishment of this airline come to life, but also to have been blessed with the team that has been growing the trajectory,鈥 Al-Nuaiser said.

He also emphasized Riyadh Air鈥檚 Saudi roots and cultural mission, saying: 鈥淲e are from Riyadh and we will serve the people of Riyadh and the people of the Kingdom first. At the same time, we want to attract tourists and business travelers as part of the national strategy for tourism.鈥

Al-Nuaiser added: 鈥淲e want to take the hospitality and generosity of the people and make sure that we also carry that and connect Riyadh to the world and the world to Riyadh. Flying is such a beautiful privilege鈥 we want to bring a little bit of glamor back to the skies. We want to create an icon that we all are proud of.鈥


Abu Dhabi signs multi-sector agreements in US investment push

Abu Dhabi signs multi-sector agreements in US investment push
Updated 08 October 2025

Abu Dhabi signs multi-sector agreements in US investment push

Abu Dhabi signs multi-sector agreements in US investment push

JEDDAH: The UAE strengthened its economic partnership with the US during a three-day visit to New York, where Abu Dhabi officials signed a series of agreements in technology, finance, energy, and manufacturing. 

The high-level delegation, led by Ahmed Jasim Al-Zaabi, chairman of the Abu Dhabi Department of Economic Development, met with US government officials and business leaders to boost trade and investment cooperation, according to the Emirates News Agency, also known as WAM. 

The visit witnessed the inking of agreements to enhance cooperation in sectors including startups, family businesses, and small and medium enterprises, as well as digital infrastructure, new energy, advanced manufacturing, and financial services. 

The two countries share a strong and growing economic relationship, with bilateral trade reaching $34.4 billion in 2024 鈥 an 8.5 percent increase year on year 鈥 making the UAE the largest US trading partner in the Middle East, with trade spanning all 50 US states and supporting over 184,000 jobs. 

In a statement, Al-Zaabi said: 鈥淲e are proud of our strong and evolving partnership with the US. This visit has enabled us to build more collaborative initiatives to harness new trends, mega shifts, and technological transformations witnessed by the global economy.鈥 

He added: 鈥淏acked by five decades of fruitful cooperation, our trade and investment ties with the US continue on an upward trajectory,鈥 noting that mutual investments are also increasing and expanding, supercharging growth across various sectors and industries, and creating thousands of jobs. 

He emphasized that this growth reflects the depth and strength of their cooperation with the US and affirmed their commitment to further enhancing it, enabling businesses and investors to grow, thrive, and expand. 

In recent years, Abu Dhabi鈥檚 non-oil trade with the US has grown by 28.4 percent, while US companies operating in Abu Dhabi have seen a 52.9 percent compound annual growth rate, reflecting deepening ties in key economic sectors. 

According to a report released in May by the White House, US President Donald Trump announced over $200 billion in commercial deals between the two countries 鈥 bringing the total of investment agreements in the Gulf region to over $2 trillion. 

This builds on the UAE鈥檚 commitment to a 10-year, $1.4 trillion investment framework that will contribute to the US boom in AI infrastructure, semiconductors, energy, quantum computing, biotechnology, and manufacturing, as per the US official release. 

The New York event brought together 15 of Abu Dhabi鈥檚 largest listed companies from diverse sectors, with a combined market capitalization exceeding $300 billion, and featured more than 100 one-on-one meetings with leading US institutional investors managing assets of over $10 billion. 

The delegation included senior officials from Abu Dhabi鈥檚 public and private sectors, among them Ghannam Al-Mazrouei, chairman of the Abu Dhabi Securities Exchange Group, Hamad Sayah Al-Mazrouei, undersecretary of ADDED, and Badr Al-Olama, director general of the Abu Dhabi Investment Office. 


Egypt鈥檚 inflation eases to 10.3% in September as price pressures cool聽

Egypt鈥檚 inflation eases to 10.3% in September as price pressures cool聽
Updated 08 October 2025

Egypt鈥檚 inflation eases to 10.3% in September as price pressures cool聽

Egypt鈥檚 inflation eases to 10.3% in September as price pressures cool聽

RIYADH: Egypt鈥檚 inflation slowed for a fourth consecutive month in September, easing to 10.3 percent year on year as consumer price pressures continued to moderate, official data showed. 

The Central Agency for Public Mobilization and Statistics said the Consumer Price Index rose 1.5 percent month on month to 260.9 points, driven mainly by higher housing and utility costs. 

Egypt鈥檚 inflation peaked at around 33.2 percent in September 2023 but has steadily eased since the government secured an $8 billion loan program from the International Monetary Fund in March 2024, which helped stabilize the currency and support policy reforms. 

In its latest release, CAPMAS stated: 鈥淗ousing, water, electricity, gas and fuel section recorded an increase of 3.4 percent due to an increase in prices of the actual rental group of houses by 1.3 percent, calculated rent group of houses by 7.1 percent, and group of maintenance and repair of houses by 1.4 percent.鈥  

The report added that expenses for water and miscellaneous services related to housing increased by 0.2 percent, while electricity, gas, and fuel prices rose by 0.3 percent. 

Another key driver in September was the food and beverages sector, which increased by 1.9 percent. This section saw a 12.2 percent rise in vegetable prices, a 3.5 percent increase in fruits, and a 0.3 percent rise in meat and poultry expenses. 

The alcoholic beverages and tobacco segment witnessed a monthly rise of 0.8 percent, while the health care sector saw an increase of 0.4 percent. 

Within healthcare, outpatient service costs climbed 0.8 percent in September compared to the previous month, while hospital expenses rose 1 percent over the same period. 

On an annual basis, alcoholic beverages and tobacco prices surged 25.3 percent, followed by housing, water, electricity, and fuel, which went up 18.2 percent. 

The food and beverages category recorded a 0.3 percent increase year on year, while clothing and footwear costs advanced 14.4 percent during the same period. 

In February, global credit rating agency Moody鈥檚 affirmed Egypt鈥檚 Caa1 long-term foreign and local currency rating with a positive outlook. 

It stated that the positive outlook reflected the government鈥檚 measures to control inflation and interest rates. 

Earlier this month, Egypt鈥檚 Central Bank slashed interest rates by 100 basis points, marking the fourth reduction this year, citing subdued inflationary pressures amid economic growth of about 5 percent in the second quarter.