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Lebanon nears approval of banking secrecy law, finance minister confirms

Speaking to reporters in Kuwait, where he is attending meetings of Arab financial institutions, Jaber said: ‘My expectation is that it will pass—if not tomorrow, then the day after... it will definitely be approved.’
Speaking to reporters in Kuwait, where he is attending meetings of Arab financial institutions, Jaber said: ‘My expectation is that it will pass—if not tomorrow, then the day after... it will definitely be approved.’
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Updated 09 April 2025

Lebanon nears approval of banking secrecy law, finance minister confirms

Lebanon nears approval of banking secrecy law, finance minister confirms

KUWAIT CITY: Lebanon’s Finance Minister Yassine Jaber told Reuters that he expected a banking secrecy law to be passed in parliament within days.

Speaking to reporters in Kuwait, where he is attending meetings of Arab financial institutions, Jaber said: “My expectation is that it will pass—if not tomorrow, then the day after... it will definitely be approved.”

Jaber also criticized certain Lebanese officials for using banking secrecy laws as a pretext to withhold information, particularly pointing to former Central Bank Gov. Riad Salameh.

He clarified that the law has already been approved by the government and is not entirely new, emphasizing that banking secrecy was largely lifted in 2022. The current objective is to amend a single clause to provide the Banking Control Commission with broader access to account information.

Additionally, Jaber revealed that Lebanon is in negotiations with the World Bank for several loans, including one to create a fund for rebuilding infrastructure in affected areas. He highlighted that the World Bank has allocated $250 million as initial capital for the fund.

He further explained that the only condition set by the World Bank is “reform.”

“Reform, reform – that’s our program. These aren’t harsh conditions; we need them,” he added.

Jaber stressed that small depositors, those with balances under $100,000, make up 84 percent of all depositors in Lebanon, totaling around $20 billion.

He confirmed that the government is working on a plan to address the depositor issue, stating: “Naturally, it will start with small depositors.”

When asked about potential Gulf aid, Jaber replied: “The Gulf states have supported Lebanon, and today they are advising us to address our situation.”

He concluded: “In past years, our performance wasn’t good and we need to focus on improving it.”


Saudi Local Content Authority targets 2k products on mandatory list in 2026 

Saudi Local Content Authority targets 2k products on mandatory list in 2026 
Updated 29 October 2025

Saudi Local Content Authority targets 2k products on mandatory list in 2026 

Saudi Local Content Authority targets 2k products on mandatory list in 2026 

RIYADH: The Saudi Local Content and Government Procurement Authority plans to expand its mandatory list of national products to 2,000 items next year, up from about 1,500 currently, according to its CEO Abdulrahman Al-Samari. 

Speaking to , Al-Samari said the expansion will focus on key sectors such as pharmaceuticals, food, and machinery, and depends on the growth of local industrial capabilities and their ability to meet government demand. 

Established in 2019, the authority aims to raise local content in government procurement and projects from about 30 percent to nearly 50 percent, while expanding the number of products on the mandatory list from just 100 national products at inception to 1,500 today.  

The mandatory list requires government entities to prioritize procurement from suppliers using locally produced goods, thereby promoting domestic industries and supply chains. 

Al-Samari noted that the authority has recently signed its first agreement in the cybersecurity sector with the National Information Technology Co. to localize products such as firewalls and data-leak prevention systems, citing their strategic and security importance.  

He added that localizing these technologies will create added value for the national economy and generate high-quality job opportunities for Saudi citizens.  

The CEO also highlighted partnerships in the pharmaceutical, food, machinery, equipment, and vehicle sectors, noting that work is underway to develop national capabilities in automotive manufacturing.  

According to the authority’s second-quarter 2025 report, the mandatory list currently includes 1,444 national products across 16 sectors. 

Local content is defined as the total spending within ֱ through the participation of national labor, goods, and services, aimed at maximizing domestic economic impact and keeping value creation within the Kingdom. 


Riyadh Air putting sustainability up front as it scales: CEO 

Riyadh Air putting sustainability up front as it scales: CEO 
Updated 29 October 2025

Riyadh Air putting sustainability up front as it scales: CEO 

Riyadh Air putting sustainability up front as it scales: CEO 

RIYADH: ֱ’s newest airline Riyadh Air intends to be a thought leader in environmental sustainability while growing its global reach, its CEO has said.

Speaking to Arab News on the sidelines of the ninth Future Investment Initiative conference in Riyadh, Tony Douglas said that while the industry’s net-zero goal is difficult, the airline will pursue both alternative fuels and near-term operational efficiencies.

This year’s FII conference is taking place in Riyadh from Oct. 27 to 30, and is being held under the theme “The Key to Prosperity: Unlocking New Frontiers of Growth.”

Riyadh Air, a new Saudi national airline owned by the Public Investment Fund, began operations on Oct. 26 with the successful completion of its first passenger flight from King Khalid International Airport to London Heathrow.

Douglas said: “The net‑zero target that’s out there, given the physics of powered flight, is extremely difficult,” adding: “But we’re absolutely committed to this going forward.”

Day to day, Riyadh Air will cut waste where it starts, with the CEO pointing to catering as an area to target. Legacy airlines uplift too much food, much of it thrown away. That’s waste and weight, which means more fuel burn and emissions, said Douglas.

To combat this, guests will be able to preorder meals in the concierge app. This trims waste and gives people exactly what they want. 

The brand rests on three pillars: obsessive guest experience, a digital‑native mindset, and leadership on environmental sustainability.

“We’re building a national carrier that connects the Kingdom to the world — and delights every guest along the way,” Douglas said. For him, sustainability sits alongside service and tech, not behind them. A digital‑first approach drives personalization and efficiency — from meal preorders to smoother trip planning.

Operations began with a symbolic start. “We’ll never forget October 26,” Douglas said, recalling the first commercial service. Daily flights to London Heathrow are live, with Dubai next as the network ramps.

Growth will be steady and visible. Completed Boeing aircraft are in certification, with more coming off and entering final assembly each month. The plan is roughly one new jet every month through next year, then two per month. That supports a goal of more than 100 international destinations within five years, setting up Riyadh as a serious global hub.

“Global connectivity is an enabler,” Douglas said. In his view, aviation runs across the Kingdom’s diversification pillars under Vision 2030. The impact is macro and human. The airline expects to support well over 200,000 jobs directly and indirectly as routes open markets, attract investors, and bring tourists.

Service remains the test. “It’s not only what we do — it’s how we do it. We want people to be delighted by our service because the brand is real.” 

That ethos extends beyond the cabin. Riyadh Air is launching Sfeer, a lifestyle program rather than a traditional loyalty scheme. Members can pool and pass points with family and friends — even by tapping phones. The aim is simple: more use, less breakage.

Sustainability threads through these choices. Lighter loads, smarter provisioning, and better planning save fuel and cut emissions today, while the fuels partnership targets tomorrow. 

“Solutions will come in all shapes and sizes,” said Douglas. “We intend to be out front.”

From a standing start to a fast‑scaling national carrier, the message is clear: grow with purpose. Add destinations each month. Ramp the fleet on schedule. Make sustainability part of the experience, not a bolt‑on.

“We’re up and running — and we’re only getting started,” he said.


UAE’s Al-Futtaim commits $2.7bn to ֱ to support Vision 2030 goals 

UAE’s Al-Futtaim commits $2.7bn to ֱ to support Vision 2030 goals 
Updated 29 October 2025

UAE’s Al-Futtaim commits $2.7bn to ֱ to support Vision 2030 goals 

UAE’s Al-Futtaim commits $2.7bn to ֱ to support Vision 2030 goals 

RIYADH: UAE-based conglomerate Al-Futtaim has committed SR10 billion ($2.6 billion) in new investments over the next three years in ֱ, reinforcing its long-term partnership with the Kingdom. 

The announcement, made at the Future Investment Initiative conference in Riyadh, highlights the group’s focus on localization, talent development, and diversified economic growth, the company said in a press release. 

The new commitment builds on Al-Futtaim’s existing SR5 billion investments in ֱ and is projected to create more than 1,000 jobs. 

The conglomerate’s commitment is part of the broader wave of strategic investments being unveiled at the FII, a platform that has facilitated more than $250 billion in deals since its inception less than a decade ago. 

Marwan Shehahdeh, group director, corporate development at Al-Futtaim, said: “ֱ’s Vision 2030 demands an approach that goes beyond mere deployment of capital. It requires partners who bring operational expertise, regional experience, and a genuine commitment to building from within.” 

He added: “Our SR10 billion pledge is a tangible expression of our confidence in the Kingdom’s potential and our readiness to actively contribute to its economic diversification and innovation agenda.”  

In September, Al-Futtaim acquired a 49.95 percent stake in ֱ’s Cenomi Retail in a $689 million deal. 

The partnership aims to develop omnichannel, AI-driven, and customer-centric retail experiences, expanding access to international brands and elevating the consumer landscape in ֱ. 

Through its insurance arm, Orient Insurance, the group is supporting financial sector resilience and economic inclusion by offering customer-focused insurance and financing solutions. 

Al-Futtaim is also expanding its real estate portfolio to contribute to ֱ’s urban transformation, creating integrated developments that foster community connectivity and enhance quality of life. 

“Our strategic investments are a commitment to fostering a dynamic ecosystem where innovation flourishes, local talent excels, and ֱ’s Vision 2030 is realized through collaborative effort,” Shehahdeh added. 


Saudi economy minister projects 5.1% real GDP growth for 2025

Saudi economy minister projects 5.1% real GDP growth for 2025
Updated 29 October 2025

Saudi economy minister projects 5.1% real GDP growth for 2025

Saudi economy minister projects 5.1% real GDP growth for 2025

RIYADH: ֱ’s Minister of Economy and Planning Faisal Alibrahim has projected the Kingdom’s real gross domestic product to expand by 5.1 percent in 2025, supported by continued momentum in the non-oil sector as the country advances its diversification agenda,

Speaking on a panel at the Future Investment Initiative conference in Riyadh on Wednesday, Alibrahim said: “We forecast to close the year in terms of total real GDP growth at around 5.1 percent, and for non-oil GDP around 3.8 percent.”

He emphasized that the Kingdom’s ongoing transformation is a long-term restructuring journey aimed at reducing reliance on hydrocarbons and creating a more resilient, productivity-driven economy.

“We are prioritizing diversifying our economy away from having to rely on oil, to become a more resilient economy that witnesses sustainable growth driven by productivity, not just by natural resources,” the minister added.

He also highlighted initiatives aimed at empowering entrepreneurs and small businesses as vital drivers of GDP growth and higher-quality economic expansion, emphasizing their role in generating high-value jobs and attracting global talent to strengthen the local workforce.

According to the Ministry of Finance, real GDP growth is expected to reach 4.4 percent in 2025 and 4.6 percent in 2026, both underpinned by the steady expansion of non-oil activities.

Earlier this month, the International Monetary Fund raised its forecast for ֱ’s 2025 economic growth to 4 percent, citing higher oil output and improving global demand.

The Kingdom is currently undergoing a sweeping economic transformation under Vision 2030, the national strategy launched by Crown Prince Mohammed bin Salman to strengthen non-oil industries, attract foreign investment, and enhance fiscal sustainability.

Government ministers have repeatedly described Vision 2030 as the country’s “north star,” guiding efforts to achieve balanced, long-term growth beyond the oil economy.


Humain partners with AirTrunk for $3bn data center investment in ֱ

Humain partners with AirTrunk for $3bn data center investment in ֱ
Updated 29 October 2025

Humain partners with AirTrunk for $3bn data center investment in ֱ

Humain partners with AirTrunk for $3bn data center investment in ֱ

RIYADH: Artificial intelligence company Humain has reached an agreement with AirTrunk that will see a $3 billion investment for a data center campus in ֱ.

The Public Investment Fund-owned firm will work with the Asia-Pacific company, which is backed by the world’s largest alternative asset manager Blackstone and Canada Pension Plan Investment Board.

Under the deal, Humain will lead ֱ’s efforts to deliver large-scale AI-ready infrastructure, while Blackstone and AirTrunk will bring global expertise, operational excellence and investment capacity. 

The deal aligns with Humain’s mandate to position the Kingdom as a global leader in artificial intelligence and reinforces its commitment to building best-in-class digital and AI infrastructure.

“Together with AirTrunk and Blackstone, Humain is strengthening the technological infrastructure that underpins the Kingdom’s digital economy,” said Tareq Amin, CEO of Humain. 

Amin further said that this partnership also marks a pivotal moment in creating scalable, secure, and sustainable data center capacity to support the rapid growth of AI and cloud computing in ֱ. 

“This initiative not only accelerates ֱ’s technological advancement but also establishes a platform for long-term economic diversification and global competitiveness,” added Amin. 

Under the scope of the partnership, both Humain and AirTrunk will cooperate across several key areas, including data center design, construction, and operation; financing through equity and debt; and go-to-market initiatives to attract hyperscalers and enterprise clients.

The partnership will also focus on developing local talent and capabilities, supporting ֱ’s ambition to build a globally competitive and sustainable digital ecosystem.

“Our strategic partnership with Humain, a key player in the region, will support ֱ to realize its vision of being a data- and AI-driven economy,” said Robin Khuda, founder and CEO at AirTrunk. 

He added: “This announcement strengthens the AirTrunk data center platform as we deliver world-class digital infrastructure for the cloud and AI across the Asia Pacific and now the Middle East, which is one of the fastest growing regions in the world.” 

Stephen Schwarzman, chairman, CEO and co-founder of Blackstone, said that the company continues to bring scale and expertise across the AI ecosystem as the largest provider of data centers globally and a significant investor in related services and infrastructure.

Schwarzman added: “This initiative reinforces Blackstone’s position as one of the world’s leading investors in digital infrastructure and marks a commitment to deepening our presence in the Middle East.”