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Qatar’s FDI projects jump 110% in 2024, says investment agency chief

Qatar’s FDI projects jump 110% in 2024, says investment agency chief
Speaking to Qatar News Agency, Sheikh Ali bin Alwaleed Al-Thani, CEO of the Investment Promotion Agency, said the number of FDI projects reached 241 in 2024, up from 115 in 2023. Shutterstock
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Updated 18 May 2025

Qatar’s FDI projects jump 110% in 2024, says investment agency chief

Qatar’s FDI projects jump 110% in 2024, says investment agency chief
  • Number of FDI projects reached 241 in 2024, up from 115 in 2023
  • Most of the investments were concentrated in key sectors, particularly wholesale and retail trade

RIYADH: Qatar saw a 109.6 percent year-on-year increase in foreign direct investment projects in 2024, more than doubling the 2023 total, reflecting growing global confidence in its economy, according to a top official. 

Speaking to Qatar News Agency, Sheikh Ali bin Alwaleed Al-Thani, CEO of the Investment Promotion Agency, said the number of FDI projects reached 241 in 2024, up from 115 in 2023. 

He attributed this growth to strong investor confidence in Qatar’s economic resilience and long-term strategic direction. 

“This growth is attributed to targeted investment policies, a supportive business environment, and the state’s commitment to economic diversification in line with Qatar National Vision 2030," the QNA report stated. 

Most of the investments were concentrated in key sectors, particularly wholesale and retail trade, which accounted for 77 undertakings, and administrative and support services, which had 41. 

Greenfield projects, involving new ventures rather than expansions, comprised 74 percent of the total, highlighting Qatar’s appeal as a destination for sustainable, long-term investments. 

Al-Thani stated that these developments were driven by recent reforms, including simplified licensing procedures and enhanced digital services, aligned with the economic diversification objectives of the Third National Development Strategy. 

He also pointed to the Ministry of Commerce and Industry’s Strategy for 2024–2030, which aims to boost the investment environment further by achieving 3.4 percent annual growth in non-oil sectors. 

The establishment of the National Statistics Centre was also highlighted as a milestone in enhancing data-driven policymaking and transparency, key enablers of a healthy investment climate, the official noted. 

Qatar’s global competitiveness continues to strengthen, Al-Thani said, citing its rise to 11th place in the International Institute for Management Development World Competitiveness Index for 2024. 

In terms of logistics and infrastructure, the country ranked 14th for logistics competence and 19th for infrastructure in the World Bank’s Logistics Performance Index. 

According to the agency, the new investment projects generated 9,348 jobs in 2024, a 122.7 percent increase from 4,197 jobs in 2023. 

These roles were largely in the same sectors that attracted the most FDI, including retail and wholesale trade, support services, accommodation and food services, and scientific research and development.

“Our strategy is firmly centered on attracting high-quality, knowledge-based investments that align with Qatar’s long-term economic diversification goals. We focus on sectors where Qatar offers a strong competitive advantage, and where innovation, technology and sustainability can generate real value for both investors and the local economy,” he was quoted as saying by QNA.

He added: “A core component of this strategy has been the development of strategic partnerships with leading global organisations. These collaborations go beyond job creation — they are focused on transferring knowledge, introducing cutting-edge technologies and embedding international best practices across key industries.” 

He said this investment approach supports key national objectives, including achieving an average annual economic growth rate of 4 percent, increasing labor productivity, and attracting $100 billion in FDI by 2030. 

Qatar’s achievements have also been recognized globally. The country ranked first worldwide for tax policy and basic infrastructure in the IMD World Competitiveness Ranking 2024, second for general infrastructure in the Global Innovation Index, and fourth for information and communications technology development in the ITU ICT Development Index. 

Its commitment to entrepreneurship and innovation was underlined in the 2024–2025 Global Entrepreneurship Monitor, where it ranked first globally in entrepreneurial intentions and employee activity, and ninth for start-up opportunities. 


ֱ scales AI ambitions amid infrastructure realities

ֱ scales AI ambitions amid infrastructure realities
Updated 31 October 2025

ֱ scales AI ambitions amid infrastructure realities

ֱ scales AI ambitions amid infrastructure realities
  • Kingdom balancing global collaboration with domestic capability building

RIYADH: As global powers accelerate artificial intelligence investments, ֱ is confronting a defining moment in realizing its digital transformation ambitions.

Through Vision 2030, the Kingdom has made foundational investments in sovereign cloud infrastructure, high-performance computing, and international partnerships, positioning itself as a regional AI frontrunner.

However, industry experts caution that translating these ambitions into nationwide impact requires addressing three core challenges: modernizing legacy hardware systems, creating unified data architectures, and cultivating specialized compute talent.

The central question remains: Does ֱ possess the infrastructure needed to deliver AI at visionary scale?

Fadi Kanafani, general manager for SoftServe in the Middle East, said the Kingdom’s progress is already tangible. “Saudi is beyond the announcement stage; now we have action on the ground,” he told Arab News.

Fadi Kanafani, general manager for SoftServe in the Middle East. (Supplied)

Kanafani cited Humain’s AI-driven public service automation and AdopTech’s industrial sandboxes for manufacturing innovation as examples of execution beyond strategy. He also noted Aramco Digital’s alliances with hardware pioneers such as Groq — known for ultra-low latency inference engines — and Cerebras, a leader in wafer-scale computing, as evidence of cutting-edge capacity being embedded directly into the national ecosystem.

Global cloud providers are amplifying this momentum through substantial infrastructure commitments. Oracle’s second Riyadh region enhances sovereign data capabilities for government entities, while Amazon Web Services’ upcoming 2026 regional hub marks one of the Middle East’s largest cloud investments, Kanafani said.

At the academic front, Google Cloud and Microsoft Azure have launched AI innovation labs at King Abdullah University of Science and Technology, while Salesforce’s decision to base its regional headquarters in Riyadh signals growing international confidence in the Kingdom’s digital roadmap.

Suhail Hasanain, NetApp’s senior director for the Middle East and Africa, echoed that alignment.

Suhail Hasanain, senior director for NetAppfor the Middle East and Africa. (Supplied)

“ֱ has made remarkable progress in establishing foundations for AI-driven transformation,” he said. “Vision 2030’s prioritization of data sovereignty and advanced compute resources embeds artificial intelligence at the heart of national development — from Neom’s cognitive city ambitions to the National Data Bank’s unified information architecture.”

Legacy systems and talent gaps

Despite robust infrastructure growth, large-scale enterprise adoption still faces operational barriers. Outdated financial systems, fragmented electronic health records, and siloed industrial datasets continue to constrain AI’s full potential.

Kanafani pointed to these friction points: “Most organizations remain anchored to legacy systems fundamentally incompatible with AI’s data requirements. Critical information exists in disconnected silos — patient records isolated from diagnostic AI tools, equipment maintenance logs separated from supply chain optimization algorithms.”

Regulatory complexity compounds the challenge. “Governance frameworks vary significantly across healthcare, financial services, and critical infrastructure sectors, creating compliance uncertainty during scaling,” Kanafani added.

Hasanain stressed the human capital dimension. “Beyond physical infrastructure, we confront a severe shortage of specialized talent — data engineers capable of curating trusted datasets, machine learning operations specialists to productionize models, and AI governance experts to ensure ethical deployment.”

He outlined three pillars for closing these gaps: establishing benchmark datasets, building hybrid systems that balance performance with sovereignty, and developing comprehensive workforce pipelines to operationalize AI across sectors.

From pilots to real-world impact

Across energy, healthcare, and logistics, real-world applications are already demonstrating AI’s potential when aligned with national priorities.

In energy, Aramco uses predictive maintenance algorithms to anticipate equipment failures before they disrupt operations. In healthcare, institutions like King Faisal Specialist Hospital leverage computer vision tools for faster, more accurate medical imaging analysis. Meanwhile, Neom’s Oxagon industrial zone applies digital twin technology to simulate logistics before implementation.

Aramco's AI hub,  where predictive maintenance algorithms are used to anticipate equipment failures before they disrupt operations. (Aramco photo)

NetApp underpins such innovations through adaptable infrastructure solutions. “We empower organizations to orchestrate AI workloads seamlessly across sovereign cloud environments like STC’s and global hyperscalers like Microsoft Azure,” Hasanain explained.

He added: “For a major Riyadh-based financial institution, we integrated transaction data across 200 branches into a unified real-time fraud detection platform — significantly enhancing security while reducing operational costs.”

SoftServe, meanwhile, applies a co-creation model. “We partner deeply with Saudi organizations to build purpose-driven solutions,” Kanafani said.

“For a Tabuk agricultural enterprise, we developed a custom AI model that optimizes irrigation by synthesizing satellite imagery, soil moisture sensors, and weather pattern analysis – delivering measurable water conservation outcomes.”

Kanafani emphasized that organizational culture must evolve alongside technology. Their approach embeds change management from the outset, ensuring readiness for transformation.

Accelerated by NVIDIA AI Blueprints, SoftServe Gen AI Industrial Assistant streamlines the navigation of equipment manuals, speeds up troubleshooting, and simplifies maintenance tasks. (Softserve photo) 

Balancing sovereignty and collaboration

The interplay between national priorities and international innovation continues to define ֱ’s AI journey.
“Data sovereignty remains non-negotiable for sensitive applications in national security, central banking, and citizen services,” Hasanain said. “Yet strategic collaborations with global technology leaders accelerate capability development – such as deploying NVIDIA’s advanced DGX systems while simultaneously training Saudi engineers to manage them locally.”

Kanafani pointed to hybrid models gaining traction: “Leading Saudi manufacturers increasingly adopt blended architectures — maintaining proprietary process data on localized secure servers while leveraging global cloud scalability for supply chain optimization and market intelligence applications. This harmonizes control with flexibility.”

As ֱ develops national AI ethics guidelines, Kanafani underscored proactive design: “Responsible innovation requires embedding bias detection and algorithmic transparency mechanisms directly into AI systems during development — not attempting remediation after deployment reveals ethical shortcomings.”

ֱ launched the Principles of AI Ethics developed by #SDAIA during the #GlobalAISummit in September 2022. (X: @globalaisummit)

Building the AI workforce

The Kingdom’s Future Skills initiative aims to train 20,000 AI specialists by 2030 through academic partnerships and hands-on industry experience.

Hasanain noted the importance of integrating learning with real-world exposure. “Oracle’s developer academies provide vital theoretical foundations, but sustainable capability requires integrating graduates into real-world industry projects where they confront practical scaling challenges.”

Still, both experts warn that success will hinge on disciplined execution. “Underestimating cybersecurity requirements or data governance complexity undermines even the most sophisticated AI initiatives,” Kanafani cautioned.

Launch of the Future Skills Initiative as part of the Saudi-British Strategic Partnership Council and coinciding with the Human Capability Initiative Conference last April. (SPA)

As the global race for AI infrastructure intensifies, ֱ’s investments have positioned it to translate ambition into regional leadership. Yet, as Hasanain noted, sustaining momentum will require operational focus.
“Our trajectory is clear, but achieving scalable impact demands relentless focus on data accessibility and talent density — transforming pilot potential into nationwide transformation.”

Kanafani concluded with a vision of distinction: "The Kingdom’s unique opportunity lies in synthesizing global technological excellence, local problem-solving ingenuity, and deeply rooted ethical traditions. This fusion could position ֱ as the world’s first values-led AI superpower — where technological leadership serves societal advancement.”
 

 


Parsons wins $56m Diriyah Phase 2 infrastructure contract

Parsons wins $56m Diriyah Phase 2 infrastructure contract
Updated 30 October 2025

Parsons wins $56m Diriyah Phase 2 infrastructure contract

Parsons wins $56m Diriyah Phase 2 infrastructure contract

RIYADH: US-based Parsons Corp. has secured a SR210 million ($56 million) contract from Diriyah Co., backed by ֱ’s Public Investment Fund, to support infrastructure development in Phase 2 of the Kingdom’s heritage-led giga-project. 

Under the five-year agreement, Parsons will oversee the design and delivery of neighborhood parks, open spaces, and more than 55 km of streetscape across Diriyah’s second development phase. The firm will also manage the design and construction supervision of streets, footpaths, civic buildings, and public realm facilities. 

The Diriyah project, located on the northwestern outskirts of Riyadh, is one of five giga-projects backed by PIF under the Vision 2030 plan, as the Kingdom seeks to position itself as a global tourism hub by the end of the decade. 

Diriyah is expected to contribute approximately SR70 billion annually to the Kingdom’s gross domestic product, create nearly 180,000 jobs, and become home to an estimated 100,000 residents. 

Jerry Inzerillo, CEO of Diriyah Co., said: “We are delighted to be working with such a world-class firm as Parsons as we accelerate the development of Diriyah’s $63.2 billion development.”   

He added: “This contract will play an important role in ensuring we achieve our goal of delivering a human-centric walkable city for approximately 100,000 residents, a contemporary working environment for tens of thousands and a place to welcome nearly 50 million visits a year in the future.”  

Parsons first began working with the PIF in 2017 and has since contributed to several major Saudi projects, including NEOM’s The Line and Oxagon, Soudah Peaks, and Rua Al Madinah. 

“It is an honor to work with Diriyah Co. on creating this iconic mixed-use destination that celebrates ֱ’s rich culture and heritage. This unique urban development program will use the latest technology and urban planning practices blended with the city’s traditional Najdi architecture design, which dates back 300 years,” said Pierre Santoni, president, infrastructure, Europe, Middle East and Africa at Parsons.  

He added: “Our team is committed to leveraging our nearly seven decades of experience in the Kingdom, combined with our expertise in innovation, to advance Diriyah Company’s important program goals.”  

In September, Diriyah Co. said it had awarded contracts worth SR18.75 billion in the first half of 2025 across 15 agreements, underscoring the rapid expansion of the project as it moves into large-scale implementation. 

Diriyah, home to the At-Turaif UNESCO World Heritage Site, is the historic birthplace of ֱ and the ancestral home of the Al Saud family. 

Diriyah Co. is developing a mixed-use urban district about 15 minutes from central Riyadh, blending traditional Najdi architecture with modern design. 

The first phase of the project will be fully walkable, offering spaces to live, work, shop, and dine in an environment that reflects the Kingdom’s heritage.


Saudi capital markets shine at FII9 with regulatory, investor, and tech focus

Saudi capital markets shine at FII9 with regulatory, investor, and tech focus
Updated 30 October 2025

Saudi capital markets shine at FII9 with regulatory, investor, and tech focus

Saudi capital markets shine at FII9 with regulatory, investor, and tech focus

JEDDAH: The balance of capital markets, investor confidence, and ֱ’s market performance took center stage at the ninth Future Investment Initiative conference.

Speaking during the event, Khalid Al-Hussan, CEO of the Saudi Tadawul Group, said the group maintains a high level of professionalism and transparency as an institutional force in the Kingdom’s market, supported by both local and international investors and increased capital inflows, according to the Saudi Press Agency.

He highlighted the vast opportunities in Saudi capital markets, noting that the Kingdom hosts two markets with more than 380 listed companies, multi-billion-dollar investments, and several active financing platforms — placing ֱ among the world’s top 10 financial markets.

“Regarding the regulatory environment, Al-Hussan said it continues to evolve under Vision 2030, with efforts to broaden access to Saudi markets, deepen liquidity, and provide diverse investment alternatives,” SPA reported

The Tadawul CEO emphasized that expanding market accessibility remains a key pillar, adding that regulations are developing in response to growing demand and new capital inflows.

He revealed that investments in the Kingdom have exceeded $110 billion, with more than 4,400 new market participants. “These changes will enhance access for a broader base of investors over the medium and long term, driven by improved regulation and heightened investor interest in Saudi markets.”

He also underlined the importance of technology and innovation for future growth, noting the growing role of data-driven innovations.

Technology, he said, has become a national priority, with efforts underway to modernize capital market infrastructure through digitalization, the integration of fintech firms, and the adoption of advanced data analytics platforms.

Meanwhile, Abdulmajeed Al-Haqbani, head of securities investments at the Public Investment Fund, said the Saudi market ranks first in the Arab world in terms of market capitalization and liquidity.

He pointed to significant legislative progress compared to previous years and the market’s ongoing commitment to innovation and the development of new financial products.

Al-Haqbani noted that the balance achieved in capital markets between regulators and international investor confidence is beginning to yield positive results, describing the PIF as a cornerstone in supporting the growth of ֱ’s capital markets.

“He added that the Saudi economy remains strong and well-capitalized, with substantial financial leaps in recent years — total capital flows rose from SR1 trillion to SR2 trillion in 2024, while the number of listed companies grew from 199 to more than 260. The total market value increased by 3.5 percent in January 2024,” SPA reported, citing Al- Haqbani.

On consistent investment strategies, Al-Haqbani said they serve as a key asset, revealing that SR3 billion to SR4 billion has been allocated to systematic strategies, representing 9 percent of targets, with plans to reach 20 percent.

He noted that systematic strategies have grown by 8 percent compared to traditional approaches, underscoring the positive impact of artificial intelligence, data, and advanced technologies that are reshaping investor perceptions of regional and Saudi markets.


ֱ posts non-oil revenue growth in Q3

ֱ posts non-oil revenue growth in Q3
Updated 30 October 2025

ֱ posts non-oil revenue growth in Q3

ֱ posts non-oil revenue growth in Q3

RIYADH: Non-oil revenues in ֱ rose 1 percent year on year in the third quarter of 2025 to SR119.1 billion ($31.76 billion), according to the Ministry of Finance. 

The government’s budget performance report for the three months to the end of September also revealed a budget deficit of SR88.5 billion,

Capital expenditures reached SR49.9 billion, up 4 percent compared to the same period of 2024, while overall revenues declined 13 percent year on year to SR269.9 billion. 

Oil revenues fell sharply by 21 percent year on year to SR150.8 billion in the third quarter. This decline significantly impacted total revenue performance, which dropped to SR269.9 billion during the period. 

Total expenditures rose 6 percent to SR358.4 billion, driven in part by increased capital outlays and ongoing public sector commitments. This spending contributed to a quarterly budget deficit of SR88.5 billion. 

Cumulatively, non-oil revenues for the first nine months of 2025 increased 3 percent to SR382.7 billion, reflecting the government’s continued push toward diversifying its fiscal base under Vision 2030. 


Goldman Sachs in ‘productive talks’ with Saudi PIF, says executive 

Goldman Sachs in ‘productive talks’ with Saudi PIF, says executive 
Updated 30 October 2025

Goldman Sachs in ‘productive talks’ with Saudi PIF, says executive 

Goldman Sachs in ‘productive talks’ with Saudi PIF, says executive 

RIYADH: Goldman Sachs Asset Management is engaged in “productive” talks with ֱ’s sovereign wealth fund, according to a top executive. 

In an interview with Asharq Bloomberg on the sidelines of the Future Investment Initiative 9, James Reynolds, the global co-head of Goldman Sachs Asset Management, outlined the firm’s strategic approach to partnerships in the region, emphasizing the importance of a measured, long-term perspective.  

Reynolds confirmed that the firm is in “productive discussions” with the Public Investment Fund and other key regional companies. He stressed that establishing a local team on the ground is considered “crucial” for building successful partnerships. 

“A successful partnership requires a long-term perspective and patience,” Reynolds said. “We often advise our investors that we must ‘walk before we run.’” 

He concluded that Goldman Sachs brings “significant capital, expertise, and experience — assets that are proving highly valuable in our ongoing negotiations.”