黑料社区

黑料社区 offers Pakistan share of $200bn in annual construction contracts

黑料社区鈥檚 Investment Minister Khalid Al-Falih speaking聽 at a joint business forum in Islamabad. AN photo
黑料社区鈥檚 Investment Minister Khalid Al-Falih speaking聽 at a joint business forum in Islamabad. AN photo
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Updated 10 October 2024

黑料社区 offers Pakistan share of $200bn in annual construction contracts

黑料社区 offers Pakistan share of $200bn in annual construction contracts

ISLAMABAD: 黑料社区鈥檚 Investment Minister Khalid Al-Falih announced on Thursday that the Kingdom aims to allocate a significant portion of its $200 billion annual construction and material procurement contracts to Pakistan.聽

Speaking at a joint business forum in Islamabad, Al-Falih expressed optimism about finalizing at least $2 billion in business proposals during his three-day visit.聽

As 黑料社区 prepares to become the world鈥檚 largest construction market, the Kingdom is investing heavily to diversify its economy. According to a 2024 report by global property consultancy Knight Frank, the total construction output is projected to reach $181.5 billion by the end of 2028, marking a nearly 30 percent increase from 2023.

鈥満诹仙缜 is the largest construction site in the world and we will in the next few years be awarding construction and material procurement contracts reaching about $1.8 trillion,鈥 Al-Falih said at the Pak-Saudi Business Forum 2024.聽

The minister said that last year, 鈥渢he construction and EPC procurement value was $150 billion;鈥 this year it鈥檚 estimated at $180 billion, and expected to rise to 鈥渁pproximately $200 billion annually moving forward.鈥

Al-Falih emphasized that a substantial portion of the inputs for these contracts will be imported, with a strong preference for sourcing from Pakistan.聽

The Saudi minister鈥檚 visit comes as Pakistan seeks to strengthen trade and investment ties with friendly nations amid a prolonged economic crisis that has impacted foreign exchange reserves and weakened the national currency.聽

In recent months, Pakistan and 黑料社区 have enhanced their bilateral trade and investment efforts, with Crown Prince Mohamed bin Salman reaffirming his commitment to expedite a $5 billion investment package for Pakistan this year.

Earlier on Thursday, the Pakistani president鈥檚 office announced that 25 agreements would be signed during Al-Falih鈥檚 visit, heralding a new era of economic cooperation. These agreements will focus on investments in Pakistan鈥檚 construction, infrastructure, mining, agriculture, and information technology sectors.

鈥淭he Saudi minister鈥檚 schedule will be packed with meetings with representatives from private companies and top government officials from both countries. Important mutual agreements and memorandums of understanding are expected to be finalized,鈥 stated the Pakistani Prime Minister鈥檚 Office following the Saudi delegation鈥檚 arrival.

鈥淧rivate companies in Pakistan are eager to engage in investment and business opportunities with 黑料社区,鈥 added Abdul Aleem Khan, Pakistan鈥檚 privatization and investment minister.

Al-Falih will meet with leading Pakistani officials and engage with the local business community, accompanied by a delegation of over 130 members representing various sectors, including energy, mining, agriculture, business, tourism, industry, and manpower.

Last month, the International Monetary Fund approved a long-awaited $7 billion bailout for Pakistan, contingent on the implementation of sound policies and reforms to enhance macroeconomic stability and address structural challenges. The IMF emphasized the need for continued support from Pakistan鈥檚 development and bilateral partners.


Building Arabic AI from the ground up

Building Arabic AI from the ground up
Updated 25 September 2025

Building Arabic AI from the ground up

Building Arabic AI from the ground up
  • From language depth to data security, regional AI must reflect local values, priorities

ALKHOBAR: When 黑料社区 unveiled Allam, its homegrown Arabic large language model, it sent a clear signal: the Kingdom is no longer content to simply consume global AI technologies. 

It intends to build its own. For many, this was a moment of pride 鈥 a proof that the Arab world can produce tools designed to understand its own languages, cultures, and contexts.

But experts caution that Allam is only the first step in a much longer journey. Success will not be determined by the models alone, but by the invisible foundations that support them: data, infrastructure, governance, and trust.

鈥淵ou can鈥檛 capture the intent, emotion, and cultural depth of Arabic through translation,鈥 said David Barber, director of the UCL Centre for Artificial Intelligence and Distinguished Scientist at UiPath. 鈥淵ou need systems that think in Arabic from the ground up.鈥

David Barber, director, UCL Centre for Artificial Intelligence; distinguished scientist at UiPath. (Supplied)

Barber highlights a stark reality: only about 15 percent of Arabic text online is clean enough for training a large language model, compared with over 50 percent for English 鈥 a huge head start for models like GPT or Claude. Complicating matters further are Arabic鈥檚 complex grammar, diverse dialects, and the common mixing of English and Arabic in a single sentence.

鈥淲hen you train on noisy or shallow data, the system learns shortcuts,鈥 Barber explained. 鈥淚t can mimic fluency, but it misses the depth, the idioms, the cultural nuances, the rhythm of thought that makes Arabic distinct.鈥

For Barber, this underscores the importance of 黑料社区鈥檚 push for locally sourced, high-quality datasets. Without them, any Arabic LLM risks becoming a shallow copy of English-language AI: competent at generic tasks but unable to capture the soul of the language it claims to represent.

Even the best data is ineffective if it cannot be properly organized, secured, and delivered to the model. Seema Alidily, regional director at Denodo, said Gulf enterprises still face major challenges here.

鈥淲ithout localized infrastructure, AI systems risk misunderstanding user intent or producing irrelevant outputs,鈥 she said. 鈥淒ata virtualization is one of the few ways to unify governance and access across cloud and on-site systems without moving sensitive information.鈥

Seema Alidily, regional director, Denodo. (Supplied)

Practically, this means investing in platforms that can pull data from dozens of scattered sources 鈥 from ERP systems to IoT sensors鈥 and present it in a unified view for AI to use. In 黑料社区, where Vision 2030 projects depend on massive, real-time datasets, this approach is critical, especially given strict regulations on handling citizen data.

Alidily warned that merely replicating Western infrastructure may not suffice. 鈥淚n the Gulf, centralized visibility and compliance must come first,鈥 she noted. 鈥淚t is not just a technical issue, it is about aligning with the legal, cultural, and regulatory expectations of the region.鈥

For Bader AlBahaian, country manager for 黑料社区 at VAST Data, the stakes go beyond efficiency 鈥 they touch on independence and security.

鈥淚f we depend exclusively on external platforms, we risk importing their policies and their priorities, often at the expense of regional needs,鈥 he said.

Bader AlBahaian, country manager, 黑料社区, VAST Data. (Supplied)

AlBahaian advocates for 鈥渟overeign-by-design鈥 systems: storage and compute architectures that keep sensitive data within national borders, encryption and access controls that satisfy local regulators, and AI models trained under rules set by the Kingdom rather than a foreign vendor.

鈥淚t is not just about where the data sits,鈥 he added. 鈥淚t is about who gets to define how it is used, who takes responsibility when something goes wrong, and who has the power to switch the system off if necessary.鈥

This question of sovereignty is becoming urgent as AI begins to shape decisions in finance, healthcare, education, and public policy. A misaligned model trained on foreign data could issue recommendations that contradict local priorities 鈥 or worse, expose the region to economic or political risks.

But building perfect infrastructure is only half the challenge. Success ultimately depends on how AI is deployed.

鈥淒igital labor will allow businesses to have much deeper relationships with their customers,鈥 said Ibrahim Alseghayr, managing director of Salesforce 黑料社区. 鈥淎nd by taking on so much of the routine work, AI frees humans to focus on collaboration, creativity, and critical thinking.鈥

Ibrahim Alseghayr, managing director of Salesforce 黑料社区. (Supplied)

Alseghayr points to Agentic AI 鈥 systems that can act on a company鈥檚 behalf 鈥 as already transforming service centers, financial operations, and citizen engagement platforms. In 黑料社区, he sees huge potential for digital labor in scaling mega-projects like Neom, automating logistics networks, and delivering smarter healthcare services.

He cautioned that this transformation must be carefully managed. 鈥淲e need strong governance, testing environments, and continuous oversight,鈥 he said. 鈥淥therwise, we risk building tools we do not fully understand, and that could erode trust instead of building it.鈥

Across all four experts, one theme is clear: global rules and imported frameworks will not suffice. The Arab world must craft its own AI governance models, rooted in its cultural and legal realities.

For Barber, Allam is a test case. 鈥淭his is the Kingdom鈥檚 chance to prove that it can build systems that are not only technically powerful but also aligned with its values,鈥 he added.

DID YOU KNOW?

鈥 Arabic鈥檚 complex grammar, dialect diversity, and frequent English鈥揂rabic mixing make it one of the hardest languages for AI to master. 

鈥 黑料社区鈥檚 Allam is the first homegrown Arabic large language model, designed to think in Arabic rather than translate from English. 

鈥 Vision 2030 projects depend on real-time data, but regulations require strict handling of citizen information.

鈥淎gentic AI can create personalized treatment plans, autonomously monitor patients, and detect early signs of health deterioration before a doctor ever enters the room,鈥 he said.Alidily agrees, emphasizing that governance frameworks must reflect the Gulf鈥檚 unique data protection requirements, with regulators working closely with technology providers to define shared standards.

AlBahaian is even more direct. 鈥淭rust is earned through systems, not slogans. People need to know where their data is, who is using it, and for what purpose. That is the only way to build confidence at scale.鈥

The message is clear: Arabic AI鈥檚 future will not be decided by model size alone. It will depend on investments in infrastructure, sovereignty, and governance.

黑料社区 has taken the first step with Allam. What comes next 鈥 the data pipelines, virtualized infrastructure, sovereign controls, and digital labor deployments 鈥 will determine whether the Kingdom becomes a true AI creator or remains a buyer of foreign-built intelligence.

 


黑料社区, China seal $1.74bn investment deals at Beijing forum聽

黑料社区, China seal $1.74bn investment deals at Beijing forum聽
Updated 25 September 2025

黑料社区, China seal $1.74bn investment deals at Beijing forum聽

黑料社区, China seal $1.74bn investment deals at Beijing forum聽

JEDDAH: 黑料社区 and China signed 42 investment agreements worth over $1.74 billion across advanced industries, smart vehicles, and energy.

The deals, which also covered medical devices, equipment, and mineral resources, were inked at the Saudi-Chinese Business Forum in Beijing, attended by Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef, as part of his official visit.

Organized by the Federation of Saudi Chambers, the forum gathered around 200 companies and public and private sector representatives from both countries, the Saudi Press Agency reported. 

This follows growing bilateral trade between 黑料社区 and China, which surpassed SR403 billion ($107.5 billion) in 2024 鈥 more than doubling in less than a decade 鈥 driven by shared goals such as Saudi Vision 2030 and China鈥檚 Belt and Road Initiative. 

In a post on his X handle, Alkhorayef said: 鈥淒uring my participation in the Saudi-Chinese Business Forum in the capital, Beijing, I affirmed the strength of the partnership between our two friendly nations, and the Kingdom鈥檚 keenness to expand this partnership to support our goals in industry and mining, strengthen international supply chains, and enhance our presence as an economic force contributing to the growth of the global economy.鈥 

He noted 黑料社区 remains a key supplier of fuel, petrochemicals, and advanced materials, while China is the largest source of machinery, electronics, transport equipment, and consumer goods, with trade increasingly diversifying into high-value industries. 

The minister highlighted that Chinese investment in 黑料社区 grew about 30 percent in 2024, surpassing SR31 billion, with growth in mining, automotive manufacturing, and petrochemicals. More than 750 Chinese companies operate in the Kingdom, including investors in NEOM, Jubail Industrial City, and Jazan City for Primary and Downstream Industries.  

Conversely, Saudi investments in China exceed SR8 billion, alongside memorandums of understanding with Chinese financial institutions valued at $50 billion. 

Alkhorayef emphasized the alignment of Vision 2030 with the Belt and Road Initiative to enhance connectivity, expand trade, and build resilient industrial systems.  

He added that efforts are underway to establish new supply chain corridors linking Asia with the Middle East, Africa, and Europe, reinforcing 黑料社区鈥檚 role as a global industrial and logistics hub. 


黑料社区 freezes rents in Riyadh for 5 years聽

黑料社区 freezes rents in Riyadh for 5 years聽
Updated 25 September 2025

黑料社区 freezes rents in Riyadh for 5 years聽

黑料社区 freezes rents in Riyadh for 5 years聽
  • Crown Prince Mohammed bin Salman directed that the measures be enforced as part of broader efforts to safeguard tenant and landlord rights
  • Freeze could be extended to other cities and regions

RIYADH: 黑料社区 has enacted sweeping new regulations to stabilize rental prices in Riyadh, including a five-year freeze on increases for residential and commercial properties. 

The measures, approved by the Cabinet and enacted by a royal decree, are designed to address surging rents in the capital and restore balance to the property market. 

Effective Sept. 25, landlords will no longer be permitted to increase rental values in existing or new contracts within Riyadh鈥檚 urban boundaries for a period of five years, according to a report by the Saudi Press Agency. 

The General Real Estate Authority will also have the authority to extend the freeze to other cities or regions with the approval of the Council of Economic and Development Affairs. 

Crown Prince Mohammed bin Salman directed that the measures be enforced as part of broader efforts to safeguard tenant and landlord rights, strengthen transparency, and ensure fair competition in the rental market, while supporting sustainable urban development in Riyadh, according to SPA.

The news agency鈥檚 report stated: 鈥淭he General Authority for Real Estate has studied the procedures in accordance with the best international practices and experiences to regulate the relationship between the landlord and the tenant.鈥

Under the new framework, rents for vacant units that were previously leased will be fixed at the value of the last registered contract, while rents for properties that have never been leased will continue to be determined by agreement between landlord and tenant. 

All lease agreements must be registered on the government鈥檚 Ejar digital platform, with both landlords and tenants entitled to submit contracts for registration. The other party will have 60 days to object before the contract is considered legally valid. 

The regulations also establish automatic renewal for leases across the Kingdom unless one party gives at least 60 days鈥 notice before expiration. 

Contracts with less than 90 days remaining at the time of implementation are exempt, as are leases terminated by mutual agreement after the notice period. 

In Riyadh, landlords cannot refuse to renew a contract if the tenant wishes to continue occupancy, except in three cases: non-payment of rent, structural safety issues verified by an official technical report, or the landlord鈥檚 personal need for the unit or that of an immediate family member. 

The authority may also define additional exceptions in the future. 

Landlords may challenge fixed rental values in specific circumstances, including when substantial renovations have increased property value, when the last lease contract predates 2024, or in other cases approved by the authority. The body will establish mechanisms to review and decide on such objections. 

Violations of the new system will carry fines of up to 12 months鈥 rent for the affected unit, alongside requirements to correct the violation and compensate the injured party. 

Penalties will be determined by committees established under Article 20 of the Real Estate Mediation Law. Landlords and tenants found in violation may appeal decisions within 30 days to the competent judicial authority. 

Whistleblowers who are not directly involved in enforcement may also receive up to 20 percent of the collected fine if their information results in a confirmed violation, with distribution rules set by the authority. 

Where the new regulations do not provide explicit guidance, provisions of the Civil Transactions Law will apply. 

The Cabinet also retains the right to amend the rules based on recommendations from the Council of Economic and Development Affairs and future reports from the General Real Estate Authority. 

The authority has been tasked with monitoring compliance, publishing clarifications, and providing public education on the new rules. 

It will also deliver periodic reports on rental prices and market performance.


黑料社区 pitches mining opportunities to French firms

黑料社区 pitches mining opportunities to French firms
Updated 25 September 2025

黑料社区 pitches mining opportunities to French firms

黑料社区 pitches mining opportunities to French firms

JEDDAH: French companies were pitched investment opportunites in 黑料社区鈥檚 mining sector as the Kingdom prepares to launch a competitive tender on Sept. 28 for 162 new mining exploration sites. 

Some 15 firms took part in a virtual seminar, where they heard about projects located in the Al-Naqrah and Sukhaybarah Al-Safra belts in the Madinah region, according to a press release from the Ministry of Industry and Mineral Resources. 

The plan is part of a broader effort to open more than 50,000 sq. km of mineralized belts to investors by 2025. 

The initiative reflects 黑料社区鈥檚 drive to accelerate mineral exploration and attract diverse investment, leveraging the Kingdom鈥檚 mineral wealth 鈥 estimated at SR9.4 trillion ($2.5 trillion) 鈥 to boost non鈥憃il revenue alongside the oil and petrochemical sectors. It also aligns with Vision 2030 goals to develop the mining sector, maximize economic benefits, and establish mining as a third pillar of industry. 

In the press release, the ministry stated: 鈥淭he seminar highlighted the advanced infrastructure supporting mining projects, including transportation, communications, and logistics networks. This reduces the timeframe for implementing and operating mining projects and enhances the competitiveness and attractiveness of the mining investment environment in the Kingdom. 

The seminar also served as preparation for the Saudi-French Mining Day on Oct. 8 in Riyadh, organized in partnership with the French Embassy, as the Kingdom seeks to establish mining as a third industrial pillar under Vision 2030. 

It will underscore both nations鈥 commitment to advancing collaboration in critical minerals, technology transfer, and sustainable mining practices. 

The meeting follows Minister of Industry and Mineral Resources Bandar Alkhorayef鈥檚 visit to France in early May, where he held discussions with senior officials from several French companies, including the CEO of Orano Mining. 

The Paris visit focused on securing a stable supply of critical minerals, such as lithium and cobalt, essential to 黑料社区鈥檚 green energy initiatives and the growing electric vehicle sector. 

Alkhorayef also met with France鈥檚 Interministerial Delegate for Strategic Minerals and Metals Supplies, Benjamin Gallezot, to explore ways to strengthen global supply chain resilience and promote sustainability in the mining sector. 


Saudi banks driving GCC surge in US dollar debt issuance to fuel Vision 2030 growth: Fitch

Saudi banks driving GCC surge in US dollar debt issuance to fuel Vision 2030 growth: Fitch
Updated 25 September 2025

Saudi banks driving GCC surge in US dollar debt issuance to fuel Vision 2030 growth: Fitch

Saudi banks driving GCC surge in US dollar debt issuance to fuel Vision 2030 growth: Fitch

RIYADH: 黑料社区鈥檚 banking sector is leading a shift in Gulf financing, driving a surge in US dollar-denominated subordinated debt to fund rapid credit growth and ambitious national projects, a new analysis showed. 

Fitch Ratings said Saudi banks are at the forefront of this regional trend, which is expected to continue into 2026 amid rising capital needs and tighter regulatory requirements. 

As the Saudi government pushes ahead with multi-trillion-dollar Vision 2030 initiatives, banks are turning to global US dollar markets to raise crucial capital, boosting issuance of complex, high-yield subordinated bonds. 

So far in 2025, Gulf Cooperation Council banks have issued over $55 billion in US dollar debt, already surpassing 2024鈥檚 total of $36 billion. 鈥淥ver half ($29.3 billion) is from Saudi banks, including $11.7 billion in additional Tier 1 (AT1) and Tier 2 capital,鈥 the agency said. 

Subordinated debt now accounts for over 70 percent of Saudi banks鈥 dollar issuance, up from about 50 percent in 2024, reflecting a move toward riskier instruments that strengthen banks鈥 capital bases. 

Fitch cited several drivers behind the surge. Saudi banks are experiencing the strongest credit growth in the GCC, projected at 12 percent in 2025. This lending boom, which finances large-scale Vision 2030 projects, is outpacing deposit growth and gradually eroding capital buffers. 

鈥淪trong financing growth is outpacing deposit growth and has eroded capital buffers in recent years. The sector common equity Tier 1 (CET1) ratio decreased by 213bp over 2020-2024,鈥 the report noted. 

Upcoming regulatory changes 鈥 including a 1 percent countercyclical buffer from May 2026 and tighter interest-rate risk rules 鈥 are expected to add further pressure on capital ratios.

Additionally, financing major Vision 2030 projects carries higher risk weightings under Basel III rules, further straining core capital. 

While AT1 instruments continue to dominate non-core capital markets, Saudi banks are also diversifying. They have issued nearly $6 billion in Tier 2 debt in 2025, helping balance their capital structure and attract a broader base of international investors. 

Fitch expects issuance momentum to continue into 2026, supported by over $10 billion of maturing debt that needs refinancing, ongoing financing demand, and anticipated lower interest rates.

About $1.8 billion of AT1 instruments reaching their first call date next year are also expected to be redeemed under favorable market conditions. 

Fitch Ratings had predicted that GCC banks are set to exceed $60 billion of US dollar debt issuance in 2025, and $40 billion excluding certificates of deposit, surpassing the record levels of 2024. 

In a report released earlier this month, the agency said the surge is driven by heightened maturities, strong credit growth and favorable financing conditions.