AI can offer solutions for water scarcity say WEF panelists

AI can offer solutions for water scarcity say WEF panelists
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A panel of experts told WEF 2025 that AI can be used to reduce wastewater and redesign systems to facilitate resource recycling. (Screengrab)
AI can offer solutions for water scarcity say WEF panelists
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A panel of experts told WEF 2025 that AI can be used to reduce wastewater and redesign systems to facilitate resource recycling. (Screengrab)
AI can offer solutions for water scarcity say WEF panelists
3 / 3
A panel of experts told WEF 2025 that AI can be used to reduce wastewater and redesign systems to facilitate resource recycling. (Screengrab)
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Updated 23 January 2025

AI can offer solutions for water scarcity say WEF panelists

AI can offer solutions for water scarcity say WEF panelists
  • Christophe Beck: We need to redesign our processes being data centers, mill production, or processors in ways that the water never leaves the site
  • Fabrizio Palermo: AI can also help in the transportation of water because it’s a question of managing data

DUBAI: Artificial intelligence can be used to reduce wastewater and redesign systems to facilitate resource recycling, a panel of experts told the World Economic Forum in Davos.

Christophe Beck, chairman and CEO of Ecolab, said countries are becoming aware of the need for water to produce chips that get into the AI chain, which could, in return, be used to reduce wastewater.

According to UN figures, by 2030, more than half of the world’s population will be water stressed, affecting economics, health and existing food scarcity and threatening $1.6 trillion in assets.

“We need to redesign our processes being data centers, mill production, or processors in ways that the water never leaves the site. That’s what we do in data centers related to chip cooling where water never leaves the data centers, unlike the old technologies,” Beck said.

He called for legislations that enable the use of new technologies to reuse water, which ultimately saves energy. “Up to 75 percent of the energy used by power plants is used to manage, heat, cool, transport and treat water. When we reuse and recycle the water, we save energy and money, as well as reduce carbon footprint,” Beck said.

The Water Resilience Coalition aims to get 150 companies that affect a third of the world’s water usage to make three commitments: to save water by saving energy and leveraging technology; work on the 100 most critical basins that are serving 3 billion people; and provide water to 300 million people.

“It is business driven, and it is capital that’s invested at a return, creating a business model that is ultimately much more sustainable and provides water for people in need,” Beck said.

Fabrizio Palermo, CEO and general manager of Acea, emphasized the need for investment and funding in water resilience, given water’s importance to agriculture, industry, energy and AI.

An ecosystem needs to be created to protect sources, collect rainwater properly and achieve maintenance on basins, he said.

“AI can also help in the transportation of water because it’s a question of managing data. This infrastructure in Europe has been designed more than 56 years ago where the landscape in terms of technology was completely different and no one is in a situation to do predictive maintenance on this infrastructure,” Palermo said.

He called for net zero in water to avoid waste and curb government spending on health.

“It is very important that the water is reused and not sent to the rivers and then to the sea because water is linked with water. Government spending on health is related to water because the consequences of not having proper fresh water are evident nowadays,” Palermo said.

Meanwhile, Fajer Mushtaq, co-founder and CEO of Oxyle, warned of the effects of synthetic chemicals, known as PFAS compounds, on water contamination in Europe, calling for regulations and corporate responsibility to tackle water treatment and monitor the safety of discharged substances.

“I think it’s a systematic problem. The biggest barrier is to enable a proper treatment of water, which is not just going to be from a PFAS perspective, but our system that makes micropollutants.”

Technology needs to be directed at creating a new ecosystem, guided by clear regulations, to ensure safe water is provided for communities, Mushtaq said.


SAMA approves ‘Visitor ID’ for bank account opening

SAMA approves ‘Visitor ID’ for bank account opening
Updated 59 min 44 sec ago

SAMA approves ‘Visitor ID’ for bank account opening

SAMA approves ‘Visitor ID’ for bank account opening

RIYADH: The Saudi Central Bank has announced a significant update to its banking regulations, now permitting the use of the “Visitor ID” as a valid document for opening bank accounts within the Kingdom.

The “Visitor ID,” an official identification document issued by the Ministry of Interior for visitors, can be authenticated via authorized digital platforms. 

The move is a strategic step under ’s Vision 2030, aimed squarely at boosting the tourism sector and creating a seamless, digitally-enabled experience for the millions of tourists, business travelers, and pilgrims who visit the Kingdom annually.

“This decision will enable banks to open accounts for new consumer segments and enhance the visitor experience during their stay in the Kingdom,” SAMA said in a statement.

The statement clarified that this regulatory update stems from a periodic review process, ensuring that policies keep pace with market developments. 

The change is expected to streamline account opening procedures, advance financial inclusion, and further support the ongoing digital transformation of ’s banking services.

This decision effectively bridges a major gap for visitors. Now, with a bank account tied to their Visitor ID — which is issued through the government’s “Absher” platform — they can use local mobile wallets and make digital payments with ease, reducing their reliance on cash. 


Closing Bell: Saudi main index closes in red at 11,229 

Closing Bell: Saudi main index closes in red at 11,229 
Updated 28 September 2025

Closing Bell: Saudi main index closes in red at 11,229 

Closing Bell: Saudi main index closes in red at 11,229 

RIYADH: ’s Tadawul All Share Index dropped on Sunday, losing 78.57 points, or 0.69 percent, to close at 11,229.54. 

The total trading turnover of the benchmark index was SR4.89 billion ($1.30 billion), as 125 of the listed stocks advanced, while only 118 retreated. 

The MSCI Tadawul Index also decreased, down 13.01 points or 0.88 percent, to close at 1,460.29. 

The Kingdom’s parallel market Nomu lost 5.60 points, or 0.02 percent, to close at 25,455.54. This comes as 42 of the listed stocks advanced, while 44 retreated. 

The best-performing stock during today’s session was CHUBB Arabia Cooperative Insurance Co., with its share price surging by 10 percent to SR38.72. 

Other top performers included Fawaz Abdulaziz Alhokair Co., which saw its share price rise by 9.97 percent to SR28.46, and Obeikan Glass Co., which saw a 9.88 percent increase to SR32.46. 

Arabian Contracting Services Co. rose 6 percent to SR99.85, while East Pipes Integrated Co. for Industry gained 5.38 percent to SR123.40. 

On the downside, the worst performer of the day was Sustained Infrastructure Holding Co., whose share price fell by 3.35 percent to SR32.86. 

Jadwa REIT Saudi Fund fell 3.33 percent to SR10.74, while Al Rajhi Bank dropped 3.15 percent to SR101.50. 

Arriyadh Development Co. fell 2.91 percent to SR29.40, while Saudia Dairy and Foodstuff Co. declined 2.77 percent to SR274. 

On the announcements front, the board of directors of Saudi Networkers Services Co. approved the company’s move from the parallel market, known as Nomu, to the main market. 

The company said it will commence fulfilling the applicable requirements and coordinating with the relevant authorities to obtain the necessary approvals for the transfer to the main market.  

“The transfer to the main market is subject to the approval of the Saudi Capital Market Authority and conditional upon meeting all the applicable requirements. Any material developments regarding the event will be announced as they occur,” the statement added. 

The Saudi Networkers Services Co.’s shares traded 3.25 percent higher on the parallel market to close at SR74.55. 


Oman private sector lending climbs 4.6% to $55bn by July

Oman private sector lending climbs 4.6% to $55bn by July
Updated 28 September 2025

Oman private sector lending climbs 4.6% to $55bn by July

Oman private sector lending climbs 4.6% to $55bn by July

JEDDAH: Oman’s conventional commercial banks expanded credit by 8 percent year on year by the end of July 2025, official data showed. 

Private sector lending rose 4.6 percent to 21.3 billion rials ($55.4 billion), according to the Central Bank of Oman. Investments in securities fell 3.4 percent to 5.8 billion rials, with holdings of government development bonds climbing 6.3 percent to 2 billion rials, while foreign securities declined 15.7 percent to 2.1 billion rials. 

The central bank’s 2025 Financial Stability Report pointed to strong capital buffers and high-quality assets, noting that Oman’s banking sector remains profitable and well-positioned to absorb external shocks. 

“Private sector deposits increased 4.1 percent to 17 billion rials by the end of July, accounting for 66.3 percent of total deposits with conventional commercial banks,” ONA reported, citing the report’s findings. 

On the liabilities side, the recent official data noted that the total deposits with conventional commercial banks grew 3.6 percent to 25.7 billion rials by the end of July. It added that government deposits rose 7.1 percent to 5.8 billion rials, while deposits from public sector institutions fell 11 percent to 1.7 billion rials. 

Real estate trade value hits 2.12bn rials    
According to the National Centre for Statistics and Information, Oman’s total real estate transaction value reached 2.124 billion rials by the end of August, marking a 9.9 percent increase from 1.933 billion rials in the same period last year. 

Fees for legal transactions rose 81.7 percent to 79 million rials. Similarly, sale contract values grew 16.1 percent to 831 million rials, despite a slight 1 percent drop in the number of contracts to 43,971. 

Meanwhile, mortgage contract values rose 6.4 percent to 1.285 billion rials, while exchange contract values declined 17.7 percent to 7.6 million rials. Additionally, property ownership transfers rose 2.6 percent to 153,764, though transfers to GCC nationals fell 12.8 percent to 859 ownerships. 

S&P affirms Oman’s BBB- rating 

The global financial rating agency S&P has affirmed Oman’s long-term foreign and local currency sovereign credit rating at “BBB-” with a stable outlook, citing the government’s commitment to financial reforms and its ability to maintain economic stability despite oil price fluctuations. 

“The report noted that the government’s reforms — including restructuring state-owned enterprises, diversifying income sources, and establishing the Oman Future Fund — have strengthened economic resilience and attracted foreign investment,” ONA reported. 

The agency expects Oman’s real GDP growth to rise from 1.7 percent in 2024 to over 2 percent annually during 2025–2028, supported by non-oil sector expansion. 

It forecasts Brent crude prices to climb from $60 per barrel in late 2025 to $65 in 2026–2028, with public debt falling from 36 percent of GDP in 2024 to 33 percent by 2028. Inflation is expected to average 1.5 percent, government net assets to remain at 8 percent, and non-oil growth to hold at 2.9 percent annually.  

S&P also noted a small fiscal deficit of 0.5 percent of GDP in 2025, moving to a balanced budget by 2026, with an average current account deficit of 1.9 percent of GDP. 


and South Korea deepen cooperation in innovation and SMEs  

 and South Korea deepen cooperation in innovation and SMEs  
Updated 28 September 2025

and South Korea deepen cooperation in innovation and SMEs  

 and South Korea deepen cooperation in innovation and SMEs  

RIYADH: Saudi-Korean bilateral cooperation in innovation and enterprises is set to flourish after the two nations discussed expansion opportunities in high-potential sectors. 

A meeting between ’s Investment Minister, Khalid Al-Falih, and South Korea’s Minister for SMEs and Startups, Han Seong-suk, in Seoul focused on strategically building entrepreneurial environments and orchestrating efforts to drive SME success.   

Al-Falih also participated in a roundtable with pioneering firms under the Saudi-Korean SME and Entrepreneurship Programme, where companies presented innovations and explored prospects for expanding into the Saudi market across key emerging sectors.  

“The meeting saw discussions on ecosystems for entrepreneurship and coordinating efforts to empower SMEs in high-potential sectors,” Al-Falih said in a post on X.  

This focus on SME and startup collaboration is part of a broader, rapidly expanding partnership between the two nations. The ministers’ meeting coincided with the fifth ministerial meeting of the Saudi-Korean Vision 2030 Committee, which Al-Falih led.  

The committee reviewed progress on joint initiatives, which are now set to be elevated under the oversight of the high-level Strategic Partnership Council, chaired by the Crown Prince.    

“This Strategic Partnership Council affords new vistas in artificial intelligence, smart cities, culture, and innovation, whilst advancing diversification,” Al-Falih added on his X account, inviting Korean enterprises to invest in Vision 2030 opportunities, including Expo 2030 and the 2034 World Cup. 

The growing partnership, which has seen investment licenses jump from 65 in 2016 to 213 today, is built on a foundation of strategic collaborations in diverse fields. 

Recent agreements have paved the way for this enhanced cooperation. Earlier this year, the Saudi Space Agency and the Korean Aerospace Administration signed an MoU to collaborate on deep space technologies, manned flight programs, and satellite launches. 

Furthermore, in August, the Saudi General Court of Audit and South Korea’s Board of Audit and Inspection inked a deal to strengthen cooperation in accounting and auditing practices.  

These collaborations in space, audit, and now SMEs and startups underscore a comprehensive strategic alignment. 

As Al-Falih noted, the partnership with the Republic of Korea has “advanced apace,” encompassing major strategic collaborations with giants like Samsung in advanced technologies and Hyundai in automobile manufacturing.  

The bilateral cooperation between the Kingdom and South Korea also spans the defense sector. In February, the two countries signed a government quality assurance agreement to strengthen defense cooperation and boost their military capabilities and long-term industrial development. 

The deal, signed during the International Defense Exhibition and Conference in Abu Dhabi, underscored growing ties between the two nations in defense and technology. 

Saudi Crown Prince Mohammed bin Salman’s 2019 visit to South Korea led to the signing of an MoU aimed at strengthening defense and industrial partnerships, focusing on military acquisitions, research, and technology. 

Since then, defense ties between and South Korea have grown through several agreements. 


’s FDI net inflows rise 14.5% in Q2 

’s FDI net inflows rise 14.5% in Q2 
Updated 28 September 2025

’s FDI net inflows rise 14.5% in Q2 

’s FDI net inflows rise 14.5% in Q2 

RIYADH: ’s foreign direct investment net inflows climbed 14.5 percent year on year to SR22.8 billion ($6.1 billion) in the second quarter, signaling a steady appetite for the Kingdom’s reform-driven economy.  

The figure, released by the General Authority for Statistics, compared with SR19.9 billion a year earlier. 

On a quarterly basis, net inflows dipped 3.5 percent from the SR23.7 billion recorded in the first three months of 2025, underscoring lingering global headwinds that continue to weigh on cross-border capital flows. 

The increase in net inflows reflects a broader effort by to attract long-term foreign capital as part of its Vision 2030 strategy, which aims to diversify the economy beyond oil revenues.   

The Kingdom has been implementing regulatory reforms, opening up sectors such as tourism, renewable energy, and technology to international investors, and launching initiatives through the Ministry of Investment to position as a regional hub for capital flows. 

In its release, GASTAT stated: “The volume of inflows amounted to about SR24.9 billion during the second quarter of 2025. It achieved a decrease of 11.5 percent compared to the second quarter of 2024, which was approximately SR28.2 billion.”  

It added: “While it recorded a decrease of 3.5 percent compared to the first quarter of 2025, which recorded SR26 billion.” 

Meanwhile, FDI outflows dropped sharply to SR2.1 billion, down 74.5 percent from SR8.2 billion a year earlier and 10.5 percent lower than SR2.3 billion in the previous quarter.   

While continues to draw large-scale strategic investments, maintaining momentum will depend on investor confidence in regulatory stability and the pace of economic diversification projects.  

In the Gulf region, the UAE remains a leading competitor for FDI. In 2024, UAE inflows reached $45.6 billion, marking a 48 percent year-on-year increase and earning the country a top-10 global ranking in FDI recipients.   

Dubai, in particular, saw a 33 percent increase in FDI capital in 2024, attracting a record 1,117 greenfield projects.    

GASTAT defines foreign direct investment as cross-border transactions in which a foreign investor holds at least 10 percent of the voting power in a Saudi company.   

The net inflow figure represents the balance between total inflows and outflows, reflecting the extent of retained foreign investment in the Kingdom.  

has recently stepped up efforts to attract foreign capital through regulatory and market reforms.   

In June, the government issued 83 new industrial licenses and launched 58 factories worth SR 2.85 billion.   

Recent media reports also highlight that authorities are considering easing the 49-percent cap on foreign ownership in listed companies to boost equity market inflows, although no official announcements have been made.  

In parallel, global firms such as Macquarie Asset Management have signed preliminary agreements to establish a presence in the Kingdom, targeting infrastructure and energy sectors.