Uzbekistan’s $220m education project signals shift toward skills-driven systems: GPE CEO 

Special Uzbekistan’s $220m education project signals shift toward skills-driven systems: GPE CEO 
Global Partnership for Education CEO Laura Frigenti speaking to Arab News. Shutterstock
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Updated 14 April 2025

Uzbekistan’s $220m education project signals shift toward skills-driven systems: GPE CEO 

Uzbekistan’s $220m education project signals shift toward skills-driven systems: GPE CEO 

RIYADH: Uzbekistan’s $220 million education reform deal reflects a growing global shift to align schooling systems with economic transformation, according to Global Partnership for Education CEO Laura Frigenti. 

Speaking to Arab News on the sidelines of the Human Capability Initiative 2025 in Riyadh, Frigenti said the agreement, signed with the Islamic Development Bank and the Uzbek government, aims to help the country “accelerate that process of transformation.” 

Fully aligned with Uzbekistan’s national education strategies, this project aims to enhance the quality and efficiency of the education system while supporting the achievement of the UN’s Sustainable Development Goal 4. 

“Uzbekistan is a country that has a very well-functioning, in a way, education system because under the Soviet Union, education was a big priority,” she said. 

“At the same time, [it] was a system that was designed thinking about a world that doesn’t exist anymore. And so, because they are moving very quickly at transforming their own education, they do want to have resources to accelerate that process of transformation and that is the sense of, you know, of the project that we signed today,” Frigenti told Arab News. 

The $220.25 million “Smart Education” program includes $160.25 million from IsDB, a $40 million grant from GPE, and a $20 million contribution from the Government of Uzbekistan. The project is already under implementation, with early work focused on school construction and partnerships with UNICEF and UNESCO. 

“It’s also a project that is part of the process of finding innovative instruments to finance education,” Frigenti said. “Education, as I’m sure you know, is a very expensive type of sector that, until now has been basically mainly funded either through domestic financing or with the development assistance resources.” 

Education for growth 

Frigenti emphasized that education systems must shift to meet the needs of evolving economies, and focus on producing skills that are needed to make society progress and facilitate process of growth and so on. 

, she noted, has made significant headway in this area. 

“ has been understanding this connection between skills and economic growth very well and they have invested in this over the past couple of decades significantly,” Frigenti said. 

“Other countries need to get to that and so the kind of things that we are trying to do is to see how can this re-alignment of education with the needs of the economy be translated for countries that do not have the same resource base of .” 

She added: “And this is where we are working on issues related to financing of the sector, efficiency in the administration of the resources, etcetera.” 

Women’s workforce gains 

Frigenti also highlighted ’s progress in gender inclusion. 

“I think having a very clear political vision that sets a specific target, like 50 percent of the labor force needs to be female, as in the Vision 2030, and then having the ability of designing a set of policies and programs that leads to that results in record time — that is quite an extraordinary result,” she said. 

Zooming out, she described the Kingdom’s broader economic transition as strategic and well-resourced. 

“ is a country that has several strong things going for it. First one, there is a clear vision of where the country, you know, needs to go — and the country needs to go toward an economy that is more diversified, that is not depending on fossil fuels and where you know that there is a whole range of new activities that needs to be started and stimulated.” 

She added: “The second part is that to be able to get to that different type of economy, you need a different type of skills. You need people that can do different things, people that can work in services, for example, people that can work in manufacturing and so on and so forth.” 

The CEO went on to say: “And then you need to have the resources that on one hand create this skill mix and on the other hand, put in place the infrastructures that allow this to happen. That is rather unique.” 

Young population 

Frigenti sees ’s youth bulge as a pivotal advantage. “The very young workforce is accessing the labor market and is going through the education system at this time. So all this has been an exceptionally fertile ground for transforming the education system on one side, but the economy on the other in a very quick time.” 

She said they had created “a working group, a forum” that brings together ministers of education, heads of major technology companies, and key government players — with playing a particularly strong role. 

According to her, the Kingdom wanted not only to contribute its experiences but also to learn from others. “Attention to technology and the role it can play in education is something that I feel is going to be very much at the center of the education portion of the Vision 2050,” she said, adding that this would be highly relevant going forward. 

She concluded by saying that is actively looking to share and absorb best practices globally. 

Frigenti also emphasized that is eager to engage in a global exchange of best practices — sharing what has worked for them while also learning from successful experiences elsewhere. “They are very keen on having a kind of exchange with the rest of the world around good practice, what works and what doesn’t work,” she said. 

“Events like HCI 2025 are just an example,” the CEO concluded. 


Saudia, Alrajhi Bank, Albaik lead ’s most ‘persuasive’ brands: YouGov

Saudia, Alrajhi Bank, Albaik lead ’s most ‘persuasive’ brands: YouGov
Updated 09 October 2025

Saudia, Alrajhi Bank, Albaik lead ’s most ‘persuasive’ brands: YouGov

Saudia, Alrajhi Bank, Albaik lead ’s most ‘persuasive’ brands: YouGov

RIYADH: Saudia, Alrajhi Bank, and Albaik are the top three most persuasive brands in when it comes to getting people to buy their products, according to a new survey. 

A report from market research and data analytics firm YouGov analyzed shopping attitudes in the Kingdom and compiled a list of companies leading in convincing consumers to spend on their brands. 

The analysis found that retail banks, beauty firms, and telecoms and handset providers are the most successful at converting people who would consider buying their products into those who intend to do so.  

According to the report, Saudia topped all brands across every category, with 72 percent of respondents intending to use the airline once it was considered as an option. 

Alrajhi Bank came second with a conversion rate of 70 percent, followed by Albaik at 65 percent, Almarai at 65 percent, and Apple at 62 percent.  

Toyota followed with a conversion rate of 55 percent, while Samsung and Hilton recorded conversion rates of 49 percent and 47 percent, respectively, once customers began considering their products. 

The survey also found that Huda Beauty has a conversion rate of 45 percent, followed by Dior Beauty at 43 percent. 

Category breakdown  

Among non-carbonated beverage brands, Almarai secured the top spot among Saudi buyers, followed by Saudia, Nadec, Lipton Ice Tea, and Nova. 

Almarai’s top position comes just months after the company signed an agreement to acquire Pure Beverages Industry Co. for SR1.04 billion ($277 million), aiming to diversify its offerings and strengthen its market position. 

Pure Beverages Industry Co. is a bottled drinking water producer in the Kingdom, known for its “Ival” and “Oska” brands. 

In the retail banking category, Alrajhi Bank is the most successful at converting customers considering its services into those who intend to use them. 

Alrajhi Bank is followed by Saudi Awwal Bank, Saudi National Bank, Alinma Bank, and Riyad Bank. 

In September, Alrajhi Bank earned an “AA” rating from MSCI’s global environmental, social, and governance benchmark, becoming the only financial institution in to achieve this distinction. 

The recognition also placed the financial institution among the top five banks worldwide with an “AA” or higher ESG rating, underscoring its leadership in sustainable practices.  

Among beauty brands, Huda Beauty garnered the top spot for conversions, while Dior Beauty, Mac Beauty, Chanel Beauty, and Makeup Forever Beauty made up the remaining popular companies in the segment. 

With a conversion rate of 38 percent, Amazon was named the most persuasive retailer in the Kingdom, followed by Al Othaim, Panda, Lulu Hypermarket, and Shein.  

Apple topped the list among consumer electronics and appliances brands, with Samsung, Huawei, LG and PlayStation grabbing the remaining slots in the top five list.  

Albaik was named the most persuasive brand in the dining, restaurants and eateries category. Other entrants in the list include Hungerstation, McDonald’s, Al Tazaj, and KFC.  

According to YouGov, Toyota is the most persuasive vehicle brand among Saudi customers, followed by Mercedes-Benz, Land Rover, Lexus, and BMW.  

Among hotels and resorts, Hilton topped the list, while the remaining entrants included InterContinental, Movenpick, Hyatt, and Ritz-Carlton.  

Saudia was named the most persuasive travel and airline brand among Saudi customers, followed by Egypt Air, flynas, Emirates, and Almosafer.  

Affinity toward home-made brands 

According to the YouGov survey, six out of 10 residents in prefer to buy products made in their home country.  

The report revealed that 63 percent of the survey participants aged above 55 prefer products made in .  

Among people aged from 18 to 24, 58 percent prefer buying homemade products, and this figure rises to 60 percent among people between the ages of 25 and 34, and 61 percent among 35- to 44-year-olds.  

The report further said that 58 percent of the participants between the ages of 45 to 54 prefer buying products made in the Kingdom. 


Closing Bell: Saudi stock market ends week in green with 11,583 points 

Closing Bell: Saudi stock market ends week in green with 11,583 points 
Updated 09 October 2025

Closing Bell: Saudi stock market ends week in green with 11,583 points 

Closing Bell: Saudi stock market ends week in green with 11,583 points 

RIYADH: ’s Tadawul All Share Index closed higher on Thursday, rising 24.04 points, or 0.21 percent, to end at 11,583.31. 

The total trading turnover for the main index stood at SR4.70 billion ($1.24 billion), with 254.9 million shares changing hands. A total of 119 stocks advanced, while 127 declined. 

The MT30 index, which tracks the performance of the top 30 companies by market capitalization, edged up 2.13 points, or 0.14 percent, to 1,509.75. The Nomu parallel market also climbed 112.17 points, or 0.44 percent, to close at 25,805.42, with 47 gainers and 37 losers. 

Saudi Automotive Services Co. was the session’s top performer, surging 9.96 percent to SR65.15. 

It was followed by Aldrees Petroleum and Transport Services Co., which gained 6.93 percent to SR142, and Riyadh Cables Group Co., which rose 5.48 percent to SR136.60. 

Other notable gainers included Dallah Healthcare Co., advancing 3.24 percent to SR153, and Liva Insurance Co., which added 2.90 percent to SR13.50. 

On the losing side, Gas Arabian Services Co. fell 4.02 percent to SR16.24, while Methanol Chemicals Co. dropped 3.08 percent to SR10.39. 

Halwani Bros. Co. declined 2.23 percent to SR39.54, followed by Batic Investments and Logistics Co., which slipped 2.16 percent to SR2.27, and National Metal Manufacturing and Casting Co., down 1.93 percent at SR17.30. 

On the announcement front, Rabigh Refining and Petrochemical Co. announced the resignation of two board members, including Noriki Takanishi, vice chairman of the board, and Tetsuo Takahashi, a member of the Audit Committee. 

The company said the resignations are linked to the recent completion of Saudi Aramco’s acquisition of Sumitomo’s 22.58 percent stake in Petro Rabigh, following a share sale transaction between Saudi Aramco and Sumitomo Chemical Co. Ltd. 

The board also approved the appointment of Abdullah Al-Suwehfer and Hamad Al-Daghther as new non-executive members, pending ratification by the general assembly. Shares of Petro Rabigh closed 2.47 percent higher at SR7.90. 


Arab Energy Organization firms post record $280m profit

Arab Energy Organization firms post record $280m profit
Updated 09 October 2025

Arab Energy Organization firms post record $280m profit

Arab Energy Organization firms post record $280m profit

JEDDAH: Arab energy companies posted record net profits of over $280 million in 2024 — their highest ever — driven by strong business volumes and strategic initiatives, according to the Arab Energy Organization. 

The achievement reflects the resilience of Arab energy firms amid volatile markets and follows efforts to modernize operations and strengthen coordination across member states, said Secretary-General Jamal Al-Loughani during the opening of the organization’s 54th Annual Coordinating Meeting. 

He stressed the importance of providing necessary support to foster growth, enhance prosperity, and achieve their founding objectives, the Kuwait News Agency, or KUNA, reported. 

“Al-Loughani underscored the need to build on previous meetings and their positive outcomes, moving toward a new phase that opens avenues for cooperation among affiliated companies and with national companies of a similar nature and activity in member states,” KUNA reported. 

The official commended the companies’ efforts, describing them as a catalyst for deeper Arab cooperation.  He highlighted their “pivotal and constructive role” in fostering collaboration and creating opportunities to strengthen the petroleum industry across member states, despite challenges arising from regional and global market conditions. 

Al-Loughani also highlighted the “continuous and constructive” communication maintained between the General Secretariat and the affiliated firms through designated liaison officers, KUNA reported. 

During the meeting, representatives of the organization’s affiliated companies reviewed major activities for 2024 and the first half of 2025, including commercial and technical operations, financial results, human resources activities, and training programs.  

They also presented several plans and projects aimed at enhancing performance, adapting to current market fluctuations, and maximizing revenue. 

The meeting was attended by representatives of the Arab Shipbuilding and Repair Yard Co., or ASRY, the Arab Energy Fund, the Arab Petroleum Services Co., the Arab Drilling and Workover Co., and the Arab Well Logging and Well Services Co. 

The Arab Energy Organization, formerly known as the Organization of Arab Petroleum Exporting Countries, was restructured and renamed in December following a Saudi-led proposal to broaden its mandate beyond oil to cover the wider energy sector. 

’s ACWA Power, a major renewable energy firm and one of the region’s key players, reported a 2024 net profit of SR1.75 billion ($466 million), up 5.7 percent year on year, underscoring the Arab energy sector’s gradual shift toward sustainable growth. 


Aramco raises Petro Rabigh stake to 60% in $702m deal with Sumitomo 

Aramco raises Petro Rabigh stake to 60% in $702m deal with Sumitomo 
Updated 09 October 2025

Aramco raises Petro Rabigh stake to 60% in $702m deal with Sumitomo 

Aramco raises Petro Rabigh stake to 60% in $702m deal with Sumitomo 

RIYADH: Saudi Aramco completed the acquisition of an additional 22.5 percent stake in Rabigh Refining and Petrochemical Co., known as Petro Rabigh, from Japan’s Sumitomo Chemical Corp. for $702 million.  

The acquisition, valued at SR7 ($1.87) per share, raises Aramco’s total ownership to 60 percent and makes it the largest shareholder, while Sumitomo retains 15 percent, the company said in a press release.

The transaction, first announced in August 2024, includes a $1.4 billion capital injection jointly provided by Aramco and Sumitomo to partly prepay Petro Rabigh’s debt and bolster its balance sheet.

The acquisition marks a significant step in Aramco’s ongoing strategy to expand its integrated refining, chemicals, and marketing operations.

Hussain Al-Qahtani, Aramco senior vice president of fuels, said: “Petro Rabigh is a key player in the Kingdom’s downstream sector and this additional investment by Aramco reflects strong belief in its long-term prospects. It also underscores Aramco’s focus on downstream expansion and value creation.”

He added: “We look forward to exploring closer integration with Petro Rabigh, with the aim of unlocking new opportunities and complementing Petro Rabigh’s broader transformation objectives, which include upgrading its product mix, enhancing asset reliability and optimizing operations.” 

The company said the deal underscores its commitment to value creation, business integration, and portfolio diversification across the downstream sector.

It also enhances Aramco’s capacity to support Petro Rabigh’s transformation program, which targets operational upgrades, improved yields of high-margin products, and greater plant reliability. 

The Petro Rabigh deal follows a series of acquisitions underscoring Aramco’s strategy to expand its downstream and international footprint. In 2025, the company acquired a 50 percent stake in Blue Hydrogen Industrial Gases Co. to strengthen its position in low-carbon hydrogen production. 

Late last year, Aramco purchased a 10 percent stake in Horse Powertrain Ltd., advancing its presence in hybrid and internal combustion powertrain technologies, and completed the full acquisition of Chile’s Esmax Distribucion SpA — its first downstream retail investment in South America. 

As part of the August 2024 deal, the funding will be executed through Class B shares, fully subscribed by both shareholders, allowing Petro Rabigh to receive new capital without altering its governance framework or diluting other shareholders’ voting rights. 

Aramco and Sumitomo also waived $1.5 billion in shareholder loans in two stages — August 2024 and January 2025 — improving Petro Rabigh’s capital structure and remediating accumulated losses.

The waiver improves the company’s capital structure and helps remediate accumulated losses, providing a stronger foundation for future growth.

As of 12:08 p.m. time, Aramco’s share on the Saudi Exchange gained 0.38 percent to reach SR92.95, while Petro Rabigh’s shares rose 1.82 percent to SR7.84. 


Global sukuk surpasses $1tn amid strong Q3 issuance: Fitch 

Global sukuk surpasses $1tn amid strong Q3 issuance: Fitch 
Updated 09 October 2025

Global sukuk surpasses $1tn amid strong Q3 issuance: Fitch 

Global sukuk surpasses $1tn amid strong Q3 issuance: Fitch 

RIYADH: Global sukuk outstanding crossed $1 trillion by the end of the third quarter of 2025, representing a 15.5 percent year-on-year increase, driven by steady Islamic investor demand and issuers’ diversification needs, said Fitch Ratings. 

In its latest dashboard, the credit rating agency revealed core markets issued about $80 billion of sukuk in the third quarter of 2025, making it the most active third quarter on record. 

The surge occurred despite challenges including new Shariah requirements, geopolitical events in the Middle East, summer holidays, trade war uncertainties, and volatility in interest, foreign exchange, and commodity markets. 

Bashar Al-Natoor, global head of Islamic Finance at Fitch Ratings, said: “Global sukuk issuance is likely to surpass 2024 this year due to lower rates, steady Islamic investor demand and issuers’ funding and diversification needs, with 2026 prospects being promising.” 

He added: “Risks persist from new Shariah requirements, geopolitics and market volatility, but fundamentals are solid.” 

Sukuk, also known as Islamic bonds, are Shariah-compliant debt products that allow investors to gain partial ownership of an issuer’s assets until maturity. 

Al-Natoor noted that 80 percent of Fitch-rated sukuk are investment grade, with no defaults or fallen angels reported in the third quarter. 

The report also highlighted that bond issuance in core markets declined by 17.6 percent compared with the previous quarter. 

Sukuk continues to rise in significance in emerging markets, with a growing share of outstanding debt capital markets in the Gulf Cooperation Council region at 40 percent and across the Association of Southeast Asian Nations at 16 percent. 

The agency further said that sukuk accounted for over 35 percent of total debt capital market issuances in core markets including the GCC, Malaysia, and Indonesia, as well as Turkiye, and Pakistan. 

In a report released in August, the agency said the value of sukuk rated by Fitch Ratings exceeded $210 billion in the first half of 2025, a 16 percent increase from a year earlier, as demand for Shariah-compliant debt continues to accelerate across global markets. 

The US dollar remained the dominant issuance currency, accounting for over 90 percent of rated sukuk, followed by the Malaysian ringgit at 6.2 percent. 

The steady momentum of global sukuk markets underscores the expansion of debt markets in countries like , where domestic and international investors seek diversification and stable returns. 

accounted for 18.9 percent of the $250 billion US dollar debt issuance in emerging markets excluding China during the first half of 2025, slightly higher than the 18.5 percent recorded during the first five months of 2024, when total issuance reached $200 billion. 

Fitch said was followed by Brazil at 10.6 percent and the UAE at 8.7 percent of total issuances in the period.