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Al-Swaha Meets with CEO of Google, Alphabet to Support Growth of Digital Economy

Al-Swaha met with the CEO of Google and Alphabet in Silicon Valley. SPA
Al-Swaha met with the CEO of Google and Alphabet in Silicon Valley. SPA
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Al-Swaha Meets with CEO of Google, Alphabet to Support Growth of Digital Economy

Al-Swaha met with the CEO of Google and Alphabet in Silicon Valley. SPA
Al-Swaha met with the CEO of Google and Alphabet in Silicon Valley. SPA

Saudi Minister of Communications and Information Technology (CIT) Eng. Abdullah bin Amer Al-Swaha met in Silicon Valley in California on Friday with the CEO of Google and Alphabet, Sundar Pichai, and a number of senior executives to expand the strategic partnership in the field of cloud computing, innovation and capacity development.

According to an official report, released by the ministry of CIT in Riyadh, the two sides discussed areas of common interest and deepening the strategic partnership in the field of cloud computing to enhance the growth of the digital economy and entrepreneurship and provide a pioneering generation in the field of technology and innovation to contribute to accelerating the digital transformation journey in the Kingdom.

Al-Swaha also met with the CEO of Intel to discuss the partnership and develop research in network technologies and artificial intelligence solutions to contribute to enriching innovative solutions and building a digital economy based on innovation and technology.

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Saudi Transport, Logistics Sector Set for 10% Growth in Q2

An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
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Saudi Transport, Logistics Sector Set for 10% Growth in Q2

An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)

As Saudi companies start reporting their Q2 financial results, experts are optimistic about the transport and logistics sector. They expect a 10% annual growth, with total net profits reaching around SAR 900 million ($240 million), driven by tourism and an economic corridor project.

In Q1, the seven listed transport and logistics companies in Saudi Arabia showed positive results, with combined profits increasing by 5.8% to SAR 818.7 million ($218 million) compared to the previous year.

Four companies reported profit growth, while three saw declines, including two with losses, according to Arbah Capital.

Al Rajhi Capital projects significant gains for Q2 compared to last year: Lumi Rental’s profits are expected to rise by 31% to SAR 65 million, SAL’s by 76% to SAR 192 million, and Theeb’s by 23% to SAR 37 million.

On the other hand, Aljazira Capital predicts a 13% decrease in Lumi Rental’s net profit to SAR 43 million, despite a 44% rise in revenue. This is due to higher operational costs post-IPO.

SAL’s annual profit is expected to grow by 76% to SAR 191.6 million, driven by a 29% increase in revenue and higher profit margins.

Aljazira Capital also expects a 2.8% drop in the sector’s net profit from Q1 due to lower profits for SAL and Seera, caused by reduced revenue and profit margins.

Mohammad Al Farraj, Head of Asset Management at Arbah Capital, told Asharq Al-Awsat that the sector’s continued profit growth is supported by seasonal factors like summer travel and higher demand for transport services.

He predicts Q2 profits will reach around SAR 900 million ($240 million), up 10% from Q1.

Al Farraj highlighted that the India-Middle East-Europe Economic Corridor (IMEC), linking India with the GCC and Europe, is expected to boost sector growth by improving trade and transport connections.

However, he warned that companies may still face challenges, including rising costs and workforce shortages.