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Saudi Arabia, China Sign MoU in Accounting, Auditing, and Professional Practices

These agreements underscore GCA's elevated professional standing, at both regional and international levels - SPA
These agreements underscore GCA's elevated professional standing, at both regional and international levels - SPA
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Saudi Arabia, China Sign MoU in Accounting, Auditing, and Professional Practices

These agreements underscore GCA's elevated professional standing, at both regional and international levels - SPA
These agreements underscore GCA's elevated professional standing, at both regional and international levels - SPA

General Court of Audit (GCA) President Dr. Hussam Al-Angari and Auditor General of the National Audit Office (CNAO) of the People’s Republic of China Hou Kai signed in Beijing a memorandum of understanding for cooperation in the field of accounting, auditing, and professional work.
Al-Angari issued a statement expressing thanks and gratitude to Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al-Saud, Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince, Prime Minister, and the Council of Ministers for authorizing him to sign this memorandum, which is one of other similar agreements GCA has reached with counterpart organizations in different countries, SPA reported.
These agreements underscore GCA's elevated professional standing, at both regional and international levels, and its important role in sharing professional experience with counterpart Supreme Audit Institutions (SAIs) that are members of regional and international organizations for supreme audit and accounting institutions.
The memorandum aims to bolster collaboration between GCA and CNAO, specifically in the field of financial auditing, compliance and performance auditing. Such collaboration will be realized through various research and consulting projects, as well as holding of meetings, conferences, and training programs, all conducted within the framework of the International Organization of Supreme Audit Institutions and Asian Organization of Supreme Audit Institutions, of which the two parties are active members.
Saudi Ambassador to China Abdul Rahman Al-Harbi attended the signing ceremony.

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Business

Saudi Industrial Production Jumps 8.9% in October, Driven by Mining Sector

 A facility operated by the Saudi International Petrochemical Company (Sipchem) (Photo: the company’s website) 
 A facility operated by the Saudi International Petrochemical Company (Sipchem) (Photo: the company’s website) 
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Saudi Industrial Production Jumps 8.9% in October, Driven by Mining Sector

 A facility operated by the Saudi International Petrochemical Company (Sipchem) (Photo: the company’s website) 
 A facility operated by the Saudi International Petrochemical Company (Sipchem) (Photo: the company’s website) 

Saudi Arabia’s General Authority for Statistics (GASTAT) released preliminary data for the Industrial Production Index (IPI) for October 2025, reporting a strong 8.9 percent increase compared with the same month last year.

The rise was supported by robust performance across most major economic activities, led by mining and quarrying, manufacturing, and higher output in electricity, gas, water, and wastewater services.

On a monthly basis, the overall index inched up 0.3 percent from September 2025. Mining and quarrying, by far the heaviest-weighted component of the IPI, was the main engine of growth, posting an 11.5 percent annual rise in October. The increase was largely attributed to a sharp boost in Saudi oil production, which reached 10 million barrels per day, up from 8.9 million barrels per day in the same month of 2024.

Month-on-month, the sector continued to strengthen, with its sub-index rising 0.4 percent from September.

The manufacturing sub-index recorded a solid 5.5 percent annual expansion. This performance was driven by coke and refined petroleum products, up 8.0 percent year-on-year, and chemicals and chemical products, which posted 8.1 percent growth.

Monthly data also showed momentum: manufacturing rose 0.9 percent from September, supported by a 2.7 percent increase in chemicals and a 1.5 percent rise in refined petroleum products.

Within manufacturing, most detailed activities registered year-on-year growth. Manufacture of paper and paper products climbed 5.6 percent, while non-metallic mineral products rose 4.4 percent. However, some subsectors diverged: basic metals declined 6.3 percent year-on-year, and food products fell 4.9 percent month-on-month despite recording 1.9 percent annual growth.

In the utilities segment, the electricity, gas, steam, and air conditioning supply index grew 5.1 percent year-on-year. Water supply, wastewater, waste management, and remediation activities posted an even stronger rise of 8.5 percent.

Despite positive annual trends, electricity and gas supply fell 5.8 percent on a monthly basis, whereas water and wastewater services edged up 0.6 percent.

A breakdown by economic activity shows that October’s annual growth was heavily influenced by oil production. The petroleum activities index recorded a 10.8 percent year-on-year increase.

Non-oil industrial activities also expanded, rising 4.4 percent annually. On a monthly basis, petroleum activities grew 0.6 percent, while non-oil activities slipped 0.3 percent compared with September.

 

 

 

 

 

Business

Oil Extends Gains after US Seizure of Tanker off Venezuela

FILE PHOTO: A worker walks past infrastructure on D Island, the main processing hub, at the Kashagan offshore oil field in the Caspian sea in western Kazakhstan August 21, 2013. REUTERS/Stringer/File Photo
FILE PHOTO: A worker walks past infrastructure on D Island, the main processing hub, at the Kashagan offshore oil field in the Caspian sea in western Kazakhstan August 21, 2013. REUTERS/Stringer/File Photo
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Oil Extends Gains after US Seizure of Tanker off Venezuela

FILE PHOTO: A worker walks past infrastructure on D Island, the main processing hub, at the Kashagan offshore oil field in the Caspian sea in western Kazakhstan August 21, 2013. REUTERS/Stringer/File Photo
FILE PHOTO: A worker walks past infrastructure on D Island, the main processing hub, at the Kashagan offshore oil field in the Caspian sea in western Kazakhstan August 21, 2013. REUTERS/Stringer/File Photo

Oil rose for a second straight session on Thursday after the US seized a sanctioned oil tanker off Venezuela’s coast, escalating tensions between the two countries and raising concern over further supply disruptions.
Brent crude futures rose 27 cents, or 0.4%, to $62.48 a barrel by 0101 GMT, and US West Texas Intermediate crude was at $58.79 a barrel, up 33 cents, or 0.6%.
WTI crude oil is trading higher after news that the US seized an oil tanker off Venezuela’s coast, IG market analyst Tony Sycamore said in a note, adding that reports of Ukraine striking a vessel from Russia’s shadow fleet also lent support, reported Reuters.
"These developments are likely to keep crude oil above our key $55 support level into year-end, barring an unexpected peace deal in Ukraine," Sycamore said.
US President Donald Trump said on Wednesday, "we've just seized a tanker on the coast of Venezuela, large tanker, very large, largest one ever, actually, and other things are happening."
Trump administration officials did not name the vessel. British maritime risk management group Vanguard said the tanker Skipper was believed to have been seized off Venezuela.
Traders and industry sources said Asian buyers are demanding steep discounts on Venezuelan crude, pressured by a surge of sanctioned oil from Russia and Iran and heightened loading risks in the South American country as the US boosts its military presence in the Caribbean.
Meanwhile, Ukrainian sea drones hit and disabled a tanker involved in trading Russian oil as it sailed through Ukraine's exclusive economic zone in the Black Sea.
Investors remain focused on developments in Ukraine peace talks. The leaders of Britain, France and Germany held a call with Trump to discuss Washington's latest peace efforts to end the war in Ukraine, in what they said was a "critical moment" in the process.
On the US policy front, a sharply divided Federal Reserve cut interest rates. Lower rates can reduce consumer borrowing costs and boost economic growth and oil demand.

Business

Riyadh Air, IBM Build the World’s First Airline Founded on AI

A Riyadh Air aircraft (The company’s website)
A Riyadh Air aircraft (The company’s website)
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Riyadh Air, IBM Build the World’s First Airline Founded on AI

A Riyadh Air aircraft (The company’s website)
A Riyadh Air aircraft (The company’s website)

The Middle East’s aviation sector has undergone rapid transformation in recent years, driven by network expansion, advanced digital technologies, and growing reliance on smart analytics to enhance passenger experience and improve operational efficiency.

As competition intensifies among regional and international carriers, digital innovation has become central to differentiation and customer appeal.

Aligned with Saudi Arabia’s Vision 2030, which is focused on strengthening air connectivity, diversifying the economy, and leveraging modern technology, the Kingdom has paved the way for innovations such as service automation, workforce digitalization, and real-time data analytics for smarter operational decision-making.

In this context, Riyadh Air - one of the Public Investment Fund’s aviation companies -announced, in partnership with IBM Middle East and North Africa, the creation of the world’s first national airline built entirely on artificial intelligence from day one.

The initiative represents a new model for the airline of the future, going beyond traditional digital transformation to establish an operating and management structure free from legacy systems.

Through a collaboration involving more than 60 technology partners across 59 workstreams, Riyadh Air aims to set a global benchmark not only for AI-driven operational efficiency, using generative AI and the watsonx Orchestrate platform, but also for highly personalized experiences for passengers and employees.

The airline is preparing for the launch of its first commercial flights in early 2026, with a goal of connecting the Kingdom to more than 100 international destinations by 2030.

Riyadh Air Chief Financial Officer Adam Boukadida told Asharq Al-Awsat that the objective was to build a fully modern national airline.

“We started from scratch so Riyadh Air could become the first airline built on AI platforms that define the sector’s future, while preserving the human touch for both employees and guests,” he said.

He added that the biggest challenge was developing all systems anew and coordinating dozens of partners to ensure seamless integration while embedding AI across every operational layer.

The digital infrastructure provides employees with a unified workspace that simplifies tasks and strengthens data-driven decision-making. AI empowers crew to deliver customized, proactive services, from booking to arrival and beyond. This includes a virtual assistant offering tailored suggestions such as car rentals and reservations for events or restaurants.

Boukadida noted that real-time analysis of operational, financial, and commercial data will boost efficiency, profitability, and cost management, while elevating Saudi Arabia’s global air connectivity.

Mohamad Ali, Senior Vice President of IBM Consulting, said integrating AI into the airline’s core operations makes Riyadh Air “a model of adaptability, where technology and human hospitality converge on every journey.” IBM platforms provide unified, real-time data to enhance performance for both staff and travelers.

He highlighted watsonx Orchestrate as a key component enabling personalized digital workplaces, seamless access to HR tools, and instant insights for crew, such as alerts to offer fast-track services to late-arriving passengers.

For travelers, the platform will power an AI virtual assistant offering customized add-on services and curated experiences.

Riyadh Air plans to serve over 100 global destinations by 2030 with a fleet of long-range aircraft. Boukadida said Saudi talent has been integral to building the airline, reflecting the Kingdom’s commitment to developing digital expertise and creating high-value jobs in aviation.