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HCI Conference: Preparing a Generation for Tech Challenges

The Human Capability Initiative (HCI) conference in Riyadh, Saudi Arabia (Asharq Al-Awsat)
The Human Capability Initiative (HCI) conference in Riyadh, Saudi Arabia (Asharq Al-Awsat)
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HCI Conference: Preparing a Generation for Tech Challenges

The Human Capability Initiative (HCI) conference in Riyadh, Saudi Arabia (Asharq Al-Awsat)
The Human Capability Initiative (HCI) conference in Riyadh, Saudi Arabia (Asharq Al-Awsat)

The Human Capability Initiative (HCI) conference, held over two days in the Saudi capital, Riyadh, focused on preparing the next generation to tackle modern technologies like artificial intelligence.

Sponsored by Saudi Arabia’s Crown Prince Mohammed bin Salman, the event aimed to find sustainable funding for education and strengthen public-private partnerships.

During the conference, Saudi Investment Minister Khalid Al-Falih announced licenses for 450 international investors to set up regional headquarters in the Kingdom.

He highlighted a significant increase in international licenses since the launch of Saudi Arabia’s national transformation plan, “Vision 2030.”

Al-Falih revealed that the number of licenses for international investments in Saudi Arabia has increased from 3,000 at the beginning of the vision to 30,000 business licenses, stressing the Kingdom’s commitment to creating the best conditions for investors to develop skills and learn to enhance innovation and entrepreneurship and to consolidate the growth of the private sector.

Al-Falih also shared plans to double the economy by the end of the decade, with a focus on increasing partnerships with the private sector.

“By the end of this decade, our economy aims to be two and a half times larger than what it was before the beginning of Vision 2030,” said Al-Falih while noting that the private sector’s participation in the economy will jump from 40 % to more than 65 % and the size of the private sector will be four times higher than that of its current size.

He outlined a target of adding over $3 trillion in investments, with a focus on new sectors like digital economy, tourism, finance, healthcare, pharmaceuticals, and biotechnology.

Al-Falih emphasized that these investments will create huge opportunities for skill development.

He pointed out that as new sectors like renewable energy and biotechnology emerge, skill gaps will be filled through training, ensuring the Kingdom has a skilled workforce ready for deployment.

Al-Falih pointed out that Vision 2030 is the most comprehensive transformation in the Kingdom’s history.

“We are transforming and developing our economy into a green economy and enhancing the business environment and our international competitiveness,” said the minister.

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Business

Revenue Growth, Improved Operational Efficiency Boost Profitability of Saudi Telecom Companies

A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
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Revenue Growth, Improved Operational Efficiency Boost Profitability of Saudi Telecom Companies

A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)

Telecommunications companies listed on the Saudi Stock Exchange (Tadawul) achieved a 12.46 percent growth in their net profits, which reached SAR 4.07 billion ($1.09 billion) during the second quarter of 2024, compared to SAR 3.62 billion ($965 million) during the same period last year.

They also recorded a 4.76 percent growth in revenues during the same quarter, after achieving sales worth more than SAR 26.18 billion ($7 billion), compared to SAR 24.99 billion ($6.66 billion) in the same quarter of 2023.

The growth in the revenues and net profitability is the result of several factors, including the increase in sales volume and revenues, especially in the business sector and fifth generation services, as well as the decrease in operating expenses and the focus on improving operational efficiency, controlling costs, and moving towards investment in infrastructure.

The sector comprises four companies, three of which conclude their fiscal year in December: Saudi Telecom Company (STC), Mobily, and Zain Saudi Arabia. The fiscal year of Etihad Atheeb Telecommunications Company (GO) ends on March 31.

According to its financial results announced on Tadawul, Etihad Etisalat Company (Mobily) achieved a 33 percent growth rate of profits, bringing its profits to SAR 661 million by the end of the second quarter of 2024, compared to SAR 497 million during the same period in 2023. The company also achieved a 4.59 percent growth in revenues to reach SAR 4.47 billion, compared to SAR 4.27 billion in the same quarter of last year.

The Saudi Telecom Company achieved the highest net profits among the sector’s companies, at about SAR 3.304 billion in the second quarter of 2024, compared to SAR 3.008 billion in the same quarter of 2023. The company registered a growth of 4.52 percent in revenues.

On the other hand, the revenues of the Saudi Mobile Telecommunications Company (Zain Saudi Arabia) increased by about 6.69 percent, as it recorded SAR 2.55 billion during the second quarter of 2024, compared to SAR 2.39 billion in the same period last year.

Commenting on the quarterly results of the sector’s companies, and the varying net profits, the head of asset management at Rassanah Capital, Thamer Al-Saeed, told Asharq Al-Awsat that the Saudi Telecom Company remains the sector leader in terms of customer base expansion.

He also noted the continued efforts of Mobily and Zain to offer many diverse products and other services.

Financial advisor at the Arab Trader Mohammed Al-Maymouni said the financial results of telecom sector companies have maintained a steady growth, up to 12 percent, adding that Mobily witnessed strong progress compared to the rest of the companies, despite the great competition which affected its revenues.

He added that Zain was moving at a good pace and its revenues have improved during the second quarter of 2024. However, its profits were affected by an increase in the financing cost by SAR 26.5 million riyals and a rise in interest, while net income declined significantly compared to the previous year, during which the company made exceptional returns.