عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Google Cloud Boasts Consistent Service Across Region, US

CEO of Google Cloud Thomas Kurian (Google)
CEO of Google Cloud Thomas Kurian (Google)
TT
TT

Google Cloud Boasts Consistent Service Across Region, US

CEO of Google Cloud Thomas Kurian (Google)
CEO of Google Cloud Thomas Kurian (Google)

Google Cloud CEO Thomas Kurian, speaking to Asharq Al-Awsat on the sidelines of the “Google Cloud Next ‘24” event in Las Vegas, affirmed that Google Cloud’s presence in Saudi Arabia, Qatar, and Kuwait sets it apart from its digital cloud competitors.

Kurian pointed out that the services offered by his company in those countries are the same as those provided in the US, ensuring global consistency and uniformity.

He noted that while some other service providers offer similar services, not all are available in these countries compared to Google Cloud.

Kurian emphasized that Google Cloud provides a “grocery store” of choices catering to the diverse needs of businesses, stressing that a one-size-fits-all artificial intelligence model won't suffice, as companies require a cloud platform offering multiple services to tailor to their specific needs.

Meanwhile, Abdulrahman bin Mohammed Al-Thehaiban, the managing director of Google Cloud for the Middle East, Türkiye and Africa region (META), stated that artificial intelligence will revolutionize industries and businesses.

He highlighted that governments and organizations in the Middle East are reaping the full benefits of Google Cloud’s investments in artificial intelligence, particularly through its hubs in Dammam and Doha launched in May and November last year.

Most Viewed

 
 
Business

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)
TT
TT

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.