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Aramco Signs Agreement with Pasqal to Deploy 1st Quantum Computer in Saudi Arabia

As per the agreement, Pasqal will install, maintain, and operate a 200-qubit quantum computer, which is scheduled for deployment in the second half of 2025. SPA
As per the agreement, Pasqal will install, maintain, and operate a 200-qubit quantum computer, which is scheduled for deployment in the second half of 2025. SPA
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Aramco Signs Agreement with Pasqal to Deploy 1st Quantum Computer in Saudi Arabia

As per the agreement, Pasqal will install, maintain, and operate a 200-qubit quantum computer, which is scheduled for deployment in the second half of 2025. SPA
As per the agreement, Pasqal will install, maintain, and operate a 200-qubit quantum computer, which is scheduled for deployment in the second half of 2025. SPA

Saudi Aramco announced on Monday that it has signed an agreement with Pasqal, a global leader in neutral atom quantum computing, to install the first quantum computer in the Kingdom.
As per the agreement, Pasqal will install, maintain, and operate a 200-qubit quantum computer, which is scheduled for deployment in the second half of 2025.
According to the statement, the quantum computer will initially use the "analog mode" approach. Within the following year, the system will be upgraded to the more advanced hybrid "analog-digital mode", which is more powerful and able to solve even more complex problems.

"Aramco is delighted to partner with Pasqal to bring cutting-edge, high-performance quantum computing capabilities to the Kingdom. In a rapidly evolving digital landscape, we believe it is crucial to seize opportunities presented by new, impactful technologies and we aim to pioneer the use of quantum computing in the energy sector,” said Aramco Executive Vice President of Technology and Innovation Ahmad Al-Khowaiter.

Pasqal CEO and Co-founder Georges-Olivier Reymond said that the era of quantum computing is no longer "confined to theory, it is transitioning to real-world applications, empowering organizations to solve previously intractable problems at scale.”

Through this agreement, he added, the commercial adoption of this transformative technology in Saudi Arabia will be accelerated.

According to the statement, Pasqal and Aramco intend to leverage the quantum computer to identify new use cases, and have the ambitious vision of establishing a powerhouse for quantum research in the Kingdom. This would involve leading academic institutions with the aim of fostering breakthroughs in quantum algorithm development — a crucial step for unlocking the true potential of quantum computing.

The agreement also increases Pasqal's activity in Saudi Arabia; it established an office in the Kingdom in 2023, and in 2022, Aramco and Pasqal signed an MoU to collaborate on quantum computing capabilities and applications in the energy sector. In 2023, Aramco's Wa'ed Ventures also participated in Pasqal's Series B fundraising round, said the statement.

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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)
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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.