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Arab National Bank, Madinah Academy Sign Deal to Set Up Smart Lab

The signing of the partnership agreement in Madinah (Asharq Al-Awsat)
The signing of the partnership agreement in Madinah (Asharq Al-Awsat)
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Arab National Bank, Madinah Academy Sign Deal to Set Up Smart Lab

The signing of the partnership agreement in Madinah (Asharq Al-Awsat)
The signing of the partnership agreement in Madinah (Asharq Al-Awsat)

Madinah Gov. Prince Faisal bin Salman, chairman of the Madac Academy board of trustees, signed on Wednesday a partnership agreement between the academy and the Arab National Bank (ANB).

Under the agreement, the bank will establish a smart laboratory at the academy equipped with the latest technical equipment, such as robots, artificial intelligence and augmented reality, to provide qualitative education to more than 1,000 students per year.

The agreement was signed between Prince Faisal and ANB’s Chairman, Salah Al-Rashed, in the presence of the bank’s CEO, Obeid Al-Rasheed, and Abdulrahman Alawi, the academy’s director.

Al-Rashed expressed appreciation for Prince Faisal for patronizing and supporting the partnership.

He said that the agreement reflects the bank’s concern to provide innovative initiatives and qualitative programs in the social responsibility milieu and contribute to supporting the efforts and activities aiming to improve the educational process - which is one of the main goals of Vision 2030.

For his part, Alawi thanked Prince Faisal for his support for Madac Academy as well as the ANB for the initiative, contributing to achieving the academy’s goals aiming to create a promising generation of creative and distinguished students.

Notably, Madac is a nonprofit project seeking to become a pioneer in improving children’s lives around the world. It also aims to build a future by establishing the best educational systems based on encouraging human knowledge, deepening the Qur’anic values and upgrading the educational process.

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Saudi Arabia Sees Highest Level of Non-oil Private Sector Activity in 4 Months

The 1.5-point increase in the PMI reflects a larger expansion in both output and new orders. (Asharq Al-Awsat)
The 1.5-point increase in the PMI reflects a larger expansion in both output and new orders. (Asharq Al-Awsat)
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Saudi Arabia Sees Highest Level of Non-oil Private Sector Activity in 4 Months

The 1.5-point increase in the PMI reflects a larger expansion in both output and new orders. (Asharq Al-Awsat)
The 1.5-point increase in the PMI reflects a larger expansion in both output and new orders. (Asharq Al-Awsat)

Business activity in Saudi Arabia's non-oil sector accelerated to a four-month high in September, driven by strong demand, which led to faster growth in new orders. The Riyad Bank Saudi Arabia Purchasing Managers' Index (PMI), adjusted for seasonal factors, rose to 56.3 points from 54.8 in August, marking the highest reading since May and further distancing itself from the 50.0 level that indicates growth.

The 1.5-point increase in the PMI reflects a larger expansion in both output and new orders, alongside challenges in supply. The improvement in business conditions contributed to a significant rise in employment opportunities, although difficulties in finding skilled workers led to a shortage in production capacity.

At the same time, concerns over increasing competition caused a decline in future output expectations. According to the PMI statement, inventories of production inputs remained in good condition, which encouraged some companies to reduce their purchasing efforts.

Growth was strong overall and widespread across all non-oil sectors under study. Dr. Naif Al-Ghaith, Senior Economist at Riyad Bank, said that the rise in Saudi Arabia's PMI points to a notable acceleration in the growth of the non-oil private sector, primarily driven by increased production and new orders, reflecting the sector’s expansionary activity.

Al-Ghaith added that companies responded to the rise in domestic demand, which plays a crucial role in reducing the Kingdom's reliance on oil revenues. The upward trend also indicates improved business confidence, pointing to a healthy environment for increased investment, job creation, and overall economic stability.

He emphasized that this growth in the non-oil sector is particularly important given the current context of reduced oil production and falling global oil prices. With oil revenues under pressure, the strong performance of the non-oil private sector acts as a buffer, helping mitigate the potential impact on the country's economic conditions.

Al-Ghaith continued, noting that diversifying income sources is essential to maintaining growth amid the volatility of oil markets. He explained that increased production levels not only enhance the competitiveness of Saudi companies but also encourage developments aimed at expanding the private sector's participation in the economy.

This shift, he said, provides a more stable foundation for long-term growth, making the economy less susceptible to oil price fluctuations.