SABB, Siemens Sign Deal to Create Smart Building Technology

SABB selected Siemens to supply the services at SABB Tower in Riyadh
SABB selected Siemens to supply the services at SABB Tower in Riyadh
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SABB, Siemens Sign Deal to Create Smart Building Technology

SABB selected Siemens to supply the services at SABB Tower in Riyadh
SABB selected Siemens to supply the services at SABB Tower in Riyadh

The Saudi British Bank (SABB) has signed an agreement with Siemens to provide smart building services for SABB’s new headquarters, making the 30-story tower a model of digitally enabled efficiency, comfort, and sustainability.

SABB selected Siemens to supply the services at SABB Tower in Riyadh. The Siemens solution includes a workplace experience platform with an employee app, an Internet of Things (IoT) sensor network, systems integration and energy analytics.

The agreement supports SABB’s aspirations of becoming a fully digitally enabled bank, making operations at SABB Tower more efficient and enhancing employees’ productivity and well-being. The end result will be an employee-centric and energy-efficient design that can become a model for other buildings in the Kingdom.

“Our ambition is to become Saudi Arabia’s leading, digitally enabled bank and most sought-after employer, and smart building services from Siemens will help us realize this goal,” said Tony Cripps, Managing Director, SABB. “This project will enhance our employee experiences while delivering actionable data about our headquarters and improving operational results.”

“Siemens looks forward to putting workplace technology in the hands of SABB’s employees and facility managers and connecting them in real time to the physical and digital worlds around them,” said Eng. Ahmed Hawsawi, CEO of Siemens Saudi Arabia. “With our holistic approach to integrating smart technologies, we’ll create a simple, efficient, user-friendly and secure environment for the bank’s staff and clients.”



Iraq’s Government Orders Kurdistan Region to Immediately Transfer Oil Production to SOMO

The Iraqi Council of Ministers headed by Mohammed Shia Al-Sudani (INA)
The Iraqi Council of Ministers headed by Mohammed Shia Al-Sudani (INA)
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Iraq’s Government Orders Kurdistan Region to Immediately Transfer Oil Production to SOMO

The Iraqi Council of Ministers headed by Mohammed Shia Al-Sudani (INA)
The Iraqi Council of Ministers headed by Mohammed Shia Al-Sudani (INA)

The Iraqi government announced on Tuesday that it has ordered the Kurdistan region to immediately transfer its oil production to Iraq’s State Oil Marketing Organization (SOMO). The Iraqi cabinet also approved a budgetary measure to reimburse the Kurdish government for production and transportation costs, setting a rate of $16 per barrel for foreign oil companies operating in Iraqi Kurdistan.

Türkiye had halted oil flows through the Kurdistan Regional Government (KRG) pipeline in March 2023 after the International Chamber of Commerce ordered Ankara to pay $1.5 billion in compensation to Baghdad. This was due to unauthorized oil exports by the KRG between 2014 and 2018. The arbitration ruling concluded that Ankara had violated the 1973 treaty by enabling oil exports from the region without the Iraqi federal government’s approval.

Efforts to reopen the pipeline have been stalled by competing demands from the KRG, foreign oil companies, and the Iraqi federal government. According to a cabinet statement, Iraq’s Ministry of Oil, in coordination with the Kurdistan Ministry of Natural Resources, will appoint an international technical advisor to determine fair production and transport costs for each oil field within 60 days of the law’s implementation. If no agreement is reached within that period, the Iraqi cabinet will select an international advisory body independently of Kurdish authorities.

Iraq has attributed the delay in resuming crude exports to foreign companies and Kurdish authorities, stating that these entities have not yet submitted their contracts to the Iraqi Oil Ministry for review. Additionally, foreign companies have demanded higher production costs, a request the Iraqi government has rejected.