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Saudi Arabia Sees Growth in Entrepreneurs' Funds

The Global Entrepreneurship Congress (GEC) discusses youth priorities in entrepreneurship. (Asharq Al-Awsat)
The Global Entrepreneurship Congress (GEC) discusses youth priorities in entrepreneurship. (Asharq Al-Awsat)
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Saudi Arabia Sees Growth in Entrepreneurs' Funds

The Global Entrepreneurship Congress (GEC) discusses youth priorities in entrepreneurship. (Asharq Al-Awsat)
The Global Entrepreneurship Congress (GEC) discusses youth priorities in entrepreneurship. (Asharq Al-Awsat)

Investment in Saudi Arabia has witnessed a qualitative leap in the stock market and a significant growth in entrepreneurs' funds, be it private or venture investment or startup funds, announced Chairman of the Capital Market Authority (CMA) Mohammed al-Kuwaiz.

Speaking at a panel discussion at the Global Entrepreneurship Congress (GEC) in Riyadh, Kuwaiz pointed out that the crowdfunding platforms contributed to accelerating the financing process for pioneering projects and shortening the time and effort, as it is now possible to obtain funding in less than two minutes through the platforms.

"The financing targets fast-growing businesses, and we see great work from various public and private sectors, and we have an association specialized in venture investment and a government funding program, which did not exist before," he added.

He explained that the quality of ideas of Saudi entrepreneurs is the real driver of venture financing, noting that CMA is working to reshape the companies' code to allow them to have flexibility and more significant benefit.

"The angel investment is developing in the Kingdom, and we currently have five angel groups," he revealed, calling on ambitious young people to enter into entrepreneurship and start from scratch to achieve their ambitions.

Speaking at GEC, G20 Young Entrepreneurs Alliance (YEA) President Prince Fahad bin Mansour addressed topics that interest emerging entrepreneurs in Saudi Arabia.

A panel session on "Priorities of Young Entrepreneurs in Saudi Arabia" discussed the best ways to benefit from the services provided by the government and private entities that help facilitate the entrepreneur's journey.

Prince Fahad revealed that many means enable and support entrepreneurs, including the business environment that generates opportunities.

He stressed that Saudi Vision 2030 is witnessing significant developments to boost and enhance the economy, including supporting youth.

Prince Fahad believes that the entrepreneurship education curricula may be sufficient to create a promising generation of interested youth.

He indicated that it is essential to enlighten the youth on entrepreneur needs, including the difficulty of the journey and obstacles, adding that every entrepreneur wants to become a billionaire, but there are many difficulties facing their journey.

He stressed that everyone must be aware of all the complications and problems that may arise well before starting their project.

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Business

Saudi Industrial Production Jumps 8.9% in October, Driven by Mining Sector

 A facility operated by the Saudi International Petrochemical Company (Sipchem) (Photo: the company’s website) 
 A facility operated by the Saudi International Petrochemical Company (Sipchem) (Photo: the company’s website) 
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Saudi Industrial Production Jumps 8.9% in October, Driven by Mining Sector

 A facility operated by the Saudi International Petrochemical Company (Sipchem) (Photo: the company’s website) 
 A facility operated by the Saudi International Petrochemical Company (Sipchem) (Photo: the company’s website) 

Saudi Arabia’s General Authority for Statistics (GASTAT) released preliminary data for the Industrial Production Index (IPI) for October 2025, reporting a strong 8.9 percent increase compared with the same month last year.

The rise was supported by robust performance across most major economic activities, led by mining and quarrying, manufacturing, and higher output in electricity, gas, water, and wastewater services.

On a monthly basis, the overall index inched up 0.3 percent from September 2025. Mining and quarrying, by far the heaviest-weighted component of the IPI, was the main engine of growth, posting an 11.5 percent annual rise in October. The increase was largely attributed to a sharp boost in Saudi oil production, which reached 10 million barrels per day, up from 8.9 million barrels per day in the same month of 2024.

Month-on-month, the sector continued to strengthen, with its sub-index rising 0.4 percent from September.

The manufacturing sub-index recorded a solid 5.5 percent annual expansion. This performance was driven by coke and refined petroleum products, up 8.0 percent year-on-year, and chemicals and chemical products, which posted 8.1 percent growth.

Monthly data also showed momentum: manufacturing rose 0.9 percent from September, supported by a 2.7 percent increase in chemicals and a 1.5 percent rise in refined petroleum products.

Within manufacturing, most detailed activities registered year-on-year growth. Manufacture of paper and paper products climbed 5.6 percent, while non-metallic mineral products rose 4.4 percent. However, some subsectors diverged: basic metals declined 6.3 percent year-on-year, and food products fell 4.9 percent month-on-month despite recording 1.9 percent annual growth.

In the utilities segment, the electricity, gas, steam, and air conditioning supply index grew 5.1 percent year-on-year. Water supply, wastewater, waste management, and remediation activities posted an even stronger rise of 8.5 percent.

Despite positive annual trends, electricity and gas supply fell 5.8 percent on a monthly basis, whereas water and wastewater services edged up 0.6 percent.

A breakdown by economic activity shows that October’s annual growth was heavily influenced by oil production. The petroleum activities index recorded a 10.8 percent year-on-year increase.

Non-oil industrial activities also expanded, rising 4.4 percent annually. On a monthly basis, petroleum activities grew 0.6 percent, while non-oil activities slipped 0.3 percent compared with September.

 

 

 

 

 

Business

Oil Extends Gains after US Seizure of Tanker off Venezuela

FILE PHOTO: A worker walks past infrastructure on D Island, the main processing hub, at the Kashagan offshore oil field in the Caspian sea in western Kazakhstan August 21, 2013. REUTERS/Stringer/File Photo
FILE PHOTO: A worker walks past infrastructure on D Island, the main processing hub, at the Kashagan offshore oil field in the Caspian sea in western Kazakhstan August 21, 2013. REUTERS/Stringer/File Photo
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Oil Extends Gains after US Seizure of Tanker off Venezuela

FILE PHOTO: A worker walks past infrastructure on D Island, the main processing hub, at the Kashagan offshore oil field in the Caspian sea in western Kazakhstan August 21, 2013. REUTERS/Stringer/File Photo
FILE PHOTO: A worker walks past infrastructure on D Island, the main processing hub, at the Kashagan offshore oil field in the Caspian sea in western Kazakhstan August 21, 2013. REUTERS/Stringer/File Photo

Oil rose for a second straight session on Thursday after the US seized a sanctioned oil tanker off Venezuela’s coast, escalating tensions between the two countries and raising concern over further supply disruptions.
Brent crude futures rose 27 cents, or 0.4%, to $62.48 a barrel by 0101 GMT, and US West Texas Intermediate crude was at $58.79 a barrel, up 33 cents, or 0.6%.
WTI crude oil is trading higher after news that the US seized an oil tanker off Venezuela’s coast, IG market analyst Tony Sycamore said in a note, adding that reports of Ukraine striking a vessel from Russia’s shadow fleet also lent support, reported Reuters.
"These developments are likely to keep crude oil above our key $55 support level into year-end, barring an unexpected peace deal in Ukraine," Sycamore said.
US President Donald Trump said on Wednesday, "we've just seized a tanker on the coast of Venezuela, large tanker, very large, largest one ever, actually, and other things are happening."
Trump administration officials did not name the vessel. British maritime risk management group Vanguard said the tanker Skipper was believed to have been seized off Venezuela.
Traders and industry sources said Asian buyers are demanding steep discounts on Venezuelan crude, pressured by a surge of sanctioned oil from Russia and Iran and heightened loading risks in the South American country as the US boosts its military presence in the Caribbean.
Meanwhile, Ukrainian sea drones hit and disabled a tanker involved in trading Russian oil as it sailed through Ukraine's exclusive economic zone in the Black Sea.
Investors remain focused on developments in Ukraine peace talks. The leaders of Britain, France and Germany held a call with Trump to discuss Washington's latest peace efforts to end the war in Ukraine, in what they said was a "critical moment" in the process.
On the US policy front, a sharply divided Federal Reserve cut interest rates. Lower rates can reduce consumer borrowing costs and boost economic growth and oil demand.

Business

Riyadh Air, IBM Build the World’s First Airline Founded on AI

A Riyadh Air aircraft (The company’s website)
A Riyadh Air aircraft (The company’s website)
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Riyadh Air, IBM Build the World’s First Airline Founded on AI

A Riyadh Air aircraft (The company’s website)
A Riyadh Air aircraft (The company’s website)

The Middle East’s aviation sector has undergone rapid transformation in recent years, driven by network expansion, advanced digital technologies, and growing reliance on smart analytics to enhance passenger experience and improve operational efficiency.

As competition intensifies among regional and international carriers, digital innovation has become central to differentiation and customer appeal.

Aligned with Saudi Arabia’s Vision 2030, which is focused on strengthening air connectivity, diversifying the economy, and leveraging modern technology, the Kingdom has paved the way for innovations such as service automation, workforce digitalization, and real-time data analytics for smarter operational decision-making.

In this context, Riyadh Air - one of the Public Investment Fund’s aviation companies -announced, in partnership with IBM Middle East and North Africa, the creation of the world’s first national airline built entirely on artificial intelligence from day one.

The initiative represents a new model for the airline of the future, going beyond traditional digital transformation to establish an operating and management structure free from legacy systems.

Through a collaboration involving more than 60 technology partners across 59 workstreams, Riyadh Air aims to set a global benchmark not only for AI-driven operational efficiency, using generative AI and the watsonx Orchestrate platform, but also for highly personalized experiences for passengers and employees.

The airline is preparing for the launch of its first commercial flights in early 2026, with a goal of connecting the Kingdom to more than 100 international destinations by 2030.

Riyadh Air Chief Financial Officer Adam Boukadida told Asharq Al-Awsat that the objective was to build a fully modern national airline.

“We started from scratch so Riyadh Air could become the first airline built on AI platforms that define the sector’s future, while preserving the human touch for both employees and guests,” he said.

He added that the biggest challenge was developing all systems anew and coordinating dozens of partners to ensure seamless integration while embedding AI across every operational layer.

The digital infrastructure provides employees with a unified workspace that simplifies tasks and strengthens data-driven decision-making. AI empowers crew to deliver customized, proactive services, from booking to arrival and beyond. This includes a virtual assistant offering tailored suggestions such as car rentals and reservations for events or restaurants.

Boukadida noted that real-time analysis of operational, financial, and commercial data will boost efficiency, profitability, and cost management, while elevating Saudi Arabia’s global air connectivity.

Mohamad Ali, Senior Vice President of IBM Consulting, said integrating AI into the airline’s core operations makes Riyadh Air “a model of adaptability, where technology and human hospitality converge on every journey.” IBM platforms provide unified, real-time data to enhance performance for both staff and travelers.

He highlighted watsonx Orchestrate as a key component enabling personalized digital workplaces, seamless access to HR tools, and instant insights for crew, such as alerts to offer fast-track services to late-arriving passengers.

For travelers, the platform will power an AI virtual assistant offering customized add-on services and curated experiences.

Riyadh Air plans to serve over 100 global destinations by 2030 with a fleet of long-range aircraft. Boukadida said Saudi talent has been integral to building the airline, reflecting the Kingdom’s commitment to developing digital expertise and creating high-value jobs in aviation.