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Saudi Warns of Ukraine War Exacerbating Cybersecurity Breaches

Saudi Arabia is working on developing the fields of technology and cybersecurity and enhancing them with qualified national cadres (Asharq Al-Awsat)
Saudi Arabia is working on developing the fields of technology and cybersecurity and enhancing them with qualified national cadres (Asharq Al-Awsat)
    Medina – Asharq Al-Awsat
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Saudi Warns of Ukraine War Exacerbating Cybersecurity Breaches

Saudi Arabia is working on developing the fields of technology and cybersecurity and enhancing them with qualified national cadres (Asharq Al-Awsat)
Saudi Arabia is working on developing the fields of technology and cybersecurity and enhancing them with qualified national cadres (Asharq Al-Awsat)

Saudi experts are warning against aggravating cybersecurity breaches as the effects of the Russian-Ukrainian war take a toll. So far, Saudi efforts have led to adding 40 job roles for cadres working in the field of cybersecurity.

Field specialists estimated the global shortage of human cadres at more than 3 million jobs.

Saudi Arabia has become more in need of qualified human personnel due to the expansion of its technology market, which is close to a fifth of the entire market size in the Middle East.

A seminar on the national economic effects of cybersecurity showed that about 85% of cybersecurity problems are caused by human errors.

However, cyber awareness and the use of technology and job examinations with human cadres can reduce these errors.

Majed Al-Sahli, a specialist in strategy and international cooperation at the National Cybersecurity Authority (NCA), stressed that the national cybersecurity strategy reflects Saudi Arabia’s ambition in a balanced manner.

The Kingdom’s strategy is divided between safety, trust, and growth.

“The strategy is based on several foundations, namely processes, procedures, techniques and human cadres,” Al-Sahli told Asharq Al-Awsat.

In an economic forum, Al-Sahli reviewed controls developed by the NCA.

These controls included the development of cloud computing controls, operational systems, e-commerce, and remote work.

Al-Sahli pointed out the role of the coronavirus pandemic in accelerating the development process of controls.

He highlighted several of the authority’s initiatives, such as capacity building, reducing risks, and democratizing cybersecurity.

Al-Sahli also reviewed national partnerships that led to the launch of the Saudi framework for cybersecurity forces and the addition of 40 job roles in cooperation with the General Authority for Statistics and the Ministry of Human Resources and Social Development.

Moreover, the Kingdom is working on cyber education, which is a promising project that could support and graduate qualified cadres.

Saudi Arabia is more in need of qualified cadres due to the size of the technology market in the Kingdom, which is approximately 17% of the market size in the Middle East.

The Kingdom’s sizable share of the technology market in the region represents a challenge in terms of bridging the gap found in human cadres.

Arwa Al-Hamad, Director of Cybersecurity at “Sanabel,” said that cybersecurity breaches became evident during the Russian-Ukrainian war.

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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.