عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Aramco, Cognite Join Forces in New Data Venture

Saudi Aramco, Cognite Join Forces in New Data Venture
TT
20
TT

Saudi Aramco, Cognite Join Forces in New Data Venture

Saudi Aramco, Cognite Join Forces in New Data Venture

Saudi Aramco and Cognite have launched CNTXT, a joint venture based in Riyadh to support industrial digitalization of the Kingdom and the wider MENA region.

CNTXT will provide digital transformation services enabled by advanced cloud solutions and leading industrial software. These solutions and services aim to help public and private sector companies to future-proof their data infrastructure, increase revenue, cut costs and reduce risks while enhancing operational sustainability and security.

CNTXT is Google Cloud’s reseller for cloud solutions in the Kingdom and the exclusive reseller of Cognite Data Fusion in MENA region.

Additionally, Google Cloud is expected to launch a “Center of Excellence” later this year to provide training to developers and business leaders in how to use cloud technologies.

Led by Abdullah Jarwan, appointed CEO of CNTXT, and a management team of local and international talent, CNTXT plans to significantly grow the team this year in hopes to become the top tech employer in the Kingdom.

The launch of CNTXT is a major milestone in the collaboration between Aramco and Aker ASA, the majority owner of Cognite. The partnership began in 2019, with the signing of a Memorandum of Understanding (MoU) to develop synergies and share knowledge on industrial digitalization and sustainability initiatives.

“CNTXT brings together industrial legacy, advanced technology, and a truly talented team that will aid in the digitalization of public and private sectors in the Kingdom. CNTXT aims to be an important catalyst of digitalization of the Kingdom,” said Ahmad A. Al-Sa'adi, Aramco Senior Vice President, Technical Services.

President of Aker ASA and Chair of the Cognite Board of Directors Oyvind Eriksen said: “CNTXT will be an important vehicle for driving profitability and sustainability of the Kingdom’s industries through innovative use of technology. I look forward to seeing the company accelerate the digital transformation of the most important sectors in the region.”

“The untapped potential in the digital transformation of the Kingdom of Saudi Arabia and the greater Middle East is enormous. With Google Cloud and Cognite offerings in our portfolio, we can help the public and private sectors innovate faster, scale AI-driven solutions, and turn data into value,” said Abdullah Jarwan, CEO of CNTXT.

“Businesses all around the world turn to Google Cloud to enable growth and help them solve their most business-critical challenges. With CNTXT as Google Cloud’s reseller in the Kingdom, we will be leveraging the latest technologies and decades of expertise to help businesses grow and develop safely and securely,” said AbdulRahman Al Thehaiban, Managing Director, Middle East, Turkey and Africa, Google Cloud.

Most Viewed

 
Business

Türkiye's Simsek Says Disinflation to Continue, FX Pass-through Limited

A fisherman feeds cats his recently caught small fish from the Marmara Sea, along the Kadikoy sea promenade in Istanbul, Türkiye, Tuesday, April 15, 2025. (AP)
A fisherman feeds cats his recently caught small fish from the Marmara Sea, along the Kadikoy sea promenade in Istanbul, Türkiye, Tuesday, April 15, 2025. (AP)
TT
20
TT

Türkiye's Simsek Says Disinflation to Continue, FX Pass-through Limited

A fisherman feeds cats his recently caught small fish from the Marmara Sea, along the Kadikoy sea promenade in Istanbul, Türkiye, Tuesday, April 15, 2025. (AP)
A fisherman feeds cats his recently caught small fish from the Marmara Sea, along the Kadikoy sea promenade in Istanbul, Türkiye, Tuesday, April 15, 2025. (AP)

Turkish Finance Minister Mehmet Simsek said on Friday that disinflation would continue despite some recent deterioration in expectations, adding that the government still sees inflation ending the year within its target range.

His remarks come a day after the central bank delivered a surprise 350 basis-point rate hike to 46%, reversing a short-lived easing cycle and signaling renewed commitment to tackling inflation.

The move followed weeks of market turmoil triggered by the March arrest of Istanbul Mayor Ekrem Imamoglu, President Recep Tayyip Erdogan's main political rival.

"The recent deterioration in expectations may have had some effect, but we believe we will stay within the target by year-end," Simsek said.

The central bank's unexpected hike marked a shift from the easing that began in December, aiming to anchor inflation expectations and stabilize markets.

Economists expect the lira's recent weakening to feed into April and May inflation, though annual inflation slowed to 38.1% in March. The bank's year-end forecast remains at 24%.

Simsek also said the impact of exchange rate pass-through on inflation would remain limited due to weak domestic demand, and noted that recent financial market volatility could cause a temporary slowdown in economic activity.

"We are approaching a threshold where we can achieve moderate growth without generating a current account deficit," he added.

The lira had plunged to a record low and Turkish assets took a hit before the central bank intervened with reserve sales and tighter funding conditions.

The bank said the recent market turbulence was expected to slightly lift April inflation readings and reiterated that further tightening would be considered if inflation risks persist.