عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Arabia to Stimulate Local Cyber-security Industry

The new accelerator connects startups with investors, with the aim of expanding their activities and developing their capabilities. (Asharq Al-Awsat)
The new accelerator connects startups with investors, with the aim of expanding their activities and developing their capabilities. (Asharq Al-Awsat)
TT
TT

Saudi Arabia to Stimulate Local Cyber-security Industry

The new accelerator connects startups with investors, with the aim of expanding their activities and developing their capabilities. (Asharq Al-Awsat)
The new accelerator connects startups with investors, with the aim of expanding their activities and developing their capabilities. (Asharq Al-Awsat)

The National Cybersecurity Authority (NCA) is working to accelerate the Kingdom’s entrepreneurship system and encourage innovation, as part of the CyberIC program for the wider development of the cybersecurity sector.

The NCA called on all local startups in the field to register in the “cybersecurity accelerator” for a period of three weeks, through a dedicated platform on its website.

The new accelerator connects startups with investors, with the aim of expanding their activities and developing their capabilities. The program aims to empower 40 startups within a period of three years, provide them with more than 6.5 million riyals (USD 1.7 million) in financial support and more than 500 hours of guidance and direction for enterprises seeking to expand in the cybersecurity sector.

The authority stated that the program also seeks to stimulate the industry and attract foreign and local investments, as part of Saudi efforts to develop the sector and qualify national capabilities.

The launching of the cybersecurity accelerator comes in cooperation with the Saudi Information Technology Company (SITE), and in partnership with Plug and Play - one of the world’s largest technology business accelerators.

The CyberIC program aims to develop and build national capabilities in the field of cybersecurity, localize technology and training content and stimulate the wider domestic cybersecurity sector.

According to NCA, the first phase of the CyberIC includes numerous initiatives, including training employees of national authorities, accelerating cybersecurity activities to stimulate the sector, and encouraging the development of national cybersecurity products, services and solutions.

Most Viewed

 
 
Business

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)
TT
TT

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.