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Saudi Aramco, Cognite Join Forces in New Data Venture

Saudi Aramco, Cognite Join Forces in New Data Venture
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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.

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Gold Bolts Past Key $3,200 Mark on Dollar Slide, Safe-haven Flows

A gold bullion is displayed in The Reserve vault, operated by Silver Bullion Pte Ltd, in Singapore April 10, 2025. REUTERS/Edgar Su
A gold bullion is displayed in The Reserve vault, operated by Silver Bullion Pte Ltd, in Singapore April 10, 2025. REUTERS/Edgar Su
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Gold Bolts Past Key $3,200 Mark on Dollar Slide, Safe-haven Flows

A gold bullion is displayed in The Reserve vault, operated by Silver Bullion Pte Ltd, in Singapore April 10, 2025. REUTERS/Edgar Su
A gold bullion is displayed in The Reserve vault, operated by Silver Bullion Pte Ltd, in Singapore April 10, 2025. REUTERS/Edgar Su

Gold prices breached the crucial $3,200/oz level for the first time on Friday, fueled by a weaker dollar and an escalating trade war that sent investors rushing toward safe-haven assets.
Spot gold was up 0.6% at $3,192.79 an ounce, as of 0555 GMT. Bullion scaled an all-time peak of $3,219.84 earlier in the session, and has gained around 5% this week.
US gold futures climbed nearly 2% to $3,237.50, Reuters reported.
"The rapid weakening of the US dollar seems to be the main driver of gold's rebound at the moment. That seems to reflect an ongoing exodus from USD-based assets, with stocks and bonds' selloff amid tariff policy uncertainty," said Ilya Spivak, head of global macro at Tastylive.
The dollar was down nearly 1% against its major peers, making greenback-priced bullion cheaper for overseas buyers. Major stock indexes also fell after US President Donald Trump ratcheted up tariffs on Chinese imports to 145%, but hit a 90-day pause on previously announced tariffs for dozens of countries.
China has been matching Trump's tariff hikes, sparking fears that Beijing could push duties on the US beyond the current 84%.
"$3,500 is the next round number people will be looking at. I suspect we won't get there immediately or without bumps along the way," Capital.com's financial market analyst Kyle Rodda said.
Apart from tariffs, central bank demand, expectations of interest rate cuts by the Federal Reserve, geopolitical instability in the Middle East and Europe, and increased flows into gold-backed exchange-traded funds also fueled the metal's rally this year.
US consumer prices fell unexpectedly in March but inflation risks are tilted to the upside, data showed.
Traders now bet that the Fed will resume cutting rates in June and probably reduce by a full percentage point by the end of 2025.
Spot silver was steady at $31.2 an ounce, while platinum eased 0.2% to $936.55. Palladium gained 0.7% to $914.55.