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Saudi Aramco Partners with Pasqal to Deploy Quantum Computer

Saudi Aramco Partners with Pasqal to Deploy Quantum Computer
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Saudi Aramco Partners with Pasqal to Deploy Quantum Computer

Saudi Aramco Partners with Pasqal to Deploy Quantum Computer

Saudi Aramco in partnership with Pasqal, a global leader in neutral-atom quantum computing, have achieved a major breakthrough for the Middle East’s technology landscape with the successful deployment of Saudi Arabia’s first quantum computer, Aramco said in a statement on Monday.

The computer is the region’s first quantum computer dedicated to industrial applications, it said.

“The deployment of Pasqal’s quantum computer powered by neutral-atom technology at Aramco’s data center, in Dhahran, marks a pivotal step in building regional expertise and accelerating the development of quantum applications across the energy, materials, and industrial sectors in the Kingdom of Saudi Arabia and the broader Middle East,” the statement added.

Aramco continues to innovate through the development and deployment of advanced digital solutions that have tangible benefits, said Aramco EVP of Technology & Innovation Ahmad Al-Khowaiter.

“We are deploying AI and other technologies at scale to further enhance our operations, maximize efficiency and unlock value across our business. Our partnership with Pasqal is a natural progression and we are thrilled to pioneer next-generation quantum capabilities, harnessing significant opportunities presented by this new frontier in computing,” he added.

Pasqal CEO Loïc Henriet described the partnership with Aramco as a “historic milestone.”

“The deployment of our most powerful quantum computer yet is a piece of history and a landmark for the Middle East’s quantum future. Pasqal continues its expansion, delivering practical quantum power to industry,” the statement quoted him as saying.

Wa’ed Ventures, part of Aramco’s venture capital program, initially invested in Pasqal in January 2023, making it one of the company’s early strategic investors. Since then, Wa’ed Ventures has actively supported Pasqal’s efforts to localize its technologies and operations in Saudi Arabia, enabling the company to build a strong presence in the Kingdom and contribute to the development of a regional quantum ecosystem.

Pasqal’s system installed at Aramco’s data center can control 200 qubits arranged in programmable two-dimensional arrays, offering a platform suitable for exploring advanced quantum algorithms and real-world use cases relevant to industrial operations.

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Business

Saudi Arabia’s Maaden Successfully Raises $1 Billion Through 10-Year International Sukuk

The offering is an important step in Maaden's journey to enhance its financial flexibility. (Asharq Al-Awsat)
The offering is an important step in Maaden's journey to enhance its financial flexibility. (Asharq Al-Awsat)
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Saudi Arabia’s Maaden Successfully Raises $1 Billion Through 10-Year International Sukuk

The offering is an important step in Maaden's journey to enhance its financial flexibility. (Asharq Al-Awsat)
The offering is an important step in Maaden's journey to enhance its financial flexibility. (Asharq Al-Awsat)

The Saudi Arabian Mining Company (Maaden) announced the successful completion of a dollar-denominated sukuk offering with a total value of $1 billion (approximately 3.75 billion riyals). This issuance is part of the company's international sukuk program, which aims to attract qualified investors from within the Kingdom and abroad to strengthen the company's financial position and support its strategic projects.

In its statement published on the Saudi Stock Exchange (Tadawul) website on Sunday, the company said the offering is a follow-up to its previous announcement on January 22 regarding the start of the subscription process.

The issuance witnessed strong demand, reflecting international investors' confidence in Maaden's financial solvency and the future of the mining sector as a fundamental pillar of Saudi Vision 2030.

According to the statement, the total number of sukuk issued is 5,000, with a nominal value of $200,000 per sukuk. The company set the sukuk yield at 5.250 percent per annum, with a maturity period extending to 10 years, reflecting the company's ability to obtain long-term financing at competitive costs in international markets.

Maaden indicated that these sukuk will be listed on the International Securities Market of the London Stock Exchange. It also confirmed that the sale process will be conducted in accordance with applicable international regulations, including “Regulation S” and “Rule 144A” of the US Securities Act of 1933, as amended, which are standards that ensure the issuance reaches a broad base of global investment institutions.

Regarding the redemption conditions, the company stated that the sukuk may be redeemed in certain pre-defined cases, in accordance with the terms and conditions detailed in the offering document for the issuance.

The offering is an important step in Maaden's journey to enhance its financial flexibility at a time when the company is experiencing rapid growth and expansion in its portfolio of mining assets inside and outside the Kingdom.

Business

Lenovo: Saudi Arabia Capable of Hosting High-Value Industries

A view of a Lenovo event in Saudi Arabia. (Lenovo)
A view of a Lenovo event in Saudi Arabia. (Lenovo)
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Lenovo: Saudi Arabia Capable of Hosting High-Value Industries

A view of a Lenovo event in Saudi Arabia. (Lenovo)
A view of a Lenovo event in Saudi Arabia. (Lenovo)

China’s Lenovo is betting big on Saudi Arabia, naming Riyadh as its regional base for the Middle East, Türkiye, and Africa as it ramps up manufacturing and research investments to boost the Kingdom’s non-oil economy.

The partnership is set to inject fresh momentum into Saudi Arabia’s non-oil gross domestic product through a large-scale manufacturing facility and an integrated research and development ecosystem aimed at localizing knowledge and building national talent capabilities.

This was outlined by Tareq Alangari, Senior Vice President and President of Lenovo for the Middle East, Türkiye, and Africa, who described the company’s investments in Saudi Arabia as among its most critical global commitments, reflecting a long-term partnership with the Kingdom in digital transformation and economic diversification.

The move is part of a strategic collaboration with “Alat”, covering advanced manufacturing, talent development, innovation, and strengthening regional presence, under a vision that extends beyond the local market to serve broader regional markets.

Market support

Alangari told Asharq Al-Awsat that this commitment rests on two main initiatives that underpin Lenovo’s strategy in the Kingdom.

The first is the establishment of an advanced manufacturing facility spanning 200,000 square meters in Riyadh’s Integrated Logistics Special Zone, scheduled to begin production in 2026. The facility will become a global site producing millions of devices annually, including laptops, smartphones, desktop computers, and servers manufactured in Saudi Arabia.

The second initiative is the establishment of Lenovo’s regional headquarters in Riyadh, which will serve as the leadership center for the Middle East, Türkiye, and Africa.

The headquarters will house leadership, research and development, marketing, retail strategy, and customer engagement functions to support government, commercial, and consumer markets across the region, streamlining decision-making and strengthening proximity to customers and partners.

The company has previously projected that these combined investments could contribute up to $10 billion to Saudi Arabia’s non-oil GDP by 2030, while creating extensive direct and indirect job opportunities and accelerating the development of local skills in advanced technologies and artificial intelligence.

Supply chain resilience

Alangari said the company’s approach in Saudi Arabia is not based on short-term deals, but on a transformational vision aimed at strengthening regional supply chain resilience, deepening local partnerships, and supporting Saudi Arabia’s ambition to become a global hub for innovation and the manufacturing of sustainable technologies and AI-driven solutions.

Assessing the investment environment, he said Saudi Arabia represents a high-growth market of exceptional strategic importance, driven by economic diversification, rapid adoption of modern technologies, and the expansion of advanced sectors.

This growth, he noted, aligns with Lenovo’s strengths in cloud computing, artificial intelligence, infrastructure modernization, and the digital sector.

In the supply chain, Lenovo’s factory in the Integrated Logistics Special Zone is expected to play a key role in enhancing resilience at the local and regional levels.

Having a production line in the Kingdom, at the heart of the Middle East and Africa, will help reduce delivery times, ease logistical complexities, and improve the ability to respond quickly to market needs, according to Alangari.

Technology localization

In parallel, Lenovo is seeking to localize advanced technologies by building local capabilities, transferring advanced manufacturing expertise, embedding sustainability standards, and developing a supplier ecosystem that supports the Kingdom’s long-term technological leadership.

The company places the development of Saudi talent at the core of its investments. It has launched a national program to develop capabilities in cooperation with Alat, the Human Resources Development Fund, and the Ministry of Industry and Mineral Resources.

The program aims to train Saudi graduates in advanced manufacturing, engineering, AI-enabled operations, and digital technologies through a mix of theoretical education and hands-on training inside the Kingdom and at global manufacturing sites.

As its operations expand, Alangari expects Lenovo’s investments to create thousands of direct and indirect jobs, supported by production growth and the expansion of research and development, manufacturing, and customer experience activities.

He said this integrated ecosystem would boost local innovation, expand the range of advanced technologies manufactured in Saudi Arabia, and help build a sustainable technology environment in line with the Kingdom’s economic and industrial ambitions.

Business

Fitch Revises Türkiye's Outlook to Positive

A man selling roasted chestnuts talks to a customer at the Eminonu commercial district, in Istanbul, Türkiye, Friday, Jan. 23, 2026. (AP)
A man selling roasted chestnuts talks to a customer at the Eminonu commercial district, in Istanbul, Türkiye, Friday, Jan. 23, 2026. (AP)
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Fitch Revises Türkiye's Outlook to Positive

A man selling roasted chestnuts talks to a customer at the Eminonu commercial district, in Istanbul, Türkiye, Friday, Jan. 23, 2026. (AP)
A man selling roasted chestnuts talks to a customer at the Eminonu commercial district, in Istanbul, Türkiye, Friday, Jan. 23, 2026. (AP)

Global credit ratings agency Fitch revised Türkiye’s outlook to “positive” from “stable” on Friday, citing a faster-than-expected buildup in foreign exchange reserves that has reduced external vulnerabilities.

The agency also affirmed the country’s long-term foreign-currency rating at “BB-.”

Annual inflation dipped to 30.89% in December, slightly below expectations. Consumer prices rose 30.9% year-over-year, with a 0.89% monthly increase.

On Thursday, Türkiye’s central bank lowered its key interest rate by a less-than-expected 100 basis-points to 37%, citing firming inflation, pricing behavior and expectations that threaten the disinflation process.

At its first policy meeting of the year, chaired by Governor Fatih Karahan, the bank also lowered the overnight lending rate from 41% to 40% and the overnight borrowing rate from 36.5% to 35.5%.

The cut to the one-week repo rate at the Monetary Policy Committee (MPC) meeting marked its fifth consecutive easing move since last July.

In December, the Central Bank cut its policy rate by 150 basis-points to 38%, amid softer-than-expected November inflation.

In October, the country’s central bank slowed its easing cycle with a 100 basis-point cut in its policy interest rate to 39.5%, flagging renewed inflation risks that pointed to a slowdown in a longer-term disinflation process.