OPEC+ shifts meeting online as officials anticipate extending oil production cuts

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OPEC+ will hold next month’s policy meeting online rather than in person, while several delegates said they expected the group to extend its current supply cuts into the second half of the year.

Saudi Arabia and its partners will gather on June 2 — a day later than initially planned — to review roughly 2 MMbpd of production curbs, introduced to stave off a surplus and shore up crude prices. Crude traders expect the cutbacks will be maintained, and several delegates who asked not to be identified predicted the same.

No exact reason was given for the shift to an online meeting, something OPEC and its partners have been weighing for several weeks. The poor health of Saudi King Salman Bin Abdulaziz and the death of Iran President Ebrahim Raisi may have contributed to the decision, some delegates said.

For many oil market watchers, the policy implications of the decision were clear.

The 22-nation alliance, led by the Saudis and Russia, has been withholding supplies to offset brimming U.S. production and a fragile economic outlook in China and elsewhere. Moving the meeting online is “the clearest indication of a rollover” of existing quotas, said Viktor Katona, head crude analyst at market intelligence firm Kpler Ltd.

The move marks another pivot away from physical meetings for the group, which convened virtually throughout the Covid pandemic and has only held two face-to-face gatherings at its Vienna headquarters since 2020.

It made a similar last-minute switch in November amid a dispute over production quotas for African members. This time, delegates gave no indication of controversy.

Previous extensions of the current round of production curbs, which are being implemented by just eight members, were announced in separate statements by the countries themselves rather than by OPEC+. Supply quotas for the other members have already been set for the rest of 2024.

The group’s intervention is having some success, propping up international crude prices above $80 a barrel in London. Riyadh needs prices close to $100 to cover ambitious spending plans, the International Monetary Fund estimates.

Alongside the decision on whether to extend its production cuts, OPEC+ is reviewing the production capacity of member nations. The results likely will influence their separate targets for 2025.

The process so far has involved tough talks with outside consultants appointed to assess the matter, according to people familiar with the talks who asked not to be identified because those discussions were private.

The United Arab Emirates has been notably public in its stance, with state giant Abu Dhabi National Oil Co. announcing a capacity of 4.85 MMbpd — considerably higher than OPEC’s last estimate.

SOurce:https://worldoil.com/news/2024/5/24/opec-shifts-meeting-online-as-officials-anticipate-extending-oil-production-cuts/

ExxonMobil, SONATRACH partner to develop Algeria’s oil and gas resources

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Algeria’s SONATRACH and ExxonMobil signed a Memorandum of Understanding to study existing opportunities to develop oil and gas resources in the Ahnet basin and the Gourara basin, with an emphasis on operational excellence, technological innovation , respect for the environment and best sustainability practices.

The Chairman and CEO of SONATRACH said, “We are delighted with this step taken in the collaboration with ExxonMobil, a pioneering company in the energy sector. The signing of this memorandum of understanding opens up new prospects for the development of the Algerian mining sector and demonstrates the mutual desire of the two companies to achieve responsible and sustainable exploitation of our country’s natural resources.

“This agreement is an important first step in the creation of a partnership which will contribute to further unlocking the development potential of Algeria’s resources,” declared in turn Mr. John ARDILL, Vice-President Exploration & New Opportunities of Algeria. ExxonMobil. “Algeria’s long history in hydrocarbon development, along with ExxonMobil’s cutting-edge capabilities and proven experience, position us for success.

Source:https://worldoil.com/news/2024/5/26/exxonmobil-sonatrach-partner-to-develop-algeria-s-oil-and-gas-resources/

UAE’s ADNOC to reach 5 MMbpd oil capacity goal early despite OPEC production quotas

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The United Arab Emirates is on course to achieve its full oil capacity target more than a year earlier than expected.

Abu Dhabi National Oil Co.(ADNOC) is likely to reach its 5 MMbpd goal by the end of next year or early 2026, ahead of the 2027 goal the company had set, according to people with knowledge of the operations. The higher capacity will be a potential source of tension as OPEC and its allies deliberates new production quotas later this year.

OPEC and its partners have been restricting production for years to shore up the market and raise prices. The UAE — which said this month that it had raised capacity from last year’s level — has been eager to use some of its spare volumes. The country has occasionally clashed with OPEC’s de-facto leader Saudi Arabia on the issue, risking a split among the group three years ago, before a compromise was found.

Abu Dhabi is currently producing at about two-thirds of its capability. Its economy is arguably among the most diversified in the Gulf and it faces less pressure to keep oil prices high, though crude remains key to the emirate. OPEC+ is scheduled to review members’ existing capacity levels later this year, and use that to set produciton baseline levels — the starting point from which cuts are calculated — for 2025.

“The UAE is not doing this to generate spare capacity, they’re investing to produce this stuff,” said Ben Cahill, a senior fellow in the Center for Strategic and International Studies. “There’s a tension that is emerging and will be with us for some time within OPEC+.”

ADNOC declined to comment on its capacity target.

Government-owned ADNOC and its partners are ramping up drilling new wells in oil fields and connecting production sites to existing processing stations to squeeze out more out of deposits, said the people who asked not to be named while discussing private, operational matters. ADNOC has outlined a $150 billion spending plan, including on accelerating oil capacity additions, and wants to ensure all of it doesn’t lie idle.

Source:https://worldoil.com/news/2024/5/26/uae-s-adnoc-to-reach-5-mmbpd-oil-capacity-goal-early-despite-opec-production-quotas/

Subsea7 secures offshore contract for Belinda field’s Trion FPSO from Serica Energy for $150 million

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Subsea7 S.A. won a “sizeable” contract from Serica Energy, for the offshore Belinda field development south-east of the Triton FPSO. According to an online statement, the contract is valued between $50 million and $150 million.

The Belinda field is operated by Serica Energy and located approximately 190 kilometers east of Aberdeen in the UK Central North Sea, with a water depth of 95 meters.

The contract scope includes project management, engineering, procurement, construction and installation (EPCI) of a 5-kilometre 8” production pipeline with a 3” piggy-backed gas lift line and an electro-hydraulic controls (EHC) umbilical.

Subsea7’s scope also includes associated subsea structures and tie-ins to the Triton Floating Production Storage & Offloading (FPSO) vessel operated by Dana Petroleum, via an existing production manifold near the Triton riser base and for controls at the Evelyn valve skid.

Project management and engineering work will commence immediately in Aberdeen. The offshore activities are scheduled for Q3 2025.

Steve Wisely, Senior Vice President of UK and Global Inspection, Repair and Maintenance, Subsea7, said: “We are pleased to have this opportunity to supply Serica Energy with EPCI knowledge and demonstrate the extensive North Sea expertise we have amassed over 50 years. We look forward to supporting the safe, efficient and timely execution of this project.”

Source:https://worldoil.com/news/2024/5/27/subsea7-secures-offshore-contract-for-belinda-field-s-trion-fpso-from-serica-energy-for-150-million/

CNOOC secures five exploration and production contracts offshore Mozambique

CNOOC Limited’s wholly-owned subsidiaries have entered into petroleum exploration and production concession contracts (EPCCs) with the Ministry of Mineral Resources and Energy of Mozambique (MIREME) and Empresa Nacional de Hidrocarbonetos (ENH) for five offshore blocks in Mozambique.

The contracts were signed for a total of five blocks, S6-A, S6-B, A6-D, A6-E and A6-G, all located offshore Mozambique. The total area is approximately 29,000 km2, with water depths from 500 to 2,500 m.

According to the terms of the contracts, the first stage of the exploration period of the blocks shall be four years. The five wholly-owned subsidiaries of CNOOC Limited shall act as the operators in the exploration and development phases and independently owns the operating interests in the five blocks (S6-A 70%, S6-B 77.5%, A6-D 77.5%, A6-E 80%, A6-G 79.5%). ENH owns the remaining non-operating interests (S6-A 30%, S6-B 22.5%, A6-D 22.5%, A6-E 20%, A6-G 20.5%).

SOurce:https://worldoil.com/news/2024/5/27/cnooc-secures-five-exploration-and-production-contracts-offshore-mozambique/

ADNOC to increase local manufacturing target to $24.5 billion by 2030 to boost UAE’s economy

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ADNOC announced at the ‘Make it in the Emirates’ forum an increase in its local manufacturing target for critical industrial products in its procurement pipeline to AED90 billion ($24.5 billion) by 2030 to propel UAE’s economic diversification, strengthen the industrial sector and expand local manufacturing capabilities.

The new target is part of ADNOC’s expanded In-Country Value (ICV) program which aims to drive an additional AED178 billion ($49 billion) back into the UAE economy by 2028. ADNOC’s previous 2027 target for local manufacturing of AED70 billion ($19 billion) worth of products was delivered ahead of schedule following the award of two contracts for metal pipes and valves worth AED16.8 billion ($4.6 billion) to local manufacturers.

His Excellency Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, and ADNOC Managing Director and Group CEO, said, “In line with the wise directives of the UAE leadership, ADNOC continues to play a pivotal role in enabling economic, social, and industrial growth in the UAE. Since the launch of ADNOC’s In-Country Value program in 2018, we have successfully collaborated with strategic partners to transform this initiative into an integrated national economic program to boost the UAE’s economic development.

“Having successfully delivered on our target to create AED70 billion in local manufacturing opportunities ahead of schedule, ADNOC is now boosting its local manufacturing target to AED90 billion to strengthen the UAE’s industrial sector. This expanded initiative will support the UAE’s economic diversification, attract local and international investors, and provide high-skilled private sector jobs for UAE Nationals. Additionally, it will stimulate entrepreneurial growth and drive sustainability in ADNOC’s supply chain. We invite local and international manufacturers to take advantage of our ICV program and participate in the UAE’s industrial growth journey.”

The contracts include AED8.8 billion ($2.4 billion) for metal pipes to PM Piping Petroleum Equipment, Ajmal Steel, and the Emirati-owned Al Gharbia Pipe Company; and AED8 billion ($2.2 billion) for mechanical valves to Samamat, Camtech Manufacturing, Tisco Valves Manufacturing, PTPA, MT Valves and Industries.

ADNOC’s expanded ICV program will provide a dedicated micro, small and medium enterprises (MSMEs) accelerator program to enable Emirati businesses and local mSMEs to conduct business across ADNOC’s supply chain.

The program will also introduce incentives to embed sustainability in local supply chains by encouraging investors to adopt clean technologies and best-in-class environmental, social, and governance (ESG) practices.

It will accelerate the adoption of artificial intelligence (AI) in ADNOC’s supply chain and enable micro, small and medium enterprises (MSMEs) to participate in strengthening the resilience of the UAE’s industrial base.

Since the launch of ‘Make it in the Emirates’ in 2021, ADNOC has more than tripled its direct spend with local manufacturers for industrial products within its procurement pipeline.

The company has driven AED187 billion ($51 billion) back into the UAE economy since 2018, through its ICV program. ADNOC’s ICV program has also created 11,500 job opportunities for Emirati talents in the private sector in collaboration with strategic partners such as the NAFIS program.

Through the program, contracts worth AED22.4 billion ($6.1 billion) were awarded to Emirati-owned small and medium enterprises (SMEs), across 600 companies.

Sorce:https://worldoil.com/news/2024/5/27/adnoc-to-increase-local-manufacturing-target-to-24-5-billion-by-2030-to-boost-uae-s-economy/

PIESHIP incorporates AI to boost last-mile delivery

Saudi Arabia’s logistics sector has spawned a new breed of entrepreneurial talent aiming to utilize the most recent technological trends to boost the economic pillar.

The Kingdom’s last-mile deliveries have been encountering delays and inefficiencies due to slow technology adoption, which has called for new innovations in the sector.

According to a report by global logistics leader Maersk, the lack of digital advancements in local delivery networks hampers shipment tracking and visibility.

Additionally, consumer preference for cash on delivery, empty miles, and sudden demand spikes pose financial challenges for last-mile logistics.

These challenges have spurred the emergence of PIESHIP and its commitment to bolstering the sector through digital solutions.

Founded in 2023 by Nasser Al-Harthi, Musaed Al-Amri, and Mohammed Mohsen, PIESHIP utilizes artificial intelligence and crowdsourcing to optimize delivery routes and schedules, reduce costs, and enhance customer experience.

The company offers its clients warehouse management solutions, utilizes an app for delivering shipments, and provides technical solutions for logistics services.

“By doing so, PIESHIP aims to make last-mile delivery more efficient and reliable, benefiting both companies and their customers,” Al-Harthi, the CEO, told Arab News in an interview.

PIESHIP is setting its sights on becoming a leader in last-mile delivery services, aligning closely with the fast-paced global shifts toward more efficient, reliable, and cost-effective logistics solutions.

“Our aim is to become a leading provider of last-mile delivery services,” the CEO articulated, emphasizing the company’s commitment to technological innovation and customer satisfaction to navigate the future logistics landscape.

Continuous innovation

To maintain its competitive edge, PIESHIP is focusing on continuous innovation, “by investing in research and development, collaborating with industry partners, and staying abreast of the latest logistics trends and technologies,” according to Al-Harthi.

The company is particularly excited about the potential of advanced analytics and machine learning to refine delivery processes and enhance efficiency, he added.

In light of its recent seed funding round, PIESHIP is channeling resources into expanding its technological backbone, team capabilities, and research efforts.

“These investments are crucial for improving our service offerings and operational efficiency,” Al-Harthi said.

He further highlighted the company’s commitment to leveraging these assets to bolster its market presence in Saudi Arabia and potentially beyond.

A shared vision

Regarding the future of logistics in Saudi Arabia, the CEO sees a direct connection between industry trends and the nation’s Vision 2030 objectives.

The economic diversification plan is focused on making the Kingdom a worldwide logistics hub.

The government’s National Transport and Logistics Strategy aims to double the sector’s contribution to gross domestic product, making the Kingdom one of the top 10 countries in the Logistics Performance Index.

A two-day conference held in Riyadh in October saw 52 agreements signed to strengthen the Kingdom’s supply chain and logistics sector, underlining its growth. “E-commerce expansion, technology adoption, sustainability, and enhancing customer experiences are pivotal trends that resonate with Vision 2030’s goals,” Al-Harthi said.

The rise of e-commerce is particularly significant, with efficient logistics services like those PIESHIP offers being vital to support this sector’s growth, ultimately aiding in the country’s economic diversification and innovation drive, added the CEO.

With the Kingdom’s Vision 2030 spotlighting innovation, PIESHIP’s technology-centric model is well-aligned for future scalability and market leadership.

“Our approach, particularly our investment in AI and crowdsourcing, is pivotal in optimizing logistics operations, which will continue to propel our growth in the Saudi market,” Al-Harthi stated.

On the technology front, PIESHIP leverages real-time tracking and delivery notifications to enhance customer engagement and satisfaction.

“Our AI-driven algorithms play a crucial role in navigating delivery hurdles, ensuring timely and accurate deliveries, and offering our users an unprecedented level of transparency and control over their shipments,” explained the CEO.

PIESHIP is positioning itself within Saudi Arabia’s competitive landscape by focusing on efficient and reliable last-mile delivery services.

“PIESHIP differentiates itself from traditional logistics companies by offering a more flexible and cost-effective solution tailored to modern businesses’ needs,” Al-Harthi explained.

With a keen eye on the last-mile delivery segment, PIESHIP aims to address the complexities and high costs associated with this crucial phase of the logistics process.

Collaboration with governmental and regulatory bodies is a key component of PIESHIP’s strategy to enhance its service offerings and expand its reach within the Kingdom.

The CEO said: “PIESHIP works closely with local transportation authorities to comply with all relevant regulations and licensing requirements.”

Beyond compliance, PIESHIP seeks to forge partnerships that extend its service range, notably with e-commerce platforms like Salla and Zid, to provide integrated delivery solutions to their merchants.

In response to the evolving logistics market, PIESHIP is committed to continuous innovation to meet the changing demands of businesses in Saudi Arabia and potentially new markets.

“The company plans to invest in new technologies and strategies that can help it improve its operational efficiency, expand its reach, and enhance the customer experience,” Al-Harthi stated.

Looking ahead, PIESHIP is exploring opportunities to extend its services beyond Saudi Arabia, targeting markets with similar logistics landscapes and a strong e-commerce presence.

While the immediate focus remains on solidifying its position in the Saudi market, Al-Harthi acknowledges the potential for international expansion.

“Future expansions into markets with similar logistics challenges and opportunities are considered,” he noted, highlighting the importance of a robust e-commerce sector and favorable regulatory environment in selecting target markets for PIESHIP’s growth.

Source:https://arab.news/8xdjw

Rize aims to boost Saudi Arabia’s rental sector

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The rent now, pay later sector in Saudi Arabia is poised for considerable expansion, with startup Rize set to enhance the industry’s efficiency.

Given the substantial down payment required for tenants to secure a rental property in the Kingdom, the company is seeking to foster greater sustainability within the sector.

Established in 2021 by Ibrahim Balilah and Mohammed Al-Fraihi, Rize is optimizing the Saudi rental market with its innovative model that converts annual lease payments from a single full payment to 12 monthly installments for tenants, while property owners get the full annual rent upfront.

In an interview with Arab News, Balilah discussed the company’s goal to widen access to flexible renting solutions.

“Currently, Rize is active in Riyadh, Jeddah and Dammam. But we are not only looking to solidify our position in the Saudi market but also to venture into the commercial sector,” he said.

Balilah outlined the company’s financial objectives, aiming to secure over SR50 million ($13.3 million) in successful rental requests by 2024 to showcase its growth. “With approximately SR330 million in rental requests already received, Rize is on a strategic path to scale its operations to align with the increasing market demand,” he said.

Playing a pioneering role

Discussing the RNPL sector, Balilah emphasized Rize’s position as one of its trailblazers.

“We consider ourselves the leader in the rent now, pay later market, being the first to develop an application that streamlines the entire rental journey,” he stated.

The company is currently in a phase of scaling, with plans to automate various processes, including contract signing, tenant screening, and access to e-booking through the app, which are typically cumbersome for tenants.

Furthermore, Balilah highlighted Rize’s strategic partnerships with real estate owners, granting the company access to a wide range of apartments, further solidifying its market presence.

He elaborated on the company’s strategic approach to securing funding and fostering relationships with venture capitalists.

In February, Rize raised $2.9 million through a seed round from Seedra Ventures, Hala Ventures, JOA Capital, RZM Investments, Bonat Investments, and Nama Ventures, as well as a group of angel investors.

“We view our business model as one that necessitates funding, which led us to intentionally engage with seven venture capital firms across two investment rounds,” Balilah explained.

The choice to attract multiple VCs, albeit with smaller investment amounts, was deliberate. This strategy not only secures immediate capital but also establishes a foundation for future financial support.

“Our selection of VCs was strategic, focusing on those with a follow-on investment strategy, ensuring we have access to capital in subsequent rounds,” Balilah noted.

Furthermore, he revealed plans for a Series A funding round in the next 12 months to fuel the company’s expansion and sustain its upward momentum.

Easing pressure on expats

Balilah underscored the crucial role of the rental market in supporting Saudi Arabia’s hospitality sector, driven by the substantial expatriate population residing in the Kingdom.

“Last year, the Kingdom witnessed the signing of Ejar contracts worth over SR75 billion, marking a significant activity in Saudi Arabia’s official rental contracting,” he highlighted.

Balilah pointed out a significant challenge within the rental market, attributing it to a lack of innovation and technological integration, which complicates rental transactions.

He explained: “Due to a combination of factors, including insufficient regulation, innovation, and technology, it has become a norm for property owners to demand the entire rental sum upfront. “For instance, renting an apartment at SR100,000 annually typically requires a single advance payment. Though some owners might allow semi-annual payments, this practice significantly strains renters’ cash flow in Saudi Arabia.”

Balilah emphasized the pressure on some tenants to secure loans to manage these upfront costs, exacerbating the financial strain.

“Rize addresses this issue by handling the upfront payment and then leasing the property back to the tenant on a monthly basis,” he explained.

Balilah detailed the company’s tenant-focused approach, saying: “Primarily, tenants apply through our app, providing details about their desired unit, personal information, and then submitting their request.

“Upon receiving this, we conduct tenant screening. Once approved, we negotiate with the property owner to facilitate the transaction.”

He went on to explain that they then introduce their rent now, pay later model to the owners, possibly for the first time, explaining that they will rent from them to sublease back to the tenant with a single payment, converting it into monthly installments.

Balilah added: “We also reassure the owner about the tenant’s reliability, highlighting their employment and other relevant details as part of our comprehensive service.”

Furthermore, Rize offers a marketplace for renters who understand and support the RNPL model.

This approach smoothens the renter’s interaction with tenants, giving them access to book directly through the application.

The company has managed to secure partnerships with large real estate developers like Al Safa, Al Ramz, Makeen, Al Majdiah and Al Ajlan Riviera, which are all incorporating Rize’s offerings.

Balilah further pointed out that the RNPL business model has seen significant interest from real estate owners as it increases their chances to lease their units faster.

Source:https://arab.news/zamn4

US fintech MoneyHash eyes Saudi’s booming market

Aiming to establish itself as a regional financial hub, Saudi Arabia has sent out a compelling invitation to startups worldwide.

The Kingdom’s push to enhance its fintech landscape has attracted the interest of MoneyHash, a US-based startup eyeing the nation’s promising potential in this sector.

Established in late 2020 by Nader Abdelrazik, Mustafa Eid, and Anisha Sekar, MoneyHash is targeting the Saudi market following a successful $4.5 million seed funding round in February.

The company is aiming to tackle key challenges in Saudi Arabia’s payment sector, helping businesses recover lost revenue due to payment failures and infrastructure complexities.

The company employs a hybrid business model, combining fixed fees with transaction-based charges, tailored to customer usage and product selection.

In an interview with Arab News, Abdelrazik, also the company’s CEO, outlined the firm’s strategy, aiming to establish MoneyHash as a frontrunner in this pivotal market.

“We are mainly focused on penetrating the market further, relying on our previous success and trusted brand as a payment infrastructure,” Abdelrazik told Arab News.

Success for MoneyHash is measured by the tangible benefits it provides to customers, including recovered revenue, reduced development costs, and lower failure and fraud rates.

These indicators are vital in the Saudi market, reflecting MoneyHash’s commitment to enhancing its clients’ payment processes and overall business efficiency.

A pivotal hub

Abdelrazik aims to deepen the company’s market penetration in Saudi Arabia, leveraging its established reputation and success as a trusted payment infrastructure provider.

While the CEO was reticent about sharing specific details, he emphasized the company’s ambitious and high standards, indicating a robust strategy aimed at further solidifying its presence in the region.

Looking at the long-term vision, MoneyHash seeks to play a defining role in its sector within the Saudi market, Abdelrazik said.

Viewing the Kingdom as a pivotal hub, the company plans to develop a comprehensive ecosystem of payment tech solutions and innovations.

“We raised $7.5 million to date between our pre-seed and seed funding rounds. We have active customers in Saudi already including prominent players like Foodics, and the latest investment will help us build a solution hub in Saudi and have a dedicated team for the market,” he added.

Collaborations with various partners are on the horizon to foster talent development and enhance business maturity in the region, showcasing a commitment to contributing to the sector’s growth.

“We are the first payment orchestration platform in the region, so we are more defining our own category than influencing it,” Abdelrazik stated.

“We see the Saudi market as a central hub for us to build a full ecosystem of solutions and innovations in the paytech space. And we have lots of partners with whom we will collaborate to boost capacity building in the region in terms of talent and business maturity,” he added.

On the expansion front, Abdelrazik outlined that the nature of their technology allows them to serve the entire Saudi market comprehensively.

This technology layer, adaptable and scalable, is designed to meet the diverse needs of the Saudi market, ensuring wide-reaching service delivery across the Kingdom, he explained.

The company is also keen on forging partnerships with Saudi governmental bodies, recognizing the government’s proactive stance on economic transformation and innovation.

Abdelrazik noted the government’s enthusiasm for tech-driven initiatives and expressed eagerness to collaborate, aiming to contribute to the Kingdom’s burgeoning innovation landscape.

Regarding product development, Abdelrazik hinted at an array of new services and products tailored specifically for the Saudi market.

“I can’t dive into the specifics, but our solution is all about localization. Our tech is already quite custom to each market, and our network of integrations and features dedicated for the Saudi market is quite large, and we are planning to expand that,” he stated.

Compliance with evolving Saudi regulations is another critical focus for Abdelrazik. As regulatory landscapes shift, the company positions itself as a technology enabler, assisting businesses in navigating payment compliance.

“As a technology enabler, we help our businesses navigate compliance in payments. Our team of payment experts is well-versed in the space, and can add lots of value in helping the entire ecosystem navigate and learn about the regulatory environment,” he stated.

Abdelrazik’s perspective on the Saudi market underscores its significance in the company’s expansion strategy.

He described Saudi Arabia as a rapidly evolving market with a robust consumer base and a conducive ecosystem for driving regional innovation.

A complex market

In assessing the current market landscape, Abdelrazik acknowledges the dynamic and complex nature of the payments sector in Saudi Arabia.

With numerous developments unfolding at a rapid pace, his company is committed to maintaining its leadership position in the payment orchestration category, focusing on delivering sophisticated and complex tech solutions that cater to the Kingdom’s unique market needs and contribute to crafting a success story in Saudi Arabia.

“A lot is happening in payments, and a lot will happen. It is a very fast-evolving and complex space, and we are leading the orchestration category in it,” Abdelrazik said.

Source:https://arab.news/bkf52

WakeCap and OpenSpace partner to transform Saudi construction

Scion Industrial Engineering

In a landmark move set to transform the construction landscape of Saudi Arabia, WakeCap, a Saudi-based provider of smart solutions for construction project management, and OpenSpace, a US-based leader in reality capture and AI-powered analytics, announced a strategic partnership aimed at making cutting-edge global technology easily accessible to the local market.

WakeCap provides real-time insights into worker activity and equipment usage through its smart hard hat solution. These data are designed to help project owners make informed decisions to enhance site safety, streamline workflows, and optimize project execution.

OpenSpace, an AI construction tech company, helps commercial builders operate more efficiently and with less risk.

This strategic partnership between WakeCap and OpenSpace is set to revolutionize the Saudi construction sector. By providing direct, local access to world-class technologies, it creates a centralized hub for all construction technology needs, enhancing operational efficiency across the board. The partnership between the two solutions further aims to provide more transparency on Saudi construction projects and to enable better decision-making and project management. This collaboration also addresses the challenge of talent scarcity, by allowing for more efficient resource utilization. Remote progress monitoring and tracking capabilities further reduce the need for frequent site visits, fostering smarter work practices that align with the demands of today’s fast-paced construction environment.

Dr. Hassan Albalawi, CEO and co-founder of WakeCap, said: “At WakeCap, we are deeply committed to setting the industry standard for data-powered site visibility, and our partnership with OpenSpace is a testament to this. Together, we are poised to propel the Saudi construction industry into a new era of transformation, marked by greater transparency, efficiency, and reliance on cutting-edge technology. This collaboration is more than a partnership — it’s also a pledge to empower Saudi companies with the necessary tools to thrive in a competitive market. By combining our expertise, we offer local access to global technological advancements, simplifying procurement, and ensuring these innovations are tailored to meet local requirements.”

Sam Badrah, director of sales, Middle East and emerging at OpenSpace, said: “We are excited to officially announce our partnership with WakeCap to help accelerate digital transformation in the construction sector across Saudi Arabia. Together, we can challenge the status quo in the region to help companies build smarter.”

Source:https://arab.news/wj6ha