Saudi women should harness their inner ‘superhero’ to thrive in defense industry, says Rolls-Royce executive

Special Saudi women should harness their inner ‘superhero’ to thrive in defense industry, says Rolls-Royce executive
Rolls-Royce Middle East senior vice president, Cate Wilkinson. AN
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Updated 05 February 2024
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Saudi women should harness their inner ‘superhero’ to thrive in defense industry, says Rolls-Royce executive

Saudi women should harness their inner ‘superhero’ to thrive in defense industry, says Rolls-Royce executive

RIYADH: Being a woman in the defense industry is not a hurdle but a superpower, bringing diverse perspectives to the table, according to a senior official at Rolls-Royce.

The company’s Middle East Senior Vice President Cate Wilkinson brought a wealth of experience and insight to the forefront during an interview on the sidelines of the World Defense Show in Riyadh. 

With a distinguished career spanning over three decades in the industry, Wilkinson shared her journey and highlighted the transformative impact of diversity, particularly for women in the field.

“When I first started, I would be the only woman in a meeting, but that’s actually your superpower. And the reason why I say that is because if you’re the only person that’s different, you have an advantage before you start the conversation. I see it as being a positive, I think differently to most men,” she reflected, shedding light on the changing dynamics in the sector.

Encouraging women to embrace their unique perspectives, Wilkinson remarked: “My advice to Saudi women is be positive, be open to the opportunities wherever they take you, take them, grasp the work with them, and use your superpower.”

The official took pride in Rolls-Royce’s commitment to promoting diversity in Saudi Arabia, citing that 15 percent of their workforce in the Kingdom comprises women. 

Female employees are actively engaged in roles ranging from conventional positions such as human resources and business development to technical roles, including working on engines at the Rolls-Royce facility in Taif.

The excitement surrounding Rolls-Royce’s participation in WDS was palpable, aligning with Saudi Arabia’s Vision 2030. Wilkinson expressed her pride in the company’s long-standing support for the Royal Saudi Air Force, spanning over 50 years.

She emphasized: “We have been here and supporting the RSAF for well over 50 years and we’re very proud of that. We continue to support both in terms of supply of engines but also in terms of support, in terms of the maintenance, repair and overhaul of our engines.”

Wilkinson added: “We have a quite sophisticated facility over in Taif that actually looks after the EJ200 engines that goes in the Typhoon aircraft, and that’s been there since 2009.”

Discussing future goals, she highlighted the importance of sustained collaboration with Saudi stakeholders. While no specific announcements were made during the show, the official hinted at potential developments, stating: “There are plans. Some of that is to do with our existing footprint and there are also future plans around additional things that we could bring to Saudi if the conditions are right.”

Addressing the diversification objectives outlined in Vision 2030, Wilkinson noted the suppliers’ noticeable desire to create sustainable capabilities for the aerospace and defense industries. 

She commented: “The ambition, the desire for diversification, which is through Vision 2030, but more broadly is really powerful. The drive right from the top all the way down is huge.”

Rolls-Royce showcased an experimental small engine at the event, designed in a nontraditional spiral development manner. Wilkinson explained: “It’s about ‘let’s get an engine to test,’ ‘let's see how fast we can do it.’ And that’s really different and exciting.”

She added: “It’s a demonstrator, it’s a concept engine, but it’s so exciting to have a project that you can just spirally develop. And this is something that we’re talking in Saudi about ‘how do you develop? But it isn’t in the traditional way.”

Rolls-Royce’s major contributions in Saudi Arabia include powering combat aircraft like Tornados, Typhoons, and Hawks and the RSAF’s C-130 transport aircraft. 

Wilkinson emphasized the dynamic developments in the Saudi defense industry, portraying the event as an “incredible place to be” and reaffirming Rolls-Royce’s commitment to supporting the Kingdom’s progress in the aerospace and defense sectors.


RLC Global Forum to address the future of Saudi Arabia’s retail landscape 

RLC Global Forum to address the future of Saudi Arabia’s retail landscape 
Updated 6 min 50 sec ago
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RLC Global Forum to address the future of Saudi Arabia’s retail landscape 

RLC Global Forum to address the future of Saudi Arabia’s retail landscape 

RIYADH: Over 100 speakers from more than 600 organizations will convene at the Retail Leaders Circle Global Forum 2025 in Saudi Arabia to discuss collaboration amid digital innovation and economic reforms. 

The two-day event, taking place from Feb. 4-5 at the Fairmont Hotel in Riyadh, will bring together industry executives, policymakers, and investors to explore strategies for navigating a rapidly changing retail landscape. 

Themed “Rebuilding a Shared Future,” the event aims to address how the sector can rebuild trust and cooperation while adapting to digital transformation, shifting consumer behaviors, and new regulatory frameworks. 

This year’s forum comes as Saudi Arabia’s retail sector continues to show strong resilience and sustained growth, with total sales reaching SR37.4 billion ($9.97 billion) in the third quarter of 2024, despite ongoing global economic uncertainties. 

Retail sales in the Kingdom are forecast to reach $161.4 billion by 2028, according to data platform Statista, while the e-commerce sector is projected to surpass $13.2 billion by 2025.

“Saudi Arabia’s Vision 2030 is really shaking up the retail sector, and we’re seeing exciting changes across the board,” said Panos Linardos, chairman of the RLC Global Forum, in an interview with Arab News. 

He pointed out that retail is a key pillar of the Kingdom’s diversification efforts, and “it’s evolving rapidly with digital transformation, regulatory changes, and shifting consumer expectations.” 

Linardos added: “There’s a lot of opportunity ahead, but also some challenges that need to be tackled to fully unlock the sector’s potential. That’s where the RLC Global Forum comes in.” 

RLC is an invitation-only platform that brings together industry leaders, policymakers, and innovators to discuss key issues shaping the retail sector. 

Some of the partners involved include Diriyah Co., Apparel Group, and Cenomi Centers, the largest owner, operator, and developer of contemporary lifestyle centers in Saudi Arabia.

Chalhoub Group, and Panda Retail Co. are also set to attend.

Panos Linardos, chairman of the RLC Global Forum. Supplied

The event provides data-driven research, thought leadership, and best practice sharing, in line with Saudi Arabia’s Vision 2030, which seeks to diversify the economy and position the Kingdom as a global retail and business hub. 

“Retailers in Saudi Arabia face several challenges, such as competition from cross-border e-commerce, changing consumer expectations, and regulatory complexities,” Linardo said. 

To stay competitive, he added that retailers need to “embrace digital transformation, adopt omnichannel strategies, and use data to better understand and serve their customers.” 

The Kingdom’s retail sector is experiencing significant growth and investment opportunities, driven by Vision 2030 and the accelerated digital transformation. 

The demand for seamless shopping experiences and experiential retail concepts continues to rise, driving expansion in e-commerce, lifestyle destinations, and mixed-use developments. 

“Mega-projects like NEOM, ROSHN, and Diriyah Gate are also fueling demand for high-end retail and hospitality-focused shopping experiences, making the market even more attractive,” Linardos said. 

The forum chairman mentioned that the growing focus on smart retail solutions, AI-driven insights, and sustainable practices is creating new opportunities for forward-thinking investors. 

Strengthening investment climate 

Saudi Arabia’s retail sector continues to attract international investors, supported by progressive economic reforms and policies aimed at fostering a transparent and competitive market. 

The Kingdom has made significant strides in streamlining regulations, enhancing investor protections, and reducing barriers to entry, creating an environment that encourages long-term growth and foreign direct investment. 

“Saudi Arabia’s booming investment landscape is no accident. It’s the result of deliberate efforts to create a business-friendly and secure environment, supported by policies and reforms that align with global investment standards,” Linardos said. 

He mentioned that the International Monetary Fund had described the new law as a game-changer, offering equal opportunities to both Saudi and foreign investors, along with stronger protections and clearer rules of engagement. 

Linardos explained that the challenge now is getting the word out — building investor confidence and showcasing Saudi Arabia’s retail market as a high-potential, forward-thinking destination. 

Future of retail innovation 

The rapid integration of artificial intelligence, data analytics, and predictive modeling is transforming the global retail landscape, and Saudi Arabia is no exception. 

RLC will also explore how businesses can leverage AI to optimize operations, enhance customer engagement, and drive new business models. 

“Innovation and technology are reshaping Saudi Arabia’s retail sector in a big way. AI and e-commerce are no longer just buzzwords — they’re driving real change,” Linardos said. 

He pointed out that AI is providing businesses with deeper insights into consumer behavior, enhancing inventory management, and enabling more personalized marketing. 

“At the same time, e-commerce is making shopping more convenient and accessible, with digital payment solutions and omnichannel strategies creating seamless experiences that meet rising customer expectations,” Linardos added. 

The chairman further highlighted that for retailers, integrating advanced technologies is no longer optional but a necessity in an increasingly competitive and fast-evolving market. 

In essence, he added, businesses that embrace innovation early can unlock new growth opportunities, expand their customer reach, and strengthen their market position.  

Unlocking full value 

Saudi Arabia’s e-commerce sector is rapidly expanding, fueled by a digitally engaged population, rising consumer demand, and the government’s commitment to digital transformation, with Linardos noting the Kingdom’s emergence as one of the region’s most promising e-commerce markets. 

Industry experts highlight the growing influence of social media, mobile commerce, and fintech solutions, which are reshaping how consumers shop and engage with brands. 

“The Kingdom’s high social media engagement and widespread mobile use also make it a prime market for further e-commerce expansion and investment,” said Linardos. 

However, he acknowledged that challenges persist, pointing out that “cross-border platforms dominate a large share of the market,” while traditional retail remains deeply embedded in consumer habits. 

To fully realize Saudi Arabia’s e-commerce potential, industry leaders stress the importance of creating a balanced competitive landscape, strengthening omnichannel strategies, and integrating online and offline shopping experiences. 

What’s next? 

As Saudi Arabia’s retail sector undergoes transformation, Linardos expects the industry to move beyond traditional retail models in the coming years, placing greater emphasis on lifestyle-oriented concepts, integrated retail-tourism experiences, and cutting-edge digital innovations. 

“The growth won’t just come from more stores or online platforms — it will come from creating unique, immersive experiences that blend culture, entertainment, and commerce in ways that haven’t been seen before in the region,” he added. 

Linardos also explained that the challenge for retailers will be to remain flexible, embracing innovation while maintaining a strong local connection. 

Those who can strike the right balance — leveraging technology, data, and customer insights — will not only grow but also redefine what retail means in Saudi Arabia, he said.


GCC equity markets post monthly gains in January: Markaz

GCC equity markets post monthly gains in January: Markaz
Updated 12 sec ago
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GCC equity markets post monthly gains in January: Markaz

GCC equity markets post monthly gains in January: Markaz
  • Kuwait’s All Share Index posted a monthly gain of 5.7%, Saudi Arabia’s equity market grew 3.1%
  • Abu Dhabi’s equity index rose by 1.8%, Qatar Stock Exchange increased by 0.9%

RIYADH: Equity markets in the Gulf Cooperation Council countries saw strong growth in January, with Kuwait and Saudi Arabia emerging as top performers, according to an analysis. 

In its latest report, Kuwait Financial Center, also known as Markaz, said the substantial increase in the equity markets of Kuwait and the Kingdom pushed up the S&P GCC Composite Index by 3 percent last month. 

Kuwait’s All Share Index posted a monthly gain of 5.7 percent in January, followed by Saudi Arabia’s equity market which grew by 3.1 percent during the same period. 

The S&P GCC Composite Index’s performance in January was higher than the S&P 500 indices, which expanded at 2.7 percent, and the MSCI EM index, which posted a growth of 1.7 percent. The MSCI World Index grew by 3.5 percent. 

“Kuwait equities outperformed global and GCC markets driven by the anticipation of strong earnings of banking stocks and the increased deal activity in the energy and real estate sectors, with most sectors closing the month in positive territory,” said Markaz. 

Abu Dhabi’s equity index rose by 1.8 percent, Dubai’s index grew by 0.4 percent, and the Qatar Stock Exchange increased by 0.9 percent in January.

Bahrain’s index fell by 5.4 percent due to the decline of Aluminum Bahrain stock by 18.5 percent after officially terminating a proposed deal with the Saudi Arabian Mining Co. 

Kuwait’s equity market growth was supported by the movement in key sectors like oil and gas and real estate, which expanded by 11.7 percent and 11.1 percent, respectively, according to the report. 

Last month, Saudi Telecom Co. was the top gainer in Tadawul, with the company’s share price rising by 8.7 percent. 

STC Bank, the financial arm of stc Group, received a non-objection certificate from the Saudi Central Bank to commence its banking operations in the Kingdom.

STC Bank is the first licensed digital bank in the Kingdom and the latest approval aligns with the financial institution’s strategy to promote digital transformation and competitiveness within the banking sector while safeguarding monetary and financial stability, SAMA said in a press statement at the time. 

Saudi Arabia’s Etihad Etisalat Co.’s share price surged by 8.4 percent, while the stock price of energy giant Saudi Aramco dipped by 0.9 percent due to a delay in phasing out OPEC+ cuts. 

Markaz added that Brent crude oil closed the month at $76.8 per barrel, marking a 2.8 percent increase from December.

“This move was driven by the US energy sanctions against Russian entities. Further clarity on (US President Donald) Trump’s trade policies, possible increase in production from the US, and the recovery of demand from China will determine the further course of oil prices,” said the report. 

Gold prices also increased by 6.8 percent month on month, closing at $2,759.3 per ounce. 

The analysis said that the outlook of global asset classes in the coming months could be shaped by Trump’s trade policies and possible changes in the US Fed’s rate cut trajectory. 

“With China being in the crosshair of Trump’s tariffs, oil prices could take a hit if the demand recovery from China weakens. Weakness in oil prices could alter OPEC+ plans to unwind production cuts, which would in turn affect GCC economies and markets,” the report added. 


Pakistan Jan consumer inflation eases to 9-year low

Pakistan Jan consumer inflation eases to 9-year low
Updated 03 February 2025
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Pakistan Jan consumer inflation eases to 9-year low

Pakistan Jan consumer inflation eases to 9-year low
  • Inflation rate fell to 2.4% year-on-year in January, statistics bureau says 
  • Inflation rate is down from a multi-decade high of around 40% in May 2023 

KARACHI: Pakistan’s consumer inflation rate fell to its lowest in more than nine years, dropping to 2.4% year-on-year in January, the statistics bureau said on Monday.

Inflation has cooled significantly, easing from 28.3% in January 2024.

Consumer prices in January rose 0.2% from the month before, according to the Pakistan Bureau of Statistics.

The South Asian country, currently bolstered by a $7 billion facility from the International Monetary Fund (IMF) granted in September, is navigating an economic recovery. The IMF is set to review Pakistan’s progress by March, with the government and central bank expressing confidence about meeting its targets.

“Inflation is lower because of the statistical base effect, also supported by currency stability and lower food and energy prices,” said Adnan Sami Sheikh, assistant vice president of research at Pakistan Kuwait Investment Company.

Pakistan’s central bank cut its benchmark interest rate by 100 basis points to 12% last week, as inflation eases and growth looks set to pick up after 1,000 basis points of rate cuts over the last six months.

The State Bank of Pakistan has slashed rates from an all-time high of 22% last June, one of the most aggressive moves among central banks in emerging markets and exceeding its 625 bps of rate cuts in 2020 during the COVID-19 pandemic.

Pakistan’s consumer inflation rate fell to 4.1% in December, its lowest in more than six years, helped by favorable base effects. That was below the government’s forecast and down from a multi-decade high of around 40% in May 2023.

After the policy rate decision, central bank Governor Jameel Ahmad told a press conference that inflation would ease further in January but noted core inflation remained elevated.

He forecast full-year inflation in the year to June would average 5.5%-7.5%. 


Umm Al Qura moves forward with IPO to fund $26bn Masar project in Makkah

Umm Al Qura moves forward with IPO to fund $26bn Masar project in Makkah
Updated 03 February 2025
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Umm Al Qura moves forward with IPO to fund $26bn Masar project in Makkah

Umm Al Qura moves forward with IPO to fund $26bn Masar project in Makkah

RIYADH: Saudi contractor Umm Al Qura for Development and Construction Co. is proceeding with an initial public offering on the main market to fund its SR100 billion ($26.6 billion) Masar Destination in Makkah.

According to a statement, the Capital Market Authority approved the company’s IPO application, allowing it to issue 130,786,142 new stocks, representing 9.09 percent of its post-capital increase shares.

Spanning 3.5 km, Masar is designed as a multi-use destination that will offer a variety of hospitality, residential, retail, and commercial spaces. The project will feature 41,000 keys across hotels, serviced apartments, and 9,000 residential units for sale.

“The net proceeds of the offering will be utilized to fund costs associated with land settlements, infrastructure, activation of the Masar destination and project financing expenditures; in addition to other general corporate expenditures, such as those relating to sales, marketing, administrative, operating and financing,” the statement said.

Masar’s retail and commercial elements will cover over 330,000 sq. meters, including a major shopping mall and retail centers. Additionally, the development will include a hospital, a mosque, office spaces, and transport infrastructure to enhance mobility and accessibility within Makkah.

Chairman of Umm Al Qura, Abdullah Saleh Kamel, said: “I am deeply grateful to our wise leadership for their efforts in supporting the development of Makkah in alignment with Vision 2030’s goals to accommodate the growing number of pilgrims and visitors.”

He added: “Our IPO offers institutional and retail investors a highly compelling opportunity to invest in the development of Masar, a landmark project in the Kingdom. As we look to the future, our listing will be a key step in executing our strategy to maximize shareholder value.” 

Yasser Abuateek, CEO of Umm Al Qura, emphasized that the firm was established in 2012 to enhance Makkah’s urban and investment landscape through Masar. 

“As we prepare to list on the Saudi Exchange, we are ready to begin a new era of accelerated growth, delivering against the ambitions of Vision 2030 to transform the residents and visitor experience in Makkah,” he said.

Abuateek described the IPO as “a vote of confidence” in the company’s track record of growth to date, as well as its “commitment to building state-of-the-art urban destinations that create unparalleled experiences.”

Umm Al Qura’s major shareholders include the Public Investment Fund, the General Organization for Social Insurance, and Dallah Al-Baraka Holding. 

Masar is set to become another major destination for residents and visitors, with 99.77 percent of the key infrastructure work already completed.

As of June 30, the company holds a strong financial position, with a capital base exceeding SR13.1 billion and additional bank facilities of over SR14 billion. The IPO is expected to attract significant interest from investors, given Makkah’s growing importance as a global religious and tourism hub.


Closing Bell: Saudi main index slips to close at 12,409

Closing Bell: Saudi main index slips to close at 12,409
Updated 02 February 2025
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Closing Bell: Saudi main index slips to close at 12,409

Closing Bell: Saudi main index slips to close at 12,409
  • Parallel market Nomu lost 145.58 points, or 0.47%, to close at 31,105.07
  • MSCI Tadawul Index gained 1.59 points, or 0.10%, to close at 1,54561

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, losing 5.62 points, or 0.05 percent, to close at 12,409.87.

The total trading turnover of the benchmark index was SR5.09 billion ($1.35 billion), as 108 of the stocks advanced and 118 retreated. 

The Kingdom’s parallel market, Nomu, lost 145.58 points, or 0.47 percent, to close at 31,105.07. This comes as 42 of the listed stocks advanced while 43 retreated. 

The MSCI Tadawul Index, however, gained 1.59 points, or 0.10 percent, to close at 1,54561. 

The best-performing stock of the day was Mutakamela Insurance Co., whose share price rose 9.74 percent to SR18.02. 

Other top performers included Allied Cooperative Insurance Group and Saudi Arabian Cooperative Insurance Co. whose share prices gained 8.55 percent to SR16 and 7.71 percent to SR17.88, respectively.

Thimar Development Holding Co. recorded the most significant drop, falling 7.5 percent to SR53.

Saudi Arabian Amiantit Co. also saw its stock prices fall 5.77 percent to SR29.40.

CHUBB Arabia Cooperative Insurance Co. saw its stock prices decline 4.26 percent to SR54.

Multi Business Group Co. announced its annual financial results for the period ending Dec. 31.

According to a Tadawul statement, the company reported a net profit of SR10.5 million last year, reflecting a 19.06 percent increase compared to 2023. 

The growth was driven by an 8 percent rise in total revenues, a 12 percent increase in gross profit, an 8 percent reduction in general and administrative expenses, and a 45 percent decrease in financing costs, despite a 161 percent surge in zakat expenses.

Multi Business Group Co. ended the session at SR18.80, up 10.43 percent.

Edarat Communication and Information Technology Co. announced its annual consolidated financial results for the period ending Dec. 31.

A bourse filing revealed that the firm recorded a net profit of SR24.6 million in 2024, reflecting a 41.98 percent rise compared to the previous year. 

The jump is primarily linked to a 31 percent rise in gross profit, which reached SR45.3 million in 2024, compared to SR34.6 million in 2023. Moreover, administrative expenses, as a percentage of revenue, dropped from 19.07 percent in 2023 to 16.71 percent in 2024, further leveraging the growth in net profit.

Edarat ended the session at SR671, up 1.55 percent.

The National Shipping Co. of Saudi Arabia announced its interim financial results for the period ending Dec. 31. According to a Tadawul statement, the firm recorded a net profit of SR2.16 billion in 2024, up 34.45 percent compared to 2023. 

The rise is owed to a surge in gross profit by SR627 million and an increase in the firm’s share in results of equity accounted investees by SR166 million. The increase in net profit was partially reduced by a decline in other income and a rise in general and administrative expenses compared to the same period last year.

National Shipping Co. of Saudi Arabia ended the session at SR29.95, down 0.67 percent.

Bank AlJazira has announced its annual financial results for the period ending Dec. 31. A bourse filing revealed that the firm recorded a net profit of SR1.23 billion in 2024, up 20.69 percent compared to 2023.

The bank ended the session at SR18.68, down 3.08 percent.

Saudi Awwal Bank also announced its annual financial results for the same period. According to a Tadawul statement, the firm recorded a net profit of SR8.07 billion in 2024, up 15.25 percent compared to 2023. This rise is due to a surge in total operating income, partially offset by a jump in total operating expenses and tax charges.

The bank ended the session at SR36.40, up 1.95 percent.