Latest news with #LEAP2025
Express Tribune
4 days ago
- Business
- Express Tribune
C/A slips back into $103m deficit
Listen to article Pakistan recorded a current account deficit of $103 million in May 2025, narrowing from a deficit of $235 million in the same month last year but reversing the $47 million surplus seen in April 2025. Although Pakistan posted a rare current account surplus of $1.8 billion during the first eleven months of FY25 — marking a significant turnaround from the $1.6 billion deficit recorded in the same period last yearexperts caution that underlying external sector vulnerabilities remain a cause for concern. "The trade deficit expanded in May 2025, increasing to $3.2 billion compared to $2.2 billion in the same period last year," wrote AHL. The overall trade balance posted a deficit of $27 billion in 11MFY25, up from $23 billion during the same period last year. "We expect the country to post a current account surplus of $1.6 billion in FY25 after 14 years," said the brokerage house. "This growth is mainly due to an increase in remittances by 26% year-on-year to $38.1 billion, in our view." The surplus was largely driven by a sharp 26% year-on-year jump in workers' remittances, which soared to $38.1 billion. This inflow has helped cushion the impact of a widening trade deficit, as goods imports surged by 11% to $54.1 billion, outpacing the modest 4% growth in goods exports that stood at $29.7 billion. Exports faced a fresh blow in May 2025, slipping by 19% year-on-year to $2.4 billion, while technology exports, once seen as a potential growth engine, edged down 1% to $329 million. This underperformance underscores Pakistan's struggle to diversify and expand its export base. Nasheed Malik of Topline Securities noted that Pakistan recorded monthly IT exports worth $329 million in May 2025, reflecting a slight decline of 1% year-on-year but an increase of 4% on a month-on-month basis. These exports were also higher than the 12-month average of $314 million. Notably, this marked the first year-on-year decline in IT exports after 19 consecutive months of growth. Export proceeds averaged $16.5 million per day in May 2025, up from $15.9 million in April 2025. Cumulatively, IT exports reached approximately $3.5 billion during 11MFY25, showing a strong 19% year-on-year increase. This impressive growth is attributed to several key factors: the expansion of Pakistani IT companies' client base globally, especially in the GCC region; the relaxation by the State Bank of Pakistan (SBP) of the permissible retention limit in Exporters' Specialised Foreign Currency Accounts from 35% to 50%; the allowance of equity investment abroad through these accounts; and the stability of the Pakistani rupee, which has encouraged exporters to repatriate a larger portion of their earnings. Pakistani IT firms have also been actively engaging with international clients, as demonstrated by their participation in major global events such as LEAP 2025 in Saudi Arabia and Web Summit Qatar 2025, said Malik. A significant development in FY25 is the SBP's introduction of a new category — Equity Investment Abroad (EIA) — specifically for export-oriented IT companies. Under this provision, IT exporters can now acquire equity stakes in foreign entities by utilising up to 50% of the proceeds from their specialised foreign currency accounts. This measure is expected to further boost the confidence of IT exporters and incentivise the repatriation of export earnings to Pakistan. Meanwhile, the services sector remains in deficit, posting a gap of $2.7 billion for the period, as service exports failed to offset persistent import demand. The primary income deficit, largely reflecting profit repatriation and interest payments on external debt, stood at a hefty $7.9 billion in 11MFY25. Adding to the concern is the sharp decline in foreign direct investment (FDI) inflows, which dropped to $1.98 billion, indicating foreign investors' cautious stance amid Pakistan's challenging economic and political landscape. Analysts warn that the recent surplus is not structural but cyclical, heavily reliant on remittances and import compression. "If imports rebound or remittance growth slows, the surplus could swiftly reverse," a market observer noted. The outlook for the external account remains uncertain, with potential risks stemming from volatile global oil prices and rising debt servicing needs, both of which could strain Pakistan's fragile external position. In May 2025, Pakistan's primary income deficit narrowed significantly by 47% year-on-year to $777 million, compared to $1,478 million in May 2024, largely due to the absence of hefty profit repatriation recorded in the same period last year. However, on a month-on-month basis, the deficit widened by 31%. Meanwhile, the balance on secondary income improved by 12% year-on-year, rising to $3.9 billion in May 2025 from $3.5 billion in May 2024, supported by strong inflows such as workers' remittances. On a month-on-month comparison, however, secondary income declined by 13% from $3.5 billion recorded in April 2025.
West Australian
11-06-2025
- Business
- West Australian
James Limnios: Housing supply needed to capitalise on IT jobs boom
The recent announcement that ECU City in Northbridge will be home to Western Australia's first Apple Foundation Program when it opens in 2026 could be a major boon for the economic diversification of our minerals-based economy. This announcement is very significant as the Apple Foundation Program is designed to produce the next generation of app developers, entrepreneurs, and digital innovators. Overall, it is estimated that 1.8 million new tech workers will be needed in Australia by 2030, and skills such as scripting languages and software development principles will be in high demand. This huge potential for this bonanza in IT jobs to transform the WA economy is further underlined by the World Economic Forum's Future of Jobs Report 2025. This groundbreaking report surveyed more than 1,000 companies around the world — representing 22 industry clusters and more than 14 million workers — to take the pulse of the job market and uncover how organisations expect it to evolve between now and 2030. According to the executives who were surveyed, the three fastest-growing jobs in percentage terms are big data specialists, fintech engineers, as well as artificial intelligence (AI) and machine learning specialists. A huge 86 per cent of respondents to the survey expected AI and information processing technologies to transform their business by 2030. It is for this precise reason that Saudi Arabia is making significant strides in AI investments, with a total of $14.9 billion announced at the LEAP 2025 conference, aiming to position the Kingdom as a global leader in digital innovation. While the new Apple Foundation Program at ECU Central will be a critical building block in ensuring that WA shares in this global boom in IT jobs, we still need a smarter housing policy so we can fully capitalise on this expected boom and help diversify our economy. The essential role housing will play in capturing this massive new jobs growth in sectors such as AI was confirmed during my recent business trip to Greece, where our company is a marketing partner in the massive Ellinikon urban renewal development in Athens. My involvement in the Ellinikon project has been an amazing professional experience as the project has fully embraced the 'smart concept' and AI. It has highlighted to me the rapid growth in IT, its mobility throughout the world and the housing requirements for this sector as well as the need for 'smart housing'. The Ellinikon development is attracting very strong interest from IT professionals throughout the world who now have the freedom to live from virtually anywhere in the world because of our global digital economy. They are attracted to living in the Ellinikon development because it will become one of the world's greatest urban villages due to outstanding planning and its location in a prime Athens location. These IT specialists want to relocate to a safe family-oriented environment that offers an excellent lifestyle with lots of nearby facilities within walking distance. Perth is equally well positioned to attract IT specialists from throughout the world because we tick many of the lifestyle requirements they are seeking, except for one major deficiency. Unfortunately, we cannot compete in the type of housing they require. This is because over recent years, the entire focus of our housing strategy has been to help solve our housing crisis through urban sprawl. This has involved the fast-tracking of new housing developments in the outer Perth rim where there are few amenities and a strong sense of community. The thousands of new houses that are being constructed in these urban fringe areas virtually all look the same, are boring and lack any genuine diversity that smartly designed new urban infill housing developments can now offer and what young IT professionals want. Modern infill developments do not mean high-rise towers but an exciting mix of townhouses, boutique apartment complexes, and villas. So, when WA has a historic opportunity to transition from a commodity-based State economy like Saudi Arabia into a society with a much broader economic base that includes a strong IT international sector, housing is once again our weakness. That is why we need to work quickly to put together an action plan that will provide desperately needed infill developments in near city locations. This will allow Perth to take advantage of the massive economic benefits that will flow from the huge opportunities in the global IT sector. To make this happen, housing and infill development have to become an integral part of our economic development and investment strategy at the State Government level as soon as possible. The clock is ticking, and we don't have time to waste if we are not to miss out on this golden opportunity that the global IT sector can offer WA. James Limnios is Managing Director of Limnios Property Group
Syyaha
04-05-2025
- Business
- Syyaha
Qualcomm, Aramco, and Saudi Arabia's Research, Development, and Innovation Authority announce startups selected for 'Design in Saudi Arabia with AI' accelerator program
Qualcomm, through its subsidiary Qualcomm Technologies International, Inc., Aramco, through its subsidiary Aramco Overseas Company B.V., together with Saudi Arabia's Research, Development, and Innovation Authority (RDIA) today announced the startups selected to participate in the inaugural 'Design in Saudi Arabia with AI' (DISAI) accelerator is a collaborative effort between Qualcomm, Aramco, and RDIA, launched at LEAP 2025 to empower early-stage startups in AI, IoT, and wireless technologies. The program underscores Qualcomm's commitment to fostering technological advancement and digital transformation in the Kingdom of Saudi initiative aims to enhance the Kingdom's technology innovation ecosystem by helping to nurture early-stage startups by providing intellectual property training and guiding them from product design and development through commercialization. The selected participants will gain access to Qualcomm Technologies' mentorship, Aramco's industrial experience, and RDIA's strategic six selected startups, listed alphabetically, are:• Agile Loop: AI-driven integration of user and enterprise workflows with IoT devices using agentic edge AI.• Manyface: Predictive maintenance, sensor monitoring, and processing for oil and gas wells using edge AI.• Mobisense: Real-time speech-to-text transcription and LLM-based summarization, categorization, and responsiveness embedded in 5G networks, ensuring data privacy.• Orbital Universe: Carbon sequestration monitoring in Saudi Arabian mangrove plantations using edge AI, IoT sensors, and space imaging data.• Pix Convey: Modular AGV chassis with intelligent map-less navigation for diverse applications, including passenger transportation and logistics. • Thakaa Med: Advanced diagnostic and treatment solutions using edge AI to enhance workflows and optimize operations for healthcare institutions. 'As someone new to the Kingdom, I am genuinely impressed by the talent, entrepreneurial spirit, and ingenuity represented by the inaugural DISAI cohort members,' said Sudeepto Roy, Qualcomm Incorporated Vice President, Engineering. 'Their innovative approaches in the industrial, healthcare, and sustainability sectors, along with advanced 5G connectivity, edge AI, and IoT integration, are truly world class. The high quality of submissions was such that we decided to mentor six startups instead of the originally planned five. Qualcomm is honored to be part of their journey and eagerly anticipates their future successes.''We are proud to join forces with Qualcomm and RDIA on the first national run of this critical program,' said Sami A. Ajmi, Aramco Acting Senior Vice President of Digital & Information Technology. 'Through our Saudi Accelerated Innovation Lab (SAIL), we are dedicated to the pursuit of fostering digital transformation and industrial innovation in the Kingdom. The DISAI program exemplifies our continued dedication to building a strong technology sector and supporting Saudi entrepreneurs. We are excited to see the innovative solutions these startups can develop by harnessing the limitless potential of advanced AI, IoT, and digital technologies to make a positive impact in the Kingdom and beyond.''RDIA is dedicated to empowering Saudi Arabia's talented minds and fostering a culture of innovation,' said Dr. Mohammed Alotaibi, RDIA Acting Head. 'The DISAI program highlights the strong talent and forward-thinking approaches of our inaugural cohort. Their work in the industrial, healthcare, and sustainability sectors, enhanced by advanced technologies, shows their potential to drive significant change. We are proud to support these innovators as they pave the way for a prosperous future that is aligned with Saudi Vision 2030. ' The DISAI program's incubation period will run from April until November 2025, with the shortlisted startups participating in a finale event, during which they will demonstrate their products and services. Throughout the program, the startups will receive guidance from Qualcomm and Aramco's experts, receive patent training, get to experience Qualcomm Technologies' leading advanced AI technologies, and have the opportunity to connect with potential investors and partners.
CairoScene
02-05-2025
- Business
- CairoScene
Qualcomm, Aramco & RDIA Launch AI Accelerator to Boost Saudi Startup
The six startups 0 chosen from a competitive pool - span sectors such as healthcare, sustainability, and industrial automation. May 02, 2025 Qualcomm Technologies, Aramco, and Saudi Arabia's Research, Development, and Innovation Authority (RDIA) have launched the 'Design in Saudi Arabia with AI' (DISAI) accelerator, selecting six startups to drive innovation in artificial intelligence (AI), IoT, and wireless technologies. The launch was announced at the LEAP 2025 tech conference. The six startups - chosen from a competitive pool - span sectors such as healthcare, sustainability, and industrial automation. Agile Loop integrates IoT devices with enterprise workflows using edge AI, while Manyface applies predictive maintenance to oil and gas infrastructure. Mobisense enhances 5G privacy with real-time speech-to-text and AI analysis. Orbital Universe tracks carbon sequestration in mangroves using satellite and IoT data. Pix Convey develops autonomous vehicles for logistics. Finally, Thakaa Med optimises healthcare diagnostics with AI. Running from April to November 2025, the program offers mentorship from Qualcomm and Aramco experts, patent training, and access to advanced AI technologies. Startups will showcase their solutions at a November finale event, connecting with investors and partners. The DISAI program expands Qualcomm's Saudi Accelerated Innovation Lab (SAIL), reinforcing commitments to industrial digitisation.
Zawya
01-05-2025
- Business
- Zawya
Qualcomm, Aramco, and Saudi Arabia's RDIA announce startups selected for DISAI accelerator program
Dubai, United Arab Emirates – Qualcomm, through its subsidiary Qualcomm Technologies International, Inc., Aramco, through its subsidiary Aramco Overseas Company B.V., together with Saudi Arabia's Research, Development, and Innovation Authority (RDIA) today announced the startups selected to participate in the inaugural 'Design in Saudi Arabia with AI' (DISAI) accelerator program. DISAI is a collaborative effort between Qualcomm, Aramco, and RDIA, launched at LEAP 2025 to empower early-stage startups in AI, IoT, and wireless technologies. The program underscores Qualcomm's commitment to fostering technological advancement and digital transformation in the Kingdom of Saudi Arabia. This initiative aims to enhance the Kingdom's technology innovation ecosystem by helping to nurture early-stage startups by providing intellectual property training and guiding them from product design and development through commercialization. The selected participants will gain access to Qualcomm Technologies' mentorship, Aramco's industrial experience, and RDIA's strategic guidance. The six selected startups, listed alphabetically, are: Agile Loop: AI-driven integration of user and enterprise workflows with IoT devices using agentic edge AI. Manyface: Predictive maintenance, sensor monitoring, and processing for oil and gas wells using edge AI. Mobisense: Real-time speech-to-text transcription and LLM-based summarization, categorization, and responsiveness embedded in 5G networks, ensuring data privacy. Orbital Universe: Carbon sequestration monitoring in Saudi Arabian mangrove plantations using edge AI, IoT sensors, and space imaging data. Pix Convey: Modular AGV chassis with intelligent map-less navigation for diverse applications, including passenger transportation and logistics. Thakaa Med: Advanced diagnostic and treatment solutions using edge AI to enhance workflows and optimize operations for healthcare institutions. "As someone new to the Kingdom, I am genuinely impressed by the talent, entrepreneurial spirit, and ingenuity represented by the inaugural DISAI cohort members,' said Sudeepto Roy, Qualcomm Incorporated Vice President, Engineering. 'Their innovative approaches in the industrial, healthcare, and sustainability sectors, along with advanced 5G connectivity, edge AI, and IoT integration, are truly world class. The high quality of submissions was such that we decided to mentor six startups instead of the originally planned five. Qualcomm is honored to be part of their journey and eagerly anticipates their future successes." "Qualcomm is proud to use its world-leading expertise and partner with Aramco and RDIA on the first national run of this critical program," said Sami A. Ajmi, Aramco Acting Senior Vice President of Digital & Information Technology. "Through our Saudi Accelerated Innovation Lab (SAIL), we are dedicated to the pursuit of fostering digital transformation and industrial innovation in the Kingdom. The DISAI program exemplifies our continued dedication to supporting Saudi entrepreneurs and helping the Kingdom become one of the premier global destinations for tech innovation. We are excited to see the bleeding edge solutions these startups will develop by harnessing the limitless potential of advanced AI, IoT, and digital technologies to make a positive impact in the Kingdom and beyond." "RDIA is dedicated to empowering Saudi Arabia's talented minds and fostering a culture of innovation,' said Dr. Mohammed Alotaibi, RDIA Acting Head. 'The DISAI program highlights the strong talent and forward-thinking approaches of our inaugural cohort. Their work in the industrial, healthcare, and sustainability sectors, enhanced by advanced technologies, shows their potential to drive significant change. We are proud to support these innovators as they pave the way for a prosperous future that is aligned with Saudi Vision 2030. " The DISAI program's incubation period will run from April until November 2025, with the shortlisted startups participating in a finale event, during which they will demonstrate their products and services. Throughout the program, the startups will receive guidance from Qualcomm and Aramco's experts, receive patent training, get to experience Qualcomm Technologies' leading advanced AI technologies, and have the opportunity to connect with potential investors and partners. About Qualcomm Qualcomm relentlessly innovates to deliver intelligent computing everywhere, helping the world tackle some of its most important challenges. Building on our 40 years of technology leadership in creating era-defining breakthroughs, we deliver a broad portfolio of solutions built with our leading-edge AI, high-performance, low-power computing, and unrivaled connectivity. Our Snapdragon® platforms power extraordinary consumer experiences, and our Qualcomm Dragonwing™ products empower businesses and industries to scale to new heights. Together with our ecosystem partners, we enable next-generation digital transformation to enrich lives, improve businesses, and advance societies. At Qualcomm, we are engineering human progress. Qualcomm Incorporated includes our licensing business, QTL, and the vast majority of our patent portfolio. Qualcomm Technologies, Inc., a subsidiary of Qualcomm Incorporated, operates, along with its subsidiaries, substantially all of our engineering and research and development functions and substantially all of our products and services businesses, including our QCT semiconductor business. Snapdragon and Qualcomm-branded products are products of Qualcomm Technologies, Inc. and/or its subsidiaries. Qualcomm patents are licensed by Qualcomm Incorporated. About the Research, Development, and Innovation Authority The Research, Development, and Innovation Authority seeks to enhance collaboration among the public, private, and academic sectors and provide advanced infrastructure and facilities dedicated to entrepreneurs and innovative startups. This contributes to developing local investments and attracting international partnerships, in addition to providing financing opportunities, guidance, and capacity development, which in turn drives economic growth.
