
First Gulf Company and Arabsat to deliver satellite data services across KSA
First Gulf Company(FGC) and Arabsat have teamed up to deliver exclusive VSAT and satellite data services across the Kingdom of Saudi Arabia. This agreement leverages Arabsats Geo KU-band infrastructure and FGCs operational capabilities to provide high-capacity, fully managed data and IP-based services, delivering reliable connectivity across the Kingdom of Saudi Arabia for telcos, MNOs and ISPs.
The service enables organisations to maintain and monitor business operations even in the most remote areas, helping to reduce operational risks, enhance security and increase profitability, particularly for the oil & gas and mining sectors. This partnership reflects our shared commitment to advancing digital connectivity, supporting national infrastructure, and enabling digital transformation across the government and private sectors in Saudi Arabia.
Joe Chbat, Executive Vice President of Systems Division, First Gulf Company, said: 'At First Gulf Company, weve always focused on delivering advanced engineering solutions for the broadcast and telecom sectors. This partnership with Arabsat marks a strategic expansionextending our capabilities to help increase digital connectivity across the Kingdom. Together, were not just providing a service; were empowering nationwide access to resilient, high-capacity infrastructure that supports Saudi Arabias digital future.'
Alhamedi Alanezi, President and CEO, Arabsat, added: 'We are thrilled to embark on this strategic partnership with First Gulf Company, a collaboration that underscores Arabsats unwavering commitment to advancing digital connectivity and supporting Saudi Arabias ambitious digital transformation agenda. By leveraging our advanced satellite infrastructure and FGCs robust operational capabilities, we are set to deliver unparalleled VSAT and satellite data services. This partnership is a significant stride towards a more connected and digitally empowered future for Saudi Arabia.'
Starting at 140 Mbps and expected to grow by more than 70% throughout the terms of the contract, the service is designed to scale with market demand and evolving customer needs, adopting emerging technologies such as IoT, cloud computing and AI-driven applications, while contributing to the Kingdoms broader growth ambitions. Together, we are laying the foundation for the digital backbone of the industry, supporting resilient, future-ready infrastructure that will power Saudi Arabias connected future.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Zawya
an hour ago
- Zawya
HDBank Hits Record H1 Pre-tax Profit
HO CHI MINH CITY, VIETNAM - Media OutReach Newswire - 7 August 2025 - HDBank (HoSE: HDB) has reported a record pre-tax profit of VND10.1 trillion (US$383 million) for the first half of 2025, up 23.3 per cent year-on-year, driven by strong digital transformation, robust credit growth, and prudent risk management. In Q2 alone, the bank posted VND4.7 trillion ($179 million) in pre-tax profit. Total operating income grew 30 per cent to nearly VND20.8 trillion ($791 million), supported by a 15.8 per cent rise in net interest income and a 210 per cent surge in non-interest income, notably from digital banking and forex trading. Digitalisation enhanced cost efficiency, with the cost-to-income ratio falling to 25.5 per cent. HDBank maintained high profitability with a return on equity (ROE) of 26.5 per cent and return on assets (ROA) of 2.2 per cent. As of June 30, total assets stood at VND784 trillion ($29.8 billion), up 12.4 per cent year-to-date. Customer deposits reached VND664 trillion ($25.2 billion), rising 7 per cent, while outstanding loans climbed 18.2 per cent to over VND517 trillion ($19.6 billion), nearly double the sector-wide growth. Credit was channeled to infrastructure, manufacturing, consumption, and low-risk sectors. Its non-performing loan (NPL) ratio was kept low at 1.94 per cent, and the capital adequacy ratio (CAR) exceeded 13 per cent under Basel II. The bank continued to support key government and central bank programmes, including loans for affordable housing, digital infrastructure, high-tech agriculture, and green finance. Subsidiaries under HD Financial Group also recorded strong performances. HD SAISON served 15.5 million customers across 27,100 service points, with a H1 pre-tax profit of VND709 billion ($26.9 million), up 18 per cent. Vikki Digital Bank, formerly Đông Á Bank, surpassed one million app downloads in five months. HD Securities reported VND382 billion ($14.5 million) in profit and an ROE of 29 per cent, ranking among the top 10 most profitable brokerages. Digital channels contributed 75 per cent of new customer acquisitions in Q2, while 94 per cent of individual transactions were made online. The bank continues to expand its digital ecosystem with AI-driven solutions and advanced platforms. HDBank recently received several prestigious awards, including from Forbes Vietnam and the ASEAN Corporate Governance Awards 2025. Hashtag: #HDBank The issuer is solely responsible for the content of this announcement. HDBank

Economy ME
2 hours ago
- Economy ME
Gold prices rise 27 percent this year, but is the rally over?
President Donald Trump continues to hold considerable influence over global markets, including commodities. Last month, attention centered on intense trade negotiations ahead of the self-imposed August 1 deadline. While a framework deal was reached between the U.S. and EU, and talks with China continued ahead of the mid-August expiry of a 90-day tariff truce, other U.S. trading partners struggled to secure agreements. In light of these developments, U.S. equities extended their rally, while precious metals spent July consolidating their first-half gains, said Saxo Bank in a recent analysis. Gold has traded sideways for four months, allowing silver and platinum to catch up. With year-to-date gains near 27 percent for gold and silver prices and nearly 50 percent for platinum, investors are naturally asking: Is the rally over? Gold continues to trade in narrow range In July, the S&P 500 and Nasdaq both hit record highs, supported by surprisingly strong U.S. economic data. That strength delayed rate cut expectations, lifted Treasury yields and gave the dollar a modest boost after months of weakness. In commodities, silver and platinum extended their rallies, regaining some ground compared to gold prices, which continues to trade in a narrow range after hitting a record high of $3,500 in April. Platinum briefly reached a year-to-date gain of 61 percent, while silver came close to $40—its highest since 2011, though still below the all-time peak of $50. 'Also supporting silver and platinum early in the month was a surge in High-Grade copper prices in New York, which hit a record $5.8955/lb on July 8. This followed President Trump's surprise suggestion of a 50 percent tariff on copper imports—double what markets had priced in. The remark drove the premium over LME copper in London to a record 34 percent, sparking a rush to ship copper into the U.S. ahead of the deadline,' said Ole Hansen, head of commodity strategy, Saxo Bank. That trade unraveled last week when Trump, in a sudden reversal, announced that refined copper—traded on futures exchanges—would be excluded from the tariff until at least January 2027. Lower U.S. interest rates could reignite demand After a stellar first half, investment metals like silver and gold entered a consolidation phase in July, with some volatility triggered by copper's sharp moves. But is the rally over? Hansen says, 'We don't believe so.' He notes that recent data weakness in the U.S. has reopened the door for Fed rate cuts. Friday's dismal jobs report, including sharp downward revisions to prior months, has led markets to almost fully price in a cut at the next FOMC meeting on September 17, with more expected into 2026. The effective Fed funds rate is now seen 125 basis points lower by next September. 'The key drivers that have propelled metals higher in recent years remain intact, and additional tailwinds could emerge in the second half,' he added. Most notably, the mentioned prospect of lower U.S. interest rates could reignite demand, especially for metal-backed ETFs, by reducing the opportunity cost of holding non-yielding assets like precious metals, compared to short-dated government bonds. Read: Dubai 24-carat gold price dips to AED407, global rates decline as investors await Trump's Fed appointments Central bank buying persists 'To understand gold's enduring appeal—and by extension, that of silver and platinum—it's important to recognise what sets these metals apart. Precious metals are politically neutral, unlike sovereign bonds or fiat currencies,' he added. They are universally recognized as a store of value, not tied to the creditworthiness of any nation, which is why central banks are increasingly allocating to gold as a core reserve asset. Gold demand reached 1,249 tons in the second quarter of 2025, a 3 percent increase year-on-year amid a high price environment. Strong gold investment flows largely fuelled quarterly growth, as an increasingly unpredictable geopolitical environment and price momentum sustained demand, according to the World Gold Council's Q2 2025 Gold Demand Trends report. The report revealed that central banks continued to buy gold, albeit at a slower pace, adding 166 tons in Q2 2025. Despite this deceleration, central bank buying remains at significantly elevated levels due to ongoing economic and geopolitical uncertainty. For its part, the World Gold Council said the macroeconomic environment remains highly unpredictable, which may underpin further gains for gold prices. Any material deterioration in global economic or geopolitical conditions could further amplify gold's safe-haven appeal, potentially pushing prices higher.


Zawya
2 hours ago
- Zawya
Solace Appoints Yo Ohara as Country Manager for Japan
Veteran enterprise software leader to drive adoption of event-driven architecture and expand Solace's footprint in Japan TOKYO, JAPAN - Media OutReach Newswire - 7 August 2025 - Solace, the leader in powering real-time, event-driven integration for the agentic age, today announced the appointment of Yo Ohara as country manager for Japan, reinforcing the company's commitment to accelerating digital transformation across the country. With over 25 years of leadership experience in enterprise software, Ohara brings a proven track record of driving growth and innovation in Japan's dynamic technology landscape. Prior to joining Solace, he served as Japan country leader at Software AG, where he led strategic initiatives in API integration, business process management, and IoT analytics. He also held senior leadership roles at ABBYY, Nuance Communications, and Sun Microsystems, consistently delivering results through customer-centric strategies and high-performing teams. "Japan is a critical market for Solace as we continue to help organizations modernize their IT infrastructure through event-driven integration. Yo's deep industry expertise makes him our instrumental leader to expand our presence and help organizations capitalize on the transformative potential of data and AI in Japan," said Kent Nash, EVP, global sales of Solace. Ohara will lead Solace's Japan operations from its expanded Tokyo office, focusing on scaling customer engagement, strengthening the partner ecosystem, and enabling enterprises to leverage real-time data movement via Solace's advanced event streaming and management platform. Under Ohara's leadership, the Tokyo team is well-positioned to support rising demand for event-driven architecture and deliver greater value to customers across industries. Solace is deeply committed to supporting digital innovation in Japan by helping organizations become more agile, responsive, and connected. Through its industry-leading event-driven integration and agentic AI solutions, Solace enables enterprises to distribute data in real-time across diverse environments — from on-premises to cloud to IoT — enabling faster decision-making and enhanced customer #Solace The issuer is solely responsible for the content of this announcement. Solace Solace helps enterprises adopt AI by enabling real-time, event-driven integration across their entire business. Built on a modern event-driven architecture, Solace Platform connects systems, applications, and AI agents with the data they need — securely, seamlessly, and at scale. Established enterprises worldwide – including RBC Capital Markets, Heineken, PSA Singapore and Schwarz Group – trust Solace to enable time-sensitive applications and processes; modernize their application and integration landscape; and create seamless digital experiences for their customers, partners and employees. Learn more at Solace