Tata Consultancy Services (TCS), a global leader in IT services, consulting, and business solutions, has launched a suite of AI-driven innovations in partnership with Google Cloud at its newly established Google Cloud Gemini Experience Center (GEC) within the TCS Pace Studio in Riyadh.

The collaboration brings together TCS’ domain expertise in AI and GenAI with Google Cloud’s advanced infrastructure and platforms, aiming to accelerate enterprise AI adoption across the Middle East and Africa (MEA) region. The GEC will serve as a dynamic innovation hub where clients can conceptualise and prototype next-generation AI solutions using Google Cloud’s suite of AI and GenAI capabilities. These solutions are designed to address key business challenges across sectors such as retail, finance, logistics, and telecommunications, driving improved customer experiences, operational efficiency, and resilient supply chains.

“Our collaboration with TCS in launching the Google Cloud Gemini Experience Center in Riyadh marks a pivotal moment in accelerating AI innovation across the region. This center will empower businesses to harness the full potential of Google Cloud’s AI, fostering a new era of digital transformation to solve real-world challenges,” said Bader Almadi, country manager, Kingdom of Saudi Arabia, Google Cloud.

Through the partnership, enterprises will gain access to:

• Rapid prototyping environments: enabling organisations to experiment with Google’s Gemini models, Vertex AI, BigQuery, and Google Agentspace to co-develop innovative solutions.

• AI-optimised infrastructure: powered by Google Cloud GPUs and TPUs for accelerated and scalable AI testing and deployment.

• Expert collaboration: supported by TCS’ Google Cloud-certified AI specialists, data scientists, and solution architects to ensure secure, responsible, and high-impact AI implementations.

“At TCS, we are committed to empowering our clients in the Middle East and Africa with cutting-edge AI and GenAI capabilities. The launch of the Google Cloud Gemini Experience Center at our Riyadh Pace Studio marks a significant milestone in our journey to drive digital transformation in the region. By combining our deep industry expertise with Google Cloud’s technologies, we aim to co-create innovative, scalable AI solutions that unlock new value and accelerate business outcomes across sectors,” said Sumanta Roy, president and regional head of MEA, TCS.

TCS has been recognised globally for its partnership with Google Cloud, receiving multiple awards at Google Cloud Next 2025, including Partner of the Year Awards for Artificial Intelligence, Data & Analytics, Talent Development, Financial Services & Insurance, and Application Development across the Asia Pacific region.

The initiative further strengthens TCS’ long-standing presence in the MEA region, where it has operated for over three decades, serving more than 150 customers across nine countries. With expertise spanning manufacturing, healthcare, retail, media, BFSI, and consumer goods, TCS continues to drive innovation and digital transformation. The company has also been recognised as a Top Employer in the UAE, Saudi Arabia, and South Africa for eight consecutive years by the Top Employers Institute.

Al-Futtaim, one of the Middle East’s largest conglomerates, announced a strategic investment of SAR10bn (approximately $2.72bn) over the next three years in Saudi Arabia.

The commitment builds on Al-Futtaim’s existing investments exceeding SAR5bn in the kingdom and was unveiled on the first day of the Future Investment Initiative (FII) in Riyadh.

The investment is expected to create more than 1,000 new jobs and support local talent development, knowledge transfer, and the growth of robust supply chains.

Al-Futtaim shows support for kingdom’s 2030 goals

“Saudi Arabia’s Vision 2030 demands an approach that goes beyond mere deployment of capital. It requires partners who bring operational expertise, regional experience, and a genuine commitment to building from within,” said Marwan Shehahdeh, group director, Corporate Development at Al-Futtaim. “Our SAR10bn pledge is a tangible expression of our confidence in the kingdom’s potential and our readiness to actively contribute to its economic diversification and innovation agenda.”

Al-Futtaim’s investments are strategically targeted at sectors aligned with Vision 2030 objectives:

• Mobility transformation: The group is accelerating e-mobility in Saudi Arabia, introducing advanced electric vehicle technologies through partnerships with global brands such as BYD and expanding commercial vehicle offerings to support sustainable transport solutions.
• Retail experiences: A significant stake acquisition of 49.95 per cent in Cenomi Retail will allow Al-Futtaim to enhance omnichannel, AI-enabled, customer-centric retail offerings, bringing leading global brands and lifestyle experiences to the Saudi market.
• Insurance and financial services: Through Orient Insurance, the company is strengthening the kingdom’s financial sector, promoting economic inclusion and resilience with customer-focused insurance and financing solutions.
• Real estate development: Al-Futtaim plans to develop modern, integrated urban spaces to support Saudi Arabia’s urban transformation and enhance community connectivity and quality of life.

“Throughout FII9, we will highlight our integrated approach to contributing to the kingdom’s transformative agenda,” Shehahdeh added. “Our strategic investments are a commitment to fostering a dynamic ecosystem where innovation flourishes, local talent excels, and Vision 2030 is realised through collaborative effort.”

The move positions Al-Futtaim as a key driver of localisation, talent development, and diversified growth in Saudi Arabia, underscoring the company’s long-term commitment to the kingdom’s economic and social transformation.

Parsons Corporation announced that it has been awarded a SAR210m ($56m) contract for Phase 2 of the Diriyah project by Diriyah Company, a wholly owned subsidiary of Saudi Arabia’s Public Investment Fund (PIF). The five-year contract, secured in the first half of 2025, represents new work for the company and further strengthens its long-standing partnership with the Kingdom.

Under the contract, Parsons will lead the design and delivery of a series of iconic and neighborhood parks, open spaces, and over 55 kilometers of streetscape. The company’s scope also includes design and construction supervision for the Diriyah Phase 2 Public Realm, which encompasses streets, footpaths, accessible open spaces, and civic buildings and facilities. The objective is to create a vibrant, inclusive environment that enhances livability, accessibility, and community well-being.

“It is an honor to work with Diriyah Company on creating this iconic mixed-use destination that celebrates Saudi’s rich culture and heritage. This unique urban development program will use the latest technology and urban planning practices blended with the city’s traditional Najdi architecture design, which dates back 300 years,” said Pierre Santoni, president, infrastructure EMEA at Parsons. “Our team is committed to leveraging our nearly seven decades of experience in the Kingdom combined with our expertise in innovation to advance Diriyah Company’s important program goals.”

Read: RTA appoints Parsons to oversee Dubai Metro Blue Line

Diriyah, home to the At-Turaif UNESCO World Heritage Site, is the birthplace of the Kingdom of Saudi Arabia and the ancestral home of the House of Al Saud. The Diriyah Company is developing the destination into a fully integrated mixed-use urban community located just 15 minutes from central Riyadh. The project combines traditional Najdi architectural styles with modern urban design principles, aiming to make the area 100 per cent walkable while offering residential, retail, hospitality, and cultural experiences that pay tribute to the Kingdom’s heritage.

Commenting on the partnership, Jerry Inzerillo, group CEO of Diriyah Company, said: “We are delighted to be working with such a world-class firm as Parsons as we accelerate the development of Diriyah’s $63.2bn development. This contract will play an important role in ensuring we achieve our goal of delivering a human-centric walkable city for approximately 100,000 residents, a contemporary working environment for tens of thousands and a place to welcome nearly 50 million visits a year in the future.”

Parsons first began working with the Public Investment Fund in 2017 and has since played a key role in advancing the Kingdom’s giga-project ecosystem. Its portfolio includes major developments such as NEOM THE LINE, NEOM Oxagon, Soudah Peaks, and Rua Al Madina, among others—all of which contribute to Saudi Vision 2030, the national strategy aimed at economic diversification and global leadership in urban development.

With over 65 years of experience in Saudi Arabia and more than 50 active projects across the country, Parsons continues to be a trusted partner in shaping the Kingdom’s future cities. The company’s expertise spans urban and destination development, transport infrastructure, smart mobility, asset management, sustainability, and resilience, reinforcing its position as a key enabler of Saudi Arabia’s transformation journey.

The Middle East and North Africa (MENA) region recorded 11 initial public offerings (IPOs) raising a total of $700m in Q3 2025, up 120 per cent from a year earlier, according to the EY MENA IPO Eye Q3 2025 report.

The rise was driven largely by mid-market activity, with Saudi Arabia once again dominating regional listings.

The kingdom accounted for eight of the 11 IPOs, raising $637m in proceeds. Dar Al Majed Real Estate Company led with the region’s largest IPO of the quarter at $336m, representing 45.5 per cent of total funds raised.

The other major listings on Saudi Arabia’s Tadawul Main Market included Marketing Home Group for Trading Co., which raised $109m, and Sport Clubs Company, which raised $69m.

The remaining IPOs launched on the Nomu parallel market collectively raised $124.1m, with activity spanning retail, healthcare, and industrial services.

Beyond the Gulf, Egypt saw the listings of Bonyan For Development & Trade SAE and National Printing Company (NPC), while Morocco’s Vicenne also debuted on the market, reflecting a widening base of issuers across the MENA region.

“The performance this past quarter reflects the increasing depth and maturity of MENA capital markets, supported by a steady pace of listings across multiple sectors and geographies,” said Brad Watson, EY-Parthenon MENA Leader.

“Companies are becoming increasingly strategic with market timing, carefully assessing investor sentiment and macroeconomic conditions before going public. With strong regulatory frameworks and a healthy pipeline leading into Q4 2025, the region is well-positioned for sustained, long-term growth likely to attract continued international participation.”

Regional equity performance remained strong, with the MSCI Emerging Markets Index gaining 25 per cent, followed by Egypt’s EGX 30 Index at 23.3 per cent and Kuwait’s Premier Market Index at 19.6 per cent.

Gregory Hughes, EY-Parthenon MENA IPO Leader, said Saudi Arabia continued to drive regional listings despite lower oil prices, adding that “the sector focus for Saudi IPOs shifted from healthcare and mobility in Q2 2025 to real estate, hospitality, construction, and retail in Q3.”

MENA IPO pipeline

The IPO pipeline remains solid, with 19 companies and funds across MENA intending to list in the coming months.

Saudi Arabia leads with 13 planned IPOs, including Almasar Alshamil Education Company and Al Romansiah Company, both of which have received approval from the Capital Market Authority (CMA). In the UAE, ALEC Holdings PJSC listed on the Dubai Financial Market (DFM) on October 15, 2025.

Outside the GCC, Algeria’s Diar Dzair and Morocco’s Gharb Papier Et Carton SA have announced plans to go public, pending regulatory approval.

EY noted that ongoing regulatory reforms continue to enhance the region’s capital markets. In the UAE, updated governance rules now permit the combination of board chair and CEO roles under defined conditions, while Saudi Arabia’s CMA has launched consultations on amendments to market-making regulations and foreign ownership limits to boost liquidity and transparency.

“The region’s IPO story continues to strengthen, underpinned by diversification, policy momentum, and growing focus on ESG integration,” EY said, adding that these trends are positioning MENA as a key hub for capital formation and investment in 2025 and beyond.

At the Security Analyst Summit in Thailand, Kaspersky’s Global Research and Analysis Team (GReAT) revealed the latest wave of BlueNoroff APT activity through two newly identified campaigns — GhostCall and GhostHire. The sophisticated operations, active since at least April 2025, have been targeting Web3 and cryptocurrency organisations across India, Turkiye, Australia, and multiple countries in Europe and Asia.

BlueNoroff, a subdivision of the notorious Lazarus Group, has expanded its long-running SnatchCrypto campaign — a financially motivated initiative targeting the global crypto industry. The new GhostCall and GhostHire operations employ advanced infiltration techniques and custom-built malware designed to compromise blockchain developers and executives on macOS and Windows systems through a unified command-and-control infrastructure.

The GhostCall campaign primarily targets macOS users, beginning with highly personalised social engineering attacks. Threat actors initiate contact through Telegram, impersonating venture capitalists and, in some cases, using compromised accounts of real entrepreneurs to promote false investment or partnership opportunities. Victims are invited to fake investment meetings on phishing websites that mimic Zoom or Microsoft Teams, where they are prompted to “update” their client — triggering the download of a malicious script.

“This campaign relied on deliberate and carefully planned deception. Attackers replayed videos of previous victims during staged meetings to make the interaction appear like a real call and manipulate new targets. The data collected in this process is then used not only against the initial victim but also exploited to enable subsequent and supply-chain attacks, leveraging established trust relationships to compromise a broader range of organisations and users,” comments Sojun Ryu, security researcher at Kaspersky GReAT.

The investigation revealed seven multi-stage execution chains, four of which were previously unknown, distributing customised payloads such as crypto stealers, browser credential stealers, secrets stealers, and Telegram credential stealers.

In contrast, the GhostHire campaign targets blockchain developers through fake recruitment schemes. Posing as recruiters, attackers send victims GitHub repositories containing malware disguised as coding assessments. The campaign shares infrastructure and tools with GhostCall but relies on Telegram bots to deliver ZIP files or GitHub links with short completion deadlines. Once executed, the malware installs itself based on the operating system, providing attackers with persistent access.

The use of generative AI has significantly enhanced BlueNoroff’s ability to scale and refine its attack methodologies. The group has adopted new programming languages, introduced additional malware features, and leveraged AI to analyze stolen data and identify high-value targets.

“Since its previous campaigns, the threat actor’s targeting strategy has evolved beyond simple cryptocurrency and browser credential theft. The use of generative AI has significantly accelerated this process, enabling easier malware development with reduced operational overhead. This AI-driven approach helps to fill the gaps in available information, enabling more focused targeting. By combining compromised data with AI’s analytical capabilities, the scope of these attacks has expanded. We hope our research will contribute to preventing further harm,” comments Omar Amin, senior security researcher at Kaspersky GReAT.

To defend against campaigns like GhostCall and GhostHire, Kaspersky recommends:

• Verifying all investment or recruitment proposals and confirming the identity of contacts via trusted corporate channels.

• Treating all unsolicited communication with caution, even from known contacts, as their accounts may be compromised.

• Using comprehensive security solutions such as Kaspersky Next, which provides EDR/XDR capabilities for real-time protection and visibility.

• Leveraging managed services like Kaspersky Managed Detection and Response (MDR), Incident Response, and Compromise Assessment to strengthen security operations.

• Equipping InfoSec teams with Kaspersky Threat Intelligence for actionable insights and early risk detection.

Kaspersky’s latest findings underline the growing convergence of AI and cybercrime — and the escalating risks facing the Web3 and digital asset sectors.