Sable Company, one of the SALIC companies affiliated with the Public Investment Fund, announced the launch of its new strategy to provide integrated logistical solutions in the agricultural food sector, in a way that enhances the efficiency of supply chains and supports food security goals in Saudi Arabia.
The strategy focuses on three main pillars, including alignment with the objectives of “Vision 2030”, responding to market needs, and benefiting from the operational capabilities and network of Sable’s 14 branches in various regions of Saudi Arabia, in addition to strengthening partnerships with government agencies and the private sector.
The Chairman of the Board of Directors of Sable, Abdul Rahman Al-Zoghaibi, said that the strategy represents a new stage in the company’s journey, and lays the foundation for the expansion of its business in areas that serve the agricultural food sector.
For his part, CEO Abdul Rahman Al Owais explained that the strategy enables the company to expand its services according to the needs of the sector, by raising the efficiency of handling, storage and transportation operations, taking advantage of its assets and investment spaces, and developing new solutions that serve the supply chain.
“Sable” was established by “SALIC” after the decision to transfer the operational work of storage silos, including purchasing and supplying wheat and strategic storage, from the General Authority for Food Security to “SALIC”.
The Chinese company “Tencent” has concluded a huge agreement with the American “Oracle” to rent computing capabilities based on about 100,000 advanced artificial intelligence chips that are not available in China, in a step that reflects the escalation of the race by Chinese technology companies to secure the computing power necessary to develop artificial intelligence models, amid tightening American restrictions on the export of advanced semiconductors.
The Financial Times reported, in a report citing people familiar with the matter, that the agreement represents the largest external leasing deal concluded by Tencent, and includes the use of multiple Oracle data centers in Southeast Asia.
According to the report, during the current year, the two companies reached an agreement spanning 5 years, with an estimated value of about $7 billion, with Tencent paying about 30 percent of the value of the deal in advance. This reflects the Chinese company's commitment to expanding its computing capabilities in the long term.
The deal highlights the significant increase in Tencent's needs for computing capabilities, as it intensifies its investments in developing and operating large language models and other artificial intelligence applications that require huge numbers of advanced processors.
Relying on Oracle data centers outside China allows the Chinese company to access computer infrastructure that is not available with the same ease in the local market, in light of the escalating US restrictions on Chinese companies’ access to the latest chip technologies.
New claims for unemployment benefits fell in the United States last week, and layoffs also declined in September, a sign of continued stability in the labor market, although employers remain cautious about increasing hiring.
The Labor Department reported Thursday that initial claims for state unemployment benefits fell by 1,000 to 197,000, seasonally adjusted, during the week ending September 26.
A separate report from Challenger Gray & Christmas showed that planned layoffs by US employers fell 18 percent to 43,281,000 in September. Announced job cuts also fell by 20 percent compared to last year.
However, employers do not appear to be in a rush to increase employee numbers, with hiring plans reaching 90,787 jobs last month. Although this number represents a sharp increase compared to the 12,325,000 jobs in August, hiring intentions fell by 23 percent from a year ago, recording the lowest level for any September since 2011.
