logo
HCLSoftware accelerates Saudi Arabia's Vision 2030 with XDO blueprint at Riyadh executive summit

HCLSoftware accelerates Saudi Arabia's Vision 2030 with XDO blueprint at Riyadh executive summit

Zawya6 days ago
Riyadh, Saudi Arabia: HCLSoftware, a global leader in enterprise software solutions, is deepening its commitment to Saudi Arabia's Vision 2030 digital transformation agenda through strategic technology investments, positioning the Kingdom as the Middle East's leading digital powerhouse.
At the recently concluded Executive Summit in Riyadh, attended by over 60+ senior executives from banking, insurance, fintech, cybersecurity, and GRC domains, HCLSoftware demonstrated how its Xperience-Data-Operations (XDO) Blueprint — a comprehensive framework integrating Experience, Data, and Operations serves as the foundational architecture enabling Saudi enterprises to leverage next-generation solutions for sustained market leadership.
Emphasizing HCLSoftware's strategic commitment to Saudi Arabia's digital future, Kalyan Kumar, Chief Product Officer, HCLSoftware, said, 'Saudi Arabia's Vision 2030 sets a global benchmark for digital transformation ambition. As organizations navigate this transformation, the integration of Experience, Data, and Operations becomes essential for sustainable growth. We're focused on supporting Saudi enterprises as they balance innovation with the compliance and operational requirements that are fundamental to their success.'
Vikrant Chowdhary, Senior Vice President, Growth Markets at HCLSoftware, opened the forum by highlighting the company's expanding Riyadh delivery hub and growing Tier-one client portfolio. Diving into the XDO Blueprint, they emphasized how it delivers unified board-level governance across experience, operational efficiency, and data-driven growth—critical capabilities for the Kingdom's open-banking and digital-government transformation.
Bernardo Rodrigues, Regional Solution Manager at Immersive Labs, addressed the critical human element in cybersecurity in his session on Vision 2030's Digital Shield: Harnessing Critical Skills for Cyber Resilience and Continuous Compliance. Through live cyber-range demonstrations, Rodrigues showcased how Saudi organizations can benchmark their security teams against Saudi Arabia Monetary Authority (SAMA's) stringent requirements while building the continuous skills validation capabilities essential for maintaining cyber resilience. As the Kingdom accelerates business transformation, cybersecurity practices must evolve to keep pace with real-world threat scenarios—an approach that dovetails with the XDO Blueprint's focus on operational excellence and risk-aware g
A session on AI-powered Business Flow Observability showcased how HCL Hive on iObserve platform delivers end-to-end transaction visibility from mobile interfaces to core banking systems. Through machine-learning algorithms that correlate technical anomalies with business impact, Hive automates compliance reporting aligned with SAMA's monitoring and audit standards. This unified observability accelerates incident resolution and delivers audit-ready evidence, streamlining operations for Saudi financial institutions.
Shining the spotlight on challenges in BFSI environments, Huda Albenmousa, Country President, PayTabs, Saudi Arabia, underscored the critical role of intelligent automation and unified business observability in driving faster, seamless customer experiences while ensuring operational efficiency within the highly regulated BFSI sector. During a panel discussion with HCLSoftware leaders, she highlighted how the convergence of XDO is transforming institutions from reactive responders to predictive, autonomous operators, setting a new standard for agility and compliance in banking.
In a customer session with a prominent development fund in the Kingdom of Saudi Arabia, senior executives discussed how they are advancing digital transformation within Saudi Arabia's housing sector through the strategic use of HCL BigFix Workspace and HCL BigFix Enterprise. By collaborating with HCLSoftware and aligning with the XDO Blueprint, they are establishing a new standard for operational efficiency and service excellence in a vital sector.
The summit concluded on a high note as HCLSoftware honoured three Saudi organizations with the Customer Success Awards and announced the winner of an Abu Dhabi Grand Prix experience, demonstrating the company's unwavering commitment to driving digital transformation excellence and celebrating customer achievements across the Middle East region.
About HCLSoftware
HCLSoftware is a global leader in software innovation and the software division of HCLTech. We develop, market, sell, and support transformative solutions across various industries, including business and industry, intelligent operations, total experience, data and analytics, and cybersecurity. Our commitment to customer success and our core values of integrity, inclusion, value creation, people-centricity, and social responsibility drive us to deliver best-in-class software products that empower organizations to achieve their goals. With a rich heritage of pioneering spirit, HCLSoftware serves more than 20,000 organizations, including a majority of the Fortune 100 and almost half of the Fortune 500. Learn more about how we can help you achieve your goals.
Media Contact:
Animesh Biswas
animesh.biswas@hcl-software.co
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Saudi economy praised by IMF for resilience, diversification progress
Saudi economy praised by IMF for resilience, diversification progress

Zawya

timean hour ago

  • Zawya

Saudi economy praised by IMF for resilience, diversification progress

RIYADH — The International Monetary Fund's Executive Board has commended Saudi Arabia's strong economic performance, resilience to external shocks, and success in advancing diversification strategies, saying the Kingdom's medium-term outlook remains robust despite global uncertainty and weaker commodity prices. In its concluding statement following the 2025 Article IV consultations, the IMF said Saudi Arabia's non-oil sector is driving growth, inflation remains contained, and unemployment among Saudi nationals fell to a record low of 7 percent in the fourth quarter of 2024. The IMF attributed the gains to fiscal discipline, structural reforms, and continued investment under Vision 2030, which have helped balance fiscal stability with economic transformation goals. Non-oil GDP expanded 4.5 percent in 2024, led by retail, hospitality, and construction, while oil GDP contracted 4.4 percent due to OPEC+ production cuts, resulting in overall GDP growth of 2 percent. The current account shifted from a 2.9 percent surplus to a 0.5 percent deficit, financed by external borrowing and reduced foreign asset accumulation. Saudi foreign reserves remain strong at $415 billion, covering 187 percent of the IMF's reserve adequacy metric. The IMF raised its growth forecast for Saudi Arabia to 3.6 percent in 2025 from 3 percent in April, projecting real GDP to accelerate to 3.9 percent by 2026 as oil output gradually recovers. Non-oil growth is expected to exceed 3.5 percent over the medium term, supported by Vision 2030 projects and major international events. While warning of risks from weaker oil demand, lower government spending, or regional security tensions, the IMF said upside potential exists if oil production rises or additional Vision 2030 investments are made. Board directors praised progress in strengthening public finance institutions, the shift to five-year medium-term fiscal planning, and proactive expenditure ceilings through 2030. They encouraged counter-cyclical fiscal policy to support growth and welcomed the resilience of the banking sector, which remains well-capitalized and profitable with non-performing loans at 1.2 percent in 2024. The report also highlighted preparations for the 2034 FIFA World Cup, estimating $26 billion in infrastructure investment that could contribute $9–14 billion to GDP, and noted a modernized investment law ensuring equal treatment for domestic and foreign investors. IMF directors called Saudi Arabia's structural reforms since 2016 'impressive,' citing improved regulatory and business environments, rising female workforce participation, and human capital development. They urged continued efforts to attract private investment and diversify the economy regardless of oil price fluctuations. The IMF also acknowledged the Kingdom's regional leadership and active participation in multilateral forums, including the G20, stressing its role in addressing global challenges. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (

Saudi economy resilient amid global shocks, says IMF
Saudi economy resilient amid global shocks, says IMF

Al Etihad

timean hour ago

  • Al Etihad

Saudi economy resilient amid global shocks, says IMF

4 Aug 2025 18:29 A. SREENIVASA REDDY (ABU DHABI) Saudi Arabia's economy has demonstrated strong resilience to external shocks, with the non-oil sector expanding, inflation remaining contained, and unemployment reaching record lows, according to the International Monetary Fund's (IMF) 2025 Article IV IMF reported that non-oil real GDP grew by 4.5% in 2024, driven by retail, hospitality, and construction sectors. In contrast, oil GDP fell by 4.4% due to continued OPEC+ production cuts, resulting in a moderated overall growth rate of 2.0%. Despite this, inflation stayed low, averaging 1.7%, while the unemployment rate among Saudi nationals dropped to an all-time low, with youth and female unemployment halving over the past four current account shifted from a surplus of 2.9% of GDP in 2023 to a deficit of 0.5% in 2024, as increased investment-related imports and remittance outflows weighed on external balances. Nonetheless, the Saudi Central Bank's net foreign assets stabilised at $415 billion, covering 187% of the IMF's reserve adequacy IMF projects non-oil growth to remain above 3.5% over the medium term, supported by Vision 2030 projects and government-led initiatives. Real GDP growth is forecast to accelerate to 3.6% in 2025 and 3.9% in 2026, as OPEC+ production cuts are gradually phased out. Inflation is expected to stay contained, with CPI averaging 2.1% in emerging twin deficits—fiscal and current account—the IMF said fiscal and external buffers remain ample. The fiscal deficit is projected to widen to 4.0% of GDP in 2025, with public debt rising to 29.8% of the outlook remains strong, the IMF warned of downside risks from weaker oil demand, lower government spending, and regional security tensions. On the upside, growth could benefit from higher oil production or additional Vision 2030-linked investments. Under Article IV of the IMF's Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country's economic developments and policies.

Saudi Arabia shows strong resilience amid global economic shocks, IMF says
Saudi Arabia shows strong resilience amid global economic shocks, IMF says

The National

time3 hours ago

  • The National

Saudi Arabia shows strong resilience amid global economic shocks, IMF says

Saudi Arabia's economy has shown "strong resilience", defying global economic shocks amid the growth of its non-oil economy, tamed inflation and record-low unemployment, the International Monetary Fund (IMF) has said. The Arab world's biggest economy is expected to keep its non-oil growth above 3.5 per cent over the medium term, which mirrors the positive impacts led by its Vision 2030 economic programme, the Washington-based lender said in its annual assessment of the kingdom on Monday. The IMF last week projected Saudi Arabia's economy to expand at a 3.6 per cent pace in 2025 and 3.9 per cent in 2026, supported by the continued phase-out of Opec+ production cuts. In 2024, non-oil real gross domestic product grew by 4.5 per cent, driven by retail, hospitality, and construction, according to the agency. The country, the world's top-oil exporting nation, has enjoyed robust domestic demand spurred by government-led projects and the hosting of major international events, the agency said. Consumer prices are expected to remain contained, while its current account deficit is seen to persist over the medium term, it added. Saudi Arabia's banking sector remained resilient, with lenders' balance sheets staying robust underpinned by high capitalisation, profitability and non-performing loans at their lowest levels in nearly a decade, the IMF said. Unemployment among Saudi nationals also hit a record low, as the jobless rate among youth and women halved over four years, the lender added. Directors of the IMF's executive board said Saudi Arabia's strong economic performance merits a "favourable" outlook, "helped by appropriate macroeconomic policies, strong buffers and impressive reform momentum". The directors agreed that a gradual fiscal consolidation is needed to achieve intergenerational equity, which could be achieved "through broader tax policy reforms to increase non-oil revenue, wage bill containment, energy subsidy reform alongside better targeting social safety nets and streamlining of non-essential expenditures". Saudi Arabia is focusing on diversifying its economy away from oil with an emphasis on the development of sectors such as technology, property, tourism and infrastructure as part of Vision 2030. The kingdom is supporting the development of several industries spanning different sectors to generate employment and help its non-oil economy to grow.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store