Saudis share 2-month salary bonus with cleaning staff

Updated 26 February 2015

Saudis share 2-month salary bonus with cleaning staff

In a unusual and generous gesture, Saudi employees shared their two-month salary bonus with 250 cleaning workers.
Once the gift was received, employees of the Al-Rawda municipality in Riyadh, organized a special party in which they shared the bonus with cleaning workers of the company contracted to do maintenance work in the city.
Workers received their share in closed envelopes, which were handed out to all the employees without any discrimination of religion or race.
“We wish you all the best in this land of Islam,” Khaled Al-Sayyar, Al-Rawda municipality chief, told workers after passing out the envelopes.
“This gesture from the Saudi employees is also a recognition of your sincere effort to clean the neighborhoods you were assigned to take care of. We have seen remarkable cleanliness there,” Al-Sayyar said.
According to Al-Sayyar, municipality employees wanted to show the generous spirit of Custodian of the Two Holy Mosques King Salman and express their gratitude for the important work the cleaning staff does for the general well-being.
Though he addressed the cleaning staff in Arabic, the speech was translated into a number of Asian languages spoken by the workers.
The celebration, conducted outdoors in front of the municipality, was attended by the employees and all the passers-by.


Saudi investors share expertise on Saudi corporate VC opportunities

Updated 27 November 2020

Saudi investors share expertise on Saudi corporate VC opportunities

JEDDAH: The two-day Step Saudi 2020 event featured two prominent Saudi figures in the field of investment on the second day.
Hashim Al-Awadi, CEO of Tech Invest, and Salman Jaffery, chief investment officer at Saudi Aramco Entrepreneurship Ventures, both shared their expertise, with the latter saying it is more beneficial for corporations to start a venture capital (VC) arm than invest from their current mergers and acquisitions arm (M&A).
Managing partner at Class 5 Global, Zach Finkelstein, who moderated the session on the second day of the event, said the San Francisco-based venture fund invested in a number of companies in the Middle East.
“The Middle East is particularly interesting to us, and in the past, our partners have invested in such regional companies as Careem. We’re excited to explore the development of the corporate VC space and how it can impact places like Saudi Arabia,” he added.
When asked why a corporation should start a VC arm instead of investing from an M&A team, and why have a separate corporate Venture Capital arm in the first place, Jaffery answered that “it brings faster results.”
“I think the easiest answer to that is just speed and agility,” he said. “Getting that response quickly to the market. VC deals can take weeks or months whereas an M&A transaction can take up to a year or longer, and also similarly, if you’re trying to then come out of it, it’s harder to come out of a joint venture agreement or an M&A as opposed to a VC.”
Al-Awadi explained his opinion a traditional VC perspective, and said: “We like the fact that corporations can invest from both their M&A arms and their VC arms if they have them.”
He highlighted that VC arms can invest in a greater variety of companies. “You have the intelligence, you know the market and if you’re looking at specific technology where we don’t have a lot of expertise we trust that you (other venture capitalists) know the market and you can evaluate that technology better to see if it has the capability and potential for growth or not.
“Eventually, you do have an M&A arm that will provide an exit for us, for an incentive for this company to work hard to grasp the intention after having been invested in by the VC arm of this big corporate to maybe look into making a partial agreement or complete acquisition, which really adds an incentive for the company to grow and attracts other investors and also attracts talent to join the company and help it grow even more.”
He said both the VC and M&A arm are important for company growth. “We tend to look at corporate investors through both arms as complementary to what we do when we have both of them around.”
The Kingdom has obtained a high reputation among investors internationally through the years, especially after the economic and social reforms of Saudi Vision 2030.
Step Saudi is home to the Kingdom’s best entrepreneurs, investors, creatives and digital enthusiasts. The last edition of Step Saudi featured four content tracks, more than 100 startups and over 1,500 attendees.