SAR, Huawei partner to develop smart railway in KSA

Dr. Bashar Al-Malik, CEO of SAR, and Dennis Zhang, CEO of Huawei Tech Investment Saudi Arabia, signed the memorandum of understanding. (Spplied)
Updated 21 July 2019

SAR, Huawei partner to develop smart railway in KSA

Saudi Railway Company (SAR) has selected Huawei, a global provider of information and communications technology (ICT), as a partner to initiate smart railway and digital transformation in the Kingdom.
The companies signed a strategic memorandum of understanding to initiate their partnership during a ceremony held recently at SAR. Dr. Bashar Al-Malik, CEO of SAR, and Dennis Zhang, CEO of Huawei Tech Investment Saudi Arabia, signed  the agreement.
Through their new partnership, SAR and Huawei will work together to jointly design and innovate in the field of smart railway, including the application of a next-generation railway wireless network, Internet of Things, artificial intelligence, cloud services and 5G across SAR’s railway network.
The collaboration will also include training and knowledge transfer for innovative railway ICT solutions, which will enable SAR to provide a distinctive, high quality and reliable railway service across the Kingdom.

HIGHLIGHTS

The Huawei ICT Roadshow 2019 showcases some of the most influential, cutting-edge technologies and solutions that are at the heart of the digital transformation era.

Additionally, Huawei established its ICT roadshow at SAR’s headquarters. The Huawei ICT Roadshow 2019 showcases some of the most influential, cutting-edge technologies and solutions that are at the heart of the digital transformation era. These include artificial intelligence-enabled ICT infrastructure, all-flash storage, Wi-Fi 6, campus network, cloud data center, software-defined wireless area network (WAN), active-active disaster recovery, and intelligent video surveillance.
Zhang said: “We are looking forward to working with SAR to develop a unique smart railway system that will be designed specifically to the needs of the Kingdom. This is a major infrastructure project that will have a significant impact on the country, and we are honored to have been selected as a partner to bring our technology into making this vision a reality.”


UAQ, Alinma close real estate fund at $4.5bn

Updated 07 December 2019

UAQ, Alinma close real estate fund at $4.5bn

Umm Alqura Company for Development and Construction (UAQ) and Alinma Investment Company announced the successful completion of the launch of the Makkah Real Estate Development Funds, with an investment value exceeding SR17 billion ($4.5 billion). 

The funds are invested in seven hotel towers and two commercial complexes that will be developed within the King Abdul Aziz Road (KAAR) project in Makkah. It is one of the most significant developmental and urban development projects in the Makkah region. The project includes multiple options including housing and shopping, and provides easy mobility and means of transportation between the project facilities and the central area of the Holy Mosque.    

Yasser Abuateek, CEO of UAQ, said: “This strategic agreement is the first of several diverse investment activities designed to attract leading investment institutions. It confirms the appeal of investing in KAAR, an attractive destination for long-term investments, as well as the trust of the investment and financing community.

“This partnership also sheds light on the strength of Alinma Investment and its success in managing real estate funds, which makes it the ideal partner for implementing the project’s development and urban plan. The project aspires to become one of the modern landmarks in Makkah.”

Abuateek added: “By successfully attracting investments valued at SR17 billion, we will make progress in line with the execution plan for several diverse projects, especially since we have already reached several major milestones, including completion of the pouring and construction of all the concrete blocks for the Makkah Metro tunnels, while in addition we have completed nearly 50 percent of the bridges. Currently, we are working on completing all the unprecedented infrastructure projects that followed the demolition phase, which represent a transformation in the investment, development and preparation of the project’s lands, making it more attractive for development and creating new choices that help upgrade the quality of life for Makkah visitors and residents.”

Acting CEO of Alinma Investment Mazin bin Fawaz Baghdadi said: “We are very happy with the success of the Alinma Real Estate Development Funds together with our partner UAQ. This investment, with the large sum of capital, will play a major role in fulfilling the objectives of the finance sector, while our partnership will contribute to increasing the capacity to accommodate pilgrims and visitors through implementing urban developmental projects in the Makkah region.”

“The funds’ investment objective is to achieve long-term capital growth through the development of the superstructure in various parts of the King Abdul Aziz Road project in Makkah, which are: Five-star international hotels (Taj Hotel and Kempinski Hotel), four-star hotels (Hilton Embassy), three-star hotels (Hilton Garden Inn), apartments (Kempinski Residence), and two malls,” added Baghdadi.