Saudi Capital Market Authority seeks to double $213bn funds under management

Saudi Capital Market Authority seeks to double $213bn funds under management
Fintech is central to Saudi Arabia's drive to boost the size of the financial sector in the Kingdom. (Shutterstock)
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Updated 24 September 2021

Saudi Capital Market Authority seeks to double $213bn funds under management

Saudi Capital Market Authority seeks to double $213bn funds under management
  • The CMA wants to create more jobs in the financial sector by increasing the assets under management

RIYADH: The Saudi Capital Market Authority (CMA) aspires to double the funds invested through managed channels from SR800 billion ($213 billion), SPA reported, citing the CMA’s Assistant Undersecretary for Strategic and International Affairs Ahmed Al-Enezi.

The CMA wants to create more jobs in the financial sector by increasing the assets under management in funds, portfolios or other innovative financial tools, including private equity funds, venture capital, and financial technology, he said.

To that end, Saudi Arabia has invested in infrastructure, including the Saudi Fintech initiative, launched by the Saudi Central Bank in partnership with the CMA in April 2018, as a catalyst for the development of the financial technology sector in the Kingdom, said Al-Enezi.

The Fintech accelerator is helping to build the capabilities and talent required by financial technology companies, and is supporting entrepreneurs at every stage of their development, Al-Enezi said.


FII Institute signs deals with Saudi British Joint Business Council to establish Saudi/UK Tech hub

FII Institute signs deals with Saudi British Joint Business Council to establish Saudi/UK Tech hub
Updated 4 sec ago

FII Institute signs deals with Saudi British Joint Business Council to establish Saudi/UK Tech hub

FII Institute signs deals with Saudi British Joint Business Council to establish Saudi/UK Tech hub

RIYADH: The Future Investment Initiative Institute on Wednesday signed an agreement with the Saudi British Joint Business Council to become a founding partner of the Saudi/UK Tech Hub and contribute to the project’s startup costs.

The tech hub will link Saudi and UK tech entrepreneurs and innovation hubs with potential partners and investors through a virtual platform, joint events and a business growth program. It will help to connect Saudi and British startups and scale-ups in key sectors, promote knowledge sharing and increase deal flow.

Speaking at the singing ceremony, Richard Attias, CEO of the FII Institute said: “The UK — home to many of humanity’s greatest inventions — will bring the best of what it knows to the Kingdom.”

The Saudi Ministry of Communications and IT and the British government’s Science and Innovation Network have pledged their support to the tech hub.  

Chris Innes-Hopkins, executive director of the Saudi British Joint Business Council, said the Saudi/UK Tech Hub builds on great opportunities for collaboration between the UK and Saudi technology sectors including fintech, clean tech and healt htech.

“We look forward to working closely with the FII on implementation,” he added.


Red Sea Development Company signs deal to open 9 hotels

Red Sea Development Company signs deal to open 9 hotels
Updated 42 min 11 sec ago

Red Sea Development Company signs deal to open 9 hotels

Red Sea Development Company signs deal to open 9 hotels
  • The tourism development on Saudi Arabia’s west coast is set to be completed in 2030

The Red Sea Development Company (TRSDC) has signed a single multiple deal to operate nine hotels that will open in the first phase of the Red Sea development project next year.

The agreement was unveiled on the second day of the Future Investment Initiative in Riyadh and will see international hospitality firms run nine of the 16 properties under development taking over more than 1,700 hotel rooms of 3000 for the first phase of the project.

The agreements are with EDITION Hotels and St Regis Hotels & Resorts, part of Marriott International; Fairmont Hotel & Resorts, Raffles Hotels & Resorts and SLS Hotels & Residences, part of global hospitality group Accor; Grand Hyatt, part of Hyatt Hotels Corporation; Intercontinental Hotels & Resorts and Six Senses, part of InterContinental Hotels Group (IHG); and the Jumeirah Group.

The tourism development on Saudi Arabia’s west coast is set to be completed in 2030 and will offer 50 hotels with up to 8,000 hotel rooms and around 1,000 residential properties across 22 islands and six inland sites.

The site will also host a luxury marina, an 18-hole golf course, entertainment and leisure facilities, as well as an international airport that is expected to serve up to one million passengers a year by 2030.

The complex covers 28,000 square Km, including an archipelago of more than 90 islands, spanning an area the size of Belgium.

The project has so far handed out 800 contracts to firms worth over SR 20 billion.

TRSDC chief executive John Pagano said the first phase of the project is on track for completion by the end of 2023, with a total of 16 hotels set to offer 3,000 hotel rooms across five islands and two inland sites.
 

Pagano said: “Saudi Arabia is accelerating its development of a new tourism offering in the Kingdom, fuelled by the ambitious Vision 2030 program.
 

“We are proud to unveil our collection of unique and diverse hospitality brands that cater to this growing market and underpin our commitment to creating a world-leading barefoot luxury destination which will soon serve as a gateway to one of the last undiscovered places on the planet.”

Related


Covid a ‘wake-up call’ for inequalities, say business leaders at Future Investment Initiative Forum

Covid a ‘wake-up call’ for inequalities, say business leaders at Future Investment Initiative Forum
Updated 27 October 2021

Covid a ‘wake-up call’ for inequalities, say business leaders at Future Investment Initiative Forum

Covid a ‘wake-up call’ for inequalities, say business leaders at Future Investment Initiative Forum

Covid was a “wake-up call” for inequalities in the workplace and highlighted the insecurities women in particular face, the founder of global communications consultants APCO Worldwide has claimed.

Speaking at the Future Investment Initiative Forum in Riyadh, Margery Kraus claimed that women were 22 percent more at risk of losing their jobs during the pandemic, and 15 million found themselves out of work.

She said that 90 percent of those women “wouldn’t come back to the workforce”, adding: “We need to find new ways to engage women and give them opportunities along with men.”

Khalid Al Hussain, CEO of Tadawul Group, used the same session to discuss inequality more broadly, and called for the issue to be looked at in a different way.

“If we keep looking at inequality as a challenge we keep reacting to solve the problem but looking at it as an opportunity to add more to business, from a business perspective, this is the way to tackle it,” he said. 

Hussain also argued that inequalities across the globe are exacerbated by people being excluded from the digital world.

“Lack of digital inclusion translates to financial exclusion,” he said, adding: “Covid-19 proves digital is the new norm.”


RCU signs strategic partnerships with AECOM and Egis-led French consortium

RCU signs strategic partnerships with AECOM and Egis-led French consortium
Updated 27 October 2021

RCU signs strategic partnerships with AECOM and Egis-led French consortium

RCU signs strategic partnerships with AECOM and Egis-led French consortium
  • The first phase of the development will see in excess of SR75 billion ($15 billion), to be invested in AlUla

RIYADH: The Royal Commission for AlUla (RCU) has signed two landmark strategic partnerships, to accelerate the regeneration of the historic city in Saudi Arabia's northwest.

The agreement with Saudi IT firm AECOM and an international French consortium comprising Egis, Assystem and Setec set out a development timeline, based on three phases that lead up to 2035, as it moves from the planning stage to implementation following the launch for redevelopment in April this year.

The first phase of the development will see over SR75 billion ($15 billion) invested in AlUla.

This will include social, economic, and sustainability projects in five unique hubs, with a focus on hospitality, infrastructure, arts and culture, and social and community development.

The agreements were signed today at the Future Investment Initiative Forum currently taking place, in Riyadh, Saudi Arabia.

RCU chief executive Amr Al-Madan said.“These new long-term strategic partnerships are critical to realizing our ambition of creating a global benchmark for sustainable tourism.

“Our new partners will be instrumental in helping us deliver a detailed and certified plan, while our focus is set on phase one we will ramp up our integrated approach towards the development of phase 2 and 3, to drive traffic, and sustain a regular flow of tourists in the long run.”


‘I don’t mind missing 2060 net-zero target as long as we stay on green path’ says senior PIF official

‘I don’t mind missing 2060 net-zero target as long as we stay on green path’ says senior PIF official
Updated 27 October 2021

‘I don’t mind missing 2060 net-zero target as long as we stay on green path’ says senior PIF official

‘I don’t mind missing 2060 net-zero target as long as we stay on green path’ says senior PIF official

A leading figure in Saudi Arabia’s sovereign wealth fund says he does not mind if the country misses its goal of net zero by 2060, as long as it pushes ahead with environmentally-friendly policies.

The Kingdom’s Crown Prince Mohammed bin Salman bin Abdulaziz announced on Sunday his country would cut carbon emissions to net zero within 40 years — a move that received widespread praise from world leaders.

Speaking at the Future Investment Initiative Forum in Riyadh on Wednesday, Fahad AlSaif, head of Global Capital Finance at Saudi’s Public Investment Fund (PIF), said it would be “shameful” if the Kingdom missed the target by reneging on environmental commitments.

AlSaid said: “What we are planning to do in the Kingdom is to ensure there’s affordable energy, commitment to climate change and also affordable communities and cities. 

“This is all summed up by all of the initiatives that the Kingdom is taking, more precisely the Public Investment Fund, the NEOM, the Red Sea, the renewable energy sector, the 2060 zero-emission carbon target, the 278 million tons of carbon emissions reduction that we are actually aspiring to as a KPI by 2030.   

“The Kingdom of Saudi Arabia is playing a major role to ensure that we are able to collaborate and to ensure that we are able to set a new benchmarks. 

“We are willing to take that challenge. The intent is there, the capacity is there, the trajectory is there, and we have to prove that we are able to progress.

“I don’t mind not achieving the target, but I would be very shameful if I were not able if I have taken dramatic decisions by taking u-turns.”