Saudi-based developer RSG achieves top green rating for its workers’ village
Updated 02 February 2023
Arab News
RIYADH: Saudi-based developer Red Sea Global has achieved a Platinum Leadership in Energy and Environmental Design certification for a collection of villas and townhouses built for the company’s staff.
The certification, also referred to as LEED, was awarded by the non-profit US Green Building Council for the developments at Turtle Bay – a residential and commercial area housing workers, employees and management of The Red Sea.
The platinum certification poses the highest level of accreditation achievable under the LEED Homes rating system, and means Red Sea Global is the owner of the largest portfolio of LEED Homes certified buildings in the Kingdom, according to a statement.
“To be one of the world’s most responsible developers, we must ensure every aspect of our destinations meets the highest possible sustainable standards. Achieving LEED Platinum for The Red Sea’s Turtle Bay villas and townhouses demonstrates to our key stakeholders that we are meeting and exceeding our sustainability objectives,” said Group CEO of RSG John Pagano, in a statement.
In addition to this, Red Sea Global's sustainability accreditation management system is targeting to achieve LEED Building Design & Construction certifications for over 75 percent of its assets, as well as a LEED Cities & Communities for its destinations, the statement revealed.
The multi-project developer is also aiming to attain LEED Platinum on other key developments, including the Red Sea International airport, hospitality assets, among others.
PIF-owned real estate firm ROSHN launches sales for SEDRA Phase 3
Updated 13 sec ago
Arab News
RIYADH: Saudi real estate developer ROSHN has announced expanding its footprint in the Kingdom with the launch of sales for the third phase of its flagship development, SEDRA, located in Riyadh.
The Public Investment Fund-owned company has introduced 3,438 new residences and a wide range of amenities within this 20 million sq. meter residential project.
Prospective residents of SEDRA Phase 3 will be able to choose from a wide array of floor plans and facades, the Saudi Press Agency reported. These options encompass single or multi-family configurations, three- and four-bedroom townhouses, duplexes, and spacious four- and five-bedroom villas.
With the introduction of the project, ROSHN Group is poised to meet the surging demand for modern, sustainable living spaces in the Kingdom.
David Grover, CEO of ROSHN Group, emphasized the significance of launching the sales of the new offering, underscoring the company’s commitment to enhancing living standards in alignment with Saudi Vision 2030.
The new development is equipped with advanced insulation, solar-powered water heaters, and energy-efficient air-conditioning systems, all contributing to substantial energy and water conservation.
Furthermore, the project boasts that 12 percent of its total area is dedicated to open and green spaces, enabling residents to enjoy the natural beauty of the community, including a wadi and acacia forest.
Located in the northern part of Riyadh, SEDRA offers easy access via Kaden Road, with nearby metro stations F2 and A7, along with key landmarks such as the SAR railway station, Princess Nourah University, Imam Mohammed Ibn Saud University, and King Khalid International Airport.
The development also provides direct access to ROSHN Front’s shopping, leisure, and business areas, delivering an integrated “live, work, play” lifestyle.
SEDRA is planned in eight phases, with a scope of adding over 30,000 residential units to Riyadh’s housing stock. Each phase will incorporate elements of nature and local heritage into its design, reflecting a blend of tradition and modernity.
This development aligns with the objectives of Saudi Vision 2030, aiming to elevate living standards across the Kingdom.
By 2030, ROSHN’s ambitious plans include the development of over 400,000 homes, along with the establishment of 1,000 kindergartens and schools, and over 700 mosques.
In a recent move, ROSHN launched MARAFY, a mixed-use development in northern Jeddah, featuring the Kingdom’s first canal project linked to the Red Sea. It encompasses more than 300 sq. km of waterfront promenade, covering a total area exceeding 2 million sq. meters.
Structural reforms in Saudi Arabia’s economy to continue: Finance minister
Updated 9 min 52 sec ago
ARAB NEWS
RIYADH: Saudi Arabia will continue its fiscal and structural reforms as the Kingdom is steadily embarking on its economic diversification journey in line with the goals outlined in Vision 2030, said a top government official.
Saudi Finance Minister Mohammed Al-Jadaan said that continuous implementation of the ambitious plan is necessary for the Kingdom to catalyze its economic growth and maintain fiscal sustainability.
The minister added that the government program will help Saudi Arabia develop promising economic sectors, enhance investment attractions, stimulate industrial growth, raise the percentage of local content and promote non-oil exports, according to the pre-budget statement from the Ministry of Finance.
“The Kingdom continues to support social protection programs and shows continued progress toward the objectives of the Fiscal Sustainability Program,” said the ministry in the pre-budget statement.
It added: “These objectives were achieved by directing expansionary spending to accelerate the implementation of major programs, projects and sectoral and regional strategies to contribute toward gross domestic product growth, attract investments, and stimulate the local economy.”
According to Al-Jadaan, Saudi Arabia remained financially resilient over the past few years when the world faced economic headwinds for various reasons, including the COVID-19 pandemic and geopolitical tensions.
He further pointed out that the Kingdom is well equipped with strong government reserves and sustainable levels of public debt that can accommodate any crises that may occur in the future.
The minister noted that Saudi Arabia’s agile nature of additional spending will help the Kingdom to have control in the medium term, allowing an extension of implementation periods for projects and strategies.
Al-Jadaan added that Saudi Arabia’s sovereign wealth fund is crucial as the Kingdom is pursuing its economic transformation program.
The Public Investment Fund has spearheaded this economic diversification journey by investing in various strategic sectors.
According to the fund’s annual report, it currently holds assets worth SR2.23 trillion ($595 billion).
The fund has established 70 companies, 25 of them, including Saudi Coffee Co. and Halal Products Development Co. were founded in 2022.
PIF’s annual report added that these companies offered 1,81,000 jobs in 2022.
Saudi Arabia revises budget estimates for 2023 and pre-budget statement for 2024
Preliminary budget statement says the government expects total revenues at 1.172 trillion riyals ($312.51 billion) in 2024 and total spending of 1.251 trillion riyals
Updated 01 October 2023
Arab News
RIYADH: Saudi Arabia has lowered its growth forecast and expects to post a budget deficit this year rather than an earlier projected surplus, a preliminary budget statement showed on Saturday.
The largest Arab economy expects real gross domestic product to grow by 0.03 percent this year, the document released by the Ministry of Finance showed, compared with a previous forecast for growth of 3.1 percent.
The report said the government is also now expecting a SAR82 billion deficit for 2023 instead of a SAR16bn surplus projected earlier.
For 2024, the government expects total revenues at 1.172 trillion riyals ($312.51 billion) and total spending of 1.251 trillion riyals. An earlier projection put revenue this year at 1.130 trillion riyals and spending at 1.114 trillion riyals.
Saudi Arabia has sharply cut its oil production for what the world’s largest oil exporter says is meant to stabilize the oil market. Oil prices remain below last year’s average of $100 a barrel.
The document also projected the government would post a budget deficit of 1.9 percent of GDP in 2024, 1.6 percent of GDP in 2025 and 2.3 percent of GDP in 2026. It said “limited budget deficits” would continue in the medium term due to expansionary spending policies and conservative revenue estimates.
Real GDP was projected to grow by 4.4 percent in 2024, 5.7 percent in 2025 and 5.1 percent in 2026.
Saudi Arabia’s economy grew 8.7 percent last year on the back of high oil prices, allowing it to record its first budget surplus in almost a decade.
Commenting on the revised projections, Alrajhi Capital said the "increased spending by the government is not only driven by higher revenues but also supported by additional debt levels."
"For 2023, we reiterate that oil revenues could reach SAR749bn led by Aramco’s recent hike in PLD. Nevertheless, we increase our expectations for non-oil revenues at SAR440bn (versus the earlier estimates of SAR421bn) as H1 2023 non-oil revenues have already surpassed that of H1 2022, led by traction in non-oil GDP growth," it said.
"Furthermore, as per IMF Country Report the non-oil GDP growth is expected to comfortably stay above the 4% mark in the near future. We believe this will underpin higher spending by the Government going forward.
"Acceleration of spending (SAR1,262bn versus SAR1,114bn) can be regarded as a strategic move by the Government and is reflective of its support towards the Vision 2030 target. We believe Government spending to play a pivotal role in realizations of Vision 2030 objectives," Alrajhi Capital said.
"In our view the government will manage to maintain healthy reserve levels (SAR410mn as of 2Q2023) and will support spending by way of higher non-oil revenues and increased leverage," it further said.
Feathering the nest: Saudi Arabia sees poultry production as key for food security
Kingdom is achieving breakthroughs in the production of vital crops which could open up new trade markets
Updated 30 September 2023
Reina Takla Nadin Hassan
RIYADH: Saudi Arabia aims to reach 80 percent food security in chicken, poultry, and protein supplies by 2025 as demand for hatching eggs increases, according to a leading industry figure.
Ahmed Osilan, managing director and executive board member at Tanmiah Food Co., told Arab News that agricultural and scientific developments mean the Kingdom can now export products it previously needed to import.
He made it clear that Saudi Arabia is also on the cusp of achieving breakthroughs in the production of vital crops which could open up new trade markets for the Kingdom.
Osilan revealed Saudi Arabia has reached above 100 percent food security in table eggs, meaning his company is now able to export outside of the Kingdom.
“We have realized that Saudi cannot have sustainable food security if we continue importing hatching eggs from outside of the country,” he said, adding: “Growing corn and soya in Saudi Arabia is now our only challenge left to achieve 100 percent food security in Saudi Arabia.”
In 2018, Saudi Arabia had a self-sufficiency rate of 45 percent in food production. This has now hit 67 percent, Osilan said.
One of the reasons behind the boost is a shareholder agreement signed by Desert Hills Veterinary Services Co. — a fully owned subsidiary of Tanmiah Food Co, — with MHP SE, a food and aggrotech group, to invest more than SR200 million ($53.33 million) in agricultural activities in the Kingdom.
This included a state-of-the-art hatchery and a chicken feed mill, with a capacity of more than 1 million parent stock projected to produce around 175 million hatching eggs yearly.
FASTFACT
Corn and soybeans are two of the main foodstuffs, and in order to grow these items, Saudi Arabia is using advanced agricultural methods such as vertical farming and cloud seeding, as well as optimizing wastewater reuse.
The partnership is expected to provide Tanmiah with an extensive and comprehensive insight into the process, and the company plans to collaborate closely with their partners in research and development and knowledge transfer.
Osilan explained: “We will work with them on the R&D side to understand how the research work happens and we will also work with them on the knowledge transfer by incubating this whole investment in the Kingdom of Saudi Arabia.”
He continued: “Ultimately we are genetically making sure that the supply of hatching eggs in the Kingdom becomes local and that will solve the bigger issue of food security.”
The development is a welcome move for a nation that has traditionally relied on imports to fulfill the demand for various stages of poultry production.
Another key area of reform needed is in the area of crop cultivation — a vital component in chicken feed.
Corn and soybeans are two of the main foodstuffs, and in order to grow these items, Saudi Arabia is using advanced agricultural methods such as vertical farming and cloud seeding, as well as optimizing wastewater reuse.
The executive believes it might be possible to cultivate these crops successfully in Saudi Arabia, and said: “We’re one step away from achieving the highest level of food security.”
This achievement would not only benefit the Kingdom but also have positive implications for other Arab countries, including Lebanon, Algeria, and Morocco, which currently rely entirely, or to a significant extent, on food imports.
Importantly, Saudi Arabia is striving to achieve these goals independently, by “developing all of this in-house,” said Osilan.
“Saudi Arabia taking the lead and being able to develop all of this in-house will then (show) … that Saudi Arabia is now not only concerned about food security for the Kingdom, but also concerned for food security for the entire Arab region, in fact, for the entire globe,” he added.
Osilan also stated that Saudi Arabia has a high per capita consumption of chicken, second only to the US and the EU.
This robust demand for poultry protein is continuously rising, due to its perceived health benefits, and there are no indications that it will decrease in the near future.
UAE’s Tabby gets ready to relocate HQ to Saudi Arabia ahead of IPO on Tadawul
Buy now, pay later fintech prepares for its IPO on Saudi stock exchange
Updated 30 September 2023
Nour El-Shaeri
CAIRO: In recognition of Saudi Arabia’s booming financial technology sector, UAE’s Tabby, a forerunner in the buy now, pay later fintech space, is shifting its headquarters to Saudi Arabia as it gears up for its initial public offering.
The decision comes as the company inked a memorandum of understanding with the Kingdom’s Ministry of Investment.
Concurrently, Tabby is laying the groundwork for its IPO on the Saudi stock exchange.
The company intends to strategically strengthen its presence in its largest market, given that 80 percent of its customers hail from the Kingdom.
“With this move, we aim to amplify our reach and impact, reinforcing our commitment to deliver unparalleled financial solutions to our customers in the region. We’re equally dedicated to fostering local talent and contributing to the growth of the Saudi economy,” as stated by Tabby’s official account on X, formerly known as Twitter.
Moreover, Tabby recently received the green light from the Saudi Central Bank after obtaining a permit to expand its operation into the Kingdom.
“Millions of people in Saudi Arabia rely on Tabby today, so it’s an incredibly important step to crystalize our foundations in the Kingdom and continue building toward financial freedom for our community,” Tabby’s CEO Hosam Arab told Arab News in August.
Tabby’s strategies perfectly align with the Kingdom’s aspirations to drive financial inclusion and literacy as a cornerstone of the country’s economic growth.
Arab also lauded the Saudi government’s measures to help boost the fintech sector. The CEO said the encouraging regulatory landscape will help instill confidence in Tabby to introduce innovative services in the Kingdom.
Currently operational in Saudi Arabia, the UAE, and Kuwait, Tabby holds a valuation of $660 million following its latest funding round from investors including Sequoia Capital India, STV, PayPal Ventures, Mubadala Investment Capital, Arbor Ventures, and Endeavor Catalyst.
Furthermore, the company has over 15,000 worldwide brands and small enterprises, including H&M, Adidas, IKEA, SHEIN, noon, and Bloomingdale’s, that utilize its technology to stimulate growth and build a faithful customer base by offering flexible payment options both online and in-store.
UAE’s esports Fanzword raises $1.2m in a pre-seed round
UAE-based esports startup Fanzword has successfully raised $1.2 million in a pre-seed funding round, spearheaded by XVC Tech, and supported by several regional angel investors.
Launched in 2021 by Ibrahim El-Mohdar and Amr El-Beheiry, Fanzword positions itself as a unique football fan engagement platform. It envisions creating a virtual stadium experience where aficionados can not only track their favorite teams but also connect, interact, and accrue rewards.
“We believe that it’s the perfect time to leverage a Football Fan Engagement Platform in the Middle East,” said El-Mohdar, CEO at Fanzword.
“Especially after the resounding success of the World Cup in Qatar and the Saudi Pro League’s blockbuster signings of football legends like Ronaldo, Neymar Jr., and Benzema,” he added.
With capital in hand, Fanzword aims to amplify its regional footprint and further tap into its web3 gaming capabilities.
The company claims to have over 250,000 downloads while achieving more than 100 percent growth in 2022.
“We believe that the partnership with Fanzword will not only reshape web3 gaming but also accelerate the adoption of NextGen Technology Solutions in the Middle East and beyond,” Johan Lundberg, founding partner and board member at XVC Tech, said.
Cypherleak raises $750k seed round to simplify cyber risk monitoring
UAE’s cyber risk monitoring and scoring startup, Cypherleak, has successfully secured $750,000 in a seed funding round.
The investment attracted notable participation from entities spanning Abu Dhabi, Morocco, and Qatar, including the Maroc Numeric Fund II and the Qatar Insurance Company.
Incepted in 2022 by Mohamed Belarbi, Cypherleak offers advanced risk monitoring solutions tailored for smaller businesses, effectively obviating the need for in-depth cybersecurity technical knowledge.
This infusion of capital is set to bolster Cypherleak’s growth ambitions across the Middle East and Africa.
“The funding injection will enable us to accelerate our expansion across the Middle East and Africa, fortifying our position as a leading player in the rapidly evolving field of cyber risk management and ratings,” Belarbi said.
“With the backing of these strategic investors, Cypherleak is well-positioned to continue developing cutting-edge technologies and delivering unparalleled cyber risk insights to businesses and organizations across the region and the world,” he added.
The company claims to have successfully marketed subscriptions to over 1,000 corporate clients across Europe and the Middle East and North Africa region, targeting small and medium enterprises that are frequently priced out of enterprise-grade cybersecurity solutions.
“Cyber security risks are a serious threat for MENA SMEs who are mostly unprepared to face this new reality. Thanks to their strong experience, Mohamed Belarbi and his co-founders are building a strong and user-friendly platform that is able to address these serious threats, and help MENA SMEs get insured accordingly,” Dounia Boumehdi, managing director of MITC Capital, the management company of Maroc Numeric Fund II, said.
Lars Gehrmann, chief digital officer at QIC, also stressed the importance of cybersecurity for underserved MENA SMEs.
“Cyber security is a growing topic in the MENA region. SMEs are among the companies that are the most vulnerable. Cyber insurance for SMEs is already needed and is poised to grow in the months to come,” Gehrmann added.
UAE’s fintech BILRS raises pre-seed round
UAE’s emerging fintech player, BILRS, has secured a pre-seed investment from venture capital firm Haatch, although the exact amount remains undisclosed.
Founded in 2022 by Rupert Shaw, BILRS has quickly positioned itself as a reliable facilitator, empowering both online and offline merchants to extend bill payment services to their customers.
Notably, the company claims to have customers across a portfolio of over 30 countries, showcasing the firm’s vast reach in a short span.
Millions of people in Saudi Arabia rely on Tabby today, so it’s an incredibly important step to crystalize our foundations in the Kingdom.
Hosam Arab, Tabby CEO
“We are incredibly excited about the future of BILRS and the opportunity this partnership with Haatch represents. This investment will empower us to enhance our platform’s capabilities, better serve our customers, and continue our mission of enabling purposeful remittance,” Shaw said.
“We are grateful for the confidence that Haatch has shown in our vision, and we look forward to the remarkable progress we will achieve together,” he added.
The recent funding is expected to provide BILRS with the requisite fuel to expedite its ambitious mission of introducing greater transparency and accountability into the world of money remittances.
The move aligns with the broader industry trend of leveraging fintech solutions to simplify and streamline complex financial transactions for the end-users.
Canada’s ClearPier acquires UAE’s Media Quest Group for $35m
Canadian performance advertising giant ClearPier has marked a significant milestone in its growth strategy by acquiring UAE’s Media Quest Group, also known as MQuest, in a deal valued at $35 million.
ClearPier was established in 2010 by the duo Jignesh Shah and Sunil Abraham, while MQuest was formed in 2020 by John Rowe, Jay Bhojani, and Lorraine Hall.
The latter uses data to pinpoint consumers with a notably high propensity to make purchases, acting as a conduit between advertisers and potential buyers.
The strategic move to integrate MQuest into ClearPier’s operations is anticipated to bolster ClearPier’s foothold, not just in the Gulf Cooperation Council region, but also across the European markets.
