Sidra Income Fund II awarded two accolades at Islamic Finance News Awards 2022

Updated 26 March 2023

Arab News

March 26, 2023 11:41

Sidra Capital, the Shariah-compliant investment firm regulated by the Saudi Arabian Capital Market Authority, announced that Sidra Income Fund II, the US dollar-denominated investment fund focusing on commodity export trades within the Asia-Pacific region, has been awarded the coveted Islamic Finance News Awards for Trade Finance Deal of the Year 2022 and Indonesia Deal of the Year 2022.

The fund capitalizes on export trades of branded solid fuel within the Asia-Pacific region, which accounts for 60 percent of the world’s population, and with global energy consumption set to increase post-pandemic, together with the consequent disruptions in supply, the fund is uniquely placed to take advantage of such events.

Launched in October 2022, SIF II’s investment strategy is premised on an innovative facilitation of commodity supply chain transactions via fully funded irrevocable letters of credits. As the trades are secured end-to-end by USD-denominated LCs and issued by banks with strong credit ratings, investors are protected against foreign exchange and payment risk by trade counterparties. Furthermore, as the trades are structured as back-to-back purchases and sales of commodities (rather than speculative trading), investors are also not exposed to inventory and price risks.

Furthermore, Sidra Capital also sought Shariah-compliant political risk cover against risks of convertibility/transferability, expropriation, and war and civil disturbance.

“Sidra Capital is no stranger to the structured trade finance space, having established award-winning trade finance funds since 2012. The latest IFN awards are a testament to Sidra Capital’s ability to scout for private finance opportunities globally and innovate investment solutions that bridge the gap between capital providers and users while mitigating inherent risks in such structures,” said Hani Baothman, chairman of Sidra Capital.

“Our private finance solutions have a low correlation to other asset classes, generate consistent returns with low volatility, and invest into the real economy with no leverage or speculation, which creates a win-win situation for our investors, trade counterparties and communities that we operate in. This in turn encourages social and economic developments in the markets where we intervene,” Baothman added.

As a pioneer of Islamic private finance in Saudi Arabia, Sidra Capital has a diverse portfolio of Shariah-compliant private finance investment solutions, including the Sidra Mutajara Fund and the award-winning Sidra-Ancile Global Structured Trade Investment Fund.

Realty sector must adopt people-centric approach to planning

Updated 26 September 2023

Arab News

September 26, 2023 20:53

Realty sector must adopt people-centric approach to planning

Updated 26 September 2023

Arab News

September 26, 2023 20:53

In a world dominated by blueprints and budgets, the real estate development industry has often lost sight of its most crucial element — people.

For years, the industry molded urban landscapes to meet the market demands in residential, retail and commercial segments without a holistic approach to the community needs of promoting fulfilling lifestyles and focusing on the people who use them.

Developers have, unfortunately, been seen as faceless entities, prioritizing numbers over the impact on people’s lives.

However, the winds of change are blowing, and a shift toward a people-centric approach is gaining momentum. It is not just about meeting the needs of a new generation but also making good business sense and, most importantly, doing the right thing.

ROSHN recognizes the importance of this shift and empowers individuals at the heart of its approach to development. Responsibility is paramount, and we take ownership of our role in shaping the urban landscape.

As we look to the future, the UN predicts that nearly 70 percent of the world’s population will reside in urban areas by 2050. This global trend is also mirrored in Saudi Arabia, where urbanization rates have increased significantly.

Comprehending this shift is vital for our future and is at the core of ROSHN’s most ambitious project to date, MARAFY.

A groundbreaking initiative, MARAFY embarks on the journey of transforming northern Jeddah into a hub of integrated living.

The project unfolds a seamless convergence of residential and commercial spaces with culture, cuisine, entertainment, hospitality and wellness.

This transformative urban development aspires to offer residents and visitors a blend of modernity and tradition.

Through the fusion of diverse elements, MARAFY aims to create an environment that redefines urban living and nurtures pleasant experiences, connections, and possibilities for anyone who calls it home.

MARAFY will redefine urban living by reimagining space and blurring the lines between work, leisure and community interaction.

Its contemporary design philosophy reflects our commitment to promoting fulfilling lifestyles and fostering vibrant communities. This development will triple the amount of publicly accessible waterfront, creating a new era of riverside urbanism.

By integrating MARAFY with ALAROUS, ROSHN’s first significant development in Jeddah, we create a synergy that enriches the lives of both communities.

ALAROUS is designed to provide high-quality housing with integrated amenities and public spaces that effortlessly connect with the MARAFY vision.

As MARAFY reshapes the urban landscape, ALAROUS residents will enjoy enhanced access to MARAFY’s cultural, recreational and social offerings, further enriching their quality of life.

Like other ROSHN communities, ALAROUS and MARAFY will embrace modern living while preserving the Kingdom’s rich heritage and local urban designs. This integrated neighborhood concept is what ROSHN has successfully introduced in Riyadh’s SEDRA, where early offerings were met with an encouraging response. It demonstrates the market demand for ROSHN’s concept of integrated neighborhoods packed with amenities that support a well-balanced, fulfilling lifestyle.

As a giga-project backed by the Public Investment Fund, ROSHN is determined to lead the way in the regional market, demonstrating through its groundbreaking developments how a people-centric approach improves the quality of life for residents, builds a stronger sense of community and ensures long-term business success.

As developers, we must recognize that our work profoundly impacts the lives of those who live in and around our developments.

The decisions we make today will shape our nation’s urban landscape for generations to come, and it is a privilege and a responsibility to be involved in this exciting process.

The writer is the Group Chief Marketing and Communications Officer at Roshn Group

ROSHN honors National Day with 93 planting initiatives

Updated 26 September 2023

Arab News

September 26, 2023 22:54

ROSHN honors National Day with 93 planting initiatives

Updated 26 September 2023

Arab News

September 26, 2023 22:54

As Saudi Arabia celebrates its 93rd glorious year, ROSHN, the Kingdom’s leading national real estate developer and PIF-funded giga-project, unveiled 93 pioneering planting initiatives. Coinciding with the special occasion of the 93rd Saudi National Day, ROSHN’s initiative serves as a testament to the Saudi Green Initiative launched by Crown Prince Mohammed bin Salman, who is also the chairman of ROSHN’s board of directors. By striving toward a verdant Saudi Arabia and the preservation of the Kingdom’s vast landscapes, ROSHN aims to actively contribute to several key aspirations of the Saudi Green Initiative. This commitment further resonates with the values of ROSHN’s CSR program, YUHYEEK, which emphasizes the company’s dedication to environmental sustainability.

ROSHN will distribute and plant more than 65,000 trees across a range of different initiatives to support sustainability, the environment, and quality of life. The company already kick-started its commitment to a greener future at the inaugural launch of CityScape in Riyadh, where visitors actively engaged in planting trees at ROSHN’s pavilion, symbolizing a joint effort toward sustainability. These trees, enriched by the collective care of the event’s attendees, have been seamlessly transitioned to their new home in the ROSHN Front and SEDRA community in Riyadh. Building upon this initiative, ROSHN is set to further its environmental endeavors by planting additional trees within the ROSHN Front, integrating 1,500 trees in SEDRA, and rolling out school distribution, planting, and awareness sessions with an ambitious goal of 31,000 trees. Furthermore, a significant effort will be channeled into mangrove planting in three distinct locations, aiming for a contribution of 25,000 trees. These diverse efforts not only symbolize actual planting but emphasize giving away plants, nurturing a young generation’s love for the environment.

The compass guiding this ambitious journey is Ghada Alrumayan, group chief marketing and communication officer of ROSHN.

Alrumayan said: “The greatest gift we can bestow upon our homeland is one that nourishes, endures, inspires, and flourishes. Our green initiative exemplifies this sentiment. It’s not just about planting; it’s a profound gesture of love and commitment to our land. From the delicate hands of our youngest — the children who lovingly plant, water, and watch with hope — to the steadfast guidance of the visionary leadership of this country, every aspect of this initiative resonates with a tale of unity, dedication, and growth.”

She added: “Our narrative is one of a nation, deeply rooted in its history, ceaselessly nurtured by its people, and bolstered by the wisdom and foresight of our leaders. Blossoming day after day, we’re on a journey toward a brighter and more sustainable future. As we commemorate this day, we pledge our continued allegiance to a greener, more vibrant Saudi Arabia. To every soul that celebrates, I salute our collective spirit of hope, unity, and the verdant promise we’re crafting for generations to come.”

Dammam school hosts memorable Cluster Meet 2023

Updated 26 September 2023

Arab News

September 26, 2023 22:52

Dammam school hosts memorable Cluster Meet 2023

Updated 26 September 2023

Arab News

September 26, 2023 22:52

The CBSE Saudi Chapter 31st Zonal Cluster Meet 2023 is being hosted by the International Indian School Dammam in two phases. The first phase took place on Sept. 16. It comprised a total of 15 schools, with 350 students registering for the event. More than 24 sports and literary competitions will be held in two phases. The Dammam school hosted a similar meet in 2017.

The event kicked off at a bright and colorfully decorated venue. Misbahullah Ansari, managing committee member and alumnus, was in attendance as the chief guest along with IISD Chairman Moazzam Gulam Abdul Kader Dadan and MC members Firoz Ashraf and Sadia Irfan Khan. Among the guests were CBSE observer Dr. Vijendar Singh, International Indian School Jubail Principal Alamgir Islam, Dunes International School Jubail Principal Mohammed Aamir and Dunes International School Alkhobar Principal Mujeebur Rahman.

The prep section students gave a warm welcome to the guests and the various contingents through an enthralling performance. The welcome address was delivered by Principal Mahenaz Farid, who highlighted the motto of the Cluster Meet — “Indomitable Spirit, Indelible Moments” — indicating that the event would provide valuable, unforgettable experiences along with unleashing an unwavering spirit to strive forward for success.

IISD chairman Dadan addressed the gathering with his inspiring words, reminding the audience that the event is a celebration of respect, unity, and healthy competition. He urged the participants to follow the rules laid down by the organizing committee and be examples of good sportsmanship.

The flag-hoisting ceremony commenced with the hoisting of the CBSE flag by the chief guest. The flag of the Saudi Chapter was hoisted by the school chairman, while the principal hoisted the school flag of IISD.

The audience were in for a visual treat as the parade led by sports captains with school banners and flags, marched enthusiastically in contingents of 15 schools, including IISD. A strong message of camaraderie and unity was delivered through the contingent march.

Chief guest Ansari formally declared the opening of the cluster meet. He addressed the gathering expressing his views on the pivotal role of sports in building one’s personality and urged the participants to give their best performance.

Learning to persevere in the face of adversity and working as a team toward a common goal, were some of the valuable life lessons that he highlighted in his address.

The vote of thanks was proposed by Principal-designate Sunil Peter. He applauded the fact that Ansari was the right person to inaugurate the cluster meet as he was an alumnus of IISD and is currently serving as an MC member. He also expressed his gratitude to the CBSE observer and principals of neighboring schools for attending the event.

Abu Dhabi’s inaugural ‘Travel and Tourism Week’ set to drive economic impact for emirate

Updated 26 September 2023

Arab News

September 26, 2023 09:15

Abu Dhabi’s inaugural ‘Travel and Tourism Week’ set to drive economic impact for emirate

Updated 26 September 2023

Arab News

September 26, 2023 09:15

The Department of Culture and Tourism — Abu Dhabi is hosting Abu Dhabi Travel and Tourism Week from Sept. 25-30, a platform which brings together the emirate’s travel and tourism industry to foster growth and reinforce Abu Dhabi’s status as a global tourism hub. The initiative aligns with the emirate’s broader vision to welcome over 24 million visitors this year and further enhance the business and leisure tourism industries, driving economic impact to the UAE capital and beyond.

The week starts with the first City Tourism Briefing event, followed by Abu Dhabi Business Events Forum, Abu Dhabi Wedding Show and the Future Hospitality Summit, leveraging the collective power of many tourism stakeholders from diverse industries, all contributing their expertise and insights to drive progress.

Mohamed Khalifa Al-Mubarak, chairman of the Department of Culture and Tourism — Abu Dhabi, said: “The Abu Dhabi Economic Vision 2030 drives our ambitions to build a strong foundation of strategic partnerships that facilitate the establishment of the emirate as a thriving global hub for business, investment, and leisure travel. The Abu Dhabi Travel and Tourism Week is set to unlock new opportunities that reaffirm our commitment to positioning Abu Dhabi as a dynamic and sustainable hub for tourism. We look forward to fostering growth in the sector by accelerating high-potential industries such as gastronomy, aviation, and business events and welcome all of our partners and future collaborators to join us in our journey.”

Abu Dhabi Travel and Tourism Week will advance the emirate’s tourism industry across a range of sectors, such as meetings, incentives, conferences and exhibitions events, hospitality, destination marketing, weddings, tourism strategy, and more.

The platform joins a slate of DCT Abu Dhabi acceleration programs that are strategically designed to boost growth, elevate experiences, and reinforce the emirate’s status as a global culture and tourism hub — these include MICE industry incentive schemes such as Advantage Abu Dhabi and the Abu Dhabi Culinary Program.

Set to become an annual fixture on the calendar, each year Abu Dhabi Travel and Tourism Week will feature a mix of flagship and exclusive, one-off events.

The events for the 2023 edition include:

City Tourism Briefing — Sept. 25

Executives from across the tourism ecosystem, including aviation, travel, hospitality and retail sectors, in addition to government entities, took part in the City Tourism Briefing, which provided a platform for Abu Dhabi’s tourism sector to engage with industry stakeholders. The invitation-only forum hosted discussions on how to harness the latest innovations and trends to create a more resilient, inclusive, and sustainable future. The event also allowed DCT Abu Dhabi leadership to provide attendees with briefs on key initiatives, destination updates and upcoming plans.

Abu Dhabi Business Events Forum — Sept. 26-27

Returning for its third edition, ADBEF aims to be the foremost platform for the MICE industry in Abu Dhabi and the MENA region. The forum will facilitate the sharing of best practices, feature workshops delivered by professional MICE associations and keynote speakers, create social and networking opportunities, and foster the exploration of partnerships.

Abu Dhabi Wedding Show — Sept. 27-30

This inaugural event is set to be the premier platform for the destination wedding industry in Abu Dhabi and the MENA region, capitalizing on the emirate’s spectacular venues and infrastructure, natural beauty, and prestige as a must-visit location. The day will be dedicated to sharing best practices, learning from workshops led by professionals and members of Wedding Planner Associations, hearing from keynote speakers, and providing networking opportunities within the community.

Future Hospitality Summit — SEPT. 25-27

FHS is an international platform where influential hospitality investment decision-makers gather to exchange knowledge, explore new partnerships, and shape the future of the hospitality sector. This event represents an evolution from the Arabian Hospitality Investment Conference and has been hosted in various emirates. This edition marks the first time it takes place in Abu Dhabi.

Future-forward thinkers: ROSHN Hackathon winners revealed

Updated 25 September 2023

Arab News

September 25, 2023 23:16

Future-forward thinkers: ROSHN Hackathon winners revealed

Updated 25 September 2023

Arab News

September 25, 2023 23:16

ROSHN Group, a Public Investment Fund-backed company and Saudi Arabia’s leading mixed-asset real estate developer of integrated urban communities, announced the winners of the ROSHN Hackathon at Cityscape Global in Riyadh.

For the “New Venture Ideas” track, EcoFit won first prize for their cutting-edge development and received a prize of SR350,000 ($93,300), while the Wajid team secured the second place and received a prize of SR150,000. In the “Established Startups” track, NeoROSHN claimed the first prize worth SR350,000, while the JMM Innovation team won SR150,000.

Each track offered a first-place prize of SR350,000. In addition to the cash prizes, the winning teams will also be invited to attend Innovation and 10x Thinking training at Google workshop and the Saudi Arabia Google Cloud Launch event.

“The ROSHN Hackathon embodies our unwavering commitment to innovating for the future. It’s not just about real estate; it’s about ushering in groundbreaking technologies, setting unprecedented standards, and nurturing entrepreneurs and budding economic sectors across the Kingdom. Through the pioneering solutions proposed by these forward-thinking entrepreneurs and startups, the hackathon aims to elevate the quality of life for residents and tenants. We are focused on translating innovative ideas into tangible, state-of-the-art solutions tailored for everyday needs. I would like to extend my heartfelt congratulations to all the participants, especially our victorious winners, for showcasing such creativity and resilience,” said David Grover, CEO of ROSHN Group.

The hackathon showcased a dynamic gathering of 16 teams, hailing from both the Kingdom and outside. These teams adeptly navigated challenges across three pivotal sectors: the evolution of software solutions, the unveiling of groundbreaking products, and the transformation of infrastructure and compliance. The participant pool, teeming with tech aficionados, real estate experts, budding college visionaries, and prop-tech trailblazers, became a melting pot of innovative minds. All were united by a singular mission: to ideate transformative solutions addressing the pressing challenges of the real estate sector. Ensuring a rigorous and fair assessment, a carefully curated panel of experts with profound roots in the Saudi real estate, housing, and technology sectors undertook the responsibility of judging.

The essence of this hackathon resonates profoundly with ROSHN’s foundational ethos, serving as a marker of the confluence of diverse perspectives, collaborative ventures, and an indefatigable spirit of innovation. Such attributes not only pave the path for the future of real estate but also mirror ROSHN’s steadfast commitment to empowerment.

CityScape, a premier international real estate event, recently marked its inaugural appearance in the Kingdom, unfolding at the Riyadh Exhibition and Convention Center. ROSHN took center stage as founding partner of the event.

Sidra Income Fund II awarded two accolades at Islamic Finance News Awards 2022