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Areeb Capital buys $139m land in Makkah’s Jabal Omar project

Areeb Capital buys $139m land in Makkah’s Jabal Omar project
The Makkah property is strategically situated on the west side of the Grand Mosque, approximately 300 meters from it.
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Updated 16 September 2023
Arab News
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Areeb Capital buys $139m land in Makkah’s Jabal Omar project

Areeb Capital buys $139m land in Makkah’s Jabal Omar project
Updated 16 September 2023
Arab News
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Areeb Capital has acquired a property within the Jabal Omar project in Makkah, located in the west of Masjid Al-Haram, at a cost of SR521 million ($138.9 million). This acquisition was facilitated by one of the company’s real estate funds, overseeing the entire acquisition process.

Areeb Capital is a rapidly expanding group headquartered in Jeddah, helmed by Khalid Al-Jabri as its chief executive officer. The company specializes in innovative investment offerings across Saudi Arabia, Europe, and North Africa.

The Makkah property is strategically situated on the west side of the Grand Mosque, approximately 300 meters from it, a significant direction of prayer for millions of Muslims. Covering an area of 3,065 square meters, the property is designated for the construction of a mixed-use tower, which will include residential apartments. The planned tower will boast a total built-up area exceeding 59,668 square meters, with a salable area of 36,921 square meters.

“This substantial acquisition underscores Areeb Capital’s optimistic outlook for the broader Saudi market, and more specifically, the real estate sector in Makkah. The company’s move aligns seamlessly with the forward-thinking vision of King Salman, custodian of the two holy mosques, and the visionary Saudi Crown Prince and Prime Minister Mohammed bin Salman,” the company said in a statement.

Areeb Capital also highlighted its strong commitment to encouraging foreign investors to participate in Makkah’s real estate sector, in compliance with relevant regulations and laws. This initiative aims to contribute to achieving the goals of Vision 2030, the ambitious blueprint for making the Saudi financial market appealing to both domestic and international investors. By doing so, it will play a pivotal role in driving economic growth and diversifying income sources.

Furthermore, the press statement outlines Areeb Capital’s intention to make a portion of this investment available through the “Cadaa” platform, set to launch during the current quarter of 2023. Cadaa is a specialized investment platform designed to provide seamless and reliable access to investments for all segments of the investment community. Areeb Capital holds a valid license (No. 30-08119) from Capital Market Authority in Saudi Arabia.

New Zain KSA partnership to localize digital education

New Zain KSA partnership to localize digital education
Updated 03 October 2023
Arab News
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New Zain KSA partnership to localize digital education

New Zain KSA partnership to localize digital education
Updated 03 October 2023
Arab News

Zain KSA signed a memorandum of understanding with Aanaqeed Knowledge Company, also known as Aanaab, an Arabic e-learning platform, and Code School Finland, a global leader in coding, robotics, and AI education. This strategic partnership aims to bridge the digital literacy gap across the Kingdom and support the localization of digital education. The MoU is part of Zain KSA’s corporate sustainability strategy and its commitment to enhancing the digital capabilities of Saudi society by implementing training and educational programs, with a focus on developing technical skills. This will, in turn, contribute to Saudi Vision 2030’s goals to accelerate the Kingdom’s digital transformation and bolster Arabic technical content on the internet.
Zain KSA’s MoU with Aanaab and Code School Finland demonstrates the company’s significant strides in promoting diversity and inclusion by extending educational opportunities to every corner of the Kingdom, including remote regions. The MoU also underscores Zain KSA’s unwavering commitment to empowering both female and male educators across Saudi Arabia, aspiring to nurture and graduate a new generation of digital trailblazers. This collaborative endeavor seamlessly aligns with Zain KSA’s overarching corporate sustainability strategy, based on three key pillars: operating responsibly, inclusion, and generation youth, inextricably linked to globally recognized environmental, social, and governance practices.
Rayan bin Abdullah Al-Turki, Zain KSA’s chief communication officer, said: “As part of our corporate sustainability strategy, we are dedicated to elevating the digital literacy of all segments of our society. Our primary focus is on empowering the community of educators, who play a pivotal role in shaping the present and future of the Kingdom across various fronts. This dedication contributes significantly to the Kingdom’s progress within the Human Development Index. Notably, in the 2022 Human Development Report released by the UN Development Program, Saudi Arabia secured the 35th rank out of 191 countries, a noteworthy ascent from the 40th position in the previous edition of the report.”
Al-Turki added: “This partnership will significantly contribute to our broader community engagement efforts in support of the digital transformation journey outlined in Saudi Vision 2030. It also aligns with our commitment to achieving the UN Sustainable Development Goals, particularly in the areas of delivering high-quality education, fostering inclusivity and equality, and guaranteeing the right to access knowledge and quality education for all residents of the Kingdom. We are delighted to collaborate with the leading e-learning platform Aanaab and the esteemed global digital skills education provider Code School Finland. In fact, our shared strategic approach revolves around nurturing innovation and leadership among our youth while fostering sustainability in building knowledge societies that leverage cutting-edge technologies to enhance digital Arabic language content, ultimately benefiting humanity across the Arab world.”
Aanaab CEO Mounira Jamjoom said: “We are thrilled to join hands with Zain KSA and Code School Finland on this ambitious project to empower Saudi talent with digital literacy programs. Our specialized professional development courses are created by distinguished partners, academics, and educators from across the globe. With our distinctive approach and locally tailored content, we ensure that Saudi students have access to top-tier educational resources in their native language.”
Meanwhile, Code School Finland CEO Kaisu Pallaskallio said: “The collaboration reflects our joint dedication to fostering Saudi talent and empowering the next generation of innovators and leaders. We are delighted to leverage our pedagogical expertise, teaching resources, and professional development services for educators in coding, robotics, and AI to drive educational excellence in Saudi Arabia. Our strategic partnership heralds a sustainable digital transformation in Saudi Arabia’s educational sector, empowering the Saudi youth with fundamental digital literacy skills needed for a thriving future.”

ROSHN renews commitment for Breast Cancer Awareness Campaign

ROSHN renews commitment for Breast Cancer Awareness Campaign
Updated 04 October 2023
Arab News
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ROSHN renews commitment for Breast Cancer Awareness Campaign

ROSHN renews commitment for Breast Cancer Awareness Campaign
Updated 04 October 2023
Arab News

ROSHN Group, a Public Investment Fund giga-project and the Kingdom’s leading mixed-asset real estate developer, will, for the second consecutive year, collaborate with Zahra Association as a main partner of the National Breast Cancer Awareness Campaign.
The group’s recommitment to the annual national campaign reflects ROSHN’s ongoing focus on health and wellness, in alignment with the objectives of Vision 2030, and will build on previous growth established in the 2022 version of the collaboration, which saw ROSHN sponsoring and endorsing nationwide events and initiatives throughout the month of October.
This year, ROSHN will sponsor two non-competitive breast cancer awareness walks titled “Making Strides Against Breast Cancer” in Riyadh and Jeddah. These walks have collectively grown into the nation’s largest and most impactful breast cancer movement — providing a supportive community for courageous breast cancer survivors and metastatic breast cancer thrivers, caregivers, and families alike.
Additionally, ROSHN will activate breast cancer awareness and education booths across its offices and sales centers in Riyadh and Jeddah, which will communicate the importance of early detection.

BACKGROUND

ROSHN’s collaboration with Zahra Association will be carried out through the group’s CSR arm, YUHYEEK.

The partners formalized the collaboration during a signing ceremony at ROSHN’s SEDRA sales center on Sept. 2. The ceremony was attended by Zahra Breast Cancer Association and ROSHN Group senior representatives: Princess Haifa Al-Faisal Al-Saud, chairwoman of Zahra Breast Cancer Association, and Ghada Alrumayan, group chief marketing and communication officer of ROSHN; Nasreen Aldossary, group chief human resources officer of ROSHN; and Hanadi Al-Outha, CEO of Zahra Breast Cancer Association.
ROSHN will further sponsor the closing ceremony of the campaign, at which Zahra will acknowledge and recognize the partners that have contributed to the growth of the association over the last years.
“As we embark on our second year as a main partner of Zahra Association’s National Breast Cancer Awareness Campaign, we remain steadfast in our dedication to raising awareness, fostering early detection, and supporting those affected by this devastating disease. As a responsible Saudi group, ROSHN will continue to stand shoulder-to-shoulder with causes and campaigns that empower Saudi individuals and families and make a meaningful and sustainable impact on the quality of life of all in the Kingdom,” said Alrumayan.
ROSHN’s collaboration with Zahra will be carried out through the group’s corporate social responsibility arm, YUHYEEK, which leverages the group’s reach, scope, and capacity as a giga-project to directly benefit those in need across the Kingdom with measurable positive impact.
Through YUHYEEK, ROSHN is implementing and supporting impactful projects across the Kingdom that promote community development, environmental sustainability, health and wellness, arts and culture, and sport and education, thus contributing toward transforming the lives of Saudi people under Vision 2030.

Saudia Cargo appoints Loay Mashabi as managing director

Saudia Cargo appoints Loay Mashabi as managing director
Updated 02 October 2023
Arab News
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Saudia Cargo appoints Loay Mashabi as managing director

Saudia Cargo appoints Loay Mashabi as managing director
Updated 02 October 2023
Arab News

Saudia Cargo, a leading global airfreight carrier with headquarters in Jeddah, has announced the appointment of Loay Mashabi as the company’s managing director. He will be joining on Oct. 8. Mashabi, former deputy minister for logistics services at the Ministry of Transportation and Logistics Services, has an extensive background in the logistics sector and has played a pivotal role in the efforts to bolster Saudi Arabia’s position as a logistics hub.

Throughout his career, Mashabi has served in various positions in both the private and government sectors and has also acted as board member of Saudia Cargo, Saudi Authority for Industrial Cities and Technology Zones, known as MODON, Riyadh Integrated, and Saudi Exports Authority.

“Together with CEO Teddy Zebitz, Mashabi will oversee several functions and strategic initiatives to ensure Saudia Cargo continues in its successful growth and transformation to reach a vast international presence through expanding its dedicated freighter fleet to become one of the world’s top 10 largest air cargo carriers in the coming years,” a statement said.

“We are thrilled to have Loay on board and to welcome him to the Saudia Cargo family,” said Zebitz. “His background and vast experience in the field will prove to be invaluable in our efforts to drive forward Saudia Cargo’s ambitious growth plans.”

“With this new chapter in my career I am excited to continue serving the Saudi logistics sector and bring forth the untapped potential in the region. Saudia Cargo will, without a doubt, be just the right place to accomplish great feats in placing Saudi Arabia in the center of the logistics map,” said Mashabi.

Mashabi holds an executive MBA from London Business School and a bachelor of science in petroleum engineering from King Fahd University.

For more than seven decades, Saudia Cargo has been one of the world’s most dynamic cargo carriers, connecting 900 destinations in 175 countries through its alliance with SkyTeam Cargo, the world’s largest group of air cargo airlines.

Conference to explore innovation in Middle East hospitality

Conference to explore innovation in Middle East hospitality
Updated 02 October 2023
Arab News
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Conference to explore innovation in Middle East hospitality

Conference to explore innovation in Middle East hospitality
Updated 02 October 2023
Arab News

The Hospitality Sales and Marketing Association International — Middle East has announced the 6th ROC Middle East Commercial Strategy Conference. This year’s event will be held at the Conrad Dubai Hotel from Nov. 28-29 to boost the Middle East’s hospitality sector.

With the finest leading industry leaders under one roof, this year’s conference aims to take the region’s hospitality sector to the next level where attendees can expand their network by connecting with trailblazers and peers, gain insights from seasoned professionals and learn about the latest trends and strategies.

“The 6th annual ROC Middle East Commercial Strategy Conference is a unique gathering of industry pioneers, where competitors unite to shape the future and elevate their skills. It’s the pulse of innovation in the hotel industry, bringing together all the commercial thought leaders from sales, marketing, revenue management, distribution, hotel brands, and owner groups here in the region to share current and future trends. The conference will feature a range of topics, discussions, and best practices, led by world-class regional and international experts,” said Mona Faraj, managing director of the Middle East chapter of HSMAI.

“This year’s ROC Middle East Commercial Strategy Conference is more than just an event; it is a catalyst for innovation and collaboration in the hospitality industry with global standards in mind. Here, we break down competitive barriers and come together as a community, committed to setting new standards of excellence and driving the future of hospitality forward,” added Robert A. Gilbert, president and CEO of HSMAI.

Alexander Edström, CEO of Atomize, the event’s platinum sponsor, said: “We at Atomize are honored to be the platinum sponsor and delighted to support this pivotal event. ROC Middle East Commercial Strategy Conference serves as a crucial platform for industry leaders to come together and discuss innovative strategies for the future. It aligns perfectly with Atomize’s mission to empower hotels through intelligent revenue management solutions. We look forward to engaging in meaningful dialogues that will undoubtedly drive the Middle East hospitality sector to new heights.”

The ROC Star Awards Ceremony will recognize top talent who have made a difference in the hotel industry. HSMAI strongly advocates the importance of sharing best practices as a means to enhance performance in the industry and region and ROC Stars represent exceptional individuals within the hospitality industry who have made a significant impact.

The event is being organized in partnership with key organizations including Atomize, Fornova, Almosafer, IDeaS, FLYR for Hospitality, and 20+ other sponsors. As the hospitality sector in the Middle East region expands rapidly and evolves constantly, the conference will provide timely insights to hotel professionals.

This year, the team will be introducing the Certified Hotel Business Acumen certification course to be held in Dubai, just before the conference. The dates are Nov. 26-27.

ARDCO, Misk to develop educational facilities in Riyadh

ARDCO, Misk to develop educational facilities in Riyadh
Updated 02 October 2023
Arab News
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ARDCO, Misk to develop educational facilities in Riyadh

ARDCO, Misk to develop educational facilities in Riyadh
Updated 02 October 2023
Arab News

Riyadh Development Company, or ARDCO, signed a 25-year framework agreement with Mohammed bin Salman Foundation, known as Misk Foundation, to develop educational facilities in Riyadh. The signing of the agreement comes within the framework of ARDCO’s corporate strategy, which focuses on investing in growth, consolidating its position within the real estate development sector, and enhancing the company’s contribution to achieving national goals. The company aims to achieve this by working to build an educational experience integrated with Vision 2030’s Human Capability Development Program, to keep pace with the economic renaissance that the capital city is witnessing.

The agreement was signed by Dr. Badr Al-Badr, CEO of Misk Foundation, and Jehad Alkadi, ARDCO’s CEO. This framework agreement constitutes the first partnership and project development between the two entities, in which the first of its developments will be an educational facility located on a 22,000-square-meter land owned by an ARDCO-led consortium in the Tilal Al-Riyadh community in Al-Malqa, Riyadh.

Alkadi said that the signing of the agreement with MiSK Foundation comes within the framework of the company’s strategic direction to strike partnerships focused on distinctive real estate development projects. He said the agreement also contributes to maximizing the total shareholder return by investing in financially sustainable projects and establishing long-term partnerships before beginning the development of these key projects.

“We look forward to capitalizing on the opportunities resulting from the growth we see in Riyadh and its accelerating economy. We are working to utilize this momentum and the city’s ambition to attract business, stimulate population growth, and improve quality of life by providing a highly distinguished educational and family environment and catalyzing investment in the sector, creating added value for the knowledge economy,” Alkadi added.

Meanwhile, Al-Badr said the partnership with ARDCO supports education through cutting-edge initiatives that create an intellectually stimulating educational environment and a meaningful learning journey. This, he said, would help to raise ambitious leaders of the next generation. He added: “Through this partnership, we look forward to contributing to the advancements in the Kingdom’s educational system by providing an empowering environment for innovation and growth, as well as providing high-quality educational content for its students. This is in line with the current focus we see to encourage learning and develop leadership skills among the youth for the sake of a better future for Saudi Arabia.”

The estimated cost of the first project in this framework is SR275 million ($73.3 million), including land value owned by an ARDCO-led consortium. The project will be developed as per the framework agreement, which includes a binding lease agreement for a period of 25 years, subject to renewal.

Riyadh Development Company was established by Royal Decree No. (M/2) in 1994 as a joint-stock company, mandated with developing the Qasr Al-Hukm District in central Riyadh. ARDCO has since progressed to become a cornerstone of Riyadh’s real estate development and investment sector, through establishing, operating, and managing key projects in the public good services sector.

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