You are here

  • Home
  • Quality of Life Program signs MoU with Areeb Capital

Quality of Life Program signs MoU with Areeb Capital

Quality of Life Program signs MoU with Areeb Capital
The MoU was signed by QOL CEO Khalid Albaker and Areeb Capital Chairman Yasser bin Alawi Fadaq.
Short Url

https://arab.news/mnup7

Updated 17 September 2023
Arab News
Follow

Quality of Life Program signs MoU with Areeb Capital

Quality of Life Program signs MoU with Areeb Capital
Updated 17 September 2023
Arab News
Follow

The Quality of Life Program, a Vision Realization Program of Vision 2030, has signed an MoU with Areeb Capital to work together to invest in sectors that contribute to increasing the quality of life in Saudi cities.

Signed at the Cityscape Global exhibition in Riyadh, a global real estate development event that took place from Sept. 10-13, QOL was represented by CEO Khalid Albaker, while Areeb Capital was represented by Chairman of the Board of Directors Yasser bin Alawi Fadaq. The signing took place under the patronage of Saudi Minister of Municipal and Rural Affairs Majid Al-Hogail, who also serves as the current minister of housing.

“This is an excellent chance for us to work together to build a baseline for investing in the sectors that actually enrich people’s lives,” said Albaker. “From arts and entertainment to parks, sports, hobbies, and other recreational activities, we are looking at the many ways in which public-private partnerships can build a better Kingdom for all of us.” 

The MoU will facilitate investment advisory services and financial studies that help direct capital to sectors that improve the livability of Saudi cities. These improvements include better public services, increasing sports and entertainment offerings, supporting the arts and culture, and upgrading the overall urban landscape.

In addition to exploring projects that contribute to the improvement and humanization of Saudi cities, the MoU also prioritizes specific support for increasing the number of amateur hobby clubs in the Kingdom.

Backed by MOMRAH, Cityscape Global provided a world-class platform for real estate entities to showcase their products and services to a diverse and international audience.

Taking place for the first time in Riyadh, the four-day event attracted more than 180,000 attendees. Revolving around the theme “The Future of Living,” it featured over 350 exhibitors, more than 300 international and local speakers, and over 2,000 investors.

Established in 2008, Areeb Capital is a Jeddah-based investment firm that specializes in asset management, real estate investments, advisory services, and more.

ARDCO, Misk to develop educational facilities in Riyadh

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

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.

In global first, IMC achieves major milestone in GERD treatment

In global first, IMC achieves major milestone in GERD treatment
Updated 02 October 2023
Arab News
Follow

In global first, IMC achieves major milestone in GERD treatment

In global first, IMC achieves major milestone in GERD treatment
Updated 02 October 2023
Arab News

A patient, who had undergone a sleeve gastrectomy five years ago, started to suffer from gastroesophageal reflux after her procedure, a common symptom following gastroplasty due to the loosening of the lower esophageal sphincter.

The patient had sought treatment at different hospitals before arriving at the International Medical Center in Jeddah. After confirming her diagnosis, the medical team proposed solutions to address her condition, and discussed the challenges associated with each of them.

Dr. Adeeb Elghalayini, consultant gastroenterologist and hepatologist at IMC, said: “The solutions proposed for gastroesophageal reflux following a sleeve gastrectomy are usually surgical ones that involve complicated operations, such as removing the stomach and altering the path directly to the intestines, or even gastropexy and imperforation of the diaphragm. The success rate of these operations is not high for a patient who has had sleeve gastrectomy, unlike if the patient had a full normal stomach.”

However, Dr. Elghalayini led the medical team to develop an innovative approach that avoids a major surgical operation. They performed the first procedure of its kind in the field of gastrointestinal medicine and endoscopy, by repairing the LES relaxation causing the gastroesophageal reflux using the GERDX technique, which only took 10 minutes.

The main challenge faced by the medical team with this procedure was that the size of the stomach had become quite small due to the sleeve gastrectomy, which made it difficult to benefit from the GERDX technique, which is usually used for larger stomachs as the tool requires enough space to be moved around.

“This is the first procedure of its kind executed globally in the field of gastrointestinal and bariatric surgery. Thankfully, we were able to repair the LES relaxation that caused the gastroesophageal reflux for the patient following her gastroplasty, without any surgical procedure,” said Dr. Elghalayini.

The patient was discharged and went home the next day after the procedure. During her first checkup at the hospital a week later, it was confirmed that she had recovered completely, and the symptoms of gastroesophageal reflux had completely disappeared.

Aiming to empower Saudi SMEs, Tribal Credit reveals strategic expansion in Kingdom

Aiming to empower Saudi SMEs, Tribal Credit reveals strategic expansion in Kingdom
Updated 02 October 2023
Arab News
Follow

Aiming to empower Saudi SMEs, Tribal Credit reveals strategic expansion in Kingdom

Aiming to empower Saudi SMEs, Tribal Credit reveals strategic expansion in Kingdom
Updated 02 October 2023
Arab News

Tribal Credit, a Silicon Valley fintech company dedicated to empowering emerging markets’ SMEs, announced its strategic expansion in Saudi Arabia, aligning with Saudi Vision 2030 to promote financial access, SME competitiveness, and GDP growth and diversification.

The company sees Saudi Arabia as central to its global success and it would be using this milestone to accelerate growth globally. Additionally, Tribal Credit aims to enhance mutual benefit from the current developments and advancements in the Kingdom to create more jobs and investment opportunities. Working with several industry-leading investors like SoftBank, QED Investors, BECO Capital, Endure Capital, Stellar Development Foundation, and Coinbase Ventures, Tribal Credit provides innovative financial solutions to companies at various stages of their development.

Tribal Credit has affirmed its commitment to contributing to the achievement of the goals of Saudi Vision 2030, led by Crown Prince Mohammed bin Salman. It seeks to contribute to the enhancement of the Kingdom’s position as a leading destination in fintech by providing comprehensive financial solutions for companies in accordance with applicable laws and regulations. This is aimed at bridging the financing gap for small and medium-sized enterprises. Tribal Credit designs specialized financing solutions for these companies, enabling them to achieve market excellence in both the domestic and global markets, thereby creating more job opportunities in the Kingdom.

“We’re not just expanding to Saudi; it’s at the heart of our global success,” said Amr Shady, CEO of Tribal Credit. “We are harnessing the momentum of Saudi Vision 2030, the thriving IPO market and our internal readiness to strengthen our presence in the Kingdom and use it as a springboard for global expansion. We plan to IPO in the Kingdom in the next three years to accelerate our growth globally.”

Duane Good, COO of Tribal Credit, said: “Saudi Arabia is pivotal to Tribal Credit’s global success and growth strategy. Saudi Arabia is a market with immense potential.”

It has a robust economy, and its Vision 2030 is perfectly aligned with our mission to empower SMEs.”

Emerging market SMEs face a staggering $1.5 trillion financing gap and a $300 billion cross-border payments market, limiting their access to quality financial services. Tribal Credit aims to bridge this financing gap by providing tailored financial solutions in accordance with applicable laws and regulations, thereby expanding access to funding for SMEs and aligning with Vision 2030’s financial initiatives.

In the pink: Saudis’ love for seafood feeding Norwegian salmon sales

In the pink: Saudis’ love for seafood feeding Norwegian salmon sales
Updated 01 October 2023
RIYADH: RASHID HASAN
Follow

In the pink: Saudis’ love for seafood feeding Norwegian salmon sales

In the pink: Saudis’ love for seafood feeding Norwegian salmon sales
  • Value of fish exports to Kingdom rose to $66.4m in 2022.
  • Norway is world’s second-largest seafood exporter with annual sales of $14bn.
Updated 01 October 2023
RIYADH: RASHID HASAN

ALESUND: A growing passion for seafood in Saudi Arabia is helping to drive demand for Norwegian salmon, according to an industry official from the European nation.

Ingelill Jacobsen, project manager for emerging markets at the Norwegian Seafood Council, said exports of the fish to the Kingdom rose to $66.4 million last year.

With sales in the first eight months of this year exceeding $44.4 million, Jacobsen said she expected the full-year total to be even higher than in 2022.

Based in Tromso, the NSC is a public company owned by the Norwegian Ministry of Trade, Industry and Fisheries. It has played a significant role in driving sales of salmon in the Middle East.

In 2019, before the COVID-19 pandemic, sales of Norwegian salmon to Saudi Arabia totaled just $27 million, though that was itself a 50 percent rise from the previous year.

Norway is the world’s second-largest exporter of seafood. Its sales in 2022 topped $14.1 billion, with Poland, France and the US among the biggest buyers.

In November, representatives from the NSC will take part in the Saudi Food Expo in Riyadh in a bid to promote greater cooperation in the fields of aquaculture and aquaculture technology, according to Jacobsen.

“At the moment, we are managing the Middle East from Norway, but in the future we will appoint a representative to be on the ground in the region,” she told journalists at a media event in Alesund, a port town on the west coast of Norway.

The Middle East is a growing market, with exports of Norwegian seafood to the region hitting SR1.4 billion ($373.3 million) in 2022.

“The Saudi food and health authorities are doing great work with increasing the consumption of seafood to improve the health of the people, reduce obesity and cardiac diseases. For the NSC it would be great to assist in this work,” she said.

“Many Norwegian aquaculture technology companies are now cooperating with the industry in the Kingdom, and there have been several visits both from Norway to the Kingdom and from the Kingdom to Norway.”

She added: “Seafood production (in Norway) is strongly regulated by licenses, biology, animal welfare and sustainability, and we don’t want demand to be a factor that in any way undermines any of these concerns.

“Norway was the first country to successfully farm and then commercialize Atlantic salmon back in the seventies, so we have 50 years of experience in this field.”

After oil and gas, the seafood industry is the second-largest contributor to Norway’s economy.

As well as salmon harvesting, cod farming has been gaining momentum in the country.

During a visit to a cod farm owned by Ode, founder and CEO Ola Kvalheim told reporters about the challenges and opportunities faced by the aquaculture industry.

“As the world needs more healthy and sustainable protein, farming cod is an excellent opportunity to solve both the need for more protein and the need for more sustainable food production,” he said.

“I grew up in a small rural community along the Norwegian coastline, with a long heritage of exporting cod. Before the tremendous success of the salmon, cod was the most important seafood option from Norway. Now we are finally able to successfully farm the iconic Atlantic cod.”

Kvalheim’s farm is located close to Alesund, where the sea conditions are ideal for nurturing the fish.

“These conditions and the cold and nutritious waters are perfect for Atlantic cod,” he said.

“We produce the cod here in a natural habitat with the right temperature and in the right environment. We are focusing on zero emissions using solar panels that produce green energy for use on our farms.

“Boats and equipment run on that green energy, making it eco-friendly production. We are currently producing about 20 million meals of cod per year, next year we will be at 70 million meals,” he said.

Kvalheim said his company’s long-term plan was to become a leading seafood company.

“Initially we had a clear focus on building our organization, our value chain, establishing best in class operations and positioning our product in the market. Based on very strong operations and biology coupled with solid demand for our products, we are now scaling significantly up.”

Asfar, Ebda launch mountain tourism project in Al-Baha

Asfar, Ebda launch mountain tourism project in Al-Baha
Updated 30 September 2023
Arab News
Follow

Asfar, Ebda launch mountain tourism project in Al-Baha

Asfar, Ebda launch mountain tourism project in Al-Baha
Updated 30 September 2023
Arab News

Asfar, a Saudi tourism investment company owned by the Public Investment Fund, has announced its partnership with Ebda to launch Gamra, a tourism project encompassing a mountain resort and an adventure park in Al-Baha. Gamra represents Asfar’s first foray into tourism infrastructure development in the emerging cities of Saudi Arabia. The upcoming project will offer visitors an integrated tourism experience.

Spanning nearly 70,000 square meters, the Gamra project will feature 100 units, including 70 upscale villas and 30 resort rooms, all designed to immerse guests in the beautiful mountain landscapes of Al-Baha. The resort will offer guests a comprehensive tourism experience, featuring a spa, two restaurants, two cafes, an expansive outdoor plaza, and an outdoor adventure park alongside an indoor adventure park.

Dr. Fahad bin Mushayt, CEO of Asfar, said: “We have a strategic focus to co-invest with the private sector to unlock tourism opportunities across the Kingdom, empowering private companies to amplify their contributions to the envisioned transformation of promising cities like Al-Baha. We strive to redefine and elevate mountain tourism and agritourism, setting unparalleled industry standards within Saudi Arabia. This comes in line with the broader national agenda to boost the tourism sector and increase its input to the GDP, consistent with Saudi Vision 2030.”

Mushayt added: “We are excited to collaborate with Ebda to leverage our unique expertise and the substantial benefits we offer investors. Together, we aim to enhance the tourism and hospitality sectors, aligning with the Kingdom’s objective of attracting 100 million visitors by 2030. We eagerly anticipate welcoming guests and delivering an unmatched hospitality experience.”

Construction of the project commenced earlier this month, setting the stage for Gamra’s inauguration in the first half of 2025.

Sinan Al-Saady, Ebda board member, said: “We are delighted to forge a strategic partnership with Asfar. Our shared vision underscores the importance of harnessing untapped potential to strengthen Saudi Arabia’s tourism ecosystem and transform Al-Baha into a premier entertainment destination. With its scenic beauty, vast tourism opportunities, and unique historical and archaeological sites, Al-Baha is poised to become a leading regional destination.”

This new alliance will pave the way for developing tourism ventures that meet global standards, encompassing retail, hospitality, dining, and adventure tourism. Al-Baha’s distinct natural beauty, including its diverse flora, majestic mountains, and temperate climate, makes it an enticing destination for both domestic and international tourists.

Following a recent cooperation agreement with the Al-Baha municipality during Cityscape Global in Riyadh, Asfar’s announcement reinforces its commitment to realizing world-class tourism initiatives.

Latest updates

Riyadh book fair provides special section for children
Activities and workshops are among events aimed at promoting reading among kids. (AN photo by Abdulrahman Shulhub)
PIF-owned Cruise Saudi sets sail with tech investment in AROYA Cruises 
PIF-owned Cruise Saudi sets sail with tech investment in AROYA Cruises 
UN Libya envoy urges unified Derna flood response
A boy cleans merchandise inside a damaged grocery store affected by fatal floods, in Derna, Libya, September 28, 2023. (Reuters)
SVC invests $30mn in IMPACT 46 Fund III to support pre-IPO companies
SVC invests $30mn in IMPACT 46 Fund III to support pre-IPO companies
NVB launches CEO Club in the Kingdom, to work closely with Invest Saudi
NVB launches CEO Club in the Kingdom, to work closely with Invest Saudi

Search form

Print Edition
Read pdf version Subscribe now
© 2023 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement.