Majid Al-Futtaim urges public-private sector collaboration to unlock sustainable finance in region

Photo: (Twitter @MajidAlFuttaim)
Photo: (Twitter @MajidAlFuttaim)
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Updated 07 December 2023
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Majid Al-Futtaim urges public-private sector collaboration to unlock sustainable finance in region

Photo: (Twitter @MajidAlFuttaim)

Majid Al-Futtaim, a shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia, has published a sustainable finance paper, which examines the significant increase in sustainable finance in the MENA region and the ways it can act as a catalyst for positive change.
Titled “Aligning Growth with Purpose,” the paper looks at the global and regional sustainable finance landscape and calls on a collaboration between the private and public sector to unlock the $30 trillion of new investment needed to achieve the United Nation’s 17 Sustainable Development Goals by 2030.
Majid Al-Futtaim is recognized as a pioneer in sustainable financing for the region. The group is the first privately owned Dubai corporation to incorporate green Islamic financing into its funding structure, most recently raising $500 million through its fourth green capital markets issuance. Majid Al-Futtaim also introduced innovative sustainability-linked loan financing with a “penalty-only” loan structure.

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Majid Al-Futtaim is the first privately owned Dubai corporation to incorporate green Islamic financing into its funding structure.

Ahmed Galal Ismail, chief executive at Majid Al-Futtaim — Holding, said: “The Middle East and North Africa region is currently witnessing a surge in interest from investors actively seeking opportunities to allocate capital to projects with a strong environmental, social and governance focus. Finance is a critical enabler of climate action, and by doubling down on developing the right structure and mechanisms, the MENA region is positioned to become a thriving hub for sustainable finance, leading the way toward a low-carbon and resilient future.
“Sustainable finance will play a fundamental role as we transition to a net-zero carbon economy and collectively strive to meet the aims of the Paris Agreement and the SDGs. This progress, however, is only achievable if we work collectively to take action. We are advocating for collaboration between both the public and private sectors, with governments taking responsibility for enabling favorable conditions and incentives for investment, and private sector leadership and finance to drive transformation. This coordinated and determined commitment will build more resilient, equitable, and sustainable organizations, and has the capacity to future-proof the global economy.”
The whitepaper also highlights the crucial role of bodies such as the World Economic Forum, which is working to support this collaborative action by bringing together public and private actors to catalyze sustainable infrastructure investment.

 


SFA-ROSHN partnership to drive community sports in KSA

SFA-ROSHN partnership to drive community sports in KSA
Updated 27 February 2024
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SFA-ROSHN partnership to drive community sports in KSA

SFA-ROSHN partnership to drive community sports in KSA

In its quest to provide more sporting facilities in the Kingdom, the Saudi Sports for All Federation signed an agreement with leading property developer ROSHN to establish and activate a new sports dome in SEDRA, ROSHN’s flagship project located in Riyadh. The agreement was signed at ROSHN’s offices by Prince Khaled bin Alwaleed bin Talal Al-Saud, SFA president, and David Grover, ROSHN Group CEO.

The SFA is working to increase the numbers of those physically active in the Kingdom and has already introduced several sports domes across the country. This helps to remove the barriers for individuals in beginning their physical journey, providing a multi-sport facility, open all year round, with football pitches, basketball courts, tennis, volleyball, badminton, and more, plus a variety of sports programs. ROSHN is also a believer of enriching communities with high-quality lifestyle assets.

Other attendees from ROSHN at the signing ceremony included Executive Director Abdulrahman Maghrabi, Senior Director Fahd Alaswad, Associate Director Abdullah Al-Ruwayshid, Senior Manager Abdulrahman Alharran, Senior Manager Ghadah Alwesaimer, and Manager Ahmed Alshaqhaa.

From the SFA, the full list of attendees included Shaima Saleh Al-Husseini, SFA managing director; Ammar Alamro, director of marketing and communication; Abdoon bin Abdoon, senior marketing and communication manager; Abdulaziz Nasser Al-Badah, senior purchasing and contracts manager; and Naif Abdullah Al-Arrouj, community sports management.

Prince Khaled said: “The establishment and activation of the new sports domes, thanks to the land provided by ROSHN, exemplifies our commitment to providing accessible facilities to the Saudi community. The SFA sports dome facilities are testament to our dedication to removing barriers and increasing physical activity among residents.”

Grover expressed his excitement, saying: “We are thrilled to partner with the Sports for All Federation in bringing world-class sports domes to our developments. This partnership aligns with our commitment to driving community sports in the Kingdom and enhancing the quality of life for all, contributing to the Vision 2030 goals of a healthier and more active Saudi Arabia. This agreement is a testament to ROSHN’s dedication to enriching the lives of Saudi residents and communities through sports, partnerships, and our fully integrated new way of living.”

Mandated by Vision 2030’s Quality of Life program to increase the percentage of the population regularly engaged in physical activity to 40 percent by 2030, the SFA continues to develop partnerships that align with its mission. Since its establishment in 2018, the federation has pioneered various sporting initiatives, promoting the positive impact of sports on physical and mental well-being.

ROSHN, powered by Saudi Arabia’s Public Investment Fund, is known for its commitment to achieving the Vision 2030 goal of 70 percent home ownership in the Kingdom. It equips communities with unique designs and a wide range of facilities.


Global government advisory firm Consulum boosts Saudi presence

Global government advisory firm Consulum boosts Saudi presence
Updated 27 February 2024
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Global government advisory firm Consulum boosts Saudi presence

Global government advisory firm Consulum boosts Saudi presence

Consulum, a global strategic government advisory firm that has been working in the Kingdom for more than a decade, has moved into their new state-of-the-art office and established their regional headquarters in Riyadh.

Riyadh, a thriving business hub and center of the region’s most ambitious growth plans, offers unparalleled opportunities for firms to contribute to the vibrant business landscape of the Kingdom. The decision to establish the regional headquarters in Riyadh underlines Consulum’s dedication to its clients and teams in Saudi Arabia and the region.

“Establishing our regional headquarters in Riyadh demonstrates our unwavering commitment to Saudi Arabia,” said Stuart Walker, chief operating officer of Consulum. “We’d like to thank the Saudi Ministry of Investment, whose invaluable support and expert advice were key to making our RHQ license a reality.”

The expansion to a new office marks a significant milestone in Consulum’s growth, further solidifying its presence in an important region and being more accessible to clients, partners and local talent. The office features the latest in communications technology, providing high levels of functionality for delivering workshops, seminars, training, and advanced coaching sessions.

“Located in the heart of King Abdullah Financial District, we’re even closer to our clients and immersed in their aspirations toward Vision 2030 and beyond,” said Nader Naamani, partner and head of Consulum Saudi Arabia. “The new office is a platform for us to continue collaborating, innovating, and celebrating success together.”

Consulum is a global strategic advisory firm working with government organizations and their leaders. With decades of working at the highest levels of government, Consulum’s specialists have the experience and expertise to help governments make a powerful and positive impact.


Avaya to showcase how AI can improve experiences

Avaya to showcase how AI can improve experiences
Updated 27 February 2024
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Avaya to showcase how AI can improve experiences

Avaya to showcase how AI can improve experiences

Avaya, a global leader in customer experience solutions, announced its participation in the 2024 edition of LEAP, where the company will illustrate how organizations supporting the transformation of Saudi Arabia’s economy can use AI to deliver the experiences that a new economic environment demands.

Aiming to support the multiple industries transforming as the Kingdom pivots toward a non-oil-based economy, Avaya will use its major presence at LEAP to showcase a range of use cases that address large organizations’ most pressing challenges.

“As Saudi organizations transform, they are looking to artificial intelligence to enhance efficiency, improve experience personalization, and deliver granular customer insights — all without compromising security or privacy. But they also need to be able to innovate at their own pace, enhancing existing capabilities while preserving the trusted and reliable experiences they have built over time.

At LEAP we’ll demonstrate how they can achieve this careful balance to transform their operations, and the experiences they deliver, in line with Vision 2030,” said Nidal Abou-Ltaif, senior vice president — global head of sales, Avaya, and president, Avaya International.


stc Group renews title sponsorship of Formula 1 Saudi Arabian Grand Prix

stc Group renews title sponsorship of Formula 1 Saudi Arabian Grand Prix
Updated 26 February 2024
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stc Group renews title sponsorship of Formula 1 Saudi Arabian Grand Prix

stc Group renews title sponsorship of Formula 1 Saudi Arabian Grand Prix

stc Group, an engine of digital transformation, and Formula 1 have announced a multi-year extension of their strategic partnership.

The agreement will see the group continue as the title sponsor of the Formula 1 stc Saudi Arabian Grand Prix, and transform the race experience with high-speed connectivity through its fifth-generation networks.

stc Group will usher in the technology of the future at the Formula 1 stc Saudi Arabian Grand Prix, with fixed mobile 5G communication towers and 5G Internet speeds of up to 1.5 gigabytes per second. These cutting-edge digital offerings will connect racers, teams and fans under the theme “limitless drive.”

Olayan Alwetaid, stc Group CEO, said: “The extension of our strategic partnership with Formula 1 will take the Formula 1 stc Saudi Arabian Grand Prix into the future. We look forward to continuing to provide seamless, world-class connectivity at the race this year under the theme ‘limitless drive,’ and we are proud of our support for Formula 1 over the last three years.

“With our suite of innovative products and solutions, stc Group is driving digital transformation across different sectors. The extension of this partnership reinforces our commitment to delivering world-class connectivity at major events and ultimately connecting the world through technology.”

Stefano Domenicali, CEO of Formula 1, said: “Formula 1 fans at the race weekend in Jeddah can expect high speeds on the track and fantastic fan experience off it. As we continue to grow our sport around the world, the support of high-quality technology partners is invaluable, so we are delighted to extend our relationship with stc.”

The race will take place in the city of Jeddah for the fourth time from March 7-9.


New Murabba Company earns industry recognition at Restatex

New Murabba Company earns industry recognition at Restatex
Updated 26 February 2024
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New Murabba Company earns industry recognition at Restatex

New Murabba Company earns industry recognition at Restatex

New Murabba Development Company concluded its participation in the Restatex Riyadh Real Estate Exhibition 2024, one of Saudi Arabia’s largest real estate conferences. The event was held at the Riyadh International Convention and Exhibition Center from Feb. 18-21.

The company’s participation was marked by its Chief Executive Officer Michael Dyke receiving the prestigious “Partner Shield” award from Saudi Arabia’s Minister of Municipal, Rural Affairs and Housing Majed bin Abdullah Al-Hogail. The recognition underscores the critical role of real estate development in achieving Vision 2030’s goals. It acknowledges New Murabba Development Company’s significant contributions to the success of Restatex and its ongoing efforts to advance the Kingdom’s real estate sector.

As one of the largest real estate exhibitions in the Kingdom, Restatex served as a platform for showcasing cutting-edge developments, innovations, and technologies that are reshaping the sector. New Murabba Development Company’s presence reflected its importance in contributing to real estate transformation, and its alignment with the Kingdom’s goals of attracting investment and diversifying the economy.

The company engaged attendees with its ambitious vision of serving as a model for future urban development, and driving Riyadh’s evolution in line with Saudi Vision 2030. Visitors at Restatex also had the chance to learn more about the Mukaab, an iconic landmark within New Murabba downtown that will feature the latest innovative technology, and will be one of the largest built structures in the world at 400 meters in height, width, and length.

CEO Dyke said: “Receiving the ‘Partner Shield’ award is a great honor and signifies New Murabba Development Company’s unwavering commitment to supporting Vision 2030’s goals. We believe that real estate development plays a crucial role in diversifying the Kingdom’s economy by creating new jobs, attracting investments, and fostering sustainable growth.”

New Murabba Development Company’s participation in Restatex, alongside the CEO’s award, marks a significant step forward in its mission to revolutionize urban development. Through its collaborative, innovative, and human-centric approach, the company aims to establish a new paradigm for sustainable and inclusive urban development worldwide.