New Murabba honored at Saudi Green Building Forum

Michael Dyke, CEO of New Murabba, receives the award from Minister of Municipalities and Housing Majed Al-Hogail.
Michael Dyke, CEO of New Murabba, receives the award from Minister of Municipalities and Housing Majed Al-Hogail.
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Updated 20 October 2024
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New Murabba honored at Saudi Green Building Forum

Michael Dyke, CEO of New Murabba, receives the award from Minister of Municipalities and Housing Majed Al-Hogail.
  • “New Murabba takes pride in contributing to Saudi Arabia’s ambitious pursuit of a greener and more sustainable future

New Murabba — a PIF Company, received an award from Minister of Municipalities and Housing Majed Al-Hogail, for its contribution as platinum sponsor at the 14th Saudi Green Building Forum in Riyadh. Throughout the event, New Murabba showcased its commitment to sustainable urban development and its dedication to fostering Saudi Arabia’s green economy transformation.
Michael Dyke, CEO of New Murabba, said: “New Murabba’s pivotal contribution to advancing sustainability within the Kingdom is in line with Saudi Vision 2030. Our potential to serve as a global model for sustainable urban living and dedication to environmental stewardship positions the destination as one of the leading examples of sustainable living.”
“New Murabba takes pride in contributing to Saudi Arabia’s ambitious pursuit of a greener and more sustainable future. With 25 percent of the development allocated to green spaces, parks, and biodiversity, our focus extends beyond urban infrastructure to create an ecosystem that fosters well-being, connectivity, and sustainability,” Dyke said.
He also expressed gratitude for the Saudi Green Building Forum’s significant role in fostering collaboration among key stakeholders, including government entities, private sector developers, and environmental experts. “This collaboration ensures the construction industry adheres to global sustainability standards and the Sustainable Development Goals,” Dyke added. New Murabba aims to pioneer the concept of a “15-minute city,” integrating energy-efficient designs to reduce carbon emissions and incorporating renewable energy solutions, such as solar power. Additionally, it will feature 4 square kilometers of lush parkland for recreation and relaxation.

New Murabba will redefine urban living in Saudi Arabia and catalyze sustainable urban development, further establishing the Kingdom’s position as a global leader in sustainable urban initiatives. Phase 1 of the core downtown, opening at the end of 2030, will feature the Mukaab, a modern-day marvel serving as both the capital city icon and a “Gateway to Another World.” This groundbreaking structure, the world’s largest and most complex ever created, will house a permanent 24/7, 365-day immersive experience powered by more than 400,000 square meters of cutting-edge technology.
New Murabba supported the 14th Saudi Green Building Forum as a platinum sponsor. The forum delved into topics such as optimizing city operations in line with green building standards, as well as the integration of the construction and infrastructure sectors with environmental, climate, and desertification considerations.

 


15th VTB ‘Russia Calling’ Investment Forum concludes in Moscow

15th VTB ‘Russia Calling’ Investment Forum concludes in Moscow
Updated 07 December 2024
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15th VTB ‘Russia Calling’ Investment Forum concludes in Moscow

15th VTB ‘Russia Calling’ Investment Forum concludes in Moscow

Over the two days of the 15th VTB “Russia Calling!” Investment Forum, almost 2,000 guests including retail investors, businessmen and government officials visited the event. More than 250 journalists covered the forum events on the ground.

On Dec. 4, more than 500 representatives of Russian business and government agencies, as well as about 300 entrepreneurs from 35 countries, primarily China, Iran, India, Arab countries, Central Asia, Europe, and Africa, gathered at the forum site at the WTC. 

At the macroeconomic session, the forum participants discussed Russia’s monetary and budgetary policy, the labor market and increasing labor productivity, the state of the economy and the country’s banking sector. The discussion was attended by the heads of Russia’s financial block, regulator, business community and foreign participants.

The main event of the first day of the forum was the speech by Russian President Vladimir Putin, who spent two hours answering questions from the guests. The key topics included overcoming sanctions, developing economic relations between Russia and the Global South, implementing infrastructure and logistics projects and improving the investment climate.

Dec. 5 was dedicated to financial market development and retail investors, who are the driving force in the Russian stock market today. At the plenary session, VTB My Investments analysts presented their investment strategy for 2025 and forecasts for key macroeconomic indicators, integrating stock market instruments with high yields. The participants of the session called this “a strategy of hope for lower interest rates.” In addition, VTB My Investments and Frank RG presented a research of retail investors’ sentiments and their requests for long-term investments.

More than a 1,000 guests took part in sessions with issuing companies and representatives of government agencies, addressing questions to speakers and experts, and participating in an intellectual quiz throughout the day. The key topics for discussion were stimulating the development of the stock market, long-term investments, companies going public, and traditional and alternative investment instruments. 

The forum’s media partners included Russia 24, RBC, RT, Business FM, TASS, RIA Novosti, Gazeta.Ru, Kommersant Publishing House, Vedomosti, and Izvestia Media Center. The foreign media partner of “Russia Calling!” this year was Asharq Business, a leading financial media outlet in the Arab world headquartered in Riyadh.

The “Russia Calling!” Investment Forum has been held since 2009. Every year, the event attracts an authoritative audience, including representatives of government agencies, heads of Russian and international companies, and investors. The forum agenda covers the most topical issues of the global economy, finance and business sectors. 


VTB’s ‘Russia Calling’ forum answers key questions about Russian economy’s future

VTB’s ‘Russia Calling’ forum answers key questions about Russian economy’s future
Updated 07 December 2024
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VTB’s ‘Russia Calling’ forum answers key questions about Russian economy’s future

VTB’s ‘Russia Calling’ forum answers key questions about Russian economy’s future

The first day of the 15th VTB “Russia Calling!” Investment Forum involved a macroeconomic session where attendees discussed Russia’s monetary and budgetary policies, the state of the economy, the banking sector as well as the labor market.

The discussion was attended by Minister of Finance of Russia Anton Siluanov, Chairman of the Central Bank of Russia Elvira Nabiullina, Minister of Economic Development of Russia Maxim Reshetnikov, Deputy Head of the Presidential Administration Maxim Oreshkin, CEO of IKS Holding Alexey Shelobkov, as well as guests of the conference, Chairman of the Union of Chinese Entrepreneurs in Russia Zhou Lijun and President of Cosmos Group Anil K. Agarwal. The session was moderated by First Deputy President and Chairman of the Management Board of VTB Bank Dmitry Pyanov.

The first part of the macroeconomic session was devoted to the impact of monetary policy on the economy and expectations for economic growth. 

Nabiullina said that the key rate is a powerful tool to fight inflation, which made it possible to prevent entering the inflationary spiral. According to her, high inflation is similar to the fever when sick, as economic growth cannot be sustainable on its background. At the same time, she noted that the economy’s potential is growing and will be on an upswing next year, which means that there is more room for demand growth. The Central Bank does not agree that tight monetary policy is necessarily followed by a recession. “We forecast more moderate economic growth than this year. This means more restrained demand, and our monetary policy is aimed at ensuring that supply and demand converge at the right point, where there will be both price stability and sustainable economic growth,” the Central Bank head said. She assumed the key rate increase in December, but emphasized that this decision is not predetermined.

Siluanov said that the Federal Budget of Russia for 2025 is quite tight and will be implemented at any ruble exchange rate. The Ministry of Finance and the Ministry of Economic Development will propose the government to unify all state programs and subsidy schemes. “[Head of the Ministry of Economic Development] Maxim Gennadyevich [Reshetnikov] and I will suggest the government to unify all subsidized programs. Many agencies support their own sectors of the economy. And, each agency designs its own subsidy procedure. It should be systematized, unified, there should be a minimum rate upon which we refuse to subsidize,” said the Minister of Finance.

Reshetnikov said that the Ministry of Economic Development estimates the growth potential of the Russian economy above the Central Bank, because the macro forecast was formed under more relaxed conditions of monetary policy. He noted that the Central Bank’s measures work, but it is important to pursue a joint policy and discuss new preferential programs of the government. Russian businesses take the Central Bank’s actions on the key rate very seriously, Reshetnikov added. He said there is a reduction in investment programs, and further credit cuts will lead to economic cooling. “The measures of the Bank of Russia are working, and it is very important for us to pursue a joint policy, including discussion of the volume of new preferential programs, including those subsidized by the government. For its part, the government is doing the maximum both to expand the supply economy and to help the Central Bank to fulfill the joint task and move faster to easing monetary policy, because excessive restrictions on the availability of credit can lead to a reduction not only in investment but also in employment, economic cooling. There are risks that the economic cooling will be on a scale incompatible with our goals,” the head of the Ministry of Economic Development said.

Oreshkin emphasized that economic policy, including credit policy, should be designed to achieve the goal of long-term development of the country. He said: “The economic policy in Russia has never been based on any immediate objectives, but always on long-term tasks supporting the country’s progress. This means that any carried out economic policy, as well as budgetary, structural, credit policies, should be focused on the long-term development of our motherland.”

In the second part of the macro session, the participants discussed the state of the Russian labor market, opportunities for increasing labor productivity in Russian companies, including government participation.

Following the macroeconomic session, Pyanov said: “Today we thoroughly discussed the impact of monetary policy not only on the development of the economy as a whole, but also on individual sectors, looking for ways to compromise. First, we talked about the importance of the deadline for beating inflation and about a different attitude to those forecasts that must necessarily be achieved. Secondly, we learned about the government’s plans to concentrate all preferential programs in the Ministry of Economic Development, limiting the cases of subsidies to a certain boundary. In our opinion, this will also reduce the budgetary burden and allow us to choose what really affects the potential of the economy.”

The “Russia Calling!” Investment Forum has been held since 2009. Every year, the event attracts an authoritative audience, including representatives of government agencies, heads of Russian and international companies, and investors. The forum agenda covers the most topical issues of the global economy, finance and business sectors. This year the forum was held under the general theme “The Future Capital.”


SAMENA Council lauds Saudi Arabia’s role in 5.5G innovation

SAMENA Council lauds Saudi Arabia’s role in 5.5G innovation
Updated 04 December 2024
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SAMENA Council lauds Saudi Arabia’s role in 5.5G innovation

SAMENA Council lauds Saudi Arabia’s role in 5.5G innovation

Participating in the 15th Global Mobile Broadband Forum hosted by Huawei, the SAMENA Telecommunications Council, an industry association championing the digital advancement of the South Asia, Middle East, and North Africa regions, reaffirmed Saudi Arabia’s pivotal role in driving 5.5G (5G-advanced) innovation and digital transformation.

“We are on the brink of a transformative era in connectivity, one that will redefine industries, uplift communities, and support sustainable development. Through the SAMENA Council, we are creating a unified platform to bring diverse stakeholders together and catalyze progress in the whole region,” said Bocar Ba, CEO at SAMENA Council, on the sidelines of Huawei’s Global MBBF 2024 in Istanbul, Turkiye.

Under the theme “5.5G Leads Mobile AI Era,” this year’s Global MBB Forum by Huawei focused on the rapid development of 5.5G infrastructure and AI-powered applications. More than 1,000 participants, including mobile network carriers, ecosystem innovators and technology leaders from across the world gathered to share insights on how these advances will impact industries and individuals.

The Kingdom has become a focal point for SAMENA Council’s efforts to promote next-generation connectivity and cross-sectoral collaboration. “Saudi Arabia is an important market for the SAMENA Council and its members and is the region’s largest digital economy,”
added Ba. 

Bocar Ba, CEO at SAMENA Council

 “The Kingdom’s proactive initiatives and strong collaboration between government entities and the private sector have created a fertile environment for accelerating digital transformation. From telecom operators like stc, Mobily, Zain, and Salam to key government regulators, Saudi Arabia is setting a benchmark for the region.”

The council is actively engaging with the Ministry of Communications and Information Technology and industry leaders to address critical areas, including spectrum management, fixed wireless access deployment, and agile regulatory frameworks that support the adoption of 5.5G technologies. 

The council is also collaborating closely with the Communications, Space and Technology Commission, to address emerging cybersecurity challenges. “Cyber resilience is critical as we scale up 5.5G,” Ba said. “Our work with CST and other stakeholders like MCIT ensures a secure, future-ready ICT infrastructure that can support diverse applications across industries.”

As the Kingdom prepares for the widespread implementation of 5.5G, SAMENA Council has been instrumental in identifying opportunities for leveraging this transformative technology. Ba emphasized that 5.5G will unlock innovative applications across critical industries such as health care and education.

“The next phase of 5G is already here,” he said. “Saudi Arabia is well-positioned to lead the way in adopting 5.5G technologies, which will not only accelerate economic diversification but also drive significant improvements in quality of life. Fixed wireless access, in particular, will play a crucial role in connecting underserved areas and bridging the digital divide.”

To support these efforts, SAMENA Council has launched the ELITE FWA Club, which focuses on promoting fixed wireless access as a key enabler of digital inclusion. In addition, the council is working with global technology providers such as Huawei to accelerate digital innovation and develop future-focused use cases for 5.5G.

“Saudi Arabia’s vision for digital transformation is inspiring. By fostering collaboration between government entities, technology providers, and telecom operators, the Kingdom is not only transforming its economy but also setting a global benchmark for what sustainable digital development should look like,” added Ba.


LuLu boosts Saudi presence with new Dammam store

LuLu boosts Saudi presence with new Dammam store
Updated 04 December 2024
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LuLu boosts Saudi presence with new Dammam store

LuLu boosts Saudi presence with new Dammam store

As part of its continuous expansion strategy in Saudi Arabia, LuLu Retail has opened its 57th store at Al-Fakhriyah, Qutb Al-Din Al-Shafie Street, Dammam.

The hypermarket offers a modern and convenient shopping experience, featuring a curated selection of high-quality products, while staying true to the brand’s signature commitment to affordability and excellence.

The new store was inaugurated by chief guest Fayez bin Ali Al-Asmari, head of West Dammam municipality, in the presence of dignitaries, including Shehim Muhammed, director of LuLu Saudi Hypermarkets; Moiz Nuruddin, regional director for Eastern Province; Mohammed Bu Bshait, executive manager of Eastern Province; Zaid Alsubaie, administration manager of Eastern Province; along with other senior officials from the company and the local community.

The new store, spread over 20,000 square feet, features all the favorite shopping amenities that have made LuLu the fastest-growing retail chain across the Kingdom.

It provides ample parking space with a capacity for 181 vehicles. This ensures convenience for both local customers and travelers visiting the store.

The hypermarket is designed to efficiently meet the diverse needs of the community, offering everything from fresh groceries to household products.

Whether residents are seeking their everyday grocery needs or travelers are in search of a quick, reliable shopping experience, the new hypermarket is designed to meet diverse customer demands efficiently.

Designed with the local community in mind, Al-Fakhriyah store is compact yet fully equipped, offering a wide range of products across multiple categories.

Shoppers can find everything from groceries, fresh produce, and bakery items to meat, seafood, health and beauty products, small appliances, mobile phones and accessories, and home furnishings.

At the inauguration, Muhammed highlighted the importance of the new store in fulfilling the company’s vision of providing exceptional quality and value to customers across the Kingdom.

He said: “The opening of LuLu Store in Al-Fakhriyah marks another significant milestone in our ongoing commitment to offering the best quality products at competitive prices. This store reaffirms our dedication to addressing the diverse needs of the local community and ensuring an enhanced shopping experience for our valued customers.”

The new store also features convenient accessibility, making it the perfect stop for travelers on the busy Bu-Hadriyah Road, ensuring that customers, whether residents or passersby, are well-served.

LuLu continues to focus on expanding its presence in key locations across the Kingdom, further solidifying its position as a leader in the retail industry while meeting the growing demands of Saudi Arabia’s retail market.

The company is on track to open 100 stores in the Kingdom within the next three years.

Additionally, four new LuLu stores are set to open in the holy cities of Makkah and Madinah within the next two months.

Recently, LuLu began trading on ADX on Nov. 14, following its record-breaking IPO.

The most significant aspect was the heavy pull-in of first-time investors, all of whom made up more than 82,000 retail investors, one of the highest recorded for a UAE IPO.

The stock offering raised $1.72 billion, with aggregate demand reaching $37 billion, resulting in an oversubscription of 25 times.

Cornerstone investors included leading sovereign and institutional investors from across the GCC.


VTB: Agricultural exports to exceed $50bn in next 5 years

VTB: Agricultural exports to exceed $50bn in next 5 years
Updated 04 December 2024
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VTB: Agricultural exports to exceed $50bn in next 5 years

VTB: Agricultural exports to exceed $50bn in next 5 years

VTB Group, a global provider of financial services, estimates that exports of agricultural goods will surpass $50 billion by 2030. Leading positions in the grain segment will be complemented by new growth areas in meat and dairy production, as well as the food processing industry. 

This forecast was presented by VTB analysts at the 15th VTB Russia Calling! Investment Forum, who identified the main growth factors as:

  • Increased efficiency and experience of local producers
  • Achieving the threshold for ensuring food security in the Russian Federation not only for grain but also across vegetable oils, fish and fish products, sugar, meat, and meat products. This will significantly expand the list of value-added agro-industrial complex goods for export.
  • Potential for production growth relative to current cultivated areas and production capacities
  • Strong positions in production costs
  • Growing demand from China, the Middle East, North Africa, and Southeast Asia

Vitaly Sergeychuk, member of the management board of VTB, said: “Despite the current cycle of a high key rate and expensive borrowing, we see that our clients in the agricultural and industrial complex segment are fulfilling their obligations to banks, counter-parties, and employees in a timely manner. Moreover, they are constantly seeking out new markets and business partners. For instance, over the last three-five years, most of them have established export production and logistics chains for their products, including to Asia, the Far East, the Middle East, and Africa.

“At the same time, in light of new challenges to maintain the sovereignty of the country’s food security, the priority for players in this market will be to further increase vertical integration and develop new business directions. These include selective breeding and genetics, knowledge-intensive industries, dairy production, and livestock breeding.”