Saudi firms advance to Entrepreneurship World Cup finals in Riyadh

Saudi firms advance to Entrepreneurship World Cup finals in Riyadh
The Biban 24 Forum will be held from Nov. 5— 9 at the Riyadh Exhibition and Convention Center, under the theme ‘A Global Destination for Opportunities.’ File/Monsha’at
Short Url
Updated 23 October 2024
Follow

Saudi firms advance to Entrepreneurship World Cup finals in Riyadh

Saudi firms advance to Entrepreneurship World Cup finals in Riyadh
  • The finalists represent a range of innovative ventures, highlighting the Kingdom’s entrepreneurial spirit
  • The Saudi companies advanced through national and regional qualifying rounds and now stand among 100 firms competing in the EWC finals

RIYADH: Six Saudi companies have secured spots in the finals of the Entrepreneurship World Cup, a competition organized by the General Authority for Small and Medium Enterprises, or Monsha’at. 

The finalists represent a range of innovative ventures, highlighting the Kingdom’s entrepreneurial spirit. Among them are Ammar Real Estate, a platform that offers technology-driven solutions for lease management, and AmplifAI, which focuses on diabetic foot care using artificial intelligence, the Saudi Press Agency reported. 

Another finalist, Ballurh, is a business intelligence platform that integrates with point-of-sale systems to generate actionable insights from various data sources. 

Other finalists include Fbni, a leader in eco-friendly construction materials; MisMar, which provides an app for car maintenance and repair services, and Moddakir, an educational platform that helps users develop customized learning plans for the Qur’an. 

The Saudi companies advanced through national and regional qualifying rounds and now stand among 100 firms competing in the EWC finals. Their innovative solutions span diverse sectors, positioning them to enhance local and global competitiveness. 

The EWC is hosted by Monsha’at in partnership with the Prince Mohammed bin Salman Foundation, or Misk, and the Global Entrepreneurship Network. 

The finals will take place during the Biban 24 Forum, held from Nov. 5— 9 at the Riyadh Exhibition and Convention Center, under the theme “A Global Destination for Opportunities.” 


NEOM partners with GMT Robotics to revolutionize construction

NEOM partners with GMT Robotics to revolutionize construction
Updated 12 December 2024
Follow

NEOM partners with GMT Robotics to revolutionize construction

NEOM partners with GMT Robotics to revolutionize construction

RIYADH: NEOM has signed a landmark investment agreement with GMT Robotics, one of Europe’s leading innovators in advanced construction technology, to accelerate the delivery of its capital projects, the Saudi Press Agency reported on Thursday.

The deal, spearheaded by the NEOM Investment Fund, seeks to integrate robotics in construction. This collaboration highlights NEOM’s role as a trailblazer in modern construction techniques, including automation and robotics.

GMT Robotics, based in Copenhagen, specializes in robotic systems designed for the rebar market. Its robotic rebar cage assembly and handling systems significantly improve both productivity and safety in construction.

By reducing onsite workforce requirements by up to 90 percent through offsite prefabrication, GMT Robotics enhances efficiency while maintaining high safety standards.

Majid Mufti, CEO of NEOM Investment Fund, commented: “Our investment in GMT Robotics reflects NEOM’s commitment to advancing transformative technologies that will unlock next-generation industries. By localizing these cutting-edge technologies, we are laying the foundation for sustainable development, creating high-skilled jobs, and fostering the growth of commercially viable sectors. Partnerships like this are critical to turning NEOM’s visionary goals into reality, solidifying its position as a global innovation hub.”

As part of the agreement, the technology will be localized within NEOM, with rebar cages to be produced in local factories. This initiative also opens up new opportunities for Saudi engineers to apply robotics to other areas of construction.

Bandar Ashrour, sector head of design and construction at NEOM, added: “Aligning construction technology startups with NEOM’s ambitious goals is essential to our strategy. GMT’s expertise in robotics offers unprecedented efficiency, consistency, and sustainability in construction. We look forward to a dynamic collaboration that will contribute to safer, more sustainable infrastructure and enhance the next generation of NEOM-built assets.”

This partnership is yet another milestone in NIF’s strategic investment efforts, which focus on supporting NEOM’s sector strategies by fostering innovative technologies, establishing new businesses, and creating jobs to drive economic growth in the region.

The global market for construction robotics, valued at $168.2 million in 2022, is projected to grow over 360 percent to reach $774.6 million by 2032.


‘Uplifting’ Gulf development model will return to US, Eric Trump predicts

‘Uplifting’ Gulf development model will return to US, Eric Trump predicts
Updated 36 min 57 sec ago
Follow

‘Uplifting’ Gulf development model will return to US, Eric Trump predicts

‘Uplifting’ Gulf development model will return to US, Eric Trump predicts
  • Security and stability make Saudi Arabia a safe bet
  • ‘Sky’s the limit’ in GCC, says Trump

RIYADH: The mindset in the Gulf region that fosters the development of iconic projects is “uplifting” and will make its way back to the US under Donald Trump’s next presidency, Eric Trump told Arab News on Thursday.

The president-elect’s second son, who serves as executive vice president of the Trump Organization, praised the region for its innovative approach, which he believes defies common misconceptions held by Western nations.

During a visit to the Saudi capital following an official launch event in Jeddah for a new Trump Tower, Eric Trump suggested that the Gulf’s no-limits mentality is something that the incoming US president will adopt.

“It’s a different mindset in the Gulf, and that mindset is going to return to America, believe me, in the next four years under my father. But that mindset really, it’s uplifting. It’s almost empowering. It makes you want to come over here and do something really great. And it kind of makes you want to say no to those other countries where it’s just impossible to navigate the political system. They’re just too cumbersome. They’re too lethargic.”

Trump went on to explain that Gulf countries actively encourage developers to realize their grand visions, offering not just permits but also support for larger, more ambitious projects.

 

“They tell you, ‘not only are we going to give you the permits, but we actually want you to make your project bigger. We want you to make it even more iconic. We want you to make it more luxurious. We want you to attract the greatest restaurants and the greatest amenities. Sky’s the limit.’ And that's a beautiful thing for a developer,” he said.

He also revealed that the Trump Organization is planning additional projects in Riyadh, though he did not disclose further details.

The Trump Organization has lent its branding to several properties across the Gulf region, including a hotel and golf club in Oman, a golf club and tower in Dubai, and most recently, the Jeddah hotel. Trump Tower Jeddah is being developed in partnership with Saudi developer Dar Global, with the two companies having previously collaborated on projects in Oman and Dubai.

Praising Saudi Arabia’s safety and political stability, Trump said: “Obviously, the people in this country love us, love our company, love our brand, love what we stand for. We have so much unbelievable support in this amazing country.”

Dar Global CEO Ziad El Chaar speaks to Arab News during an interview on Thursday. AN photo

Ziad El Chaar, CEO of Dar Global, told Arab News that the Trump brand is synonymous with success. “The Trump name is a global brand that people attach to it always a very big sense of success,” he said.

“You can see the projects of Trump; they always feature the best material, the best design, and are really created for a great living experience and customer experience.”

Eric Trump’s visit to the Kingdom came after attending a cryptocurrency conference in Abu Dhabi earlier in the week.

 

The Trump family has ties to a new cryptocurrency called World Liberty Financial, and Donald Trump has pledged to launch a strategic national crypto stockpile during his second term.

Bitcoin’s value surged following Trump's election win in November, and this week it surpassed the $100,000 mark for the first time.


Islamic Trade Finance Corp. allocates $566m to back Uzbekistan’s local banks

Islamic Trade Finance Corp. allocates $566m to back Uzbekistan’s local banks
Updated 12 December 2024
Follow

Islamic Trade Finance Corp. allocates $566m to back Uzbekistan’s local banks

Islamic Trade Finance Corp. allocates $566m to back Uzbekistan’s local banks

RIYADH: Thirteen banks in Uzbekistan have secured a combined $566 million in financing through a key initiative by the International Islamic Trade Finance Corp., a member of the Islamic Development Bank Group.

The funding aims to foster job creation, drive economic development, and empower local communities, according to a report by the Saudi Press Agency.

ITFC is committed to using these funds to support the private sector’s import and pre-export requirements, with a particular focus on small and medium-sized enterprises, which are vital to the country's economic growth and resilience.

This initiative aligns with the ITFC's broader mission to provide integrated trade solutions to member countries of the Islamic Development Bank. The institution, which currently has 57 member states, is primarily funded by Saudi Arabia, the largest shareholder with a 22.5 percent stake in the corporation.

The funds will specifically target SMEs, which are globally recognized as key drivers of economic growth. The ITFC has already provided over $69 billion in financing to the member countries of the Organization of Islamic Cooperation, solidifying its position as a leading provider of trade solutions within the OIC community.

In addition to financial support, ITFC also focuses on improving access to trade finance and offering technical assistance programs. These efforts equip member-state entities with the tools they need to compete successfully in the global marketplace.


Closing Bell: Saudi main index sheds 50 points to 12,099

Closing Bell: Saudi main index sheds 50 points to 12,099
Updated 12 December 2024
Follow

Closing Bell: Saudi main index sheds 50 points to 12,099

Closing Bell: Saudi main index sheds 50 points to 12,099

RIYADH: Saudi Arabia’s Tadawul All Share Index continued its downward trend for the second consecutive day on Thursday as it shed 49.86 points or 0.41 percent to close at 12,099.33. 

The total trading turnover of the benchmark index was SR4.77 billion ($1.27 billion), with 101 of the listed stocks advancing while 123 declined. 

The Kingdom’s parallel market Nomu also slipped by 0.57 percent to 31,100.89, while the MSCI Tadawul Index shed 7.37 points to close at 1,519.01. 

Sumou Real Estate Co. was the best-performing stock of the day. The company’s share price soared by 9.98 percent to SR44.65. 

Zamil Industrial Investment Co. was another top gainer, as the firm’s share price increased by 6.62 percent to SR33.80.

Meanwhile, the share price of Al-Baha Investment and Development Co. increased by 6.45 percent to SR0.33, and Saudia Dairy and Foodstuff Co. also advanced by 5.88 percent to SR360.

Conversely, Makkah Construction and Development Co.’s share price slipped by 3.04 percent to SR114.80. 

The best performer on the parallel market was Riyadh Steel Co., as its share price increased by 17.37 percent to SR2.50. 

Other top performers on Nomu were Dar Almarkabah for Renting Cars Co. whose share prices increased by 12.90 percent to SR70 while Watani Iron Steel Co.’s share prices grew by 12.20 percent to SR3.03.

On the announcements front, Almasane Alkobra Mining Co. revealed that it received a license from the Ministry of Industry and Mineral Resources to explore chromium, manganese, copper, and nickel in the Al-Baha region. 

In a statement to Tadawul, the mining firm said the license is valid until Dec. 10, 2029. 

The company added that the timing of any potential development of this license will become clear after the completion of exploration work and studies within the legal period. 

AMAK’s share price, however, slipped by 2.49 percent to SR70.40. 


Saudi Green Building Forum achieves permanent observer status with UNCCD

Saudi Green Building Forum achieves permanent observer status with UNCCD
Updated 12 December 2024
Follow

Saudi Green Building Forum achieves permanent observer status with UNCCD

Saudi Green Building Forum achieves permanent observer status with UNCCD

RIYADH: The Saudi Green Building Forum SGBF has been granted permanent observer status by the United Nations Convention to Combat Desertification.

This recognition underscores the Forum’s substantial contributions to advancing sustainable building practices and the Kingdom’s leadership in global environmental efforts.

The decision follows the forum’s prior pending status, which was resolved with the announcement of the final decision at COP16, held in Riyadh.

“This process takes months leading up to COP, during which the organization must demonstrate its engagement with clear justifications, specific goals, and evidence of its work within the community,” Faisal Al-Fadl, secretary-general of SGBF, told Arab News.

The SGBF’s involvement aligns with the provisions outlined in the UNCCD’s internal regulations, specifically concerning observer status, as defined in Article 22 and the COP rules, according to a press release.

SGBF was among the 473 organizations officially accredited during COP16, reflecting the international collaboration and commitment to combating desertification showcased at the conference.

This initiative is part of a broader strategy to integrate scientific and community-based approaches to environmental management.

Al-Fadl explained that under the UNCCD’s processes, rules, and regulations — agreed upon by its member states — any organization seeking observer status must participate in the COP.

The COP, hosted by the member state, is responsible for deciding whether to approve or deny the request for observer status.

“We set up a pavilion dedicated to the event, where each day highlighted a specific sustainable development goal. At SGBF, we actively promote SDGs as part of our consultative status with the United Nations,” Al-Fadl said.

He continued: “Green building is all about renewable energy, clean water, eco-friendly materials, and green infrastructure that supports the human experience. This concept is applied not just to buildings, but to neighborhoods and cities.”

Al-Fadl emphasized that SGBF’s work closely aligns with the SDGs, which encompass social, environmental, and economic sustainability. This is also in harmony with Saudi Vision 2030, which serves as the foundation for the Kingdom’s national SDGs.

“We capitalized on our accreditation, bringing more than 100 delegates and speakers, including high-level representatives, youth, and women. We are incredibly proud of this opportunity to engage on such a meaningful platform,” Al-Fadl said.

He added: “This has also provided an opportunity for many consultants, who might not have had the chance otherwise, to participate. Our accreditation is especially significant for the nonprofit and non-governmental sector, enabling us to engage with civil society, whether private entrepreneurs or young individuals.”

Al-Fadl further highlighted the chance to showcase the Forum’s partnerships with various entities, including government organizations. “For example, we signed agreements with the Ministry of Environment and nonprofit organizations, as well as achieving accreditation across Gulf states,” he noted.

The UNCCD also extended its accreditation to other organizations, including the Environment and Desertification Association and the Weather and Climate Association, after a thorough evaluation of their submitted documents.

Dedicated to combating land desertification, the UNCCD fosters partnerships between developed and developing nations, focusing on technology and knowledge-sharing for effective land management.

With 195 member states, the UNCCD aims to improve living conditions, enhance land productivity, and mitigate the impacts of drought while promoting public engagement in combating desertification and advancing sustainable development.