Abu Dhabi Sustainability Week Summit: Stress on the need for climate finance to increase fourfold

Badr Jafar, ceo of Crescent Enterprises and special envoy for business and philanthropy, UAE. (supplied)
Badr Jafar, ceo of Crescent Enterprises and special envoy for business and philanthropy, UAE. (supplied)
Short Url
Updated 16 January 2025
Follow

Abu Dhabi Sustainability Week Summit: Stress on the need for climate finance to increase fourfold

Abu Dhabi Sustainability Week Summit: Stress on the need for climate finance to increase fourfold

The 2025 edition of Abu Dhabi Sustainability Week, organized under the patronage of UAE President Sheikh Mohamed bin Zayed Al-Nahyan, will Continue till Jan. 18.

The event’s anchor, the ADSW Summit, took place under the theme ‘The Nexus of Next — Supercharging Sustainable Progress.’

The summit showcased how dynamic, interconnected economies can unlock sustainable progress, offering a global platform to catalyze change and unite the international community in building a sustainable, inclusive and resilient future.

Guest speakers included Giorgia Meloni, prime minister of Italy; Bola Tinubu, president of Nigeria; Dr. Thani Al-Zeyoudi, minister of state for foreign trade, UAE Ministry of Economy; Dr. Abdulla Humaid Al-Jarwan, chairman of the Abu Dhabi Department of Energy; Kassym-Jomart Tokayev, president of Kazakhstan; Paul Kagame, president of Rwanda; Anwar Ibrahim, prime minister of Malaysia; and Badr Jafar, CEO of Crescent Enterprises and special envoy for business and philanthropy, UAE.

In a keynote address titled ‘Financing the Future: Who Leads the Change,’ Badr Jafar highlighted the need for climate finance to increase fourfold to meet the Paris Agreement goals.

Emphasizing the private sector’s pivotal role he said: “We are not talking about trillions in grants or corporate charity; we’re talking about 6 trillion of investments, and with more than 120 trillion in assets under management, between the insurance and pension sectors, family offices and sovereign wealth funds, the world is not short of money. In fact, net private wealth stands at over 450 trillion dollars and is expected to increase more than 6 percent annually.”

Jafar said that mobilizing such vast resources requires bringing the transformative role of the Global South into focus, adding that “the Global South is a global powerhouse, home to 85 percent of the world’s population and already accounting for more than half of global GDP. By 2030, the Global South is anticipated to account for more than 80 percent of the world's middle class, representing an unparalleled opportunity for sustainable development.”

Reinforcing the necessity of a whole-of-society approach to address climate challenges, Jafar said: “The UAE’s leadership has long believed that society moves fastest when it moves as one whole society, engaging all stakeholders to create a multiplier effect. The business and philanthropy sectors, in partnership with governments, are essential to unlocking climate and nature opportunities on a large scale. We must act boldly, working across sectors and across geographies, to seize this moment together.”

The summit featured a series of engaging keynote addresses, panels and fireside chats that amplified diverse voices and fostered collaboration among sustainability leaders and showcased impactful solutions.

Key discussions underscored the urgency of climate challenges and leveraging technological advancements and collective intelligence to mobilize action.

The Abu Dhabi Sustainability Week Summit 2025 reaffirmed its role as a global platform for innovation, collaboration, and action, uniting leaders from around the world to accelerate progress toward a sustainable and prosperous future.


Lulu brings world-class shopping to holy city of Madinah

Lulu brings world-class shopping to holy city of Madinah
Updated 13 February 2025
Follow

Lulu brings world-class shopping to holy city of Madinah

Lulu brings world-class shopping to holy city of Madinah

Lulu Retail, a leading hypermarket chain in the Middle East, has expanded its presence in Saudi Arabia with the opening of its latest express store in Madinah.

This expansion aligns with Lulu's commitment to providing world-class shopping experiences to residents and visitors while supporting the Kingdom’s Vision 2030 initiative for economic growth and job creation.

Mazen bin Ibrahim Rajab, chairman of the Madinah Chamber of Commerce, inaugurated the new Lulu express store in the presence of Fahad Ahmed Khan Suri, consul general of India in Jeddah, Yusuffali M.A., chairman of Lulu Group, along with other dignitaries.

The new Lulu store, developed in partnership with Al Manakha Urban Project Development Company, spans a retail space of 23,000 square feet.

The store is designed to offer a modern shopping experience, catering to the diverse needs of customers with a well-curated selection of daily need essentials, fresh food, and departmental offerings similar to Lulu’s Jabal Omar store in Makkah.

Officials from Jabal Omar Development Company and Al Manakha Urban Project Development Company expressed their confidence in Lulu store’s role in enhancing the success of these prestigious shopping mall projects.

As a leading retail entity in the region, Lulu continues to redefine the shopping experience by bringing quality, variety, and affordability under one roof.

On this occasion, Yusuffali expressed his profound joy in expanding Lulu’s footprint in the holy cities.

“To contribute to the development of amenities in Makkah and Madinah has been a long-cherished dream of mine. I extend my heartfelt gratitude to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, Crown Prince Mohammed bin Salman, and the Saudi Arabian government for their unwavering support. The Lulu remains committed to delivering a world-class retail experience while generating employment opportunities for Saudi citizens,” he said.

Lulu is planning significant expansion across Saudi Arabia, with three additional major projects already in the pipeline for Madinah, he added.

Suri said that the opening of the new Lulu store will mark a pivotal role in advancing the regional development of Saudi Arabia.

He also praised Lulu's efforts in extending its services to pilgrims, calling them highly commendable.

The store will feature a well-designed layout inspired by the city’s cultural and architectural essence.

Customers will enjoy a spacious and easily navigable shopping environment, ensuring convenience and comfort.

The store includes    a fully stocked express store offering fresh produce, grocery essentials, and international products; a special focus on Saudi-grown products, including premium-quality Madinah dates; dedicated fresh food sections providing high-quality fruits, vegetables, meat, and seafood; select departmental items, reflecting the range available at Lulu’s Jabal Omar store in Makkah.

The store will be open daily from 6 a.m. to midnight, providing extended shopping hours to accommodate the needs of both residents and visitors.

Also present on the occasion were Shehim Mohammed, director of Lulu Saudi; Rafeeq Yarathingal, business development director of Lulu; Noushad M.A., regional director of Lulu Jeddah; and other guests.


barq teams up with Alipay+ to boost cross-border payments

barq teams up with Alipay+ to boost cross-border payments
Updated 12 February 2025
Follow

barq teams up with Alipay+ to boost cross-border payments

barq teams up with Alipay+ to boost cross-border payments

Saudi fintech barq and Alipay+ have announced a new agreement that will make barq part of Alipay+’s international network. The move is part of the ongoing expansion of Alipay+’s unified electronic payment portal service that includes more than 35 digital wallets and banking applications worldwide.

Following the necessary regulatory approvals, the MoU was signed between the two companies on the sidelines of LEAP 25, the world’s most attended tech event, hosted by the Kingdom for the fourth consecutive year at the Riyadh Exhibition and Convention Center in Malham, from Feb. 9 to 12.

The memorandum paves the way for barq to partner with Alipay+ to facilitate travel and shopping experiences for its customers, which in turn will contribute to enhancing tourism in the Kingdom.

Alipay+ is a global mobile payment service from Ant International, the parent company of Alipay+, designed to expand its presence outside China, allowing for cross-border payments. Alipay+ integrates various payment methods from different countries and regions, enabling users to purchase products and services using their local payment systems, while merchants benefit from a comprehensive global payment platform.

Faisal Al-Khamisi, chairman of barq, said: “I am pleased today to express our pride and joy in signing the MoU with our partners at Alipay+, the leading international network. We are proud to be part of the expansion of Alipay+ worldwide, hoping that this important step will soon provide barq’s customers with more solutions and benefits that will make their experience faster, easier, more flexible, and secure, which aligns with our goal of achieving their satisfaction and meeting their aspirations.”

Leiming Chen, senior vice president and chief sustainability officer of Ant International, said: “LEAP is a global platform for KSA’s biggest innovators and fintech leaders. There is no better setting to join hands with barq to foster innovation and inclusion in the Kingdom through cross-border payments and mobile services for inbound and outbound travelers.”

The agreement is a part of barq’s efforts to expand its partnerships that support the development of its services and enhance the effectiveness, flexibility, and security of financial transactions. This aligns with Saudi Arabia’s Vision 2030, which aims to develop the financial sector, especially amidst the rapid growth being witnessed in the fintech and digital payments sector in the Kingdom.


1957 Ventures and NTDP support Saudi tech startups

1957 Ventures and NTDP support Saudi tech startups
Updated 12 February 2025
Follow

1957 Ventures and NTDP support Saudi tech startups

1957 Ventures and NTDP support Saudi tech startups

In a major step toward fostering innovation in financial technology, 1957 Ventures and the National Technology Development Program have signed a strategic partnership agreement at LEAP 2025. This collaboration is designed to support startups and mid-sized tech companies, strengthen the innovation ecosystem, and accelerate the growth of Saudi Arabia’s fintech sector.

Ibrahim Neyaz, CEO of NTDP, said: “At NTDP, we believe that empowering startups and SMEs is essential for the growth of the digital economy and for achieving the goals of Saudi Vision 2030. Through this agreement, we aim to provide comprehensive support, including technical advisory, funding, and access to new markets. Our customized solutions cater to different growth stages, from prototyping to full-scale market launch. This partnership is a testament to our commitment to nurturing local talent and strengthening Saudi Arabia’s technology sector.”

Emad Kashgari, CEO of 1957 Ventures, said: “This agreement reflects our deep commitment to fostering startups and building a thriving fintech entrepreneurship ecosystem. Beyond offering co-working spaces and advisory services, we are creating an integrated innovation and investment ecosystem. The success of startups hinges on access to capital, resources, and the right markets. This partnership will empower fintech startups with the tools and opportunities they need to scale both locally and regionally in a sustainable manner.”

This strategic agreement aligns with the broader efforts of 1957 Ventures and NTDP to accelerate innovation, support the growth of Saudi Arabia’s digital economy, and enhance the contribution of the technology sector to GDP. It marks a pivotal milestone in a long-term strategy aimed at creating a competitive, startup-friendly business environment that positions Saudi Arabia as a global leader in fintech innovation and digital entrepreneurship.


SUDO Consultants forges strategic alliance with Coca-Cola

SUDO Consultants forges strategic alliance with Coca-Cola
Updated 12 February 2025
Follow

SUDO Consultants forges strategic alliance with Coca-Cola

SUDO Consultants forges strategic alliance with Coca-Cola

In a groundbreaking moment at LEAP 2025, SUDO Consultants announced a strategic partnership with Coca-Cola, one of the world’s most iconic and globally recognized brands. This collaboration marks a significant milestone for SUDO, reinforcing its position as a leader in cloud transformation, delivering scalable, well-architected solutions that enhance business resilience, optimize SAP environments, ensure disaster recovery readiness, and enable full cloud migration to AWS.

The agreement was formalized at the Coca-Cola office during LEAP 2025. This partnership highlights SUDO’s expertise in AWS-powered digital transformation, with a strong focus on full cloud migration, optimization, and disaster recovery strategies, ensuring Coca-Cola’s infrastructure is secure, cost-efficient, and highly scalable.

Hameedullah Khan, CEO of SUDO Consultants, and Syed Kareemuddin, IT infrastructure and cybersecurity manager at Coca-Cola, signed the agreement.

This collaboration was facilitated by Aakash Sapra from SUDO Consultants, reflecting SUDO’s ability to partner with global enterprises, offering cutting-edge AWS solutions that drive efficiency, security, and operational excellence.

By aligning with Coca-Cola’s cloud-first vision, SUDO is empowering enterprises with cloud-driven strategies that eliminate on-premise infrastructure limitations and unlock the full potential of AWS cloud adoption.

As an AWS Advanced Partner, SUDO is the preferred choice for leading enterprises because of its deep expertise in AWS migrations, SAP modernization, security, and cost optimization. Companies like Coca-Cola trust SUDO for their:

  • Cloud migration to AWS: Seamlessly transitioning from on-premises or hybrid infrastructure to a fully AWS-native environment.
  • Industry-specific AWS solutions: Delivering tailored cloud strategies to support SAP workloads, disaster recovery, and automation.
  • Security-first approach: Implementing robust security frameworks that comply with SAMA, NCA, and PCI DSS standards.
  • FinOps and cost optimization expertise: Helping businesses reduce cloud waste, optimize AWS spending, and maximize ROI.
  • Proven track record with global and regional enterprises: Successfully migrating and securing cloud workloads, ensuring high availability and performance.
  • End-to-end digital transformation: From consultation to deployment, automation, and continuous cloud management.

As SUDO Consultants celebrates this landmark collaboration, the company remains committed to helping enterprises transition seamlessly to AWS, modernize their IT landscapes, and ensure long-term cloud success. This partnership is not just an agreement— it’s a step toward enabling Coca-Cola’s future-ready cloud transformation with scalability, security, and cost efficiency at its core.


Takamol Ventures helps MEA startups to turbocharge growth

Takamol Ventures helps MEA startups to turbocharge growth
Updated 12 February 2025
Follow

Takamol Ventures helps MEA startups to turbocharge growth

Takamol Ventures helps MEA startups to turbocharge growth

Takamol Ventures, the investment arm of Takamol, invests in tech startups across the MEA region. With a sector-agnostic approach within the broader technology space, Takamol Ventures invests in cutting-edge technologies to enhance Takamol’s contributions to this promising sector and contribute to the Kingdom’s evolving digital economy.

Launched during LEAP last year with a SR200 million ($53.3 million) fund, Takamol Ventures has made significant strides in fostering innovation. The firm joined the NVIDIA VC alliance program to closely collaborate with NVIDIA and fellow alliance members to drive innovation and support startups in shaping the future of technology. Additionally, it has forged a strategic collaboration with Plug and Play, focusing on deal flow, mentorship, and knowledge sharing.

As a strategic partner, Takamol Ventures goes beyond capital by providing portfolio companies with direct access to Takamol’s vast resources, industry expertise, and extensive network of partners and clients. The unique positioning allows startups to accelerate their growth while creating synergies with Takamol’s existing operations.

Takamol Ventures serves as an inorganic growth engine for its parent company, enabling it to tap into new technologies, expand into new markets, and drive strategic innovation.

Since its inception, Takamol Ventures has successfully closed two investments, one in the fintech space and the other in AI, both of which are recognized as category leaders in their respective domains.

Saudi Arabia’s venture capital ecosystem has evolved rapidly over the past decade, driven by Vision 2030, government-backed initiatives, and increasing investor interest.

A key catalyst was the establishment of the Saudi Venture Capital Company in 2018, which has backed over 54 funds and 800+ startups.

The LEAP tech event has further accelerated this momentum, attracting global investors and facilitating deals worth $11.9 billion in 2024. International collaboration is growing, complementing strong local investment activity.

The Nomu market has opened new exit opportunities for VC-backed startups, providing much-needed liquidity. A key milestone was Jahez’s listing in January 2022, making it the first tech company to go public on Nomu — setting a precedent for other startups.

Regulatory initiatives such as SAMA and CMA’s sandboxes, have played a crucial role in fostering a dynamic fintech ecosystem by lowering entry barriers, encouraging innovation, and boosting investor confidence.

Saudi Arabia’s VC landscape continues to strengthen through government-backed funds like SVC, improved regulations, and global tech events like LEAP, leading to the rise of homegrown unicorns and increasing participation from top-tier global investors like Sequoia Capital and General Catalyst.

With sustained government support and a rapidly maturing startup ecosystem, Saudi Arabia is positioning itself as a leading innovation and investment hub in the region.