Saudi father urged to help son in Guatemala

Updated 02 February 2016

Saudi father urged to help son in Guatemala

RIYADH: A Guatemalan woman has appealed to the Saudi father of their three-year-old son to meet his responsibilities and sign documents that would allow the little boy to attend school and travel.

Mandre Chang, the mother of Sami, said that his father had signed a document acknowledging paternity, but now needs to do his duty by sorting out other documentation.
In an interview with Arab News, Chang said she has to pay a fine of $10 a day because the boy does not have legal documents to attend school in Guatemala. He also cannot get dual citizenship without his father’s permission.
Chang met the Saudi citizen, who cannot be named for legal reasons, when they were students in Minnesota in the United States in 2011. They had a relationship, which he later called off, said Chang.
Chang said that she had contacted the Saudi Embassy and explained her situation. She was referred to a lawyer and was able to contact Sami’s father’s family in the Kingdom through social media.
It was then arranged for DNA samples to be taken from Sami to determine whether he was their relative. Chang said she complied and the samples were sent through to Riyadh. Sami’s father then signed a document acknowledging he was the father.
“I am trying to provide the best for my son. I don’t want money or anything else from his father, other than his signature to finalize my son’s legal documents. It is not fair that Sami has to suffer because of his father’s mistakes. He is destroying his life. My son deserves to be free to travel and go to school,” she said.
Chang has highlighted her case on the website saudichildrenleftbehind.com, where she complained about the way she was treated. She was also interviewed on Sky News Arabia about her attempts to have the father of her son take up his responsibilities.


Saudi investors share expertise on Saudi corporate VC opportunities

Updated 27 November 2020

Saudi investors share expertise on Saudi corporate VC opportunities

JEDDAH: The two-day Step Saudi 2020 event featured two prominent Saudi figures in the field of investment on the second day.
Hashim Al-Awadi, CEO of Tech Invest, and Salman Jaffery, chief investment officer at Saudi Aramco Entrepreneurship Ventures, both shared their expertise, with the latter saying it is more beneficial for corporations to start a venture capital (VC) arm than invest from their current mergers and acquisitions arm (M&A).
Managing partner at Class 5 Global, Zach Finkelstein, who moderated the session on the second day of the event, said the San Francisco-based venture fund invested in a number of companies in the Middle East.
“The Middle East is particularly interesting to us, and in the past, our partners have invested in such regional companies as Careem. We’re excited to explore the development of the corporate VC space and how it can impact places like Saudi Arabia,” he added.
When asked why a corporation should start a VC arm instead of investing from an M&A team, and why have a separate corporate Venture Capital arm in the first place, Jaffery answered that “it brings faster results.”
“I think the easiest answer to that is just speed and agility,” he said. “Getting that response quickly to the market. VC deals can take weeks or months whereas an M&A transaction can take up to a year or longer, and also similarly, if you’re trying to then come out of it, it’s harder to come out of a joint venture agreement or an M&A as opposed to a VC.”
Al-Awadi explained his opinion a traditional VC perspective, and said: “We like the fact that corporations can invest from both their M&A arms and their VC arms if they have them.”
He highlighted that VC arms can invest in a greater variety of companies. “You have the intelligence, you know the market and if you’re looking at specific technology where we don’t have a lot of expertise we trust that you (other venture capitalists) know the market and you can evaluate that technology better to see if it has the capability and potential for growth or not.
“Eventually, you do have an M&A arm that will provide an exit for us, for an incentive for this company to work hard to grasp the intention after having been invested in by the VC arm of this big corporate to maybe look into making a partial agreement or complete acquisition, which really adds an incentive for the company to grow and attracts other investors and also attracts talent to join the company and help it grow even more.”
He said both the VC and M&A arm are important for company growth. “We tend to look at corporate investors through both arms as complementary to what we do when we have both of them around.”
The Kingdom has obtained a high reputation among investors internationally through the years, especially after the economic and social reforms of Saudi Vision 2030.
Step Saudi is home to the Kingdom’s best entrepreneurs, investors, creatives and digital enthusiasts. The last edition of Step Saudi featured four content tracks, more than 100 startups and over 1,500 attendees.