RABIGH: Saudi entrepreneurs were among the winners at the recent MIT Enterprise Forum (MITEF) Arab Startup Competition at King Abdullah Economic City (KAEC).
The final awards ceremony of the 9th edition of the prestigious contest saw speeches and presentations by some of the most well known and successful names in the world of entrepreneurship and innovation.
This year’s competition received 5,967 individual and team applications from 21 Arab countries, up from 4,275 last year. It represented a record participation of over 16,500 entrepreneurs, up from 12,000 last year.
The nine winning teams across three categories — Ideas, Startups and Social Entrepreneurship — hailed from Saudi Arabia, Kuwait, Jordan, Lebanon, Egypt, Tunisia and Morocco.
The $50,000 top prize for the best startup was awarded to Kuwait’s Ghinwa, which is building a mobile application that can be used to perform Karaoke songs licensed from the copyright owners, allowing users to share and promote their talent across social media platforms.
Second place in the same category went to Zamen of Egypt. Third place went to B8ak (pronounced as Baytak) from Saudi Arabia for a smartphone app-based maintenance delivery company launched by Khalid H. Al-Hmili, Eyad A. Al-Shabaan and Khaled Hassoun.
The presence of Prince Saud K. Al-Faisal, executive director for investment policy at the Saudi Arabian General Investment Authority (SAGIA), lent immense weight to the event.
Among the top Saudis at the event were Princess Reema bint Bandar Al-Saud, founder and chief executive officer of Alf Khair; Fahd Al-Rasheed, group chief executive officer and managing director of King Abdullah Economic City; Wassim Khashoggi, vice secretary general operations, Economic Cities Authority; Fady Mohammed Jameel, president, Community Jameel International; Kaswara Al-Khatib, chief executive officer, Uturn, an online entertainment network; Abdullah Al-Zamil, founder, Zamil Industries; and Muna AbuSulayman, co-host of MBC’s popular Kalam Nawaem program.
The winners took home prize money totaling $150,000. Each category winner also received training, mentorship, coaching, media exposure and networking opportunities throughout the competition.
The competition was preceded by the Time to Invest in Arab Youth and Their Innovations Conference, organized by MIT Technology Review Arab Edition. During the conference, MIT Technology Review Arab Edition’s five innovators under 35 in the Arab world were announced.
The winners in the Startups category were Ghinwa from Kuwait that took home $50,000; Zamen from Egypt came second and won $15,000; and B8ak from Saudi Arabia third winning $10,000. In the Ideas category, the first-place winner of $15,000 was Tutorama from Egypt; second Deep OR from Morocco winning $10,000; and third Ostor Lab from Morocco winning $5,000.
In the Social Entrepreneurship category, Hydropneumatic Flushing System from Tunisia came first winning $15,000; second Pathfinder from Lebanon winning $10,000; and third Low Cost PPC from Jordan winning $5,000.
The five winning innovators under 35 were Osman Bakr, Jean Nehme, Eva Tamraz, Ahmed Alfadhel and Yaman Abou Jieb.
Hala Fadel, chair of the MIT Enterprise Forum of the Pan-Arab Region, said: “In Saudi Arabia and other Arab states, hundreds of innovative young men and women are waiting for investments. We have been tracking them for nine years now at the MIT Enterprise Forum Arab Startup Competition with continuous support of our founding partner Abdul Latif Jameel Community Initiative (Community Jameel).”
She said constructive change, with benefits for the entire region, can only occur if considerable resources are allocated for cutting-edge Arab businesses. “Over the past 10 years, more than $10,000 billion have been spent on buildings, construction and infrastructure in the Arab region. Can we not invest 0.1 percent of that in our youth and its economy, the digital economy?”
Fady Jameel said: “It is an honor for Community Jameel, the social enterprise arm of Abdul Latif Jameel, to be the founding partner of the successful MIT Enterprise Forum Arab Startup Competition since 2006. The program aims to support and foster entrepreneurship in the region. Entrepreneurs play an important role in shaping the economy. Through this program, we remain committed to helping the next generation of young entrepreneurs achieve their aspirations.”
“The great interest in the competition, as well as the quality of the competition entries are indicative of the positive reception of MITEF Pan-Arab in the region, and particularly in Saudi Arabia as a unique investment destination for entrepreneurs,” he said.
The international speakers who wowed the audience with their first-hand experiences included Zainab Salbi, host and creator of The Nida’a Show and founder of Women for Women International, and Mark Haidar, chief executive officer of Vinli.
Salbi spoke passionately about how entrepreneurs should never give up. She described the pain that many have to go through in the initial stages. “Nobody is at your side in those critical moments. This happened to me when I launched my startups. When I was successful, people who had disowned me started saying that ‘she is my friend.’ This happens. It is a very painful process.”
Muna AbuSulayman said she was delighted to see the projects set up by the entrepreneurs. “I was one of the judges for the Social Entrepreneurship award category. The 10 projects that were judged by us were extremely great ideas about sustainability, water conservation, helping people earn better incomes, technology platforms, actual inventions to help disabled people, and how to connect people.”
“It was impressive,” she told Arab News. “I am very happy that there is a platform where these types of innovators and entrepreneurs are able to compete with each other. I love the fact that innovators from 20 different Arab countries came together, united in the desire to innovate and achieve economic progress.”
She was impressed by the innovators under 35. “There were two Saudis who invented quite complicated things with the help of KAUST. It was nice to see the fruit of Saudi investment in technology and science. I mean (the investment in setting up) KAUST. Seeing brilliant young Saudis utilizing that investment and creating good innovation was a fulfilling experience,” she said.
Saudi startup among winners at top contest
Saudi startup among winners at top contest
Virgin Atlantic touches down in Riyadh with new daily Saudi-UK service
Arab News
RIYADH: Virgin Atlantic touched down in the Saudi capital on Wednesday, marking the carrier’s first flight into the Kingdom, as the airline launches a daily service from the Kingdom to the UK.
The flight landed at Riyadh’s King Khalid International Airport with the airline’s founder Richard Branson onboard, as the company seeks to capitalize on business expected from Saudi Vision 2030, the Kingdom’s comprehensive reform program.
The carrier cited Riyadh’s growth for the move as the Middle East’s largest economy offers an ever growing list of business, sporting and cultural opportunities and experiences.
The company said the market is expected to have a “predominantly Saudi Arabian point of sale,” for customers seeking to visit the UK, and those wanting to make connections to North America.
Alongside business travel, the UK route is expected to serve the “Visiting friends and relatives” market, as more Saudis choose to live in Britain.
The airline also announced a new service to the South Korean capital Seoul that would begin operating March, 2026, as the carrier continues to expand in Asia markets.
“Virgin Atlantic also looks forward to deepening its partnership with Riyadh Air, when it takes to the skies in 2025,” a company statement said.
The companies signed a agreement last year to introduce a range of services for customers traveling between Saudi Arabia and the UK.
A dedicated Riyadh crew will serve the route with the aim of providing a culturally appropriate service.
“Arabic coffee is served as part of the pre departure drinks service alongside a selection of dates in the Upper and Premium cabins, Halal meals are available throughout, and the Travellers Prayer also plays before the safety video,” the company said.
After meeting with Branson, Saudi Tourism Minister Ahmed Al-Khateeb, posted on social media: “We look forward to expanding our strategic partnership with Sir Richard Branson and Virgin Group to deliver exceptional travel experiences, connect the world to Saudi destinations, and elevate Saudi Tourism on the global map.”
“Our partnership with Virgin Atlantic will open new routes connecting Saudi Arabia to the world. It marks a new chapter in global air connectivity and strengthens the Kingdom’s role as a leading travel hub, inviting UK and world travelers to discover our rich tourism experience.”
Veolia puts Gulf region at the forefront of desalination innovation
MUSCAT: Desalination is fast becoming a cornerstone of global water resilience — and at the heart of this transformation is Veolia, a global leader in water technologies. With operations spanning continents, the company is placing the Gulf region at the center of its innovation strategy.
“Gulf countries, and particularly Oman, are now our global centre for desalination innovation,” said Estelle Brachlianoff, CEO of Veolia. “What we’re building here represents global excellence, underpinned by continuous technological evolution,” she told *Arab News en français.
Scaling solutions
Veolia currently operates more than 2,300 desalination facilities across 108 countries, representing 18 percent of the world’s installed capacity. As global demand soars, the company plans to double its output — from 1.4 to 2.8 billion cubic meters per year by 2030 — in a market expected to exceed 40 billion liters per day by decade’s end.
Recent projects, including Hassyan and Mirfa 2 in the UAE, underscore this momentum. A major facility is also in development in Rabat, Morocco. Meanwhile in Saudi Arabia, where daily desalination needs often top 600 million liters, Veolia is enabling a shift toward membrane-based systems tailored for scale, efficiency, and sustainability.
From solar-powered plants to AI-optimized membrane systems, Veolia continues to pioneer technologies like its patented Barrel™ modular system — highlighting the company's commitment to high-performance innovation.
FASTFACTS
Veolia leads globally in desalination, operating over 2,300 sites in 108 countries and aiming to double output by 2030.
Energy efficiency in desalination has improved dramatically, with power use down 85 percent since the early 2000s and water costs dropping from $5 to under $0.50 per cubic meter.
Veolia’s future-focused approach blends innovation, affordability, and environmental stewardship, reinforcing its global leadership in water technologies.
Breaking the myths
A key part of Veolia’s success has been challenging outdated perceptions around desalination. "We’ve broken all the old myths about desalination, one by one,” said Brachlianoff.
Energy consumption, once a major drawback, has dropped by over 85 percent since the early 2000s due to next-generation membranes and energy recovery technologies. Production costs have fallen from $5 to less than $0.50 per cubic meter, making desalinated water a viable option for municipalities and mid-sized industries alike.
Veolia’s new solutions are now also being deployed in sectors such as mining, refining, and even data centers. Projects in Sur, Oman, feature solar integration, while others introduce advanced brine discharge control systems, raising environmental standards across the board.
Gulf countries as living laboratories
Veolia’s work in Oman supports the country’s Vision 2040, particularly its renewable energy goals.
“We’re directly contributing to the goal of achieving 30% renewable energy in the national mix,” said Erwan Rouxel, CEO of Veolia Oman.
A solar plant already provides over a third of the Sur facility’s power needs. The company is also investing in landfill gas-to-energy projects. Crucially, Oman also serves as a hub for workforce development, with 75 percent of Veolia Oman’s staff being local nationals.
“Our Omanization efforts are crucial, not only for business continuity but also for creating shared value with the communities we serve,” Rouxel added.
In Saudi Arabia, Veolia is helping the country transition from thermal desalination to more efficient membrane-based processes.
“The country is shifting from thermal desalination to membrane-based desalination, particularly reverse osmosis,” said Adrien de Saint Germain, CEO of Veolia’s Water Technologies division. “And these aren’t small projects — some exceed 500 to 600 million liters per day. What matters now is how we optimize the entire environment around the membranes.”
He emphasized that Veolia’s approach involves more than technology — it is also about building long-term partnerships through cost-effective design and strategic delivery.
“What makes Saudi projects unique is their multi-year horizon and scale. We can plan strategically and deliver consistently,” he said.
Moroccan innovation in the Atlantic
While the Gulf drives growth in volume, Morocco is offering innovation on a different front — the Atlantic.
“In Morocco, we’re working with Atlantic seawater, which involves very different parameters: lower temperatures, different algae risks,” explained Anne Le Guennec, Senior EVP of Water Technologies. “But it’s the same scale: 800,000 cubic meters per day, just like Hassyan in Dubai.”
Regional expertise plays a critical role in success, she noted.
“From red algae to changing water quality, we know this region. And we work with strong local partners who can respond quickly and deploy workforce on a large scale,” she added.
Toward atomic-level filtration
Looking ahead, Veolia is pushing the boundaries of water purification for specialized industries.
“We’re currently developing solutions using ion-exchange resins,” Le Guennec revealed. “We’re talking atomic-level filtration, separating specific ions. This is where we’ll meet the ultrapure water needs for industries like pharmaceuticals and semiconductor manufacturing.”
This next-generation technology is also feeding into global projects, including the “water of the future” initiative in Paris, where Middle Eastern expertise will help deliver water free of micropollutants by 2027.
Long-term vision and global impact
For CEO Estelle Brachlianoff, Veolia’s strategy is defined by continuous innovation, cost-effectiveness, and environmental responsibility.
“Our ambition is clear: to maintain our global leadership in desalination by continuing to evolve, innovate, and provide the most cost-effective and energy-efficient solutions on the market,” she said.
As water scarcity intensifies worldwide, Veolia is not merely adapting — it is setting the standard.
IMF appoints first mission chief to Syria in 14 years
BEIRUT: The International Monetary Fund has appointed Ron van Rooden as head of its mission to Syria, the country’s Finance Minister Mohammed Yosr Bernieh said in a written statement, making him the first country mission chief since war erupted there 14 years ago.
Bernieh said van Rooden’s appointment came “following our request” and he shared a post on LinkedIn, showing himself shaking hands with van Rooden while attending the annual IMF-World Bank Spring meetings in Washington, D.C.
“This important appointment marks an important step and paves the way for constructive dialogue between the IMF and Syria, with the shared objective of advancing Syria’s economic recovery and improving the well-being of the Syrian people,” Bernieh wrote.
The IMF press office did not immediately respond to a request for comment. A source familiar with the IMF’s decisions on Syria confirmed van Rooden’s appointment.
According to the IMF’s website, Syria has had no transactions with the fund in the last 40 years. The last IMF mission trip to Syria was in late 2009, more than a year before protests against then-leader Bashar Assad erupted.
Assad’s crackdown triggered a full-scale war that left much of the country destroyed before he was ousted in a lightning rebel offensive last December, with an Islamist-led government now ruling the country.
The new leaders have been keen to re-establish Syria’s ties regionally and internationally, rebuild the country and secure the lifting of tough US sanctions to kickstart its economy.
Bernieh and Syria’s central bank chief Abdelkader Husrieh are attending the annual spring meetings in Washington, the first time a high-level Syrian government team attends the meetings in at least two decades, and the first official visit by Syria’s new authorities to the US since Assad’s fall.
On Tuesday, the Saudi finance minister and the World Bank co-hosted a roundtable on Syria. Bernieh, in a separate LinkedIn post, described the roundtable as “very successful” and said there was “unprecedented” interest in supporting Syria’s reconstruction.
A top official from the UN Development Programme told Reuters last week the agency is planning to deliver $1.3 billion in support to Syria over the next three years.
TASI closes in green at 11,681, gaining 0.82%
RIYADH: Saudi Arabia’s Tadawul All Share Index concluded Wednesday’s trading session at 11,681.11 points, marking an increase of 94.71 points or 0.82 percent.
The total trading turnover of the benchmark index was SR6.066 billion ($1.617 billion), as 189 of the listed stocks advanced, while 54 retreated.
The MSCI Tadawul Index also surged by 14.14 points, or 0.96 percent, to close at 1,488.74
The Kingdom’s parallel market Nomu reported an increase as well, gaining 181.35 points, or 0.64 percent, to close at 28,463.11 points. This comes as 48 of the listed stocks advanced while as many as 34 retreated.
The index’s top performer, Musharaka REIT Fund, saw a 10 percent increase in its share price, closing at SR4.84.
Other top performers included Al-Baha Investment and Development Co., which saw a 9.97 percent increase to SR3.31, while Mulkia Gulf Real Estate REIT’s share price rose 9.96 percent to SR5.52.
Alistithmar AREIC Diversified REIT Fund also recorded a positive trajectory, with share prices rising 9.92 percent to reach SR6.90.
Allied Cooperative Insurance Group was TASI’s worst performer, with the company’s share price falling by 3.35 percent to SR15.
Etihad Etisalat Co. followed with a 3.17 percent drop to SR61. This decline comes after the firm’s consolidated interim financial results for the first quarter.
The company reported a 20.21 percent increase in its net profit, reaching SR 767 million, compared to the same period in 2024.
Saudi Printing and Packaging Co. also saw a notable decline of 3.03 percent to settle at SR 12.80.
On the parallel market, National Building and Marketing Co. was the top gainer, with its share price surging by 9.88 percent to SR198.
Other top gainers in the parallel market were Arabian Plastic Industrial Co. and Ghida Alsultan for Fast Food Co., with their share prices surging by 8.51 percent and 5.65 percent, to reach SR51 and SR44.9, respectively.
Al Mohafaza Co. for Education was the major faller on Nomu, as the company’s share price slipped by 9.59 percent to SR23.10.
Yamama Cement Co. also announced its financial results for the first quarter of 2025, reporting a 23.51 percent increase to SR142 million compared to the same period of last year.
The company said in a statement on Tadawul that the increase in profit was mainly due to an annual rise in the average selling price and an increase in sales volume for the current quarter.
The firm’s share price closed on Wednesday’s session at SR36.7, increasing by 2.92 percent.
Saudia Group orders 20 Airbus A330neo jets to fuel fleet expansion
RIYADH: Saudia Group has signed a new agreement with Airbus to acquire 20 wide-body A330neo aircraft, including 10 confirmed orders for its low-cost carrier flyadeal, as part of its fleet expansion strategy.
The deal, finalized at Airbus’s facility in Toulouse, France, reinforces the group’s ambitions to enhance operational efficiency and expand destination coverage, aligning with Saudi Arabia’s Vision 2030.
With deliveries scheduled between 2027 and 2029, the acquisition marks a continuation of Saudia Group’s broader modernization plan, which includes a 2023 order for 105 Airbus aircraft.
A330neo’s long-range capability and fuel efficiency are expected to play a central role in supporting the Kingdom’s goals of connecting to 250 destinations and transporting 330 million passengers annually.
The agreement aligns with the Kingdom’s broader trend of making multiple Airbus aircraft purchases.
In October, Riyadh Air signed a deal to purchase 60 Airbus A321neo aircraft. In July, the Royal Saudi Air Force signed a contract with Airbus for four additional A330 Multi Role Tanker Transport aircraft.
The deal was signed by Saleh Eid, vice president Fleet Management and Agreements at Saudia Airlines, and Benoit de Saint-Exupery, executive vice president of Commercial Aircraft Sales at Airbus, in the presence of Ibrahim Al-Omar, director general of Saudia Group and Christian Scherer, CEO of the Commercial Aircraft business of Airbus.
Al-Omar emphasized the significance of the deal as a continuation of the group’s ambitious strategy to expand and modernize its fleet.
He noted that this agreement follows a previous order of 105 Airbus aircraft in 2023 and supports national strategies under Vision 2030 aimed at reaching 250 destinations, transporting 330 million passengers, and attracting 150 million tourists annually.
Benoit de Saint-Exupery welcomed the order as a strategic advancement for both parties.
“Saudia Group’s order for A330neo aircraft for flyadeal is a crucial step toward enabling the Kingdom’s long-haul expansion and attracting a broader range of passengers,” he said.
“The aircraft’s proven efficiency, versatility, and passenger experience make it the right fit for Saudia Group’s strategic growth,” he added.
Saudia Group currently operates a fleet of 194 aircraft across its commercial, low-cost, cargo, and logistics divisions.
With an additional 191 aircraft expected to be delivered in the coming years, the group is advancing its position as a key enabler of Saudi Arabia’s aviation sector and broader national development initiatives.
