DUBAI: A Dubai-based company will this month break ground on the first in a series of new privately owned football sports complexes in Jeddah.
Duplays, which currently organizes and runs corporate and private sports tournaments across the emirate, has formed a joint venture company with its own local partner and with Saudi-based developer Al Hokair Group to build the first of three pilot projects in major Saudi cities.
The 100,000-square-foot Duplays Dome project will contain about 60,000 sq ft of outdoor, ‘small-format’ pitches typically used for games of 5-a-side up to 8-a-side football, but which can be converted for bigger, 11-a-side games. There is also 40,000 sq ft of climate-controlled space containing indoor courts that can be used for football, or for other games such as basketball and badminton, as well as a clubhouse, showers and changing facilities.
Duplays co-founder Ravi Bhusari said that the first center in northern Jeddah will “be finished before the end of the year”.
“The type of construction we are using is a modular construction and they are quick build facilities,” said Bhusari.
This will be followed by two more Duplays Dome pilot projects in Riyadh and in the Eastern Province which, if successful, will facilitate a rapid rollout across the kingdom.
Bhusari said the center has been modelled on the ‘soccer centers’ concept developed in the UK by companies such as Goals and PowerLeague. The company will rent pitches to groups of friends who want to play each other, but would also run more formal leagues with referees, kits and schedules for groups and individuals who want to take part in competitions. Duplays will also run Ronaldinho Soccer Academies from the centers.
Bhusari said that his ambition is to rollout 50 centers in five years — “not just because it sounds nice, but because I think it’s achievable”.
“But maybe 30 in five might be a little more achievable. PowerLeague has around 49 centers. Goals has around the same or slightly more. It’s taken them ten years or so to build those, but Saudi is a new market, we do have a great local partner in Al Hokair [and] Duplays brings its own humble experience.
“We’ll see. But I’m sure that every large city or every secondary city in Saudi could use or probably would want a sport facility like the one we envision.”
Dubai-based Duplays to build network of sports centers in Saudi Arabia
Dubai-based Duplays to build network of sports centers in Saudi Arabia
Saudi Venture Capital Invests $24bn in Jadwa GCC Private Equity Fund 1
RIYADH: Saudi Venture Capital has invested over SR90 billion ($24 billion) in the Jadwa GCC Private Equity Fund 1.
The fund aims to raise SR1.5 billion, with a hard cap of SR2 billion, and marks Jadwa’s first regional blind-pool private equity fund, a press release issued on Thursday said.
It said the fund will focus on investing in a diversified portfolio of high-potential private equity opportunities across Saudi Arabia and the wider Gulf Cooperation Council region.
Commenting on the development, Nabeel Koshak, CEO and board member of SVC, said:
“Our investment in the private equity fund by Jadwa is aligned with SVC’s strategy of supporting the evolving private equity ecosystem in Saudi Arabia. This investment will stimulate and sustain funding for high-potential companies in Saudi Arabia, contributing to the economic diversification objectives of Saudi Vision 2030.”
Founded in 2018, SVC is a subsidiary of the SME Bank, part of the National Development Fund. Its mission is to stimulate and sustain financing for startups and small and medium enterprises at various stages—from pre-seed to pre-IPO—through investments in funds as well as direct investments into emerging companies.
Tariq Al-Sudairy, managing director and CEO of Jadwa Investment, added: “We are excited to have SVC on board as an investor in Jadwa GCC Private Equity Fund 1. This partnership reflects our shared commitment to identifying and nurturing high-potential companies across the GCC, with the goal of creating long-term value for our clients.”
Jadwa Investment is a leading investment management and advisory firm in the MENA region.
Closing Bell: Saudi main index slips to close at 11,859
- Parallel market Nomu declined by 120.35 points, or 0.39%, to close at 30,886.71
- MSCI Tadawul Index also dropped 3.44 points, or 0.23%, to end at 1,490.30
RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Thursday, losing 32.85 points, or 0.28 percent, to close at 11,859.47.
The total trading turnover of the benchmark index reached SR2.80 billion ($747 million), as 78 stocks advanced and 143 retreated.
The Kingdom’s parallel market Nomu declined by 120.35 points, or 0.39 percent, to close at 30,886.71, with 37 stocks advancing and 38 retreating.
The MSCI Tadawul Index also dropped 3.44 points, or 0.23 percent, to end at 1,490.30.
The best-performing stock of the day was Rasan Information Technology Co., whose share price surged 7.58 percent to SR79.50. Other top performers included The Mediterranean and Gulf Insurance and Reinsurance Co., which rose by 7.17 percent to SR24.80, and The National Co. for Glass Industries, up 4.15 percent to SR55.20.
On the downside, Saudi Research and Media Group recorded the steepest drop, falling 3.86 percent to SR269.00. Al-Baha Investment and Development Co. saw its share price decline by 3.85 percent to SR0.50, while Red Sea International Co. dropped 3.63 percent to SR58.40.
On the announcement front, Mutakamela Insurance Co. launched its new identity and brand name, Mutakamela, following regulatory approvals and shareholder consent at its extraordinary general assembly meeting.
Mutakamela ended the session unchanged at SR14.78.
Al-Yamamah Steel Industries Co. reported a net profit of SR70.8 million for the year ending Sept. 30, a significant turnaround from the SR130.14 million loss recorded in the previous year. The profit increase was attributed to reduced costs in the construction sector by 20.82 percent, electricity by 7.56 percent, and solar energy by 10.35 percent.
Additionally, the company’s board recommended distributing SR25.4 million in cash dividends to shareholders for the fiscal year ending Sept. 30. Eligible shareholders will receive a dividend of SR0.50 per share, representing 5 percent of the share’s par value, with 50.8 million shares eligible for the payout.
Al-Yamamah Steel closed the session at SR35.00, down 1.75 percent.
Arabian Contracting Services Co. secured a project worth SR563 million with the Royal Commission for Riyadh City to invest in and lease internal advertising spaces within the King Abdulaziz Public Transport Project in Riyadh.
The 10-year agreement aligns with the company’s strategy to expand its advertising activities.
Its stock rose 0.68 percent to close at SR149.00.
Bank Al-Jazira announced the start of issuing its Additional Tier 1 Sukuk under a SR5 billion program through private placement. The issuance amount and terms will be determined based on market conditions, with a minimum subscription of SR1 million.
The sukuk offer price, par value, and return will also be market-dependent. The bank has appointed Al-Jazira Capital, Al-Rajhi Capital, and HSBC Saudi Arabia as joint lead managers and dealers.
Bank Al-Jazira’s stock rose 0.96 percent to close at SR18.68.
Turkiye lowers interest rate to 47.5%
- Central bank now expects inflation to reach 44% at the end of 2024
- Decision signals the start of an easing cycle after eight months of steady policy
ISTANBUL: Turkiye’s central bank lowered its key interest rate on Thursday, the first cut in nearly two years as it battles with double-digit inflation.
The bank’s monetary policy committee decided to reduce the policy rate from 50 percent to 47.5 percent, with a statement citing improvement in “inflation expectations and pricing behavior.”
The last cut was in February 2023.
The central bank began to raise interest rates last year to battle soaring prices, after President Recep Tayyip Erdogan dropped his opposition to orthodox monetary policy.
It has kept the main rate stable at 50 percent since March.
Thursday’s decision signals the start of an easing cycle after eight months of steady policy.
The bank said the decisiveness over its tight monetary stance “is bringing down the underlying trend of monthly inflation and strengthening the disinflation process.”
In November, Turkiye’s annual inflation rate slowed for the sixth month in a row, at 47.1 percent.
The central bank now expects inflation to reach 44 percent at the end of 2024, up from a previous estimate in August of 38 percent.
The bank said the level of the policy rate would be determined in a way to ensure the tightness required by the projected disinflation path, taking into account both realized and expected inflation.
This week, the central bank announced that it would hold fewer policy meetings next year.
“The Committee will make its decisions prudently on a meeting-by-meeting basis with a focus on the inflation outlook,” the bank said, adding it would “decisively use all the tools at its disposal in line with its main objective of price stability.”
The bank “will make its decisions in a predictable, data-driven and transparent framework,” it added.
Hakan Kara, former chief economist at the central bank, welcomed the cut as “very reasonable and balanced start” that came with a “cautious/optimistic communication.”
“In my opinion, the central bank is doing its best. From now on, the ball is in other policies,” Kara commented on social media platform X, including in the pace of spending and regulations on critical institutions.
The rate slash comes amid a moderate increase in Turkiye’s minimum wage after several rounds of negotiations.
The net monthly minimum wage has been raised by 30 percent to 22,104 lira ($600), beginning from Jan. 1 — far below the demands of the workers union.
The union had demanded a 70 percent increase.
Erdogan welcomed the rise this week and said: “We once again remained true to our promise not to let our workers be crushed by inflation.”
Saudi Arabia’s JEDCO, Tarshid partner to boost energy efficiency at King Abdulaziz Int’l Airport
- Tarshid will conduct on-site surveys and technical studies of KAIA’s targeted buildings and facilities
- Project aims to encourage the aviation industry to adopt sustainable practices
JEDDAH: Saudi Arabia’s King Abdulaziz International Airport is set to enhance energy efficiency and reduce emissions through a strategic partnership with the country’s National Energy Services Co., or Tarshid.
The pact between Jeddah Airports Co., or JEDCO, the airport’s operating company, and Tarshid, a Public Investment Fund company, aims to deliver sustainable energy efficiency solutions for the airport’s facilities. The partnership is facilitated through a Tarshid subsidiary and aligns with the Kingdom’s Vision 2030 and the Saudi Green Initiative.
The agreement was signed in the presence of Prince Abdulaziz bin Salman, minister of energy and chairman of Tarshid’s board of directors, according to the Saudi Press Agency.
The deal, which aims to launch innovative energy-saving initiatives and promote environmental responsibility, supports Saudi Arabia’s Civil Aviation Environmental Sustainability Program and contributes to achieving the goals of the Saudi Green Initiative and Vision 2030, which seek to improve energy efficiency and implement sustainable solutions across public and private sector facilities in the Kingdom.
The Kingdom has been developing the Civil Aviation Environmental Sustainability Plan, which seeks to mitigate the environmental impact associated with the expected growth of the country’s civil aviation sector.
The plan is crafted to align with global commitments outlined in the Paris Climate Agreement and the emission reduction targets set by the International Civil Aviation Organization.
The country has made several national-level achievements over the past years in the pursuit of its net-zero emissions goal, set for 2060. It is also pursuing new technologies to improve fuel efficiency and decarbonize the aviation sector.
Ranked among the top 100 airports globally, KAIA holds the distinction of being the third-best airport in the Middle East, according to rankings by UK-based consulting firm Skytrax.
Under the agreement, Tarshid will conduct on-site surveys and technical studies of KAIA’s targeted buildings and facilities, recommending optimal solutions to enhance energy efficiency and reduce consumption within the project’s scope.
Waled Abdullah Al-Ghreri, CEO of Tarshid and board member, said that they are dedicated to realizing Vision 2030’s objectives of enhancing energy efficiency and sustainability in Saudi Arabia.
“Tarshid continues to strengthen its partnerships with both public and private sectors, and our collaboration with Jeddah Airports Co. is a pivotal step toward establishing new energy efficiency benchmarks in the aviation sector, reflecting a future that merges operational excellence with environmental responsibility.”
Mazen bin Mohammed Johar, CEO of JEDCO, expressed his enthusiasm for the collaboration, saying that the agreement is a significant step in advancing the company’s efforts to enhance the operational efficiency of airport facilities.
Johar added that the agreement aligns with the National Aviation Strategy’s goal of operating a world-class, sustainable airport with high energy efficiency standards, consistent with Vision 2030.
He highlighted KAIA’s achievements in environmental preservation, including sustainability projects such as a recycling initiative that reduces carbon emissions and achieves net-zero targets, electricity and water conservation projects utilizing solar panels and smart technologies, and air quality monitoring in collaboration with the National Center for Environmental Compliance.
He said that the airport has increased green spaces to mitigate carbon emissions.
Established in 2017, Tarshid specializes in retrofitting buildings and facilities to improve energy efficiency and sustainability across government and private sectors. The KAIA project is among its key initiatives with the private sector, aiming to encourage the aviation industry to adopt sustainable practices.
By the end of the third quarter of this year, the company had achieved annual energy savings of 7.3 terawatt-hours across various projects, equivalent to conserving over 11.7 million barrels of oil equivalent and avoiding approximately 4.2 million metric tonnes of harmful emissions. These efforts equate to the environmental impact of planting more than 69.4 million seedlings annually, SPA reported.
Tarshid has recently signed a similar agreement with SAL Logistics Services, underscoring its role in advancing energy efficiency and sustainability across both governmental and private sectors.
Saudi non-profit sector revenues surge 33% to $14.4bn in 2023
- Health sector led the revenue surge with a 70% increase compared to the previous year
- Education and research activities followed, growing 53%
RIYADH: Saudi Arabia’s non-profit sector recorded revenues of SR54.4 billion ($14.4 billion) in 2023, marking a 33 percent year-on-year increase, according to data from the Saudi General Authority for Statistics.
The sector’s total expenditures also rose by 33 percent, reaching SR47 billion, while employee compensation climbed 17 percent to SR21.7 billion.
The health sector led the revenue surge with a 70 percent increase compared to the previous year. Education and research activities followed, growing 53 percent, while volunteer intermediary and enhancement activities rose 36 percent. Together, these areas were the largest contributors to the sector’s growth.
Saudi Arabia’s non-profit sector has seen rapid growth, aligning with the objectives of Vision 2030. As of March 2024, the Kingdom had 4,721 registered non-profit organizations — a 182 percent increase since 2018.
On the spending front, the health sector led with a 74 percent year-on-year rise in expenditures in 2023, followed by education and research activities with a 55 percent increase, and environmental activities, which grew by 34 percent. These categories contributed the most to the sector's overall spending.
Employee compensation reflected similar trends, with education and research activities seeing the sharpest growth at 84 percent. Environmental activities recorded a 38 percent rise, while volunteer-related activities saw a 29 percent increase in compensation.
In terms of workforce distribution, cultural and recreational sectors emerged as the largest employers, accounting for 27.6 percent of total employment in the non-profit sector. Social services followed at 27.2 percent, with development and housing activities comprising 12.4 percent. Health-related roles accounted for 11.5 percent, and education and research activities contributed 7.5 percent, while other non-profit activities made up the remaining 13.8 percent.
This distribution marked a shift from 2022, where social services led at 29.7 percent, followed by cultural and recreational activities at 25.4 percent.
This growth in the non-profit sector has raised its contribution to the gross domestic product to 0.87 percent, exceeding the 2023 target of 0.51 percent and aiming for an ambitious 5 percent by 2030.
Additionally, the Kingdom has surpassed its target of 1 million volunteers six years ahead of schedule, achieving this milestone by the end of 2024.
