JEDDAH: LuLu Group recently opened its 150th hypermarket in Riyadh. It was inaugurated by Ibrahim Al-Omer, governor of Saudi General Investment Authority (SAGIA); Ibrahim Al-Suwail, deputy governor of SAGIA; along with Sheikh Shakhbout bin Nahyan Al-Nahyan, UAE ambassador to Saudi Arabia; Yusuff Ali M.A., LuLu Group chairman; Shehim Mohammed, LuLu Saudi director; and other dignitaries and royal family members.
Located at the newly launched Atyaf Mall in Yarmouk, the hypermarket, the 13th in the country and the Kingdom’s largest, is spread across 220,000-square-feet.
Yusuff Ali M.A. said: “We are absolutely delighted to open our group’s 150th and Saudi Arabia’s 13 hypermarket in Riyadh and I am sure the shoppers here will be pleased by the new retail experience we have created. Through our internationally sourced quality products and enthusiastic staff, LuLu has been the most preferred destination for different nationalities and we will continue to preserve this identity with our new store.”
He added: “We see tremendous growth opportunities in the Kingdom and are glad to be part of the Vision 2030 by further expanding our presence here. We will open another 15 hypermarkets by 2020 at an investment of SR1 billion ($266 million) out of which five will be opened this year itself. This includes three hypermarkets in Riyadh followed by one each in Tabuk and Dammam. This is apart from the SR1 billion we have already invested in the Kingdom till now.”
The group currently employs more than 3,000 Saudi nationals, out of which 1,400 are women, amounting to 40 percent of Saudization.
“Our goal is to give employment to 6,000 Saudi nationals by the end of 2020. We have a very elaborate and effective multi-level training program, through which we not only train them here but also send the local recruits to other regions in the GCC and India for training in various departments. We have also tied up with Saudi vocational institutions and universities in this regard,” the LuLu Group chairman said.
LuLu opens Saudi Arabia’s largest store in Riyadh
LuLu opens Saudi Arabia’s largest store in Riyadh
ACWA Power launches key Initiatives at COP16
ACWA Power, the world’s largest private water desalination company, leader in energy transition and first mover into green hydrogen, announced two environmental and community development initiatives during COP16. These include a donation to the Global Coral R&D Accelerator Platform Foundation, and a project to provide water access to more than 1,500 households in Wadi Hajar, Makkah region.
Coral reef program
The CORDAP collaboration encompasses key verticals to advance coral conservation efforts globally:
• Research and knowledge enhancement: CORDAP is committed to supporting two significant research projects and two comprehensive scoping review studies.
• Coral Academy establishment: The collaboration will establish the Coral Academy, which aims to enhance learning and training programs for practitioners and ambassadors. This program will be implemented in partnership with the Energy and Water Academy and will include the development of an interactive roadshow across various cities in Saudi Arabia to elevate public understanding of the importance of coral reefs and the challenges they face.
This collaboration will support, complement, and scale up existing and new initiatives working on coral conservation, resilience, adaptation, and restoration.
Sekaya initiative
The second initiative focuses on fostering participation in a critical project designed to ensure sustainable access to water in a water stressed area for more than 1,500 households in Wadi Hajar, situated in the Makkah region. This initiative is undertaken in collaboration with Sekaya Foundation, an organization enabling local communities to contribute to water supply projects in villages, rural areas and remote regions, strengthening the ministry’s role in promoting community participation.
Commenting on the announcement, Rusha Alrawaf, chief corporate affairs and sustainability officer at ACWA Power, said: “As a leader in sustainable water and power solutions, ACWA Power recognizes the critical importance of preserving our planet’s ecosystems and supporting our local communities.”
These two initiatives align perfectly with our broader mission of sustainable development and showcase how private sector engagement can drive positive environmental and social change on multiple scales.”
These partnerships underscore ACWA Power’s dedication to environmental sustainability, carbon reduction, and community development, highlighting its role in addressing critical global and local challenges beyond its core business operations.
New Murabba Stadium is set to shine on global stage
With Saudi Arabia selected as the host nation for the 2034 FIFA World Cup, the New Murabba Stadium in Riyadh is set to play a central role in this global sporting event.
The New Murabba Stadium will be one of 15 premier venues for World Cup matches in the Kingdom, showcasing Saudi Arabia’s commitment to excellence in sports infrastructure. With a capacity of more than 45,000 seats, the stadium is designed to deliver an unforgettable experience for both players and fans from around the world.
Drawing inspiration from the native Acacia tree, the stadium’s architecture seamlessly blends traditional Saudi elements with modern design. This fusion symbolizes the nation’s respect for its heritage while embracing a forward-looking vision. Features such as illuminated entry points and shaded gathering spaces will enhance the visitor experience, creating a welcoming atmosphere during the World Cup.
Equipped with cutting-edge technology, the New Murabba Stadium promises an immersive and personalized experience for attendees. Advanced seating solutions and interactive digital platforms will set new standards for fan engagement during the World Cup.
Scheduled for completion by the end of 2032, the stadium will be ready well in advance of the World Cup. This timeline ensures ample opportunity for test events and preparations, guaranteeing a world-class experience for all participants.
While the World Cup is a focal point, the stadium is designed as a multi-purpose venue adaptable for various events, including gaming competitions, exhibitions, and cultural gatherings. It will continue to serve as a vibrant community hub, solidifying Riyadh’s position as a global destination for sports and entertainment.
Michael Dyke, CEO of the New Murabba Development Company, said that New Murabba is honored to contribute to the 2034 World Cup and looks forward to welcoming the world to the Kingdom.
SAB wins ‘Corporate Innovation Award 2024’ from Qorus
Saudi Awwal Bank, one of the leading banks in the Kingdom, has been awarded the “Corporate Innovation Award 2024” from Qorus, for the second consecutive year for its SAB Innovation Excellence Initiative. The award was presented during the Qorus Reinvention Awards ceremony in Dubai.
Competing with more than 700 organizations, SAB secured its place, reflecting its ongoing commitment to developing and implementing the bank strategies aligned with its vision. The SAB Innovation Excellence Initiative honors the bank’s innovative projects and their teams. This award is a recognition of SAB’s continuous efforts to accelerate the financial innovation sector in line with Saudi Vision 2030, a strategic framework aimed at building a diverse and sustainable economy.
Saeed Assiri, chief innovation officer at SAB, said: “Receiving this award reflects our unwavering commitment to fostering innovation, a cornerstone of our strategy. It also highlights our investment in research and development, as well as our adoption of cutting-edge technologies to drive financial innovation. We believe innovation is the key to progress and success, and we will continue to deliver more advanced and effective financial solutions for our customers.”
This recognition further solidifies SAB’s position as a leading financial institution as it works toward achieving its vision: “We bring a world of financial opportunities to an ambitious Kingdom.”
With its innovative services, global reach, and deep market understanding, the bank continues to provide its customers with the best banking experience.
Dan Company inks deal with Abdulmohsen Al-Tamimi Company for Al-Ahsa luxury resort
Dan Company, a PIF company specializing in agritourism, ecotourism, and adventure tourism, has signed a contract with Abdulmohsen Al-Tamimi Contracting Company to develop Dan’s flagship destination in the Al-Ahsa governorate, under its local hospitality brand Tuaja Luxury Resorts.
The signing ceremony was held at the company’s headquarters in Riyadh, in the presence of Mr. Saad Abdulaziz Al-Kroud, chairman of the board of directors of Dan Company, and Yousef Abdul Mohsen Al-Tamimi, chairman of the board of directors of Abdulmohsen Al-Tamimi Contracting Company. The contract was signed by Abdulrahman Abaalkhail, CEO of Dan Company, and Mohammed Abdul Mohsen Al-Tamimi, CEO of Abdul Mohsen Al-Tamimi Contracting Company.
The project marks a milestone in the company’s mission to enhance the tourism sector and elevate the quality of services in the Kingdom’s hospitality sector by developing resorts that combine sustainability, innovation, and authentic hospitality. The project also contributes to strengthening Al-Ahsa’s position as an attractive destination for both local and international tourism.
Al-Kroud said: “We are pleased to announce the new resort, which aligns with the Kingdom’s efforts to enhance its hospitality and tourism offerings locally and internationally and reaffirms our commitment to contributing to the development of the tourism sector by leveraging the Kingdom’s enchanting natural landscapes and showcasing it’s rich natural diversity through agri, eco, and adventure tourism.”
He added: “It is our pleasure to partner with Abdulmohsen Al-Tamimi Contracting Company, a leading company in the Eastern Province, to develop our flagship project under the Tuaja Luxury Resorts brand. This collaboration reflects our shared vision for the future and commitment to excellence. Together, we look forward to Tuaja Resorts becoming a symbol of sustainability and innovation in the Kingdom.”
The project is a pioneering initiative that highlights Al-Ahsa’s stunning natural beauty and rich cultural and agricultural heritage. It offers three distinctive experiences that cater to different needs: luxury and exploration at the Tuaja Premium Farm Resort, tranquility and contemplation at the eco-friendly resort of Tuaja Eco Resort, and adventure and excitement at the Tuaja Adventure Resort.
Yousef Al-Tamimi highlighted the track record of Abdulmohsen Al-Tamimi Contracting Company in developing pioneering projects that achieve a balance between innovation and sustainability. He said: “We are delighted to collaborate with Dan Company on this exceptional project, which underscores our unwavering commitment to shaping a sustainable future and actively contributing to the goals of Saudi Vision 2030.”
Spanning 1.8 million square meters, the resort will feature 201 accommodation units, from hotel rooms to high-end villas, some with private pools. Every aspect of the resort is carefully designed to reflect the unique character of Al-Ahsa, offering diverse experiences catering to guests’ needs in agritourism, ecotourism, and adventure tourism.
Guests will enjoy a range of exceptional facilities and services including a wide variety of dining options, a “farm-to-table” experience, a luxurious spa, a vibrant central activity area, a community center supporting local artisans, an event hall, and state-of-the-art sports facilities. This aligns with Dan’s commitment to inclusive tourism experiences focused on preserving the environment and empowering the community.
Dan Company places environmental conservation and sustainability at the heart of the project and seeks the Leadership in Energy and Environmental Design certification out of its keenness to protect the local environment. The resort blends modern sustainability practices with local traditions, with a focus on preserving the region’s rich natural heritage and culture.
The project is expected to boost the local economy, create jobs, and enhance Al-Ahsa’s status as a tourist destination. The contract underscores the shared ambition of both parties to redefine hospitality and tourism in Saudi Arabia. It is Dan Company’s first project in the Kingdom, leveraging the extensive experience of Abdulmohsen Al-Tamimi Contracting Company, which is one of the main contractors in a number of leading projects in Saudi Arabia such as Red Sea Global, NEOM and Qiddiya.
As a pioneering initiative, this project exemplifies Dan’s innovative approach to tourism and hospitality and sets a new standard for the development of destinations in the Kingdom and beyond, with a unique blend of luxury, sustainability, and community empowerment.
Monsha’at report spotlights notable progress in Saudi publishing industry
Monsha’at, Saudi Arabia’s General Authority for Small and Medium Enterprises, has released its latest quarterly SME Monitor, which highlights recent developments in the Kingdom’s dynamic SME ecosystem, from an increase in commercial registrations to a special chapter on its burgeoning publishing industry, which now has over 500 local publishing houses bringing Saudi and other Arabic-language authors to new audiences.
The report shows that since the launch of the Literature, Publishing, and Translation Commission in 2020, the Kingdom’s publishing industry has seen growth across a number of key metrics, from the number of publishing houses to the 2.2 million visitors that attended Saudi book fairs in 2023. Notably, the Riyadh Book Fair, the commission’s flagship event, featured works from 30+ countries and 2,000 publishing houses, helping attract over a million visitors and delivering $7.5 million in book sales.
The chapter also highlights key initiatives by the commission to empower Saudi SMEs and entrepreneurs become better literary agents, forge literary partnerships with civil society and local cafés, learn and adopt best practices from international publishing houses, and develop better professional print and digital-facing publishing skills.
As a key enabler of the local publishing sector, efforts by Saudi Arabia’s Literature, Publishing and Translation Commission have been key to this progress, the report shows. “The commission has launched five business accelerators that have benefitted over a hundred SME projects whose average revenues increased by 20 percent and created 115 new permanent jobs,” said its CEO Dr. Mohammed Hasan Alwan. “Thanks to 54 public and private partnerships, the Kingdom has been able to attract regional and global publishing houses to the Saudi market to enrich local production, enable diverse experiences, and enhance the local market’s professionalism and competitiveness.”
In addition to its coverage of Saudi publishing trends, the latest SME Monitor also has a special section on global developments in the SME publishing space. These include new business models serving the more than 1 billion ebook consumers around the world, from the huge growth in digital, audiobooks, and direct-to-consumer subscription models to self-publishing and do-it-yourself models that SMEs stand to benefit from.
In its survey of broader SME developments across Saudi Arabia, the report also reveals a notable uptick in commercial registrations in Q3 2024, a key indicator of the country’s robust entrepreneurial landscape. In addition to a quarter-over-quarter growth, the 135,909 new registrations marked a significant year-over-year increase. Almost half of these registrations came from female entrepreneurs, and nearly 40 percent were from young business owners, highlighting the extensive impact of the Kingdom’s diversification efforts.
Thanks to the variety of enablement, financing, franchising, innovation, and business development programs offered by Monsha’at, more than 25,000 Saudi SMEs also benefitted from the Kingdom’s chief SME enabler in Q3 2024, the report shows. Saudi Arabia’s VC funding ecosystem continued to lead MENA through the first three quarters of 2024, with $509 million deployed to Saudi-based startups over 104 deals in the first nine months of the year.
