Saudi sovereign fund PIF says total staff count crossed 1,000 in December

The hiring spree comes as other financial institutions have been under pressure to cut costs in the Gulf region. (Shutterstock)
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Updated 17 December 2020
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Saudi sovereign fund PIF says total staff count crossed 1,000 in December

  • 80 new recruits have been drawn from this year’s cohort of its Graduate Development Program

DUBAI: Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, said on Thursday its total employee count surpassed 1,000 as of December, marking an addition of about 300 employees since the start of the year despite the COVID-19 pandemic.

The sovereign fund, which had around 40 employees in 2016, told Reuters in an email that 80 new recruits have been drawn from this year’s cohort of its Graduate Development Program.

The new hires also include Fadi al-Said, the former head of Lazard Asset Management Middle East and North Africa (MENA), who joined as a senior director in PIF’s local equity funds department in September, the fund said.

Earlier this year, the fund also hired Maziar Alamouti, a former head of trading at advisory and wealth management firm Quilter Investors, to build PIF’s trading capabilities.

The hiring spree comes as other financial institutions have been under pressure to cut costs in the Gulf region, while the PIF continues to grow into an aggressive global investor.

About 84% of PIF’s employees are Saudi citizens and 26% of its total employees are women, including Shihana AlAzzaz, the fund’s general counsel and secretary general to the board, people familiar with the matter told Reuters.

“PIF is committed to a diverse workforce, underlining the fund’s commitment to delivering on Vision 2030; developing young Saudi talent and improving access to high-quality career opportunities,” a spokesman for the fund said in an email.

PIF, which manages $360 billion and bought $7.7 billion worth of North American and European stocks in the first quarter, is also taking advantage of market weakness due to the coronavirus.

After boosting its global stock portfolio to about $10 billion by the second quarter, PIF cut its exposure to North American equities by $3 billion in the third quarter.

PIF is chaired by Saudi Arabia’s Crown Prince Mohammed bin Salman, who had said in November the fund will inject 150 billion riyals annually ($40 billion) into the economy in 2021 and 2022.


Saudi defense minister meets with Chinese envoy to Kingdom

Updated 17 November 2024
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Saudi defense minister meets with Chinese envoy to Kingdom

  • Session attended by several high-ranking officials from both sides

RIYADH: Saudi Minister of Defense Prince Khalid bin Salman met with Chinese ambassador to the Kingdom Chang Hua on Sunday.

The meeting focused on reviewing the strong relations between the two nations and discussing various issues of mutual interest, Saudi Press Agency reported.

The session was attended by several high-ranking officials from both sides, SPA added.


King Salman approves hosting of 1,000 Umrah pilgrims from 66 countries

The Kaaba can be seen at the Grand Mosque in Makkah. (@AlharamainSA)
Updated 17 November 2024
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King Salman approves hosting of 1,000 Umrah pilgrims from 66 countries

  • Pilgrims will be hosted in four groups during the current Islamic year which ends in the final week of June 2025
  • Minister said the hosting of the pilgrims is an extension of the great care that Saudi leadership takes to serve Islam and Muslims

RIYADH: Saudi Arabia’s King Salman has approved the hosting of 1,000 pilgrims from 66 countries to perform Umrah as part of the Custodian of the Two Holy Mosques Programme for Hajj, Umrah, and Visit.

The pilgrims will be hosted in four groups during the current Islamic year which ends in the final week of June 2025.

The Minister of Islamic Affairs, Call, and Guidance and general supervisor of the Hajj and Umrah program Sheikh Abdullatif bin Abdulaziz Al-Sheikh thanked the Saudi leadership for enabling Muslims from different countries of the world to perform the minor pilgrimage with ease and peace of mind.

The minister said the hosting of the pilgrims is an extension of the great care that the leadership takes to serve Islam and Muslims.

He added it would strengthen the bonds of brotherhood among Muslims in various parts of the world and develop fruitful communication between scholars and influential figures who are hosted by the program.

The program has benefitted people from more than 140 countries since it was launched, the minister said.


Old school, new love: Analog tech captures hearts in Saudi Arabia

Updated 17 November 2024
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Old school, new love: Analog tech captures hearts in Saudi Arabia

  • Community bound by love of old gadgets that help enrich the present

RIYADH: In an era marked by digital convenience, analog technology is steadily making a comeback, with everything from vinyl records to film cameras experiencing a renaissance around the Kingdom.

Driven by a blend of nostalgia, artistry, and an appreciation for the tactile, this resurgence reflects a deeper cultural shift toward mindfulness and intentionality.

Arab News spoke to enthusiasts and entrepreneurs about the beauty, challenges, and personal connections that analog offers over its digital counterparts.

The resurgence of analog formats is a reminder that technology can be more than just a tool. (AN photo by Waad Hussain)

For music lovers, vinyl offers an experience that is impossible to replicate digitally. Fawaz Al-Sulaim, owner of Bohemia Records, said: “Experiencing music through vinyl or cassette brings you closer to it, like you’re there with the artists in the studio. You go through every song on the album as intended.”

Vinyl’s allure lies not just in its sound but also in its tangible presence. Holding a vinyl record offers a sense of ownership often missing in digital music, where ownership is more of a fleeting license.

Al-Sulaim said: “Analog represents physical media coming back — not just in a technical sense but as something people can hold on to.”

HIGHLIGHTS

• As Saudi Arabia invests in art, culture, and heritage, there is hope that analog’s value will continue to be recognized and supported.

• With the rise in interest, local communities and businesses are emerging to cater to this renewed passion for analog.

This revival is not limited to vinyl. Bohemia Records has seen an increase in CD sales, suggesting that physical formats resonate with people’s desire to own and cherish music collections.

The appeal of analog does not stop at music. In photography, the return to film presents a refreshing contrast to digital’s immediacy.

Film rolls ready for development at Haitham Studio Film Lab, where each roll holds captured memories and stories from Saudi photographers. (Photo by Abdulrahman Al-Osaimi)

Haitham Al-Sharif, founder of Haitham Studio Film Lab in Riyadh, spoke to Arab News about film photography’s unique character, saying: “Film requires patience, thought, and a connection with the moment. You’re fully present, considering every exposure.”

Al-Sharif, who began his film processing journey at home, has seen a surge in Saudi interest, with his studio now serving thousands across the Gulf region.

Haitham Studio’s clients include people from seasoned photographers to students experimenting with their parents’ vintage cameras.

An eclectic display of analog nostalgia and rock memorabilia, featuring classic vinyl records, retro audio equipment, and books on music icons—capturing the spirit of vintage and punk culture. (AN photo by Waad Hussain)

He said: “People come in for graduations, weddings, and even casual shots with disposable film cameras. Each frame has meaning, and the photographer remembers every shot.”

Running a film lab, however, is not without challenges. “We rely on older machines, specialized chemicals, and skilled technicians, which aren’t always easy to source locally,” Al-Sharif explained, adding that the support of Saudi Arabia’s growing art and tourism sectors could enhance this particular industry’s growth.

For retro tech enthusiasts like Zain Al-Mansour, the appeal goes beyond functionality. He said: “Listening to music on vinyl or snapping pictures with a vintage camera offers a joy that’s similar to making espresso — you savor the process as much as the end result.”

Film negatives hang to dry at Haitham Studio, reflecting the lab’s dedication to preserving the authenticity and art of analog photography. (Photo by Abdulrahman Al-Osaimi)

With an affinity for devices that evoke memories, Al-Mansour recently acquired a first-generation Tamagotchi, to help rediscover the simplicity and wonder of childhood technology.

Analog devices engage users on a personal level, prompting a more deliberate interaction than today’s instant gratification.

Al-Mansour said: “Retro tech is fascinating because it takes you back to a simpler time. The aesthetics of these devices, the physicality, and even the sounds they make add to their charm.”

A film negative passes through the scanning machine at Haitham Studio, bridging the analog and digital worlds to bring treasured moments to life. (Photo by Abdulrahman Al-Osaimi)

For others, analog represents a form of self-expression. Bashayer Al-Bloushi sees a unique beauty in analog’s imperfections, which bring out details often missed in digital formats.

“Film photography forces you to capture moments with intention. There’s no instant review, so you’re careful about each frame,” she said.

For Al-Bloushi, analog provides a richer experience that digital cannot offer, allowing for a deeper connection to each captured moment.

A retro cassette collection at Bohemia Records, showcasing a variety of genres and rare finds that capture the essence of analog music. (Photo by Fawaz Al-Sulaim)

Saja Al-Zahrani spoke about how analog media lets people embrace a slower, more mindful approach.

Al-Zahrani said: “There’s a warmth in vinyl’s crackle or film’s grain that digital can’t match.

“With analog, people reconnect with something real, something authentic.”

This tactile experience of using film or vinyl requires more focus, turning each interaction into a rewarding moment.

The value of analog media extends beyond nostalgia for Ebtsam Al-Dossary. Having grown up with film cameras, she sees them as reliable memory-keepers.

She said: “A camera doesn’t just store images; it keeps your memories safe. Digital files can vanish, but a physical photo endures.”

For Al-Dossary, the resurgence of analog formats is not just a trend; it’s a meaningful way to capture and remember moments more authentically.

As digital convenience reigns, this analog revival may underscore a collective yearning for experiences that slow us down, engage our senses, and encourage a mindful appreciation of art, music, and memories.

Whether it is the crackle of a vinyl record, the anticipation of developing a roll of film, or the tactile joy of a retro gadget, analog’s comeback offers a refreshing alternative to the fast-paced digital world.

In today’s digital landscape, the resurgence of analog offers a bridge between past and present, inviting us to reconnect with timeless traditions and meaningful experiences.

For enthusiasts across Saudi Arabia, this revival is about more than simply reverting to older technology — it is about rediscovering a different kind of connection, one in which every sound, image, and moment is fully appreciated.

Analog’s revival is redefining how Saudi society interacts with technology, pushing back against the trend of disposability and transient media. Each record played, photo developed, or gadget cherished represents a conscious choice to engage deeply with the experience.

Analog enthusiasts find joy in the imperfections, the weight of physical media, and the permanence these formats offer — qualities that digital often lacks.

With the rise in interest, local communities and businesses are emerging to cater to this renewed passion for analog. Haitham Studio and Bohemia Records are not just stores but spaces for Saudi artists, photographers, and music lovers to connect and share their passions. These communities thrive on a shared understanding of the value in slowing down and appreciating the process, rather than just the result.

In Riyadh, Al-Sharif has seen the effect firsthand. “We see customers coming back weekly, sometimes with friends, eager to develop their latest film rolls or browse the latest records,” he said. This sense of community is not just about shared interests; it is about shared values.

While the digital world offers unprecedented convenience and accessibility, analog serves a different purpose. Al-Sharif believes that both can coexist harmoniously. “Digital is essential for instant documentation, but analog is about timeless experiences,” he said.

Al-Zahrani, too, emphasizes that analog does not negate the value of digital but rather offers an alternative that complements it. “Both formats have their place, but analog asks something of you: it asks you to be present, to commit to the moment,” she said.

As Saudi Arabia invests in art, culture, and heritage, there is hope that analog’s value will continue to be recognized and supported. Whether through dedicated spaces like Haitham Studio or local events celebrating vintage tech, these efforts help sustain a trend that is not only about looking back but also about enriching the present.

The resurgence of analog formats is a reminder that technology can be more than just a tool. It can be an experience, a memory, and a form of art.

 


Saudi authorities foil attempted smuggling of $2m worth of Captagon pills

Updated 17 November 2024
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Saudi authorities foil attempted smuggling of $2m worth of Captagon pills

  • Customs Authority also discovers 403,124 Pregabalin, 1,990 Tramadol unlicensed, prescription-only pills

JEDDAH: Saudi Arabia’s counter-narcotics authorities on Sunday foiled attempts to smuggle $2 million worth of Captagon drugs and nearly half a million unlicensed Pregabalin and Tramadol pills.

The Zakat, Tax and Customs Authority said in a statement that it had seized the illegal drugs and unlicensed pills at King Abdulaziz International Airport in Jeddah; the inland Dry Port in Riyadh; and Al-Batha Port.

Authorities at the airport in Jeddah found 200,000 Captagon pills hidden in mail parcels containing household utensils. The drugs have a street value ranging from $2 million to $5 million. 

Captagon, a type of amphetamine, is used by young men and teenage boys across the Middle East and has a street value of between $10 and $25 a pill, according to research by the International Journal of Addiction Research.

The attempt to smuggle Captagon into the Kingdom was the second in less than a week. Counter-narcotics authorities uncovered a shipment of 12 million amphetamine pills on Wednesday at the Red Sea port of Jeddah which had been hidden inside a container of building materials.

The authorities also thwarted the smuggling of 403,124 unlicensed Pregabalin pills at the inland Dry Port near Riyadh. Pregabalin is a prescription-only drug for anxiety, epilepsy, and nerve pain treatment, but its abuse has led to several deaths in Saudi Arabia, the UAE and Jordan. In countries such as the UK it is illegal to buy or possess Pregabalin without a medical prescription.  

An attempt to smuggle 1,990 unlicensed Tramadol pills — a prescription-only painkiller — and 500 grams of Shabu was thwarted at Al-Batha Port. The Customs Authority said the Shabu was found hidden in a shipment of washing machines.

The Customs Authority and the General Directorate of Narcotics Control have announced the arrest of 10 people in connection with the drug smuggling cases.


GCC secretary general receives Austria’s ambassador in Riyadh

Updated 17 November 2024
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GCC secretary general receives Austria’s ambassador in Riyadh

  • The parties reviewed bilateral relations and ways to further develop and strengthen them, as well as discussing various topics of common interest

RIYADH: The Secretary-General of the Gulf Cooperation Council Jasem Al-Budaiwi received the Ambassador of Sri Lanka to the Kingdom Omar Lebbe Ameer Ajwad, and the Ambassador of Austria to the Kingdom Oskar Wustinger in separate meetings at the Secretariat General of the GCC in Riyadh on Sunday.

The parties reviewed bilateral relations and ways to further develop and strengthen them, as well as discussing various topics of common interest, the Saudi Press Agency reported.

The discussions also included an exchange of views on recent regional and international developments.