SABB named market leader in trade finance in Saudi Arabia by Euromoney

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Updated 22 March 2023
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SABB named market leader in trade finance in Saudi Arabia by Euromoney

The Saudi British Bank has been recognized by Euromoney as the “Best Trade Finance Service Provider” and “Market Leader” in Saudi Arabia for 2023. This is the seventh successive year that SABB has been awarded as the market leader, widely recognizing SABB as the preeminent trade finance bank in the Kingdom.

The awards are based on a survey by Euromoney, where Saudi corporates have recognized SABB as the market leader within the trade finance space. The survey takes into consideration corporates’ view on their banks’ ability in providing trade finance products, solutions, quality of services and market share.

In 2022, SABB continued its focus on client experience, digitization, and the development of trade opportunities for clients, offering a range of digital initiatives, including a newly launched digital trade solutions package aimed at enhancing letter of credit and guarantee procedures for enterprises’ international business operations by cooperating with blockchain-based digital platform Contour and local fintech Bwatech. SABB is also the first bank in the Kingdom to complete an international trade transaction via blockchain technology, reducing risk and paper in the industry and ultimately increasing the velocity of trade and liquidity in the market

Commenting on the awards, Yasser Albarrak, chief corporate and institutional banking officer, said: “We are delighted to be winning these awards, which highlight our leading position and excellence in providing innovative solutions that meet the growing and diverse needs of our customers in a market that is witnessing rapid growth at various levels. These awards are based on a customer satisfaction survey, which is a testament to our successful approach in providing products and services in trade finance and proving that it is widely accepted by customers.”


New $100m JV to drive global growth in media, entertainment, technology, and tourism

Updated 02 December 2024
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New $100m JV to drive global growth in media, entertainment, technology, and tourism

Australian Chinese investment company MCA Capital Group and Saudi holding company RMA Ventures have announced a landmark $100 million investment into a new joint venture fund that will drive global growth across multiple high-impact sectors, including media, entertainment, technology, and tourism.

The partnership will leverage the unique strengths of both MCA and RMA to produce high-quality content and events, as well as investing in companies and initiatives that are transforming the entertainment, technology, and tourism sectors.

Initial projects will focus on creating, producing, and distributing diverse and culturally relevant content, organizing large-scale events, and supporting innovative initiatives in entertainment, technology, and tourism. By also integrating entertainment and cultural tourism, the partnership will attract international visitors and promote cross-cultural exchange.

“We are thrilled to announce this significant investment and strategic partnership, which goes beyond traditional borders,” said Redha Alhaidar, chairman of RMA. “This joint venture is an exciting step forward not only for Saudi Arabia but also for international collaboration in the fields of media, entertainment, technology, and tourism. By joining forces with MCA, we aim to create sustainable growth opportunities, develop local talent, and strengthen cross-cultural ties between Saudi Arabia and the broader global market.”

In addition to producing content and events, the venture will also explore the adaptation of successful Chinese and Saudi media and entertainment properties for the MENA region and globally.

As part of the joint venture, MCA will contribute its extensive experience in international media production, entertainment, and cross-cultural partnerships, while RMA will provide deep local market expertise and facilitate strategic connections across sectors in media, technology, and tourism.

“This partnership is about creating long-term, meaningful growth with a truly global vision,” said Shelly Yu, chairperson of MCA Capital. “We are committed to supporting local talent development, fostering creativity, and advancing a vision that sees our two communities at the forefront of global entertainment, technology, and tourism innovation. By leveraging our collective strengths, we can help shape a more interconnected and culturally vibrant world.”


Diriyah Gate and Saudi Council of Engineers sign MoU

Updated 01 December 2024
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Diriyah Gate and Saudi Council of Engineers sign MoU

Diriyah Gate Development Authority has signed a memorandum of understanding with the Saudi Council of Engineers to expand collaboration between the two entities. This agreement will consolidate efforts in the engineering sector, including the development of policies and regulations, implementation of oversight and inspection mechanisms, simplifying procedures related to permits and licenses, exchanging data and expertise, and working on joint projects and initiatives.

The MoU was signed by Jerry Inzerillo, CEO of DGDA, and Abdulmohsen Almajnouni, secretary-general of SCE. The MoU emphasizes the necessity of unifying efforts between the two parties, facilitating procedures, and enabling collaboration to enhance quality, increase efficiency, and ensure continuity of work while maintaining agility in jointly addressing challenges.

Through the exchange of relevant statistics, studies, and research, the memorandum will help strengthen the relationship between the two parties, helping to achieve their shared goals and aspirations. Additionally, it seeks to contribute to the implementation of joint projects and initiatives. A joint working team will be established to enhance collaboration in shared areas such as aligning the development of mechanisms for issuing necessary licenses and permits for service providers within the supervisory scope of DGDA as well as cooperating in the qualification and classification of professional offices under SCE.

Inzerillo highlighted the significance of the MoU, saying that the agreement will support DGDA’s organizational role in simplifying licensing, permits and oversight procedures, which contributes to highlighting the extensive historical roots of Diriyah as the birthplace of Saudi Arabia. It will also showcase the distinctive architectural features to provide a unique experience for visitors from around the globe. This will be achieved through collaboration between the two parties, aligning with DGDA’s objectives and enhancing its contributions to cultural, tourism, architectural and economic development, as well as strengthening governance between the entities.

Almajnouni said that the partnership between the two parties is expected to achieve shared objectives that lead to sustainable development in accordance with the highest international standards. “This memorandum will enhance Diriyah’s status as a leading cultural and historical destination both regionally and globally, while also contributing to the development of cultural and historical awareness related to the engineering field,” he added.


Innovatively designed Dammam mosque wins award

Updated 01 December 2024
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Innovatively designed Dammam mosque wins award

The World Architecture Festival, the largest live-judged architecture awards program, recently announced the winners of its 2024 awards. The Retal Mosque project, a ground-breaking architectural concept spearheaded by architecture and design firm Pace, has won in WAF’s prestigious Future Project: Competition Entries category.

In a live event in Singapore, a jury of 175 industry experts selected finalists across 43 categories, celebrating more than 480 innovative architectural projects from 71 countries.

Pace CEO and architect Tarek Shuaib said: “We are incredibly honored to receive this prestigious global award, which stands as a reflection of our commitment to setting and exceeding international standards in architecture and design. This award is not only a testament to the hard work and creativity of everyone involved, but is also a reflection of the values we hold as a firm, as well as our dedication to creating designs that resonate on a global scale.”

As an iconic project nestled in the heart of Nesaj Town 2 in Dammam, the Retal Mosque redefines what a mosque can be, providing an innovative yet spiritually resonant space that serves not only as a place of worship but as a beacon of sustainability, beauty and community-centered design. With its striking “floating gem” design, the mosque invites worshippers into an architectural oasis, providing a place of refuge from the surrounding urban landscape and a venue to reconnect with faith, community and self.

Shuaib said: “Our vision was to create a mosque that resonates with both the traditional and contemporary sensibilities of the community, reflective of Islamic values while pushing the boundaries of what a mosque can be architecturally. We wanted the Retal Mosque to reflect the spiritual journey itself. The experience of entering the mosque is meant to feel transformative, like stepping into a sanctuary where the outside world slows down.”

The mosque’s interior holds a deep sense of serenity, with carefully designed spaces for both male and female worshippers. The lifted structure shelters a sunken male prayer hall, creating an isolated environment conducive to introspection and prayer, while the ground-level female prayer space emphasizes inclusivity and accessibility.

Reflective pools, pathways and a rotating canopy oriented toward the Qibla harness natural elements of light and water, allowing worshippers to experience a setting that is meditative, serene and connected to nature.

Consistent with Retal’s vision, “We build for generations,” and drawing inspiration from LEED and WELL standards, Pace ensured that commitment to sustainable architecture is woven into every element of the design. Among its main green approaches is a self-shading building, whereby the mosque utilizes a large canopy to create passive shading, effectively minimizing thermal heat gain. In addition, its sunken prayer hall naturally reduces temperatures.

Furthermore, trees populate the courtyard, extending into the community park, and enhancing thermal comfort while providing a lush, green respite within the mosque’s surroundings. Reflective pools and water features further cool the environment, reducing the need for mechanical cooling systems.

Another sustainable concept integrated into the design is the reuse of water. The mosque’s courtyard has been designed with a gentle slope to channel rainwater into a grey-water recycling system, which is then used for fountains and irrigation.

“The Retal Mosque represents the future of religious spaces — places that embrace modernity without losing sight of cultural and spiritual depth. This award is a monumental achievement for us at Pace and contributes to our vision to continue creating spaces that serve communities, uplift the human spirit and honor our environment,” Shuaib added.


Tatweer partners with ROSHN to develop Makkah projects

Updated 01 December 2024
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Tatweer partners with ROSHN to develop Makkah projects

In a strategic step toward enhancing integrated urban development in Saudi Arabia, Tatweer, a real estate development company, announced the signing of an MoU with ROSHN Group, during the Cityscape Global 2024 in Riyadh. This partnership will expand collaboration to implement ambitious, multi-use residential projects in Makkah, specifically in the Al-Manar community. The initiative aligns with the objectives of Saudi Vision 2030, contributing to an enhanced quality of life by establishing new standards in urban development.

The initiative is part of Tatweer’s strategy to drive urban transformation in the Kingdom and deliver real estate solutions that meet future needs. Through this MoU, Tatweer strengthens its strategic partnerships to support sustainable development and create urban environments that reflect the aspirations of Saudi society.

Abdulaziz Al-Zamil, Tatweer’s chief business development officer, said: “Signing the MoU with ROSHN Group is a key step in realizing our vision of building integrated and sustainable communities. Our partnership with ROSHN Group embodies our commitment to developing high-quality projects that provide economic and social value to the Kingdom and contribute to achieving Vision 2030 goals.”

Yassen Kattan, head of strategic management and corporate affairs at ROSHN Group, added: “We are proud of our partnership with Tatweer, which has demonstrated leadership in real estate development in the Kingdom. Through this MoU, we aim to achieve joint accomplishments that support residential environments and contribute to the growth of the local economy.”

This collaboration is expected to generate significant positive impacts, including the creation of local job opportunities and support for urban development across various regions of the Kingdom, solidifying Tatweer’s role in leading urban transformation and creating communities that align with the ambitions of Vision 2030.

Tatweer has developed several iconic communities across the Kingdom, such as Laysen Valley, ROSHN Front, and The Business Gate, among others.


PIF’s Dan Company launches luxury resorts brand ‘Tuaja’

Combining Hilton’s world-class hospitality with the picturesque landscapes of Al-Ahsa rich in cultural and natural beauty.
Updated 01 December 2024
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PIF’s Dan Company launches luxury resorts brand ‘Tuaja’

  • Tuaja Luxury Resorts’ first three properties, operated by Hilton, will be in Al-Ahsa, a significant agricultural region in Saudi Arabia’s Eastern Province and UNESCO World Heritage site.

Dan Company, a PIF company, specializing in agri, eco, and adventure tourism, has launched a new resorts brand in Saudi Arabia to further elevate the country’s tourism offering. Designed to provide unforgettable experiences that connect guests with the stunning landscapes, rich culture, and authentic hospitality of the Kingdom, Tuaja Luxury Resorts will offer a unique blend of luxury, heritage, nature, and sustainability.

The resorts will offer three distinct experiences to suit all guests, varying from luxury and exploration at Tuaja Premium Farm Resort, tranquility and contemplation at the eco-friendly Tuaja Eco Resort, and adventure and excitement at the Tuaja Adventure Resort. At the heart of all lies sustainability, reflected in innovative practices designed to preserve nature, cultivating a greener future, and fostering a strong culture of environmental responsibility.

  • Tuaja Premium Farm Resort: will offer an exceptional experience for guests to enjoy the beauty of nature amidst opulence and comfort. The resort will provide hands-on agricultural experiences and direct exploration of the land’s bounty, ranging from tasting fresh local produce to engaging in farm-to-table cooking experiences and much more.
  • Tuaja Eco Resort: is an eco-conscious retreat for those seeking tranquility and relaxation away from life’s hustle, offering expansive relaxation spaces. It features experiences of meditative practices amidst water channels and stunning nature. Carefully designed health and beauty services are available, where treatments are carried out by a team of skilled specialists using natural products and innovative techniques for the best results. Moreover, the resort stands as a testament to the importance of sustainability and environmental preservation, striving to foster a robust culture of conserving the Kingdom’s resources and the diversity of its nature for future generations.
  • Tuaja Adventure Resort: is designed for those seeking adventures and outdoor activities suitable for all community members. The variety of activities is tailored to the unique nature of each targeted city, offering opportunities to explore the enchanting landscapes around Saudi Arabia in a fun, thrilling, and exciting way against a backdrop of stunning natural beauty.

Abdulrahman Abaalkhail, CEO of Dan Company, said: “With a vision to create rich and unforgettable experiences that connect guests to the Kingdom’s stunning natural landscapes, culture, and hospitality, Tuaja Luxury Resorts will introduce brand-new one-of-a-kind hospitality experiences, rooted in sustainability and setting a remarkable precedent in the region’s hospitality industry. Each resort is meticulously designed to offer unique and immersive experiential activities, promising a harmonious blend of luxury, nature, and unforgettable moments for our guests. Through a business model focused on cultural authenticity, sustainability, and community empowerment, we are creating an ecosystem that contributes to the Kingdom’s broader economic and tourism objectives.”

Tuaja’s first three resorts, operated by Hilton, will be in Al-Ahsa, a significant agricultural region in Saudi Arabia’s Eastern Province and UNESCO World Heritage site, which is home to Al-Ahsa Oasis — the largest date palm oasis in the world. With lush surroundings and homegrown farms at its doorstep, the 1.8 million square meter master development will create a premium farm-based tourism destination in the heart of Al-Ahsa.

Tuaja plans to open multiple resorts across different cities in Saudi Arabia by 2030, with each resort being inspired by the culture and heritage of the host city.