Saudi PIF partners with Concacaf to promote football in Americas and Caribbean
Saudi PIF partners with Concacaf to promote football in Americas and Caribbean/node/2567555/business-economy
Saudi PIF partners with Concacaf to promote football in Americas and Caribbean
This collaboration is set to support the sport’s growth at all levels, from grassroots to elite competitions, and enhance Concacaf’s tournaments for men, women, and youth, said an official statement. Photo/Supplied
Saudi PIF partners with Concacaf to promote football in Americas and Caribbean
Updated 15 August 2024
Arab News
RIYADH: Saudi Arabia’s Public Investment Fund and Concacaf on Thursday announced a multiyear partnership aimed at promoting football across North and Central America and the Caribbean.
This collaboration is set to support the sport’s growth at all levels, from grassroots to elite competitions, and enhance Concacaf’s tournaments for men, women, and youth, said an official statement.
The partnership arrives as the region prepares for significant football events, including the men’s and women’s Concacaf Champions Cups, the 2025 Concacaf Gold Cup, and the 2026 FIFA World Cup, which will be co-hosted by Canada, Mexico, and the US. The agreement focuses on strengthening football development initiatives and increasing access to the sport for children and youth across all 41 Concacaf member federations.
Mohammed Al-Sayyad, head of corporate brand at PIF, remarked on the deal, “Together, we will advance a series of initiatives to create a positive and lasting impact across all Concacaf competitions. As PIF expands its portfolio of inspiring sponsorships, our commitment to investing in sport remains constant.”
The partnership will also aid Concacaf in expanding its youth championships, including the under-15, under-17, and under-20 tournaments for both men and women. These competitions will serve as qualification events for the FIFA U17 and U20 World Cups.
Victor Montagliani, Concacaf president and FIFA vice president, noted: “This is a pivotal time for PIF to connect with football in Concacaf. Interest in the sport is growing rapidly in our confederation and will reach new heights as major Concacaf competitions take place over the next two years, culminating in the 2026 FIFA World Cup.”
The partnership aligns with PIF’s broader sponsorship strategy, which spans tennis, golf, football, and electric motorsports, and emphasizes inclusivity, sustainability, youth, and technology. It will also bolster existing Concacaf initiatives, such as the “Bigger Game” program, which uses football’s popularity to deliver sports and education programs.
In May this year, the wealth fund and the Women’s Tennis Association announced a multiyear partnership aimed at advancing women’s professional tennis and encouraging greater female participation in the sport worldwide.
The collaboration will also focus on creating and enhancing initiatives that support players at all levels.
EV Auto Show 2024: Industry leaders forecast a bright future for electric vehicles in Saudi Arabia
Updated 12 sec ago
Miguel Hadchity Hajar AlQusayer
RIYADH: The EV Auto Show, held at the Riyadh International Convention and Exhibition Center, has gathered industry experts to discuss the future of electric vehicles in Saudi Arabia and the broader Middle East.
This year’s event, running from Sept. 17 to 19, is expected to reshape the Kingdom’s mobility landscape as it aligns with Saudi Vision 2030, a plan aimed at diversifying the economy and promoting sustainability.
The three-day gathering has drawn key stakeholders, including automakers, charging solution providers, and policymakers, all keen to share insights on the transformation of the regional EV market.
Battery electric vehicles gaining traction in the Kingdom
Group Head of Mobility at Red Sea Global, Heiko Seitz, was one of several panelists at the event who highlighted the favorable conditions for EV adoption.
“In Saudi Arabia, the Middle East, we have more favorable temperatures for battery electricity than we do up there in the Nordics in Europe,” said Seitz.
He underscored that these climate advantages and technological advancements are key factors driving the region’s shift to electric mobility.
Seitz elaborated on the market dynamics, saying: “We have more or less approached cost parity, which basically means, in simple terms, it is now almost equally affordable to drive an EV with the comparable car models compared to an internal combustion car in Saudi. In the UAE, the car prices are slightly lower, so they have already passed the tipping point.”
Seitz expected prices to drop further as more models and brands enter the market, leading to greater EV adoption across the Middle East.
He predicted a dramatic shift in the composition of the global car market over the next decade, saying: “Seven years from now, the mix in the world available will be that 30 percent of all vehicles will be battery electric. So lots of change there, and that will change the cost profile in the Kingdom and the Middle East in general.”
A greener future powered by renewables
Renewable energy is also playing a critical role in the Kingdom’s EV strategy. “There is more and more renewable energy, especially solar energy, coming into the mix here in Saudi Arabia,” said Seitz.
He expressed optimism that the country’s efforts to integrate solar power would advance the greening of its mobility sector. “This is one of the countries in the Middle East where it’s safe to say mobility will not only be electrified, it will also be green in the future,” he added.
Group Head of Mobility at Red Sea Global, Heiko Seitz. AN
Seitz also shared impressive forecasts for EV sales in Saudi Arabia, predicting that by 2030, 64 percent of all new cars sold in the Kingdom will be fully battery electric, driven by local and international brands eager to compete in the region’s rapidly growing market.
Challenges and opportunities in EV manufacturing
The panel discussion also highlighted EV production progress within Saudi Arabia. Oswaldo Dorantes, manager of automotive at the National Industrial Development Center, emphasized the growing presence of manufacturers in the Kingdom.
“We already have some manufacturers in Saudi making multiple manufacturing schemes like CKD (completely knocked down) and SKD (semi-knocked down) commercial vehicles and commercial trucks for medium and heavy-duty purposes,” Dorantes said.
He highlighted various government and private sector initiatives to develop local talent and support the broader EV ecosystem, underlining that programs like the National Automotive and Vehicle Academy or Nava are playing a key role in this strategy.
However, scale remains a critical challenge in attracting suppliers. “When we look at the development of the ecosystem, the first priority is going to be scale. How can we justify bringing in one supplier if we don’t have enough scale?” Dorantes asked.
He emphasized the importance of government support in overcoming this barrier, adding: “It doesn’t matter if you can bring the most reliable technology if you’re not competitive enough.
“This is something we look at from multiple perspectives, and that’s why the government needs to support it in the beginning.”
Advancements in battery technology
On the technical side, Julia Palle, vice president of sustainability at Formula E, spoke about the durability and efficiency of EV powertrains.
“The technology of the batteries and the powertrain in an electric vehicle is basically one of the most durable systems that you have,” Palle said, adding that EVs transform 85 percent of their energy into movement, compared to traditional cars, which only convert up to 25 percent.
Palle’s insights aligned with those of Klaus Wawra, managing director at Hofer Powertrain, who discussed the technology crossover between EVs and hybrids.
“With a hybrid vehicle, you will still need an electric motor, you need an inverter, an onboard charger, and a direct current fast charging converter. So, more or less, all the technologies you have to cover inside the EV, you can then scale dedicatedly to this hybrid application,” Wawra explained.
A panel discussion on the unique advantages of EV technology. AN
Consumer demand on the rise
The need for electric and hybrid vehicles is steadily increasing in Saudi Arabia. Hasan Nergiz, managing director at Al-Futtaim Electric Mobility Co., shared data indicating the growing popularity of hybrids in the market.
“Right now, if I look at our last month’s order take, around 75 percent of Saudi customers are opting into hybrids,” Nergiz said. This statistic reflects the broader trend toward sustainable mobility solutions in the Kingdom.
JEDDAH: Top technology and business leaders will explore the impact of artificial intelligence, data analytics, cybersecurity, and digital payments at the 5th Annual Future Banks Summit & Awards KSA.
Taking place on Sept. 24-25 at the InterContinental Hotel in Riyadh, the event will bring together over 200 local and regional leaders from banks and financial institutions.
The summit is designed to drive innovation, foster collaboration, and shape the future of Saudi Arabia’s financial industry. It will address key topics such as intelligent automation and cloud migration, preparing the Saudi banking sector for future challenges.
This initiative supports Saudi Vision 2030, which aims to modernize the banking sector, diversify the economy, attract foreign investment, and enhance regulatory frameworks, with the ultimate goal of establishing the Kingdom as a global leader in banking.
Sonny Supriyadi, chief data analytics officer at Maybank, emphasized the importance of discussing current issues to support the banking industry and drive economic growth in Saudi Arabia.
“Conferences provide a platform for industry experts to share insights, discuss emerging trends, and learn from best practices. This exchange of knowledge is crucial for banks to remain competitive and adapt to changing market conditions,” said Supriyadi, who will be among the event’s key speakers.
He added that fostering dialogue among industry leaders, regulators, and policymakers at conferences can help develop effective policies that support the banking industry and stimulate economic growth.
“Saudi Arabia should be able to maintain a stable and conducive regulatory environment that fosters innovation, competition, and customer protection,” Supriyadi concluded.
At the event, experts will tackle several critical topics, including the influence of Saudi Vision 2030 on the banking sector and the evolution of core banking systems to address future demands.
The summit will also delve into emerging trends such as open banking, super apps, and hyper-personalization. Discussions will explore how these innovations are transforming customer expectations and elevating the overall banking experience.
Ma’aden acquires SABIC’s 21% shareholding in Bahrain’s Alba
Updated 32 min 39 sec ago
Nirmal Narayanan
RIYADH: Saudi Arabian Mining Co. has signed an agreement to acquire Saudi Basic Industries Corp.’s 20.62 percent shareholding in Aluminium Bahrain, or Alba, as it continues to pursue regional growth opportunities.
According to a press statement, the sale proceeds are expected to be within a range of SR3.62 billion ($960 million) and SR3.97 billion.
The decision to acquire SABIC’s share comes just a day after the mining firm, also known as Ma’aden, signed a non-binding agreement with Alba to potentially create a global aluminum producer.
The deal outlines plans to merge the Saudi firm’s aluminum operations with Alba’s.
In the statement, the Ma’aden added that the transaction is indicative of its ambitions to expand tenfold by 2040, with its aluminum business a core contributing factor to that strategy.
“As we continue in our growth journey, the acquisition of shares in a highly experienced, well-developed regional and global aluminum player firmly supports our ambitions,” said Bob Wilt, CEO of Ma’aden.
He added: “This week we have announced a number of transactions that align with our strategic intent to strengthen and expand our business both regionally and internationally, further building mining as the third pillar of the Saudi economy.”
In the statement, SABIC further said that the transaction will enable the company to optimize its portfolio, focus on its core business, and further strengthen its growth in the chemicals industry.
“We value our fruitful partnership with Alba over the years, which has contributed significantly to SABIC’s growth,” said Abdulrahman Al-Fageeh, CEO of SABIC.
He added: “Once this transaction is finalized, we will be better positioned to reinforce our strategy to become the preferred world leader in chemicals and support the successful realization of Saudi Vision 2030.”
The chemical manufacturing company added that the transaction will also contribute to improved returns and the reallocation of capital to opportunities with higher margins.
SABIC further said that the completion of this transaction is conditional upon obtaining all regulatory approvals from relevant authorities in Saudi Arabia and Bahrain.
Halo Space unveils Saudi localization plans, confirms upcoming test flight
Updated 47 min 33 sec ago
Rashid Hassan
RIYADH: Saudi Arabia is set to host the next test flight of Halo Space, a leading company in near-space tourism, later this month.
On Tuesday, Halo Space announced the establishment of final assembly and testing facilities in the Kingdom. This development, revealed during a media event in Riyadh, represents a major advancement in Halo Space’s strategic partnership with Saudi Arabia and its ongoing efforts to lead in the burgeoning space tourism industry.
Carlos Mira, CEO of Halo Space, made the announcement, confirming that the test flight will take place at the end of September in Saudi Arabia.
“We in this industry work with launch windows. We open the launch window, on different days we are ready to fly depending on weather. It will be on Sept. 27, then we have the window open for 10-12 days. The reason is that we will fly on the day when we have the best weather conditions. If the best weather conditions are not on day one, we will wait until day two or three,” Mira told Arab News.
The upcoming test flight is scheduled to take place in the desert, approximately 350 km southeast of Riyadh, near Layla.
Mira underscored the significance of this new facility in Halo’s long-term strategy to position Saudi Arabia as a leading global hub for near-space activities.
The top executive said: “The decision to localize industrial capabilities, like the space capsule final assembly and testing facilities, a space port and an immersive experience dome recreating the Halo Stratospheric flights in Saudi Arabia, is a reflection of the Kingdom’s favorable business environment and ideal conditions for near-space activities. We believe that Saudi Arabia is uniquely positioned to take a leadership role in the near-space sector, and we are excited to continue building this partnership as we move forward with our mission.”
Mira highlighted that Halo Space has previously completed five successful test flights: the first in Hyderabad, India, in December 2022, followed by four consecutive tests in the Mojave Desert, California, in September 2023.
The latest announcement precedes the company’s next test flight, scheduled for late September, which will involve rigorous testing of its full-size prototype capsule, Aurora, at an altitude of 30 km. This unmanned flight aims to validate the functionality of the capsule’s critical systems, which have been developed over the past three years, as part of Halo’s commitment to safety and innovation.
Looking ahead, Halo plans its first manned test flight for 2025, a crucial milestone in preparing for commercial operations. The company intends to commence commercial flights in 2026, offering passengers an extraordinary space tourism experience.
By 2030, Halo aims to operate from four strategic locations—Saudi Arabia, Spain, Australia, and the US—providing near-space experiences to over 10,000 passengers.
Thomas Kuruvilla, managing partner at Arthur D. Little, emphasized the significant potential of the near-space sector for Saudi Arabia, noting its alignment with the country’s Vision 2030 objectives.
Kuruvilla said: “Halo Space’s presence in Saudi Arabia presents significant opportunities for the local economy, particularly in the tourism and space sectors. This initiative aligns perfectly with Vision 2030, which seeks to diversify the economy and position the Kingdom as a leader in the new space economy. We believe that Halo’s investment here will accelerate the development of a thriving ecosystem around near-space tourism, bringing high-value jobs and new business opportunities.”
Halo Space’s new facilities will enhance its flagship operational base in Saudi Arabia, supporting the Kingdom’s ambition to become a global leader in technological innovation and economic diversification.
Founded in 2021, Halo Space is revolutionizing space travel with its zero-emission flights that reach the edge of space. Their stratospheric balloon flights elevate passengers up to 35 km above Earth, providing a unique opportunity to view the planet’s curvature and the expanse of space.
Each journey, lasting up to six hours, offers a serene and spectacular experience, featuring unobstructed 360° views from the comfort of the spacecraft.
Closing Bell: TASI ends in green; CMA approves ETF tracking Hong Kong equities
Updated 17 September 2024
Nirmal Narayanan
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Tuesday, gaining 18.29 points or 0.15 percent, to close at 11,885.66.
The total trading turnover of the benchmark index was SR5.71 billion ($1.52 billion), as 131 stocks advanced, while 97 retreated.
Nomu, the Kingdom’s parallel market, shed 117.01 points to close at 25,616.92, while the MSCI Tadawul Index gained 3.47 points to 1,480.13.
The best-performing stock on the main index was Naseej International Trading Co., as its share price soared by 9.57 percent to SR71.
The share price of Saudi Arabian Mining Co., also known as Ma’aden, surged by 6.61 percent to SR41.95, backed by the company’s signing of a non-binding agreement on Sept.16 with Aluminium Bahrain B.S.C., or Alba, to potentially create a global aluminum producer.
The worst performer was Al-Baha Investment and Development Co. The company’s share price dropped by 5.56 percent to SR0.17.
Al-Modawat Specialized Medical Co. led the gains on the Kingdom’s parallel market, with its share price jumping 9.89 percent to SR16.
Molan Steel Co. and Academy of Learning Co. were also among the top performers on Nomu, with their shares rising 5.79 percent and 3.69 percent, respectively.
Saudi Arabia’s Capital Market Authority approved its first exchange-traded fund tracking Hong Kong equities on Sept. 16, marking a step forward in strengthening ties between Beijing and Riyadh.
In a statement, the CMA announced it had approved asset manager AlBilad Investment Co.’s request to list the “Albilad CSOP MSCI Hong Kong China Equity ETF” on the Saudi Stock Exchange.
This development follows Hong Kong’s launch of an ETF in November 2023 that tracks the performance of the Saudi index.
In May, Michael Wong, Hong Kong’s deputy financial secretary, announced that the province was collaborating with Saudi Arabia to develop an ETF tracking Hong Kong’s local stock indices.
The Saudi Investment Bank announced plans to establish a US dollar-denominated Tier I sukuk program, capped at $1.5 billion.
In a bourse filing, SAIB noted that the issuance aims to meet the bank’s financial and strategic objectives, subject to regulatory approval and in accordance with relevant laws and regulations.
