Saudi online trading app Sahm crosses 1m users in one year

During the workshop, Sahm Capital’s General Manager Hadeel Bedeeri delivered a presentation.
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Updated 22 January 2025
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Saudi online trading app Sahm crosses 1m users in one year

Sahm, the first all-in-one online trading platform in Saudi Arabia, celebrated a significant milestone with its users at a workshop in Riyadh. The event marked Sahm’s remarkable achievement of surpassing 1 million users within just one year of its launch. The workshop provided an opportunity for investing influencers, users, and Sahm app developers to share insights, forge valuable connections, and grow together.

During the workshop, Sahm Capital’s General Manager Hadeel Bedeeri delivered an inspiring presentation, reflecting on the app’s journey from its launch on Dec. 26, 2023, to its rapid growth and the milestone of 1 million users by the end of 2024. “Our growth is a testament to the trust our users have placed in us,” Bedeeri said. “Sahm app was built around the needs of our users, and today, we are proud to see the app become an integral part of their investment journeys.”

Turki bin Mohammed Al-Namasi, a user of the Sahm app, traveled more than 600 km to attend the workshop. He said: “Sahm app is one of the platforms I trust deeply. Their clear policies, diverse programs, and genuine commitment to the community and financial awareness set them apart. I owe my confidence to God and the leadership of their exceptional team and board.”

Abdullah Almalki, another user, praised Sahm’s ease of use and flexibility: “What truly stands out about Sahm is its seamless access to both Saudi and US markets. It allows me to diversify and manage my investments in one place, opening up global opportunities at my fingertips. The ability to trade across multiple markets without barriers is a feature I genuinely appreciate. I’ve recommended it to everyone I know because it makes investing so simple and efficient.”

In celebration of its first anniversary and 1 million users, Sahm launched a special giveaway campaign, offering SR1 million ($266,530) in rewards. This campaign is designed to thank existing users for their continued support and to encourage new users to join the growing Sahm community.

During the workshop, Bedeeri revealed Sahm’s future plans, which include expanding its financial products, introducing new features, and providing comprehensive financial learning resources to enhance investors’ knowledge. 

“The world changes, markets change, and so do users’ needs. Staying still is not an option for us,” she said. “Our mission has always been to stay focused on our users. Their needs guide every update, every feature we add. We evolve, so users can continue to trust us to give them what they deserve.”


NEOM, NTDP to drive Web3 growth in Kingdom

Updated 22 January 2025
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NEOM, NTDP to drive Web3 growth in Kingdom

NEOM and the National Technology Development Program have launched a strategic partnership to advance the growth of the Web3 ecosystem in Saudi Arabia. Leveraging their combined strengths and resources, the collaboration will establish comprehensive accelerator programs designed to support selected startups with mentorship, funding opportunities and vital industry connections.

Marking the partnership’s debut achievement, Outlier Ventures — the world’s leading Web3 accelerator — has joined forces with NEOM and NTDP to launch the FutureSpark Base Camp Accelerator Program, Saudi Arabia’s first deep-tech Web3 accelerator program. Ten startups were selected in the program’s first cohort, following a rigorous application process via Outlier Ventures’ website.

The inaugural 12-week program, which has been running since October 2024 in Riyadh, concluded with a four-day workshop in NEOM from Jan. 12-15. The program has empowered entrepreneurs to refine their business models and enhance their market strategies, equipping them to navigate the rapidly evolving Web3 landscape. Through personalized guidance and access to a network of industry experts, the program accelerates growth of startups by providing the tools and insights necessary for success in a competitive environment. Participants of the program benefit from Outlier Ventures’ expertise through workshops, networking opportunities and practical resources, fostering a collaborative community to help drive the future of the Web3 ecosystem.

This partnership between NEOM and NTDP supports the most promising founders across key technology sectors. With a focus on industries where the region holds emerging potential — such as cognitive cities, artificial intelligence, digital identity and gaming — the selected cohort has access to essential resources to build industry-leading startups.

Aligning with the goals of Saudi Vision 2030, the FutureSpark Base Camp Accelerator Program supports early-stage entrepreneurs and drives technological advancement in the Kingdom. Through accelerating the local deep-tech Web3 landscape, the program plays a pivotal role in fostering innovation and cutting-edge technologies.


Cenomi Centers welcomes S&PGR’s assessment of $1.6bn existing sukuks

Updated 22 January 2025
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Cenomi Centers welcomes S&PGR’s assessment of $1.6bn existing sukuks

Cenomi Centers, Saudi Arabia’s leading owner, operator and developer of shopping malls, has welcomed Standard and Poor Global Rating’s assessment of two of its existing sukuk issuances totaling $1.6 billion, providing “BB-” issue ratings for Sukuk II (2026) and Sukuk III (2029).

The instrument rating follows S&PGR’s assignation to Cenomi Centers of a “BB-” (stable) company rating in December, finding that it expects EBITDA growth over the course of 2025, citing strong footfall and the upcoming Jawharat developments as reasons for optimism. 

S&PGR announced the rating of existing issuances for Cenomi Centers’ Sukuk II, due in October 2026 and valued at $875 million, and Sukuk III, due in March 2029 and valued at $710 million, reporting that the sukuks met the agency’s criteria for assessment. 

The rating recognizes Cenomi Centers’ continued strong performance, with the business’ most recent results in Q3-24 recording a 3.4 percent y-o-y increase in total revenue. Comparing nine-month results from the period, Cenomi Centers delivered steady growth with an increase in revenue of 2.9 percent (9M-24) compared to the same period in the previous year, driven by the grand opening at U Walk Jeddah, increase in occupancy and increase in both media sales and ancillary revenue streams.

The existing sukuk issuances represent a strategic financial move that has strongly resonated with a broad investor base, positioning the company for sustainable growth.

Alison Rehill-Erguven, CEO, Cenomi Centers, said: “We welcome S&PGR’s acknowledgement of our stability and commitment to long-term growth strategies that will drive forward our ambitions to be the largest and one of the most innovative mall developers and operators in the Middle East. Our issuance of these sukuks not only opens up new avenues for investment but also aligns with the values of a significant segment of the global investment community. By opting for sukuk, Cenomi Centers is not just raising capital; it is making a statement about its corporate values and its vision for the future.

“Cenomi Centers has an incredibly exciting year ahead, with our flagship projects Jawharat Riyadh and Jawharat Jeddah progressing well, and occupancy and leasing demand levels continuing to be high across all of our sites.” 


Flexjet fuels private aviation growth in Kingdom

Updated 21 January 2025
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Flexjet fuels private aviation growth in Kingdom

As Saudi Arabia’s private aviation sector experiences unprecedented growth, Flexjet, a leader in private aviation established in 1995, is primed to support the Kingdom’s evolving travel needs. Combining the ultimate private jet experience, sophisticated state-of-the-art fleet and a sustainability-first approach, Flexjet offers services that are lately in high demand among Saudi Arabia’s growing number of ultra-high-net-worth individuals.

The Kingdom’s private aviation sector, valued at SR4.5 billion ($1.2 billion) in 2023, is projected to grow at a compound annual growth rate of 8.88 percent through 2029. The sector’s expansion reflects rising demand for luxury travel options, driven by an increasing number of affluent tourists and growing disposable wealth.

Flexjet’s operations are built around providing customized travel solutions, making it a natural fit for Saudi Arabia’s elite private aviation clientele. Since its acquisition by Directional Aviation, a leader in the private aviation industry with more than SR13 billion in annual revenue and over 4,000 employees, Flexjet has seen skyrocketing growth, transforming from a respected player in private aviation into a global powerhouse. Under the strategic vision of Directional Aviation, Flexjet placed a record-breaking SR21 billion order for 265 Bombardier jets, followed by a SR5.2 billion order from Embraer in 2019, ensuring it maintains its state-of-the-art fleet. 

Andrew Collins, CEO of Flexjet

These strategic orders allow Flexjet to service its clients in Saudi Arabia with advanced aircraft like the Embraer Praetor 600, which combines long-range capabilities with exceptional cabin comfort, and the Gulfstream G650, renowned for its ability to provide connections between distant destinations.

Flexjet’s global fleet today stands at 300 jets and a large number of helicopters, which are operated by over 1,000 pilots, with more than 100 of those within the region.

Its partnerships with luxury hotels like Dorchester Collections, The Lana, ensure that its clients experience true luxury by offering seamless transitions from air to ground. The Lana epitomizes modern elegance with a five-star rating, complete with 225 refined rooms and suites, world-class dining by renowned chefs, and a serene spa.

Flexjet’s sustainability initiatives are at the forefront of the industry and are naturally aligned with the Kingdom’s vision for a green future. Through a comprehensive program developed with specialist consultancy 4AIR, Flexjet addresses sustainability across all timelines, offsetting 100 percent of carbon emissions for every flight in the short term, promoting sustainable aviation fuel in the medium term and investing significantly in advanced clean aviation technologies for the long term.

“Demand for flights to the GCC region has risen exponentially for Flexjet in the past three years and it’s now not just a question of flying international travelers into the region, but also gaining increasing numbers of clients who are based there — particularly in Saudi Arabia,” said Andrew Collins, CEO of Flexjet. “We are perfectly placed to appeal to the UHNWI community in the GCC with our exceptional fleet capabilities and luxury onboard service, and the region will continue to be a major focus for us in 2025,” he added.

Flexjet’s presence in Saudi Arabia reflects its broader strategy of serving markets where demand for premium private aviation solutions is fast-growing. With a focus on aligning its services with the Kingdom’s ambitious economic goals and connectivity plans, the company is poised to contribute meaningfully to the growth of the private aviation sector within the Kingdom and the broader region.


Indian school students benefit from health awareness program

Updated 21 January 2025
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Indian school students benefit from health awareness program

Indian Doctors Medical Forum, Jeddah, in association with the Indian Consulate, organized a health awareness program for the students of International Indian School Jeddah, as part of a series of events under the Indian government’s “Fit India Campaign.”

The “School Health Awareness Program” was inaugurated by Consul General of India Fahad Ahmed Khan Suri. 

During his address, Suri highlighted the importance of preventive healthcare campaigns for overall health and well-being. Expressing appreciation for the collective efforts of members of IDMF, officials and staff of IISJ, and participating hospitals, which made the initiative a grand success, he underlined the importance of meaningful collaborations between the consulate and Indian expatriates to promote the health and well-being of the Indian community, in general, and that of the student community, in particular.

As part of this program, 6,000 eye screening tests were conducted for IISJ students from pre-primary and primary classes, at three different locations. 

A team of experienced ophthalmologists conducted the computerized screening, meticulously assessing the vision and eye health of the students. The screenings covered basic vision tests, checks for common refractive errors, and evaluations for early signs of conditions like myopia, hypermetropia, and amblyopia. 

The camp identified the students requiring corrective measures, such as eyeglasses or further medical attention, ensuring appropriate referrals for follow-up care.

IISJ Principal Dr. Mohammad Imran and school officials and staff expressed their gratitude for this meaningful endeavor, recognizing its potential to significantly enhance the learning experiences and quality of life for the children. 

IDMF President Dr. Ashfaque Maniyar, in his address, emphasized the role of regular eye check-ups in maintaining overall health and academic performance.

The “School Health Awareness Program” promotes good health among students by detecting health issues at an early stage. 

The Indian Consulate, in association with IDMF, plans to conduct a series of health awareness events in phases during 2025-26, which will include eye, dental, ENT and general health screenings.


AMAK showcases Saudi Arabia’s mining potential

Updated 20 January 2025
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AMAK showcases Saudi Arabia’s mining potential

Al-Masane Al-Kobra Mining Company highlighted the Kingdom’s emerging position as a global mining hub during the Future Minerals Forum 2025 and announced the addition of three new exploration licenses for base and precious metals after winning the seventh round of the mining bids organized by the Ministry of Industry and Mineral Resources.

Underlining the recent operational achievements that demonstrate the sector’s growth potential, Geoffrey Day, chief executive officer of AMAK, said: “Saudi Arabia has established itself as one of the most progressive and supportive countries for mining development. The Kingdom’s mineral wealth, estimated at SR9.4 trillion ($2.5 trillion) according to the Ministry of Industry and Mineral Resources, combined with supportive government policies and initiatives, along with infrastructure development projects, creates unprecedented opportunities for international collaboration.”

Strategic growth and operational excellence

AMAK has accomplished several significant milestones that accelerate the Kingdom’s mining sector, in line with the goals outlined in Saudi Vision 2030. These include the completion of the Moyeath processing plant within the Al-Masane Mine. The expansion has increased annual ore processing capacity to 1.2 million tonnes, enabling a combined production of 30-40 kt of copper concentrate, 60-80 kt of zinc concentrate, 35-45 koz of gold, and approximately 500 koz of silver.

As part of its 2025 strategic growth plan, AMAK is advancing several key projects. These include the Khutainah Gold Project, and the Nuham Iron Ore Project with more than 7 Mt resources. The company also plans to initiate underground mining operations at the Guyan Gold Mine in 2025, which is expected to reduce gold production costs through higher-grade underground reserves and lower production costs.

Sustainability and national talent

The company’s commitment to sustainable practices includes initiatives to connect its facilities to the national power grid, which will reduce diesel consumption and improve the company’s carbon footprint. AMAK is also expanding its dry tailing storage capacity to accommodate all current and future mineable reserves, supporting both operational growth and environmental sustainability.

In alignment with Vision 2030’s focus on human capital development, AMAK has achieved a 36 percent localization rate in its workforce. The company’s partnership with the Saudi Mining Polytechnic has been instrumental in training Saudi youth for specialized roles in the mining sector. 

Recently, 30 Saudi trainees completed a comprehensive two-year diploma program and are now actively contributing to various operational areas.

“Our growth strategy fully supports the Kingdom’s vision by developing Saudi Arabia’s rich mineral resources while contributing to local economies,” Day said. “The expansion of our operations, combined with our focus on sustainability and national workforce development, demonstrates our commitment to creating long-term value for all stakeholders.”

Transformative potential of mining

Day also highlighted the transformative potential of Saudi Arabia’s mining sector in addressing global mineral supply challenges. “The Kingdom is strategically positioned to become a key supplier of critical minerals essential for the global energy transition. With our expanding operations and focus on innovation, AMAK is well-positioned to support this transformation.”

The company’s strategic approach aligns with Saudi Arabia’s broader ambitions to rank among the top 10 mining countries globally. AMAK’s recent investments in exploration and processing capabilities demonstrate the opportunities available within the Kingdom’s mining sector, which is supported by robust infrastructure development, including ports, modern highway networks, and industrial zones.

“What makes Saudi Arabia particularly attractive for mining investment is the combination of geological wealth, strategic location between Asia, Europe, and Africa, and the introduction of the Mining Investment Law,” Day added. “These factors, coupled with the Kingdom’s commitment to developing the sector, create an unprecedented opportunity for global partnerships.”

AMAK’s participation in FMF 2025, marking its fourth consecutive year at the forum, reflects its ongoing commitment to advancing Saudi Arabia’s mining sector. The company continues to implement advanced technologies, including prospectivity mapping and systems for real-time tracking of metals from mine to smelter, positioning itself at the forefront of mining innovation in the region.