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LEAP 2024: Takamol Holding showcases innovative solutions, signs 18 agreements

LEAP 2024: Takamol Holding showcases innovative solutions, signs 18 agreements
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Updated 09 March 2024
Arab News
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LEAP 2024: Takamol Holding showcases innovative solutions, signs 18 agreements

LEAP 2024: Takamol Holding showcases innovative solutions, signs 18 agreements
Updated 09 March 2024
Arab News
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LEAP 2024 witnessed a notable participation of Takamol Holding, a key driver of labor market innovation in the Kingdom, in line with its role as a strategic sponsor of the tech conference. The company showcased its various products and programs, with its chief executives and members actively participating in panel discussions on the main stage.

The participation included introducing Takamol Holding’s products and programs, as well as its subsidiaries, and conducting a series of discussions with leading companies to explore technological solutions for social and economic development in the Kingdom. This effort resulted in the signing of 18 agreements with partners from various vital sectors serving the labor market and Saudi Vision 2030. Additionally, CEOs and members of the company participated in panel discussions focusing on the latest technological developments and innovations offered by Takamol Holding and its companies.

CEO of Qiwa Fawzan Al-Muhaidib delivered a keynote address on “Digital Transformation in the Labor Market,” addressing the diversification of the Kingdom’s economy away from reliance on oil, enhancing private sector efficiency and labor market transparency, achieving national economic goals, reducing unemployment rates, and enhancing the attractiveness of the Saudi market for investments and talents. Furthermore, General Manager of Takamol Mobility Services Fawzan Al-Ghamdi participated in a panel discussion on the future challenges of living standards globally.

Takamol Holding’s impressive presentations captivated visitors, enlightening them on the wide range of its innovative technological programs and products covering various sectors and industries. Among these, the artificial intelligence product “RYAN” stood out, providing answers to all inquiries about the international labor market.

“Takamol Holding’s participation as a strategic sponsor of the LEAP 2024 tech conference reinforces its role in providing innovative and advanced solutions that meet the needs of the market and economy in the Kingdom, thereby promoting sustainable development,” the company said.

It is worth mentioning that several ministers and dignitaries visited Takamol Holding’s pavilion, affirming the pivotal role of innovation in shaping the future of the Kingdom across various economic, health, and social sectors.

Unlocking Frontier Markets: Private sector leadership key to reshaping global development

Unlocking Frontier Markets: Private sector leadership key to reshaping global development
Updated 23 January 2025
Arab News
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Unlocking Frontier Markets: Private sector leadership key to reshaping global development

Unlocking Frontier Markets: Private sector leadership key to reshaping global development
Updated 23 January 2025
Arab News

The World Economic Forum Annual Meeting, held in Davos from January 20–24, convened global leaders from government, business, and philanthropy under the theme “Inspiring Action. Driving Impact.”

It spotlighted opportunities to foster resilience and sustainable development, particularly in fragile and frontier markets.

Against this backdrop, the panel session titled “New Development Actors for the 21st Century” explored the critical role of the private sector in complementing traditional aid models and addressing systemic challenges in vulnerable economies.

Moderated by Mirek Dušek, managing director at the World Economic Forum, the discussion featured leaders including Badr Jafar, special envoy for business and philanthropy, UAE, and CEO of Crescent Enterprises; Hassan Sheikh Mohamud, Somali president; Ernesto Torres Cantu, head of International at Citi; and Anna Bjerde, managing director of the World Bank.

During the session, Jafar emphasized the transformative potential of frontier markets in driving global growth and resilience.

“Frontier markets represent one of the greatest opportunities of our time to create systemic and sustainable global progress. Home to 85 percent of the world’s population, they are poised to host 80 percent of the global middle class by 2030. Yet traditional aid models continue to fall short of addressing the scale of challenges we face. The private sector must go beyond conventional philanthropy and adopt a strategic investment approach, one that fosters resilience, empowers communities, and delivers measurable, long-term prosperity,” Jafar said.

He highlighted the vast potential of the global impact-investing market, which now exceeds $1.5 trillion, and the untapped opportunities in $450 trillion of global private wealth.

Jafar added: “With the global impact-investing market exceeding $1.5 trillion, and untapped private wealth standing at $450 trillion, the resources required to drive transformative change are available. What is needed now is a framework that aligns these resources with measurable development goals, unlocking the innovation and entrepreneurship inherent in frontier markets.”

The session underscored the critical need for innovative, market-driven approaches to address systemic challenges in fragile and frontier markets.

By fostering collaboration across sectors and empowering local actors, the private sector can play a transformative role in shaping sustainable and inclusive development, the session heard.

As global humanitarian needs continue to outpace traditional funding models, leaders are driving the dialogue toward a future where strategic investments unlock the vast potential of frontier economies, ensuring they emerge not just as beneficiaries, but as architects of global resilience and growth.

The session was part of the World Economic Forum’s Humanitarian and Resilience Investing Initiative, launched in 2019 to unlock impact investing in frontier markets.

This initiative brings together over 100 partners across sectors to increase the resilience of at-risk and crisis-hit communities.

Building on a high-level dialogue chaired by former US Secretary of State Anthony Blinken and co-sponsored by UK Foreign Secretary David Lammy, IDB President Ilan Goldfajn, and Børge Brende during the UN General Assembly, the HRI Initiative continues to champion collaborative approaches that bridge private capital with sustainable development goals in fragile economies.

The World Economic Forum continues to serve as a catalyst for global action, advancing partnerships across sectors to create a more inclusive and resilient future.

Drone Racing World Cup kicks off today, with prizes worth SR1.3m

Drone Racing World Cup kicks off today, with prizes worth SR1.3m
Updated 23 January 2025
Arab News
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Drone Racing World Cup kicks off today, with prizes worth SR1.3m

Drone Racing World Cup kicks off today, with prizes worth SR1.3m
Updated 23 January 2025
Arab News

The Drone Racing World Cup, sponsored by Riyadh Season, has commenced today at Boulevard City in Riyadh. Organized by the Saudi Federation for Cybersecurity, Programming, and Drones, in collaboration with the World Air Sports Federation, the event takes place from Jan. 23 to 25.

This tournament, the first of its kind in the Middle East and North Africa since its inception in 2016, highlights Saudi Arabia’s commitment to the sector. The event offers participants and visitors prizes exceeding SR1.3 million ($346,470).

This edition features world champions in drone racing, including Kim Minjae, winner of the 2024 FAI World Drone Racing Championship; Killian Rousseau, winner of the 2023 FAI Drone Racing World Cup; Yuki Hashimoto, also winner of the 2024 FAI World Drone Racing Championship; Luisa Rizzo, winner of the 2024 Women’s FAI Drone Racing Championship; Min Chan Kim, winner of the 2023 FAI World Drone Racing Championship; Wanraya Wannapong, runner-up of the 2024 Women’s FAI Drone Racing Championship; Pawel Laszczak, runner-up of the 2023 Drone Racing World Cup; Jacob Capobres, runner-up of the 2023 FAI World Drone Racing Championship; Choi Wongyun, who placed third in the 2024 Drone Racing World Cup; and Roland Ronto, who placed third in the 2023 Drone Racing World Cup.

Several Saudi pilots will also compete, including Muhannad Al-Wohaibi, Ibrahim Al-Sultan, Dalia Al-Safar, Al-Anoud Al-Shalaan, Bader Mutlaq Al-Raqqas, Nawaf Al-Hamoud, and Salma Attallah Al-Aqbi.

The qualifying rounds, which start today, will continue until midday Friday, followed by the finals on Saturday.

The event hosts an activity zone featuring various accompanying activities, including a Drones Hub for teaching amateurs and professionals, a Drag Racing Zone for speed competitions on a straight path, a Fly Free Zone designed for testing and operating drones, a VR Drone Racing simulation using virtual reality glasses, Drone Workshops for training, designing, assembling, and building drones, and a Fans Zone dedicated to watching the Drone Racing World Cup competitions.

This edition marks the inaugural season of the Drone Racing World Cup, consisting of a series of rounds held in leading countries in the drone racing field.

NEOM, NTDP to drive Web3 growth in Kingdom

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

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

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.

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

Saudi online trading app Sahm crosses 1m users in one year
Updated 22 January 2025
Arab News
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Saudi online trading app Sahm crosses 1m users in one year

Saudi online trading app Sahm crosses 1m users in one year
Updated 22 January 2025
Arab News

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.”

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

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

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

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.” 

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