PIF’s sarcc acquires Riyadh residential resort for SR2.5bn

PIF’s sarcc acquires Riyadh residential resort for SR2.5bn
Salama bin Melahi bin Saidan, chairman of Al-Nakhla Investment, and Mark Taylor, CEO of sarcc, at the signing ceremony.
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Updated 20 January 2025
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PIF’s sarcc acquires Riyadh residential resort for SR2.5bn

PIF’s sarcc acquires Riyadh residential resort for SR2.5bn

Smart Accommodation for Residential Complexes Company, a PIF company, has successfully acquired the prominent Al-Nakhla Residential Resort in Riyadh for SR2.5 billion ($667 million).

This pivotal deal reflects sarcc’s alignment with PIF’s broader strategy, which directly supports Vision 2030. Through this move, sarcc is transforming employee accommodation in Saudi Arabia and reaffirming its mission to transform living spaces into innovative, world-class communities that foster professional success and enhance well-being. 

Following the acquisition, sarcc has entered into a comprehensive resort management agreement with Al-Nakhla Investment to ensure continued operational excellence in leasing, marketing, and maintenance.

Mark Taylor, CEO of sarcc, said: “The acquisition of Al-Nakhla Residential Resort and our partnership with Al-Nakhla Investment Company represents a pivotal moment for sarcc as we aim to set new benchmarks in residential excellence. The resort’s exceptional facilities and award-winning reputation align seamlessly with our vision to create vibrant communities that enhance quality of life.”

Salama bin Melahi bin Saidan, chairman of Al-Nakhla Investment, added: “We are proud to collaborate with sarcc in its mission to revolutionize the employee accommodation sector.”

By leveraging our expertise, we aim to elevate operational standards and provide an unmatched living experience for Al-Nakhla residents.”

Al-Nakhla Residential Resort is known for its luxurious design, strategic location in Northern Riyadh, and world-class amenities. sarcc is committed to maintaining the resort’s reputation as a premier residential destination for senior management professionals, seeking to fulfill its promise of providing safe and secure living spaces that enhance the well-being and productivity of Saudi Arabia’s talent. Furthermore, the company remains dedicated to contributing to Saudi Arabia’s local content by partnering with local players to deliver exceptional employee accommodation facilities.


SESP partners with Expertise Co. for workforce development

SESP partners with Expertise Co. for workforce development
Updated 08 February 2025
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SESP partners with Expertise Co. for workforce development

SESP partners with Expertise Co. for workforce development

In a significant step toward fostering innovation and sustainable development, Saudi Electric Services Polytechnic and The Expertise Co. signed an MoU during the SABIC Technical Meeting 2025, which ran from Jan. 26-30 in Jubail Industrial City. This strategic partnership will enhance technical training, workforce development, and industry collaboration in key sectors such as petrochemicals, energy, and industrial services.

The MoU was signed in the presence of industry leaders, stakeholders, and senior executives from both organizations. The agreement reflects a shared vision of strengthening Saudi Arabia’s workforce capabilities and advancing technological excellence in alignment with the Kingdom’s Vision 2030.

Dr. Khalid Al-Somaili, managing director of SESP, highlighted the importance of this collaboration in addressing industry demands: “This partnership with Expertise Co. marks a new milestone in our commitment to equipping professionals with the latest technical skills. By combining our expertise in vocational training with their vast industrial experience, we aim to build a future-ready workforce.”

Ebtihal Alhashim, deputy managing director of SESP, said: “This partnership is the result of tireless efforts from both teams. It aligns perfectly with our mission to foster industry-driven learning experiences that prepare students for real-world challenges.” 

Fares Al-Shammari, chairman of The Expertise Co.

Mohammed Ashif, CEO of The Expertise Co., highlighted the MoU’s impact on workforce development: “As a leading industrial conglomerate, we recognize the importance of investing in talent and innovation. Partnering with SESP enables us to bridge the gap between academic training and real-world industry needs, fostering a new generation of highly skilled professionals.”

Fares Al-Shammari, chairman of The Expertise Co., said: “This collaboration is a testament to our long-term commitment to advancing the industrial sector. By working closely with SESP, we are ensuring that the future workforce is equipped with the necessary expertise to meet the demands of evolving industries.”

Sayeed Shekabba Karnire, COO of The Expertise Co., added: “Our company’s success is driven by the skill and dedication of our workforce. Through this partnership, we aim to provide comprehensive training programs that empower young professionals and drive innovation.”

The MoU was made possible by the relentless efforts of key officials from both organizations who worked tirelessly to bring this collaboration to fruition. From The Expertise Co., Senior HR Manager Khalid Al-Khater and Training Manager Nofe Alwaala played instrumental roles. On the SESP side, Senior Consultant Asif Rameez Daudi was pivotal in coordinating efforts and ensuring seamless execution under the guidance of Alhashim.

The signing ceremony was held at the SABIC Technical Meeting 2025, a premier platform for industry professionals to exchange insights, showcase innovations, and explore business opportunities. The event’s theme, “Advanced Technologies for a Sustainable Future,” underscores the relevance of this collaboration in shaping the industry’s future.


Visit Qatar to showcase tourism offerings at Saudi expo

Visit Qatar to showcase tourism offerings at Saudi expo
Updated 08 February 2025
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Visit Qatar to showcase tourism offerings at Saudi expo

Visit Qatar to showcase tourism offerings at Saudi expo

Visit Qatar is set to participate as a diamond sponsor at the Saudi Travel Market 2025, one of the region’s premier travel and tourism exhibitions. Taking place from Feb. 10-12, STM will feature more than 250 exhibitors from 30 countries and will serve as a key platform to position Qatar as a must-visit destination in Saudi Arabia.

During its participation, Visit Qatar will lead a diverse delegation consisting of key tourism stakeholders from Qatar, including Qatar Airways, Qatar Calendar, leading hotels, and destination management companies, all showcasing Qatar’s diverse offerings, from world-class hospitality and cultural experiences to bespoke travel packages.

With Saudi Arabia emerging as one of the world’s fastest-growing travel markets, the event will also provide an opportunity for direct engagement with key Saudi Arabian stakeholders, travel agents, and tour operators, fostering long-term industry partnerships. Additionally, STM will also serve as a hub for global industry leaders to exchange insights and understand market trends, enhancing collaboration in the tourism sector.

During the event, Visit Qatar will showcase the country’s latest attractions, accommodations, and experiences, offering firsthand information to regional travel professionals.

Qatar, offering visa-free travel to 102 countries, welcomes visitors by land, air, and sea. With a short flight from neighboring countries, travelers can easily enjoy the best of Qatar’s tourism offerings, from luxurious resorts to a vibrant cultural scene — all within close proximity to Doha’s city center.

GCC travelers can also benefit from exclusive offers through the “Visit Qatar Pass,” available on the Visit Qatar mobile app. This pass provides discounts of 30 to 50 percent across a range of categories, including food and drink, beauty and spa, health and fitness, leisure and entertainment, hotel stays, and retail services.


At Leap 2025, Pakistan to showcase commitment to digitally empowered future

At Leap 2025, Pakistan to showcase commitment to digitally empowered future
Updated 08 February 2025
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At Leap 2025, Pakistan to showcase commitment to digitally empowered future

At Leap 2025, Pakistan to showcase commitment to digitally empowered future

Pakistan is making bold strides in the global tech landscape, emerging as a key player in artificial intelligence, digital finance, and startup innovation. As the nation prepares to take the spotlight at LEAP 2025 in Riyadh from Feb. 9-12, it presents a compelling narrative of digital transformation, investment potential, and technological excellence. This marks Pakistan’s biggest ever participation at an international event with over 100 companies and 1,000+ delegates on board, showcasing a booming IT industry, progressive policies, and a rapidly growing talent pool that is poised for unprecedented growth in the digital economy.

A digital nation on the rise

At the heart of Pakistan’s transformation is the Digital Nation Pakistan Act. This landmark policy is designed to bolster innovation, attract both foreign and domestic investment, and empower entrepreneurs. By strengthening digital infrastructure, enhancing cybersecurity, and nurturing a knowledge-driven economy, the DNP Act is positioning Pakistan as a premier destination for global tech players looking for new markets and opportunities. Working under the proactive guidance of the Ministry of IT and Telecom, alongside the broader Digital Pakistan Policy, these initiatives are cultivating an environment where technology fuels every aspect of economic and social development.

A strategic tech partnership

Saudi Arabia and Pakistan share a long-standing relationship that is now evolving into a powerful alliance in technology and innovation. Both nations are increasingly exploring avenues for collaboration in digital transformation and tech-driven projects. Early initiatives and discussions ranging from cybersecurity and smart infrastructure to startup investments, signal a growing commitment to shared growth. Moreover, Pakistan’s robust business ties with the Kingdom are underscored by the significant presence of Pakistani companies operating in Saudi Arabia, further strengthening economic bonds and opening up new markets for innovation.

A unified digital vision for LEAP

In line with LEAP’s focus on shaping the future of technology, Pakistan is presenting a unified digital vision that weaves together its advancements in AI, fintech, and digital solutions. A key component of this vision is the work undertaken by the National Center of Artificial Intelligence, a collaborative network of research labs across leading universities. The NCAI has already developed over 221 AI-driven solutions that are transforming sectors such as healthcare, media monitoring, and intelligent transportation. By integrating AI into its digital strategy, Pakistan strengthens its commitment to innovation and leadership in emerging tech.

A flourishing startup ecosystem

Pakistan’s startup landscape is experiencing remarkable growth. With over $800 million raised in venture capital funding in recent years, the nation’s entrepreneurial spirit is evident in its dynamic ecosystem. A youthful, tech-savvy population combined with forward-thinking policies and an investor-friendly climate has given rise to groundbreaking startups in fintech, edtech, AI, and e-commerce. At LEAP 2025 in Riyadh, Pakistan will not only showcase its vibrant startup ecosystem from its dedicated pavilion but is also expecting to generate approximately $15 million in business over the next year.

A vision for digital empowerment

Pakistan’s commitment to digital empowerment spans all sectors. Government initiatives, led by the Ministry of IT and Telecom, are driving the adoption of smart technologies in education, healthcare, and public services, ensuring that the benefits of digital innovation reach every corner of society. This strategic approach is designed to create an ecosystem where technology acts as a catalyst for inclusive growth, enhanced quality of life, and sustainable development. By nurturing local talent and fostering innovation hubs, Pakistan is building a resilient digital economy that is ready to meet the challenges of tomorrow.

Why Pakistan? 

Several factors make Pakistan an attractive hub for technology and innovation:

  • Strategic location: Positioned as a gateway to South Asia, the Middle East, and Central Asia, Pakistan offers access to diverse and emerging markets.
  • World-class talent: With over 600,000 IT professionals and more than 75,000 IT graduates entering the workforce annually, Pakistan boasts a robust talent pool ready to drive technological advancements.
  • Proactive policies: The government’s commitment to digital transformation is reflected in its investor-friendly regulations, special tech zones, and substantial incentives for startups and tech companies.
  • Expanding digital infrastructure: Rapidly growing broadband access, advanced research hubs, and cloud computing developments are laying the groundwork for a future-ready digital ecosystem.

A call to global innovators

Pakistan is not only transforming its own digital landscape but is also building bridges with key partners like Saudi Arabia to catalyze regional innovation. This strategic collaboration is opening up exciting opportunities for cross-border investments, joint research projects, and talent exchanges that promise to accelerate technological advancements on both sides.

At LEAP 2025 in Riyadh, Pakistan extends an open invitation to investors, innovators, and tech leaders to join in its extraordinary journey toward a digitally empowered future. With its robust ecosystem, forward-looking policies, and strong international partnerships, Pakistan is ready to shape the future of technology for generations to come.


Al Rajhi Bank move to digitally empower, finance SMEs

Al Rajhi Bank move to digitally empower, finance SMEs
Updated 06 February 2025
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Al Rajhi Bank move to digitally empower, finance SMEs

Al Rajhi Bank move to digitally empower, finance SMEs

Al Rajhi Bank, a pioneer in innovative banking solutions in Saudi Arabia, has announced a strategic partnership with RATL Technology, the owner of MUHIDE fintech platform, to digitally empower and finance SMEs within a secure, authenticated, and governed ecosystem.

MUHIDE platform was launched under the sponsorship of Sharakah, a program of Thiqah.

The platform stands as an innovative solution that provides robust operational governance tools to reduce potential commercial and financial disputes between buyers and sellers. 

MUHIDE platform contributes to ensuring the protection of sellers' payment rights and buyers' delivery rights, while enhancing the efficiency of trade transactions.

Additionally, the platform strengthens the credibility of the trade ecosystem in the Saudi market and creates a seamless and trustworthy business environment for SMEs.

Through this partnership, Al Rajhi Bank will extend to SMEs a blockchain-enabled solution that allows them to govern trade transactions within a risk-mitigated ecosystem and access payables and receivables financing solutions. 

Al Rajhi Bank will offer SMEs competitive financing rates due to the visibility and transparency provided by the MUHIDE platform, enabling SMEs to achieve cost savings, boost their cash flow, and enhance their risk mitigation strategies.

This integrated solution not only digitizes transactions but also provides SMEs with a unique opportunity to enhance their cash flow sustainably, secure their transactions, and build strong, trust-based relationships with their business partners.

Hossam Al-Basrawi, general manager of corporate banking at Al Rajhi, said: "We always strive to empower SMEs by innovating solutions that help in authenticating and governing trade financing within an integrated digital system."

Hashim Al-Hussaini, CEO of RATL Technology Ltd., said: “Trade financing for payables and receivables is fundamental for the growth of SMEs as it enhances cash flow and operational efficiency.

"We are proud to partner with Al Rajhi Bank to empower SMEs through a digitally robust trade ecosystem.

"Saudi Arabia is at the forefront of digital evolution in the region, and we are committed to contributing to the Kingdom’s Vision 2030 and its digital transformation journey, paving the way for attracting more local and foreign investments.”


SDB hosts training camp for productive families

SDB hosts training camp for productive families
Updated 05 February 2025
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SDB hosts training camp for productive families

SDB hosts training camp for productive families

The Social Development Bank has successfully concluded an initiative to empower productive families in the culinary sector. The “Almarai Chefs” camp was organized in partnership between SDB — represented by the Dulani Business Center — and Almarai, and ran for five months in Riyadh, supporting 43 participants through 12 expert speakers and 14 specialized consultants.

The program provided intensive training and knowledge-building sessions to equip participants with essential marketing and financial skills, enabling them to establish competitive projects in the Saudi market. It also included more than 215 specialized consultations, the development of brand identities for participating businesses, and educational field visits to explore best industrial practices and emerging trends in the culinary industry.

Sultan Al-Hamidi, CEO of SDB, said: “The Almarai Chefs camp exemplifies the effective partnership between the public and private sectors, forming a comprehensive ecosystem to build the capacities of productive families and enable them to develop and manage entrepreneurial ventures. This initiative aligns with SDB’s efforts to bridge the gap toward entrepreneurship by providing innovative financial solutions and comprehensive empowerment services, thereby enhancing the sustainability of projects and contributing to a dynamic and diversified economy.”

Al-Hamidi added: “SDB takes pride in having provided over SR2.8 billion ($746.5 million) in financing during 2024 to support more than 76,000 productive families and freelancers across the Kingdom. We also focus on delivering non-financial support, such as training and advisory services, to enhance the capabilities of productive families, enabling them to achieve financial independence and successfully enter the labor market.”

Abdullah Al-Badr, CEO of Almarai, said: “Our partnership with the Social Development Bank has yielded a tangible impact in empowering productive families. The Almarai Chefs camp was centered on fostering innovation in the culinary field, enabling small businesses to achieve growth and sustainability in line with market demands. Additionally, it provided necessary training and facilitated access to sales channels, exhibitions, and events, as well as digital applications, helping these projects expand their reach and create new job opportunities.”

SDB is considered a leading institution in empowering productive families and facilitating their transition into entrepreneurship, with the goal of supporting local communities, contributing effectively to the national economy, and achieving sustainable development.