Saudi Arabia leverages project management to achieve Vision 2030 milestones/node/2584257/business-economy
Saudi Arabia leverages project management to achieve Vision 2030 milestones
During the forum, excellence awards were presented to pioneering projects that exemplify Vision 2030’s focus on innovation, sustainability, and impactful outcomes. AN photo
Saudi Arabia leverages project management to achieve Vision 2030 milestones
Updated 25 December 2024
MANAL AL-BARAKATI
RIYADH: In Saudi Arabia’s pursuit of the ambitious goals set out in Vision 2030, project management has emerged as a key enabler, ensuring that planning aligns seamlessly with execution to achieve transformative outcomes.
This vital discipline is playing a crucial role in turning visionary ideas into reality, as highlighted during a prominent forum held on Tuesday.
The event emphasized the central role of project management in realizing Vision 2030, a comprehensive framework launched in 2016 by Crown Prince Mohammed bin Salman.
The vision aims to diversify the economy and reduce the Kingdom’s dependence on oil. Currently, over 5,000 projects, valued at $5 trillion, are underway, signaling Saudi Arabia's substantial progress in reshaping both its economic and social landscapes.
“Project management is the bridge where vision meets ambition, converting plans into tangible results,” said Badr Burshaid, chairman of the Global Project Management Forum.
He also pointed to the Kingdom's significant investment in human capital, particularly through initiatives such as the Human Capability Development Program, which has placed Saudi Arabia among the top 10 nations globally in equipping professionals with essential business skills.
The forum highlighted the importance of strategic execution in driving economic transformation.
Badr Al-Dulami, deputy minister of transport and logistics services for roads affairs, described project management as the “pulse of transformation,” underscoring its role in fostering competitiveness and innovation.
“This summit is not just an event but a platform for uniting expertise and driving collaboration,” Al-Dulami said.
During the forum, excellence awards were presented to pioneering projects that exemplify Vision 2030’s focus on innovation, sustainability, and impactful outcomes.
Al-Dulami noted that these awards serve as an invitation to explore new horizons of creativity while staying aligned with national objectives.
Saudi Arabia’s success under Vision 2030 is evident across several key sectors. With 87 percent of initiatives either completed or on track, the Kingdom has made significant strides in improving its business environment, generating employment, and advancing major projects like NEOM and the Red Sea Project.
These achievements not only demonstrate Saudi Arabia’s strategic capabilities but also highlight its leadership in executing large-scale initiatives.
In closing, Burshaid urged participants to harness the insights and momentum gained from the forum to ensure continued progress.
“The seeds planted today will grow into achievements that inspire future generations,” he said, encouraging stakeholders to prioritize innovation and collaboration as Saudi Arabia moves forward.
With project management at the heart of Vision 2030, Saudi Arabia is setting a global benchmark for strategic execution and sustainable development, solidifying its role as a leader in transformative growth.
Startup Wrap — MENA startups raise $2.3bn in 2024 as deal volume grows
Updated 31 January 2025
Nour El-Shaeri
RIYADH: Startup funding deals across the Middle East and North Africa saw an annual increase of 3.5 percent in 2024, with 610 agreements recorded across the region.
According to a report from Wamada, fintech remained the dominant sector, attracting 30 percent of total funding, or $700 million.
Software-as-a-service saw strong traction in Saudi Arabia, while Web 3.0 saw $256.8 million and e-commerce also gained momentum with $253 million in funding.
Despite the strong showing in these sectors, the overall funding value across the startup ecosystem of $2.3 billion represented a 42 percent year-on-year drop.
When excluding debt financing, the decline stood at just 11 percent.
The UAE led with $1.1 billion raised across 207 deals, followed by Saudi Arabia at $700 million from 186 deals, and Egypt securing $334 million across 84 deals.
Oman ranked fourth with $41.5 million, while Morocco and Tunisia led in North Africa, raising $20.8 million and $13.1 million, respectively. Emerging ecosystems in Jordan, Qatar, and Lebanon also showed modest growth.
Early-stage startups accounted for over $1.2 billion in investments, while later-stage and pre-IPO rounds saw limited activity. Female-founded startups raised $27.6 million, or 1.2 percent of total funding, with mixed-gender founding teams securing $192 million.
Ebana secures $2.66m to expand fintech solutions
Saudi-based fintech startup Ebana has raised $2.66 million in a pre-series A round led by Esnad Legal Consulting and Business Governance.
Founded in 2020 by Ali Al-Shareef, Ebana provides digital services and technical infrastructure for corporate governance affairs.
The newly raised capital will be used to enhance Ebana’s investor relations tools, expand its fintech solutions, and strengthen its services for both public and private enterprises.
Nabeeh secures investment from Ibtikar Fund to grow user base
Saudi-based e-services platform Nabeeh has raised an undisclosed investment from Ibtikar Fund.
Originally founded in Palestine in 2021 by Saber Samara and Fawaz Samara, Nabeeh provides an online platform for booking housekeeping, maintenance, and renovation services.
“Property owners and businesses often struggle with unreliable maintenance and cleaning providers and a lack of transparency. Nabeeh bridges this gap by offering seamless, tech-enabled solutions that prioritize quality, speed, and trust,” Samara said.
With this funding, Nabeeh plans to double its user base, expand its business-to-business portfolio, and introduce new platform features.
Silkhaus raises growth funding to expand into Saudi Arabia
Silkhaus leadership team — left to right: Ankit Shah, co-founder and chief financial officer, Sabine El Najjar, KSA managing director and vice president commercial, Aahan Bhojani, CEO and co-founder, and Peter May, vice president.
UAE-based proptech startup Silkhaus has closed a seven-figure growth funding round led by Nuwa Capital and Oraseya Capital, with participation from Impulse International, Yuj Ventures, Nordstar, and other investors.
Founded in 2021 by Aahan Bhojani, Silkhaus operates a marketplace for short-term rentals across the UAE.
The new funding will support its expansion into Saudi Arabia, where it is now open for bookings. This follows a multi-million-dollar pre-Series A round secured last year by Partners for Growth.
“With the support of our investors and team, we are excited to scale our operations in the UAE and Saudi Arabia, offering innovative solutions to property owners and premium experiences to guests. The short-term rental economy of the GCC (Gulf Cooperation Council) is experiencing a significant growth surge, and we are proud to be leading this growth,” Bhojani said.
UpLevel raises pre-seed funding to enhance corporate coaching
Saudi-based education tech startup UpLevel has closed an undisclosed pre-seed funding round backed by a group of angel investors.
Founded in 2024 by Idris Al-Shayea and Hamad Al-Luhaidan, UpLevel connects companies with professional coaches to enhance employee performance.
The fresh funding will help UpLevel scale its operations and further develop its coaching network for corporate clients.
BioSapien extends pre-Series A round to $7m
The BioSapien team. Supplied
UAE-based health tech startup BioSapien has extended its pre-Series A round to $7 million, with new participation from Golden Gate Ventures, marking the first deployment of its MENA-focused fund.
Founded in 2018 by Khatija Ali, BioSapien is developing MediChip, a 3D-printed, slow-release drug delivery platform designed to attach to tissue with minimal systemic side effects.
The extension follows the company’s $5.5 million pre-series A round in December, led by Global Ventures and joined by Dara Holdings.
Retailhub raises funding to expand SaaS platform
UAE-based retail SaaS provider Retailhub has secured an undisclosed investment from Angelspark.
Founded in 2022 by Daniel Alimov and Roman Tikhonov, Retailhub provides an automated platform that synchronizes stock updates from point-of-sale systems to aggregators and consolidates orders into a single application.
The new funding will enable Retailhub to enhance its platform capabilities, strengthen partnerships, and scale operations within the UAE and beyond.
Maalexi secures $3m debt financing from Citi
UAE-based agriculture fintech startup Maalexi has secured a $3 million debt financing facility from Citi to expand its sourcing operations.
Founded in 2021 by Azam Pasha and Rohit Majhi, Maalexi provides a risk management platform that enables small food and agribusinesses to access cross-border trade.
The facility will help build a technology-enabled supply chain linking origin markets to the UAE. This follows a $1 million venture debt round secured in July from Stride Ventures.
Fincart.io raises pre-seed funding to expand logistics platform
Egypt-based logistics startup Fincart.io has raised an undisclosed pre-seed funding round led by Plus VC, with participation from Plug and Play, Orbit Startups, Jedar Capital, and other regional investors.
Founded in 2023 by Mostafa El-Masry and Nihal Ali, Fincart.io provides e-commerce retailers with access to a marketplace of delivery providers and an operations dashboard.
The new funds will support platform improvements, courier network growth, and expansion into the African and Middle Eastern markets.
Dsquares acquires majority stake in Prepit
Egypt-based loyalty solutions provider Dsquares has acquired a majority stake in Prepit, an Egyptian B2B SaaS loyalty platform, for an undisclosed amount.
Founded in 2012 by Ayman Essawy, Marwan Kenawy, and Momtaz Moussa, Dsquares specializes in B2B loyalty programs for industries such as banking, telecom, fast-moving consumer goods, and retail.
Prepit, founded in 2022 by Karim Hussein and Tarek Afia, provides AI-driven tools to streamline food and beverage operations.
The acquisition strengthens Dsquares’ presence in the loyalty sector across key Middle Eastern markets, including Saudi Arabia, Egypt, and the UAE.
Oil Updates — prices rise amid US tariff threat but still set for weekly loss
Updated 31 January 2025
Reuters
NEW YORK: Oil prices rose on Friday as markets weighed the threat of tariffs by US President Donald Trump on Mexico and Canada, the two largest crude exporters to the US, that could take effect this weekend.
Brent crude futures for March, which expires on Friday, gained 61 cents at $77.48 a barrel at 7:30 a.m. Saudi time. The more-active April contract was at $76.37 a barrel, up 48 cents.
US West Texas Intermediate crude gained 65 cents to $73.38.
For the week, Brent is set to fall 1.3 percent while WTI has declined 1.69 percent.
However, for the month of January, Brent is set to gain 3.8 percent, its best month since June, and WTI is poised to climb 2.3 percent.
“Crude oil prices declined this week due to increasing fears surrounding Trump’s tariffs, which are expected to hinder global economic growth,” said Priyanka Sachdeva, senior market analyst at Phillip Nova.
Investors are contemplating the likelihood of US tariffs alongside a flurry of executive orders and policy announcements, ANZ Bank analyst Daniel Hynes said.
Trump has threatened to impose a 25 percent tariff as early as Saturday on Canadian and Mexican exports to the US if those two countries do not end shipments of fentanyl across US borders.
It is unclear if the tariffs would include crude oil. On Thursday, Trump said he would soon decide whether to exclude Canadian and Mexican oil imports from the tariffs.
In 2023, the last full year of data, Canada exported 3.9 million barrels per day of crude to the US, out of 6.5 million bpd of total imports, while Mexico exported 733,000 bpd, according to the US Energy Information Administration, the statistical arm of the Department of Energy.
The increased risk of supply disruptions from the foreign policies of the new Trump administration has kept prices elevated, Hynes said.
“Sanctions on Russia, stopping purchases of Venezuelan oil and maximum pressure on Iran will increase the geopolitical risk premium on oil,” said Hynes.
“This could be compounded by the refilling of the strategic petroleum reserve, adding to oil demand,” he said.
The market will be watching the upcoming OPEC+ meeting scheduled for Feb. 3 as recent US sanctions on Russian oil have removed over a million barrels from global supplies, possibly prompting the producer group to reconsider its output plans, Phillip Nova’s Sachdeva said.
Kazakhstan’s energy minister said on Wednesday that the group is set to discuss Trump’s plans to raise US oil production and take a joint stance on the matter at next week’s meeting.
On the monetary front, the Federal Reserve’s decision to keep interest rates unchanged signals a cautious approach moving forward amid ongoing inflation challenges in the world’s largest economy, Sachdeva added.
“With the threats of Trump’s tariffs, the path to disinflation is likely to become even more turbulent.”
Saudi Arabian Military Industries appoints new CEO
Updated 30 January 2025
MOHAMMED AL-KINANI
RIYADH: The Saudi Arabian Military Industries has announced the appointment of Thamer M. Al-Muhid as its new chief executive officer, effective Feb. 1, according to a statement released on Thursday.
The decision was confirmed during a meeting of SAMI’s board of directors, chaired by Saudi Defense Minister Prince Khalid bin Salman.
With over 30 years of global leadership experience, Al-Muhid brings extensive expertise in driving organizational transformation, operational excellence, and international expansion.
The newly appointed CEO of SAMI, Thamer M. Al-Muhid. Supplied
His diverse background encompasses strategic initiatives, mergers and acquisitions, research and development, and forging key international partnerships—all of which equip him to lead SAMI into a new phase of growth and innovation.
Before his appointment, Al-Muhid served as group CEO and managing director of Saudi Chemical Co. Holding, and has held senior leadership roles at prominent organizations such as SABIC, Almarai, and the Ministry of Commerce and Industry.
Replacing Walid Abu Khaled, Al-Muhid will oversee the company’s efforts to advance cutting-edge technologies, produce world-class defense products, and strengthen strategic partnerships.
His leadership is expected to expedite Public Investment Fund-owned SAMI’s progress toward achieving its ambitious objectives, including localizing 50 percent of the Kingdom’s defense spending and fostering national talent in the defense sector.
This appointment underscores SAMI’s ongoing commitment to positioning Saudi Arabia as a global leader in defense manufacturing and innovation.
Saudi crowdfunding platform Lendo secures $690m warehouse facility led by J.P. Morgan
Updated 30 January 2025
Arab News
RIYADH: Lendo, a debt crowdfunding platform in Saudi Arabia, has secured a SR2.6 billion ($690 million) warehouse facility, with J.P. Morgan serving as the lead arranger.
According to an official statement, the facility will support increased job creation within the Kingdom, underscoring Lendo’s commitment to fostering domestic economic growth and employment opportunities.
Endorsed by Fintech Saudi, this achievement highlights the rapid expansion of Saudi Arabia’s fintech sector and signals the substantial potential for small and medium-sized enterprise financing within the economy, it added.
The initiative also aligns with Saudi Vision 2030, which aims to raise SME lending from 4 percent in 2018 to 20 percent by 2030.
“This landmark facility represents a transformative moment for Lendo and the Saudi fintech ecosystem,” said Osama Alraee, CEO and co-founder of Lendo.
“The strong backing from global financial institutions such as J.P. Morgan validates our innovative approach to SME financing and positions us to significantly expand our impact in the Saudi market. This facility will accelerate our mission of driving SME growth while contributing to the Kingdom’s Vision 2030 goals.”
The statement said the facility will be strategically allocated to enhance Lendo’s lending capacity, introduce innovative financial products, and broaden the company’s coverage of SMEs across the Kingdom.
George Deves, co-head of Northern European Asset-Backed Securities at J.P. Morgan, remarked: “We are pleased to collaborate with Lendo on this landmark transaction. A robust and rapidly expanding SME sector is crucial to the local economy, and this financing will contribute to the strategic goal of boosting SME lending in Saudi Arabia.”
Moreover, the deal underscores the growing confidence of international investors in the Kingdom’s fintech sector, particularly in the strength of its regulatory framework.
Lendo has successfully completed two rounds of investment to date, with its most recent Series B funding round, raising $28 million, led by Sanabil Investments, a wholly owned subsidiary of Saudi Arabia’s Public Investment Fund.
Saudi Arabia’s flyadeal joins IATA, boosting Kingdom’s aviation growth
Updated 30 January 2025
MOHAMMED AL-KINANI
JEDDAH: Saudi Arabia’s low-cost carrier, flyadeal, has joined the International Air Transport Association, marking a significant step in its regional and global expansion while supporting the Kingdom’s growing aviation sector.
On Jan. 29, flyadeal’s management welcomed an IATA delegation, led by Kamil Al-Awadhi, the regional vice president for Africa and the Middle East, to celebrate the milestone at the airline’s headquarters in Jeddah.
In November, flyadeal earned IATA’s Operational Safety Audit certification, the highest safety accreditation in the airline industry.
This thorough evaluation examines an airline’s operational safety, ensuring it adheres to the most rigorous standards, covering areas like aircraft engineering, maintenance, flight operations, cabin services, ground handling, cargo, and security.
Saudi Arabia is investing heavily in its aviation sector as part of the Vision 2030 initiative, which seeks to diversify the economy beyond fossil fuels, boost the private sector, and enhance global connectivity.
The country aims to accommodate 330 million passengers by 2030, serve over 250 destinations, and transport 4.5 million tonnes of air cargo.
Steven Greenway, CEO of flyadeal, expressed his pride in joining IATA, an association that has long represented the airline industry with a unified voice.
“Since our founding in 2017, our growth has been rapid, with operational safety as a top priority. Becoming an IATA member was a natural next step for us,” he said.
Greenway also highlighted flyadeal’s new position alongside Saudia, the full-service airline that has been a longstanding IATA member.
“As Saudia and IATA celebrate their 80th anniversaries this year, we are proud to be part of this milestone,” he added.
Al-Awadhi also celebrated the addition of flyadeal to IATA, noting that their membership reflects the airline’s significant role in Saudi Arabia’s aviation expansion.
“Saudi Arabia has made remarkable strides in developing a world-class aviation sector,” he said. “flyadeal’s inclusion further demonstrates the Kingdom’s commitment to enhancing connectivity and fostering sustainable industry growth.”
He also praised the government’s ambitious vision for aviation and reaffirmed IATA’s commitment to supporting Saudi Arabia’s strategy to grow a thriving aviation industry that benefits travelers, businesses, and the economy.
flyadeal, which plans to carry more than 75,000 pilgrims on dedicated international charters during this year’s Hajj season, operates from key hubs in Riyadh, Jeddah, and Dammam.
It offers nearly 30 year-round and seasonal destinations within Saudi Arabia, as well as select cities in the Middle East, Europe, and North Africa.
The airline’s fleet includes 36 Airbus A320 aircraft, and it plans to significantly expand its network over the next 12 months as part of a major international growth initiative.
