Tag: Exporter of Rock N Roll Moulding Machine

Saudi Arabia’s logistics sector has spawned a new breed of entrepreneurial talent aiming to utilize the most recent technological trends to boost the economic pillar.

The Kingdom’s last-mile deliveries have been encountering delays and inefficiencies due to slow technology adoption, which has called for new innovations in the sector.

According to a report by global logistics leader Maersk, the lack of digital advancements in local delivery networks hampers shipment tracking and visibility.

Additionally, consumer preference for cash on delivery, empty miles, and sudden demand spikes pose financial challenges for last-mile logistics.

These challenges have spurred the emergence of PIESHIP and its commitment to bolstering the sector through digital solutions.

Founded in 2023 by Nasser Al-Harthi, Musaed Al-Amri, and Mohammed Mohsen, PIESHIP utilizes artificial intelligence and crowdsourcing to optimize delivery routes and schedules, reduce costs, and enhance customer experience.

The company offers its clients warehouse management solutions, utilizes an app for delivering shipments, and provides technical solutions for logistics services.

“By doing so, PIESHIP aims to make last-mile delivery more efficient and reliable, benefiting both companies and their customers,” Al-Harthi, the CEO, told Arab News in an interview.

PIESHIP is setting its sights on becoming a leader in last-mile delivery services, aligning closely with the fast-paced global shifts toward more efficient, reliable, and cost-effective logistics solutions.

“Our aim is to become a leading provider of last-mile delivery services,” the CEO articulated, emphasizing the company’s commitment to technological innovation and customer satisfaction to navigate the future logistics landscape.

Continuous innovation

To maintain its competitive edge, PIESHIP is focusing on continuous innovation, “by investing in research and development, collaborating with industry partners, and staying abreast of the latest logistics trends and technologies,” according to Al-Harthi.

The company is particularly excited about the potential of advanced analytics and machine learning to refine delivery processes and enhance efficiency, he added.

In light of its recent seed funding round, PIESHIP is channeling resources into expanding its technological backbone, team capabilities, and research efforts.

“These investments are crucial for improving our service offerings and operational efficiency,” Al-Harthi said.

He further highlighted the company’s commitment to leveraging these assets to bolster its market presence in Saudi Arabia and potentially beyond.

A shared vision

Regarding the future of logistics in Saudi Arabia, the CEO sees a direct connection between industry trends and the nation’s Vision 2030 objectives.

The economic diversification plan is focused on making the Kingdom a worldwide logistics hub.

The government’s National Transport and Logistics Strategy aims to double the sector’s contribution to gross domestic product, making the Kingdom one of the top 10 countries in the Logistics Performance Index.

A two-day conference held in Riyadh in October saw 52 agreements signed to strengthen the Kingdom’s supply chain and logistics sector, underlining its growth. “E-commerce expansion, technology adoption, sustainability, and enhancing customer experiences are pivotal trends that resonate with Vision 2030’s goals,” Al-Harthi said.

The rise of e-commerce is particularly significant, with efficient logistics services like those PIESHIP offers being vital to support this sector’s growth, ultimately aiding in the country’s economic diversification and innovation drive, added the CEO.

With the Kingdom’s Vision 2030 spotlighting innovation, PIESHIP’s technology-centric model is well-aligned for future scalability and market leadership.

“Our approach, particularly our investment in AI and crowdsourcing, is pivotal in optimizing logistics operations, which will continue to propel our growth in the Saudi market,” Al-Harthi stated.

On the technology front, PIESHIP leverages real-time tracking and delivery notifications to enhance customer engagement and satisfaction.

“Our AI-driven algorithms play a crucial role in navigating delivery hurdles, ensuring timely and accurate deliveries, and offering our users an unprecedented level of transparency and control over their shipments,” explained the CEO.

PIESHIP is positioning itself within Saudi Arabia’s competitive landscape by focusing on efficient and reliable last-mile delivery services.

“PIESHIP differentiates itself from traditional logistics companies by offering a more flexible and cost-effective solution tailored to modern businesses’ needs,” Al-Harthi explained.

With a keen eye on the last-mile delivery segment, PIESHIP aims to address the complexities and high costs associated with this crucial phase of the logistics process.

Collaboration with governmental and regulatory bodies is a key component of PIESHIP’s strategy to enhance its service offerings and expand its reach within the Kingdom.

The CEO said: “PIESHIP works closely with local transportation authorities to comply with all relevant regulations and licensing requirements.”

Beyond compliance, PIESHIP seeks to forge partnerships that extend its service range, notably with e-commerce platforms like Salla and Zid, to provide integrated delivery solutions to their merchants.

In response to the evolving logistics market, PIESHIP is committed to continuous innovation to meet the changing demands of businesses in Saudi Arabia and potentially new markets.

“The company plans to invest in new technologies and strategies that can help it improve its operational efficiency, expand its reach, and enhance the customer experience,” Al-Harthi stated.

Looking ahead, PIESHIP is exploring opportunities to extend its services beyond Saudi Arabia, targeting markets with similar logistics landscapes and a strong e-commerce presence.

While the immediate focus remains on solidifying its position in the Saudi market, Al-Harthi acknowledges the potential for international expansion.

“Future expansions into markets with similar logistics challenges and opportunities are considered,” he noted, highlighting the importance of a robust e-commerce sector and favorable regulatory environment in selecting target markets for PIESHIP’s growth.

Source:https://arab.news/8xdjw

The rent now, pay later sector in Saudi Arabia is poised for considerable expansion, with startup Rize set to enhance the industry’s efficiency.

Given the substantial down payment required for tenants to secure a rental property in the Kingdom, the company is seeking to foster greater sustainability within the sector.

Established in 2021 by Ibrahim Balilah and Mohammed Al-Fraihi, Rize is optimizing the Saudi rental market with its innovative model that converts annual lease payments from a single full payment to 12 monthly installments for tenants, while property owners get the full annual rent upfront.

In an interview with Arab News, Balilah discussed the company’s goal to widen access to flexible renting solutions.

“Currently, Rize is active in Riyadh, Jeddah and Dammam. But we are not only looking to solidify our position in the Saudi market but also to venture into the commercial sector,” he said.

Balilah outlined the company’s financial objectives, aiming to secure over SR50 million ($13.3 million) in successful rental requests by 2024 to showcase its growth. “With approximately SR330 million in rental requests already received, Rize is on a strategic path to scale its operations to align with the increasing market demand,” he said.

Playing a pioneering role

Discussing the RNPL sector, Balilah emphasized Rize’s position as one of its trailblazers.

“We consider ourselves the leader in the rent now, pay later market, being the first to develop an application that streamlines the entire rental journey,” he stated.

The company is currently in a phase of scaling, with plans to automate various processes, including contract signing, tenant screening, and access to e-booking through the app, which are typically cumbersome for tenants.

Furthermore, Balilah highlighted Rize’s strategic partnerships with real estate owners, granting the company access to a wide range of apartments, further solidifying its market presence.

He elaborated on the company’s strategic approach to securing funding and fostering relationships with venture capitalists.

In February, Rize raised $2.9 million through a seed round from Seedra Ventures, Hala Ventures, JOA Capital, RZM Investments, Bonat Investments, and Nama Ventures, as well as a group of angel investors.

“We view our business model as one that necessitates funding, which led us to intentionally engage with seven venture capital firms across two investment rounds,” Balilah explained.

The choice to attract multiple VCs, albeit with smaller investment amounts, was deliberate. This strategy not only secures immediate capital but also establishes a foundation for future financial support.

“Our selection of VCs was strategic, focusing on those with a follow-on investment strategy, ensuring we have access to capital in subsequent rounds,” Balilah noted.

Furthermore, he revealed plans for a Series A funding round in the next 12 months to fuel the company’s expansion and sustain its upward momentum.

Easing pressure on expats

Balilah underscored the crucial role of the rental market in supporting Saudi Arabia’s hospitality sector, driven by the substantial expatriate population residing in the Kingdom.

“Last year, the Kingdom witnessed the signing of Ejar contracts worth over SR75 billion, marking a significant activity in Saudi Arabia’s official rental contracting,” he highlighted.

Balilah pointed out a significant challenge within the rental market, attributing it to a lack of innovation and technological integration, which complicates rental transactions.

He explained: “Due to a combination of factors, including insufficient regulation, innovation, and technology, it has become a norm for property owners to demand the entire rental sum upfront. “For instance, renting an apartment at SR100,000 annually typically requires a single advance payment. Though some owners might allow semi-annual payments, this practice significantly strains renters’ cash flow in Saudi Arabia.”

Balilah emphasized the pressure on some tenants to secure loans to manage these upfront costs, exacerbating the financial strain.

“Rize addresses this issue by handling the upfront payment and then leasing the property back to the tenant on a monthly basis,” he explained.

Balilah detailed the company’s tenant-focused approach, saying: “Primarily, tenants apply through our app, providing details about their desired unit, personal information, and then submitting their request.

“Upon receiving this, we conduct tenant screening. Once approved, we negotiate with the property owner to facilitate the transaction.”

He went on to explain that they then introduce their rent now, pay later model to the owners, possibly for the first time, explaining that they will rent from them to sublease back to the tenant with a single payment, converting it into monthly installments.

Balilah added: “We also reassure the owner about the tenant’s reliability, highlighting their employment and other relevant details as part of our comprehensive service.”

Furthermore, Rize offers a marketplace for renters who understand and support the RNPL model.

This approach smoothens the renter’s interaction with tenants, giving them access to book directly through the application.

The company has managed to secure partnerships with large real estate developers like Al Safa, Al Ramz, Makeen, Al Majdiah and Al Ajlan Riviera, which are all incorporating Rize’s offerings.

Balilah further pointed out that the RNPL business model has seen significant interest from real estate owners as it increases their chances to lease their units faster.

Source:https://arab.news/zamn4

Aiming to establish itself as a regional financial hub, Saudi Arabia has sent out a compelling invitation to startups worldwide.

The Kingdom’s push to enhance its fintech landscape has attracted the interest of MoneyHash, a US-based startup eyeing the nation’s promising potential in this sector.

Established in late 2020 by Nader Abdelrazik, Mustafa Eid, and Anisha Sekar, MoneyHash is targeting the Saudi market following a successful $4.5 million seed funding round in February.

The company is aiming to tackle key challenges in Saudi Arabia’s payment sector, helping businesses recover lost revenue due to payment failures and infrastructure complexities.

The company employs a hybrid business model, combining fixed fees with transaction-based charges, tailored to customer usage and product selection.

In an interview with Arab News, Abdelrazik, also the company’s CEO, outlined the firm’s strategy, aiming to establish MoneyHash as a frontrunner in this pivotal market.

“We are mainly focused on penetrating the market further, relying on our previous success and trusted brand as a payment infrastructure,” Abdelrazik told Arab News.

Success for MoneyHash is measured by the tangible benefits it provides to customers, including recovered revenue, reduced development costs, and lower failure and fraud rates.

These indicators are vital in the Saudi market, reflecting MoneyHash’s commitment to enhancing its clients’ payment processes and overall business efficiency.

A pivotal hub

Abdelrazik aims to deepen the company’s market penetration in Saudi Arabia, leveraging its established reputation and success as a trusted payment infrastructure provider.

While the CEO was reticent about sharing specific details, he emphasized the company’s ambitious and high standards, indicating a robust strategy aimed at further solidifying its presence in the region.

Looking at the long-term vision, MoneyHash seeks to play a defining role in its sector within the Saudi market, Abdelrazik said.

Viewing the Kingdom as a pivotal hub, the company plans to develop a comprehensive ecosystem of payment tech solutions and innovations.

“We raised $7.5 million to date between our pre-seed and seed funding rounds. We have active customers in Saudi already including prominent players like Foodics, and the latest investment will help us build a solution hub in Saudi and have a dedicated team for the market,” he added.

Collaborations with various partners are on the horizon to foster talent development and enhance business maturity in the region, showcasing a commitment to contributing to the sector’s growth.

“We are the first payment orchestration platform in the region, so we are more defining our own category than influencing it,” Abdelrazik stated.

“We see the Saudi market as a central hub for us to build a full ecosystem of solutions and innovations in the paytech space. And we have lots of partners with whom we will collaborate to boost capacity building in the region in terms of talent and business maturity,” he added.

On the expansion front, Abdelrazik outlined that the nature of their technology allows them to serve the entire Saudi market comprehensively.

This technology layer, adaptable and scalable, is designed to meet the diverse needs of the Saudi market, ensuring wide-reaching service delivery across the Kingdom, he explained.

The company is also keen on forging partnerships with Saudi governmental bodies, recognizing the government’s proactive stance on economic transformation and innovation.

Abdelrazik noted the government’s enthusiasm for tech-driven initiatives and expressed eagerness to collaborate, aiming to contribute to the Kingdom’s burgeoning innovation landscape.

Regarding product development, Abdelrazik hinted at an array of new services and products tailored specifically for the Saudi market.

“I can’t dive into the specifics, but our solution is all about localization. Our tech is already quite custom to each market, and our network of integrations and features dedicated for the Saudi market is quite large, and we are planning to expand that,” he stated.

Compliance with evolving Saudi regulations is another critical focus for Abdelrazik. As regulatory landscapes shift, the company positions itself as a technology enabler, assisting businesses in navigating payment compliance.

“As a technology enabler, we help our businesses navigate compliance in payments. Our team of payment experts is well-versed in the space, and can add lots of value in helping the entire ecosystem navigate and learn about the regulatory environment,” he stated.

Abdelrazik’s perspective on the Saudi market underscores its significance in the company’s expansion strategy.

He described Saudi Arabia as a rapidly evolving market with a robust consumer base and a conducive ecosystem for driving regional innovation.

A complex market

In assessing the current market landscape, Abdelrazik acknowledges the dynamic and complex nature of the payments sector in Saudi Arabia.

With numerous developments unfolding at a rapid pace, his company is committed to maintaining its leadership position in the payment orchestration category, focusing on delivering sophisticated and complex tech solutions that cater to the Kingdom’s unique market needs and contribute to crafting a success story in Saudi Arabia.

“A lot is happening in payments, and a lot will happen. It is a very fast-evolving and complex space, and we are leading the orchestration category in it,” Abdelrazik said.

Source:https://arab.news/bkf52

In a landmark move set to transform the construction landscape of Saudi Arabia, WakeCap, a Saudi-based provider of smart solutions for construction project management, and OpenSpace, a US-based leader in reality capture and AI-powered analytics, announced a strategic partnership aimed at making cutting-edge global technology easily accessible to the local market.

WakeCap provides real-time insights into worker activity and equipment usage through its smart hard hat solution. These data are designed to help project owners make informed decisions to enhance site safety, streamline workflows, and optimize project execution.

OpenSpace, an AI construction tech company, helps commercial builders operate more efficiently and with less risk.

This strategic partnership between WakeCap and OpenSpace is set to revolutionize the Saudi construction sector. By providing direct, local access to world-class technologies, it creates a centralized hub for all construction technology needs, enhancing operational efficiency across the board. The partnership between the two solutions further aims to provide more transparency on Saudi construction projects and to enable better decision-making and project management. This collaboration also addresses the challenge of talent scarcity, by allowing for more efficient resource utilization. Remote progress monitoring and tracking capabilities further reduce the need for frequent site visits, fostering smarter work practices that align with the demands of today’s fast-paced construction environment.

Dr. Hassan Albalawi, CEO and co-founder of WakeCap, said: “At WakeCap, we are deeply committed to setting the industry standard for data-powered site visibility, and our partnership with OpenSpace is a testament to this. Together, we are poised to propel the Saudi construction industry into a new era of transformation, marked by greater transparency, efficiency, and reliance on cutting-edge technology. This collaboration is more than a partnership — it’s also a pledge to empower Saudi companies with the necessary tools to thrive in a competitive market. By combining our expertise, we offer local access to global technological advancements, simplifying procurement, and ensuring these innovations are tailored to meet local requirements.”

Sam Badrah, director of sales, Middle East and emerging at OpenSpace, said: “We are excited to officially announce our partnership with WakeCap to help accelerate digital transformation in the construction sector across Saudi Arabia. Together, we can challenge the status quo in the region to help companies build smarter.”

Source:https://arab.news/wj6ha

Unitrans Group, through its flagship brand Budget Saudi, holds the title of being the world’s single largest franchise owner of ABG in that category. This global recognition, coupled with a legacy of 45 years in Saudi Arabia, underscores Budget Saudi’s commitment to delivering world-class services and creating memorable journeys and experiences.

The agreement was confirmed and announced at a recent signing ceremony held during ABG’s Middle East Conference in Jeddah. The Budget and Payless franchise agreement was signed by Hans Mueller, VP global licensees, ABG, and Fawaz Abdullah Danish, president and group CEO, Budget Saudi.

They were joined at the Middle East Conference — the largest regional get-together of its kind organized by ABG — by a selection of leading ABG executives and senior management from the UK, US and Singapore, as well as delegates from the GCC, Jordan, Lebanon and Kazakhstan.

The renewal of the agreement was followed by the announcement of Budget Saudi’s robust financial performance for the year 2023. The company recently reported profitability exceeding SR277.3 million ($73.9 million), a 10 percent increase from the previous year. Furthermore, revenue growth for the year 2023 was an impressive 34.4 percent higher than the previous year, underlining Budget Saudi’s strong financial health and promising future.

Danish said: “The franchise agreement signed for 10 years augurs well for the company and its growth strategy. It demonstrates the trust of Avis Budget Group in our company and our ability to deliver consistently and grow exponentially in the coming years. The brand Budget and Payless is secure in our portfolio in Saudi Arabia and is well positioned to achieve our vision of being the most comprehensive transportation solutions provider in the Kingdom: a one-stop-shop for wide-ranging vehicle renting and leasing services, as well as premier limousine operations. We are fully focused on achieving our accelerated growth plans for the next five years.”

Budget Saudi has seen substantial growth in its revenues and fleet. As part of its growth strategy — and in accordance with Vision 2030 — the company has launched a range of sustainable green initiatives to reduce the carbon footprint of its fleet. The company has also inducted EV vehicles to its fleet for rental and leasing services and is taking proactive steps to advance the Kingdom’s burgeoning EV infrastructure, in line with the Saudi Green Initiative.

Source:https://arab.news/4dy7c

Budget Saudi, a car rental company in the Kingdom, has renewed its Budget and Payless franchise agreement with Avis Budget Group. The agreement will extend the two entities’ partnership for another 10 years, until 2033.

Unitrans Group, through its flagship brand Budget Saudi, holds the title of being the world’s single largest franchise owner of ABG in that category. This global recognition, coupled with a legacy of 45 years in Saudi Arabia, underscores Budget Saudi’s commitment to delivering world-class services and creating memorable journeys and experiences.

The agreement was confirmed and announced at a recent signing ceremony held during ABG’s Middle East Conference in Jeddah. The Budget and Payless franchise agreement was signed by Hans Mueller, VP global licensees, ABG, and Fawaz Abdullah Danish, president and group CEO, Budget Saudi.

They were joined at the Middle East Conference — the largest regional get-together of its kind organized by ABG — by a selection of leading ABG executives and senior management from the UK, US and Singapore, as well as delegates from the GCC, Jordan, Lebanon and Kazakhstan.

The renewal of the agreement was followed by the announcement of Budget Saudi’s robust financial performance for the year 2023. The company recently reported profitability exceeding SR277.3 million ($73.9 million), a 10 percent increase from the previous year. Furthermore, revenue growth for the year 2023 was an impressive 34.4 percent higher than the previous year, underlining Budget Saudi’s strong financial health and promising future.

Danish said: “The franchise agreement signed for 10 years augurs well for the company and its growth strategy. It demonstrates the trust of Avis Budget Group in our company and our ability to deliver consistently and grow exponentially in the coming years. The brand Budget and Payless is secure in our portfolio in Saudi Arabia and is well positioned to achieve our vision of being the most comprehensive transportation solutions provider in the Kingdom: a one-stop-shop for wide-ranging vehicle renting and leasing services, as well as premier limousine operations. We are fully focused on achieving our accelerated growth plans for the next five years.”

Budget Saudi has seen substantial growth in its revenues and fleet. As part of its growth strategy — and in accordance with Vision 2030 — the company has launched a range of sustainable green initiatives to reduce the carbon footprint of its fleet. The company has also inducted EV vehicles to its fleet for rental and leasing services and is taking proactive steps to advance the Kingdom’s burgeoning EV infrastructure, in line with the Saudi Green Initiative.

Source:https://arab.news/4dy7c

Saudi Deputy Minister of Foreign Affairs Waleed Elkhereiji met Honduran Foreign Minister Eduardo Enrique Reina in the country’s capital city, Tegucigalpa, on Tuesday.

During the meeting, they discussed Saudi-Honduras relations and ways to strengthen them, along with prominent regional and international issues, the Saudi Foreign Ministry said on X.

The two ministers also signed a general framework agreement for coooperation between the Kingdom and Honduras.

The meeting was attended by Saudi Arabia’s nonresident ambassador to Honduras, Haitham bin Hassan Al-Maliki, and the director general of the deputy minister’s office, Mutashar Al-Enezi.

Source:https://arab.news/yfk9d

Saudi Arabia is emerging as a hotspot for international investment. Its latest hook? Sustainable hospitality.

The Kingdom led the Middle East and Africa’s hotel-building activity in 2023, with 42,033 hotel rooms constructed. This accounted for 35.1 percent of the 119,505 built in the region over the year, according to data from hotel monitoring firm STR.

Saudi Arabia’s hotel segment is projected to generate $2.51 billion in revenue this year and is expected to reach $3.02 billion by 2027, according to Statista.

One of the Kingdom’s Vision 2030 goals is to champion sustainability across all sectors, and in turn, hotels and plazas across the country have been working to implement more environmental and eco-friendly practices in their facilities.

From 2010 to 2019, Saudi Arabia’s tourism industry has contributed an average of 6.4 percent to the country’s gross domestic product, while recording a decline in greenhouse gas emissions.

In contrast, the global GDP average for travel and tourism over the same period rose 4.3 percent, and emissions by 2.5 percent.

Several of Red Sea Global’s developments are already up and running along the Kingdom’s northwestern coastline, including the Six Senses Southern Dunes, The Red Sea and St. Regis Red Sea Resort.

The company recently announced further projects pillared by environmental sustainability.

The Four Seasons luxury wellness resort, Amaala, Triple Bay, is branded with regeneration and wellness at its core, and is set to feature a one-of-a-kind Corallium marine life institute.

Progress is also being made on a sustainability-focused staff village that will provide housing for those who work at the resort. RSG says that five international operator brands, including Six Senses and Clinique La Prairie, are expected to be confirmed in the coming months.

“Our mission to develop new destinations as beacons of responsible tourism, showcasing the best in sustainable and regenerative development, gains unprecedented urgency as our planet continues to face challenges in relation to the climate crisis and biodiversity loss,” John Pagano, RSG’s group CEO, said in a statement.

The economic zone NEOM recently unveiled three new sustainable hotels in its Leyja oasis, including three flagship Habitas properties, as well as Zardun, a sanctuary resort designed to harmonize with the surrounding ecosystem.

NEOM’s Hotel Development division has also sponsored Hotelschool The Hague to bring about the Sustainable Hospitality Challenge, bolstering a new generation of innovation in the industry.

Many of the resorts across Saudi Arabia are built to blend in with the surrounding environment. Take AlUla’s Habitas, for example, which boasts the city’s serene desert landscape that immerses guests in its untouched backdrop.

The luxury resort brand demonstrates its sustainable ethos, in line with the UN Sustainable Development Goals for 2030, through the offsetting of carbon emissions, waste management and a single-use plastic free policy.

“The AlUla Sustainability Charter is at the core of every hospitality project we develop within the destination,” Phillip Jones, chief tourism officer at the Royal Commission for AlUla, told Arab News.

“From the foundational design and materials of construction to the infrastructure, and the ongoing operations, as we only work with international operators that have a proven track record in sustainability, AlUla’s hotels and resorts each contribute toward delivering on our goals, such as achieving net carbon neutrality for local emissions by 2035.”

As the Arab region demonstrates overall lower environmental sustainability due to water scarcity, harsh climate and biodiversity threats, industry leaders are redefining the buzz term to fit local standards.

There are a number of grassroots projects that examine the existing traces of environmental sustainability awareness throughout the Arab region’s history. The Kingdom’s forefathers exhibited community-centered lifestyles, for example, while Islam advises its followers to conserve food and water consumption.

Chris Nader, CEO and co-founder of luxury ecolodge brand and management company ENVI Lodges, told Arab News: “Sustainability comes from a basis of trying to minimize our negative impacts on the environment. It’s not only nature, or animals — it’s also people.”

ENVI Laguna Bay, a sustainable project developed by Al-Rasim Hotels and Resorts, will occupy a prime Red Sea coast beachfront destination in King Abdullah Economic City, surrounded by mangroves.

“KAEC will host the first eco-friendly coastal resort in the distinguished and captivating laguna area,” Aiad Mushaikh, CEO of Al-Rasim Hotels and Resorts, said in a statement.

The project strongly aligns with Saudi Arabia’s Vision 2030. Its road map for tourism sector growth includes respecting the land, protecting wildlife, supporting local communities, sourcing mindfully, in-house food production, engaging guests and designing a sense of place. These pillars have been built into the technical guidelines of building the lodge.

One common belief is that building necessitates the destruction of land. But through its design principles, ENVI demonstrates different approaches that can be taken to minimize its presence within the natural landscape. The company builds low-impact lodges that blend into the environment.

“We don’t do excavations,” said Nader. “We put our unit on stilts or decks, and we don’t build the units completely on the site so the amount of people and trucks on the site that have to come and go is very limited.”

An important element is also selecting materials from the environment, whether they be wood, rocks or mud, and sourcing materials and products that will maintain durability and integrity over time.

Source:https://arab.news/ypfvu

What extraordinary feats did Saudi Arabia accomplish to see itself ranked ahead of China, Germany and the UK on a global measure of economic competitiveness?

On its eighth anniversary, Saudi Vision 2030 has reached several remarkable milestones and made steady progress since its inception by Crown Prince Mohammed bin Salman, revealing a transformative journey that continues to reshape the Kingdom’s future.

“It is an ambitious yet achievable blueprint, which expresses our long-term goals and expectations and reflects our country’s strengths and capabilities,” the crown prince said at Vision 2030’s launch in 2016.

“All success stories start with a vision and successful visions are based on strong pillars.”

According to a competitiveness report by the Swiss-based International Institute for Management Development, the Kingdom ranks third among G20 nations on this metric, and 17th among all countries.

Just what are the achievements the Kingdom has made to secure this high global ranking among competitive countries?

According to the latest annual Vision 2030 bulletin, Saudi Arabia achieved significant progress in four competitiveness factors evaluated in the report.

It leaped to sixth place in economic performance, advanced to 11th in government efficiency and 13th in business efficiency, while holding steady at 34th in infrastructure ranking.

Other performances include that the Kingdom is third among G20 countries, fifth globally in the financial market index, and second in the cybersecurity indicator.

As the most crucial driver of economic diversification and the revitalization of vital sectors, the Public Investment Fund possesses leading investment portfolios.

These are designed to direct investments toward diversifying the economy, developing infrastructure, stimulating innovation, and strengthening global economic ties.

The fund has broadened its portfolio to encompass promising sectors with significant growth potential, covering everything from tourism and entertainment to financial technology, gaming, and sports.

Its investment competence has swiftly increased, positioning PIF as a global leader in capitalizing on economic opportunities at both national and international levels.

Strides in the logistics sector

Since the launch of Vision 2030, Saudi Arabia has been unlocking the potential of the logistics sector, capitalizing on its strategic location and unique capabilities to become a leading hub.

This focus has begun to bear fruit, with a series of achievements reinforcing the Kingdom’s global status in the logistics arena.

Progress in this arena was underlined when Saudi Arabia leapt 17 places in the World Bank’s Performance Index, advancing from 55 to 38.

Additionally, the Kingdom saw an eight-place advancement in Lloyd’s List Global Ranking for Container Handling Among the World’s Top 100 Ports, from 24 to 16.

Furthermore, the Kingdom made its most significant jump in the International Air Connectivity Index, moving from 27th to 13th place, according to the report by the International Air Transport Association.

Business efficiency

Since March 2020, the Saudi Business Center has delivered 2.5 million services to the private sector through its 17 branches across the Kingdom.

These services aim to streamline business startup processes and offer various related services, following international best practices.

This approach helps attract investments and creates a supportive environment, with high-quality services provided efficiently to the business sector.

The Vision 2030 report noted that the Kingdom moved up in the National Entrepreneurship Context Index from fourth to second place, a result of achieving a top ranking in several sub-indicators, revealing continuous development and a competitive global position in the entrepreneurship sector.

Saudi Arabia also ranked first in several sub-indicators for 2023, including indexes which measure the ease of starting a business, fear of failure, and individuals’ skills and knowledge. The Kingdom was also top for metrics building great wealth, knowing someone who started a new business, and the availability of good opportunities to start one.

Saudi Arabia has made significant progress on the global stage, which means that it has already mastered the smaller-scale challenges.

It led the Middle East and North Africa in venture capital investment by value for 2023, according to a report from the startup investment data platform MAGNiTT.

This top ranking reflects the Kingdom’s efforts over the past several years to create an encouraging and supportive environment for entrepreneurship and investment in startups, fostering the growth of the private sector and providing more economic opportunities.

Transport infrastructure

The transportation sector is crucial for sustainable development and plays a key role in improving safety by enhancing roads and implementing advanced transportation systems.

These efforts help reduce road accidents, injuries, and fatalities, creating a safer environment and boosting overall quality of life — all part of the goals of the National Transport Strategy, within the framework of Vision 2030.

The report outlined traffic safety indicators and highlighted that the road fatality rate dropped from 28.8 per 100,000 people in 2016 to 13.3 by 2022.

It also noted that the injury rate fell to 71.67 injuries per 100,000 individuals in 2022.

Competitive financial market

Saudi Arabia’s financial market has experienced significant growth and activity since Vision 2030 was announced, demonstrating the strength and robustness of the Kingdom’s financial sector.

The Kingdom was ranked fifth globally — and third among G20 countries — in the Financial Markets Index, according to the 2023 International Competitiveness Yearbook by the World Competitiveness Center.

The number of financial technology entities in 2023 reached 216, far exceeding the target of 150. This indicates rapid growth and development in the financial technology sector.

Furthermore, the number of listings in the financial market for 2023 reached 43, surpassing the target of 24, indicating increased interest from companies to list on the market.

This growth is a positive sign of investor confidence and the attractiveness of the market for public offerings, as the total number of listed companies is now 310, indicating a diverse and extensive market.

A high percentage of micro and small enterprises listed on the market, at 76.7 percent compared to the target of 44 percent, demonstrates that even smaller businesses are finding opportunities to go public, according to the report.

Saudi Arabia’s story of transformation has many authors, including the government, Saudi citizens, the private sector, and international partners.

In 2023, their combined efforts made Saudi Arabia an even better place to live, work, and visit.

Together, they are writing the next chapter in 2024 — a year of unrivaled opportunity for the Kingdom and anyone who wants to be part of the story.

Source:https://arab.news/c7s49

In a push to accelerate the shift toward the fourth industrial era, Bahrain’s Ministry of Industry and Commerce announced the iFactories initiative that aims to transform the country’s industrial sector.

Launched in strategic partnership with Tamkeen, a public authority designed to support Bahrain’s private sector, the initiative outlines an ambitious plan to transform 300 factories into smart ones by 2026.

The iFactories initiative is part of the industrial sector’s broader 2022-2026 strategy, which focuses on assessing the digital readiness of factories, enabling investment in technological infrastructure and promoting manufacturing automation.

Abdullah Fakhro, Bahrain’s minister of industry and commerce, underlined the government’s commitment to enhancing national sectors’ efficiency and global competitiveness.

Tamkeen CEO Maha Mufeez emphasized the initiative’s alignment with the organization’s objectives of driving economic growth through the private sector and elevating Bahraini citizens in the labor market.

Moreover, the partnership is expected to modernize Bahrain’s industrial sector, fostering the adoption of advanced technological solutions, leading to economic growth and job opportunities, Mufeez stated.

The iFactories initiative’s progress will be gauged through the Smart Industry Readiness Index, an international benchmark for assessing factories’ preparedness for the fourth industrial revolution.

The transformation process comprises four stages: self-evaluation, design, empowerment and development.

In the first phase, the ministry will offer advisory and technical support for self-evaluation, followed by assessments from accredited evaluators.

This move will pave the way for factories to develop a comprehensive digital transformation plan and access support and incentives.

The initiative is designed to manage production lines effectively, conserve resources, increase productivity and reduce the dependency on unskilled labor by adopting automated processes and modern technologies.

Khaled Al-Alawi, assistant undersecretary for industrial development, encouraged interested parties to initiate self-assessment using the evaluation guide on the ministry’s website or by directly engaging with the ministry’s industrial affairs specialists.

The iFactories initiative signals Bahrain’s concerted efforts to align its industrial sector with global advancements, further strengthening its position as a competitive player in the fourth industrial revolution.

Source:https://arab.news/768wd