Awaed Capital & Endure Capital launch $200m fund for investment in global tech companies

Awaed Capital & Endure Capital launch $200m fund for investment in global tech companies
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Updated 07 March 2024
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Awaed Capital & Endure Capital launch $200m fund for investment in global tech companies

Awaed Capital & Endure Capital launch $200m fund for investment in global tech companies

Awaed Capital has announced the establishment of the “Arak Fund for Hyper Growth Companies,” in partnership with Endure Capital. The $200 million investment capital fund is licensed by the Capital Market Authority, and is managed by Awaed Capital, with Endure Capital as a strategic consultant.

The fund has been established to enable Saudi Arabia make use of the growth opportunity by investing in global technological companies, and establishing a strategic relationship with these companies that will help them to grow within the Kingdom.

Adel Al-Ateeq, CEO of Awaed Capital, said: “The Saudi economy has witnessed much growth in recent years. This has made global banks and organization praise it and have positive future expectations in light of the Kingdom’s Vision 2030 and its strategic goals, which contributed to fostering the position of the Kingdom as a leading world economic power and proved its success in several sectors. The economic reforms carried out by the wise leadership of the Kingdom has also contributed to this success. Such factors are considered a promising opportunity for investment in the Saudi market and led to the creation of the Arak Fund.”

Tariq Faheem, general manager of Endure Capital, added: “Our aim is for Arak Fund to be a qualitative fund for target companies to invest in areas such as space technology, biotechnology, electricity, smart logistic services, semiconductors, AI infrastructure, and others.”

The fund focuses on investment in primary and secondary shares in several growing companies, provides several exit options for investors, starting early from the end of the second year up to the fifth year. It is expected that the fund will contribute to increasing the GDP by more than $10 billion, enhancing the growth of the Saudi economy. 

The fund aims to be the main bridge that connects Saudi Arabia with the world through investments in technology startups.

 

      


“Bahrain Surf Park — Club Hawaii Experience” first in region to use Wavegarden Cove technology

“Bahrain Surf Park — Club Hawaii Experience” first in region to use Wavegarden Cove technology
Updated 02 October 2024
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“Bahrain Surf Park — Club Hawaii Experience” first in region to use Wavegarden Cove technology

“Bahrain Surf Park — Club Hawaii Experience” first in region to use Wavegarden Cove technology

Bahrain Real Estate Investment Company, known as Edamah, Mumtalakat’s real estate arm, in partnership with GFH Financial Group, has announced the launch of “Bahrain Surf Park — Club Hawaii Experience,” the Middle East and North Africa region’s first surf park using the state-of-the-art “Wavegarden Cove” technology.

The surf park will form the first leisure and entertainment element of the wider Bilaj Al-Jazayer development, a 1.3-million-square-meter project along Bahrain’s southwest coast. Recognized as Bahrain’s Best Leisure Development by the Arabian Property Awards, Bilaj Al-Jazayer will also feature luxury beachfront hotels, residences, and commercial spaces.

Shaikh Abdulla bin Khalifa Al-Khalifa, CEO of Mumtalakat and chairman of Edamah, said: “We are excited to announce the development of Bahrain Surf Park — Club Hawaii Experience, which will be transformational for the tourism and recreation sectors in the kingdom of Bahrain. This pioneering project reflects Edamah’s commitment to innovation and our focus on investing in local initiatives that will strengthen the tourism infrastructure in the kingdom, while also enhancing Bahrain’s attractiveness as a tourist destination.”

 

 

GFH Group CEO and Board Member Hisham Alrayes said: “Our partnership with Edamah to bring the first surf park to the region, using Wavegarden Cove technology, reflects GFH’s commitment to innovative and transformative projects. Bahrain Surf Park — Club Hawaii Experience at Bilaj Al-Jazayer will elevate Bahrain’s profile as a tourism destination and provide a dynamic recreational venue for locals and visitors alike. We are proud to be part of this milestone development.”

Wavegarden’s Chief Commercial Director Fernando Odriozola added: “We are very proud to partner with Bahrain Surf Park — Club Hawaii Experience and bring our world-class waves and the incredible sport of surfing to the region. The Wavegarden Cove surfing lagoon offers the most varied wave menu on the market, designed for surfers of all ages and levels. With consistent waves of different shapes and sizes, Bahrain Surf Park — Club Hawaii Experience is going to be an amazing beach destination for people from the entire area, traveling surfers, and tourists alike.”

Also included in the Bahrain Surf Park is Club Hawaii Surf Academy. Club Hawaii will train, mentor and develop surfers of the future through a series of comprehensive training programs for beginners, improvers, intermediates and advanced surfers. Club Hawaii acknowledges, through its brand, the spirit of Hawaii, the birthplace of surfing.

The destination is expected to attract approximately 300,000 visitors per year, with upwards of 140,000 surf sessions annually. The park will feature F&B outlets, a spacious terrace, a retail store, cabanas, an event space, and a large private entertainment area for corporate or school groups. There are also plans to host a major international surfing competition at the park in 2026.

The Wavegarden Cove can accommodate up to 90 surfers and produce up to 1,000 waves per hour, catering to all skill levels from beginners to elite surfers. The wave-making technology has the lowest energy consumption on the market, and the facilities provide a vast range of social and economic benefits to local communities.

Bahrain Surf Park — Club Hawaii Experience is scheduled to open in 2026. 


LuLu food festival celebrates flavors of the world

LuLu food festival celebrates flavors of the world
Updated 02 October 2024
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LuLu food festival celebrates flavors of the world

LuLu food festival celebrates flavors of the world

LuLu Hypermarket is currently hosting its “World Food Festival” across the Kingdom. Running from Sept. 25 to Oct. 8 and spanning several key regions, this festival features special displays, diverse activities, and the participation of international celebrity chefs, offering live cooking experiences and a world of flavors for visitors to enjoy.
Influencer Abdulaziz Al-Shahri participated in a live cooking challenge between Chef Khalid and Chef Raed. At the Malaz branch in Riyadh, Egyptian influencer Baig Alam served as the judge for the cooking challenge, evaluating dishes brought by participants. Renowned Indian YouTuber Firoz Chuttipara flew in from India, adding his culinary expertise to the festival.
In the Eastern Province, Chef Mohammed Wafi Al-Asli led the festival’s launch at the Hafr Al-Batin branch with a live cooking demonstration and competition. Participants showcased their culinary skills for a panel, including Chef Mohammed, with a focus on presentation and taste. Similarly, the Al-Ahsa branch featured Chef Fahd Al-Shaibi, who led a cooking competition judged on the same criteria.
Meanwhile in Jeddah, notable chefs like Chef Abu Aziz, Chef Raghad, Chef Shoug, and Chef Firoz energized the festival. A culinary showdown took place between Chef Areej and Chef Lina at the Al-Marwa branch. There were also comedic cooking challenges between bloggers You Can and Big Man. The audience enjoyed numerous challenges and activities.
In addition to the live cooking experiences in all stores, LuLu Hypermarket is offering exclusive deals across all product categories, including fresh produce, grocery items, frozen foods, health and beauty products, household items, electrical appliances, and more. 
“The World Food Festival is a true celebration of global flavors and an incredible opportunity for visitors to learn from celebrity chefs, participate in interactive cooking challenges, including a kids’ cooking challenge, and enjoy exclusive discounts on a wide range of products,” a press statement said. “Whether you’re there for the live cooking demonstrations, the unique culinary experiences, or the amazing shopping offers, this festival promises an unforgettable time for all.”
Speaking about the event, LuLu Saudi Hypermarkets Director Shehim Mohammed said: “The World Food Festival is a landmark event for both the retail and food industries, connecting consumers and producers in a unique culinary experience. The festival boosts awareness of food products and supports both local and international brands while enriching the overall shopping experience.”
This ongoing festival offers an opportunity to explore global cuisines, learn from culinary experts, and create memories with family and friends.


Alraedah Finance wins Gold Award as ‘SME Financier of the Year 2024’

Alraedah Finance wins Gold Award as ‘SME Financier of the Year 2024’
Updated 02 October 2024
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Alraedah Finance wins Gold Award as ‘SME Financier of the Year 2024’

Alraedah Finance wins Gold Award as ‘SME Financier of the Year 2024’

Alraedah Finance has been awarded the Gold Award for “SME Financier of the Year 2024” by the Global SME Finance Forum, a recognition that underscores Alraedah’s commitment to empowering small and medium-sized enterprises across the Kingdom with tailored financial solutions and customer-focused support.
The SME Finance Forum, a global organization dedicated to improving financial access for SMEs, is supported by the International Finance Corporation, a member of the World Bank Group. With this significant backing, the SME Finance Forum has become one of the most reputable global organizations in the finance sector, boasting a network of more than 240 members, including major financial institutions, technology providers, and development finance organizations. Through its Global SME Finance Awards, the forum annually celebrates financial institutions and fintech companies that are setting new benchmarks in delivering innovative and impactful financial services to the SME sector.
In July 2023, Alraedah Finance launched a first-of-its-kind Customer Success Department, designed to enhance client experiences and deliver tailored support to SMEs. This strategic initiative reflects the company’s commitment to ensuring that its SME clients not only succeed but thrive. By offering personalized assistance and proactive engagement, the Customer Success Department has become a cornerstone of Alraedah’s mission to foster long-term partnerships with its clients.
“Our focus has always been on fostering long-term partnerships with our clients, and the establishment of the Customer Success Department is a clear reflection of that commitment,” said Abdulaziz AlDawood, CEO of Alraedah Finance. “We are dedicated to ensuring that SMEs across the Kingdom have access to the tools, guidance, and resources they need to grow and succeed.”
The impact of Alraedah’s Customer Success Department has been remarkable. In Q1 of 2023, the company’s SME payment default rate was 6.7 percent. By Q1 2024, the average default rate was 3.3 percent, marking a significant 50 percent reduction in merchant defaults. These impressive figures highlight the department’s success in providing the critical support SMEs need to stay financially healthy.


Huawei Watch GT 5 transforms health & fitness management

Huawei Watch GT 5 transforms health & fitness management
Updated 02 October 2024
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Huawei Watch GT 5 transforms health & fitness management

Huawei Watch GT 5 transforms health & fitness management

In the world of smartwatches, we have come a long way from simply tracking steps and telling time. These days, it is all about seamless connectivity and health monitoring that feels almost futuristic. And of course the design is front and center. Whether it is blood oxygen tracking, stress monitoring, or even sleep insights, users expect their wrist companion to do it all, and do it stylishly. 
The Huawei Watch GT 5 Series hits every mark. It comes in a total of two different editions, GT 5 Pro and GT 5, with three different sizes and 12 colorways. The Huawei Watch GT 5 Pro 46 mm brings back the iconic octagonal watch dial with enhanced details. This time, the octagonal design is recreated on the watch bezel creating distinct sharp lines around its contours. The Huawei Watch GT 5 Pro 46 mm comes with a 1.43-inch AMOLED screen. It uses durable materials like sapphire glass, a titanium alloy case, and a nano-microcrystalline ceramic back. Titanium has superior durability and is lightweight compared to stainless steel, along with impressive corrosion resistance. 
The smaller 42 mm model of the Huawei Watch GT 5 Pro brings a nano-crystal ceramic build complete with white ceramic bezels with gold accents. Its 1.32-inch AMOLED screen is protected by sapphire glass against scratches and wear.
The Huawei Watch GT 5 Series offers the sleek 41 mm and a larger 46 mm options. Unlike the pros, these are constructed with durable stainless steel. 
The GT 5 Series introduces a major leap in health and fitness tracking with the debut of the TruSense System. It offers six key improvements in accuracy, speed, comprehensiveness, flexibility, openness, and iterative improvements, pushing the boundaries of health monitoring.
Thanks to the TruSense System, the Watch GT 5 Series now leads the industry in tracking vital signs such as heart rate, blood oxygen levels, and respiratory rate. But it does not stop there — the new Emotional Well-being Assistant takes health tracking to the next level, allowing the watch to infer the user’s emotional state. By tracking long-term emotional patterns, the watch helps predict emotional health risks, alerting users to make necessary lifestyle adjustments. 
For women, the watch introduces advanced cycle management, providing an easy-to-navigate system that makes female health information more accessible and insightful.
The battery life remains just as impressive as ever, boasting up to 14 days on the 46 mm model and seven days on the 41 mm version. 
The Huawei Watch GT 5 Series brings new sports tracking features designed for serious athletes, like enhanced cycling tools for a more comprehensive running experience. It is compatible with Android and iOS smartphones. 
The Huawei Watch GT 5 Series is available now for pre-orders in the Kingdom starting at SR999 ($266) with valuable gifts worth SR597 at Huawei’s online store and several authorized retailers.


‘Jeddah Construct’ spotlights innovative products and services

‘Jeddah Construct’ spotlights innovative products and services
Updated 01 October 2024
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‘Jeddah Construct’ spotlights innovative products and services

‘Jeddah Construct’ spotlights innovative products and services

The inaugural edition of Jeddah Construct, the largest construction event in the western province, opened its doors, welcoming visitors until Oct. 1 at the Jeddah International Exhibition and Convention Center.

Powered by Big 5 Construct Saudi, the event was opened by a delegation from the Jeddah Center for Exhibitions and Events, with Ben Greenish, executive vice president — construction at dmg events, and Muhammed Kazi, senior vice president — construction at dmg events, joining the opening ceremony.

“We are thrilled to open the first edition of Jeddah Construct, building on our decade-long legacy in the Kingdom of Saudi Arabia with Big 5 Construct Saudi. The event covers the entire construction value chain, bringing together 200 exhibitors from over 25 countries and presenting a wide range of products, services, systems and solutions. With $613 billion worth of mega-projects driving Jeddah’s built environment forward, we are looking forward to supporting the evolving demands of Jeddah’s construction landscape,” said Kazi. 
He added: “The event features products and services under 16 key product sectors, hosting a blend of local and international exhibitors and providing a veritable platform for business engagements.”

The exhibition halls featured key steel exhibitors at the forefront of structural innovation. Exhibitors presented a wide range of advanced steel products, from cutting-edge materials to sustainable structural systems, designed to meet the growing demands of Jeddah’s construction sector.

One of the key players and leaders in the steel tubes and pipes market locally and regionally, Al-Yamamah Steel Industries presented a range of steel tubes for structural purposes, scaffolding tubes and steel pipes for pressure services. Kirby Building Systems showcased a wide range of customized, cost-effective steel building solutions, which included pre-engineered steel building, sandwich panels, curved beams, deep decking panels as well as standing seam panels renowned for their longevity and durability.

Other steel giants showcasing their products and systems included Himalaya Steel Group, Framecad International, Cypex, Baz Steel and Icon Egypt.

The outdoor exhibition area at Jeddah Construct opened with a display of the top heavy machinery exhibitors, offering attendees an impressive showcase of the latest in construction equipment and technologies.

XCMG Trading Company, one of the largest construction machinery companies in China, presented its customized series of skid-steer loaders, excavators and backhoe loaders, specialized in the early stages of construction, including digging, hauling and excavating. Another exhibitor, NAZ Industries, brought its latest tipper and flatbed trailers and semi-trailers with lower weight, which streamline operations, reduce downtime and enhance productivity, meeting the unique needs of mega-construction projects.

Other exhibitors included Essa Dakhil Allah Almarwani Trading Company, Alton Trading Company and Al-Wady Al-Akhdar Al-Momaiaz Factory.

Day 1 of CPD-certified Construct Talks, sponsored by Himalaya Steel, welcomed industry leaders, subject matter experts and decision-makers to share practical insights and innovative strategies addressing the pressing needs and emerging trends of the construction industry in Jeddah.

In one of the sessions, Khalil Al-Saeedi, executive director of program delivery at Saudi Entertainment Ventures, stressed the importance of early collaboration among project teams for effective project planning and resource allocation, crucial for the successful delivery of projects. Fellow speaker Mohammed Abdel Jawad, project management expert and committee member at Project Management Institute — Saudi Arabia, shared valuable insights on the RACI matrix, which is imperative for resource assignments while visualizing roles and responsibilities within project teams.

The opening day featured an industry networking session hosted by the Chartered Institute of Building, bringing together construction stakeholders, professionals and thought leaders to engage in discussions and expand their professional network with some of the industry’s leading figures.