Project management practices in spotlight at Riyadh forum

Project management practices in spotlight at Riyadh forum
The engagement of participants from across the world at the forum is expected to enrich the local project management environment. (SPA)
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Updated 02 June 2024
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Project management practices in spotlight at Riyadh forum

Project management practices in spotlight at Riyadh forum
  • Two-day annual event will highlight developments in project management across various sectors

RIYADH: Project managers and experts are scheduled to gather in Riyadh for the third Global Project Management Forum to share their experiences and discuss best global practices in the sector.

The two-day annual event will be held on June 2-3 to highlight the latest developments in the field of project management across various sectors and serve as a platform for industry experts to share creative ideas to achieve their professional goals.

To be held under the theme “We Achieve the Dream: Leadership, Empowerment, Sustainability,” the event aspires to showcase Saudi Arabia’s distinguished position and leading role in colossal and futuristic projects worldwide.

The forum is designed to bring together the most influential global community of project managers and diverse stakeholders for immersive learning, networking, and collaboration.

Last year, the event succeeded in attracting 2,609 participants, and a much larger number is expected this year.

Badr Burshaid, president of the Project Management Institute-KSA chapter, emphasized the distinguished position that the forum has been able to achieve over the past two consecutive years.

“Since its inception, the forum annually attracts project leaders from around the world, including thought and business leaders, academics, professional and technical managers, as well as major organizations and institutions, to exchange knowledge and experiences,” he stated.

Burshaid added: “This contributes to the implementation of government initiatives aimed at making Riyadh one of the most sustainable and economically significant cities in the world.”

Additionally, GPMF aspires to advance the Kingdom’s Vision 2030 by enhancing the skills and capabilities of project management professionals in the Kingdom. 

Support from the govern-ment, private sector, and professio-nal community has propelled Saudi Arabia into a leadership position in several global project manage-ment certifica-tions.

Badr Burshaid, president of the Project Management Institute-KSA chapter

Burshaid told Arab News that the event emphasizes how effective project management ensures timely, budget-conscious, and high-quality completion of initiatives.

“This strategic approach not only supports the Kingdom’s economic diversification (plans) by optimizing project efficiency and effectiveness but also contributes to a robust framework where organizations utilizing these practices consistently achieve a 92 percent success rate in meeting project goals,” he said.

Burshaid added: “Thus, GPMF is instrumental in fostering a disciplined and consistent approach to project management, vital for the realization of Vision 2030’s objectives.”

The official also outlined the expected growth of the project management profession in Saudi Arabia over the next five years.

He predicted increased demand for skilled project managers across various sectors and emphasized the importance of professional development and adherence to international standards.

Moreover, the engagement of participants from across the world at the forum is expected to enrich the local project management environment and contribute to establishing a globally competitive landscape.

“This global interaction will help materialize the vision of establishing a dynamic and internationally competitive project management landscape in Saudi Arabia,” Burshaid told Arab News.

Additionally, “the global demand for project management skills is escalating, with an estimated need for 25 million new professionals by 2030, underscoring the critical role of this profession in contemporary economies,” he added.

Fostering Saudi Arabia’s professional landscape

Saudi professionals will also benefit from the training and certification opportunities offered by the GPMF.

These programs ensure access to advanced project management methodologies, tools, and best practices.

Thus, GPMF’s impact on the Kingdom’s workforce is significant, as it cultivates a highly skilled talent pool capable of managing complex projects, which in turn drives economic growth.

“Support from the government, private sector, and professional community has propelled Saudi Arabia into a leadership position in several global project management certifications,” Burshaid explained.

He continued: “Moreover, current data highlights the strong emphasis on professional development in this field: Sixty-one percent of organizations invest in project management training, and 47 percent have established a clear career pathway for project professionals.”

Burshaid further explained that over 20 percent of project managers intend to pursue certification within the next year. 




Last year, the event succeeded in attracting 2,609 participants, and a much larger number is expected this year. (SPA)

The forum caters to a diverse audience from the government and private sectors, semi-government sectors, engineering, contracting, and procurement companies, startups, construction and infrastructure firms.

It also targets project managers, strategic managers, developers, project management office managers, consultants, and technology providers.

The forum also aims to empower female professionals, and ambitious youth with the necessary skills and knowledge to excel in project management.

This is achieved by highlighting key topics in the economy, foresight and governance, work methods and value chains, large-scale projects and sustainable social impact, digital transformation, uses of artificial intelligence, soft skills, and other related topics in project management.

Strategic initiatives 

Furthermore, Burshaid highlighted several initiatives aimed at enhancing the project management field and supporting local talent in Saudi Arabia through a series of strategic initiatives.

These initiatives include mentorship programs, scholarships for project management training, and collaborations with universities to integrate relevant courses into their academic programs.

The goal is to equip emerging talent with the necessary skills, knowledge, and opportunities for successful careers in project management. 

FASTFACT

The forum is designed to bring together the most influential global community of project managers and diverse stakeholders for immersive learning, networking, and collaboration.

“Further strengthening our commitment, we have formed partnerships with five Formula 1 school teams throughout Saudi Arabia. These collaborations aim to provide the teams with the necessary knowledge and financial support to excel in their projects,” Burshaid stated.

He added: “Additionally, we have conducted more than 230 training sessions aimed at boosting the capabilities of local talents, complemented by our active sponsorship of professionals across the Kingdom.”

Burshaid went on to say that as they approach 2030, there is an expectation that the demand for skilled project managers will significantly increase.

To meet this growing demand globally, it is estimated that approximately 2.3 million new project managers will need to be developed each year. This projection aims to address a total global demand of 25 million project managers by the end of the decade.

“Our initiatives are key to meeting these challenges and ensuring the sustained growth and success of the project management profession in the region and beyond,” he said.

Contribution to SMEs

Burshaid also outlined efforts to support the growth of small and medium enterprises in Saudi Arabia through targeted training programs tailored to address specific challenges.

These initiatives aim to equip SME owners and managers with advanced project management skills, leading to improved outcomes, increased efficiency, and innovation.

“The forum provides SMEs with access to critical insights and opportunities for expansion, supporting the development of a vibrant SME sector. This sector is vital for driving innovation, job creation, and gross domestic product growth in Saudi Arabia,” Burshaid said.

He added: “SMEs’ adaptability and capacity for innovation not only boost employment but also attract foreign direct investment, contributing to a robust business ecosystem.”

 Burshaid underlined that supportive measures such as the establishment of SME Bank to enhance financial access, technology adoption, and workforce diversity, solidify Saudi Arabia’s reputation as an innovative investment hub.

The country’s high global ranking in venture capital availability underscores the positive impact of Vision 2030 on the SME environment.

The GPMF is more than simply a learning experience; it also provides an opportunity to network with over 1,000 project and program management professionals from various organizations and backgrounds.

Participants can network with one another, discuss ideas, learn from each other’s experiences, and form significant professional ties that may persist beyond the event.

The forum does provide a platform for the development of new collaboration and career opportunities.

A day before the GPMF begins, guests can attend masterclasses given by some of the industry’s specialists. They will acquire insights into the latest tools, technologies, and techniques and learn how to apply them to their projects for better results.


Saudi Arabia launches company to transform Asir into global tourism hub

Saudi Arabia launches company to transform Asir into global tourism hub
Updated 14 November 2024
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Saudi Arabia launches company to transform Asir into global tourism hub

Saudi Arabia launches company to transform Asir into global tourism hub

RIYADH: Saudi Arabia’s Asir region has launched a new tourism venture through a partnership with the aim of creating a holding company to transform the area into a global tourist destination.

The collaboration between Aseer Investment Co., a subsidiary of the Public Investment Fund, and Rikaz Real Estate, aligns with the goal of transforming Asir into a world-class tourist destination that combines authentic heritage with sustainable development, according to the Saudi Press Agency.

The holding company seeks to contribute to enhancing a tourism environment that enriches guests’ experiences with unique offerings, connecting visitors to local culture and community traditions, SPA reported.

It is also committed to promoting sustainable tourism by protecting the environment, developing local communities, and collaborating with artisans and local businesses to preserve the authenticity of Asir’s heritage.

In October, the Kingdom’s Abha city secured a new investment partnership to boost tourism by developing culturally rich dining and retail experiences. 

PIF firm Aseer Investment Co. signed the deal with Nimr Real Estate and the National Co. for Tourism, or Syahya, to propel the project, the Saudi Press Agency reported. 

This aligns with the objectives of developing Abha, which will offer a range of benefits, including retail stores that reflect the cultural heritage of the Asir region.

The partnership also seeks to be a model for multiple collaborations with private sector investors and create more regional job opportunities.

Investments in the region are expected to create between 14,000 and 18,000 job prospects and contribute to up to 6 percent of the non-oil gross domestic product within 10 years, as outlined by AIC Chief Executive Osama Al-Othman in February.

Saudi Arabia emerged as a leader in tourism growth among G20 nations, experiencing a 73 percent increase in international visitors in the first seven months of 2024 compared to 2019.

According to the UN World Tourism Barometer report in September, the Kingdom welcomed 17.5 million international tourists during this timeframe, showcasing its growing allure as a global travel destination.

This surge is part of the nation’s Vision 2030 initiative, which aims to diversify the economy and reduce dependence on oil revenues.

“Saudi Arabia cements its global leadership and takes the first spot among G20 countries in international tourist arrivals growth, with a 73 percent increase in the first seven months of 2024 compared to the same period in 2019,” stated the Saudi Tourism Ministry on X.

Under the National Tourism Strategy, the Kingdom aims to attract 150 million visitors by 2030 and increase the sector’s contribution to the nation’s gross domestic product from 6 percent to 10 percent.

These goals reflect the country’s commitment to strengthening its tourism sector and enhancing its global appeal.


IMF, Saudi Arabia announce new annual conference tackling global economic challenges

IMF, Saudi Arabia announce new annual conference tackling global economic challenges
Updated 14 November 2024
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IMF, Saudi Arabia announce new annual conference tackling global economic challenges

IMF, Saudi Arabia announce new annual conference tackling global economic challenges

RIYADH: The International Monetary Fund and Saudi Arabia will jointly organize a high-level annual conference in AlUla to discuss global economic challenges, it has been announced.

The AlUla Conference for Emerging Market Economies will bring together a select group of finance ministers, central bank governors, and policymakers, along with leaders from the public and private sectors, representatives from international institutions, and members of academia.

According to a joint statement by Kristalina Georgieva, managing director of IMF and the Minister of Finance Mohammed Al-Jadaan, the first edition of this series will be held from Feb. 16-17, 2025.

“The world is confronting deeper and more frequent shocks, including from conflicts, geoeconomic fragmentation, pandemics, climate change, food insecurity, and the digital divide,” according to the statement.

They continued: “If not addressed adequately, these shocks put at risk emerging market economies’ hard-won improvements in living standards. Such setbacks would affect large segments of the world population and put at risk global growth and macro-financial stability.”

The gathering will offer a platform to exchange views on domestic, regional, and global economic developments and discuss policies and reforms to spur inclusive prosperity and build resilience supported by international cooperation.

Recent economic issues affecting the global landscape include rising inflation rates, driven by supply chain disruptions and increased demand for goods post-pandemic.

Supply chain delays continue to impact the availability of essential products, causing bottlenecks in manufacturing and increasing costs.

Additionally, geopolitical conflicts, such as the war in Gaza, have disrupted energy supplies and food exports, leading to global food insecurity and fuel price volatility.

Concerns over the using the Red Sea shipping lane increased dramatically at the end of 2023, when Houthi militants stepped up attacks on vessels in the wake of the escalation of the Israel-Hamas conflict.

The effects of these challenges pose significant risks to economic stability, especially for emerging markets that are more vulnerable to such global shocks.

The AlUla conference is the latest example of the growing relationship between Saudi Arabia and the IMF, with the organization in April establishing its first office in the Middle East and North Africa region in Riyadh.

The facility was launched during the Joint Regional Conference on Industrial Policy for Diversification, jointly organized by the IMF and the Ministry of Finance, on April 24.

The new office aims to strengthen capacity building, regional surveillance, and outreach to foster stability, growth, and integration, thereby promoting partnerships in the Middle East and beyond, according to the Saudi Press Agency.

The work hub will promote closer collaboration between the IMF and regional institutions, governments, and other stakeholders, according to the SPA report.

The IMF also expressed its gratitude to the Kingdom for its financial contribution aimed at supporting capacity development in member countries, including fragile states.


Closing Bell: Saudi Arabia’s TASI ends in the red, trading volume hits $2.95bn

Closing Bell: Saudi Arabia’s TASI ends in the red, trading volume hits $2.95bn
Updated 14 November 2024
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Closing Bell: Saudi Arabia’s TASI ends in the red, trading volume hits $2.95bn

Closing Bell: Saudi Arabia’s TASI ends in the red, trading volume hits $2.95bn

RIYADH: The Tadawul All Share Index concluded the last session of the week at 11,791.18 points, down by 139.27 points or 1.17 percent.

The MSCI Tadawul 30 Index also saw a decline, dropping 19.18 points to close at 1,481.36, reflecting a 1.28 percent loss. In contrast, the parallel market Nomu finished Thursday’s trading at 29,467.71 points, up 262.18 points or 0.90 percent.

TASI reported a trading volume of SR11.10 billion ($2.95 billion), with 51 stocks advancing and 182 declining. The top performer of the day was Saudi Cable Co., which saw its share price surge by 5.10 percent to SR92.70.

Other strong performers included Shatirah House Restaurant Co., which gained 3.75 percent to reach SR21, and Arabian Mills for Food Products Co., which rose by 3.08 percent to SR53.60. Naseej International Trading Co. and Saudi Real Estate Co. also posted notable gains.

The worst performer was Saudi Real Estate Co., which dropped 4.94 percent to close at SR10. Alkhaleej Training and Education Co. and Red Sea International Co. also suffered significant losses, with their share prices falling by 4.90 percent to SR29.10 and 4.84 percent to SR68.80, respectively. Astra Industrial Group and Al-Omran Industrial Trading Co. were also among the day’s largest decliners.

On the parallel market, Nomu, Alqemam for Computer Systems Co. was the top gainer, rising by 9.57 percent to SR103. Other gainers included Dar Almarkabah for Renting Cars Co., which climbed 9.10 percent to SR42.55, and Horizon Educational Co., which rose by 7.58 percent to SR79.50. Mulkia Investment Co. and Knowledge Tower Trading Co. also saw significant increases.

On the losing side of Nomu, WSM for Information Technology Co. recorded the largest drop, with its share price falling by 6.18 percent to SR44. Osool and Bakheet Investment Co. and Natural Gas Distribution Co. also experienced notable declines, with their shares dropping by 5.37 percent to SR37.85 and 5 percent to SR57, respectively.

 


Leaders stress urgent need for climate finance at COP29 ministerial dialogue

Leaders stress urgent need for climate finance at COP29 ministerial dialogue
Updated 14 November 2024
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Leaders stress urgent need for climate finance at COP29 ministerial dialogue

Leaders stress urgent need for climate finance at COP29 ministerial dialogue

RIYADH: Global climate finance continues to fall short of expectations, as leaders gathered at the COP29 Ministerial Dialogue on Climate Finance to address ongoing challenges and map out next steps.

The meeting, held in Baku, Azerbaijan, underscored the urgent need for increased and more effective funding mechanisms. COP29 President Mukhtar Babayev emphasized that climate finance plays a central role in the broader negotiations.

“The urgency of the situation is evident,” Babayev remarked, pointing to the severe impacts of climate change observed over the past year. “Recently, we witnessed catastrophic flooding in Spain, and in the Pacific region, island communities are faced with the possibility of being wiped out entirely. We must act now; failure to do so will have grave human and economic costs.”

The president stressed the importance of fulfilling the $100 billion-per-year commitment made in Copenhagen and reiterated in Paris, urging leaders to reflect on lessons learned and consider the quality and allocation of financial resources.

Developing countries once again voiced the need for tangible action, with Fiji’s Deputy Prime Minister Biman Prasad highlighting the importance of aligning climate finance with the goals of the Paris Agreement.

“This is a ‘put your money where your mouth is’ moment,” Prasad said. “The 1.5°C temperature goal and the Paris Agreement itself will not be deliverable from both an economic and scientific perspective if we do not invest right. The New Collective Quantified Goal is critical for aligning our priorities and addressing major inconsistencies,” he added.

The EU reaffirmed its commitment to climate finance, noting that the $100 billion goal was first collectively met in 2022, with contributions reaching $115.9 billion.

“The EU and its member states contributed €28.5 billion, or around $30 billion, in climate finance from public sources,” a representative said. “Almost half of the public funding came in the form of grants, with a significant portion provided on concessional terms. We need to make further efforts to facilitate the mobilization of private funding, as it remains a key source of climate finance,” the representative added.

Simon Stiell, executive secretary of the UN Framework Convention on Climate Change, emphasized the critical juncture at which the global community now finds itself.

“The huge opportunities we have and the terrible risks we face are real,” Stiell said. “It’s time to take action to bridge gaps, solve problems, and come together to ensure climate finance and climate action benefit everyone.”

Sweden also announced a significant new contribution, with Ministerial representatives unveiling an $8 billion Swedish krona ($723.6 million) pledge to the second replenishment of the Green Climate Fund.

“This makes Sweden the largest per capita donor to the GCF among the larger donors,” the Swedish representative noted.

As discussions progressed, leaders acknowledged the widening gap between current financial commitments and the funds required to meet the 1.5°C target. There were calls for more robust mobilization of both public and private finance.

The COP29 president concluded: “Delivering the climate fairness that developing countries need is one of the main metrics of shared success. We can learn from past efforts to inform the road ahead, but significant determination and leadership from all parties are required to bridge these critical gaps.”


IsDB, multilateral banks aim for $120bn in annual climate finance by 2030

IsDB, multilateral banks aim for $120bn in annual climate finance by 2030
Updated 14 November 2024
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IsDB, multilateral banks aim for $120bn in annual climate finance by 2030

IsDB, multilateral banks aim for $120bn in annual climate finance by 2030

RIYADH: Multilateral development banks are aiming to mobilize $120 billion annually by 2030 for climate financing in low- and middle-income countries, according to recent projections.

This ambitious funding goal includes $42 billion dedicated to climate adaptation efforts, with an additional $65 billion expected to come from private sector investments.

The target was unveiled in a joint statement issued during COP29 in Baku, Azerbaijan, by several prominent MDBs, including the Islamic Development Bank, African Development Bank, the Asian Development Bank, the Asian Infrastructure Investment Bank, the Development Bank of the Council of Europe, the European Bank for Reconstruction and Development, and the European Investment Bank. Additionally, the Inter-American Development Bank, the New Development Bank, and the World Bank Group are part of the initiative.

The statement emphasized that setting a strong, collective climate finance target is crucial to meeting the goals of the Paris Agreement.

“A new collective quantitative target on climate finance that is both strong and ambitious is essential to achieving the Paris Agreement’s objectives,” the statement read. “We urge parties to reach a robust conclusion on this target.”

For high-income countries, the MDBs have set a target of $50 billion in annual climate finance, including $7 billion specifically for adaptation, with private sector mobilization expected to generate an additional $65 billion. This new target builds on the success of previous climate finance goals, with MDBs already surpassing their climate financing projections for 2025. Since 2019, the MDBs have increased direct climate finance by 25 percent and doubled climate mobilization efforts over the past year.

In response to the urgent need for enhanced climate action, the MDBs also emphasized the importance of establishing a new collective quantitative target for climate finance at COP29. The institutions highlighted their commitment to ensuring that the finance provided leads to meaningful, measurable impacts on both climate mitigation and adaptation.

To further enhance the effectiveness of climate finance, the MDBs released the “Common Approach to Measuring Climate Outcomes,” a framework that provides standardized indicators for tracking global progress on climate mitigation and adaptation. This framework aims to better align MDB activities with global climate goals and improve transparency in measuring outcomes.

Additionally, the MDBs published their “Country Climate Action Platforms,” reaffirming their commitment to strengthening collaboration between host countries, MDBs, donors, and the private sector. These platforms are designed to ensure that climate finance is targeted effectively and that developing countries have the support they need to implement robust climate policies.

COP29 has emerged as a critical moment in global climate negotiations, especially for the Global South, where developing nations are pushing for significant climate financing, stronger adaptation measures, and equitable policy outcomes. These countries continue to advocate for a climate finance framework based on the principle of common but differentiated responsibilities, recognizing that nations’ contributions should reflect their respective capabilities and historical responsibilities.