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15 tourism startups secure SR18m in investments

15 tourism startups secure SR18m in investments
The TDF Grow Accelerator program connects bright minds with mentorship from industry experts, potential partnerships and investment opportunities.
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Updated 02 September 2024
Arab News
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15 tourism startups secure SR18m in investments

15 tourism startups secure SR18m in investments
Updated 02 September 2024
Arab News
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The Tourism Development Fund, the national enabler of the tourism sector, organized a demo day and an accompanying exhibition for the graduates of the first cohort of the “TDF Grow Accelerator” program in KAFD Conference Center in Riyadh. 

The ceremony included a review of the program’s accomplishments across its journey that extended for several months, where the emerging startups participated in more than 20 training and guidance sessions. A total of 15 projects took part, including 11 local startups and four regional and international projects. This empowerment program contributed to creating an added value to the Kingdom’s tourism sector. These startups also succeeded in attracting investments worth more than SR18 million ($4.8 million) to date. 

The event was attended by a crowd of investment pioneers, entrepreneurs, media representatives, as well as key stakeholders interested in tourism investments.

During the ceremony, TDF’s CEO Qusai Al-Fakhri stressed the importance of the TDF programs in promoting innovation and sustainable development in the Saudi tourism sector. This was in a speech delivered by Prince Saud bin Mohammed, executive director of TDF Grow, on behalf of the CEO. He also expressed his pride in the achievements of the participants, saying: “We are proud of what these distinguished startups have accomplished during their journey within the TDF Grow Accelerator program. This success reflects our ongoing commitment to supporting entrepreneurial ideas and promising initiatives that contribute to efficiently implementing the national tourism strategy and reinforcing the Kingdom’s standing as a global tourism destination.”

The ceremony concluded with a presentation showcasing the tourism projects participating in the program.

The TDF Grow Accelerator program is an initiative by TDF Grow to empower entrepreneurs in the tourism sector by providing them with the necessary support to create innovative technical solutions, facilitate communication with investors and sector leaders, and encourage the best tourism startups to contribute to achieving the national tourism objectives.

Richard Mille celebrates success of inaugural Rally A’Shira

Richard Mille celebrates success of inaugural Rally A’Shira
Updated 18 December 2024
Arab News
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Richard Mille celebrates success of inaugural Rally A’Shira

Richard Mille celebrates success of inaugural Rally A’Shira
Updated 18 December 2024
Arab News

Richard Mille’s inaugural Rally A’Shira held from Oct. 16 to 21, amidst the breathtaking landscapes of Saudi Arabia was an incredible success for the brand. Inaugurated by Amanda Mille, global brand and partnership director, Richard Mille, and Tilly Harrison, managing director of Richard Mille Middle East and Turkiye, the event celebrated the guiding light of the A’Shira star — a powerful symbol of discovery and empowerment. 

This groundbreaking all-female three-day regularity rally brought together 40 competitors, driving 850 kilometers in 20 4x4 cars, representing a range of nationalities from the Middle East, Asia and Europe. Starting in the historic city of Madinah and culminating on the shores of the Red Sea, the competitors navigated their journey using a roadbook and a mileage tracker, requiring excellent concentration and a keen sense of precision, fully immersing themselves in the spirit of exploration and collaboration that defines Rally A’Shira. The RM 07-04 Automatic Sport, the brand’s first female-focused sports watch, was the official timepiece of the rally, embodying the spirit of drive and determination. 

Women in motorsport has been a crucial pillar for the Richard Mille brand; in the last decade it yielded the creation of the Richard Mille Racing Team from 2020 to 2022, the Rallye des Princesses Richard Mille, since 2015, the support of drivers like Aurora Straus, the professional race car driver in the US, or Lilou Wadoux, who is the first official female Ferrari Competizioni GT driver. The Rally A’Shira was a logical continuation, the first event of its kind in the MENA region, aligning with the brand’s desire to create opportunities and experiences for passionate women. 

“Rally A’Shira represents a natural extension of Richard Mille’s dedication to supporting women in motorsport. It’s about creating a platform where women can challenge themselves and forge new paths. We thank the Kingdom of Saudi Arabia for this opportunity and their belief in this project. This all-female rally is all about determination, passion and human encounter,” Mille said.

Harrison added: “Rally A’Shira is not just a rally; it’s a celebration of empowerment and a testament to Richard Mille’s commitment to creating extraordinary experiences that resonate with our community. We are proud to have launched this pivotal initiative and look forward to building on its success in the years to come.” 

Throughout the rally, participants formed lasting connections, shared inspiring stories, and embraced the adventurous spirit that Rally A’Shira represents. The stunning accommodations at Edition Jeddah, Habitas AlUla, and The Red Sea’s Shebara Resort provided a serene retreat, blending nature, wellness, and world-class luxury. 

The Rally A’Shira will become an annual event, further solidifying the brand’s dedication to celebrating women in motorsport and beyond. 

In a statement, the Richard Mille brand thanked the Saudi Motorsport and Saudi Automobile and Motorcycle Federation for their invaluable support, as well as BeOnd Jet for delivering an unparalleled luxury travel experience. The rally concluded along the picturesque shores of The Red Sea destination, a fitting finale to an event that began as a dream and was brought to life with the vision of The Red Sea, a key partner of the rally. Their invitation to explore the exceptional, unopened Shebara Resort added another layer of exclusivity to this landmark event in the MENA region, creating many unforgettable memories. 

Lost productivity, data protection, downtime: Kaspersky reviews main business issues related to IT security

Lost productivity, data protection, downtime: Kaspersky reviews main business issues related to IT security
Updated 18 December 2024
Arab News
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Lost productivity, data protection, downtime: Kaspersky reviews main business issues related to IT security

Lost productivity, data protection, downtime: Kaspersky reviews main business issues related to IT security
Updated 18 December 2024
Arab News

According to the recent Kaspersky IT Security Economics report, the majority of companies globally find the loss of productivity, securing complex tech environments, and enabling data protection to be the most concerning business issues, driven by growing IT security needs and requirements. In Saudi Arabia, organizations also mention issues with cloud infrastructure adoption as their major concern.

“Saudi Arabia has made significant advancements in its digital economy — positioning itself as one of the most advanced countries in the region and an increasingly important player on the global stage,” Eugene Kaspersky, cybersecurity expert and CEO of Kaspersky, told Arab News.

“This transformation underscores the rising demand for advanced security solutions: a need that grows as the country’s digital economy expands. Kaspersky views Saudi Arabia as a crucial market, and this is reflected in our investment in local talent and capacity building. I always look forward to my regular visits to Saudi Arabia — where I get to witness first-hand the incredible progress the country is making and the impact of our growing operations.”

The Kaspersky IT Security Economics report is released every year to analyze the changes in budgets, breaches and business challenges affecting IT security decision-makers. This report is compiled from interviews with IT and IT security professionals from organizations of different sizes and industries. The survey was carried out in 27 countries across Europe, the Asia-Pacific region, Latin America, North America, the Middle East, Turkiye and the Africa region, including Saudi Arabia.

According to the report, downtime and lost productivity are the most concerning business problems caused by ineffective IT security, an opinion expressed by 34 percent of companies in the Kingdom. They encounter this problem mainly because of long time taken to detect and remediate threats.

Data protection is another important concern that was expressed by 73 percent of companies in Saudi Arabia. Respondents were worried about this because they regularly encountered the physical loss of devices by employees and experienced leakage of data from corporate systems caused by both external and internal reasons.

Securing complex technology environments and ensuring data connectivity were also on the list of key concerns, according to 21 percent of respondents in the Kingdom. Among the main IT issues that cause this challenge, respondents pointed to the rising number of incidents involving non-computing connected devices and incorrect operations of cybersecurity solutions that leave systems exposed. Additionally, difficulties in managing security across different computing platforms play a crucial role in their inability to build a reliable all-encompassing cybersecurity system. About 25 percent of businesses in Saudi Arabia also mention cloud infrastructure adoption as their major concern.

“It is crucial for organizations to safeguard every aspect of their operations from potential breaches. Attackers no longer solely rely on zero-day exploits, as a simple click on a malicious link or a vulnerability in a contractor’s infrastructure can lead to devastating consequences. This underscores the idea that information security should be based on a comprehensive and systematic approach, rather than being limited to the implementation of individual point-specific measures,” said Alexey Vovk, information security director at Kaspersky. 

To protect companies against a wide range of cyberthreats, Kaspersky recommends:

  • Use all-encompassing solutions such as from the Kaspersky Next product line, which provide real-time protection, threat visibility, advanced investigation and response capabilities for companies of any size and industry. Depending on their current needs and available resources, organizations can choose the most relevant product tier and easily migrate to another one if their cybersecurity requirements are changing.
  • Provide your infosec professionals with in-depth visibility into the cyberthreats targeting your organization. For example, the latest Kaspersky Threat Intelligence will supply them with rich and meaningful context across the entire incident management cycle and help to identify cyber risks on time. 
  • If companies lack qualified infosec professionals, adopt a managed security service such as Kaspersky Managed Detection and Response. It will provide the necessary expertise and give them the best possible advanced automated security services. Thanks to its analysis of corporate data gathered every day, in real time, 24/7, it can shield businesses against sophisticated cyberattacks.

ACWA Power launches key Initiatives at COP16

ACWA Power launches key Initiatives at COP16
Updated 18 December 2024
Arab News
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ACWA Power launches key Initiatives at COP16

ACWA Power launches key Initiatives at COP16
Updated 18 December 2024
Arab News

ACWA Power, the world’s largest private water desalination company, leader in energy transition and first mover into green hydrogen, announced two environmental and community development initiatives during COP16. These include a donation to the Global Coral R&D Accelerator Platform Foundation, and a project to provide water access to more than 1,500 households in Wadi Hajar, Makkah region.

Coral reef program

The CORDAP collaboration encompasses key verticals to advance coral conservation efforts globally:

• Research and knowledge enhancement: CORDAP is committed to supporting two significant research projects and two comprehensive scoping review studies.

• Coral Academy establishment: The collaboration will establish the Coral Academy, which aims to enhance learning and training programs for practitioners and ambassadors. This program will be implemented in partnership with the Energy and Water Academy and will include the development of an interactive roadshow across various cities in Saudi Arabia to elevate public understanding of the importance of coral reefs and the challenges they face.

This collaboration will support, complement, and scale up existing and new initiatives working on coral conservation, resilience, adaptation, and restoration.

Sekaya initiative

The second initiative focuses on fostering participation in a critical project designed to ensure sustainable access to water in a water stressed area for more than 1,500 households in Wadi Hajar, situated in the Makkah region. This initiative is undertaken in collaboration with Sekaya Foundation, an organization enabling local communities to contribute to water supply projects in villages, rural areas and remote regions, strengthening the ministry’s role in promoting community participation.

Commenting on the announcement, Rusha Alrawaf, chief corporate affairs and sustainability officer at ACWA Power, said: “As a leader in sustainable water and power solutions, ACWA Power recognizes the critical importance of preserving our planet’s ecosystems and supporting our local communities.”

These two initiatives align perfectly with our broader mission of sustainable development and showcase how private sector engagement can drive positive environmental and social change on multiple scales.”

These partnerships underscore ACWA Power’s dedication to environmental sustainability, carbon reduction, and community development, highlighting its role in addressing critical global and local challenges beyond its core business operations.

New Murabba Stadium is set to shine on global stage

New Murabba Stadium is set to shine on global stage
Updated 18 December 2024
Arab News
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New Murabba Stadium is set to shine on global stage

New Murabba Stadium is set to shine on global stage
Updated 18 December 2024
Arab News

With Saudi Arabia selected as the host nation for the 2034 FIFA World Cup, the New Murabba Stadium in Riyadh is set to play a central role in this global sporting event.

The New Murabba Stadium will be one of 15 premier venues for World Cup matches in the Kingdom, showcasing Saudi Arabia’s commitment to excellence in sports infrastructure. With a capacity of more than 45,000 seats, the stadium is designed to deliver an unforgettable experience for both players and fans from around the world.

Drawing inspiration from the native Acacia tree, the stadium’s architecture seamlessly blends traditional Saudi elements with modern design. This fusion symbolizes the nation’s respect for its heritage while embracing a forward-looking vision. Features such as illuminated entry points and shaded gathering spaces will enhance the visitor experience, creating a welcoming atmosphere during the World Cup.

Equipped with cutting-edge technology, the New Murabba Stadium promises an immersive and personalized experience for attendees. Advanced seating solutions and interactive digital platforms will set new standards for fan engagement during the World Cup.

Scheduled for completion by the end of 2032, the stadium will be ready well in advance of the World Cup. This timeline ensures ample opportunity for test events and preparations, guaranteeing a world-class experience for all participants.

While the World Cup is a focal point, the stadium is designed as a multi-purpose venue adaptable for various events, including gaming competitions, exhibitions, and cultural gatherings. It will continue to serve as a vibrant community hub, solidifying Riyadh’s position as a global destination for sports and entertainment.

Michael Dyke, CEO of the New Murabba Development Company, said that New Murabba is honored to contribute to the 2034 World Cup and looks forward to welcoming the world to the Kingdom.

SAB wins ‘Corporate Innovation Award 2024’ from Qorus

The recognition further solidifies SAB’s position as a leading financial institution in the Kingdom.
The recognition further solidifies SAB’s position as a leading financial institution in the Kingdom.
Updated 18 December 2024
Arab News
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SAB wins ‘Corporate Innovation Award 2024’ from Qorus

The recognition further solidifies SAB’s position as a leading financial institution in the Kingdom.
Updated 18 December 2024
Arab News

Saudi Awwal Bank, one of the leading banks in the Kingdom, has been awarded the “Corporate Innovation Award 2024” from Qorus, for the second consecutive year for its SAB Innovation Excellence Initiative. The award was presented during the Qorus Reinvention Awards ceremony in Dubai.

Competing with more than 700 organizations, SAB secured its place, reflecting its ongoing commitment to developing and implementing the bank strategies aligned with its vision. The SAB Innovation Excellence Initiative honors the bank’s innovative projects and their teams. This award is a recognition of SAB’s continuous efforts to accelerate the financial innovation sector in line with Saudi Vision 2030, a strategic framework aimed at building a diverse and sustainable economy.

Saeed Assiri, chief innovation officer at SAB, said: “Receiving this award reflects our unwavering commitment to fostering innovation, a cornerstone of our strategy. It also highlights our investment in research and development, as well as our adoption of cutting-edge technologies to drive financial innovation. We believe innovation is the key to progress and success, and we will continue to deliver more advanced and effective financial solutions for our customers.”

This recognition further solidifies SAB’s position as a leading financial institution as it works toward achieving its vision: “We bring a world of financial opportunities to an ambitious Kingdom.” 

With its innovative services, global reach, and deep market understanding, the bank continues to provide its customers with the best banking experience.

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