Saudi contemporary artist Sultan bin Fahad: ‘My medium is storytelling’ 

Saudi contemporary artist Sultan bin Fahad: ‘My medium is storytelling’ 
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Updated 05 September 2024
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Saudi contemporary artist Sultan bin Fahad: ‘My medium is storytelling’ 

Saudi contemporary artist Sultan bin Fahad: ‘My medium is storytelling’ 

DUBAI: The Riyadh-born, New York-based contemporary artist Sultan bin Fahad has been creating artworks since childhood. But, he says, he didn’t know that’s what he was doing for a long time.  

“I always felt like I had a certain creativity in me,” he tells Arab News. “I was making what I called ‘things.’ But it was a hobby, you know? I thought it was like interior design — decorating my room. I didn’t know it could be considered art.” 

At the time, bin Fahad was focused on building a career in the navy and on taekwondo. He had realistic hopes of competing in the 1992 Olympics in Barcelona, he says. But a series of injuries put paid to both of those dreams, and left him wondering what to do next.  

He ended up studying business in San Francisco, where his accommodation was close to an art academy.  

“I’d pass by and see their work; that was the first time I was exposed to modern and contemporary art. And I realized, ‘Oh. So whatever I’ve been doing is probably considered some sort of art.’” He laughs. “That’s how I became aware of my ability to create artworks.” 

He has become known particularly for his intricate and colorful beaded works, often created by artisans from the Hausa tribe in Nigeria.  

“They have an interesting story,” he says. “They are Muslims, they study the Qur’an. But they kept the language of their tribe. They know all about Saudi. You can actually find descendants of the same tribe in Jeddah and Makkah. Back in the day, they travelled or went for Hajj and they never left. They stayed there for three or four generations.”  

Beyond the physical side of his work, however, he says the most important thing is that each piece tells a story.  

“I always say my medium is storytelling. I hate it when you show someone something and they say, ‘OK, what am I looking at?’ That means you definitely failed to show any emotion in your work. Like, I still make abstract paintings, and there is basically nothing to say about them. But people forget that there is an emotion when you look at something: you might feel happy, you might feel sad, you might be attracted to the colors. But if you look at any piece and you don’t get any idea in the first 10 seconds, then I failed.” 

Here, bin Fahad talks us through some of his most significant works. 

‘Delights III’ 

This series, “Delights,” came about during COVID lockdowns. I collect a lot of found objects, because they inspire me. I’d found these small gift boxes that used to have candy or nuts in. They come with different phrases on them, like, “May your day be filled with happiness and joy.” And there’s always a picture of shaking hands. The handshake is a universal gesture. And during COVID, we didn’t have that. People didn’t shake hands. Some people didn’t even see anyone. It was a dark time. So I thought, “OK, what if we had something in people’s homes, to give joy and a little hope?” First of all, I did a series of beaded works, and they were shown in an online art fair. Then this friend of mine who is a carpet maker had the idea of making carpets designed by artists from the GCC. And they chose me to represent Saudi. So, I designed this carpet. It’s this whole concept of hopeful, beautiful work that you can see every day and can give you good energy. It’s not an artwork; it’s part of the house. It’s living with you. 




‘Delights III’ 

 

‘Desert Kite’ 

This was created for Desert X AlUla. AlUla is so beautiful. You can’t compete with it. So I wanted something that would basically separate you from the environment; something with walls, so you don’t know what’s around you and you can basically listen to the environment — to silence. 

I have this fascination with history and heritage. There are these very interesting structures around the north west of Saudi and the south of Jordan: desert kites. The first time they discovered them was, I think, during World War Two. They were flying over them. You only can see them from above. And I wondered what their purpose was. Some people say that they’re prehistoric animal traps from thousands of years ago, so my intention was to create something telling that story, so that little blue-green object inside? That’s like the bait — food or water. That makes the animal go inside. Then they’re trapped. And inside the sculpture (on the walls) are a lot of mythical animals: the Medusa, the eagle, the Sphinx — and they’re all trapped in there too. And inside you can sit and actually listen to silence, which is very unusual in a place that is open like that. It’s very interesting. 

One thing I really liked with this work was people’s interpretation of it. A lot of people said it looked like a keyhole — so it was the key to another culture or civilization; or it was the key between the sky and the Earth. I liked how people became their own curator. I’m happy to have people interpret my work the way they see it — as long as they get something out of it.  




‘Delights III’ 

‘Window’ 

This was for my project “The Red Palace.” It’s one of my dearest projects. It made me comfortable with what I’m doing. This was my first real installation work, and my first time really doing something conceptual — almost like theater. And it was my first project with the Hausa artisans. And it’s dear to me because it’s a building I was really inspired by — I always used to walk past it as a kid and I always loved it. It defined architecture in Riyadh and it’s central to the history of Saudi Arabia, whether as a royal palace or as a government building. Everything from the Forties or Fifties to the Nineties was run from that palace.  

The whole idea started with Diriyah Season. They wanted to do an exhibition, and I had this idea of doing a performance called “The Royal Dinner.” During that time, King Saud had three chefs, and they’d have a set menu. People think that, in Saudi Arabia at that time, it was all Bedouin. But no, we had sophistication. But nobody talks about it, and it’s not in in books. So I wanted to recreate this royal banquet to celebrate those behind the scenes; the labor that people don’t know about. I submitted this idea to the Ministry of Culture, and they approved it. So then I went and visited the palace, and I was like, “OK, this is much bigger than my idea, why don’t we expand it?” So we did a lot more, including “Window,” which has actually now been acquired by the Guggenheim Abu Dhabi. It’s another dear work to me, because each window was reclaimed from a region of the Kingdom. And it’s backlit, so it shows you how beautiful it would feel to be in those houses with those windows. And it unifies all the regions into one. Like a lot of my work, it’s also nostalgic. When you see those windows, you think back: “Oh, I remember the time when we were kids and playing here and there.”  




‘Window’ 

‘Trust’ 

These chairs were thrones for my “Red Palace” project. When I was looking into doing some beaded work — I wanted to do something in Africa, generally — I didn’t know how to get a contact. I saw I had an Instagram follower from Nigeria. I had no idea who she was. I just DM’d her, and asked if she knew anyone who could make beading work in Nigeria. She said she didn’t, but she could look into it. And she found someone. I showed them what I wanted to do — this was for “The Red Palace” — and while I was doing that, she messaged me and said: ‘Can I ask you a question? Why did you trust me to do this?’ I said, ‘Well, if you want something done, you have to trust someone.” Otherwise I’d have to have travelled myself, you know? When I told the curator this story, she said, “We have to call that piece ‘Trust.’” Because that’s what it was based on. This collaborative work we did, with workmanship like this, they don’t know how to create something new; they just work on what they know — they bead chairs traditionally. I needed to see if they could do it the way I wanted it to be. But that first collaboration led to a lot of other pieces, because they were open to the idea of doing it in a different form. That’s where the trust came from.  




'Trust'

‘Masallaci’ 

This work is very dear to me. It’s a giving-back-to-the-community work. It’s a beautiful story. During the time when I was doing “The Red Palace” and “Trust,” the Hausa people that were working with me, they work in a village next to Abuja in Nigeria. When they have work, they travel there from their villages and they rent part of the place they’re working in for accommodation. I asked them where they prayed. It kind of made me feel like responsible, like I needed to support the community that was working for me. So, I asked them to decorate part of the place they were working in as a mosque — in their own way, their own traditions, their own language; the writing you see is the Hausa language, not Arabic — in exchange for me renting the space for them, to pray and live and work, for a whole year. Everything inside the mosque is beaded, except the floor. Even the furniture. And they sent a turban for me — you can see it in the picture, a little white turban. The imam of the mosque in Nigeria wears this turban, so this was their gift for me. It’s one of my favorite works. And it was really a collaboration; they designed it themselves, I just gave them the idea. 

‘Laser’ 

This project was called “GWPOW” — which stands for Gulf War Prisoners of War. It’s about the Gulf War, but it’s also relevant to what’s happening now in Gaza. It’s about how life is stolen from kids who become soldiers when they’re supposed to be playing and living. They don’t take the decision, somebody else does.  

I was 19 during the first Gulf War. I wanted to volunteer but I couldn’t, because of my injuries — I’d just had my second knee surgery. So I ended up volunteering as a translator. I went and saw the prisoners of war. Some of them were younger than me. They were, like, 16. They didn’t know what they were fighting for. They were just pushed into the war.  

So this project was about the war, but it’s also thinking about those kids. They were supposed to be playing, not fighting. So I was thinking, ‘How can I portray those kids living during that time, in the desert, waiting to fight or to be killed?’ So this project became, like, a playroom for grownups. A recreation center in a war zone — everything is kind of childish. This is one of maybe six paintings I did as part of it, along with beaded works. It’s a pencil drawing, but there’s some collage on it, and some abstract painting, and some ink, so it’s mixed media. So the guy holding the lightsaber, that helmet looks like Darth Vader, but it’s not. It’s the helmet of Saddam Hussein’s Fedayeen corps. And I imagined these kids thinking of being a superhero.  




'Laser'

‘Possession’ 

I saw these people at the Prophet’s Mosque in Madinah. At certain times they open it for women, and they allow people to go privately. I was there with my mom and my family and there were screens, and there were these ladies touching the screens. And to me, it felt like, for them, they were in the highest stage of being possessed by religion, in a good way. Feeling invulnerable. They felt like they are connecting with the Prophet. I mean, I don’t know what it meant to them. I don’t know why they were doing it, but it felt so passionate. And it touched me. I felt like, if it gives them satisfaction, let them do it. It felt surreal to me — but I felt their passion.  

‘Once Was A Ruler’ 

This is a combination of different antiquities that were in the National Museum. I was working there at the time. I wanted to talk about something that is taboo. A lot of people think that these pieces are statues of gods. That’s why they’re hidden away. But at that time, these civilizations were not making big sculptures of their gods, they were making them of themselves. They were a sign of power. So I made it look like an X-ray, and I put human bones on it to show that they are human. They were once a ruler, yes, but a person, not a god.  




‘Once Was A Ruler’ 

‘R III’

“R III” means Ramses the Third. I did this in Egypt, at the Pyramids of Giza. Like with AlUla, this is a place I am in awe of. Like, I can’t compete with nature or with history, so I tried to work with it, complementing the place without actually trying to put my force or my creative energy in it. I was humbled in these places. So, I can’t compete with the Pyramids, but I tried to make something inspired by them. When you look at it from above, you see it has the seal of Ramses the Third. That seal has been found near AlUla, and that means he was probably there — not for fighting, but probably exploring, looking for copper or something — because the pharaohs wouldn’t usually let their seals be carried by others. So I wanted to show this bridge between Ancient Egypt and Saudi Arabia.  


Saudi EV market poised for significant growth by 2026, Petromin CEO predicts

Saudi EV market poised for significant growth by 2026, Petromin CEO predicts
Updated 3 min 25 sec ago
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Saudi EV market poised for significant growth by 2026, Petromin CEO predicts

Saudi EV market poised for significant growth by 2026, Petromin CEO predicts

RIYADH: Saudi Arabia is preparing for a substantial rise in electric vehicle sales as battery prices fall and infrastructure improves, according to an industry leader. 

In an interview with Arab News at the EV Auto Show in Riyadh, Kalyana Sivagnanam, CEO of Petromin Group—a Saudi-based provider of automotive, lubricant, and EV charging solutions—indicated that EV sales could soon approach parity with internal combustion engine vehicles within the next 12 to 18 months. 

“By 2026/2027, you’re going to see a massive surge in the sales of electric vehicles,” Sivagnanam stated, linking this growth to rapidly changing market conditions and declining battery costs. 

In certain markets like China, the price of EVs is already nearly equivalent to that of traditional vehicles, a trend expected to gain momentum in Saudi Arabia, he added. 

Sivagnanam pointed out that Saudi Arabia’s Vision 2030 has played a crucial role in nurturing the EV sector, attracting major global players such as Lucid Motors, which has commenced local manufacturing, as well as new entrants like Ceer and Hyundai. 

“The EV industry definitely in Saudi Arabia is looking very, very promising,” he remarked, noting that some forecasts predict EVs could make up 35 to 40 percent of the market by 2030. 

He also discussed the “chicken and egg” challenge of EV adoption, where limited charging infrastructure deters consumers from buying electric vehicles. 

The top executive stressed the significance of initiatives like the Public Investment Fund’s EVIQ program, designed to enhance the country’s EV charging infrastructure. “In the months and years to come, we can see how this will pave the way for more adoption of electric vehicles.” 

Electromin, a subsidiary of Petromin Corp., is closely monitoring the pace of EV sales to inform its expansion of charging stations. “Our ability to install chargers will depend on how fast the vehicles sell,” Sivagnanam explained. 

The CEO highlighted Electromin’s comprehensive services for fleet customers, providing decarbonization strategies as well as EV charger installation and maintenance. 

“For example, if you are a fleet company, you don’t want to go to somebody for chargers, somebody for maintenance, and someone else for your vehicles,” he said, emphasizing the need to streamline the transition to electric vehicles. 

Electromin has already made notable progress, establishing the first national AC charging network in Saudi Arabia, with chargers accessible in 52 cities. “Today, any customer in the Kingdom, doesn’t matter where he drives, he will find an AC charger,” Sivagnanam remarked. 

Although these are not fast chargers, they ensure that drivers can access charging facilities wherever they are, he added. 

The company has also provided Saudi Arabia’s first electric van to Pepsi, the inaugural electric bus to Red Sea, and a passenger bus to Riyadh Air. 

With growing government support and robust corporate initiatives, Saudi Arabia’s EV market is set for considerable expansion in the coming years. 

“What is very exciting about this journey is the way this country is focusing on sustainability and EV adoption,” the executive concluded.


Saudi Arabia’s EV growth outpaces global trends by 10x, says industry leader

Saudi Arabia’s EV growth outpaces global trends by 10x, says industry leader
Updated 10 min 56 sec ago
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Saudi Arabia’s EV growth outpaces global trends by 10x, says industry leader

Saudi Arabia’s EV growth outpaces global trends by 10x, says industry leader

RIYADH: Saudi Arabia is rapidly advancing in the electric vehicle sector for commercial transportation, outpacing many other countries, according to an industry leader. 

In an interview with Arab News during the EV Auto Show 2024, Gary Flom, president and CEO of National Transportation Solutions Co., praised the Kingdom’s swift development, noting that it has achieved in five years what took the US 25 years. 

“The speed of progress here is like light speed,” he remarked. 

“Everything here is accelerated — maybe 10 times when you look at Europe or the United States,” he added. 

As part of its Vision 2030 initiative, Saudi Arabia is focused on creating a comprehensive EV ecosystem to diversify its economy and reduce reliance on oil. The government aims for 30 percent of vehicles in Riyadh to be electrified by 2030. 

To meet this ambitious goal, significant investments are being made in EV infrastructure, including public charging stations and policies favorable to EV adoption. 

Additionally, the government is collaborating with international partners to build an EV supply chain that encompasses sourcing raw materials for batteries and enhancing manufacturing capabilities. 

Flom acknowledged the difficulties in transforming the passenger vehicle market but expressed optimism about the advancements in the commercial sector.

“It’s a lot easier to decarbonize the commercial sector because we know what the customer does,” he said. “We know where the vehicle goes, where it lives, and the payload it carries. We know how to design the charging infrastructure for it,” the executive said.

NTSC is leading these efforts with its decarbonization roadmap. According to Flom, this comprehensive plan aims to assist government and private fleet operators in transitioning from internal combustion engine fleets to electric and hydrogen-powered vehicles. The roadmap is designed to measure the carbon baseline of fleets, provide the necessary ecosystem for charging infrastructure, and manage the maintenance of electric commercial vehicles using advanced software.

“Our decarbonization Roadmap gives government fleets and private fleets a cost-effective, organized way to transition from ICE fleets to new energy fleets,” Flom said. This initiative also provides accredited carbon reduction data, which will be crucial for carbon credit trading in Saudi Arabia as the market for this system continues to grow.

Flom added: “We give them this plan over the next few years on how to decarbonize their fleet. And also we give them the accredited carbon reduction data so they can actually use it to trade carbon credits when that becomes available in Saudi Arabia.”

The roadmap has already resulted in strategic partnerships with key players in the transportation sector, including agreements with J&T Express, Saudi Bulk Transport (SBT-SENDDEX), and UPS. These collaborations, announced at the event, are instrumental in promoting advanced decarbonization strategies across the Kingdom. “Our collaboration with SBT-SENDDEX and Electromin reflects our commitment to advancing sustainable transportation with leading companies in KSA,” Flom said.

“By leveraging innovative decarbonization strategies, we aim to make a significant impact aligned with the UN Sustainable Development Goals,” he added.

In addition to strategic partnerships, NTSC has developed innovative technologies such as DarbConnect, a proprietary fleet management software. The platform uses Internet of Things technologies to provide real-time GPS tracking, predictive maintenance, and a range of data services, helping fleet operators enhance efficiency and reduce costs. “DarbConnect has proven to be a huge success,” Flom said.

“In less than two years, we signed up more than 330 B2B and B2G customers and gained about 35 percent market share of the entire commercial units and operation sector,” he added.

While the commercial sector is advancing quickly, Flom noted that decarbonizing the passenger vehicle sector presents more challenges due to the variability in individual vehicle use. Unlike commercial fleets, which have predictable routes and payloads, passenger vehicles are utilized for various purposes, complicating the establishment of a uniform charging infrastructure and user behavior model.

Looking ahead, Flom remarked that the company aims to become a regional leader in sustainable transportation, planning to export its expertise, roadmap, and technologies to the broader Middle East and North Africa region. “NTSC will become not only the leader for fleet management and sustainable multi-modal mobility, but we also look to export the same outside of Saudi Arabia,” said Flom.


EU’s Borrell says Lebanon attacks aimed to ‘spread terror’

EU’s Borrell says Lebanon attacks aimed to ‘spread terror’
Updated 22 min 20 sec ago
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EU’s Borrell says Lebanon attacks aimed to ‘spread terror’

EU’s Borrell says Lebanon attacks aimed to ‘spread terror’
  • “The indiscriminate method used is unacceptable due to the inevitable and heavy collateral damages among civilians,” Borrell said
  • At least 37 people were killed and more than 3,000 wounded

BEIRUT: The EU foreign policy chief condemned attacks which targeted mobile communication devices used by Hezbollah this week, saying whoever was behind them aimed “to spread terror in Lebanon,” a statement from the EU’s Beirut delegation said on Thursday.
“The indiscriminate method used is unacceptable due to the inevitable and heavy collateral damages among civilians, and the broader consequences for the entire population, including fear and terror, and the collapse of hospitals,” Josep Borrell said.
At least 37 people were killed and more than 3,000 wounded when first pagers, then walkie-talkies used by Hezbollah members exploded in two waves of attacks on Tuesday and Wednesday.
Lebanon and Hezbollah say Israel carried out the attack. Israel has not claimed responsibility.
Hezbollah, a heavily armed group backed by Iran, and Israel have been trading fire across the Lebanese-Israeli border for almost a year in a conflict triggered by the Gaza war.


Hezbollah attacks Israel with drones as fears of a widening war mount

Hezbollah attacks Israel with drones as fears of a widening war mount
Updated 32 min 57 sec ago
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Hezbollah attacks Israel with drones as fears of a widening war mount

Hezbollah attacks Israel with drones as fears of a widening war mount
  • Hezbollah said early Thursday it had targeted three military positions in northern Israel near the border, two of them with drones
  • The Israeli military said the drones crashed near communities

BEIRUT: Hezbollah fired a new barrage into northern Israel on Thursday, continuing its drumbeat of exchanges with the Israeli military as fears of a greater war rise.
Hundreds of electronic devices used by Hezbollah exploded in Lebanon earlier this week, killing at least 37 people and wounding some 3,000 others.
The device explosions appeared to be the culmination of a monthslong operation by Israel to target as many Hezbollah members as possible all at once. Over two days, pagers and walkie-talkies used by Hezbollah detonated, wounding and even crippling some fighters, but also maiming civilians connected to the group’s social branches and killing at least two children.
It was unclear how the attack fit into warnings by Israeli leaders in recent weeks that they could launch a stepped-up military operation against Hezbollah, Lebanon’s strongest armed force.
The Israeli government has called it a war aim to end the Iranian-backed group’s cross-border fire in order to allow tens of thousands of Israelis to return to homes near the border.
Speaking to Israeli troops on Wednesday, Israeli Defense Minister Yoav Gallant said, “We are at the start of a new phase in the war — it requires courage, determination and perseverance.” He made no mention of the exploding devices but praised the work of Israel’s army and security agencies, saying “the results are very impressive.”
Gallant said that after months of fighting Hamas in Gaza, “the center of gravity is shifting to the north by diverting resources and forces.”
Hezbollah said early Thursday it had targeted three military positions in northern Israel near the border, two of them with drones. The Israeli military said the drones crashed near communities. Hospitals reported they treated at least eight patients lightly or moderately injured. The military said early Thursday it had struck several militant sites in southern Lebanon overnight.
The volley of strikes was a signal by Hezbollah that it would continue its near daily fire, which it says is a show of support for Hamas. Israel’s 11-month-old war with Hamas in Gaza began after its militants led the Oct. 7 attack on Israel.
Israel has responded to Hezbollah’s fire with strikes in southern Lebanon, and has struck senior figures from the group in the capital Beirut. The exchanges have killed hundreds in Lebanon and dozens in Israel and forced the evacuation of tens of thousands of residents on each side of the border.
Israel and Hezbollah have repeatedly pulled back from an all-out war under heavy pressure from the United States, France and other countries.
But in their recent warnings, Israeli leaders have said they are determined to change the status quo dramatically.
Israel began moving more troops to its border with Lebanon on Wednesday as a precautionary measure, Israeli officials said. Israel’s army chief, Lt. Gen. Herzi Halevi, said plans have been drawn up for additional action against Hezbollah, though media reported the government has not yet decided whether to launch a major offensive in Lebanon.
Lebanon is still reeling from the deadly device attacks of Tuesday and Wednesday.
The explosions have rattled anxious Lebanese fearing a full-scale war. The Lebanese Army said it has been locating and detonating suspicious pagers and communication devices, while the country’s civil aviation authorities banned pagers and walkie-talkies on all airplanes departing from Beirut’s international airport until further notice.
The attack was likely to severely disrupt Hezbollah’s internal communication as it scrambles to determine safe means to talk to each other. Hezbollah announced the death of five combatants Thursday, but didn’t specify if they were killed in the explosions or on the front lines.
Hezbollah leader Hassan Nasrallah was scheduled to speak later Thursday as the group vowed to retaliate against Israel.
The blasts went off wherever the holders of the pagers or walkie-talkies happened to be in multiple parts of Beirut and eastern and southern Lebanon — in homes and cars, grocery stores and cafes and on the street, even at a funeral for some killed in the bombings, often with family and other bystanders nearby.
Many suffered gaping wounds on their legs, abdomens and faces or were maimed in the hand. Tuesday’s pager blasts killed 12 people, including two children, and wounded some 2,300 others. The following day’s explosion killed 25 and wounded more than 600, Health Minister Firas Abiad said, giving updated figures.
Abiad told reporters that Wednesday’s injuries were more severe than the previous day as walkie-talkies that exploded were bigger than the pagers. He praised Lebanon’s hospitals, saying they had managed to deal with the flood of wounded within hours. “It was an indiscriminate attack. It was a war crime,” he said.


Closing Bell: Saudi main index rises to close at 12,080

Closing Bell: Saudi main index rises to close at 12,080
Updated 37 min 5 sec ago
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Closing Bell: Saudi main index rises to close at 12,080

Closing Bell: Saudi main index rises to close at 12,080

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 159.53 points, or 1.34 percent, to close at 12,080.47.

The total trading turnover of the benchmark index was SR9.47 billion ($2.52 billion), as 152 of the stocks advanced and 73 retreated. 

The Kingdom’s parallel market Nomu slipped 25,337.96 points, or 1.01 percent, to close at 25,337.96. 

This came as 30 of the listed stocks advanced, while 41 retreated. 

The MSCI Tadawul Index gained 21.02 points, or 1.41 percent, to close at 1,507.65.  

The best-performing stock of the day was Etihad Atheeb Telecommunication Co., whose share price surged 7.95 percent to SR95.

Other top performers were Red Sea International Co. as well as Saudi Automotive Services Co.

The worst performer was Al-Baha Investment and Development Co., whose share price dropped by 5.88 percent to SR0.16. 

Other fallers were Saudi Enaya Cooperative Insurance Co. and Saudi Industrial Development Co.

On the announcements front, the United Cooperative Assurance Co. announced that it had received a confirmation statement that the firm’s activities are consistent with the specifications of Shariah, as stipulated by the relevant supervisory committee. 

Those include separation of accounts and investments for both shareholder and policyholder pools, and insurance policies.

Retal Urban Development Co. announced the selling of its 33.33 percent share of land in Al-Khobar City for SR21 million to Remal Park Fund, an affiliate company, to issue new units in the fund in addition to the existing units owned by the company.

A bourse filing revealed that the purpose of the transaction is to increase the leasable area of the project by merging the entire land of this transaction to the rest of the project’s holdings, which will reflect positively on both the company’s and the fund’s investment.

The transaction is expected to have a positive impact on Retal’s results for 2024 until 2028. This comes as the increase in the company’s investment returns will be a result from both maximizing the fund’s returns and the increase in the development management fees for the firm.