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Saudi Arabia to develop $3.3bn sports complex with UK tech partnership

Abdulrahman Al-Qarni, chairman of Jossor Alpha Investment and Dmitry Saksonov, founder of Blockchain Sports Ecosystem, at the signing ceremony in Riyadh. Photo/Supplied
Abdulrahman Al-Qarni, chairman of Jossor Alpha Investment and Dmitry Saksonov, founder of Blockchain Sports Ecosystem, at the signing ceremony in Riyadh. Photo/Supplied
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Updated 10 September 2024
Nour El-Shaeri
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Saudi Arabia to develop $3.3bn sports complex with UK tech partnership

Saudi Arabia to develop $3.3bn sports complex with UK tech partnership
Updated 10 September 2024
Nour El-Shaeri
Follow

RIYADH: Saudi Arabia is set to develop a $3.3 billion sports complex through a new partnership between Alpha Jossor Investments and Blockchain Sports Ecosystem, a UK-based tech company.

The collaboration aims to create one of the largest innovative athletic hubs in the Middle East and North Africa, integrating advanced technology solutions and attracting significant investments in the sports and entertainment sectors, according to a press release issued on Tuesday.

The complex will feature a cutting-edge football academy with state-of-the-art training facilities. Additionally, it will include real estate developments in the form of 1,500 villas and over 3,300 apartments, estimated at $1.6 billion. These developments will support sustainable urban living and align with Saudi Arabia’s Vision 2030 goals of boosting tourism and foreign investment.

The project is part of Saudi Arabia’s broader Vision 2030 initiative to diversify the economy and reduce dependence on oil. The Kingdom aims to increase sports participation from 13 percent to 40 percent of the population by 2030 and is investing approximately $2 billion annually in the sector. These efforts are projected to generate $22 billion in economic impact over the next decade and create over 100,000 jobs in sports and related industries.

Alpha Jossor Investments will play a crucial role in managing and attracting foreign investment for the project.

Faisal Janahi, CEO of Alpha Jossor Investments, highlighted the partnership’s importance in advancing the company’s mission of delivering high-impact investments aligned with Vision 2030.

“Our partnership with Blockchain Sports Ecosystem is a strong step toward creating an innovative sports hub in Saudi Arabia, aligning with our vision for sustainable growth” Janahi noted. 

Blockchain Sports Ecosystem brings a team of over 1,200 experts from eight countries, specializing in integrating advanced technologies such as performance tracking, artificial intelligence, extended reality, and blockchain into athletic development.

The company operates football academies globally, including three in Brazil, where it trains over 600 youth from low-income families to become professional footballers.

With partnerships spanning over 30 football academies worldwide, Blockchain Sports Ecosystem has garnered endorsements from top players such as Romario, Zico, and Wesley Sneijder.

The partnership was formalized through a memorandum of understanding signed by Abdulrahman Al-Qarni, chairman of Alpha Jossor Investments, and Dmitry Saksonov, founder of Blockchain Sports Ecosystem, at a ceremony in Riyadh. The event, attended by football stars including Kevin Kuranyi, Jay-Jay Okocha, Mikael Silvestre, and Jens Lehmann, underscored the strategic importance of this initiative in transforming the sports landscape in Saudi Arabia.

“With the advanced technologies Blockchain Sports Ecosystem has developed, the upcoming project will set a new standard for the global sports community,” Saksonov said.

As part of the MoU, the companies will also collaborate on developing a digital platform for managing athlete identities. This platform will facilitate secure and transparent transactions within the sports industry and support global scouting efforts.

The digital ID service aims to connect over 16 countries and identify top talent for training opportunities at the new Saudi academy.

Blockchain Sports Ecosystem’s technologies, protected under INTEROCO copyright and recognized in 181 countries, will further enhance the project’s global reach.

Topics: main

Red Sea Global secures $1.5bn for AMAALA infrastructure project

Red Sea Global secures $1.5bn for AMAALA infrastructure project
Updated 31 October 2024
MOHAMMED AL-KINANI
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Red Sea Global secures $1.5bn for AMAALA infrastructure project

Red Sea Global secures $1.5bn for AMAALA infrastructure project
Updated 31 October 2024
MOHAMMED AL-KINANI

JEDDAH: Red Sea Global has announced the financial closing of a multi-utility infrastructure development project for the AMAALA destination, totaling around $1.5 billion.

The initiative, led by a consortium including Electricite de France or the EDF Group and Abu Dhabi Future Energy Co., or Masdar, alongside their partners Korea East-West Power Co., or EWP, and SUEZ, is set to position AMAALA as a luxury wellness destination on the Red Sea coast of Saudi Arabia. It is expected to welcome its first guests in 2025.

The financial close was achieved with the support of local and international financial institutions, including First Abu Dhabi Bank, Emirates NBD, and Riyad Bank, as well as Saudi National Bank and Alinma Bank, according to a statement from RSG, adding that the milestone highlights the consortium’s dedication to realizing AMAALA’s promise of unparalleled luxury, sustainability, and cultural enrichment.

Group CEO of RSG, John Pagano, said that they have demonstrated that large-scale tourism destinations can be powered using 100 percent renewable energy while providing luxury experiences for guests and strong financial returns for partners.

“This agreement with EDF, Masdar, EWP, and SUEZ means that we are on track to making AMAALA our second destination powered by sunlight, day and night.”

This achievement comes after the awarding of a 25-year multi-utility concession agreement with RSG in September 2023, which includes an option for extension. The deal encompasses the financing, engineering, and development, as well as construction, operation, maintenance, and eventual transfer of a multi-utilities infrastructure facility to support the AMAALA destination, RSG clarified.

The facility includes a fully optimized and decarbonized off-grid renewable energy system designed to generate electricity from a 250-megawatt solar photovoltaic park, 700MWh battery energy storage, and transmission and distribution lines. Additionally, it features a desalination plant with a capacity of 37 million liters of drinking water per day and wastewater treatment plants to secure the necessary base load.

The project is expected to prevent nearly 350,000 tonnes of CO2e emissions annually compared to typical infrastructures of this nature. It will also serve as a pioneering infrastructure initiative, ushering in a new era of eco-friendly luxury tourism.

Masdar CEO Mohamed Jameel Al-Ramahi highlighted the project’s innovative solutions, including solar power, energy storage, and desalination systems.

Beatrice Buffon, vice president, international division, and chairwoman and CEO of EDF Renewables, described the financial close as a significant achievement enabled by RSG’s support and the dedication of their team and partners.

She added that this initiative sets new standards for the EDF Group and should be replicable in other geographies. She also highlighted that the off-grid project will supply 65,000 people with carbon-free electricity and uninterrupted water access.

Commenting on the announcement, Kim Young-Moon, CEO of EWP said: “We are excited to announce the financial close of our renewable energy project in Saudi Arabia, a significant step in our commitment to a sustainable future.”

Young-Moon added that the project will reduce carbon emissions, improve air quality, and create jobs, boosting local economic growth.

“As we aim to lead the global energy transition, this project is a key milestone, driving innovation in the renewable energy sector and advancing our ambitious goals,” the executive said.

Pierre Pauliac, chief operating officer and executive vice president at SUEZ, said: “We are delighted to contribute to this strategic project for the development of Saudi Arabia. SUEZ will be part of the construction of all the water utilities equipment. In addition, the group will operate during the 25 years the state-of-the-art desalination plant to secure AMALAA’s access to drinking water, as well as the water networks.”

AMAALA will go beyond sustainability to have a regenerative impact on the environment. By 2040, the project plans to achieve a 30 percent net conservation benefit for local ecosystems. 

This will be accomplished by enhancing biologically diverse habitats such as mangroves, seagrass, corals, and land vegetation, promoting biodiversity while contributing to carbon sequestration, according to the statement.

Upon completion, the luxury destination will feature over 4,000 hotel rooms across 30 hotels, and 1,200 high-end residential villas, apartments, and estate homes. It will also host a vibrant community of more than 15,000 residents and workers, creating a dynamic and sustainable living environment.

Topics: rsg

Saudi-US bilateral accords ‘not that connected’ to Israel normalization

Saudi-US bilateral accords ‘not that connected’ to Israel normalization
Updated 31 October 2024
Nour El-Shaeri
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Saudi-US bilateral accords ‘not that connected’ to Israel normalization

Saudi-US bilateral accords ‘not that connected’ to Israel normalization
  • Saudi FM rejects possibility of Kingdom recognizing Israel without establishment of Palestinian state
  • Region's security as a whole is at risk if we do not address the rights of Palestinians, says Saudi FM
Updated 31 October 2024
Nour El-Shaeri

RIYADH: Saudi Arabia’s foreign minister said on Thursday that some of the bilateral agreements the kingdom has been negotiating with Washington are “not that tied” to the normalization of Saudi relations with Israel and are “moving ahead.”

He noted that potential US-Saudi agreements on trade and artificial intelligence are “not tied to any third parties” and “can progress probably quite quickly.”

“Some of the more significant defense cooperation agreements are much more complicated. We would certainly welcome the opportunity to finalize them before the end of the Biden administration's term, but that’s reliant on factors outside of our control,” he said.

“The other work streams are not that connected, and some of them are progressing quite quickly, and we hope to see movement forward.”

Ruling out the possibility of Saudi Arabia recognizing Israel without the establishment of a Palestinian state, Prince Faisal stated that this remains the only viable solution, regardless of Israel’s acceptance.

Speaking at the Future Investment Initiative summit in Riyadh, he emphasized that the creation of a Palestinian state is rooted in international law and UN resolutions.

“In reality, the establishment of a Palestinian state is not tied to whether or not Israel accepts it; it’s tied to the principles of international law,” he said. “The UN resolutions that led to the establishment of the state of Israel clearly envisioned a Palestinian state as well, so we need to make that happen.”

Prince Faisal asserted that normalization of Saudi-Israeli ties is “off the table” until there is a resolution regarding Palestinian statehood. He further highlighted the broader implications, stating, “The security of the region as a whole is at risk if we do not address the rights of the Palestinians.”

Addressing the ongoing crisis in Gaza, he called for a cease-fire, emphasizing the dangers of an Israeli overreaction following the events of October 7th. “We have seen the reality that Israel’s reaction and its continuing military assault have led to a humanitarian catastrophe,” he remarked. He described the situation in northern Gaza as dire, with blockades and no safe zones for civilians, stating, “That can only be described as a form of genocide. It is certainly against humanitarian law, and that is feeding a continuing cycle of violence.”

On the prospects of an immediate cease-fire, Prince Faisal expressed caution, saying, “I hope it’s the case that we can see a cease-fire in the immediate hours, in the immediate short term. I’m not sure that that’s the case. I don’t have the details.”

He acknowledged US efforts to facilitate negotiations, adding, “We are not part of the direct negotiations, but we certainly support the efforts that the US has undertaken to find a pathway to a ceasefire. I hope it comes to fruition.”

He noted that previous attempts at cease-fire negotiations had failed due to new demands from Israel. “In most of those instances where the talks collapsed, it has been because new requirements or demands were added on the part of Israel,” he explained.

Prince Faisal also addressed Saudi Arabia’s position on Lebanon, emphasizing a hands-off approach. “We have never fully disengaged. But we believe it’s up to the Lebanese politicians to seek a direction that puts Lebanon on the right track,” he stated.

He added: “It’s not up to any outside influence, any outside countries, or any outside powers to tell the Lebanese what to do or to influence the political process in Lebanon. That is our opinion.”

Regarding relations with Iran, Prince Faisal indicated that recent discussions focused on regional de-escalation. “I hope that Iran, like us, is working toward regional de-escalation on all fronts, not just in Lebanon. That’s very much the focus of my conversations with my Iranian counterpart,” he said. While he could not be “confident of anything that is in the control of other parties,” he emphasized the importance of avoiding further escalation.

“I have made it clear to our Iranian counterparts that it is important to avoid any further escalation. My sense is that they realize the risks of escalation and would prefer to avoid it. But, of course, they have their own strategic calculations.”

‘Blue tech’ needs private sector boost, says RSG official

‘Blue tech’ needs private sector boost, says RSG official
Updated 26 min 6 sec ago
Nadin Hassan
Nour El-Shaeri
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‘Blue tech’ needs private sector boost, says RSG official

‘Blue tech’ needs private sector boost, says RSG official
Updated 26 min 6 sec ago
Nadin Hassan Nour El-Shaeri

RIYADH: Private sector firms need to lead the way and invest in so-called blue tech in order to protect the world’s oceans, according to a leading official at Red Sea Global.

Speaking to Arab News during the Future Investment Initiative in Riyadh, Raed Al-Basseet, environment and sustainability officer at the company, called on businesses to adopt innovative approaches that contribute to environmental preservation. 

This includes blue tech — which refers to refers to any innovation made for the sea.

Al-Basseet also reaffirmed RSG’s commitment to sustainability — and how this reflects on the project’s return on investment. 

He called on the private sector to take “the first steps” and invest in “cutting edge approaches to preserving the environment,” adding: “Enhancing the environment and … conservation is the right thing to do for the private sector, but also when we realize the first benefits out of that, and out of these initiatives, we will also have real return on investment as a developer, as a private sector, from that investment.” 

Al-Basseet was keen to emphasis RSG’s focus on environmentalism, saying the company has “sustainability at its DNA.”

He added: “And that actually, from a practical sense, means that (in) all of our activities, master planning and development, design, construction, delivering on these projects, as well as operating these projects, sustainability is at the core of everything that we do.” 

He emphasized that the long-term success of the projects relies on preserving natural assets, making sustainability integral to achieving favorable outcomes. 

Highlighting key initiatives, Al-Basseet pointed out the company’s significant investment in blue tech, adding: “The investment in technology does require the support of a multitude of stakeholders. Private sector does have a role. Red Sea Global is very proud that they have in the 

Al-Basseet also spoke about the company’s efforts in coral conservation, including supporting research that is happening now within the Red Sea.

Topics: FII8 Red Sea Global

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Saudi-US bilateral accords ‘not that connected’ to Israel normalization

Saudi-US bilateral accords ‘not that connected’ to Israel normalization
Updated 31 October 2024
Nour El-Shaeri
Follow

Saudi-US bilateral accords ‘not that connected’ to Israel normalization

Saudi-US bilateral accords ‘not that connected’ to Israel normalization
Updated 31 October 2024
Nour El-Shaeri

RIYADH: Saudi Arabia’s foreign minister said on Thursday that some of the bilateral agreements the kingdom has been negotiating with Washington are “not that tied” to the normalization of Saudi relations with Israel and are “moving ahead.”

He noted that potential US-Saudi agreements on trade and artificial intelligence are “not tied to any third parties” and “can progress probably quite quickly.”

“Some of the more significant defense cooperation agreements are much more complicated. We would certainly welcome the opportunity to finalize them before the end of the Biden administration's term, but that’s reliant on factors outside of our control,” he said.

“The other work streams are not that connected, and some of them are progressing quite quickly, and we hope to see movement forward.”

Ruling out the possibility of Saudi Arabia recognizing Israel without the establishment of a Palestinian state, Prince Faisal stated that this remains the only viable solution, regardless of Israel’s acceptance.

Speaking at the Future Investment Initiative summit in Riyadh, he emphasized that the creation of a Palestinian state is rooted in international law and UN resolutions.

“In reality, the establishment of a Palestinian state is not tied to whether or not Israel accepts it; it’s tied to the principles of international law,” he said. “The UN resolutions that led to the establishment of the state of Israel clearly envisioned a Palestinian state as well, so we need to make that happen.”

Prince Faisal asserted that normalization of Saudi-Israeli ties is “off the table” until there is a resolution regarding Palestinian statehood. He further highlighted the broader implications, stating, “The security of the region as a whole is at risk if we do not address the rights of the Palestinians.”

Addressing the ongoing crisis in Gaza, he called for a cease-fire, emphasizing the dangers of an Israeli overreaction following the events of October 7th. “We have seen the reality that Israel’s reaction and its continuing military assault have led to a humanitarian catastrophe,” he remarked. He described the situation in northern Gaza as dire, with blockades and no safe zones for civilians, stating, “That can only be described as a form of genocide. It is certainly against humanitarian law, and that is feeding a continuing cycle of violence.”

On the prospects of an immediate cease-fire, Prince Faisal expressed caution, saying, “I hope it’s the case that we can see a cease-fire in the immediate hours, in the immediate short term. I’m not sure that that’s the case. I don’t have the details.”

He acknowledged US efforts to facilitate negotiations, adding, “We are not part of the direct negotiations, but we certainly support the efforts that the US has undertaken to find a pathway to a ceasefire. I hope it comes to fruition.”

He noted that previous attempts at cease-fire negotiations had failed due to new demands from Israel. “In most of those instances where the talks collapsed, it has been because new requirements or demands were added on the part of Israel,” he explained.

Prince Faisal also addressed Saudi Arabia’s position on Lebanon, emphasizing a hands-off approach. “We have never fully disengaged. But we believe it’s up to the Lebanese politicians to seek a direction that puts Lebanon on the right track,” he stated.

He added: “It’s not up to any outside influence, any outside countries, or any outside powers to tell the Lebanese what to do or to influence the political process in Lebanon. That is our opinion.”

Regarding relations with Iran, Prince Faisal indicated that recent discussions focused on regional de-escalation. “I hope that Iran, like us, is working toward regional de-escalation on all fronts, not just in Lebanon. That’s very much the focus of my conversations with my Iranian counterpart,” he said. While he could not be “confident of anything that is in the control of other parties,” he emphasized the importance of avoiding further escalation.

“I have made it clear to our Iranian counterparts that it is important to avoid any further escalation. My sense is that they realize the risks of escalation and would prefer to avoid it. But, of course, they have their own strategic calculations.”

Topics: FII8

NBK eyes partnerships in Saudi Arabia to tap Vision 2030 opportunities across diverse sectors

NBK eyes partnerships in Saudi Arabia to tap Vision 2030 opportunities across diverse sectors
Updated 31 October 2024
Nadin Hassan 
Follow

NBK eyes partnerships in Saudi Arabia to tap Vision 2030 opportunities across diverse sectors

NBK eyes partnerships in Saudi Arabia to tap Vision 2030 opportunities across diverse sectors
  • NBK has developed strong connections with key players, including other financial institutions
  • NBK signed four agreements worth $1.6 billion, underscoring the growing demand for sophisticated financial solutions within Saudi Arabia’s evolving market
Updated 31 October 2024
Nadin Hassan 

RIYADH: The National Bank of Kuwait is looking to partner with different companies in Saudi Arabia as the Kingdom’s Vision 2030 opens opportunities for financial partnerships, a senior executive said. 

Speaking to Arab News on the sidelines of the Future Investment Initiative in Riyadh, the General Manager of the National Bank of Kuwait in Saudi Arabia, Anas Al-Ubaid, highlighted that NBK has developed strong connections with key players, including other financial institutions.

“We have a good partnership with a lot of government bodies, corporates, and even private banking or high net worth individuals,” Al-Ubaid said.

He added: “We’re here on the market since 2006. We’re serving the market. We partnered up with the majority of the names in that market, even with banks. Once the opportunities arise, definitely we could partner up with them.”

Al-Ubaid also explained how the bank’s approach goes beyond traditional lending to provide customized financial solutions that meet specific client needs and support their business growth.

“The way we look at it here at NBK, it’s not just about lending. It’s about providing tailored financial solutions for our clients, serving their needs, and also helping them to grow their businesses,” he said.

Al-Ubaid continued: “There is no definite sector that we’re looking at. We’re looking at all areas that we could help with and help our partners in the markets.”

He added: “Our expertise is in tailoring solutions for clients, whether corporates or individuals,” highlighting NBK’s focus on customized financial services that support Vision 2030.

He further underlined that the Saudi market offers significant growth potential for banks, particularly as demand rises for customized financial solutions.

“I would say there’s a lot of opportunities in the markets for banks and financial institutions to grow in that area. Definitely. The market is eager to see more tailored solutions for clients, especially now the clients in Saudi,” Al-Ubaid said.

On the first day of the event, NBK signed four agreements worth $1.6 billion, underscoring the growing demand for sophisticated financial solutions within Saudi Arabia’s evolving market.

One agreement was inked with ACWA Power – worth SR2.6 billion ($690 million) – to support the company’s expansion in energy and water resource sectors across the Middle East and North Africa.

Additionally, NBK established an SR1.8 billion credit facility with Al Gihaz Contracting Co., helping fund the Kingdom’s largest energy storage project.

Agreements were also signed with Pan-Kingdom Holding Group and Alyusr Leasing to further their operational goals, with the deals valued at SR1 billion and SR750 million, respectively.

Topics: FII8 NBK

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