Cenomi Centers launches SR1bn fund with GIB Capital to develop Qassim mall

Updated 08 October 2024

Arab News

October 08, 2024 19:39

Cenomi Centers, the owner, operator and developer of retail and lifestyle destinations in Saudi Arabia, has announced a strategic partnership with GIB Capital, a prominent player in the financial and investment services sector, to establish a closed-end Shariah-compliant real estate investment fund with an initial capital of SR1 billion ($266.2 million). The fund will facilitate the Qassim land sale program and develop the U Walk Qassim mall, which is part of a 1-million-square-meter mixed-use Tijan scheme located in Buraidah in the Qassim region of Saudi Arabia.

The fund will develop and market the surrounding lands for residential, offices and leisure purposes, aligning with its ambitious investment vision for the region. The fund will also sign partnership agreements with leading real estate developers for the purpose of developing lands within the masterplan. The land benefits from its geographic location at the intersection of major routes, including King Abdulaziz Road, which connects various parts of the city of Buraidah, which is attracting significant wider investment and urban development.

The land sale is part of Cenomi Centers’ strategic SR2 billion non-core assets sale program initiated in 2022 to strengthen the company’s financial position and fund its growth pipeline. Approximately SR400 million is estimated to complete the U Walk Qassim mall development. The projected annual revenue from the mall, once stabilized, is around SR80 million.

Following the establishment of the fund, which is subject to the Capital Market Authority’s approval, GIBC will assume the role of fund manager to facilitate the sale of the Qassim land and assist in securing the funds required for the U Walk Qassim development. Cenomi Centers will be the sole unit holder of the fund and will contribute to the fund with assets in-kind, along with any hard and soft costs incurred to date. Construction of the mall is anticipated to resume in December and complete in Q4 2026. Cenomi Centers will manage and operate the 60,000-square-meter gross leasable area of U Walk Qassim on completion, which will include over 135 retail stores.

Alison Rehill-Erguven, CEO of Cenomi Centers, said: “Partnering with GIB Capital to create a new fund to bring forward U Walk Qassim and deliver on our SR2 billion non-core asset sales program, demonstrates the company’s continued success at forming strategic financing solutions to drive our company’s future growth. Cenomi Centers is maximizing the opportunities of operating in the attractive Saudi market. The year 2024 will see three projects under construction including the flagship developments Jawharat Riyadh and Jawharat Jeddah, along with U Walk Qassim, ensuring we are on track to reach 2 million square meters of total GLA by end of 2027.”

Osamah Shaker, CEO of GIB Capital, said: “Our partnership with Cenomi Centers in the U-Walk Qassim Fund represents an important step toward achieving the company’s goals in financing its strategic projects. This fund also reflects our capabilities in providing innovative financial solutions. This investment supports sustainable growth in the Qassim region and reinforces our commitment to improving the business landscape in the Kingdom of Saudi Arabia.”

Saudi Arabia’s first cruise ship ‘AROYA’ sets sail on maiden voyage

Saudi Arabia’s first-ever cruise line AROYA, blending Arabian hospitality with modern luxury

Updated 19 December 2024

December 19, 2024 16:34

Saudi Arabia’s first cruise ship ‘AROYA’ sets sail on maiden voyage

Updated 19 December 2024

December 19, 2024 16:34

The inaugural non-commercial voyage of AROYA Cruises, Saudi Arabia’s first-ever cruise line, set sail on Dec. 11, embarking on a three-night journey across the Red Sea with no fixed destination.

Offering a remarkable home-at-sea experience where luxury, comfort, and adventure seamlessly combine, AROYA offers a gateway to a world of discovery, blending Arabian hospitality with modern luxury.

This exclusive experience provided guests, including Saudi media representatives and social media influencers, with the unique opportunity to explore what it truly means to sail on Saudi Arabia’s first-ever cruise line.

Turky Kari, executive director of marketing and corporate communications at AROYA, said: “Generosity and hospitality are core to our values. We want families to leave with memories of warmth, care, and the unique Arabian ‘kefa’ (generosity) that defines AROYA Cruises.”

“Part of Vision 2030 is to build a robust tourism industry, both domestic and international. AROYA Cruises is a reflection of that vision — Saudi Arabia’s first cruise line, designed to offer a uniquely Arabian experience,” Kari added.

With 19 decks, AROYA offers a luxury floating resort. The ship spans more than 330 meters and accommodates 1,678 cabins. Guests are treated to world-class dining, immersive entertainment, and exceptional concierge services. The ship is served by a crew of more than 1,500 individuals who manage all aspects of the vessel, from wings and engines to hotel operations, hospitality and restaurants, ensuring daily services.

A meticulously scheduled full-day program for guests is planned, ensuring that no minute of their stay is wasted. The daily itinerary includes a variety of activities catering to all age groups and tastes.

The cruise features a variety of accommodations, ranging from thoughtfully curated cabins to the elite Khuzama suites, offering guests the pinnacle of luxury. Khuzama’s offerings include 145 suites, including Royal Villas, which is among the largest in the cruise industry spanning across six bedrooms, as well as two Presidential Villas and Senior Suites.

The remaining 1,524 cabins are diverse, including interior cabins, sea-view cabins with windows overlooking the sea, and balcony cabins, with approximately 1,000 of these cabins featuring private balconies.

The experience aboard AROYA is a celebration of the Saudi culture and its regions. Walking through the corridors, guests are surrounded by 2,589 artworks, 60 percent of which are created by Saudi artists, reflecting the diversity and beauty of the Kingdom’s rich cultural heritage.

“Everything we provide, from the ship’s design to food, entertainment, and programming, is inspired by modern Arabian culture and tailored to the tastes of Arabian families,” Kari said.

The cruise also offers specially designed cabins for guests with disabilities, featuring a range of accommodations with varying dimensions and unique features to ensure both comfort and safety. These accessible cabins are equipped with wider doors, lower furniture, and adjustable features to cater to the specific needs of individuals with mobility challenges.

AROYA offers a diverse culinary experience with 12 restaurants and 17 lounges, catering to every taste. Among these is IRTH, the first Saudi restaurant at sea, offering authentic local cuisine. The ship also includes specialty restaurants serving seafood, Italian, and Lebanese dishes, along with a unique “Sea Shisha” offering.

The ship features 20 entertainment venues, including The Atrium, Challenge Chambers, and Glitch VR. AROYA Theatre hosts a variety of performances, including broadway productions, comedy shows, and international dance performances. The cruise also showcases regional traditions, such as Saudi Arabia’s Ardah dance performance, recognized by UNESCO as an Intangible Cultural Heritage.

AROYA Cruises offers a variety of itineraries, including exclusive trips around the Red Sea. Guests can embark on a three-night voyage departing from Jeddah, with prices starting at SR1,672 ($445).

“Starting Dec. 16, we offer exclusive itineraries, including private island trips and journeys to Egypt and Jordan. Special thematic cruises, such as the six-night Founding Day celebration in February, will bring fresh and unique experiences for our guests throughout the year,” Kari said.

Additionally, starting on Dec. 22, AROYA will set sail to Sharm Al-Sheikh, with future destinations including the Mediterranean and the Arabian Gulf by 2025.

“By 2025, we’ll take our remarkable Arabian experience to the Mediterranean, offering a unique East Mediterranean journey. We will soon cruise in the Mediterranean and stop by Türkiye and Greece,” Kari added.

AROYA Cruises is committed to preserving the natural beauty of the Red Sea. “We are continuously exploring ways to preserve the Red Sea and its coral reefs, working with the relevant authorities to ensure we operate sustainably,” Kari said.

Launched in June 2023 as a part of Cruise Saudi, AROYA Cruises embodies the Kingdom’s ambitious Vision 2030. The cruise line represents the Kingdom’s commitment to diversifying its economy and developing its tourism sector.

AROYA Cruises aims to become a leading player in the global tourism industry. By 2025, the cruise line will expand its itineraries, offering new routes in Saudi Arabia, the UAE, Bahrain, and beyond.

Richard Mille celebrates success of inaugural Rally A’Shira

Updated 18 December 2024

Arab News

December 18, 2024 23:49

Richard Mille celebrates success of inaugural Rally A’Shira

Updated 18 December 2024

Arab News

December 18, 2024 23:49

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

Updated 18 December 2024

Arab News

December 18, 2024 23:43

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

Updated 18 December 2024

Arab News

December 18, 2024 23:43

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

Updated 18 December 2024

Arab News

December 18, 2024 21:42

ACWA Power launches key Initiatives at COP16

Updated 18 December 2024

Arab News

December 18, 2024 21:42

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

Updated 18 December 2024

Arab News

December 18, 2024 21:42

New Murabba Stadium is set to shine on global stage

Updated 18 December 2024

Arab News

December 18, 2024 21:42

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.

Cenomi Centers launches SR1bn fund with GIB Capital to develop Qassim mall