Luxury redefined: VZ Bespoke committed to Saudi Arabia’s Vision 2030

Luxury redefined: VZ Bespoke committed to Saudi Arabia’s Vision 2030
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Updated 10 November 2024
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Luxury redefined: VZ Bespoke committed to Saudi Arabia’s Vision 2030

Luxury redefined: VZ Bespoke committed to Saudi Arabia’s Vision 2030

As Saudi Arabia embarks on a historic transformation under Vision 2030, VZ Bespoke is positioning itself as a key player in the Kingdom’s evolving luxury, tourism, and entertainment sectors. Co-founders Andrea Zagatti and Alberto Verdulli bring over 15 years of experience serving ultra-high-net-worth individuals, celebrities, and royals, aligning their bespoke services with Saudi Arabia’s vision to diversify its economy and elevate its global standing.

Built on a Michelin three-star philosophy, VZ Bespoke redefines luxury with tailor-made experiences, concierge solutions, and exclusive access to the most precious black book in the world. Focused on delivering elite services, VZ Bespoke is set to make a significant impact on the Kingdom’s luxury tourism industry. “Saudi Vision 2030 is reshaping the Kingdom’s economy and culture, and we see a tremendous opportunity to contribute to its growth,” says Zagatti. The company’s bespoke services — from luxury tourism to exclusive entertainment — are perfectly suited to Saudi Arabia’s evolving landscape.

Elevating Luxury Tourism

Tourism is a key pillar of Vision 2030, with Saudi Arabia aiming to attract global visitors through its rich cultural heritage and future mega-projects. VZ Bespoke, with its expertise in curating ultra-luxury experiences, is well-positioned to cater to the needs of discerning travelers. Zagatti said: “Saudi Arabia is becoming a top destination for luxury travelers. We create experiences that are not just luxurious but also deeply rooted in the Kingdom’s culture.”

In alignment with Saudi Arabia’s vision, VZ Bespoke is exploring partnerships with top entities involved in the Kingdom’s most ambitious projects, such as Red Sea Global and NEOM. Verdulli said: “Our close collaboration with key stakeholders allows us to provide unique, high-end experiences, ensuring our clients experience Saudi Arabia in a way that is both luxurious and reflective of its remarkable transformation.”

Sports, Entertainment and F&B

Vision 2030 places a strong emphasis on sports and entertainment development, and VZ Bespoke is contributing to this sector by bringing world-class events to the Kingdom. “We organize private concerts, exclusive dinners, and VIP experiences. Saudi Arabia’s ambitious agenda in sports and entertainment aligns with what we do best — creating unforgettable, high-profile events,” said the founders.

In addition to curating elite experiences, VZ Bespoke is uniquely positioned to introduce innovative concepts and projects that can further boost Saudi tourism, reinforcing its status as a premier destination for luxury and entertainment. “We have access to incredible ventures eager to launch in the Kingdom, and we’re excited to bring these pioneering ideas to Saudi Arabia,” said Zagatti. Whether it’s VIP access to sold-out events or exclusive meet-and-greet opportunities, VZ Bespoke ensures that their clients enjoy only the most elite, tailored experiences while contributing to the country’s ambitious vision for the future.

Exclusive Memberships

At the core of VZ Bespoke’s offerings is an exclusive membership program that delivers personalized lifestyle management for UHNWIs, crafted uniquely for each client. “Our memberships are entirely bespoke, tailored to the needs of each client,” said Zagatti. The VZ Private Membership, limited to just 12 clients per year, offers a tailored experience including bespoke travel, private VIP events, access to exclusive off-market assets, and high-level personal solutions. With a £25,000 ($32,490) entry fee and an annual membership fee of £25,000 credited toward services, members gain access to VZ Bespoke’s coveted “black book” of strategic opportunities.

For the elite few, the VZ Corporate Membership extends these luxury services to top clients and executives in select corporations, including private banks, law firms, and family offices. Limited to only six corporate memberships annually, this tier provides access to rare events, asset sourcing, bespoke travel, and priority event coordination, all customized to the firm’s specific portfolio. Membership fees are tailored based on service needs, operating as a credit pool for flexible access.

At the pinnacle, the VZ Club is a sanctuary of privilege, limited to one member each year. With a 1-million-pound entry fee and annual membership, this tier offers boundless, all-encompassing support from VZ Bespoke’s “black book” and a world of bespoke experiences and strategic introductions. Entry to any VZ Bespoke membership is by invitation or referral only, creating a highly curated, exclusive community.

Aligning with Vision 2030

As Saudi Arabia forges ahead with its bold Vision 2030, VZ Bespoke is set to be a driving force in the Kingdom’s remarkable transformation. “We’re not just delivering luxury services — we’re defining the future of opulence and exclusivity in Saudi Arabia,” said Zagatti. From ultra-exclusive tourism to cutting-edge solutions and innovation, VZ Bespoke is deeply aligned with the Kingdom’s ambitious vision, elevating every experience to new heights of sophistication.

Verdulli added: “Vision 2030 is the perfect marriage of ambition and opportunity. We’re thrilled to be part of this groundbreaking journey and are committed to reshaping what luxury means in Saudi Arabia, setting a new global standard.”


barq launches digital wallet in Pakistan

barq launches digital wallet in Pakistan
Updated 15 February 2025
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barq launches digital wallet in Pakistan

barq launches digital wallet in Pakistan

barq Holding, the parent company of barq Financial, has announced the launch of its barq digital wallet in Pakistan.

It is part of its strategy for international expansion and enhancing digital payment solutions in global markets.

This launch follows the wallet's success in Saudi Arabia, where the barq financial app has become one of the fastest-growing apps globally in a record time.

The barq wallet aims to provide a seamless and secure payment experience for its customers in Pakistan, offering advanced digital financial solutions, enabling individuals and businesses to carry out transactions with ease and efficiency.

Through this expansion, the company seeks to support the digital transformation efforts in the payments sector and promote financial inclusion in the region.

This launch is part of barq Holding's vision to strengthen its presence in global markets.

The company plans further regional and international expansions in the coming period, focusing on markets with high growth potential in the fintech sector.


Estithmar net profit increases by 20%, revenues rise by 44%

Estithmar net profit increases by 20%, revenues rise by 44%
Updated 15 February 2025
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Estithmar net profit increases by 20%, revenues rise by 44%

Estithmar net profit increases by 20%, revenues rise by 44%

Estithmar Holding announced its financial results for the year ended on Dec. 31, 2024, approved by the company’s board of directors.

The company recorded a 44 percent increase in revenues, reaching 4.2 billion Qatari riyals, compared to 2.9 billion Qatari riyals in 2023.

The gross profits of the company reached 1 billion Qatari riyals, up from 801 million Qatari riyals in 2023, reflecting a 27 percent increase.

The company also achieved earnings before interest, tax, depreciation, and amortization (Ebtida) of 742 million Qatari riyals. The results showed a 20 percent rise in the company’s net profit compared to 2023, reaching 422 million Qatari riyals. Earnings per share also increased by 17 percent from 2023, reaching 0.119 Qatari riyals per share.

The 20 percent growth in net profit is attributed to the increase in the company’s revenues, which were primarily driven by the contracting and healthcare clusters.

The contracting cluster expanded in executing and delivering projects efficiently in Saudi Arabia.

The healthcare cluster contributed to the rise in 2024 revenues.

It was driven by the sustainable performance growth of The View Hospital in Qatar, and the expansion of the cluster through the subsidiary Apex Health, which signed management and operation agreements for several hospitals.

A set of measures taken in the ventures cluster has also contributed to restructuring the business model and increasing revenues.

The financial results for 2024 reported a 25 percent increase in assets compared to the previous year, resulting from the new projects added to Estithmar Holding’s portfolio, including the Korean Medical Center in Lusail, the Rixos Baghdad project in Iraq, and the Rosewood Maldives Resort.

The board of directors of Estithmar Holding recommended a dividend distribution equivalent to 10 percent of the capital, with one free share for every 10 shares.

The results have demonstrated the ability of the holding company to maintain sustainable growth, enabling it to expand regionally and internationally, supported by the broad trust it has gained from its successful track record across all operational sectors locally.

In 2024, the company signed numerous agreements with sovereign wealth funds and regional government entities to transfer its expertise, particularly in healthcare, specialized contracting, services, and real estate development sectors.

The contracting cluster contributed 42 percent to the company’s revenues in 2024, driven by its notable activity both locally and regionally, especially in Saudi Arabia.

The cluster completed several agreements and contracts in 2024, with Elegancia Arabia, one of Estithmar Holding’s companies, participating in massive projects such as NEOM, the Red Sea Project, and AMALA, among others.

The services cluster contributed 35 percent to the company’s revenue.

This sector provides services such as facilities management, catering services and solutions, manpower and human resources, and event support, among others.

In 2024, the cluster expanded into Iraq, Libya, in addition to its operations in Saudi Arabia and Jordan.

The healthcare cluster continued to achieve sustainable growth, driven by the company’s expansion in applying the hospital management and operation model regionally, including in Iraq and Libya.

Hospitals within Qatar — The View Hospital and The Korean Medical Center — continued to gain trust by adhering to the highest international quality standards, hosting world-class medical professionals, and activating partnerships with leading international medical institutions such as Cedars-Sinai (US) and Asan Medical Center (South Korea), among others.

The ventures cluster performed steadily, attributed to the demand for the sector’s projects, including Al-Maha Island, which received over 4.7 million visitors in 2024.

The year also concluded a strong finish for the second season of Lusail Winter Wonderland and a successful launch of its third season, attracting thousands of Qatar residents and tourists.

Additionally, the sector’s hotel facilities, such as Katara Hills and Maysan Doha resorts, continued to lead the luxury hospitality sector in Qatar throughout the year.

Similarly, the cluster’s projects outside Qatar have progressed, The Rixos Baghdad project that features residential apartments, and a world-class hotel made significant progress in its construction phase, and The Rosewood Maldives Resort project is also advancing rapidly in terms of completion and is expected to become a prominent tourism destination in the Maldives and globally.


Saudi fintech barq secures multiple MoUs for future growth

Saudi fintech barq secures multiple MoUs for future growth
Updated 15 February 2025
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Saudi fintech barq secures multiple MoUs for future growth

Saudi fintech barq secures multiple MoUs for future growth

barq concluded its participation in LEAP 25, organized by the Saudi Ministry of Communications and Information Technology, the Saudi Federation for Cybersecurity, Programming, and Drones, and Tahaluf Company.

The Feb 9-12 event took place at the Riyadh Exhibition and Convention Center in Malham, north of Riyadh.

On the final day of the event, barq announced the signing of additional MOUs with leading entities and global and Saudi tech companies.

This initiative aims to enhance its ongoing development approach for services, improve customer experiences, and provide more innovative features and solutions that meet their aspirations and needs.

The MoUs were signed on behalf of barq by Walid Al-Hassoun, chief information officer; Muqrin Al-Shammari, corporate management director; Mishaal Al-Aboudi, loyalty and engagement development manager; and Abdulelah Al-khathlan, acquiring director.

The signing companies included Cosmo aimed at diversifying services and enhancing customer experience, represented by Rawad Rifai, co-founder and CEO.

Hyperpay aimed to improve the quality of services and offerings for customers, represented by Muhannad Ebwini, founder and CEO.

An MOU with groq was signed to support barq's service ecosystem with the latest tech solutions using artificial intelligence, represented by Fahad Al-Turaif, vice president and executive director for the Middle East and North Africa.

An MOU with Future Work was signed to enhance barq's customer experience and develop more innovative solutions, represented by Abdullah Al-Emran, executive director.

LEAP has been hosted by the Kingdom for the fourth time and witnessed the announcement of strategic agreements and major investment launches worth up to $15 billion.

Numerous MoUs were signed between participating companies and entities, attended by prominent sector leaders, major investors, and key innovators from around the globe.


LEAP 2025 concludes with multi-billion dollar investments and global expansion

LEAP 2025 concludes with multi-billion dollar investments and global expansion
Updated 14 February 2025
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LEAP 2025 concludes with multi-billion dollar investments and global expansion

LEAP 2025 concludes with multi-billion dollar investments and global expansion

The fourth edition of LEAP 2025, held in Riyadh, has reinforced Saudi Arabia’s position as a global hub for artificial intelligence, cloud computing, and digital infrastructure investments, securing total investments exceeding $14.9 billion.

It was the region’s premier technology event, which concluded at the Riyadh Exhibition and Convention Center in Malham under the theme “Into New Horizons.”

The milestone highlighted the Kingdom’s growing influence in the digital economy and innovation landscape.

The success of LEAP 2025 is a testament to the unwavering support of Saudi Crown Prince Mohammed bin Salman bin Abdulaziz, whose vision continues to drive Saudi Arabia’s digital transformation.

This aligns with Vision 2030’s objectives, solidifying the Kingdom’s leadership in technology, AI, and entrepreneurship.

As a global platform, LEAP brings together top thinkers, industry leaders, and investors to drive innovation and accelerate the shift toward a prosperous and sustainable digital economy.

Organized by the Ministry of Communications and Information Technology, in collaboration with the Saudi Federation for Cybersecurity, Programming, and Drones and Tahaluf Company, LEAP 2025 featured over 200,000 attendees; participation from 1,800 international and local entities; more than 1,000 global speakers; a showcase of 680 startups; and major deals with asset managers overseeing $22 trillion in portfolios

These figures underscore Saudi Arabia’s role as a global innovation hub, attracting top-tier companies and talent in the tech sector.

LEAP 2025 witnessed the announcement of landmark investments that will accelerate digital growth in the Kingdom, including a $1.5 billion partnership between Groq and Aramco Digital to boost AI-powered cloud computing investments; a $2 billion investment between Saudi-based Alat and China’s Lenovo to establish an advanced AI and robotics-driven manufacturing and technology hub; and the launch of several digital infrastructure and innovation projects, reinforcing Saudi Arabia’s position as a top destination for global tech investments.

Eng. Abdullah Alswaha, minister of communications and information technology, emphasized that LEAP 2025 reflects the Kingdom’s leadership in global technology innovation.

He said that the international investments and success achieved by Saudi Arabia’s technology sector "are a direct result of the support and empowerment" of the crown prince.

"This momentum drives Saudi Arabia toward its Vision 2030 goals, strengthening its position as a leader in AI, digital transformation, and entrepreneurship,” he added.

Faisal Al-Khamissi, chairman of the Saudi Federation for Cybersecurity, Programming, and Drones and Chairman of Tahaluf, said: “None of these achievements would have been possible without the support and vision of the crown prince, who has transformed Saudi Arabia into a global hub for advanced technology, innovation, and a sustainable digital economy.

“LEAP 2025 was not just a tech event — it was the largest and most impactful edition to date. It connected startups with investors, drove innovation, and unlocked new opportunities for entrepreneurs.”

Al-Khamissi added: "LEAP will expand globally, with two editions planned for 2026 — one in Riyadh and another in Hong Kong. This marks a significant step in Saudi Arabia’s leadership in the global digital economy and AI-driven innovation."

LEAP 2025 has already accelerated the growth of several startups, with notable success stories including Ejari, which started with a small booth at LEAP and secured a $1 million seed round, followed by another $15 million investment. It has since expanded its team to over 30 employees and attracted $50 million in business opportunities.

Data Lexing, a Saudi startup that debuted at LEAP 2022, has since expanded to 10 international markets with over 2,000 clients, 65% of whom are outside Saudi Arabia.

Quant secured $2 million in investment in a single day at LEAP.

With its record-breaking deals, global partnerships, and visionary expansion plans, LEAP continues to shape the future of AI, innovation, and technology investment worldwide.


Lulu brings world-class shopping to holy city of Madinah

Lulu brings world-class shopping to holy city of Madinah
Updated 13 February 2025
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Lulu brings world-class shopping to holy city of Madinah

Lulu brings world-class shopping to holy city of Madinah

Lulu Retail, a leading hypermarket chain in the Middle East, has expanded its presence in Saudi Arabia with the opening of its latest express store in Madinah.

This expansion aligns with Lulu's commitment to providing world-class shopping experiences to residents and visitors while supporting the Kingdom’s Vision 2030 initiative for economic growth and job creation.

Mazen bin Ibrahim Rajab, chairman of the Madinah Chamber of Commerce, inaugurated the new Lulu express store in the presence of Fahad Ahmed Khan Suri, consul general of India in Jeddah, Yusuffali M.A., chairman of Lulu Group, along with other dignitaries.

The new Lulu store, developed in partnership with Al Manakha Urban Project Development Company, spans a retail space of 23,000 square feet.

The store is designed to offer a modern shopping experience, catering to the diverse needs of customers with a well-curated selection of daily need essentials, fresh food, and departmental offerings similar to Lulu’s Jabal Omar store in Makkah.

Officials from Jabal Omar Development Company and Al Manakha Urban Project Development Company expressed their confidence in Lulu store’s role in enhancing the success of these prestigious shopping mall projects.

As a leading retail entity in the region, Lulu continues to redefine the shopping experience by bringing quality, variety, and affordability under one roof.

On this occasion, Yusuffali expressed his profound joy in expanding Lulu’s footprint in the holy cities.

“To contribute to the development of amenities in Makkah and Madinah has been a long-cherished dream of mine. I extend my heartfelt gratitude to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, Crown Prince Mohammed bin Salman, and the Saudi Arabian government for their unwavering support. The Lulu remains committed to delivering a world-class retail experience while generating employment opportunities for Saudi citizens,” he said.

Lulu is planning significant expansion across Saudi Arabia, with three additional major projects already in the pipeline for Madinah, he added.

Suri said that the opening of the new Lulu store will mark a pivotal role in advancing the regional development of Saudi Arabia.

He also praised Lulu's efforts in extending its services to pilgrims, calling them highly commendable.

The store will feature a well-designed layout inspired by the city’s cultural and architectural essence.

Customers will enjoy a spacious and easily navigable shopping environment, ensuring convenience and comfort.

The store includes    a fully stocked express store offering fresh produce, grocery essentials, and international products; a special focus on Saudi-grown products, including premium-quality Madinah dates; dedicated fresh food sections providing high-quality fruits, vegetables, meat, and seafood; select departmental items, reflecting the range available at Lulu’s Jabal Omar store in Makkah.

The store will be open daily from 6 a.m. to midnight, providing extended shopping hours to accommodate the needs of both residents and visitors.

Also present on the occasion were Shehim Mohammed, director of Lulu Saudi; Rafeeq Yarathingal, business development director of Lulu; Noushad M.A., regional director of Lulu Jeddah; and other guests.