The Future Investment Initiative (FII) organized by the Public Investment Fund (PIF) in Riyadh served as an effective platform for investors and business experts to share their ideas, said Yusuff Ali M.A., managing director of Abu Dhabi-headquartered LuLu Group International that owns the Lulu Hypermarket chain in the Middle East.
Speaking on the sidelines of the FII, Yusuff praised the Saudi government’s “great initiative” of bringing together around 3,500 participants and 175 experts from over 65 countries to brainstorm on a range of investment issues.
The event showed the government’s will to achieve the goals set in the Saudi Vision 2030 program under the dynamic leadership of Crown Prince Mohammad bin Salman, the LuLu chief said.
“We sincerely hope that all the discussion during the brainstorming sessions of the three-day summit will bring more energy to make the dream come true,” he added.
Yusuff said that Lulu is glad to be associated in its own way to contribute to the Vision 2030 that aims to empower Saudi youth.
“I am glad to upgrade our hypermarket and its job structure in line with the Vision 2030 and going to create 3,000 jobs in two years as promised,” he said. The LuLu chief also said that his group would create 10,000 jobs for Saudis including women.
“So far, we have 2,400 Saudi employees with us,” he said.
‘FII a brilliant initiative from investment perspective’
‘FII a brilliant initiative from investment perspective’
Sulaiman Al-Rajhi Endowment projects worth SR8bn launched in Makkah
Sulaiman Al-Rajhi Real Estate Company has announced the launch of several real estate projects belonging to the Sulaiman Al-Rajhi Endowment system in Makkah, with a total investment exceeding SR8 billion ($2.1 billion). These projects include commercial, residential, and hospitality developments, as well as strategic land plots, as part of the company’s commitment to supporting the Kingdom’s real estate sector and enhancing the quality of life in the holy city.
The announcement was made during a field tour by a delegation of high-level officials including Saleh Al-Rasheed, CEO of the Royal Commission for Makkah City and Holy Sites; Ihsan Bafakih, chairman of the board of directors of Sulaiman bin Abdulaziz Al-Rajhi Holding Company; Haitham Al-Fayez, chairman of Sulaiman Al-Rajhi Real Estate Company and CEO of Sulaiman Al-Rajhi Holding Company; Moath Al-Mukhudub, managing director and CEO of Sulaiman Al-Rajhi Real Estate Company; and Anas Mansour Abadi, CEO of real estate at Sulaiman Al-Rajhi Holding Company and representative of the Sulaiman Al-Rajhi Endowment, alongside members of the board of directors of both the holding and real estate companies and the executive team.
The tour included the launch of the Tilal Towers project, with an investment value of SR2 billion, featuring more than 2,500 hotel rooms, strengthening the hospitality sector in Makkah.
The delegation also visited the Tilal Village project, valued at SR2.8 billion. It is one of the prominent qualitative projects within the hospitality ecosystem in Makkah.
Furthermore, the visit covered the residential buildings within Tilal Village, comprising 828 units, with an investment of SR800 million. The delegation inspected the specialized hospital, medical complex housing, and the office and commercial plazas.
During the tour, a contract was signed for the Al-Rajhi Center project, valued at SR250 million, as part of a comprehensive rehabilitation plan.
The inspection also included the Al-Ukayshiyyah land, spanning 4 million square meters, and the Al-Ghazzawi project land, valued at SR250 million.
The tour concluded with prayers at the Aisha Al-Rajhi Mosque, the second-largest mosque in Makkah after the Grand Mosque, with a capacity for 50,000 worshippers.
This visit underscores the importance of these investments, which represent a clear direction toward enhancing the management of the endowment’s assets through diversification, redevelopment, and strategic expansion, in line with the development goals of the Makkah city and Saudi Vision 2030.
Sulaiman Al-Rajhi Real Estate, a subsidiary of Sulaiman bin Abdulaziz Al-Rajhi Holding Company, continues to provide innovative solutions to elevate the real estate sector to international standards.
