LONDON: Experts gathering at the 24th World Islamic Banking Conference in Bahrain next month will discuss the need for banking and financial institutions to keep pace with changes in the sector as the industry undergoes a digital revolution.
New user experiences are rapidly replacing traditional banking interfaces to suit an increasingly online approach as global financial institutions ramp up their technology systems for a new era of digital customer engagement.
Islamic banks have typically been behind their conventional banking counterparts when it comes to implementing the latest technological innovations, but many in the Gulf and Middle East are taking a more agile approach and re-engineering their business models to retain a competitive edge.
Speaking on behalf of WIBC’s Islamic banking technology partner, Mohammed Kateeb, group chairman and CEO of Path Solutions, said, “The Islamic finance industry is going through drastic changes as a consequence of evolving customer behavior, channel proliferation and the digitization of operations in general.”
“It’s important to recognize the common challenges and opportunities facing the industry at large. The Islamic finance industry has a lot of catching up to do in terms of placing an emphasis on customer and market evolutions and process change requirements,” he added.
WIBC 2017 runs under the theme “Drivers of Economic Growth & Risks: Policymakers & Regulators” and is expected to draw over 1,300 global industry leaders to participate in a program of panel sessions and seminars running from Dec. 4 to 6 at the ART Rotana Hotel in Amwaj Islands, Bahrain.
Conference to address digital revolution in Islamic banking
Conference to address digital revolution in Islamic banking
Global investors commit more than $3bn to King Salman Park as Saudi giga-project secures new deals
RIYADH: The King Salman Park Foundation has secured more than $3.8 billion in new private-sector commitments at the MIPIM 2026 real estate conference, including a landmark $3 billion fund backed by international investors to develop a major mixed-use district in the heart of Riyadh.
According to a press release, the announcements bring total committed investment in the 17.2 sq. kilometers urban regeneration project to over $5.3 billion across five major packages.
Launched in 2019 under Saudi Vision 2030, the development is designed to be the world’s largest city park and aims to boost green space, improve quality of life, and feature over 1 million trees and extensive leisure facilities.
A $3 billion metro-connected district
The largest of the two packages, designated Package 5, will see a consortium led by Kolaghassi Development Co. deliver a residential-led district with a total built-up area exceeding 1 million sq. meters.
It will provide approximately 3,700 residential units, a K–12 school, around 300 hospitality keys and more than 100,000 sq m of Grade A office space alongside a wide variety of retail and dining offerings.
The development is supported by a Saudi-domiciled, Capital Market Authority-regulated fund managed by Mulkia Investment Co. that has attracted leading investors from the Kingdom and across the world.
Kolaghassi Development Co. will lead the project alongside Al Othaim Investment, one of the Kingdom’s real estate players, and RXR, a New York-headquartered real estate investor and operator.
“Securing investment of this scale, supported by international capital and expertise, is an important milestone for King Salman Park,” said George Tanasijevich, CEO of King Salman Park Foundation.
$850 million cultural district package
In a separate announcement, the Foundation confirmed the award of Package 4 to a consortium led by Retal Urban Development Co., with support from a fund managed by SAB Invest.
The project has a total value exceeding $850 million and will host more than 600 residential units, over 140 hotel keys, and almost 50,000 sq m of Grade A office space, alongside curated retail and food and beverage experiences.
“This opportunity reflects the maturity of Saudi Arabia’s real estate investment landscape and our confidence in culture-led, mixed-use urban destinations as a driver of sustainable returns,” said Abdullah Al-Braikan, CEO and founder of Retal Urban Development Co.
Ali Al-Mansour, CEO of SAB Invest, said the fund structure brings together “long-term capital, experienced development partners, and a shared commitment to place-making excellence” while contributing to Riyadh’s cultural vibrancy and the Kingdom’s quality-of-life ambitions under Vision 2030.
