Around 10,000 foreign pilgrims per week expected for Umrah

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Updated 26 October 2020

Around 10,000 foreign pilgrims per week expected for Umrah

  • Pilgrims arriving from abroad will be divided into groups of at least 50 pilgrims

MAKKAH: November will bring relief for the more than 500 Umrah companies in the Kingdom that have been badly affected by the coronavirus (COVID-19) pandemic.

The Saudi Ministry of Hajj and Umrah has laid out the guidelines for receiving pilgrims from outside the Kingdom, to be applied from Nov. 1, in its phased resumption of Umrah services.
And now Saudia airline has announced the reopening of 33 travel destinations, most of which are green countries where COVID-19 is not spreading and preventive measures are being successfully implemented.
Ahmed Bajaifer, an investor in Umrah companies, said that an estimated 10,000 pilgrims will arrive each week in Saudi Arabia, adding that the Umrah companies can easily handle this number while applying preventive measures.
The ministry will only allow pilgrims between 18 and 50 years old to come for Umrah, in line with the requirements of the Ministry of Health. They must present a PCR test certificate proving that they have tested negative for COVID-19. The certificate must be issued by a trusted laboratory in the pilgrim’s country no more than 72 hours before departure.

HIGHLIGHT

Pilgrims must book their Umrah and prayers at the Two Holy Mosques, including visits to the Prophet’s Mosque and prayers in the Prophet’s Chamber. All bookings can be done through the Eatmarna app.

Pilgrims must book their Umrah and prayers at the Two Holy Mosques, including visits to the Prophet’s Mosque and prayers in the Prophet’s Chamber. All bookings can be done through the Eatmarna app.
They are also required to have confirmed return flights that suit their Umrah programs.
The mandatory components of the service package for each pilgrim include booking accommodation that provides three full-board meals for the quarantine period, which should be at least three days, and transport from the port to the accommodation. They must also have a comprehensive insurance policy.
Pilgrims arriving from abroad will be divided into groups of at least 50 pilgrims. Unified programs must be booked for the groups, including all services that match the date of their booking to perform Umrah and visit the Two Holy Mosques.
A guide will be appointed for each group, and the Saudi agent will be obliged to provide the contracted service packages.


Saudi investors share expertise on Saudi corporate VC opportunities

Updated 27 November 2020

Saudi investors share expertise on Saudi corporate VC opportunities

JEDDAH: The two-day Step Saudi 2020 event featured two prominent Saudi figures in the field of investment on the second day.
Hashim Al-Awadi, CEO of Tech Invest, and Salman Jaffery, chief investment officer at Saudi Aramco Entrepreneurship Ventures, both shared their expertise, with the latter saying it is more beneficial for corporations to start a venture capital (VC) arm than invest from their current mergers and acquisitions arm (M&A).
Managing partner at Class 5 Global, Zach Finkelstein, who moderated the session on the second day of the event, said the San Francisco-based venture fund invested in a number of companies in the Middle East.
“The Middle East is particularly interesting to us, and in the past, our partners have invested in such regional companies as Careem. We’re excited to explore the development of the corporate VC space and how it can impact places like Saudi Arabia,” he added.
When asked why a corporation should start a VC arm instead of investing from an M&A team, and why have a separate corporate Venture Capital arm in the first place, Jaffery answered that “it brings faster results.”
“I think the easiest answer to that is just speed and agility,” he said. “Getting that response quickly to the market. VC deals can take weeks or months whereas an M&A transaction can take up to a year or longer, and also similarly, if you’re trying to then come out of it, it’s harder to come out of a joint venture agreement or an M&A as opposed to a VC.”
Al-Awadi explained his opinion a traditional VC perspective, and said: “We like the fact that corporations can invest from both their M&A arms and their VC arms if they have them.”
He highlighted that VC arms can invest in a greater variety of companies. “You have the intelligence, you know the market and if you’re looking at specific technology where we don’t have a lot of expertise we trust that you (other venture capitalists) know the market and you can evaluate that technology better to see if it has the capability and potential for growth or not.
“Eventually, you do have an M&A arm that will provide an exit for us, for an incentive for this company to work hard to grasp the intention after having been invested in by the VC arm of this big corporate to maybe look into making a partial agreement or complete acquisition, which really adds an incentive for the company to grow and attracts other investors and also attracts talent to join the company and help it grow even more.”
He said both the VC and M&A arm are important for company growth. “We tend to look at corporate investors through both arms as complementary to what we do when we have both of them around.”
The Kingdom has obtained a high reputation among investors internationally through the years, especially after the economic and social reforms of Saudi Vision 2030.
Step Saudi is home to the Kingdom’s best entrepreneurs, investors, creatives and digital enthusiasts. The last edition of Step Saudi featured four content tracks, more than 100 startups and over 1,500 attendees.