Startup of the Week: Rozeye offers virtual tours

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Updated 08 June 2021
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Startup of the Week: Rozeye offers virtual tours

JEDDAH: Rozan Bawazir started his company, Rozeye, during his last year of college. While studying at the University of Business and Technology, the 22-year-old also worked with the university to create a virtual tour for its official website.

The catalyst for the start of his career came a few years ago as he observed his father, who works in the IT sector. “He worked with a real estate company, and they hired me to build a virtual tour for them,” Bawazir said.

Applying his experience, Bawazir launched Rozeye, which helps display and promote different locations — from offices and hotels to universities and restaurants — in a unique way.

The startup offers virtual tours that combine a series of 360-degree images into a single experience, allowing visitors to navigate around a specific location.

“This not only enables the customer to go through the property but also speeds up the purchasing process,” Bawazir said.

The time-saving feature of these tours has been a selling point for Rozeye.

“We have had projects before in which we worked with luxury properties,” he said. “The people buying these properties are often busy. With Rozeye, however, they don’t have to take the time to visit the locations themselves.”

The pandemic played a big role in Bawazir’s business. He had the idea before the outbreak, but with people stuck at home, demand grew and accelerated the project’s development.

“I did projects for the municipality of Jeddah and for various other Saudi websites when the pandemic started,” Bawazir told Arab News.

He said that the most challenging projects for the startup are universities.

“They have different sections with multiple buildings, so we have to build different files, sew them together and create the tour. The real work begins when we are done shooting. We need to edit the shots in the most realistic way possible to give our clients the best results,” he explained.

From the glare of the sun to the angles of the objects shown in the virtual tours, everything feels as if the viewer is there in real life, Bawazir said.

Since Rozeye started working with international real estate companies, the startup has been able to build a strong customer base, giving it the necessary exposure.

“We are using the best resolution available in the market,” Bawazir said. “It can be accessed through the virtual reality headsets, and then the clients can view the space as if they were actually present on the property.”


ESG sukuk set to exceed $70bn by 2026 end: Fitch 

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ESG sukuk set to exceed $70bn by 2026 end: Fitch 

RIYADH: The global market for environmental, social and governance sukuk is on track to exceed $70 billion in outstanding value by the end of 2026, supported by refinancing needs, funding diversification and sustainability mandates, according to Fitch Ratings. 

Momentum in ESG sukuk issuance is expected to continue as net-zero targets, the prospect of lower interest rates and oil prices, and expanding regulatory frameworks encourage issuers across emerging markets, the ratings agency said in a report published this month. 

ESG sukuk are structured to finance environmentally and socially sustainable projects, including renewable energy, clean transportation and climate-resilient infrastructure. 

Earlier this month, a separate report by S&P Global set out similar views, noting that ESG sukuk issuance is set to accelerate as Gulf Cooperation Council countries step up climate transition efforts and roll out incentives for sustainable practices. 

Commenting on the Fitch report, Bashar Al-Natoor, global head of Islamic finance at the agency, said: “We expect ESG sukuk to maintain its solid momentum into 2026, supported by sustainability mandates, net-zero targets, new frameworks, robust demand, along with the upcoming Turkiye-hosted COP31.” 

He added: “While evolving Shariah and ESG requirements, geopolitical tensions and greenwashing remain key risks, the credit profile is robust: 92 percent of rated ESG sukuk are investment grade, all issuers have Stable Outlooks, and there have been no defaults.” 

According to Fitch, ESG sukuk accounted for around 40 percent of emerging-market ESG debt issuance in US dollar terms in 2025, up from 18 percent in 2024. 

Global ESG sukuk issuance rose more than 60 percent year on year to $18.5 billion in 2025, with Saudi Arabia accounting for 33 percent of the total. 

Malaysia followed with a 28 percent share, while the UAE and Indonesia accounted for 19 percent and 9 percent, respectively. 

Outstanding ESG sukuk reached $58 billion at the end of 2025, representing a 30 percent year-on-year increase. 

The report noted that social sukuk are also gaining traction globally, alongside sustainability-linked, orange and climate sukuk. 

Recent developments include Pakistan issuing its first sovereign green sukuk and Oman Electricity Transmission Co. SAOC launching Oman’s first ESG sukuk. 

Highlighting regulatory progress, Fitch said Malaysia has granted tax exemptions for Sustainable and Responsible Investment sukuk under its income tax rules. 
 
“Saudi Arabia’s Capital Market Authority issued guidelines for green, social, sustainable and sustainability-linked debt, while Qatar’s central bank launched a Sustainable Finance Framework. In addition, the UAE’s central bank has begun developing a Sustainable Islamic M-Bills program,” the agency said.