Alfanar sign $1.5bn deal with Daewoo E&C during iktva 2023

Amer Al-Ajmi, executive vice president of Alfanar, and Sungmin Yang, senior vice president of Daewoo, signed the MoU.
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Updated 06 February 2023
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Alfanar sign $1.5bn deal with Daewoo E&C during iktva 2023

Alfanar signed a memorandum of understanding with the Korean company Daewoo Engineering and Construction, during Saudi Aramco’s iktva 2023 Forum and Exhibition. The event was held at Dhahran Expo under the patronage of Prince Saud bin Nayef bin Abdulaziz, governor of the Eastern Province, from Jan. 30 to Feb. 2.

The $1.5 billion agreement signed by Amer Al-Ajmi, executive vice president of Alfanar, and Sungmin Yang, senior vice president of Daewoo, is aimed toward joint cooperation in future projects for the oil, gas and petrochemicals sectors. As a leading Saudi company, Alfanar contributes heavily toward developing local content and achieving sustainability in these sectors. Through this agreement, Alfanar will work on transferring and localizing expertise in the engineering construction field, and exchanging the expertise of advanced technologies used in design, procurement and project execution for the oil, gas and petrochemicals sectors.

In the seventh edition of iktva, Alfanar, as a platinum sponsor, also showcased its manufacturing, engineering construction, and project development capabilities at the “Sustainability Pavilion.”

“Alfanar is one of the leading Saudi companies that is contributing to supporting local content through its national investments, which are raising the rate of localization in Saudi Arabia,” Al-Ajmi said.

He added: “These investments play a key role in advancing economic development by increasing the number of national products in many fields and by creating quality jobs. In addition to what Alfanar has already achieved in local manufacturing of industrial products, technology transfer and acquisition of international technologies, we are also working toward introducing new industries that did not exist previously in Saudi Arabia, besides what Alfanar currently has, to support Saudi Vision 2030 by possessing full intellectual property rights.”

For more than 40 years, Alfanar has been a global leader in the energy and infrastructure sectors in the Middle East, with operations in more than 22 countries. From its inception in 1976 in the Kingdom, the company is engaged in the construction, development, and operation of major projects across energy, water, process and infrastructure, as well as in the manufacturing of electrical products. Alfanar is also a major player in green fuels, with ambitious renewable energy projects in Saudi Arabia, the UK, Spain and India, and is one of the major manufacturers of wind turbines in Asia.


RLC Global Forum places Kingdom at center of future of retail

Updated 16 January 2026
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RLC Global Forum places Kingdom at center of future of retail

The RLC Global Forum will return to the Saudi capital on Feb. 3–4 to shape the future of retail and consumer-facing industries at a defining moment for growth against a backdrop of shifting cross-border commerce, evolving consumption patterns, and the global AI imperative.
As the world’s economic and cultural gravity continues to shift, Riyadh stands at the intersection of transformation by connecting East and West, tradition and innovation, and providing the ideal stage for this global dialogue.
The forum’s launch coincides with the announcement of two strategic partnerships with Cenomi Centers and Panda Retail Company, highlighting Saudi Arabia’s emergence as a driving force in the global growth narrative.
Speaking to Arab News ahead of the annual forum, Panos Linardos, chairman of RLC Global Forum, said the event enables decision-makers to create a sustainable growth and innovation strategy in retail by monitoring major transformative forces affecting worldwide leaders. 
“At the 2026 RLC Global Forum, the priority is not identifying trends — in fact most leaders already see the signals — but understanding how those forces collide and reshape decision-making. This year’s agenda reflects a world at a growth crossroads: capital is more disciplined, consumers are more selective, and traditional operating models are under strain,” said Linardos.
“This year we are focused on three interconnected questions. First, where does enduring growth come from when scale alone no longer guarantees resilience? Second, how are power and value shifting across the retail ecosystem? And third, how do markets like Saudi Arabia move from rapid expansion to sustainable, system-level value creation?” said the chairman.
“We believe that retail does not operate in isolation. That is why the forum is structured to examine these dynamics across retail, real estate, technology, and investment as a single interdependent system. This integrated view, rather than siloed thinking, is where meaningful strategy now takes shape,” he added.
The forum will convene more than 2,000 senior decision-makers in Riyadh, with participants spanning global retail groups, sovereign-linked investors, developers, technology platforms, policymakers, and academic institutions from more than 40 countries.
“What matters most, however, is not scale but composition. You must understand that this is an invitation-only audience shaped deliberately around decision-making authority. CEOs sit alongside ministers, investors alongside operators, and academics alongside practitioners, not to offer commentary, but to interrogate assumptions and test strategies against real-world constraints,” said Linardos.
What distinguishes the forum is its ability to bring global perspectives into direct conversation with regional realities.
“As Saudi Arabia’s role in global trade, tourism, and consumer markets accelerates, that intersection has become increasingly relevant for leaders reassessing how and where growth is built,” he said.
Reports indicate that retail sales in the Kingdom are forecast to reach $161.4 billion by 2028. “The scale of the opportunity is clear, but the more interesting question is how that growth is shaped,” Linardos told Arab News. “Demographics, digital adoption, tourism growth, and large-scale urban development are converging at once. That creates opportunity, but also raises the bar. The next phase of retail growth in the Kingdom will favor models that integrate physical space, digital infrastructure, cultural relevance, and operational discipline.”
At the 2026 RLC Global Forum, many of the discussions center on this transition, he said.
The Kingdom’s advantage lies in its ability to design ecosystems where retail, hospitality, culture, and experience reinforce one another. Creating this long-term, integrated value is a core focus of the discussions at the forum, he added.
Commenting on the forum’s role in the future of the Saudi retail landscape, Linardos said: “Saudi Arabia does not need another conference to showcase ambition. What it benefits from — and increasingly demands — is a platform for informed, global dialogue grounded in execution. The RLC Global Forum plays that role by positioning Saudi Arabia not as a case study, but as a strategic participant in shaping the future of retail and consumer economies.”
“By bringing global leaders into Riyadh, the forum allows for an exchange that is both outward-looking and locally anchored. As the Kingdom moves from rapid transformation to long-term institution building, these conversations become more consequential. The forum is thus a critical catalyst in translating Vision 2030’s ambitions into a resilient, global-market reality,” he added.
The RLC Global Forum is a leading platform that brings together the world’s most influential retail leaders, innovators, and policymakers to drive positive industry change. It marks the next phase of the Retail Leaders Circle’s 12-year mission to connect and empower decision-makers across the retail and consumer-facing sectors.
Through high-level dialogue and strategic cross-industry initiatives, the forum addresses the long-term forces defining the trajectory of retail and its interconnected ecosystems.
Alongside the annual retail forum in Riyadh, the RLC Global Forum curates a calendar of high-profile events around the world, including the CEO Summit in New York and the RLC Fashion Summit in Milan.