Quality of Life Program signs MoU with Areeb Capital

The MoU was signed by QOL CEO Khalid Albaker and Areeb Capital Chairman Yasser bin Alawi Fadaq.
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Updated 17 September 2023
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Quality of Life Program signs MoU with Areeb Capital

The Quality of Life Program, a Vision Realization Program of Vision 2030, has signed an MoU with Areeb Capital to work together to invest in sectors that contribute to increasing the quality of life in Saudi cities.

Signed at the Cityscape Global exhibition in Riyadh, a global real estate development event that took place from Sept. 10-13, QOL was represented by CEO Khalid Albaker, while Areeb Capital was represented by Chairman of the Board of Directors Yasser bin Alawi Fadaq. The signing took place under the patronage of Saudi Minister of Municipal and Rural Affairs Majid Al-Hogail, who also serves as the current minister of housing.

“This is an excellent chance for us to work together to build a baseline for investing in the sectors that actually enrich people’s lives,” said Albaker. “From arts and entertainment to parks, sports, hobbies, and other recreational activities, we are looking at the many ways in which public-private partnerships can build a better Kingdom for all of us.” 

The MoU will facilitate investment advisory services and financial studies that help direct capital to sectors that improve the livability of Saudi cities. These improvements include better public services, increasing sports and entertainment offerings, supporting the arts and culture, and upgrading the overall urban landscape.

In addition to exploring projects that contribute to the improvement and humanization of Saudi cities, the MoU also prioritizes specific support for increasing the number of amateur hobby clubs in the Kingdom.

Backed by MOMRAH, Cityscape Global provided a world-class platform for real estate entities to showcase their products and services to a diverse and international audience.

Taking place for the first time in Riyadh, the four-day event attracted more than 180,000 attendees. Revolving around the theme “The Future of Living,” it featured over 350 exhibitors, more than 300 international and local speakers, and over 2,000 investors.

Established in 2008, Areeb Capital is a Jeddah-based investment firm that specializes in asset management, real estate investments, advisory services, and more.


World Defense Show 2026: KPMG highlights human capital as strategic defense asset

Updated 03 February 2026
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World Defense Show 2026: KPMG highlights human capital as strategic defense asset

KPMG published a series of four white papers as official knowledge partner for the World Defense Show 2026, reinforcing its commitment to supporting Saudi Arabia’s Vision 2030 and the Kingdom’s ambition to build a sovereign, future-ready defense ecosystem grounded in integrated capability development, localization, and digital readiness.

As global defense priorities evolve from procurement-led models toward capability-driven ecosystems, one of the papers in the defense integration series highlights a clear inflection point for the sector. According to KPMG analysis, defense localization in Saudi Arabia has increased from around 4 percent in 2018 to 24.9 percent in 2024, with the Kingdom targeting 50 percent localization by 2030. At the same time, local content across the defense sector has reached 40.7 percent, up from 38.4 percent in 2023, reflecting deeper integration across procurement, industrial participation, technology adoption, and workforce development.

KPMG’s findings emphasize that modern defense power is no longer defined by platforms and equipment alone, but by the ability to design, operate, integrate, and sustain advanced systems at scale. While technology, infrastructure, and capital investment remain critical enablers, the firm’s WDS position paper highlights that defense transformation has a significant human-capital focus, recognizing that skills, data literacy, and local expertise are essential to maximizing the performance, resilience, and sovereignty of advanced defense capabilities.

Christopher Moore, head of defense and security, said: “Saudi Arabia’s defense transformation has a significant human-capital focus, alongside major investments in technology, equipment, and industrial capacity. The progress we are seeing in localization and local content demonstrates that the Kingdom is not only acquiring advanced systems, but also building the skills, institutions, and operating models required to sustain them. Through our partnership with the World Defense Show, KPMG is proud to contribute insight and frameworks that help translate Vision 2030 ambition into operational readiness.”

This human-capital perspective forms part of a broader KPMG defense thought-leadership series developed for WDS 2026, which examines defense transformation through multiple, interconnected pillars. These include accelerating sovereign defense ecosystems, integrating business and technology infrastructure, financing future deterrence through public-private partnerships, strengthening industrial and technological autonomy, and building a future-ready defense workforce — reflecting KPMG’s holistic view of defense as an integrated national ecosystem.

KPMG’s research also situates Saudi Arabia’s progress within a global economic context. International benchmarks cited in the firm’s WDS analysis show that every $1 billion in defense manufacturing output in the US supports approximately 5,700 jobs, while the UK defense sector contributes around £25 billion ($34.2 billion) to GDP and sustains 260,000 skilled jobs. Across the EU, defense industries employ more than 1.6 million people and generate approximately 70 billion euros ($82.9 billion) in annual value. KPMG notes that similar dynamics are beginning to emerge in Saudi Arabia as localization accelerates and private-sector participation expands.

To support measurable progress, KPMG has proposed a Defense Workforce Capability Index — a framework that links workforce outcomes directly to operational readiness. The index tracks localization rates, technical qualification levels in advanced and digital systems, and the share of maintenance and sustainment conducted domestically, aligning human-capital metrics with broader defense performance objectives.

Taking place in Riyadh from Feb. 8 to 12, the World Defense Show will bring together senior government leaders, defense manufacturers, and technology innovators from around the world. The other three papers in the defense integration series focus on sovereignty, financing and technology.