Misk City, stc host ‘Metathon’ to nurture Saudi tech talent

The Metathon competition, which recently concluded, elicited participation from more than 10,000 Saudi talents, who showcased built immersive use cases and virtual experiences in retail.
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Updated 20 December 2023
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Misk City, stc host ‘Metathon’ to nurture Saudi tech talent

stc group, an engine of digital transformation, and Mohammed Bin Salman Nonprofit City, better known as Misk City, the world’s first nonprofit city, have announced the conclusion of the “Metathon” competition. The competition aimed to discover and nurture promising Saudi talents in the field of technology and to explore innovative horizons in emerging technologies. Metathon was conducted in partnership with iot squared — a joint venture between stc and the Public Investment Fund, the Saudi Cloud Computing Company and community partner Saudi Data Community, a leading enabler and facilitator of data communities in the region.

The competition elicited participation from more than 10,000 Saudi talents, with 70 shortlisted participants across 14 teams, showcasing built immersive use cases and virtual experiences in education, retail, tourism and virtual events/concerts. These immersive virtual experiences were created on the Kingdom’s first national metaverse platform hosted on SCCC. The competition concluded with a Demo Day at The City Hub, a physical co-working space for Misk Foundation beneficiaries to convene in person, collaborate and learn together. A judging committee comprising metaverse experts evaluated the metaverse experiences developed by the participating teams over the past three months.

The Metathon competition reinforced Misk City’s central role as a thriving destination that supports innovation and entrepreneurship, and nurtures future leaders.

stc Group is spearheading the development of a cohesive technology ecosystem and is committed to the continuous growth of the digital and communications sectors. The group supported this competition by empowering teams in multiple ways, from leveraging its digital library to providing access to valuable learning resources, consultations and guidance from emerging technology experts. The group’s subsidiaries, represented by iot squared and SCCC, provided a supportive and inclusive environment to hone the skills and unleash the innovative potential of the participating Saudi talents.

stc and Misk City share a vision to create an enabling environment for innovation and excellence through the Metathon challenge. The event allowed participants to discover the best metaverse experiences through valuable expertise and insights that will contribute to the development of the future of Misk City. The challenge also contributed to discovering a pool of promising talents in emerging technologies, empowering them to play a pivotal role in fostering sustainable growth in the digital field.


Al-Saedan launches $400m investment platform for real estate, digital infrastructure

Updated 27 January 2026
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Al-Saedan launches $400m investment platform for real estate, digital infrastructure

Al-Saedan Real Estate Company of Saudi Arabia, in collaboration with Serpentine Lake Capital of the UK and SGI Real Estate of Canada, have announced the establishment of a joint development and investment platform under the name SL Property. The platform will develop commercial, residential, and hospitality projects, alongside infrastructure and data center projects, across the Kingdom. It reflects the growing international interest in Saudi Arabia’s real estate and digital infrastructure markets and supports the development of high-quality, long-term assets within the Kingdom.

The agreement signing ceremony was held under the patronage of Minister of Municipal, Rural Affairs and Housing and Chairman of the Real Estate General Authority Majid bin Abdullah Al-Hogail, as part of the Future of Real Estate Forum, in which Al-Saedan Real Estate participated as a strategic sponsor. The ceremony was attended by Dr. Badr bin Ibrahim bin Saedan, chairman of the board of Al-Saedan Real Estate; Ahmed bin Ibrahim bin Saedan, vice chairman of the board of Al-Saedan Real Estate; Ben Mikola, representative of Serpentine Lake Capital and SL Property; and Hassan Al-Shawwa, representative of SGI Canada.

The attendance reflects the strategic importance of the initiative and the continued support of the authority in facilitating the attraction of high-quality international investments into the Kingdom’s real estate and digital infrastructure sectors.

This development follows the issuance of the Regulation on Real Estate Ownership by Non-Saudis in Saudi Arabia, which came into effect in January. The updated regulatory framework is expected to expand access to international investment, facilitate foreign investor participation in strategic sectors, and increase the depth of institutional capital flowing into the real estate, infrastructure, and data center sectors in the Kingdom.

The platform is targeting initial joint investments of SR1.5 billion ($400 million) in partnership with Al-SaedanReal Estate, representing the first phase of a broader, multi-stage investment program. In its initial phase, SL Property — Al-Saedan intends to invest in six to eight projects across real estate, infrastructure, and data centers, with additional opportunities anticipated as the platform’s activities expand in the future.

The initial projects will be concentrated in Riyadh and Jeddah, and will include mixed-use developments, commercial assets, residential projects, and infrastructure related to data centers. These projects are designed to be scalable, sustainable, and aligned with national development priorities, including housing expansion, enhancement of urban quality of life, hospitality sector growth, and strengthening the Kingdom’s digital services capabilities.

Al-Saedan Real Estate is one of the oldest private real estate development companies in Saudi Arabia, with more than 80 years of operational experience and a strong track record that includes the development of seven major integrated urban communities, in addition to numerous commercial, hospitality, and associated infrastructure projects.

The SL Property platform will serve as a dedicated investment vehicle for this initiative, with Serpentine Lake Capital contributing its asset management expertise, and SGI Real Estate providing its specialized real estate sector experience. The platform’s structure is intended to combine local development capabilities with disciplined international investment practices and robust governance standards.

This initiative aligns with the Kingdom’s economic diversification objectives and reflects growing confidence in the updated regulatory framework governing the real estate and digital infrastructure sectors. As the platform evolves, it is expected to provide both local and international investors with access to high-quality investment opportunities across the real estate and data center sectors throughout the Kingdom.

Dr. Badr bin Ibrahim said: “At Al-Saedan, we are pleased to be among the first beneficiaries of the promising new foreign investment system. Following our success in raising several local investment funds, we look forward to expanding our expertise and partnerships at a global level.”

Mikola added: “We are pleased to partner with Al-Saedan, whose strong track record provides a solid foundation for this collaboration. As the platform develops, we expect to explore opportunities to expand into real estate and infrastructure projects within the Kingdom of Saudi Arabia and beyond. The Kingdom represents a fast-growing market driven by clear structural factors, and we look forward to developing high-potential opportunities through a disciplined and focused approach.”