3rd ‘Future of Semiconductors Forum’ to boost digital economy

This year’s forum follows successful first and second editions, which have led to collaborative research and semiconductor manufacturing efforts.
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Updated 04 June 2024
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3rd ‘Future of Semiconductors Forum’ to boost digital economy

The third edition of the Future of Semiconductors Forum will be held in 2024 in Riyadh, hosted by King Abdulaziz City for Science and Technology in partnership with King Abdullah University of Science and Technology. The event, scheduled for June 5-6, at the Garage Innovation District in Riyadh, will promote the domestic production of electronic chips and boost the digital economy within Saudi Arabia.

This forum will gather esteemed policymakers, industrial pioneers, experts, and scholars in semiconductor technology. Notable participants include Shuji Nakamura, a Nobel laureate in physics known for his development of blue/green LEDs and violet laser diodes, alongside Kang Wang, who holds a professorship in electrical engineering and computer science and serves as co-director of the Center for Quantum Science and Engineering at UCLA and a professor of electrical engineering at Raytheon Company. Also in attendance will be Steven P. DenBaars from the University of California — Santa Barbara, renowned for holding more than 190 US patents and co-founding the Institute of Engineering Electricity and Electronics alongside four photonics and electronics companies.

Umesh Mishra, dean of the College of Engineering at UCSB, joins the list of participants, as do Ross Jatou, president of semiconductor at Alat Company; Dr. Naveed Sherwani, chairman of the board of directors and CEO of Rapid Silicon Company, co-designer of Intel microprocessor algorithms and Intel Award winner; and Professor Goutam Chattopadhyay, a research scientist at NASA’s Jet Propulsion Laboratory and the California Institute of Technology.

Dr. Munir Eldesouki, president of KACST, said the forum reflects the goals and priorities set by Crown Prince Mohammed bin Salman, the prime minister of Saudi Arabia, in the field of research, development, and innovation. It also plays a significant role in advancing the digital economy in the Kingdom. He added that the event is organized by KACST, which serves as a national laboratory and hub for innovation. Its purpose is to enhance the research, development, and innovation system, expedite technological advancements, and promote the localization of technologies.

Dr. Tony Chan, president of KAUST, praised the forum for its accomplishments in the first and second editions. He noted that the new edition offers promising opportunities to enhance the digital economy, advance research cooperation between various entities, and exchange knowledge about best practices in the electronic chip industry by bringing together the most prominent local and international entities under one roof.

The forum’s purpose is to raise awareness about the significance of localizing the electronic chip industry and its contribution to the growth of the digital economy in the Kingdom. It will also explore potential opportunities for localizing this crucial industry to make the Kingdom a key player in the electronic chip sector. Additionally, the forum seeks to promote research collaboration and sharing best practices in semiconductor development and manufacturing.

Over two days, the forum will delve into various subjects to outline the semiconductor industry’s future trajectory in the Kingdom by exploring the semiconductor value chain, from raw materials to finished microchips. 

Additionally, it will examine the application of this cutting-edge technology in areas like space exploration, quantum technologies, 6G communications, electric vehicles, and integrated sensors to enable smart cities.

The third edition of the forum will announce significant initiatives that bolster Saudi Arabia’s standing in the global semiconductor arena, drive transformation in the Middle East, cultivate talent in this vital sector, and address industry challenges to spur economic growth.

This year’s forum follows successful first and second editions, which have led to collaborative research, advancements, and semiconductor manufacturing efforts. This includes the launch of the Saudi Semiconductors Program, a pioneering regional initiative supporting research and development and qualifying cadres in the field of designing and localizing electronic chips. This program collaborates with 16 Saudi universities and has trained more than 400 researchers and students in microchip design and manufacturing.


Trascent and Gulaid Holding launch JV to offer facilities management services in Saudi Arabia

Rakesh Kishan, chief executive of Trascent Arabia and managing principal of Trascent
Updated 09 October 2024
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Trascent and Gulaid Holding launch JV to offer facilities management services in Saudi Arabia

Trascent, a global leader in facilities management advisory services, and Gulaid Holding, a renowned investor within Saudi Arabia’s facilities management sector, have joined forces to launch Trascent Arabia, a joint venture designed to provide value added and differentiated services focused on the Kingdom’s facilities management industry. The new entity will provide innovative solutions aligned with Saudi Vision 2030, which will focus on transforming the way FM services are delivered across the country and Gulf region. 

Trascent is globally established for thought leadership and expertise in structuring and governing the delivery of best-in-class FM services, drawing from its experience in advising more than 20 percent of the Fortune 500 companies on outsourcing FM across diverse markets. Complemented by Gulaid Holding’s 15-year deep understanding of the Saudi market and local capabilities, Trascent Arabia aims to enhance FM service quality and efficiency through best practices in contracting and managing FM services. The joint venture aims to address unmet market demands by offering cutting-edge advisory, contract management, and program management services.

Rakesh Kishan, chief executive of Trascent Arabia and managing principal of Trascent, said: “Trascent Arabia will bring market-leading expertise in advanced contracting models for facilities management at a time where clients are seeking better and more innovative solutions in FM. By combining Gulaid’s deep local knowledge with Trascent’s market-leading capabilities, we are positioned to deliver world-class services that support the increasing demands of facilities management in Saudi Arabia. As the Kingdom invests heavily in new cities, infrastructure, entertainment, and other investments, our services will enable clients to achieve FM excellence for residents, tourists, and businesses alike.”

According to a recent report by Fortune Business Insights, the FM sector in Saudi Arabia is projected to reach $56.33 billion by 2032, growing at a compounded annual rate of 10.3 percent from 2023. With the Kingdom undergoing a transformation for Vision 2030, the FM industry faces increasing pressure to move beyond traditional manpower-based services to more sophisticated, customer experience-led solutions. Trascent Arabia will help clients achieve advanced FM services tailored to support key national megaprojects, such as NEOM, Qiddiya, and the Red Sea Project.

Naser Gulaid, executive chairman of Gulaid Holding, added: “For the past 15 years, Gulaid Holding has been a leading investor in Saudi Arabia’s FM industry. With Vision 2030 raising the bar for excellence, Trascent Arabia will help to bridge the gap between current market capabilities and future demands. Our services will not only enhance operational efficiencies but also introduce technology-driven FM strategies that focus on customer experience, sustainability, and efficiency, perfectly aligning with the Kingdom’s vision for growth. Our clients want innovative, experience-led services, and that’s exactly what Trascent Arabia is bringing to the table.”

Trascent Arabia will focus on three core service areas: management consulting services — advising clients on how to structure FM contracts, develop service specifications and deploy best practices in commercial models; contract execution and management — providing a single point of contact for ensuring compliance performance across FM contracts; and program management — overseeing key client initiatives, including energy efficiency and sustainability projects, ensuring their effective and timely implementation. 

The joint venture will position Trascent Arabia as a key FM resource for clients in Saudi Arabia. The company will be led by an experienced executive team with a deep knowledge of local dynamics and global FM best practices. 


Jazo PR and Getty Images announce strategic partnership in KSA

Updated 09 October 2024
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Jazo PR and Getty Images announce strategic partnership in KSA

Jazo PR, a unique boutique entertainment consultancy based in Riyadh, and Getty Images, a preeminent global visual content creator and marketplace, have announced a strategic partnership to increase visual coverage of and drive global awareness around Saudi Arabia’s entertainment industry.

Jazo PR and Getty Images have collaborated for many years to service the needs of major brands and talent, showcasing them at their best through outstanding imagery and video captured at events such as Cannes Film Festival and Venice Film Festival. Together, the partners will bring Getty Images’ unique specialism in entertainment imagery and video to the Kingdom, making its visual content services and unrivaled global distribution platform available to local brands, publicists and organizations.

“I am honored that Getty Images will be collaborating with us to bring their unique expertise and creativity in entertainment production and content services to the Kingdom of Saudi Arabia,” said Laurent Boye, founder and CEO of Jazo PR. “This partnership will create global awareness around Saudi Arabia’s thriving entertainment industry, showing the best of Saudi talent and culture to the world as the country realizes its Vision 2030.”

“We are proud to be partnering with Jazo PR to bring our visual content expertise to the Kingdom of Saudi Arabia and showcase the country’s dynamic entertainment industry to the world,” said Lisa Marie Rae, senior director, entertainment at Getty Images. “Customers such as publicists, brands and festival organizers trust us to capture stunning imagery and video of their talent and events, which we distribute to media organizations around the world in almost real time. We are excited to bring these capabilities to Saudi Arabia and to work with the local photographers and videographers already capturing the Kingdom’s growing array of outstanding events.”

Jazo PR is a global PR consultancy set up by Boye, a veteran publicist, who has almost 250 credits on IMDB and has represented and worked with many of the global entertainment industry’s top talent and films. Boye recently opened Jazo PR’s Riyadh branch through Saudi Arabia’s new business-friendly initiatives, after splitting his time between Los Angeles and the Kingdom.

Getty Images is a trusted partner to many of entertainment’s biggest events. Its content creators are at every major entertainment event globally, from awards ceremonies to fashion weeks to film festivals, covering almost 70,000 entertainment events a year and partnering with major brands on creative content strategy.


New Murabba showcases visionary hospitality development at FHS

Updated 08 October 2024
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New Murabba showcases visionary hospitality development at FHS

New Murabba Development Company — a PIF company, was the platinum sponsor of the Future Hospitality Summit, which took place from Sept. 30 to Oct. 2 in Dubai. As a forward-thinking player in the hospitality industry, New Murabba is committed to seizing opportunities and staying ahead of industry trends. The company engages with key stakeholders across the hospitality spectrum, including industry leaders, investors, and developers, while sharing its ambitious vision for sustainable growth in the sector.

At the event, the executive team, led by New Murabba CEO Michael Dyke, outlined the company’s roadmap for advancing the hospitality landscape. Dyke presented an ambitious plan focused on the development of infrastructure, the establishment of seamless transportation systems, the improvement of recreational facilities, and the modernization of lifestyle amenities. These efforts are central to revitalizing key hospitality sectors, including hotels, hospitality centers, and retail destinations.

“Our goal is to establish New Murabba as a premier destination for tourism and hospitality in the region. We are fully committed to pushing boundaries, setting new benchmarks in sustainable urban development, and embracing the ongoing evolution of this dynamic industry. We believe that the hospitality sector plays a crucial role in fostering vibrant communities and boosting the local economy,” said Dyke.

New Murabba will incorporate 27 million square meters of premium real estate distributed across 18 communities, with an estimated population exceeding 400,000. This destination will serve as a model for urban planning, boasting seamless transportation and sustainable infrastructure. Furthermore, it will accommodate more than 100,000 residential units, 9,000 hotel rooms, and 500,000 square meters of retail space. Additionally, it will feature various entertainment venues, educational institutions, health care facilities, and a 45,000-seat stadium.

New Murabba is redefining urban living with its “born smart” city concept, offering modern, high-quality homes. With world-class amenities, state-of-the-art schools, healthcare facilities and seamless integration with the broader Riyadh metropolitan area, it provides unmatched convenience.

One of the primary highlights presented at the summit was the Mukaab, which is the world’s largest and most complex structure. It comprises mixed-use properties that encompass all asset classes. Spanning more than 2 million square meters of floor space, the Mukaab redefines luxury with immersive shopping, dining, and cultural experiences. This awe-inspiring cube-shaped structure, standing 400 meters in width, height, and depth, is large enough to house 20 Empire State Buildings. 

It integrates modern Najdi architectural design with state-of-the-art digital and holographic technologies, offering visitors a unique fusion of premium hospitality, retail, cultural experiences, and entertainment.

During the summit, Dyke joined BBC presenter Stephen Sackur for an exclusive television interview, where they discussed New Murabba’s forward-looking vision and its latest developments. In addition, New Murabba Director of Development Stephen Rossouw participated in a panel discussion titled “Branded Residences: A New Era in Real Estate Investment,” delving into how New Murabba plans to transform the hospitality landscape.

By sponsoring the Future Hospitality Summit, New Murabba reaffirms its dedication to becoming a key player in the global tourism and hospitality industry. Through active participation in discussions that shape the future of hospitality, the company is poised to make a lasting impact on Saudi Arabia and beyond.


Budget Saudi Arabia named partner of AlUla Moments Calendar

Updated 08 October 2024
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Budget Saudi Arabia named partner of AlUla Moments Calendar

Budget Saudi Arabia, a provider of car rental and leasing services including commercial vehicles in the Kingdom, has committed to a formal three-year agreement to become an official partner of AlUla Moments Calendar of Events. The partnership, formalized by Budget Saudi Arabia’s President and Group CEO Fawaz Abdullah Danish and Rami Al-Moallim, vice president of destination management and marketing at the Royal Commission for AlUla, represents a significant step forward in the ongoing development and global promotion of AlUla as a premier destination.

This collaboration cements Budget Saudi Arabia’s involvement in all major events hosted at AlUla, particularly sports events such as the renowned Richard Mille AlUla Desert Polo, AlFursan Cup, AlUla Tour, AlUla Falcon Cup, and AlUla Camel Cup. These events, which highlight equestrian, traditional cultural heritage sports, reinforce AlUla’s position as a regional hub for sports and cultural heritage.

Danish said: “We are honored to be a part of AlUla’s journey to becoming a leading global destination. This partnership aligns seamlessly with Saudi Vision 2030, emphasizing our commitment to contributing to the Kingdom’s economic diversification through tourism and sports. We look forward to fostering a long-lasting relationship with the Royal Commission for AlUla that will resonate for years.”

Meanwhile, Al-Moallim said: “We are thrilled to announce our strategic partnership with Budget Saudi Arabia for the highly anticipated AlUla Moments Calendar of Events. This collaboration underscores our unwavering commitment to delivering an exceptional and seamless experience for our guests, as we introduce the largest fleet in Saudi Arabia to support AlUla’s world-class events.”

He added: “By aligning with Budget Saudi Arabia, we are elevating the logistical capabilities of our events’ showcases, reinforcing our dedication to sharing AlUla’s rich cultural heritage and breathtaking landscapes with the world. Together, we are driving forward a new era of excellence in event management and guest experience.”

As AlUla continues to emerge as a global tourism and cultural hub, Budget Saudi Arabia’s role in providing seamless transportation solutions will be pivotal in accommodating the anticipated influx of visitors. The collaboration aligns with RCU’s development goals and enhances the visitor experience by offering tailored mobility services.

With a rich legacy of 200,000 years of shared human history and home to some of the most advanced ancient civilizations, AlUla has long been a cradle for social gatherings and cultural celebrations. The AlUla Moments Calendar brings this heritage to life through five distinctive festivals, offering a captivating array of experiences in art, culture, music, nature, wellness, equestrian activities, dining, and astronomy.


Cenomi Centers launches SR1bn fund with GIB Capital to develop Qassim mall

Updated 08 October 2024
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Cenomi Centers launches SR1bn fund with GIB Capital to develop Qassim mall

Cenomi Centers, the owner, operator and developer of retail and lifestyle destinations in Saudi Arabia, has announced a strategic partnership with GIB Capital, a prominent player in the financial and investment services sector, to establish a closed-end Shariah-compliant real estate investment fund with an initial capital of SR1 billion ($266.2 million). The fund will facilitate the Qassim land sale program and develop the U Walk Qassim mall, which is part of a 1-million-square-meter mixed-use Tijan scheme located in Buraidah in the Qassim region of Saudi Arabia.

The fund will develop and market the surrounding lands for residential, offices and leisure purposes, aligning with its ambitious investment vision for the region. The fund will also sign partnership agreements with leading real estate developers for the purpose of developing lands within the masterplan. The land benefits from its geographic location at the intersection of major routes, including King Abdulaziz Road, which connects various parts of the city of Buraidah, which is attracting significant wider investment and urban development. 

The land sale is part of Cenomi Centers’ strategic SR2 billion non-core assets sale program initiated in 2022 to strengthen the company’s financial position and fund its growth pipeline. Approximately SR400 million is estimated to complete the U Walk Qassim mall development. The projected annual revenue from the mall, once stabilized, is around SR80 million. 

Following the establishment of the fund, which is subject to the Capital Market Authority’s approval, GIBC will assume the role of fund manager to facilitate the sale of the Qassim land and assist in securing the funds required for the U Walk Qassim development. Cenomi Centers will be the sole unit holder of the fund and will contribute to the fund with assets in-kind, along with any hard and soft costs incurred to date. Construction of the mall is anticipated to resume in December and complete in Q4 2026. Cenomi Centers will manage and operate the 60,000-square-meter gross leasable area of U Walk Qassim on completion, which will include over 135 retail stores. 

Alison Rehill-Erguven, CEO of Cenomi Centers, said: “Partnering with GIB Capital to create a new fund to bring forward U Walk Qassim and deliver on our SR2 billion non-core asset sales program, demonstrates the company’s continued success at forming strategic financing solutions to drive our company’s future growth. Cenomi Centers is maximizing the opportunities of operating in the attractive Saudi market. The year 2024 will see three projects under construction including the flagship developments Jawharat Riyadh and Jawharat Jeddah, along with U Walk Qassim, ensuring we are on track to reach 2 million square meters of total GLA by end of 2027.”

Osamah Shaker, CEO of GIB Capital, said: “Our partnership with Cenomi Centers in the U-Walk Qassim Fund represents an important step toward achieving the company’s goals in financing its strategic projects. This fund also reflects our capabilities in providing innovative financial solutions. This investment supports sustainable growth in the Qassim region and reinforces our commitment to improving the business landscape in the Kingdom of Saudi Arabia.”