Bank AlJazira and Cultural Development Fund sign landmark agreement

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Updated 01 September 2024
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Bank AlJazira and Cultural Development Fund sign landmark agreement

Bank AlJazira has established a strategic partnership with the Cultural Development Fund, to support the growth and sustainability of cultural enterprises, enhance the sector’s creative output, significantly boost its contribution to the Saudi GDP, and drive broader economic development across the nation.

The landmark agreement is in line with the Cultural Development Fund’s role as a key financial enabler for the cultural sector in the Kingdom, and continues Bank AlJazira’s legacy as a committed partner in fostering national economic growth. 

The agreement was formally signed by Sami J. Al-Mehaid, senior vice president and head of the corporate and institutional banking group at Bank AlJazira, and Majid Al-Hugail, CEO of the Cultural Development Fund, on Aug. 18 at the Fenaa Alawwal Center in the capital’s Diplomatic Quarter.

Al-Mehaid said: “We are honored to establish this strategic partnership with the Cultural Development Fund. This agreement underscores Bank AlJazira’s commitment to supporting the cultural sector within the Kingdom. Through this collaboration, Bank AlJazira will offer flexible and accessible financing solutions with competitive benefits to foster the growth of micro, small, and medium-sized cultural enterprises. This partnership highlights our dedication to empowering the cultural sector, a crucial and influential element of the national economy. It will enable cultural projects to flourish and align with the objectives of Vision 2030, allowing cultural creators to compete for high-value projects and contracts.”


Alfanar Projects wins MEED Award for ‘Industrial Project of the Year’

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Alfanar Projects wins MEED Award for ‘Industrial Project of the Year’

Alfanar Projects has been recognized as a “national winner” at the MEED Projects Awards 2025, for its role as the main contractor in the landmark Tuwaiq Casting and Forging Plant, which was awarded “Industrial Project of the Year.”
Developed through a strategic partnership between the Saudi Arabian Industrial Investments Company, or Dussur, Saudi Aramco, and Doosan Heavy Industries and Construction, the Tuwaiq Casting and Forging Plant represents a cornerstone in the Kingdom’s drive to establish a world-class industrial base, localize advanced manufacturing capabilities, and strengthen national supply chains.
Situated in Ras Al-Khair Industrial City, the plant spans over 400,000 square meters, encompassing 39 major buildings and an extensive network of infrastructure and external works. Alfanar Projects delivered the project on a lump-sum turnkey basis, executing more than 122,000 cubic meters of concrete, erecting 25,000 tons of structural steel, installing hundreds of kilometers of underground piping and cabling, and implementing advanced electrical and mechanical systems to global engineering standards.
With a production capacity of 60,000 tons per year, utilizing state-of-the-art sand casting and open-die forging technologies, the plant will play a pivotal role in serving critical sectors such as the oil and gas industry, maritime industries, and heavy equipment manufacturing, while advancing Saudi Arabia’s goals of industrial localization and self-sufficiency.
Jamal Wadi, president of Alfanar Projects, said: “The Tuwaiq Casting and Forging Plant embodies the pinnacle of what engineering can achieve when coupled with determination. The project brought together complex architectural and structural challenges with advanced engineering solutions, which we executed with precision and efficiency. This landmark facility stands as a testament to our deep expertise as an industrial contractor and to our ability to harness engineering excellence in building strategic projects that underpin the Kingdom’s economic future.”
The MEED Projects Awards, organized in partnership with Mashreq Bank, are among the most prestigious accolades in the region, celebrating excellence in project delivery across sectors. Alfanar Projects’ recognition underscores its role as a leading national contractor, committed to delivering world-class industrial infrastructure projects that support the Kingdom’s long-term vision for sustainable growth and industrial leadership.
The leading engineering and construction company is dedicated to advancing the Kingdom’s infrastructure and industrial landscape in alignment with Vision 2030. Through its commitment to sustainable development, Alfanar Projects supports the growth of key sectors, including building construction, urban infrastructure, renewable energy, and grid modernization across Saudi Arabia and internationally. With an emphasis on localization, innovation, and sustainability, Alfanar Projects continues to deliver world-class solutions that contribute to the Kingdom’s ambitious economic and social transformation.