Najm campaign seeks to protect vehicle owners

This campaign is a national initiative to raise insurance awareness and enhance road safety.
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Updated 14 October 2024
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Najm campaign seeks to protect vehicle owners

Najm for Insurance Services has launched the third “Insure and Be Safe” campaign under the supervision of the Insurance Authority and in collaboration with the Executive Committee of Insurance Companies, Vehicle Insurance Sub-committee and other entities operating in the vehicle insurance sector. This campaign is a national initiative to raise insurance awareness, enhance road safety, improve quality of life, and contribute to achieve the objectives of Saudi Vision 2030.

The campaign, which has the slogan “Don’t Wait,” will run throughout October and November this year. It will highlight the importance of insurance as an effective means of protection against the losses caused by traffic accidents and urge vehicle owners not to wait until accidents occur. It also seeks to increase their awareness of the risks of driving without valid insurance coverage. Moreover, the campaign encourages drivers to take advantage of the services and benefits provided by Najm and insurance companies when purchasing or renewing insurance policies. This includes the “No Claim Discount” service, which allows policyholders to benefit from a discount of up to 60 percent off the insurance premium due to having an insurance record free of accidents and claims.

Vehicle insurance ranks second in the Saudi insurance sector after health insurance, accounting for 21.8 percent of the market share, with written premiums totaling SR14.3 billion ($3.8 billion) in 2023, marking a 38.2 percent growth ratio compared to the previous year. The total paid claims in vehicle insurance witnessed a 5 percent increase, reaching SR8.6 billion in 2023, compared to SR8.2 billion in 2022. Insurance companies have paid claims amounting to SR35.6 billion to vehicle insurance policyholders and traffic accident victims over the past five years (2019-2023).

CEO of Najm for Insurance Services Mohammed Y. Al-Shehri, expressed appreciation for the Insurance Authority, the Executive Committee of Insurance Companies, Vehicle Insurance Sub-committee, and vehicle insurance companies for their participation in and support of this campaign. 

He said: “The ‘Insure and Be Safe’ campaign reflects the integral role that the insurance sector plays in enhancing both community and economic safety. It acts as a cornerstone in protecting individuals and institutions from financial risks arising from traffic accidents.”

This campaign not only raises the level of insurance culture but also enhances the community’s understanding of the strategic role that insurance plays in maintaining resource sustainability and reducing the economic impacts of unexpected losses.

Al-Shehri said that the transformation in the vehicle insurance sector due to the adoption of digital innovations, has significantly contributed to improving the services offered to vehicle insurance policyholders. He highlighted the ongoing improvements made by Najm to facilitate accident surveying procedures and shorten the amount of time when it comes to issuing liability reports, referring to the pilot phase of the remote surveying service to protect the lives and property of drivers.


VTB’s ‘Russia Calling!’ forum on Dec. 4-5

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VTB’s ‘Russia Calling!’ forum on Dec. 4-5

The 15th VTB Investment Forum “Russia Calling!” will take place on Dec. 4-5 in Moscow. The theme of the forum is “The future of capital and the capital of the future.” 

Traditionally, Russian President Vladimir Putin will deliver his keynote speech at the plenary session on the first day of the forum. He will answer questions from delegates representing the finance and investment communities of China, India, Turkiye, the Gulf states, Africa, Central and Southeast Asia, and other world regions. Andrey Kostin, president and chairman of the management board of VTB Bank, will moderate the session.

“Russia is demonstrating resilience in demanding circumstances as it adapts to macroeconomic challenges and opens avenues for domestic growth. Today’s situation is not only a test, but an opportunity to develop technological sovereignty, stimulate production and reinforce financial stability. As a leading bank, we continue to support innovative projects and introduce new tools to attract investments, ensuring sustainable economic growth over the long term,” said Kostin.

The macroeconomic session of the first day of the forum will focus on Russia’s monetary and budgetary policies, mechanisms of cooperation between countries Russia is building ties with, support for long-term investments and development of labor and HR potential. Speakers include: Minister of Finance of the Russian Federation Anton Siluanov, Chairman of the Central Bank of Russia Elvira Nabiullina, Minister of Economic Development of the Russian Federation Maxim Reshetnikov, and Deputy Head of the Presidential Administration Maxim Oreshkin. The session will be attended by representatives of the domestic and foreign business community. VTB’s First Deputy President and Chairman of the Management Board Dmitry Pyanov will moderate the session.

The second day of the forum is dedicated to retail investment and financial market development. It starts with a presentation of “VTB My Investment’s” strategy for 2025 and continues with sessions on the most pressing issues facing the stock market. Participants will include representatives of issuing companies, government agencies and retail investors.

The sessions will be streamed online and the agenda will be available on the official website.

The “Russia Calling!” forum has been held annually since 2009. Each year, the event attracts a distinguished and influential audience, which includes representatives of government agencies, heads of Russian and international companies, and investors. The forum’s agenda addresses the critical issues currently facing the global economy, finance, and business sectors. 

VTB Group boasts an international network that sets it apart from other Russian banks, driving the development of international cooperation and an alternative system of international payments. The group operates subsidiaries and associated banks in Armenia, Belarus, Kazakhstan, Azerbaijan, Vietnam, a branch in India, a branch and a representative office in China, and a representative office in Iran. The bank’s own closed-loop payment infrastructure ensures the reliability and security of settlements via VTB.


New $100m JV to drive global growth in media, entertainment, technology, and tourism

Updated 02 December 2024
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New $100m JV to drive global growth in media, entertainment, technology, and tourism

Australian Chinese investment company MCA Capital Group and Saudi holding company RMA Ventures have announced a landmark $100 million investment into a new joint venture fund that will drive global growth across multiple high-impact sectors, including media, entertainment, technology, and tourism.

The partnership will leverage the unique strengths of both MCA and RMA to produce high-quality content and events, as well as investing in companies and initiatives that are transforming the entertainment, technology, and tourism sectors.

Initial projects will focus on creating, producing, and distributing diverse and culturally relevant content, organizing large-scale events, and supporting innovative initiatives in entertainment, technology, and tourism. By also integrating entertainment and cultural tourism, the partnership will attract international visitors and promote cross-cultural exchange.

“We are thrilled to announce this significant investment and strategic partnership, which goes beyond traditional borders,” said Redha Alhaidar, chairman of RMA. “This joint venture is an exciting step forward not only for Saudi Arabia but also for international collaboration in the fields of media, entertainment, technology, and tourism. By joining forces with MCA, we aim to create sustainable growth opportunities, develop local talent, and strengthen cross-cultural ties between Saudi Arabia and the broader global market.”

In addition to producing content and events, the venture will also explore the adaptation of successful Chinese and Saudi media and entertainment properties for the MENA region and globally.

As part of the joint venture, MCA will contribute its extensive experience in international media production, entertainment, and cross-cultural partnerships, while RMA will provide deep local market expertise and facilitate strategic connections across sectors in media, technology, and tourism.

“This partnership is about creating long-term, meaningful growth with a truly global vision,” said Shelly Yu, chairperson of MCA Capital. “We are committed to supporting local talent development, fostering creativity, and advancing a vision that sees our two communities at the forefront of global entertainment, technology, and tourism innovation. By leveraging our collective strengths, we can help shape a more interconnected and culturally vibrant world.”


Diriyah Gate and Saudi Council of Engineers sign MoU

Updated 01 December 2024
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Diriyah Gate and Saudi Council of Engineers sign MoU

Diriyah Gate Development Authority has signed a memorandum of understanding with the Saudi Council of Engineers to expand collaboration between the two entities. This agreement will consolidate efforts in the engineering sector, including the development of policies and regulations, implementation of oversight and inspection mechanisms, simplifying procedures related to permits and licenses, exchanging data and expertise, and working on joint projects and initiatives.

The MoU was signed by Jerry Inzerillo, CEO of DGDA, and Abdulmohsen Almajnouni, secretary-general of SCE. The MoU emphasizes the necessity of unifying efforts between the two parties, facilitating procedures, and enabling collaboration to enhance quality, increase efficiency, and ensure continuity of work while maintaining agility in jointly addressing challenges.

Through the exchange of relevant statistics, studies, and research, the memorandum will help strengthen the relationship between the two parties, helping to achieve their shared goals and aspirations. Additionally, it seeks to contribute to the implementation of joint projects and initiatives. A joint working team will be established to enhance collaboration in shared areas such as aligning the development of mechanisms for issuing necessary licenses and permits for service providers within the supervisory scope of DGDA as well as cooperating in the qualification and classification of professional offices under SCE.

Inzerillo highlighted the significance of the MoU, saying that the agreement will support DGDA’s organizational role in simplifying licensing, permits and oversight procedures, which contributes to highlighting the extensive historical roots of Diriyah as the birthplace of Saudi Arabia. It will also showcase the distinctive architectural features to provide a unique experience for visitors from around the globe. This will be achieved through collaboration between the two parties, aligning with DGDA’s objectives and enhancing its contributions to cultural, tourism, architectural and economic development, as well as strengthening governance between the entities.

Almajnouni said that the partnership between the two parties is expected to achieve shared objectives that lead to sustainable development in accordance with the highest international standards. “This memorandum will enhance Diriyah’s status as a leading cultural and historical destination both regionally and globally, while also contributing to the development of cultural and historical awareness related to the engineering field,” he added.


Innovatively designed Dammam mosque wins award

Updated 01 December 2024
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Innovatively designed Dammam mosque wins award

The World Architecture Festival, the largest live-judged architecture awards program, recently announced the winners of its 2024 awards. The Retal Mosque project, a ground-breaking architectural concept spearheaded by architecture and design firm Pace, has won in WAF’s prestigious Future Project: Competition Entries category.

In a live event in Singapore, a jury of 175 industry experts selected finalists across 43 categories, celebrating more than 480 innovative architectural projects from 71 countries.

Pace CEO and architect Tarek Shuaib said: “We are incredibly honored to receive this prestigious global award, which stands as a reflection of our commitment to setting and exceeding international standards in architecture and design. This award is not only a testament to the hard work and creativity of everyone involved, but is also a reflection of the values we hold as a firm, as well as our dedication to creating designs that resonate on a global scale.”

As an iconic project nestled in the heart of Nesaj Town 2 in Dammam, the Retal Mosque redefines what a mosque can be, providing an innovative yet spiritually resonant space that serves not only as a place of worship but as a beacon of sustainability, beauty and community-centered design. With its striking “floating gem” design, the mosque invites worshippers into an architectural oasis, providing a place of refuge from the surrounding urban landscape and a venue to reconnect with faith, community and self.

Shuaib said: “Our vision was to create a mosque that resonates with both the traditional and contemporary sensibilities of the community, reflective of Islamic values while pushing the boundaries of what a mosque can be architecturally. We wanted the Retal Mosque to reflect the spiritual journey itself. The experience of entering the mosque is meant to feel transformative, like stepping into a sanctuary where the outside world slows down.”

The mosque’s interior holds a deep sense of serenity, with carefully designed spaces for both male and female worshippers. The lifted structure shelters a sunken male prayer hall, creating an isolated environment conducive to introspection and prayer, while the ground-level female prayer space emphasizes inclusivity and accessibility.

Reflective pools, pathways and a rotating canopy oriented toward the Qibla harness natural elements of light and water, allowing worshippers to experience a setting that is meditative, serene and connected to nature.

Consistent with Retal’s vision, “We build for generations,” and drawing inspiration from LEED and WELL standards, Pace ensured that commitment to sustainable architecture is woven into every element of the design. Among its main green approaches is a self-shading building, whereby the mosque utilizes a large canopy to create passive shading, effectively minimizing thermal heat gain. In addition, its sunken prayer hall naturally reduces temperatures.

Furthermore, trees populate the courtyard, extending into the community park, and enhancing thermal comfort while providing a lush, green respite within the mosque’s surroundings. Reflective pools and water features further cool the environment, reducing the need for mechanical cooling systems.

Another sustainable concept integrated into the design is the reuse of water. The mosque’s courtyard has been designed with a gentle slope to channel rainwater into a grey-water recycling system, which is then used for fountains and irrigation.

“The Retal Mosque represents the future of religious spaces — places that embrace modernity without losing sight of cultural and spiritual depth. This award is a monumental achievement for us at Pace and contributes to our vision to continue creating spaces that serve communities, uplift the human spirit and honor our environment,” Shuaib added.


Tatweer partners with ROSHN to develop Makkah projects

Updated 01 December 2024
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Tatweer partners with ROSHN to develop Makkah projects

In a strategic step toward enhancing integrated urban development in Saudi Arabia, Tatweer, a real estate development company, announced the signing of an MoU with ROSHN Group, during the Cityscape Global 2024 in Riyadh. This partnership will expand collaboration to implement ambitious, multi-use residential projects in Makkah, specifically in the Al-Manar community. The initiative aligns with the objectives of Saudi Vision 2030, contributing to an enhanced quality of life by establishing new standards in urban development.

The initiative is part of Tatweer’s strategy to drive urban transformation in the Kingdom and deliver real estate solutions that meet future needs. Through this MoU, Tatweer strengthens its strategic partnerships to support sustainable development and create urban environments that reflect the aspirations of Saudi society.

Abdulaziz Al-Zamil, Tatweer’s chief business development officer, said: “Signing the MoU with ROSHN Group is a key step in realizing our vision of building integrated and sustainable communities. Our partnership with ROSHN Group embodies our commitment to developing high-quality projects that provide economic and social value to the Kingdom and contribute to achieving Vision 2030 goals.”

Yassen Kattan, head of strategic management and corporate affairs at ROSHN Group, added: “We are proud of our partnership with Tatweer, which has demonstrated leadership in real estate development in the Kingdom. Through this MoU, we aim to achieve joint accomplishments that support residential environments and contribute to the growth of the local economy.”

This collaboration is expected to generate significant positive impacts, including the creation of local job opportunities and support for urban development across various regions of the Kingdom, solidifying Tatweer’s role in leading urban transformation and creating communities that align with the ambitions of Vision 2030.

Tatweer has developed several iconic communities across the Kingdom, such as Laysen Valley, ROSHN Front, and The Business Gate, among others.