barq signs 3 agreements with global and local companies to develop digital and technological payment solutions

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Updated 18 September 2025
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barq signs 3 agreements with global and local companies to develop digital and technological payment solutions

barq, the fastest-growing digital payments wallet in the Kingdom, announced the signing of three strategic partnership agreements on the sidelines of the Money20/20 Middle East conference hosted in Riyadh on Sept. 15–17, thereby strengthening its position in the digital payments and financial services sector.

barq signed a cooperation agreement with iPiD, a global leader in digital payment solutions, with the aim of enhancing customer experience and developing innovative cross-border payment solutions.

This contributes to accelerating financial transfers and enhancing their reliability and security, in line with the growing expansion of international trade flows.

barq was represented at the signing ceremony by Thamer Al-Harbi, director of international partnerships, while the partner company was represented by Sourabh Ranjan, regional director for the Middle East, Africa, and India.

On the second day of the conference, barq signed a strategic partnership agreement with Tawuniya Insurance, one of the largest insurance companies in the Kingdom.

The agreement focuses on exploring opportunities for cooperation in financial, technological, and related products and services, leveraging the innovative and integrated solutions provided by barq to support Tawuniya’s customers and enrich the digital experience in the insurance sector.

The signing ceremony was attended by Hamoud Al-Badr, director of Individual Life Insurance Sales, representing Tawuniya, and Muath Al-Sadhan, general manager of corporates, representing barq.

barq also entered into a strategic partnership with Innovative Systems, a global leader in a key compliance solution.

This partnership aims to enhance barq’s compliance program by leveraging Innovative Systems’ advanced global sanctions technologies, ensuring adherence to international sanctions regulations while mitigating operational risks.

Representing barq at the signing was Talal Al-Qahtani, chief commercial officer, while the agreement was signed on behalf of Innovative Systems by Deborah Overdieb, executive vice president.

Saad Al-Muhanna, CEO and co-founder of barq, said these agreements stem from barq’s firm commitment to developing the digital payments ecosystem and its dedication to building impactful partnerships with leading global and regional companies.

This contributes to driving innovation and opening new horizons for the growth of the financial sector in the Kingdom and the region.

This step comes within barq’s ongoing efforts to expand its strategic partnerships network locally and internationally and to deliver advanced digital financial solutions.

This coincides with the company’s distinguished performance during its first year, in which it reached over 8 million users from 150 nationalities, issued more than 6.5 million digital payment cards, and executed more than 500 million payment transactions.

These milestones reflect the Kingdom’s rapid transformation toward a cashless digital economy and reaffirm barq’s position as a leading provider of innovative digital payment solutions.


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

Updated 17 December 2025
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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.