September 2023 TRIBUTE A celebration of the transformative journey of the Kingdom of Saudi Arabia IN COLLABORATION WITHwww.ftnft.comarabianbusiness.com 3 Contents September 2023 www.arabianbusiness.com SUBSCRIBE NOW +971 4444 3000 www.itp.com/subscription arabianbusiness#arabianbusinessarabianbusiness His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister, and Chairman of the Council of Economic and Development Affairs INDUSTRY Saudi Arabia’s transformative journey From construction to tourism, we present some of the leading organisations that help contribute to the kingdom’s economic transformation CONSTRUCTION The kingdom’s Vision 2030 realised KSA is embarking on a journey to diversify its economy away from oil, create jobs, and boost its international standing 06 FIRST WORD This drive to create a thriving economy is essential to the future of Saudi Arabia 07 Matthew Amlot Editor-in-Chief matthew.amlot@itp.com eate my 224 A TRIBUTE TO THE KINGDOM OF SAUDI ARABIA September 2023 Celebrating tremendous transformation FIRST WORD Your Royal Highness, I hope this letter nds you well. I am writing to you today to express my sincere appreci- ation for your remarkable leadership and the transform- ative strides you have made in advancing Saudi Arabia through your visionary approach and the monumental Vision 2030 initiative. I have been following the progress of Vision 2030 closely, and I am deeply impressed by the ambitious goals that you have set for your country. I am also inspired by the concrete steps that you have taken to achieve these goals, even in the face of challenges. @MatthewAmlot His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister and Chairman of the Council of Economic and Development Affairsarabianbusiness.com 5 Investing in education Education is another key pillar of Vision 2030. You have pledged to make education more accessible and a ordable, and you have also invested in improving the quality of education. These investments are essential to creating a knowledge-based economy and to preparing the youth of Saudi Arabia for the challenges and opportunities of the 21st century. To achieve this goal, the government is investing heav- ily in education. The Human Capability Development Programme (HCDP) is a key component of Vision 2030, and it aims to transform education in Saudi Arabia from nurs- ery level to university and lifelong learning. The HCDP has 89 initiatives aimed at achieving 16 stra- tegic objectives, including: • Developing a resilient and strong educational base. This includes improving the quality of education at all levels, making it more accessible to all citizens, and aligning it with the needs of the labour market. • Preparing for the future labour market locally and glob- ally. This includes providing students with the skills and knowledge they need to succeed in the 21st century econ- omy, including creative thinking, data analysis, technical capabilities, and emotional and social skills. • Providing lifelong learning opportunities. This includes making it easier for people to learn new skills and knowl- edge throughout their lives, so that they can adapt to the changing needs of the economy. Your investment in education is a wise investment in the future of Saudi Arabia. It is helping to create a more skilled and knowledgeable workforce, which is essential to the country’s economic growth. Your commitment to creating an ambitious nation is a bold and inspiring vision. It will help to make Saudi Arabia a more prosperous country and we will watch with eager anticipation the kingdom’s next steps. Sincerely, Matthew Amlot Editor-In-Chief, Arabian Business Diversifying the economy One of the most important goals of Vision 2030 is to diversify the Saudi Arabian economy away from oil. To this end, you have launched a number of initiatives, such as the NEOM Project, the Red Sea Development Project, and the Qiddiya Entertainment City. These projects are designed to create new jobs, attract foreign investment, and boost tourism. The NEOM project is a $500bn megacity that is being built in the north-western part of the country. It is designed to be a hub for innovation and technology, and it is expected to create millions of jobs. The Red Sea Devel- opment Project is a $200bn tourism development that will create a new luxury resort destination on the Red Sea coast. The Qiddiya Entertainment City is a $6bn enter- tainment complex that will include theme parks, sports facilities and cultural attractions. These are just a few examples of the many initiatives that you have launched to diversify the Saudi Arabian economy. Your commitment to this goal is essential to the future of the country, and I am con dent that you will be successful. This drive to create a thriving economy is essential to the future of Saudi Arabia. It will help to improve the lives of all citizens and make the country more prosperous, and wish you well on this endeavour. Promoting environmental sustainability Saudi Arabia is a country with a rich history and a bright future. The country is also home to a diverse range of ecosystems, from deserts to mountains to coastal areas. These ecosystems are essential to the country’s well-be- ing, and they are also important to the global environment. You have recognised the importance of environmental sustainability, and you have launched a number of initia- tives to promote a more sustainable future for Saudi Arabia. These initiatives include: • Investing in renewable energy sources such as solar and wind power. • Reducing water consumption and improving water e ciency. • Protecting biodiversity and conserving natural resources. • Raising awareness of environmental issues among the public. These initiatives are making a positive impact on the environment, and they are also helping to create a more sustainable economy. For example, the investment in renewable energy is helping to reduce the country’s reli- ance on oil, and the reduction in water consumption is helping to conserve a precious resource. I am con dent that you will continue to make progress on these important goals, and I look forward to seeing the positive impact that they will have on Saudi Arabia. One of the most important goals of Vision 2030 is to diversify the Saudi economy away from oil6 A TRIBUTE TO THE KINGDOM OF SAUDI ARABIA September 2023 SUBSCRIBE NOW www.itp.com/subscriptions +971 4 4443000 XPT VIEWS THE MAVERICK Ghassan Aboud, founder of the Ghassan Aboud Group, breaks down his journey from reporter to business titan, while showcasing the power of vision and disruptive entrepreneurship 24/08 • July 2023 UAE: AED 15 KSA: SAR 15 BAHRAIN: BHD 1.500 OMAN: OMR 1.500 KUWAIT: KWD 1.200 QATAR: QAR 15 Inclusive of VAT X LV interviews 24/07 • 1 June – 14 June 2023 UAE: AED 15 KSA: SAR 15 BAHRAIN: BHD 1.500 OMAN: OMR 1.500 KUWAIT: KWD 1.200 Inclusive of VAT Joseph Bradley on the democratisation of innovation INDEH NEWS 24/09 • August 2023 LEADERSHIP Former UK Prime Minister David Cameron breaks down why it’s the team behind a leader that leads to success UK: £ 4.95 UAE: AED 15 KSA: SAR 15 BAHRAIN: BHD 1.500 OMAN: OMR 1.500 KUWAIT: KWD 1.200 QATAR: QAR 15 Inclusive of VAT PUBLISHED BY AND © 2023 ITP MEDIA GROUP FZ-LLC. NO ICE The publishers regret that they cannot accept liability for error or omissions contained in this publication, however caused. The opinions and views contained in this publication are not necessarily those of the publishers. Readers are advised to seek specialist advice before acting on information contained in this publication, which is provided for general use and may not be appropriate for the readers’ particular circumstances. The ownership of trademarks is acknowledged. No part of this publication or any part of the contents thereof may be reproduced, stored in a retrieval system or transmitted in any form without the permission of the publishers in writing. An exemption is hereby granted for extracts used for the purpose of fair review. PO Box 500024, Dubai, UAE Tel: +971 4 444 3000 Offices in KSA, UAE, UK, US, and INDIA I MEDIA GROU CEO Ali Akawi MANAGING DIRECTOR Alex Reeve DEPUTY MANAGING DIRECTOR Anil Bhoyrul EDI ORIA EDITOR-IN-CHIEF Rob Corder, rob.corder@itp.com MANAGING EDITOR Matthew Amlot, + 971 4 444 3264, matthew.amlot@itp.com SUB EDITOR Edward Liamzon, +971 4 444 3474, edward.liamzon@itp.com ARABIANBUSINESS.COM EDITOR AT LARGE Will Milner DESIGN SENIOR DESIGN MANAGER Geri Batara Sonny DESIGNER Mohammed Irqsosy S UDIO PHOTOGRAPHER Rajesh Raghav VIDEOGRAPHER Muhammad Kaleem VIDEO EDITOR Liju Cheruvathur RODUC ION PRODUCTION MANAGER Denny Kollannoor PRODUCTION COORDINATOR Mahendra Pawar SENIOR IMAGE EDITOR Emmalyn Robles E EN S & MARKE ING DIRECTOR OF AWARDS & MARKETING Daniel Fewtrell, +971 4 444 3684, daniel fewtrell@itp.com SENIOR MARKETING AND EVENTS MANAGER Anthony Chandran, +971 4 444 3685, anthony.chandran@itp.com DIS RIBU ION HEAD OF DISTRIBUTION AND NEWSTRADE Abdulrahim Alparambil DISTRIBUTION COORDINATOR Avinash Pereira CIRCULATION EXECUTIVE Rajesh Pillai AD ER ISING GROUP COMMERCIAL DIRECTOR Saraswati Agarwal, +971 4 444 3352, saraswati.agarwal@itp.com SENIOR COMMERCIAL MANAGER Neha Sikri, +971 4 444 3353, neha.sikri@itp.com SENIOR COMMERCIAL MANAGER Samir Glor, +971 4 444 3320, Samir.Glor@itp.com I GROU CEO Ali Akawi CFO Toby Jay Spencer-Davies CORPORATE WEBSITE itp.com CIRCULATION CUSTOMER SERVICE +971 4 444 3000 WEB arabianbusiness.comarabianbusiness.com 7 A TRIBUTE TO THE KINGDOM OF SAUDI ARABIA A celebration of the transformative journey of the Kingdom of Saudi Arabia8 September 2023 A TRIBUTE TO THE KINGDOM OF SAUDI ARABIA GE HealthCare is a leading global medical technology, pharma- ceutical diagnostics, and digital solutions innovator, dedicated to providing integrated solutions, services, and data analytics to make hospitals more e cient, clinicians more e ective, therapies more precise, and patients healthier and happier. Serving patients and providers for more than 100 years, GE HealthCare is advancing personal- ised, connected, and compassionate care, while simplifying the patient’s journey across the care pathway. Together, their imaging, ultrasound, patient care solutions, and pharmaceu- tical diagnostics businesses help improve patient care from prevention and screening, to diagnosis, treatment, therapy, and monitoring. The company is an $18bn business with 51,000 employees working to create a world where healthcare has no limits. For over 80 years, GE HealthCare has been a partner to the MENEAT region backed by game-changing innovations in digi- tal technologies that are addressing unique healthcare chal- lenges of the region. Under Vision 2030, KSA has prioritised personalised and precision care to cater to the unique health- care needs of its population. As a key partner in this transform- ative journey, GE HealthCare will continue to provide cutting- edge technologies and data analytics solutions to enable local healthcare providers and institutions tailor treatment plans to individual patients. With a staggering number of over 25,000 technologies pres- ent across KSA, and around 250 team members mostly from the Kingdom, the company has been able to e ectively serve custom- ers and uphold their needs. GE HealthCare's strong local pres- ence is a testament to its commitment to serving its customers and meeting their ever-evolving needs. By being close at hand, the company can better understand the unique challenges faced by healthcare providers and o er tailored solutions. Throughout key markets in the region including KSA, GE HealthCare is expanding its range of arti cial intelligence (AI) and machine learning systems and devices to revamp existing hospital practices and accelerate diagnostics and treatment. This is providing intelligent solutions to healthcare facilities in these countries to help achieve greater e ciency, minimise errors, and enable better patient care. Building on its over 80 years of partnership and experience in the Kingdom, the company is implementing next-generation technologies and digital solutions to support Vision 2030 and is making strides towards improving accessibility and healthcare e ciencies throughout the country. In support of the overarching goals of Vision 2030, GE HealthCare has made strategic partnerships with leading play- ers across the healthcare landscape in KSA to provide advanced digital transformation solutions that aim to accelerate innova- tions and deliver holistic and patient-centric care. GE HEALTHCARE YEAR ESTABLISHED 1994 HEALTHCAREarabianbusiness.com 9 A TRIBUTE TO THE KINGDOM OF SAUDI ARABIA A market leader in the construction, management and operation of large shopping malls in the MENA region, Abdullah Al-Othaim Investment Company (AOIC) continues to drive growth and contribute to the development of the retail and real estate sectors. Helmed by Meshaal Bin Omairh, AOIC’s group CEO, the company is steered by innovation, sustainable operations, and attracting top local and international brands. AOIC bene ts from a favourable market ecosystem and supports the economic diversi cation initiatives of Vision 2030. Under Bin Omairh, the company has achieved signi cant success throughout the KSA. One of the notable projects by AOIC is the Konoz project in Riyadh, KSA, Konoz, meaning 'Box of Jewels' in Arabic, was announced by AOIC in late February 2023. It is a comprehensive development that includes commercial, food and beverage, and retail outlets, as well as a luxury hotel, an entertainment city, and premium residential o erings. Konoz aims to transform Riyadh into a vibrant 24-hour destination for living, working, and shopping. The project encompasses 50,000 square meters of state-of- the-art commercial o ce space and a 20,000-square-meter entertainment city, catering to Riyadh's thriving tourism and entertainment industry. Moreover, the Konoz project includes green areas, ample parking for 5,500 vehicles, an expansive commer- cial centre, a world-class luxury hotel, and more. This ambitious project re ects the ongoing growth and development taking place in Riyadh and KSA, in line with the country's Vision 2030. By developing modern and innovative projects in strategic locations, AOIC aims to create a premier destination, enhance the quality of life in Riyadh, and generate employment opportunities. AOIC has also announced plans to develop 20 new projects to increase the number of Al-Othaim malls to 30 by 2030, as well has also launched entertainment and tourism investment projects in Hail and Al Khobar. Through the Konoz project and other initiatives, AOIC continues to contribute to the progress of Riyadh and KSA, supporting the local economy and promoting a thriving business envi- ronment in line with Vision 2030's objectives. Under the leadership of Bin Omairh, AOIC is also imple- menting an expansion strategy to attract renowned global and local brands. As part of this strategy, AOIC has entered into agreements with STENDERS, a well-known brand in the beauty and personal care industry. Additionally, AOIC has partnered with Five Guys, a famous American restaurant chain, to bring their o erings to their malls. Furthermore, AOIC is collaborating with ESpot Paris, a leader in the enter- tainment and video game industry. ABDULLAH AL-OTHAIM INVESTMENT COMPANY (AOIC) YEAR ESTABLISHED 1980 RETAIL AND COMMERCIAL REAL ESTATENext >