< Previous10 September 2023 A TRIBUTE TO THE KINGDOM OF SAUDI ARABIA Helming Mastercard’s opera- tions across its MENA Central cluster, covering Saudi Arabia, as well as Egypt, Bahrain, Iraq, Jordan and Lebanon, Adam Jones has driven many of Mastercard’s notewor- thy contributions to the Kingdom’s Vision 2030, which sets out to develop a diversi ed nancial sector and create a 70 percent cashless society. To help achieve this, Mastercard has brought new technology solutions to market through various partner- ships with ntech companies, govern- ments, nancial institutions, digital giants, and telecom networks. A catalyst for ntech growth Fintech is contributing to the rapid digital transformation that makes consumers’ lives more convenient, and simpler. Saudi Arabia’s Fintech Strategy aims to achieve a $3.6 billion direct contribution to GDP by 2030, accounting for 18,200 direct jobs and 525 active ntech companies. As a trusted partner for ntech companies, Mastercard has embraced a “Developer First” mindset and provides a best-in-class developer platform, ensuring all APIs are published to a high standard for easy integration into partner solutions for more consumer choice. Recently, Mastercard announced a strategic agreement with Geidea, to extend its multi-rail expertise, services and products designed to enable the ntech ecosystem to build, launch and grow, while empowering consumers and merchants to take full advantage of convenient, secure payment solutions. Fintech plays a major role in the rapid deployment of Mastercard’s innovation strategy, by issuing new payment products, providing innovative new value propositions, enabling individual personalization, relevance and deliv- ering an outstanding user experience. Mastercard Engage connects ntech start-ups to thou- sands of Mastercard technology partners, while Mastercard Fintech Express facilitates emerging start-ups to launch and expand. Start Path is Mastercard’s global start-up engagement program which provides later-stage ntech start-ups with access to global network of innovators. MASTERCARD YEAR ESTABLISHED 1971 TECHNOLOGYarabianbusiness.com 11 A TRIBUTE TO THE KINGDOM OF SAUDI ARABIA Driving growth in exciting new sectors Saudi Arabia has emerged as a major hub for esports and gaming. According to studies by the Saudi Esports Feder- ation (SEF), Saudi Arabia is home to 85 percent of gaming fans in the MENA region. To help promote Saudi Arabia’s billion-dollar gaming industry, Mastercard signed an agreement with SEF to pursue long-term collaborations on a range of innovations. These include metaverse and augmented reality activa- tions, NFTs, gamer and fan loyalty solutions. As part of the partnership, Mastercard is sponsoring Gamers8, the larg- est gaming and esports event worldwide that takes place annually in Saudi Arabia. Earlier this year, Saudi National Bank joined the part- nership and together the three entities seek to tap into Web3 technology to o er gamers the opportunity to access immersive experiences in the physical and digital world. Elevating opportunities for women Mastercard is committed to empowering women and girls by shining a spotlight on the contributions of female entre- preneurs, leaders, and changemakers. The company has launched many innovative programs and partnerships that advance the inclusion of women in business and society. Recently, Mastercard announced its partnership with Women’s Choice to launch the Social Innovation Incubator (SII) For Women’s Employment. The program will help create one million jobs for women across the Arab world, supporting inclusive economic growth in the region through digital nancial literacy programs, skills-based training and mentorships. Other initiatives include ‘HER VOICE’, a popular podcast series created to amplify the inspiring stories of women in Saudi Arabia and beyond. Mastercard’s award-winning Girls4Tech program, also available in Arabic, was also introduced to the Kingdom with King Abdullah Financial District (KAFD). The program aims to inspire young girls to build STEM skills such as encryption, data analysis and fraud detection, and consider careers in STEM elds. Small business success for Saudi entrepreneurs Digitisation is essential for the growth prospects of SMEs. Mastercard has committed to connecting 1 billion people globally to the digital economy by 2025, including 50 million SMEs, and recently announced a milestone of reaching 25 million women entrepreneurs. Among some of Mastercard’s free tools are an online cybersecurity toolkit and the ‘The Entrepreneur’s Odyssey’; a first-of- its-kind digital education platform that collates world- class academic and business resources to help small busi- nesses learn and thrive. Supporting Vision 2030 Through key strategic partnerships and innovative tech- nology solutions, Mastercard is actively contributing to Vision 2030 in Saudi Arabia and is committed to bring posi- tive growth and wider inclusion for the country and its people. As a leading technology committed to innovation, inclusion, and secure, trusted commerce solutions, Master- card will continue to co-develop, deliver, and scale solu- tions that will contribute to creating a more inclusive digi- tal economy that bene ts all. Adam Jones is the Country General Manager, MENA Central at Mastercard12 September 2023 A TRIBUTE TO THE KINGDOM OF SAUDI ARABIA As part of its commitment to Vision 2030, Banque Saudi Fransi (BSF) provides nancial services and customised solutions that empower busi- nesses, entrepreneurs, and individuals to thrive in a changing economic landscape. By o ering innovative nancing options, investment opportunities, and advisory services, BSF plays a pivotal role in driv- ing economic diversification and promoting a vibrant private sector. Furthermore, BSF actively participates in initiatives that promote nancial inclusion and empower individuals to partic- ipate in the economy. The bank's inclusive banking services cater to a wide range of customers, including individuals, small and medium-sized enterprises (SMEs), and large corporations. By providing accessible nancial solutions and fostering nancial literacy, BSF contributes to creating an inclusive and prosperous society. It also supports the development of the digital economy, recognising its signi cance in driving economic growth and enhancing e ciency. The bank adopts a technology-driven approach to provide its customers with seamless and convenient banking experiences. By leveraging digital solutions, BSF ensures that its services are easily accessible and user-friendly. This focus on digital transformation aligns with the objectives of Vision 2030, which prioritise technological advancements and innova- tion as key drivers of economic growth and development. By embracing technology, BSF contributes to the ongoing e orts to achieve economic prosperity and enhance the banking sector aligned with the vision set forth by Vision 2030. In line with the sustainability goals of Vision 2030, BSF launched a new Environmental, Social, and Governance (ESG) Framework in February 2023. This framework places ESG prac- tices at the core of the bank's development ambitions and supports the advancement of a sustainable nancial sector in KSA. The framework identi es ve pillars that encompass the bank's commitment to stakeholders and the environment. The rst pillar focuses on exemplifying the highest ethical and governance standards, ensuring transparency, competitive- ness, and justice for both shareholders and stakeholders. The second pillar emphasises accelerating sustainable economic growth by diversifying income sources, maintaining low costs, and high operating e ciency. Creating a thriving workplace is the third pillar, where BSF seeks to attract, train, and retain talented individuals, promoting nationalisation and supporting Saudis in their career aspirations within the banking sector. The fourth pillar is centred around serving clients and prioritising customer experience. The nal pillar focuses on protecting communities and managing the bank's environmental impact. BSF’s commitment to social responsibility and its ESG Frame- work demonstrate its dedication to supporting the goals of Vision 2030 and creating a positive impact on the overall sustainable development of KSA. BANQUE SAUDI FRANSI (BSF) YEAR ESTABLISHED 1977 BANKINGarabianbusiness.com 13 A TRIBUTE TO THE KINGDOM OF SAUDI ARABIA Established by Royal Decree in May 2016, the General Entertainment Authority (GEA) aims to regulate and develop the entertainment sector to be a self-sustain- ing industry, in cooperation with relevant government authorities and the private sector. Through their ambitious strategy, GEA strive to boost the quality of life while also contributing to economic development through creating investment opportunities and thousands of jobs to ful l the goals of Vision 2030. It was also developed to enhance the entertainment sector by providing inclusive, world-class entertainment o erings that would drive the industry to proactively contribute to the ful lment of the national goals of a vibrant society and a thriving economy. Under the leadership of Turki bin Abdul Mohsen Al Al-Sheikh, Chairman of the Board of Directors of the GEA and Advisor at the Royal Court, the GEA has witnessed remarka- ble success in the eld of entertainment. With the support and empowerment of Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, the GEA has organised a wide range of entertainment events that have attracted an impressive record of over 120 million visitors since 2019 until the rst quarter of 2023. This signi cant achievement re ects the commitment of the GEA to promoting and expanding the entertainment sector in KSA. This came along with organising one of the most important festivals in the world for playing the oud, in addition to a major chess tournament and two baloot tournaments. According to their o cial website, KSA’s entertainment sector has achieved record numbers over the past ve years, with over 2500 new licenses issued; over 2500 businesses involved; 1,809 new permits, over 75M events attendees, and over 26K days of events. GEA aims to promote a self-sustain- ing entertainment sector that could support the national economy by contributing to revenue diversi cation and GDP growth, while creating jobs for national talents, supporting local SMEs, and attracting foreign direct investments. The GEA launched the Entertainment Business Acceler- ator Programme in February 2023 to encourage entrepre- neurs interested in the rapidly growing sector which aligns with Vision 2030 goals in attracting 100 million visitors to the Kingdom annually. Operating in two phases, the 12-week programme aims to provide entrepreneurs with training and guidance and connect them with consultants and experts specialised in project development and a network of investors. Mentors and experts will support and guide them in developing their projects, monitor their perfor- mance, and help them to prepare for the advanced invest- ment to expand their businesses. GENERAL ENTERTAINMENT AUTHORITY (GEA) YEAR ESTABLISHED 2016 ENTERTAINMENT14 September 2023 A TRIBUTE TO THE KINGDOM OF SAUDI ARABIA An international businessman and global investor, chairman and founder Prince Alwaleed has steered Kingdom Holding Company (KHC) to become one of the world’s foremost value investment rms internationally renowned for its interest in both high-performance global brands as well as in strategic regional interests. Based in Riyadh, KSA, Prince Alwaleed founded KHC in 1980 and by 2007, it was publicly traded and has become known for its diversi ed portfolio of high-performance regional investments as well as its global powerhouse brands. As a powerhouse of investments, KHC has ownership or interests in luxury hotels and hospitality management, including the George V in Paris and London’s Savoy Hotel, while global hotel brands include Accor, Movenpick, the Fairmont, Raffles, and Swissotel. Just some of KHC’s international investment segments include in finance with Citigroup and Saudi Fransi Bank; mobility solutions with Careem and Uber; digital technology and social media with JD.com and Twitter; and media and entertainment, which includes Time Warner, NewsCorp, 21st Century Fox, and Euro Disney, as well as ecommerce. In KSA, KHC has investments in petrochemicals with Tasnee while real estate interests include the Kingdom Tower in Riyadh. KHC is also invested in healthcare with Kingdom Hospital, aviation with NAS Saudi Arabia, as well as in education with Kingdom schools. Helping to facilitate Vision 2030, KHC encompasses a vast investment portfolio that facilitates an economic strategy that is a key component of the Saudi Vision 2030, as the demand for online shopping increases, recently, Prince Alwaleed’s investment rm led a $133 million fund- ing round for Nana, a grocery delivery app in KSA launched in January 2016, as the rst platform in KSA to provide a digital solution that ensured all household grocery require- ments are met, and since its launch, the platform has broken records in the number of orders that have been fulfilled and the number of downloads that have been registered which exceed 10 million to date. Considered one of the largest investment rounds for Saudi start-ups, the series C funding was led by KHC and Uni Ventures, as well as with participation from several other investors including Dallah Al-Baraka Group, Sultan Holding, Al Jasser Holding, Red Diamond Co. and AlJammaz Holding, and several other companies. An investment that is consid- ered one of the largest investment rounds amongst Saudi Startup Companies, is facilitating the demand for online retail to expand exponentially in the Kingdom and is in tandem with Vision 2030. KINGDOM HOLDING COMPANY (KHC) YEAR ESTABLISHED 1980 INVESTMENTarabianbusiness.com 15 A TRIBUTE TO THE KINGDOM OF SAUDI ARABIA The Public Investment Fund (PIF) has played a crucial role in supporting the development of key compa- nies that are fundamental to KSA’s economy. In March 2015, PIF underwent a transformation when it was placed under the supervision of the Council of Economic and Development Affairs (CEDA), with Crown Prince Mohammed bin Salman bin Abdulaziz as its chairman. This change allowed for faster progress in KSA’s economy and positioned PIF as a signi cant driver for the realisation of Vision 2030. PIF, as a catalyst for Vision 2030, is propelling the growth of new sectors, companies, and employment pros- pects. With its global presence and impact, PIF manages a top-tier investment portfolio focused on sustainable investments within and beyond KSA. Noteworthy accom- plishments include the establishment of 79 companies, advancement in 13 strategic sectors, generation of over 500,000 direct and indirect jobs, and an estimated AUM of $700bn. The PIF Programme plays a crucial role in realizing Vision 2030’s ‘Thriving Economy’ pillar as an economic cata- lyst for KSA. Led by PIF governor Yasir Othman Al Rumayyan, PIF spearheads new opportunities and investments, including the acquisition of Newcastle United and involvement in giga-projects like NEOM and The Red Sea Development Company. As one of the world's largest sovereign wealth funds, PIF contributes to economic diversi cation and growth in Saudi Arabia. In June 2023, PIF established Lifera, a contract development and manufacturing organisation in the pharmaceutical indus- try. Lifera aims to strengthen KSA’s position as a global pharmaceutical manufacturing destination by focusing on the production of life-saving and essential pharmaceutical products. Through partnerships with local and interna- tional companies, PIF intends to make targeted invest- ments and create partnerships that strengthen KSA’s supply chains, enhance access to pharmaceutical products, accelerate skills and resource development, create new job opportunities, as well as enable cutting-edge technology transfer from international private sector partners, all in tandem with Vision 2030. The launch of Riyadh Air, KSA’s new national carrier, is part of the Kingdom’s wider strategic plan to transform the country into a global hub for aviation. KSA’s new national airline will operate its rst ights in early 2025 from its hub in Riyadh, and the PIF-owned Riyadh Air is expected to add $20bn to the Kingdom’s non-oil GDP growth, creating more than 200,000 direct and indirect jobs. Riyadh Air will be chaired by Al-Rumayyan, and represents PIF’s latest invest- ment in the sector, along with the recently announced King Salman International Airport masterplan. PUBLIC INVESTMENT FUND (PIF) YEAR ESTABLISHED 1971 GOVERNMENT16 September 2023 A TRIBUTE TO THE KINGDOM OF SAUDI ARABIA The Saudi Tourism Authority (STA), along with the Ministry of Tourism and the Tourism Development Fund, was established to support the growth and success of Saudi Arabia's tourism sector. Aligned with the goals of Vision 2030, one of the key pillars is the proactive devel- opment of tourism to diversify the economy and reduce dependence on oil. STA plays a crucial role in promot- ing Saudi Arabia as a global and regional tourism destination. STA actively manages the Saudi tourism brand, coordinates marketing and communication e orts, and develops desti- nation concepts and value propositions. They also identify priority source markets and target visitor segments to attract tourists to the country. STA works closely with stakeholders, including tourism companies and commercial partners, to promote Saudi destinations and support international destination management companies in creating tourism experiences. In order to foster innovation and develop the tourism sector, STA forms partnerships with relevant stakeholders. This includes collaborating on journey map projects across the tourism ecosystem and establishing journey labs to test innovative projects. By engaging with various stakeholders and implementing strategic initiatives, STA aims to drive the growth and development of KSA’s tourism industry. In June 2023, KSA took another step to enhance tourism by introducing new instant e-visa options. These options allow holders of UK, US, and Schengen visas, as well as permanent residents of the UK, US, and any EU country, to obtain tourist e-visas to KSA through the o cial website www.mofa.gov.sa. This move follows previous regulations that granted visas on arrival to six categories of visitors. KSA is committed to making it easier for visitors to expe- rience its authentic culture and contribute to its goal of attracting 100 million visits annually by 2030. Also, STA is actively working to facilitate travel to the Kingdom via their digitisation e orts; namely, the new instant e-visa system, part of a series of initiatives imple- mented to improve the visitor experience. In 2022, STA launched the Nusuk platform in collabo- ration with the Pilgrim Experience Program. Nusuk is Saudi Arabia's rst o cial integrated digital platform, designed to assist pilgrims and visitors in planning their journeys to Makkah, Madinah, and other destinations. The platform serves as an easy-to-use gateway, providing valuable infor- mation and resources to enhance the pilgrim and visitor experience. These initiatives demonstrate KSA’s proactive approach to tourism development and its commitment to providing a rewarding experience for visitors, contributing to the growth and diversi cation of its economy in line with Saudi Vision 2030. SAUDI TOURISM AUTHORITY (STA) YEAR ESTABLISHED 2020 TOURISMarabianbusiness.com 17 A TRIBUTE TO THE KINGDOM OF SAUDI ARABIA Lazard has been licensed to provide nancial advisory services since 2010 and serves investment banking clients through its Riyadh o ce. With origins dating to 1848, Lazard operates across 26 cities from 41 cities in North, Central and South America, Europe, Asia, and Australia. Providing asset management services to corporations, part- nerships, institutions, governments, and individuals, Lazard also advises on strategic matters, mergers, and acquisitions, restructuring and capital structure, capital raising and corpo- rate nance. As a subsidiary of Lazard Ltd, Lazard KSA bene- ts from the global reach and resources of the larger organ- isation. This enables the rm to tap into Lazard's extensive network of professionals across the world and access a wide range of industry insights and research. Lazard has been licensed to provide nancial advisory services since 2010 and serves investment banking clients through its Riyadh o ce. Lazard KSA o ers a wide range of services, including nancial advisory, mergers and acqui- sitions (M&A), restructuring, capital markets, and asset management. In the eld of nancial advisory, Lazard assists clients in making informed decisions related to transactions, capital structure, and corporate strategy. The rm advises on mergers, acquisitions, and joint ventures, providing guidance through- out the deal process. In KSA, Lazard is actively involved in capital markets, helping clients access the equity and debt markets to raise capital for growth, re nancing, or restructuring purposes. The rm's deep understanding of the local market dynamics and its relationships with key stakeholders enable it to provide valuable insights and execute success- ful capital market transactions. The rm's asset management division leverages its extensive research capabilities and investment expertise to deliver tailored investment strategies, aiming to generate long-term value and manage risk e ectively. Lazard's presence in KSA underscores its commitment to serving the local market and contributing to the growth and development of the country's financial sector. By combining local expertise with global capabilities, Lazard plays a signi cant role in facilitating corporate transactions, supporting capital market activities, and providing sophis- ticated nancial solutions to its clients. Lazard actively contributes to the realisation of Saudi Vision 2030 by providing nancial advisory services that support the diversi cation e orts of the Kingdom. The rm assists clients in identifying investment opportunities across di erent sectors, helping to attract foreign direct investment and promote the growth of non-oil industries. Lazard's commitment to sustainable development and responsible investment practices also aligns with the environmental and social goals of Vision 2030 as the rm recognises the impor- tance of promoting environmental sustainability, social responsibility, and good governance. LAZARD YEAR ESTABLISHED 2010 (IN KSA) FIN ANCE18 September 2023 A TRIBUTE TO THE KINGDOM OF SAUDI ARABIA Wholly owned by the Public Investment Fund (PIF), Red Sea Global (RSG) is one of the world’s most visionary developers leading a new model of development. By leveraging the most innovative concepts and technologies and by putting people and planet rst, RSG is delivering projects that reinforce the well-being of environments, customers, and communities. Announced by Crown Prince Mohammad bin Salman bin Abdulaziz Al Saud, the RSG portfolio includes two world-leading destinations, namely, The Red Sea and Amaala. Aimed at diversifying KSA’s economy in line with Vision 2030 to protect the natural environment and to enhance it for future generations to come, these regenera- tive tourism destinations will strive to enhance KSA’s luxury tourism and sustainability o ering. The Red Sea is surrounded by the world's fourth-largest barrier reef system and spans over 28,000 km2 with an archipelago of over 90 untouched islands, pristine beaches, dormant volcanos, sweeping desert dunes, mountain canyons and historical cultural sites. The Red Sea will be ready to welcome the rst guests in 2023 and by 2030 it will be home to 50 hotels, 8,000 rooms, up to 1,000 residential properties and its own international airport. Primarily a coastal development, phase one of Amaala includes an inter- national airport, the delivery of 16 hotels, and mirrored orbs that will form the Sheybarah Island hotel. In addition to The Red Sea Project and Amaala, RSG is working on over a dozen projects in KSA and plans to develop projects overseas. And in May 2023, RSG launched Akun, an adventure sports brand that will create authentic and unique experiences for guests at RSG destinations. RSG o ers a vocational training programme, in collab- oration with the Saudi Human Resources Development Fund (HRDF) to prepare young Saudis for the diverse careers at RSG. Students who successfully complete the two-and-a- half-year programme will obtain a diploma degree and will be employed at either Red Sea Global or one of its partners. RSG’s Hospitality Pioneers Red Sea Global (RSG), in collab- oration with the University of Tabuk’s College of Hospitality & Tourism in Al Wajh is a two years and three months long programme which will train and employ local talent in the tourism and hospitality after which students will obtain an intermediate diploma from Tabuk University, accredited by Hong Kong Polytechnic University. This will provide young Saudis with necessary knowledge and skills for future jobs and enable them to lead KSA’s future of tourism and related sectors, aligned with the goals of Vision 2030. RED SEA GLOBAL (RSG) YEAR ESTABLISHED 2022 TOURISMarabianbusiness.com 19 A TRIBUTE TO THE KINGDOM OF SAUDI ARABIA Saudi Aramco is a global leader in energy and chemicals production, providing the essential resources to power economies as well as improve lives worldwide. With a focus on sustainability and value creation, Saudi Aramco plays a vital role in the transition to a low carbon economy. As one of the largest integrated energy companies, they deliver reliable energy solutions across the hydrocarbon chain, bene ting communities and driving economic growth on a global scale. Saudi Aramco actively supports the goals of Vision 2030 by driving innovation, promoting sustainable practices, and by investing in strategic sectors that contribute to economic diversi cation and job creation. By embracing the vision's principles, Saudi Aramco is helping to shape a prosperous and sustainable future for KSA and are deeply committed to playing a leading role in the global energy transition. Recog- nising the importance of achieving a net-zero economy, the company's ambition extends beyond its operational bound- aries, aiming to provide reliable, a ordable, and sustainable energy to communities worldwide. Saudi Aramco is expanding its presence in both the downstream and chemicals segments of the petroleum value chain. Moreover, Saudi Aramco is actively pursuing cleaner energy solutions through various initiatives, including investing in promising technologies such as renewable energy applications, next-generation fuel-engine interfaces, crude oil-to-chemicals processes, and supporting entrepreneurial start-ups focused on cleaner energy. By embracing these strategies and back- ing these initiatives, Saudi Aramco is demonstrating its commitment to addressing sustainability challenges, advancing the energy transition, as well as are contributing to a more sustainable future for all. Saudi Aramco’s down- stream system, which includes re ning and petrochemical manufacturing, enables them to provide valuable products across various sectors. With a focus on transportation fuels, advanced materials, industrial feedstocks, base oils, and lubricants, Saudi Aramco aims to create value for custom- ers, partners, and shareholders. Sustainability is a driving key priority for Saudi Aramco, and as part of their e orts, they have set ambitious goals to achieve net-zero Scope 1 and Scope 2 greenhouse gas emis- sions from their wholly owned operated assets by 2050. This aligns with the broader goal of KSA to achieve net-zero emis- sions by 2060. Moreover, Saudi Aramco is actively partici- pating in the global energy transition and are investing in technologies and initiatives that contribute to cleaner energy solutions and address sustainability challenges. Through their commitment to sustainability, Saudi Aramco is striving to make a positive impact on the environment while support- ing the goals outlined in Saudi Vision 2030. SAUDI ARAMCO YEAR ESTABLISHED 1944 PE TROLEUMNext >