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Naif Alrajhi Investment, Aljazira Capital launch SR1.7bn fund

Naif Al-Mesned, CEO and managing director of Aljazira Capital, and Naif Saleh Alrajhi, chairman and CEO of Naif Alrajhi Investment.
Naif Al-Mesned, CEO and managing director of Aljazira Capital, and Naif Saleh Alrajhi, chairman and CEO of Naif Alrajhi Investment.
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Naif Alrajhi Investment, Aljazira Capital launch SR1.7bn fund

Naif Alrajhi Investment, Aljazira Capital launch SR1.7bn fund

Naif Alrajhi Investment has formed a strategic partnership with Aljazira Capital to launch a closed private real estate investment fund. Valued at SR1.7 billion ($453.2 million), the fund will focus on the development of two high-impact real estate projects in Riyadh and Jeddah.

This partnership underscores the shared investment vision of both companies in the Saudi real estate market and their shared ambition to enhance its appeal by developing innovative, high-value projects. The fund will support the execution of two strategic developments in two of the Kingdom’s most prominent and dynamic cities.

In Riyadh, the fund will support the development of a luxury residential project in Al-Khuzama district, designed to offer a fully integrated residential environment. The project will feature a diverse range of private residences, premium services, and architectural designs aligned with Ƶ’s modern vision. Strategically located near key landmarks in the capital, the project offers strong investment value and serves as an ideal choice for those seeking exceptional living in one of Riyadh’s most prestigious neighborhoods.

In Jeddah, the fund will support a mixed-use development in North Jeddah along King Abdulaziz Road. The project will feature residential and commercial towers, a luxury hotel, office spaces, retail outlets, and dining destinations. Designed to meet the growing demand for integrated, lifestyle-centric developments, the project combines living, working, and leisure in one strategic location. Its architectural design reflects Ƶ’s vision to preserve and modernize the Kingdom’s identity, contributing to the evolving urban landscape of Jeddah in a contemporary and forward-looking way.

Naif Saleh Alrajhi, chairman and CEO of Naif Alrajhi Investment, said: “We are proud to partner with Aljazira Capital in developing two high-impact projects. Strategic locations were carefully selected, and the real estate offerings were designed based on thorough market research and trends, while ensuring alignment with the urban code and architectural identity of each region.” He added: “This collaboration reflects our ongoing commitment to developing distinctive real estate projects that enhance quality of life.”

Naif Al-Mesned, CEO and managing director of Aljazira Capital, said: “At Aljazira Capital, we remain dedicated to offering high-quality investment opportunities that align with our clients’ aspirations and respond to evolving market demands. The launch of this fund, in partnership with Naif Alrajhi Investment as a specialized real estate developer, reflects our strategy to diversify our investment offerings and reinforce our active presence in the real estate sector.”

Bandar Al-Hogail, head of real estate assets at Aljazira Capital, added: “The launch of this fund marks an important milestone in Aljazira Capital’s strategy to offer a diversified portfolio of high-quality real estate investment products.” He added: “Partnering with experienced industry specialists such as Naif Alrajhi Investment — the developer behind the fund’s projects — is a key factor in ensuring project success and achieving targeted returns.”

Naif Alrajhi Investment is one of the Kingdom’s leading investment groups, managing a diversified portfolio with a strong focus on the real estate sector. With a proven track record of success both locally and internationally, the company brings deep expertise and a strategic vision to developing real estate assets that meet the highest standards.


Aramco Digital, LTIMindtree launch NextEra — a next-generation IT services company in KSA

Aramco Digital, LTIMindtree launch NextEra — a next-generation IT services company in KSA
Updated 29 May 2025

Aramco Digital, LTIMindtree launch NextEra — a next-generation IT services company in KSA

Aramco Digital, LTIMindtree launch NextEra — a next-generation IT services company in KSA

Aramco Digital, the digital and technology subsidiary of Aramco, and LTIMindtree, a global technology consulting and digital solutions company, have launched NextEra, a next-generation IT services company headquartered in Ƶ.

A strategic joint venture between LTIMindtree and Aramco Digital, LTIM Aramco Digital Solutions for Information Technology Company-NextEra is designed to accelerate Ƶ’s digital transformation in alignment with the Kingdom’s ambitious Vision 2030.

The initiative reflects a shared commitment to building a robust, homegrown digital ecosystem that fuels innovation, economic diversification, and sustainable growth.

Powered by advanced and emerging technologies, NextEra aims to offer organizations future-ready solutions that enhance operational efficiency, enable intelligent decision-making, and deliver seamless customer experiences.

NextEra’s foundation is built upon six core pillars — emerging technologies and automation, scalable cloud services, deep industry expertise, digital engineering, sustainability, and customer centricity.

Nabil Al-Nuaim, chairman of NextEra and CEO of Aramco Digital, said: “The launch of NextEra marks a pivotal milestone in our efforts to localize IT services and contribute to advancing the Kingdom’s digital landscape.

“We are glad to partner with LTIMindtree in establishing this joint venture, which brings together world-class technology expertise and deep local insight.

“Through NextEra, we aim to build a future-ready digital ecosystem that drives innovation, enhances national competitiveness, and contributes to the Kingdom’s digital transformation journey under Vision 2030.

“This collaboration also reinforces Aramco Digital’s commitment to accelerating digital progress across industrial and other strategic sectors,  delivering sustainable impact, long-term value, and alignment with national priorities.

"Partnering with Aramco Digital to establish NextEra is a significant milestone in LTIMindtree’s global expansion strategy. We are excited to bring our deep technical capabilities and cross-industry experience to support Saudi businesses in their digital journeys,” said Venu Lambu, vice chairman, NextEra; chief executive officer (designate) and whole-time director, LTIMindtree.

“This joint venture is a key step toward Ƶ’s Vision 2030, as we build a national platform for innovation and sustainable digital growth,” said Dina Aboonoq, CEO and board member, NextEra; executive VP, LTIMindtree.

“Through advanced delivery centers and partnerships with local universities, we’re accelerating digital transformation, empowering local talent, and supporting SMEs and major industries with tailored managed services that ensure excellence and compliance.”

NextEra is uniquely positioned to blend local insight with global expertise, delivering tailored solutions that cater to the dynamic needs of regional and international markets. From optimizing operations to fostering innovation across critical sectors, the company aims to be a cornerstone of Ƶ’s digitally driven future.

Aramco Digital is the digital and technology subsidiary of Aramco, established to contribute to the Kingdom’s digital transformation under Vision 2030. It aims to advance industrial digital solutions in partnership with local and global partners, enabling sustainable growth across industrial and other strategic sectors.

LTIMindtree is a global technology consulting and digital solutions company that helps enterprises reimagine business models and accelerate innovation. With a client base of over 700 companies and a team of 84,000+ professionals across 30+ countries, LTIMindtree delivers transformative outcomes across industries. A part of the Larsen & Toubro Group, LTIMindtree is at the forefront of delivering large-scale digital transformation programs worldwide.


What Mauritius can learn from Ƶ’s revolutionary transformation

Inayat Ramjean, Hospitality Consultant
Updated 29 May 2025

What Mauritius can learn from Ƶ’s revolutionary transformation

Inayat Ramjean, Hospitality Consultant

Ƶ, once defined by its oil wealth, is undergoing a dramatic and deliberate transformation through Vision 2030, a bold national strategy spearheaded by Crown Prince Mohammed bin Salman. This plan is not cosmetic, it is systemic. It reimagines the Kingdom as a global leader in technology, innovation, and tourism, moving beyond oil dependency to a diversified, future-ready economy.

Inayat Ramjean, a Mauritian with over 35 years of experience in Ƶ, including leadership roles in international hospitality, has witnessed this transformation first-hand. Now back in Mauritius, he urges his homeland to draw inspiration from the Kingdom’s progress.

Reinvigorating tourism with vision and investment — Ƶ’s pivot toward tourism has been nothing short of revolutionary. From streamlined e-visas to mega-projects like NEOM, Red Sea and AlUla, the Kingdom aims to host 150 million tourists annually by 2030. This has transformed the Kingdom into one of the top 10 most visited countries globally. Mauritius, once a premier destination, is now losing momentum. To reverse this trend, the country must reimagine its tourism model, focus on eco-luxury, and leverage its direct flight connections with Ƶ to tap into new markets.

Leveraging technology and innovation — Ƶ has moved from being a technology consumer to a global innovator, with initiatives in artificial intelligence, renewable energy, and smart infrastructure. Flagship projects like NEOM are powered by AI, renewables, and automation, setting global standards in urban planning and sustainability. Mauritius, with its youthful population and strong ICT foundation, should invest more strategically in digital skills, smart city development, and tech entrepreneurship to future-proof its economy.

Ensuring safety and stability — Ƶ is now ranked the safest country among G20 nations, thanks to a renewed emphasis on public order and national security. In contrast, rising crime and social instability in Mauritius threaten both tourism and investment. Addressing these issues is not just about law enforcement, it’s about creating an environment where citizens and investors feel secure.

Strengthening bilateral and regional partnerships — Inayat played a key role in establishing ties between Ƶ and Mauritius, including the opening of a Saudi embassy and flight connectivity. Mauritius must now position itself as a gateway for Saudi investment into Africa. Aligning with Vision 2030 can unlock partnerships in tourism, health, trade, and broader regional cooperation. Mauritius stands at a turning point. The Saudi model proves what is possible when vision, governance, and ambition converge. If Mauritius embraces reform and bold leadership, it too can become a global example of reinvention and resilience. The time for action is now.

  • The writer, Inayat Ramjean, is a hospitality consultant.

flynas launches retail subscription for IPO

flynas launches retail subscription for IPO
Updated 29 May 2025

flynas launches retail subscription for IPO

flynas launches retail subscription for IPO

flynas Company, one of the leading low-cost carriers in the Middle East and North Africa region, has announced the opening of its retail subscription period for individual investors as part of its initial public offering on the Saudi Exchange.

The final offer price has been set at SR80 ($21) per share, marking the top end of the previously announced price range. This follows an overwhelming response from institutional investors, with the institutional tranche oversubscribed approximately 100 times, attracting SR409 billion in orders from local and international investors.

Retail investors have access to 10,251,114 shares, representing 20 percent of the total offering, while institutional investors have been allocated the remaining 80 percent.

Subscriptions can be made through a wide network of receiving banks and capital market institutions, including: Albilad Capital, Alinma Capital, Alistithmar Capital, Al-Jazira Capital, Alkhabeer Capital, Al-Rajhi Capital, ANB Capital, BSF Capital, Derayah Financial, GIB Capital, Riyad Capital, SAB Invest, Sahm Capital, SNB Capital, and Yaqeen Capital.

The retail subscription window will run from May 28 to June 1. Allocation will be completed by June 3 and refunds by June 5.


Abdul Latif Jameel, Uber sign MoU to transform urban mobility

Abdul Latif Jameel, Uber sign MoU to transform urban mobility
Updated 28 May 2025

Abdul Latif Jameel, Uber sign MoU to transform urban mobility

Abdul Latif Jameel, Uber sign MoU to transform urban mobility

Abdul Latif Jameel and Uber Technologies have signed an MoU to explore opportunities to build a scalable, next-generation fleet operations platform. In line with the goals of Saudi Vision 2030, the collaboration seeks to enable socioeconomic growth in the Kingdom and create more earning opportunities for Saudi nationals.

The MoU was recently signed during the period in which the Saudi-US Investment Forum was held and the signing ceremony was attended by Minister of Transport and Logistic Services Saleh Al-Jasser and Acting President of the Transport General Authority Dr. Rumaih bin Mohammed Al-Rumaih. The MoU will help accelerate the transformation of urban mobility across Ƶ, including through the deployment of autonomous vehicles. Representing both parties, the MoU was signed by Hassan Jameel, vice chairman, Ƶ, Abdul Latif Jameel, and Dara Khosrowshahi, CEO of Uber.

Autonomous vehicles are pivotal to the future of transportation. Uber is building toward an electric, shared, and autonomous future, already working with 18 leading AV partners globally. Ƶ is primed to be a key destination for urban transformation and the integration of AVs in the ecosystem. Abdul Latif Jameel, in collaboration with Uber, will play a pivotal role in accelerating the deployment of AVs, supporting local fleet operations.

Through their collaboration, the businesses will work closely to build a scalable mobility fleet with the aim of creating 30,000 earning opportunities for Saudi nationals.

With mobility playing a pivotal role in Ƶ’s urban transformation, the MoU addresses current and future opportunities, as well as the needs of drivers, riders, and tourists in line with Vision 2030. By combining Abdul Latif Jameel’s strong operational excellence and local expertise with Uber’s global innovative mobility technology and network, the businesses will support economic diversification, elevating giga-projects, and contributing to the Saudi economy.

Vice chairman Jameel said: “Our collaboration with Uber reflects a shared vision for a smarter, more accessible, and autonomous mobility future. We are proud to be working with such a renowned technology leader, as we support Ƶ’s Vision 2030 and position the Kingdom as a role model for the future of mobility. Equally important is how this agreement will help empower Saudi youth through the creation of job opportunities, while contributing to the Kingdom’s long-term prosperity.” Jameel also expressed his gratitude to Minister Al-Jasser for attending the MoU signing ceremony.

Meanwhile, Khosrowshahi said: “Ƶ is a hugely important market to Uber. We’re thrilled to collaborate with Abdul Latif Jameel to advance and accelerate a future of mobility that is electric, shared, and autonomous in the country, while advancing earning opportunities for Saudi nationals. Our goal is to make Uber the best platform for AV technology and continue to introduce both autonomous and human-driven mobility solutions to help people get where they need to go, effortlessly.’’

With Ƶ as the role model, Abdul Latif Jameel and Uber have a long-term ambition to create a cutting-edge standard for the future of mobility and a scalable playbook that can be deployed internationally.


Indian school in Jeddah hosts Phase 1 of cluster meet

Indian school in Jeddah hosts Phase 1 of cluster meet
Updated 29 May 2025

Indian school in Jeddah hosts Phase 1 of cluster meet

Indian school in Jeddah hosts Phase 1 of cluster meet

The annual interschool sports and co-curricular meet “XXXIII CBSE Cluster Meet 2025” kicked off at the International Indian School Jeddah, which is the host school for the event this year. The zonal level competitions were conducted in April, following which the finalists participated in the cluster meet, which was inaugurated on May 17 at IISJ boys’ section.

Consul General of India Fahad Ahmed Khan Suri was the chief guest for this event. IISJ Managing Committee Chairman Dr. Mohammed Abdul Saleem, members of the managing committee, officials of the Saudi Basketball Academy, principals from participating schools, officials and staff of the host school, in addition to coaches, managers and participants from 18 CBSE schools across the Kingdom were part of this program.

Chapter Convener and Principal of IISJ Dr. Mohammed Imran welcomed the gathering, urging participants to compete with true sportsmanship and camaraderie. The chief guest along with all the dignitaries hoisted the CBSE flag and declared the cluster meet open. Suri, who attended the event despite his commitments to ongoing Hajj preparations, said he was eager to meet the 715 participants. Wishing them luck, he advised students to participate with zeal and enjoy every moment.

The cluster meet mascot “Altius” was introduced in a grand manner leaving the crowd excited. Students of the III-V blocks welcomed the gathering with a musical performance. The program concluded with a vote of thanks by Vice Principal of the Girls’ Section Farhadunnisa.

Phase 1 included badminton (under ages 14,16 and 17 for boys and girls), basketball (under 19 for girls), volleyball (under 19 boys), and football (under 19 boys) These teams came from the central, eastern and western regions of the Kingdom to participate in the final matches to clinch the championship.

IISJ won the rolling trophies for volleyball (boys) and basketball (girls), while IISR and NMEIS Riyadh bagged the rolling trophies for badminton for boys and girls, respectively. Al-Mawarid International School won the rolling trophy for football. In the first phase, IISJ and IISR are leading with equal points. The second phase, which will be held in September, will determine the school that will bag the coveted overall championship of the cluster meet.

Prominent among those who attended the valedictory event and gave away the prizes were Dr. Prince Mufti Ziaul Hasan, Dr. Hemalatha Mahalingam and Dr. Mohammed  Shafee.

The managing committee chairman praised the coaches and participants of the schools and appreciated the host school for all the arrangements.

Adil Akther, head of department of sports at IISJ, presented a report on the events held during the five-day meet. Mohammed Sirajuddin, senior PE teacher from IIS-Riyadh, presented the report on behalf of the participating schools.

The valedictory event concluded with the vote of thanks presented by the Controller of Examinations and officiating vice principal of IISJ Boys Section Syed Abdul Haq.