Saudi-based TIME Entertainment makes Nomu market debut
RIYADH: TIME Entertainment Co., a Saudi-based full-service live events and experiences management company, has officially begun trading on the Nomu parallel market, marking a significant step in its growth trajectory.
Chairwoman Ameera Al-Taweel described the listing as a strategic milestone that underscores the company's maturity and readiness for future expansion.
TIME's listing comes as part of broader efforts by Saudi Arabia to expand investor participation in the Nomu market. In 2024 alone, Nomu has seen 28 IPOs and three direct listings, raising about SR1.1 billion ($293 million).
'We have built a Saudi business model within the live events sector that meets global standards. The events sector is vast and diverse. Our experience represents a successful model that has been built based on a global vision, capped with a Saudi identity, and is distinguished by specializing in producing and organizing major live events managed by a multi-skilled team of some of the best events professionals globally.' Al-Taweel said in a statement.
Al-Taweel also highlighted the company's role as a trusted partner to government, semi-government, and private sector clients. 'We believe that we represent a national choice that executes major global events and constantly works,' she added.
CEO Obada Awad said the company is guided by a strategy rooted in sustainable growth and market responsiveness.
'We also place significant emphasis on sustainable operational improvement and diligent work to develop and launch premium and quality services that add real value to the market,' he said.
TIME Entertainment specializes in producing large-scale live events across sectors such as sports, entertainment, culture, tourism, and conferences. It offers end-to-end production and management services, in addition to creative and consultancy expertise.
The company is also focused on crafting distinctive narratives grounded in Saudi culture and heritage, with the aim of sharing them with global audiences. Its goal is to deliver innovative, artistically rich, and high-quality experiences.
Saudi Arabia's entertainment sector is rapidly emerging as a key pillar of the Kingdom's economic diversification agenda. As the country moves away from its traditional reliance on oil, strengthening the entertainment industry is seen as critical to driving growth across multiple sectors.
A recent report by consultancy AlixPartners found that 33 percent of Saudi consumers plan to increase spending on out-of-home entertainment — well above the global average of 19 percent — highlighting strong local demand.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arab News
32 minutes ago
- Arab News
Global FDI set to drop again this year after 11% fall in 2024: UNCTAD
RIYADH: Global foreign direct investment is set to fall again in 2025 thanks to high investor uncertainty prompted by trade tensions, according to a UN analysis. In its latest report, the UN Conference on Trade and Development revealed that FDI dropped 11 percent to $1.5 trillion in 2024, marking a second year of decline. While FDI flows were up 4 percent, this figure was inflated by volatile flows through conduit economies. Ongoing trade tensions have lead to downward revisions of most indicators, including FDI prospects, capital formation, and exports of goods and services, as well as financial market volatility, and investor sentiment. The views of UNCTAD align with a recent report released by the World Bank, which said that FDI flows into developing economies dropped to $435 billion in 2023, the lowest level since 2005, as rising trade barriers, geopolitical tensions, and growing fragmentation curbed cross-border investment. The World Bank added that FDI into advanced economies also dropped, sinking to $336 billion in 2023, the weakest level since 1996. Commenting on the latest report, Antonio Guterres, secretary-general of the UN, said: 'At a time when the world should be deepening cooperation and expanding opportunity, we are seeing the opposite. 'Barriers are rising. Globalization is retreating. And the consequences for sustainable development are profound.' He added: 'Infrastructure investment is slowing. Industrial investment is under strain. And developing countries – those most in need – are being left behind. 'Rising trade tensions, policy uncertainty and geopolitical divisions risk making the investment environment even worse.' The analysis revealed that inward FDI inflows in Saudi Arabia totaled $15.73 billion in 2024, representing a 31 percent decline from the previous year. The Kingdom's outflows in 2024 were $22.04 billion, marking a year-on-year rise of 27.1 percent. Geographically, FDI value in Europe stood at $182 billion last year, representing a decline of 58 percent compared to 2023. North America attracted FDI worth $343 billion, a 23 percent increase year on year. Africa's FDI flows rose by 75 percent year on year, reaching $97 billion in 2024, while FDI flows in developing Asia stood at $605 billion, marking a 3 percent decline. In Latin America and the Caribbean, FDI flows stood at $164 billion, representing a 12 percent drop compared to the previous year. 'Among developed countries, a sharp fall in inflows in Europe contrasted sharply with rising investment in North America. FDI flows to developing countries were flat, despite sizeable increases in Africa and in South-East Asia,' said the report Earlier this month, global credit rating agency S&P Global said FDI inflows into Gulf Cooperation Council countries are expected to slow in 2025 due to rising investor uncertainty. The outlook reflects shifting US trade policies, lower oil prices, and a more gradual rollout of economic diversification projects in the region. S&P Global also forecast a net negative impact on global FDI in the near term, driven by the indirect effects of US tariffs, a weaker oil price outlook, and declining global investor confidence. According to UNCTAD, international project finance also continued its slump in 2024, registering a 26 percent decline in value compared to the previous year. 'The global economy continues to grapple with a complex set of challenges: mounting debt, persistent underperformance in GDP (gross domestic product) growth, geopolitical tensions, and structural shifts in trade and investment flows,' said Rebeca Grynspan, secretary-general of UNCTAD. She added: 'Global foreign direct investment contracted for the second consecutive year. International project finance, critical for large-scale infrastructure and development, registered the steepest decline, falling by 26 percent.' International project finance makes up a higher share of FDI in the least developed countries, which are therefore proportionally more affected by the downturn. According to the analysis, the number of greenfield projects announced in industrial sectors increased by 3 percent year on year. However, their value fell by 5 percent to $1.3 trillion, still the second-highest on record. The value of cross-border mergers and acquisitions, which mostly affect FDI flows in developed countries, increased by 14 percent to $443 billion, still well below the average of the last decade. 'While there has been some weakness in overall M&A markets, the share of cross-border deals in the total is declining, with domestic deals and near-market acquisitions becoming more important in the face of growing policy risks and regulatory scrutiny,' said UNCTAD. The report highlighted that the digital economy is the only sector to have seen growth in 2024, witnessing a 17 percent increase in project numbers and a doubling of initiative values. 'The digital economy is expanding at an annual rate of 10 to 12 percent, outpacing global GDP growth and accounting for a rising share of value creation worldwide,' said Grynspan. She added: 'Yet this growth is not equally distributed. Despite more than $500 billion in greenfield investment in the digital economy into developing countries over the past five years, this investment is heavily concentrated in a few countries.' The UNCTAD secretary-general further said that several structurally weak and vulnerable economies remain marginalized, constrained by inadequate technical infrastructure, limited digital skills, and policy and regulatory uncertainty. According to the report, investments aimed at achieving sustainable development goals also faced hurdles in 2024, as projects in renewable energy declined by 12 percent and those in critical minerals fell by almost 50 percent. 'What is most alarming, however, is the continued deterioration of investment flows into key sectors aligned with the Sustainable Development Goals,' said Grynspan. She added: 'This trend comes at a time when the world can least afford to fall short. Reversing this negative trend in Goals investment will demand not only more capital — both public and private — but also deeper alignment of investment flows with long-term sustainability goals.'
Argaam
an hour ago
- Argaam
PIF launches company to build, operate Expo 2030 Riyadh site
The Public Investment Fund (PIF) announced today, June 19, the launch of Expo 2030 Riyadh Co., a wholly owned subsidiary tasked with developing and operating the Expo 2030 Riyadh site—the first of its kind to be hosted in the Kingdom. According to a statement from PIF, the company will oversee the construction and long-term investment of the Expo's facilities. The project's master plan spans six million square meters in northern Riyadh, adjacent to the upcoming King Salman International Airport, making it one of the largest Expo sites across the event's history. The venue will be directly connected to several major landmarks in the capital, moreover. Expo 2030 Riyadh is expected to attract more than 40 million visits during its six-month run, scheduled from October 1, 2030 to March 31, 2031. Following the event, the company will transform the site into a global village—a multicultural hub featuring retail and dining destinations, surrounded by a world-class residential community designed as a model for sustainable tourism, the statement noted. The new company will accelerate its operations to meet project milestones and plans to form partnerships with local and international private sector players in construction, cultural programming, and event management. It would benefit from the fund's diverse local and global portfolio. The initiative aligns with PIF's broader real estate strategy, Saad Alkharoud, Head of Local Real Estate Investments at PIF, said. The total contribution of Expo 2030 Riyadh and its infrastructure to Saudi Arabia's GDP during the construction phase is projected to reach approximately SAR 241 billion, while the event is expected to create around 171,000 direct and indirect jobs. The operational phase is forecast to contribute nearly SAR 21 billion to the Kingdom's GDP, the statement added, pointing out that the participating countries will also have the opportunity to build permanent national pavilions as part of the hub's sustainable infrastructure.
Arab News
2 hours ago
- Arab News
Industrial cities in Saudi Arabia's Qassim region hit 77% occupancy rate, official reveals
RIYADH: Industrial cities in Saudi Arabia's Qassim region are performing at occupancy rates of up to 77 percent, with 158 factories currently in operation, reflecting strong growth and a supportive business environment, according to a top official. During a meeting organized by the the area's chamber of commerce, the Kingdom's Deputy Minister of Industry and Mineral Resources for Industrial Affairs Khalil Ibrahim bin Salamah explained that the value of industrial investments in the region during the first quarter of 2025 reached SR700 million ($186 million), with the city of Buraydah accounting for the largest share, the Saudi Press Agency reported. This reflects the Kingdom's National Industrial Strategy, introduced in October 2022, which aims to increase the number of factories in the Kingdom to approximately 36,000 by 2035. This approach is designed to attract investment, scale up local production, and strengthen non-oil exports. The SPA statement said: 'The meeting aimed to introduce the most prominent ministerial services and programs and discuss the sector's aspirations to achieve continued growth in development and investment.' It added: 'The meeting addressed several topics related to the industrial sector, including standard incentives for the industrial sector, which enhance the competitive sustainability of the industrial sector in the Kingdom.' The statement further revealed that the assembly addressed the environmental impact of industrial facilities and presented solutions to help improve efficiency and quality. It also included a review and introduction to the Factories of the Future Program, as well as the process of converting these facilities to adopt modern manufacturing practices, automation, and digitization, which directly contribute to the development of the industrial sector in the Kingdom. The gathering also saw a review of the Industrial Links Program, which connects manufacturers with major projects to achieve the goals of the national strategy for increasing local content. The Qassim region experienced 25 percent growth in its business sector over the past seven years, reflecting increased economic activity and contributing to the Kingdom's goal of balanced development, the Ministry of Commerce reported in a post on its official X account in May. The number of commercial records in the central region rose from 68,000 in 2018 to 85,000 by the end of the first quarter of this year, the ministry said at the time. In 2024, Qassim Municipality announced that the region had successfully concluded 711 investment contracts, with a total value exceeding SR740 million. The municipality also provided 1050 diverse investment opportunities aimed at supporting economic development and enhancing the quality of life in the region. The increase comes as the Kingdom pushes ahead with its economic diversification strategy, aiming to increase the private sector's share of the gross domestic product from 40 percent to 65 percent by 2030.
