Latest news with #Balsillie
CairoScene
26-05-2025
- Business
- CairoScene
Saudi Arabia Secures USD 100 Million Golf Resort Investment
A USD 100 million deal with BlackBerry co-founder Jim Balsillie kicks off Saudi Arabia's plan to build up to 100 golf courses. Canadian tech entrepreneur and BlackBerry co-founder Jim Balsillie has invested USD 100 million to build a national network of luxury golf resorts in Saudi Arabia. The investment is part of a broader partnership with Sumou Global Investment and aligns with the country's Vision 2030 strategy to diversify its economy and boost tourism. The first project is expected to break ground soon in Jeddah, on a site previously used as a sewage dumping ground. Plans include not only golf courses but also integrated hotels and residential developments. Balsillie aims to expand the country's existing portfolio of a dozen golf courses to up to 100, with seven to ten already in development and several expected to be completed by 2027. One strategic objective is to integrate golf tourism with religious tourism. By offering golf packages to Muslim pilgrims visiting Makkah, the initiative seeks to encourage longer stays and create new revenue streams from leisure-focused visitors. The move builds on momentum generated by the Public Investment Fund (PIF), which has invested nearly USD 5 billion into golf globally, including the controversial LIV Golf tour and domestic projects like a Jack Nicklaus-designed course near Riyadh. Saudi Arabia faces competition from regional neighbours such as the UAE, Qatar, and Oman, all of which have invested in golf infrastructure. However, the Kingdom's rapid pace of development has raised environmental concerns, particularly around water use for maintaining courses in arid climates. Developers have pledged to use recycled water and renewable energy solutions to mitigate impact.
Business Mayor
25-05-2025
- Business
- Business Mayor
Saudi Arabia tees up efforts to become Gulf's golf capital
Unlock the Editor's Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Saudi Arabia is teaming up with BlackBerry co-founder Jim Balsillie in an effort to drive the kingdom's below-par golf offerings out of the rough and on to the green of the sport's big powers. Canadian entrepreneur Balsillie is investing $100mn over the next five years to develop luxury golf resorts in the country, which has far fewer courses than the neighbouring United Arab Emirates. The deal falls under Saudi's Vision 2030, a plan to diversify the kingdom's oil-dependent economy through a 'strategic shift' to tourism. Balsillie told the Financial Times his strategy also involves an unusual pitch to the millions of Muslims who visit Saudi Arabia to make sacred pilgrimages to Mecca, but can extend their trip for a round of golf. 'Come for history, natural beauty, and legendary hospitality. Stay for golf and modern lifestyle,' said Balsillie, who owns Canada's largest golf course operator, GolfNorth. He sees long-term potential for up to 100 courses in Saudi Arabia, from about a dozen now, but is currently aiming for seven to 10 and hopes to complete some of them as soon as 2027. 'Groundbreaking is still a possibility for this year,' said Balsillie, who is partnering with real estate fund Sumou Global Investment to build hotels and residential complexes tied to the courses. Jim Balsillie: 'The question is why wasn't this type of project done, say 10 or 20 years ago when Oman and UAE [were] doing the same thing?' © Cole Burston/The Canadian Press/Alamy Golf has not traditionally been a major sport in football-loving Saudi Arabia. But it began growing rapidly after Yasir al-Rumayyan, an avid golfer and governor of Saudi's giant Public Investment Fund, became president of the kingdom's golf federation in 2017. Read More Mortgage demand from homebuyers drops 10% as interest rates jump Riyadh-based executive Abdulrahman Harakati picked up the game while studying in the US nearly 15 years ago and now is on the course every weekend. 'Today, many Saudis play golf because [the golf federation] opened free training to everyone who wanted to learn, giving free lessons. It doesn't matter that you don't have your own golf clubs,' he said. 'They brought in foreign coaches and welcomed men, women and children.' Despite the dusty, desert climate, the sport has become big business across the Gulf. The PIF has spent $3.9bn backing LIV, a breakaway tour that lured top golfers with big pay packages and caused an ongoing dispute with the PGA Tour. The fund is also building several courses, including one west of Riyadh designed by golf great Jack Nicklaus. Meanwhile, the Trump Organization is investing in golf elsewhere in the Gulf, with a licensing deal in Qatar and a planned $500mn luxury resort and golf course in Oman. 'The question is why wasn't this type of project done, say 10 or 20 years ago when Oman and UAE [were] doing the same thing?' Balsillie asked. Both Sumou and Balsillie are funding the project while hoping to attract other investors. Balsillie said it was not receiving government funds or tax incentives, 'but that might change down the road'. Golf courses across the world face criticism over water and energy use, but those in the Gulf states say they aim to promote sustainable practices through water recycling, tree planting and using renewable energy. With low rates of rainfall and no natural rivers, Saudi Arabia and its neighbours are almost fully reliant on energy-intensive seawater desalination. Read More UK rental price growth pulls back from peak The first project will be built in a south-eastern suburb of the Red Sea port city of Jeddah. The location, known as Wadi Aslaa, used to be a dumping ground for sewage water. While the government has sought to provide incentives to developers to build affordable housing as part of Crown Prince Mohammed bin Salman's goal to increase home-ownership to 70 per cent by 2030, such 'golf-living' developments target home buyers from upper middle class and luxury tourists. 'Our type of development is in line with the kingdom's push for more tourism and more residential accommodations — golf ties it all together,' Balsillie said.
Calgary Herald
23-05-2025
- Business
- Calgary Herald
Balsillie tapped to help lead Manitoba's new technology task force
Article content Former BlackBerry Ltd. co-chief executive Jim Balsillie will help spearhead an innovation and productivity task force aimed at setting Manitoba's technology strategy, the government announced this week. Article content '(These) efforts will position Manitoba as a leader in 21st-century digital governance and economic competitiveness,' said Mike Moroz, Manitoba's innovation and new technology minister, who will co-chair the task force. Article content Article content 'But Donald Trump has laid bare the need for our businesses (provincially) and nationally to have more sovereign control,' Balsillie said. Article content That, he added, means controlling the AI, the related intellectual property and the companies that use it. Article content The task force is set to meet over the next six months and create a strategic plan that will act as a north star for the province's innovation and productivity efforts. Article content Other committee members include Manitoba Chamber of Commerce's Clara Buelow; Gautam Srivastava, a professor of computer science at Brandon University; and Debra Jonasson-Young, the executive director of entrepreneurship at the Asper School of Business. Article content Article content Prime minister Mark Carney recently announced the creation of Canada's first-ever cabinet for AI and digital innovation, appointing former journalist Evan Solomon to the role, signalling the importance of tech for this government. Article content Article content While Balsillie declined to say how much Manitoba would spend on its tech initiatives, the federal government's tech mandate means that 'you're going to see a lot of money on the table,' he said. Article content Alignment with Ottawa will be a major part of the group's work, but Balsillie said he is waiting to see how new Prime Minister Mark Carney's government follows through on his promise to transform the country's economy. Article content
Yahoo
23-05-2025
- Business
- Yahoo
Balsillie tapped to help lead Manitoba's new technology task force
Former BlackBerry Ltd. co-chief executive Jim Balsillie will help spearhead an innovation and productivity task force aimed at setting Manitoba's technology strategy, the government announced this week. '(These) efforts will position Manitoba as a leader in 21st-century digital governance and economic competitiveness,' said Mike Moroz, Manitoba's innovation and new technology minister, who will co-chair the task force. Last November, Manitoba Premier Wab Kinew created a new innovation and technology department in a bid to advance the province's tech sector and encourage the use of new technologies within government. Balsillie, who founded the Council of Canadian Innovators (CCI), said that Kinew has long had his eye on growing tech in the province. 'But Donald Trump has laid bare the need for our businesses (provincially) and nationally to have more sovereign control,' Balsillie said. That, he added, means controlling the AI, the related intellectual property and the companies that use it. The task force is set to meet over the next six months and create a strategic plan that will act as a north star for the province's innovation and productivity efforts. Other committee members include Manitoba Chamber of Commerce's Clara Buelow; Gautam Srivastava, a professor of computer science at Brandon University; and Debra Jonasson-Young, the executive director of entrepreneurship at the Asper School of Business. Prime minister Mark Carney recently announced the creation of Canada's first-ever cabinet for AI and digital innovation, appointing former journalist Evan Solomon to the role, signalling the importance of tech for this government. Balsillie-owned golf venture partners with Saudi developer to build Middle East luxury resorts Opinion: Ottawa needs a new industrial innovation policy While Balsillie declined to say how much Manitoba would spend on its tech initiatives, the federal government's tech mandate means that 'you're going to see a lot of money on the table,' he said. Alignment with Ottawa will be a major part of the group's work, but Balsillie said he is waiting to see how new Prime Minister Mark Carney's government follows through on his promise to transform the country's economy. 'They say they want to change Canada,' Balsillie said. 'What does their vision of a changed country look like in terms of … what we have to do to be more sovereign and secure?' • Email: ylau@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Winnipeg Free Press
23-05-2025
- Business
- Winnipeg Free Press
Province unveils innovation, productivity task force with eye on AI, IP
By the end of the year, Manitoba should have a strategy on artificial intelligence, data security and future innovation. The provincial government unveiled an innovation and productivity task force — comprised of industry members — to oversee the strategic plan's creation. 'The world has changed seismically over the last 30 years from a traditional production economy to one that's based on intangibles of intellectual property and artificial intelligence and data,' said Jim Balsillie, who will co-chair the new group with provincial Innovation Minister Mike Moroz. Balsillie chairs the Council of Canadian Innovators and is former co-chief executive of BlackBerry Ltd. The task force, which includes seven more members, will provide a swath of recommendations to government. Balsillie said he was tapped by Premier Wab Kinew months ago to spearhead a plan ensuring Manitoba's economy is 'prosperous and secure and safe' in the changing world. He and peers will look at potential protections as artificial intelligence use grows and the infrastructure needed to foster AI use. The group will delve into intellectual property and sovereignty within Manitoba. 'Being more sovereign, being more value-add, has been a priority for decades,' Balsillie said. 'But it's been laid bare in the last couple months.' The task force will meet every couple weeks over the next six months. The team held its first meeting Wednesday. Determining who to reach out to, and what, exactly, they need to research to fulfill the premier's vision is a journey they're just beginning, Balsillie relayed. The province listed government agencies, industry experts, researchers and Indigenous communities as groups that'll be involved in the strategy's creation. A plan should be completed by November, Balsillie confirmed. 'I have every confidence the everybody's stepping up and going to meet the deadline.' Gautam Srivastava, a Brandon University computer science professor, is one of the task force members. He researches artificial intelligence and data security and privacy. Srivastava considers it a 'strategic time' to be building such a report. 'Everyone wants a piece of this artificial intelligence and data analytics pie,' he said. 'I think our agility here in Manitoba, to create an ecosystem to provide that, could be really prosperous.' If Manitoba can offer computation and infrastructure for computation, it'll draw entrepreneurs, Srivastava said. He plans to research education opportunities — like additive post-secondary programs — in his task force position. Other task force members include Adam Herstein, a partner at Pitblado Law; Clara Buelow, Manitoba Chambers of Commerce communications director and previous lead of the Digital Manitoba Policy Initiative; Jacqueline Keena, managing director of Enterprise Machine Intelligence Learning Initiative (EMILI); Gerry Price, president of Price Industries; Debra Jonasson-Young, executive director of entrepreneurship at the Stu Clark Centre for Entrepreneurship in the University of Manitoba; and Ernest Cholakis, founder of Cholakis Dental Group. The province launched its department of innovation and new technology in November. Gabrielle PichéReporter Gabrielle Piché reports on business for the Free Press. She interned at the Free Press and worked for its sister outlet, Canstar Community News, before entering the business beat in 2021. Read more about Gabrielle. Every piece of reporting Gabrielle produces is reviewed by an editing team before it is posted online or published in print — part of the Free Press's tradition, since 1872, of producing reliable independent journalism. Read more about Free Press's history and mandate, and learn how our newsroom operates. Our newsroom depends on a growing audience of readers to power our journalism. If you are not a paid reader, please consider becoming a subscriber. Our newsroom depends on its audience of readers to power our journalism. Thank you for your support.
