Latest news with #PublicInvestmentFund-owned
Leaders
18-04-2025
- Business
- Leaders
Laheq: Red Sea Global Unveils First Luxurious Private Residential Island
Red Sea Global (RSG) has unveiled Laheq Island, a new residential community and Saudi Arabia's first luxurious private residential island, according to the Saudi Press Agency. Laheq marks the RSG's first residential project beyond Phase One of The Red Sea that opened its doors in front of guests in 2023 with five resorts. Scheduled to open in 2028, the private island represents RSG's first development that primarily focuses on residential property ownership and boasts extraordinary hospitality offering and seamless services. 'Whether it's for guests visiting or residents who choose to own a piece of The Red Sea, at Laheq they will experience luxury living with an enriching resort community that brings people together and fosters life-long bonds,' Group CEO John Pagano said. As part of an archipelago of 92 pristine islands along Saudi Arabia's west coast, Laheq is fully surrounded by one of the world's largest barrier reefs that feature more than 2,000 rare and unique marine species. Spanning 400 hectares, the island also involves a vast array of recreational facilities and activities for both residents and visitors. As a Public Investment Fund-owned company, the Red Sea Global seeks to position the Red Sea as world's largest tourism attraction. Related Topics: Red Sea Global, Oracle Partner to Upskill 5,000 Saudis in Tech, Hospitality Shura Island by Red Sea Global: A Captivating Destination Red Sea Global Launches 'Shebara', Saudi Arabia's Second Water Aerodrome Short link :
Zawya
17-04-2025
- Business
- Zawya
Saudi giga project Diriyah awards $1.4bln contract for Opera House
Diriyah Company has awarded a 5.1 billion Saudi riyals ($1.36 billion) construction contract for the Royal Diriyah Opera House and surrounding assets in the Diriyah mega project. The award was bagged by a consortium comprising El Seif Engineering Contracting, Midmac Construction and China State Construction Engineering Corporation, the Public Investment Fund-owned developer said. The main auditorium of the Royal Diriyah Opera House, designed by Norwegian architectsSnøhetta, will have a seating capacity of 2,000 and will be managed by the Royal Commission for Riyadh City. The opera house will include a 450-seat studio theater, a shaded rooftop amphitheater with 450 seats and multipurpose halls, increasing total seating capacity to 3,100. The contract also covers constructing a 5-star hotel and a mixed-use residential complex. No timeline for the construction was disclosed. Diriyah will provide homes for 100,000 residents, attract 50 million annual visitors and contribute $18.6 billion directly to Saudi Arabia's GDP. (Editing by Anoop Menon) (
Syyaha
06-04-2025
- Business
- Syyaha
Intelmatix Signs MoUs with Leading Entities at LEAP 2025 to Lead the Artificial Intelligence Revolution
Intelmatix, a deep-tech and artificial intelligence company headquartered in Riyadh with offices in London and Boston, announced the signing of four strategic Memorandums of Understanding (MoUs) with major entities to drive AI adoption across vital sectors, during LEAP 2025 – the world's largest and most attended tech agreements lay the foundation for partner entities to integrate advanced AI solutions across all operations, accelerating their journey toward data-driven decision making. They reflect Intelmatix's ongoing commitment to transforming organizations into cognitive enterprises through the power of AI signed an MoU with the Ministry of Environment, Water and Agriculture, in the presence of His Excellency the Deputy Minister, Eng. Mansour bin Hilal Al Mushaiti. The aim is to explore AI solutions to enhance innovation, efficiency, and sustainability across the Kingdom's agricultural ecosystem, benefiting farmers, the Ministry, researchers, and key second MoU was signed with the Ministry of Economy and Planning, in the presence of His Excellency the Assistant Minister, Suleiman AlObaid. This agreement aims to explore AI-powered solutions that support economic planning, decision-making, and data accessibility across the Kingdom, empowering policy-making through advanced third MoU was signed with the National Real Estate Registration Services Company (Real Estate Registry), a Public Investment Fund-owned company playing a vital role in promoting transparency and trust in Saudi Arabia's real estate sector by maintaining a comprehensive and centralized real estate database. The MoU establishes a framework agreement to develop and implement innovative AI tools that enhance property management, analytics, and decision-making processes across the fourth MoU was signed with Saudia, the national carrier of Saudi Arabia and a key player in the Kingdom's aviation sector. This partnership aims to explore how artificial intelligence and decision intelligence can support Saudia in optimizing core business strategies, enhancing customer engagement, and improving operational outcomes. These four MoUs build on Intelmatix's successful partnerships with leading Saudi entities such as the Saudi Commission for Health Specialties, Takamol Holding, Ministry of Interior, Saudi Artificial Intelligence Company, and Prince Sultan University. These collaborations have already delivered tangible results and are advancing cognitive transformation across multiple sectors
Zawya
06-04-2025
- Business
- Zawya
Intelmatix signs MoUs with leading entities at LEAP 2025 to lead the AI revolution
Riyadh – Intelmatix, a deep-tech and artificial intelligence company headquartered in Riyadh with offices in London and Boston, announced the signing of four strategic Memorandums of Understanding (MoUs) with major entities to drive AI adoption across vital sectors, during LEAP 2025 – the world's largest and most attended tech event. These agreements lay the foundation for partner entities to integrate advanced AI solutions across all operations, accelerating their journey toward data-driven decision making. They reflect Intelmatix's ongoing commitment to transforming organizations into cognitive enterprises through the power of AI innovation. Intelmatix signed an MoU with the Ministry of Environment, Water and Agriculture, in the presence of His Excellency the Deputy Minister, Eng. Mansour bin Hilal Al Mushaiti. The aim is to explore AI solutions to enhance innovation, efficiency, and sustainability across the Kingdom's agricultural ecosystem, benefiting farmers, the Ministry, researchers, and key stakeholders. The second MoU was signed with the Ministry of Economy and Planning, in the presence of His Excellency the Assistant Minister, Suleiman AlObaid. This agreement aims to explore AI-powered solutions that support economic planning, decision-making, and data accessibility across the Kingdom, empowering policy-making through advanced technologies. The third MoU was signed with the National Real Estate Registration Services Company (Real Estate Registry), a Public Investment Fund-owned company playing a vital role in promoting transparency and trust in Saudi Arabia's real estate sector by maintaining a comprehensive and centralized real estate database. The MoU establishes a framework agreement to develop and implement innovative AI tools that enhance property management, analytics, and decision-making processes across the Kingdom. The fourth MoU was signed with Saudia, the national carrier of Saudi Arabia and a key player in the Kingdom's aviation sector. This partnership aims to explore how artificial intelligence and decision intelligence can support Saudia in optimizing core business strategies, enhancing customer engagement, and improving operational outcomes. These four MoUs build on Intelmatix's successful partnerships with leading Saudi entities such as the Saudi Commission for Health Specialties, Takamol Holding, Ministry of Interior, Saudi Artificial Intelligence Company, and Prince Sultan University. These collaborations have already delivered tangible results and are advancing cognitive transformation across multiple sectors. About Intelmatix: Intelmatix is a leading AI and deep-tech company with operations in Riyadh, London, and Boston. By leveraging artificial intelligence and decision intelligence, Intelmatix enables organizations to overcome challenges and make faster, more accurate decisions that lead to better outcomes. The company has a strong track record of delivering transformative AI solutions across diverse sectors—including retail, logistics, the public sector, and industry. For more information, please visit Media Inquiries, please contact: Andrea Frino Chief Business Officer
Arab News
03-03-2025
- Business
- Arab News
Saudi Arabia's PIF-backed SIRC launches solid waste plant at Jeddah Port
RIYADH: Saudi Investment Recycling Co. has launched the first solid waste treatment plant inside Jeddah Islamic Port, marking a significant step toward sustainability and a circular economy. The Public Investment Fund-owned firm will operate the facility through its subsidiary, Reviva, to enhance operational efficiency and safety, according to a statement. The initiative aligns with Saudi Arabia's Vision 2030 goal of achieving net-zero emissions by 2060 and integrating environmental, social, and governance principles into the economy. It also supports Reviva's mission to divert 85 percent of industrial waste from landfills through treatment and recycling while promoting the use of reprocessed materials. Reviva CEO Nasser Al-Mutairi described the plant's launch as a strategic step reflecting SIRC's commitment to innovative, sustainable waste management solutions. The facility enables on-site treatment of solid and non-compliant waste per international standards, eliminating the need for external transport. The CEO further highlighted this directly reduces environmental impact and supports the shift away from landfills, reinforcing the principles of a circular economy while enhancing financial and environmental sustainability. Reviva leads the industrial hazardous waste sector, advancing recycling practices and landfill diversion to meet the Kingdom's sustainability goals. Its core services include integrated environmental solutions and services, recycling and waste management solutions such as oil and water recovery, byproduct recycling, industrial maintenance, and environmental testing and studies. The project is part of SIRC's broader strategy to expand investment in the recycling sector and build an integrated waste management infrastructure. It also creates job opportunities and increases private sector involvement in waste management initiatives. Additionally, SIRC is developing integrated environmental projects at Jeddah Islamic Port, including specialized sites for hazardous waste treatment from cargo ships. These efforts aim to improve marine waste management, promote sustainability, and strengthen Saudi Arabia's position as a global leader in waste management and recycling.
