Latest news with #SaudiArabic
Associated Press
27-04-2025
- Automotive
- Associated Press
Reem Al Aboud and Hanna Riehle Crowned Champions of Rally Jameel
BURAYDAH, Saudi Arabia, April 27, 2025 /PRNewswire/ -- Rally Jameel, the first women-only navigational rally in the Middle East, has successfully concluded its fourth edition, marking a historic milestone with its first-ever cross-border expansion, kicking off in Petra, Jordan. The closing ceremony was held in Al Qassim under the gracious patronage of His Royal Highness Prince Dr. Faisal bin Mishaal bin Saud bin Abdulaziz, Governor of Al Qassim Province. Reem Al Aboud from Saudi Arabia and Hanna Riehle from Germany, representing Jameel Motorsport and driving a Toyota Land Cruiser Prado, secured first place. Mashael Alhowaish from Saudi Arabia and Taye Perry from South Africa, competing for Lexus Racing Team in a Lexus RX 500H, claimed second place. In third place came Farah Zakaria and Farah Ateyyat, both from Jordan, representing Al Markazia Toyota and driving a Toyota Fortuner. Organized by Jameel Motorsport, part of Abdul Latif Jameel Motors, the authorized distributor of Toyota vehicles in Saudi Arabic since 1955, with the support of the FIA Women in Motorsport and the Saudi Automobile and Motorcycle Federation (SAMF), this year's edition brought together 41 teams representing 37 countries and 25 motorsport federations. Over six days and more than 1,600 kilometers, participants followed a route that blended technical challenge with cultural discovery, passing through Petra, Tabuk, AlUla, and Hail, before culminating in Al Qassim. The rally tested skill and endurance while reaffirming Saudi Arabia and Jordan's standing as global destinations for adventure tourism and motorsport. Munir Khoja, Managing Director of Jameel Motorsport and Marketing Communications at Abdul Latif Jameel Motors: 'Rally Jameel continues to push boundaries, redefining what's possible in motorsport and beyond. As a Saudi-born initiative, it's deeply rewarding to see how the rally has evolved into a global platform, reflecting the values of ambition, progress, and empowerment that lie at the heart of Vision 2030. Every year, we witness more women daring to lead, navigate, and inspire. Congratulations to all the participants for their spirit, determination, and sportsmanship.' Reem Al Aboud said: 'Standing at the top of the leaderboard today is an incredible honor—and a reflection of every decision, calculation, and moment of resilience. Rally Jameel pushed us beyond our limits and united a global community of women boldly claiming their place in motorsport. I'm proud of what we achieved—and proud to bring this win home.' Contact - Habib El Joukhadar, [email protected], +971 52 502 6834 Photo - View original content to download multimedia: SOURCE Rally Jameel 2025
Zawya
25-02-2025
- Business
- Zawya
Dollar peg link lures Asian investors to Saudi Arabia: PIF
Saudi Arabia's decision to maintain a long-standing peg between its currency, the riyal, and the US dollar is tempting Asians and other investors to projects in the Gulf Kingdom, says a senior executive at the Saudi Public Investment Fund (PIF). Abdulmajeed Al-Hagbani, head of securities investment at the PIF, said the Fund is concentrating on attracting global investors and opening up the local market through increasing transparency and providing clear indicators for business opportunities in the world's dominant oil exporter and largest Arab economy. Al-Hagbani, quoted by the Saudi Arabic language daily Aliqtisadia at the weekend, said this strategy is paying off as it has led to an increase in foreign capital inflow. 'The Saudi market has a unique advantage, especially for Asian investors, as assets are priced in riyal, which is linked to the US dollar… this link provides them with relative stability compared to other markets,' he said. Saudi Arabia's domestic economy thrives on robust growth and a dynamic young population, he said. 'Our mission was to explain these advantages to foreign investors and this has contributed to achieving success and increasing demand for our investment products.' Saudi Arabia and other Gulf oil producers have resisted pressure to delink their currencies from the dollar despite sharp fluctuations in the greenback, the official currency of their oil sales. Only Kuwait does not have that link as its dinar is pegged to a basket of currencies, in which the dollar is the largest component. Al-Hagbani said the PIF's strategy focuses on long-term investments guided by well-defined criteria to ensure sustainable returns. He pointed out that the average annual return on managed assets in global markets is about 8 percent. 'There is no investor in the world who does not look at returns, and we at the fund do not target annual or quarterly profits. Our investments are long-term, and we are satisfied with the returns we achieve from our investments,' he said. The PIF, one of the world's largest sovereign wealth funds (SWFs), launched in late 2023 two initiatives to support the development of Saudi Arabia's asset management industry. They included the PIF Managers Gate Platform and the Portfolio Management Development Programme. The PIF Managers Gate saw the launch of a new digital platform for collaboration between PIF and external fund managers. The portal enables secure data sharing, improved communications, and the digitisation of operational and investment due diligence processes. Al-Hagbani said PIF launched the Asset Managers Portal to facilitate asset managers' communication with the fund and present their products and strategies. He said the system ensures the unification of procedures regardless of the different formats and numbers used by asset managers. 'This initiative is expected to improve the efficiency of evaluation and selection, to attract the best asset managers globally,' he said. He added that PIF has so far received more than 90 serious requests, mostly from international investors and is currently working with 37 asset managers, including 13 global managers operating in the Saudi market. 'Three of them have recently moved their regional headquarters to the Kingdom thanks to our supportive initiatives.' (Writing by Nadim Kawach; Editing by Anoop Menon) (
Zawya
17-02-2025
- Business
- Zawya
18,000 projects planned in Saudi Arabia till 2030
Nearly 18,000 projects are expected to be carried out in Saudi Arabia in the next years within its landmark economic transformation scheme known as Vision 2030, according to the Gulf Kingdom's contractiong sector regulator. The projects, worth trillions of riyals, cover a wide variety of sectors including infrastructure, roads, power and airports, said Mohammed Al-Ajlan, Chairman of the Saudi Contractors' Authority (SCA). 'The construction sector in Saudi Arabia is passing through a golden period…we expect it to grow by an average 5 percent annually until 2030,' he told the Saudi Arabic language Al-Madina newspaper on Sunday. Ajlan said there has been a push by foreign companies into Saudi Arabia to take advantage of a surge in domestic projects. He added:'The Saudi market now needs to create large alliances with foreign firms because some projects require experiences and foreign technology.' (Writing by Nadim Kawach; Editing by Anoop Menon)
