JEDDAH: The two-day Step Saudi 2020 event featured two prominent Saudi figures in the field of investment on the second day.
Hashim Al-Awadi, CEO of Tech Invest, and Salman Jaffery, chief investment officer at Saudi Aramco Entrepreneurship Ventures, both shared their expertise, with the latter saying it is more beneficial for corporations to start a venture capital (VC) arm than invest from their current mergers and acquisitions arm (M&A).
Managing partner at Class 5 Global, Zach Finkelstein, who moderated the session on the second day of the event, said the San Francisco-based venture fund invested in a number of companies in the Middle East.
“The Middle East is particularly interesting to us, and in the past, our partners have invested in such regional companies as Careem. We’re excited to explore the development of the corporate VC space and how it can impact places like Saudi Arabia,” he added.
When asked why a corporation should start a VC arm instead of investing from an M&A team, and why have a separate corporate Venture Capital arm in the first place, Jaffery answered that “it brings faster results.”
“I think the easiest answer to that is just speed and agility,” he said. “Getting that response quickly to the market. VC deals can take weeks or months whereas an M&A transaction can take up to a year or longer, and also similarly, if you’re trying to then come out of it, it’s harder to come out of a joint venture agreement or an M&A as opposed to a VC.”
Al-Awadi explained his opinion a traditional VC perspective, and said: “We like the fact that corporations can invest from both their M&A arms and their VC arms if they have them.”
He highlighted that VC arms can invest in a greater variety of companies. “You have the intelligence, you know the market and if you’re looking at specific technology where we don’t have a lot of expertise we trust that you (other venture capitalists) know the market and you can evaluate that technology better to see if it has the capability and potential for growth or not.
“Eventually, you do have an M&A arm that will provide an exit for us, for an incentive for this company to work hard to grasp the intention after having been invested in by the VC arm of this big corporate to maybe look into making a partial agreement or complete acquisition, which really adds an incentive for the company to grow and attracts other investors and also attracts talent to join the company and help it grow even more.”
He said both the VC and M&A arm are important for company growth. “We tend to look at corporate investors through both arms as complementary to what we do when we have both of them around.”
The Kingdom has obtained a high reputation among investors internationally through the years, especially after the economic and social reforms of Saudi Vision 2030.
Step Saudi is home to the Kingdom’s best entrepreneurs, investors, creatives and digital enthusiasts. The last edition of Step Saudi featured four content tracks, more than 100 startups and over 1,500 attendees.
Saudi investors share expertise on Saudi corporate VC opportunities
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Saudi investors share expertise on Saudi corporate VC opportunities
Saudi CEO to attend Gulf Creatives Conference at Harvard University
- Al-Fayyadh will articulate the hospital’s vision for the future of healthcare regionally and globally
RIYADH: Majid Ibrahim Al-Fayyadh, CEO of the King Faisal Specialist Hospital & Research Center, will take part in the Gulf Creatives Conference at Harvard University from May 10-12, Saudi Press Agency reported on Sunday.
The conference will be a platform for influential voices from the Arab Gulf nations within the US academic landscape to illuminate the region’s expertise and accomplishments across diverse fields while charting a course for the future.
The conference will draw together distinguished leaders from both public and private sectors across the GCC, embodying the region’s dynamic potential and innovative ethos in sectors including sports, the arts, media, entrepreneurship, technology, non-profit endeavors, public policy, and healthcare.
The event is organized by The Diwan, a student-run organization representing those studying at Ivy League universities.
The GCC event will host 24 discussion sessions and five workshops.
Discussions will cover public policy landscapes, innovation strategies, and the future landscape of healthcare, inviting active participation from all attendees.
During the event, Al-Fayyadh will deliver a keynote address spotlighting the center’s achievements and its pivotal role in advancing Saudi Arabia’s healthcare transformation journey.
Additionally, he will articulate the hospital’s vision for the future of healthcare regionally and globally, underscoring its commitment to innovation and excellence.
French classical concert tour for children in Saudi Arabia comes to an end
- Audience was mostly made up of parents with young children
- Concert was organized by Alliances Francaises in partnership with the French Embassy in Saudi Arabia and other French organizations
ALKHOBAR: Fresh from performances in Riyadh and Jeddah, the Concert Impromptu, a classical ensemble made up of French musicians that was established in 1991, journeyed into Alkhobar on Saturday for the final stop on a tour presenting a program designed specially for children.
There was a palpable energy at the concert, which was held at the newly opened Saudi Music Hub space, a colorful cluster of buildings near the corniche.
Yves Charpentier played the flute; Violaine Dufes the oboe; Jean Christophe Murer the clarinet; Emilien Drouin the French horn; and Vincent Legoupil the bassoon.
They started with Mozart, who had famously started off composing as a child, and then went on to other classical compositions that they joked were possibly something the audience had heard previously only as somebody’s ringtone.
The audience was mostly made up of parents with young children.
One such attendee was Abul Fahimuddin, who recently moved to Dhahran with his wife, Joana Macutkevic, and their two young daughters. As soon as he heard about the concert, he immediately signed them all up.
“Me and my family have just arrived from Norway several months (ago) … we came to know there is a music concert. We're very keen on what’s happening in the Alkhobar area because we’re living here in Aramco Camp,” Fahimuddin told Arab News.
His two daughters, dressed in pretty blue and white dresses, were plainly delighted to be there.
“I’m excited to see what instruments will be played and how the theater will look. I used to play piano but because of (the pandemic), I had to stop my piano lessons,” Kaja, 11, told Arab News before the show.
Stella, 8, who likes to sing, was giddy. “I’m also excited — like Kaja,” Stella said. “Now in my school, we started to play the xylophone.”
The Fahimuddin family came to the concert to enjoy the experience, but also with the aim to connect with other families that have recently arrived in the Kingdom and to be part of the budding creative community in the area.
“Music is a universal language; we don’t need to speak the same language to enjoy and feel the same atmosphere and the vibe,” Macutkevic told Arab News. “And, for the girls, hopefully the concert will make them more curious about the instruments and about the music,” she added.
Each musician took the time to playfully interact with the audience, and took the time to ask and answer questions and to explain what each instrument was and how to play it.
While the musicians played as an ensemble, they also had solo parts and, at the end, Dufes took the lead, instructing the audience to snap their fingers, clap and make specific sounds while her fellow musicians played along.
“Now you are all musicians,” she told the crowd at the end, to roars of laughter.
The event was organized by Alliances Francaises in partnership with the French Embassy in Saudi Arabia and other French organizations.
Saudi Arabia sees 30% drop in work injuries
- Saudi minister launches platform for reporting and investigating workplace incidents
RIYADH: Saudi Arabia’s commitment to occupational safety and health has seen the rate of work-related injuries in the Kingdom drop from 416 to 288 injuries per 100,000 workers, over the past few years, marking a notable 30.7 percent decrease.
At the same time, the compliance rate among establishments with occupational safety and health standards has risen to 71.27 percent.
This progress was highlighted by Saudi Minister of Human Resources and Social Development Ahmed Al-Rajhi as he inaugurated the sixth Saudi Global Conference for Occupational Safety and Health in Riyadh on Sunday, signaling a promising future for worker safety in the country.
The forum, which runs until May 7 under the theme “Scanning the Horizon,” covers five main topics: sustainability, corporate safety, technological transformation, cultural awareness, and occupational health.
Al-Rajhi, who is also the chairman of the National Council for Occupational Safety and Health, highlighted the remarkable progress Saudi Arabia has made in the OSH sector in recent years.
He attributed this success to the collaborative programs and initiatives launched in conjunction with Saudi Vision 2030, aimed at creating a vibrant society and building a diverse and sustainable economy.
Al-Rajhi noted that through the national policy on occupational safety and health, the Kingdom aims to strengthen and develop the OSH sector, promote and protect workers across various workplaces at the national level, in line with local regulations and international treaties and agreements, and implement the best global practices suitable for the labor market.
The minister launched the official website of the National Council for Occupational Safety and Health, and mentioned the e-training platform for OSH, as well as the platform for reporting and investigating work-related accidents, injuries, and occupational diseases.
Al-Rajhi praised the council for its dedicated efforts and the collaborative contributions of various sectors within the council and the broader OSH system.
The achievements in the OSH sector were bolstered by the enactment of several pieces of legislation aimed at raising awareness of occupational safety and health issues, notably through the strategic implementation of the national occupational safety and health program, the Saudi Press Agency reported.
Key legislative measures include the issuance of administrative regulations related to OSH and the development of a comprehensive national policy in collaboration with the International Labor Organization and all stakeholders. This policy, endorsed by the Council of Ministers, ensures its integrity and reliability, with careful monitoring and follow-up on implementation, according to the SPA.
Al-Rajhi inaugurated the exhibition accompanying the conference and toured various partner pavilions, sponsors, and participating entities. Among these were the pavilions of the General Organization for Social Insurance and Saudi Aramco.
Riyadh expo to showcase poultry innovations
- Exhibition is the largest in the poultry industry and will feature over 300 companies from 40 countries
- More than 800 products from the poultry industry’s supply chain will be exhibited
RIYADH: “Value Engineering” is the theme of the third Middle East Poultry Expo, to be held at Riyadh International Convention and Exhibition Center from May 13-15.
Sponsored by the Ministry of Environment, Water and Agriculture, the exhibition is the largest in the poultry industry and will feature over 300 companies from 40 countries, the Saudi Press Agency reported.
The event will bring together international companies and experts in the poultry industry and showcase the latest technologies and innovations in poultry breeding, production, animal health and the feed industry.
It aims to promote the use of modern technologies, foster the exchange of experiences and best practices, develop the poultry industry, enhance investment opportunities, and contribute to gross domestic product growth to achieve national food security objectives, according to SPA.
More than 800 products from the poultry industry’s supply chain will be exhibited with the goal of promoting trade, encouraging scientific exchange and building business networks in the largest poultry markets in the Middle East and North Africa.
Those taking part include government bodies and institutions, associations, companies and nonprofit organizations in the livestock sector.
The three-day exhibition will also feature the Poultry Knowledge Planet Seminar, featuring experts from major international companies, and a number of scientific lectures.
Saudi project clears 719 Houthi mines in Yemen
RIYADH: Saudi Arabia’s Project Masam cleared 719 mines in Yemen — which had been planted by the Houthi militia — between April 27 to May 3, according to a recent report.
Overseen by the Kingdom’s aid agency KSrelief, the project’s special teams destroyed 631 pieces of unexploded ordnance, 83 anti-tank mines, three improvised explosive devices, and two anti-personnel mines.
The explosives, which were planted indiscriminately by the Houthis across Yemen, posed a threat to civilians, including children, women and the elderly.
Project Masam is one of several initiatives undertaken by Saudi Arabia at the request of King Salman, which has cleared routes for humanitarian aid to reach the country’s citizens.
The demining operations took place in Marib, Aden, Jouf, Shabwa, Taiz, Hodeidah, Lahij, Sanaa, Al-Bayda, Al-Dhale and Saada.
A total of 439,132 mines have been cleared since the start of the initiative in 2018, according to Ousama Al-Gosaibi, the project’s managing director.
The initiative trains local demining engineers and provides them with modern equipment. It also offers support to Yemenis injured by the devices.
About 5 million people have been forced to flee their homes since the beginning of the conflict in Yemen, many of them displaced by the presence of land mines.
Masam teams are tasked with clearing villages, roads and schools to facilitate the safe movement of civilians and the delivery of humanitarian aid.
