Fintech founder describes journey in shaping Saudi finance

Special Fintech founder describes journey in shaping Saudi finance
Adel Alateeq, co-founder and CEO of Awaed, speaks with The Majlis Podcast produced in partnership with Arab News. (AN Photo)
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Updated 06 May 2025
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Fintech founder describes journey in shaping Saudi finance

Fintech founder describes journey in shaping Saudi finance
  • Adel Alateeq: Entrepreneurship is part of me. I’ve always wanted to do something on my own, to have the freedom to do creative things out of the boundaries of large organizations
  • Adel Alateeq: I think today, the transformation that Saudi is going through is probably a once-in-a-lifetime opportunity

Adel Alateeq, co-founder and CEO of Awaed, reflected on a career that has witnessed the evolution of Saudi Arabia’s investment landscape.

In a discussion with The Majlis podcast produced in partnership with Arab News, Alateeq described his career path from traditional finance to fintech startup cofounder.

Alateeq’s early roles involved managing public equity funds, an area significantly affected by Saudi Arabia’s market crash in February 2006.

“The market was booming, a lot of Saudis were participating in the Saudi markets,” he said.

“But, then, all of a sudden, came February 2006, a crash happens, and a lot of people lost trust, lost money, a lot of money in the market, and then they started looking for other things, and they started deserting the local markets.”

The financial turmoil, coupled with the 2008 global financial crisis, highlighted the vulnerability of relying solely on public equities and spurred a search for alternative investments.

This led Alateeq to work on the first real estate investment trust in Saudi Arabia with Riyad Capital, a project initiated around 2008 and eventually launched in 2016.

Simultaneously, he championed the development of a venture capital fund with Riyad Capital.

Discussions began in 2012, but it took four years to convince investors, primarily due to skepticism about the potential for startups in Saudi Arabia at the time.

“We started talking about the fund back in 2012. We only launched in 2016,” Alateeq said.

“It took us four years to convince investors, and to fundraise for our first VC fund, because a lot of investors did not believe that there would be startups coming out of Saudi.”

Not long afterwards, Alateeq was tapped by the Public Investment Fund to join Jada Fund of Funds, founded in 2018.

He said the mandate was to “catalyze the private equity and venture capital industry” in Saudi Arabia.

Despite the challenges of building a team remotely during the global pandemic, Jada achieved its five-year key performance indicators within just three years.

Speaking about his move to establish the Awaed digital wealth management platform, Alateeq said: “Entrepreneurship is part of me. I’ve always wanted to do something on my own, to have the freedom to do creative things out of the boundaries of large organizations.”

Alateeq believes that Saudi retail clients are “underserved” by existing players who struggle to reach them effectively.

He challenges the notion that Saudis lack financial literacy, arguing that the key issue is one of “access, not knowledge.”

In line with the unique aspects of the Saudi market, Awaed allows users to screen out non-Sharia compliant investment options.

Reflecting on the Saudi banking and investment sector, Alateeq said that its profitability can lead to complacency and a lack of innovation among many established players.

“The market is hungry,” he said. “There’s so much to do. But because of that, creativity is not at its best.”

Alateeq is optimistic about the country’s reforms under Vision 2030. “I think today, the transformation that Saudi is going through is probably a once-in-a-lifetime opportunity,” he said.


Saudi FM attends Oslo Forum in Norway

Saudi FM attends Oslo Forum in Norway
Updated 10 June 2025
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Saudi FM attends Oslo Forum in Norway

Saudi FM attends Oslo Forum in Norway
  • Forum hosts global leaders and conflict mediators
  • Prince Faisal bin Farhan will meet foreign officials

RIYADH: Saudi Foreign Minister Prince Faisal bin Farhan arrived in the Norwegian capital on Tuesday to take part in the Oslo Forum.

The annual event, organized by the Norwegian Ministry of Foreign Affairs in collaboration with the Center for Humanitarian Dialogue in Switzerland, hosts global leaders and conflict mediators.

Prince Faisal will meet foreign officials to strengthen relations with the Kingdom and discuss various regional and international issues, the Saudi Press Agency reported.


What pilgrims are sharing online after their Hajj journey

What pilgrims are sharing online after their Hajj journey
Updated 10 June 2025
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What pilgrims are sharing online after their Hajj journey

What pilgrims are sharing online after their Hajj journey
  • Worshippers take to social media to share profound experiences with loved ones
  • Posting online becomes a way to process the weight of Hajj for many

RIYADH: For many pilgrims, the spiritual journey of Hajj does not end when they leave the holy sites. It continues — quietly, intentionally — in the days and weeks that follow.

Across Saudi Arabia, young pilgrims are using social media to process the weight of Hajj and share the experience with loved ones.

Noor Ahmad, 21, did not plan to post during her pilgrimage. But after she returned, the urge to share came naturally.

After returning from Hajj, I decided to share a few captured moments. But how can a photo truly capture the depth and majesty of the experience?

Noor Ahmad

“After returning from Hajj, I decided to share a few captured moments,” she said. “But how can a photo truly capture the depth and majesty of the experience?”

She described how people responded in varied ways. “Those who had gone before felt nostalgic and started sharing their own stories. Others — those who hadn’t been yet — expressed their longing. It became this moment of connection.”

For Noor, the decision to post was not about aesthetics. “It’s a monumental event. Maybe I could inspire someone who’s hesitant to go. Maybe they’ll see what I saw — and want to experience it for themselves.

“It was my way of saying thank you”

Shatha Al-Jadaan, 25, took a different approach to sharing, after taking a digital detox.

I enjoy sharing meaningful moments, and after seeing the tremendous effort put into Hajj on every level, I felt my post was a small, sincere gesture of appreciation.

Shatha Al-Jadaan

“During Hajj, I decided to partially fast from social media. I used only the essentials,” she said. “After I returned, I posted a thread to my close friends explaining where I’d been and shared some of the most meaningful moments.”

The response was full of prayers and warmth. “People were kind, supportive, and curious. But what mattered most to me was that I used the thread to say thank you — to the organizers, to the volunteers, and to Allah.”

She spoke about how she found value in using digital platforms to document something greater than herself.

“I enjoy sharing meaningful moments, and after seeing the tremendous effort put into Hajj on every level, I felt my post was a small, sincere gesture of appreciation.”

Salem Al-Khudair, 28, recorded a voice note to his family group chat while performing the rites.

“I just couldn’t find the words to write. So I recorded myself speaking right after standing in Arafat. I sent it to my family WhatsApp group. My mom was emotional. My dad said, ‘May God accept from you.’ That was enough.”

In an age of curated content, Hajj posts tend to stand out for their sincerity. Pilgrims often strip away the filters, metaphors and trend-driven formats, and just speak from the heart.

Noura Al-Dosari, 23, uploaded a private Instagram story highlight with no captions. “Just visuals. No filters. No hashtags,” she said. “It wasn’t for followers. It was for me. For reflection. A digital bookmark of who I became.”

Some write long captions, others simply post a photo of their ihram folded neatly back into a drawer.

But all of them carry a silent message: I went. I came back different.

Many pilgrims use their posts to recall moments of physical hardship that brought emotional breakthroughs — the heat, the long walks, the brief but powerful connections with strangers.

Others use it to highlight the seamless organization of the pilgrimage as a reminder of how far the experience has evolved.

Amani Al-Saad, 26, used X to share a short story about a volunteer who helped her carry her bag in Muzdalifah. “She didn’t speak much, but she smiled at me and said, ‘This is what we’re here for.’ That stuck with me. I wrote about it as a reminder to myself — that sometimes the smallest moments hold the most meaning.”

While digital connections are increasingly common, most pilgrims emphasize that the real processing happens offline — in quiet conversations with family, in their prayer rooms, or on long drives home.

“I didn’t post to perform,” said Al-Jadaan. “I posted to remember.”

 


National Water Co. ready for post-Hajj season

National Water Co. ready for post-Hajj season
Updated 10 June 2025
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National Water Co. ready for post-Hajj season

National Water Co. ready for post-Hajj season
  • The company added the plan included securing water storage and coordinating with water production and distribution systems

MADINAH: The National Water Co. has confirmed it is operationally ready for the post-Hajj season.

The company said it would distribute more than 630,000 cubic meters of potable water daily to pilgrims at the Prophet’s Mosque and throughout Madinah and said its readiness built on ongoing efforts to serve pilgrims and visitors.

The plan involves more than 1,200 employees, including technical, administrative and engineering staff, working to provide water and environmental services.

The company added the plan included securing water storage and coordinating with water production and distribution systems, the Saudi Press Agency reported.

Water will be supplied daily during the post-Hajj season through continuous pumping to the central area and religious sites. Chemical and biological tests will be conducted to ensure compliance with water quality standards.

The company said its smart operation system continues to manage and monitor Madinah’s water network, overseeing water pressure and quality in pipelines and reservoirs.

 


Saudi film body joins global audiovisual group

Saudi film body joins global audiovisual group
Updated 10 June 2025
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Saudi film body joins global audiovisual group

Saudi film body joins global audiovisual group
  • Through this affiliation, the commission plans to develop archiving projects and engage in knowledge exchange with international institutions

RIYADH: The Film Commission announced its membership in the International Association of Sound and Audiovisual Archives, a step aimed at supporting its work in audiovisual archiving.

The association includes members from 70 countries and represents institutions that preserve materials such as visual content, musical works, historical and literary recordings, and oral histories.

According to the Saudi Press Agency, this membership supports the commission’s efforts to preserve Saudi Arabia’s audiovisual heritage.

Through this affiliation, the commission plans to develop archiving projects and engage in knowledge exchange with international institutions.

The move also reflects the commission’s aim to adopt recognized practices and modern technologies in film archiving, the SPA reported.

Cooperation with association members will provide access to innovations in audiovisual preservation and contribute to efforts to safeguard the Kingdom’s cultural heritage.

Founded in 1969 in Amsterdam, the association promotes collaboration among institutions focused on audiovisual preservation.

It hosts an annual conference for sharing expertise in preservation, restoration, digitization, intellectual property, and public access to archival materials.

 


French architect showcases AlUla’s heritage in New York exhibition

French architect showcases AlUla’s heritage in New York exhibition
Updated 10 June 2025
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French architect showcases AlUla’s heritage in New York exhibition

French architect showcases AlUla’s heritage in New York exhibition
  • The exhibition was opened by Abdullah Al-Hamdan, the Kingdom’s consul general in New York, who spoke about the role of art in encouraging cultural exchange and international understanding

RIYADH: The Didier Aaron Gallery in New York, in collaboration with the Consulate General of Saudi Arabia, is hosting an art exhibition by French architect Jean-Pierre Heim.

The exhibition showcases AlUla’s culture and heritage through a collection of sketches depicting Saudi Arabia’s archaeological landmarks.

It runs until June 20, reported the Saudi Press Agency.

A special event at the exhibition featured Heim speaking about his visits to AlUla and the surrounding region.

It was opened by Abdullah Al-Hamdan, the Kingdom’s consul general in New York, who spoke about the role of art in encouraging cultural exchange and international understanding.

He also noted the value of such exhibitions in sharing aspects of Saudi heritage with a wider audience.

Heim described his design approach as being informed by local culture and geography, emphasizing the integration of architecture with environment, history, and traditions.

The exhibition includes selected architectural drawings by Heim, inspired by his travels to more than 80 countries, including Saudi Arabia, Egypt, Sudan, Jordan, Greece, and China.