Saudi Arabia’s webook.com eyes billion-dollar valuation, global expansion

The platform is also leveraging cutting-edge technology and forging strategic partnerships to accelerate its global reach. Photo/Supplied
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Updated 26 April 2025
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Saudi Arabia’s webook.com eyes billion-dollar valuation, global expansion

RIYADH: Saudi Arabia-based event booking platform webook.com has unveiled an ambitious roadmap aimed at achieving a billion-dollar valuation and a future listing on the stock exchange.

Positioning itself as the “ultimate super app for fun,” the company is rapidly expanding its offerings beyond event ticketing. New services include flight and hotel bookings, restaurant reservations, sports facility access, and live streaming. The platform is also leveraging cutting-edge technology and forging strategic partnerships to accelerate its global reach.

In an interview with Arab News, Nadeem Bakhsh, CEO of webook.com, highlighted the company’s growth strategy, structured around four key pillars: diversification, innovation, globalization, and automation.

“Our goal is to become the ultimate super app for fun worldwide, helping people discover and book experiences that bring them together,” Bakhsh said.

Strategic blueprint for growth

Webook.com’s roadmap—referred to internally as DIGA—outlines a methodical approach to scaling the business and establishing a global presence.

The first pillar, diversification, focuses on broadening revenue streams by integrating travel and hospitality services such as flights, hotels, and dining. The company is also fostering fan communities to deepen user engagement.

Innovation plays a central role, with webook.com deploying advanced technologies to streamline the user experience. New features include ticket auctions, built-in resale options, anti-scalping protections, and interactive community tools, all designed to offer a secure and seamless platform.

Under its globalization initiative, webook.com has already launched operations in eight countries and continues to grow its international team to support further expansion.

Meanwhile, automation is enabling the company to scale efficiently. By optimizing its engineering and operational infrastructure, webook.com aims to deliver a frictionless customer experience while supporting its broader growth ambitions.

Rapid international expansion and user growth 

The event platform is rapidly expanding its international footprint, claiming a user base of more than 7 million across 160 countries and access to over 520 global events since its launch.

The company credits its rapid growth to an unwavering focus on user experience and strategic collaborations.




Nadeem Bakhsh, CEO of webook.com.

“User experience is at the heart of our success,” said Bakhsh. “We have built a strong design and research team that benchmarks best practices from industries such as banking, e-commerce, transport, and social networks.”

In addition to refining its platform’s usability, webook.com has developed tailored tools for event organizers and partners, ensuring system stability even during peak demand.

“Unlike recently publicized high-profile concerts like Taylor Swift and Coldplay, where overwhelming demand left fans frustrated, our infrastructure guarantees high performance,” the CEO noted.

Lifestyle integration, dining partnerships

Expanding its footprint beyond ticketing, webook.com is weaving lifestyle services into its ecosystem. A notable partnership with dining reservation platform Servme aims to enhance the post-event experience by linking event attendees with nearby restaurants in Saudi Arabia.

“We have 8 million users, many of whom actively seek entertainment and dining experiences,” Bakhsh said. “During peak season, we process an average of 100,000 tickets per day, with a high of 150,000 on a single day. Each ticket presents an opportunity to upsell dining options.”

Using data-driven personalization, webook.com recommends dining venues based on users’ tastes and spending habits.

“Seamless integration allows users to book restaurants near their event venue effortlessly, enhancing their overall experience while driving traffic to restaurant partners,” Bakhsh explained.

Boosting digital streaming capabilities

In parallel, the platform is advancing its digital streaming features, bolstered by exclusive rights to Riyadh Season events.

“Our streaming service is built on a scalable infrastructure that can handle millions of users simultaneously,” Bakhsh said.

To enrich the virtual experience, the company is integrating interactive features such as live polls, real-time chat, and merchandise auctions during concerts.

“Our goal is to offer a virtual front-row experience, ensuring users never miss a moment, whether they are at the venue or streaming remotely,” Bakhsh said.

Looking ahead, webook.com is also building out pay-per-view capabilities for sports events, including boxing, and exploring multi-angle viewing to create a more immersive streaming experience.

Tackling fraud and enhancing security

Ticket fraud remains a widespread issue in the live events industry, and webook.com is taking aggressive measures to address it. Over the past year, the platform has nullified 40,000 black market tickets and shut down more than 5,000 fraudulent accounts.

“We have also launched a verified resale platform, which has facilitated the sale of over 200,000 tickets through official channels,” said Bakhsh.

In addition to digital safeguards, the company is pursuing legal action against major black market platforms.

“While fraudsters continuously adapt, our dedicated anti-fraud team works proactively to stay ahead, ensuring a safe and seamless experience for our users,” he added.

Strengthening sports ticketing presence

Webook.com has recently secured a three-year partnership with the Roshn Saudi League to manage ticket sales for football matches, reinforcing its role in the sports sector.

“This partnership aligns perfectly with our mission to be the gateway for entertainment,” Bakhsh said. “It allows us to strengthen our presence in sports ticketing while providing fans with a seamless booking experience on one platform.”

Future plans include exclusive fan content, loyalty programs, and community-driven in-app features.

“For the league, it ensures a reliable and fraud-free ticketing system while expanding reach through webook.com’s growing user base,” he said.

From local roots to global vision

The company’s journey began under its original name, Halayalla, which Bakhsh said was limiting in terms of international reach.

“Our former and original brand had a very local flair but didn’t translate internationally and wasn’t descriptive as to what we do,” he explained.

Following extensive market research and testing, the company rebranded to webook.com, a move that significantly boosted its global recognition and credibility.

IPO preparations underway

As part of its long-term vision, webook.com is actively preparing for an initial public offering. The company is enhancing its internal governance, aligning with global regulatory standards, and bringing in experienced leadership.

“Over the past year and a half, we have been hiring a CFO with IPO experience and engaging a top consultancy for an IPO readiness assessment,” Bakhsh said.

“Our three-to-four-year timeline for the listing is carefully structured, with every step aligned to ensure a smooth transition to becoming a publicly traded company.”

The company is also working with leading consultants to streamline operations and ensure full transparency under public market scrutiny.

Looking ahead

With operations already established in Morocco and Bahrain, webook.com is now focused on Europe as it charts its five-year growth trajectory.

“Our vision is to make webook.com a household name from Hawaii to Tokyo,” Bakhsh said.

To achieve this, the company plans continued investments in technology, talent, brand development, and platform security—while keeping customer satisfaction at the forefront.

“We remain committed to delivering the best possible experience for our users as the super app for fun,” he said, adding: “Our priority is ensuring users can easily discover, book, and enjoy world-class events effortlessly.”

With its momentum building, webook.com is poised to reshape the global event booking landscape through innovation, security, and a customer-first approach.


Closing Bell: TASI gains 135 points after positive market breadth 

Updated 8 sec ago
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Closing Bell: TASI gains 135 points after positive market breadth 

RIYADH: Saudi Arabia’s Tadawul All Share Index closed higher on Monday, advancing 135.45 points, or 1.26 percent, to end at 10,867.04. 

Market breadth was strongly positive with 223 gainers and 23 fallers. Trading activity remained robust with a total value of SR4.87 billion ($1.2 billion), supported by optimism across key sectors. 

Among the top gainers, Red Sea International Co. rose 10 percent to SR36.85, while CHUBB Arabia Cooperative Insurance Co. added 9.98 percent to end at SR33.60.  

National Gypsum Co. and Saudi Enaya Cooperative Insurance Co. gained 9.97 percent and 8.02 percent, respectively, closing at SR19.42 and SR9.29. 

ACWA Power Co. also rose 6.94 percent to close at SR262.00. 

Among the worst performers, MBC Group Co. led losses with a decline of 3.11 percent to close at SR35.80.

Dr. Sulaiman Al Habib Medical Services Group followed, shedding 2.30 percent to settle at SR255, while Gulf Union Alahlia Cooperative Insurance Co. fell 1.63 percent to SR14.52.  

Middle East Specialized Cables Co. ended the session down 1.13 percent at SR30.55, and Dr. Soliman Abdel Kader Fakeeh Hospital Co. edged 0.75 percent lower to SR39.85. 

On the announcement front, ASAS Makeen Real Estate Development and Investment Co. began trading on the Nomu-Parallel Market on June 16, with shares priced at SR80 each. 

The company’s stock rose 14.38 percent to close at SR91.50 after it confirmed the signing of an SR240 million real estate development agreement with the National Housing Co. 

The stock is subject to daily and static price fluctuation limits of plus or minus 30 percent and 10 percent, respectively. 

The 42-month project includes the construction of 470 residential units in Riyadh and is expected to impact financial results in the fourth quarter following the issuance of the required license. 

ASAS Makeen offered 10 percent of its SR100 million capital, or one million shares, in an initial public offering that was nearly 1,949 percent oversubscribed. 

Tabuk Agricultural Development Co. closed 1.90 percent higher at SR10.18 after announcing it had received the full SR14.85 million operational financing loan from the Agricultural Development Fund.

The two-year facility is secured by a mortgage on the company’s land and investment shares. 


PIF’s AviLease to acquire up to 77 Airbus jets in expansion drive


Updated 38 min 59 sec ago
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PIF’s AviLease to acquire up to 77 Airbus jets in expansion drive


  • Order marks first direct deal with Airbus as PIF-owned lessor targets global growth

RIYADH: Saudi Arabia’s Public Investment Fund-owned AviLease has signed a deal to purchase up to 77 Airbus aircraft, further expanding its next-generation, fuel-efficient fleet to meet rising global demand across passenger and cargo operations.

The agreement, announced at the Paris Air Show, includes 55 A320neo Family aircraft and 22 A350F freighters, with deliveries scheduled through 2033, according to a press release.

This marks AviLease’s first direct order with Airbus. The move aligns with the goals of the Saudi Aviation Strategy, which targets a rise in annual passenger capacity to 330 million and cargo throughput to 4.5 million tonnes by 2030, while enhancing the Kingdom’s status as a regional aviation hub.

“This dual order reinforces AviLease’s credentials as a leading lessor, and it demonstrates the broad appeal of our products among lessors and their airline customers,” said Benoit de Saint-Exupéry, executive vice president of sales for Airbus Commercial Aircraft.

Edward O’Byrne, CEO of AviLease, said: “We are proud to establish an Airbus order book, strengthening our position as a full-service, investment grade global lessor. The addition of these latest generation aircraft enhances our ability to offer modern, fuel-efficient fleet solutions to our airline partners in Saudi Arabia and around the world.”

The A350F freighters were selected following consultations with local stakeholders and will support Saudi Arabia’s expanding air cargo requirements. O’Byrne noted that AviLease has secured delivery slots in line with the Kingdom’s Vision 2030 goals.

“We thank our local partners and Airbus for the strong long-term partnership we have established and look forward to placing these aircraft across our valued customer base,” he said.

The A350F, according to Airbus, offers at least 20 percent lower fuel consumption, improved loading capabilities, and extended range.

The new order follows AviLease’s purchase of 30 Boeing 737 MAX aircraft in May—its first direct deal with a manufacturer—bringing its total new aircraft orders within two months to 107.

“In less than two months, AviLease has signed two major deals, reflecting its long-term ambition to become a top 10 global player in aircraft leasing and to strengthen its position as a national champion,” said Fahad Al-Saif, chairman of AviLease.

As of March 31, AviLease had a portfolio of 200 aircraft leased to 48 airlines around the world.

In April, the firm secured a $1.5 billion unsecured revolving credit facility to support its global expansion. The three-year facility attracted commitments from 20 international banks, including eight new lenders from Europe, Asia, and North America.

The company holds investment-grade ratings of Baa2 (stable) from Moody’s Ratings and BBB (stable) from Fitch Ratings.


OPEC sees solid 2nd-half of 2025 for world economy, trims 2026 supply

Updated 16 June 2025
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OPEC sees solid 2nd-half of 2025 for world economy, trims 2026 supply

LONDON/MOSCOW: OPEC said on Monday it expected the global economy to remain resilient in the second half of this year despite concerns about trade conflicts and trimmed its forecast for growth in oil supply from producers outside the wider OPEC+ group in 2026.

In a monthly report, the Organization of the Petroleum Exporting Countries left its forecasts for global oil demand growth unchanged in 2025 and 2026, after reductions in April, saying the economic outlook was robust despite trade concerns.

“The global economy has outperformed expectations so far in the first half of 2025,” OPEC said in the report.

“This strong base from the first half of 2025 is anticipated to provide support and sufficient momentum into a sound second half of 2025. However, the growth trend is expected to moderate slightly on a quarterly basis.”

OPEC also said supply from countries outside the Declaration of Cooperation — the formal name for OPEC+ — will rise by about 730,000 barrels per day in 2026, down 70,000 bpd from last month’s forecast.

Lower supply growth from outside OPEC+, which groups the Organization of the Petroleum Exporting Countries plus Russia and other allies, would make it easier for the wider group to balance the market. Rapid growth from US shale and from other countries has weighed on prices in recent years. (


PIF earns perfect score on Global SWF Index 

Updated 16 June 2025
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PIF earns perfect score on Global SWF Index 

RIYADH: Saudi Arabia’s Public Investment Fund earned a perfect score in the 2025 Global SWF Index, ranking it among just nine sovereign wealth funds worldwide for top governance, sustainability, and resilience.

The report from the sovereign investor benchmarking firm evaluates 200 of the world’s largest state-owned investment institutions across 25 indicators.

PIF’s flawless score this year marks a major milestone in its institutional development, following steady progress from 92 percent in 2023 to 96 percent in 2024. In contrast, the Saudi fund scored just 28 percent in 2020, according to Global SWF data.

In 2025, only nine sovereign investors globally achieved a full 100 percent score. Of those, three were based in the Europe–Middle East–Africa region: PIF, Ireland’s National Treasury Management Agency, and Nigeria’s Sovereign Investment Authority. 

The Saudi fund led the group within EMEA and was the only Middle Eastern institution to reach a perfect score.

The 2024 report described PIF as “continuing to lead the charge,” highlighting that the fund voluntarily publishes an allocation and impact report as well as a self-assessment aligned with the Santiago Principles — despite not being a member of the International Forum of Sovereign Wealth Funds.

PIF’s sustainability strategy operates within the Kingdom’s broader drive for spending efficiency, a theme highlighted in a March analysis by PwC and Consultancy ME. 

The report noted that public funds, anchored by institutions like PIF, are now being redirected toward high-impact sectors such as healthcare, tourism, and logistics, as well as artificial intelligence, combining fiscal prudence with strategic vision.

Moreover, a Strategy& whitepaper outlined how the nation is investing heavily in its energy transition — targeting approximately $235 billion toward renewables by 2030 and embedding efficiency mandates for state utilities — to support its net-zero ambitions and long-term economic resilience.

This alignment of sustainable investment and cost discipline reinforces PIF’s role in delivering value-driven transformation in line with Vision 2030.

The fund’s elevation to the top tier was driven by enhanced climate-risk disclosures, the launch of a dedicated sustainability report, strengthened board oversight, and the implementation of comprehensive business continuity frameworks.

These changes helped it secure full marks in all 25 areas of the GSR Scoreboard — 10 for governance, 10 for sustainability, and 5 for resilience.

With over $925 billion in assets under management, PIF is a cornerstone of Saudi Arabia’s Vision 2030, investing across strategic sectors, including tourism and logistics, as well as AI and renewable energy. Its strong transparency credentials and environmental, social and governance alignment have helped it build trust with global partners and signal its readiness for large-scale cross-border investment.

According to the 2024 PIF Effect report, the fund’s strategic projects, ranging from green bond issuances to renewable energy infrastructure, have generated a significant impact throughout Saudi Arabia and the world, enhancing local job creation, technology transfer, and environmental outcomes.

A February analysis by Consultancy ME underscored how the Kingdom’s broader focus on “spending efficiency is driving growth and building resilience,” with PIF playing a central role by prioritizing cost-effective, high-impact initiatives aligned with Vision 2030 objectives.

The full 2025 GSR report will be released on July 1.


Saudi Arabia advances net-zero goal with landmark carbon credit deal

Updated 16 June 2025
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Saudi Arabia advances net-zero goal with landmark carbon credit deal

RIYADH: More than 30 million tonnes of high-integrity carbon credits are set to be delivered by 2030 under an agreement aimed at supporting Saudi Arabia’s net-zero ambitions.

The long-term deal was signed between ENOWA — NEOM’s energy and water subsidiary — and the Voluntary Carbon Market Co., a unit of the Public Investment Fund.

According to the Saudi Press Agency, the credits will be sourced from global climate action projects, primarily in the Global South, with the first batch scheduled for delivery via the market platform in December.

This agreement is a key step in the Kingdom’s efforts to build a scalable voluntary carbon market, and will enable ENOWA to offset its current emissions as it develops renewable infrastructure to power NEOM’s future sectors and projects.

The deal also contributes to Saudi Arabia’s broader goal of achieving net-zero emissions by 2060 through the development of a robust carbon trading infrastructure focused on high-quality credits and meaningful climate impact.

“The long-term agreement with ENOWA aims to facilitate the delivery of more than 30 million tonnes of carbon credits by 2030. It represents a key milestone in the Kingdom’s journey to drive growth in global voluntary carbon markets,” said Riham El-Gizy, CEO of the Voluntary Carbon Market Co.

“As ENOWA develops an advanced renewable and clean energy system to power NEOM’s sectors and projects, this agreement will help it offset its current emissions and lay the foundation for long-term clean energy infrastructure,” she added.

VCM, which was established in October 2022 by PIF and the Saudi Tadawul Group, is 80 percent owned by the sovereign wealth fund. It operates a comprehensive ecosystem that includes an investment fund for climate mitigation projects, a carbon credit trading platform, and advisory services to support emissions reductions.

The global voluntary carbon market is projected to expand significantly, from an estimated $2 billion in 2020 to around $250 billion by 2050.

El-Gizy highlighted that the agreement also supports climate projects in the Global South by providing essential financing guarantees, helping developers plan with more certainty.

“To reach global net-zero emissions, climate-friendly projects that reduce or remove carbon from the atmosphere not only need funding but enhanced credibility,” she said.

Jens Madrian, acting CEO of ENOWA, emphasized the importance of the partnership for NEOM’s sustainability goals.

“ENOWA is working to meet NEOM’s energy needs sustainably. Over the past two years, we have acquired high-integrity carbon credits from the Voluntary Carbon Market auctions, and we are pleased to be the first company in the Kingdom to sign a long-term, large-scale agreement with the market,” he said.

The VCM launched Saudi Arabia’s first voluntary carbon credit trading platform on Nov. 12, 2024. The system offers secure transactions, price discovery tools, and access to carbon credit project data — forming the backbone of the Kingdom’s entry into the global market.

Integrated with international registries, the platform also supports Shariah-compliant infrastructure and includes features such as auctions, quote requests, and over-the-counter trading. A spot trading market is expected to launch in 2025.

ENOWA has previously participated in carbon credit auctions held in Saudi Arabia in 2022 and Kenya in 2023. These efforts align with NEOM’s wider objectives of building a sustainable urban model, fostering economic diversification, and improving quality of life.