https://adgully.me/post/5252/pif-creates-new-electric-360-partnership-with-formula-e

PIF creates new Electric 360 partnership with Formula E

The Public Investment Fund (PIF) today unveiled a multi-year partnership, Electric 360, with Formula E, Extreme E and E1 to support the growth of electric motor sports and their role in advancing the future of electric mobility.The new partnership will draw together initiatives that underscore the power of electric motor sports to drive technological innovation, and revolutionize sustainable transport and future mobility – while leading the way in carbon reduction. PIF today also announced the launch of its new brand revamp, which captures PIF’s heritage and essence and embodies its commitment to progress and growth in driving transformation at a historical scale. The new identity will be used at all PIF partnership events, including E360 events, throughout 2024 and beyond. PIF is ranked by Global SWF as one of the top sovereign wealth funds in the world and number 1 in the Middle East for Sustainability among the top 100 sovereign wealth funds globally. The E360 collaboration is in line with PIF’s broader sponsorship platform, bringing to life the brand’s ambition with a focus on four pillars: inclusivity, sustainability, youth, and technology. The partnership announced today will also promote educational opportunities tied to the cutting-edge engineering of electric motor sports, as well as community, social programs and environmental stewardship.With PIF as the sole principal partner to span all three series, this initiative will directly facilitate and accelerate the delivery of:- PIF Electric 360 thought leadership events, bringing together leading industry experts with the brightest minds to drive sustainable mobility change;- STEM initiatives globally to coincide with each championship series; and- Community apprenticeship programs with industry partners in each championship.The partnership will support the mission-driven objectives of all three series by enhancing Formula E's proven race-to-road transfer model and reinforcing its position as the world’s most sustainable sport, enabling Extreme E to forge new frontiers and spearheading E1’s revolutionary drive around marine mobility. This partnership not only benefits each championship in its own right, but also underlines the commitment of all parties to drive technological innovation and sustainable solutions.Alejandro Agag, Founder and Chairman of Formula E, Extreme E and E1 said: “This one-of-a-kind partnership with PIF is a huge milestone for us in our journey to pioneer the most cutting-edge sustainable transport technology. With so many examples of the positive real-world impact of each series, this 360-partnership takes our potential to the next level. PIF will not only play a strategic role in helping us leverage our unique technological platforms, but also foster global collaboration, education and skills development for the next generation worldwide.”Mohamed AlSayyad, Head of Corporate Brand at PIF, said: “At PIF, we believe in the power of partnerships, investing in innovative collaborations as part of our focus on ‘Investing in Better.’ These partnerships will enhance the quality of life for people, provide opportunities for the communities we serve, and help continue our work as a catalyst for transformation. “Together with these championship series, Electric 360 will redefine electric sport and supercharge its growth, delivering tangible impact aligned with our broader business strategy as PIF drives new green technological innovation that will be the cornerstone of future electric mobility.”
https://adgully.me/post/4357/beeah-enters-strategic-partnership-with-ksas-sirc-and-almqr

BEEAH enters strategic partnership with KSA’s SIRC and ALMQR

BEEAH, the Middle East’s leading sustainability and digitalisation pioneer, the Saudi Investment Recycling Company (SIRC), a wholly-owned subsidiary of the Saudi Public Investment Fund (PIF); and Al-Maqar Development Company (ALMQR), the investment arm of the Municipality of Madinah, have signed an agreement to establish a limited liability company that will develop and provide integrated waste management solutions in the Province, from collection of waste at the source through to treatment, recycling and disposal in the general landfill.The signing ceremony, which took place earlier this week in the city of Yanbu, was witnessed by His Royal Highness Prince Faisal bin Salman bin AbdulAziz Al-Saud, Governor of Madinah Province, in the presence of His Excellency Eng. Abdulrahman bin Abdulmohsen Al-Fadley, Minister of Environment, Water and Agriculture, and His Excellency Eng. Fahad bin Mohammed Albelaihshi, Secretary of Madinah Province. The agreement was signed by Khaled Al Huraimel, Group CEO of BEEAH, Eng. Ziyad AlShiha, Group CEO of SIRC, and Majed Alshalhoob, CEO of ALMQR.Speaking on the partnership, Khaled Al Huraimel, Group CEO of BEEAH, said: "We are pleased to partner with SIRC and ALMQR, two institutions leading the way in the areas of circularity and urban development. BEEAH looks forward to drawing from our experience in waste management in the Holy City of Madinah and in the UAE, where we have achieved several regional firsts. By combining our strengths with SIRC and ALMQR, we look forward to achieving new benchmarks in sustainable waste management, supporting the development of thriving communities, shaping the circular economy and progressing towards a zero-waste to landfill future in the Province of Madinah.”As per the agreement, BEEAH, SIRC and ALMQR will work together to drive innovation and efficiencies across the waste management value chain, from waste collection to waste treatment and enhanced material recovery. Ultimately, the partnership aims to foster the circular economy while shaping a cleaner and greener province in alignment with KSA Vision 2030 and the United Nations Sustainable Development Goals.Speaking about the partnership, Eng. Ziyad AlShiha, Group CEO of SIRC, said: “Creating local and global partnerships are key to innovation and investing in circular economy solutions. The Holy City of Madinah is an important area for the Kingdom and for SIRC, as we work to drive the circular economy. Through this partnership with ALMQR and BEEAH, we look forward to implementing advanced solutions and leveraging recycling best practices to uncover value across the waste management chain in Madinah.”In 2020, BEEAH partnered with the Municipality of Madinah to oversee waste management in the North, West and East regions of the Holy City. BEEAH has already implemented a range of solutions encompassing waste collection, transportation, sterilisation, and disinfection of waste containers. These operations are facilitated by a substantial workforce of thousands of skilled professionals and best-in-class equipment, including waste collection trucks and street sweepers.After it was founded in 2007, BEEAH began its waste management operations in the emirate of Sharjah, where it has steadily grown an integrated, digitally-enabled waste management ecosystem that has positioned the organisation as an industry leader in the region. From waste collection operations powered by a digital fleet optimisation platform and a network of RFID-tagged bins to integrated, digitally-tracked material recovery across 10 specialised facilities and waste-to-energy innovation, BEEAH has achieved a 90% landfill waste diversion rate in the emirate of Sharjah, the highest in the region. By expanding regionally through partnerships and collaboration, BEEAH is scaling its waste management solutions and innovations to contribute to circularity and a sustainable future in the UAE, KSA and across the Middle East.
https://adgully.me/post/4306/project-management-institute-and-pif-sign-mou

Project Management Institute and PIF sign MoU

The Project Management Institute (PMI) and Public Investment Fund (PIF) singed a strategic Memorandum of Understanding (MoU) during the PMI Global Summit 2023 in Atlanta, Georgia, USA, on 27th October 2023. The MoU aims to further develop the capabilities of PIF’s professionals in project management, as well as strengthen cooperation between the two parties. The MoU was signed in the presence of Areej Naqshbandi, Senior Director and Head of the Project Management Office at PIF, and Pierre Le Manh, President and CEO of Project Management Institute. Le Manh said, "PIF shows great commitment toward building and strengthening the capabilities of their professional community in alignment with the Saudi’s vision for economic diversification and prosperity. As transformation occurs, Project Management Institute is committed to striving for excellence by advancing the project management profession and collaborating with PIF to create a positive impact in the Kingdom.” PMI provides professionals with advanced project management skills in line with international best practice and resources through PMI's portfolio of certifications, along with training and development options to further elevate the project management profession and drive excellence. 
https://adgully.me/post/4015/majeed-al-abduljabbar-appointed-as-the-ceo-of-srerc

Majeed Al Abduljabbar appointed as the CEO of SRERC

Riyadh: The Board of Directors of the Saudi Real Estate Refinance Company (SRC), wholly owned by the PIF and headed by His Excellency the Minister of Municipal and Rural Affairs and Housing, Mr. Majed bin Abdullah Al-Hogail, announced today that Mr. Majeed Al Abduljabbar will assume the role of Chief Executive Officer, effective January 1, 2024 to succeed former CEO, Mr. Fabrice Susini after obtaining clearance from Saudi Central Bank.Al Abduljabbar is considered one of the leading executives within the Kingdom based on his extensive professional career of 26 years within the public and private sector of the financial and banking industry.The company’s Board of Directors expressed their gratitude to the former CEO, Mr. Fabrice Susini, for his extensive efforts over the years in strengthening the company’s position in the real estate finance sector in the Kingdom. He also supported the development of a management team that possesses the best international practices in this field, and contributed to the company’s achievements during his tenure.It is noteworthy that the new CEO of SRC, Majeed Al Abduljabbar, held various positions during his career; most notably, he was serving as the Director of Risks at the Capital Markets Authority (CMA), and as a senior advisor to the Chairman of the Board for the Capital Market Authority, during which he worked on a number of initiatives within the Authority’s plan and strategy in line with the objectives of the Kingdom’s Vision 2030.Al Abduljabbar was also part of the team that supervised Aramco’s public offering in the Saudi market. He also represented the Kingdom in several committees at the International Organization of Securities Commissions (IOSCO).His professional journey included working in the banking sector for more than 15 years with local banks, including the treasury department at HSBC Bank in London, Samba, and Arab National Bank, also he contributed to establishing the Department of Innovative Investment Solutions at SABB (now SAB).The Saudi Real Estate Refinance Company (SRC) was established in 2017 with the aim of helping transform the local housing market. SRC obtained a license from the Saudi Central Bank to operate in real estate refinancing through the secondary market.
https://adgully.me/post/3673/pif-saudi-electricity-company-launch-electric-vehicle-infrastructure-company

PIF, Saudi Electricity Company launch electric vehicle infrastructure company

The Public Investment Fund (PIF) and Saudi Electricity Company (SEC) announced today the launch of the Electric Vehicle Infrastructure Company (the “Company”). PIF will own a 75% stake in the Company, while SEC will hold the remaining 25% stake.The Company aims to deliver best-in-class electric vehicle (EV) fast-charging infrastructure across Saudi Arabia, further unlocking the local automotive ecosystem and accelerating the adoption of EVs. It plans to establish presence in more than 1,000 locations, installing over 5,000 fast chargers by 2030 in cities across Saudi Arabia and on the roads that connect them, in line with applicable regulations and standards.The Company aims to enhance Saudi Arabia’s automotive ecosystem, through collaboration with EV companies, by supplying the necessary charging stations to meet future demand. It also aims to promote private sector participation in the development of its network of charging stations and support the localization of R&D and manufacturing of technologically advanced materials, ultimately building domestic expertise and resilience.Omar Al-Madhi, Co-Head of MENA Direct Investments at PIF, said: “The Electric Vehicle Infrastructure Company will spearhead the EV transition by deploying best-in-class, widely available EV charging infrastructure to drive the growth of the EV ecosystem. Through our partnership with SEC, we will be able to accelerate the creation of synergies across the EV supply chain, driving economic growth and diversification in line with Vision 2030, and positioning Saudi Arabia as a leader in the new electrified era of the automotive industry.”Khalid Bin Hamad Al-Gnoon, Chief Executive Officer at SEC, said: “SEC, as part of the nation’s wider energy ecosystem, develops and implements strategies that aim to enhance Saudi Arabia’s position as a sustainable energy leader, in line with the Kingdom’s efforts to promote advanced energy solutions and increase the value added by the energy sector.”The launch of the Electric Vehicle Infrastructure Company is in line with PIF’s strategy to expand Saudi Arabia’s automotive capabilities to promote the country’s competitiveness on the world stage, and ultimately position it as a global leader. It will aim to further Saudi Arabia’s economic diversification efforts, driving non-oil GDP growth and creating new jobs. 
https://adgully.me/post/3108/stc-group-buys-99-stake-in-spanish-telecom-giant-telefonica

STC Group buys 9.9% stake in Spanish telecom giant Telefonica

STC Group, Saudi Arabia's largest telecom operator, has acquired a 9.9% stake in Telefonica, valued at 2.1 billion euros ($2.25 billion), as part of its strategy to become the largest shareholder in the Spanish telecommunications giant.This investment in Telefonica marks STC's second venture into Europe's telecom market, following its agreement to acquire tower infrastructure worth 1.2 billion euros from United Group in April. Telecom groups in the Gulf region are expanding their overseas investments, with Emirates Telecommunications Group (EAND.AD), also known as e&, increasing its stake in Vodafone Group (VOD.L) to 14% in March.STC disclosed this investment after trading hours on Tuesday. This stake comprises 4.9% of Telefonica's shares and financial instruments that provide an additional 5% of economic exposure to the company. STC intends to obtain voting rights for this 5% economic interest through financial instruments once regulatory approvals are granted.STC's CEO Olayan Alwetaid stated: "We view this as an attractive investment opportunity, leveraging our strong financial position, all while maintaining our dividend policy." He emphasized that STC has no intentions of gaining "control or a majority stake" in Telefonica.Telefonica responded to STC's investment, characterizing it as "friendly" and stating that it was informed of the move on Tuesday. STC collaborated with US investment bank Morgan Stanley (MS.N) to establish this position, according to sources familiar with the matter. Legal advisory services were provided by Linklaters for STC and Allen & Overy for Morgan Stanley. Morgan Stanley, Linklaters, and Allen & Overy declined to comment on the matter.In Madrid, Telefonica's shares saw a 2.9% increase to 3.86 euros as of 0725 GMT. STC's shares remained relatively stable, with a 0.1% increase to 39.60 riyals ($10.56) at the opening of the Riyadh market.STC has subsidiaries and stakes in companies operating in Kuwait and Bahrain. It is majority-owned by Saudi Arabia's Public Investment Fund (PIF), a key component of Crown Prince Mohammed bin Salman's Vision 2030 initiative aimed at diversifying the economy away from oil dependence.Telefonica is scheduled to present a new strategic plan on November 8, with a focus on growing the company's free cash flow, which its CEO anticipates could reach 4 billion euros this year. Like its European competitors, Telefonica has faced challenges to profitability due to intense competition and substantial investments in 5G and optic fiber infrastructure. To fund these initiatives, the company has been selling stakes in more mature businesses such as submarine cables and mobile masts.
https://adgully.me/post/2489/src-signs-a-3-year-sponsorship-deal-with-saudi-football-club-al-ittihad

SRC signs a 3-year sponsorship deal with Saudi football club Al Ittihad

Riyadh: The Saudi Real Estate Refinance Company (SRC), which is wholly owned by the Public Investment Fund (PIF), has signed a sponsorship deal with the Saudi football club Al Ittihad for the upcoming three years. The sponsorship deal includes commercial and marketing rights, benefitting both parties. Majeed Fahad. Alabduljabbar, Deputy CEO of SRC, said: “The sponsorship is part of SRC’s support for the development of the Kingdom’s thriving sports sector and the key objectives of Vision 2030’s “Quality of Life Program” to promote sporting activity”. “SRC's commitment to this agreement stems from its desire to contribute to the realization of the Kingdom’s Vision 2030's objectives and to enhance its social responsibility towards the overall sports landscape. Sports and entertainment have become increasingly prominent to the Saudi economy and play a crucial role in the country's future development, making it an attractive destination across various industries. We take great pride in being part of the Kingdom's sports sector development.” Abdulwahab Abed, CEO of Al-Ittihad expressed his delight in signing the agreement following an exceptional sports season, saying: “This partnership with SRC would foster the club's expansion and provide support for its domestic and international endeavors moving forward”.SRC was established in 2017 with the aim of helping transform the local housing market. SRC obtained a license from the Saudi Central Bank to operate in real estate refinancing through the secondary market.