海角直播

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

Fintech founder describes journey in shaping Saudi finance

Fintech founder describes journey in shaping Saudi finance
  • Adel Alateeq: Entrepreneurship is part of me. I鈥檝e 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 海角直播鈥檚 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鈥檚 early roles involved managing public equity funds, an area significantly affected by 海角直播鈥檚 market crash in February 2006.

鈥淭he market was booming, a lot of Saudis were participating in the Saudi markets,鈥 he said.

鈥淏ut, 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.鈥

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 海角直播 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 海角直播 at the time.

鈥淲e started talking about the fund back in 2012. We only launched in 2016,鈥 Alateeq said.

鈥淚t 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.鈥

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 鈥渃atalyze the private equity and venture capital industry鈥 in 海角直播.

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: 鈥淓ntrepreneurship is part of me. I鈥檝e always wanted to do something on my own, to have the freedom to do creative things out of the boundaries of large organizations.鈥

Alateeq believes that Saudi retail clients are 鈥渦nderserved鈥 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 鈥渁ccess, not knowledge.鈥

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.

鈥淭he market is hungry,鈥 he said. 鈥淭here鈥檚 so much to do. But because of that, creativity is not at its best.鈥

Alateeq is optimistic about the country鈥檚 reforms under Vision 2030. 鈥淚 think today, the transformation that Saudi is going through is probably a once-in-a-lifetime opportunity,鈥 he said.


Saudi crown prince, Greek PM discuss Iran-Israel tensions in phone call

Saudi crown prince, Greek PM discuss Iran-Israel tensions in phone call
Updated 15 June 2025

Saudi crown prince, Greek PM discuss Iran-Israel tensions in phone call

Saudi crown prince, Greek PM discuss Iran-Israel tensions in phone call

RIYADH: Saudi Crown Prince Mohammed bin Salman spoke on the phone on Sunday with Greek Prime Minister Kyriakos Mitsotakis to discuss the escalating situation between Israel and Iran, the Saudi Press Agency reported.

The two leaders reviewed the latest developments in the region, with particular focus on the repercussions of Israeli military operations targeting Iran.

They stressed the need for restraint and de-escalation, and underlined the importance of resolving disputes through diplomatic means, SPA added.

The phone call comes amid heightened tensions following a series of tit-for-tat strikes between the two countries.

The latest flare-up has raised fears of a broader regional conflict, with international leaders urging all parties to avoid further escalation.


Saudi foundation displays projects at Dutch 鈥楪reenTech鈥 exhibition

Saudi foundation displays projects at Dutch 鈥楪reenTech鈥 exhibition
Updated 15 June 2025

Saudi foundation displays projects at Dutch 鈥楪reenTech鈥 exhibition

Saudi foundation displays projects at Dutch 鈥楪reenTech鈥 exhibition
  • Morooj highlighted its technical and operational capabilities, as well as its innovative environmental solutions based on best practices and global standards

RIYADH: The Vegetation Cover Development Foundation, known as Morooj, presented its flagship projects as part of the Saudi delegation at Greentech Amsterdam, an international exhibition for horticulture held from June 10-12 in the Dutch capital.

Morooj highlighted its technical and operational capabilities, as well as its innovative environmental solutions based on best practices and global standards.

The foundation also presented examples of its strategic partnerships with various government and private sectors, as well as with international organizations.

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The foundation鈥檚 CEO, Wael Bushah, said that its participation in GreenTech further demonstrates the Kingdom鈥檚 efforts to reinforce its leadership in the environmental sector on an international level.

The projects displayed included the planting of millions of mangrove trees, greening mosque areas, promoting community participation in environmental sanitation campaigns, and efforts to rehabilitate natural reserves in various regions of the Kingdom, all of which fall under the Saudi Green Initiative.

The foundation鈥檚 CEO, Wael Bushah, said that its participation in GreenTech further demonstrates the Kingdom鈥檚 efforts to reinforce its leadership in the environmental sector on an international level.

The exhibition, one of the world鈥檚 leading events focused on environmental innovations and sustainable agricultural technologies, is also an opportunity to build new partnerships and exchange expertise on the latest innovations in sustainable agriculture, afforestation, and ecosystem restoration.

Ultimately, Murooj aims to become an interactive platform for knowledge transfer and application, creating meaningful environmental and social impact in the Kingdom.

The foundation鈥檚 role of strengthening its international presence and exchanging successful experiences with various global environmental entities and organizations has been crucial to achieving the objectives of the Saudi Green Initiative, founded under Saudi Vision 2030.

SGI, which celebrated its second anniversary earlier this year, has reinforced the Kingdom鈥檚 ambitions to become a key contributor to global efforts to combat climate change and enhance environmental sustainability by promoting renewable energy, protecting terrestrial and marine areas, and reaching net-zero domestically by 2060, among other initiatives.

 


海角直播 displays biotech vision at US convention

海角直播 displays biotech vision at US convention
Updated 15 June 2025

海角直播 displays biotech vision at US convention

海角直播 displays biotech vision at US convention
  • The center will give presentations on biotechnology and health research, the Saudi Biobank, and the sector鈥檚 role in Vision 2030

RIYADH: The Ministry of National Guard Health Affairs, King Abdullah International Medical Research Center, and King Saud bin Abdulaziz University for Health Sciences will join the Saudi pavilion at the BIO International Convention in Boston, US, from June 16 to 19.

This will be the first joint national representation of 海角直播鈥檚 biotechnology sector at the event, aligning with Vision 2030 and the National Biotechnology Strategy.

The King Abdullah center will display national initiatives and host meetings with global biotech companies to explore research and development partnerships.

The pavilion鈥檚 program features five sessions, among them a 鈥渟uper session鈥 on innovation and opportunities in 海角直播鈥檚 biotechnology sector.

The center will also give presentations on biotechnology and health research, the Saudi Biobank, and the sector鈥檚 role in Vision 2030.

The Ministry of Health will launch an accelerator program for biotech startups and host a reception for global investors and industry experts to discuss potential partnerships.

The participation underscores 海角直播鈥檚 efforts to support research and development through digital infrastructure, regulatory support, and institutional collaboration.

 


Jadal Library: A cultural oasis in 海角直播鈥檚 Eastern Province

Ali Al-Herz (right) turned his home into a library of over 37,000 books. (Supplied)
Ali Al-Herz (right) turned his home into a library of over 37,000 books. (Supplied)
Updated 15 June 2025

Jadal Library: A cultural oasis in 海角直播鈥檚 Eastern Province

Ali Al-Herz (right) turned his home into a library of over 37,000 books. (Supplied)
  • Ali Al-Herz turned his home into a library of over 37,000 books, offering visitors space where memory, philosophy, culture come alive

DHAHRAN: In the quiet village of Umm Al-Hamam, located in 海角直播鈥檚 Eastern Province, a lifelong passion for books has been transformed into a cultural haven.

Ali Al-Herz, a bibliophile and literary archivist, has turned his home into Jadal Library, a treasure trove of over 37,000 books, more than 100,000 newspapers and magazines, and antiques, some dating back more than a century. 

Yet Jadal is not just a library; it is much more than that. It is a museum to explore, a philosophical space to reflect, and a stand against forgetting important cultural stories.

Al-Herz told Arab News: 鈥淪ince I was born I have been surrounded by my mother鈥檚 books. I grew up immersed in this passion to the point where it completely took hold of me; I became a bookworm.鈥

The spark that ignited it all was when Al-Herz encountered the epic 鈥淪irat Antar鈥 at age 13. 鈥淔rom that epic and through it, I began to look into other worlds,鈥 he said.  

This curiosity and fascination ultimately led Al-Herz to create one of 海角直播's most unique initiatives.

The name 鈥淛adal鈥 means 鈥渄ebate鈥 or 鈥渄iscussion鈥 in Arabic, reflecting the library鈥檚 curious spirit. For Al-Herz, the goal is not just to preserve texts but also to preserve the idea of questioning and exploring ideas.

Al-Herz said: 鈥淚 chose this name for the library because it is deeply rooted in ancient Greek philosophical history and in our own Arab-Islamic cultural tradition, particularly in our religious heritage.鈥

The philosophical atmosphere fills three main halls 鈥 named after Socrates, Plato, and Aristotle 鈥 which welcome visitors into a curated world of reading and reflection.  

Rare manuscripts, ancient texts, newspapers, and antiques have been carefully archived. Each piece is a whisper from the past speaking into the future. 

Al-Herz explained: 鈥淓ven my recent focus on buying books has mostly shifted toward rare editions and old prints, to create a harmony between heritage and modernity.鈥

But Jadal is not stuck in nostalgia, as every two weeks Al-Herz holds a literary gathering. The event brings back a tradition that was once important in the intellectual life of Arabs.

It is an environment where writers, scholars, and thinkers gather over Arabic coffee to exchange ideas in a vibrant atmosphere.

And in a time when people seek instant information online, Al-Herz still uses traditional methods. 鈥淭here is an ongoing struggle between two generations,鈥 he observed. 鈥淰ictory will ultimately go to this latter generation once my generation becomes extinct. Paper libraries will then be transformed into museums.鈥

Perhaps he is right; but for now, in the heart of Qatif鈥檚 countryside, Jadal Library lives on, and it is a place where ink, memory, debate, and heritage continue to shape the cultural soul of the Kingdom.


Saudi envoy leads maritime safety talks in London

Saudi envoy leads maritime safety talks in London
Updated 15 June 2025

Saudi envoy leads maritime safety talks in London

Saudi envoy leads maritime safety talks in London
  • Kamal Al-Junaidi is the first Arab to preside over the committee

RIYADH: 海角直播鈥檚 permanent representative to the International Maritime Organization recently made history by chairing the 51st advisory committee meetings of the International Mobile Satellite Organization in London.

Kamal Al-Junaidi is the first Arab to preside over the committee, creating a milestone for both the Kingdom and the Arab world in maritime governance, the Saudi Press Agency reported on Sunday.

His role also reflects 海角直播鈥檚 growing presence in international maritime organizations and commitment to advancing maritime communication and safety systems.

Al-Junaidi managed the sessions and acted as a neutral facilitator, helping member states reach consensus on key issues, including oversight of the Global Maritime Distress and Safety System, implementation of Long Range Tracking and Safety standards and audit reviews for satellite communication providers.

He also led discussions on proposed maritime safety regulation amendments, monitored the organization鈥檚 strategic direction to ensure alignment with IMO standards and submitted the committee鈥檚 recommendations to the General Assembly.

The 51st session took place at the IMO headquarters in London, with representatives from 44 countries engaging in in-depth discussions on key maritime challenges.