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Saudi Arabian property and land developer Abdul Latif Jameel Land has won a global award in the category of residential development in Saudi Arabia by the 2019-2020 Arabia Property Awards. It marks the first time Abdul Latif Jameel has been recognized globally for its achievements in the Saudi property industry. The official announcement was made on June 12 at the Marriott Hotel Grosvenor Square, London.
The company was also shortlisted for the “Property Management Company of the Year” award by the Facility Management Middle East Awards, making it the first Saudi-owned company to be shortlisted for this award. The awards ceremony was held at the JW Marriott Marquis in Dubai on June 19. The nomination comes one year after J-One’s community facilities were first opened in Jeddah.
J-One is a development of 242 premium apartments with integrated community amenities in the Al-Salamah district of northwest Jeddah.
With the objective of rethinking the standard isolated, vertical apartment complex, J-One’s built-up area of 64,000 square meters offers an eco-friendly residential option with communal facilities such as indoor and outdoor pools, a health club, a home theater, cafés, lounges, a gaming room, beauty salons and modern minimarkets. A daycare nursery is also available for residents with young children, while more than 300 parking lots and a CCTV network offer convenience and security.
The project, announced in 2016, was completed within 19.5 months.
As Abdul Latif Jameel Land’s first residential development, the project aims to showcase the company’s capability to build future communities in Saudi Arabia.
Fady Jameel, deputy president and vice chairman of Abdul Latif Jameel, said: “We are proud that Abdul Latif Jameel and J-One have been recognized at this year’s Arabia Property Awards and Facility Management Middle East Awards. As a pioneering project for both Abdul Latif Jameel Land and Saudi Arabia, this award is testament to our future potential in delivering upon the residential development and housing ownership goals identified in Saudi Vision 2030.”
The Dubai, Africa & Arabia Property Awards are the largest and most widely recognized industry awards across Africa and the Middle East. The awards are judged by an independent panel of over 80 industry experts, focusing on design, quality, service, innovation, originality, and commitment to sustainability. The Facility Management Middle East Awards are the Middle East’s leading awards celebrating outstanding business performance in facility management.
Abdul Latif Jameel Land aims to address Saudi Arabia’s need for contemporary housing and has over 150 active development projects for delivery in the next five years.
Aldar Properties PJSC announced that its latest development Alreeman II, located in the Alshamkha area of Abu Dhabi, has generated 420 million dirhams ($114 million) on the opening day of sales, with over 75 percent of the land plots sold.
This positive response to Alreeman II, coupled with the strong performance of Aldar’s prior 2019 development launches — Alreeman and Lea — indicates the attractiveness and stability of Abu Dhabi’s real estate market, the developer said.
Alreeman launched in January, generating 1.6 billion dirhams in sales. Of those purchasing land at Alreeman II on the opening day of sales, 70 percent were new customers to Aldar. Additionally, 20 percent of customers opted to purchase their land plot on a 50/50 payment plan.
Maan Al-Awlaqi, executive director — commercial at Aldar, said: “The strong response we received for Alreeman II is a prime example of customer appetite and a great testament to the strength of Abu Dhabi’s real estate market. Following the success of Alreeman in January, we wanted to ensure a much smoother customer journey and an enhanced experience with Alreeman II — and we were pleased to receive a lot of positive comments from our customers — in particular those who had never bought from us before.”
He added: “This launch confirms that there is pent-up demand for affordable, infrastructure-enabled land plots in Abu Dhabi, where owners can build their homes to their exact specifications and taste. Alreeman II is a real growth story with 70 percent of buyers being new customers to Aldar.”
Alreeman II is a 1.7-billion dirhams residential community, available exclusively for purchase by UAE nationals. Spread across an area of 2.4 million square meters, the development features villa plots ranging from 500 to 1,000 square meters in size. The community offers residents a range of amenities including a school, retail offerings, parks, mosques, and running and cycling tracks. Construction of Alreeman II will commence at the end of 2019, with the first handovers taking place at the end of 2021.
The Company for Cooperative Insurance (Tawuniya) has been recognized as the “Best Insurance Company Offering Electronic Services” in Saudi Arabia in 2019, by Global Banking and Finance Review.
A judging committee analyzed Tawuniya on the quality of its electronic services, development of its communication and technical systems and customer experience.
The company had embarked on a process of digital transformation that saw continuous development of its information infrastructure and the upgrade of systems and applications.
Tawuniya has succeeded in raising the level of cybersecurity and has consistently developed electronic services to meet the expectations of its customers.
Majed Al-Bahiti, vice president of marketing and communication at Tawuniya, said: “This award is an addition to the many awards and accolades Tawuniya has earned over the years. It is a recognition of the company’s efforts in line with the complete transformation of all operations and insurance services using modern IT and communication systems, which has enabled the provision of services to customers at any time, from anywhere and using all devices.”
He added: “This award is also a validation of the success of our strategic vision to keep up with the developments in the market and support society, the economic and regulatory environment through the support of digital transformation and innovation. We are constantly developing products and services, and establishing modern channels that allow the use of advanced information and communication technologies to sell insurance products, improve services and upgrade technical capabilities and skills, and continue to empower Saudi talent to work in the insurance sector.”
Tawuniya recently became the first insurance company in the Kingdom to be granted the ISO 27001 international certificate for electronic information security.
Emirati law firm Fichte & Co. Legal recently held an informative seminar at the JW Marriott Marquis, Business Bay in Dubai. The session tackled the IMO (International Maritime Organization) 2020 mandate and its impact on the world’s leading ports, namely Singapore and the UAE’s Fujairah Port. With the rapidly approaching regulatory change forcing shipowners to comply one way or the other, the global marine fleet is set to experience great change in the coming six months.
Fichte & Co’s event featured knowledgeable maritime experts and government officials providing industry insights on how Singapore and the UAE can continue to thrive through this impending change. Jasmine Fichte, legal founder and managing partner of Fichte & Co, said: “The UAE has already established itself as a nation that prioritizes reinforcing a greener footprint and a more sustainable future. The implementation of the UAE Vision 2021, which entails a full-fledged sustainable structure for the country’s future, accordingly aligns with the IMO2020 sulfur cap.”
He added: “UAE stakeholders dealing with HSFO (high sulfur fuel oil) should seek out a more sustainable plan to secure their position in the industry before the mandate is initiated and the seminar will enable forward-thinking to proactively plan for this. Alternative methods of vessel power generation and more innovation in wider industrial uses of fuel oil are required for the UAE as part of a secured plan for maritime to continue thriving both regionally and globally.”
HSBC Saudi Arabia has once again won Euromoney’s award for the “Best Investment Bank in Saudi Arabia” for 2019. The award was recently presented during the Euromoney Awards for Excellence ceremony held in Dubai.
Rajiv Shukla, acting CEO of HSBC Saudi Arabia, said: “We are pleased to have won this prestigious award yet again, which is a recognition of the outcome of our strong commitment in offering the best investment banking services and products to clients, stakeholders and markets in the Kingdom. We aim to continuously provide the highest level of services through our dedicated and experienced team in the Kingdom and by leveraging the expertise of the broader HSBC Group for the benefit of the Kingdom.”
The Euromoney Awards for Excellence are among the most respected awards for financial services across the world, and are a benchmark within the industry for class-leading products and services.
PARIS: Former auto titan Carlos Ghosn, currently under house arrest in Tokyo, is suing Nissan and Mitsubishi in a Dutch court for “improper termination” of his contract, French newspaper Le Figaro reported Wednesday.Ghosn is accusing the Japanese manufacturers of breaching his contract as an employee of NMBV, their joint subsidiary based in the Netherlands, and seeking up to $16.8 million in damages, it said.The big-spending former chief of both Renault and its Japanese partner Nissan is awaiting trial in Japan on charges of financial misconduct.He was kept behind bars for over 100 days before being granted bail and sacked from all his management roles.Ghosn is accused of under-reporting millions of dollars in income at Nissan and of using company funds for personal expenses — charges he denies.His lawyers argue that while Ghosn resigned from Renault-Nissan BV (RNBV), he had not done so from NMBV and “the breach of contract” was unwarranted, Le Figaro said.Nissan and Mitsubishi argue that Ghosn’s contract was invalid as it would not have been submitted to NMBV’s board, according to the daily.NMBV had thanked Ghosn after a meeting of his board of directors on March 12, the same day as the announcement of its dissolution.Ghosn’s spokesperson and his lawyer both declined to comment when contacted by AFP.Le Figaro said the manufacturers were seeking to recover some $8.79 million paid to Ghosn by NMBV between April and November 2018.Renault announced in early June it was considering taking action against its former boss after it identified $12.36 million of “questionable expenses” linked to Ghosn at RNBV.The 65-year-old Ghosn was arrested in Japan in November as he stepped off his private jet at Tokyo airport.His dramatic downfall stunned the business world and laid bare tensions in the alliance between Renault, Nissan and their smaller Japanese partner Mitsubishi.Ghosn has not been charged in connection with his activities at NMBV.
LONDON: After months of relative calm in cryptocurrency markets, bitcoin exploded back into life in April with its sharpest price jump in over a year — but few people could convincingly explain why.
The 20 percent leap focused investors’ attention on one of the enduring mysteries of cryptocurrencies: What moves the price of an emerging asset in an opaque, largely unregulated market?
For some, the answer lies on social media. Hedge funds and asset managers seeking an edge are training computers to scrape social media sites for triggers that could move the price of digital currencies.
Their goal: Crafting algorithms capable of picking out price “signals” from the background noise of sites ranging from Reddit and WeChat to Twitter and Telegram.
Many investors already use computer models to identify, and trade, price differences across hundreds of cryptocurrency trading exchanges.
But with opportunities for arbitrage narrowing as the nascent sector develops, big players are increasingly looking to build or buy more sophisticated robots to find market-moving signals online, according to interviews with six hedge funds and asset managers and three software developers.
Yet while the use of algorithms, or algos, for parsing social media may be growing, some of those interviewed said major challenges and risks remain to their wider deployment, from cost to complexity.
“It’s an arms race for money managers,” said Bin Ren, CEO of Elwood Asset Management, which specialises in digital assets and is owned by Brevan Howard founder Alan Howard.
“Very few players are able to implement and deliver it, but I believe it is highly profitable.”
Such “sentiment analysis,” as computer-driven reading of the social media mood is known, is used as a tool in traditional markets such as equities and foreign exchange to trade on consumer feelings towards a company or asset.
But it could be of greater significance in cryptocurrency markets, where there are few authoritative sources of information, such as central banks, scarcely any reliable data to gauge asset value such as economic indicators and financial statements, and a high proportion of individual investors.
It is also early days for the technique in the crypto sector, with scant industry-wide data on performance and many questions over its effectiveness. None of the institutions Reuters spoke to would give details of the performance of their algorithms, citing commercial confidentiality.
To be sure, digital currencies do share some drivers with traditional markets such as comments by policymakers. Bitcoin can be sensitive to remarks by regulators in particular: It fell sharply last week after the US Federal Reserve chief called for a halt to Facebook’s planned Libra cryptocurrency project.
But given cryptocurrencies have been entwined with the Internet from their dawn a decade ago, when the word was spread in forums and chatrooms, it would seem to make sense to search for price triggers online.
Still, it is far from cheap or simple to design an algorithm that can find market-moving signals in the cacophonous world of social media, analysing huge numbers of posts in dozens of languages while sifting out unreliable information.
Andrea Leccese, president of Bluesky Capital, an investment firm in New York, said upfront costs for a robot capable of only reading Twitter in English were between $500,000 to $1 million, with most of the money spent on skilled developers. That has deterred Bluesky from using the technique, he said.
One daunting challenge is the sheer number of social media channels. Beyond Twitter, sites often used by cryptocurrency aficionados include Telegram, a messaging app with public channels and Reddit, a messaging board.
In Asia, home to many retail traders, apps such as Line in Japan and Kakao in South Korea are popular.
Tens of thousands of comments on cryptocurrencies are pumped out around the clock across both national and international channels.
Reddit’s main forum, or subreddit, for bitcoin alone has 1.1 million members. Twitter also sees tens of thousands of posts mentioning bitcoin every day, with between 14,000 and 32,000 daily for the last three months, according to the BitInfoCharts website.
In an attempt to extract meaning from this mayhem, algorithms use so-called natural language processing — identifying key words and emotions that indicate changes in how social media users view certain digital currencies.
Investors using algorithms say that they can also identify patterns for information that gains traction online. “The information propagates not randomly, but through a very well-defined structure — it’s like a tree,” said Elwood’s Ren, which has used sentiment analysis for nearly two years after developing its own software.
“It’s very similar to modelling the spreading of a virus.”
Other investors emphasised the challenges in teaching machines to spot biased or inaccurate information.
A Reuters report last November found that many social media users take money for positive reviews of digital coins.
BitSpread, a cryptocurrency asset manager based in London and Singapore, uses its own capital to trade using an algorithm it started developing about a year ago, its CEO Cedric Jeanson told Reuters.
It is a relatively narrowly targeted software. Aggregating Twitter feeds, it looks out for posts on the liquidation, or closing, of positions at exchanges.
“It’s a matter of gathering all the info, trying to understand who is trading where, what kind of liquidation can appear,” he said. “It’s a strategy that makes sense.”
However, he acknowledged the drawbacks.
“The sentiment itself, what we see on Twitter, can be really geared towards fake news. We are always very cautious about what we’re reading in the news because, most of the time, we’ve seen that there’s a bias.”
Many algorithms use machine learning, where they are supposed to improve through experience and better understand how social media posts translate into market movements.
Developers often identify key people with outsized voices and large numbers of followers to weight more heavily in their algorithm, said Bijan Farsijani of Augmento, a Berlin-based startup that launched an algo for sentiment analysis last month.
He said a number of hedge funds had bought the software from his company since the launch.
Background: Bitcoin’s wild ride
Bitcoin, the biggest cryptocurrency and a bellwether for the sector, has surged more than 180 percent this year, driving up the interest of bigger investors from trading firms to hedge funds.
Bitcoin’s most recent rally, last month, was seen by analysts as driven by expectations for a wider adoption of cryptocurrencies driven by Facebook’s Libra.
That move was mirrored by a surge in interest online. Google searches for cryptocurrencies hit their highest level in three months on June 18, when Facebook made the announcement.
It is, however, difficult to pinpoint the chicken and the egg: online chatter or price moves.
“There may be some value in sentiment analysis in crypto, but most of the time what people tweet may be a lagging indicator of the price move,” said Leccese of Bluesky Capital.
“But there is potential,” he added. “People will start looking at this more in the next five to 10 years because there will be diminishing returns because of increased competition in traditional strategies.”
While there is a lack of data specifically for this technique, “quantitative” cryptocurrency funds — which use methods from arbitrage to sentiment analysis — significantly outperformed funds that make longer-term bets in the first quarter of this year, a PwC report shows.
Coders say that they are in increasing demand.
Taiwan-based Marc Howard teamed up with more than 500 machine-learning experts to crowdsource sentiment analysis algorithms, bringing in data from sources including Google Trends, Reddit and development platform GitHub.
Howard said his bitcoin investments using an algorithm beat funds simply tracking the price of the cryptocurrency by 54 percent in the year to June 24, adding that funds in New York and Taipei had tapped him for help in developing their own analysis.
“It’s pretty hot right now,” he said. “Any fund that’s worth their salt, they are devoting some of their resources and allocation for sentiment analysis.”
MADRID: Media firms are racing to set up television production centres in Madrid following the runaway global success of Spanish series such as Netflix's crime caper "Money Heist".
Spanish multimedia group Mediapro and its foreign rivals Viacom and Netflix have set up shop or increased their activity in the Spanish capital to meet booming demand for content sparked by the rise of subscription video streaming services.
During a recent visit to Mediapro's studios north of Madrid, film crews were busily recording a dialogue between two actresses on a set depicting an upscale law office.
The scene will be used in a series that the company is producing for Spain's most watched television channel, Telecinco.
The company used to produce "two or three" series at that studio per year, now it makes 10 -- an "unimaginable" amount just a few years ago, said Javier Pons, who is in charge of television production at the firm.
Mediapro is also preparing a sitcom for HBO, which has a streaming service that competes with Netflix, as well as "projects" for other platforms that it could not discuss.
Producing series for a streaming service requires the "narration to be a bit different, so viewers get, in a way, addicted to the content" since users of the platforms tend to binge-watch shows, said Mediapro content director Javier Mendez.
Madrid's status as a new hub for TV series production was thrown into the spotlight when Netflix in April opened its first European production centre in Tres Cantos in the outskirts of the city.
The third season of "Money Heist", which Netflix will release worldwide on Friday, was filmed in this sprawling 22,000-square-metre (237,000-square-foot) complex.
The Emmy-winning series about a long-prepared, multiple-day assault on the Royal Mint of Spain is Netflix's most watched, non-English language show.
Initially broadcast on private Spanish TV channel Antena 3, the US streaming giant bought the series in late 2017 and re-released it worldwide, turning the show into a global phenomenon.
The unexpected success of the series weighed heavily on Netflix's decision to set up shop in Madrid, said Elena Neira, a specialist in new media at the Open University of Catalonia.
And the success of other Spanish series on streaming services such as "Elite" about teens at an exclusive private school in Madrid has led Spanish producers to set their sights higher, she added.
"For many people in Spain, who suddenly see Spanish content associated to a powerful brand like Netflix, it becomes much cooler than when it is broadcast on Antena 3," Neira said.
The number of TV series made in Spain rose to 58 last year from 38 in 2015, according to a PricewaterhouseCoopers report.
The sector contributed 655 million euros ($738 million) to Spain's economic output in 2018, up from 429 million euros in 2015, it added.
PricewaterhouseCoopers estimates that Spain could produce 72 series a year once the sector is "consolidated", which would generate over 18,000 direct and indirect jobs, compared to less than 10,000 in 2015.
Media giant Viacom, which owns Paramount Pictures and TV stations such as MTV, announced in April that Madrid would be one of its hubs for the creation of Spanish-language content.
"I think there is at the moment a significant tendency to consume Spanish content, and in languages other than English, which boosts the opportunities to create here for the foreign market," said Viacom director of content for Spain and Portugal, Laura Abril.
The subscription streaming service market will grow faster in Spanish-speaking nations between 2018 and 2022 than in Britain or the United States, according to a forecast by PricewaterhouseCoopers.
Spain, which has a long history of film and TV production, is taking advantage of the opportunity.
"We focus on the new platforms but all of this crystalised before," said Patricia Diego, a TV production professor at the University of Navarra.
She pointed out that "Money Heist" creator Alex Pina had been making series for Spanish TV stations for the past two decades.
Spain's relatively low salaries make it competitive to produce shows in the country, Diego added.
The sector is also getting a boost from new European Union rules due to come into effect in 2020 which will require streaming video providers like Netflix and Amazon Prime Video to dedicate at least 30 percent of their catalogues to European content.
The Jeddah Chamber of Commerce and Industry (JCCI) and the Delegate of the German-Saudi Arabian Liaison Office for Economic Affairs (GESALO) have signed an agreement to establish a “German Desk” at the JCCI.
GESALO, the official representative of the German industry in the Kingdom, will staff the desk with a professional trade expert. GESALO is part of the network of German chambers abroad and has been operating in the Kingdom as a not-for-profit entity for more than 40 years.
JCCI President Mohammad Naghi welcomed the Jeddah-based “German Desk.”
Oliver Oehms, GESALO delegate, said the “German Desk” would add to the efforts of the main office in Riyadh and the “German Desk” in Dammam.
“Personal contacts matter. Therefore, our expectations are high that the presence of full-time staff will take the bilateral business relations to a new level,” he said.
German Consul General in Jeddah Holger Ziegeler said: “German companies have a lot to offer to their Saudi Arabian counterparts. This is true especially for the many specialized medium-sized champions or Mittelstand companies.”
One of the first tasks of the new “German Desk” will be to organize an incoming delegation of German CEOs from the logistics sector.
King Abdullah University of Science and Technology (KAUST) is hosting three entrepreneurship bootcamps in support of the Tech Champions program by the Ministry of Communications and Information Technology (MCIT). Over 100 participants and mentors gathered on the KAUST campus in Thuwal for five days of intensive training at the first bootcamp hosted on the university’s campus.
Designed to achieve the Kingdom’s objectives of forming a digital economy, the bootcamps are the first step in the Tech Champions program focused on creating digital business solutions in various industries including e-commerce, health, and smart cities, in addition to sports and entertainment, and Hajj.
The entrepreneurs worked through training sessions with the Entrepreneurship Center at KAUST by designing and developing their startup ideas through intensive mentorship, prototyping, and access to the latest innovation trends.
The event ended with a mock showcase competition where startups were given two minutes to pitch their tech ideas to an audience, followed with three minutes of Q&A, and another three minutes of feedback from the judges.
Aside from top-tier mentorship and exposure to global and local investors, the startups benefited from access to over 40 partners in the private and government sectors of the Kingdom.
“This is a fantastic initiative in partnership with MCIT to challenge young people to go beyond digital technologies and look at emerging and deep technologies like artificial intelligence and machine learning. We are helping them learn how to apply these to create the businesses of the future,” said Kevin Cullen, vice president for innovation and economic development at KAUST.
KAUST and MCIT are committed to common goals of supporting the Kingdom’s efforts toward achieving digital transformation and becoming a leading global entrepreneurial hub.
Ahmed Altheneyan, deputy minister for technology industry and digital capacities at MCIT, said: “The rapid evolutions in the use of artificial intelligence systems, robotics, IoT and large data, force us to assess and bridge the current existing and the future digital skills gap in the Kingdom.”
CapitaLand’s wholly owned lodging business unit The Ascott Limited is accelerating its growth globally with the signing of 26 properties with over 6,000 units across 22 cities and 11 countries. The properties, which will open in phases from 2019 to 2023, are mostly signed under management contracts, with three on franchise agreements.
In the Middle East, Africa and Turkey region, Ascott Corniche Alkhobar is scheduled to open in Q3 this year, followed by four new Ascott properties in the Kingdom in 2020: Somerset Downtown Alkhobar, Ascott Villas Riyadh, Somerset Corniche Jeddah and Citadines Abha. The recently announced Citadines Al-Aziziyah Alkhobar signing is slated for opening in Q4 2021. With a current presence of 24 properties across 11 cities in the Middle East, Africa and Turkey, Ascott totals more than 3,500 units both in operation and and in the pipeline.
To date this year, Ascott has signed contracts for over 40 properties with more than 8,000 units, an increase of over 40 percent in units compared with the same period in 2018. Ascott has also opened 16 properties with over 2,000 units, a 70 percent increase in operational units compared with 2018.
Kevin Goh, Ascott’s chief executive, said: “We are fast expanding Ascott’s global network of properties as we continue to pursue an asset-light business model to boost our recurring fee income. While we achieve strong momentum in expanding our global lodging business through strategic alliances, management contracts, franchise and leases, we are also accelerating the number of new property openings.”
He added: “For the first quarter this year, our operational units have contributed 59.7 million Singaporean dollars ($44.2 million) of fee income. We are targeting to open over 40 properties with about 8,500 units this year. For every 10,000 serviced residence units signed, we are expecting to earn approximately 25 million Singaporean dollars in fee income annually as the properties progressively open and stabilize. Through these growth strategies, we are looking forward to the fee income boost when we achieve our target of 160,000 units worldwide by 2023.”
With the recent completion of the Ascendas-Singbridge transaction, CapitaLand through Ascott has become the sponsor of both Ascott Residence Trust (Ascott Reit) and Ascendas Hospitality Trust (A-HTRUST). Including the assets held under these two hospitality trusts, lodging assets under CapitaLand are valued at 31 billion Singaporean dollars, equivalent to 25 percent of the group’s total assets under management. An announcement proposing to combine the two trusts has been made on July 3.
Goh said: “The combination of Ascott Reit and A-HTRUST is a win-win for both unit holders as the combined entity will be Asia Pacific’s largest hospitality trust with an asset value of 7.6 billion Singaporean dollars, making it a lot more attractive to investors.”
Indian Engineers Forum (IEF) Jeddah Chapter recently held its 13th annual general meeting at Hotel Ramada Continental.
Ambassador of India to Saudi Arabia Dr. Ausaf Sayeed graced the event as chief guest and Consul General of India Noor Rahman Sheikh was guest of honor. IEF President Mohammed Sayeeduddin presided over the function.
Expressing appreciation for the activities of the forum, Ambassador Dr. Sayeed recalled its foundation in 2016 during his tenure as consul general of India in Jeddah.
He lauded Sayeeduddin, Amir Khan, Shuja Sheriff and other members and engineers for the activities of the forum and their contribution to the development of Saudi Arabia. Dr. Sayeed highlighted scarcity of water as an acute problem in the world in general and in India in particular. He shared his experience of interacting with engineers in the US, who developed a water condensation machine to extract water from humid air.
Consul General Noor Rahman Sheikh applauded IEF for its services to the engineering community in Saudi Arabia. He highlighted how the excellence of Indian engineers in each sector has impacted society.
“Our zeal to be the best in whatever we do was demonstrated during last year’s Hajj. The mobile app developed by the Consul General of India is going to help the 200,000 pilgrims expected to come this year,” he said.
Amir Khan, founder and chairman of IEF, said IEF provides a platform for networking, career advancement, community service, and technology exchange. He urged Indian engineers to play a vital role in the development of Saudi Arabia, which he said would help strengthen the relations between India and the Kingdom.
Sayeeduddin thanked Dr. Sayeed for his support in the foundation of IEF. He announced that, having served as founding president for the last 13 years, he is now stepping down and the new president, unanimously elected, will be Khan Mustafa.
Nadeem Ahmed Ali, executive member of IEF, delivered a presentation on digital disruption.
Syed Nasir Khursheed, IEF general secretary, conducted the program.
Indian real estate advisory firm/ institutional channel partner 360 Realtors LLP participated in the event and were the main sponsors. A presentation covering major construction, residential and commercial projects in India was made by S. K. Vivek Kumar, head of international sales, 360 Realtors. Amit Hariyal also delivered a presentation on residential projects across the Indian cities of Bangalore, Chennai, Hyderabad and Pune.
Abdul Rahman, general manager of TA Infra Projects, expressed happiness to be part of the IEF.
Khader Memon made a presentation titled “Special Investment Plan.”
The chief guest, guest of honor and sponsors were presented mementoes as a token of appreciation by the IEF president and executive committee. This was followed by the release of the annual magazine of the forum, Spectrum 2019, edited by Muazzam Sayeed.
A lively session of quiz was conducted by Munnawar Amafh.
The event was attended by a number of guests from across the Kingdom, including Abdul Haseeb Hazari, Danish Ghafoor, Siadat Ali Khan, Shameem Kausar and Ahmed Omais.
The program started with a recitation of the Holy Qur’an by Talha Khan. Ashraf Nawaz Qureshi, IEF treasurer, welcomed the guests.
IEF Vice President Abu Bakar Sherkhan introduced the chief guest while Mohammed Shoebuddin, IEF chief coordinator, presented a vote of thanks.