Saudi Arabia plans to build world’s largest buildings in NEOM
June 1, 2022, 9:11 am

Saudi Arabia plans to build world’s largest buildings in NEOM

Photo shows a rendering of the upcoming TROJENA project in NEOM as part of Saudi Arabia's Vision 2030. (File photo)

Saudi Arabia is planning to build the world’s largest buildings in its megacity project NEOM, sources told Bloomberg, the Alarabiya Engliash reported.

Sources also told Al Arabiya that there are plans for two skyscrapers around 500 meters tall that extend horizontally for tens of miles.

The skyscrapers would stretch from the Red Sea coast inland towards the desert and would house a mix of residential, retail, and office space.

They would be larger than the world’s current biggest buildings, which are mostly factories or malls. The world’s current tallest man-made structure is the 828-metre-tall (2,717 ft) Burj Khalifa in Dubai.

Designers have been asked to work on a half mile-long prototype, current and former NEOM employees told Bloomberg, asking not to be identified as the information is private.

NEOM was announced by Crown Prince Mohammed bin Salman in 2017 as part of the Kingdom’s drive to diversify its oil-reliant economy.

Saudi Arabia names senior diplomat as first climate envoy

The Crown Prince intends NEOM to be a futuristic, sustainable community joined together by The Line – a 170 kilometer stretched of car-free communities linked by public transport.

“The Line is an out of the box idea,” NEOM CEO Nadhmi al-Nasr told Bloomberg, without commenting on specifics. “What we will present when we are ready to will be very well received, and will be viewed as revolutionary.”

He added, the massive buildings would be “different heights as you go,” adapting to the landscape, with their final size determined by engineering considerations and the terrain.

Saudi Arabia also began construction on the Jeddah Tower in 2013 – poised to be taller than the world’s current tallest building, Dubai’s Burj Khalifa.

In a first of its kind, women-only crew operates flight in Saudi Arabia

The Kingdom is currently home to the world’s fourth-tallest building: The Abraj al-Bait clock tower hotel in Mecca, which is 601 meters tall.

Ali Shihabi, a member of NEOM’s advisory board told Bloomberg, said: “When people talk about The Line, they see a futuristic Hyperloop, Star Wars type of entity. But when The Line was presented to the board, I saw a highly intelligent, well thought-out sustainable modern city that will accommodate from laborers to billionaires and that will be built in stages, so it will follow demand.”

Source: alarabiyaenglish

21 dead, around 21 missing after hurricane Agatha hits Mexico Levant newspaper, ISSUE 36 june 2022

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.