Leejam, SURJ sign MoU to elevate Saudi sports

Partnering with SURJ aligns with our strategic vision to foster active lifestyles, deliver value for shareholders, and contribute meaningfully to the Kingdom’s socioeconomic goals

Updated 19 sec ago

Arab News

August 04, 2025 00:55

Leejam Sports Company, a network of sports and fitness centers in �� and a publicly listed company, and SURJ Sports Investment, a sports investment company in the Kingdom, have announced the signing of an MoU to accelerate growth and innovation across the Kingdom’s dynamic sports ecosystem, particularly in fitness and community engagement.
Signed by Abdulelah Al-Nemr, CEO of Leejam Sports Company, and Danny Townsend, CEO of SURJ Sports Investment, the agreement reflects a shared ambition to elevate sports participation, scale innovation, expand access to world-class fitness experiences, and activate new models of community engagement and wellness innovation — in line with Saudi Vision 2030 goals to build a more active, inclusive, and healthier society.

Partnering with SURJ aligns with our strategic vision to foster active lifestyles, deliver value for shareholders, and contribute to KSA’s socioeconomic goals, says Abdulelah Al-Nemr,��Board Member and CEO, Leejam Sports Company

The agreement outlines a broad framework for collaboration across six key areas: stadia and fitness facility operations, co-investment in sports properties, sponsorship and brand engagement, community activation and mass participation, data and technology integration, and co-creation of content and media production.
Abdulelah Al-Nemr, board member and CEO of Leejam Sports Company, said: “This MoU marks a pivotal step in Leejam’s journey to further solidify our role as a catalyst for ��’s wellness transformation. Partnering with SURJ aligns with our strategic vision to foster active lifestyles, deliver value for shareholders, and contribute meaningfully to the Kingdom’s socioeconomic goals. We look forward to harnessing our national footprint and digital platforms to scale this collaboration across communities and sports disciplines.”
Danny Townsend, CEO of SURJ Sports Investment, said: “Leejam’s scale and expertise in fitness and wellness make them a natural partner as we continue to grow ��’s sports ecosystem. This MoU reflects our shared commitment to participation, performance, and innovation, and to unlocking opportunities that go beyond traditional investment models. From stadiums to digital assets, and from community challenges to elite content, we’re excited to explore how we can bring the power of sport closer to more people across the country.”
As ��’s largest and trusted network of fitness centers, operating under the “Fitness Time” brand, Leejam brings unparalleled market reach and operational capabilities.��

Through this partnership, Leejam will assess opportunities to operate or support fitness and wellness zones within SURJ-backed facilities, and to activate programming aligned with SURJ’s investments in major sports events and leagues. The MoU also covers exploratory co-investment models in sports IP, as well as leveraging Leejam’s national footprint to scale SURJ-led activations and co-host fitness activations that promote grassroots participation in sports.
Additional areas of focus in the MoU include sponsorship engagement opportunities, ranging from access to Leejam facilities and athlete visibility within gym environments to joint sports promotion campaigns and sponsorship for SURJ-owned IP.
A core pillar of the partnership includes data and technology collaboration, enabling both entities to share insights on performance metrics, gym technologies, and digital engagement tools, as well as co-development of short-form and live fitness content across platforms.
This announcement comes at a time of rapid progress for ��’s sports sector. Nearly 50 percent of Saudis are now engaged in weekly physical activity, up from just 13 percent in 2015, while the number of multi-sport clubs has surged from nine to 126, and sports federations have tripled to reach 98.
Women’s participation in sport in �� has seen extraordinary growth, with a 149 percent increase since 2015 and more than 330,000 registered female athletes today.��

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Topics: Leejam SURJ

How high is the risk of cyber incident in your organization?

Updated 29 sec ago

Arab News

August 04, 2025 00:51

How high is the risk of cyber incident in your organization?

Organizations nowadays face a variety of cyberthreats ranging from phishing and business email compromise to ransomware and advanced persistent threats

Updated 29 sec ago

Arab News

August 04, 2025 00:51

One of the core reasons businesses remain vulnerable to cyberthreats is that they underestimate their risk or overestimate the strength of their existing defenses. According to a recent Kaspersky survey titled “Cybersecurity in the workplace: Employee knowledge and behavior,” 45.5 percent of professionals surveyed in ��, whose work requires the use of computers, assess the risk of a cybersecurity incident happening to their company as quite possible.
Commenting on the probable consequences of a cybersecurity incident, 52 percent of employees surveyed supposed that it might seriously affect the company. This understanding of risks comes not only from general cybersecurity awareness, but also from knowledge about cyber incidents in their organizations: 30.8 percent of respondents acknowledged such incidents happened in the past 12 months, while an additional 29.8 percent said they have heard about these incidents from colleagues.
Organizations nowadays face a variety of cyberthreats ranging from phishing and business email compromise to ransomware and advanced persistent threats. In a lot of these attacks, the entry point into the organization’s network is via a human mistake, and it is for that reason attackers actively employ social engineering techniques and AI tools to make their efforts more effective.
The survey shows that the majority of respondents understand that cybersecurity is an issue that should be considered by the IT department, while 33.8 percent also mentioned top level executives and 18.8 percent cited legal and financial employees as core groups within the business who should keep cybersecurity issues in mind. Only 28.5 percent of employees surveyed viewed cybersecurity as an issue that should be considered by all employees across the entire business.

“In today’s digital landscape, cybersecurity is a collective responsibility that extends beyond the IT department. Every employee should remain vigilant against evolving threats. Regular cybersecurity training, use of relevant IT solutions, well-defined policies and an incident response plan are essential pillars of organizational cyber resilience. When every team member is informed and prepared, the organization stands stronger against cyberthreats,” said Toufic Derbass, managing director for the META region at Kaspersky.
To help organizations strengthen their defenses, Kaspersky recommends the following:
• Employee education and cybersecurity training is necessary as human error is a common cause for cybersecurity breaches. Solutions such as Kaspersky Automated Security Awareness Platform can help with practical cybersecurity skills such as recognizing phishing emails and suspicious links.
• Upskill cybersecurity teams with Kaspersky online trainings, and with Kaspersky Threat Intelligence. In addition, Kaspersky’s Digital Footprint Intelligence can help with monitoring external threats for companies’ assets, strengthening defense against credential leaks.
• Implement robust monitoring and cybersecurity solutions, for example from the Kaspersky Next product line.
• Set up offline backups that intruders cannot misuse, and make sure you can access them quickly in an emergency.
• Implement security policies for employees, from password and software installation policies to network segmentation.
• Foster a culture of security: encourage employees to report suspicious activity without fear of blame, reward proactive security behaviors to reinforce good habits, for example during phishing simulations.

Topics: Kaspersky Cyberthreats

Joyalukkas secures $136m working capital deal with Emirates NBD to fuel expansion

(X @Joyalukkas)

Updated 4 min 8 sec ago

Arab News

August 04, 2025 00:47

Joyalukkas secures $136m working capital deal with Emirates NBD to fuel expansion

Joy Alukkas, chairman of Joyalukkas Group, said: “This facility marks a significant milestone in our journey to expand Joyalukkas into key international markets including the UK, US, Canada, and Australia

Updated 4 min 8 sec ago

Arab News

August 04, 2025 00:47

Joyalukkas, one of the world’s largest jewelry retailers, has announced a landmark 500-million-dirham ($136.1 million) working capital facility provision through Emirates NBD, a banking group in the MENAT region. This milestone agreement supports Joyalukkas’ long-term expansion plans across the GCC and key international markets including the UK, US, Canada, and Australia.
Structured to provide Joyalukkas with seamless and flexible access to capital, the bespoke deal highlights the retailer’s pioneering approach to global retail growth and underscores its longstanding relationship with Emirates NBD. The facility offers working capital on a revolving basis, enabling Joyalukkas to draw and repay funds as needed, thereby enhancing cost-efficiency and operational control.
Since 1987, Joyalukkas has brought together artistry and precise design across 13 countries and more than 10 million customers and continues to strengthen its footprint across the globe.
Joy Alukkas, chairman of Joyalukkas Group, said: “This facility marks a significant milestone in our journey to expand Joyalukkas into key international markets including the UK, US, Canada, and Australia. Emirates NBD has been a trusted partner who understands the scale, ambition and discipline behind our global retail strategy. Structured with flexibility and foresight, this deal sets a new benchmark in the jewelry industry and reflects our pioneering approach to organized retailing. I sincerely thank the Emirates NBD team for their continued support and belief in our vision.”
Ahmed Al-Qassim, group head of wholesale banking at Emirates NBD, added: “The provision of this working capital facility for Joyalukkas shows Emirates NBD’s agility and capability to develop sector-specific transactions that cater to the exact needs of our expansive and diverse ecosystem of clients.”
“Designed to meet Joyalukkas’ strategic requirements, the deal emphasizes how Emirates NBD can deliver bespoke, digital-first, and customized credit solutions that empower leading companies and support both theirs and the UAE’s economic growth. As a value-added product, this 500-million-dirham facility will help to provide the long-term support Joyalukkas needs to drive ahead with its international expansion plans, empowered by swift access to a framework of carefully structured and flexible capital.”

Topics: Joyalukkas

Four Directions Real Estate Development Company keeps pace with ��’s urban transformation

Updated 03 August 2025

Arab News

August 03, 2025 17:50

Four Directions Real Estate Development Company keeps pace with ��’s urban transformation

Updated 03 August 2025

Arab News

August 03, 2025 17:50

Vision 2030 is inspiring all sectors in the Kingdom to outperform each other and exceed their own objectives and targets. Tourism is already surpassing 130,000,000 visitors a year, on track to reach 150 million even before 2030, driven by a surge of mega events such as Expo 2030 Riyadh and the FIFA World Cup, along with a dynamic calendar of international expos and cultural celebrations. Meanwhile, the real estate sector is poised to make history with the recent announcements and regulatory changes coming into effect.

Four Directions Real Estate Development Company is fully immersed in the vision of the Kingdom and positioning itself to move from being a pioneer in the industry to a leader in it by building highly sustainable and multifaceted communities. These communities draw from the rich cultural heritage of the Kingdom while achieving great value for its residents and generating highest-in-market returns for investors.

Mohammed Al-Zarah, co-founder and CEO of Four Directions, emphasized the company’s commitment to supporting the Kingdom’s national transformation, saying: “The rapid prosperity witnessed by the Kingdom opens wide horizons for reshaping cities with an authentic and contemporary identity. Our commitment at Four Directions goes beyond building; we believe in creating iconic, vibrant projects that draw inspiration from our cultural heritage and apply the best global practices.”

Four Directions was established in 2014 with an ambitious vision to make a significant mark in the real estate development sector, adopting a strategy based on sustainability, innovation, and attracting smart investments. In a short period, it has successfully developed over 250,000 square meters of prime real estate, backed by investments exceeding SR1 billion ($266.58 million), and plans to expand its project scope to 1 million square meters by 2030.

The company’s current portfolio includes prominent, high-quality projects in Riyadh, such as:

Yamama Business Square and Yamama Business Park in the Al-Nakheel area, which redefine high-end work environments through extensive green spaces and facilities focused on health and well-being.
Yamama City Center and Yamama Liv Hotel in Olaya Street, a modern destination combining luxury residential, hotel, and commercial experiences.
Jatheer Tower, which is an architectural icon blending modernity with the spirit of Najdi style.

The company is working on current and future projects that support the “Green Riyadh” and “Quality of Life” programs, aiming to be at the forefront of entities contributing to shaping the Kingdom’s urban future

ECOVIS Al Sabti �� hosts landmark event on Digital Transformation in Internal Audit and Enterprise Risk Management

Updated 03 August 2025

Arab News

August 03, 2025 08:58

ECOVIS Al Sabti �� hosts landmark event on Digital Transformation in Internal Audit and Enterprise Risk Management

Updated 03 August 2025

Arab News

August 03, 2025 08:58

Saad Saleh Al Sabti and Partners Co. Chartered Accountants and Auditors, ECOVIS �� (ECOVIS Al Sabti), in collaboration with TransVare® Corporation, hosted a high-impact event focused on “Digital Transformation in Internal Audit and Enterprise Risk Management Functions.”

The event brought together over a hundred industry leaders, decision-makers, and professionals from diverse sectors, all keen to explore how digital innovation is transforming the risk and audit landscape.

The event commenced with a warm welcome address by Khaled Saad Al-Sabti, Managing Partner at ECOVIS Al-Sabti.

He underscored the growing importance of digitalization in enhancing the effectiveness, agility, and value of internal audit and risk management functions.

Khaled Saad Al-Sabti highlighted that in an era marked by rapid technological advancements, organizations must adapt to remain competitive and resilient.

A key highlight of the event was the keynote speech by Norman Marks, a globally renowned authority in risk management, internal audit, and corporate governance.

His forward-looking insights offered a compelling vision of how organizations can modernize their governance, risk, and control frameworks in today’s fast-evolving environment.

The event concluded with live demonstrations of ECOVIS Al-Sabti and TransVare Corporation’s cutting-edge digital tools.

#ERMVare – an agile platform for Enterprise Risk Management
#AuditVare – an advanced solution for Internal Audit Management

These innovative solutions reflect the joint commitment of ECOVIS Al Sabti and TransVare Corporation USA to empower organizations through technology-driven governance, risk, and compliance strategies.

Muhammad Ghazali, Managing Director at ECOVIS Al Sabti, emphasized the importance of digitally transforming the Compliance function through competitive and user-friendly solutions available with local support in ��.

He also expressed his sincere gratitude to all participants for their presence, active engagement, and valuable contributions, which collectively ensured the event's resounding success.

flyadeal announces solid H1 2025 performance

Updated 03 August 2025

Arab News

August 03, 2025 02:10

flyadeal announces solid H1 2025 performance

Updated 03 August 2025

Arab News

August 03, 2025 02:10

flyadeal, ��’s fast-growing low-cost carrier, has announced half-year performance figures that have exceeded growth expectations, with milestones and achievements topped by becoming the world’s most punctual airline in June.
Compared with the first half of 2024, the six months to June 2025 saw passenger numbers increase 25 percent to just over 5 million, outstripping the 21 percent seat capacity growth.

Achieving status as the world’s most punctual airline in June was indicative of our commitment to operational excellence while increasing capacity, says Steven Greenway, CEO of flyadeal

With 33,400 flights operated — 200 daily for the first time since flyadeal’s inception in 2017 — thanks largely to a near 60 percent increase in the number of routes flown during the six months, the airline surpassed the industry average for best on-time performance of any low-cost Middle East airline for six consecutive months.

HIGHLIGHT

Compared with the first half of 2024, the six months to June 2025 saw passenger numbers increase 25 percent to just over 5 million, outstripping the 21 percent seat capacity growth.

In June, flyadeal was acclaimed for being the world’s most punctual airline, achieving 91.77 percent operational performance based on flights within 15 minutes of scheduled arrival.
Operational highlights for January-June 2025 over the same period in 2024:
• Number of passengers carried rose 25 percent to 5.05 million
• Seat capacity increased 21 percent
• Total flights operated were up 20 percent to 33,400
• Number of routes flown went up 57 percent to 127 from three bases in the Kingdom
• Fleet grew by five aircraft to 39
• Most punctual airline in the world with on-time performance peaking at 91.77 percent
• Six consecutive months as the best Middle East low-cost airline for punctuality
• Launched scheduled flights to Pakistan signaling first move into South Asia
Key milestones and achievements in H1 2025:
• Joined sister airline Saudia’s AlFursan loyalty scheme for members to earn and redeem miles on flyadeal flights
• Historic order for 10 Airbus A330 widebody aircraft for long-haul flying
• Graduation of first 10 of 150 cadet pilots under a new Saudi government scholarship program
• flyadeal announced Saudi cabin crew to be trained as certified tour guides in a ground-breaking regional initiative
• flyadeal joined industry body International Air Transport Association
• Headcount rose 21 percent to 1,600 employees
Steven Greenway, flyadeal CEO, said: “The 2025 first-half performance demonstrated flyadeal’s ongoing commitment to growth in both passengers flown and available seat capacity. But more importantly, our business evolved with a continued focus on core values of operating as a low-cost airline, at high efficiency and with service excellence.”

“With the number of routes flown increase by almost 60 percent compared with the six corresponding months of 2024, we achieved 200 daily flights for the first time in June. As the fleet reached 39 aircraft, our milestone 40th has just been delivered in July giving us more capacity to increase frequency on existing services and add new destinations.”
He added: “Achieving status as the world’s most punctual airline in June was indicative of our commitment to operational excellence while increasing capacity. The introduction of scheduled flights to Karachi in Pakistan — our first move into South Asia — and the addition of Istanbul’s second airport of Sabiha Gökçen and Alexandria as our fourth year-round destination in Egypt, is evident of our approach to introduce new markets and strengthen existing ones.
“As we look forward to the coming months of boosting our network including adding Islamabad, Sialkot and Peshawar to boost our Pakistan operations, we are on course for year-end to reach another milestone of 40 million passengers carried since our very first flight.”

Topics: flyadeal

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