VOICES FROM THE SECTOR: ECONOMY
How has the investment portfolio of AlKifah Holding developed over time?
My late father established the company in the 1970s as a small construction contractor, and from there we subsequently expanded into trading, printing, packaging, precast concrete, and leasing. We have always been in the construction equipment business. Real estate development is typical in our line of work, and we have been present there since the early days. We have developed many family businesses within the construction and real estate sectors in this region. Our other diversifications came from opportunities that emerged. The education business was related to my father's vision of giving back to the community. We built a school that is now the largest private school in our hometown.
What is your evaluation of the major trends in the real estate development and construction sector?
Historically, the private sector has relied on government spending, though with Vision 2030, one of the focuses is how the private sector can take part in the transformation. We have worked closely with several ministries to understand their view and approach to privatization. There will be many opportunities in 2019, and we are ready to participate.
How would you position yourself within the business event landscape, and what are your main strengths?
We are a full-service events management company that can handle all event-related aspects, from the pre-event preparation and marketing phases to onsite event logistics and post-event phases. We are a company that can operate as both an organizer and an executor for events related to governmental bodies and corporate entities across the Middle East. Our main goal is to contribute to the development and reinforcement of the industries' performances and establish new grounds to work from.
There are various recurring events in your portfolio taking place on an annual or bi-annual basis. Could you give some examples of these long-term partnerships?
Our aim is to have sustainable event concepts that can take place several times in different locations and maintain strategic partnerships. We started with the International Operations & Maintenance Conference (OMAINTEC), which was held 16 times in Saudi Arabia, the UAE, Lebanon, Egypt, and Jordan. The OMAINTEC conference shows how initiatives in a conference can transform institutions. For example, the Arab Council for Operations and Maintenance was established during the third OMAINTEC in 2004. Moreover, we also organized the Arab Desalination Conference (ARWADEX) 12 times, held previously in Saudi Arabia, Lebanon, and Egypt. Similarly, we are the proud executing party of the Saudi Law Conference organized by Burhan Almarifa & LexisNexis. The second edition of the conference will be held on November 3-5, 2019.
What is your approach with regards to technology and innovation?
Technology is evolving significantly within the events industry, and we are constantly on the look-out to keep up with the latest technological advancements. The use of digital marketing techniques and social media has become the main marketing channels for our events. In terms of engaging with attendees and as part of our all-in-one events management software, the use of electronic newsletters and the mobile app has proved to be highly effective.
What are your primary ambitions for the years ahead?
The Kingdom is developing greatly in all aspects as part of Vision 2030, and contributing to these developments through our events is our main goal. Also, we are expanding on a regional scale. We have offices in Riyadh, Beirut, Dubai, and London, and we recently opened a new one in Cairo. We are keen to organize more events in Egypt and contribute to the economic development efforts undertaken by the Egyptian government.
Can you give us an overview of SIPRC?
SIPRC was established in 2009 as the first company to specialize in IP in Saudi Arabia. We support different organizations in navigating different legal issues and creating new business opportunities. We are the number-one company when it comes to IT and IP. We work with various major and local technology companies to provide them with consultation, registration, and protection of IP. The company has a variety of local partners and strong alliances with several government and market actors.
Can you give us a breakdown of the sector?
There are four main pillars of intellectual property in the region: patents, industrial design, copyrights, and trademarks. We have had a great deal of success, for example, when it comes to trademark registration and protection. The process has been smooth for most areas of operation within the different ministries and the areas of enforcement under their purview. Copyright covers a wide variety of disciplines and endeavors, including books, painting, music, sculpture, databases, websites, software, and so on. The complexity and range of these areas made it difficult for the Ministry of Culture and Information to dedicate the necessary resources to every area. However, this is a must, particularly when one considers the change and development Saudi Arabia is currently going through. The upcoming changes support the vision of the country in terms of positioning Saudi Arabia as an international innovation hub.
What role does SEA Ventures play within the country's economic spectrum, and what are its priorities going forward?
SEA Ventures is an engine of economic growth and a key builder in the entrepreneurial ecosystem, especially in terms of powering potential entrepreneurs. We started in 2017, and in 2018 we delivered seven boot camps for 2,181 participants. We have started more than 51 businesses, and this is only in two cities in Saudi. We also went to Switzerland and delivered a boot camp there. We work closely with universities, entrepreneurs and potential entrepreneurs, non-profit organizations, and government organizations. Since we usually work with ideas and start-ups, our main focus is working on the psychological aspect. We look at how to be job creators rather than job seekers, based on what the market demands and the direction set by Vision 2030. That being said, we also create programs aligned with what companies require, stressing the importance of internships to help students gain practical experience.
What is your definition of innovation, and how will technology impact the Saudi business environment?
When you look at your business model, it is important to see how you are presenting your product and service and how you can do things differently and add more value. Companies can save time, investment, and cost when they add technology to their business. Innovation saves time and improves processes; it improves the whole interaction, especially if design thinking is applied to the process.
What role does SOCPA play in the new ecosystem for better governance?
We are working to help Saudi Arabia build a better supply of accounting professionals, namely more accountants who follow international accounting and auditing standards. We also want to make sure people who practice accounting in their private businesses are subject to quality checks, as well as confirmation of their certification and education. This is a new project that will be initiated in 2019. It requires all accountants in Saudi Arabia to register with SOCPA. We want Saudi accountants to be knowledgeable, professional, and certified by relevant authorities.
How do you compare Saudi Arabia in terms of local and global standards?
We work with international organizations such as the International Accounting Standards Board, the International Federation of Accountants, and the International Financial Reporting Standards (IFRS). We have a project to improve the quality of Saudi accounting firms so they can improve their quality, presence, and results. Notably, more than 120,000 non-Saudis are working as accountants in Saudi, and we are working with the Ministry of Labor to localize these positions. It will take time but we plan to put 20,000 Saudis in these positions by 2022.
VOICES FROM THE SECTOR: ECONOMY
TABLE OF CONTENTS
Interview
Mohammed A. Al-Mowkley , Deputy Minister of Water Services, Ministry of Environment, Water, and Agriculture & CEO, National Water Company (NWC)
NWC leads the Kingdom's efforts to preserve water as a non-renewable national resource and drastically reduce the average per capita water consumption.
read articleInterview
Majed H. Al Saadi , Managing Director, Priority Projects Office (PPO), Local Content and Government Procurement Authority
PPO and ECA act as an accelerator for the realization of Vision 2030 by bridging the gap between the private and public sectors and helping the government diversify the economy in the long run.
read articleInterview
HRH Princess Hala bint Khaled bin Sultan Al-Saud C, Chairman, Saudi Law Conference (SLC) organizing committee & Founder,, Burhan Almarifa
Burhan Almarifa is focused on maturing the legal sector, encouraging innovation, and enabling research and development in KSA through knowledge transfer and consultancy.
read articleInterview
Sahel N. Abduljauwad, Rector, King Fahd University oF Petroleum & Minerals (KFUPM)
The King Fahd University of Petroleum & Minerals has long been the backbone of Saudi Arabia's formidable drilling expertise. Today, it is working to train the next generation of renewable energy and water management scientists.
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Dr. Abdullah Al-Rubaish, Rector, Imam Abdulrahman bin Faisal University (IAU)
Dr. Abdullah Al-Rubaish was appointed vice president of KFU in 2007 and president in 2010. He combined his executive experience from serving in various deanships at KFU with academic practices to become associate professor of medicine and work as a medical consultant at the Department of Internal Medicine. He graduated from KFU's College of Medicine and completed his medical internship at KFHU, where he also pursued a fellowship program. He became a member of the UK Royal College of Physicians and the Arab Board after he completed his sub-subspecialty in Pulmonary Medicine at the University of Alberta, Canada.
read articleInterview
Rajaa Moumena, Founder & President, Future Institute of Higher Education and Training
Saudi Arabia is allowing women more privileges, including driving and becoming ambassadors. The Future Institute of Higher Education and Training is trying to help by providing courses they need to adapt to this new world.
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