Sabiq: Mabaat to expand into hotel management sector soon

NOHA.GAD

Jan 9, 2025

Mabaat, the leading company in the tourism accommodation sector, plans to expand into hotel management sector soon

Riyadh - Exclusive Sharikat Mubasher: Mabaat, Saudi Arabia’s leading short-term rental property management company, plans to enter the hotel management sector soon, aligning with the Kingdom’s efforts to transform the tourism sector, CEO Naif Sabiq stated in an interview with Sharikat Mubasher on the sidelines of the third edition of the Saudi Tourism Forum (STF).

Sabiq revealed that Mabaat will launch its electronic platform during the forum, with plans to introduce self-check-in services following approval from the Ministry of Tourism.

He noted that Mabaat participated in the STF to showcase its services, following its recent acquisition by Scene Holding Company.

On the second day of the STF, Scene Holding announced acquiring a strategic stake in Mabaat in a move to enhance innovation, drive growth, and expand services to accommodate guests during major global events such as the Asian Cup, the Olympics, the World Cup, and Expo 2030.

Sabiq also emphasized the Ministry of Tourism’s efforts to transform the sector and elevate visitor experiences by adhering to world-class standards.

Established in 2020, Mabaat specializes in managing luxury properties for private owners in prime locations such as Jeddah, Riyadh, and Alhada.

The Saudi Tourism Forum 2025 took place in Riyadh from 7 to 9 January with the participation of over 100 exhibitors and more than 40 global speakers. It featured over 1,000 meetings and workshops and welcomed more than 450 leading brands in the tourism sector.

The forum served as a dynamic platform to explore the latest developments, showcase key investment projects, and foster skill development and partnerships to drive the growth of the tourism sector.

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Riyadh - Sharikat Mubasher: Saudi Arabia’s Public Investment Fund (PIF) launched Tawrid Company for Financing Solutions, a digital platform that provides supply chain financing products to companies in the Saudi market.The new company obtained the necessary permits from the Saudi Central Bank (SAMA) to operate in the Saudi market under the regulatory Sandbox environment, the PIF stated in a press release today.Aimed at empowering companies to fund their broader activities through supply chain financing products, Tawrid will strengthen the Saudi private sector, particularly small and medium-sized enterprises (SMES), connecting buyers, suppliers, and funders through its digital platform.The platform will offer diverse products, such as early settlement options against approved invoices, enabling businesses to expand operations, improve working capital efficiency, and strengthen liquidity management.Tawrid has started operations and has already signed binding agreements with local banks and companies, including Gulf International Bank (GIB), Saudi National Bank (SNB), Banque Saudi Fransi (BSF), ROSHN Group, and Nesma & Partners.Sultan Alsheikh, head of financial institutions in MENA investments at PIF, said: “Tawrid will make Saudi supply chains stronger and more resilient by further enabling companies to access financing and improve their liquidity management. Its supply chain financing products will enable businesses to operate with greater agility and efficiency, creating opportunities for the Saudi private sector in particular.”The launch of Tawrid is part of the PIF’s strategy to increase the Saudi private sector’s contribution to PIF’s projects and portfolio companies and to grow the private sector’s share of the local economy.The digital platform will enable local banks registered on its network to engage with registered suppliers, strengthening supply chains and further supporting the diversification of financial services and the digitalization of trade in Saudi Arabia.

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Barq pacts with Sohar International to advance digital financial services

Riyadh - Sharikat Mubasher: Barq, the Saudi fintech and digital payments company, signed a cooperation agreement with the Omani services company Sohar International to explore new opportunities in banking and digital financial services.The agreement was signed by Saad Almuhana, co-founder and deputy CEO of barq, and Khalid Al Guthami, country chief executive officer of Sohar International’s KSA Branch, on the sidelines of Money20/20 Middle East in the presence of Ahmed Alenazi, founder and CEO of barq, according to the official statement released yesterday.The agreement establishes a framework for both companies to leverage their complementary banking, technology, and digital capabilities to explore innovative financial solutions and create greater value for customers.This collaboration provides a platform to explore cross-market opportunities that can contribute to a more connected, digitally enabled financial ecosystem, while supporting the continued evolution of financial services and complying with applicable regulatory, operational, and market requirements.Commenting on the partnership, Alenazi said: “We are keen to extend barq's partnerships to financial institutions that share our ambition to improve the customer experience and harness the opportunities created by digital transformation. Our cooperation with Sohar International gives us the opportunity to explore new areas and work on models that can create lasting value for both parties.”In turn, Abdulwahid Al Murshidi, chief executive officer of Sohar International, stated: “At Sohar International, we are focused on building a globally connected financial platform that enables greater access to opportunities across markets and supports the changing needs of our customers and partners. Our cooperation with barq reflects this approach, bringing together complementary capabilities to explore solutions that can contribute to a more connected and digitally enabled financial ecosystem across Oman, Saudi Arabia and the wider region.”The partnership further strengthens Sohar International’s engagement with the region's evolving financial ecosystem and supports its strategy of combining banking expertise, technology and strategic relationships to unlock new opportunities across markets.

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Sabiq: Mabaat to expand into hotel management sector soon

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