For example, we’ve made strategic investments in AI through our Canadian subsidiary, which is helping us harness the potential of machine learning and data analytics. Additionally, our focus on cloud computing has been pivotal. When the COVID-19 pandemic disrupted traditional operations, our prior investments in IT infrastructure and cloud technology enabled us to transition to virtual operations seamlessly, within a matter of hours. This experience underscored the critical role that technology plays in our resilience and future success. It demonstrated to the entire organization that innovations like IoT, AI, and cloud computing are not just enhancements, but essential elements for ensuring our continued growth and leadership in the market. 

As we move forward, these technologies will be key in shaping our future, allowing us to push the boundaries of what’s possible and maintain our competitive edge in an ever-evolving landscape.

Moderator: Every economic shock leaves a legacy. The Covid-19 pandemic is no different. It has roiled financial markets, dampened global growth, upended traditional business models and threatened the future of globalization. The scars will be felt for generations. However, the chaos has also given birth to an uneasy optimism about the future. Lessons learned from the pandemic: How did Rawabi made it through the pandemic by being fast, and thinking digital? 

Othman Ibrahim: The main lesson we learned is that having a strong foundation and being well-prepared can significantly limit the impact of unexpected challenges. During the pandemic, despite the sanctions and restrictions on deploying crews or moving assets, we were still able to deliver on many of our commitments. This was largely due to the structure 

of our company and our investment in technology, which allowed us to minimize the effects of the crisis on our operations. We retrofitted our vessels to conduct marine evacuation for our clients’ employees during the height of the pandemic showcasing our active role in supporting our people.  Our solid core also allowed us to extend greater flexibility and support to all our clients and suppliers.

Moderator: Cityscape saw the signing of many deals between local and international parties, reflecting the extent of global interest in Saudi Arabia’s real estate sector. What measures could be adopted to further facilitate foreign investment in the real estate  market, and how does the regulatory framework ensure ease of access and security for international investors?

Othman Ibrahim: As I mentioned earlier, regulatory changes in Saudi Arabia have been instrumental in attracting investors, particularly in real estate. Real estate is a key focus, and Saudi Arabia is making great strides to draw both local and international companies to the market. At Magnom Properties, Rawabi Holding's real estate arm, our goal is to launch the Forbes International Tower in Saudi Arabia, and we are also finalizing plans for a similar project in Egypt, expected to launch early next year. Saudi Arabia’s real estate market is highly attractive for international investors, with a growing demand for both commercial and residential properties. The regulatory improvements make it easier for foreign investors to enter the market, attracting significant global interest.

Moderator: Let’s return to the topic of human capital — often considered a company’s most valuable asset. A company’s long-term success is usually a reflection of the culture it fosters and the talent it cultivates. You touched on the importance of empowering women, and I understand you have an initiative called the Ladies Who Lead program. Could you share more about your perspective on promoting gender empowerment and building a more inclusive corporate culture? Additionally, how are you developing an ecosystem that not only attracts strong talent but also enables it to grow and flourish within the organization?

Othman Ibrahim: Rawabi Holding’s success is undoubtedly driven by its people, and we prioritize attracting, developing, and retaining top talent. Our strategies include competitive compensation, a strong corporate culture, and continuous professional development opportunities. A prime example is our creation of the Shadow Board of Directors, established 14 years ago. This board acts as an advisory group for the company, and half of its members are women, all under the age of 40. This initiative allows young, talented individuals, not necessarily in managerial positions, to contribute to the company’s success. Additionally, 40% of our main Board of Directors is female, sending a clear message about the importance of gender equality and women’s empowerment. In our corporate offices, women now make up 45% of the workforce, and we aim to increase this to 50%. We are deeply committed to empowering women and fostering a more inclusive environment across the organization. Furthermore, youth empowerment is a key part of our corporate social responsibility, which is one of the main pillars of the Rawabi Group. Our Corporate Social Responsibility and Sustainability Committee has 75% female representation, and within our Corporate Communications and Sustainability Department, 90% of the team are women. These statistics reflect our strong commitment to gender equality, youth empowerment, and creating opportunities for women to thrive in leadership roles.

Moderator: The world is moving towards increased adoption of environmental, social and governance across all sectors.. In an era of escalating shareholder and public scrutiny, corporate boards must lead with greater transparency, efficiency, and expediency than ever before. How does Rawabi approach good governance?

OthmanIbrahim: I'm proud to share that we published our first ESG report at Rawabi Energy last year, making us one of the few companies to do so. We chose to start with the energy sector because, while it's one of the most challenging areas to issue an ESG report, it was a priority for us. Regarding governance, I'm pleased to say that Rawabi's corporate governance practices were established 25 years ago, long before governance became a widespread focus in our region. We’ve continually improved our approach by studying and implementing global best practices in corporate governance. Rawabi recently transitioned from an LLC to a closed joint-stock company, which highlights the importance we place on governance. Even before this change, corporate governance was a critical pillar of our structure. We’ve always drawn a clear line between management and ownership. Although we’re not a publicly listed company, we operate as if we are, with shareholders participating in Annual General Assembly Meetings to approve board nominations. Good governance has made issuing our ESG report much easier. On the environmental side, sustainability is key, and our recent partnership with Worldwide Generation (WWG) is part of our effort to enhance sustainability. WWG is a global sustainability fintech, which has a presence in the UK, Europe, Singapore, Malaysia, UAE and Saudi Arabia has been developing the G17Eco Platform since 2016 with over 300 expert contributors to the design of G17Eco globally. WWG's platform helps us measure emissions and track sustainability metrics, aligning with our overall strategy. On the social side, community investment  has been fundamental to Rawabi since its inception  in 1980, with Rawabi formally institutionalising corporate social responsibility (CSR) by 2009  Giving back to the community is one of our core pillars, and we encourage our employees to participate in CSR activities. We see many young employees volunteering and actively contributing to these initiatives, which underscores the importance of social responsibility to us. In summary, for Rawabi, governance is essential. It provides the foundation for sustainable growth and allows us to manage risk effectively. This commitment to governance, along with our focus on environmental sustainability and social responsibility, is crucial to our long-term success.

Moderator:I’d like to ask you about leadership. When you look at Rawabi’s scale — from its impressive revenues and international footprint to the number of employees and diverse projects — it’s clear the company operates on a significant level. What would you say are the key challenges in leading an organization of this magnitude? And on a day-to-day basis, what aspects of managing such a complex operation require the most attention or present the greatest difficulty?

Othman Ibrahim: Managing a company of this magnitude is more feasible when you have a well-trained, highly educated, and committed team supporting the organization's growth. Engaging the entire team in daily operations is essential to minimizing challenges. To give you an idea, Rawabi’s structure consists of a holding company and several sub-holdings—Rawabi Energy, Rawabi Contracting, and Rawabi Industrial Integrated Services, each with its own management and leadership. This layered structure allows us to manage the business and address challenges effectively. While managing such a large organization may seem complicated, empowering and engaging our teams with clear authority over daily operations helps maintain growth and minimizes operational issues. We have a loyal, committed, and talented workforce that drives our continued success.

Moderator: Looking ahead, where do you envision Rawabi five years from now? What are the key opportunities you aim to capitalize on, and what challenges do you anticipate the holding will need to navigate as it continues to grow and diversify??

Othman Ibrahim: We’re committed to continuous growth, not just within Saudi Arabia but internationally as well. Currently, we operate in multiple countries, including Indonesia, Singapore, Egypt, the UAE, and North America. This global footprint is a key part of our strategy to become not just a local leader but an international player. Sustainability is also a core focus for us as we continuously align with our stakeholders to ensure Rawabi is on the right path to realising global sustainability goals. We’re particularly focused on expanding in the energy and marine sectors and continue to form new joint ventures with international partners to transfer knowledge and technology to Saudi Arabia. Right now, we’re in talks to establish three new joint ventures in the energy sector. In the next five years, I expect Rawabi to grow by around 70%. To give you an example, between 2022 and 2023, the company saw a 35% increase in revenue, and we anticipate this growth will continue in the years ahead.

Moderator: This report stands as a testament to Crown Prince Mohammed bin Salman's visit to Paris last year to meet with President Macron. It will be published in Forbes France and Institutional Investor in the US, with the goal of fostering partnerships — whether in investment, commerce, technology, or knowledge exchange. With that in mind, what opportunities do you see specifically with France and the United States, where this report will be widely distributed? And what message would you like to convey to potential investors in these markets?

Othman Ibrahim: His Royal Highness Prince Salman's visit to Paris was a significant moment in strengthening the economic and cultural ties between Saudi Arabia and France. At Rawabi Holding, we see immense potential for partnerships with both France and the US, especially in areas like investment, knowledge sharing, and technology transfer, which are critical for driving innovation. We’ve discussed how essential these collaborations are for ensuring we remain at the cutting edge of sectors like energy. Partnerships with companies in France and the US, particularly in renewable energy and technology, could accelerate the transfer of advanced technologies and best practices to Saudi Arabia, strengthening our capabilities and helping us achieve our goal of becoming a global leader, not only in the energy industry but in other sectors as well. These international partnerships align perfectly with our broader strategy of leveraging global expertise to meet our business objectives and support Saudi Arabia's Vision 2030. For example, last year we invested in a company—whose name I won’t mention—that's helping to transfer knowledge to Saudi Arabia. We're also in discussions with several French companies about potential joint ventures. We had already been partnering with a French firm until it was acquired by another group. So, investing in both the US and France is critical for us, as their advanced technologies will contribute to our growth and ongoing success.

Moderator: Yes, and as a final question — how do you personally define leadership? In your view, what are the qualities that truly make someone a strong and effective leader?

Othman Ibrahim: A good leader needs to be adaptable, staying informed about the latest changes and challenges in the business world. Leaders should continuously update themselves, whether through reading or learning about emerging trends, such as artificial intelligence. It's essential for a leader to stay ahead of these advancements, as they can present both opportunities and challenges. Additionally, a leader should be well-connected with their team, actively listening and fostering a collaborative environment. Leadership isn’t about being a one-man show; it's about teamwork. This is central to our company culture. Leaders should also empower young talent and women, giving them opportunities to grow. Importantly, a good leader isn’t just teaching; they are also learning from their team. Staying aligned with the team and understanding the business environment is key to successful leadership.