“Ro’a Al-Haram Al-Makki” and “Ro’a Al-Madina Holding” companies, affiliated with the Saudi Public Investment Fund, signed two strategic cooperation agreements with the Islamic Trust Fund of Brunei (TAIB), aiming to expand areas of investment and development cooperation between Saudi Arabia and Brunei Darussalam, and to explore new opportunities in Mecca, Medina and Brunei.
The two agreements were signed in Bandar Seri Begawan, the capital of Brunei, by the CEO of “Ru’a Al-Haram Al-Makki” Company, Bambang Kajairi, the CEO of “Ru’a Al-Madinah Holding Company”, Eng. Ahmed bin Wasl Al-Juhani, and the third permanent secretary in the Ministry of Economy, Trade and Industry and Managing Director of the (TAIB) Fund, Hasna bint Haj Ibrahim.
The signing ceremony was witnessed by the Head of the General Department of Local Real Estate Investments at the Public Investment Fund, Saad Al-Karroud, the Director of the Real Estate Portfolio Management in the Fund’s Western Region, and the Chairman of the Board of Directors of “Ru’a Al-Madina Holding Company” Nayef Al-Hamdan, along with the Minister of Religious Affairs and Advisor to the Islamic Trust Fund Foundation of Brunei (TAIB), Pengiran Dato Seri Setia Haj Muhammad Tashim bin Pengiran Haj Hassan.
The two agreements aim to expand areas of cooperation between Saudi and Brunei institutions, and open new paths for investment and development in Mecca and Medina, including projects related to hospitality, housing, and destination development, in addition to exploring opportunities for mutual investment in Brunei.
Under the first agreement, the “Ru’a Al-Haram Al-Makki” company and the “TAIB” Fund will discuss the possibility of investing in a joint project within “King Salman Gate” in Mecca, which includes a proposal to develop real estate designated for hospitality and residential uses, with an estimated total development value of about 9.7 billion riyals ($2.6 billion).
Proceeding with the project remains subject to completing the due diligence examination, obtaining the necessary approvals, completing financing arrangements, and concluding final agreements between the parties.
“Ro’a Al-Haram Al-Makki”, one of the Public Investment Fund companies, assumes the role of the main developer of the “King Salman Gate” project, and through it it seeks to attract international institutions to participate in the investment opportunities related to the project, in parallel with leading its development processes and implementing its comprehensive vision.
The agreement allows the “TAIB” Fund to join “King Salman Gateway” as a strategic international partner, as part of “Visions of the Holy Mosque of Mecca” to expand its cooperation with investment institutions from various parts of the Islamic world.
In a parallel track, “Ro’a Al-Haram Al-Makki” and “Ro’a Al-Madina Holding”, under a separate agreement with the “TAIB” Fund, will discuss opportunities for cooperation in the fields of investment and development in Mecca, Medina and Brunei Darussalam, which will allow linking investment and development opportunities in the two cities with investments and expertise coming from Brunei, and opening the way for mutual investments between the two sides.
“Rowa Al Madinah Holding” is working on a number of real estate development and investment initiatives in Medina, including the areas of urban planning, hospitality, commercial development and infrastructure.
The “Roua Al Madinah” project is the company’s main project, and it has been planned to be an integrated destination for hospitality and commercial activities, contributing to increasing the capacity of Medina and enriching the visitors’ experience, within the goals of “Vision 2030.”
The two agreements come within the framework of expanding investment relations between Saudi Arabia and Brunei Darussalam, especially in projects related to Mecca and Medina, with the two companies, “Ro’a Al-Haram Al-Makki” and “Ro’a Al-Madina Holding,” seeking to attract international institutions to participate in development and investment projects in the two cities, and to support projects aimed at increasing the capacity and improving the experience of the guests and visitors.
Fraudsters used voice cloning technology and a fake message via the WhatsApp application to impersonate senior officials and persuade the Chairman of the Board of Directors of the Italian Bank Vidram to transfer about 95 million euros to external accounts, in a process that reveals a new aspect of the risks of using artificial intelligence in financial fraud operations.
The operation began in February when Paolo Molesini, who was then Chairman of the Board of Directors of Federam, received a message via WhatsApp that appeared to come from Carlo Messina, CEO of the Intesa Sanpaolo Group, asking him for urgent assistance in carrying out an external financial transaction, according to two informed sources who spoke to Reuters.
After the letter, Molesini received a phone call from a person impersonating a senior partner in a law firm, confirming the transfer request. The sources said that the fraudsters used artificial intelligence technology to clone the lawyer’s voice, which gave the request an additional appearance of credibility.
Believing the request was genuine, Molesini directed Vidram's finance department to arrange a series of transfers to offshore accounts, mostly in China and Hong Kong, according to the sources.
The operation highlights how artificial intelligence can exploit one of the most common verification tools in the business environment, which is recognizing a person's voice or trusting the identity of the sender, rather than directly hacking into banking payment systems. In this case, fraudsters were able to make fraudulent instructions appear to have come from two trusted, independent sources, one via a written message and the other via a voice call.
Vediram quickly discovered the existence of unusual transfers and notified the relevant banks and authorities in a number of countries. The cooperation of the authorities in Italy, China and Portugal contributed to the recovery of about 53 million euros, while about 36 million euros remain untracked, after it passed through a network of external accounts and part of it was converted into cryptocurrencies, according to the sources.
The case is subject to investigations in Milan, where the authorities have placed a foreign person residing outside Europe under investigation on suspicion of committing the crime of electronic fraud. The sources said that Molesini and other Vidiram officials are not under investigation.
Molesini resigned from the chairmanship of the Board of Directors of “Vediram” in March, citing personal reasons, and the bank did not provide an additional explanation for his resignation at the time.
The incident highlights the widespread use of artificial intelligence in impersonation and financial fraud, with the low cost of producing voices and messages capable of convincingly imitating real people. It also reveals the importance of not considering phone calls or messages received via communication applications as sufficient evidence of the validity of financial transfer instructions, especially when they relate to large amounts or urgent requests.
This is not the first fraud of this kind in Italy; Last year, fraudsters used artificial intelligence to imitate the voice of an Italian minister and convince businessman Massimo Moratti to transfer about one million euros to an offshore account, before recovering the money later, according to Reuters.
Saudi Finance Minister Mohammed Al-Jadaan called on the Asian Infrastructure Investment Bank to focus on the development impact of projects, stressing that the bank’s success should not be measured by the volume of financing or the number of approved projects, but rather by the improvement of services, strengthening of institutions, economic flexibility, and increased private sector participation.
Al-Jadaan said, during his participation in the eleventh annual meeting of the Board of Governors of the Asian Infrastructure Investment Bank, which concluded its work, Tuesday, in Doha, that the bank laid strong foundations during its first years, while making progress in connectivity, regional cooperation, and private sector participation, which enhances its ability to respond to the needs of member states in the field of infrastructure.
He added that the bank's expansion requires looking beyond the volume of financing and project approvals, explaining that progress "should not be measured by the volume of financing or project approvals only, but rather by the development impact."
He stressed that the bank's success must be reflected in “better infrastructure services, stronger institutions, greater economic flexibility, and broader private sector participation,” at a time when the bank is entering its second decade as it moves to expand infrastructure financing and mobilize more private capital.
Al-Jadaan called for strengthening early communication with member states, enabling the bank to better understand each country’s circumstances, infrastructure gaps, and priorities, stressing the importance of supporting multi-year programs that are in line with national strategies.
He also urged the Bank to expand its partnerships with multilateral development banks and international organizations, with the aim of exchanging experiences, avoiding duplication of efforts, and mobilizing additional resources from the public and private sectors.
He stressed the importance of the Bank's approach remaining based on the needs of countries, taking into account the differences in institutional capabilities, financial space, and levels of infrastructure development among member countries.
The bank’s annual meeting in Doha, under the title “Future Infrastructure: Impact and Innovation,” comes at a time when the bank is preparing for a new phase of expansion. The bank had announced that its goal is to almost double the volume of annual financing by 2030 to reach about $20 billion, with a focus on infrastructure related to climate resilience, renewable energy, digital transformation, and regional connectivity, in addition to mobilizing more private capital.
Saudi Arabia is a founding member of the Asian Infrastructure Investment Bank, which was established in Beijing in 2016 as a multilateral development finance institution.
