March 2023, Riyadh, KSA - Courtyard by Marriott Riyadh Northern Ring Road was awarded 'Hotel of the Year 2022 - Middle East’ by Marriott International at the company's Europe, Middle East & Africa (EMEA) Leadership Conference on March 14, 2023.  The hotel was one of six properties across the EMEA region that was recognised as Hotel of the Year for its performance and guest satisfaction.  The conference brought together leaders and hotel teams from across the EMEA region.  During the awards ceremony, the company recognised a select number of properties under the category of Hotel of the Year in the EMEA Region for their efforts and performance in 2022. Awards were handed out by Marriott’s global and EMEA leaders.  Mahmood Omar, General Manager of Courtyard by Marriott Riyadh Northern Ring ......read more

In a global first, Hilton will showcase its new Green Ramadan initiative at Hilton Riyadh Hotel & Residences. The campaign aims to improve local sourcing and reduce food waste across hotels in KSA, Qatar and the UAE.     Riyadh, KSA, 23 March 2023: Hilton (NYSE: HLT), in partnership with the United Nations Environment Programme (UNEP) West Asia and Winnow, has announced the launch of Green Ramadan, an initiative which will see food waste reduction efforts implemented across several key markets in the Middle East, including the Kingdom of Saudi Arabia (KSA) at Hilton Riyadh Hotel & Residences.    With reports from UNEP West Asia showing that food waste increases by 25% - 50% in the region during religious and social festivities, Hilton is introducing measures to minimise waste during the holy month of ......read more

Riyadh, Saudi Arabia, 23 March 2022: Bab Rizq Jameel, a company that is a part of Community Jameel Saudi, celebrated the graduation of its first cohort of graduates in the Training Ending with Employment in the Coffee Sector Programme. This coincided with the national campaign to celebrate the inaugural Social Responsibility Day in Saudi Arabia. The programme launched during the Year of Saudi Coffee 2020, under the patronage of the Culinary Arts Commission of the Saudi Ministry of Culture. Due to the programme’s great results, the second edition will be launched in partnership with the Arabian Coffee Institute, and will include 40 new participants to be trained in several cities across the Kingdom. The graduation ceremony was held in Jeddah at the Nafisa Shams Academy Hall, in the presence of Dr. May Taibah, Member of the ......read more

Jeddah:  In Saudi Arabia, Bayzat’s integrated HR platform is revolutionizing the work-life experience for organizations, bringing efficiency to business operations and transformative benefits for employees.   Through a single platform, HR, Payroll & Employee Benefits platform companies can invest in the well-being and health of their employees and create a world-class employee experience that enhances their productivity and loyalty.   Talal Bayaa, the CEO and Co-Founder of Bayzat, said: “Bayzat is an all-in-one HR, payroll, insurance and employee benefits platform that will benefit employers and employees across Saudi Arabia. We are redefining the way work works for the better, making a world class employee experience a possibility for all businesses.”   The application facilitates ......read more

SCFHS accreditation now applies to all residency postgraduate training programs offered by MBRU March 20, 2023: Mohammed Bin Rashid University of Medicine and Health Sciences (MBRU) has been granted full institutional accreditation by the Saudi Commission for Health Specialties (SCFHS) for four more years.  The renewed SCFHS accreditation now extends to all postgraduate residency and fellowship programs provided by the Deanship of Postgraduate Medical Education at MBRU. The training for the accredited programs will take place at Dubai Academic Health Corporation (DAHC) healthcare facilities, including Rashid Hospital, Dubai Hospital, Latifa Women & Children’s Hospital, Al Jalila Children’s Specialty Hospital, Hatta Hospital, Dubai Dental Hospital, and other primary care and specialized health centers. ......read more

- Saudi’s SMEs authority Monsha’at and Zoho to accelerate digital transformation and e-commerce adoption in the SMEs sector  - Under this agreement, the SMEs enrolled in Monsha'at’s Mazaya Programme can gain access to Zoho's 55+ cloud-based business solutions with a wallet credit worth USD 2500. - Monsha’at will facilitate online and offline digital training of Zoho’s products through the Monsha’at Academy and Thakaa Center.   Dubai – March 16, 2023 - In line with the national digitalisation agenda under the Saudi Vision 2030, the Small and Medium Enterprises General Authority (Monsha’at) and Zoho Corp., a leading global technology company, announced the signing of a Memorandum of Understanding (MoU) that aims at supporting 30,000 small and medium enterprises ......read more

Following the recent appointment of Ahmed Abdulwahed and Modern Electronics as partners, Panasonic steps up further to optimally serve the growing market in the Kingdom as it also forms alliances with Modern Enterprises Expert Trading, Saudi Emirates Fraternity and Al Babtain Trading   Riyadh, Kingdom of Saudi Arabia:  Panasonic Marketing Middle East & Africa (PMMAF) announced today that it is expanding its distribution line-up in Saudi Arabia as it looks to revive its footprint in the Kingdom and establish the right level of resources to meet the growing demand for its industry-leading products and solutions.   Just recently, Panasonic also revealed that it has formed business alliance with Ahmed Abdulwahed Trading Co (AAW) as its new distributor for small domestic appliances in Saudi Arabia, and Modern ......read more

Jeddah, Saudi Arabia, 14 March 2023: SEDCO Capital, a global Shariah-compliant and ESG-led asset management and investment advisory firm (or “the Firm”) has successfully exited its SEDCO Capital Built-to-Suit Real Estate Fund I (or “the Fund”), delivering a 41% net return on invested capital.  The Fund commenced operations in mid-2018, acquiring two education- zoned plots – in Jeddah’s Al-Shati District – to develop two educational campuses (on a Built-To-Suit basis) for girls and boys (“the Properties”) to be operated by Al-Yusr International School Company (“the Tenant”).  Following growing market interest in acquiring the Properties, the Fund’s Board approved their divestment in line with the Fund’s exit strategy. SEDCO Capital will ......read more

• Cicero & Bernay Communication Consultancy and 3Gem Research & Insights launch the third edition of the annual regional corporate social responsibility survey report. • Members from other countries nominated the UAE as the most active in CSR.   Dubai, UAE, 9 March 2023: Cicero & Bernay Communication Consultancy (C&B), a leading MENA agency headquartered in Dubai, in partnership with 3Gem Research and Insights, a global research partner, is proud to announce the third edition of its annual MENA CSR Report 2022.  In recent years, countries in the Middle East have started to take significant steps towards fostering a culture of social responsibility, with the UAE and KSA leading the way in promoting sustainable and socially responsible practices. The 2022 report also highlights a positive change ......read more

Shaker achieves strong FY22 earnings growth, continues strategic investments in KSA and expansion with LG partnership   Riyadh, Saudi Arabia, 07 March 2023: Al Hassan Ghazi Ibrahim Shaker Co. (“Shaker”, the “Group” or the “Company”), Saudi Arabia’s leading importer, manufacturer, and distributor of Air Conditioners and Home Appliances, announced its financial results for the full year 2022, marking a period of continued transformation and growth across its operations.      Full Year 2022   • Revenue of SAR 1.04 billion, up 3.44% on FY21, driven by strong growth in the HVAC solutions segment. • Gross profit of SAR 237.64 million, up 10.24% on FY21, driven by higher sales and portfolio mix optimization. • Operating income of SAR ......read more

- Consolidated net profit attributable to equity holders of the parent for 2022 more than doubles, reaching SAR1,540 million, a 103% increase year-on-year - Operating income grew 14% year-on-year to SAR2,614 million - Added a record 5.44GW of power generation capacity exclusively through renewable sources - ACWA Power’s Board of Directors approved a dividend payment of SAR606.8 million for the year 2022 subject to the approval by the general assembly     Riyadh, Kingdom of Saudi Arabia, March 02, 2023:  ACWA Power Company, a publicly listed company on the Saudi Arabian Tadawul stock exchange (ACWA Power: 2082) and a leading Saudi developer, investor, and operator of power generation, water desalination and green hydrogen plants worldwide, today announced its financial results for the full year ended ......read more

- Global innovation leader to bring international expertise of around 1,500 employees to the Kingdom   - Monstarlab drives digital transformation (DX), innovation in emerging tech supporting Saudi Vision 2030 across sectors including healthcare and smart places      01 March 2023 - Riyadh, Saudi Arabia:  Monstarlab, the Japan headquartered global digital and technology consulting leader, has announced that it has officially launched a new office in Riyadh as part of its efforts to accelerate digital transformation (DX) through the provision of Strategy, Experience, Technology and Data services. Monstarlab aims to impact growth of emerging sectors such as smart places and healthcare tech in the Kingdom of Saudi Arabia (KSA) and is already working with a range of private and public sector ......read more

News Summary: • stc, Cisco, and Solutions by stc entered into a multi-year collaboration in December 2021.  • Goal is to build a unified, software-centric cloud services stack that includes infrastructure hardware, automation, virtualization, service assurance, and orchestration tooling. • Telco Cloud infrastructure across stc data centers built to enable the delivery of telco services from a consistent platform.   Riyadh, KSA – March 1, 2023: stc and Cisco announce that stc is expanding the use of cloud at an accelerated pace to maintain its competitive edge, foster innovation, and transform interactions with digital services. As stc continues its cloud journey, it is building on the current foundation for greater agility, security, efficiency, and innovation.   The collaboration ......read more

• Cicero & Bernay Communication Consultancy and 3Gem Research & Insights launch the third edition of the annual regional corporate social responsibility survey report. • Members from other countries nominated the UAE as the most active in CSR.   Dubai, UAE, 28 February 2023: Cicero & Bernay Communication Consultancy (C&B), a leading MENA agency headquartered in Dubai, in partnership with 3Gem Research and Insights, a global research partner, is proud to announce the third edition of its annual MENA CSR Report 2022.  In recent years, countries in the Middle East have started to take significant steps towards fostering a culture of social responsibility, with the UAE and KSA leading the way in promoting sustainable and socially responsible practices. The 2022 report also highlights a positive ......read more

•     Government policymakers and global financial leaders will convene at the Financial Sector Conference (FSC 2023) on 15-16 March in Riyadh, Saudi Arabia, to pave the industry roadmap amid global economic challenges. • FSC 2023 will be held under the theme “Promising Financial Horizons” and is set to host over 100 panelists and speakers, including international participants from Goldman Sachs; Credit Suisse; HSBC; Deutsche Bank; JP Morgan and S & P Ratings. • Agenda will focus on investing for tomorrow and implementing sector diversification in a challenging landscape.  • Conference organizers extend a warm welcome to global delegates and media to attend.    Feb 28, 2023 – The world’s global financial community will gather from 15-16 March in ......read more

Riyadh, Saudi Arabia, 27 February 2023: The King Abdullah Financial District Development and Management Company (KAFD DMC) has signed an agreement to open an Equinox Hotel in Saudi Arabia’s prime financial district. Alongside Gautam Sashittal, KAFD DMC Chief Executive Officer, Equinox Hotels was represented by CEO, Christopher Norton in a signing ceremony held at KAFD. Equinox Hotels embodies a holistic philosophy and has redefined luxury as the ultimate  experience in travel and health as a seamless extension of a life well-lived. Equinox Hotels is one of the key anchors to the largest private mixed-use real-estate development in the US. The highly successful Equinox Hotel New York is the brand’s flagship that continues to grow its global footprint. KAFD DMC owns and manages the King Abdullah Financial District ......read more

Saudi Exchange published the Q4 of 2022 debt market report in-line with its objectives to raise awareness of the debt market, enhance its attractiveness, and increase transparency for both investors and issuers by presenting information and reports on the debt market. This comes as a part of Saudi Exchange’s continuous efforts to promote and develop the Saudi Capital Market as it is the leading market in the region and one of the most prominent capital markets in the world.  At the end of the Q4 2022 Sukuk/Bonds Market Index closed at 929.72 points compared to 956.46 points for the previous quarter, decreasing by 26.74 points (2.80%). The total size of listed issuances at the end of the Q4 2022 reached SAR 525,316 million ($140,084 million), increasing by 2.75% compared to the previous quarter. The total traded value ......read more

• Samsung presents its innovative HVAC technologies and hosts a panel discussion to discuss the industry across MENA   Riyadh, Saudi Arabia, 14 January 2023: Samsung Electronics announced the successful conclusion of its ‘Air Solutions Day’ event in the presence of consultants who were invited from across MENA. During the event, Samsung Electronics’ AC professionals presented its innovative HVAC technologies, which include 360 Cassette, WindFree™ and DVM S2.    With its award-winning bladeless technology design, the 360 Cassette can evenly circulate air and cool every corner comfortably. With this technology and the use of three booster fans, the cool air can flow at much lower angles, as these fans create a lower pressure area around the circular outlet, which leads to the cool air ......read more

Riyadh, Saudi Arabia, 14 February 2023:  Jadwa Investment, a leading investment management and advisory firm in the Middle East, was awarded Best Asset Manager for 2022 as part of the Saudi Capital Market Awards announced at the Saudi Capital Market Forum yesterday. The award was presented by Eng. Khalid Abdullah Al-Hussan, CEO of Saudi Tadawul Group, and received by Tariq Al-Sudairy, Managing Director and CEO of Jadwa Investment. 2022 was a noteworthy year of business achievements for Jadwa. The firm’s managed funds and mandates delivered net outperformance of +1.23% to +15.64% relative to benchmarks across all of its local and regional public equity strategies. Jadwa also launched a series of multi-asset class funds and international alternatives funds, giving clients greater access to an expanding spectrum of markets and ......read more

• MoU was signed on the sidelines of the second edition of the Saudi Capital Market Forum and draws on shared objectives to advance Saudi Arabia’s ESG standards • Focusing on three main areas, the MoU will forge a strong connection between the entities to deliver on the long-term success of Saudi Arabia’s capital market  • It will lay the foundation for increased collaboration and an even stronger Saudi capital market infrastructure    Riyadh, 13 February 2023: The Ministry of Economy and Planning, the Capital Market Authority, and the Saudi Exchange Company have signed a Memorandum of Understanding (MoU) at the second annual Saudi Capital Market Forum, held under the patronage of H.E. Mohammed El-Kuwaiz, the Chairman of the Capital Market Authority.    The agreement ......read more

Riyadh, Saudi Arabia, February 12, 2023 – Amin H. Nasser, Aramco President & CEO, today gave a keynote speech at the second edition of the Saudi Capital Market Forum, which was held under the auspices of His Excellency the Chairman of the Board of the Capital Market Authority, Muhammad Al-Quwaiz.   In his speech, Mr. Nasser highlighted that capital market development is high on the agenda under the Kingdom’s vision. Mr. Nasser applauded the Saudi Capital Market growth, saying “this is now one of the fastest-growing capital markets in the world, benefiting from an economy that is the fastest-growing among the G20. And the Saudi Stock Exchange now ranks among the top globally by market cap, with Aramco’s listing being one contributing factor.”   In his speech, Mr. Nasser also emphasized the ......read more

 Announcement at LEAP sees Saudi public and private enterprises gain access to a network with annual trade transactions worth more than US$5 trillion    RIYADH, KSA — February 11, 2023 – At the LEAP technology event in Riyadh, SAP announced the establishment of its global SAP Business Network within Saudi Arabia. The move will enable Saudi public and private enterprises to trade, buy and sell on the world’s largest business digital network in 190 countries, with millions of trading partners conducting transactions worth more than US$5 trillion annually.    The announcement was made by Ahmed AlFaifi, Senior Vice President and Managing Director, SAP Middle East & Africa North, who said, “As part of our increased investment in Saudi Arabia, we are very pleased to launch the ......read more

• New deals include the launch of a data centre and two dedicated academies for developing technical skills and unearthing homegrown talent • Fresh announcements follow more than US$9 billion of investments revealed earlier this week   Riyadh, Kingdom of Saudi Arabia – February 8, 2023: LEAP23, the world’s most visionary technology event, today announced a series of new investment and funding programmes designed to accelerate the Kingdom’s digital transformation in multiple fields.   The announcements, which equate to US$580 million and follow more than US$9 billion of investments revealed earlier this week, include the launch of a major new data centre and two dedicated academies to develop the technical skills of homegrown talent, and provide them with the tools of the ......read more

Kingdom of Saudi Arabia, 8 February 2023: nybl, the Saudi-based AI-driven deep-tech development company, has signed a Memorandum of Understanding (MOU) with Lenovo, the world’s largest IT and Solutions provider. The MOU is aimed at strengthening joint activities in the areas of Research, Development, and Innovation (RDI) to deliver customized solutions for municipal authorities, future smart cities, and environmental protection. The collaboration was formalized during a signing ceremony at LEAP 2023, in the presence of Noor Alnahhas, CEO of nybl and Giovanni Di Filippo, EMEA President at Lenovo Infrastructure Solutions Group (ISG), as well as other high-level delegates from nybl and Lenovo. In alignment with the Kingdom’s large-scale digitalization programme and increasing demands for advanced technological solutions, ......read more

Signs MoU with MCIT to upscale SMEs, increase national Hi-tech talent capacity and offer a cognitive test bed to accelerate digital innovation    Riyadh - February 8, 2023:  Tech Mahindra, a leading provider of digital transformation, consulting, and business re-engineering services and solutions, has signed a Memorandum of Understanding (MoU) with the Ministry of Communication and Information Technology (MCIT), Saudi Arabia to establish a Data & AI and a Cloud Center of Excellence (CoE) in Riyadh. The CoE will combine academic and socio-economic goals to build national Hi-tech talent capacity, create high quality jobs, promote digital innovation and upscale small & medium enterprises.   The MoU was signed between Ibrahem N. Al-Nasser, Deputy Minister for Technology of MCIT, and Ram Ramachandran, Head ......read more

Kingdom of Saudi Arabia, 7 February 2023: Tatweer Educational Technology (TETCO), the government company dedicated to supporting educational technologies with high-quality solutions and services, has signed a Memorandum of Understanding with Lenovo, with a goal of driving digital transformation in the education sector. The collaboration was formalized during LEAP 2023, in the presence of Eng. Abdullah Gahnem Altamimi, CEO, TETCO and Marwan Bsat, General Manager, Lenovo Saudi Arabia, as well as other high-level delegates from TETCO and Lenovo.  The collaboration will see both Lenovo and TETCO working together to create a new framework for future collaborations into building digital transformation and developing educational technologies to be provided to schools and universities across the Kingdom. The collaboration aligns with ......read more

The company revealed the KSA insights from its latest Security Outcomes Report at LEAP 2023   News Summary: • 54 percent of organizations surveyed in KSA had experienced a security event that impacted business.  • Adoption of Zero Trust (36 percent) resulted in significant increases in resilient outcomes in the Kingdom.    Kingdom of Saudi Arabia, Riyadh, February 07, 2023 — At LEAP, Cisco released the KSA findings of its latest Security Outcomes Report, focusing on “Achieving Security Resilience”.    Now in its third year, the report is Cisco’s annual security study and consists of responses from more than 4,700 participants across 26 countries, including Saudi Arabia. It identifies the top success factors that boost enterprise security resilience ......read more

CBRE releases its Saudi Arabia Real Estate Market Review Q4 2022 Riyadh – February 7, 2023 – Saudi Arabia’s real estate sectors have recorded fragmented performance across cities and asset classes over 2022.  Looking at Saudi Arabia’s office sector figures, occupier demand remained strong over the last quarter of 2022. This was particularly so in Riyadh, where stock levels remain anemic at best and many upcoming developments are mostly fully pre-leased. Grade A offices in Riyadh saw average rental rates increase by 5.8% year-on-year increase in Q4 2022, while Grade B rents rose by 1.5%. As for average occupancy rates, both Grades A and B stock saw occupancy levels improve slightly to 99.2% and 98.7% in 2022, marking annual increases of 0.8 and 1.9 percentage points respectively. In Jeddah, Grade A ......read more

AAI acquires new customers across Banking, Education, Government, Semi-Government, Healthcare and Telco   RIYADH, Saudi Arabia: February 5, 2023 - Automation Anywhere (AAI), the #1 leader in cloud-native intelligent automation announced today, that it will be strengthening its presence across Saudi Arabia with greater focus on customer acquisition across all major industry verticals. The company will be present at LEAP 2023, organized at Riyadh Front Expo Centre, Saudi Arabia from 6-9 February 2023 at booth no. H5-D78.   The Automation Success Platform, a connected portfolio of automation tools and technology, helps enterprises engage with employees and connect disparate applications - whether cloud-native or on-premises - enabling business growth and workforce productivity. In 2022, the company’s cloud ......read more

• Vendor management system hosted at SAP Data Centers in Riyadh and Dammam • Data sovereignty assured for public sector and financial services industries   RIYADH, KSA — 6 February 2023 —To support the dynamic growth of its users in the Kingdom of Saudi Arabia, global technology company SAP SE (NYSE: SAP) announced at the LEAP technology event in Riyadh today that SAP Fieldglass would be available in country, hosted on its data centers in Riyadh and Dammam. SAP Fieldglass enables organizations in Saudi Arabia to use the leading Vendor Management System (VMS) while meeting the data sovereignty requirements within the country.   SAP Fieldglass is a cloud-based, open VMS that helps organizations find, engage, manage, and pay external workers anywhere in the world. Its availability in the ......read more

Bupa Arabia won several awards in 2022 and made a big difference in the healthcare sector   Highlights • Tal Nazer: Bupa Arabia faced great challenges, which it succeeded in dealing with and became a leader in the insurance sector. • Harvest Awards 2022: Bupa Arabia wins 23 categories from 12 regional and local awards, including 3 categories of the Health Insurance Excellence Award • Expectations of the growth of the health insurance sector in the Kingdom to more than SR60 billion by 2030     Jeddah:   As Bupa Arabia for Cooperative Insurance celebrates a quarter century of health service in the insurance sector in Saudi Arabia, it looks back with pride on the journey that it has traveled since its inception in October 1997. For 25 years, it served the Kingdom as one of the ......read more

• Formula E and New Era sign multi-year licensing deal for a range of fan headwear products • New Era tops the winner’s podium for the first time in motorsport with the Hankook Tire podium cap • Multi-product headwear range available online and at races from the spring   RIYADH, SAUDI ARABIA - 1 Feb. 2023 – Formula E and international sports and lifestyle brand, New Era, today announced a multi-year global licensing deal for a range of fan headwear products with New Era supplying the official podium cap for the first time in motorsport.  The Hankook Tire podium cap was unveiled at the 2023 Hankook Mexico E-Prix on the 14th January where more than 40,000 fans saw Jake Dennis (Avalanche Andretti Formula E team) win the first race of Formula E’s GEN3 era and become the first racing ......read more

Riyadh, Kingdom of Saudi Arabia – 31 January 2023: Ahead of LEAP 2023 technology conference in Riyadh, Cisco has shared its insights into technological trends that will help businesses in the region make the most of digital transformation. Cisco sees security, hybrid work, multi-cloud architectures and sustainability as key themes in 2023, all powered by connectivity and a next generation of networks.  Visitors of LEAP will experience the following trends and latest technologies, designed to accelerate public and private customers’ agendas for a digital and green future, at Cisco’s booth under the theme of “Powering A Connected & Sustainable Universe”: Future of Work: The future of work is hybrid, and it will enable more equitable and inclusive experiences, resulting in happier and more ......read more

• From inception to completion, the company plans to deliver hospitality, residential, retail and infrastructure projects to turn AlUla into a global tourism destination.   • AlUla Development Company is, wholly owned by the Public Investment Fund (PIF) that aims to unlock the capabilities of new sectors and help drive Saudi Arabia’s economic diversification in line with Vision 2030.   • The planned developments include 7,500+ hotel keys, 5,000 residential units, a staff village comprising 1,000+ units, supporting infrastructure, and more.   Riyadh, Saudi Arabia – January 30th, 2023:   AlUla Development Company, wholly owned by the Public Investment Fund (PIF), is launching operations to support the development of AlUla. Through real estate development and asset management along with ......read more

Highest Full-Year Revenue in LG Electronics’ History with Continuous Growth Based on Strong Fundamentals DUBAI, January 30, 2023 — LG Electronics Inc. (LG) announced full-year 2022 consolidated revenue of KRW 83.5 trillion with operating profit of KRW 3.6 trillion.  In 2022, LG achieved its highest annual revenue ever – surpassing KRW 80 trillion for the first time in its history – increasing 12.9 percent over 2021, when sales exceeded KRW 70 trillion for the first time. The record sales reflect continuous growth based on strong fundamentals, although full-year profitability was impacted by challenging global economic conditions. The company’s revenue growth 2022 was driven by strong demand for premium home appliances and automotive parts. For the seventh consecutive year, the appliance ......read more

Dubai, UAE, 28th January 2023: Arab Bank Group achieved solid results for the period ending December 31, 2022, with net income after tax of $544.3 million as compared to $314.5 million in 2021. The Group’s performance was driven by robust growth in its core banking business across different markets, as net profit before provisions and tax increased by 23% to reach 1.35 billion US dollars. Excluding the impact of devaluation of several currencies against the US dollar, loans and deposits grew by 5% to reach $35.4 billion and $ 47.7 billion, respectively, despite the volatile operating environment. In view of these results, the Board of Directors has recommended to the shareholders, the distribution of 25% cash dividends for the financial year 2022. Mr. Sabih Masri, Chairman of the Board of Directors, commented that Arab ......read more

Riyadh, Saudi Arabia. 25 January 2023 - Saudi Arabia reiterated its commitment to build bridges across geopolitical and economic divides at the World Economic Forum (WEF) 2023 Annual Meeting in Davos, Switzerland last week.   His Highness Prince Faisal bin Farhan Al Saud, Minister of Foreign Affairs, led the Saudi delegation of nine ministers and high-level officials, and told the world that geopolitical stability is key to energy security, and the Kingdom has “become the meeting place between East and West”.   During the week, Saudi Arabia hosted a dialogue titled ‘Toward a Resilient Urban Resource Nexus’, with key international public and private sector stakeholders from regional and global organizations discussing the sustainability of future cities.   His Highness Prince Faisal, Her Royal ......read more

• All financial outlook metrics met in FY 2022 • Cloud revenue up 33% and up 24% at constant currencies in FY 2022. Q4 S/4HANA cloud revenue further accelerates, up 101% and up 90% at constant currencies • Current cloud backlog exceeds €12 billion, up 27% and up 24% at constant currencies • IFRS cloud gross profit up 38%, non-IFRS cloud gross profit up 37% and up 28% at constant currencies in FY 2022 • IFRS operating profit flat, non-IFRS operating profit down 2% and down 7% at constant currencies in FY 2022. Q4 IFRS operating profit up 17%, non-IFRS operating profit up 5% and up 2% at constant currencies • 2023 outlook anticipates accelerating topline and double-digit non-IFRS operating profit growth • Targeted restructuring in 2023 reflects focus on strategic growth areas and ......read more

The first annual event attracted nearly 350 guests including government officials, suppliers, media, and other business executives Jeddah:   Panda Retail Company yesterday held its first annual event for suppliers: "PACE" (Panda Annual Collaborative Event), at The Venue Jeddah Corniche Hotel. PACE focused on empowering people to live a better life, discussing the local and international impacts of inflation, and finding solutions to ensure consumers are protected from the worst inflationary effects. PACE was attended by more than 300 company executives and key journalists who were keen to cover the event.  Inflation and food security The CEO of Panda Retail Company, Dr. Bander Talaat Hamooh, confirmed the importance of establishing the "PACE" event, which comes as an extension of the support ......read more

RIYADH, January 23, 2023: Lazard Ltd (NYSE: LAZ) today announced the appointment of Wassim Al-Khatib as Chief Executive Officer (CEO) of the firm’s Financial Advisory business in the Middle East and North Africa (MENA), and CEO of Lazard Saudi Arabia, subject to regulatory approval. Wassim Al-Khatib will be based in the Riyadh office, which will serve as Lazard’s regional MENA Investment Banking hub.  "We are pleased to have Wassim join us as CEO of our MENA Investment Banking business," said Peter Orszag, Chief Executive Officer of Financial Advisory at Lazard. "With his extensive experience and proven track record, Wassim will work alongside MENA Chair Sarah Al-Suhaimi in leading our Riyadh office to continued success and in expanding Lazard’s engagement with clients in the ......read more