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LG Releases Preliminary Earnings For Third-Quarter 2021

October 13, 2021:   LG Electronics Inc. (LG) today announced its preliminary earnings results for the third quarter of 2021. LG reported tentative consolidated revenues of KRW 18.8 trillion, an increase of 22 percent from the same quarter the previous year and the highest quarterly revenue in the company’s history. In line with current accounting standards, LG will include a provision of approximately KRW 480 billion in the third quarter for the recall of the Chevy Bolt EV. Operating profit of KRW 540.7 billion is expected to be 49.6 percent lower than the third quarter a year ago after reflecting the recall provision. LG Electronics terminated its mobile phone business at the end of July and is treating the Mobile Communications Company’ performance as a discontinued operating loss. Earnings for the ......read more

Red Sea International Film Festival Launches Cinema Al-Hara

A community outreach program aiming to demystify the world of cinema and educate the Saudi youth on acting, directing, and producing The program will be activated in four neighborhoods in Jeddah and will showcase six screenings Jeddah, Saudi Arabia – October 10th, 2021:  The Red Sea International Film Festival presents Cinema Al-Hara – a first-of-its-kind community outreach program consisting of outdoor master classes and film screenings in various Jeddah neighbourhoods. The proactive approach of the program was inspired by the idea to take the festival to the heart of the city of Jeddah and straight to the people. Cinema Al-Hara will feature six screenings in four different neighbourhoods in Jeddah. The program will run from October 9th until October 30th, 2021. Red Sea International Film Festival aims to make ......read more

Leading Saudi Companies Join BCG's Jeel Tamooh Virtual Career Fair As Program's Third Annual Edition Concludes

Jeel Tamooh members connected with prospective employers and explored future opportunities ahead of entering full-time professional dimensions  October 4, 2021— As the Kingdom of Saudi Arabia’s (KSA) top university students graduate from Jeel Tamooh and prepare to pursue their chosen career paths, Boston Consulting Group (BCG), the global management consulting firm that leads the prestigious program, concluded this year’s third edition with a two-day Virtual Career Fair on 15-16 September. Inspired by BCG’s vision to provide career opportunities to program members and pave the way for professional ascension, the Virtual Career Fair enabled this year’s class to connect with top prospective employers as leading Saudi companies became familiar with the latest generation of emerging talent, representing ......read more

Ogilvy Names Patou Nuytemans Regional Chief Executive Officer for EMEA

September 30, 2021:  Ogilvy announced today that Patou Nuytemans will assume the role of Chief Executive Officer of Ogilvy EMEA. Patou will be responsible for driving all aspects of Ogilvy’s business across Europe, the Middle East and Africa which spans Public Relations, Growth & Innovation, Advertising, Health, and Experience. She takes over for Paul O’Donnell, who will continue serving in his role as Regional Chairman and partner closely with Patou. Headshots available here. Andy Main, Global CEO of Ogilvy, said: “Anyone who has had the chance to work with Patou will tell you that she not only fosters a culture of creative, strategic and operational excellence, but also leads with empathy and compassion. Throughout her career, she has demonstrated how Ogilvy can drive business-changing, life-changing ......read more

Young Saudi Arabia Consumers Bring Spending Back, 88% Ready to Embrace Pre-Pandemic Shopping, Travel, and Holiday Experiences

Sitecore’s Holiday Shopping Trends 2021 report shows 79% of Saudi Arabia consumers buying bigger gifts and 85% planning trips of a lifetime     Saudi Arabia, September 20, 2021 - Sitecore®, the global leader in digital experience management software, today released its Holiday Shopping Trends 2021 report exploring how consumers in Saudi Arabia intend to celebrate, indulge, and recuperate this holiday season.   Saudi Arabia’s residents are eager to resume their normal lives and make up for last year’s COVID-controlled holiday, with 88% of those age 25-34 saying they are ready to embrace pre-pandemic shopping, travel, and holiday experiences.   About four-fifths (79%) of Saudi Arabia consumers surveyed plan to make bigger and more mindful holiday purchases this year, fueled in part by the ......read more

Saudi International Powered by Softbank Investment Advisers and Asian Tour Confirm Historic Partnership

New 10-year partnership will see the Asian Tour sanction the illustrious Championship from 2022, which will boast one of the strongest fields in world golf and an increased prize fund September 20, Sentosa, Singapore: The 2022 Saudi International presented by SoftBank Investment Advisers will mark the start of an historic chapter in golf, as the prestigious event becomes sanctioned by the Asian Tour as part of a new 10-year partnership.  The tournament, which will continue to be broadcast globally from Royal Greens Golf & Country Club, near Jeddah, between February 3-6, 2022, will also feature an increased purse of US$5M – up from US$3.5M. The Asian Tour partnership represents a revitalised strategy, intended to elevate the well-established event in significant emerging markets around the world.  In 2021, the ......read more

King Salman Energy Park (SPARK) Gives Energy Investors Access to Global Markets with Hutchison Ports Alliance

First dry port of its kind will connect the region’s fully integrated energy hub to the world    September 16, 2021:   SPARK and Hutchison Ports are pleased to announce the signing of a shareholders’ agreement for the formation of a joint venture to manage and operate the dry port and bonded logistics zone in the SPARK energy industrial city. Designed to ensure ease of access to global markets, the three-square-kilometre dry port will enable the future joint venture to capture the growing demand for logistics services for energy-related products in the Middle East and beyond while also serving the neighboring industrial cities.    SPARK is a sustainable, global energy hub in Saudi Arabia’s Eastern Province. The mega project, which spans over 50 square kilometres, is a manufacturing, ......read more

Ogilvy Names Ben Messiaen Chief Client Officer for EMEA

September 15, 2021 — Ogilvy is pleased to announce that Ben Messiaen has been named Chief Client Officer for EMEA. Shared Paul O’Donnell, CEO Ogilvy EMEA, “Throughout his career at Ogilvy, Ben has effectively galvanized teams to drive transformative ideas that create impact. He brings to this role extensive experience using the full spectrum of Ogilvy’s capabilities to generate value for our clients, especially as they continue navigating an ever-changing landscape. In his new role Ben will work in close partnership with our go-to-market team and the leaders of our five business units as well as with our expert groups and geographic market leaders.”   From Belgium, Messiaen started at Ogilvy Brussels and then Ogilvy Paris where he has worked for the last 15 years.  Initially on IBM Europe; ......read more

Cisco Partners with the Saudi Federation for Cyber Security, Programming and Drones to Enhance Digital Skills in the Kingdom

Building on a Legacy of Over 20 Years in the Country, Cisco’s Networking Academy will now Upskill 8,000 SAFCSP Trainers, Accelerating KSA’s Digitization Agenda Riyadh, Kingdom of Saudi Arabia – 29 August 2021: Cisco has announced a strategic partnership with the Saudi Federation for Cyber Security, Programming and Drones (SAFCSP), to develop the digital skills of 8,000 trainers in the fields of cybersecurity and programming via the Cisco Networking Academy (NetAcad).  In Saudi Arabia, the Cisco NetAcad program has one of the highest female student participation rates globally, reaching 32% - a number which Cisco is keen to continue growing. Of the 8,000 participants being trained via Cisco and SAFCSP’s new initiative, through a combination of online and on-site courses, the duo will be training and ......read more

CSM Appoints Leading Industry Executive Charlie Beauchamp as Inaugural Country Manager for Kingdom of Saudi Arabia

Riyadh, Saudi Arabia - 26 August, 2021: Leading marketing and brand experience agency CSM has appointed the highly renowned sports and entertainment industry executive, Charlie Beauchamp, as its inaugural Country Manager for Saudi Arabia, highlighting the business’ firm, long-term commitment to the Kingdom and its growing sports and entertainment sector.   Beauchamp is one of the most highly respected and experienced sports marketers in the EMEA region. He brings over 25 years’ experience to the role, during which time he has been involved in the leadership and formation of several leading agencies. Over the past 10 years, he has worked across a variety of Saudi sport-focused projects.  The new appointment comes ahead of CSM opening the doors to its first office in the Kingdom later this year, which ......read more

Saudi Fan Industries Becomes First Manufacturer in the Middle East and Africa to Certify Their Power Ventilators to UL 705 Standard for Smoke Control

UL has recognized Saudi Fan Industries as the first manufacturer in the Middle East and Africa to achieve Certification to UL 705 Standard for power ventilators with additional compliance for smoke control systems. Dubai, UAE, August 26, 2021:   UL, the global safety science leader, has announced Saudi Fan Industries is the first manufacturer in the Middle East and Africa to achieve Certification in the Category for Power Ventilators for Smoke Control Systems (ZAXH), which includes UL 793, the internationally recognized Standard for Automatically Operated Roof Vents for Smoke and Heat. The tested products also met UL 705 Standard for Safety for Power Ventilators with additional ratings at 300C for F300 mild steel models and 400C for F400 stainless steel models. UL has tested and certified Saudi Fan Industries’ ......read more

Tanmiah Delivers 1H21 Revenue Growth of 27.6%; Net Income at SAR 22.2 Million Following IPO; Plans Major Expansion

•  Strong financial position underpins Company’s plans to expand further in growing defensive sector •  Lower gross profit and net profit margin caused by unprecedented global hike in commodity prices, lower subsidy recoveries and spending to increase operating capacity   22, August 2021:  Tanmiah Food Company (“Tanmiah” or the “Company”, 2281 on the Saudi Exchange), a market leading provider of fresh and processed poultry and other meat products, animal feed and health products, today announced its results for the first half and second quarter ended 30 June 2021, reporting revenues of SAR 734.9 million for the first half, and second quarter revenues of SAR 366.5 million. Gross profit value in first half 2021 rose by 20.2% year-on-year to SAR 167.5 million, while net ......read more

2021 Pravasi Bharatiya Samman Presented to Dr Siddeek Ahmed

August 16, 2021:  At a special ceremony held at the Indian Embassy to mark India’s Independence Day, Eram Group Chairman and Managing Director Dr. Siddeek Ahmed, was officially presented with the 2021 Pravasi Bharatiya Samman Award (PBSA) by the Ambassador of India to the Kingdom of Saudi Arabia, H.E. Dr. Ausaf Sayeed. Conferred by the President of India as a part of the Pravasi Bharatiya Divas (PBD) Conventions organized annually since 2003, this award acknowledges august members of the Indian community and their tangible contribution in social and humanitarian upliftment. This year, Dr. Ahmed was one of only 4 recipients from the Middle East and the only one representing the Kingdom.  The pandemic didn’t allow for the more elaborate ceremony that is usually held in New Delhi annually every year, but the sense ......read more

Saudi Arabia's SISCO reports SAR 54.8 Million Net Income for 1H 2021

• Q2 and 1H revenues increased 13.4% and 30.1% y-o-y respectively, excluding accounting construction revenue • Strong performance across segments drives top-line growth   Jeddah, Saudi Arabia, 12 August 2021: Saudi Industrial Services Company (“SISCO”, the “Company” or the “Group”), Saudi Arabia’s leading strategic investor in ports and terminals, logistics parks and services, and water solutions, has announced its financial results for the 6-month period ended 30 June 2021.    First half revenue, excluding accounting construction revenue, increased by 30.1% year-on-year to SAR 498.1 million, and 13.4% to SAR 244.5 million in the second quarter driven by strong performance in the ports, logistics segments and slightly in water business. Gross profit of SAR ......read more

Backbase Expands Commitment to KSA with New Center and Appointment of New Senior Leadership

●      Backbase’s new regional office opens at the Kingdom Centre, Hugayat Tower, Riyadh, Kingdom of Saudi Arabia  ●      Ahmad Guandour is the first new hire for Backbase leadership team and joins as Director of Sales Middle East and is based in Riyadh. ●      The announcements highlight Backbase’s commitment to KSA with acceleration of investment that aims to make the company a strong partner for financial institutions seeking to implement the Backbase Engagement Banking Platform.   Riyadh, KSA, August 10 2021: Backbase is reaffirming its commitment to Saudi Arabia with the launch of a new regional office and the appointment of a new senior leadership team in the country. This latest expansion follows increasing market demand in Saudi ......read more

Saudi Graduates Start Placement With Mercedes-eq Formula E Team Through Neom's ‘grow' Development Program

• As part of NEOM’s partnership with the Mercedes-EQ Formula E Team and ahead of the season finale at the Berlin E-Prix, two top-performing Saudi graduates will undertake a one-year placement program with the team   • The placement builds on NEOM’s wider GrOW (Graduate Opportunities in Work) program, by providing vital international experience with a leading organization in sustainable motorsport     Saudi Arabia, August 5, 2021: NEOM has awarded placements with global sustainable motorsport team the Mercedes-EQ Formula E Team, for two talented Saudi nationals from its GrOW program. This announcement is part of the wider pioneering partnership between the two organizations and comes ahead of the highly anticipated Berlin season final on 15th August, where the team looks to clinch the ......read more

Tanmiah Lists on Saudi Exchange After Heavily Oversubscribed IPO; Investors Show High Level of Confidence in Leading Saudi Food Producer

Riyadh, Saudi Arabia, August 5th, 2021: Tanmiah Food Company (“Tanmiah”) has listed on the Saudi  Exchange following a successful IPO in which its shares achieved an institutional coverage ratio of 9,534% and a retail coverage ratio of 1,170%. The shares were offered to institutions and individuals at SAR 67, at the top of the range previously set at SAR 59-67. The sale of 30% of the share capital of Tanmiah, one of the leading food production companies in Saudi Arabia and the Middle East, raised a total of SAR 402 million (USD 107.2m) and the transition to a listed company will support the next phase of the Company’s growth ambitions. Ahmed Osilan, Spokesperson of Tanmiah Food Company, said: “The exceptionally high demand for our shares shown by both institutional and retail investors is a clear vote ......read more

H1 2021 Saudi Arabia Venture Capital Report

August 02, 2021:  As MAGNiTT continues to keep a close watch on the Saudi Arabian venture capital space, we release a new report on the ecosystem with the support of the Saudi Venture Capital Company (SVC). The half-yearly report is packed with detailed insights on the ecosystem’s evolution over the years and covers key aspects of venture activity in H1 2021. Despite 2020 being a positive year for venture funding, 2021 has thus far witnessed a resurgence of sorts. The first half of the year saw half-yearly capital reach a record high, the equivalent of 94% of funding invested in Saudi startups in all of 2020. This was distributed across 41% fewer deals than in FY 2020. Yet, KSA saw its deal flow move closer to the top-ranked MENA ecosystem in the UAE, reducing the gap by 8x in just two years. Fintech startups were ......read more

Backbase Wins Best in Class Award in Small-Business Digital Account Opening

Backbase wins Best in Class award in Javelin Strategy & Research’s 2021 Small Business Digital Account Opening Scorecard, ranking as a Leader in all three evaluation categories.   Al Riyadh, Saudi Arabia – July 28, 2021 - Backbase today announced it has won a “Best in Class” recognition in Javelin’s 2021 Small-Business Digital Account Opening Scorecard, further solidifying its leading position for Digital Sales solutions. The report provides a rigorous analysis of the Small-Business customer onboarding vendor landscape, including profile comparison of six different solutions. The breadth of solution’s applicant-facing customer journey, comprehensive administrative tools for bankers, as well as user experience, contributed to Backbase’s Best in Class ......read more

Logistics Executive Group Launches New Office in Riyadh, Saudi Arabia Led by Managing Partner, Mr. Mohammed Mosly

Global Supply Chain Advisory and Search firm Logistics Executive Group expands it Middle East operations with the launch of its new office in the Kingdom of Saudi Arabia Saudi – July 26th, 2021: Logistics Executive Group announced today, the launch of its newest global office in Riyadh, Saudi Arabia, to be headed by Managing Partner, Mr. Mohammed Mosly.  A leading Corporate Advisory, Consulting, M&A and Executive Search firm, Australian headquartered Logistics Executive Group has operated its Logistics Centre of Excellence and Services Hub in the United Arab Emirates for nearly two decades. Specialising in bring strategic, functional and execution capabilities across the supply chain, logistics, food and manufacturing sectors, the firms push into Saudi Arabia increases its global presence to eleven countries, ......read more

Standard Chartered Global Focus Q3 2021: Navigating a Vulnerable Recovery

25, July 2021:  Standard Chartered expects global growth to rebound to 5.8% in 2021 from -3.3% in 2020 as economies reopen and vaccination rollouts gain momentum.   According to the latest Global Focus – containing the Bank’s economic forecasts for Q3 – it sees two key downside risks to the outlook: (1) a more extensive resurgence of pandemic cases resulting from new variants, which could force the extension or re-imposition of restrictions; and (2) a more sustained surge in inflation that damages consumer confidence and forces a swifter tightening of monetary policy.   The two risks are linked, as current supply-chain pressures (and related costs) could worsen if a COVID resurgence disrupts global production again. Eighteen months on from the first COVID-19 cases, some parts of the world are ......read more

Saudi Arabia's SISCO Completes 21.2% RSGT Stake Sale to PIF and CSPL; Proceeds will Fund Future Growth

Jeddah, Saudi Arabia- 15, July 2021: Saudi Industrial Services Company (“SISCO”, the “Company” or the “Group”), Saudi Arabia’s leading strategic investor in ports and terminals, logistics parks and services, and water solutions, has announced the completion of its divestment of a 21.2% direct equity stake (the “Transaction”) in Red Sea Gateway Terminal Limited (“RSGT”) to Saudi Arabia’s Public Investment Fund (“PIF”) and COSCO SHIPPING Ports Limited (“CSPL”).    SISCO will receive total gross proceeds of SAR 556.5 million for the Transaction. The application of the proceeds, which is currently under review, will support the Company’s strategic objectives of enhancing shareholder returns and optimizing its ......read more

LG Releases Preliminary Earnings for Second-quarter 2021

July 12, 2021:  LG Electronics Inc. (LG) today announced its preliminary earnings results for the second quarter of 2021. LG reported tentative consolidated revenues of KRW 17.1 trillion, an increase of 48.4 percent from the same quarter the previous year and the highest quarterly revenue in the company’s history. Operating profit of KRW 1.1 trillion is expected to be 65.5 percent higher than the second quarter a year ago. With the official closure of the LG Mobile Communications Company at the end of the month, the unit’s earnings will not be reflected in this quarter’s earnings report and will be treated as discontinued operating losses. Earnings for the first quarter of 2021 will also be adjusted to reflect this change, to KRW 17.8 trillion in revenues and KRW 1.8 trillion in operating profit. These ......read more

Saudi Arabia's Tourism Development Fund Deploys ‘Cloud First' Strategy with Oracle to Better Enable the Kingdom's Tourism Industry

A full suite of Oracle cloud infrastructure solutions and Oracle Fusion Cloud Applications will contribute to enhancing the financial support provided by the Fund for companies promoting tourism in Saudi Arabia Pilot project initiated to incorporate Artificial Intelligence capabilities to enhance customer and employee experience   Riyadh, Saudi Arabia, 8 July 2021 –  Oracle today announced that Tourism Development Fund (TDF) has completed a major Oracle Cloud implementation supporting the organization’s objective in enabling investors and drive the development of Saudi’s tourism sector With a capital of USD 4 billion, TDF aims to be the key enabler of tourism development in the Kingdom. By providing financing solutions for investors, TDF aims to drive the development of distinguished tourism ......read more

Project Management Institute Announces 2021 Future 50 List Celebrating 50 Young Rising Leaders Changing the World

Five Future 50 list features five changemakers from the Middle East and North Africa From transforming healthcare in Saudi Arabia to make history by sending the first Arab country – the UAE – to Mars, this year’s notable changemakers have set an inspiring example for all in a year unlike any other 08 July 2021: Today, Project Management Institute (PMI) announced its second annual Future 50 list, which features 50 rising leaders using bold and innovative thinking to transform the world through notable projects. Five out of the 50 represent the Middle East and North Africa region, namely Saudi Arabia, UAE, Iraq, and Egypt. The 50 standout project leaders, highlighted in a new digital experience on PMI.org and a special issue of PM Network® magazine, represent a new generation of fearless, young innovators ......read more

The Saudi Investment Bank: First bank in the Kingdom to adopt Cisco Innovative Technologies'

Cisco’s innovative network infrastructure enables The Saudi Investment Bank to quickly adapt to changes in business needs while improving the services provided to customers RIYADH, KSA -  4, July 2021: Cisco has today announced that The Saudi Investment Bank (SAIB) has become the first financial institution in the Kingdom to adopt the entire Cisco SDN Architecture.  This enables SAIB to automate its network to quickly respond to changing business needs while improving customers service. With the implementation of its new network, powered by Cisco SD Wan, SAIB will be able to automate an increasing number of processes. This will allow SAIB to accelerate time to market in deploying applications and adding new services.  Faisal Al-Omran – CEO of The Saudi Investment Bank said: “We are ......read more

The Saudi Investment Bank: First bank in the Kingdom to adopt Cisco Innovative Technologies

Cisco’s innovative network infrastructure enables The Saudi Investment Bank to quickly adapt to changes in business needs while improving the services provided to customers RIYADH, KSA, 1 July 2021: Cisco has today announced that The Saudi Investment Bank (SAIB) has become the first financial institution in the Kingdom to adopt the entire Cisco SDN Architecture.  This enables SAIB to automate its network to quickly respond to changing business needs while improving customers service. With the implementation of its new network, powered by Cisco SD Wan, SAIB will be able to automate an increasing number of processes. This will allow SAIB to accelerate time to market in deploying applications and adding new services.  Faisal Al-Omran – CEO of The Saudi Investment Bank said: “We are delighted to ......read more

Residential Sales Volumes Recover to pre-Covid Levels Across Saudi Arabia

- 25,700 mortgage contracts issued in April across The Kingdom - 38,285 mortgages issued for purchasing villas and townhouses in Q1; the highest level in at least five years - SAR 48 billion worth of residential mortgages for homes and land issued in Q1 – the highest level in at least 5 years   Riyadh, KSA – June 30, 2021:  The number of residential mortgages issued in Saudi Arabia during April has hit a five-year high, according to Global property consultants, Knight Frank.  Faisal Durrani, Head of Middle East Research at Knight Frank notes: "The vast apparatus that is Vision 2030 is percolating through to the Kingdom's residential market, with rising residential mortgage rates, helping the government to realise its ambitions of higher home ownership rates. Indeed at 60% at present, the ......read more

Cisco Unveils New 5G Industrial Router Portfolio to Unite the IoT Edge

News Summary: • Cisco’s new IoT router portfolio is the broadest on the market, bringing reliable connectivity to any IoT edge use case to run connected operations securely and at scale. • The portfolio provides unprecedented modularity to future-proof the network with a broad variety of access technologies including Wi-Fi 6, 5G, 4G, Private LTE, FirstNet and Wi-SUN. • Leading brands around the world including Landis+Gyr share how they are working with Cisco to unite edge networks and scale IoT deployments.   KSA, Riyadh, 29 June 2021 — Today, Cisco (NASDAQ: CSCO) announced a new portfolio of Catalyst industrial routers to extend the power of the enterprise network to the edge with the flexibility, security and scalability needed for IoT and digitization success. Featuring 5G capabilities ......read more

Honeywell Survey Shows Healthier Buildings Remain a Priority in Saudi Arabia

More than 4 in 5 surveyed facility managers in Saudi Arabia say COVID-19 has caused them to permanently rethink how their building operates RIYADH, Saudi Arabia, June 23, 2021:   According to a report released today by Honeywell (Nasdaq: HON), 81% of surveyed building managers in Saudi Arabia say COVID-19 has caused them to permanently rethink how their building operates. More than 6 in 10 respondents (64%) are more likely to invest in indoor air quality optimization and other healthy building solutions, while 7 in 10 are now more willing to invest in smart building solutions that help drive efficiency and support sustainability efforts. The report, “Rethinking Buildings Post-COVID-19,” is the first in Honeywell’s 2021 Building Trends series, and introduces the challenges, priorities and assessments ......read more

5 things to know about renewing Philippine ePassport in the Kingdom of Saudi Arabia

1. Who can apply for ePassport renewal?    Philippine nationals living in the Kingdom of Saudi Arabia holding ePassport can apply for a renewal at the VFS Global ePassport Renewal Centre. Pursuant to the communication received from the Department of Foreign Affairs, The Republic of Philippines, ePassport should be renewed 10 months prior to the expiry date. Passports issued to adults (18 years and above) will be valid for 10 years and for minors the validity period is 5 years.   It is important to note that the centre accepts applications only for the renewal of ePassport. ePassports are embedded with a microchip which contains personal data and biometric detail of the passport holders.    Requests to make changes on the details of the biographical page, must be directed to to the Philippine ......read more

Backbase Middle East Awarded the Best User Experience Solution Provider Award

June 13, 2021:  Backbase, the Engagement Banking platform provider, has won the award for the ‘Best User Experience Solution Provider’ at the MEA Finance Banking Technology Summit and Awards 2021. The award recognizes Backbase’s customer-centric platform approach that leverages a single technology platform to orchestrate the entire customer journey across multiple devices and touchpoints. Recognizing that customers today have gone digital, expecting personalized, enhanced, and seamless experiences at every step of their journey, Backbase empowers banks and financial institutions to take full control of customer engagement across their entire financial lifecycle. Backbase’s Engagement Banking Platform delivers ready-to-go capabilities that instantly transform the digital experience for customers as well ......read more

“KPMG Private Enterprise” Launches Debut Competition for Saudi's Top Tech Innovators

1. Following the success of British edition, the competition has been expanded to 16 countries, including UAE, Saudi Arabia 2. Inaugural Saudi edition by KPMG Private Enterprise Tech Innovator competition will hunt Tech Innovators of Today; Titans of Tomorrow, in the Kingdom 3. KPMG Private Enterprise global network for Emerging Giants   Riyadh, Saudi Arabia – June 2, 2021:  KPMG is looking for Saudi Arabia’s top tech innovators who are poised and prepared to become tech titans with the launch of Saudi edition of the “KPMG Private Enterprise Tech Innovator Competition”, with the tagline – Tech Innovators of Today; Titans of Tomorrow.   Following the success of KPMG’s “Best British Tech Pioneer”, which has crowned innovators such as Echo Health and ......read more

EZVIZ Smart Home Sensor Kit Receives the Prestigious iF Design Award for Refreshing the Connected Smart-Life Style with Refined Product Design

EZVIZ thoughtfully designed its winning Smart Home Sensor Kit to empower intelligent homes through innovative and interoperable technologies. Saudi,  May 30, 2021:  EZVIZ, a global leading brand in smart home security, has reaffirmed its unparalleled innovation capacities by winning the iF Design Award 2021. The EZVIZ Smart Home Sensor Kit, which is among the very few sensor systems awarded this year, receives high recognition for integrating advanced technologies with effective product designs. An integrated security solution at its core, the Home Sensor Kit provides real-time detection against home invasion, gas and water leaks, and fire hazards, and blends in gracefully with any modern home environment. “The iF Award speaks to our dedication to original, user-centered design, which has formed the ......read more

New Cisco Research Reveals Collaboration, Cloud, and Security are IT's Top Challenges in EMEAR

IT leaders in the region are adapting to new challenges by prioritizing digitzation, with collaboration, cloud and security more crucial than ever before   News Summary:   • Report identifies core priorities essential to IT and digital transformation success including: focusing on security and collaboration for a hybrid workforce, delivering the best end-user experience, driving innovation and security in a cloud-first world, and leveraging technology to invest in employees and tackle societal issues. • To address these challenges, 50% of IT decision makers are investing network security, 49% in cloud applications, 44% in cloud security, and 40% in multi-cloud infrastructure in 2021-2022. • Read the full report.   Al Riyadh, Saudi Arabia, 24 May 2021 — According to Cisco’s ......read more

BinDawood Holding Reports 8.2% Sequential Increase in Net Profit in Q1 2021

Expecting Quarterly Sequential Growth throughout 2021   BinDawood announces a 10-store expansion in Riyadh province     Jeddah, Saudi Arabia - 10, May 2021  [TBD]– BinDawood Holding Co. (Tadawul: 4161 and the “Company”), one of the leading grocery retail operators of hypermarkets and supermarkets in the Kingdom of Saudi Arabia (‘KSA’), today reported its first quarter 2021 financial results.   Financial Highlights    (SAR M) Q1 2021 Q1 2020 % Up / (Down)   Q4 2020 % Up / (Down) Revenue ......read more

Shaker Reports SAR 4.5 Million Net Profit in Q1 2021; Year-on-Year Revenue Growth of 30.5%

• Q1 net profit of SAR 4.5 million compared to net loss of SAR 3.3 million in 2020 • Q1 revenue of SAR 288.3 million improved by 30.5% from 2020 • Earnings per share improved to SAR 0.10 • Shaker and LG have deployed robotics technology at Saudi manufacturing facility    Riyadh, Saudi Arabia, 6 May 2021: Al Hassan Ghazi Ibrahim Shaker Co. (“Shaker” or the “Company”), Saudi Arabia’s leading importer, manufacturer and distributor of Air Conditioners and Home Appliances, has announced its financial results for the 3-month period ended 31 March 2021. Shaker achieved revenue of SAR 288.3 million, growing by 30.5% compared to Q1 2020, and by 46.7% compared to the previous quarter. Gross profit of SAR 57.6 million increased by 16.8% year-on-year. Shaker’s Q1 ......read more

Saudi Arabia to Significantly Reform Kingdom's Education System through its Human Capital Development Vision Realisation Program

Education sector offers an abundance of opportunities for operators, developers and equity investors alike. 05, May 2021, Dubai, UAE:  Knight Frank has released its Saudi Arabia 2021 Education report which focuses on the four key segments of education: Pre-primary education, Primary and secondary education, Tertiary education and Technical and vocational training. The education sector in the Kingdom of Saudi Arabia is undergoing rapid transformation at all stages of education, especially as policies stemming from Saudi Vision 2030 are put into play. Incredibly, the Kingdom's schoolgoing population is almost three times that of the rest of the GCC and with the growing interest towards private education, as well as a higher acceptance of foreign curricula, it creates a compelling case to invest in the education space of ......read more

Saudi Arabia's Agricultural Development Fund Chooses Oracle Cloud Applications to Scale Operations in the Kingdom

Digitization initiative will enable Saudi credit provider to utilize real-time agricultural data to improve support for farmers and innovate new services Saudi — May 4, 2021:  Oracle today announced that the Agricultural Development Fund (ADF) of Saudi Arabia will automate its core finance, procurement and HR functions with Oracle Fusion Cloud Applications Suite. The implementation will help ADF drive data integration across the organization, reduce operational costs, and develop a secure, scalable IT infrastructure to help support the fund’s rapid expansion and innovation of new services. ADF is the Saudi government’s principal credit institution specialized in financing agricultural activities in Saudi Arabia. The fund also works to develop the country’s agricultural sector through scientific and ......read more

Cisco Ranks Number 1 on List of KSA's Greatest Workplaces



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Other Top Stories from Banking and Investments
 
Saudi Arabia's SISCO reports Q1 2021 net income growth of 21.4%…

• Q1 revenues increased 51.6% y-o-y, excluding accounting construction revenue • Strong performance by ports and logistics segments drive top-line growth • Net income grew 21.4% y-o-y, with earnings per share improving to SAR 0.40     Jeddah, Saudi Arabia, 2 May 2021: Saudi Industrial Services Company (“SISCO”, the “Company” or the ......read more

Virgin Mobile KSA Celebrates Earth Day and Removes 100% of Single-Use Plastic From Its Operations…

• Achievement forms part of the brand’s commitment to eradicating single-use plastic from its MEA operations  • The mobile telecommunications leader also announced a review of its carbon footprint in Saudi Arabia by end of 2021Sustainability goals reflect the brand’s global commitment to be a responsible corporate citizen • Over 50 tonnes of single-use ......read more

Saudi Payments Launches Instant Payments System ‘sarie' in Cooperation with IBM and Mastercard…

The system aims to increase non-cash transactions in the Kingdom, supporting “Saudi Vision 2030” RIYADH, Saudi Arabia, April 21, 2021 – Saudi Payments, under the supervision of the Saudi Central Bank (SAMA) announced the launch of Saudi Arabia’s instant payments system ‘sarie’ in cooperation with IBM (NYSE: IBM) and Mastercard (NYSE: MA), the leading ......read more

Deloitte Middle East's KSA Hospitality Market Report: An Overview of 2020…

21 April, 2021 — Deloitte Middle East Financial Advisory launched the Kingdom of Saudi Arabia (KSA) Hospitality Market report which provides an overview of the hospitality market in 2020 and compares the performance on regional and global levels.     The COVID-19 crisis impacted the hospitality sector in an unprecedent manner resulting in falling performance metrics ......read more

Lilly Saudi Names New Additions to Board of Directors…

Saudi Arabia,  April 15, 2021 – Eli Lilly Saudi Arabia, a leading pharmaceutical company, has announced the appointment of Dr. Mustafa Al Jawadi and Dr. Ahmed J. Al Buraidi to its Board of Directors in Saudi Arabia as of March 2021.  Dr. Ahmed J. Al Buraidi is a seasoned professional executive with over 24 years of experience in the pharmaceutical industry managing all aspects ......read more

Saudi Aramco's Profit Halved in Two Years, Market Cap $210B Below Apple's…

April 14, 2021:   Even before the pandemic, the oil and gas industry was faced with slumping prices. However, with a record collapse in oil demand amid the lockdowns, the COVID-19 crisis has further shaken the market, causing massive revenue and market cap drops for even the largest oil companies. According to data presented by Finaria.it, the net income of the world's biggest oil ......read more

Saudi Arabia Viewpoint: Taxing Dividends, Boosting Investments…

Key takeaways    •        Incentives are key to support the US$2.7trn 10-year domestic investment program, but a funding gap constrains implementation. •        Past precedents suggest the Shareek program could be a highly beneficial scheme to banks if the terms are right. •        Saudi Aramco could ......read more

The Journey Through Time Masterplan Marks a Major Step in Protecting and Sharing the AlUla Cultural ...…

Saudi - April 08, 2021:  Five unique districts, connected by a 20km-long public realm called the Wadi of Hospitality, will protect 200,000 years of natural and human history across the 20km-long core historical area of AlUla, a unique cultural landscape located in north-west Arabia, encompassing a wadi (seasonal river valley) and culminating in the Nabataean city of Hegra, a UNESCO ......read more

BinDawood Holding's FY2020 proves resilient as it reports 6.8% rise in net profit to SAR 447.7M…

Jeddah, Saudi Arabia -  29 March 2021:  BinDawood Holding Co. (Tadawul: 4161 and the “Company”), one of the leading grocery retail operators of hypermarkets and supermarkets in the Kingdom of Saudi Arabia (‘KSA’), today reported its fourth quarter and full year 2020 financial results. Financial ......read more

SolarWinds Head Geeks to Discuss Next Normal Network Improvements Needed at Cisco Live! 2021…

Company to showcase IT monitoring tools NetPath, PerfStack, and Orion Maps    March 24, 2021:  SolarWinds (NYSE:SWI), a leading provider of powerful and affordable IT management software, today announced its participation at the Cisco Live!® global digital event, March 30 – April 1, 2021. The company will showcase three key IT monitoring tools—NetPath™, ......read more

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