Al-Rajhi Capital launches flagship ‘passive’ fund

Updated 22 January 2019

Al-Rajhi Capital launches flagship ‘passive’ fund

Al-Rajhi Capital (ARC), one of the largest asset managers in Saudi Arabia and a regional investment firm, has launched the “Al-Rajhi MSCI Saudi Multi-Factor Index Fund.” This fund is classified as an open-ended fund that aims to achieve medium- to long-term capital growth by tracking performance of the MSCI’s Saudi Multi-Factor Index, which complies with ARC’s Shariah board rules. 

As Al-Rajhi Capital’s first “passive” fund, it has been designed and built to have low-cost structure and provide investors easy access to the broader Saudi market. 

Megren Al-Kulaibi, head of asset management at Al-Rajhi Capital, said: “This fund was created to meet growing investor needs for a low-cost and efficient way to access the Saudi equity market from a long-term perspective. As a provider of innovative investment solutions, we are pleased to offer this rules-based, transparent alternative to investors. The fund targets both institutional and retail investors who are looking for a broader allocation to Saudi equity market from a strategic allocation or savings perspective.”  

Robert Ansari, head of Middle East coverage at MSCI, said: “MSCI is pleased to have developed the MSCI Saudi Multi-Factor Index. Global interest from investors in multi-factor investing continues apace as they seek an alternative approach to the Saudi Arabian equity capital market and transparent routes to efficiently access this emerging market via various financial instruments.”

Philips brings virtual cardiology network to KSA

Updated 19 February 2019

Philips brings virtual cardiology network to KSA

Royal Philips, a health technology company, has teamed up with the Ministry of Health (MoH) in Saudi Arabia to provide a first-of-its-kind integrated cardiovascular information system (CVIS) across multiple facilities throughout the Kingdom. 

Patient medical information will be available on demand at the point of care in each of the connected hospitals to help improve quality access to cardiology care managed by a network of specialists. The Philips CVIS includes advanced software technology and image analysis to simplify cardiovascular data management for cardiology departments to work more efficiently and accurately. 

According to the World Health Organization, cardiovascular diseases (CVDs) are the No.1 cause of death globally. They are also highly prevalent in Saudi Arabia. Cardiology is also one of the most complex areas of the hospital enterprise, with large quantities of data generated by various caregivers across multiple locations. By integrating disparate cardiology systems in the public MOH cardiac centers around the Kingdom, the Philips CVIS aims to reduce data entry, simplify access to test results generated in other departments and make it easier to acquire, analyze and share patient data. 

The cardiology patient data information will be powered by Philips IntelliSpace Cardiovascular platform, featuring advanced archiving from the Philips Universal Data Manager (UDM) and advanced visualization from Philips IntelliSpace Portal. Seamless data sharing and connectivity between the hospitals will be managed by Philips Forcare, delivering information health exchange (IHE) interoperability.  

“With a dedicated health care IT clinical informatics team and leadership in connected care, Philips brings a wealth of experience into the cardiology program of the MOH,” said Ozlem Fidanci, market leader Middle East and Turkey at Philips. “This collaboration named as Project Taji marks a significant step by the Ministry of Health toward Saudi Vision 2030 and the elevation of cardiology services across the Kingdom.” 

The Taji Project will be implemented in Makkah, Jeddah, Al-Hofuf, Qassim, Jizan, Najran, Dammam and Arar. All these cities will be connected to the Ministry of Health in Riyadh to utilize tele-cardiology services among MOH cardiac centers. 

“The primary use of tele-cardiology is to support primary care practitioners in the area of correct diagnosis, thus empowering them to manage cardiac patients with increased confidence. It also improves the clinical training of the average practitioner, by increasing the clinician’s level of knowledge at the primary level. This will equip GPs to offer better care and improve the overall health care system,” said Dr. Ahmed Balkhair, adviser to the vice minister and general supervisor of e-health programs and IT.

“The MoH tele-cardiology initiative helps build up an integrated cardiovascular information system (CVIS), cardiac picture archiving and communications system (CPACS), and an ECG data management system, all of which will enhance the efficiency of the cardiology workflow for the cardiologists and all users, and access to patient studies by authorized users,” said Dr. Mohammed K. Abdulaali, assistant deputy minister for hospital affairs.