KSA signs SR2.4bn deals with Lockheed, Arianespace to launch 2 satellites

KSA signs SR2.4bn deals with Lockheed, Arianespace to launch 2 satellites
Updated 30 April 2015

KSA signs SR2.4bn deals with Lockheed, Arianespace to launch 2 satellites

KSA signs SR2.4bn deals with Lockheed, Arianespace to launch 2 satellites

Saudi Arabia and two global aerospace giants, US-based Lockheed Martin and French satellite launch company Arianespace, announced that they have signed deals to build and launch two new communications satellites and boost future Saudi satellite endeavors.
At a news conference in Riyadh, Prince Turki bin Saud bin Mohammed, president of King Abdulaziz City for Science and Technology (KACST), said investments of up to $650 million (SR2.4 billion) would be made in order to build the new satellites, which will provide television, Internet, and telephone services for Riyadh-based satellite operator Arabsat.
The satellites will be built by Lockheed and then launched by Arianespace using its Ariane 5 rocket from the Guiana Space Center in French Guiana.
The deals were signed on April 9 and construction will commence immediately. The satellites will be launched in 2018.
Khalid Balkheyour, CEO of Arabsat, said the two new satellites — the Arabsat 6A and the Hellas-Sat-4/SaudiGeoSat-1— would be joining “a fleet of satellites that provides millions of people access to TV, radio and broadband services for mobile and landline communications.”
Arabsat has launched a total of 13 satellites, and this will be the 10th satellite the Riyadh-based operator will launch with Arianespace.
The operator hosts some of the Arab world’s most popular satellite television channels, including the MBC and Rotana family of channels, and the Abu Dhabi Sports channel.
The deals, signed between KACST, Arabsat, Lockheed, and Arianespace, also include agreements to boost future “design, manufacture, assembly and integration of satellites” in the Kingdom in coordination with the TAQNIA Space Company, a subsidiary of the Saudi Technology Investment and Development Company (TAQNIA), according to a Lockheed Martin press release.
Prince Turki said the deals were launched as part of Saudi Arabia’s ambitious economic development plan, which aims to boost the Kingdom’s knowledge-based industries and technological capabilities by 2020.
$1 trillion has been earmarked in spending between 2010–2020 to achieve this goal, according to Saudi Arabian General Investment Authority.
A key component of the plan involves building dedicated “economic cities,” which go beyond the business model of “economic zones” and aim to be all-inclusive, comprehensive centers of activity for a particular industry. The KACST was one of the first of these.


Revenue management systems key to success of Saudi health reforms says KPMG

Revenue management systems key to success of Saudi health reforms says KPMG
Updated 46 min 26 sec ago

Revenue management systems key to success of Saudi health reforms says KPMG

Revenue management systems key to success of Saudi health reforms says KPMG
  • The Kingdom’s Ministry of Health (MoH) is transitioning from being an all-in-one payer, provider and regulator of health services to becoming a regulator

RIYADH: Robust revenue cycle management systems will be essential for Saudi Arabia’s new health care model, KPMG said in a report.
The Kingdom’s Ministry of Health (MoH) is transitioning from being an all-in-one payer, provider and regulator of health services to becoming a regulator, governing corporate payers and providers.
A key aspect of this transformation is the separation of the payer and the provider functions in the public health care sector, KPMG said. To facilitate future reimbursement to public health care providers, the Ministry of Health has set up the Program for Health Assurance and Purchasing (PHAP).
In addition, the Council of Cooperative Health Insurance (CCHI) has also firmed up regulations for private insurers.
With the introduction of mandatory health insurance underway in the public sector in the Kingdom and the wish to standardize across the public and private sector, Saudi health care providers will need to develop new capabilities to be able to generate revenue under the new reimbursement system, KPMG reported.  
“One of the key implications for health care providers of this introduction is the transformation of how health care service providers are reimbursed. Providers will primarily be paid on a per-patient basis, rather than via allocated budgets from the government,” said Emmeline Roodenburg, head of health care at KPMG in Saudi Arabia.
Patient acceptance and registration; billing and claims management; patient treatment and documentation; and coding and grouping are the four key operational elements of the Revenue Cycle Management (RCM) under the new mechanism.
While the risks that come with having a poor RCM function can be managed and mitigated, if they are left unchecked then the consequences could include revenue losses and fines for inaccurate invoicing, KPMG said.


Fashion retailers launch dedicated Gulf online stores

Fashion retailers launch dedicated Gulf online stores
Updated 49 min 23 sec ago

Fashion retailers launch dedicated Gulf online stores

Fashion retailers launch dedicated Gulf online stores
  • The website will feature new collections of the fashion line, as well as exclusive deals for online shoppers

DUBAI: Global fashion brands are launching dedicated online platforms as the pandemic upends shopping habits in the region.

Brands are launching dedicated channels as online shopping booms across the region.

Germany-based Hugo Boss has become the latest brand to open a regional online store serving Saudi Arabia, the UAE, Kuwait, Bahrain and Oman.

Customers can now shop through those dedicated online platforms, which will feature exclusive deals and collections.

E-commerce leaders said the pandemic has accelerated the industry's digital push.

Last year, luxury brands Bulgari, Louis Vuitton, and Dior launched their online selling platforms in the region, at the height of COVID-19-induced lockdowns and curfews.

Diesel has also announced an e-commerce platform targeting the UAE and Saudi markets.

Fashion labels  have been reinventing ways to engage with customers who are used to visiting stores to try on garments.

Some companies have also started to use 3D technology and augmented reality to create a holistic shopping experience for their customers.

 


Riyadh allows development on endowed lands as it eyes population doubling

Riyadh allows development on endowed lands as it eyes population doubling
Updated 19 April 2021

Riyadh allows development on endowed lands as it eyes population doubling

Riyadh allows development on endowed lands as it eyes population doubling
  • The decision allows planning, development, sale, purchase and other services

RIYADH: The Royal Commission for the City of Riyadh (RCRC) has lifted the suspension of development on large parts of the endowed lands north of King Salman Road, Saudi Press Agency reported.
The decision allows planning, development, sale, purchase and other services, provided that everything is compatible with the urban code of the city.
It is part of a series of measures aimed at helping the Saudi capital accommodate twice the current population by 2030, RCRC said
The commission said that Riyadh’s strategy is expected to put the city among the top ten cities in the world in terms of economy, competitiveness and quality of life by 2030.
A specialized committee has been formed to look into land affairs and the RCRC has also created a call center to improve communication with the public.

 


Saudi public debt issuance up 50% in 2020 to $43.4bn

Saudi public debt issuance up 50% in 2020 to $43.4bn
Updated 19 April 2021

Saudi public debt issuance up 50% in 2020 to $43.4bn

Saudi public debt issuance up 50% in 2020 to $43.4bn
  • The market value of stocks and debt instruments reached SR9.8 trillion by the end of 2020

RIYADH:  Saudi public debt issuance increased by nearly 50 percent in 2020 to SR163 billion ($43.4 billion), the Capital Market Authority reported.
Non-government debt issuance increased by more than 250 percent reaching SR31 billion compared to SR9 billion in 2019.  
The market value of stocks and debt instruments reached SR9.8 trillion by the end of 2020, the Authority said in its annual report.
That represented a rise of 335 percent when compared to 2017 when it launched its three-year Financial Leadership Program that ran until last year.
The Authority has been developing its strategic plan for the next three years 2021-2023 in line with updated plans to expand the Kingdom's financial sector.


DP World explores quantum computing technology to optimize business

DP World explores quantum computing technology to optimize business
Updated 19 April 2021

DP World explores quantum computing technology to optimize business

DP World explores quantum computing technology to optimize business
  • The company organized training sessions for its employees, as well as actual quantum computing coding exercises

DUBAI: Dubai’s port company DP World is exploring quantum computing technology to optimize its operations, the company said in a statement.

It said it was working with D-Wave Systems, a Canadian quantum computing company, to look at how the advanced technology can be applied to DP World’s logistics and trade business.

The company organized training sessions for its employees, as well as actual quantum computing coding exercises.

The technology, DP World said, can be applied to industrial logistics, fleet and traffic management, and other operations across the supply chain.

“Quantum computing capabilities complement our need to reach ultimate smart trade and achieve a seamless logistics infrastructure, where everything is connected, devices work in harmony, and all our operations components communicate with each other intelligently,” Mohammed Al-Muallem, DP World’s chief executive, said.

Quantum computers provide exponential processing power to solve complex problems, better than traditional computers.

The move is part of DP World’s digital push.