Philips tackles health care challenges at FII 2019

Frans van Houten, CEO of Royal Philips, was a panelist in a session titled, “Solving the unsolvable: How investors and entrepreneurs can advance deep tech,” on Oct. 30.
Updated 18 November 2019

Philips tackles health care challenges at FII 2019

Royal Philips, a health technology company, highlighted the role of sustainable innovation in the Kingdom’s journey toward achieving health care transformation, at the Future Investment Initiative (FII) that took place in Riyadh from Oct. 29 to 31st.
As part of Philips’ commitment to making the world healthier and more sustainable through innovation, the company aims to address pressing societal issues with a focus on the United Nation’s Sustainable Development Goals, including the goal to ensure healthy lives and promote well-being for all.
FII brought together decision-makers, leading investors and global experts to explore future economic trends and discuss how investment in advanced technologies can help transform Saudi Arabia into an economic powerhouse. Frans van Houten, CEO of Royal Philips, was a panelist in a session titled, “Solving the unsolvable: How investors and entrepreneurs can advance deep tech,” on Oct. 30.
“Our vision is to improve the lives of three billion people a year by 2030. We want to transform the ways in which health care is accessed and experienced,” said Ozlem Fidancı, CEO of Philips Middle East and Turkey.
“Philips is a leader in artificial intelligence in health care: Unlocking unprecedented improvements in access, productivity and quality. With a rapid rate of innovation, AI can address significant global unmet needs in health care — augmenting human intuition and teamwork with precision and speed.”


SAGIA, Xylem ink $50m MoU to advance water security

Updated 05 December 2019

SAGIA, Xylem ink $50m MoU to advance water security

Water technology firm Xylem has signed an MoU with the Saudi Arabian General Investment Authority (SAGIA), representing an investment of $50 million. The agreement aims to expand Xylem’s manufacturing footprint into the Kingdom, and to better serve its portfolio of customers in Saudi Arabia and across the region.

Under the MoU, Xylem will work with SAGIA to develop and localize advanced water and wastewater products and technologies to address water challenges in Saudi Arabia, as well as increase its footprint of service points and rental fleets across the Kingdom. A core objective of the MoU is to accelerate adoption of digital water solutions and optimize utility networks across the Kingdom.

The proposed multimillion-dollar investment will not only help build a vibrant local supply chain, but also see Xylem bringing additional commercial opportunities into the Kingdom, with the wider aim of improving water solutions locally. The agreement is in line with the goals of Saudi Vision 2030 to promote economic diversification through investments in localization that will also contribute to the export of “Made in Saudi” products across the world.

The MoU was signed on the sidelines of the Future Investment Initiative (FII), commonly known as the “Davos in the Desert,” by Ibrahim A. Al-Omar, governor of SAGIA, and Steven Leung, senior vice president and president, emerging markets of Xylem, in the presence of senior officials of both entities and Frank Ackland, managing director Xylem Middle East.

Al-Omar said: “As Saudi Arabia welcomes investors and decision-makers from across the globe to this annual global investment platform, the agreements exchanged here reflect the strength and diversity of the economy. Under Saudi Vision 2030, Saudi Arabia is undergoing an ambitious program of economic reform, and the world is taking notice. This month, Saudi Arabia climbed 30 places in the World Bank’s Doing Business 2020 report, becoming the most improved economy globally. The indicators are
clear: Saudi Arabia is not only open for business, it’s the economy of the future.”

Leung added: “As Xylem continues to lead the water sector’s digital transformation globally, this MoU presents an opportunity to leverage our market-leading portfolio and application expertise to advance water security in Saudi Arabia. Through our investment of $50 million, and with our strong presence in Saudi Arabia, backed by our dedicated office and team, we are committed to creating in-Kingdom value through our investments and partnerships. We are thankful to SAGIA for the opportunity to directly contribute our expertise to the development vision of the leadership, as the Kingdom embarks on its ambitious transformation program.”