Saudi firm Najm inks accident management deal with UAE’s Saaed company

Saaed’s CEO Ibrahim Yousef Ramel (left) & Najm’s CEO Mohammad Al Suliman (right) during agreement signing in Riyadh
Updated 19 November 2019

Saudi firm Najm inks accident management deal with UAE’s Saaed company

  • Al-Suliman stressed the importance of the insurance sector as a major component of public life, a key contributor to the non-oil local economy in the Kingdom, as well as a main target for enhancing the quality of life as outlined in Saudi Vision 2030

RIYADH: Saudi traffic insurance entity Najm Insurance Services and Emirati traffic control company Saaed have signed an agreement in order to improve accident management and vehicle insurance services in Saudi Arabia and the UAE.
They signed the agreement in Riyadh on Sunday in the presence of Najm’s CEO Mohammad Al-Suliman and Saaed’s CEO Ibrahim Yousef Ramel.
Commenting on the partnership Al-Suliman said: “This agreement forms a starting point for fruitful cooperation between the two nations in the traffic systems sector.”
He added: “Saeed’s work complements Najm’s; where Najm is specialized in vehicle insurance services, Saeed possesses a solid expertise in accident management, which forms an opportunity to achieve a beneficial knowledge exchange, and result in a successful liaison that adds value to the insurance sectors of the two nations.”
Al-Suliman stressed the importance of the insurance sector as a major component of public life, a key contributor to the non-oil local economy in the Kingdom, as well as a main target for enhancing the quality of life as outlined in Saudi Vision 2030.

FASTFACT

Najm Insurance Services, a national company established in 2007 as a result of cooperation between the Saudi Arabian Monetary Authority and the General Authority of Traffic, aims to facilitate road traffic activity and support the vehicle insurance industry in the Kingdom.

“Owing to the support provided by the Saudi Monetary Authority (SAMA) and its partnership with the General Authority of Traffic, Najm is keen to develop its services, in particular the vehicle insurance sector, which forms its key mandate and the second largest insurance division in the Kingdom, with 32 percent of all insurance activity,” he told Arab News, adding that Najm had become a role model for other insurance services.
Ramel expressed his delight at signing this agreement, which reiterates the significance of integration to ensure customer satisfaction, enhance the position of both entities and raise their contribution towards achieving an improved quality of life in Saudi Arabia and the UAE.
“The cooperation between the two entities will add value and form a strong basis for a bright future and the development targets of Saudi Arabia and the UAE,” he said.


Startup of the Week: A Saudi Eco-friendly food waste startup brings value-added benefits

KAUST has been highly supportive of Carbon CPU, both technically and financially. (AN photos by Huda Bashatah)
Updated 21 January 2020

Startup of the Week: A Saudi Eco-friendly food waste startup brings value-added benefits

  • Aldrees: “Over 90 percent of food waste in Saudi Arabia is dumped into landfills”
  • Carbon CPU’s technology uses a specially developed, eco-friendly reactor to help convert food waste into fatty acids

Carbon CPU is a biotechnology startup specializing in turning food waste into fatty acids for use as livestock nutrients.

Launched through the post-graduate startup accelerator program (TAQADAM) of King Abdullah University of Science and Technology (KAUST), the venture was co-founded by Bin Bian, Jiajie Xu, Yara Aldrees, Sara Al-Eid and Prof. Pascal Saikaly.

The idea behind the enterprise began to take shape in 2018. Al-Eid said: “Our aim was to recycle food waste into value-added products in a manner that matched the Saudi Vision 2030 strategy.”

Similar to most countries, Saudi Arabia has a food waste problem, but Carbon CPU thought of utilizing it in a way that caused less harm to the environment and also benefitted the animal feed industry.

“Over 90 percent of food waste in Saudi Arabia is dumped into landfills,” said Aldrees. “This produces a lot of gas, including methane, carbon dioxide, hydrogen sulfide and cycloaromatics, and contributes to global warming and air pollution.”

Water and soil were also being contaminated through leachate production, she added. “We’re trying to solve those issues, too.”

 

The team found that animal farms often struggled to provide enough feed nutrients for livestock such as cows and sheep. Al-Eid said there was a huge shortage of fatty acids, which are used as livestock nutrients and were in high demand from farmers.

“We’re trying to help animals live longer and be more nutritious,” she added.

Carbon CPU’s technology uses a specially developed, eco-friendly reactor to help convert food waste into fatty acids.

“We produce fatty acids from the food waste, extracting them through a liquid-liquid extraction system. The fatty acid oils are then used to help animal feed, as well as the feed and chemical industries,” said Xu.

KAUST has been highly supportive of Carbon CPU, both technically and financially, added Bian. “KAUST, especially the Environmental Biotechnology Lab led by Prof Pascal Saikaly, provided us with the facilities to set up our reactors. The KAUST Innovation and Economic Development department and the Entrepreneurship Center also gave us a lot of guidance on how to push our technology into the market.”

The startup initially faced many challenges that KAUST helped to resolve. As individuals coming from backgrounds mainly in engineering and science, the team lacked the know-how in business that its project needed.

“KAUST made up for our lack of business thinking through training on how to solve business issues and create business modules and find the right customers for our product,” said Bian.