Amanat sees Saudi K-12 schools opportunity after $95m Taaleem stake sale

Amanat sees Saudi K-12 schools opportunity after $95m Taaleem stake sale
Amanat has sold its 21.7 percent stake in UAE schools group Taaleem. (Supplied)
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Updated 29 April 2021

Amanat sees Saudi K-12 schools opportunity after $95m Taaleem stake sale

Amanat sees Saudi K-12 schools opportunity after $95m Taaleem stake sale
  • Amanat sells stake sold to an undisclosed investor
  • Acute care and rehabilitation also seen as opportunity

DUBAI: Amanat Holdings sees “tremendous opportunies” in the Saudi K-12 education market, its CEO disclosed on Thursday.
It follows the sale of of its 21.7 percent stake in UAE schools group Taaleem to an undisclosed buyer for 350 million dirhams ($95.3 million).
The sale generated a total cash return of 225 million dirhams, it said in a stock exchange filing on Thursday.
Taaleem operates some of UAE's best known schools that include Dubai British School, American Academy for Girls and Raha International School.
The education-to-health care investor had built its stake in the company after initially acquiring a 16.3 percent holding in April 2016.
“Looking ahead, in line with our strategic roadmap to establish specialized platforms in both health care and education with operational capabilities, our investment mandate will remain focused on K-12 and higher education as well as specialized health care including post-acute care,” said Amanat CEO Mohamad Hamade.
In a later interview with Bloomberg TV, Hamade said he saw a “tremendous opportunity” in the Saudi K12 education market as well as in Egypt and the UAE.
Asked if the company was also interested in purchasing the UAE assets of NMC Health, the UAE’s largest hospital operator, he said: “We are always interested in good assets that create value for our shareholders.”


Italy’s Lamborghini eyes big opportunities in Saudi market

Italy’s Lamborghini eyes big opportunities in Saudi market
Lamborghini CEO Stephan Winkelmann says the region is a very important market for the manufacturer and has maintained its importance despite economic challenges. (Supplied)
Updated 13 min 3 sec ago

Italy’s Lamborghini eyes big opportunities in Saudi market

Italy’s Lamborghini eyes big opportunities in Saudi market
  • Super-car manufacturer said its Urus SUV has been a ‘game-changer’ for growth in the Kingdom

DUBAI: Lamborghini, the Italian super car manufacturer, sees Saudi Arabia as potentially its strongest market in the Middle East, its CEO Stephan Winkelmann told Arab News.

“The UAE is currently the biggest one, but we think that Saudi Arabia could become the biggest — it’s currently No. 2. We have the right partner today, so there is a big opportunity. We see growth and more potential,” he said.
Lamborghini has partnered with Saudi elite car dealership Samaco and now has outlets in Jeddah, Riyadh and Alkhobar. Winkelmann said that he saw the Urus, the Lamborghini SUV that has been a big success in the region and accounts for half of new sales, as a “game-changer” in Saudi Arabia.
He said that the region was a very important market for the manufacturer and had maintained its importance despite economic and geopolitical challenges.
He was in the Middle East to discuss with dealers and customers the recent $1.8 billion move by the Italian company to turn away from petrol engine cars later this decade, first with hybrid engines, then with an all-electric car.
Winkelmann said the company is also exploring the possibility of a new generation of synthetic fuels in its super-fast models.

HIGHLIGHT

Lamborghini has partnered with Saudi elite car dealership Samaco and now has outlets in Jeddah, Riyadh and Alkhobar.

Although Lamborghini is not the first super car manufacturer to consider going electric, its move away from the internal combustion engine is still a big challenge.
“For us, it’s even tougher because we not only have to reduce emissions but also maintain performance and make it even better than it was before,” Winkelmann said.
Hybrid plug-in versions of the Aventador and Huracan sports cars will be developed in the next couple of years, alongside the Urus. The first all-electric car — a brand new design — will be introduced in the second half of the decade.
Another challenge for Lamborghini will be how to replicate the famous exhaust “crackle” enthusiasts like in the petrol engine cars.
“We have time to think about this. I don’t think we should try to repeat the sound of the engine and exhaust in an electric car. Maybe we will find a new sound or have no sound at all,” Winkelmann said.
Despite the pandemic recession, Lamborghini had one of its most profitable years ever in 2020, as enthusiasts rewarded themselves for the deprivations of lockdown by splashing out on a new super car. The price of a new Urus, for example, starts at around SR1 million ($270,000), but can be much higher with customization and extras.
“People had time to think about their lives in lockdown and what was coming next,” Winkelmann said.


Saudi finance minister issues license for STC bank and Saudi digital bank, both under establishment: cabinet statement

Saudi finance minister issues license for STC bank and Saudi digital bank, both under establishment: cabinet statement
Updated 23 June 2021

Saudi finance minister issues license for STC bank and Saudi digital bank, both under establishment: cabinet statement

Saudi finance minister issues license for STC bank and Saudi digital bank, both under establishment: cabinet statement

RIYADH: Saudi Arabia’s finance minister has issued the necessary license for STC bank and Saudi digital bank, both under establishment, the Saudi cabinet said in a statement on Tuesday.

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Saudi Central Bank extends SME deferred payment program another 3 months

Saudi Central Bank extends SME deferred payment program another 3 months
Updated 22 June 2021

Saudi Central Bank extends SME deferred payment program another 3 months

Saudi Central Bank extends SME deferred payment program another 3 months
  • Program aims to support small and medium-sized enterprises still struggling due to the pandemic
  • More than 106,000 contracts have benefited since it was launched in March 2020 with a value of approximately SR167 billion

RIYADH: The Saudi Central Bank (SAMA) announced on Tuesday that it is extending a deferred payment program for a second time to help support small and medium-sized enterprises (SMEs) that are still struggling during the coronavirus (COVID-19) pandemic.
SAMA said the program — one of the bank’s initiatives to support private sector financing — will be extended for another three months from July 1 through Sept. 30.
The move is part of SAMA’s role in maintaining the stability of the financial sector, enabling it to promote economic growth and maintain employment levels in the private sector, especially within micro enterprises and other SMEs.
More than 106,000 contracts have benefited from the program since it was launched in March 2020 while the value of the deferred payments for those contracts has amounted to approximately SR167 billion ($44.5 billion).
SAMA has also offered a secured financing program for SMEs as more than 5,282 contracts have benefited from that program with a total financing value of more than SR10 billion, the bank said in a statement.
These programs are meant to support the private sector and the levels of liquidity in the financial sector. They enable financing agencies to provide support while mitigating the economic and financial effects on the SME sector, the bank said.
This is the second time SAMA has extended the two programs to support SMEs. It renewed the deferred payment program for three months last March, while it also extended the guaranteed financing program for an additional year until March 14, 2022.


Beirut is the world’s third most expensive city for expats

Beirut is the world’s third most expensive city for expats
Updated 22 June 2021

Beirut is the world’s third most expensive city for expats

Beirut is the world’s third most expensive city for expats
  • Living in the Lebanese capital as an expat has now become more expensive than living in Tokyo, Zurich, or Shanghai

DUBAI: Beirut has become the most expensive city for expats in the Middle East and North Africa region, and the third globally, based on the latest “Cost of Living” survey by consultancy Mercer.
Jumping 42 places in global rankings, Beirut has been at the center of Lebanon’s economic and political collapse, aggravated by the COVID-19 pandemic and the port explosion last year.
Living in the Lebanese capital as an expat has now become more expensive than living in Tokyo, Zurich, or Shanghai. Turkmenistan’s Ashgabat ranked first, in the list of most expensive cities for expatriates, followed by Hong Kong.
Mercer comes up with the annual list by comparing the cost of more than 200 items in each city, including housing, transportation, food, clothing, household goods and entertainment.
Riyadh has become the most expensive city in the Gulf at 29th globally. Jeddah ranked 94th, the report showed.
Dubai dropped to 42nd in the list, down from 23rd last year, and Abu Dhabi ranked 56th from 39th a year earlier.
Other cities in the Gulf also became more affordable this year, the report revealed, with Bahrain dropping to 71st from 52nd, while Muscat fell to 108th from 96th. Kuwait City dropped two places to 115th and Qatar at 21 places to 130th.


Dubai government agency first to approve job titles for remote work

Dubai government agency first to approve job titles for remote work
Updated 22 June 2021

Dubai government agency first to approve job titles for remote work

Dubai government agency first to approve job titles for remote work
  • Remote work can now be done under normal circumstances, the department said

DUBAI: Dubai Municipality has become the first government agency in the UAE to approve job titles for remote work, state news agency WAM has reported.
Remote work can now be done under normal circumstances, the department said, parallel to its other work setups such as its shifting system.
The move comes as the COVID-19 pandemic has made private, and even public, workplaces rethink ways to continue their operations despite the crisis.
Workplace innovation is not new to Dubai Municipality, as it pioneered flexible work systems for government departments in the UAE in 2007.
The pandemic has also made the municipality accelerate its smart transformation, to make the remote work system effective.