Ma’aden appoints Sofina Foods’ Wilt as new CEO

Ma’aden appoints Sofina Foods’ Wilt as new CEO
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Updated 23 January 2022

Ma’aden appoints Sofina Foods’ Wilt as new CEO

Ma’aden appoints Sofina Foods’ Wilt as new CEO

RIYADH: The Saudi Arabian Mining Co., or Ma’aden, has appointed Robert Wilt as its new chief executive officer, it announced in a bourse filing. 

The appointment ends the tenure of Abdulaziz Al-Harbi who was in the role since April, but now will become deputy CEO. 

Immediately prior to Ma’aden, Wilt was the CEO of Sofina Foods Canadian, a leading meat manufacturer. 

Wilt, who is also joining the Saudi firm as an executive board member, has 30 years of experience spending a significant time at Alcoa, the US-based aluminum producer, where he held various executive positions.

The American executive is an Engineering Management graduate at the US Military Academy, and he also holds a master’s degree from Harvard University. 

Before Al-Harbi was CEO, Mosaed Ohali held the position in 2020. He took over from ex-HSBC banker Darren Davies who was first named chief in mid-2018.

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Saudi digital logistics firm RedBox raises $5m in a pre-series A funding round

Saudi digital logistics firm RedBox raises $5m in a pre-series A funding round
Updated 13 sec ago

Saudi digital logistics firm RedBox raises $5m in a pre-series A funding round

Saudi digital logistics firm RedBox raises $5m in a pre-series A funding round

RIYADH: Saudi-based smart parcel lockers company, RedBox, has raised $5 million in a pre-series A funding round led by RAAF Holding Company and Mad’a Investments, MAGNiTT reported.

The company, which recently launched its services in Qatar and Bahrain, wants to use this funding to expand into other Gulf Cooperation Council countries, starting with the UAE, then Kuwait and Oman.

Established in 2019, the startup provides last-mile services in the logistics sector through its network of smart lockers stations and currently has its operation spread across 18 cities in the Kingdom. 

The digital logistics company plans to have 800 stations by the end of this year.


UAE’s Farnek to reduce electricity, water, fuel consumption by 30% by 2028

UAE’s Farnek to reduce electricity, water, fuel consumption by 30% by 2028
Updated 5 min 28 sec ago

UAE’s Farnek to reduce electricity, water, fuel consumption by 30% by 2028

UAE’s Farnek to reduce electricity, water, fuel consumption by 30% by 2028

RIYADH: UAE-based property management company Farnek hopes to reduce electricity, water, refrigerants, and fuel consumption by 30 percent over the span of the upcoming five years, according to a statement, citing the firm’s associate director of sustainability, Nada Ibrahim.

The firm also intends to cut waste by 10 percent, as well as lower the emissions associated with purchased goods and services by five percent, the associate director disclosed. 

Established in the 1980s, Franek aims to slash emissions across those categories by 50 percent by 2031. The company is also targeting 90 percent reduction in its carbon footprint by 2048, she added.

To achieve this, the firm has developed an online solution referred to as Optimizer in order to carry out as well as benchmark energy, water, and waste audits. 

In line with the UAE’s strategic initiative, those goals fall under Farnek’s roadmap to achieve carbon neutrality by 2050, Ibrahim revealed.


Egypt health and wellness platform Esaal raises $1.7m seed round

Egypt health and wellness platform Esaal raises $1.7m seed round
Updated 9 min 24 sec ago

Egypt health and wellness platform Esaal raises $1.7m seed round

Egypt health and wellness platform Esaal raises $1.7m seed round

RIYADH: Egypt-based health and wellness platform Esaal has raised $1.7 million in a seed funding round from venture capital firm A15.

The company provides consultations on a broad range of issues, and partners with companies to provide services to their employees.

Esaal is planning to use its latest investments to grow across the Middle East and North Africa region, as well as invest in product and team development, MAGNiTT reported.
 


Aqaseem Factory shares soars 30% after market debut

Aqaseem Factory shares soars 30% after market debut
Updated 19 min 4 sec ago

Aqaseem Factory shares soars 30% after market debut

Aqaseem Factory shares soars 30% after market debut

RIYADH: Shares of Saudi Aqaseem Factory for Chemicals and Plastics Co. soared 30 percent after its debut on the parallel market Nomu on Wednesday.

The company saw its shares close at SR62.40 ($16.64), against an initial public offering price of SR48, according to the Saudi exchange data.

The firm received Capital Market Authority approval on March 21 to register its shares for direct listing.

The motor oil and lubricants company was established in 1997.


Kamco Invest’s credit rating maintained at BBB with stable outlook

Kamco Invest’s credit rating maintained at BBB with stable outlook
Updated 21 min 23 sec ago

Kamco Invest’s credit rating maintained at BBB with stable outlook

Kamco Invest’s credit rating maintained at BBB with stable outlook

RIYADH: Kuwait-listed Kamco Invest’s long-term and short-term credit ratings have been maintained at “BBB” and “A3”, respectively, with a stable outlook, by Capital Intelligence.

The rating was issued by the firm in its most recent report, highlighting two key strengths for Kamco, according to a statement.

The first is its “strong funding and liquidity base” and the second is “the company’s business model with substantial assets under management.”

The Kuwaiti asset management, investment banking and brokerage firm has $14.6 billion of assets under management, according to its website.

“Capital Intelligence’s investment grade rating of Kamco Invest reaffirms the strength of the company’s financial position, business model, and management capabilities,” said CEO, Faisal Mansour Sarkhou.

He added: “The rating follows a record year in terms of our performance and the size of our AUM, positively reflecting the robustness of our evolving business model and range of offerings.”