SABB & Mastercard launch World Elite Exclusive credit card

SABB & Mastercard launch World Elite Exclusive credit card
Bandar Al-Ghashyan, acting chief retail banking and wealth management officer, SABB, and Khalid Elgibali, division president — MEA, Mastercard.
Short Url
Updated 05 July 2022

SABB & Mastercard launch World Elite Exclusive credit card

SABB & Mastercard launch World Elite Exclusive credit card

The Saudi British Bank has launched the World Elite Exclusive Mastercard credit card, which offers private banking customers access to a wide range of market-exclusive benefits and privileges.

The new card is designed to provide exceptional services to private banking customers, offering a wide range of special deals and benefits for shopping and leisure, travel and tourism services, insurance and freight services, and reward programs.

The World Elite Exclusive Mastercard credit card provides a variety of special offers in collaboration with a wide range of international companies and premium retailers worldwide to give extra value to its customers while maintaining security and reliability.

Bandar Al-Ghashyan, acting chief retail banking and wealth management officer, SABB, said: “SABB is well positioned to provide the best products and services that suit our customers’ highest standards, which is part of the bank’s strategy aimed at maintaining our leading position in the market and providing the best banking experience for our customers by offering superior financial and wealth management services.

SABB applies the bank’s strategy and keeps pace with digital development and presents our distinguished services to our customers in record time, enriching their experiences through our digital channels.

We are proud of our partnership with Mastercard to offer this valuable credit card, which focuses on providing exceptional services and offers to private banking customers and their families,” he added.

Khalid Elgibali, division president — Middle East and North Africa, Mastercard, said: “At Mastercard, we are committed to offering seamless digital experiences, products and services that transform lives. We are pleased to extend our longstanding partnership with SABB to deliver on this commitment. Our partnership marks yet another significant step toward redefining Saudi financial services and the Kingdom’s payments sector. We look forward to working with SABB to realize Saudi Arabia’s potential as a world-class business hub — one characterized by innovative banking offerings such as the World Elite Exclusive Mastercard credit card.” SABB offers a range of products and services coupled with leading digital banking channels, and enables effective communication through teams specialized in wealth management and customer services.

Tanmiah delivers robust earnings growth supported by strong product demand

Tanmiah delivers robust earnings growth supported by strong product demand
Updated 16 August 2022

Tanmiah delivers robust earnings growth supported by strong product demand

Tanmiah delivers robust earnings growth supported by strong product demand

Tanmiah Food Company, a leading provider of fresh and processed poultry and other meat products, animal feed and health products, and a foods brand franchise operator, has announced its results for the first half ending June 30, 2022, with a 31 percent year-on-year growth in revenues amounting to SR965.9 million ($257.2 million). The gross margin improved to 23.3 percent from 22.8 percent in H1 2021, while the EBITDA of SR107.5 million (+30 percent YoY), yielded a margin of 11.1 percent. The net income increased 43 percent YoY from SR22.2 million to SR31.7 million, on the back of a robust top-line performance and gradual price increases in the fresh chicken category.

Zulfiqar Hamadani CEO of Tanmiah, said: “We have continued to successfully execute our capacity expansion program, resulting in solid top-line performance as Tanmiah’s products continued to grow in popularity during the first half of the year as we drive innovation across all our product lines. The recent completion of refurbishment projects at our Majmah facility to reach a capacity of 420,500 birds per day will further boost revenues and profitability in the upcoming quarters and is a major milestone in our goal to reach a production capacity of 1.2 million birds per day by 2025.

“Despite the volatility in global commodity prices, our strong market positioning, and the increasing preference by customers for our diversified product offerings has enabled us to mitigate this impact by carefully managing pricing, thus resulting in margin improvement during the period.”

He added: “As we embark on a new phase in Tanmiah’s journey through the landmark partnership with Tyson Foods, we expect to unlock substantial long-term value for our shareholders by enhancing all stages of the value chain, along with diversifying our product offerings, and expanding our global footprint. Collectively, we will continue to significantly invest in our business to raise production capacity further and meet the expected rising demand that could be captured through the potential launch of a new global halal brand with Tyson, which may be marketed worldwide.”

Ahmed Osilan, executive board member and managing director of Tanmiah, said: “We are proud to have achieved major milestones since the start of the year, including the strategic partnership with Tyson Foods. Our sustained investments in ramping up production capacity and strengthening our long-standing relationships with our key business partners, have rewarded us with a robust performance during the period, whereby we have successfully attained a remarkable growth in profitability.

“We are delighted to be taking our company to a whole new level, by advancing our technical expertise and tapping new opportunities for realizing wide-ranging synergies across the group, whilst accelerating our pace of growth.

“Further supporting our strategic growth plans is the SR150 million financing facility recently secured by our subsidiary ADC, from the Agriculture Development Fund. This forms part of a comprehensive bundle of loans that are aligned with the government’s ongoing initiatives to boost food production. We remain committed to our pioneering role in reinforcing Saudi Arabia’s food security and self-sufficiency goals, through enriching the domestic ecosystem by bringing world-class sector expertise to the Kingdom and creating a number of job opportunities in the local market, which will emerge as a result of our significant partnership with Tyson Foods.”

Revenue analysis

Tanmiah reported first half revenues of SR965.9 million, up 31 percent YoY from SR734.9 million. The top-line growth was driven by strong performance across all segments, in particular fresh poultry and processed products, reflecting a combination of both price and volume effect.

Fresh poultry sales, comprising 69 percent of total revenues, increased 31 percent YoY to SR666.2 million from SR510.7 million in the similar period of last year. The fresh poultry revenue growth was driven by a continued expansion of capacity, leading to sustained volume growth, in line with the rising popularity of Tanmiah’s products, as well as a gradual increase in prices across the fresh chicken category. The group ended 2021 with a daily capacity of 370,000 birds and increased it to 420,500 birds per day (net of rental capacity), marking a 13.6 percent growth, following the upgrade of Tanmiah’s facility in Majmah, north of Riyadh.

Further, the processed products revenues grew by 31 percent YoY to SR199 million during H1 2022. This increase in sales comes on the back of growth in demand from the food service channel, and a gradual revision of prices for key food service customers during contract renewals.

The feed and animal health revenues grew by 26 percent to SR91 million in H1 2022, predominantly due to the increasing demand for animal health products and equipment.

Meanwhile, the food franchise operator revenues amounted to SR9.8 million in H1 2022, with Q2 reflecting the second full quarter since the launch of the food franchise vertical. During the period, Tanmiah opened a total of six Popeyes stores in the Kingdom, bringing the total to 10 operational outlets as of June 30.

Growth strategy

Tanmiah’s strategy to further reinforce its market positioning hinges on both organic and inorganic growth. In order to capture lucrative opportunities from rising demand for poultry, coupled with the Kingdom’s strategic goal of attaining 80 percent self-sufficiency in the poultry sector by 2025, Tanmiah continues to invest substantially on capacity expansion and continues to make good progress in this regard.

The company has increased its local sales of fresh chicken by 9 percent YoY from 49.2 million chickens in H1 2021 to 53.5 million chickens in H1 2022, as a result of sustained investments in its assets and operations. Tanmiah has recently completed the refurbishment of its facility in Majmah, which has resulted in increasing its total production capacity to 420,500 birds per day (net of rental capacity), from 370,000 birds per day at the end of 2021.

Another key event for Tanmiah is the strategic partnership with Tyson Foods. Tanmiah considers this partnership an important milestone in its 60-year journey, demonstrating its commitment to its pioneering role in reinforcing Saudi Arabia’s food security and self-sufficiency goals. The partnership will also enable Tanmiah to gain exposure to global industry know-how and could lead to emerging opportunities in the fast-growing halal market. By capitalizing on this significant collaboration, Tanmiah will be well-positioned to enhance its product, customer, and geographical diversification, and deliver substantial value through advancing its operational processes, which will enable the company to realize material operational efficiencies and improve its revenues and profitability going forward.

Tanmiah has continued to capitalize on other strategic initiatives by the government to reinforce the domestic food sector, whereby the company has obtained a short-term financing facility of SR150 million from the Agricultural Development Fund to finance the import of grains. Moreover, Tanmiah recently secured a 48.2-million-euro ($49.1 million) long-term Shariah-compliant facility from Rabobank to further support its expansion program. 

Dubai Summer Surprises celebrates ‘back-to-school’ season

Dubai Summer Surprises celebrates ‘back-to-school’ season
Updated 15 August 2022

Dubai Summer Surprises celebrates ‘back-to-school’ season

Dubai Summer Surprises celebrates ‘back-to-school’ season

Summer is not complete without “back-to-school” shopping and preparation for the new academic year. The 25th edition of Dubai Summer Surprises brings a host of special offers, activities, prizes, and even special scholarships to help young residents and
visitors get ready to go back to school or university at the end of this month.

From Aug. 8 to Sept. 4, shoppers can enjoy unmissable back-to-school offers at Oasis Mall. They will be able to enjoy sale promotions of up to 75 percent off and earn triple Shukran points on back-to-school shopping.

Oasis Mall is also offering a range of back-to-school focused activities for children, including a spelling bee competition. Children can also try out new toys and play fun games at an activity station, set up by Oasis Mall and Toy Station between Aug. 13-28.

International home décor company Crate and Barrel is giving back-to-school shoppers the chance to enter a raffle to win a brand-new room for the kids. From Aug. 8 to Sept. 4, shoppers have the chance to win 50,000 dirhams ($13,610), which includes 30,000 dirhams in furniture and 20,000 dirhams in design services. Simply fill in an online form to enter the raffle and the winner will be announced on Sept. 20.

From Aug. 8 to Sept. 4, shoppers spending 200 dirhams or more at participating Nakheel Malls, including Ibn Battuta Mall and Circle Mall, stand a chance to be one of 10 winners of Modesh scholarships worth 25,000 dirhams. The Modesh scholarship promotion is designed to provide financial support for students who are already enrolled in a school, university or online course, or for those who plan to further their education. Shoppers can submit purchase receipts to the nearest customer service desk to enter the promotion.

Jumbo Electronics is helping everyone get ready for the new school year with 600 dirhams extra on exchanging an old laptop with a new Intel laptop, and 15 percent off on select laptops for students and teachers.

Moreover, back-to-school shoppers will have the chance to win up to 2 million dirhams worth of prizes with Sharaf DG. They can take advantage of a range of incredible offers from across all Sharaf DG stores and have the opportunity to take home an exciting gift.

Pan Emirates is offering a chance to win a scholarship worth 20,000 dirhams this summer. To take part, all you have to do is spend 1,000 dirhams or more at stores citywide till Aug. 23.

Organized by Dubai Festivals and Retail Establishment, the 25th edition of Dubai Summer Surprises is on until Sept. 4.

New Splash collection gives fresh start to school

New Splash collection gives fresh start to school
Updated 15 August 2022

New Splash collection gives fresh start to school

New Splash collection gives fresh start to school

The summer break is almost over, and it is time to say hello to a new school year filled with excitement, hangouts, all-nighters spent cramming for a test, and hanging out with BFFs. Befitting the happy vibes, Splash has launched a “Back to School” collection that celebrates the little moments that make collegiate dressing one of the best fashion moments of one’s life.

Comfy essentials anchor the collection that has a mix of denim, casual tees, varsity jackets, skirts, formal pieces, and backpacks to set the teens on a stylish path from the ring of the first bell.

Converting favorite characters into wearable art — the key pieces are graphic in detail. Be it the monogram text reading Batman on a co-ord set or the quirky drawing of Mickey Mouse on the cuff of a ripped denim, the collection evokes the comfort of childhood with a quirky twist of style.

The formal pieces champion preppy aesthetics with a monochrome palette. Staples like V-neck vests, button-up shirts, and flared-leg pants create polished looks that work well for a presentation as well as for wearing on the first day of school.

With modish assortments of slogan tees, skirts and denim pants, the girls are armed with styles that create layering options, while the boys have choices inspired by streetwear trends that champion laid-back dressing with creative flair.

Rounding off the looks are the statement accessories: Backpacks. Built to carry everything — from books to lunch boxes — the backpacks feature roomy compartments with fun prints and characters adding to their appeal.

The Splash “Back to School” collection is now available to shop in stores and online at

Zayed Sustainability Prize 2023 demonstrates global reach and impact

Zayed Sustainability Prize 2023 demonstrates global reach and impact
Updated 15 August 2022

Zayed Sustainability Prize 2023 demonstrates global reach and impact

Zayed Sustainability Prize 2023 demonstrates global reach and impact

Following a successful four-month submissions phase, the Zayed Sustainability Prize, the UAE’s pioneering global award for recognizing excellence in sustainability, has officially closed entries for its 2023 awards cycle. More than 4,500 applications were received across the five prize categories of health, food, energy, water and global high schools, from a record 152 countries, demonstrating the prize’s growing global reach and impact.

The Zayed Sustainability Prize winners will be announced at the 2023 Zayed Sustainability Prize Awards Ceremony, which will be held on Jan. 16, 2023 as part of Abu Dhabi Sustainability Week.

The prize witnessed a 13 percent increase in submissions compared to last year from small- and medium-sized enterprises, nonprofit organizations and high schools. Total submissions from SMEs increased across all categories, underscoring a rising trend that SMEs are putting sustainability at the top of their agenda.

Dr. Sultan Ahmed Al-Jaber, UAE minister of industry and advanced technology and director general of the prize, said: “For the last 14 years, the Zayed Sustainability Prize has incentivized practical solutions to global challenges that deliver tangible impact at a community level around the world. Inspired by the commitment to sustainable development and humanitarian legacy of Sheikh Zayed bin Sultan Al-Nahyan, the prize has improved the lives of 370 million people in 151 countries to date. This year, we have seen applications from a record number of countries across every category from health, food, energy, water and global high schools. I’m excited to see what creative solutions this year’s applicants will bring to the table, particularly as the UAE prepares to host COP 28 next year.”

“Given that we want to leverage COP 28 as a platform for inclusivity and practical outcomes, I am confident that the prize can help to deliver social and economic progress from across the private sector, small business community and an increasingly active and engaged younger generation,” he added.

This year’s submissions were more diverse than ever before, revealing climate change’s impact on every country across every continent. More submissions received this year came from developing nations in Sub-Saharan Africa, South Asia, East Asia, Latin America, the Middle East, and North Africa, which is an important indication of the growing participation of developing countries in the fight against climate change.

The top submitting countries included Kenya, India, China, Egypt, Brazil and the US.

Following the close of submissions, the prize now enters the evaluation stage. All entries will now be shortlisted by an independent research and analysis consultancy. A selection committee comprising globally renowned industry experts will then assess the qualified entries and shortlist the candidates. The third and final tier of the evaluation process is the jury, which will convene in October, to unanimously elect the winners in each category.

NMC launches Kia Sorento 2.5 L with powerful, economic engine

NMC launches Kia Sorento 2.5 L with powerful, economic engine
Updated 14 August 2022

NMC launches Kia Sorento 2.5 L with powerful, economic engine

NMC launches Kia Sorento 2.5 L with powerful, economic engine

With escalating car prices, drivers across the Kingdom are looking for an affordable family SUV that delivers on comfort, safety and fuel economy. The new economic Kia Sorento 2.5 L, which comes with a host of enhanced features and modifications, launched by NMC-Kia is the perfect choice for this segment.

Hassan Al-Shomrani, CEO of NMC, said: “At NMC-Kia, our mission is to innovate, serve and inspire with ‘The Drive to Win.’ We are keen to present the most attractive options and suitable cars to the Saudi market. The new Kia Sorento 2.5 L fills an important niche in the market as the perfect affordable family SUV that is spacious, practical and classy. It also offers excellent fuel economy and extremely competitive pricing.”

He added: “With a legacy of growth, excellence, and success at NMC-Kia, we also seek to champion and empower those who want to grow and be better, facilitating their success. The 2.5 L engine is the most popular in both retail and fleet segments, so the launch of the Kia Sorento 2.5 L will help those individuals and companies to grow and excel. Our culture is built on reliability, with customers’ interests as our priority, and the Kia Sorento, like all Kia vehicles, offers exceptional reliability as well as optimum comfort and economy.”

The Kia Sorento 2.5 L is available at the recently opened NMC-Kia flagship showroom in Jeddah, as well as at the other NMC-Kia showrooms across the Kingdom, located in Jazan, Najran, Abha, Madinah, Makkah, Taif, Tabuk and Yanbu. 

Abdullah Allam, product manager at NMC-Kia, said: “Standard options on the new Sorento 2.5 L include electric parking brake, cruise control, 18-inch alloy wheels, LED headlamp, auto light control, LED fog lamp, push button start, an 8-inch display, rear-view monitor, front and rear parking sensors and wireless phone charging.

“While mid options include: 19-inch alloy wheels, LED rear lamp, LED daytime running lights, panoramic sunroof, aero blades, power driver and passenger seats, electrochromic inside mirror, electric folding outside mirror, leather steering, mood lamp and dual automatic temperature control.”

The model features a 2.5 GDI (8AT) engine with improved fuel efficiency, offering 194 HP and 25.1 KGf torque. The dual-clutch design translates into quicker gear changes, all at the simple turn of a dial. With eight speeds, optimal engine RPMs can be maintained at more vehicle speed levels for superior acceleration and economy.

Moreover, the ambient mood light has 64 variations and can change depending on driving mode or time of the day.

The car comes with a “Smartstream” powertrain, which is state-of-the-art technology for improved combustion efficiency, and combining elemental technologies for synergy.

The National Marketing Company is an exclusive distributor for the Korean Kia cars in seven administrative regions across the Kingdom — Tabuk, Madinah, Makkah, Bahah, Asir, Jazan, and Najran. The company strives to establish an automotive brand known for harnessing the power of technology and digital transformation, providing a seamless engaging experience with customers in Saudi Arabia.

The dealership is constantly developing and refining its services, teams, and processes to be the leader in operational excellence and customer-driven innovation.