Saudi Jahez partners with AlHilal Club to set up online marketing and sales firm

Saudi Jahez partners with AlHilal Club to set up online marketing and sales firm
The company was formed with a capital of SR500,000 ($133,133), with 51 percent held by Jahez and 49 percent held by AlHilal. (Supplied)
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Updated 23 August 2022

Saudi Jahez partners with AlHilal Club to set up online marketing and sales firm

Saudi Jahez partners with AlHilal Club to set up online marketing and sales firm

RIYADH: Saudi-based online food delivery platform Jahez International Co. for Information Systems Technology has worked with  AlHilal Club Investment Co. to establish a limited liability company that will sell and market products from different brands and offer online services.

Under the name of BLU Store, the company was formed with a capital of SR500,000 ($133,133), with 51 percent held by Jahez and 49 percent held by AlHilal, according to a bourse filing

There is no financial impact at present, but the new company's activities are expected to have a positive impact in the future on Jahez's financial results.


Saudi firms among global leaders in adopting cutting edge technology: KPMG report 

Saudi firms among global leaders in adopting cutting edge technology: KPMG report 
Updated 12 sec ago

Saudi firms among global leaders in adopting cutting edge technology: KPMG report 

Saudi firms among global leaders in adopting cutting edge technology: KPMG report 

RIYADH: Saudi organizations are demonstrating they are not risk averse in adopting tech at the cutting edge, and in some cases are moving farther and faster than their peers, according to a report by KPMG.

The findings – based on surveys of more than 2,200 executives around the world, including 51 in the Kingdom – show that almost 66 percent of Saudi-based respondents believe their organizations are either extremely or very effective at using tech to advance their business strategies.  

This marks the highest confidence level in this research series, supported by a high return on investment and indicating that effective digital transformation is less of a differentiator than in previous years. 

Titled “Tech Survey Saudi Arabia 2022,” the report was launched during LEAP 2023, the annual tech convention being held in Riyadh.

“Our latest global tech report finds a resilient, forward-looking attitude among technology professionals in the Kingdom and their peers globally,” commented Robert Ptaszynski, head of digital and innovation at KPMG in Saudi Arabia. 

Some 18 percent of the respondents have extremely effective transformation programs that have generated at least an 11 percent uplift in profit or company performance.  

The survey also showed that 80 percent of organizations in the Kingdom are at an advanced stage of their digital transformation strategies, with the leadership support and funding required to drive their program forward.  

Although 41 percent admit that progress is slower than expected, in general, digital transformation programs have put Saudi organizations in the Kingdom in an advantageous position to embrace new technologies.  

Moreover, the expected timeframe for most Saudi organizations to invest in quantum computing is two years, with 70 percent of businesses suggesting they have advanced in their adoption of data and analytics systems. 

Almost 53 percent of executives in Saudi Arabia find security and compliance requirements to be the top challenge their organization faces in their cloud journey. In comparison, 63 percent of organizations plan to increase investment in application security, which is 20 percent more than the global average.  

Cybersecurity teams are under pressure to keep up with evolving threats, with cultural obstacles and limited funding getting in the way of security efforts.

Nonetheless, most Saudi organizations are confident of their ability to prevent or mitigate security risks. 


Microsoft to invest in a new data center region in the Kingdom  

Microsoft to invest in a new data center region in the Kingdom  
Updated 18 min 2 sec ago

Microsoft to invest in a new data center region in the Kingdom  

Microsoft to invest in a new data center region in the Kingdom  

RIYADH: Global tech firm Microsoft announced its plans to invest in a new cloud data center region in Saudi Arabia in response to growing customer demand for cloud services and data residency in the Kingdom. 

A region is a set of collaborating zones or data centers grouped together based on their geographical proximity. 

Announced during the LEAP 2023 international technology conference, the company said the new cloud data center region will offer enterprise-grade reliability and performance combined with customer privacy, data residency, and high-speed latency standards in Saudi Arabia. 

“This new data center region will provide organizations, enterprises, and developers in the Kingdom and around the world with access to scalable, highly available, and resilient cloud services while addressing their data residency, security, privacy, and compliance needs,” said Samer Abu-Ltaif, corporate vice president and president, Microsoft Central and Eastern Europe, Middle East and Africa. 

Microsoft said its cloud region in Saudi Arabia will play a significant role in driving economic growth. Citing an IDC study, the company added that its partners, and cloud-using customers will together generate around $24 billion in new revenues above the 2022 level over the next four years.  

“Today’s announcement reflects Microsoft’s longstanding commitment to Saudi Arabia and its ambitions for digital transformation,” said Thamer Alharbi, president, Microsoft Arabia.  

He added that their data center region will enable even more enterprises and industries in Saudi Arabia to benefit from a trusted cloud framework that protects the privacy of organizations’ data to the highest standard.” 

Saudi Vice Minister of Communications and Information Technology Haitham bin Abdul Rahman Al-Ohali said: “This important step is consistent with the steps taken by the Kingdom to accelerate its digital transformation and strengthen its position as an innovation hub.” 

He said the data center will also provide huge opportunities for startups and small and medium enterprises looking to enhance their competitiveness and leverage the advancements of the Fourth Industrial Revolution to develop innovative solutions.   

“This supports the Kingdom’s Vision 2030 goal of strengthening the role of the communications and information technology sector in creating a digital society, digital government, a thriving digital economy, and an innovative future for the Kingdom,” added Al-Ohali.  


Saudi National Bank profits surge 46.7% in 2022 

Saudi National Bank profits surge 46.7% in 2022 
Updated 27 min 36 sec ago

Saudi National Bank profits surge 46.7% in 2022 

Saudi National Bank profits surge 46.7% in 2022 

RIYADH: The Saudi National Bank reported a 46.7 percent surge in annual profits in 2022 on the back of a rise in operating income.  

Annual net profits of SNB reached SR18.6 billion ($5 billion) at the end of last year compared to SR12.7 billion in 2021, according to a bourse statement.  

It indicated that the bank saw a 16.9 percent increase in operating profit in 2022 compared to the year before.  

Operating income yielded profit as a result of an 18.4 percent increase in net special commission income, and a 21.1 percent increase in money from banking service fees.  

Additionally, other operating expenses fell by 12.4 percent, and the total operating expenses – including credit losses – fell by 15.2 percent in 2022.  

This was driven by a 13.5 percent drop in other general and administrative expenses, as well as a 57.4 percent drop in the net provision for expected credit losses. 

In 2022, the SNB’s assets reached SR945 billion showing a 3.4 increase, revealed the bourse statement.  

The bank’s earnings per share amounted to SR4.06 last year compared to SR2.99 the year before.  

SNB’s net provision for expected credit losses plummeted by 57.45 percent – from SR3.96 billion in 2021 to SR1.69 billion in 2022.  


Factories in Saudi Arabia to increase by 50% in five years, says deputy minister at LEAP

Factories in Saudi Arabia to increase by 50% in five years, says deputy minister at LEAP
Updated 46 min 3 sec ago

Factories in Saudi Arabia to increase by 50% in five years, says deputy minister at LEAP

Factories in Saudi Arabia to increase by 50% in five years, says deputy minister at LEAP

RIYADH: Saudi Arabia plans to increase the number of factories by 50 percent in the next five years and pump SR1.4 trillion ($370 billion) into the industrial sector, said the deputy minister of industry and mineral resources.

Speaking at the launch of the Sanaei platform at the second edition of the LEAP technical conference in Riyadh, Osama Al-Zamil said the Kingdom ultimately wants to see the current number of such facilities rise from 10,500 at present to 36,000 by 2035. 

He also said the Sanaei platform aims to facilitate the adoption of best practices fomenting the Fourth Industrial Revolution.

“The level of reliance on skilled personnel will increase the competitiveness and operational efficiency of factories, present investment opportunities in the sector and provide incentives,” said the official added.

He stated that the “Future Factories Package” aims to transform 4,000 factories into operationally and technologically advanced facilities to raise digital maturity, operating efficiency and industrial capabilities, thereby promoting the development of exports, improving the work environment in factories, and providing attractive quality jobs by adopting the technologies of the 4IR.

The program focuses on two tracks. The first ensures new factories are designed and constructed according to high manufacturing and production efficiency standard, while the second transforms existing factories into facilities of operational excellence and advanced technologies.


Saudi crown prince chairs Council of Economic and Development Affairs meeting

Saudi Crown Prince Mohammed bin Salman chairs a meeting of the Council of Economic and Development Affairs in Riyadh. (SPA)
Saudi Crown Prince Mohammed bin Salman chairs a meeting of the Council of Economic and Development Affairs in Riyadh. (SPA)
Updated 16 min 29 sec ago

Saudi crown prince chairs Council of Economic and Development Affairs meeting

Saudi Crown Prince Mohammed bin Salman chairs a meeting of the Council of Economic and Development Affairs in Riyadh. (SPA)
  • During the meeting held at Al-Yamamah Palace, the council reviewed a number of economic and development matters

RIYADH: Saudi Arabia’s Crown Prince Mohammed bin Salman chaired a meeting of the Council of Economic and Development Affairs in Riyadh on Tuesday.

During the meeting held at Al-Yamamah Palace, the council reviewed a number of economic and development matters including a presentation by the Ministry of Economy and Planning regarding local and global economic developments.

The presentation included details of the most important indicators related to the national economy, especially growth witnessed by sectors of it.

It also looked at the prospects of the global economy during the coming period and an analysis of the most prominent indicators.

The council also discussed a proposal submitted by its strategic management office regarding the governance of Saudi Arabia’s Vision 2030 and the roles of supporting agencies.

It also reviewed a periodic presentation submitted by the Ministry of Health on the latest health developments related to the coronavirus pandemic, and another submitted by the project management office of the council’s secretariat regarding decisions and recommendations during the last quarter of 2022.