Al-Borg Laboratories sign agreement with Al-Amin Hospital

Al-Borg Laboratories sign agreement with Al-Amin Hospital
Al Borg Medical Laboratories was represented by CEO Dr. Saeed bin Mohammed bin Saeed Al-Amoudi and Al Amin Hospital in Taif was represented by general manager Abdulmalik Abdulmughni Mohammed Al-Amin. (Supplied)
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Updated 02 October 2022

Al-Borg Laboratories sign agreement with Al-Amin Hospital

Al-Borg Laboratories sign agreement with Al-Amin Hospital

Al-Borg Laboratories signs agreement with Al-Amin Hospital in Taif Al-Borg Medical Laboratories signed a partnership agreement with Al-Amin Hospital in Taif to operate and manage the medical tests for five years starting Saturday.

Al-Borg Medical Laboratories was represented by CEO Dr. Saeed bin Mohammed bin Saeed Al-Amoudi and Al Amin Hospital in Taif was represented by General Manager Abdulmalik Abdulmughni Mohammed Al-Amin.

This partnership aims to expand the scope of services provided by both parties.  The hospital seeks to be a leading medical center that provides a wide range of unprecedented medical services at a high level with the highest quality. Within this strategic partnership comes the expansion plans for Al Borg Laboratories in the Kingdom of Saudi Arabia.

Moreover, this takes Al-Borg’s vision to be the diagnostic medical laboratory of choice for all customers and the optimal health partner. Al-Borg Laboratories will give patients the opportunity to benefit from the medical tests and produce the most accurate results.

This will allow Al-Borg to expand its business base throughout the Kingdom where it conducts more than 16.3 million tests per year and has 83 international accreditations.

This cooperation aligns with the Saudi Vision 2030, which aims to develop health care in the Kingdom to place it amongst one of the highest ranked countries in the health sector.

Al-Borg Medical Laboratories Company was established in 1998 in Jeddah and expanded to become the largest chain of private laboratories in Saudi Arabia with more than 72 branches in the Kingdom. It is also present in 8 countries with more than 1,000 specialized and expert doctors.

Al-Amin Hospital, with bed capacity of 134 beds, was one of the first hospitals to open in Taif. Over the past 40 years it has been a distinguished private institution and a leader in providing medical services of unique quality to the community with the approval of the Saudi Center for Accreditation of Health Facilities.


SABB partners with Visa’s Cybersource for e-commerce acquiring business

SABB partners with Visa’s Cybersource for e-commerce acquiring business
Updated 20 sec ago

SABB partners with Visa’s Cybersource for e-commerce acquiring business

SABB partners with Visa’s Cybersource for e-commerce acquiring business

Saudi British Bank has announced a strategic partnership with Visa’s Cybersource payment gateway and risk platform, with the aim of fostering the bank’s growth in an evolving and dynamic e-commerce space.

This partnership will enhance the overall capabilities of SABB’s payment gateway, and most importantly, enhance network uptime, which will also supplement the bank’s payment gateway proposition. SABB will leverage Visa’s payment technology to offer its existing merchant network and explore new opportunities through a simplified onboarding journey and advanced platform functionalities, enabling merchants to provide customers with a frictionless, robust and secure payment experience.

“Through our partnership with Visa, we look forward to implanting the additional benefits offered by the Cybersource payment gateway, which will in turn reinforce our e-commerce strength. This initiative is evidence of our commitment and ambition to support the payment ecosystem in Saudi Arabia. I believe this will enable the e-commerce businesses to grow and expand further,” said Yasser Al-Barrak, chief corporate and institutional banking officer at SABB.

With the Visa Cybersource payment gateway and risk platform, SABB will be able to support businesses in meeting increasing demand from consumers for seamless and secure digital payment options online. According to a 2021 Visa survey, more than 60 percent of consumers surveyed in Saudi Arabia said they prefer to shop and pay online, rather than in store.

“Embracing digital payments and a potentially cashless society is where the future lies. Visa is investing in our global assets, infrastructure, and digital capabilities to support businesses in their digital transformation and we are committed to supporting the Saudi government’s digital commerce ambitions,” said Ali Bailoun, Visa’s regional general manager for GCC cluster — Saudi Arabia, Bahrain and Oman.

“We are very proud to partner with SABB, one of the leading e-commerce acquiring banks, to ensure that businesses in Saudi enjoy a range of domestic and international benefits that will enable them to deliver the seamless, secure e-commerce experience consumers are seeking,” he added.

Cybersource is a Visa company that offers a complete portfolio of online and in-person services that simplify and automate payments.

 Through global reach, local expertise, modern capabilities, and commerce insights, the company offers flexible, secure and creative commerce solutions for everyday life.


Americana announces investor allocations for Saudi-UAE IPO

Americana announces investor allocations for Saudi-UAE IPO
Updated 1 min 53 sec ago

Americana announces investor allocations for Saudi-UAE IPO

Americana announces investor allocations for Saudi-UAE IPO

Americana Restaurants International Plc, the largest out-of-home dining and quick service restaurant operator in the Middle East and North Africa and Kazakhstan, has announced investor allocations and the revised timetable for its initial public offering — the historic, first-of-its-kind concurrent dual listing on the Abu Dhabi Securities Exchange and the Saudi Stock Exchange.

As announced on Nov. 24, the final price for the shares to be sold in the offering has been set at 2.62 dirhams ($0.70) per share in the UAE and SR2.68 ($0.71) per share in Saudi Arabia.

The concurrent book building process generated orders of approximately $105 billion in aggregate from qualified institutional investors as well as individuals and other investors in a number of countries, including the UAE and Saudi Arabia. The UAE retail offer and the KSA retail offer were oversubscribed by approximately 48.2 times  and 2.8 times, respectively, and the institutional offer was oversubscribed 65.5 times, resulting in an aggregate oversubscription level of 58 times. A total of 283,245 retail subscribers are participating in the offering in Saudi Arabia.

Following the conclusion of the concurrent book building process, 80 percent of the offering (2,021,671,944 ordinary shares) has been allocated to the institutional offer; 10 percent to the UAE retail offer (252,708,993 ordinary shares), and 10 percent to the KSA retail offer (252,708,993 ordinary shares). Americana Restaurants allocated a minimum of 1,000 offer shares to each subscriber in the UAE retail offer and a minimum of 892 offer shares to each subscriber in the KSA retail offer.

The IPO will be concluded through a dual listing process on ADX and the Saudi Exchange, with admission of the offer shares to listing and trading now expected to be on Dec. 12, subject to receiving all required regulatory approvals.

Mohamed Ali Rashed Alabbar, chairman of Americana Restaurants, said: “This is a proud day for all at Americana Restaurants, a testament to the immense value that has been created by the business since inception and, more recently, through its transformation journey. For the offering to be priced at the top of the range is a clear demonstration of the opportunity that we present to investors, and that was further proven by aggregate oversubscription of approximately 58 times.

“We are looking forward to the next step of our growth journey and working toward future value creation. We are equally proud to have taken the final step toward a historic first-ever concurrent dual listing on ADX and the Saudi Exchange — further enhancing the depth and maturity of the UAE and Saudi capital markets. We look forward to welcoming our new shareholders in December.”


stc supports research and innovation with new partnerships

stc supports research and  innovation with new partnerships
Updated 03 December 2022

stc supports research and innovation with new partnerships

stc supports research and  innovation with new partnerships

stc Group, the region’s leading digital enabler, participated in the recent Sustainable Partnerships Conference held in Riyadh, where it signed a number of partnership agreements with several Saudi universities, to support research and innovation projects in the technical field in the Kingdom.

Foremost of its partnerships signed at the event is that with King Saud University. It includes the establishment of a chair for scientific research in the field of artificial intelligence, aiming to find solutions to technical challenges facing the private sector.

stc also joined forces with the Saudi Telecommunications Engineering Society, Prince Sattam bin Abdulaziz University, and Taif University. The aim is to develop the communications sector by innovative means, develop engineering communications, and raise the scientific and professional level of communication engineers in the Kingdom. The partnerships will also contribute to the digital transformation of the universities’ services and projects.

During his session, stc Group Chief Strategy Officer Abdullah Abdulrahman Alkanhl highlighted the group’s pioneering role in encouraging research and innovation through several of its initiatives, including the InspireU program, which the group launched in 2015, to support emerging entrepreneurs and university students. The program succeeded in graduating 75 startups that provided more than 600,000 direct and indirect jobs. The group also supported direct investments in the research and innovation area through venture capital funds, with its contribution of $500 million to STV Fund.

“We recently elevated the value of investment to $800 million,” added Alkanhl.

stc Group believes the partnerships will encourage the exchange of scientific and technical knowledge as well as support the development of educational programs, joint research projects and innovative activities such as competitions and hackathons. Moreover, stc seeks to enrich the registered intellectual property content.

“The signed partnerships stand out as one of the main elements for achieving our goals in sustainable development in the field of research and innovation, as our strategy revolves around enabling more vibrant sectors in the Kingdom. This will facilitate and accelerate the process of digital transformation because of its positive impact on public interest, whether on individuals, society or the business sector,” said Alkanhl.

The two-day conference, held under the theme “Research and Innovation Towards A Prosperous Economy” was part of an initiative spearheaded by the Ministry of Education to foster ties between Saudi universities and the industrial and development sectors. More than 50 cooperation and research partnership agreements were signed between universities and various sectors at the event.


Thakher Development inks deal with Banque Saudi Fransi

Thakher Development inks  deal with Banque Saudi Fransi
Updated 03 December 2022

Thakher Development inks deal with Banque Saudi Fransi

Thakher Development inks  deal with Banque Saudi Fransi

Thakher Development Company, the master developer of the upcoming Thakher Makkah project, has signed an MoU with Banque Saudi Fransi, under which the company’s customers can avail a range of different financing solutions, including off-plan financing. The move is in line with Thaker’s constant efforts to fulfill its customers’ needs and aspirations by delivering optimal solutions, services and products.

The MoU was signed by Karim Hashem, vice president for finance and investment at Thakher, and Attaf Faiz Ramadan, regional branch network manager at Banque Saudi Fransi.

“We are proud of this cooperation with Banque Saudi Fransi that shows and asserts confidence in the development work carried out by Thakher,” said Hashem.

He added: “It also comes in the context of the partnerships that Thakher has with financing agencies and other companies to provide the best options and products for its customers and to achieve best results in line with Saudi Vision 2030.”

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The move is in line with Thaker’s constant efforts to fulfill its customers’ needs and aspirations by delivering optimal solutions, services and products.

Meanwhile, expressing his pleasure over the signing of the MoU with Thakher, Ramadan said: “The MoU comes as part of Banque Saudi Fransi’s efforts and keenness to strengthen the economy and provide various financing solutions that suit all customers’ needs, as well as to support and develop the real estate sector to achieve the objectives of Vision 2030.”

Thakher Makkah supports the ambitious vision of Saudi Arabia, which aims to host 30 million Umrah performers and 6 million pilgrims by 2030.

The project spans an area of more than 320,000 square meters. Upon completion, it will include around 100 land plots for hospitality, residential, commercial, and service-related purposes. Residential and hotel apartment units will be available in various categories, and the units will also be available for ownership.

Among the international hotels that will open in Thakher Makkah are Radisson Hotel, Park Inn by Radisson, and Novotel Hotel, which will be the largest in the world in terms of the number of rooms.

The second phase of Thakher Makkah is expected to be completed by 2024.

Thakher Development Company aims to change the real estate development scene in Makkah. The company’s vision is to contribute to the sustainable development of Makkah and to become the preferred destination for visitors to the holy city.

The Thakher Makkah project will provide 15,000 direct jobs and 18,000 indirect jobs, while the total value of the project is estimated to be SR26 billion ($6.93 million).


VFS Global: A supporter of Vision 2030’s Saudization and tourism goals

VFS Global: A supporter of Vision  2030’s Saudization and tourism goals
Updated 01 December 2022

VFS Global: A supporter of Vision 2030’s Saudization and tourism goals

VFS Global: A supporter of Vision  2030’s Saudization and tourism goals

In line with the goals of Vision 2030, VFS Global, the world’s largest outsourcing and technology services specialist for governments and diplomatic missions, aims to achieve 100 percent Saudization in its customer-facing roles by December this year, with 65 percent of its workforce in the Kingdom currently being Saudi nationals. Moreover, the company is working closely with the Saudi Tourism Authority to boost visitor numbers to the Kingdom, aiming to achieve yet another of Vision 2030’s goal of raising the contribution of the tourism sector to the domestic product to more than 10 percent. 

“As an organization, we strongly support Crown Prince and Prime Minister of Saudi Arabia Mohammed bin Salman’s Vision 2030. Each of the three fundamental pillars of Vision 2030 — building an ambitious nation, thriving economy and vibrant society, is aligned to our growth philosophy,” said Zubin Karkaria, founder and chief executive officer, VFS Global Group. 

Highlighting the company’s efforts of supporting Vision 2030, he said: “Sixty-five percent of VFS Global’s workforce in Saudi Arabia are nationals, and 40 percent of our operations staff in Saudi Arabia are women. In our customer-facing roles, we have set a target of 100 percent Saudization by December 2022. In addition, we have launched a Global Talent Pool to provide Saudi nationals with international exposure by providing deputations and training in our centers across our global network in Europe, Asia, Africa, the Middle East and Americas. Over the next 12-18 months, we will train and coach about 100 Saudi nationals through classroom and on-ground training. 

“Moreover, we have been working in partnership with the Ministry of Foreign Affairs of Saudi Arabia to provide visa outsourcing services in 30 countries since 2013, as well as visa processing on behalf of 32 client governments in 13 cities across Saudi Arabia. We also work closely with the Saudi Tourism Authority in their initiatives.”

VFS Global has been providing visa and consular services in Saudi Arabia since 2005. The company offers visa and passport services on behalf of 32 governments through a network of 95 visa application centers in the Kingdom. The company also offers visa services on behalf of the Ministry of Foreign Affairs in 30 countries through a network of 58 centers. 

Globally, VFS Global is the trusted partner of 66 client governments, with more than 3,300 application centers in 140+ countries. 

Commenting on VFS Global’s operations in the Kingdom, Karkaria said: “VFS Global started its services in the Saudi market in 2005, and since then it has enjoyed a strong partnership with the government of Saudi Arabia, working closely with the authorities to ensure compliance with all the local laws and guidelines, and supporting the nation’s growth agenda. VFS Global was among the first group of companies to establish regional headquarters in Riyadh, and the success of our business here further highlights the importance and advantage of the Kingdom.”

Operated by a staff of up to 800 employees, VFS Global operates centers in 13 cities, namely, Riyadh, Jeddah, Alkhobar, Abha, Hail, Jubail, Makkah, Jazan, Al-Qassim, Al-Kharj, Tabuk, Madinah, Najran and Al-Jouf. 

In a bid to provide service with ease to applicants across the Kingdom, it has also tied up with Chambers of Commerce in Riyadh, Makkah, Jazan, Al-Jouf, Najran, Al-Qassem, Madinah and Al-Kharj, to provide their members, employees, and residents end-to-end visa and passport services at the chambers’ premises. 

Similarly, bringing passport and consular services closer to home for Filipino, Sri Lankan and Indian citizens in the Kingdom, VFS Global operates passport renewal services in three major cities — Riyadh, Jeddah and Alkhobar — and Passport On Wheels services in locations where there is no permanent passport center.