Saudi-based edtech platform Faheem upbeat, plans regional expansion

Saudi-based edtech platform Faheem upbeat, plans regional expansion
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Updated 21 January 2023

Saudi-based edtech platform Faheem upbeat, plans regional expansion

Saudi-based edtech platform Faheem upbeat, plans regional expansion
  • Faheem’s vision is to be the leading supplementary education provider in the region by targeting all parents and students in the Saudi market

CAIRO: Saudi Arabia-based edtech platform Faheem is planning to expand its regional presence in its effort to lead the online tutoring space.

Since its inception in 2018, Faheem has set out its goals to help students excel by providing them with qualified and competent teachers through its one-to-one tutoring platform.

In an exclusive interview with Arab News, Salem Ghanem, CEO and founder of Faheem, said that the company has managed to stand out as the leading one-stop shop for all academic needs.

“We’ve successfully become the destination for all parents and students looking to improve their grades, with our retentive and personalized services, our highest quality education and affordable prices,” Ghanem added.

He explained that Faheem’s vision is to be the leading supplementary education provider in the region by targeting all parents and students in the Saudi market.

“Faheem has positioned itself to be a major player in the tutoring market and is well positioned to grow further beyond the Kingdom. We are planning to expand our services to the nearby Gulf markets as a first step, followed by the remaining markets of the Middle East and North Africa region and then Pakistan,” Ghanem stated. 




Salem Ghanem

The company currently has over 50 staff members in its main office located in Riyadh and is on track to increase that number to 120 employees by the end of 2023.

“Faheem’s online tutoring model, easy-to-use mobile app, and personalized services allow us to scale and expand relatively easily by utilizing our tutors’ database that we have built over the years,” Ghanem said.

Faheem has been keen to positively impact the market by increasing the quality of education through high-standard tutor approvals and measuring student performance to update and adjust accordingly.

The company also managed to attract over 1,400 qualified Saudi tutors who managed to make a sustainable income from the platform.

“The edtech industry is likely to make a significant contribution to the Saudi economy, especially after the privatization of the education sector following the Kingdom’s Vision 2030, Ghanem said.

He added: “The impact will be apparent in the created job opportunities, and the decreasing unemployment rates, taking into consideration that the tutoring market could create an estimated 45,000 to 60,000 job opportunities.”

Faheem has over 350,000 students with more than 18 million minutes of lessons on its platform.

Last year, the company celebrated a tutor who made over SR1 million ($266,219) through the platform and is expecting to celebrate more tutors this year.

“In just January of 2023, the company experienced five times growth, and is set on a solid growth track, expecting to grow more than 10 times this year,” Ghanem stated.

He concluded by saying that the edtech industry is advancing towards inclusive and personalized services that encourage user engagement and Faheem is on track to utilize these formats to fill the gap in educational inclusion.

The company secured several undisclosed funding rounds from notable investors like Saudi Aramco’s Wa’ed Ventures and is set to announce another investment round in the near future.


SAMA permits 2 fintech firms to offer flexible consumer spending options

SAMA permits 2 fintech firms to offer flexible consumer spending options
Updated 11 sec ago

SAMA permits 2 fintech firms to offer flexible consumer spending options

SAMA permits 2 fintech firms to offer flexible consumer spending options

RIYADH: Saudi shoppers can soon find more flexible payment options with two more buy now, pay later companies entering the consumer finance market. 

The Saudi Central Bank, also known as SAMA, has granted permits to Spotii and Madfu to provide consumer finance through the BNPL platform, the Saudi Press Agency reported. 

This move is projected to attract a new segment of investors and value-added firms that can help achieve more efficient operations while maintaining adherence to the regulatory and supervisory guidelines defined by the central bank. 

Additionally, this initiative will help Saudi Arabia come one step closer to achieving the objectives of the Financial Sector Development Program in making the Kingdom among the leading nations in financial technology. 

SAMA has been working toward increasing the adoption of the fintech sector to boost the effectiveness and flexibility of financial transactions. 

Moreover, it has also been promoting financial inclusion for the various segments of society. 

Earlier this week, the central bank opened registration for the third Investment Immersion Program. 

The program entails lectures and hands-on training in several investment fields, intending to foster employment and cultivate local investment expertise. 

It has been designed in collaboration with the Wharton School of the University of Pennsylvania and several prominent global banks and asset managers. 

SAMA also granted open banking certification to Dubai-based Tarabut Gateway earlier this week as the company plans to intensify its operations in the Kingdom. 

Tarabut Gateway, the region’s leading regulated open banking platform, has become one of the early recipients of SAMA’s permit to operate in Saudi Arabia. 

Talking to Arab News, Abdullah Almoayed, CEO and founder of the fintech company, said that consumers in Saudi Arabia can now expect a wide range of innovative and personalized financial services.    

“We are aware of the unique challenges small and medium enterprises face in Saudi Arabia, particularly regarding cash-flow management and access to funding. We will address this issue head-on by assisting SMEs to access the funding they need via open banking-enabled financial services and products,” Almoayed said. 

 


Oil Update — crude falls as weak China data offsets US debt ceiling progress

Oil Update — crude falls as weak China data offsets US debt ceiling progress
Updated 31 May 2023

Oil Update — crude falls as weak China data offsets US debt ceiling progress

Oil Update — crude falls as weak China data offsets US debt ceiling progress

RIYADH: Oil prices extended losses early on Wednesday as worries of slowing demand from top oil importer China after releasing weaker-than-expected economic data outweighed some positive progress on the US debt ceiling bill.

Brent crude futures for August delivery slipped 50 cents to $73.04 a barrel by 11:20 a.m. Saudi time, while US West Texas Intermediate crude fell 46 cents to $69 a barrel, with earlier gains reversed after China manufacturing data was released. Both benchmarks fell by more than 4 percent on Tuesday.

China’s manufacturing activity contracted faster than expected in May on weakening demand, with the official manufacturing purchasing managers’ index dipping to 48.8 from 49.2 in April.  

In the US, trader sentiment remained cautious despite legislation brokered by President Joe Biden and House Speaker Kevin McCarthy to lift the $31.4 trillion US debt ceiling and achieve new federal spending cuts passed an important hurdle late on Tuesday, advancing to the full House of Representatives for debate and an expected vote on passage on Wednesday.

Rosneft’s Q1 net profit up 45.5%  

First-quarter net profit of Russia’s largest oil producer Rosneft rose by 45.5 percent from the previous three months to 323 billion rubles ($4 billion) on the back of rising output, the company said on Wednesday.

Rosneft, headed by Igor Sechin, a long-standing ally of President Vladimir Putin, has shown resilience in the face of Western sanctions by redirecting its oil flows from Europe to Asia amid a wider political fallout.

Sechin said the company’s operations would be further impacted by Russia’s decision to reduce its oil output by 500,000 barrels per day, or about 5 percent, to bolster global oil markets.

“While the cut did not have much influence on the Q1 2023 results, it will have a strong impact on the results of the following quarter,” he said in a statement.

Rosneft also said its core profit increased in January-March to 672 billion rubles, up 25.1 percent from the previous three months, while revenue edged down 1.1 percent to 1.823 trillion rubles.

Iraq’s Cabinet approves $416.9m to build 3rd offshore export pipeline

The Iraqi Cabinet approved on Tuesday $416.9 million for the construction of a third offshore export pipeline, it said in a statement.

Iraq’s state-run Basra Oil Co. has contracted Dutch company Royal Boskalis to construct the pipeline, which has an operating capacity of 2 million barrels daily.

(With input from Reuters)  


Mexico minister sees ‘infinite opportunities’ in Saudi Arabia

Mexico minister sees ‘infinite opportunities’ in Saudi Arabia
Updated 31 May 2023

Mexico minister sees ‘infinite opportunities’ in Saudi Arabia

Mexico minister sees ‘infinite opportunities’ in Saudi Arabia

RIYADH: Mexico's Deputy Finance Minister has affirmed his country’s interest in strengthening its economic ties with Saudi Arabia, saying there are “infinite opportunities” in a rapidly transforming nation. 

During a two-day visit to Riyadh, Gabriel Yorio Gonzalez said that Mexico wants to be a partner as the Kingdom rapidly transforms.

“We do see infinite opportunities for partnering … to strengthen ties, including sustainable financial markets,” Gonzalez said. “We have shared interest to increase trade, food security, energy transition, sustainable infrastructure, and water.” 

The minister visited the Kingdom from May 28-May 29 as a part of a Gulf-wide tour with the mission of attracting inward investment in Mexico and strengthening economic cooperation with the Gulf states. 

“We are expecting to build a longstanding relationship with Saudi Arabia, in this sense, increasing economic and financial cooperation is key,” he said. “We want a vibrant presence in this beautiful country. 

“This is the first time Mexico sent a delegation (from) the Ministry of Finance and the Ministry of Foreign Affairs (to) Saudi Arabia.

“We agreed to bring together firms and enterprises to identify synergies. Cooperation will focus on culture, tourism, water desalinization,” he added.

“Both countries are engaging in infrastructure projects that will be transformative for our people, and for that, we will need to mobilize resources,” he said.

“Currently, Mexico is benefiting from the nearshoring trend, international firms are relocating to our country to take advantage of the free trade agreements and economic fundamentals.” 

During their visit to Saudi Arabia, the Mexican delegation visited NEOM’s “The Line” exhibition and King Abdullah Financial District.

The Mexican Embassy said that the visit was one of the commitments made by the Foreign Minister, Marcelo Ebrard, during a visit in March of last year as the two countries marked 70 years of diplomatic relations.

The Vice Foreign Minister, Carmen Moreno Toscano, who was also on the more recent trip, said that Mexico was undergoing a deep transformation like Saudi Arabia, “especially transitioning towards equality, prosperity, and environmental justice.”


Saudi Arabia’s merchandise exports soared 48.9% to $410bn in 2022

Saudi Arabia’s merchandise exports soared 48.9% to $410bn in 2022
Updated 31 May 2023

Saudi Arabia’s merchandise exports soared 48.9% to $410bn in 2022

Saudi Arabia’s merchandise exports soared 48.9% to $410bn in 2022

RIYADH: Saudi Arabia’s merchandise exports increased 48.9 percent year on year in 2022 to hit SR1.54 trillion ($410 billion), driven by a rise in oil exports, according to the latest report released by General Authority for Statistics.  
The GASTAT report noted that the Kingdom’s oil exports soared 61.8 percent in 2022 to SR1.22 trillion, compared to SR758.1 billion in the previous year.  
The report further noted that the share of oil exports in total exports increased from 73.2 percent in 2021 to 79.5 percent in 2022.    
Reflecting the progress of Saudi Arabia’s economic diversification journey, the Kingdom’s non-oil exports and re-exports increased 13.7 percent in 2022 to SR315.7 billion from SR277.5 billion in 2021. 
Its non-oil exports, excluding re-exports, also rose by 14.8 percent in 2022 compared to the previous year.  
According to the report, the most important non-oil export goods in 2022 were chemicals and allied products, accounting for 35.8 percent of the total exports. 
The GASTAT report added that the Kingdom’s merchandise imports rose 24.2 percent in 2022 to SR712 billion, compared to SR573.2 billion in the previous year.  
China remained Saudi Arabia’s most active trading partner in 2022, as the Kingdom’s exports to the Asian giant amounted to SR249.9 billion or 16.2 percent of total exports.  
China was closely followed by India and Japan with SR157.2 billion and SR152.9 billion of the total exports, respectively.  
South Korea, the US, the UAE, Egypt, Taiwan, Singapore and Bahrain were the other countries that ranked in the top 10 destinations for Saudi Arabia’s exports. 
Exports of the Kingdom to these countries amounted to SR1.02 trillion, accounting for 66.2 percent of total exports, added GASTAT in the report.  
On the other hand, imports from China amounted to SR149.3 billion in 2022, followed by the US and the UAE with SR65 billion and SR45.1 billion, respectively.  
India, Germany, Japan, Egypt, South Korea, Italy and Switzerland were the other countries that ranked in the top 10 countries for imports. 
Imports of Saudi Arabia from these countries amounted to SR435.8 billion, accounting for 61.2 percent of total imports. 
The report revealed that the Jeddah Islamic Port topped the list of ports through which goods reached the Kingdom in 2022 at a value of SR195.6 billion, corresponding to 27.5 percent of the total imports. 


World comes together to tackle climate issues in Helsinki

World comes together to tackle climate issues in Helsinki
Updated 30 May 2023

World comes together to tackle climate issues in Helsinki

World comes together to tackle climate issues in Helsinki
  • Over 2,000 participants from more than 100 countries are attending the World Circular Economy Forum
  • One of the issues addressed was about being more organized with our resources and using them wisely

HELSINKI: Climate change, pollution, excess waste, renewable energy and more were on the agenda as expert speakers, environmentalists and business moguls gathered to discuss and tackle the issues affecting planet Earth on Tuesday’s first day of the World Circular Economy Forum in Helsinki.

The circular economy and how companies can adopt the model was discussed, as many companies would like to embrace it but lack the knowledge. They need examples in order to be inspired and to learn.

One of the issues addressed was about being more organized with our resources and using them wisely. At the moment, the world has an excess of resources that are poorly managed and an influx of food insecurity, with an estimated 2.3 billion people — about 29 percent of the global population — facing dangerous levels of food security.

The momentum and drive behind the forum was to equip businesses with the know-how and enthusiasm to embrace the circular economy.

Ahead of the forum, Arab News spoke to Anne Vasara, the Finnish ambassador for the circular economy and energy. She said: “It’s really a super week. We have so many events going on around the World Circular Economy Forum because, of course, this forum itself is the flagship of the circular economy of Finnish origin, of the Finnish Innovation Fund, SITRA, and the Finnish government, and it has been for several years.”

We know that what we need to do is find solutions to many global environmental problems, of which one of the most urgent at the moment is climate change.

Anne Vasara

Finnish ambassador for the circular economy and energy

She explained that the forum aims to bring together “all the most important actors, organizations, governments, private sector, academia related to the circular economy … (There) will be a record participation of over 2,000 participants from all over the world. And this is really something which is crucial for the circular economy because you cannot do it on your own.”

Vasara added: “You need wide international cooperation because we are talking about the planetary crisis, we are talking about solutions. How, in a positive manner, by the circular economy, we can bring solutions to climate change, to biodiversity loss and the depletion of all natural resources. So, this is really a week of possibilities and solutions.”

Kerstin Stendhal, Finland’s special envoy for climate change, told Arab News: “It’s come at a very good time to Helsinki, because at the moment what we are seeing is a lot of things happening in the international environmental arena. Next week, we will be going to the Bonn Climate Change Conference, which will be preparing for the extremely important forthcoming COP28, which will be held in Dubai.

“And so, the world is coming together … We know that what we need to do is find solutions to many global environmental problems, of which one of the most urgent at the moment is climate change. That’s why I think it’s also really, really good that this week we will be having the World Circular Economy Forum here in Helsinki.”

Stendhal added: “What we also need to do is, while we recognize the problems and we know very well about the problems — the (Intergovernmental Panel on Climate Change) has told us about the climate change challenges that we are faced with — we also know that we have a lot of solutions. And these are the ones that we will need to be communicating about in order to both combat, to lessen emissions, to adapt to a world that is changing, whether we want it or not. And also to prepare a world which is fit for our future generations and children.”

This is the seventh edition of the World Circular Economy Forum and 20 international organizations are contributing to the issues being discussed. About 2,000 participants from more than 100 countries are attending in person and another 6,000 are viewing online.

Last year’s forum was held in Kigali, Rwanda. Rwanda’s Environment Minister Dr. Jeanne d'Arc Mujawamariya said in a speech at this year’s event: “(We have seen) trailblazing circular solutions from Africa. The global circular economy movement is growing. Last year’s forum launched an action plan and roadmap — implementation is on the way.”