Sidra Income Fund II awarded two accolades at Islamic Finance News Awards 2022

Updated 26 March 2023

Arab News

March 26, 2023 11:41

Sidra Capital, the Shariah-compliant investment firm regulated by the Saudi Arabian Capital Market Authority, announced that Sidra Income Fund II, the US dollar-denominated investment fund focusing on commodity export trades within the Asia-Pacific region, has been awarded the coveted Islamic Finance News Awards for Trade Finance Deal of the Year 2022 and Indonesia Deal of the Year 2022.

The fund capitalizes on export trades of branded solid fuel within the Asia-Pacific region, which accounts for 60 percent of the world’s population, and with global energy consumption set to increase post-pandemic, together with the consequent disruptions in supply, the fund is uniquely placed to take advantage of such events.

Launched in October 2022, SIF II’s investment strategy is premised on an innovative facilitation of commodity supply chain transactions via fully funded irrevocable letters of credits. As the trades are secured end-to-end by USD-denominated LCs and issued by banks with strong credit ratings, investors are protected against foreign exchange and payment risk by trade counterparties. Furthermore, as the trades are structured as back-to-back purchases and sales of commodities (rather than speculative trading), investors are also not exposed to inventory and price risks.

Furthermore, Sidra Capital also sought Shariah-compliant political risk cover against risks of convertibility/transferability, expropriation, and war and civil disturbance.

“Sidra Capital is no stranger to the structured trade finance space, having established award-winning trade finance funds since 2012. The latest IFN awards are a testament to Sidra Capital’s ability to scout for private finance opportunities globally and innovate investment solutions that bridge the gap between capital providers and users while mitigating inherent risks in such structures,” said Hani Baothman, chairman of Sidra Capital.

“Our private finance solutions have a low correlation to other asset classes, generate consistent returns with low volatility, and invest into the real economy with no leverage or speculation, which creates a win-win situation for our investors, trade counterparties and communities that we operate in. This in turn encourages social and economic developments in the markets where we intervene,” Baothman added.

As a pioneer of Islamic private finance in Saudi Arabia, Sidra Capital has a diverse portfolio of Shariah-compliant private finance investment solutions, including the Sidra Mutajara Fund and the award-winning Sidra-Ancile Global Structured Trade Investment Fund.

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Emirati artist Mahmood Al-Abadi shares his inspiring journey at HUAWEI P60 Pro product launch

Updated 31 May 2023

Arab News

May 31, 2023 14:43

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Emirati artist Mahmood Al-Abadi shares his inspiring journey at HUAWEI P60 Pro product launch

Updated 31 May 2023

Arab News

May 31, 2023 14:43

Meeting consumers’ shifting expectations is not only about providing them with the best hardware available, but also developing innovative software and services to make the most out of it. The Huawei Mobile Services ecosystem keeps evolving and growing in all of its aspects, and Huawei Themes is a bright example. Offering an endless array of themes, watch faces, Always-On-Display options, wallpapers, and fonts, Huawei Themes turns Huawei devices into a bold expression of self-identity.

In order to create exclusive, premium quality content for Huawei users, Huawei Themes has joined forces with prestigious partners and renowned local and regional artists. The acclaimed Emirati artist Mahmood Al-Abadi is one of them, and he shared the story of his successful journey with calligraphy and arts as well as his collaboration with Huawei Themes, during the Huawei P60 Pro and Flagship Product Launch Event, held in Dubai.

Al-Abadi enthusiastically took the stage at the event and shared with the audience his firsthand experience with Huawei Themes, and how it elevated his digital experience to new heights. He expressed his excitement about the vast array of customizable themes and the seamless integration with Huawei smartphones, foldable phones, tablets and smartwatches.

Al-Abadi offered the attendees a glimpse of the beautiful sets of aesthetically unique Ramadan themes, which are available for download on all Huawei smartphones, tablets and smartwatches, with nearly 500,000 downloads recorded so far for this new theme - a number that keeps increasing. He also showcased the recent themes “Soaring Falcon” and “Sailing Ship,” which were customized for all Huawei devices including the latest release of Huawei Mate X3 and Huawei P60 Pro. The new designs add a unique touch to traditional Arabic calligraphy by fusing it with contemporary art and technology.

Al-Abadi’s testimonial exemplifies the unwavering dedication of HMS to providing users with innovative features and personalized options that enhance their daily interactions with their devices.

William Hu, managing director of Huawei Consumer Business Group, Middle East and Africa Eco Development and Operation, said: “We are delighted to expand our partnership with Mahmood Al-Abadi, a master of Arabic calligraphy. By bringing together his exceptional creative prowess and our cutting-edge mobile technology, we were able to establish an unconventional and innovative approach for promoting the rich cultural heritage of the Middle East. Huawei Mobile Services will continue to deploy internal resources and incentive programs to encourage designers to unleash their creativity and develop higher-quality themes for our users.”

Huawei’s latest smartphones, the flagship Huawei P60 Pro and the super-thin foldable Huawei Mate X3, are ideal for consumers who wish to immerse themselves in the magnificent realm of Arabic art, since Al-Abadi’s themes look marvelous on their impressive displays. With elegant design, outstanding performance and a superb array of cameras, the Huawei P60 Pro re-establishes the benchmark for smartphone photography. The Huawei Mate X3 is the world’s thinnest and lightest foldable smartphone, with an ultra-light and strong aluminum and carbon fiber build that allows for substantial weight savings. Both the Huawei P60 Pro and Mate X3 are powered by HMS.

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CMI drives development of digital economy in MEA

Updated 30 May 2023

Arab News

May 30, 2023 22:21

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CMI drives development of digital economy in MEA

Updated 30 May 2023

Arab News

May 30, 2023 22:21

Fifth-generation networks will account for nearly a fifth of mobile connections in the Middle East and Africa by 2025, and almost half of connections in the GCC states, according to the GSMA. With the backing of China Mobile, China Mobile International remains committed to the region, providing global network resources and integrated solutions to help carriers and businesses tap into the opportunities that 5G will bring.

As one of the industry leaders, CMI is connecting the world and driving global adoption of 5G. Its extensive global infrastructure supports customers in MEA with reliable, scalable and resilient network resources.

The 45,000-km 2Africa submarine cable is an ambitious project to interconnect Africa, Europe (eastward via Egypt) and Asia (via Saudi Arabia). It was announced by CMI and other partners in May 2020, with 26 out of a total of 46 landings completed by February this year. When 2Africa goes live in 2024, it will deliver more than the total combined capacity of all subsea cables currently serving Africa, with a design capacity of up to 180 Terabits per second.

The only Chinese company investing in the project, CMI is committed to the further growth of 4G in MEA and the continued roll-out of 5G and fixed broadband services. Its mission is to help bring connectivity to underserved and rural areas across the region while enhancing network resilience and global connectivity to benefit businesses and individuals throughout MEA.

As a gateway to international connectivity, the 2Africa cable will also help to drive the upgrade and expansion of telecommunications networks in the region. It will offer customers seamless links between Africa and Europe, further interconnecting with CMI’s SEA-ME-WE 5 and Asia-Africa-Europe 1 subsea cable resources to extend connectivity to Asia. This will support the development of a thriving internet ecosystem, especially for underserved communities across Africa. 2Africa is an important milestone in CMI’s global development strategy. Offering ample capacity and faster transmission will allow CMI to help the nations of MEA to further develop their digital economy today and in the future.

CMI continues to enhance regional telecom infrastructure in MEA by investing in network resources and expanding its footprint to better serve local customers and support business development. CMI currently has 80 submarine and terrestrial cables that provide total network capacity of over 123 T. These include 15 submarine cables and 23 terrestrial cables in which CMI has directly invested, such as the 20,000-km undersea SMW-5 cable between Egypt and Singapore. In addition, more than 30 of CMI’s 232 points of presence are located in the Middle East and major African countries, including UAE, South Africa, Kenya and Nigeria. Together with CMI’s 80+ cloud connect PoPs, this creates a strong global network that provides direct internet access and internet transit services for MEA at lower cost.

On March 7, CMI announced the successful launch of its Oman Muscat MC1 PoP. CMI’s second PoP in Oman is located within the carrier-neutral Equinix MC1 data center in Barka. This data center is also a landing station for multiple submarine cable systems, reinforcing the country’s importance as a network hub bridging Asia, Africa and Europe.

In coming years, the Middle East will benefit hugely from the introduction of developments like smart city technologies, digital financial services and the Internet of Vehicles. CMI continues to work with partners like Zain KSA, Etisalat Egypt and Master Power Technologies etc. in driving the development and adoption of 5G, IoT and IDC solutions to boost digital transformation and advance the region.

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GIB signs credit facility agreement with Italy’s SAIPEM

Updated 30 May 2023

Arab News

May 30, 2023 22:20

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GIB signs credit facility agreement with Italy’s SAIPEM

Updated 30 May 2023

Arab News

May 30, 2023 22:20

Gulf International Bank — Saudi Arabia has announced the signing of a SR1.07 billion ($285.3 million) credit facility agreement with the Italian-listed multinational engineering group SAIPEM. The facility, in the form of a letter of guarantee, supports the company’s ongoing activities in the Kingdom.

SAIPEM is a leading oil and gas contractor with a nearly 50-year track record operating in Saudi Arabia where it has successfully delivered multiple onshore/offshore/drilling infrastructure projects.

An official signing ceremony was held at GIB KSA headquarters in Alkhobar. Representing GIB was Abdulaziz Al-Helaissi, GIB’s group chief executive officer, and the relationship management team alongside Khaled Abbas, group head of wholesale banking. Present from SAIPEM was Jean-Luc Dubois, chairman of the board of directors of the main operative company in Saudi Arabia, and administration, finance and control regional manager — Middle East.

Al-Helaissi said: “GIB is proud to have signed this facility agreement with SAIPEM, supporting its ongoing activities in the Kingdom and in one of the most important sectors of the economy. We are pleased to be a go-to partner for large corporates, both local and foreign, operating in the Kingdom and will continue to build our position as a market leading financing bank.”

Dubois added: “We are proud to collaborate with GIB as a trusted business partner supporting SAIPEM’s activities and growth perspectives in the Kingdom.”

GIB KSA provides retail, corporate and institutional customers across the Kingdom with a comprehensive offering of banking and financial services covering wholesale banking, asset management, investment banking and retail banking service via “meem” by GIB.

The bank, which is the first to be headquartered in the Eastern Province, has branches in Dhahran, Riyadh and Jeddah, and was established as a local Saudi bank in April 2019 after having operated in the Kingdom for nearly 20 years as foreign branches of the pan-GCC GIB. The bank, during this time, has been a pioneer in the local market, having launched its meem digital banking services in 2015, making it the first digital bank in the region providing Shariah-compliant products for retail customers.

GIB Saudi Arabia is regulated by the Saudi Arabian Monetary Authority and has been established with a paid-up capital of SR7.5 billion. It is owned equally by GIB and the Public Investment Fund.

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Chery Arrizo 8 — the new sought-after sedan in Kingdom

Updated 29 May 2023

Arab News

May 29, 2023 21:53

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Chery Arrizo 8 — the new sought-after sedan in Kingdom

Updated 29 May 2023

Arab News

May 29, 2023 21:53

The new Arrizo 8 is the latest addition to Chery’s stellar lineup for this year. The model is an exceptionally appealing sedan, set on a newer chassis and powered by technologically superior petrol engines, ensuring the highest levels of comfort and fuel efficiency.

There are two variants being launched — a sporty version for the thrill-seekers, with a dot matrix grille featuring a blue trim, and the more premium, upmarket version with a unique grille design which features gold-colored trim. The light unit is visually striking, complete with LED daytime running lights, in addition to the main headlights, that make for an unforgettable look. The front also includes an LED stripe with the Chery badge in the middle, guaranteed to leave a lasting impression on its onlookers.

The Arrizo 8 is a sizable car with dimensions of 4,780/1,843/1,469 and a wheelbase measuring 2,790 mm. It is spacious from every angle, no matter how you look at it.

Sanabel Modern Motors Managing Director Abdullah Madhoun said that the launch of Arrizo 8, the newest Chery product, in the Saudi market is a testament to the successes of Chery and its models. Chery has grabbed a major market share and is highly competitive in the Kingdom.

Madhoun praised Chery’s innovative strategy in creating an interactive platform called “WCWL” to engage with users. The platform not only helps achieve 360-degree customer care service when using the car, but also provides users with a feedback mechanism, helps them schedule periodic servicing, and even lets the user in on activities for Chery owners.

The Arrizo 8 interior is upmarket with premium materials and upholstery, with the eye-catcher in the cabin being the sleek, 12.3-inch dual instrument panel. The infotainment system boasts soothing graphics and supports Apple CarPlay and Android Auto in addition to having an integrated digital assistant.

Sanabel Modern Motors National Marketing Manager Ibrahim Hassan said the executives at Chery and Sanabel attach great importance to the company’s consumers in Saudi Arabia. They all agree that it is not only an important market for Chery products, but also a stepping stone in the progress to other global markets as well. “Chery will continue to keep investing in visionary human resources while maintaining exceptional customer satisfaction,” he said.

Hassan attributed the recent success achieved by the company in global markets, to its commitment to the philosophy of “focusing on the user,” and the constant focus toward existing and future consumers in other regions, listening to their needs, and meeting their expectations when it comes to Chery’s high quality products and services.

The sedan’s cabin features a three-spoked, D-shaped, sporty steering wheel that allows not only for easy ingress and egress but also provides a youthful feel. The driver is assisted with a range of controls and buttons, right at his fingertips, which helps to provide uninterrupted driving pleasure. The audio system boasts a Sony setup with eight speakers, providing for an immersive audio experience. Moving toward the rear of the cabin, the rear seats have enough space to seat three full-sized adults in comfort. There is no shortage of leg room and no compromise on comfort for the passengers sitting in the back, even on long journeys.

The Arrizo 8 looks like a hatchback due to its design that allows for exceptional cabin space but has a traditional sedan boot offering highly competitive boot space.

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Unilever first company to add electric van to UAE logistics fleet

Updated 29 May 2023

Arab News

May 29, 2023 21:51

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Unilever first company to add electric van to UAE logistics fleet

Updated 29 May 2023

Arab News

May 29, 2023 21:51

Unilever Arabia has announced the addition of the first-ever electric van to its fleet in the UAE. The incorporation of the 1-ton battery-powered van signifies a major stride in Unilever’s efforts toward reduced emissions via its logistics operations and achieving net-zero value chain emissions by 2039.

As part of a strategic partnership with retailer Carrefour — which is owned and operated by Majid Al-Futtaim in the UAE — the EV van will initially deliver Unilever’s products to Carrefour’s Mall of the Emirates store. This will provide customers in Dubai with a sustainable delivery solution, reducing emissions by up to 15 percent in comparison with traditional vehicles.

The region’s first EV van was launched in the presence of Youssef Lootah, CEO, corporate strategy and performance sector, Dubai Department of Tourism and Commerce Marketing, along with Ahmed Kadous, Unilever’s head of supply chain MENA and PC Middle-East and Turkiye; Khalil Yassine, head of Unilever Arabia; and Luc Charrier, vice president of merchandise for Carrefour at Majid Al-Futtaim Retail.

Kadous said: “Sustainability is integrated into everything we do at Unilever. As part of our vision to ensure a purpose-led and sustainable business model, the EV van aligns with our bold ambitions toward delivering a profitable, yet responsible performance and growth. The introduction of electric vehicles to our delivery fleet is a core ambition and is central to Unilever’s sustainability commitment. We look forward to working more closely with the public sector and industry to further expand the infrastructure and seamlessly support the transition to electric mobility. I would like to congratulate the team for their unwavering efforts in driving Unilever’s vision forward and thank our partners for sharing our ambitions toward achieving a net-zero business model.”

Bertrand Loumaye, country manager for Carrefour at Majid Al-Futtaim Retail, said: “We are committed to sourcing and delivering sustainably sourced produce as part of our ‘Dare Today, Change Tomorrow’ strategy. The launch of the first electric delivery van in the UAE from Unilever, a highly valued partner, marks a major milestone in Majid Al-Futtaim’s journey to becoming net positive in carbon and water by 2040 — as well as our collaborative efforts to achieve the UAE’s Net-Zero 2050 strategy. It is exciting to be at the forefront of such momentous, positive change as we continue to make industry firsts happen.”

Prior to joining the existing fleet, the EV van underwent a series of planning and testing to ensure its readiness and compliance.

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Sidra Income Fund II awarded two accolades at Islamic Finance News Awards 2022