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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Huawei MateBook X Pro: The ultimate in style & performance

Updated 04 June 2023

Arab News

June 04, 2023 23:20

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Huawei MateBook X Pro: The ultimate in style & performance

Updated 04 June 2023

Arab News

June 04, 2023 23:20

Flagship laptops are for those who want a laptop that does not compromise on anything. What separates the flagship laptop from other good laptops is how it balances performance, efficiency, portability and comfort. Its display should be easy on the eyes, bright and sharp enough that you are not distracted by jagged edges and visible pixels. It should be powerful for the heaviest tasks, from intensive video editing to advanced gaming. It should be easy to carry around from place to place, and it should be able to last all day without needing to be plugged in.

Huawei is dedicated to building premium and smart flagship laptops for business people who have high requirements. Here is why the company believes the Huawei MateBook X Pro is the best smart flagship laptop of 2023:

Skin-soothing metallic body

Crafted with a skin-soothing metallic body made from magnesium alloy, this laptop feels as good as it looks. The unique matte surface not only provides a comfortable grip but also adds a touch of elegance to the device. The environmentally friendly micro-arc oxidation coating process used in its construction not only enhances the laptop’s durability but also helps reduce its carbon footprint. Weighing in at just 1.26 kg, this lightweight laptop is perfect for those always on the go. Plus, it is available in three colors: Ink Blue, White and Space Gray, so you can pick the one that best suits your style.

High-resolution Display

The MateBook X Pro’s stunning 3.1K Huawei Real Color FullView Display features a 14.2-inch screen with a high resolution of 3,120 x 2,080.

Super Device

The Huawei MateBook X Pro is not just a pretty face; it also has pretty innovative connectivity features. The MateBook X Pro takes multi-device collaboration to a whole new level, thanks to Super Device, bringing super productivity with a cohesive multi-device experience. It lets you effortlessly connect to other Huawei devices nearby and collaborate between them all. With tablets like the newly launched Huawei MatePad 11-inch 2023, it is even more useful. In Mirror Mode, the laptop screen is projected onto the tablet, with both devices showing the same content: the tablet can benefit from the laptop’s incredible performance, while the laptop can access the tablet’s stylus, making drawing even easier.

Super Turbo

No one likes waiting around for apps to load or files to open. That is where the Super Turbo feature on the MateBook X Pro comes in, providing users with a faster and smoother operation experience. Using Huawei’s intelligent acceleration engine, Super Turbo accurately identifies scenario-specific loads, fully unleashing the CPU’s frequency advantages for a range of tasks, such as conferencing, internet access, office work and video playback.

13th Gen Intel Core Processor

Under the hood, the MateBook X Pro is powered by the powerful 13th Gen Intel Core processor, ensuring you have all the power you need for even the most demanding tasks. Paired with the Intel Iris Xe graphics card, you can expect the laptop to provide outstanding graphics performance.

Smart Conference

In this era of remote work and virtual meetings, the MateBook X Pro has you covered with its Smart Conference capabilities. Integrating cutting-edge AI Camera and AI Sound features, this laptop provides an immersive, authentic and natural communication experience during your meetings.

Price and availability

The MateBook X Pro is now available for pre-orders in the Kingdom in White and Space Gray at a starting price of SR6,999 ($1,866) from Huawei’s online platforms as well as certified retailers. A gift bundle valued at SR3,330 is available throughout the pre-order period.

The laptop will be available for purchase on June 8.

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SEDCO Holding and Andalus Education sign partnership

Updated 04 June 2023

Arab News

June 04, 2023 23:19

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SEDCO Holding and Andalus Education sign partnership

Updated 04 June 2023

Arab News

June 04, 2023 23:19

SEDCO Holding has signed a partnership agreement with Andalus Education Company, through which Yusr International School, fully owned by SEDCO Holding, will be integrated into the Andalus Education network. As a result, SEDCO Holding becomes a stakeholder in Andalus Education Company. The agreement was signed on May 23, in the presence of representatives from both companies.

This partnership is expected to unlock significant benefits for all concerned parties. Andalus Education Company’s acquisition of Yusr will add high-quality international school assets valued at more than SR200 million ($53 million) to the Andalus school network. It increases the school network’s capacity to accommodate 20,000 plus students while raising current student numbers to 15,000.

Meanwhile, Yusr schools will benefit from the additional resources and expertise of an education provider with a track record stretching back to 1984. Andalus Education Company is embarking on a growth trajectory that will unlock new opportunities and benefits for educators, learners and parents. Teachers, staff and learners will benefit from an environment prioritizing well-being and modern facilities equipped to support and develop student learning.

For Andalus, SEDCO Holding will serve as an institutional partner that will offer the expertise, resources and strategic expertise to ready the brand for a potential IPO in the medium term.

The agreement emphasizes SEDCO Holding’s role as an active direct investor in education — a sector earmarked as crucial to sustainable talent and skills development by Saudi Vision 2030. SEDCO Holding aims to expand its educational portfolio in line with a commitment to advancing partnerships in priority sectors for the national economy.

Rayyan Nagadi, CEO of SEDCO Holding, said: “We are pleased to partner with Andalus Education Company, and we believe that the integration of schools into the Andalus platform will help empower a new generation of young minds, in line with the Kingdom’s strategy of delivering education and nurturing talent to the highest international standards.”

He added: “At SEDCO Holding, we are committed to forming effective partnerships through strategic investments in vital sectors that support the national economy. Education is a focus for us, helping us support the Vision 2030 target of encouraging private sector investment in education and raising the participation rate from 13 percent to 25 percent. We are looking forward to playing the role of institutional partner and active direct investor for Andalus, helping the network take its next steps in growth and development.”

Yousef Elkhereiji, CEO of Andalus Education Company, said: “This partnership adds to our commitment to education and meeting the aspirations of the Kingdom’s leadership, which emphasize the advancement of education as a key pillar of Vision 2030. The acquisition of Yusr is part of our aim to expand across Saudi Arabia to meet growth opportunities in education. Yusr’s schools, with their international academic curriculum and excellent infrastructure, will be added to the Andalus Education system, which currently includes nine educational complexes in seven cities and over 13,000 students in the current academic year.”

Investment in education is a significant contributor to transforming the economy from a single source of income to a knowledge-based economy built on skills. Accordingly, Andalus Education Company and SEDCO Holding are committed to cementing their partnership to advance the education system to build human capital and nurture future talent.

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Hyundai debuts new Azera flagship sedan in Middle East

Updated 03 June 2023

Arab News

June 03, 2023 22:42

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Hyundai debuts new Azera flagship sedan in Middle East

Updated 03 June 2023

Arab News

June 03, 2023 22:42

Hyundai Motor Company Middle East and Africa has revealed the seventh-generation Azera flagship sedan in the Middle East markets.

The new Azera has been true to its origins of refined premium quality and luxury since its introduction in 1986. The model comes with bold lines and an array of technologies and novel features to provide superior performance and remarkable levels of comfort for passengers.

Bryan Park, head of Hyundai Middle East and Africa headquarters, said: “As a beautifully proportioned premium large sedan, the all-new Azera is reborn with a design that transcends generations and preferences with an impressive fusion of art and technology and impressive performance.”

The exterior design of the model is not only beautifully proportioned but also smoothly sculpted, taking inspiration from Hyundai Motor’s vision of future mobility.

The new Azera is 5,035 mm long, which is 45 mm longer than the previous generation. With a 10 mm longer wheelbase and 50 mm longer rear overhang, the new Azera carries its new proportions gracefully with the added benefit of a roomier interior.

The car’s lower height and pushed-back cowl point and C-pillars convey a dynamic and uniquely premium style. From the headlamps to the rear lamps, the new Azera presents smooth side body panels and neat characteristics. Moreover, its frameless door and auto flush-type door handle adds to the sophisticated appearance.

Boasting interior space with a premium feel, intuitive technologies and inspired details, the new Azera’s interior is designed with a minimalist approach that focuses on ergonomics, intuitive technologies, and user convenience to provide a spacious yet premium feeling that promotes comfort and relaxation. Wrap-around architecture flows from the dashboard.

The premium sedan places the customers’ needs first, which is most evident in the two well-equipped trim levels “Base” and “Calligraphy.” Base is characterized by the slim ergonomic design and the reduction of physical buttons to improve usability and create a minimalistic, high-quality emotional space with a broad sense of space.

Meanwhile, Calligraphy boasts a top-tier trim for a flagship large-sized sedan, leading a premium image with differentiated exclusive “Calligraphy–only” interior and specifications.

The new Azera’s interior trim and colors are inspired by hues and patterns found in nature and traditional Korean decor while also eliminating artificiality in favor of eco-friendly materials, such as bamboo-based color coating material and leather processed by natural vegetable dyeing.

The new Azera comes with two engine options. The 3.5-liter GDi engine option provides maximum engine output of 300 ps and maximum torque of 36.6 kgf·m. The 1.6-liter gasoline turbo hybrid engine option offers a maximum output of 180 ps and maximum torque at 27 kgf·m.

A hybrid electric vehicle variant of the new Azera adopts E-Motion Drive, which consists of E-Comfort Drive mode to provide a smoother driving experience and E-Dynamic Drive to enable dynamic and stable performance during acceleration and cornering.

The new Azera is the first model to adopt Connected Car Navigation Cockpit, Hyundai Motor’s new infotainment system, opening a new chapter in the smart mobility experience. The newly introduced ccNC integrates navigation, cluster and heads-up display into a seamless graphical user interface.

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GFH signs strategic partnership with FII Institute

Updated 03 June 2023

Arab News

June 03, 2023 22:41

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GFH signs strategic partnership with FII Institute

Updated 03 June 2023

Arab News

June 03, 2023 22:41

GFH Financial Group has been announced as a strategic partner of Future Investment Initiative Institute, joining the institute’s list of world-class global partners. FII Institute is a leading nonprofit foundation with an investment arm and one agenda: “Impact on Humanity.” Its partners include major global and regional banking and financial players, in addition to market leaders from across other industries.

The institute’s aim is to work toward finding real-world solutions to today’s most pressing challenges, and along with its partners, convenes leaders from business, investment, government, NGOs and beyond, to explore the vital economic, political and social trends and challenges of today.

The partnership will see GFH and FII Institute engage in a range of strategic activities aimed at advancing projects and initiatives that help shape a better world across the institute’s four key focus areas — artificial intelligence and robotics, sustainability, healthcare and education.

Salah Sharif, chief operating officer of GFH, said: “We are delighted to be joining the FII Institute as a strategic partner. GFH’s mission, our global investments and outlook align perfectly with the institute’s key focus areas — across which we are already driving transformation and creating value for multiple stakeholders. The platforms, created by the institute to further dialogue and collaboration, are truly world-class and we look forward to working with the institute and its network of partners to elevate our contributions as a group and to collectively help deliver positive outcomes for mankind.”

Richard Attias, CEO of the FII Institute, added: “We are welcoming strategic partners from some of the largest and greatest organizations across the globe, which now includes GFH, to join us in vital and urgent conversations to make an ‘Impact on Humanity.’”

GFH is one of the most recognized financial groups in the Gulf region. Its businesses include asset management, wealth management, commercial banking and real estate development.

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SADAFCO among 15 best workplaces for career growth in KSA

Updated 03 June 2023

Arab News

June 03, 2023 22:39

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SADAFCO among 15 best workplaces for career growth in KSA

Updated 03 June 2023

Arab News

June 03, 2023 22:39

Saudia Dairy and Foodstuff Company, known as SADAFCO, a leading food manufacturer, seller and distributor based in Saudi Arabia with operations across the Middle East, has ranked as the 10th “best workplace” for career growth in the Kingdom. It features among a list of 15 firms that make up LinkedIn’s Top Companies list.

In its largest iteration, LinkedIn’s third annual Top Companies ranking features the 15 best workplaces each in 39 markets, including Saudi Arabia. The list reveals companies that are helping their employees build careers that will set them up for long-term success, and this year’s list features the likes of Aramco, Red Sea Global and stc. The methodology looks at various pillars including how employees are advancing both within a company and when they leave, how they are upskilling while employed, and how companies are empowering people to get ahead in their careers.

Patrick Stillhart, CEO of SADAFCO, said: “SADAFCO upholds its unique ‘TRIPLE’ values: Trust, Respect, Integrity, Passion, Lead-and-learn and Excellence. The entire management team is committed to creating an environment where our people can reach their full potential and the company’s strategy can be successfully implemented. We respect and involve all persons, regardless of age, disability, gender, ethnicity or nationality. We are an equal opportunity employer that does not tolerate discrimination and harassment. We foster an inclusive atmosphere for women, and individuals with special needs are welcomed. This and continuous learning are at the core of our company culture. We aim to both challenge and motivate our people to grow as they work in a happy and fulfilling work environment.”

During the Ramadan iftar party this year, the company rewarded all employees who completed more than five years of service to the company.

“We embody our values every day, in every interaction and every relationship. Our values are at the center of everything we do,” said Stillhart.

Therefore, this year SADAFCO honored several employees who truly go above and beyond, with SADAFCO’s Values Award. It was not an easy task, but we were able to nominate several employees who we felt were the true embodiment of our values,” said Stillhart.

SADAFCO currently employs more than 3,000 employees representing over 48 nationalities. The organization is led from its headquarters in Jeddah’s Al-Nakheel District and conducts sales and distribution operations from 20 sales depots across the country. The company operates in 10 countries and is fast expanding.

SADAFCO implements various initiatives to foster continuous learning and open communication among employees across departments and markets. It has adopted LinkedIn Learning, and encourages team members to utilize the platform for their development and incorporates learning hours into employee KPIs. Last Ramadan, the company held a companywide learning challenge over the course of the month. Winners were announced at month-end and received meaningful prizes for the hours they spent learning on the platform.

During the Ramadan iftar party this year, the company rewarded all employees who completed more than five years of service to the company.

“We embody our values every day, in every interaction and every relationship. Our values are at the center of everything we do. Therefore, this year SADAFCO honored several employees who truly go above and beyond, with SADAFCO’s Values Award. It was not an easy task, but we were able to nominate several employees who we felt were the true embodiment of our values,” said Stillhart.

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