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GIB, GIB Capital win five honors from EMEA Finance

The awards were presented during the 15th EMEA Finance Middle East Banking Awards.
The awards were presented during the 15th EMEA Finance Middle East Banking Awards.
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Updated 27 March 2023
Arab News
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GIB, GIB Capital win five honors from EMEA Finance

The awards were presented during the 15th EMEA Finance Middle East Banking Awards.
Updated 27 March 2023
Arab News
Follow

Gulf International Bank B.S.C. and its Riyadh-based regional investment banking and asset management arm GIB Capital, announced that they collectively won five awards from EMEA Finance. The awards were presented during the 15th Annual EMEA Finance Middle East Banking Awards 2022, held this month. The EMEA Finance Awards recognize the achievements of the best banks, asset managers and brokers in countries across the MENA region.

We’re delighted with the awards and the ongoing recognition from the industry of GIB’s capabilities, through GIB Capital.

Osamah Al-Shaker, CEO of GIB Capital

Reflecting continued market leadership in corporate and investment banking, GIB was named: Best Loan House — Bahrain, Best Loan House — Oman, and Best Foreign Investment Bank — Oman. GIB Capital was awarded Best Local Investment Bank — Bahrain and Best Debt House — Bahrain.

BACKGROUND

The EMEA Finance Awards recognize the achievements of the best banks, asset managers and brokers in countries across the MENA region.

During the 12-month judging period, the GIB Group continued to execute landmark transactions across all of its core markets, namely Saudi Arabia, Bahrain, Oman and the UAE. These included several investment banking transactions, including mergers, acquisitions and IPOs, bonds and sukuk, and conventional and Islamic loans, several of which were sustainability linked. The GIB Group has been recognized in the last 12 months by several leading publications and associations for its outstanding work. The group aims to continue executing landmark transactions in its core markets ensuring the needs of its key clients are met.




Osamah Al-Shaker, CEO of GIB Capital

Jamal Al-Kishi, GIB CEO, said, “We’re grateful for the recognition conferred by these high-profile industry awards. GIB will always strive to lead the way in terms of delivering innovative, value-accretive solutions to our clients across the region. Our aspirations are ambitious as we move forward with determination to fulfill our transformative strategic plans.”
Osamah Al-Shaker, CEO of GIB Capital, added: “We’re delighted with the awards and the ongoing recognition from the industry of GIB’s capabilities, through GIB Capital, to offer a comprehensive and world-class range of investment banking products and services designed to provide innovative and customized financial and investment solutions for our clients. With the rapid development of public and private equity and debt markets in the region, we are extremely pleased with the important role we are playing in helping our clients and the regional economies maximize their growth and realize their vast potential.”

 

Topics: GIB

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Saudia Cargo appoints Loay Mashabi as managing director

Saudia Cargo appoints Loay Mashabi as managing director
Updated 02 October 2023
Arab News
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Saudia Cargo appoints Loay Mashabi as managing director

Saudia Cargo appoints Loay Mashabi as managing director
Updated 02 October 2023
Arab News

Saudia Cargo, a leading global airfreight carrier with headquarters in Jeddah, has announced the appointment of Loay Mashabi as the company’s managing director. He will be joining on Oct. 8. Mashabi, former deputy minister for logistics services at the Ministry of Transportation and Logistics Services, has an extensive background in the logistics sector and has played a pivotal role in the efforts to bolster Saudi Arabia’s position as a logistics hub.

Throughout his career, Mashabi has served in various positions in both the private and government sectors and has also acted as board member of Saudia Cargo, Saudi Authority for Industrial Cities and Technology Zones, known as MODON, Riyadh Integrated, and Saudi Exports Authority.

“Together with CEO Teddy Zebitz, Mashabi will oversee several functions and strategic initiatives to ensure Saudia Cargo continues in its successful growth and transformation to reach a vast international presence through expanding its dedicated freighter fleet to become one of the world’s top 10 largest air cargo carriers in the coming years,” a statement said.

“We are thrilled to have Loay on board and to welcome him to the Saudia Cargo family,” said Zebitz. “His background and vast experience in the field will prove to be invaluable in our efforts to drive forward Saudia Cargo’s ambitious growth plans.”

“With this new chapter in my career I am excited to continue serving the Saudi logistics sector and bring forth the untapped potential in the region. Saudia Cargo will, without a doubt, be just the right place to accomplish great feats in placing Saudi Arabia in the center of the logistics map,” said Mashabi.

Mashabi holds an executive MBA from London Business School and a bachelor of science in petroleum engineering from King Fahd University.

For more than seven decades, Saudia Cargo has been one of the world’s most dynamic cargo carriers, connecting 900 destinations in 175 countries through its alliance with SkyTeam Cargo, the world’s largest group of air cargo airlines.

Conference to explore innovation in Middle East hospitality

Conference to explore innovation in Middle East hospitality
Updated 02 October 2023
Arab News
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Conference to explore innovation in Middle East hospitality

Conference to explore innovation in Middle East hospitality
Updated 02 October 2023
Arab News

The Hospitality Sales and Marketing Association International — Middle East has announced the 6th ROC Middle East Commercial Strategy Conference. This year’s event will be held at the Conrad Dubai Hotel from Nov. 28-29 to boost the Middle East’s hospitality sector.

With the finest leading industry leaders under one roof, this year’s conference aims to take the region’s hospitality sector to the next level where attendees can expand their network by connecting with trailblazers and peers, gain insights from seasoned professionals and learn about the latest trends and strategies.

“The 6th annual ROC Middle East Commercial Strategy Conference is a unique gathering of industry pioneers, where competitors unite to shape the future and elevate their skills. It’s the pulse of innovation in the hotel industry, bringing together all the commercial thought leaders from sales, marketing, revenue management, distribution, hotel brands, and owner groups here in the region to share current and future trends. The conference will feature a range of topics, discussions, and best practices, led by world-class regional and international experts,” said Mona Faraj, managing director of the Middle East chapter of HSMAI.

“This year’s ROC Middle East Commercial Strategy Conference is more than just an event; it is a catalyst for innovation and collaboration in the hospitality industry with global standards in mind. Here, we break down competitive barriers and come together as a community, committed to setting new standards of excellence and driving the future of hospitality forward,” added Robert A. Gilbert, president and CEO of HSMAI.

Alexander Edström, CEO of Atomize, the event’s platinum sponsor, said: “We at Atomize are honored to be the platinum sponsor and delighted to support this pivotal event. ROC Middle East Commercial Strategy Conference serves as a crucial platform for industry leaders to come together and discuss innovative strategies for the future. It aligns perfectly with Atomize’s mission to empower hotels through intelligent revenue management solutions. We look forward to engaging in meaningful dialogues that will undoubtedly drive the Middle East hospitality sector to new heights.”

The ROC Star Awards Ceremony will recognize top talent who have made a difference in the hotel industry. HSMAI strongly advocates the importance of sharing best practices as a means to enhance performance in the industry and region and ROC Stars represent exceptional individuals within the hospitality industry who have made a significant impact.

The event is being organized in partnership with key organizations including Atomize, Fornova, Almosafer, IDeaS, FLYR for Hospitality, and 20+ other sponsors. As the hospitality sector in the Middle East region expands rapidly and evolves constantly, the conference will provide timely insights to hotel professionals.

This year, the team will be introducing the Certified Hotel Business Acumen certification course to be held in Dubai, just before the conference. The dates are Nov. 26-27.

ARDCO, Misk to develop educational facilities in Riyadh

ARDCO, Misk to develop educational facilities in Riyadh
Updated 02 October 2023
Arab News
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ARDCO, Misk to develop educational facilities in Riyadh

ARDCO, Misk to develop educational facilities in Riyadh
Updated 02 October 2023
Arab News

Riyadh Development Company, or ARDCO, signed a 25-year framework agreement with Mohammed bin Salman Foundation, known as Misk Foundation, to develop educational facilities in Riyadh. The signing of the agreement comes within the framework of ARDCO’s corporate strategy, which focuses on investing in growth, consolidating its position within the real estate development sector, and enhancing the company’s contribution to achieving national goals. The company aims to achieve this by working to build an educational experience integrated with Vision 2030’s Human Capability Development Program, to keep pace with the economic renaissance that the capital city is witnessing.

The agreement was signed by Dr. Badr Al-Badr, CEO of Misk Foundation, and Jehad Alkadi, ARDCO’s CEO. This framework agreement constitutes the first partnership and project development between the two entities, in which the first of its developments will be an educational facility located on a 22,000-square-meter land owned by an ARDCO-led consortium in the Tilal Al-Riyadh community in Al-Malqa, Riyadh.

Alkadi said that the signing of the agreement with MiSK Foundation comes within the framework of the company’s strategic direction to strike partnerships focused on distinctive real estate development projects. He said the agreement also contributes to maximizing the total shareholder return by investing in financially sustainable projects and establishing long-term partnerships before beginning the development of these key projects.

“We look forward to capitalizing on the opportunities resulting from the growth we see in Riyadh and its accelerating economy. We are working to utilize this momentum and the city’s ambition to attract business, stimulate population growth, and improve quality of life by providing a highly distinguished educational and family environment and catalyzing investment in the sector, creating added value for the knowledge economy,” Alkadi added.

Meanwhile, Al-Badr said the partnership with ARDCO supports education through cutting-edge initiatives that create an intellectually stimulating educational environment and a meaningful learning journey. This, he said, would help to raise ambitious leaders of the next generation. He added: “Through this partnership, we look forward to contributing to the advancements in the Kingdom’s educational system by providing an empowering environment for innovation and growth, as well as providing high-quality educational content for its students. This is in line with the current focus we see to encourage learning and develop leadership skills among the youth for the sake of a better future for Saudi Arabia.”

The estimated cost of the first project in this framework is SR275 million ($73.3 million), including land value owned by an ARDCO-led consortium. The project will be developed as per the framework agreement, which includes a binding lease agreement for a period of 25 years, subject to renewal.

Riyadh Development Company was established by Royal Decree No. (M/2) in 1994 as a joint-stock company, mandated with developing the Qasr Al-Hukm District in central Riyadh. ARDCO has since progressed to become a cornerstone of Riyadh’s real estate development and investment sector, through establishing, operating, and managing key projects in the public good services sector.

In global first, IMC achieves major milestone in GERD treatment

In global first, IMC achieves major milestone in GERD treatment
Updated 03 October 2023
Arab News
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In global first, IMC achieves major milestone in GERD treatment

In global first, IMC achieves major milestone in GERD treatment
Updated 03 October 2023
Arab News

A patient, who had undergone a sleeve gastrectomy five years ago, started to suffer from gastroesophageal reflux after her procedure, a common symptom following gastroplasty due to the loosening of the lower esophageal sphincter.

The patient had sought treatment at different hospitals before arriving at the International Medical Center in Jeddah. After confirming her diagnosis, the medical team proposed solutions to address her condition, and discussed the challenges associated with each of them.

Dr. Adeeb Elghalayini, consultant gastroenterologist and hepatologist at IMC, said: “The solutions proposed for gastroesophageal reflux following a sleeve gastrectomy are usually surgical ones that involve complicated operations, such as removing the stomach and altering the path directly to the intestines, or even gastropexy and imperforation of the diaphragm. The success rate of these operations is not high for a patient who has had sleeve gastrectomy, unlike if the patient had a full normal stomach.”

However, Dr. Elghalayini led the medical team to develop an innovative approach that avoids a major surgical operation. They performed the first procedure of its kind in the field of gastrointestinal medicine and endoscopy, by repairing the LES relaxation causing the gastroesophageal reflux using the GERDX technique, which only took 10 minutes.

The main challenge faced by the medical team with this procedure was that the size of the stomach had become quite small due to the sleeve gastrectomy, which made it difficult to benefit from the GERDX technique, which is usually used for larger stomachs as the tool requires enough space to be moved around.

“This is the first procedure of its kind executed globally in the field of gastrointestinal and bariatric surgery. Thankfully, we were able to repair the LES relaxation that caused the gastroesophageal reflux for the patient following her gastroplasty, without any surgical procedure,” said Dr. Elghalayini.

The patient was discharged and went home the next day after the procedure. During her first checkup at the hospital a week later, it was confirmed that she had recovered completely, and the symptoms of gastroesophageal reflux had completely disappeared.

Aiming to empower Saudi SMEs, Tribal Credit reveals strategic expansion in Kingdom

Aiming to empower Saudi SMEs, Tribal Credit reveals strategic expansion in Kingdom
Updated 02 October 2023
Arab News
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Aiming to empower Saudi SMEs, Tribal Credit reveals strategic expansion in Kingdom

Aiming to empower Saudi SMEs, Tribal Credit reveals strategic expansion in Kingdom
Updated 02 October 2023
Arab News

Tribal Credit, a Silicon Valley fintech company dedicated to empowering emerging markets’ SMEs, announced its strategic expansion in Saudi Arabia, aligning with Saudi Vision 2030 to promote financial access, SME competitiveness, and GDP growth and diversification.

The company sees Saudi Arabia as central to its global success and it would be using this milestone to accelerate growth globally. Additionally, Tribal Credit aims to enhance mutual benefit from the current developments and advancements in the Kingdom to create more jobs and investment opportunities. Working with several industry-leading investors like SoftBank, QED Investors, BECO Capital, Endure Capital, Stellar Development Foundation, and Coinbase Ventures, Tribal Credit provides innovative financial solutions to companies at various stages of their development.

Tribal Credit has affirmed its commitment to contributing to the achievement of the goals of Saudi Vision 2030, led by Crown Prince Mohammed bin Salman. It seeks to contribute to the enhancement of the Kingdom’s position as a leading destination in fintech by providing comprehensive financial solutions for companies in accordance with applicable laws and regulations. This is aimed at bridging the financing gap for small and medium-sized enterprises. Tribal Credit designs specialized financing solutions for these companies, enabling them to achieve market excellence in both the domestic and global markets, thereby creating more job opportunities in the Kingdom.

“We’re not just expanding to Saudi; it’s at the heart of our global success,” said Amr Shady, CEO of Tribal Credit. “We are harnessing the momentum of Saudi Vision 2030, the thriving IPO market and our internal readiness to strengthen our presence in the Kingdom and use it as a springboard for global expansion. We plan to IPO in the Kingdom in the next three years to accelerate our growth globally.”

Duane Good, COO of Tribal Credit, said: “Saudi Arabia is pivotal to Tribal Credit’s global success and growth strategy. Saudi Arabia is a market with immense potential.”

It has a robust economy, and its Vision 2030 is perfectly aligned with our mission to empower SMEs.”

Emerging market SMEs face a staggering $1.5 trillion financing gap and a $300 billion cross-border payments market, limiting their access to quality financial services. Tribal Credit aims to bridge this financing gap by providing tailored financial solutions in accordance with applicable laws and regulations, thereby expanding access to funding for SMEs and aligning with Vision 2030’s financial initiatives.

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