Budget Saudi listed among Fortune 500 Arabia

Budget Saudi listed among Fortune 500 Arabia
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Updated 28 November 2023
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Budget Saudi listed among Fortune 500 Arabia

Budget Saudi listed among Fortune 500 Arabia

The largest car renting and leasing company in the Middle East, United International Transportation Co. known as Budget Saudi, has been listed among the top companies in the Arab world by the Fortune 500 Arabia magazine.

Fortune 500 Arabia launched its inaugural list in 2023, becoming part of the global Fortune 500 lists that have been published by the magazine in the US since 1955.

This year’s inaugural edition includes the top 500 Arab companies from 22 Arab countries. These companies have been ranked by their collective revenues, which hit about $1.6 trillion in 2022, yielding a net profit of $343 billion. Private companies not listed on financial markets made up nine percent of the list.

Saudi Arabia led the list with the highest number of companies, accounting for 153 out of the 500 companies, or 30 percent. The UAE followed with 17 percent, then Egypt, Kuwait, and Qatar. While Saudi Arabian companies recorded the highest percentage of revenue and profits among the Fortune 500 companies, the UAE had the largest proportion of the top 100 profitable companies on the list.

Fawaz Abdullah Danish, president and group CEO, Budget Saudi, said: “Listing Budget Saudi among the Fortune 500 Arabia companies in the Arab world is a great honor for the organization. It is a testament to the consistent performance of the company over the years and the firm foundations on which it is being built for growth and diversification. We are committed to creating value for all stakeholders, customers, and partners in this journey. It augurs well for our company in its drive and passion to perform beyond expectations and contribute effectively to the larger vision of Saudi Arabia.”

Budget Saudi is Saudi Arabia’s premier short and long-term vehicle rental and leasing company, serving both retail and corporate clients. The enterprise was incorporated in 1978 and over the years has developed a reputation for excellence and dependability in the transportation industry. It is the first publicly traded automobile rental firm in Saudi Arabia and has internal QMS, EVS, and OHAS accredited to ISO 9001, 14001, and 45001 standards. The company has also been recognized as a “Great Place to Work” in Saudi Arabia.

With 33,000+ vehicles and a network of nearly 100 retail stations spread over 30 cities, Budget Saudi claims to have the largest rental and leasing network in the Middle East and North Africa. The company has received several accolades for its operations and management efficiency. It was awarded by the Global Economic Magazine in 2023 as the Best Vehicle Leasing Company and the Most Customer-Centric Car Rental Service Provider in Saudi Arabia, and the Best CEO of Logistics in Saudi Arabia in 2021.

Other accolades include the Global Leadership Award by Leaders International Magazine, and the 2023 Stevie Silver Award for the Sales Director of the Year. It has received five consecutive World Travel Awards, as well as the INSEAD Top 50 CEO award for publicly traded companies in the GCC.

Budget Saudi looks forward to focusing more on environment-friendly initiatives in the upcoming years. The business has already started taking action to conserve energy by introducing hybrid vehicles to its fleet. The company is also discussing the introduction of electric vehicles into its fleet, to achieve lower CO2 emissions.

 


Ericsson, iot squared to transform Saudi Arabia’s waste landscape

Ericsson, iot squared to transform Saudi Arabia’s waste landscape
Updated 02 March 2024
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Ericsson, iot squared to transform Saudi Arabia’s waste landscape

Ericsson, iot squared to transform Saudi Arabia’s waste landscape

Ericsson and stc Group’s iot squared signed a memorandum of understanding at the Mobile World Congress 2024 in Barcelona, Spain to offer the Ericsson Connected Recycling platform as a software-as-a-service in Saudi Arabia. The partnership will increase awareness of the importance of waste management and contribute to shaping a more sustainable future in the country.

Ericsson Connected Recycling is an end-to-end platform that addresses the environmental impact of waste by digitizing the reverse supply chains to enable optimization, comprehensive traceability and transparency, and the possibility to monetize waste. The key is safeguarding the world’s natural resources by turning waste into recycled raw materials rather than putting them in landfills or burning them.

The platform also has a powerful sustainability reporting feature that provides valuable recycling insights that can optimize operations and empower circularity. It can integrate and orchestrate external data sources, store data safely and offer powerful big data management, which enables insightful data visualizations and efficiencies in the value chain.

As part of the MoU, Ericsson and iot squared will offer ECR in the Kingdom for several waste streams, with an initial launch to address municipal solid waste.

Othman Aldahash, chief executive officer of iot squared, said: “Our mission is to provide organizations with real-time insights for critical decision-making and intelligent operations. Ericsson Connected Recycling is a platform that complements iot squared’s mission as well as our ambition to transform the Kingdom of Saudi Arabia’s technological landscape with Internet of Things solutions to achieve sustainability in line with Saudi Green Initiative.”

Håkan Cervell, vice president and head of customer unit, stc, Saudi Arabia and Egypt at Ericsson Middle East and Africa, said: “Ericsson is building a better future today. The Ericsson Connected Recycling platform promotes circularity, innovation, and sustainability by digitizing and tracing several waste streams with an initial launch of municipal solid waste in the Kingdom of Saudi Arabia. This transparent approach connects buyers and sellers of waste and recycled raw material, fostering a more sustainable economy in the country, aligned with the Saudi Green Initiative. We are proud to partner with iot squared to make this a reality.”

Ericsson Connected Recycling is an incubation unit within Ericsson ONE — an internal accelerator for Ericsson employees with pioneering new business ideas.


Crate & Barrel and CB2 flagship stores open in Jeddah

Crate & Barrel and CB2 flagship stores open in Jeddah
Updated 02 March 2024
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Crate & Barrel and CB2 flagship stores open in Jeddah

Crate & Barrel and CB2 flagship stores open in Jeddah

Majid Al-Futtaim Lifestyle, a leader in lifestyle retail across the GCC, has announced the opening of Crate and Barrel and CB2 in Red Sea Mall, Jeddah, marking the first side-by-side store for the sister brands outside the US. Connecting customers to designers worldwide, the stores are set to provide dynamic collections curated for Jeddah residents, featuring indoor and outdoor furniture, tableware, kitchenware, décor, accessories, rugs, and bed and bath items.

The openings mark the second store for both Crate and Barrel and CB2 in the Kingdom, following the success of the Riyadh-based stores, which saw a 27 percent growth since opening in 2022. The regional expansion is a continuation of the upward growth trajectory initiated by the brands’ partnership with Majid Al-Futtaim Lifestyle, which launched in 2017 and also includes three Crate and Barrel stores and the region’s first CB2 store in the UAE.

Fahed Ghanim, CEO of Majid Al-Futtaim Lifestyle, said: “We are thrilled to open our second stores for Crate and Barrel and CB2 in Saudi Arabia and bring these world-class brands to Jeddah residents. This move represents a significant milestone in our journey as we continue to elevate our home category across the region.

“The dual openings also underscore our commitment to expansion into the Kingdom, ensuring that our valued customers in Saudi Arabia have access to globally sought-after brands and the latest design trends.”

Renowned globally for its modern furniture, textiles, kitchenware, and home decor, Crate and Barrel offers exclusive designer collaborations with Jake Arnold, Leanne Ford, Athena Calderone and Molly Baz. The new 1,400-square-meter Jeddah store has a dedicated space for Crate and Kids, showcasing children’s decor, toys, furniture, accessories, and bed and bath items.

Meanwhile, CB2’s 630-square-meter store invites customers to explore collections featuring design-forward collaborations with designers such as Gianfranco Frattini and Lawson-Fenning, as well as a seasonal assortment of CB2 exclusives.

Sarah Sullivan, senior director of international operations at Crate and Barrel Holdings, said: “As we celebrate the grand opening of the Crate and Barrel and CB2 stores in Jeddah, we are delighted to see a growing demand for our brands in the region, a testament to the successful partnership with Majid Al-Futtaim Lifestyle.”

We look forward to curating inspiring spaces for Jeddah residents, introducing exclusive collaborations, and weaving our brands into the fabric of the community.”

Both brands also provide an online shopping option through local platforms.


With ambitious expansion strategy, Dallah Health eyes leadership in Saudi healthcare sector

 With ambitious expansion strategy, Dallah Health eyes leadership in Saudi healthcare sector
Updated 02 March 2024
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With ambitious expansion strategy, Dallah Health eyes leadership in Saudi healthcare sector

 With ambitious expansion strategy, Dallah Health eyes leadership in Saudi healthcare sector

Dallah Healthcare, operating as Dallah Health, is pursuing an ambitious strategy to become the premier provider of health care services for citizens and residents in the Kingdom. It also aims to enhance the Kingdom’s position as a global medical tourism destination by its commitment to maintaining the highest standards of quality in service delivery and patient safety.

As part of its expansion across various cities in the Kingdom, Dallah Health has signed a memorandum of understanding with Ayyan Investment, to acquire stakes in Al-Ahsa Medical Services Company, which owns Al-Ahsa Hospital in Al-Ahsa, representing 97.4 percent of the company’s capital. It has also acquired stakes in Al-Salam Medical Services Company, which owns Al-Salam Hospital located in Alkhobar, representing 100 percent of the company’s capital. These acquisitions aim to expand Dallah Health’s operations, which will contribute to enhancing the company’s geographic reach, improving the efficiency of medical services, and developing its healthcare service system.

Dallah Health has previously announced the signing of an MoU with International Medical Center Company, a subsidiary of Dallah, and with Dar Al-Handasa for the design of a new integrated hospital project in the northern part of Jeddah, encompassing various medical specialties.

Dallah Health owns a 27.18 percent stake in International Medical Center, which operates the International Medical Center Hospital and First Clinic Complex in Jeddah. Dallah is also a partner in the Specialized Clinics Project and the Day Surgery Center in Makkah, which is expected to open in the fourth quarter of 2024. These strategic investments and partnerships are in line with Dallah Health’s pursuit of medical leadership in the private sector. By expanding its investments in the healthcare services sector across Saudi Arabia, the company is actively contributing to achieving the goals of Vision 2030 for the advancement of the healthcare sector.


Wallan Investment Company celebrates Lotus Technology’s debut on Nasdaq

Wallan Investment Company celebrates Lotus Technology’s debut on Nasdaq
Updated 29 February 2024
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Wallan Investment Company celebrates Lotus Technology’s debut on Nasdaq

Wallan Investment Company celebrates Lotus Technology’s debut on Nasdaq

Wallan Investment Company — a subsidiary of Wallan Holding — was invited by Lotus Technology to present the Nasdaq Stock Market opening bell at the Nasdaq Tower in New York, US. Celebrating Lotus Technology’s debut on the Nasdaq exchange, the ceremony marked a significant milestone for Wallan Investment Company, as Wallan Trading will become the luxury brand’s official representative in Saudi Arabia. 

Under the iconic British brand “Lotus,” Lotus Technology is a pioneering luxury battery electric vehicle maker that designs, develops, and sells luxury lifestyle vehicles. Fusing proprietary next-generation technology built on world-class research and development capabilities and an asset-light model, the company is breaking new ground in electrification, digitization, and intelligence. 

Lotus Technology is renowned for its expertise in manufacturing and developing high-end electric cars with advanced battery, energy management, electronic control systems, smart driving, and smart manufacturing technologies. It is also known for its impressive racing history spanning over seven decades, and it represents the gold standard in luxury sports cars, setting market-leading standards in performance, design, and engineering.

Fahad Al-Wallan, chairman of Wallan Holding, represented the company at the ceremony, with Lotus Technology CEO Qingfeng Feng ringing the opening bell. Lotus Technology was listed under the stock ticker symbol “LOT.”

Al-Wallan said: “I could think of no greater or more fitting way for Lotus Technology to enter such an exciting, new phase of its history. Nasdaq’s opening bell ceremony has become iconic over the years, ushering in eras of sustained prosperity for countless companies and enterprises across a range of sectors. We are proud to join this long and esteemed list, through our investment arm’s — Wallan Investment Company — stake in Lotus Tech. Lotus Technology’s listing on the Nasdaq stock exchange paves the way for sustainable growth, aligning with the company’s transformation strategy and increased investments in innovative products..”

He added: “As demonstrated by our partnership with Lotus Technology, Wallan Investment Company is fully committed to investing in the world’s most innovative and future-focused enterprises. We have developed a diverse and comprehensive portfolio, uniquely curated to deliver the highest return on investments, bolstering our revenues and the wider Saudi economy.”

Wallan Trading Company, a subsidiary of Wallan Holding, is one of the oldest companies in the Kingdom’s automotive sector. With over 45 years of experience, it provides high-quality products and services to its customers. The company represents major global automobile manufacturers such as Hyundai, Genesis, Geely, Renault, and Zeekr. It actively seeks investment opportunities and aims to meet the diverse needs of its customers.


J&J MedTech launches direct operations in Kingdom

J&J MedTech launches direct operations in Kingdom
Updated 28 February 2024
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J&J MedTech launches direct operations in Kingdom

J&J MedTech launches direct operations in Kingdom

Johnson and Johnson Medical Saudi Arabia Limited, a provider of high-tech medical and surgical equipment, has announced the establishment of its direct operations in the Kingdom. This comes as a strategic move to bring customers closer to the Johnson and Johnson legacy, facilitating a more streamlined experience.

A significant milestone, this move reflects the company’s continued investment in the future of Saudi healthcare and its commitment toward enhancing medical interventions and improving clinical outcomes.

The new direct model will give J&J MedTech greater control over the customer experience, ultimately translating into better patient outcomes. Key benefits of the newly established direct model include consistent service quality, centralized product source adhering to Johnson and Johnson’s quality standards, faster response times to customer concerns, improved tracking and product visibility, and increased scope of collaborations, among others. This milestone reflects Johnson and Johnson’s relentless commitment to providing communities across the world with the best in healthcare. The go-to-market model transformation is a pivotal moment in the company’s history.

Marzena Kulis, managing director of J&J MedTech for Middle East and Africa, said: “We remain deeply vested in Saudi Arabia and in contributing to Vision 2030 to support in developing the healthcare sector, driving economic growth, nurturing local talent, and fostering innovation. As an entity, Johnson and Johnson has been present in Saudi Arabia for nearly 40 years, putting the needs of patients, families, physicians, and nurses first, and functioning as advocates for the health of the Saudi community. As we transition into this new direct model, I truly believe that our esteemed partners will have fewer obstacles in providing the best care for their patients.”

Furthermore, aligned with J&J MedTech KSA’s mandate to support the government’s Saudi nationalization scheme or Nitaqat, the GTM model transformation has created multiple job opportunities for Saudi nationals. In addition to this, Johnson and Johnson supported 345 direct jobs in Saudi Arabia in 2022, primarily in the fields of marketing and sales, and for every direct job supported by Johnson and Johnson in the Kingdom, an additional 2.5 jobs are supported in the country.

Trad Al-Khelaiwi, general manager of J&J MedTech KSA, added: “As a company that is dedicated to fostering local talent, our direct operations are also aimed at creating more opportunities within the Kingdom and supporting the government’s Saudization efforts. In fact, since the start of the project, we’ve made 76 new hires — with our priority and majority being Saudi nationals. I have no doubt that this transformative shift will bring our customers closer to Johnson and Johnson’s exceptional quality standards and develop the local healthcare market with international know-how. We will continue to work toward the benefit of healthcare in Saudi Arabia and our communities at large.”

Commenting on the strategic move, Peter Lane, transformation director at J&J MedTech, said: “By taking this bold step, we are not only embracing the health goals of Vision 2030 and aligning with the Health Sector Transformation Program, but also spotlighting the immense potential of local talent in driving innovation and progress. This strategic move exemplifies our commitment to enriching the healthcare sector in the Kingdom, fostering a global collaborative approach that synergizes with the nation’s aspirations for a healthier and prosperous future.”