Foodics unveils new financial management suite to help businesses sustain and grow cash flow

Ahmad AlZaini, Chief Operating Officer of Foodics
Ahmad AlZaini, Chief Operating Officer of Foodics
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Updated 10 December 2023
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Foodics unveils new financial management suite to help businesses sustain and grow cash flow

Ahmad AlZaini, Chief Operating Officer of Foodics
  • Foodics is pivoting to help F&B businesses with their F&B technology and end-to-end operations and financial management.
  • The Foodics Financial Management Suite covers the process from revenue generation to expense management, which is key in helping F&B business owners to effectively manage their cash flow cycle.
  • New product suite unveiled at the second Foodics Annual Product Event held in Riyadh on Dec. 6, 2023 - "Boundless 23."

Foodics, MENA’s leading cloud-based restaurant management and payment tech provider, has unveiled its new financial management product suite at Foodics “Boundless”, the second annual product event.

Foodics also revealed that it is pivoting to help food and beverage businesses not only with their tech but also their end-to-end operations and financial management.

The event was held on Dec. 6 in Riyadh at Muvi Cinemas, where their film screening was attended by over 500 guests including VIP dignitaries, restaurant owners, business influencers, investors, strategic tech ecosystem partners and government representatives.

Ahmad Al-Zaini, Foodics cofounder and CEO said: “In our sector, cash and profit margins are the conclusive proof points of a successful restaurant. For that reason, our ultimate goal is to help our customers enhance their overall financial health.”

Speaking about the new launch, he added: “Our new financial management product suite gives them the ability to sustain operations, meet obligations and fuel growth, directing their cash flow towards growth and revenue generating investments. Financial health in turns gives them the power to adapt, evolve, and pivot in response to market dynamics. Our commitment is that Foodics is more than a software application, it's a promise. It’s our word, plain and true, backing every move F&B operators make.”

Financial health is a very complex matrix that is not all just about profit and loss but a dynamic interplay of variables. From sales, expenses, inventory, payroll, investments, through to customer experiences, these variables are interlinked, influencing and relying on one another. If one thread is weak, the entire financial structure of the business can be compromised.

Opening a restaurant remains indeed one of the riskiest businesses, with multiple research sources revealing that over 60 percent of new restaurants have negative cash flow within their first year, and nearly 80 percent shut down before their fifth anniversary.

Among the reasons are choosing an unsuitable location, poor marketing, struggling with operational efficiencies or not maintaining food quality. However, the most common denominator for businesses shutting down is their weakness in cash flow management.

With the new restaurant operations and financial management solution, Foodics aims to equip business owners with an interconnected ecosystem of tools that helps them grasp full command of their business, owning their cash flow cycle, customer touchpoints and back of house operations.

These include Payment enablement sales touchpoints for quick-service restaurants and dine-in that enhance the dining experience, Loyalty Programs for efficient growth through existing clientele, Accounting And Payroll to automate financial operations and get a grip on profit margins, Purchase Order financing by Foodics Capital to get instant access funds towards operating expense, and MyFoodics App for a more convenient and autonomous restaurant management experience.

Formally licensed as a Fintech company by the Saudi Central Bank, Foodic’s vision is to build a complete restaurant management ecosystem that enables owners to run their operations seamlessly and grow their business.

For more information, visit foodics.com


Najm spotlights digital transformation journey at LEAP 2024

Najm spotlights digital transformation journey at LEAP 2024
Updated 04 March 2024
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Najm spotlights digital transformation journey at LEAP 2024

Najm spotlights digital transformation journey at LEAP 2024

Najm for Insurance Services Company is sponsoring the third edition of LEAP 2024, the premier technology event in the region, presently underway at the Riyadh Exhibition and Convention Center.

Through its participation in this event, which runs until March 7, Najm is showcasing its digital services and initiatives, highlighting its recent digital transformation journey. The company will also spotlight its efforts in raising awareness around traffic safety by providing services that leverage artificial intelligence systems and data analysis, emphasizing its role as the digital partner for insurance companies.

Najm’s pavilion at the entrance of Hall No. 1 showcases the company’s latest technological developments that enhance road safety and improve the quality of life for the community.

Najm’s CEO Mohammad Al-Shehri said: “Our participation in LEAP 2024 demonstrates our remarkable journey in digital transformation, and our ability to integrate relevant parties at multiple levels, starting with offering an advanced connectivity network that supports Najm’s services across the Kingdom. Additionally, Najm has established a modern and advanced data center that supports cloud solutions. This center is linked to advanced cybersecurity systems that will help to fully protect the Najm network.”

Al-Shehri added: “Najm provides automated services to facilitate the flow of operations with partners and government entities, through an advanced connectivity system supported by AI technologies. Najm also benefits from a strong information infrastructure that provides innovative services to raise the level of customer and partner satisfaction.”

The LEAP conference is the most widely attended technology event in the Kingdom and the region. The event brings together hundreds of thousands of attendees to discover the future of technology. This year, more than 1,800 exhibitors, 1,000 speakers, and 600 startup companies are expected to participate. The number of attendees this year will exceed over 170,000 visitors who will have the opportunity to discover the latest innovations presented by some of the world’s most advanced technology companies.

Najm is a closed and unlisted Saudi joint stock company established in 2007, to promote the vehicle insurance sector in the Kingdom. It provides an integrated system of insurance solutions and services to citizens, residents, and visitors in 44 Saudi cities through a skilled Saudi workforce.


Bahri sets Guinness record for largest mobile desalination plant

Bahri sets Guinness record for largest mobile desalination plant
Updated 04 March 2024
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Bahri sets Guinness record for largest mobile desalination plant

Bahri sets Guinness record for largest mobile desalination plant

Bahri Desalination, a specialized business unit of the National Shipping Company of Saudi Arabia — Bahri — the global shipping and logistics leader, has established a new milestone in seawater desalination production, reinforcing its position as the industry pioneer with the largest floating desalination plant ever built on a marine barge.

The achievement was celebrated at an event held at the Ministry of Environment, Water and Agriculture, where Guinness World Records officially recognized Bahri Desalination’s innovative mobile seawater desalination plant as the largest of its kind. Measuring an impressive 123 meters in length, the floating mega plant boasts a daily output of 50,000 cubic meters. Bahri, in association with the Saline Water Conversion Corporation and Metito Saudi Limited, has built three such state-of-the-art desalination units installed on customized barges.

Commenting on this achievement, Ahmed Alsubaey, CEO of Bahri, said: “We are honored to receive this distinction from Guinness World Records that validates our status as pioneers in engineering large-capacity, mobile seawater desalination solutions. As a leader in transportation and logistics, Bahri strives to develop innovative water projects that strengthen Saudi Arabia’s infrastructure and self-sufficiency. This record reflects our cutting-edge work in deploying sizable mobile floating desalination capacity where it is needed most along our coastlines.”

The record validates Bahri Desalination’s status as an industry pioneer in building large-scale, cost-effective mobile seawater desalination plants that can be deployed to new coastal locations. Going forward, Bahri will continue driving progress through projects dedicated to the sustainable development of Saudi Arabia’s maritime and water supply sectors.


stc Group unveils venture capital arm, tali ventures

stc Group unveils venture capital arm, tali ventures
Updated 04 March 2024
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stc Group unveils venture capital arm, tali ventures

stc Group unveils venture capital arm, tali ventures

stc Group, the Kingdom’s engine of digital transformation, has announced the launch of its corporate venture capital arm, “tali ventures,” which will serve as a catalyst for innovative startups, leveraging stc Group’s ecosystem. This milestone underscores the group’s commitment to propelling technological advancement and fostering a vibrant entrepreneurial ecosystem across its operating markets.

tali ventures has already made significant strides by investing in startups such as Nile (network equipment solutions), Rewaa (inventory management solutions), and NearPay (digital payments solutions).

“These initial investments demonstrate the group’s dedication to adopting new technologies, embracing innovative ideas and driving technological transformation,” a statement said.

Emphasizing the fund’s ambitious vision, the launch of tali ventures marks a pivotal moment in stc’s journey to empower the world’s brightest minds. The group aims to be a leading force in nurturing entrepreneurial talent and advancing groundbreaking initiatives, by committing to investing in revolutionary startups through collaborating with renowned global funds such as Sanabil and Prosperity7.

Focusing on key areas such as artificial intelligence, fintech, proptech, ICT, cloud, IoT, cybersecurity and other digital trends, tali ventures will support ventures that have the potential to revolutionize industries. tali ventures empowers startups from their inception to growth stage, providing comprehensive support across diverse fields. This holistic approach cultivates innovation from the ground up, nurturing a thriving ecosystem of talent.

The launch signifies a continuation of stc Group’s efforts to foster innovation through strategic investments. Initiatives such as the InspireU program, which incubates and supports more than 100 startups, stand as testament to this commitment. Furthermore, STV and stc venture funds have invested in numerous startups, driving economic diversification and growth in line with stc’s “DARE” strategy.


New Murabba to bring Riyadh’s visionary downtown to life

New Murabba to bring Riyadh’s visionary downtown to life
Updated 03 March 2024
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New Murabba to bring Riyadh’s visionary downtown to life

New Murabba to bring Riyadh’s visionary downtown to life

New Murabba Development Company has signed an MoU with the Tourism Development Fund to spearhead the transformation of Riyadh. The agreement will see the two entities work closely together to create New Murabba: the world’s largest, modern downtown, serving as a model for future urban development and contributing toward Riyadh city’s evolution, in line with Vision 2030.

NMDC’s strategic partnership with TFD aims to fulfill Saudi Arabia’s potential as a leading investment destination — a go-to tourism and hospitality hotspot distinguished by a thriving tech ecosystem, an enabling business environment and a diverse and welcoming society.

The MoU was signed by NMDC CEO Michael Dyke and TDF CEO Qusai bin Abdullah Al-Fakhri. As part of the agreement, TDF will provide direct financing opportunities — in collaboration with its network of partners and contracted investors.

Al-Fakhri said: “We are pleased to have partnered with the New Murabba Development Company to bring this bold undertaking to life, an innovative undertaking that will enhance Riyadh’s status on the global stage as one of the commercial and financial capitals of the world. This is a future-focused partnership that extends our efforts to work in a fully aligned manner with the private sector to create a greater, more prosperous Saudi Arabia.”

He added: “In line with Vision 2030 and the National Tourism Strategy, our agreement with New Murabba Development Company marks the beginning of an exciting new chapter for Riyadh, one that adds to the richness of the Kingdom’s inspiring story of transformation. Together, we aim to create a modern downtown in the Saudi capital that provides even greater access to exceptional living, working and entertainment experiences. Representing the very best of Saudi excellence, we believe New Murabba will attract tourists — as well as investors — to the Kingdom, and improve citizens’ and residents’ quality of life.”

NMDC CEO Dyke said: “New Murabba will be a gateway to the future. We are confident that our partnership with TDF will enable us to play a transformative role in diversifying sources of income for the Saudi economy, aligning seamlessly with the objectives of Vision 2030. Together, we will create groundbreaking opportunities that will elevate the Saudi tourism landscape and drive New Murabba to the forefront of global innovation.”

He added: “Reflecting our commitment to the community and the environment, New Murabba has been designed in accordance with internationally established best practices and sustainability standards, incorporating green spaces, providing an extensive network of walking paths and promoting healthy living. Our goal is to make New Murabba a truly exceptional place to live, work, play, and visit. We will offer convenient access to a wide range of amenities and experiences that will enhance the lives of residents and visitors, fostering a sense of security and well-being. Accessibility is also a top priority for us, with New Murabba being just 20 minutes away from King Khalid International Airport by car. The Mukaab — a new architectural wonder — will, of course, serve as the centerpiece of New Murabba, redefining Riyadh’s skyline from the outside, while presenting a truly jaw-dropping experience within the inside.”

Established in 2022, NMDC is wholly owned by the Public Investment Fund, with its board of directors being chaired by Crown Prince Mohammed bin Salman.


stc raises the bar for innovation at Mobile World Congress

stc raises the bar for innovation at Mobile World Congress
Updated 03 March 2024
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stc raises the bar for innovation at Mobile World Congress

stc raises the bar for innovation at Mobile World Congress

stc Group, a global leader in digital transformation, has successfully concluded its sponsorship and participation in Mobile World Congress in Barcelona, Spain.

The group solidified its commitment to innovation and growth through the signing of strategic MoUs with industry giants. The following partnerships were announced:

• IBM Middle East: stc Group and IBM Middle East agree to collaborate on upgrades to current fault management systems through the implementation of the latest cloud-based Netcool fault management platform.

• China Mobile International Limited: The agreement will see both partners work together to advance the deployment and implementation of IoT connectivity services for businesses in the region.

• Channels by stc x Huawei: In collaboration with Huawei, this MoU focuses on driving growth in the devices business, engaging in yearly business plans, and exploring strategic collaborations.

• Channels by stc x Samsung: This joint business plan with Samsung aims to sustain growth initiatives, marking a significant collaboration in the consumer electronics and services sector.

“Partnerships with global entities such as Ericsson, Huawei, and Samsung signify the great strides that stc is making toward an even more globally connected future,” the group said. “With these collaborations, stc is positioned at the forefront of shaping the ever-evolving digital landscape, driving collaboration, innovation and accelerating performance.”

During the event, stc Group showcased a variety of on-ground activations, each highlighting different facets of their technological prowess and commitment to sustainability. These included the AI Selfie, a customized interactive experience that enabled visitors to create their own digital avatars.

The Digital City 3D sand table demonstrated stc Group’s vision for the future of smart cities and their advanced technology. Visitors had the opportunity to be fully immersed in a 3D tour inside Makkah through Makkah 3D Experience, further underscoring stc’s continuous efforts in promoting cultural heritage and visualization technologies, all while illustrating how 5G-Advanced can catalyze digital transformation across sectors.

The IntelliReserve activation specialized in tracking and analyzing data on various wildlife species in the Kingdom, and the Sustainable Park activation gave visitors the chance to experience a virtual journey through interactive screens.

These on-ground activations represent stc Group’s innovative approach to digital transformation and its commitment to sustainability and connectivity.