SAB-UnionPay partnership to fuel Vision 2030 tourism drive

Updated 17 July 2024

Arab News

July 17, 2024 17:00

Saudi Awwal Bank, a leading bank in Saudi Arabia, announced its strategic partnership with UnionPay International, a world-leading payment network. The partnership is a step toward enhancing the digital payment ecosystem in the Kingdom.

It marks a major milestone in increasing merchant UnionPay coverage and will empower SAB to enable digital acceptance of UPI payments across physical stores, ATMs, and e-commerce platforms.

Acceptance of UPI cards in the Kingdom will ease international tourists’ and pilgrims’ transactions using their cards on SAB POS and ATMs, followed by e-commerce later this year. This initiative aligns with the nation’s goal of fostering a robust digital infrastructure and driving economic growth by accelerating the transition toward a cashless society.

Yasser Al-Barrak, chief corporate and institutional banking officer at SAB, said: “This collaboration reflects our commitment to providing innovative and effective payment solutions that will further modernize the Kingdom’s payment landscape which aligns with the aspirations of Saudi Vision 2030, and provide unparalleled convenience for everyone.”

He added: “We believe that this partnership will have a positive impact on commerce and tourism between the Kingdom and China, support our plans to enhance the digital economy and provide a secure alternate payment method to cater to the evolving demand of our customers and achieve satisfaction and trust.”

James Yang, general manager of UnionPay International in the Middle East, said: “This partnership with SAB marks a significant milestone for UPI in the Kingdom. By enabling convenient and secure payments for travelers and local consumers, we are catering to individual needs and contributing to the Kingdom’s digital transformation journey.”

He added: “UPI is a global network with a regional focus. This collaboration is a testament to our commitment to global expansion while remaining laser-focused on regional needs. UPI continues to expand its footprint with its

network now reaching 183 countries and regions, including 15 in the Middle East.”

This step also signifies the bank’s aspirations to contribute to supporting the digital economy in the Kingdom and to offer innovative financial services that meet the expectations and needs of customers, reinforcing the Kingdom’s position as a leading financial center in the region.

Trendyol launches Cappadocia-inspired Ramadan Collection exclusively for GCC Customers

Updated 03 March 2025

Arab News

March 03, 2025 13:23

Trendyol launches Cappadocia-inspired Ramadan Collection exclusively for GCC Customers

Updated 03 March 2025

Arab News

March 03, 2025 13:23

Trendyol, one of the world’s leading e-commerce platforms, has launched its 2025 Ramadan Collection, designed exclusively for customers in the Gulf region.

Inspired by the timeless charm of Cappadocia, the collection features 90 curated pieces including abayas, dresses, kaftans, coordinated top-and-bottom sets and more.

Designed by Trendyol’s in-house designers and manufactured by high-quality Turkish suppliers, the collection includes pastel, neutral, and earthy shades echoing the essence of Cappadocia.

The modest wear range features flowy designs and ruffled silhouettes, with details including gold buttons, jewel embellishments, and bow details offering versatile styling for both iftar and sahoor gatherings. It also features a limited “mini-me” Eid line with mom-daughter matching items to celebrate Eid Al-Fitr in style.

“Last year, we introduced Trendyol’s first Ramadan Collection for the Gulf, a modest wear line designed specifically for our customers in the region, which was embraced by our Gulf shoppers and sold out quickly. Inspired by Turkiye’s rich heritage and the timeless beauty of Cappadocia, this latest collection reinforces our commitment to the region and to listening to what our shoppers want, presenting them with a selection of relevant, high-quality and affordable products,” said Mohamad ElAnsari, chief executive officer, Trendyol Gulf.

In addition to the Ramadan Collection, Trendyol has just launched its first own-brand Home Collection under its growing homeware category in time for the holy month. With a selection of elegant table covers, runners and placemats, as well as towels, duvet covers and more, the Mediterranean-inspired range provides Gulf shoppers with items to get their home ready for hosting.

Since its launch in the Gulf in 2023, Trendyol has become one of the region’s most downloaded shopping apps, attracting over 4 million customers. Customers across the Gulf, including Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Bahrain and Oman, can now explore the collection and purchase the products on the Trendyol app and website www.trendyol.com/ar/.

Monsha’at report charts sustainable trends among Saudi and Global SMEs

Updated 03 March 2025

Arab News

March 03, 2025 01:32

Monsha’at report charts sustainable trends among Saudi and Global SMEs

Updated 03 March 2025

Arab News

March 03, 2025 01:32

Monsha'at, Saudi Arabia's Small and Medium Enterprises General Authority, has released its latest quarterly SME Monitor, providing an in-depth look at key trends shaping the Kingdom's SMEs ecosystem. This edition highlights a 67 percent quarterly increase in commercial registrations, the expansion of green financing and sustainability programs, and the growing role of Saudi SMEs in the global green economy.

With Saudi Vision 2030’s commitment to sustainability, the report highlights many of the ways in whichSaudi SMEs can contribute to the Kingdom’s ambitious renewable targets, from adopting circular economy principles to investing in renewable energy, reforestation, and environmental megaprojects, eco-tourism, EV adoption, and sustainable reporting. With $186 billion being invested by the Saudi Green Initiative to support the local green economy, the opportunities for sustainable SME growth are ripe.

If the Kingdom’s private sector is rapidly adopting, it’s thanks in large part to ambitious public sector policies supporting green growth and innovation, the report shows. In addition to sizeable investments by the Green Financing Framework (GFF) to create a more circular economy, accelerators like Sidra and Mega Green and a number of VC funds are enabling a surge of investments in food security, water, and agriculture, circular economy, energy transition and storage, sustainable manufacturing, smart cities and sustainable infrastructure, and more.

“At the heart of Saudi Arabia’s transformation lies our vibrant SME sector, which serves as a powerful driver of the economy,” Rakan Alsheikh, the deputy minister for policies and economic planning, told Monsha’at. “They are not just business entities but pioneers of sustainable solutions that create lasting impact. Their agility and adaptability allow them to integrate renewable energy, green technologies, and circular economy principles into their operations, reinforcing Saudi Arabia’s commitment to a more sustainable future.”

In addition to its coverage of sustainability trends in Saudi Arabia, the latest SME Monitor also has a special section on global developments in SMEs sustainability.

In the OECD, for example, three-quarters of SMEs are now actively working to reduce their carbon footprint, while 12 percent of EU SMEs generate renewable energy onsite. With the global market for green technology and sustainability projected to reach $135 billion by 2030, early adopters stand to gain significant competitive advantages.

In its survey of broader SMEs developments across Saudi Arabia, the report also reveals a notable uptick in commercial registrations in Q4 2024, a key indicator of the country’s consistently dynamic entrepreneurial landscape. In addition to 160,000 new registrations, sectors like e-commerce reached 40,953 total registrations that quarter, an impressive 10 percent year on year increase.

Thanks to the variety of enablement, financing, franchising, innovation, and business development programs offered by Monsha’at, more than 100,000 SMEs benefitted from the Kingdom’s chief SME enabler in Q4 2024, the report shows.

Moreover, Saudi Arabia’s VC funding ecosystem continued to lead MENA through Q4 2024, with $750 million deployed to Saudi-based startups over 178 deals that year, representing 39 percent of all investments in the region that year.

Movenpick Hotel Riyadh offers a distinctive Ramadan Experience

Updated 03 March 2025

Arab News

March 03, 2025 01:23

Movenpick Hotel Riyadh offers a distinctive Ramadan Experience

Updated 03 March 2025

Arab News

March 03, 2025 01:23

As the holy month of Ramadan approaches, Movenpick Hotel Riyadh invites guests to immerse themselves in a celebration of tradition, hospitality, and culinary excellence.

The hotel seamlessly blends warm Arabian hospitality with a refined setting, offering a thoughtfully curated Ramadan experience centered around its exquisitely designed Ramadan tent.

This inviting space harmoniously integrates rich cultural heritage with contemporary elegance, creating an atmosphere that resonates with the spirit of the holy month.

Designed to provide a serene and immersive Ramadan ambiance, the tent is adorned with intricate Arabic patterns, soft ambient lighting, and carefully arranged seating areas, ensuring an intimate yet social setting for families, friends, and corporate gatherings.

The carefully crafted details create an environment that embodies both authenticity and sophistication, making it an ideal destination for meaningful Ramadan moments.

At the heart of the experience, where guests can indulge in a meticulously prepared iftar and sahoor buffet, featuring an extensive selection of flavors catering to diverse palates.

Traditional Arabic delicacies such as fragrant kabsa, succulent mixed grills, and freshly baked sambousek take center stage, complemented by an array of international gourmet creations.

The experience is further elevated with an oriental dessert station, offering an exquisite assortment of kunafa, Umm Ali, and other beloved Middle Eastern sweets.

To enhance the dining journey, live cooking stations allow guests to engage with expert chefs as they prepare signature dishes fresh to order, adding an interactive and dynamic touch to the feast.

To celebrate the spirit of togetherness during Ramadan, Movenpick Hotel Riyadh presents exclusive early booking discounts, as well as customized packages for corporate events and group gatherings.

For individual guests, bespoke Ramadan offerings include an opulent buffet experience starting at SR340 for iftar and SR250 for sahoor (excluding VAT). Children under six dine for free, while children aged 6 to 12 enjoy a 50 percent discount, making it an ideal destination for families.

SAMI was Platinum Sponsor of the First Aerospace Connect Forum

Updated 02 March 2025

Arab News

March 02, 2025 22:52

SAMI was Platinum Sponsor of the First Aerospace Connect Forum

Updated 02 March 2025

Arab News

March 02, 2025 22:52

SAMI, the national defense and security champion, a PIF company, successfully concluded its participation as the Platinum Sponsor of the first Aerospace Connect Forum, held in Jeddah from Feb. 24–25.

Under the patronage of Bandar bin Ibrahim Al-Khorayef, minister of industry and mineral resources, organized by the Industrial Center and co-hosted by the General Authority of Civil Aviation, the forum was successful in driving innovation, promoting the localization of aerospace technologies in alignment with Vision 2030 and creating an ideal platform for international collaboration and investment.

The forum was inaugurated by Abdulaziz bin Abdullah Al-Duailej, president of the General Authority of Civil Aviation, and Khalil bin Ibrahim bin Salamah, deputy minister of industry and mineral resources for industrial affairs, who also visited the SAMI pavilion.

As a Platinum Sponsor, SAMI’s presence at the forum was particularly significant, showcasing its key division, SAMI Aerospace, through its subsidiaries, SAMI Alsalam Aerospace Industries, SAMI Figeac, SAMI Aerospace Mechanics and SAMI AEC.

SAMI Figeac presented its latest innovations in aerospace components, including metal parts used in aircraft parts, floor beams, wing ribs, and Tailcone panels.

Additionally, the F-15SA pylons, designed for mounting external equipment such as fuel tanks beneath aircraft wings, were showcased. These pylons are manufactured at SAMI Alsalam Aerospace Industries’ facilities.

Experts from across SAMI’s divisions participated in a panel discussion titled “Trends, Challenges and Best Practices for Ensuring Aircraft Reliability and Safety,” where they discussed the company’s continuous efforts to enhance local aerospace manufacturing capabilities and identified opportunities for growth within the sector.

At the close of the first day, Salamah alongside SAMI CEO Thamer AlMuhid and the accompanying delegation, toured the SAMI Aerospace Mechanics and SAMI Figeac Aero Manufacturing facilities.

The visit provided an opportunity to assess progress, review advanced manufacturing technologies, and explore the Kingdom’s growing industrial capabilities in aerospace, reinforcing the commitment to localizing 50 percent of Saudi Arabia’s military spending by 2030.

Jaguar TCS Racing showcases cutting-edge technology

Updated 02 March 2025

Arab News

March 02, 2025 22:52

Jaguar TCS Racing showcases cutting-edge technology

Updated 02 March 2025

Arab News

March 02, 2025 22:52

Tata Consultancy Services, a global leader in IT services, consulting, and business solutions, highlighted the pivotal role of advanced technology in Jaguar TCS Racing’s participation at the 2025 Jeddah E-Prix, rounds three and four in season 11 of the ABB FIA Formula E World Championship. The event demonstrated how digital engineering, data analytics, simulation, and electric vehicle technology are transforming motorsport and accelerating the future of mobility.

The Jeddah E-Prix provided a crucial testing ground for innovations with significant potential for race-to-road technology transfer, leading to smarter, cleaner, and more efficient mobility solutions.

President & Regional Head, Middle East, Africa, and Mediterranean TCS Sumanta Roy said: “Our collaboration with Jaguar TCS Racing continues to redefine performance standards in electric motorsport, while aligning with industry efforts to foster clean energy, technological innovation, and sustainable mobility solutions.”

TCS’ digital twin technology played a crucial role in optimizing setup and energy efficiency of the Jaguar I-TYPE 7.

Jaguar TCS Racing leveraged TCS’ Virtual Vehicle Validation Model (V3M), a mathematical model which instructs the digital twin of the Jaguar I-TYPE 7 on how to navigate a track based on various inputs. The V3M enables Jaguar TCS Racing run continuous simulations in the virtual world and rapidly and robustly validate changes to developmental software in digital twin models. This saves engineers critical time, allowing for continuous adaptation and performance gains, even up to the last moment, which is crucial for maximizing race performance on urban circuits like Jeddah.

Data-driven insights discovered through simulation can inform energy management strategies, optimal vehicle set ups and future car development. Data from the Jaguar TCS Racing simulator helps the team replicate race weekend conditions and identify strategic tweaks.

Technological advancements tested on the racetrack often translate to the consumer market, making driving safer, more enjoyable, and sustainable. Formula E serves as a laboratory for the future of electric mobility.

TCS’ V3M is central to Jaguar TCS Racing’s efforts, enabling extensive simulation and refinement of the Jaguar I-TYPE 7’s performance. Learnings from Formula E, coupled with TCS’ expertise, create a race-to-road technology transfer, advancing sustainable mobility solutions.

SAB-UnionPay partnership to fuel Vision 2030 tourism drive