Saudi logistics and shipping company Bahri and Saline Water Conversion Corporation (SWCC), a Saudi government corporation responsible for the desalination of seawater, producing electric power and supplying various regions in the Kingdom with desalinated water, have signed an agreement that sets a fixed price on a five-year term for the shipment of spare parts needed at desalination plants in the eastern and western coasts.
Abdullah Aldubaikhi, CEO of Bahri, said the partnership will enable the company to contribute to improving the quality and efficiency of desalination facilities in the Kingdom. He also noted that as part of Bahri’s continued efforts to promote Saudization, every aspect of the agreement will be managed and led by national competencies.
“The signing of this agreement comes as part of our commitment to working closely with key government entities to achieve the objectives of the Saudi Vision 2030, especially those outlined in the National Industrial Development and Logistics Program (NIDLP) announced by Crown Prince Mohammad bin Salman to position the Kingdom as a global logistics hub and create new jobs and training opportunities for Saudis to support local content,” he said.
Ali bin Abdulrahman Al-Hazmi, governor of SWCC, said: “We are pleased to sign this agreement with Bahri and will continue to support and strengthen partnerships between the private and public sectors in the Kingdom. This agreement marks the culmination of SWCC’s efforts to effectively contribute to the achievement of Saudi Vision 2030 goals by continuously expanding and developing its services, as well as enhancing the Kingdom’s water resources with the highest levels of reliability, efficiency and cost optimization.”
Bahri-SWCC agreement in line with Vision 2030
Bahri-SWCC agreement in line with Vision 2030
Basic Electronics Co. breaks ground on Al-Asasyah Advanced Industry HVAC Smart Factory in Dammam
In light of the industrial renaissance witnessed by Saudi Arabia under Vision 2030, and Saudi Green Initiative, which aims to reduce carbon emissions by 2030 and pave the way toward zero neutrality by 2060, Basic Electronics Co., Ltd. laid the foundation stone for the Al-Asasyah Advanced Industry HVAC Smart Factory in Dammam. The facility, covering an area of more than 70,000 square meters in the first stage, specializes in the manufacture of sustainable air conditioners, directly contributing to reducing carbon emissions. More than 2,000 employees will work at this factory.
The groundbreaking ceremony took place in the presence of Dong Meng Zhu, chairman and CEO of Gree Electric Appliances Inc., on April 23.
Since its establishment in 1961, the company has been engaged in the manufacture and sales of household appliances, commercial electronic appliances, air conditioners, monitoring and control devices, medical devices and others.
In a bid to support the localization of industry by the company’s management, the basic factory for smart meters was established and operated in the Kingdom’s Eastern Province, with a production capacity of more than 300,000 meters per year. The company is celebrating the laying of the foundation stone of the industrial complex for the manufacture of air conditioners in cooperation with its strategic partner Gree. The company is on a journey to target new sectors to localize industry in the Kingdom, through the use of the best international technologies.
The first phase of the industrial complex will produce high-efficiency smart air conditioners with VRF technology, integrated with photovoltaic energy production technology. The first phase also includes smart and innovative laboratories for testing devices, as well as a research and development center and a training center.
The second phase of the industrial park includes the production of all technologies of air conditioning solutions using the latest industrial technologies such as artificial intelligence and digitization systems produced by strategic partner Gree, which holds many patents.
Investing in the development of Saudi talent, capacity building, technology transfer and localization is one of the most important objectives of the company’s vision.
Saudi Awwal Bank reports 16 percent growth in Q1 net profit at SR2 bn
Lubna S. Olayan, chair of the board of directors of Saudi Awwal Bank, announced the bank’s financial results for the period ending March 31.
SAB recorded a net profit after zakat and income tax of SR2.04 billion ($543.9 million) for the period ending March 31, representing an increase of 16 percent compared to the same period of 2023. The total operating income rose 7 percent to SR3.44 billion.
Commenting on the financial results, Olayan said: “I am delighted to share with you the highlights of our achievements in the first quarter of 2024. It has been an exceptional period for SAB, marked by achieving significant milestones and continued success.
“Our loan growth has been remarkable, outpacing the market with a solid 6 percent year-to-date increase. This growth has been primarily driven by institutional and large corporate businesses, showcasing the strength of our offerings in these segments. Notably, our mortgage growth has also been a key component of growth, with a commendable 16 percent origination market share.”
She said SAB’s trade-related business has experienced a similar upward trajectory, rising by 6 percent, with multinational activity continuing to expand, underscoring the bank’s global reach and influence.
Olayan added: “In addition, I am pleased to announce that we have achieved record revenue of SR3.4 billion, representing an impressive 8 percent quarter-on-quarter growth. This exceptional performance has contributed to a return on tangible equity of 16.5 percent, reflecting a 16 percent year-on-year increase in net income.
“Our commitment to excellence underlies these results and has garnered industry recognition, as we were honored with the esteemed ‘Best Trade Finance Provider in Saudi Arabia’ award by Global Finance and the prestigious ‘Best Domestic Private Bank in Saudi Arabia’ award by Euromoney Private Banking Awards. These accolades highlight the strength and diversity of our services and our unwavering dedication to meeting our customers’ needs with efficiency and innovation.”
She said that amidst a challenging global environment, SAB has also experienced success in furthering its sustainability agenda.
“As we look toward the next three years from a business perspective, we have strengthened our ESG governance, sustainable finance practice, and focus on climate change. Our commitment to sustainability has been recognized by Global Finance designating SAB the ‘Best Bank for Sustainable Finance in Saudi Arabia.’“
Olayan said that the bank’s strategy positions it as a future-ready institution, a leader in the digital and ESG realms, and a clear leader outpacing the lending market.
“We also aim to be a formidable player in corporate banking and treasury, while continuing to enhance our reputation as the bank of choice for an even broader range of customers.
“Lastly, our partnership with HSBC remains instrumental to our success and journey, further solidifying our position as one of the leaders in the banking industry in the Kingdom of Saudi Arabia,” she added.
Olayan thanked the bank’s board members, senior management committees, and the entire SAB staff. “I extend my sincerest gratitude to them for their contributions. I would also like to express our appreciation to HSBC for their unwavering support and to the Saudi leadership and our regulators, the Saudi Central Bank and the Capital Market Authority, for their continued guidance and assistance,” she added.
LuLu festival celebrates 24 varieties of Saudi mangoes
LuLu Hypermarket’s “Saudi Mango Festival” has turned the spotlight on the different varieties of the sweet fruit grown in Saudi Arabia. Twenty-four local varieties of Saudi mango are on display in the aisles of all Lulu outlets across Saudi Arabia for the duration of the festival, running from May 1-7.
The festival was inaugurated simultaneously in three cities — in LuLu Atyaf Mall, Riyadh by Muhammad Al-Abdullatif, assistant undersecretary for agricultural facilities and supportive services, and M. Suleiman bin Saleh Al-Jutaili, director general of the General Administration of Marketing and Agricultural Associations; in LuLu Al-Ruwais, Jeddah, by Majid bin Abdullah Al-Khalifa, director general of the Ministry of Environment, Water and Agriculture, Makkah region branch, and his deputy Walid Al-Daghis; and in Dammam’s LuLu Hypermarket, Ash Shatea Ash Sharqi District, where the festival was organized in cooperation with the Alrowia Cooperative Society for Agricultural Marketing, and inaugurated by Fahd bin Ahmed Al-Hamzi, general manager of the Ministry of Environment and Agriculture, Eastern Province branch.
The festival is part of a long-term program to promote Saudi agricultural products and support Saudi farmers. It presents shoppers with an opportunity to bite into the juicy goodness of popular Saudi mango varieties such as Sudani, Baladi (Kabeer, Koora and Zibta varieties), Zill, Thoomi, Keeth, Selastion, Shila, Zibta Ahler and others. Also on offer are varieties from other countries that were painstakingly grafted and cultivated in Saudi soil, such as the Langra, Thai and Indian varieties, some South American and African mangoes, and more.
The Saudi Mango Festival 2024 presents the juicy harvest in many celebrated forms, ripe and raw, cooked and lightly salted or dusted with complementary spices, in addition to desserts, curries, pickles and smoothies. There are also promotions galore and treats in the Lulu Hot Food and Cold Food section, including items such as mango fish curry, mango chicken curry, stuffed chicken breasts, traditional delicacies like aamras (mango puree) and puri bread, and healthy drinks.
“I am very pleased to inaugurate the mango festival this year. The Saudi mango has seen a bumper harvest this year and LuLu has highlighted this delicious fact,” said Al-Abdullatif. “We will keep innovating in our Saudi agricultural arena and hope to have many varieties of popular fruit and vegetables for the health-alert and taste-conscious Saudi shopper through LuLu.”
“Lulu Hypermarket is once again pleased to bring the goodness and deliciousness of mango to fans in Saudi Arabia and especially promote the 24 Saudi varieties,” said LuLu Saudi Director Shehim Mohammed. “Full of vitamins, fiber and taste, this is a great summer fruit and this promotion is a great way to applaud the efforts and success of Saudi farmers. We wish all our shoppers happy mango tasting!”
Also present at the Riyadh inauguration were Dr. Ibrahim Al-Turki; Nayef Al-Masoudi, director of agricultural projects at the Council of Associations; and Khaled Hanifat, Jordanian minister of agriculture.
The accompanying delegation in Jeddah consisted of Assistant Director General for Technical Affairs Dr. Abdul-Mane bin Issa Al-Khaibari, Director of the Agriculture Department at the Ministry’s branch in Makkah Muhammad bin Ali Al-Shehri, Director of the Office of the Minister of Environment in Jeddah Governorate Ahmed bin Al-Harithi, and his deputy Reem bint Ahmed Bahamdeen.
ArabExpo: A pioneering journey in Middle East’s exhibition industry
Established in 2013, ArabExpo has emerged as a trailblazer in the Middle Eastern exhibition industry. Headquartered in Saudi Arabia, the company has since grown into a multi-faceted enterprise, providing a wide range of services to support the region’s thriving exhibition landscape.
In its formative years, ArabExpo made a significant mark when it secured the role of official contractor for DMG Events and shortly after for Reed-Sunaidi. These partnerships paved the way for the company’s expansion, as it established a dedicated office in Dubai in 2014 to better serve the growing demands of the region.
The year 2016 witnessed a significant milestone for ArabExpo, as it unveiled new production facilities in Dubai. These state-of-the-art facilities enabled the company to enhance its capabilities and deliver high-quality event solutions to its clients. This strategic move solidified ArabExpo’s position as a reliable and versatile player in the industry.
In 2017, ArabExpo secured a groundbreaking contract with the Turkish authorities to construct the Turkiye country pavilion. Soon after a similar contract with Germany saw ArabExpo as the main contractor for the German pavilions. These achievements showcased the company’s expertise in large-scale project management and demonstrated its ability to collaborate seamlessly with international partners.
The year 2018 marked another pivotal moment in ArabExpo’s history, as it was appointed as the official contractor for all shows organized by Informa Markets in Saudi Arabia. This prestigious contract strengthened the company’s reputation as a trusted and reliable partner in the region’s exhibition industry.
The following year saw a significant expansion of ArabExpo’s premises in Dubai, Jeddah, and Riyadh. This move allowed the company to accommodate its growing client base and enhance its service offerings, solidifying its position as a dominant player in the Middle Eastern exhibition landscape.
The challenges posed by the COVID-19 pandemic in 2020 did not deter ArabExpo’s momentum. The company was contracted by the Dubai authorities to facilitate vaccination efforts and implement comprehensive COVID-19 safety protocols, demonstrating its adaptability and commitment to supporting the community during unprecedented times. Additionally, ArabExpo was awarded various production and fit-out contracts for Expo 2020 Dubai, further cementing its reputation as a reliable partner in large-scale event execution.
As the growth in Dubai continued, so did the activities in Saudi Arabia; ArabExpo won a major contract and became the official contractor for the World Defense Show in Riyadh. The excellent planning, partnership and expertise demonstrated by ArabExpo ensures that they remain the exclusive service provider for WDS in the 2024 edition as well.
In 2023, ArabExpo continued its growth trajectory, expanding its offerings in the realm of fit-outs and interior decorations with the launch of “ArabDeco.” Furthermore, the company secured a contract with Sela, the leading venue management company, to provide comprehensive venue services through its innovative “Venue Hive” branch.
As ArabExpo looks to the future, its growth strategy remains firmly focused on developing and supporting the exhibition industry in the Middle East. By leveraging its expertise, innovative solutions, and deep understanding of the region’s needs, the company aims to add significant value to Vision 2030, contributing to the transformation of the Saudi capital into a vibrant global hub for trade, investment, and cultural exchange.
Saudi hospital offers novel angioplasty procedure
King Fahd Armed Forces Hospital has become the first facility in the Kingdom to begin clinical research and now offer a new type of angioplasty procedure with the DynamX bioadaptor implant, an innovation beyond stents designed to restore vessel function. The bioadaptor is a transforming implant that, after the period of healing, unlocks and allows the artery to pulse and function more naturally in response to a patient’s exertion and heart’s changing needs. More normal artery motion and expansion help the artery restore its healthy function and reduce the risks of secondary adverse events such as heart attacks or repeat procedures. The new procedure is being offered to patients under the leadership of Dr. Mirvat Alasnag, head of catheterization lab; Dr. Khalid Al-Shaibi, director of cardiac center; and interventional cardiologists Dr. Waqar Ahmed, Dr. Salem Assiri, and Dr. Sultan Al-Otaibi.
“We are pleased to offer bioadaptive angioplasty at King Fahd Armed Forces Hospital to patients suffering from coronary artery disease, and especially for those who are younger and seek to reclaim an active lifestyle,” said Dr. Alasnag.
King Fahd Armed Forces Hospital, one of the premier hospitals and clinical research centers, is also participating in the global BIO-RESTORE post-market registry for the bioadaptor to generate diverse, in-market experience, specifically in Saudi patients.
The bioadaptor is a metallic coronary device that is implanted via a minimally invasive angioplasty procedure. It is designed to provide dynamic vessel support and establish adaptive hemodynamic modulation of the artery, enabling vessel function and motion and increased blood flow. It consists of three thin metal alloy helical strands held together temporarily by a bioabsorbable coating to provide strength when opening artery blockage. Unlike traditional stents, after the period of healing and coating resorption in the first six months, the bioadaptor unlocks and the helical strands separate thereby uncaging the vessel and establishing more natural and dynamic support of artery motion and function.
Bioadaptors can also expand slowly over time along with the artery in order to maintain good blood flow. Recent findings also show stabilization and even shrinking of plaque volume in arteries treated with bioadaptors.
Coronary artery disease is the most common form of heart disease in the world and a leading cause of death. It is caused by a buildup of fatty deposits and other substances in the walls of the arteries that supply blood to the heart and other parts of the body. Over time, the buildup causes the inside of the arteries to stiffen and narrow, and lose their natural functions, which can partially or totally block the flow of blood and nutrients to the heart. Chest pain is the most common symptom of CAD. For many people, a heart attack is the first sign that they have CAD.
