A new joint venture between Maydan Industry for Industrial Development & Investments Co. (Maydan Industry), Ahmad Kassim Al-Amoudi Group Co. Ltd. (AKA), and the South Korean technology company SFC has been signed to establish a manufacturing plant in PlasChem Park. The new facility will produce a range of surfactants, which are specialty chemicals used in the production of detergents and other applications.
A new company named the Surfactant Detergent Company LTD. (SDC) will be established as part of the JV agreement. The company will be based in PlasChem Park, a chemical and conversion industrial park adjacent to Sadara Chemical Company in Jubail Industrial City 2, developed jointly by Sadara Chemical Company and the Royal Commission for Jubail and Yanbu.
The JV agreement follows a long-term supply agreement for Ethylene Oxide (EO) and Propylene Oxide (PO) signed previously between Sadara and the SDC partners, which will be supplied though dedicated pipelines constructed by Sadara.
SDC will be the first company in the region to use the very latest Korean technology developed by SFC. The locally sourced raw materials from Sadara and advanced technology will enable the company to create value for the local market in terms of economic diversification and job creation for Saudis by manufacturing new products at competitive prices for local and regional customers.
Abdulrahman Al-Swailem, chairman of Maydan Industry, said: “This new venture is inspired by the Kingdom’s Vision 2030 which seeks to diversify the economy. The planned manufacturing facility is expected to be 40,000 metric tons with an approximate capital expenditure of SR189 million ($50.3 million).”
Abdullah Ahmad Al-Amoudi, chairman of AKA, noted: “The new project will meet the local and regional market needs for surfactants in a wide range of applications. We thank our colleagues at Sadara and the Royal Commission of Jubail and Yanbu on this occasion for their tremendous support in finalizing these agreements and their efforts to develop PlasChem Park.”
Hong Junko, CEO of SFC, said: “This joint venture is a great opportunity for us and our Saudi partners, as we are creating an advanced, cost-efficient factory that utilizes our technical knowledge to create added value for the Kingdom. The project has already been initiated by senior engineers preparing for the final engineering designs, which will be followed by construction of the plant itself.”
New Saudi-Korean joint venture to establish facility in PlasChem Park
New Saudi-Korean joint venture to establish facility in PlasChem Park
MBSC hosts talks on family business in Saudi Arabia
Industry leaders, academic researchers, educators, innovators, business pioneers, and more than 100 family business representatives from Saudi Arabia discussed the evolving landscape of family businesses and the modern business practices in Saudi Arabia.
The event, “Unlock Legacy, Foster Innovation: Navigating the Future of Family Business,” was organized by Prince Mohammed Bin Salman College of Business and Entrepreneurship, the Kingdom’s world-class business school and its MBSC Observatory for Entrepreneurship, Sustainable Innovation and Family Business, in collaboration with the National Center for Family Business and the STEP Project Global Consortium.
Discussions focused on key themes such as Legacy Preservation in a Modern Era, Intergenerational Leadership, Sustaining Family Values in Business Growth, Balancing Heritage and Disruption, Legacy as a Lever for Competitive Advantage, and The Role of Next-Generation Leaders in Legacy Businesses.
Participants gained insights from real-world case studies, enabling them to address challenges specific to family businesses. The event also fostered networking within the family business community and equipped attendees with essential tools for future leadership.
Dr. Zeger Degraeve, dean of Prince Mohammed bin Salman College of Business and Entrepreneurship, said: “We are delighted to highlight the significance of the event held. Participants gained valuable strategic insights, built connections within the community, and acquired essential tools for future leadership. This aligns with MBSC’s mission to empower organizations, fostering critical thinking and confidence in navigating the complexities of the real world. Ultimately, this contributes to the sustainable development and economic growth of Saudi Arabia.”
The MBSC Observatory for Entrepreneurship, Sustainable Innovation and Family Business convenes business and education leaders to address current economic, social, and environmental issues. Drawing on collective expertise, it supports effective decision-making and problem-solving, aiming for a lasting impact. Through shared knowledge and innovative solutions, the observatory creates value for startups, established companies, and family businesses.
Dr. Tarek El-Masri, assistant professor at MBSC and director of MBSC Family Business Institute, said: “Our newly inaugurated institute aims to be present at every intersection where family business researchers, owners, regulators, and experts meet to propagate family business continuity and sustainable growth.”
Situated in King Abdullah Economic City, a contemporary urban center that provides an unparalleled modern environment for both students and faculty, MBSC offers world-class education from Saudi Arabia for Saudi Arabia in both King Abdullah Economic City and Riyadh, delivering practical, pragmatic, hands-on experiential learning to develop a new generation of transformative leaders.
Budget Saudi inks 10-year deal with Avis Budget Group
Budget Saudi, a car rental company in the Kingdom, has renewed its Budget and Payless franchise agreement with Avis Budget Group. The agreement will extend the two entities’ partnership for another 10 years, until 2033.
Unitrans Group, through its flagship brand Budget Saudi, holds the title of being the world’s single largest franchise owner of ABG in that category. This global recognition, coupled with a legacy of 45 years in Saudi Arabia, underscores Budget Saudi’s commitment to delivering world-class services and creating memorable journeys and experiences.
The agreement was confirmed and announced at a recent signing ceremony held during ABG’s Middle East Conference in Jeddah. The Budget and Payless franchise agreement was signed by Hans Mueller, VP global licensees, ABG, and Fawaz Abdullah Danish, president and group CEO, Budget Saudi.
They were joined at the Middle East Conference — the largest regional get-together of its kind organized by ABG — by a selection of leading ABG executives and senior management from the UK, US and Singapore, as well as delegates from the GCC, Jordan, Lebanon and Kazakhstan.
The renewal of the agreement was followed by the announcement of Budget Saudi’s robust financial performance for the year 2023. The company recently reported profitability exceeding SR277.3 million ($73.9 million), a 10 percent increase from the previous year. Furthermore, revenue growth for the year 2023 was an impressive 34.4 percent higher than the previous year, underlining Budget Saudi’s strong financial health and promising future.
Danish said: “The franchise agreement signed for 10 years augurs well for the company and its growth strategy. It demonstrates the trust of Avis Budget Group in our company and our ability to deliver consistently and grow exponentially in the coming years. The brand Budget and Payless is secure in our portfolio in Saudi Arabia and is well positioned to achieve our vision of being the most comprehensive transportation solutions provider in the Kingdom: a one-stop-shop for wide-ranging vehicle renting and leasing services, as well as premier limousine operations. We are fully focused on achieving our accelerated growth plans for the next five years.”
Budget Saudi has seen substantial growth in its revenues and fleet. As part of its growth strategy — and in accordance with Vision 2030 — the company has launched a range of sustainable green initiatives to reduce the carbon footprint of its fleet. The company has also inducted EV vehicles to its fleet for rental and leasing services and is taking proactive steps to advance the Kingdom’s burgeoning EV infrastructure, in line with the Saudi Green Initiative.
New Canon CX center boosts Saudi printing industry
Canon Middle East, a leader in printing and imaging solutions, recently announced the establishment of a new customer experience center in Saudi Arabia, marking a significant step toward fulfilling the goals of the Kingdom’s Vision 2030. The initiative highlights Canon’s commitment to innovation, customer satisfaction and strategic partnerships within the region.
Since establishing a direct presence in Saudi Arabia at the end of 2018, Canon has rapidly expanded its operations in response to the country’s status as the largest GDP contributor in the Middle East. With more than 70 years of experience in the region, Canon’s expansion into the Saudi market includes the strategic opening of offices in Riyadh, Jeddah, and Dammam. This expansion not only solidifies Canon’s commitment to the Saudi market but also highlights the brand’s dedication to meeting the evolving demands of its customers with updated technology and state-of-the-art solutions.
Despite the challenges of the COVID-19 pandemic and global supply chain disruptions, Canon Middle East has maintained a significant market share of 70 percent within just two years of operation. This achievement reflects the strategic importance of Canon’s direct presence in the country, which has been instrumental in ensuring the availability of products and providing unparalleled customer support.
“Canon Middle East’s investment in the customer experience center represents our ongoing commitment to driving innovation and empowering the printing industry in Saudi Arabia,” said Shadi Bakhour, B2B business unit director at Canon Middle East. “Our goal is to exceed customer expectations through collaboration, knowledge sharing, and technological advancement, thereby contributing to the socioeconomic development of the Kingdom as outlined in Vision 2030.”
The customer experience center will foster innovation and collaboration, positioning Canon Middle East as a trusted partner in Saudi Arabia’s transformative journey.
“By doubling its revenues in just two years and investing in local initiatives, Canon demonstrates its dedication to not only meet but also exceed the expectations of Saudi customers,” the company said in a statement.
“As Saudi Arabia progresses toward achieving its ambitious Vision 2030, Canon Middle East remains committed to supporting the nation’s goals across various sectors. With opportunities for growth abound, Canon is poised to capitalize on mega-deals and initiatives that drive the Saudi economy forward.”
Experience innovation and elegance with Nissan’s sedan trio
When it comes to automotive excellence, Nissan has a lineage that spans decades, with each of its sedans — the Altima, Maxima, and Sunny — telling a story of meticulous design and engineering tailored to meet the unique needs and aspirations of drivers. Crafted with an emphasis on the driver’s experience, these models reflect Nissan’s commitment to diversity, ensuring there is a sedan for every customer, regardless of their lifestyle, budget, or aspirations.
The sleek and stylish Nissan Altima, with its fuel-efficient engine, ensures a drive that is as economical as it is powerful. This sedan does not just move you from point A to B; it does so with an unmatched blend of efficiency and flair, whether for city commutes or for longer trips. Equipped with intelligent driving aids and comprehensive protective systems, it offers peace of mind, safeguarding every journey and providing a driving experience that is secure and profoundly enjoyable. Sealing the deal, the Altima’s design, characterized by clean lines and an aerodynamic shape, further solidifies its position as a symbol of modern automotive design.
The Nissan Maxima, on the other hand, takes the concept of a four-door sports car and infuses it with luxury and high-performance capabilities. Boasting a powerful engine that delivers exhilarating acceleration and a refined interior that includes luxury features often found in premium segments, the Maxima is a testament to Nissan’s ability to blend performance with style. As impressive under its hood as it is on the outside, it is engineered for drivers who demand more from their vehicles — more power, more comfort, and more advanced technology — illustrating the result of the blending of engineering and luxury without compromise.
For those seeking practicality without sacrificing quality, the Nissan Sunny offers an unbeatable proposition. Its spacious interior and fuel-efficient engine makes it an ideal vehicle for families and individuals alike. However, what really puts the Sunny a notch above the rest is its affordability, ensuring that quality and reliability are accessible to a broader range of customers. It is a model that proves Nissan’s dedication to offering versatile options across various budget ranges, making the joy of owning a well-crafted vehicle a reality for more people.
In addition to its forward-thinking approach to automotive design, Nissan consistently demonstrates its commitment to customer-centricity by prioritizing the evolving needs of the drivers. By incorporating cutting-edge technology and advanced features, Nissan not only enhances the driving experience but also ensures that each journey is safer, more comfortable, and more enjoyable. The seamless integration of intelligent mobility features across models such as the Altima, Maxima, and Sunny underscores Nissan’s dedication to innovation and its focus on exceeding customer expectations.
WakeCap and OpenSpace partner to transform Saudi construction
In a landmark move set to transform the construction landscape of Saudi Arabia, WakeCap, a Saudi-based provider of smart solutions for construction project management, and OpenSpace, a US-based leader in reality capture and AI-powered analytics, announced a strategic partnership aimed at making cutting-edge global technology easily accessible to the local market.
WakeCap provides real-time insights into worker activity and equipment usage through its smart hard hat solution. These data are designed to help project owners make informed decisions to enhance site safety, streamline workflows, and optimize project execution.
OpenSpace, an AI construction tech company, helps commercial builders operate more efficiently and with less risk.
This strategic partnership between WakeCap and OpenSpace is set to revolutionize the Saudi construction sector. By providing direct, local access to world-class technologies, it creates a centralized hub for all construction technology needs, enhancing operational efficiency across the board. The partnership between the two solutions further aims to provide more transparency on Saudi construction projects and to enable better decision-making and project management. This collaboration also addresses the challenge of talent scarcity, by allowing for more efficient resource utilization. Remote progress monitoring and tracking capabilities further reduce the need for frequent site visits, fostering smarter work practices that align with the demands of today’s fast-paced construction environment.
Dr. Hassan Albalawi, CEO and co-founder of WakeCap, said: “At WakeCap, we are deeply committed to setting the industry standard for data-powered site visibility, and our partnership with OpenSpace is a testament to this. Together, we are poised to propel the Saudi construction industry into a new era of transformation, marked by greater transparency, efficiency, and reliance on cutting-edge technology. This collaboration is more than a partnership — it’s also a pledge to empower Saudi companies with the necessary tools to thrive in a competitive market. By combining our expertise, we offer local access to global technological advancements, simplifying procurement, and ensuring these innovations are tailored to meet local requirements.”
Sam Badrah, director of sales, Middle East and emerging at OpenSpace, said: “We are excited to officially announce our partnership with WakeCap to help accelerate digital transformation in the construction sector across Saudi Arabia. Together, we can challenge the status quo in the region to help companies build smarter.”
