LuLu Hypermarket launches ‘Super Friday’ shopping bonanza 

Offers from the campaign, which runs until Nov. 30, are available across all LuLu stores.
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Updated 22 November 2021

LuLu Hypermarket launches ‘Super Friday’ shopping bonanza 

Regional retailer LuLu Hypermarket launched on Tuesday its “biggest sale of the year” — the “Super Friday” promotion, offering massive discounts on electronics, mobile phones, fashion items and other products from the grocery and fresh food categories. The sale coincides with the “Black Friday” shopping season across the globe.

The discounts at all Lulu Hypermarkets across the MENA region — Saudi Arabia, the UAE, Oman, Bahrain, Kuwait and Qatar as well as Egypt and also in the Far East in Indonesia and Malaysia — give shoppers great choices at excellent prices, especially ahead of the festive gifting season. 

FASTFACT

The ‘Super Friday’ sale is running at all Lulu Hypermarkets across the MENA region — Saudi Arabia, the UAE, Oman, Bahrain, Kuwait and Qatar as well as Egypt and also in the Far East in Indonesia and Malaysia. 

Shehim Mohammed, director LuLu Saudi Hypermarkets, said: “LuLu Super Friday sale is much awaited because of the scale of discounts, along with the variety and range of products we strive to arrange for customers. Once again, we are excited to launch our biggest promotion yet for the exciting shopping season of the year. Our shoppers can expect big discounts across all our major categories, such as tech, fashion, home appliances, and even grocery products. Customers can pick up some great deals for everyday lifestyle choices as well as glamorous and stylish festive gifts.” 

Offers from the campaign, which runs until Nov. 30, are available across all LuLu stores and on its online shopping portal www.luluhypermarket.com/en-sa/

LuLu is a leading hypermarket and supermarket chain and the only Middle East retail group to be featured in Deloitte’s annual “Global Powers of Retailing 2021” survey, for the MENA and Asian regions. Founded in the early 90s, it is present across the GCC, India, Indonesia, Malaysia, Suriname and Egypt. Serving more than 1,600,000 shoppers every day, it is the fastest growing retail chain across 10 countries and currently operates more than 219 stores with a multinational staff force of more than 57,000. From 2020, LuLu’s carefully structured expansion plan includes hypermarkets, express store-format smaller outlets and a vibrant online shopping platform.


Jeddah Art Promenade showpiece takes flight

Updated 05 December 2021

Jeddah Art Promenade showpiece takes flight

A golden falcon rises, wings outstretched, over the Jeddah coastline. Sela, the Saudi Arabian events producer, has unveiled the first art installation of its highly anticipated Jeddah Art Promenade.
The promenade is curated by renowned producer Swizz Beatz and his Saudi-headquartered creative agency, Good Intentions.
The one-of-a-kind sculpture by Kwest is visible for kilometers, perched amid the blue waters of the Jeddah Corniche, where the city is hosting thousands at the Formula 1 Saudi Arabian Grand Prix.
Creators of some of the region’s most sought-after experiences and attractions, Sela has staged more than 3,000 events since 2005, including MDLBEAST, the Italian Super Cup, WWE Crown Jewel, Riyadh Season and Jeddah Season, in addition to launching projects such as Boulevard Riyadh City and Jeddah Superdome.
Sela’s Jeddah Art Promenade is a beachfront boulevard featuring art monuments in a leisure, hospitality and retail district scheduled for completion in the coming months.
Kasseem “Swizz Beatz” Dean is a Grammy-award winning producer and owner of one of the world’s largest art collections.
Recognizing the creative renaissance unfolding in the Kingdom with Saudi Vision 2030, Swizz Beatz found a base for his global agency in Saudi Arabia, co-founding Good Intentions with Saudi native Noor Taher.

HIGHLIGHTS

• Creators of some of the region’s most sought-after experiences and attractions, Sela has staged more than 3,000 events since 2005.

• These include MDLBEAST, the Italian Super Cup, WWE Crown Jewel, Riyadh Season, Jeddah Season, Boulevard Riyadh City and Jeddah Superdome.

Their curations leverage a vibrant community of contemporary artists to bring a new cultural experience to the Kingdom at Jeddah Art Promenade.
Shihana Alazzaz, Sela chairwoman and general counsel to the Public Investment Fund, said: “The ‘Wusul’ (‘Arrival’) installation from artist Kwest is a powerful statement of energy and creativity taking flight.
“We at Sela are thrilled to be working with Swizz Beatz and the Good Intentions team, headed by homegrown lead Noor Taher, to give vital art a platform, with special thanks to the organizers of Jeddah Season for making all of this possible.
“With more than a dozen installations planned, the Jeddah Art Promenade will blaze an iconic trail down our beautiful coast, offering visitors a visceral cultural experience and creating a landmark worthy of our nation’s vision.”
Swizz Beatz, co-founder of Good Intentions, said: “We’ve always wanted to work with the gatekeepers in that arena and knew Sela would be a partner aligned with our vision at Good Intentions. This is just a scratch on the surface, we’re only going bigger and more disruptive from here.”


JIMCO, CFS  to provide the world with limitless sustainable power

Updated 05 December 2021

JIMCO, CFS  to provide the world with limitless sustainable power

The Saudi-based Jameel Investment Management Co. has participated in a $1.8 billion funding round for a US fusion energy company, it has been announced.
JIMCO has invested an undeclared amount in Commonwealth Fusion Systems, a company founded in 2018 that is building the world’s first net-energy giant fusion system.
“The world is ready to make big investments in commercial fusion as a key part of the global energy transition,” the chief executive officer of CFS, Bob Mumgaard, said.
He added: This diverse group of investors includes a spectrum of capital from energy and technology companies to venture capitalists, hedge funds, and university endowments who believe in the impact fusion will have as we look for large scale solutions to decarbonize.”

FASTFACT

The Saudi-based Jameel Investment Management Co. has participated in a $1.8 billion funding round for a US fusion energy company.

CFS’ HTS magnet technology enables significantly stronger magnetic fields in a fusion device called a “tokamak,” existing versions of which rely on the scale of the device to attempt net energy.  HTS magnets support a high-field approach that will enable CFS to reach net energy from fusion with a substantially smaller, lower cost device and on a faster timeline.  This HTS magnet technology will be used in SPARC, now under construction in Devens, Massachusetts and on track to demonstrate net energy from fusion by 2025. 
 Fady Jameel, a member of the Jameel family’s investment supervisory board, said: “It is critical that private investors cultivate close, collaborative relationships with research scientists and universities.  The Jameel Family has nurtured our relationships with MIT, and others, supporting innovative thinking and development of emergent technologies towards solutions aiming to address some of the world’s most pressing challenges.”
“This investment in CFS is a step towards a more sustainable future for everyone demonstrating how ‘patient capital’, particularly from family investors, can show leadership in enabling transformational change by championing opportunities for business in the new green-tech economy.”


Bahri reinforces industry leadership with award wins

Updated 27 November 2021

Bahri reinforces industry leadership with award wins

Bahri, a global provider of logistics and transportation services, bagged three prestigious awards at The Maritime Standard Awards 2021 and one award at the All India Maritime And Logistics Awards 2021. The award successes further strengthen the Saudi shipping company’s reputation for building market-leading capabilities and delivering excellence.

Bahri was awarded “Ship Manager of the Year,” “Tanker Operator of the Year,” and “Shipping Company of the Year” at TMS 2021, held on Nov. 22 at the Dubai World Trade Centre, UAE, and “Shipping Line of the Year — Multipurpose Vessel Operator” at MALA 2021, held on Nov. 18 in Mumbai.

Abdulaziz Sabri, president of Bahri Ship Management, accepted the TMS awards on behalf of Bahri, in the presence of nearly 500 senior executives from shipping, ports, shipbuilding, and other maritime sectors, along with decision-makers and senior officials from governmental agencies from across the region.

Bahri CEO Eng Abdullah Aldubaikhi

Commenting on the awards, Abdullah Aldubaikhi, CEO of Bahri, said: “We are delighted to be honored with four coveted awards and thank The Maritime Standard Awards and MALA Awards for recognizing our efforts to transform Bahri into the undisputed leader that sets new benchmarks in the world of logistics and transportation. These accolades reflect the success of our wide-ranging initiatives to create excellence in our operations and services, in pursuit of the fullest satisfaction of our customers, superior value for our partners and shareholders, and sustainable impact on the industry and Saudi Arabia’s economy.”

The “Ship Manager of the Year” award was presented to Bahri for demonstrating particularly high levels of effectiveness in managing vessels and, especially, in ensuring outstanding levels of operational performance, quality and safety, and business growth over recent years.

Bahri was awarded the “Tanker Operator of the Year” title in recognition of its most exceptional level of performance over the year, based on the assessment of a range of criteria, including a commitment to customer service and efficiency, investments in vessels and related shipping services, diversification into new trades, expansion of service networks, financial performance, and social and environmental commitment.

Meanwhile, the “Shipping Company of the Year” award recognized Bahri for indicating a significant process of change and improvement and showing activities that have had a particularly significant effect on the region’s maritime sector.


ALJ Health partners with EQRx to develop affordable cancer treatments for 1.5 billion people

Updated 22 November 2021

ALJ Health partners with EQRx to develop affordable cancer treatments for 1.5 billion people

Abdul Latif Jameel Health, part of international diversified family business Abdul Latif Jameel, and EQRx, a pharmaceutical company committed to developing and delivering new medicines to patients at significantly lower prices, have entered into a strategic collaboration for the commercialization of two affordable novel lung cancer therapeutics for millions of people across the Middle East and Africa.

The two oncology programs, Aumolertinib, an epidermal growth factor receptor inhibitor, and Sugemalimab, an anti-PD-L1 antibody, have shown promising Phase 3 data for the treatment of patients with advanced non-small cell lung cancer. 
These therapies may offer treatment at a fraction of the cost of existing and traditional approaches.

This new strategic collaboration will see Abdul Latif Jameel Health commercialize the drugs to selected markets throughout the Middle East region, as well as all of Africa, providing access to affordable treatments for thousands of patients with advanced non-small cell lung cancer.

“This agreement comes as we forge ahead in our mission to source, collaborate with and fund innovators within the medical world that are reexamining how to improve the current healthcare landscape by disrupting existing methods and working to accelerate the wider inclusivity of healthcare throughout the world,” said Akram Bouchenaki, chief executive, Abdul Latif Jameel Health. 

“It’s our joint mission with EQRx to change that and, a mission that is aligned with the values of the Jameel Family.”
“This strategic collaboration aims to expand the commercial reach of our lead oncology programs throughout the Middle East and Africa and provide millions of people with access to affordable new cancer treatments,” said Melanie Nallicheri, chief executive officer of EQRx. 

“We are excited to partner with Abdul Latif Jameel Health who brings extensive regulatory and commercial expertise in these vast regions as we continue to work to create sustainable access to innovative medicines globally.” 

Abdul Latif Jameel Health also confirmed that it participated in previous funding rounds for EQRx through the dedicated JIMCO Life Sciences Fund, part of JIMCO, the Jameel Family’s global investment arm. 


Saudi Re named ‘Reinsurance Company of the Year’

Updated 20 November 2021

Saudi Re named ‘Reinsurance Company of the Year’

Saudi Reinsurance Company (Saudi Re) bagged the “Reinsurance Company of Year” award at the 8th Middle East Insurance Industry Awards 2021 held virtually in Dubai.

“Saudi Re is delighted to win the ‘Reinsurance Company of Year’ award, which recognizes the evolution of Saudi Re and reflects our client-centric approach, commitment to market development and efforts to promote sustainable practices,” said Fahad Al-Hesni, managing director and chief executive of Saudi Re.

The judging panel noted that despite the unprecedented market challenges caused by the COVID-19 pandemic, Saudi Re succeeded in sustaining its growth momentum in 2020.

The gross written premium grew 18 percent to SR935 million ($249.2 million), driven by 25 percent growth in the international markets and 8 percent in the domestic market. In addition, the efforts exerted during 2020 resulted in a growth rate of 58 percent in Q1 2021.

BACKGROUND

In 2020, Saudi Re’s international business grew to represent 63 percent of the overall portfolio, with an increasing presence in more than 40 countries across Asia, the Middle East, Africa and the Lloyd’s market.

Furthermore, in line with its strategy to develop international business, Saudi Re successfully built strong relationships with clients and brokers outside its home market, projecting an image of a reliable Middle Eastern reinsurer.

In 2020, Saudi Re’s international business grew to represent 63 percent of the overall portfolio, with an increasing presence in more than 40 countries across Asia, the Middle East, Africa and the Lloyd’s market.

Saudi Re is the first Middle Eastern reinsurer to publish a sustainability report, developed in line with national and international strategic visions and objectives such as the Kingdom’s Vision 2030.

The Middle East Insurance Awards are assessed by a distinguished judging panel comprising 25 industry leaders representing regulatory bodies, rating agencies, insurance federations and prominent industry leaders. The results were also independently audited by a Big Four audit firm.

The award is granted to companies demonstrating leadership in the MENA’s general reinsurance industry through innovation in product offerings, thought leadership, enhancing stability and security of the industry while boosting the image of the profession.