Sanofi set to open regional headquarters in Riyadh, expand activities

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Updated 11 December 2022
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Sanofi set to open regional headquarters in Riyadh, expand activities

  • Multinational pharmaceutical firm will be able to improve collaboration with local partners and capitalize on emerging opportunities created by the healthcare transformation underway in the country

RIYADH: Having officially received its regional headquarters license recently, Sanofi is keen to expand its activities in Saudi Arabia further, said Niven Al-Khoury, the multinational pharmaceutical and healthcare company’s general manager for general medicines in the Kingdom and Gulf countries.

“This is a vital move as we reinforce our commitment as a strategic partner to the Saudi Vision 2030,” she told Arab News in an exclusive interview.

According to Al-Khoury, with its new regional headquarters in Riyadh, Sanofi will also be able to improve collaboration with local partners, bring additional investment to the country and better capitalize on emerging opportunities created by the healthcare transformation underway in the country.

“Ultimately, this will allow us to be closer to where our patients and customers are and serve their needs faster and more efficiently, helping improve the quality of life for people and communities across the Kingdom,” she said.

Nurturing Saudi talent

With a rich history spanning more than 50 years, Sanofi has had a longstanding presence in the Kingdom. Today, it has more than 380 employees in Saudi Arabia, of which 207 are Saudi.

“We have been steadfast in our support of Vision 2030, which prioritizes nurturing Saudi talent,” Al-Khoury said. “More than 50 percent of our staff across various functions is Saudi. We are also strategizing to enhance Saudization in the company over the next three years.”

In addition, Sanofi provides a diverse array of educational and training programs for local healthcare practitioners.

“These programs effectively raise awareness about the latest treatments and technologies in diabetes management, which can help significantly reduce diabetes cases in this region,” explained Al-Khoury.

Over the last five years, Sanofi has delivered educational programs to thousands of healthcare professionals in the region — many of whom are talented Saudis. Additionally, it has established several strategic projects to empower pharmacy students and graduates.

“The most important of these is the Step Academy, which started in 2018. It includes summer training and employment in cooperation with King Abdulaziz University in Jeddah, King Saud University and Princess Nourah Bint Abdulrahman University in Riyadh,” explained Al-Khoury. “To date, we have trained more than 250 male and female students.”

Diabetes management

Saudi Arabia ranks among the top 20 countries worldwide for the prevalence of diabetes. There are an estimated 4.2 million diabetes patients in the country, of which around 1.8 million are undiagnosed. Given these alarming numbers, there is an urgent need for a holistic approach to diabetes management.

Sanofi addresses this by delivering individualized care through innovative medicines, digital solutions, education and collaboration through impactful partnerships.

“Sanofi’s innovative offerings, including therapies and digital solutions, have a favorable safety profile, HbA1c-lowering attributes, as well as a substantially reduced risk of weight gain to help patients manage their condition effectively,” Al-Khoury said.

She said that Sanofi’s ambition is to be the leading digital healthcare platform for patients, providers and researchers, combining innovative therapeutic options with smart solutions to make life easier for patients using insulin.




“Ultimately, this will allow us to be closer to where our patients and customers are and serve their needs faster and more efficiently, helping improve the quality of life for people and communities across the Kingdom,” said Niven Al-Khoury, Sanofi GM for general medicines in the Kingdom and Gulf countries.

Amongst its notable collaborations, Sanofi signed a memorandum of agreement with the Saudi Ministry of Health and Saudi Health Council to adopt a Comprehensive Diabetes Management program, including diabetes education for primary healthcare centers.

Sanofi works with its partners, the Saudi Ministry of Health and Saudi Health Council, to provide an array of educational and training programs for healthcare practitioners.

“In 2022, we helped train more than 1,000 primary care practitioners in the Kingdom to support patients living with diabetes,” Al-Khoury informed.

Through its scientific research and continuing medical education programs, Sanofi brings innovation, improved access to quality healthcare, enhances the practice of medicine and further builds sustainable healthcare for society.

Since 2020 Sanofi launched and completed three real-world evidence studies in Saudi Arabia and the Gulf region, analyzing a dataset of around 1,000 subjects. These generated valuable insights into real clinical practice and a better understanding of the patient pathway.

“The results of these studies are expected to be published in international scientific journals and conferences,” Al-Khoury said. “We are also preparing for a new RWE study, expected to be launched in Saudi Arabia in 2023.”

Individualized patient care

There is an enormous demand for individualized patient care for patients living with diabetes, she informed. As such, Sanofi is working closely with healthcare professionals to provide the best possible care for patients through its range of therapeutic options, smart devices and services.

Sanofi uses a broad portfolio of digital and personal technology to deliver better outcomes for people living with diabetes in the Kingdom.

According to Al-Khoury, raising awareness and improving access to new standards of care is also crucial as are providing educational and training programs for healthcare practitioners, physicians as well as pharmacists.

“This will help facilitate comprehensive, high-quality healthcare to people living with diabetes and bolster the country’s public health,” she said. “It aligns with Saudi Vision 2030, which aims to have a comprehensive, effective and integrated health system, as well as allow equitable access to health services.”

Innovative portfolio

Sanofi’s innovative portfolio in the areas of diabetes, cardiovascular, vaccines, rare disease, immunology, oncology, and consumer healthcare empowers it to serve a wide range of patients in the Kingdom.

“We are a strategic partner to the Kingdom’s robust healthcare sector and key contributor to the nation’s economic diversification strategy and aspirations,” said Al-Khoury.

According to her, Sanofi is committed to the Kingdom’s Vision 2030, which aims to reduce the burden of imported medicines, generate high-skilled jobs, achieve national drug security, increase foreign direct investment and help position the Kingdom as the regional hub for biopharma and vaccine manufacturing.

FASTFACT

Over the last five years, Sanofi has delivered educational programs to thousands of healthcare professionals in the region — many of whom are talented Saudis. Additionally, it has established several strategic projects to empower pharmacy students and graduates.

“Sanofi is reinforcing its presence in the Kingdom and strengthening its partnership with the Saudi government by transferring its technology and know-how and localizing the manufacturing of its insulins and vaccines,” Al-Khoury added.

Recently, Sanofi has signed a strategic partnership with Saudi-based Sudair Pharmaceutical Co. for the technology transfer and localization of Sanofi’s full insulin portfolio to fulfill the demand of the Saudi market. In addition, this union will increase local production and ensure national drug security to serve and meet the community’s needs.

Digital transformation

What’s more, Sanofi is enhancing patient care through digital transformation. It has developed tools that can be integrated into patients’ daily routines while offering individualized care. Its smart solutions make life easier for patients using insulin.

It launched “My Dose Coach” in the Gulf region, a first-of-its-kind approved digital titration solution that helps patients and healthcare professionals to work together toward target fasting blood glucose and hence better control through insulin dose optimization.

“This also allows healthcare professionals to gain a more comprehensive view of patients to read trends and patterns and not just numbers, allowing them to work remotely to make better medical decisions,” concluded Al-Khoury.

 

 


Saudi energy minister lauds growing economic ties with Uzbekistan

Updated 42 min 2 sec ago
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Saudi energy minister lauds growing economic ties with Uzbekistan

RIYADH: Saudi Arabia and Uzbekistan’s economic cooperation models reflect mutual commitment to prosperity through shared goals in the two countries’ 2030 plans, said the Saudi energy minister.

During the main dialogue session of the third Tashkent International Investment Forum, Prince Abdulaziz bin Salman emphasized the distinguished relations between the two nations and the commitment of their leaderships to enhance and develop cooperation in all fields, particularly in the energy sector.

Uzbekistan President Shavkat Mirziyoyev also attended the meeting.

The Saudi minister pointed out that economic cooperation between the two countries serves as a model, especially in light of the “Uzbekistan 2030” strategy and the Kingdom’s Vision 2030, with their similar goals aimed at economic growth, diversification, and sustainable development, reflecting a mutual commitment to building a prosperous future for both nations, according to the Saudi Press Agency.

“The bilateral relations saw a notable advancement subsequent to a meeting between Crown Prince Mohammed bin Salman and President Mirziyoyev in Riyadh in 2022,” he said.

Prince Abdulaziz stressed the significance of the energy sector in the growing relations between the two nations, particularly in renewable energy, highlighting the substantial involvement of Saudi companies in Uzbekistan, exemplified by ACWA Power.

He elaborated on the investment flowing between the two countries in this domain, eclipsing $14 billion, with the aim of producing over 11 gigawatts of renewable energy electricity, affirming that Uzbekistan has demonstrated a serious commitment to achieving a fair and equitable energy transition, aligning with the Kingdom’s aspirations.

The energy minister further underscored the rational stances jointly embraced by both nations, placing significant emphasis on the critical aspects of energy security, development, and conservation.

He also underscored the two countries’ collaborative roles in addressing climate change through collective endeavors.

Recently, ACWA Power signed a power purchase agreement with the National Electric Grid of Uzbekistan for the Aral five-gigawatt wind power project worth SR18.2 billion ($4.85 billion).

Two weeks ago, ACWA Power announced it had secured an $80 million equity bridge loan from the Bank of China for its projects in Uzbekistan.

The Saudi entity said the fund will boost its Tashkent 200 megawatts solar photovoltaic power plant and 500 MW per hour battery energy storage system project in Uzbekistan.

“This transaction culminated the initial agreement reached during the 3rd BRF (Belt and Road Forum) summit in October 2023, where ACWA Power was represented by its chairman as a keynote speaker,” the company said in a statement.


Alvarez & Marsal opens regional headquarters in Riyadh 

Updated 02 May 2024
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Alvarez & Marsal opens regional headquarters in Riyadh 

RIYADH: Underscoring international confidence in the Saudi economy, global consulting firm Alvarez & Marsal has become yet another company to have opened its regional headquarters in Riyadh.

In a press statement, the US firm stated that the inauguration of the new regional headquarters underscores its commitment to contributing to the country’s transformation agenda. 

“As the company continues to deepen its roots in the country, with expertise across various sectors — from banking and tax to healthcare and disputes and investigations — this strategic move aims to leverage local insights in the Kingdom to drive sustainable growth and innovation.” the company said. 

Additionally, A&M announced that it has included 13 skilled Saudi graduates in the inaugural batch of its Bidayah Graduate Program. 

The company stated that these candidates were selected from a competitive pool of applicants, describing the chosen individuals as representing the bright future of the Kingdom and reflecting the potential that A&M sees in local talent. 

James Dervin, managing director of A&M in the Middle East and co-head in the region, stated that the program is designed to develop the next generation of execution-focused leaders in management consulting. It is guided by the A&M principles of leadership, action, and results. 

“Over the course of 12 months, participants will undergo rigorous training, engage in live project work, and receive mentorship from seasoned industry experts,” he said. 

Dervin added: “Coupled with the incorporation of our regional headquarters in Saudi Arabia, the program underscores A&M’s commitment to investing in the professional development of Saudi nationals and aligning with the Kingdom’s ambitious Vision 2030,” 

He further noted that the new graduates will have a significant, positive impact on his firm and the clients it serves. 

Commenting on the close alignment of A&M’s global brand with the local market dynamic in Saudi Arabia, Bryan Marsal, A&M’s CEO and co-founder, said: “The all-encompassing nature of the Saudi Arabian transformation is driving significant demand for A&M’s distinctive ‘get-stuff-done’ brand of services — for our ability to fix problems, our ‘skin in the game’, and our freedom from audit conflicts.” 

With over 9,000-strong workforce across six continents, A&M generates tangible results for corporations, boards, private equity firms, law firms, and government agencies grappling with intricate challenges, according to its website. 

More than 180 major global companies and organizations have already established regional headquarters in the Saudi capital. These include Apple, Microsoft and Alibaba, as well as the IMF, IBM, and Google.  

Other notable entities on the list include German consultancy firm TUV Rheinland, PwC Middle East, Aramex and Amazon. 


UAE banks’ aggregate capital, reserves exceed $136bn

Updated 02 May 2024
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UAE banks’ aggregate capital, reserves exceed $136bn

RIYADH: UAE-based banks’ aggregate capital and reserves reached 501.5 billion dirhams ($136 billion) at the end of February, up 14.4 percent year-on-year, according to new data. 

The latest statistics from the Central Bank of the UAE showed that on a monthly basis, the total capital and reserves grew 0.95 percent, reflecting an increase of approximately 4.7 billion dirhams, according to the Emirates News Agency, also known as WAM. 

This rise in figures falls in line with the central bank’s goal of enhancing monetary and financial stability in the country. 

Moreover, the data indicated that national banks accounted for around 86.5 percent of the aggregate capital and reserves of banks operating in the UAE. At the end of February, they recorded a total of 433.7 billion dirhams, an annual rise of 14.6 percent.

On the other hand, the share of foreign banks settled at 13.5 percent, hitting 67.8 billion dirhams at the end of the same month, reflecting a 13.2 percent surge compared to the same period a year earlier.  

Furthermore, at the end of February, the total capital and reserves of banks operating in Dubai alone stood at 246.4 billion dirhams, logging a year-on-year growth of 15.1 percent. 

Additionally, banks operating in Abu Dhabi recorded around 217 billion dirhams, up 13 percent from the corresponding period in 2023.  

Meanwhile, the cumulative capital and reserves of banks operating in other emirates combined reached an estimated 38.1 billion, reflecting a 15.5 percent climb in comparison to the same period a year prior. 

In March, a top executive at Roland Berger said that UAE bank branches were witnessing the highest revenues in the region, amounting to $18.6 million per branch.

This was driven by the nation’s digital transformation, which enabled financial institutions in the Gulf Cooperation Council to reduce the number of banking branches by 328 within three years, Saumitra Sehgal, the global consulting firm’s head of financial services in the Middle East, told WAM, at the time.  

Sehgal also pointed out at the time that the number of bank branches across GCC nations decreased from 4,067 at the end of 2019 to 3,739 by December 2022.   

He further noted that banks in the UAE saw the highest number of outlets merge and reduce with the support of digital transformation between 2019 and 2022.


Saudi financial robo-advisory firm Abyan Capital secures $18m in funding  

Updated 02 May 2024
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Saudi financial robo-advisory firm Abyan Capital secures $18m in funding  

RIYADH: Financial robo-advisory firm Abyan Capital has secured $18 million in funding in further evidence of the growing confidence in the Kingdom’s artificial intelligence sector.

Led by STV, the funding round also saw participation from Aramco’s Wa’ed Ventures and RZM Investment. 

Robo-advisors are digital platforms that utilize AI and machine learning algorithms to automate and optimize investment processes.  

Founded in 2022 by Abdullah Al-Jeraiwi, Omar Al-Mania and Saleh Al-Aqeel, Abyan Capital is a financial services company that provides an automated solution and portfolio management for long-term investments.  

“Abyan Capital stands out by unlocking the SR300 billion ($80 billion) investment management and wealth advisory sector for investors from all backgrounds in Saudi Arabia, through its mobile-first, robo-advisory model,” Yazeed Al-Turki, principal at STV, said in a statement.  

In a short period of time, he said Abyan has enabled a large base of first-time investors to access multiple wealth management solutions, underscoring the team’s commitment to innovation and inclusivity.  

“We are delighted to partner with Abdullah, Saleh and the team on their journey to redefine the wealth management ecosystem in the Kingdom,” Al-Turki added.  

The company aims to utilize its newly secured funds to further enhance its platform, expand its suite of financial products, and accelerate its market penetration across the investment solution value chain.

“Today, we are proud that in a very short amount of time, Abyan has exceeded deposits of over SR1.4 billion and more than 100,000 portfolios invested. And we will be launching new diversified products soon with a goal to make Abyan the digital retail investment house,” said Al-Jeraiwi, the CEO. 


Closing Bell: TASI ends the week in green at 12,352

Updated 02 May 2024
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Closing Bell: TASI ends the week in green at 12,352

RIYADH: Saudi Arabia’s Tadawul All Share Index ended the week by gaining 6.68 points, or 0.05 percent, to close at 12,352.33 on Thursday.

The total trading turnover of the benchmark index was SR6.55 billion ($1.74 billion) as 120 stocks advanced, while 103 retreated.   

The parallel market, Nomu, also gained 95.60 points, or 0.36 percent, to close the trading session at 26,457.81. This comes as 29 stocks advanced, while as many as 27 retreated.

On the other hand, the MSCI Tadawul Index slipped by 2.37 points, or 0.15 percent, to close at 1,547.20.

The best-performing stock on the benchmark index was Al-Baha Investment and Development Co., as its share price surged by 7.69 percent.

Other top performers included Raydan Food Co. and the Company for Cooperative Insurance, whose share prices soared by 7.29 percent and 6.63 percent, to stand at SR30.90 and SR160.80 respectively.

Electrical Industries Co. and the Mediterranean and Gulf Insurance and Reinsurance Co. also fared well during the last trading session of the week.

The worst performer was Saudi Chemical Co., whose share price dropped by 5.36 percent to SR7.77.

Power and Water Utility Co. for Jubail and Yanbu as well as the National Company for Glass Industries, underperformed as their share prices dropped by 5.22 percent and 4.82 percent to stand at SR63.50 and SR42.45, respectively.

On the announcements, Bank AlJazira announced its interim financial results for the period ending March 31 with net profit amounting to SR300.4 million compared to SR279.3 million in the previous quarter.

In an official statement on Tadawul, the bank attributed the increase in the net income to a decrease in total operating expenses by 6 percent. 

“The decrease in total operating expenses is mainly due a decrease in net impairment charge for financing and other financial assets, other general and administrative expenses, salaries and employee-related expenses and other operating expenses against an increase in depreciation and amortization expenses,” the statement said.

Conversely, there has been a slight decrease of 0.2 percent in total operating income, primarily attributed to a reduction in net financing and investment gains. Additionally, the rise in net income was partially tempered by increased zakat charges over the period.