Italy awards citizenship to former Egyptian minister for special merits

Rachid Mohamed Rachid, CEO of Mayhoola for Investments and the chairman of the board of directors of Alsarah Investment Group.
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Updated 06 April 2024
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Italy awards citizenship to former Egyptian minister for special merits

  • The decision recognizes luxury entrepreneur Rachid Mohamed Rachid’s contributions to Italy’s business, innovation landscapes.

Italian President Sergio Mattarella has issued a decree granting Italian citizenship to Rachid Mohamed Rachid, an Egyptian-born luxury entrepreneur, in recognition of his outstanding achievements in the realms of economics and business.

The Italian Cabinet has backed the decision, which recognizes Rachid's significant contributions to the business, innovation, and economic landscapes in Italy and beyond.

Rachid’s deep understanding of and sincere connection to Italian culture has bolstered Italy’s global reputation. He previously received the highest Italian honor, the Order of Merit, from former Italian President Giorgio Napolitano in 2010.

Rachid, who is the CEO of Mayhoola for Investments and the chairman of the board of directors of Alsarah Investment Group, one of the leading companies operating in the area of consumer goods, luxury, and fashion, hailed Italy as a beacon of excellence across various sectors, and said, “I am honored to receive this token of esteem from a country I have always believed in.

“Italy is an example of excellence and passion in every sector. I will continue to support Made in Italy, promoting the values we believe in talent, creativity, and innovation.”

Rachid Mohamed Rachid is a notable figure in the world of business and investment, particularly within the luxury goods sector.

His foray into global fashion brands began in 2012 when he assumed the role of CEO at Mayhoola for Investments, which owns renowned Italian fashion house Valentino and French fashion house Balmain.

Rachid has also held prominent positions such as vice chairman of the board of directors at Lipton, a global tea company, and served on the management board of Unilever.

Additionally, he is recognized as the founder of several international companies specializing in consumer goods and food industries.

In 2017, Rachid established the Alsara Investment Group, a Swiss-based holding company focused on construction and investment in luxury brands.

Notably, Rachid, born in Alexandria, served as Egypt’s minister of foreign trade, industry, internal trade, and investment from 2004 to 2011 before entering the business world.

 


SAB named ‘best bank’ in Saudi Arabia by Global Finance

Tony Cripps, managing director and CEO at SAB
Updated 54 sec ago
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SAB named ‘best bank’ in Saudi Arabia by Global Finance

Saudi Awwal Bank has been awarded the “Best Bank Award 2024 in Saudi Arabia” by Global Finance for the fifth time in a row. The award is a recognition of SAB’s innovative banking services and its efforts in serving its customers and enhancing their banking experiences.

The recognition came following a referendum in which a select panel of financial experts participated, considering a range of criteria that included asset growth, profitability, quality of customer service, strategic relationships, product innovation, and other relevant factors.

Tony Cripps, managing director and CEO at SAB, said: “Being honored with this prestigious award serves as a testament to our bank’s strategic vision and excellence across various departments and reinforces our commitment to supporting the Kingdom’s Vision 2030 in the Financial Sector Development Program. It highlights our position as a leading financial institution in contributing to economic development.”

He added: “Through our deep understanding of market needs, we develop products and services to exceed our customers’ expectations, enabling us to provide distinctive and innovative banking solutions, contributing to achieving their desires and helping them reach their ambitious goals.”

This year, SAB continues to strengthen its leading position in the banking sector through several achievements, including the “Accreditation in Innovation” award from the Global Innovation Institute, which makes it the first bank in the Kingdom to receive such recognition. SAB was also honored with the “Best Bank for Private Banking in the Kingdom” award by Euromoney magazine. These awards serve as a testament to the bank’s exceptional services, highlighting its strength and diversity in catering to the needs of its customers with efficiency and innovative solutions. 


Saudi fintech barq and TerraPay forge strategic partnership

Updated 38 sec ago
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Saudi fintech barq and TerraPay forge strategic partnership

Saudi fintech application barq and TerraPay, a global money movement company, have signed a strategic partnership agreement. The collaboration, formalized during Seamless 2024 in Dubai, will provide fast and secure international money transfer services.

Ahmed Alenazi, CEO of barq, said: “We are delighted to collaborate with TerraPay to enhance our international money transfer services. This alliance reflects our commitment to innovation and customer satisfaction.”

Ani Sane, co-founder and chief business officer — TerraPay, said: “This partnership is not just another agreement; it is a testament to our commitment to supporting promising projects in Saudi Arabia like barq. Through this collaboration, we aim to deliver fast, efficient, and secure international money transfer services that adhere to global standards.”

Supported by TerraPay’s extensive global payments network, this agreement aligns with barq’s efforts to expand its service offerings, catering to customer needs and keeping pace with the growth of the fintech sector, both within and beyond the Kingdom. 

barq received a license from the Saudi Central Bank in January this year. Developed in Riyadh by Saudi talents, barq aims to revolutionize the Kingdom’s fintech sector with its unique services, secure payment methods, and the expertise of its team.


Al-Gharbia Company launches ‘Roshan’ project in Jeddah

Updated 19 May 2024
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Al-Gharbia Company launches ‘Roshan’ project in Jeddah

Al-Gharbia Development and Investment Company, the development arm of real estate company Tatweer Group in the western region, announced the launch of its first project in Jeddah at a ceremony in the city. The event was attended by real estate developers, businessmen and investors.
The project, named Roshan, is an ambitious urban and commercial development project located in the north of Jeddah. It consists of residential and commercial buildings and will be constructed in accordance with the highest design and engineering standards.
Boasting a strategic location, Roshan, to be built on a total area of 1 million square meters, will be located close to urban development projects, hotels, residential and commercial complexes, and government facilities.

Mohamed Habes, CEO of Al-Gharbia Development and Investment Company

Expressing delight at the launch of the new project, Mohamed Habes, CEO of Al-Gharbia Development and Investment Company, said Roshan represents “a wonderful start for the company.” He said: “The project embodies the company’s ambitious standards in construction and real estate development, which take into account the creation of a comprehensive and integrated community environment that guarantees its customers the enjoyment of quality of life in a balanced and harmonious society.”

The (Roshan) project supports the company’s ambitions to contribute to Saudi Arabia’s Vision 2030.

Mohamed Habes, CEO of Al-Gharbia Development and Investment Company

Habes added: “The project supports the company’s ambitions to contribute to Saudi Arabia’s Vision 2030, which aims to improve the quality of life, enhancing real estate development projects, playing a pivotal role in shaping a vibrant society and a thriving economy.”
Comprising 20 commercial plots and 614 residential plots, Roshan will also include green spaces and a central park built on an area of 29,000 square meters, offering an enjoyable healthy environment for its residents.

HIGHLIGHT

Roshan, to be built on a total area of 1 million square meters, will be located close to urban development projects, hotels, residential and commercial complexes, and government facilities.

Habes said the project’s infrastructure facilities, such as electricity, water and sewage networks, and communication and internet services, will be developed to guarantee comfort and luxury for the residents. Roshan will also include seven public parks, seven schools, seven mosques, a health center, and a main park in the heart of the project, consisting of sports areas and cycling tracks.

 


Petal Ads and talabat partner to boost regional expansion

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Updated 19 May 2024
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Petal Ads and talabat partner to boost regional expansion

Huawei has announced its partnership with talabat, a regional platform for everyday deliveries. Through this partnership, talabat will use Petal Ads, Huawei’s digital advertising platform, to propel its business expansion through cutting-edge targeting capabilities.
The collaboration was officially initiated with a signing ceremony, which took place on May 7 at the Petal Ads booth during the Arabian Travel Market 2024 in Dubai. This alliance between two industry leaders signifies a commitment to revolutionizing digital advertising and enhancing user engagement.
talabat will integrate targeted advertising initiatives powered by Petal Ads. Furthermore, the talabat app will be featured in Virtual Preload, a unique lifestyle folder on all Huawei devices. This first-of-its-kind initiative for talabat will ensure faster access to the app for Huawei users.
“Partnering with talabat, a leader in the food delivery and q-commerce industry, is a significant step for Petal Ads,” said William Hu, managing director of Huawei Consumer Business Group, Middle East and Africa Eco Development and Operation. “This collaboration offers an exciting opportunity to leverage our digital advertising expertise and contribute to the success of the talabat platform, creating new avenues for businesses to connect with their audiences.”
Stefano Vecchio, vice president, strategy and innovation at talabat, expressed enthusiasm about the collaboration: “We’re excited to partner with Petal Ads to utilize Huawei’s media and third-party channels, as well as have the talabat app pre-installed onto millions of Huawei mobile devices across the region. This partnership will help us further simplify the everyday life of customers in the region by delivering food, groceries and more to their doorstep.”
This collaboration will empower talabat and Petal Ads to leverage the strengths of both platforms, providing a unique opportunity to connect with their respective target audiences in a more personalized and effective manner. Additionally, users and businesses alike can expect an enhanced experience from this partnership.

 


Dyson unveils first dedicated wet floor cleaner

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Updated 19 May 2024
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Dyson unveils first dedicated wet floor cleaner

Dyson has unveiled its latest floorcare technology, designed to pickup wet and dry debris in one go to deliver a hygienic clean on hard floors, across large spaces. With 1-liter clean water tank to cover flooring up to 290 square meters, the Dyson WashG1 uses a combination of hydration, absorption, and extraction technologies to remove wet and dry debris in one go — automatically separating it out, so maintenance is more hygienic.
Charlie Park, vice president of Dyson Home Engineering at Dyson, said: “Wet cleaning is considered a necessary chore globally and the perceived burden has been the target of a vast array of wet floor cleaning formats. Despite this, users’ expectations are often left unfulfilled when it comes to stain removal, pickup performance, and floor finish. Dyson engineers solve the problems others ignore and we thrive on the challenge of creating better technology. The Dyson WashG1 is the result of this; our first dedicated wet machine to wash hard floors, properly and hygienically.”
Two individually powered rollers counter-rotate whilst a pulse-modulated pump distributes water evenly across 26 precisely positioned hydration points, along the full width of each roller.
Each roller is made up of a highly absorbent microfiber, with 64,800 filaments per cm2. This combination of high-density microfiber and consistent application of clean water ensures liquid spills are absorbed, whilst dry dirt, debris, and hair is enveloped by the millions of filaments. By positioning two rollers at the front and back of the machine, Dyson engineers also achieved longer dwell time on stains with each pass, for powerful and fast stain removal.
Dyson’s unique separation technology divides debris and dirty water at source, for hygienic, no-touch disposal. Dirty water is extracted from the rollers by durable extraction plates, whilst secondary nylon-bristled inner brush bars remove dirt and debris from the microfiber rollers, flicking it straight into a removable debris tray.
The debris tray has been designed with a 500-micron mesh to separate dirty water from the large debris. Powered by an extraction pump, dirty water is immediately collected in a 0.8 liter capacity dirty water tank, without allowing large debris to pass through the machine. Keeping the dirt and debris in the head of the machine, and the dirty water in a separate tank allows for easy and hygienic disposal.
The Dyson WashG1 wet floor cleaner is available from August priced at SR2,799 ($746) exclusively through Dyson Direct.