GESALO awards celebrate Saudi-German trade ties

Leaders from 30 companies and institutions were awarded during the event.
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Updated 13 November 2024
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GESALO awards celebrate Saudi-German trade ties

The German Saudi Liaison Office for Economic Affairs, known as GESALO, held its first awards event on Nov. 6 in Riyadh.

The 1st GESALO Award Gala honored outstanding company achievements and the enduring bilateral economic relationship between Saudi Arabia and Germany. The leadership of 30 companies and institutions were awarded in the categories: Innovation and Technology, Saudi German Business Partnership, Excellence in Customer Interaction and Responsibility for the Future. GESALO Delegate Dr. Dalia Samra-Rohte congratulated the winners in the presence of German Ambassador to Saudi Arabia Michael Kindsgrab.

GESALO is a vital link between businesses in the Kingdom and Germany, promoting trade and investment. By facilitating dialogue and collaboration, GESALO has played a crucial role in strengthening the bilateral economic relationship over the last 45 years.

“We are thrilled to launch this award gala as a platform to celebrate the strong economic partnership between Germany and Saudi Arabia. German companies are participating in numerous megaprojects and infrastructure development, contributing to the national objectives of Vision 2030,” said Samra-Rohte. 

“We see a constant increase in the export numbers with a plus of 20 percent compared to last year. While German companies focused solely on exporting in the past, we are also seeing more German companies creating their value chain locally,” she added.

The continuous interest of German companies in the region is also illustrated by the visit of several German delegations. “Just in November, four German delegations are expected — among them are companies from the aviation and food sector,” said Samra-Rohte.

At the awards event, attendees had the opportunity to network with leaders from various industries, enhancing connections that could lead to fruitful collaborations and partnerships.


Eyeing KSA’s $1.1bn rice market, LT Foods opens Riyadh office

Updated 02 December 2024
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Eyeing KSA’s $1.1bn rice market, LT Foods opens Riyadh office

LT Foods Ltd., a global fast-moving consumer goods company in the consumer food space, has announced its official entry into Saudi Arabia with the inauguration of a new office in Riyadh. 

The goal is to tap the $1.1 billion rice and rice-based food market in the Kingdom.

The move is part of the company’s strategic vision of expanding its global footprint to newer geographies. Today, LT Foods generates $1 billion in global revenue, demonstrating an established track record of sustained year-on-year profit growth. It has delivered 18 years of revenue compound annual growth rate of 18 percent and a profit CAGR of 21 percent.

With its new office in Riyadh, the company is set to revolutionize the rice market in Saudi Arabia and meet consumers’ growing demand for authentic and premium rice and rice-based food products. The new office will act as a hub for LT Foods’ regional operations, enabling the company to leverage its deep expertise in rice and rice-based food products that align with Saudi-based consumers’ tastes and culinary traditions.

LT Foods plans to invest SR185 million ($49.2 million) in warehousing, stocks, and people over the next five years in the Kingdom. It is eyeing a revenue of SR435 million over the next five years. With Saudi Agricultural and Livestock Investment Company as a key shareholder, LT Foods is also gearing to set up local manufacturing facilities in the Kingdom.

Vijay Arora, chairman and managing director, LT Foods, said: “We have built successful businesses in every market where we have set up our operations. We have provided quality products and premium food offerings to consumers. LT Foods has also added significant value to the economy and to its operations. We are now very excited to expand our footprint in Saudi Arabia. Our trusted brands — Daawat, Hadeel and Mufaddal — have long been a part of the Kingdom of Saudi Arabia. With SALIC being a strategic shareholder in LT Foods, we are now expanding our footprint in the Kingdom with warehouses and are prepared to establish local manufacturing.”

Gursajan Arora, CEO — Middle East Business, LT Foods, said: “Saudi Arabia is one of the largest importers of rice and a key market for us. We see tremendous potential for growth in the market and are excited to bring our legacy of quality, innovation, and trust to the region. With our Riyadh office, we aim to deepen our connections with local consumers and partners, tailoring our offerings to meet their specific preferences. We are confident in our ability to strengthen our market presence, drive sustainable growth, and continue delivering exceptional value to all our stakeholders.”


SADAFCO-MODON partnership to drive sustainable development

Updated 02 December 2024
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SADAFCO-MODON partnership to drive sustainable development

Saudia Dairy and Foodstuff Company, known as SADAFCO, and the Saudi Authority for Industrial Cities and Technology Zones, or MODON, have signed a memorandum of understanding to advance sustainable development and enhance collaborative efforts.

Brian Strong, SADAFCO’s chief transformation officer, signed the agreement with Majed bin Rafed Al-Arqoobi, MODON’s CEO. The partnership signifies a commitment to mutual knowledge-sharing, operational collaboration, and environmental responsibility.

The MoU outlines several key areas of collaboration:

• Knowledge exchange: SADAFCO and MODON will exchange expertise to enhance efficiencies and develop best practices in their respective sectors.

• Joint workshops and training: Both organizations will host workshops and training sessions that cater to shared goals, enhancing skill development and fostering continuous learning.

• Consultancy and studies: The two parties will collaborate on studies and advisory services, exploring new solutions to drive operational excellence and address industry challenges.

• Public relations and media: SADAFCO and MODON will work together on public relations initiatives that highlight their commitment to sustainable industrial growth.

Central to this partnership is the support for the “Green Saudi Cities” initiative, which aims to develop green spaces, including playgrounds and parks, near Jeddah’s industrial residential areas. 

“This MoU reflects our dedication to community-centric sustainable growth. By working with MODON, we hope to foster environments that benefit the people and support Vision 2030’s goals of environmental responsibility,” said Strong.

Al-Arqoobi added: “Our collaboration with SADAFCO aligns with MODON’s mission of building sustainable, community-oriented spaces. Together, we are working to create industrial cities that enhance quality of life and support the Kingdom’s long-term vision.”

The partnership underscores a shared commitment to creating positive, sustainable impacts within Saudi Arabia’s industrial landscape.


VTB’s ‘Russia Calling!’ forum on Dec. 4-5

Updated 02 December 2024
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VTB’s ‘Russia Calling!’ forum on Dec. 4-5

The 15th VTB Investment Forum “Russia Calling!” will take place on Dec. 4-5 in Moscow. The theme of the forum is “The future of capital and the capital of the future.” 

Traditionally, Russian President Vladimir Putin will deliver his keynote speech at the plenary session on the first day of the forum. He will answer questions from delegates representing the finance and investment communities of China, India, Turkiye, the Gulf states, Africa, Central and Southeast Asia, and other world regions. Andrey Kostin, president and chairman of the management board of VTB Bank, will moderate the session.

“Russia is demonstrating resilience in demanding circumstances as it adapts to macroeconomic challenges and opens avenues for domestic growth. Today’s situation is not only a test, but an opportunity to develop technological sovereignty, stimulate production and reinforce financial stability. As a leading bank, we continue to support innovative projects and introduce new tools to attract investments, ensuring sustainable economic growth over the long term,” said Kostin.

The macroeconomic session of the first day of the forum will focus on Russia’s monetary and budgetary policies, mechanisms of cooperation between countries Russia is building ties with, support for long-term investments and development of labor and HR potential. Speakers include: Minister of Finance of the Russian Federation Anton Siluanov, Chairman of the Central Bank of Russia Elvira Nabiullina, Minister of Economic Development of the Russian Federation Maxim Reshetnikov, and Deputy Head of the Presidential Administration Maxim Oreshkin. The session will be attended by representatives of the domestic and foreign business community. VTB’s First Deputy President and Chairman of the Management Board Dmitry Pyanov will moderate the session.

The second day of the forum is dedicated to retail investment and financial market development. It starts with a presentation of “VTB My Investment’s” strategy for 2025 and continues with sessions on the most pressing issues facing the stock market. Participants will include representatives of issuing companies, government agencies and retail investors.

The sessions will be streamed online and the agenda will be available on the official website.

The “Russia Calling!” forum has been held annually since 2009. Each year, the event attracts a distinguished and influential audience, which includes representatives of government agencies, heads of Russian and international companies, and investors. The forum’s agenda addresses the critical issues currently facing the global economy, finance, and business sectors. 

VTB Group boasts an international network that sets it apart from other Russian banks, driving the development of international cooperation and an alternative system of international payments. The group operates subsidiaries and associated banks in Armenia, Belarus, Kazakhstan, Azerbaijan, Vietnam, a branch in India, a branch and a representative office in China, and a representative office in Iran. The bank’s own closed-loop payment infrastructure ensures the reliability and security of settlements via VTB.


New $100m JV to drive global growth in media, entertainment, technology, and tourism

Updated 02 December 2024
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New $100m JV to drive global growth in media, entertainment, technology, and tourism

Australian Chinese investment company MCA Capital Group and Saudi holding company RMA Ventures have announced a landmark $100 million investment into a new joint venture fund that will drive global growth across multiple high-impact sectors, including media, entertainment, technology, and tourism.

The partnership will leverage the unique strengths of both MCA and RMA to produce high-quality content and events, as well as investing in companies and initiatives that are transforming the entertainment, technology, and tourism sectors.

Initial projects will focus on creating, producing, and distributing diverse and culturally relevant content, organizing large-scale events, and supporting innovative initiatives in entertainment, technology, and tourism. By also integrating entertainment and cultural tourism, the partnership will attract international visitors and promote cross-cultural exchange.

“We are thrilled to announce this significant investment and strategic partnership, which goes beyond traditional borders,” said Redha Alhaidar, chairman of RMA. “This joint venture is an exciting step forward not only for Saudi Arabia but also for international collaboration in the fields of media, entertainment, technology, and tourism. By joining forces with MCA, we aim to create sustainable growth opportunities, develop local talent, and strengthen cross-cultural ties between Saudi Arabia and the broader global market.”

In addition to producing content and events, the venture will also explore the adaptation of successful Chinese and Saudi media and entertainment properties for the MENA region and globally.

As part of the joint venture, MCA will contribute its extensive experience in international media production, entertainment, and cross-cultural partnerships, while RMA will provide deep local market expertise and facilitate strategic connections across sectors in media, technology, and tourism.

“This partnership is about creating long-term, meaningful growth with a truly global vision,” said Shelly Yu, chairperson of MCA Capital. “We are committed to supporting local talent development, fostering creativity, and advancing a vision that sees our two communities at the forefront of global entertainment, technology, and tourism innovation. By leveraging our collective strengths, we can help shape a more interconnected and culturally vibrant world.”


Diriyah Gate and Saudi Council of Engineers sign MoU

Updated 01 December 2024
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Diriyah Gate and Saudi Council of Engineers sign MoU

Diriyah Gate Development Authority has signed a memorandum of understanding with the Saudi Council of Engineers to expand collaboration between the two entities. This agreement will consolidate efforts in the engineering sector, including the development of policies and regulations, implementation of oversight and inspection mechanisms, simplifying procedures related to permits and licenses, exchanging data and expertise, and working on joint projects and initiatives.

The MoU was signed by Jerry Inzerillo, CEO of DGDA, and Abdulmohsen Almajnouni, secretary-general of SCE. The MoU emphasizes the necessity of unifying efforts between the two parties, facilitating procedures, and enabling collaboration to enhance quality, increase efficiency, and ensure continuity of work while maintaining agility in jointly addressing challenges.

Through the exchange of relevant statistics, studies, and research, the memorandum will help strengthen the relationship between the two parties, helping to achieve their shared goals and aspirations. Additionally, it seeks to contribute to the implementation of joint projects and initiatives. A joint working team will be established to enhance collaboration in shared areas such as aligning the development of mechanisms for issuing necessary licenses and permits for service providers within the supervisory scope of DGDA as well as cooperating in the qualification and classification of professional offices under SCE.

Inzerillo highlighted the significance of the MoU, saying that the agreement will support DGDA’s organizational role in simplifying licensing, permits and oversight procedures, which contributes to highlighting the extensive historical roots of Diriyah as the birthplace of Saudi Arabia. It will also showcase the distinctive architectural features to provide a unique experience for visitors from around the globe. This will be achieved through collaboration between the two parties, aligning with DGDA’s objectives and enhancing its contributions to cultural, tourism, architectural and economic development, as well as strengthening governance between the entities.

Almajnouni said that the partnership between the two parties is expected to achieve shared objectives that lead to sustainable development in accordance with the highest international standards. “This memorandum will enhance Diriyah’s status as a leading cultural and historical destination both regionally and globally, while also contributing to the development of cultural and historical awareness related to the engineering field,” he added.