Yuksel wins Riyadh’s SR2.29bn rapid bus transit system deal

Updated 07 June 2015
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Yuksel wins Riyadh’s SR2.29bn rapid bus transit system deal

RIYADH: Turkish construction giant Yuksel Insaat has won a SR2.29 billion ‘Riyadh Rapid Bus Transit System’ (BRT) project, which is part of the impressive King Abdulaziz Transport System plan.

Ar-Riyadh Development Authority (ADA) has awarded the contract to Yuksel, while the local Alinma Bank has extended SR872 million project financing facility to implement project.
Yuksel has received the letter of intent.
“The project mainly includes road rehabilitation schemes, construction of 21 pairs of Bus Rapid Transit System Stations, 2574 community bus stops and 7 pedestrian bridges in the Saudi capital city,” said Ahmet Halavuk, Yuksel’s general manager.
As is typical of the BRT systems, he said that the new line would allow rush-hour buses to travel in bus-only lanes specifically highway shoulder lanes with the aim of reducing traffic period and easing the time of commute.
Ahmet said that the BRT would be an efficient, high capacity, and cost effective transit solution that many global cities are using at the moment.
Through the utilization of exclusive lanes, off-board fare payment and platform level boarding; well-planned and delivered BRT systems with clean buses can provide metro-quality service at a fraction of the cost.
This will be generating enormous shift from private car to public transportation systems, explained Ahmet, who has taking keen interest in promoting Saudi-Turkish harmonious bilateral relations.
Arab News caught up with Ahmet to know more about new project, Yuksel’s other projects in Saudi Arabia and GCC countries as well as the company’s pioneering role in constructions of dams and implementation of key infrastructure projects across the length and breadth of the country.

Here are the excerpts
of the interview:

Q: Many congratulations for winning the SR2.29 billion prestigious BRT project from ADA. How confident you are to implement this project?
A: We are quite confident and we will complete and deliver it on time.
According to ENR (Engineering News Record) rankings, Turkish contractors has big share in the world in which Yüksel is also listed.
With high quality commitment capability and massive experience in the international construction market, we are always encouraging Turkish contractors to invest in Saudi Arabia considering its market stability and long term infrastructure and housing projects as well as we are also trying to increase our market share.
As being Saudi-Turkish contractor with our experience exceeding 30 years in the Saudi market, we play a key role in business between the two countries.
In fact, Yuksel name is well known with its quality and on time construction ability in the Saudi construction market.
Our strong name has an added value to help us on implementation of this prestigious project.
We have already mobilized workers and in fact the workers’ mobilization has been started before the project was even formally awarded to us. So we are committed to successfully execute this significant project.

Q: Yuksel has been playing a pioneering role in the construction sector of the Kingdom. On the other hand, your company and you in person have evinced keen interest to promote Saudi-Turkish ties. What is your perception about the relations between the two countries now?
A: Engineers are uniquely qualified to be managers and leaders, in large part because they understand systems-thinking so well.
Once you understand that organizations are simply systems of people, then you’ve got it made.
This is what I do with the company and with Saudi agencies.
Recently, the number of tourists visiting Turkey from Saudi Arabia recorded an increase by 30 percent.
I understand that once Saudis become fully aware of the historical and cultural beauties of Turkey as well as the hospitable nature of our people, the people-to-people interaction will grow by manifold.
In the meantime, we know that Saudi citizens are investing in Turkey mainly in real estate sector by having land and apartments in Istanbul, Bursa, Trabzon etc.
On the other hand, Saudi companies are also investing in agriculture and energy sectors in Turkey.
So, we believe that by knowing each other Saudi-Turkish relations will become much stronger.

Q: I would like to know the specifics of the BRT project, as it will change the landscape of the capital city. What is the strategy and how do you plan to handle this key project— the third phase of Riyadh Bus Rapid Transit System (BRT)?
A: Thank you. Yes, indeed it is a key project. With a manpower of more than 300 members at the initial stage, we aim to consolidate our position as the time progresses providing value based qualified services, because it is an important project for the city, which will end its traffic congestion and ensure smooth traffic in the capital and can attract more favorable economic impact for the city.
We are very much hopeful to finish it well on time.
The project, once implemented, will alleviate the sufferings of daily commuters.
Bus and Metro transport, which is connected to each other logistically as there is huge congestion on busy roads, will help to solve the traffic problems which will be compounder further with the consistent growth of Riyadh city.
We wish to complete the BRT project in the given period of time.

Q: What is the time frame to complete the BRT project ? Don’t you think it is very short time, keeping in view the value, the scope of work and the technical skills required for the project?
A: It is 24 months’ period and Insha’Allah we will finish this task for this premium transport system for Riyadh city on time.
We are planning to add 4,500 employees in addition to available 3,500 work force of the company to complete the ambitious transport plan on time.

Q: Besides this BRT system, are there some other projects currently being executed by Yuksel?
A: Yes, there are flyover and bridge projects for smooth traffic system and the progress has reached about 50 percent.
It will be completed by May 2016,
which is also on time.
Moreover, we have one pipeline project for the Ministry of Water valued at SR610 million and an infrastructure project for Dammam University, which is worth SR350 million.
We are also executing infrastructure project in King Faisal University which is worth SR245 million.
We also have four renovation projects for hospital development, including in Al-Kharj and Al-Ahsa worth around SR430 million.
Furthermore, we have almost completed SR220 million desalination plants in the Kingdom and a major SR550 million project to develop King Khalid Air Base with an American company.
This is in addition to the ongoing SR630 million project of Riyadh governorate.

Q: In all, how many projects Yuksel has so far implemented in Saudi Arabia? What will be the cumulative value of all these projects?
A: The number of projects we have finished so far is 39 worth SR8.12 billion.
We are eyeing more projects in Saudi market and the Gulf market at the moment.
We started working in the Kingdom way back in 1983.
In fact, our technical capabilities, our on-time performance, our manpower strength and eventually delivery of projects in stipulated timeframe have impressed our valuable clients not only in Saudi Arabia, rather across the globe.

Q: Is Yuksel working to cut reliance on foreign workers and provide more employment to Saudis? How far you are following the Nitaqat program guidelines?

A: Yuksel is probably one of the few companies enjoying platinum level of acceptance as per Nitaqat guidelines.
We rank highest in terms of Saudization.
We will be hiring about 400 Saudi nationals for the BRT project alone.
We are working with more focus on Saudization program and at the core of it is our training of the Saudi youth and employing them as per Nitaqat guidelines.
Our motto is expansion in the Kingdom within the framework and the guidelines of the Saudization program including inclusive growth for citizens of this country.
We have made professional arrangements to fulfill this aspiration.
We have issued necessary instructions to our HR department to recruit suitable Saudi youth as per the norms.

Q: Besides Saudi Arabia, is Yuksel also working in other GCC countries? Which are the major projects, you have undertaken in those countries?
A: Yes, We are also working in other GCC countries on several projects including AED795 million infrastructure development projects in Abu Dhabi as well as highway and metro projects in Qatar and Oman.
In Qatar, we are executing a part of Doha metro worth QR2.38 billion and construction of a part of Lusail development project worth QR1.67 billion.
In Oman, we have started two road projects worth $220.8 million and negotiating on third project. So we have our presence in all the GCC countries.
We are also looking at some projects in Bahrain at the moment.

Q: As a major Turkish company, what kind of projects you are currently doing in Turkey and in adjoining countries?
A: In fact, Yuksel has been a market leader in terms of building dams, marine structures, transport systems and executing industrial projects across the globe including Turkey.
Recently, Yuksel signed contract concerning the construction of TANAP (Trans-Anatolia Natural Gas Pipeline Project), one of the largest energy infrastructure projects in Turkey.
The second of the first three packages of the tender for the pipeline to carry Azerbaijani natural gas to Turkey will be carried out by a consortium comprising Sicim (Italy), Yuksel (Turkey) and Akkord (Azerbaijan).
The scope of the $540 million contract covers the construction of a 450 km-long pipeline 56 inches in diameter.
The project is planned to be completed in 36 months. Starting at the Georgian border and running through Turkey transversely on an east-west axis, the TANAP will be connected to the TAP (Trans Adriatic Pipeline) on the Greek border.
Around 1,900 km in length, this pipeline is the largest-scale pipeline project of Turkey.
The first gas flow through the TANAP will take place in 2018.The aim is to gradually increase the annual capacity from 16 billion m3 in 2020 gradually to 23 billion and 31 billion m3 by 2026.

Q: Can you please brief me on your CSR part? Has Yuksel tied up with some charitable or social organizations to do community works?

A: As the Corporate Social Responsibility or CSR aims to embrace responsibility for corporate actions and to encourage a positive impact on the environment and stakeholders including consumers, employees, investors, communities, and others, we too are equally engaged in such activities.
We are also closely working with Turkish embassy on such initiatives as and when needed.
Like when there was a typhoon in Philippines, we have responded with some help to the devastated section.
Moreover, we wholeheartedly contributed during the series of quakes that devastated lives and properties in Nepal.
We are also participating with some charitable organizations and donate handsomely.


Oil Updates — crude slides as markets assess impact of US-China trade war 

Updated 8 sec ago
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Oil Updates — crude slides as markets assess impact of US-China trade war 

SINGAPORE: Oil prices fell about 1 percent on Wednesday, as shifting US tariff policies fuelled uncertainty, prompting traders to weigh the potential impact of the US-China trade war on economic growth and energy demand, according to Reuters. 

Brent crude futures fell 66 cents, or 1.0 percent, to $64.01 per barrel by 09:30 a.m. Saudi time, while US West Texas Intermediate crude dropped 69 cents, or 1.1 percent, to $60.64. Both benchmarks fell 0.3 percent on Tuesday. 

Global oil demand is expected to grow at its slowest rate for five years in 2025 and US production gains will also taper off, due to US President Donald Trump’s tariffs on trading partners and their retaliatory moves, the International Energy Agency said on Tuesday. 

“Investors continue to struggle in finding a catalyst to drive a more meaningful rebound, as global growth is widely expected to slow ahead with US tariffs, which puts oil demand in jeopardy,” said Yeap Jun Rong, market strategist at IG. 

“The downward trend for oil prices remains intact and we may expect initial optimism around tariff rollbacks to fade, and the underlying macro headwinds on upcoming economic data could bring markets back to a more sobering reality,” Yeap said. 

World oil demand this year is expected to rise by 730,000 barrels per day, the IEA said, sharply down from the 1.03 million bpd it expected last month. The reduction is larger than a cut in demand estimates made on Monday by the OPEC. 

The tariff dispute between the US and China remains the most significant threat to the global economy and oil demand, said Imad Al-Khayyat, a research lead at London Stock Exchange Group. 

“Each passing week without signs of easing in this standoff increases the likelihood of a global recession and lowers the price ceiling,” Al-Khayyat said. 

Concerns over Trump’s escalating tariffs, combined with rising output from OPEC+, a group comprising OPEC and its producing allies such as Russia, have already dragged oil prices down roughly 13 percent so far this month. 

The uncertainty surrounding trade tensions has led several banks, including UBS, BNP Paribas and HSBC, to cut their crude price forecasts. 

Trump has ratcheted up tariffs on Chinese goods to eye-watering levels, prompting Beijing to slap retaliatory duties on US imports in an intensifying trade war between the world's two biggest economies that markets fear will lead to a global recession. 

Meanwhile, US crude oil stocks rose 2.4 million barrels in the week ended April 11, while gasoline inventories fell 3 million barrels and distillate stocks dropped 3.2 million barrels, market sources said, citing American Petroleum Institute figures on Tuesday. 


Regional leaders rally for sustainable development goals at Beirut forum

Updated 15 April 2025
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Regional leaders rally for sustainable development goals at Beirut forum

RIYADH: Regional leaders and development experts gathered in Beirut for the 2025 Arab Forum for Sustainable Development to assess progress on the UN’s global goals and explore strategies to speed up their implementation.

Held under the patronage of Lebanese President Joseph Aoun, the three-day event—titled “Restoring Hope, Raising Ambition”—is organized by the UN Economic and Social Commission for Western Asia, in collaboration with the League of Arab States and other UN agencies.

The forum focuses on advancing the Sustainable Development Goals across the Arab region, highlighting both achievements and persistent challenges.

As a vital platform ahead of two key global gatherings — the Second World Summit for Social Development in Doha this November and the Fourth International Conference on Financing for Development — the forum helps shape regional priorities around inclusive growth, social equity, and financial inclusion.

Financial inclusion

A central theme of the forum was the urgent need to advance financial inclusion in the Arab region, where approximately 197 million adults — representing 64 percent of the population— remain unbanked, the highest rate globally.

In a panel titled “Advancing Financial Inclusion in the Arab Region,” experts emphasized that true inclusion goes far beyond opening bank accounts—it’s about transforming lives and building economic resilience.

Nasser Al-Kahtani, executive director of the Arab Gulf Program for Development, underscored the need to view financial inclusion as a strategic investment, not just a policy goal.

Sherif Lokman, sub-governor of Egypt’s Central Bank, highlighted the need for national commitment, stating: “Every head of state should look to financial inclusion as something top important. A central bank cannot alone make financial inclusion happen.” He detailed Egypt’s efforts, including training 12,000 bank employees in sign language to better serve people with disabilities.  

Maher Mahrouq, director general of Jordan’s Association of Banks, outlined Jordan’s target to raise financial inclusion to 65 percent by 2028 and reduce the gender gap to 12 percent. 

Meanwhile, Fatma Triki from Tunisia’s Enda Inter-Arabe noted that her country had already achieved 75 percent financial inclusion in 2021.

The UN Special Rapporteur on Disability Rights, Heba Hagrass, called for at least 80 percent inclusion to ensure marginalized groups are not left behind. “One of the main obstacles to full financial inclusion are policies,” she said, urging reforms to dismantle barriers.  

The forum focuses on advancing the Sustainable Development Goals across the Arab region. AN photo

Lebanon’s reform agenda and call for Arab unity  

During a ministerial discussion on the road to the Fourth International Conference on Financing for Development, Lebanon’s Finance Minister Yassine Jaber urged the adoption of a unified Arab strategy to fund sustainable development.

“We need a combined effort between governments and international funders,” he said, as he outlined Lebanon’s reform program aimed at recovery from years of economic crisis.

Speaking to Arab News on the sidelines of the forum, Jaber elaborated on the country’s efforts to rebuild trust in its banking sector after a prolonged financial collapse. He identified the appointment of new leadership at the central bank as a crucial first step in restoring public confidence and promoting financial inclusion.

“During the coming weeks, we’ll be appointing a new vice governor and the new bank control commission, so that the whole team will be there to start preparing for a solution to this banking crisis,” Jaber told Arab News.

Lebanon’s Finance Minister Yassine Jaber urged the adoption of a unified Arab strategy to fund sustainable development. AN photo

He added: “Also, we just passed two laws. One amends the Bank Secrecy Law to allow the Bank Control Commission to have more access. The second law regulates the banking system to ensure banks are healthy, have good capital adequacy, and can operate in a trustworthy way.”

Jaber also noted the central bank’s plans to implement a gradual approach to returning deposits, prioritizing smaller account holders. “There’s no banking system in the world that can give back all the deposits to all the people at the same time. So we’ll start with the smaller depositors, then move to higher amounts.”

Reflecting on regional economic collaboration, Jaber expressed frustration over long-standing obstacles. Recalling his role in the 1990s as economy minister, he said: “I still remember how hard we worked … and always had obstacles that actually a lot of them still exist. With globalization falling apart, the Arab world has to create its own regional cooperation system.”

He also underscored the significance of Lebanon hosting the Arab Forum for Sustainable Development, despite the country's ongoing challenges. “The important thing is that this is happening here, in spite of everything, we still have this conference happening. We still have ESCWA here. Lebanon is stretching its hand out for cooperation.”

Jaber concluded by noting Lebanon’s plans to participate in the upcoming IMF-World Bank meetings in Washington, signaling its readiness to re-engage with the international financial community.

Challenges and commitments  

The forum also featured remarks from Ahmed Aboul Gheit, secretary-general of the Arab League, who acknowledged that conflict and instability continue to obstruct sustainable development across the region. Yet, he struck an optimistic tone: “Despite these challenges, we see a strong and determined Arab will to transform obstacles into opportunities.”

Echoing this call for resilience, ESCWA Executive Secretary Rola Dashti stressed the need for tangible results over rhetoric. “Hope is not restored through words and promises—it is restored through action, accountability, and justice,” she said.

The Arab Forum for Sustainable Development comes at a critical juncture, as preparations ramp up for the Second World Social Summit in Doha, which will address longstanding gaps in social development. The UN has positioned the summit as an opportunity to “reaffirm our dedication to social progress” and ensure that no one is left behind.

ESCWA’s Annual SDG Review 2025, released during the forum, shed light on persistent inequalities in financial access across the Arab world. The report revealed that only 29 percent of Arab women have access to bank accounts—the lowest rate globally—while just 36 percent of adults use digital payments, compared to a global average of 67 percent.

The review also highlighted Lebanon’s acute banking trust crisis. Despite relatively moderate access to financial services, actual usage drops to just 10 percent, reflecting widespread public mistrust in the financial system.

As the forum’s second day wrapped up, participants emphasized the importance of digital finance, regulatory reform, and stronger regional cooperation to close these gaps. With Lebanon working to restore its financial footing and Arab nations seeking unified solutions, the AFSD has laid the groundwork for meaningful dialogue ahead of November’s global summit.


GCC banks face limited tariff exposure but vulnerable to oil price declines: Fitch

Updated 15 April 2025
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GCC banks face limited tariff exposure but vulnerable to oil price declines: Fitch

RIYADH: Gulf banks face minimal direct impact from new US tariffs, but remain exposed to broader risks stemming from weaker oil prices and slowing global growth, Fitch Ratings said in a report.

The agency noted that most Gulf Cooperation Council exports to the US are hydrocarbons — which are exempt from the latest tariffs. Non-oil exports, such as aluminum and steel, which are subject to 10 percent or 25 percent duties, account for only a small share of the trade basket, limiting direct exposure for regional economies and their banking sectors. 

However, indirect effects could be more pronounced. “Lower oil prices and weaker global demand are the main risks for GCC bank operating environments,” Fitch said. “Government spending strongly affects bank operating conditions in most GCC countries.”

The comments come as Fitch cut its global gross domestic product growth forecast to 2.3 percent in 2025 and 2.2 percent in 2026, citing increased downside risks. That could drag on oil prices — the primary revenue source for most GCC governments — and constrain public investment, a key driver of credit growth and liquidity in the region’s banking system.

Fitch’s Middle East Banks Outlook 2025, released last December, had forecast lending growth broadly in line with 2024 levels. The latest report suggests that view may be revised down if crude continues to weaken.

OPEC+ had over 6 million barrels per day in spare capacity in January and plans to start unwinding production cuts from April, Fitch said, adding that oil prices will largely depend on the strength of the global economy and supply management by the producer group.

The report also warned that a prolonged drop in fiscal revenues could undermine non-oil GDP growth across the GCC. Fitch had initially projected that non-oil sectors would expand by more than 3.5 percent in both 2025 and 2026, but noted that reduced government spending may weigh on momentum.

Weaker corporate performance, tariff-linked cost pressures, and inflation could also deteriorate credit quality, while uncertainty around interest rates may further strain debt servicing and dampen loan demand, Fitch said.

Still, most GCC banks remain well-capitalized. “Many banks have strengthened their capital buffers in recent years, supported by solid earnings from high oil prices and interest rates, as well as strong liquidity and economic activity,” the agency said.

Among sovereigns, Bahrain’s bank operating environment score — rated ‘b+’ with a negative outlook — is the most vulnerable to a downgrade, Fitch said, citing the country’s weak public finances, high debt, and the region’s highest breakeven oil price. The score is constrained by the sovereign rating of ‘B+/Negative’.

Elsewhere in the region, bank operating environment scores are stable, with Oman the only market carrying a positive outlook. Fitch rates Saudi Arabia and the UAE at ‘bbb+’ with stable outlooks, followed by Qatar and Kuwait at ‘bbb’, and Oman at ‘bb+’.

“These sovereigns benefit from stronger reserves and more flexible fiscal positions,” Fitch said. “That enhances their ability to sustain spending and absorb external shocks.”


Closing Bell: Saudi markets edge higher as TASI closes at 11,617

Updated 15 April 2025
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Closing Bell: Saudi markets edge higher as TASI closes at 11,617

RIYADH: Saudi Arabia’s stock market ended Tuesday’s session on a positive note, with the Tadawul All Share Index posting modest gains amid mixed performance across sectors.

The index rose by 19.46 points, or 0.17 percent, to close at 11,616.81. Trading turnover on the main market reached SR6.3 billion ($1.69 billion), with 105 stocks advancing and 136 declining, reflecting cautious optimism among investors.

The parallel market, Nomu, also saw upward movement, gaining 23.68 points, or 0.08 percent, to settle at 29,141.30. Meanwhile, the MSCI Tadawul Index recorded an increase of 4.84 points, or 0.33 percent, ending the day at 1,473.70.

Al Mawarid Manpower Co. led the gains on the main market, with its share price surging 9.97 percent to close at SR150. Strong performances were also recorded by Saudi Printing and Packaging Co., which rose 9.92 percent to SR11.08, and Saudi Research and Media Group, whose shares climbed 6.48 percent to SR184. Rasan Information Technology Co. advanced 6.33 percent, while Middle East Specialized Cables Co. closed 5.14 percent higher.

On the downside, Saudi Cable Co. posted the steepest loss of the session, with its share price falling 3.58 percent to SR124. Al Sagr Cooperative Insurance Co. declined 3.15 percent to SR14.78, followed by Sumou Real Estate Co., Raoom Trading Co., and Arabian Pipes Co., which recorded losses of 2.79 percent, 2.77 percent, and 2.70 percent, respectively.

On the announcements front, Multi Business Group Co., listed on the Nomu market, announced that it has secured a significant new project from the Saudi Fund for Development.

The contract, which exceeds 10 percent of the company’s annual revenue, involves comprehensive renovation work on the Fund’s main building, including architectural, fit-out, electrical, and mechanical upgrades.

The company confirmed that no related parties were involved in the deal. Following the announcement, Multi Business Group Co. shares rose 6.92 percent to close at SR19.78.

In a separate disclosure, the Saudi Exchange stated that the fluctuation limits for Bank Albilad on April 15 would be based on a share price of SR29.25.

This adjustment follows the bank’s extraordinary general meeting on April 14, during which shareholders approved a capital increase through the issuance of bonus shares. Consequently, all outstanding orders for Bank Albilad shares will be canceled, and the Securities Depository Center will deposit the additional shares into investor portfolios by April 17. Bank Albilad’s share price edged up 0.51 percent on Tuesday, closing at SR29.40.


E-payments account for 79% of Saudi retail transactions in 2024: SAMA

Updated 15 April 2025
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E-payments account for 79% of Saudi retail transactions in 2024: SAMA

RIYADH: Electronic payments made up 79 percent of all retail transactions in Saudi Arabia in 2024, up from 70 percent the previous year, according to the Saudi Central Bank, known as SAMA.   

The increase marks a key milestone in the Kingdom’s shift toward a cashless economy, aligning with one of the core objectives of the Financial Sector Development Program under Vision 2030.    

SAMA reported that the total number of non-cash retail transactions reached 12.6 billion in 2024, up from 10.8 billion in 2023, reflecting the continued growth and adoption of electronic payment systems across the country.   

In a statement, the central bank said this progress was the result of strategic efforts carried out in cooperation with the financial sector to advance the payments ecosystem and expand access to secure and innovative digital solutions.   

SAMA reaffirmed its commitment to enhancing payment infrastructure and supporting economic activities by fostering a more diversified and modern payment landscape.   

Digital push  

The broader shift toward e-payments has been reinforced by strong growth in both point-of-sale and e-commerce activity in recent years.   

According to SAMA data, the value of POS transactions has grown significantly, increasing by 24.15 percent annually in 2020, 32.45 percent in 2021, and by 8.83 percent in 2024, reaching SR668.18 billion ($178.18 billion).   

The surge in 2020 and 2021 reflects the pandemic’s role in accelerating the shift toward contactless and digital payments, as consumers and businesses adapted to safety concerns and movement restrictions.   

While growth rates have normalized since then, the upward trend in 2024 suggests that post-pandemic behaviors have largely persisted, reinforcing long-term structural changes in how retail transactions are conducted in the Kingdom.   

This rise reflects not only the increasing consumer preference for digital transactions but also the rapid expansion of point-of-sale infrastructure across the Kingdom.   

In parallel, e-commerce spending using Mada cards has surged, jumping 278.68 percent annually in 2020 to reach SR38.82 billion. By 2024, that figure climbed to SR197.42 billion, representing a 25.82 percent year-on-year increase. The sustained growth highlights the growing role of online platforms in Saudi Arabia’s retail and services sectors.   

Together, these trends underscore the broader momentum behind digital payments in the Kingdom, positioning Saudi Arabia as a leader in fintech innovation and financial transformation in the region.