Noon, the digital marketplace created in the region, for the region and powered by the region’s leading retailers, will be launched in Saudi Arabia before the end of this year, said Faraz Khalid, chief executive officer (CEO).
He was addressing a panel discussion titled “The World Next Door: What new Innovations are Reinventing E-Commerce” at the Future Investment Initiative (FII), organized by the Public Investment Fund (PIF) in Riyadh.
Launched earlier this month in the UAE, Noon has an initial capital outlay of $1 billion by the PIF and a group of prominent Gulf investors including Kuwait’s M.H. Alshaya & Co. among others. It is headquartered in Riyadh and has already put in place a dedicated distribution hub, distribution channels and a secure payment gateway for serving Saudi customers.
Noon has a dedicated delivery fleet in Saudi Arabia, with professionals who know the market, and also offers flexible payment solutions, said Khalid. “Noon is working not only with large Saudi retailers but also SMEs and start-ups so that we remain connected with our audience — and deliver the personalized experience they seek.”
Khalid said that the MENA region, specifically, Gulf Cooperation Council (GCC) has the perfect environment for the next era of growth in e-commerce.
“While online sales are just 2 percent of the total retail in the Middle East, the market is fast evolving; an AT Kearney report states that online shopping will grow from $5.3 billion in 2015 to $20 billion by 2020.”
He said the digital savvy youth population, and the high levels of internet and smartphone penetration are the drivers of growth for the e-commerce market. “But this only forms the infrastructural back-up for digital enterprises. The key to leveraging the digital opportunity is to know your consumers and understand their aspirations. Noon is bringing an exciting assortment of brands at a great value, which we believe will be received well by our customers in our key markets – Saudi Arabia and the UAE. With both web and app-based experiences, Noon delivers what our customers need, where they need and how they need.”
Khalid said that Noon has created new jobs for Saudi talents and will focus on building the Kingdom’s SME sector. “The region’s most valuable resource is its digital-native youth. We are working with them, for them and the community to drive our next era of growth.”
Noon to be launched in Saudi Arabia by year end
Noon to be launched in Saudi Arabia by year end
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stc at LEAP 2025: Global partnerships, new tech launches
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stc Group concluded its participation in LEAP 2025, the world’s most-attended tech event, with the launch of several tech initiatives and signing of multiple agreements with global industry leaders.
As the event’s strategic partner, stc set new benchmarks in connecting Saudi Arabia to the world through cutting-edge digital solutions. Recognized with accolades like TM Forum’s Running-on-ODA accreditation, stc is reshaping industry standards across the Middle East.
As part of the group’s mission to drive digital innovation, stc launched “upsource by solutions” at LEAP, a new business process outsourcing subsidiary. upsource will enhance overall efficiency for businesses across the Kingdom, by providing the opportunity to outsource non-core business functions, including operations management, finance, human resources, and customer experience solutions.
Showcasing its leadership in AI innovation, stc unveiled stc.AI, the group’s bespoke AI platform. By integrating the latest smart technology with robust cloud storage and computing capabilities, stc.AI will help businesses operate smarter and more efficiently. stc also partnered with sully.ai to offer autonomous healthcare solutions for citizens across the Kingdom.
At LEAP 2025, stc announced the signing of 75 agreements with industry players and global tech leaders, including:
• AWS: stc Group will accelerate Saudi Arabia’s deployment of cloud-based services and AI infrastructure as a system integrator premier partner, the highest tier in the AWS Partner Network.
• Nokia: The two tech giants formalized their partnership in spearheading 6G development in the MEA region and completed Saudi Arabia’s first proof of concept of software defined access networks over the fiber-to-the-home network, driving unparalleled connectivity across the Kingdom.
• Huawei: stc Group is first in the region to commercially deploy cutting-edge 50 gigabit passive optical network, providing robust, high-capacity digital infrastructure to support the Kingdom’s rapidly expanding 5G network.
• Ericsson: By adopting Ericsson Charging to enhance 5G and network API monetization, trialing the 5G cloud radio access network, and signing an MoU to advance digital business monetization in Saudi Arabia, stc and Ericsson are accelerating digital business opportunities and connectivity solutions across the Kingdom.
• Bridge alliance: This partnership initiates the process to turn telco APIs into digital products, making stc the first MENA operator to commit to API Exchange.
• Kyndryl: Key enterprises will have advanced network services and streamlined connectivity with stc and Kyndryl’s multi-year partnership, establishing enhanced cloud and IT infrastructure capabilities across the MENA region.
• SambaNova: stc, through its AI arm stc.AI launched a large language model sovereign cloud platform, which will run the world’s largest open-source frontier AI model, driving innovation and scalability for Saudi enterprises.
stc also presented its vision for smart, sustainable, and connected urban living through its partnership with the Mohammed bin Salman Foundation to develop Misk City. The group’s centralized data infrastructure, green technologies and inclusive digital solutions, will redefine connected living in the country.
SADAFCO participates in King Abdulaziz University career fair
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The Saudi Dairy and Food Products Company participated in the 12th Career Forum at King Abdulaziz University. The event took place from Feb. 2 to 6, under the patronage of Prince Saud bin Mishal bin Abdulaziz, deputy governor of Makkah region.
SADAFCO’s participation in the forum emphasizes its ongoing commitment to supporting national talent and providing career opportunities that contribute to building a successful professional future for Saudi youth. The company’s booth allowed visitors to learn about available career paths and engage directly with the recruitment team for valuable advice on advancing their professional journeys.
Nadia Malaika, chief human resources officer at SADAFCO, said: “At SADAFCO, we believe in empowering national talent and supporting the professional aspirations of young people. Our participation in the 12th Career Forum reflects our commitment to providing a stimulating work environment that offers growth and development opportunities, and we look forward to welcoming new talents to our team.”
SADAFCO continues to enhance its efforts in developing human capital and attracting talent that contributes to solidifying its position as one of the leading companies in the Saudi and regional markets.
Saudi fintech lite secures $3.2m in pre-seed funding
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Saudi-based fintech startup lite has announced the successful closure of its pre-seed funding round, raising a total of $3.2 million. The round was led by Scene Holding, with participation from prominent angel investors, marking a significant milestone in lite’s journey to redefine the payments ecosystem for businesses in Saudi Arabia.
Established by three seasoned co-founders with vast experience in payments — Fahad Anteet, Mohamed Faheem, and Soliman Aldukhil — lite is on a mission to become the leading payment solutions provider in the Saudi market, offering businesses a full-fledged suite of financial services to meet all their payment needs. With a strong focus on innovation, scalability, and localization, lite is committed to driving financial inclusion and enhancing the efficiency of payment ecosystems in the Kingdom. This is in line with Saudi Vision 2030’s goals of accelerating digital transformation and promoting a less-cash society.
Currently, lite is in the process of obtaining an electronic money institution license from the Saudi Central Bank, which will enable the company to fully operate and deliver its comprehensive suite of payment solutions to businesses across the Kingdom.
“We are deeply grateful to our investors for their trust in our vision and to the Saudi Central Bank, Fintech Saudi, and key ecosystem enablers for their support in fostering fintech innovation. This funding marks a major step forward in our mission to provide businesses with seamless, secure, and scalable payment solutions tailored to the Saudi market,” said Anteet, CEO of lite. “As we work toward obtaining our EMI license, we remain committed to innovation, compliance, and localization — empowering businesses and accelerating the shift toward a digital, less-cash economy in alignment with Vision 2030.”
“We are thrilled to support lite on its journey to reshape the payments ecosystem in Saudi Arabia,” said Sultan Ghaznawi, chairman and managing director, Scene Holding “The founding team’s expertise, vision, and commitment to innovation align perfectly with our investment philosophy at Scene Holding.”
We believe lite has the potential to drive meaningful impact in the fintech sector, empowering businesses and contributing to the Kingdom’s digital transformation goals.”
As Formula E partner, SABIC advances world’s sustainable transition to EVs
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The Jeddah E-Prix just concluded with a resounding success, giving yet another opportunity to SABIC — as principal and innovation partner — to demonstrate its ability to support the world’s transition to electric vehicles and a more sustainable future.
The Jeddah E-Prix was held on a new track at the Jeddah Corniche Circuit, offering fans an electrifying experience and a platform for SABIC to showcase its expertise in automotive technologies, which have the potential to directly contribute to the evolving needs of EV manufacturers.
Since initiating the partnership in 2022, SABIC has worked closely with Formula E, officially the ABB FIA Formula E World Championship, to drive innovation across the sport. It is collaborating closely with Formula E to integrate its sustainable solutions across their race cars and the whole ecosystem.
One such example is that of the GENBETA car development program — a live development platform created with Formula E to push the boundaries of EV technology. SABIC’s materials were used in the applications of GENBETA, contributing directly to the car’s achievement of hitting a top speed of 218 kph at the London E-Prix — setting a new Guinness World Record.
Being an innovative science and technology company, SABIC has materials and capabilities to take advantage of the enormous growth opportunity that electrification represents. At the same time, SABIC’s initiatives to advance electrification align fully with its broader sustainability strategy, which supports a circular carbon economy vision.
As Formula E continues to make waves globally as a premier motorsport championship for electric cars, SABIC’s ongoing work with commercial EV makers and their partners is contributing to the development of breakthrough solutions to help increase efficiency and performance — perfectly aligned with its mission to provide innovative solutions to automakers and help them enhance the performance of EVs.
GFH reports 15% rise in net profit to $118.5m for 2024
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GFH Financial Group has announced its financial results for the fourth quarter and 12 months ending Dec. 31, 2024.
The net profit attributable to shareholders was $30.56 million for the fourth quarter of the year versus $23.94 million in the fourth quarter of 2023, an increase of 27.63 percent. This was attributed to higher contribution from the investment banking and proprietary investment business lines. The earnings per share for the quarter were 0.84 cents compared with 0.69 cents in the fourth quarter of 2023. The total income was $189.34 million for the fourth quarter of the year, reflecting a 32.57 percent increase from $142.82 million in the fourth quarter of 2023, supported by investment banking activities, proprietary income, and treasury operations. The consolidated net profit for the fourth quarter was $32.96 million compared with $24.18 million in the fourth quarter of 2023, a growth of 36.31 percent, despite fair value movements in the group’s treasury and investment portfolio. The total expenses for the quarter were $111.10 million, compared with $84.06 million in the prior-year period, reflecting a 32.17 percent increase, largely due to business operation expansion.
The group reported net profit attributable to shareholders of $118.5 million for the full year compared with $102.86 million in 2023, an increase of 15.21 percent. The gain is attributed to the group’s strong investment banking performance, higher proprietary income, contributions from its commercial banking subsidiary, and a robust performance in treasury and asset management. The earnings per share for the year were 3.27 cents compared to 2.95 cents for the full year 2023, reflecting an increase of 10.85 percent. The total income for the year was $675.82 million, up 39.86 percent from $483.22 million for the previous year, demonstrating strong growth across all business lines. The consolidated net profit for the year was $128.51 million, compared with $105.23 million in 2023, an increase of 22.12 percent. The total expenses for the year were $344.99 million, compared with $264.30 million in 2023, reflecting a 30.53 percent increase.
The total equity attributable to shareholders was $980.94 million on Dec. 31, 2024, compared with $989.54 million at year-end 2023, a decrease of 0.87 percent. The total assets of the group were $11.03 billion on Dec. 31, 2024, compared with $11.12 billion on Dec. 31, 2023, down 0.81 percent.
In line with the group’s results, the board of directors has recommended a total cash dividend of 6.2 percent on par value ($0.0164 per share excluding treasury shares), subject to approval by the general assembly and regulators.
Currently, GFH manages close to $22 billion of assets and funds including a global portfolio of investments in logistics, healthcare, education and technology in the MENA region, Europe and North America.
In a statement, GFH Chairman Abdulmohsen Rashed Al-Rashed said: “GFH has once again continued to deliver sustainable value for its shareholders with sound financial results for the fourth quarter and full year 2024. The net profit attributable to shareholders grew by more than 15 percent for the year, reflecting our disciplined execution, diversification, and the strength of our core businesses. As a result, we are pleased to announce another solid dividend for our shareholders reflecting the group’s ongoing commitment and ability to deliver shareholder value.
"We are also proud to have successfully priced our S500 million five-year sukuk during the fourth quarter with demand from international investors. The solid double-digit growth in income and profitability highlights our ability to navigate market dynamics while seizing new opportunities.
"Moving forward, we will continue to focus on building long-term resilience and delivering strong returns for our shareholders as we expand our global footprint and reinforce our position as a regional financial leader.”
GFH CEO and Board Member Hisham Alrayes said: “We are pleased to report another year of positive performance, with total income surging by 40 percent to $675.82 million, reflecting the success of our strategic initiatives and the expansion of our investment and treasury activities. Our net profit attributable to shareholders also rose by 15.2 percent to $118.50 million, driven by the performance of our investment banking, treasury and proprietary investment activities, and commercial banking businesses.
"Investment banking remained a key driver of profitability, supported by asset management growth and new deal-related income reinforcing our leadership in the sector. Our treasury and proprietary investments also delivered robust contributions, benefiting from well-executed capital deployment strategies and income from structured placements. Additionally, our commercial banking business continued its upward trajectory, supporting growth through disciplined restructuring and enhanced efficiency.
"As we look ahead, we will continue to build on this momentum by capitalizing on new investment opportunities, growing our global asset base, and further capitalizing on opportunities for growth in our core regional markets with an emphasis on Saudi Arabia and the UAE. This is in addition to strengthening our existing access to the US as a mature market, allowing us to continue to offer compelling asset management and investment products. Our focus remains on delivering sustainable returns, enhancing our financial strength, and driving value creation for all stakeholders. With a healthy balance sheet and a well-diversified platform, GFH is well-positioned to accelerate its growth and reinforce its status as a market leader in the region and beyond.”