INTERVIEW: Middle East Rolls-Royce chief Cesar Habib prepares for push into Saudi Arabia

Cesar Habib, Rolls-Royce’s regional director for the Middle East and Africa, is preparing for a push into Saudi Arabia. (Illustration: Luis Grañena)
Updated 08 April 2019
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INTERVIEW: Middle East Rolls-Royce chief Cesar Habib prepares for push into Saudi Arabia

  • Habib describes Middle East's love affair with ‘car for kings and presidents’
  • The Cullinan — named after the largest diamond ever found — is Rolls-Royce’s latest super-luxury marque

DUBAI: The Middle East’s love affair with Rolls-Royce Motor Cars dates back more than 100 years, to the famous motto of Lawrence of Arabia that “a Rolls in the desert was above jewels,” as the wartime hero helped to promote the cause of Arab independence by deploying several armored cars made by the legendary British manufacturer.
Cesar Habib, Rolls-Royce’s regional director for the Middle East and Africa, has a modern version of that saying — “effortless everywhere” — and he applies it especially to the current jewel in the Rolls crown, the Cullinan.
“I remember when we had the first customer events here in the region, I put the customers into the car, and I said one thing I want to know: Did you experience the ‘effortless everywhere?’ And they came back and told me, Cesar, you were spot on,” he said.
The Cullinan — named after the largest diamond ever found — is Rolls-Royce’s latest super-luxury marque, selling for about SR2 million ($533,000, depending on the amount of bespoke work that goes into the model).
It is aimed at the upmarket SUV sector everywhere in the world, but particularly in the Middle East, where it simply ticks all the boxes for the wealthy regional car-lover — a big, luxurious, all-terrain vehicle that tells the world you, the owner, are a person of substance, demanding attention and respect.
“I believe it’s not just here (in the Middle East) but all over the world,” Habib said. “Everyone says they have got the best product on earth, the most exclusive product on earth and the most bespoke product on earth. They know it in Europe, but I think here in the Middle East it’s even more so, because they are really proud to own a Rolls-Royce. Anybody here who can afford one tries to buy one.”
The Rolls-Royce was the car of choice for rulers, princes and sheikhs who suddenly found themselves with huge levels of disposable income after the oil boom took off, and there are stories in the motor trade of mythical fleets of the vehicles sitting gleaming in palaces throughout the Arabian Gulf.
“It’s a car for kings and presidents,” Habib added.

This is what amazes me about bespoke — the interaction with the customer, making  just his or her car.

Cesar Habib


Some countries, it is said, will not allow expats to buy Rolls-Royce cars because they are reserved as a mark of royalty; in other places, new Rolls models are held for rulers and royalty first, and only released to the public when the rulers have had their fill.
Habib would not comment on those rumors, but he is sure of the allure of the Rolls-Royce brand. “Everybody knows that when someone buys a Rolls-Royce they want to make a statement about themselves,” he said.
Arab customers make that statement increasingly frequently. The showroom in Abu Dhabi was for several years the best-selling Rolls dealership in the world, and even though it has now been overtaken by a Chinese dealership, the Middle East helped Rolls to the best-ever year in its history in 2018, in terms of vehicles sold.
Rolls-Royce does not provide a breakdown of the number of cars sold in individual markets, but Habib said: “Saudi is a very important market and I think there is room to grow the brand there. How? By investing in the brand further and by being more prominently present in the market.”
In a reference to the transformation underway in the Kingdom as part of the Vision 2030 strategy, he added: “I think all the changes that are going on will play into our hands because we can go and show the brand as it is. We can do more events and invite more people. Previously, we held back a bit. We had conversations with Mohammed Yousuf Naghi (the long-standing dealer in Saudi Arabia) and we both agreed that we would take it to the next level.”
Habib detects some subtle differences in the Saudi market. “There is an increased level of expression among those in Jeddah, for example. They really get creative when selecting a Rolls-Royce — and it is very much a reflection of their more expressive personalities in how they have the car designed.”
The “expression” can reach some extraordinary heights in the Middle East market for Rolls-Royce. After some time working in the “bespoke” part of the Rolls-Royce business — the division that aims to give customers the exact car they want — Habib has a pretty good eye for regional taste.
Unusual color combinations are common, as are the idiosyncratic features discerning customers demand, such as Arabic calligraphy on the bodywork and interior.
“One customer, a collector, said he wanted a car where he could incorporate birthday features for his kids. I want my children to come into the car and look for their birthdays. So, we put a star constellation in the starlight roofing headliner, and we embroidered astrological signs into the door pockets, and in the folding tables as binary codes,” he said.
“Another gentleman wanted to give his wife a Rolls-Royce ‘love story’ for their wedding anniversary, and he designed it with us — a car with flowers inside. Behind each car there is a story,” he said.
Colors of bodywork are just as flamboyant. Cherry pink fuchsia, bright yellow, turquoise outside matching the same shade on the interior upholstery, have all featured in cars Habib has helped customers design. “You can’t argue colors, you can’t argue taste. That’s what I had to learn very quickly,” he said.
“This is what amazes me about bespoke — the interaction with the customer, making just his or her car. I don’t think you find this level of attention or service with any other manufacturer,” he added.

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BIO

BORN 

•1967 Tripoli, Lebanon

EDUCATION

•German School Lebanon

•University of Passau, Germany, diploma in business administration

CAREER

•Parts consultant, BMW, Germany

•Executive in after-sales, dealer and business development, BMW Dubai

•Executive for BMW in Iran

•After-sales marketing, Dubai BMW

•Global ownership services, Rolls-Royce, Goodwood, UK

•Bespoke, Dubai

•Regional director for Middle East and Africa, Rolls-Royce

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There has also been a shift in car driving patterns in the Kingdom, which could accelerate as more women get behind the wheel. The bigger Rolls-Royce models, such as the Phantom and the Ghost, have traditionally been seen as chauffeur-driven cars, but this is no longer strictly the case.
“They could be chauffeur-driven, but it depends on the situation. We find many owners want to drive themselves, but if they go out for an evening, for a function, they have their drivers. People enjoy driving our cars because, despite the fact they are big cars, they are effortless to drive,” Habib said.
The Wraith and Dawn — a coupe and a convertible — do not really lend themselves to chauffeur driving, and Habib sees a big potential market among wealthy women for those models.
And, of course, there is the Cullinan, heading the marketing drive this year, although apparently not much intense marketing was required.
“It has had an extremely positive reception. We had an order bank of nine months before anybody had even seen the car. We gave some people sneak previews, but even from (the information that) came into the press, people said they wanted that car,” he added.
The other essential part of the brand appeal of Rolls-Royce is its Britishness, despite the fact that since 2003 it has been owned by the German manufacturer BMW. “Everyone who thinks Rolls-Royce thinks Britain, they don’t think Germany — the British heritage of that brand, which we really nurture and maintain, it’s very important to keep the heritage of the brand.”
Most of the car’s styling and design is carried out in Goodwood in the UK, the home of Rolls-Royce for many years, while some technology and engineering come from Germany. That would continue, Habib stressed, even if there was a damaging Brexit separation of Britain from the EU.
“I don’t want to be political, but with Brexit we were always very firm in saying that whatever happens we are staying in Goodwood because we are a British brand,” he said.
Habib takes it as a compliment that other sectors of the luxury goods market use the brand name to define the exclusivity of their products — the “Rolls-Royce of watches” or the “Rolls-Royce of boats” — but he is also aware that those sectors provide some of the main competition for the company’s upmarket products.
“The challenge that we have is that we operate in the segment of ultra-high net-worth individuals. We are in the ultra-luxury segment, like some of the watchmakers, jewelry brands, leather goods manufacturers, private jet manufacturers, yacht builders, and the rest. We are in a different environment, competing with non-car manufacturers,” he said.
Habib sees the key part of his job as being as “customer- centric” as possible, and given his background in the bespoke business and ownership services, that is the part of the business he gets most satisfaction from, even expressing some regret he had less time to do this since getting the top regional job for Middle East and Africa last year.
“What I love to do is to talk and configure the car with each and every customer. This I love to do. Each and every customer is special and has their own story. If I had the time, I would like to sit with each of our customers and talk them through it. It’s very rewarding, almost artistic,” he said.
With his German-Lebanese heritage, Habib thinks he is uniquely equipped to carry on guiding customers in the region. “People tell me you are the right mix of Levant and German thinking — accuracy, attention to detail, and disciplined — but also understanding the culture in this region,” he said.


Saudi Aramco to tap bond market amid low gearing at around 5%, CEO says 

Updated 29 May 2025
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Saudi Aramco to tap bond market amid low gearing at around 5%, CEO says 

  • Amin Nasser said the oil giant’s gearing ratio, a financial metric that compares a company’s debt to its equity, is currently around 5%
  • He reaffirmed the company’s commitment to maintaining high dividends

RIYADH: Saudi Aramco will continue tapping bond markets in the future despite maintaining one of the lowest gearing ratios in the energy industry, according to a top official. 

In an interview with Bloomberg, Aramco President and CEO Amin Nasser said the oil giant’s gearing ratio, a financial metric that compares a company’s debt to its equity, is currently around 5 percent. That’s significantly lower than the industry average, where many peers operate with levels between 15 and 20 percent.

“Our gearing today is around 5 percent — still one of the lowest gearing, you know. It’s almost half of the average compared to other energy industry players in the market, and we will continue to tap into that additional bond markets in the future,” Nasser said. 

He continued: “But we have a low gearing ratio, which still, as you consider it, is very low compared to any players in the markets.” 

The low gearing ratio, which reflects strong financial discipline and limited reliance on debt, is part of what enables Aramco to maintain stability amid market fluctuations. 

Gearing is commonly used by analysts and investors to assess a company’s financial leverage, with lower ratios often indicating a stronger balance sheet and reduced financial risk. 

In the interview, Nasser also reaffirmed the company’s commitment to maintaining high dividends. “We have a strong balance sheet, and our dividend is one of the highest, the highest globally. We’re expecting to pay dividends that go to the majority shareholder and other shareholders, which is the government, of $85.4 billion this year.” 

He said the company benefits from having spare capacity, which allows it to bring more barrels to the market. “For every million barrels, that will have a huge impact on our net income. I would say it will give you a $10 cushion for every million barrels that you put into the market.”   

Nasser added: “We have today close to 3 million barrels of spare capacity, so other companies do not have that to cushion any drop in prices. For us, we do have that spare capacity that is healthy, strong, and when you put it, it allows you to increase significantly your net income.” 

He emphasized the company’s ability to withstand lower oil prices due to its operational efficiency and robust infrastructure.

“We are the lowest cost producer. Our extraction cost is $3, and it still is $3. And with low extraction cost, healthy balance sheet, and our investment that is continuing to be capturing opportunities that we have,” Nasser said. 


Closing Bell: Saudi main index closes in red at 10,990 

Updated 29 May 2025
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Closing Bell: Saudi main index closes in red at 10,990 

  • Parallel market Nomu dropped 123.20 points to close at 26,809.75
  • MSCI Tadawul Index declined by 0.70 percent to 1,403.80

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Thursday, as it shed 62.35 points, or 0.56 percent, to close at 10,990.41. 

The total trading turnover of the benchmark index was SR10.20 billion ($2.72 billion), with 169 of the listed stocks advancing and 74 declining. 

The Kingdom’s parallel market Nomu also dropped 123.20 points to close at 26,809.75. 

The MSCI Tadawul Index declined by 0.70 percent to 1,403.80. 

The best-performing stock on the main market was Saudi Reinsurance Co. The firm’s share price soared by 9.31 percent to SR50.50. 

The share price of East Pipes Integrated Co. for Industry increased by 7.83 percent to SR124. 

Arabian Drilling Co. also saw its stock price edging up by 5.12 percent to SR84.20. 

Conversely, the share price of Makkah Construction and Development Co. declined by 5.65 percent to SR96.80. 

On the announcements front, Al Moammar Information Systems Co., also known as MIS, said that it signed a contract valued at SR58.93 million with the Saudi Data and Artificial Intelligence Authority to operate and maintain the National Unified Visa Platform.

In a Tadawul statement, the company stated that the contract is valid for 36 months, with no related parties involved in the deal. 

MIS added that the contract is expected to have an impact on the company’s financial results starting from the third quarter of this year. 

The share price of MIS rose by 1.66 percent to SR134.80. 

Al Kathiri Holding Co. said that its subsidiary, Saraya Al Diyar Investment Co., has entered into a long-term lease agreement valued at SR143.1 million with the Aseer Municipality to build and operate a mixed-use hotel and commercial complex in Abha. 

Under the deal, Saraya Al Diyar Investment Co. will establish a four-star hotel with 180 keys, as well as retail and entertainment facilities in the project that spans a total area of 53,000 sq. meters. 

The new contract is in line with Al Kathiri Holding’s strategic direction to diversify its investment portfolio and expand into promising, high-impact sectors, aligning with the goals of Saudi Vision 2030, the company said in the statement. 

Al Kathiri Holding Co.’s share price was unchanged at SR2.08 by the end of Thursday’s trading. 


Saudi Arabia’s Jeddah airport soars to top three in Middle East airport rankings

Updated 29 May 2025
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Saudi Arabia’s Jeddah airport soars to top three in Middle East airport rankings

  • KAIA followed Dubai International Airport and Qatar’s Hamad International Airport in the regional rankings

JEDDAH: King Abdulaziz International Airport has secured third place in the 2024 Airport Connectivity Index for the Middle East, marking a significant milestone in Saudi Arabia’s ascent as a global aviation hub.

The ranking was announced at the Air Connectivity Conference 2025, held in Shanghai, where the Airports Council International Asia-Pacific and Middle East unveiled its annual index.

KAIA followed Dubai International Airport and Qatar’s Hamad International Airport in the regional rankings.

This recognition underscores both KAIA’s growing operational capacity and Saudi Arabia’s broader Vision 2030 goal of transforming the Kingdom into a leading logistics and transportation center. As part of that strategy, Saudi Arabia aims to handle 330 million passengers annually, connect to 250 international destinations, and transport 4.5 million tonnes of cargo by 2030.

Mazen Johar, CEO of Jeddah Airports Co., said the latest ranking reflects the airport’s progress in expanding its air network and enhancing connectivity.

“This milestone demonstrates our commitment to operational excellence and aligns with our strategy to establish KAIA as a pivotal global hub,” he said in a statement to SPA.

Johar noted that the airport’s improved ranking is a result of sustained efforts to boost competitiveness, upgrade infrastructure, and elevate passenger experience in line with national transport goals.

KAIA also held the third spot in the 2023 edition of the index, announced during ACI’s annual assembly in Riyadh.

As part of its long-term development plans, JEDCO is implementing upgrades aligned with the National Transport and Logistics Strategy. These enhancements aim to increase KAIA’s passenger capacity to 114 million annually by the end of the decade.

In 2024, KAIA served 49.1 million passengers — up 14 percent from 2023 — marking the highest annual passenger volume recorded by any airport in the Kingdom. The busiest day was December 31, when over 174,600 passengers passed through the airport. December also set a monthly record, with traffic exceeding 4.7 million passengers.

In the Asia-Pacific rankings, Shanghai Pudong International Airport claimed the top spot, followed by Incheon International Airport in South Korea and Guangzhou Baiyun International Airport. Hong Kong International Airport was recognized as the most improved airport in terms of connectivity across both regions.

Headquartered in Hong Kong with a regional office in Riyadh, ACI Asia-Pacific and Middle East represents airports in some of the world’s fastest-growing aviation markets. The Airport Connectivity Index— developed with PwC in 2023 and refined in its third edition — measures network scale, frequency, destination economic weight, and connection efficiency.

According to ACI, air connectivity in the Middle East grew 28 percent year on year, while Asia-Pacific saw a 13 percent increase, reflecting a 14 percent average growth across both regions. These gains signal a robust post-pandemic recovery and the continued momentum of global air travel.


Saudi EXIM Bank targets African markets with 4 new MoUs 

Updated 29 May 2025
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Saudi EXIM Bank targets African markets with 4 new MoUs 

  • Deals come as Saudi exports to Africa surged 20.6% year on year to SR7.84 billion in March
  • Saudi delegation held in-depth discussions with leaders of several international financial institution

RIYADH: Saudi Arabia is accelerating the expansion of its non-oil exports into African markets, with the Saudi Export-Import Bank securing four new strategic agreements to strengthen trade and investment ties across the continent.  

Saudi Export-Import Bank CEO Saad bin Abdulaziz Al-Khalb signed memoranda of understanding with Africa50, the Ghana Export-Import Bank, Blend International Limited, and Guinea’s Ministry of Planning and International Cooperation, the Saudi Press Agency reported.  

The deals were finalized on the sidelines of the African Development Bank Group’s annual meetings, held in Cote d’Ivoire from May 26 to 30. 

The newly signed deals come as Saudi exports to Africa surged 20.6 percent year on year to SR7.84 billion ($2.09 billion) in March 2025, reflecting growing trade ties between the Kingdom and the continent.  

Al-Khalb said the bank’s participation in the meetings aims to deepen international trade relations and forge partnerships that support Saudi non-oil export growth in African markets. 

The SPA report added: “He stated that the memoranda of understanding are an extension of the bank’s efforts to promote trade exchange, stimulate development projects, and enable local exporters to export their services and products to African markets through effective and extended partnerships, contributing to supporting sustainable development goals and enhancing economic integration.” 

He also described the gathering as a valuable opportunity to boost economic cooperation and engage with officials from export credit agencies and financial institutions across African countries. 

The agreements were signed by Saudi EXIM CEO Saad bin Abdulaziz Al-Khalb, along with Alain Ebobisse, CEO of Africa50; Sylvester Mensah, CEO of the Ghana Export-Import Bank; Ravi Gupta, managing director of Blend International Limited; and Ismail Nabeh, minister of planning and international cooperation of Guinea.

The MoU with Africa50 is aimed at enhancing cooperation in infrastructure projects by partnering with Saudi companies. The agreement with the Ghana Export-Import Bank will focus on exploring cooperation opportunities and enhancing bilateral exports of services and products. 

Meanwhile, the MoU with Blend International Limited is aimed at targeting broader trade opportunities and international partnerships. The deal with Guinea’s Ministry of Planning and International Cooperation seeks to bolster development projects and investment in priority sectors, enabling Saudi exports of engineering services and industrial supplies. 

Also, on the sidelines of the event, Al-Khalb and his delegation held in-depth discussions with leaders of several international financial institutions, focusing on expanding trade ties and boosting the flow of Saudi non-oil exports into African markets.


Asia’s first Saudi sukuk ETF launched in Hong Kong

Updated 29 May 2025
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Asia’s first Saudi sukuk ETF launched in Hong Kong

  • Launch coincided with the opening of the Capital Markets Forum
  • ETF is managed by Premia Partners, with BOCHK Asset Management Ltd. serving as investment adviser

RIYADH: Hong Kong has launched Asia’s first exchange-traded fund tracking Saudi sovereign sukuk, marking a major development in financial cooperation between East Asia and the Middle East.

The Premia BOCHK Saudi Arabia Government Sukuk ETF, listed on the Hong Kong Stock Exchange, follows the iBoxx Tadawul Government & Agencies Sukuk Index. It includes both riyal- and US dollar-denominated sukuk issued by the Saudi government and related agencies.

The ETF is traded under stock codes 3478 for the Hong Kong dollar counter and 9478 for the US dollar counter. It has been approved by the Securities and Futures Commission of Hong Kong. It offers quarterly US dollar distributions, with fees capped at 0.35 percent and an expected annual tracking difference of around -2 percent.

The launch coincided with the opening of the Capital Markets Forum, a two-day event hosted by Saudi Tadawul Group and Hong Kong Exchanges and Clearing Ltd., aimed at boosting cross-border investment.

This year’s forum, held under the theme “Powering Connections,” focuses on strengthening economic and capital market ties between the Middle East and East Asia.

The ETF is managed by Premia Partners, with BOCHK Asset Management Ltd. serving as investment adviser.

Speaking at the forum, Mohammed Al-Rumaih, CEO of the Saudi Exchange, said the CMF is becoming “a leading global platform for collaboration and dialogue on the future of capital markets and economic transformation.”

“We aim to strengthen ties with both local and international investors and to reinforce the Saudi capital market’s position as a leading global hub, serving as a bridge between capital markets in the East and West,” Al-Rumaih said.

Bonnie Y. Chan,  CEO of Hong Kong Exchanges and Clearing Ltd, said that the partnership with Saudi Tadawul Group underscores the strong ties between the two exchanges.

“This second edition of the forum will serve as a dynamic platform to connect our broad base of investors and issuers, while encouraging deeper dialogue and collaboration among the capital-raising hubs of Mainland China, Hong Kong, and the Middle East,” Chan said.

The forum featured a series of keynote speeches and panel discussions focused on global economic trends, investment strategies, financial innovation, and the integration of sustainability into financial markets.

As part of the event, the Corporate Access Program enabled direct engagement between investors and senior executives from listed companies and capital market institutions across the region, fostering greater transparency and dialogue.

Commenting on the ETF’s launch, Faris Al-Ghannam, CEO of HSBC Saudi Arabia said: “The corridor between China and Saudi Arabia is becoming even more compelling. The resilient activity in the Kingdom’s private and capital markets in Q1 reflect Saudi Arabia’s position as a refuge for foreign investors from global volatility. The Kingdom’s continued liberalization of its foreign investment regulations is also creating new opportunities for investors in Asia and globally.”

He said: “Chinese and Saudi Arabian corporates in sectors such as energy, technology and infrastructure are reinvigorating the Silk Road. We expect this trend to continue as tariff uncertainty persists and corporates double down on managing risks and building resilience in their supply chains.”

The launch of the ETF, alongside the Capital Markets Forum, reflects Saudi Arabia’s commitment to elevating its capital markets on the global stage. These efforts align with the Kingdom’s Vision 2030 strategy to enhance financial sector integration and attract foreign investment.

At the same time, Hong Kong continues to strengthen its role as a vital conduit for capital flows between East and West, reinforcing its position as a leading international financial hub.