HSBC, SAB reaffirm Saudi and China economic potential

Short Url
Updated 11 June 2023
Follow

HSBC, SAB reaffirm Saudi and China economic potential

HSBC Saudi Arabia, SAB and the Sino International Entrepreneurs Federation hosted a delegation of leading Chinese business leaders, entrepreneurs and organizations to showcase and analyze the rapidly expanding range of investment opportunities that exist between the two countries. 

Co-hosted by HSBC Saudi Arabia CEO Faris Al-Ghannam and SAB CEO Tony Cripps, the event was attended by business leaders from among China’s leading publicly listed companies, as well as startups, covering a range of sectors including biotech, fintech, investment funds and artificial intelligence. 

Al-Ghannam said: “Saudi Arabia’s ambitious economic transformation plan Vision 2030 and China’s pro-growth policies provide huge potential in the trade and investment that flow between these two thriving markets. HSBC’s scale, on-the-ground expertise, and local knowledge at both ends of this vibrant business corridor, when combined with our international network, open up a world of opportunity for our clients from access to capital markets and international investments, to technology, leisure, infrastructure and energy transition.”

China is Saudi Arabia’s largest trading partner, and bilateral trade between the two countries reached $87.3 billion in 2021, with Chinese exports to the Kingdom reaching $30.3 billion and China’s imports from Saudi Arabia totaling $57 billion. As bilateral ties between the world’s two fastest growing markets strengthen further with Saudi Arabia’s Vision 2030 and China’s Belt and Road and Greater Bay Area initiatives gathering momentum, HSBC and SAB stand ready to connect Chinese businesses with the inbound and outbound investment opportunities the corridor offers. 

SAB CEO Cripps said: “As the largest international bank in the Kingdom, SAB together with HSBC is ideally positioned to serve the multidimensional needs of Chinese businesses looking to invest in Saudi Arabia’s fast-growing economy. Conversely, SAB and HSBC alongside SAB’s wholly owned subsidiary SAB Invest can help Chinese businesses tap into investment from Saudi Arabia. HSBC has supported growth and development in both markets, through its rich history in China and more than 70 years of unbroken presence in Saudi Arabia as the strategic partner and largest shareholder in SAB, the Kingdom’s first bank. We can bring these sides together better than anyone else.” 

HSBC is the largest and most widely represented international banking organization in the MENAT region, with a presence in nine countries: Algeria, Bahrain, Egypt, Kuwait, Oman, Qatar, Saudi Arabia, Turkiye and the UAE.

In Saudi Arabia, HSBC is a 31 percent shareholder of SAB, formerly known as Saudi British Bank, and a 51 percent shareholder of HSBC Saudi Arabia for investment banking in the Kingdom.


SDB’s 5th ‘Souq Al-Dar’ attracts strong community support

Updated 05 October 2024
Follow

SDB’s 5th ‘Souq Al-Dar’ attracts strong community support

The Social Development Bank successfully concluded the fifth edition of “Souq Al-Dar” (home market), held under the theme “Al-Amariyah Flourishes,” in the Al-Amariyah area of Diriyah. The event, held from Sept. 26 to 29, was a resounding success, attracting more than 13,000 visitors over the four days. The high turnout highlighted the community’s strong interest and positive engagement, solidifying the souq as a key platform for supporting productive families and showcasing Saudi cultural heritage.

More than 300 productive families from across the Kingdom participated, offering a diverse array of products that reflected the richness of Saudi craftsmanship and traditions. The exhibits included traditional fashion, artisanal handicrafts, local cuisine, and artistic creations such as embroidery and ceramics, providing visitors with a unique opportunity to experience the depth of Saudi culture.

Throughout the event, various sections and activities captured the interest of attendees. Visitors experienced an exceptional display of heritage products, reflecting the richness of Saudi culture. Local entrepreneurs displayed their creativity and skills through handcrafted items, while interactive workshops allowed participants to engage in traditional crafts such as pottery, embroidery, and leatherwork. The event also featured lively performances of traditional music and dance, adding to the festive atmosphere. Additionally, visitors enjoyed an array of visual arts exhibitions and the opportunity to savor authentic Saudi cuisine, creating a well-rounded cultural experience.

Souq Al-Dar aligns with the SDB’s broader vision to create a productive and vibrant society, moving from a pastoral to a productive economy. The event reflects SDB’s strategy of supporting self-employment and entrepreneurship by providing aspiring business owners with the resources they need to grow and develop their enterprises. This, in turn, contributes to the creation of new job opportunities and enhances their contribution to the Kingdom’s GDP.

SDB has been a cornerstone of Saudi Arabia’s development since its establishment in 1971. Over the years, SDB has evolved into one of the nation’s most influential development institutions, playing a vital role in both social and economic progress.

The organization offers a comprehensive range of financial and non-financial services, including savings awareness programs, capacity-building initiatives, and workshops for entrepreneurs, small and emerging business owners. These programs empower individuals and enhance productivity by fostering broader economic participation. Through these efforts, SDB strives to support comprehensive and sustainable development, contributing to a vibrant and productive society.


‘Hawi’ hobbies portal supports Saudi fashion graduates

Updated 05 October 2024
Follow

‘Hawi’ hobbies portal supports Saudi fashion graduates

Amal Hassan, driven by the challenges she encountered, founded the Saudi Fashion Club under the National Portal for Hobbies, or Hawi. Her vision was to create a community where fashion hobbyists and enthusiasts could assemble, supporting the growth and creativity of amateur Saudi fashion designers.

Hawi was instrumental in overcoming the obstacles that initially hindered the club’s development. Through the national portal, the club was established without difficulty, enabling the registration of members, management of club activities, and access to necessary resources like incubators and training courses.

In 2022, the Saudi Fashion Club was established to support fashion graduates, offering them a platform to showcase their designs and create fashion collections with a distinctly Saudi identity. The club also provides opportunities for members to participate in both local and international fashion exhibitions.

Based in Jeddah, the club is a vibrant hub for fashion hobbyists and enthusiasts. It organizes a range of events, courses, and exhibitions, including competitions aligned with national celebrations such as National Day. These events provide a stage for showcasing traditional Saudi fashion designs. On Founding Day, the club held a special competition where members presented designs inspired by both historical and modern Saudi attire.

Hassan, the club’s founder, said that membership has grown to more than 222 members. The club is dedicated to elevating the standards of fashion in the Kingdom, supporting Saudi female designers, and providing them with platforms to shine at various events and exhibitions.

Hawi has fostered a rich and engaging environment that unites and bonds communities across the Kingdom, allowing them to pursue their passions. Fashion hobbyists have particularly benefited from Hawi, transforming what was once a solitary pursuit into a well-organized community activity. Since its launch in October 2022, as part of the Quality of Life Program, Hawi has played a crucial role in supporting this hobby.

Fulfilling thousands of hobbyists’ needs, Hawi has facilitated the creation of more than 1,187 clubs across the Kingdom, with membership exceeding 69,370. Such clubs have organized more than 1,493 events and registered over 219 hobbies, fostering strong partnerships with various governmental and private sectors.


‘Jeddah Construct’ spotlights innovative products and services

Updated 02 October 2024
Follow

‘Jeddah Construct’ spotlights innovative products and services

The inaugural edition of Jeddah Construct, the largest construction event in the western province, opened its doors, welcoming visitors until Oct. 1 at the Jeddah International Exhibition and Convention Center.

Powered by Big 5 Construct Saudi, the event was opened by a delegation from the Jeddah Center for Exhibitions and Events, with Ben Greenish, executive vice president — construction at dmg events, and Muhammed Kazi, senior vice president — construction at dmg events, joining the opening ceremony.

“We are thrilled to open the first edition of Jeddah Construct, building on our decade-long legacy in the Kingdom of Saudi Arabia with Big 5 Construct Saudi. The event covers the entire construction value chain, bringing together 200 exhibitors from over 25 countries and presenting a wide range of products, services, systems and solutions. With $613 billion worth of megaprojects driving Jeddah’s built environment forward, we are looking forward to supporting the evolving demands of Jeddah’s construction landscape,” said Kazi.

He added: “The event features products and services under 16 key product sectors, hosting a blend of local and international exhibitors and providing a veritable platform for business engagements.”

The exhibition halls featured key steel exhibitors at the forefront of structural innovation. Exhibitors presented a wide range of advanced steel products, from cutting-edge materials to sustainable structural systems, designed to meet the growing demands of Jeddah’s construction sector.

One of the key players and leaders in the steel tubes and pipes market locally and regionally, Al-Yamamah Steel Industries presented a range of steel tubes for structural purposes, scaffolding tubes and steel pipes for pressure services. Kirby Building Systems showcased a wide range of customized, cost-effective steel building solutions, which included pre-engineered steel buildings, sandwich panels, curved beams, deep decking panels as well as standing seam panels renowned for their longevity and durability.

Other steel giants showcasing their products and systems included Himalaya Steel Group, Framecad International, Cypex, Baz Steel and Icon Egypt.

The outdoor exhibition area at Jeddah Construct opened with a display of the top heavy machinery exhibitors, offering attendees an impressive showcase of the latest in construction equipment and technologies.

XCMG Trading Company, one of the largest construction machinery companies in China, presented its customized series of skid-steer loaders, excavators and backhoe loaders, specialized in the early stages of construction, including digging, hauling and excavating. Another exhibitor, NAZ Industries, brought its latest tipper and flatbed trailers and semi-trailers with lower weight, which streamline operations, reduce downtime and enhance productivity, meeting the unique needs of construction megaprojects.

Other exhibitors included Essa Dakhil Allah Almarwani Trading Company, Alton Trading Company and Al-Wady Al-Akhdar Al-Momaiaz Factory.

Day 1 of CPD-certified Construct Talks, sponsored by Himalaya Steel, welcomed industry leaders, subject matter experts and decision-makers to share practical insights and innovative strategies addressing the pressing needs and emerging trends of the construction industry in Jeddah.

In one of the sessions, Khalil Al-Saeedi, executive director of program delivery at Saudi Entertainment Ventures, stressed the importance of early collaboration among project teams for effective project planning and resource allocation, crucial for the successful delivery of projects. Fellow speaker Mohammed Abdel Jawad, project management expert and committee member at Project Management Institute — Saudi Arabia, shared valuable insights on the RACI matrix, which is imperative for resource assignments while visualizing roles and responsibilities within project teams.

The opening day featured an industry networking session hosted by the Chartered Institute of Building, bringing together construction stakeholders, professionals and thought leaders to engage in discussions and expand their professional network with some of the industry’s leading figures.


Skillmount onboards Saudi company SAFT as knowledge partner

Updated 02 October 2024
Follow

Skillmount onboards Saudi company SAFT as knowledge partner

Skillmount, the rising star of the ed-tech world in the Middle East, has announced its partnership with SAFT, a Saudi Arabian company providing accounting, finance, and tax solutions. This collaboration marks a significant milestone in the Middle East’s educational landscape, enhancing opportunities for students and professionals alike.

Ameen Afsal, director of Skillmount, and Saad Syed Jaish Al-Shareef, CEO of SAFT, signed the memorandum of understanding on Sept. 1.

As a platform that has rapidly gained prominence in Saudi Arabia and the UAE, Skillmount is known for its expert-led online courses on taxation, VAT, and corporate finance. With this new alliance, SAFT steps in as Skillmount’s knowledge partner, offering a wealth of expertise and internship opportunities specifically tailored for students in Saudi Arabia. This collaboration bridges the gap between education and industry, providing learners with real-world experience that propels them toward career success.

Skillmount’s reputation as a dynamic ed-tech platform is cemented by its recognition from Dubai’s Knowledge and Human Development Authority. As the region navigates the intricacies of VAT, introduced in 2018, and the corporate tax framework established in 2023, the demand for skilled accounting professionals has surged. Skillmount stands at the forefront of preparing job seekers for these high-demand roles, both in Saudi Arabia and the UAE.

For those aspiring to launch or elevate their careers in the Middle East, Skillmount’s four-month online courses offer a fast-track to success. Learners are not only equipped with cutting-edge knowledge but also gain access to coveted internship placements at some of the region’s top institutions. Now with SAFT onboard, Skillmount graduates are quickly becoming the preferred choice for employers seeking top talent in the fields of accounting and taxation.

“Skillmount isn’t just an ed-tech platform — it’s the gateway to your dream job in Saudi Arabia and beyond,” the company said in a statement.


The Tiktok Shopping Season Q4 2024

Updated 02 October 2024
Follow

The Tiktok Shopping Season Q4 2024

Winning Saudi Arabia’s ‘Golden Quarter’ requires strategies for the always-on digital shopper

Consumer behavior in Saudi Arabia is increasingly driven by technology, turning every moment into a potential shopping opportunity. No longer confined to specific times, days, or locations, today’s Saudi shoppers engage with brands whenever and wherever it suits them through their smartphones. This transformation into an “always-on” shopping culture, fueled by the rapid growth of e-commerce, signals promising growth for brands. As we enter Q4, the “Golden Quarter” of the shopping calendar, brands that capitalize on this shift with sustained, meaningful digital marketing campaigns can create lasting benefits and customer loyalty well beyond this peak period in the Kingdom.

The Golden Quarter spans from October to December and is defined by eagerly awaited shopping events such as Black Friday, Singles’ Day, and Cyber Monday. These events give consumers the chance to explore new brands and products at attractive prices. For Saudi Arabia’s digitally savvy population, this period holds particular significance as it blends global shopping phenomena with local traditions and national celebrations. This creates a dynamic and culturally charged shopping landscape during the busy season.

Digital platforms are reshaping how consumers discover and purchase brands 

Digital platforms like TikTok, which are seeing a significant rise in Saudi users who hold substantial purchasing power, are playing a pivotal role in shaping how Saudi consumers engage with brands during this quarter. The easy access to information, authentic reviews, and personalized experiences on the platform greatly aids their decision-making process. In Q4 of 2023, shopping-related content garnered over 4 billion video views, and Saudi consumers in particular, spent x1.1 more on average than users on other platforms according to data from IPSOS, indicating that brands on the platform have the opportunity to connect with a highly engaged, ready-to-spend audience. 

But to make the most of the busy season and remain top of mind, brands need to adopt a strategy of quarter-long consistency. This consistently allows them to move beyond seasonal peaks, driving sustained engagement throughout Q4 and beyond, while maximizing return-on-investment. Research shows that brands running TikTok campaigns for over three months achieved a 34 percent higher ad recall and were more than twice as likely to lead to conversions than shorter campaigns.

Brands can leverage the cultural significance of the season to connect with consumers

The Saudi market is shaped by its cultural values, which significantly influence consumer behavior. The combination of events like year-end sales and Saudi National Day during this period naturally boosts consumer interest and further drives purchasing decisions. Brands on TikTok have been leveraging this cultural consciousness by launching campaigns that build personal connections with their audience during this time. By focusing on local interests such as food, fashion, and travel, and collaborating with regional content creators for authentic and shareable videos, successful brands have built a sense of community and pride, leading to higher engagement and stronger brand loyalty.

Saudi consumers also highly value authenticity and are more likely to engage with content that feels genuine and relatable. Digital platforms like TikTok offer multiple avenues for brands to develop authentic storytelling. A popular strategy for beauty, fashion, and F&B brands during this period is encouraging user-generated content, prompting consumers to share real-life experiences through live-streamed product reviews, behind-the-scenes videos, and user testimonials. Brands also harness TikTok’s blend of education and entertainment to share informative content like tutorials or tips, all of which create a ripple effect of organic, authentic content that promotes the brand in a compelling and impactful way. Marketers that implemented these strategies throughout the Q4 period in 2023 saw a 3.1 times increase in their consumer conversion rates on TikTok.

Native features and trends on digital platforms can boost conversion for brands 

Brands have also been utilizing TikTok’s unique marketing tools and features, such as shoppable video ads and branded challenges, to activate full-funnel campaigns to achieve lasting outcomes. During Q4, when consumers are actively seeking deals and promotions, marketers can use it to drive urgency around limited-time offers and flash sales, creating a direct path from engagement to conversion.

To bring variety for niche communities on the platform, brands can collaborate with TikTok’s creative experts and production partners to produce ads and add-ons quickly, at scale, and within budget. Additionally, they can maximize their resources by using TikTok’s suite of creative tools to transform existing assets into visually engaging creatives. This not only diversifies campaigns but also delivers significant value to consumers, all while maintaining a cost-effective strategy for longer campaigns during this season.

Adapting to evolving consumer behavior is key to lasting brand success

In an evolving market like Saudi Arabia, adapting marketing strategies to keep pace with changing consumer behavior is essential for achieving strong brand recall. With the proven success of quarter-long activation strategies, brands in Saudi Arabia can once again position themselves for a highly successful sales season this year. By seamlessly integrating entertainment, authentic connections, and cultural relevance with commerce into their approach, they can rise above the competition and carve out a desired space among Saudi shoppers during the peak period. In doing so, they are also laying the groundwork for continued success well into 2025.