Saudi space graduate Sarah Alhabbas lauded in Germany

Sarah Alhabbas and Prince Abdullah bin Khalid bin Sultan Al-Saud were joined at this special event by Serco’s senior officials
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Updated 15 July 2024
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Saudi space graduate Sarah Alhabbas lauded in Germany

Sarah Alhabbas, the first graduate of Serco’s Space Graduate Program, was invited on Thursday to the Embassy of Saudi Arabia in Germany to meet with Prince Abdullah bin Khalid bin Sultan Al-Saud, the Saudi ambassador to Germany. The invitation was in recognition of her remarkable progress within a sector pitted to be instrumental in the achievement of Vision 2030. During the meeting, Alhabbas discussed how her experience with Serco can be an inspiration to the next generation of Saudi talent.

Alhabbas, currently working in Serco’s Copernicus Operations Support Services or COP-2, with the European Space Operations Center in Darmstadt, Germany as part of her intensive training program, was joined at this special event by Serco Middle East’s Head of Space Amar Vora, Serco’s KSA Country Director Mona Althagafi and Serco’s Head of COP-2 Islam Alizada. This prestigious invitation underscores Saudi Arabia’s keenness to develop its human resources and the pivotal role Serco is playing in advancing the Kingdom’s capabilities in the space industry, highlighting how the private sector company is supporting the Kingdom’s commitment to nurturing local talent capabilities to support Vision 2030 as a government impact partner.

Alhabbas was chosen by Serco as their first space graduate from more than 400 applications. An aerospace engineering graduate with a minor in applied mathematics from Embry-Riddle Aeronautical University in the US, she joined Serco as a graduate spacecraft operations engineer. In the past 12 months, Alhabbas underwent comprehensive training in the Kingdom and is now coming to the end of an intensive six-month training program at Serco’s COP-2 facilities in Germany, aimed at deepening her theoretical knowledge. Upon completion, Alhabbas will be certified as a proficient spacecraft operations engineer in a graduation taking place later this summer. After supporting a launch campaign, she will return to Saudi Arabia where she will transfer the knowledge gained to the wider Serco space team and its clients.

This accomplishment highlights the broader impact of Serco’s initiatives in the Kingdom. Serco has more than 60 years of space experience globally, supporting civil and military space programs, including those of the European Space Agency, the UK Ministry of Defense and NASA. In 2023, it launched a dedicated space division in the Middle East to support local talent and develop regional capabilities, ensuring the transfer of its wide-ranging operational knowledge and capabilities to the region. Its graduate, space-specific program is the first of its kind not only within the Kingdom, but also across Serco globally. By leveraging decades of global experience in the space industry, Serco is playing a crucial role in transferring knowledge and skills to Saudi nationals, impacting a better future.

Prince Abdullah said: “Sarah Alhabbas’ accomplishments epitomize the potential and the great expectation of Saudi Arabia’s youth in pioneering new frontiers. Her journey marks a significant personal achievement and symbolizes the leadership’s confidence and ambition in our nation’s youth. We are happy to celebrate Sarah’s accomplishment and look forward to her contribution to the Kingdom’s aerospace sector.”

Alhabbas said: “This opportunity to train with the European Space Agency and seasoned, international experts has been transformative. I am deeply honored by this recognition from Prince Abdullah. It reaffirms my commitment to contributing to the Saudi space sector and to inspiring other young Saudis to pursue their passions in this exciting field.”

Vora, Serco’s Middle East head of space, said: “At Serco, we are committed to bringing our global expertise to Saudi Arabia, fostering local talent and driving the Kingdom’s space ambitions. Sarah’s success is a shining example of what can be achieved through dedication and the right support. We are thrilled to see her represent the future of Saudi space exploration.”


Cenomi Centers welcomes addition to MSCI Saudi Arabia Small Cap Index

Updated 20 August 2024
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Cenomi Centers welcomes addition to MSCI Saudi Arabia Small Cap Index

Cenomi Centers, the largest owner, operator and developer of contemporary retail and lifestyle centers in Saudi Arabia, has welcomed its addition to the Morgan Stanley Capital International Saudi Arabia Small Cap Index, which it said demonstrates the company’s solid track record of financial and operational performance and future growth. 

The MSCI Saudi Arabia Small Cap Index tracks regional small-cap stocks and is widely used by investors, portfolio managers and financial advisers to follow equity and fixed-income markets across different regions. MSCI will add Cenomi Centers by Aug. 30.

Cenomi Centers expects this listing to continue to grow investor attention in the company, supported by its strong performing portfolio of 22 assets and development pipeline of six new assets, increasing its GLA by 44 percent by 2027. 

As a leader with 18 percent market share, larger than its four competitors combined, the company also benefits from being the first mover in Saudi Arabia which is undergoing transformational change and growth with the economy pivoting to non-oil economic opportunities. 

The company’s two flagship developments are testament to the Kingdom’s opportunities. Both projects are over 90 percent structurally complete and are set to complete at the end of 2025. Over 650 million EBITDA (40 percent of current EBITDA) will be contributed by Jawharat Riyadh and Jawharat Jeddah upon stabilization. Both assets will be the No. 1 centers for footfall and spend in their respective cities.

Alison Rehill-Erguven, CEO of Cenomi Centers, said: “Cenomi Centers’ inclusion in the MSCI Saudi Arabia Small Cap Index is a key milestone, reflecting our strong performance, financial health, and market confidence in our growth. This achievement highlights our effective strategy, market position and commitment to delivering long-term value. It also elevates our global visibility and expands our reach to a broader investor base. Cenomi Centers has a solid capital structure in place with diversified funding sources to deliver sustainable growth. We are optimistic about the opportunities this brings and are fortunate to be operating in the Kingdom during this incredibly transformational time. We look forward to continuing our growth with the support of our shareholders.

The inclusion on the MSCI Saudi Arabia Small Cap Index comes off the back of a solid half year 2024 performance. Cenomi Centers delivered growth across all financial and operational metrics with an increase in revenue of 2.6 percent in H1-24 year-on-year. The net profit and EBITDA following one-off adjustments rose 25.6 percent and 10.9 percent respectively. The occupancy rate remained robust at 92.5 percent whilst the business continued to focus on a proactive tenant rotation to offer a superior retail mix. Its target occupancy by the end of the year across the portfolio is 94 percent. Cenomi Centers also continued its record level footfall momentum, which has increased by 4.6 percent y-o-y, with 66 million customer visits.

“Cenomi Centers’ position in the Kingdom and its commitment to developing flagships and lifestyle centers that support Vision 2030, creating jobs in local regions, boosting local economies and tourism, is driving the Saudi retail sector forward,” the company said.


1957 Ventures’ to drive fintech innovation in Saudi Arabia

Updated 20 August 2024
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1957 Ventures’ to drive fintech innovation in Saudi Arabia

1957 Ventures Fund has announced the launch of the 1957 Ventures company as a venture builder dedicated to fostering innovation in financial technology sector. The company will focus on building, launching and scaling fintech ventures. The initiative is aimed at contributing to the realization of the Financial Sector Development Program goals as part of Vision 2030.

The company’s board of directors comprises prominent leaders from the banking, innovation, business, and investment sectors in the Kingdom, including Nader Al-Koraya, chairman; Mazen Pharaon, vice chairman; Omar Al-Madhi; Abdullah Al-Oraini; and Qaiser Noor. 

Emad Kashgari, a seasoned professional with over 15 years of experience in digital innovation, venture building and venture capital, has been appointed as the company’s CEO. Kashgari has a proven track record in driving and activating digital innovation strategy in the banking sector, building up the entrepreneurial ecosystem in the region, driving successful technological innovations, sizable VC investment rounds, and managing multi-million-dollar tech projects.

1957 Ventures is committed to building innovative fintech ventures and models to accelerate the Kingdom’s digital transformation. It aims to foster financial innovation, champion financial inclusion, and empower businesses and individuals, playing a pivotal role in shaping the future of banking and finance in Saudi Arabia. The company will provide comprehensive support to its portfolio ventures, including funding, mentorship, technical expertise and access to market and resources.

“This is a significant step forward in our commitment to fostering a thriving fintech ecosystem in Saudi Arabia,” said Al-Koraya. “We believe that by empowering entrepreneurs and providing them with the tools they need to succeed, we can drive innovation and create new opportunities for economic growth.”

“1957 Ventures stands at the forefront of Saudi Arabia’s fintech revolution, aiming to transform not only our financial landscape but to also set a global benchmark in financial innovation,” said Pharaon. “Our strategic initiatives and the launch of the 1957 Ventures company are aligned with the digital transformation in the region. This venture builder will harness the potential of emerging technologies to foster a resilient and inclusive financial ecosystem, ensuring that we meet and exceed the objectives set forth within Vision 2030.”

“We are dedicated to leveraging our expertise and resources to establish a new generation of Saudi unicorns and fintech companies,” said Kashgari. “Having a dedicated investment fund, as well as a venture building setup, ensures the provision of direct financial support through the growth stages. Prioritizing breakthrough innovative methodologies in the establishment and support of these companies will have a positive impact on the economy and society. We aim to generate quality employment opportunities and direct positive contribution to the Kingdom’s GDP.”

1957 Ventures is committed to investing in talent development and building a solid foundation for the future of fintech in Saudi Arabia. The company aims to foster innovation in the financial technology domain, empower startups and entrepreneurs, and accelerate the financial sector’s digital transformation. Its efforts will contribute to achieving FSDP goals within Vision 2030, creating a more vibrant and inclusive financial sector for all.


MG Motor expands EV offering with new regional launch

Updated 19 August 2024
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MG Motor expands EV offering with new regional launch

MG Motor Middle East has announced the launch of the new MG4 Electric, marking a significant milestone in the brand’s journey toward a sustainable automotive future and further diversifying its lineup in the region. With a starting price of $26,150 (excluding VAT), MG4 Electric, a state-of-the-art electric model, is set to redefine the electric vehicle ownership experience in the Middle East with its innovative technology, impressive performance, striking design, and affordability.

The Middle East will see three variants of the MG4 Electric — COM, LUX and XPOWER — as the model provides flexibility to meet diverse customer preferences. The COM model offers a range of up to 465 km WLTP with a 51 kWh battery, while the LUX variant extends the range to 530 km WLTP with a 64 kWh battery. The top-of-the-line LUX version boasts an impressive range of 530 km WLTP with a 77 kWh battery, ensuring that drivers can go the distance without compromise. Finally, the XPOWER performance model would cover up to 400 km WLTP.

The MG4 Electric has already earned multiple awards and titles worldwide by well-known motoring experts from around the globe. The model was named “Bargain of the Year” during the Top Gear Awards, as well as the “Best Value Electric Car,” “Car of the Year,” and “Reader’s Favorite Electric Car” by the DrivingElectric magazine. Additionally, the MG4 Electric has earned the titles of “Best Small Family Car,” “Best Value Car” and “Electrifying.com Overall Car of the Year” by Electrifying.com.

The exterior of the MG4 Electric features an array of sophisticated design elements, including a carbon fiber effect diffuser, “Twin Aero” rear spoiler, and high-tech U-shaped headlights. The aerodynamic design not only enhances the vehicle’s aesthetic appeal but also improves its overall performance and stability. The MG4 Electric is available in a variety of vibrant colors, including a special green exterior exclusive to the XPOWER version.

Inside, the MG4 Electric offers a minimalist and spacious cabin, featuring a floating console with integrated technology. The interior design emphasizes simplicity and user-friendliness, with high-tech features such as a wireless phone charger, hi-tech shift selector, and a 12.3-inch infotainment screen. The “Less is More” design philosophy ensures a pure and open cabin space, enhancing the overall driving experience.

The MG4 Electric is derived from the brand’s new 100 percent Electric Modular Scalable Platform, delivering a unique combination of agility and energy efficiency. The vehicle’s design concept, “Energetic Agile,” integrates trendy elements with cutting-edge technology to provide a dynamic and vibrant impression. With its high levels of refinement and user-friendliness, the MG4 Electric stands out as an economical, practical, intelligent, and stylish choice for discerning drivers.

The MG4 Electric also boasts a robust set of safety configurations, including the DP EPS Electronic Steering System, One Box Brake System, and Zero Thermal Runaway Battery Protection. Its high-strength body and advanced MG Pilot System ensure maximum safety for all occupants.

The MG4 Electric also features a suite of intelligent technologies, including a 10.25-inch floating infotainment screen, digital instrument cluster, and comprehensive advanced driver assistance systems.

Tom Lee, managing director of MG Motor Middle East, said: “The Middle East is adapting quickly for a future of sustainable mobility, and as we always aim to be at the forefront of automotive advancements, the all-new MG4 Electric is another element that ticks multiple boxes for MG, our customers, and the Middle East. Not only are we offering customers an affordable, economical, high-value-for-money model, we are also helping the customers in the region adapt to the changing automotive landscape whilst also diversifying our product portfolio further.”


Heinz launches robotic snack dipper at Esports World Cup

Updated 19 August 2024
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Heinz launches robotic snack dipper at Esports World Cup

US food processing company Heinz, popular for its ketchup, has released a “revolutionary” solution tackling gamers’ love for snacking. Research showed that 90 percent of gamers struggle with snacking while playing. In comes Heinz, launching the robotic snack dipper “Hum Hum” at the Esports World Cup — the world’s biggest gaming festival in Saudi Arabia, feeding into gamers’ irrational love for dipping their snacks in sauces. The game-changing device taps directly into that passion, built on the insight that 75 percent of gamers wish they could eat while playing — a near-impossible feat when their hands are busy looting, conquering, and surviving challenges.

The Hum Hum was designed using a state-of-the-art mechanical hand that dips and feeds gamers while they play. It is triggered by pedals to ensure gamers neither never stay off their controls nor their snacks, with future versions holding promise to recognize voice commands and even face recognition.

Commenting on the launch, Passant El-Ghannam, head of marketing at Kraft Heinz MEA, said: “We know that 75 percent of Heinz lovers wish they can dip sauces while gaming. Hum Hum is our irrational act of love to our gamer consumers’ irrational love for Heinz. It is our gift to the gaming community because every gaming session deserves to be saucy, and of course, uninterrupted.”

Visitors to the Esports World Cup can experience the future of snacking at the Heinz booth, where Hum Hum is on full display for gamers and fans to witness how this ingenious device works.


Zain KSA recognized as ‘Leader’ in MSCI ESG Index

Updated 19 August 2024
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Zain KSA recognized as ‘Leader’ in MSCI ESG Index

For the fourth consecutive year, Zain KSA has advanced its position in the Morgan Stanley Capital International ESG Index, upgrading its rating to AA from the previous year’s A. This achievement places Zain KSA in the “Leader” category among 179 global telecom companies assessed by this index, a benchmark for evaluating environmental, social, and governance performance.

Zain KSA’s upgraded rating highlights its instrumental efforts and significant achievements over the past year. This progress underscores the company’s transformation into a model of integrating sustainability practices across all departments, operational processes, and throughout its value and supply chains. The company’s commitment has driven national-level sustainability initiatives that address environmental, social, compliance, and governance issues, further enhancing its contribution to achieving Saudi Vision 2030’s goals for sustainable development.

Saad bin Abdulrahman Al-Sadhan, acting CEO of Zain KSA, said: “We are grateful for the significant impact Zain KSA has made in adopting leading ESG practices within the global telecom and digital services sector. Achieving an AA rating in the MSCI ESG Index highlights the success of our strategic direction, which focuses on leveraging unique investments to benefit society, the economy, and the nation.” This milestone not only reflects our contribution to Saudi Vision 2030 but also supports our astute leadership’s aspirations for human well-being and environmental prosperity, aligning with international efforts in these crucial areas. We address this comprehensively by embedding sustainability into our business strategy through an environmentally friendly framework based on three core pillars: Profitability, people and the planet.

“Our commitment reflects our dedication to advancing digital progress while upholding our societal responsibilities through our ESG strategy. Grounded in responsible practices, this strategy not only creates value for all stakeholders but also fosters a sustainable future for the planet. This milestone is a testament to the collective efforts and dedication of the Zain KSA family. It also stands as a lasting tribute to our former CEO Sultan Bin Abdulaziz Al-Deghaither, who was a trailblazer in promoting sustainability within the telecom and digital sector at the national level.”