Almarai offers health insurance to retired employees
Updated 15 December 2024
Arab News
Reaffirming its commitment to ensuring sustainable healthcare for its employees, Almarai, a leading food and beverage manufacturer and distributor in the Middle East, has announced a cooperation agreement with the General Organization for Social Insurance to launch the “Health Insurance Extension” service. This initiative will enable Almarai employees to continue enjoying health insurance benefits even after retirement.
Ayman Algeer, chief human resources officer at Almarai, said that the agreement reflects Almarai’s commitment to fostering partnerships in line with its vision to enhance employee services through innovative and sustainable solutions at every stage of their professional and personal lives. He highlighted that Almarai is the first company in the Kingdom to launch such an initiative, which delivers significant long-term benefits for its employees and their families.
“The health insurance extension service allows Almarai employees to benefit from sustainable health coverage at affordable costs during the post-retirement phase. It ensures that employees continue to be covered within the Almarai insurance policy at an appropriate cost, along with the convenience of flexible payment of the insurance policy amount in installments spread over 12 months,” Algeer said.
“This eases the financial burden of treatment and medical care costs for employees after retirement. The service will be delivered taking into consideration the interest of all parties, as it requires Almarai to confirm the continued inclusion of the subscriber (retiree) in its health insurance policy and ensure that social insurance deducts the value of the policy on a monthly basis from the retirement benefits,” he added.
The partnership with GOSI reflects Almarai’s ongoing commitment to supporting social responsibility programs and initiatives across Saudi Arabia and the wider region. Almarai views investment in its employees as a vital aspect of community investment, which serves as a cornerstone of its operations. This collaboration exemplifies the company’s dedication to its societal role in creating a positive impact within the communities it serves. By partnering with national institutions and various organizations both within and beyond the Kingdom, Almarai contributes to enhancing the quality of life for its employees.
LEAP 2025 steps ‘Into New Worlds’ with bold new edition
Updated 15 December 2024
Arab News
Saudi Arabia’s global award-winning tech event LEAP is poised to break new ground when a newly enriched and revamped fourth edition returns from Feb. 9-12, 2025 at the Riyadh Exhibition and Convention Center in Malham.
Being held under the theme “Into New Worlds,” LEAP 2025 will be the pioneering tech event’s first ticketed outing to date, encompassing a higher percentage of influential industry attendees to elevate business networking and investment opportunities across the technology landscape.
LEAP 2025 is co-organized by Tahaluf and the Ministry for Communications and Information Technology — a joint venture between Informa PLC, the Saudi Federation for Cybersecurity, Programming and Drones and Events Investment Fund. The event will deliver advanced features, including a new series of “LEAP Nights” activities, the return of DeepFest, a dedicated Tech Arena, a SportsTech Track and a commitment to hosting and enhancing innovation across multiple sectors such as space, gaming, education, and smart cities, over 20 stages.
Saudi Arabia’s Minister of Communications and Information Technology Abdullah Al-Swaha said: “LEAP has made an outstanding contribution to the realization of the Saudi Vision 2030 goals and has rightly positioned the country as a global technology hub. The decision to move to a ticketed format this year makes LEAP more of an exclusive experience for attendees and relevant to today’s global technology elite. LEAP 2025 will showcase exceptional technology innovations, business opportunities and content — ensuring Saudi Arabia becomes the world’s undisputed technology aggregator.”
Abdullah Al-Swaha, Saudi Arabia’s minister of communications and information technology
Tahaluf expects the fourth edition to witness a surge in interactions between exhibitors and visitors, as LEAP 2025 guests will engage with more than 680 startups, 1000-plus expert speakers, and over 1,800 global tech brands.
LEAP 2025 will feature more exclusive experiences for attendees with the focus on connecting the right people with the world’s latest and most exciting technologies.
A new SportsTech Track will see the world of sports meet the latest tech trends. Attendees will be able to step into the future of sports and experience live demos, industry announcements, and the latest technology innovations from clubs, industry leaders, and pioneers of the sector. Confirmed speakers include Patrice Evra, the successful entrepreneur and former Manchester United forward and France national team captain, who makes his return to LEAP, as well as Mathieu Pierre Flamini, also a former French professional footballer and co-founder of GF Biochemicals.
The Tech Arena is also a new addition for LEAP 2025, where attendees will witness live product demos, get hands-on with prototypes, and see cutting-edge technology in action. The Tech Arena will host a lineup of interactive engagements, connecting participants directly with tomorrow’s breakthrough technologies and innovations.
The Startup Stage will see LEAP dedicate a platform to the brightest innovators and startups. Whether attendees are pitching, networking, or exploring, the Startup Stage will be the place where ideas take flight, and the future of tech unfolds.
LEAP 2025 is expanding beyond the convention halls this year with LEAP Nights. Attendees can immerse themselves in Riyadh’s vibrant cultural scene, with an exciting lineup of dinners, meetups, and live entertainment. LEAP Nights will provide participants with the perfect backdrop for networking, socializing, and soaking in the city’s pulse — all whilst forging new connections across the global tech community.
Faisal Alkhamisi, chairman of the SAFCP, said the new LEAP 2025 initiatives reflected the event’s role in mirroring the rapid pace of tech industry developments and hinted at even more to come.
“Over the past three years, LEAP has evolved at a rocket-fueled pace, playing a critical role in nurturing talent, creativity, and investment. Yet, this is just the beginning. LEAP will continue to reflect the ever-changing tech landscape and inspire pioneers from across the globe,” he said.
Michael Champion, CEO of Tahaluf, Saudi Arabia’s largest B2B event organizer and organizer of iconic brands LEAP, Cityscape, and Black Hat MEA, added: “By transforming LEAP, we are creating a more curated experience. Transitioning to a ticketed model will allow exhibitors and participants to benefit from direct access to a highly engaged and laser-focused audience, leading to more meaningful collaborations and business opportunities. This change reflects our commitment to delivering an event that continues to set the gold standard for tech innovation globally.”
SAB and Goumbook launch 2nd MENAT Regenerative Agriculture Venture Program
Updated 15 December 2024
Arab News
Saudi Awwal Bank, one of the leading banks in the Kingdom, and Goumbook, a not-for-profit social enterprise pioneering sustainability-related initiatives in the MENA and GCC regions, have announced the launch of the second edition of the MENAT Regenerative Agriculture Venture Program for the 2024/2025 cohort.
Building on the success of the inaugural edition, the program reaffirms SAB’s commitment to advancing sustainable innovation across the MENAT. It will empower and upskill researchers, students, and innovators with regenerative and entrepreneurial expertise to tackle critical challenges in food systems, biodiversity loss, climate change, and water management across the region.
The program seeks to bridge the gap between academia, research, and the business sector by transforming research, science, and nature-based solutions and sustainable impact solutions into accessible, scalable, and sustainable long-term outcomes tailored to the needs of small to medium-sized farm holders.
Innovators, researchers, and students focusing on regenerative agriculture are encouraged to apply on the program website by Jan. 6, 2025. Applicants will be able to present their ideas and receive support to develop their regenerative solutions addressing pressing issues such as food security, water management, and ecosystem restoration.
Faten Abalkhail, chief governance and corporate affairs officer at SAB, said: “Our support for RAVP is deeply rooted in the belief that regenerative agriculture can lead to substantial environmental and economic benefits. By fostering a culture of innovation and resilience, we aim to support impactful solutions for Saudi Arabia and the broader region’s unique challenges in soil health, water scarcity, and sustainable food production. Our commitment reflects a profound investment in the present and a sustainable, thriving legacy for our communities and the environment that supports us all.”
Samantha Kayruz, Goumbook’s strategy and sustainability impact director, said: “The continued support for the MENAT Regenerative Agriculture Venture Program reflects our commitment to empowering researchers and innovators to deliver solutions for the region’s unique challenges. Through this initiative, we aim to build on last year’s success and provide a platform for impactful projects addressing food, water, and climate issues while improving livelihoods across the region.”
Aligned with SAB’s environmental, social, and governance vision, the bank recognizes that ESG considerations are integral to the continued prosperity of both the Kingdom and the global economy. SAB is dedicated to mobilizing finance to enable an inclusive, diverse, and equitable transition toward a more sustainable future by embedding ESG principles into its operations.
Regenerative agriculture, through its fundamental principles and adoption of resilient crop varieties that require less water, fewer pesticides, and reduced chemical inputs, is an approach that translates as a vital component in addressing the region-specific agriculture and climate challenges of the MENAT region. Regenerative agriculture also holds the potential to sequester carbon dioxide, making it a climate change mitigation and adaptation solution.
Tawuniya launches virtual accelerator program for MENA startups
Updated 15 December 2024
Arab News
Tawuniya Insurance Company, an insurer in the MENA region, in collaboration with notable global and local partners including Google, Plug and Play, Monsha’at, and Code, has launched an innovative, intensive 12-week virtual accelerator program — InsurAi — to nurture technology startups across the Middle East and North Africa. The initiative underscores Tawuniya’s commitment to fostering innovation and supporting the vibrant startup ecosystem in the region.
The program, which started on Dec. 7, is inviting applications from technology startups eager to elevate their business models through expert guidance and potential funding opportunities. Focused on artificial intelligence and entrepreneurship, the initiative will select 10 promising startups to connect with global experts, elevate brand positioning, and advance in their spheres. On the final Demo Day, slated in the middle of 2025, the winning startup will receive $100,000, with $75,000 and $50,000 awarded to the second and third places, respectively.
This initiative aligns with Tawuniya’s strategic objective to champion cutting-edge solutions that enhance customer experiences and streamline insurance processes.
Abdullah Alshargi, group CTO at Tawuniya, said: “Our collaboration with global leaders like Google and Plug and Play, along with government entities Monsha’at and Code, underscores our commitment to leveraging advanced technologies and entrepreneurial spirit within the MENA insurance market. This program is more than a competition; it’s a gateway for startups to innovate and potentially lead with their solutions. Through this initiative, we aim to harness the significant potential of local talents, fostering digital transformation and innovation across the region.”
This accelerator program is powered by a robust partnership between Tawuniya and industry giants. Google brings its cutting-edge technology and vast expertise in digital innovation while Plug and Play, renowned for their global accelerator programs, will administer the accelerator, ensuring participants receive top-tier mentorship and support. Monsha’at and Code, as governmental entities, will bolster the program’s reach and effectiveness through strategic community outreach and essential resources aimed at fostering SMEs and startups within the region. This collective effort is designed to create a dynamic environment that propels technological and entrepreneurial growth.
As Tawuniya continues to lead in digital transformation within the insurance sector, this program further solidifies its role as a pillar of support for technological advancements and entrepreneurship in the region.
Tata Motors launches first AMT truck in Saudi Arabia
Updated 14 December 2024
Arab News
Tata Motors, India’s leading multinational automobile manufacturer, launched its first automated manual transmission truck, the Tata Prima 4440.S AMT in Saudi Arabia at the Heavy Equipment and Trucks Show in Dammam. Based on its flagship platform, the Prima 4440.S AMT is built with the company’s global expertise to deliver unmatched reliability and performance. Equipped with a powerful drivetrain, robust aggregates and a comfortable cabin, the new truck perfectly blends driver comfort and fuel efficiency to offer higher productivity and profitability to its customers. Additionally, Tata Motors showcased five of its high-performance products at the HEAT Show, which are designed and engineered to suit the country’s requirements and cater to a wide variety of applications.
Unveiling Tata Motors’ HEAT Show pavilion, Anurag Mehrotra, head, international business, Tata Motors Commercial Vehicles, said: “Saudi Arabia is a key region for Tata Motors, where we have proudly established a strong presence and are serving the customers for decades. As the Kingdom undergoes rapid transformation, we remain committed to supporting its evolving mobility needs with our advanced solutions. With a strong focus on innovative technologies, reliability and customer profitability, we are proud to launch our first automated manual transmission truck in the Kingdom. We are confident that its world-class reliability, performance and smart features will aid the country’s ambitious growth aspirations and offer long-term value for our customers.”
Mehrotra further commented on the ongoing development of Tata’s available product lineup within the Kingdom, saying: “We are extremely happy to share that with the launch of the latest Prima truck, we are starting to complete the range of products that will be required to serve the market of Saudi Arabia. Anything that you need from a cargo or passenger mobility standpoint, we have a product for the Kingdom.” He added: “From a product range perspective, whether you look at trucks or buses, the portfolio we offer now is more complete.”
HIGHLIGHT
Tata Motors’ range of trucks are complemented by comprehensive value-added services, provided in partnership with its official distributor Mohamed Yousuf Naghi Motors Co.
Commenting on the Tata Group’s strategy in the Kingdom, Mehrotra said: “As a group, we have always approached the country with a sense of service. We are here to ensure that the country realizes its dreams and visions. If it is right for the Kingdom of Saudi Arabia, it will be right for the Tata Group.”
Tata Motors’ range of trucks are complemented by comprehensive value-added services, provided in partnership with its official distributor Mohamed Yousuf Naghi Motors Co. Customers across the Kingdom will benefit from a wide network of service touchpoints, skilled technicians, and easy access to Tata Genuine Parts that maximize vehicle uptime and enhance overall customer satisfaction.
Azeem Khan, managing director, Mohamed Yousuf Naghi Motors Co, said: “Our successful partnership with Tata Motors allows us to bring to our customers reliable products developed as per the evolving needs of the Kingdom. With the introduction of the Prima 4440.S AMT, we remain committed to providing exceptional after-sales support, ensuring seamless operations for our customers. We will continue to deliver the highest level of service, backed by our strong service network and dedicated teams, to keep our customers’ businesses moving forward.”
KPMG publishes risk management guide for Saudi banks
Updated 14 December 2024
Arab News
KPMG has released a new guide titled “Model Risk Management: A Guide for Financial Institutions in Saudi Arabia,” which serves as an essential tool for the Kingdom’s financial sector amidst its rapid expansion and digital evolution. This publication arrives at a pivotal moment, to equip financial institutions with the necessary strategies and insights to navigate through an increasingly complex industry landscape characterized by technological advancements and regulatory shifts.
Shadi Abuserryeh, partner and head of financial risk management at KPMG in Saudi Arabia, said: “As Saudi Arabia’s financial sector continues to grow and transform, the need for robust model risk management has never been more critical. This guide provides the tools and insights necessary for banks to navigate these regulatory landscapes, ensuring they are well-equipped to manage risks effectively and maintain trust among their stakeholders.”
The guide addresses the growing dependency of banks in Saudi Arabia on third-party services for model development and validation. It underscores the critical need for thorough documentation and continuous real-time monitoring to ensure the reliability and transparency of these externally developed models. Emphasizing robust governance, the guide advocates for vigilant oversight of both in-house and outsourced models, enabling institutions to proactively detect and address potential issues before they escalate.
A significant focus is placed on the integration of advanced models that account for climate risks and expected credit losses, which often rely on external variables and limited historical data. This complexity requires a sophisticated blend of qualitative approaches and expert judgment to ensure accuracy and reliability.
The guide also prepares financial institutions for forthcoming regulations from the Saudi Central Bank, similar to those recently enacted by the UAE’s Central Bank, aimed at elevating model quality and mitigating associated risks.
The document further explores the heightened risks during periods of exceptional growth or economic stress. Factors such as rapid market shifts and changing consumer behaviors can increase data volatility, challenging the accuracy of model predictions. The scarcity of robust historical data during these times diminishes the reliability of models, and the growing complexity needed to capture such dynamic environments can lead to errors and complicate interpretation efforts. Additionally, as the reliance on these models intensifies for critical decision-making, the likelihood of inaccuracies rises, potentially leading to rushed development and validation processes.
Despite these challenges, the guide identifies significant opportunities for the Saudi financial sector. “By effectively addressing these issues, institutions can enhance their risk management capabilities and resilience against adverse conditions. The adoption of cutting-edge technologies offers potential improvements in efficiency and precision in managing risks. Furthermore, compliance with new regulatory standards can boost governance and transparency, fostering greater trust among stakeholders,” said Ovais Shahab, head of financial services — Saudi Arabia at KPMG Middle East.
