Riyad Bank leads the way in sustainability with comprehensive ESG strategy

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Updated 29 January 2025
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Riyad Bank leads the way in sustainability with comprehensive ESG strategy

Riyad Bank, a leading financial institution in Saudi Arabia, has launched a white paper outlining its sustainability strategy, setting a new standard for sustainability in the regional banking sector.

“The white paper shares our approach, our choices, and the methodology that underpins our strategy in a transparent and collaborative manner so that others may benefit from our experience,” Riyad Bank said in a statement.

The strategy is aligned with the Kingdom’s Vision 2030 and its commitment to net-zero by 2060. It includes ambitious goals for sustainable finance, emissions reduction, and community engagement.

Key highlights include:

  • Net-zero by 2060: Aligning with Saudi Arabia’s national targets, the bank aims to achieve net-zero emissions by 2060, with an ambitious interim target of net-zero for its own operations (scope 1 and 2) by 2035. 
  • Internal 2030 sector targets: The bank has established its scope 3 financed emissions baseline and set science-based interim decarbonization targets for its power and iron and steel sectors.
  • Sustainable finance leadership: The bank has set a target of SR20 billion in sustainable finance volume by 2030, demonstrating its commitment to financing projects and initiatives that contribute to a sustainable future. 
  • Expanding industry partnerships: The bank will increase engagement with leading sustainability initiatives, including the Partnership for Carbon Accounting Financials, the UN Global Compact, CDP, and the Principles for Responsible Banking. 
  • Strong ESG governance: The bank has enhanced its existing robust ESG governance framework, with increased oversight at the board and management levels, integrated KPIs, and incentivized sustainability performance. 
  • Community engagement: The strategy emphasizes enhanced community engagement and initiatives, focusing on creating a positive social impact. 

Riyad Bank’s sustainability strategy is accompanied by a comprehensive three-year roadmap for the bank’s sustainability journey, setting a clear path for the bank to create long-term value for its stakeholders and contribute to a sustainable future for the Kingdom and the region. 


Intertek strengthens Middle East commitment with new regional HQ in Riyadh

Updated 16 February 2025
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Intertek strengthens Middle East commitment with new regional HQ in Riyadh

Intertek, a leading Total Quality Assurance provider to industries worldwide, has opened its regional headquarters in Riyadh. This new hub will play a key role in supporting Intertek’s expanding portfolio of services and solidifying its commitment to customers in the region, as well as highlighting Intertek’s role in achieving the goals of Saudi Arabia’s Vision 2030. 

Intertek’s own vision focuses on innovation, sustainability, and industry diversification. With the Kingdom reducing its reliance on oil by fostering growth in key sectors such as manufacturing, renewable energy, tourism, and technology, Intertek aims to stand as a trusted partner in this transformation. With a strong legacy in the oil and gas sector, Intertek continues to support the industry’s evolution while leveraging its expertise to help businesses across all sectors meet the highest quality and safety standards. Through its comprehensive assurance, testing, inspection, and certification solutions, Intertek enables organizations to innovate, expand, and contribute to the Kingdom’s diversified economy. Intertek’s sustainability solutions, including environmental audits and renewable energy certifications, also align with Saudi Arabia’s commitment to a greener future, driving economic growth and environmental responsibility. 

Saudi Arabia’s Vision 2030 is focused on building state-of-the-art infrastructure, and Intertek’s services in construction material testing, inspection, and certification help ensure that these projects meet global safety and quality standards. Intertek also empowers local talent by investing in capacity-building and professional development programs, fostering the growth of Saudi talent in the quality and assurance fields. Through these efforts, the company is helping Saudi businesses thrive in the global marketplace, furthering the Kingdom’s ambition to become a leading global economic hub, while upholding excellence in the oil and gas industry. 

Hanna Jabbour, Intertek vice president, industry services, MENAWA, SSA, and South-East Asia, said: “Intertek has been operating in Saudi Arabia for more than 30 years, and we are proud to play a vital role in supporting the country’s infrastructure development and global competitiveness. The opening of our regional headquarters marks a significant long-term investment and commitment to the Saudi market, reflecting the Kingdom’s ambition to create a sustainable and thriving economy by 2030 and beyond.”

Steven Owens, Intertek managing director, MENAP, said: “Our portfolio of complementary services and expertise has always been closely connected to the evolving needs of our customers. The new headquarters location will enable our teams to collaborate more efficiently and effectively while providing a local foundation on which to support the broader region.” 

Present at the regional headquarters opening ceremony in Riyadh were Jabbour; Owens; Ross McCluskey, Intertek executive vice president Europe, Middle East and Africa and government and trade services; Bertrand Mallet, EVP, Intertek industry services; a senior adviser from the Ministry of Investment; UK embassy representatives; and several government officials. 


STC Bank partners with PLDT Global to expand digital payment solutions

Updated 15 February 2025
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STC Bank partners with PLDT Global to expand digital payment solutions

STC Bank, a leading Saudi digital bank, has entered into a strategic partnership with PLDT Global Corporation, the international arm of PLDT Inc., to enhance digital financial solutions and payment accessibility for its customers in Saudi Arabia.
As part of the strategic partnership, STC Bank will be available as a payment option within PLDT Global’s digital marketplace, Tindahan ni Bossing, and include Vortex products on its marketplace. Vortex, PLDT Global’s robust, secure, and integration-ready digital distribution platform, ensures seamless transactions for users, enabling them to conduct smooth and secure digital payments.

Nizar Altwaijri, CEO of STC Bank

By leveraging its digital banking infrastructure and expertise, STC Bank will facilitate financial inclusion, streamline cross-border payments, and enhance cybersecurity measures to safeguard digital transactions for PLDT’s customers in Saudi Arabia.
“At STC Bank, we are driving financial inclusion through innovation that empowers individuals and businesses alike. Our collaboration with PLDT Global aligns with our mission to enhance digital banking accessibility, ensuring seamless and efficient transactions for our customers, no matter how far they are from their home countries” said Nizar Altwaijri, CEO of STC Bank.

At STC Bank, we are driving financial inclusion through innovation that empowers individuals and businesses alike.

Nizar Altwaijri, CEO of STC Bank

“We are thrilled to join forces with STC Bank. This partnership will enable us to provide every Filipino and our other customers in Saudi Arabia with convenient and secure payment options that meet their evolving needs. Together, we are committed to empowering businesses and communities at home and abroad,” said Albert V. Villa-Real, president and CEO at PLDT Global.
This strategic alliance is in line with STC Bank’s continued expansion into global digital ecosystems, reinforcing its commitment to offering cutting-edge financial services that cater to the evolving needs of Saudi citizens and residents in an increasingly digital economy.

 


HVAC leader Rheem marks 100 years with Saudi expansion

Updated 16 February 2025
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HVAC leader Rheem marks 100 years with Saudi expansion

As Rheem celebrates its 100th year anniversary this year, the company is reflecting on a century of innovation, technological advancements and global expansion. Established in 1925, Rheem has become a world leader in heating, cooling, and water heating solutions, providing reliable and energy-efficient systems to customers across the globe. With a strong presence in more than 50 countries, Rheem’s journey has been marked by a relentless pursuit of excellence, and this milestone year underscores its commitment to the future.

Rheem established its regional headquarters in Saudi Arabia, solidifying its investment in the Middle East and demonstrating the company’s commitment to fostering innovation and local talent in the Kingdom. Rheem’s presence in Saudi Arabia is a key in its global expansion plans, ensuring the delivery of world-class HVAC solutions to one of the most rapidly growing markets in the region.

At the core of Rheem Middle East’s expansion is Rheem Saudi Arabia and the launch of its cutting-edge Innovation and Learning Center in Riyadh. This state-of-the-art facility not only showcases Rheem’s latest technologies but also serves as a training ground for the next generation of Saudi professionals. Through its comprehensive training programs, Rheem is empowering young Saudis with essential skills, aligning with the Kingdom’s Vision 2030 goals of local talent development and economic diversification. Rheem aims to create opportunities for Saudi nationals, enhancing their technical expertise and leadership skills in an industry vital to the Kingdom’s infrastructural and economic progress. This strategic investment in human capital echoes Vision 2030’s emphasis on building a skilled, competitive workforce that can drive future growth.

Going further, as part of its commitment to Vision 2030, Rheem is focused on playing a key role in advancing Saudi Arabia’s goals of diversification and sustainability. By providing cutting-edge HVAC solutions, Rheem supports the Kingdom’s objectives of reducing energy consumption and promoting eco-friendly technologies. The company’s focus on innovation and sustainability aligns with Vision 2030’s pillar of environmental responsibility, as Rheem strives to contribute to the Kingdom’s shift toward a greener future.

Rheem’s century-long legacy is built on a foundation of innovation, quality, and sustainability, which has been recognized globally through numerous awards. The company has consistently been lauded for its energy-efficient technologies and its role in advancing sustainable HVAC solutions, from being awarded for the best-in-class product innovation to receiving accolades for outstanding customer service.

As Rheem approaches its 100th anniversary, the company looks back on decades of strong partnerships and satisfied clients. Renowned for its reliability and innovation, Rheem has earned the trust of leading developers, contractors, and homeowners across the globe. 

The company remains focused on its mission of innovation and global growth. The establishment of the regional headquarters and ILC in Saudi Arabia signals Rheem’s continued commitment to shaping the future of the HVAC industry in Saudi Arabia and across the globe.


Al-Majalla at 45: A legacy of excellence, a future of innovation

Updated 15 February 2025
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Al-Majalla at 45: A legacy of excellence, a future of innovation

The Middle East’s leading Arabic current affairs magazine Al-Majalla is celebrating its 45th anniversary, coinciding with the second anniversary of its digital transformation, which introduced a suite of new digital products, an upgraded bilingual website in Arabic and English, and enhanced social media and interactive digital platforms.

Since its establishment in 1980, Al-Majalla has held a unique position in the media landscape as a reliable source of news and bold intellectual discourse. Over the decades, it has earned the trust of thought leaders and decision-makers, delivering in-depth, balanced analyses that explore and analyze the issues shaping our world. Al-Majalla has conducted exclusive interviews with global and regional leaders, published groundbreaking investigative reports spanning politics, culture, economics, and technology, and served as a premier platform for the most important political and intellectual voices from the Middle East and beyond.

For more than four decades, Al-Majalla has provided unique coverage of pivotal events in regional and global history, led by a distinguished group of journalists and editors-in-chief who have left a significant mark on the media landscape, including Abdulrahman Al-Rashed, Othman Al-Omair, and Adel Al-Toraifi. Throughout its history, the magazine has been a trusted source for insightful perspectives and precise analyses on significant historical milestones. Al-Majalla was among the first to recognize the Iranian threat, closely monitoring Iran-backed organizations and movements. It extensively covered the Iraqi invasion of Kuwait, being the first to report on the Kuwaiti government’s meeting in Saudi Arabia in 1990. The magazine also provided detailed coverage of Palestinian President Yasser Arafat’s departure from Beirut in 1982, uncovering the secret negotiations that led to his exit.

Over the years, Al-Majalla has interviewed some of history’s most influential figures, including US President Ronald Reagan, British Prime Minister Margaret Thatcher, King Hussein of Jordan, Egyptian President Hosni Mubarak, poet Nizar Qabbani, and boxer Muhammad Ali. As a trusted reference, Al-Majalla has also attracted a distinguished group of writers, intellectuals, and specialists from across the region and the world, such as Nobel Prize-winning novelist Naguib Mahfouz, Syrian poet Nizar Qabbani, and Sudanese novelist Tayeb Salih.

Since its relaunch two years ago, Al-Majalla has achieved significant milestones and secured exclusive interviews, reinforcing its prestigious status in the region and beyond. Among its key achievements was an exclusive report on a “ceasefire proposal” in Gaza, which gained widespread attention from major Arabic and international media outlets.

It also exclusively published the “full story” of former Syrian President Bashar Assad’s escape, revealing details never told before about the days leading to the fall of the Assad regime. Other widely covered investigative pieces included “top-secret” communications between Israel and the Assad regime and the Hamas-Fatah agreement on Gaza governance.

Additionally, Al-Majalla conducted exclusive interviews with key political figures shaping today’s landscape, such as former Turkish President Abdullah Gül and NATO Secretary-General Mark Rutte — making it the first Arab media outlet to interview him after he assumed his new position.

Jomana R. Alrashed, CEO of SRMG, reflected on Al-Majalla’s enduring legacy: “For over four decades, Al-Majalla has documented the transformations of the region and the world, staying at the forefront of unfolding events while maintaining a steadfast commitment to in-depth, credible, and accurate reporting. Its legacy stands as a testament to a clear editorial vision, upheld by an exceptional team of distinguished journalists and intellectuals, driven by unwavering passion and dedication.”

Speaking on Al-Majalla’s relaunch two years ago in a refreshed and modernized format, Alrashed highlighted the evolving role of media: “In today’s rapidly shifting media landscape, we must honor our strong heritage while embracing modern platforms and formats that resonate with the next generation of readers, leaders, and decision-makers. Our role extends beyond news reporting — we are a mirror to reality, a window into the future, and a bridge that connects generations politically, culturally, and socially.”

Beyond its journalistic achievements, the platform has been recognized for its visual storytelling and illustrative journalism, winning prestigious awards alongside major international media institutions like The New York Times, The Washington Post, and The Economist. Among these accolades were two international awards from the Society of Illustrators in New York, honoring the artwork “A Grim Anniversary” on the first year of the Russia-Ukraine war and “Pursuing Fusion” on nuclear fusion. The magazine also made the shortlist for the 2025 Communication Arts Awards, competing among 2,867 artistic entries worldwide.

The transformation over the past two years has led to remarkable success. Page views have surged by 910 percent, daily visitors have increased by 714 percent, and monthly visitors have grown by 629 percent.

To continue to stay ahead in the digital era, Al-Majalla launched its talk show, Hadith Al-Majalla, featuring influential figures discussing key cover stories. Guests have included American expert Andrew Tabler, former Lebanese Prime Minister Fouad Siniora, former Palestinian Foreign Minister Nasser Al-Qudwa, and former Iraqi Foreign and Finance Minister Hoshyar Zebari. The magazine also hosted a panel discussion at the renowned Frontline Club in London, where former US Ambassador Robert Ford participated in a debate as part of the Debating MENA series, attended by top media figures, diplomats, and experts.

Editor-in-Chief of Al-Majalla Ibrahim Hamidi said: “Today, we celebrate 45 years since the founding of Al-Majalla. This distinguished legacy, crafted with expertise and foresight by leading journalists and intellectuals, presents both an opportunity and a challenge for us. It is an opportunity to build upon this rich heritage with a modern, forward-thinking approach that resonates with the world today, and a challenge that motivates us to preserve, enrich, and elevate this legacy with the highest standards and ambitious goals.

“Over the past two years, in the age of the information revolution, we have focused on delivering insightful, in-depth content, enhanced by elegant language and cutting-edge visual and interactive media, distributed across social platforms to reach a wide and diverse audience. Our mission is to serve as a dynamic bridge that connects our region to the world and unites generations. Just as Al-Majalla transformed magazine journalism more than four decades ago, we now aim to take competitiveness to new, uncharted heights.”


Lean showcases leadership in digital healthcare innovation at LEAP 25

Updated 15 February 2025
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Lean showcases leadership in digital healthcare innovation at LEAP 25

Lean Business Services, a Public Investment Fund subsidiary, demonstrated its leadership in digital healthcare transformation at the LEAP 25 tech conference in Riyadh, presenting cutting-edge solutions designed to advance operational efficiency, diagnostic precision, and patient care across Saudi Arabia. This participation aligns seamlessly with the goals of Saudi Vision 2030 and the Health Transformation Program, reinforcing Lean’s commitment to driving innovation in healthcare.

As part of its participation, Lean forged strategic partnerships with leading local and international organizations. A notable collaboration with Ascend Solutions will establish advanced health command centers, leveraging big data analytics to enhance medical decision-making processes. Additionally, an agreement with Takamol Holding will facilitate the development of an AI-powered digital healthcare ecosystem. Lean also signed a memorandum of understanding with Elm to co-develop digital health solutions, and a framework agreement with Pfizer to integrate digital health innovations into the pharmaceutical landscape, enhancing patient experiences through cutting-edge technology.

At its booth, Lean unveiled pioneering technologies, including its digital twin solution, which uses AI-driven data analytics to create predictive health models for proactive healthcare planning. The company also showcased genomics technologies for precise diagnostics and personalized treatment, alongside its digital clinic, which is a mobile health unit providing advanced medical services anytime, anywhere, without the need for on-site medical staff.

The Lean booth attracted visits from key figures, including Minister of Health Fahad Al-Jalajel, Minister of Communications and Information Technology Abdullah Al-Swaha, and Director of the National Information Center Dr. Esam Al-Wagait, all of whom explored the company’s innovative healthcare solutions.

Lean’s participation at LEAP 25 reflects its ongoing mission to redefine healthcare through digital innovation, contributing to the development of an integrated, efficient, and sustainable digital health ecosystem that enhances quality of life and supports Saudi Arabia’s national transformation goals.