World’s largest organic dairy producer launches organic milk in Saudi Arabia

Arla Foods, the world’s largest producer of organic dairy products, has launched its first branded organic milk in Saudi Arabia. This is as part of the farmer-owned company’s ambitious business strategy to become the number one organic dairy brand in the Middle East and North Africa by 2020.

A recent report suggests that a rise in popularity is contributing to the significant growth in the GCC organic market[1]. The organic food market in the GCC is expected to reach USD 1.5 billion by 2018, growing at a CAGR of 19.5% from USD 300 million in 2009 due to changing consumer tastes and habits[2].

“We are seeing a rise in demand for organic products in the Middle East, particularly in Saudi Arabia where retailers have shown a growing interest in stocking organic produce. As the world’s leading producer of organic dairy products, we look forward to introducing Saudi consumers to our organic range by adding Arla Organic to our existing portfolio in the region. We wish to provide choice and availability to the people of Saudi Arabia and help make organic a mainstream choice for all,” says Kim Villadsen, Managing Director of Arla Saudi Arabia.

To celebrate the launch of the organic milk in KSA, Arla is hosting an interactive pop-up farm event in Riyadh from February 20th to 22nd, offering primary school children, government officials and the media a unique opportunity to learn more about organic farming. Two organic Arla farmer owners from Europe will be present for the launch in Riyadh to share their experience and dedication directly with consumers.

Arla Organic Milk is certified organic and comes from cows that have been raised according to organic farming methods. The free-range cows have space to roam on lush green fields and enjoy a 100% organic diet. In line with European standards, Arla farmers do not give their cows antibiotics or hormones to increase the amount of milk they produce.

Arla launched in the UAE in September 2017, and will be launching in Lebanon and Kuwait in the near future as part of its regional phased approach.

Presently Arla is best known in the Middle East for non-organic dairy products under global brands such as Lurpak®, Castello® and particularly Puck®, which has become a household staple. Fronting the Arla® brand on products including organic milk, as well as the launch of Arla® Protein drinking milk in late 2018, will build the dairy company’s presence even further.

You can find out more about Arla on their website glassofpuremilk.com, as well as on their Facebook and Instagram channels: @ArlaArabia

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General Entertainment Authority launches 2018 entertainment calendar Al Khatib: “GEA is one of the engines for transformation in the Kingdom. We are working to make KSA a global entertainment destination.” GEA CEO: “224,000 new jobs to be created in the entertainment sector”

Saudi Arabia’s General Entertainment Authority (GEA) will host an unprecedented number of events in the Kingdom this year, with more than 5,000 live shows, festivals and concerts planned in 56 cities across all regions. The 2018 entertainment calendar is the most diverse line-up of live entertainment ever seen in Saudi Arabia, ranging from musicals and shows for all the family, to stand-up comedy and live performances from some of the biggest names in global music. The announcement was made at a special event in Riyadh in the presence of His Excellency Ahmed Bin Aqeel Al Khatib, Chairman of the Board, and the CEO of GEA, Eng. Faisal Bafarat, alongside a number of Excellencies and esteemed guests.

HE Mr. Ahmed Al Khatib, Chairman of the General Entertainment Authority said: “The GEA is taking accelerated steps towards enhancing lifestyle in all regions of Saudi Arabia by providing rich and diverse entertainment options and experiences for people to enjoy. GEA contributes directly to the objectives of the Quality of Life programme, which aims to achieve a thriving economy and a vibrant society in which citizens and residents enjoy a better quality of life.”

He revealed that the entertainment sector needs SAR 267 billion of investment to build entertainment infrastructure in all regions of the Kingdom, and investment in infrastructure between 2017 and 2030 is expected to contribute SAR 18 billion per year to Saudi Arabia’s GDP, with consumer spending estimated to reach SAR 36 billion by 2030.

“GEA is proud to be one of the drivers of transformation in the Kingdom, through its clear purpose to build a world-class entertainment industry that will put the Kingdom of Saudi Arabia on the global tourism and entertainment map,” he added.

Eng. Faisal Bafarat, Chief Executive Officer, General Entertainment Authority said: “This year will not only provide more opportunities for people to share rich experiences with family and friends, but will also significantly contribute to the continued development of the entertainment industry in the Kingdom. 2018 marks a change in pace thanks to the sheer scale of the programme we are offering. Thousands of events will be organised and regulated, providing more opportunities than ever for us to continue to enhance the quality of entertainment events in the Kingdom, as well as adhere to the highest international standards.”

Bafarat presented the 2018 entertainment line-up highlights which include 55 headline events alongside thousands of events hosted by private organisers, municipalities and governorates that will be supported by GEA.

“The diversity and scale of the 2018 entertainment program will play a significant role in the continued growth of the entertainment industry in the Kingdom with a total of 224,000 new jobs, including 114,000 direct and 110,000 indirect jobs expected to be created in the sector by 2030,” Barafat said. “Families, young people and children will be able to enjoy live music performances, theatre shows, musicals, circus performances, community festivals and much more across the Kingdom,” he added.

The General Entertainment Authority was established in 2016 and managed 52 events that year which were attended by more than 100,000 people. In 2017, the Authority hosted more than 2,200 events attended by 8.2 million people. The 2018 entertainment calendar will feature more events than ever taking place throughout the Kingdom, including performances from some of the world’s most celebrated artists.

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For the first time in Saudi Arabia: Wendy Musical Play

The General Entertainment Authority brought the Wendy Musical Play, which will be held for the first time in the Kingdom of Saudi Arabia and organized by LuxuryKSA,

The Kuwaiti Wendy Band will perform a musical from 22nd till 24th of February in Riyadh, Dar Al Uloom, following their performance in Al Khobar last week.

The musical offers a public-spirited message that expresses the urgent need for human coexistence and respect for diversity embodied in all kinds of knowledge, science, creative arts and education. Where the drama revolves around the difficulty of integrating personalities from different groups in accepting each other.

Mr. Fawaz Al Enezi, Event Manager, LuxuryKSA, said: “The company is working towards attracting the most important international offers and teams that are reviving their shows in Saudi Arabia for the first time.”

On the side-lines of the conference, Wendy Group expressed its pleasure to visit the Kingdom and the importance of this invitation to establish such plays in Saudi Arabia, in light of the boom in the entertainment sector targeting a variety of age groups.

The band added: “The work is a musical play composed of legends and realistic stories, presented in the style of narrative theater which uses the style of paintings, dances and songs in a creative representation, performed by a large group of actors (boys and girls) effectively and charmingly with high artistic skills.”

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Forcing the transformation process: Messe Düsseldorf’s strategy plan “2030” in line with Saudi Vision

330 million Euro turnover in 2017, growing international business and a new digital strategy: Messe Düsseldorf is established as one of the five most profitable trade fair companies in Europe and. With the launch of the “Messe Düsseldorf 2030” strategy and entering an official partnership with the German-Saudi Arabian Liaison Office for Economic Affairs (GESALO), the organization intensifies their efforts to contribute to Saudi Arabia’s reform program.

At a press conference on Tuesday organized by GESALO the Director of International Business, Dr. Clemens Schütte, presented the Messe Düsseldorf Group at the Riyadh Marriott Hotel. With 1,350,000 trade visitors and 28,700 exhibitors, Messe Düsseldorf is an international hub in various fields of the industry. “With regard to the exciting project of the Saudi Vision 2030, there is a multitude of different sectors in which Germany and in particular Messe Düsseldorf with its world-leading trade shows and new digitalization strategy ‘2030’ can play a leading role in exchanging knowledge and boosting trade business. We are glad, to find with GESALO the right partner to increase our efforts in the Kingdom,” remarked Dr. Schütte in Riyadh.

As a key fact, he mentioned that two thirds (90 out of 140) of the world‘s number one trade fairs are held in Germany – including 23 number one trade fairs in Düsseldorf alone. As one of the leading innovation drivers Messe Düsseldorf attracted 10,500 visitors from Saudi Arabia since 2015. More than half of those participated in the MEDICA World Forum for Medicine. In the view of the ongoing transformation of the Saudi healthcare sector, MEDICA provides exceptional insights into the latest developments in medical technology, electromedicine, hospital equipment, laboratory equipment, diagnostics, and physiotherapy.

The importance of a closer German-Saudi interchange not just in the healthcare sector was made clear by the following discussion: after outlining the Status Quo of the National Transformation Program 2020 by Dr. Khalid Alyahya, Board Member of the National Center for Strategic Development in Saudi Arabia for KPMG, the Saudi Export Program (SEP) was explained by Mr. Ziyad Alsabbaly from the Saudi Export Program (SEP). Together with the following presentation by Mr. Mohamed Almaajal (Riyadh Chamber of Commerce and Industry) about small and medium-sized enterprises, the expositions provided a fruitful basis for the subsequent discussion on further points of contact between the German-Saudi economy.

“Especially SMEs can benefit extraordinarily by a continuous exchange with the German economy and especially with German trade fairs. Innovation is an essential factor for a successful implementation of the economic reforms, whether as an impulse for creating new jobs or exploitation of new market potentials,” highlighted Oliver Oehms (Delegate of German Industry and Commerce for Saudi Arabia, Bahrain and Yemen) in his concluding statement.

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GESALO announces 1st German-Saudi Startup Competition in Riyadh The winning startups take part into to a four-day startup tour in Germany in April 2018 and represent their companies at the Mena Business Forum in Berlin

Saudi startups heads up: The German-Saudi Arabian Liaison Office for Economic Affairs (GESALO) opened up the registration for the 1st German-Saudi Startup Competition at the Rosh Rayhaan by Rotana Hotel in Riyadh on March 22, 2018.

Interested participants can register their business models and products online until March 5, 2018. The ten best startups get the opportunity to pitch their business ideas in front of the members of the local German Business Community and a high-ranked jury including GESALO Delegate Oliver Oehms, the German Ambassador, H.E. Dieter W. Haller, leading local entrepreneurs, and investors. The competition is open for any Saudi startup founded 2015 or later in the fields of tech innovation and social entrepreneurship.

“We offer young Saudi entrepreneurs a platform to connect to industry leaders, experienced investors, and potential new customers from Germany, Saudi Arabia, and the Gulf region. Small and medium-sized companies and innovative business ideas are the key drivers of the German economy and a growing sector in Saudi Arabia. We intend to support young Saudi startups with our network and know-how,” declares Oliver Oehms, Delegate of German Industry & Commerce for Saudi Arabia, Bahrain, and Yemen.

The two best entrepreneurs are winning a four-day startup tour in Germany. As a particular highlight, the startups get the chance to pitch at the Mena Business Forum in the presence of special guests such as H.E. Khaled Juffali and leading businessmen in Berlin on April 12, 2018. Before and after the event, an exciting dive into the vibrant startup ecosystem in Berlin is waiting for the entrepreneurs including individual meetings with successful German founders, investors, and experts.

GESALO organizes the event in cooperation with the German Embassy in Riyadh, the Goethe-Institut Riad, SHEWORKS, Dubai Angel Investors Riyad TAQNIA Fund (RTF) and Riyad Capital. “We are glad our project attracts a huge interest in the German business community. For GESALO as well as for German companies Youth Employment is one of the core topics in the Kingdom. We aim to further contribute through a stronger exchange between Saudi Arabia and Germany,” remarks Delegate Oliver Oehms in the view of the strong support from renowned companies such as Lufthansa, Airbus, Detasad, Roland Berger, Juffali Industrial Products Company (JIPCO/Mercedes-Benz), Al-Ewan Medical Company, and the Konrad-Adenauer-Stiftung.

Interested startups and entrepreneurs can find more information and the registration link on the GESALO web page: http://saudiarabien.ahk.de/en/ or directly on https://goo.gl/forms/Mp1VRDxnilJxmJZa2. For questions, please contact:
startup@ahk-arabia.com.

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Rotana announces aggressive expansion plans to drive growth in Saudi Arabia’s tourism and hospitality sector Robust hotel pipeline will contribute to the Kingdom’s Saudi Vision 2030 and economic diversification efforts

Reinforcing its commitment to supporting Saudi Arabia’s economic growth, and its tourism and hospitality sector in particular, Rotana, one of the leading hotel management companies in the region with hotels across the Middle East, Africa and Turkey, has laid out plans for aggressive expansion of its portfolio in the Kingdom. With the aim of contributing to the country’s efforts to achieve its goals outlined in the Saudi Vision 2030, and its initiatives aimed at promoting the domestic tourism sector, including the Red Sea coastline project, Rotana has planned an impressive development pipeline of five hotels in major cities across the country to add more than 1,150 keys to its already strong portfolio, the company’s Chief Operating Officer Guy Hutchinson said on the sidelines of the Rotana Hotels 2018 GCC Roadshow.

With its rapidly growing economy, the Kingdom is one of the fastest growing markets for Rotana, which currently operates four hotels and 1,258 rooms in Riyadh, Jeddah and Makkah. Since their inception, the hotels have witnessed strong growth in terms of occupancy rate.

The Kingdom has seen tremendous growth in the number of visitor arrivals in recent years driven by major social and economic reforms and increased infrastructure development. As a result, the hospitality sector in the country has been witnessing a major transformation in terms of demand and product mix. Along with high-end properties, the demand for mid-market offering has increased considerably, and in order to address this supply gap, Rotana has planned to open four new hotels under “Centro by Rotana” brand in Riyadh, Jeddah, Al Khobar and Medina. Another hotel under the development, Dana Rayhaan by Rotana, will open in the city of Dammam. The company already has more than 500 keys at two operating hotels for budget-conscious travelers in Riyadh and Jeddah.

“Travel and tourism continued to be one of the world’s fastest-growing sectors in 2017, and the outlook for the industry in 2018 remains robust, given the anticipated increase in the number of travelers from developing and emerging countries and rising disposable income of people coupled with their yearning for unique experiences. Increasing airline competition that has brought down the cost of travel and strong demand for business travel will further drive growth in the sector. Driven by recent reforms and the country’s endeavors to diversify its economy, the hospitality sector in the Kingdom is headed for a growth it has never seen. The initiatives such as $500 billion Red Sea coastline project and plans to issue tourism visa will accelerate the country’s economic diversification to achieve less reliance on oil and transform it into a global tourism destination” said Guy Hutchinson, Chief Operating Officer of Rotana.

“With the government’s continuing efforts to improve ease of doing business and massive investments in infrastructure, the demand for corporate travel and accommodation has been increasing exponentially. We have diversified our portfolio to match needs of travelers of all kinds, and with our strong market presence and unique offering, Rotana is well-positioned to capitalize on the booming growth of the sector in the Kingdom,” Hutchinson concluded.

In 2017, Saudi Arabia witnessed a phenomenal increase of 13% in hotel room supply to clock a total of 44,200 hotel rooms, rising from 39,000 keys in 2016, and It is forecasted that the country will add 11,600 rooms in 2018.

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New Predictive Analytics, Assurance Capabilities Advance Cisco’s Strategy to Reinvent the Network for Digital Business

 

 

  • Mathematical modeling and contextual insights represent the next major advancement in intent-based networking revolution
  • Waves of software innovation fuel evolution of networking portfolio toward subscription-led model
  • Cisco delivers an industry leading end-to-end intent-based networking portfolio, which spans the data center, campus, branch and edge

Saudi Arabia, Riyadh —January 31, 2018—Cisco today announced powerful assurance innovations across its intent-based networking portfolio that will help IT teams shift from reactive to proactive. It will address the 43 percent of time IT spends troubleshooting, while making IT operations more proactive, agile and automated. The software innovations represent significant advancements in mathematical modeling and contextual insights, accelerating Cisco’s strategy to reinvent the network for the digital era.

Over the past few years, the explosion of devices, adoption of cloud, and exponential growth of security threats have challenged current approaches for building and managing networks. Cisco’s vision is to create a network that anticipates operational issues, stops security threats in their tracks, and continues to learn, adapt and protect. To realize this, Cisco is driving the intent-based networking revolution by transforming the entire network, from the data center and campus, to the branch and edge.

Today, Cisco is introducing its second wave of intent-based networking innovation, with powerful assurance products spanning the networking portfolio.

  • In the data center, the Cisco Network Assurance Engine uses continuous verification of the entire network to help keep business running as intended, even as the network changes dynamically.
  • In campus and branch networks, Cisco DNA Center Assurance is delivering a new level of insight and visibility to dramatically reduce the time and money IT spends troubleshooting across wired and wireless environments.
  • And, for customers with distributed IT operations, the new Cisco Meraki Wireless Health reduces mean time to remediate wireless issues with rich analytics and insights.

“The network has never been more critical to business success,” said David Goeckeler, executive vice president, Networking and Security Business at Cisco. “We’re reinventing the network ground up to deliver a secure and intelligent platform for digital business. Today, we are taking another major step toward that ambitious goal with intent-based networking innovations designed to deliver contextual insights and assurance that will help transform IT from reactive to proactive.”

Cisco’s intent-based networking portfolio represents a fundamental shift away from the manual and time-intensive methods by which networks are traditionally managed. These intent-based networks capture and translate business intent into network policies, and activate them across the infrastructure. With the introduction of assurance capabilities, they can now continuously verify the network is operating as intended.

Customers globally are embracing intent-based networking. Nearly 200 customers are in early field trails with the new assurance technologies, including Robert Bosch GmbH, REWE Group, Houston Methodist Hospital and Scotiabank. More than 1,100 customers are deploying the recently announced Catalyst 9000 Series switches, with 150 running DNA Center pilots. In the data center, Cisco has more than 14,500 Nexus 9000 customers, with a 45 percent ACI attach rate.

Innovation Spanning Data Center and Enterprise Networking

Today, Cisco is introducing three powerful new assurance products that further demonstrate how intent-based networking systems move at the speed of digital business.

In the data center network, Cisco is enabling always-on assurance through the Cisco Network Assurance Engine. By combining mathematically accurate models of the network with more than 30 years of codified domain knowledge, Cisco provides IT teams the ability to instantly pinpoint why and when the network is not acting as intended, then offer suggestions on how to address the issue. This comprehensive view into their network helps enable IT teams to:

  • Predict the Impact of Changes: Make changes to the network faster and with more confidence, catching human configuration errors before they cause problems.
  • Continuously Verify Network Behavior: Proactively eliminate network outages and vulnerabilities by continuously analyzing the state of the entire network.
  • Assure Security Policy and Compliance: Reduce risk by assuring that security policies are being applied consistently across the network, and ensure policies are compliant with business requirements—every minute of every day.

With ACI and Tetration, Cisco provides the ability to translate application intent and activate those policies across the network. Now, with the Network Assurance Engine, Cisco is delivering the final element of intent-based networking – the assurance of intent.

In the campus and branch, Cisco is enabling ‘everything as a sensor’ and aggregating intelligence from the network, application, client and things to help provide IT with full context. These capabilities will dramatically reduce the 43 percent of time that IT spends troubleshooting and improve the experience for employees and customers.

Cisco DNA Center Assurance provides a 360-degree contextual view that connects all the relationships of who, what, where, when, how. Spanning wired and wireless environments, it delivers a complete picture of what is happening between users and applications with real-time, historical and predictive capabilities. DNA Center Assurance helps IT teams address three major issues:

With Cisco Meraki Wireless Health, IT also gains visibility and rich analytics to troubleshoot wireless issues faster and deliver a better user experience. Cisco Meraki uses a cloud-managed IT model to automate operations, simplifying the complexity of IT. Now, Meraki Wireless Health allows IT teams to quickly identify wireless anomalies, find poorly performing access point and clients, and provide actionable insights to improve the wireless experience.

Powered by network analytics and rich contextual data, Cisco Services offers new services to help customers streamline the deployment of the new assurance solutions. From advisory and implementation, through optimization and managed services, Cisco and its partners are helping customers accelerate their journey to truly intent-based networks.

“Regional businesses are having to cope with increased technological complexity, lower budgets and the onslaught of increased security threats and at the same time continuously transforming their IT infrastructure into an agile and scalable one,” explained David Meads, Vice President – Middle East & Africa, Cisco. “With corporate margins under pressure, network management together with proactive and timely attention to network bottlenecks is non-negotiable for organizations that are digitally transforming. Cisco’s latest suite of Assurance products will help our customers achieve a higher level of automation with increased certainty, allowing them to confidently move at a faster pace without compromising security policies.

Availability

  • The Cisco Network Assurance Engine is available now, initially for Cisco ACI customers, with a free, 30-day, no-commitment trial. Customers can purchase it via software subscription.
  • Cisco DNA Center Assurance is available now. Customers can purchase it via the Cisco ONE subscription offer for networking.
  • Cisco Meraki Wireless Health is expected to be available in early 2018. It will be included with the standard subscription for Meraki Wireless Access Points.

 

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Saudi Customs appoints Huawei as Authorized Economic Operator Huawei is the first ICT company to receive AEO accreditation from Saudi Customs

Saudi Customs recognized Huawei Tech Investment Saudi Arabia as a member of its Authorized Economic Operator (AEO) Program. Huawei, the leading global ICT solutions provider, is the first technology company to receive the accreditation, demonstrating Saudi Customs’ commitment to facilitating global trade with leading private sector companies.

Saudi Customs presented Huawei with an Accreditation Certificate in the presence of HE Ahmed bin Abdulaziz Al Haqbani, Director General of Saudi Customs, and Mr. Dennis Zhang, CEO of Huawei Tech Investment Saudi Arabia. The AEO trade facilitation program promotes partnerships between Saudi Customs and the private sector in order to enable smoother border and customs processes, encourage investment and support the growth of the national economy.

HE Ahmed Al-Haqbani, Director General of Saudi Customs, said: “We are witnessing today a concrete example of our partnership with the private sector, with the accreditation of a number of our partners in the customs community as Authorised Economic Operators. The AEO Program aims to strengthen and consolidate the partnership between Saudi Customs and all its partners in the public and private sectors, and enhance effective co-operation between them, in line with the Saudi Vision 2030 and the National Transformation Program 2020. This step will speed up the customs clearance process and facilitate trade between the Kingdom and the world, which will contribute to promoting the growth of the national economy.”

Al-Haqbani added: “We are working to enhance the quality of Saudi Customs’ services by finding scientific solutions – based on sustainability and innovation – that fulfill the requirements of this critical sector for the Kingdom’s booming economy. Consequently, Saudi Customs presents you with the AEO Program, which was developed in accordance with the WCO SAFE Framework of Standards for securing and facilitating trade, and in line with the Saudi Customs Strategic Plan and the GCC Common Customs Law and its regulations. The program will provide trade facilitation advantages to businesses that have secure supply chains and comply with the required standards.”

Mr. Dennis Zhang, CEO of Huawei Tech Investment Saudi Arabia, said: “The Authorized Economic Operator Program is widely acknowledged as a key driver for a solid Customs-business partnership and transparent and predictable trading environment which promotes economic prosperity worldwide. As a global company operating across 170 countries and regions, trade and customs compliance is a top priority for Huawei. For this reason we are proud to be the first company in the ICT sector to receive this certificate in Saudi Arabia.”

Accredited AEOs enjoy a package of trade facilitation benefits. One of the significant benefits is the priority of inspection and use of non-intrusive inspection equipment whenever physical examination is required. Zhang commended the Customs department for implementing best practices, removing trade barriers and increasing the participation of the private sector in the customs process.

“Huawei is committed to acting as a friend and ally to the Saudi government as it embarks on a journey of economic transformation outlined in its Vision 2030,” Zhang added. “We believe that the AEO will facilitate local organizations’ access to world-class ICT products and solutions, which will in turn accelerate digital transformation in the Kingdom and contribute to the achievement of national plans and projects through sharing expertise and knowledge and developing the latest solutions and technological innovations.”

Huawei has been awarded AEO certificates in 18 countries and regions including China, the United States,Canada, Hungary ,Malaysia, Turkey and other countries. This is in line with the company’s constant efforts to achieve excellence and leadership through the application of best international practices.

Huawei became a member of the World Customs Organization’s Private Sector Consultative Group (PSCG) in June 2016, contributing its expertise to establishing best practices for facilitating international trade.

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Arab Bank Group reports net profits of $533 million for 2017 30% cash dividends

 

Arab Bank Group closed 2017 with solid results, reporting a growth in net operating income of 8% as compared to prior year. Excluding the effect of foreign currency devaluations, net operating income achieved double digit growth of 12%. Net income after tax is at $533 million as compared to $532.7 million in 2016, whilst loans and advances grew by 6% to reach USD 25.1 billion.

In view of the results, the Board of Directors has recommended to the shareholders the distribution of 30% cash dividends for the financial year 2017.

Mr. Sabih Masri, Chairman of the Board of Directors stated that the strong performance of Arab Bank Group confirms the success of the Group in dealing with the challenging and changing operating environment and reflects the Group’s prudent operating policies.

Mr. Nemeh Sabbagh, Chief Executive Officer, stated that the solid results of Arab Bank Group for 2017 were driven by sustainable growth in the underlying business, spread improvements and well controlled expenses. Mr. Sabbagh remarked that Arab Bank Group enjoys strong liquidity and robust capitalization. As of 31 December 2017, the Group’s loan-to-deposit ratio stood at 74%, whilst the capital adequacy ratio calculated in accordance with Basel III regulations is at 15.3%. He added that the asset quality of the Group remains to be high, with NPL ratio at 5.2%, and credit provisions held against non-performing loans at 100%, excluding the value of collaterals.

Mr. Masri concluded by remarking that the encouraging results will continue to support the continuous improvement in the financial performance of the Group and its position in its markets.

Arab Bank was named “Bank of the Year in the Middle East for 2017” by The Banker – Financial Times, London  and “Best Bank in the Middle East for 2017” by Global Finance, New York.

The 2017 financial statements are subject to the approval of the Central Bank of Jordan.

 

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New VMware Research: The Digital Workspace Revolution is Employee-Driven Empowered employees in Saudi Arabia are almost 5 times more likely to report gains in personal productivity Majority of CIOs across EMEA (87 percent) believe that revenue can increase by more than five percent over three years when employees are empowered

VMware, Inc. (NYSE: VMW), a global leader in cloud infrastructure and business mobility, today unveiled its annual report into the state of digital workspace technologies and their impact on businesses, which reveals that in Saudi Arabia, empowered employees,  those who are granted greater access to the applications they prefer and need to do their job, are almost 5 times more likely to report gains in their productivity and spending 19 percent less time on manual processes.

The research, conducted in association with Forbes Insights in September 2017 amongst 2,158 CIOs and end-users of businesses across 16 countries around the world (including 1,107 in 10 countries in EMEA), highlights how CIOs are recognising the performance power of digital technologies and applications in the hands of their employees. These empowered employees in Saudi Arabia specifically, say they twice as likely to say applications are very important in accelerating decision making compared to traditional* employees (100 percent to 50 percent).

This empowerment, according to the findings, has a direct influence on the performance of the business; with the majority of all CIOs in EMEA (89 percent) believing that revenue can increase by five percent over three years when employees are empowered.

It is also enabling employees in Saudi Arabia to increase collaboration across the workforce (an increase by 14 percent against traditional employees) and, in a clear sign that they are at the heart of this app-centric digital revolution, are procuring their own applications to use at work – in EMEA, one in five business apps being brought to the company by the employee themselves.

“Across the EMEA region, and especially in the Kingdom of Saudi Arabia, one of the most profound business shifts has been employees using enterprise applications to perform their roles smartly,” comments Henri van der Vaeren, Vice President, Southern Europe, Middle East, and Africa, VMware. “Saudi organizations that empower employees are outpacing the average EMEA organization in terms of accelerated decision-making, increased productivity, and reduced time spent on manual processes.”

Cabin staff of Lufthansa Cargo, a wholly-owned subsidiary of Deutsche Lufthansa AG and international air cargo company, use an electronic flight bag (EFB) system when on board planes, giving them fast and easy access to aeronautical charts, airport information, route information, weather reports, and much more. “The mobile devices enable us to quickly provide employees with updates, new apps and new approaches, saving the company money,” said Sven Gartz, Captain and Head of Flight Ops IT. at Lufthansa Cargo.

Cultural change required Giving employees access to highly accessible employee-centric applications, used for knowledge sharing, collaborating with colleagues, or project management is essential to effective and successful digital transformation. Only with this powerful combination of employee initiative and management trust, will organisations be able to create a culture where digital transformation starts to have a real impact on the business.

In Saudi Arabia, empowered employees are just as likely to rate their employers as leaders in digital transformation compared to other employees (29 percent vs. 30 percent), and are almost five times more likely to report that their company has been made a more desirable place to work (71 percent to 15 percent).

“Employees across the Kingdom of Saudi Arabia are well-connected, but often organizations are not providing them with the right applications at the right time to perform their job more effectively,” said Ahmed Auda, Managing Director – Middle East and North Africa, VMware. “As Saudi organizations look to digitally transform, in line with Saudi Vision 2030, CIOs need to enable employees with business applications that can make them more effective, collaborative, and happier. These applications need to be secure, adaptable to changing business needs, and scalable.”

Additional Resources

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