AIC Steel: A model in Saudi Arabia’s manufacturing landscape

AIC Steel: A model in Saudi Arabia’s manufacturing landscape
AIC Steel unveiled the first-ever Saudi-built missile round pallet transporter at the 2024 World Defense Show. The event was held in Riyadh.
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Updated 07 April 2024
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AIC Steel: A model in Saudi Arabia’s manufacturing landscape

AIC Steel: A model in Saudi Arabia’s manufacturing landscape

 

In a pivotal move toward achieving the ambitious goals of Vision 2030, Saudi Arabia has witnessed the realization of a significant manufacturing localization project, marking a transformative milestone in the nation’s industrial capabilities. Spearheaded by the General Authority of Military Industries, this groundbreaking initiative aimed to localize 50 percent of military spending within the Kingdom, fostering self-sufficiency and improving economic resilience.

AIC Steel is a Saudi company, whose partnership with global aerospace giant Lockheed Martin under the strategic guidance of GAMI, has yielded remarkable results.

Through localization, AIC Steel has established capability to produce military ground defense systems. The significance of this achievement extends far beyond the defense industry, with AIC Steel’s newfound manufacturing capabilities poised to catalyze innovation across diverse sectors. By leveraging technology and expertise transferred from Lockheed Martin, AIC Steel has introduced unprecedented manufacturing standards and processes, setting a benchmark for excellence in Saudi Arabia’s industrial landscape. This serves as a catalyst for economic diversification and skills development, laying the foundation for a robust and sustainable industrial ecosystem.

AIC Steel had the opportunity to showcase its capabilities on a global stage at the 2024 World Defense Show, where the company unveiled the first-ever Saudi-built missile round pallet transporter for the world to see.

As Saudi Arabia continues its march toward economic diversification and self-sufficiency outlined in Vision 2030, AIC Steel remains committed to replicating its success story. With an eye toward the future, AIC Steel will leverage its experience, expertise, and newfound capabilities to embark on further localization projects. The company collaborates with other local and international partners to expand its portfolio of precision manufacturing capabilities, contributing to the Kingdom’s industrial transformation and positioning Saudi Arabia as a global leader in advanced manufacturing.

In essence, this success highlights the transformative power of collaboration, innovation, and strategic vision in driving localized manufacturing initiatives. 

As Saudi Arabia advances toward the goals outlined in Vision 2030, the model established by GAMI, AIC Steel and Lockheed Martin serves as a blueprint for future localization projects, underlining the importance of technology transfer, mentorship, and the government’s institutional support in driving sustainable industrial development. With localization projects like these paving the way for a brighter future, the Kingdom stands poised to realize its full potential as a global leader in industrial excellence and innovation.

Project Manager at AIC Steel Mahmoud Khatib said: “Manufacturing of the first-ever Saudi-built MRP-T and displaying it at the World Defense Show was a great achievement for the country. Our success clearly demonstrates the positive impact of all the government initiatives put in place in recent years to support local industry. We will continue to grow and expand our manufacturing capabilities in order to be a center of excellence for defense manufacturing regionally and globally.”


Construction powers forward at Cenomi’s Jawrahat Jeddah

Construction powers forward at Cenomi’s Jawrahat Jeddah
Updated 27 October 2024
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Construction powers forward at Cenomi’s Jawrahat Jeddah

Construction powers forward at Cenomi’s Jawrahat Jeddah

Cenomi Centers, the largest owner, operator and developer of contemporary lifestyle centers in Saudi Arabia, announced that construction of its flagship development — Jawharat Jeddah — is powering forward, with the center on track to complete by the end of 2025.

Leasing demand at the center remains strong with pre-leasing now at more than 70 percent complete. Upon opening, Jawharat Jeddah will feature 300 stores including 50 flagship stores and 10 new brands in the city for the first time. Jawharat Jeddah will also feature the city’s first world-class luxury wing with more than 60 brands along with next-generation entertainment, a pioneering events hub, three distinct experiential food and beverage zones and a state-of-the-art immersive digital experience.

Jawharat Jeddah is located in the heart of the city’s northern expansion path, capturing 90 percent of high-income households within a 30-minute drive, and has a spend potential of more than SR3 billion ($800 million). It is expected that the center will be No. 1 for footfall and spend and will attract over 15 million visitors annually. Jawharat Jeddah benefits from being centrally positioned on one of the city’s busiest roundabouts, just a 10-minute drive to the airport and close to key developments including Jeddah Corniche, several five-star hotels, key hospitals and residential neighborhoods. Additionally, it has easy access to Makkah, visited by more than 13 million people in 2023.

The retail center will become Jeddah’s first Gold-LEED certified mall demonstrating high sustainability standards. It is also a cornerstone of the Kingdom’s Vision 2030, driving retail sales and tourism and employing 2,500 Saudis, including 1,500 women.

Together, Jawharat Jeddah and Jawharat Riyadh are expected to become Cenomi Centers’ top two malls in terms of footfall, revenues and EBITDA, with each far exceeding the top mall in Cenomi Centers’ current portfolio. Upon stabilization, this will result in EBITDA of more than SR650 million, 40 percent of current EBITDA.

Bruno Wehbe, COO of Cenomi Centers, said: “We are extremely pleased with the progress being made at Jawharat Jeddah. Brands are continuing to place their trust in Cenomi Centers’ vision for retail and entertainment, and as we near completion, anticipation is building both locally and internationally. Cenomi Centers has provided customers with high-quality lifestyle centers for over two decades and with the new Jawharat developments both in Jeddah and Riyadh, we will be taking retail to the next level in the Kingdom.”

Ghassan Abu Mutier, chief development and delivery officer, Cenomi Centers, said: “Jawharat Jeddah is a very important development and will change the way Saudi Arabia imagines retail and lifestyle experiences. Being the first Gold-LEED certified mall in the Kingdom will be a proud moment for Cenomi Centers, keeping our commitment to ESG at the heart of this development. We look forward to welcoming our retailers as we handover their retail spaces from early 2025 for fit out and crafting unique entertainment and retail experiences with the most wanted brands.”


Al-Borg Diagnostics showcases latest medical innovations

Al-Borg Diagnostics showcases latest medical innovations
Updated 27 October 2024
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Al-Borg Diagnostics showcases latest medical innovations

Al-Borg Diagnostics showcases latest medical innovations

Al-Borg Diagnostics, one of the largest private diagnostic networks in the Middle East and North Africa, participated in the Global Health Forum, which took place in Riyadh from Oct. 21-23. The event raised awareness about the latest innovations and developments in the fields of laboratory services and healthcare.

Al-Borg Diagnostics showcased its latest solutions and technologies, new services, and research in healthcare, such as advanced genetic testing services. During the forum, announcements were also made regarding new partnerships with leading global health institutions, enabling Al-Borg to expand its service offerings and enhance the quality provided to its clients.

Visitors to Al-Borg Diagnostics’ booth discovered the latest medical innovations and solutions in the laboratory sector, including the first electronic microscope unit in the private health sector. Visitors also had the opportunity to learn about the services offered by the two largest reference laboratories in the Kingdom, located in Riyadh and Jeddah.

Mohamed Mandar, executive director of Al-Borg Diagnostics Group, said: “Al-Borg Diagnostics’ participation in the Global Health Forum reaffirms our commitment to achieving the Kingdom’s Vision 2030. Through our participation, we aim to provide outstanding diagnostic services and enhance community health as part of our continuous endeavor to be the best in healthcare delivery by keeping up with the latest medical developments and utilizing the most advanced global technologies.”

We are committed to innovation, digital transformation, and ongoing development to meet the needs and enhance the health of individuals and the community.”

He added: “We are also committed to developing national healthcare professionals through the Al-Borg Academy, which aims to nurture and train a promising generation in the field of medical diagnostics, significantly contributing to the comprehensive development of the healthcare sector in the Kingdom.”

Al-Borg Diagnostics is a key partner in the Saudi healthcare system, serving as a diagnostic reference for more than 5,000 hospitals, medical centers, and clinics, as well as pharmaceutical companies. It serves more than 15,000 visitors daily through its network of 75 branches across the Kingdom. Through its participation in the Global Health Forum in Riyadh, Al-Borg Diagnostics aimed to enhance ongoing collaboration with relevant stakeholders and expand its diagnostic services.


GymNation eyes rapid regional expansion following opening of 20th location

GymNation eyes rapid regional expansion following opening of 20th location
Updated 27 October 2024
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GymNation eyes rapid regional expansion following opening of 20th location

GymNation eyes rapid regional expansion following opening of 20th location

GymNation, the fastest-growing fitness brand in Saudi Arabia, has announced plans to accelerate expansion following the opening of its 20th gym in the Middle East, including the launch of its first six locations in Saudi Arabia.

Reflecting on GymNation’s rapid growth and successful entry into the Saudi Arabian market, Loren Holland, GymNation founder and CEO, said: “We’ve opened 10 gyms this year, six of which are in Saudi Arabia — all on time, on budget, and exceeding membership expectations. We’ve received a very warm welcome and found Saudi Arabia to be a highly business-friendly environment, facilitated by ongoing support from the Ministry of Investment, who have been instrumental in GymNation’s expansion into the Kingdom.” 

With a government-led push to increase fitness participation, GymNation is already helping to break down the affordability barrier and making fitness more accessible and welcoming for everyone across the Kingdom, aligning perfectly with Saudi Arabia’s Vision 2030 goals of creating a healthier, more active society.

“It’s an incredibly exciting time, and GymNation wants to be at the forefront of driving these initiatives as the region’s ‘movement partner.’ We are excited to continue championing healthy and active lifestyles and supporting the communities we serve to become better versions of themselves, no matter what their fitness goals,” added Holland.

GymNation’s affordable pricing model, combined with their high-quality facilities and community-focused approach, has proven to be a big hit, already attracting over 25,000 members in Saudi Arabia, with 44 percent being first-time gym users. Interestingly, GymNation has also seen the demand from females outstrip males. 

“We’ve seen particularly strong demand from Saudi women, where female membership numbers have outpaced those of men. Our uniform pricing across genders has resonated strongly with a market where female-only gyms are often priced significantly higher than their male counterparts,” Holland said.

In addition to their physical expansion plans, GymNation, already widely recognized as the leading leisure operator in its adoption of AI technology, is planning to further scale its investment into technology, automation and AI to further streamline processes, personalize member experiences and improve member retention. 

With a population of over 35 million and fitness penetration currently at around 5-7 percent, the Saudi market opportunity is huge, with projections suggesting the fitness market will double in the next 3-5 years.

GymNation has huge ambitions for the next 12 months. “The GCC market is growing at 15-20 percent a year and we have invested in our company infrastructure to grow at pace and capitalize on what we feel is a generational opportunity,” Holland added.

The company plans to open 20-30 new gyms within the next 12 months, including its first locations in Kuwait, Bahrain, and Qatar. With ambitions to grow to over 100 locations across the GCC, GymNation is well-positioned to lead the region’s rapidly growing fitness industry.


MBSC urges use of modern tech in business education

MBSC urges use of modern tech in business education
Updated 26 October 2024
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MBSC urges use of modern tech in business education

MBSC urges use of modern tech in business education

Prince Mohammed bin Salman College of Business and Entrepreneurship, the Kingdom’s world-class business school, participated in the Accounting Technologies Conference in Riyadh from Oct. 16 to 19. Organized by the Saudi Organization for Chartered and Professional Accountants, the event was held under the patronage of the Minister of Commerce and Chair of the Board of Directors of SOCPA Dr. Majid A. Alkassabi.

Dr. Larissa Von Alberti, vice dean of programs and faculty and professor of accounting at MBSC, shared her expertise in a panel discussion titled “Uses of modern technologies and AI in analyzing accounting and financial data.” Furthermore, Dr. Khaldoon Al-Htaybat, professor of accounting at MBSC, hosted a workshop dedicated to the topic of “Analyzing financial data using artificial intelligence tools.”

As a pioneering business and entrepreneurship college in the Kingdom and the wider region, MBSC emphasized the value of integrating modern technologies such as AI into the educational experience, along with the crucial need for the sustainable development of universities to keep up with change.

Dr. Zeger Degraeve, dean of MBSC, said: “The SOCPA Accounting Technologies Conference 2024 established a space for experts, scientists, and academics in accounting, finance, and technology to network, exchange insights, and advance the understanding of their respective disciplines. MBSC provides students and alumni with a holistic learning experience that equips them with cutting-edge tools and hones their skills to become leaders and agents of change. Such an approach is imperative not only for addressing the challenges of accounting in the context of the modern experience economy, but also for achieving the objectives of Saudi Vision 2030 to secure the Kingdom’s prosperous future.”

Situated in King Abdullah Economic City, a contemporary urban center that provides an unparalleled modern environment for both students and faculty, MBSC offers world-class education “from Saudi Arabia for Saudi Arabia” in both KAEC and Riyadh, delivering practical, pragmatic, hands-on experiential learning to develop a new generation of transformative leaders.


Chinese EV brand Zeekr opens first showroom in Kingdom

Chinese EV brand Zeekr opens first showroom in Kingdom
Updated 26 October 2024
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Chinese EV brand Zeekr opens first showroom in Kingdom

Chinese EV brand Zeekr opens first showroom in Kingdom

Wallan Trading Company has officially opened the doors to the first Zeekr showroom on the Northern Ring Road in Riyadh. The opening ceremony was attended by Fahad Al-Wallan, chairman of Wallan Holding Company, alongside Cannon Wang, managing director of Zeekr MEA region, as well as senior officials, guests, customers, and media representatives.

This state-of-the-art 1,420-square-meter showroom marks a significant milestone for both Wallan Trading and Zeekr, symbolizing the growing presence of the premium EV brand in the Kingdom. The launch follows the strategic alliance forged between Wallan Trading and Zeekr earlier this year, positioning Wallan as the exclusive distributor for Zeekr in Saudi Arabia.

Chairman Al-Wallan said the new showroom cements a shared commitment between Wallan and Zeekr to shape the future of electric mobility in Saudi Arabia. “This showroom is more than a commercial space — it’s a statement of our forward-thinking vision. Zeekr brings premium electric vehicle technology to the Kingdom, while Wallan Trading ensures that our customers receive world-class service and access to the most innovative and sustainable transportation solutions. This aligns perfectly with Saudi Arabia’s Vision 2030 and the Kingdom’s ambitions for a greener future,” he said.

He further highlighted Wallan Trading’s readiness for expansion, highlighting their commitment to geographical growth to meet customer needs across Saudi Arabia.

Wang, meanwhile, expressed his enthusiasm for the opening of the new showroom, saying: “We are absolutely thrilled to open our first dedicated Zeekr showroom in Riyadh, in partnership with Wallan Trading. This marks an exciting chapter for Zeekr as we bring our premium electric vehicles to Saudi Arabia, a market with immense potential and an increasingly eco-conscious consumer base.”

With Wallan Trading, we are confident in delivering an exceptional experience, not just with our innovative vehicles but also through unparalleled customer service. This showroom is a significant milestone in our journey toward leading the future of sustainable mobility in the region.”

Wang said that the Saudi market represents a key focus for Zeekr’s growth, adding, “We are proud to see the Saudi consumer’s growing awareness of premium electric mobility, and we’re eager to meet their expectations with our cutting-edge models.”

The new showroom will feature Zeekr’s most celebrated models, the Zeekr 001 and Zeekr X, both of which have garnered acclaim in international markets. These models were first unveiled to Saudi consumers at the SEVEN Concours auto show in Riyadh, where they attracted considerable interest due to their sophisticated design, luxurious interiors, and advanced technologies.