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Saudi Awwal Bank opens new branch in SAB Tower

Saudi Awwal Bank opens new branch in SAB Tower
The new integrated branch is located in the SAB Tower.
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Updated 16 May 2024
Arab News
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Saudi Awwal Bank opens new branch in SAB Tower

Saudi Awwal Bank opens new branch in SAB Tower
Updated 16 May 2024
Arab News
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Saudi Awwal Bank, one of the leading banks in the Kingdom, inaugurated its newest integrated branch in the SAB Tower. The inauguration was held in the presence of Lubna Olayan, chairman of the board of directors, and members of the board and the executive management.
This new integrated branch signifies SAB’s strategy in enhancing customer experience in the Kingdom and reiterates its commitment to providing distinguished banking services for its retail customers, and small and medium enterprises, in addition to investment services.
Bandar Al-Gheshayan, chief wealth and personal banking officer at SAB, said: “We are pleased to open our new branch, which comes in line with our commitment to serving our customers with unparalleled dedication and excellence.”
He added: “This is part of our vision to become the bank of choice that offers innovative financial solutions, and our ongoing efforts to continue building strong and sustainable relationships with our customers and partners.”
The bank continues to enhance its efforts toward developing retail and corporate banking services, aiming to provide a comprehensive range of financial and banking solutions that meet the diverse needs of its clients. Last year, SAB inaugurated its new headquarters — the SAB Tower, which has been awarded the SmartScore Platinum and LEED Gold certifications.
SAB is one of the largest banks in the Kingdom and traces its origins in Saudi Arabia to more than 90 years, during which time it has been an active partner supporting the Kingdom’s economic growth and social development.
SAB offers integrated financial and banking services, including corporate banking, investment, private banking, and treasury.
The bank’s paid-up capital is SR20.5 billion, after the legal merger with Alawwal Bank on March 14, 2021, when it was legally known as the Saudi British Bank. SAB operates under the supervision of the Saudi Central Bank, and is a partner of the HSBC Group.

Cenomi Centers: 10 new global and regional brands to open at U Walk Riyadh

Cenomi Centers: 10 new global and regional brands to open at U Walk Riyadh
Updated 8 min 55 sec ago
Arab News
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Cenomi Centers: 10 new global and regional brands to open at U Walk Riyadh

Cenomi Centers: 10 new global and regional brands to open at U Walk Riyadh
Updated 8 min 55 sec ago
Arab News

Cenomi Centers, the owner, operator and developer of retail and lifestyle destinations in Saudi Arabia, has announced that 10 new retailers are opening in its lifestyle mall, U Walk Riyadh. 

Successful global and regional brands such as Nike, Nespresso, Adidas, Dry Bar, Massimo Dutti, Pull&Bear, Under Armor, Al-Nassr Club, Lenskart and Jack Morgan are already confirmed for U Walk Riyadh, with further new retailer announcements set to follow. The openings are set to continue over the coming months including exciting new retailers, dining and grocery soon to be announced.

The introduction of the leading retail brands is part of significant enhancements to the popular destination in the capital, which is already a major attraction for locals and tourists, known for its shopping, restaurants and cafes with outdoor dining, as well as fountains and public spaces spread across 30 acres. 

Cenomi Centers is also investing in an additional multi-story car park, taking the total car parks at U Walk Riyadh to 2,000. The proposed new car park is currently awaiting planning approval and will enhance the overall shopping experience. 

Opened in 2019, U Walk Riyadh is one of Cenomi Centers’ key lifestyle centers and this investment along with enhancements to the retail mix will ensure Cenomi Centers continues to provide next-level customer experiences. 

Cenomi Centers CEO Alison Rehill Erguven said: “The significant retail and car parking enhancements are welcome additions to U Walk Riyadh, already a key destination in the capital. At Cenomi Centers, we pride ourselves on offering our customers much-loved brands from around the world in our malls. The addition of the major retailer names with more to follow delivers on our strategy to have a strong retail mix alongside dining and entertainment to meet the new ways our consumers want to shop and be entertained.”

U Walk Riyadh was the first of several next-generation lifestyle assets alongside the new U Walk Jeddah, which opened at the end of 2023. Cenomi Centers has six flagship and lifestyle centers under development, all of which redefine the mall and shopping experience in Saudi Arabia, including flagships Jawharat Riyadh and Jawharat Jeddah, which are set to complete at the end of 2025. 

LuLu plants 3,000 trees in Eastern Province

LuLu plants 3,000 trees in Eastern Province
Updated 30 October 2024
Arab News
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LuLu plants 3,000 trees in Eastern Province

LuLu plants 3,000 trees in Eastern Province
Updated 30 October 2024
Arab News

LuLu Hypermarket recently hosted a community event in the Eastern Province in collaboration with Khobar municipality, during which 3,000 chaste trees were planted. The event was attended by Abdullah bin Ali Al-Ayyadi, assistant director of the parks and beautification department at the municipality, who highlighted the role of the private sector in supporting environmental initiatives and driving sustainable development across the Kingdom.

LuLu’s tree planting campaign aligns with the Saudi Green Initiative, aimed at increasing green spaces and improving the quality of life across various regions of the Kingdom. The chaste tree was specifically chosen for its adaptability to the region’s climate, as well as its numerous environmental and health benefits. This tree symbolizes care for the environment and the provision of a healthy and sustainable life for future generations, reflecting LuLu Hypermarket’s commitment to supporting environmental issues and promoting sustainability.

Through this event, LuLu seeks to enhance environmental awareness among community members, emphasizing that tree planting is not merely a recreational activity but carries a powerful message urging everyone to participate in protecting the environment and conserving natural resources. The event witnessed wide participation from local community members, reflecting their growing concern for environmental issues and their desire to be part of sustainable environmental solutions.

Al-Ayyadi said that LuLu’s initiative serves as a model for successful collaboration between the public and private sectors, enhancing the prospects for achieving the desired environmental goals.

Mohammed Ahmed Bobsheit, executive director of LuLu Group in the Eastern Province, said: “Through this initiative, we affirm that every tree we plant today is a seed of hope for a greener and more sustainable future. Caring for the environment is not just a duty toward the Earth, but a commitment to future generations. Together, we can make a positive difference that ensures a better world for generations to come.”

Bobsheit also thanked Khobar Municipality for their support in making the initiative a success.

As part of its commitment to social responsibility and the Saudi Green Initiative, LuLu plans to organize more such tree planting events in the future, in addition to implementing several environmental awareness programs and activities for its customers across all its branches in Saudi Arabia.

Nikken Sekkei to showcase next-gen skyscrapers prototype

Nikken Sekkei to showcase next-gen skyscrapers prototype
Updated 30 October 2024
Arab News
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Nikken Sekkei to showcase next-gen skyscrapers prototype

Nikken Sekkei to showcase next-gen skyscrapers prototype
Updated 30 October 2024
Arab News

Japanese architectural, engineering and urban design firm Nikken Sekkei, one of the world’s largest practices, will introduce a new prototype for next-generation skyscrapers at Cityscape Global in Riyadh on Nov. 11-14. The prototype, designed for Tokyo, Japan and applicable for regions around the world including the Middle East, features various workplace design innovations that potentially reduce whole life carbon by up to 40 percent.

With the average temperature expected to rise by 1.5 degrees by the early 2030s, there is a growing need for global efforts to significantly reduce greenhouse gas emissions. The construction industry is a significant contributor to climate change and is responsible for approximately 37 percent of carbon dioxide emissions. This includes emissions from both the construction process and the operation of buildings.

To create attractive workplaces while minimizing the CO2 footprint of skyscrapers, Nikken Sekkei has analyzed various common practices for large-scale offices, and fundamentally re-evaluated its spatial organization and transport systems. In the new sustainable prototype, vast single-floor office spaces are replaced with multi-floor, steel-wood hybrid units that surround a central void, similar to the arrangement of leaves on a plant stem. This allows more natural light and air to permeate the space and promotes greater collaboration and efficiency by bringing employees closer together. This framework also leads to less steel and concrete usage and lower CO2 emissions.

“Our approach can be described as ‘doing more with less.’ By boldly re-imagining conventional norms, we are able to elevate spatial experiences while still reducing environmental impact,” said Dr. Fadi Jabri, executive officer of Nikken Sekkei. “Saudi Arabia and other countries around the globe are investing heavily in reducing carbon emissions to achieve net zero, and this prototype contains various essential ideas that can be combined and adapted to fit the conditions of each region. We look forward to taking this prototype to the next level and implementing our architecture solutions across the world.”

The next-gen prototype’s innovative transport system uses a combination of express elevators and escalators instead of elevators that stop at every floor. By removing these floor-by-floor elevators, a large void is created in the center of the building. This void can contain the main utility lines to improve office space efficiency and serve as a natural ventilation path. It also makes maintenance, equipment replacements, and refurbishments easier, thereby reducing CO2 emissions during operation and contributing to sustaining the building’s value and longevity.

On every express elevator landing, shared spaces are placed, serving as a lounge area or additional workspace for the office workers. These areas can be combined with terraces and contain a variety of office support functions, such as cafes, bookstores, and meeting rooms.

In terms of mechanical design, Nikken has applied biomimicry, drawing inspiration from the mechanisms of living organisms. One example is a heat recovery system mimicking the “wonder net” system, where interwoven arteries and veins exchange heat to prevent drops in body temperature.

Nikken Sekkei will be exhibiting the unique prototype at Cityscape Global at Stand H3.L20 in the Architecture Design section.

Infra and IFC ink deal to enhance infrastructure advisory services in KSA

Infra and IFC ink deal to enhance infrastructure advisory services in KSA
Updated 30 October 2024
Arab News
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Infra and IFC ink deal to enhance infrastructure advisory services in KSA

Infra and IFC ink deal to enhance infrastructure advisory services in KSA
Updated 30 October 2024
Arab News

The National Infrastructure Fund and the International Finance Corporation signed a cooperation memorandum focused on offering joint advisory services for infrastructure transactions in the Kingdom. The signing took place in the presence of Minister of Economy and Planning Faisal F. Alibrahim, and Chairman of the National Infrastructure Fund and Managing Director of the International Finance Corporation Makhtar Diop.

This collaboration will build on the two institutions’ complementary expertise, specifically focusing on greenfield, brownfield, and capital markets transactions. The Infra/IFC partnership will deliver structuring and transaction advice to support the continued growth of private sector participation across the Kingdom’s high-growth infrastructure market, including sectors such as energy and energy transition, water, transport and logistics, waste management, health and education, communications and digital infrastructure among others.

The partnership will strengthen Infra’s ability to combine advice with its strategic financing capability and support accelerated outcomes for high-priority infrastructure needs. The arrangement will leverage IFC’s global track record of innovation across multiple sectors and financing strategies.

Esmail Alsallom, CEO of Infra, said: “Our partnership with IFC is an important step in expanding Infra’s offering. The integration of advice with Infra’s flexible financing solutions will play an important role in expanding the opportunities for institutional and foreign investment. We are delighted to be partnering with IFC to support higher levels of private sector investment which is critical to the success of the Kingdom’s transformative Vision 2030 agenda.” 

Diop said: “With this agreement, we reaffirm our commitment to supporting Saudi Arabia’s Vision 2030, which aims to increase private sector participation and diversify its economy. This sends a strong signal to the global business community to invest in transformative infrastructure projects in the country. Private sector engagement can unlock a new era of growth and prosperity for the Kingdom — and, at IFC, we want to make that happen.”

MBSC and HSTP sign MoU to advance Saudi healthcare

MBSC and HSTP sign MoU to advance Saudi healthcare
Updated 29 October 2024
Arab News
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MBSC and HSTP sign MoU to advance Saudi healthcare

MBSC and HSTP sign MoU to advance Saudi healthcare
Updated 29 October 2024
Arab News

Prince Mohammed bin Salman College of Business and Entrepreneurship, the Kingdom’s world-class business school, has signed a memorandum of understanding with the Health Sector Transformation Program. In line with Saudi Vision 2030, the new partnership focuses on fostering the growth and development of the Kingdom’s healthcare sector.

The MoU was signed by Dr. Zeger Degraeve, dean of MBSC, and Khalid Alshaibani, CEO of HSTP. Through this agreement, MBSC and HSTP will explore opportunities to strengthen cooperation in education and training, focusing on skills development for both current and future healthcare professionals.

As part of the partnership, MBSC and HSTP will co-develop specialized training programs tailored to the needs of their respective organizations, to equip employees with advanced skills and knowledge. The two parties will also collaborate on organizing research and training events designed to foster knowledge exchange and drive innovation within the healthcare sector.

Additionally, the MoU includes provisions for sharing knowledge networks, granting both MBSC and HSTP access to a diverse pool of local and international experts. This partnership leverages the combined expertise of both institutions, creating a powerful alliance committed to the shared goal of transforming the healthcare landscape in Saudi Arabia. MBSC will also offer discounted rates for HSTP employees and their immediate family members, reinforcing its mission to nurture the Kingdom’s future leaders.

Commenting on the MoU, Degraeve said: “At MBSC, we believe that equipping professionals with the skills and knowledge required to lead in an evolving healthcare landscape is essential for overcoming challenges and capitalizing on future opportunities. We are proud to partner with HSTP in this critical endeavor, as it represents a significant milestone in advancing the Kingdom’s healthcare sector through innovative education and training initiatives.”

Located in King Abdullah Economic City, MBSC offers a modern learning environment that supports world-class education and experiential learning, delivering practical and transformative leadership development for the next generation of Saudi leaders. With campuses in both King Abdullah Economic City and Riyadh, MBSC provides hands-on learning designed to create a positive impact on the Kingdom’s future.

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