Saudi space graduate Sarah Alhabbas lauded in Germany

Sarah Alhabbas and Prince Abdullah bin Khalid bin Sultan Al-Saud were joined at this special event by Serco’s senior officials
Sarah Alhabbas and Prince Abdullah bin Khalid bin Sultan Al-Saud were joined at this special event by Serco’s senior officials
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Updated 15 July 2024
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Saudi space graduate Sarah Alhabbas lauded in Germany

Sarah Alhabbas and Prince Abdullah bin Khalid bin Sultan Al-Saud were joined at this special event by Serco’s senior officials

Sarah Alhabbas, the first graduate of Serco’s Space Graduate Program, was invited on Thursday to the Embassy of Saudi Arabia in Germany to meet with Prince Abdullah bin Khalid bin Sultan Al-Saud, the Saudi ambassador to Germany. The invitation was in recognition of her remarkable progress within a sector pitted to be instrumental in the achievement of Vision 2030. During the meeting, Alhabbas discussed how her experience with Serco can be an inspiration to the next generation of Saudi talent.

Alhabbas, currently working in Serco’s Copernicus Operations Support Services or COP-2, with the European Space Operations Center in Darmstadt, Germany as part of her intensive training program, was joined at this special event by Serco Middle East’s Head of Space Amar Vora, Serco’s KSA Country Director Mona Althagafi and Serco’s Head of COP-2 Islam Alizada. This prestigious invitation underscores Saudi Arabia’s keenness to develop its human resources and the pivotal role Serco is playing in advancing the Kingdom’s capabilities in the space industry, highlighting how the private sector company is supporting the Kingdom’s commitment to nurturing local talent capabilities to support Vision 2030 as a government impact partner.

Alhabbas was chosen by Serco as their first space graduate from more than 400 applications. An aerospace engineering graduate with a minor in applied mathematics from Embry-Riddle Aeronautical University in the US, she joined Serco as a graduate spacecraft operations engineer. In the past 12 months, Alhabbas underwent comprehensive training in the Kingdom and is now coming to the end of an intensive six-month training program at Serco’s COP-2 facilities in Germany, aimed at deepening her theoretical knowledge. Upon completion, Alhabbas will be certified as a proficient spacecraft operations engineer in a graduation taking place later this summer. After supporting a launch campaign, she will return to Saudi Arabia where she will transfer the knowledge gained to the wider Serco space team and its clients.

This accomplishment highlights the broader impact of Serco’s initiatives in the Kingdom. Serco has more than 60 years of space experience globally, supporting civil and military space programs, including those of the European Space Agency, the UK Ministry of Defense and NASA. In 2023, it launched a dedicated space division in the Middle East to support local talent and develop regional capabilities, ensuring the transfer of its wide-ranging operational knowledge and capabilities to the region. Its graduate, space-specific program is the first of its kind not only within the Kingdom, but also across Serco globally. By leveraging decades of global experience in the space industry, Serco is playing a crucial role in transferring knowledge and skills to Saudi nationals, impacting a better future.

Prince Abdullah said: “Sarah Alhabbas’ accomplishments epitomize the potential and the great expectation of Saudi Arabia’s youth in pioneering new frontiers. Her journey marks a significant personal achievement and symbolizes the leadership’s confidence and ambition in our nation’s youth. We are happy to celebrate Sarah’s accomplishment and look forward to her contribution to the Kingdom’s aerospace sector.”

Alhabbas said: “This opportunity to train with the European Space Agency and seasoned, international experts has been transformative. I am deeply honored by this recognition from Prince Abdullah. It reaffirms my commitment to contributing to the Saudi space sector and to inspiring other young Saudis to pursue their passions in this exciting field.”

Vora, Serco’s Middle East head of space, said: “At Serco, we are committed to bringing our global expertise to Saudi Arabia, fostering local talent and driving the Kingdom’s space ambitions. Sarah’s success is a shining example of what can be achieved through dedication and the right support. We are thrilled to see her represent the future of Saudi space exploration.”


Cenomi Centers records high H1-24 lease demand and record footfall

Cenomi Centers records high H1-24 lease demand and record footfall
Updated 14 August 2024
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Cenomi Centers records high H1-24 lease demand and record footfall

Cenomi Centers records high H1-24 lease demand and record footfall

Cenomi Centers, the largest owner, operator and developer of contemporary lifestyle centers in Saudi Arabia, continues to demonstrate strong business performance and high demand for space across its 22 centers with 1,306 leases renewed and  235 brands being onboarded in the first half of 2024.

Among those brands, 65 were new to Cenomi Centers’ universe and include prominent names such as Asics, Vox Cinemas, Oakley, Five Guys and Charlotte Tilbury. The half-year leasing activity proves that demand for prime retail space remains high in the Kingdom.

Alongside robust leasing figures, occupancy remains solid across Cenomi Centers’ portfolio, with like-for-like occupancy up by 1.1 percent to 92.5 percent in H1-24. The increase in the occupancy rate while conducting a proactive retail rotation to provide a superior retail mix, is testament to the enduring appeal of Cenomi Centers as premier destinations for both retailers and consumers. Cenomi Centers has a target occupancy of 94 percent by the end of December 2024.

Further proving Cenomi Centers’ appeal to retailers is the demand for space at two of its flagship developments: Jawharat Riyadh and Jawharat Jeddah.

While still under construction – with structural completion at 90.1 percent in Riyadh and 91.0 percent in Jeddah – demand for space at both sites is high; Jawharat Jeddah’s pre-leasing is 70 percent complete (based on agreed head of terms, signed letter of intent and signed contracts), offering 300+ stores including 10+ new brands to Jeddah and over 20 exclusive retailers.

Jawharat Riyadh will feature 300+ of the world’s most sought-after brands across over 150 flagship stores including more than 10 new retailers to Riyadh. Seventy percent of the unique brands to Jawharat Riyadh are secured.

Leasing demand is also high at Cenomi Centers’ new lifestyle center, U Walk Jeddah, which held its Grand Opening in February 2024. It opened at 80 percent pre-let with major names including Zara, Victoria’s Secret, Lululemon and Nike. New retailer names including firsts for the city are soon to be announced.

Underpinning Cenomi Centers’ sustained business performance is its record footfall levels, which continue to rise. In H1-24, footfall levels recorded were at an all-time high of 66 million visitors – a 4.6 percent y-o-y increase.

Alison Rehill-Erguven, CEO Cenomi Centers, said: “We are delighted to see our centers continue to sustain their popularity as demonstrated by the strong leasing figures, occupancy rates and high caliber of brands choosing to open in our centers. We continue to be the major gateway for retailers to reach Saudi consumers with record footfall of 66 million visitors in the first six months of this year.

“Our experience, heritage and commitment to the future of retail in KSA will change the way Saudi Arabia imagines retail and lifestyle experiences. Our new flagship developments, Jawharat Riyadh and Jawharat Jeddah will create the space that retailers need and will attract a large number of global brands to the Kingdom for the first time.”

Cenomi Centers’ leasing figures, occupancy rates and record footfall cement its leading position in the Kingdom and demonstrates its commitment to developing flagship and lifestyle centers that support Vision 2030, creating jobs in local regions, boosting local economies and tourism and ultimately, driving KSA’s retail sector forward.


Agthia Group reports 14.7% YoY net revenue growth, 31.8% YoY group net profit growth during first half of 2024

Agthia Group reports 14.7% YoY net revenue growth, 31.8% YoY group net profit growth during first half of 2024
Updated 14 August 2024
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Agthia Group reports 14.7% YoY net revenue growth, 31.8% YoY group net profit growth during first half of 2024

Agthia Group reports 14.7% YoY net revenue growth, 31.8% YoY group net profit growth during first half of 2024

Agthia Group PJSC, one of the region’s leading food and beverage companies, announced recently its results for the six-month period ending 30 June. 

Agthia delivered strong performance during H1 2024, on track to meet its full-year 2024 guidance. The group’s profitable growth across all four segments, combined with leveraging group-wide efficiencies, resulted in both Group EBITDA and Group net profit growing faster than revenue.

H1 2024 financial highlights

Group net revenue increased 14.7 percent year-on-year to AED 2.5 billion (11.2 percent growth from volume and 3.5 percent from pricing). Excluding AED 120 million one-off wheat trading sales in agri-business recorded in Q1 2024, the year-on-year net revenue growth was 9.3 percent. This was primarily driven by a continued shift of the group’s product portfolio towards higher growth segments in key target markets, along with innovations. Notably, 45 percent of Agthia's growth in H1 2024 came from innovation alone (excluding one-off in Q1 2024). Group revenue, adjusted for the impact of currency devaluation in Egypt (AED -144.5 million), increased by 21.3 percent year-on-year. Despite the FX impact, Agthia’s Egyptian businesses combined delivered 20.3 percent year-on-year revenue growth in AED terms during the reporting period.

Snacking

Revenue rose 19.5 percent year-on-year, led by the strong performance of the coffee segment, where Abu Auf continued to gain both volume and value share in the local market for premium-branded coffee in Egypt. Abu Auf’s H1 2024 growth was further supported by the ongoing organic expansion of the retail chain, opening 44 new stores, including mobile kiosks, along Egypt’s North Coast. Additionally, the dates category continued to deliver strong growth driven by innovations across mid and high-value ranges, along with an expansion in date varieties and significant value growth across retail channels in the UAE and internationally (e.g. India, Bangladesh, and Morocco). Excluding the FX impact, the segment's revenue growth was 29.6 percent year-on-year.

Protein & Frozen

Revenue grew 7.2 percent year-on-year, despite the pressure from the EGP devaluation. Excluding the FX impact, the segment's revenue growth was 24.1 percent year-on-year. In Q2 2024, Agthia opened a new protein manufacturing plant in Jeddah. This facility offers local production with better economic advantages and positions Agthia as a domestic protein supplier in Saudi Arabia. With a AED 90 million investment, the facility boasts an annualized production capacity exceeding 7,000 tonnes and houses two production lines capable of producing over 50 stock-keeping units.

Water & Food

Revenue increased 4.0 percent year-on-year, with Al Ain bottled water retaining its market leadership position. This reflects an 8.3 percent year-on-year increase in total UAE water revenue growth, fueled by premiumization and innovation, including a significant growth of glass bottled water sales. Agthia increased UAE glass bottle water capacity, which will enable the Group to triple its production of glass bottled water in the mid-term in response to strong consumer demand. Additionally, continuous improvements in customer service quality within the Home and Office Delivery business led to strong growth of 9.9 percent year-on-year during the period. International business revenue also increased by 3.5% year-on-year, with notable performance in Oman and Kuwait.

Agri-Business

Revenue increased 25.4 percent year-on-year (+5.2 percent excluding one-off wheat trading in Q1 2024). This was primarily driven by strong performance in Feed, which reflected effective sales execution, performance in Abu Dhabi Agriculture and Food Safety Authority’s compound feed program, and related new product development.

Group net profit grew 31.8 percent year-on-year to AED 190.0 million during H1 2024, with net profit margin standing at 7.5 percent, reflecting a 98bps expansion, notwithstanding FX headwinds and the introduction of income tax in the UAE.

Strong balance sheet

Agthia’s balance sheet remains robust with cash and equivalents of AED 0.4 billion and liquidity of AED 1.8 billion. The Group’s net debt to EBITDA ratio of 1.6x (net debt of AED 1.2 billion) was slightly up compared to December 2023.

Proposed cash dividends

In line with the group’s semi-annual dividend policy, Agthia’s board of directors has recommended the distribution of AED 85.7 million as an interim cash dividend (equivalent to 10.31 fils per share). This represents a 25 percent year-on-year increase. The dividend payment is subject to shareholder approval at Agthia’s next AGM.

Full-year guidance maintained

Considering both the ongoing momentum across Agthia’s business and the continuing impact of currency headwinds on the Group’s Egyptian operations, Agthia anticipates full-year 2024 revenue growth between 10 percent and 12 percent, with a 40-60bps increase in EBITDA margin and a 30-50bps increase in Group net profit margin.

Khalifa Sultan Al Suwaidi, chairman of Agthia Group, said: “Agthia continues to deliver strong performance, solidifying our growth momentum in the first half of the year. Our unwavering commitment to strengthening our business and achieving our long-term goals remains clear. This quarter's results underscore our resilience and strategic focus on driving sustainable value across our diverse portfolio. Going forward, we are well-positioned to seize opportunities in the MENA region and beyond, leveraging our strengths in innovation, digitalization, and operational excellence.”

Alan Smith, group chief executive officer of Agthia Group, said: “Agthia delivered solid top and bottom-line results in the first half of the year, reaffirming our ability to navigate effectively challenging and dynamic operating environments. Our teams maintained their focus and agility in the execution of our long-term growth strategy, and we continue our efforts to drive sustainable long-term growth by investing in our brands, capturing synergies and driving efficiency gains. 

“In early July, we officially launched our state-of-the-art protein facility in Jeddah, solidifying our position and establishing one of the key growth drivers for Agthia in the largest market in the GCC. The results of the first half of the year build a strong foundation for Agthia, and we reiterate our full-year guidance. We are also pleased to confirm our first interim dividend payment, intending to return approximately AED 85.7 million to shareholders in September 2024.”


WakeCap confirms key role in improving construction safety throughout KSA

WakeCap confirms key role in improving construction safety throughout KSA
Updated 13 August 2024
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WakeCap confirms key role in improving construction safety throughout KSA

WakeCap confirms key role in improving construction safety throughout KSA

WakeCap, a workforce safety and productivity solution, showcased its smart construction site management technologies to the Kingdom’s Ministry of Industry and Mineral Resources, which will see the company at the forefront of safety improvement in mining and manufacturing projects across the Kingdom.

Dr. Hassan Albalawi, CEO and founder of WakeCap, presented the technology at the closing ceremony of the accelerator and industrial business incubator initiative Nomu, in the presence of Bandar Alkhorayef, minister of industry and mineral resources; Khalil Ibn Salamah, the deputy minister for industrial affairs; Majid Alargoubi, CEO of the Saudi Authority for Industrial Cities and Technology Zones Modon; and Sami Alhussaini, governor of the Small and Medium Enterprises General Authority Monshaat.

“We are honored by His Excellency’s comments and endorsements, which not only validate our technology as crucial for setting new safety standards, but also signal a directive for mandating technology on major projects. Doing so will serve to promote transparency and ensure better compliance rates. This aligns perfectly with our mission to transform safety protocols and practices in the construction industry and beyond, leveraging Wakecap’s capabilities to forge a safer, more secure working environment for all,” said Albalawi.

Wakecap’s standing is further emphasized by the Ministry’s role as a board member in NCOSH, which positions WakeCap as a key player in shaping the future of occupational safety and health regulations.

The government’s strategy is to mandate safety and security in construction and related sectors and WakeCap’s technology will closely support these goals by enhancing emergency response times and providing robust data for compliance and incident investigation. WakeCap facilitates real-time monitoring of workers’ conditions, enabling instant alerts in the event of an emergency, which significantly reduces response times.

The data collected by WakeCap not only ensures ongoing compliance with safety regulations, but also plays a crucial role in investigating incidents, identifying root causes, and implementing preventative measures to avoid future occurrences. This comprehensive approach further supports the government’s commitment to not only mandate safety regulations, but to foster a culture of safety and accountability through data-driven insights and actions.


Flyadeal participates in Hajj and Umrah forum in Egypt

Flyadeal participates in Hajj and Umrah forum in Egypt
Updated 13 August 2024
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Flyadeal participates in Hajj and Umrah forum in Egypt

Flyadeal participates in Hajj and Umrah forum in Egypt

flyadeal, one of the youngest and fastest-growing low-cost airlines in Saudi Arabia and across the Middle East, participated in the leading annual Hajj and Umrah Forum in Egypt on Monday as a key air service provider of pilgrim travel to the Kingdom.

Hosted at The Nile Ritz-Carlton Cairo, the two-day exhibition welcomed more than 3,000 travel and tourism professionals, showcasing products and services offered to groups planning their pilgrimages.

flyadeal had a dedicated exhibition stand staffed by a team of sales and customer support personnel who engaged with visitors and assisted with planning arrangements for the year-long Umrah and annual Hajj pilgrimage.

Rakan Alotaibi, flyadeal head of sales, Hajj & Umrah and commercial regulatory affairs, said: “flyadeal is pleased to participate, once again, in this forum and work closely with Egypt’s Hajj and Umrah Committee.

“This was an important event that brought together industry professionals and travel suppliers specializing in pilgrim travel to the Kingdom of Saudi Arabia. We had the opportunity to share information with visitors about flyadeal, our products and dedicated on-the-ground support services in the Kingdom. Additionally, the event offered us a platform where we reaffirmed our commitment to offering affordable low-cost travel focused on service excellence.”

The event included participation from airlines, hotels, Hajj and Umrah ground service operators, as well as tour companies and travel agents that have dedicated pilgrim travel services.

As part of flyadeal’s continued efforts to support religious traffic from Egypt and countries across the world to the Kingdom, the airline works closely with travel partners to facilitate year-round pilgrimages to Saudi Arabia with convenience and comfort being at the heart of its operations. Cairo is one of the major international destinations served by flyadeal with dedicated routes to Jeddah, Riyadh and Dammam.


AFS partners with Samsung to accelerate digital payments in Oman

AFS partners with Samsung to accelerate digital payments in Oman
Updated 13 August 2024
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AFS partners with Samsung to accelerate digital payments in Oman

AFS partners with Samsung to accelerate digital payments in Oman

Arab Financial Services, in partnership with Samsung Gulf Electronics, has introduced Samsung Pay to Oman, marking a significant milestone in the sultanate’s digital transformation journey. As the region’s leading digital payment solutions provider and fintech enabler, AFS is once again demonstrating its commitment to driving innovation and enhancing customer experiences.

This partnership between Arab Financial Services and Samsung Gulf Electronics to introduce Samsung Pay in Oman combines AFS’s regional expertise in digital payment solutions with Samsung’s innovative technology to provide Omani consumers with a secure and convenient contactless payment option. 

Ajmal Basheer, AFS head of processing, said: “This milestone strengthens our partnerships with Omani banks while fostering innovation and competitiveness. By supporting Samsung Pay adoption, AFS is proudly contributing to Oman’s economic growth and regulatory objectives, making transactions more efficient and inclusive. We’re committed to driving these advancements, ensuring our clients and the financial community benefit from modern solutions that meet their evolving needs.” Fadi Abu Shamat, senior director and head of the mobile eXperience division Samsung Gulf Electronics, said: “We are thrilled to collaborate with AFS to bring Samsung Pay to Oman. This launch aligns perfectly with our mission to make everyday life easier through innovative technology.” 

By offering Omani consumers a secure, convenient, and contactless payment solution, we’re not just transforming transactions – we’re enhancing the overall shopping experience. This partnership with AFS marks an exciting step forward in digital payments for the region.”