FAB achieves H1 2024 group net profit of AED 8.4bn

Hana Al Rostamani, Group CEO of FAB
Hana Al Rostamani, Group CEO of FAB
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Updated 28 July 2024
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FAB achieves H1 2024 group net profit of AED 8.4bn

Hana Al Rostamani, Group CEO of FAB

First Abu Dhabi Bank has delivered record results for the first half of 2024, with a net profit
of AED8.4 billion, revenue of AED15.7 billion (+16 percent year over year) underlining the bank’s consistent growth trajectory, while profit before tax grew 15 percent year over year to AED10.0 billion. Q2 ‘24 net profit was AED4.3 billion, and operating income was AED7.8 billion (+14 percent year over year).

FAB is reaffirming its position as a leading force in the MENA banking sector, with the group delivering another strong set of results in the second quarter and first half of 2024.

Hana Al Rostamani, Group CEO of FAB

Hana Al Rostamani, group chief executive officer of FAB, said: “FAB is reaffirming its position as a leading force in the MENA banking sector, with the group delivering another strong set of results in the second quarter and first half of 2024.

Group net profit and revenue both reached new highs, at AED 8.4 billion and AED 15.7 billion, respectively.”

 


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
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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

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
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MBSC and HSTP sign MoU to advance Saudi healthcare

MBSC and HSTP sign MoU to advance Saudi healthcare

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.


LuLu plants 3,000 trees in Eastern Province

LuLu’s tree planting campaign aligns with the Saudi Green Initiative.
LuLu’s tree planting campaign aligns with the Saudi Green Initiative.
Updated 29 October 2024
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LuLu plants 3,000 trees in Eastern Province

LuLu’s tree planting campaign aligns with the Saudi Green Initiative.

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.


Cenomi Centers opens Al-Nassr flagship store at U Walk Riyadh

Cenomi Centers opens Al-Nassr flagship store at U Walk Riyadh
Updated 28 October 2024
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Cenomi Centers opens Al-Nassr flagship store at U Walk Riyadh

Cenomi Centers opens Al-Nassr flagship store at U Walk Riyadh

Cenomi Centers, the largest owner, operator and developer of contemporary lifestyle centers in Saudi Arabia, has announced a collaboration with Al-Nassr, one of the most prestigious football clubs in the Middle East. The collaboration has resulted in the opening of a new flagship club store at U Walk Riyadh, perfectly placed for fans attending home games.

To celebrate the opening of the new store, a special event was held with fans and Welsey Gassova and Mohamed Simakan, two star players from the club. The Al-Nassr flagship store caters to the growing number of football fans in the Kingdom, with merchandise sold from one of the top teams in the Saudi Pro League. It also boasts a new café, offering the trending Noug products, adding an extra experiential element for visiting fans. 

Opened in 2019, U Walk Riyadh is one of Cenomi’s flagship shopping centers and Al-Nassr is just the latest brand to become part of this world-leading destination. Located just 2 kilometers away from Al-Awwal Park, the center already boasts premier lifestyle options, including Saudi Arabia’s most popular shopping, dining, and entertainment brands, spread over almost 30 acres, including a 900-meter walkway.

Cenomi Centers CEO Alison Rehill-Erguven said: “Partnering with Al-Nassr, one of Saudi Arabia’s most successful football clubs, is an exciting development and one sure to appeal to the legions of the club’s fans in the capital. The club’s new store is also a welcome addition to Cenomi Centers’ U Walk Riyadh, the beating heart of retail and dining in the city and one of our premier lifestyle destinations. We look forward to a long partnership with the team — and the sport — which is increasingly growing in popularity in the hearts and minds of our customers across the Kingdom.”


Jeddah Motor Show to kick off Tuesday

Jeddah Motor Show to kick off Tuesday
Updated 28 October 2024
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Jeddah Motor Show to kick off Tuesday

Jeddah Motor Show to kick off Tuesday

Jeddah is all set to host the Jeddah Motor Show, taking place at the Jeddah Superdome from Oct. 29 to Nov. 2. The event is supported by the Saudi Automobile and Motorcycle Federation and sponsored by strategic partners, namely Alrajhi Bank, Mojaz, Arab National Bank, Abdullah Hashim Co. Ltd., and gold sponsor Bank AlJazira, along with media partners ArabGT, Alif Alif FM Radio, and Al-Madina newspaper.

This show is the most prominent automotive event in the Kingdom, offering an exceptional experience with the unveiling of new models from global brands. Kia will headline the event with the launch of a new model marking a significant milestone in its journey, while Peugeot will showcase its latest 3008 model. Moreover, Jetour will present its distinguished X50 model with advanced technologies and elegant design, and Haval has a major surprise in store for the show’s visitors.

The exhibition spans more than 40,000 square meters and is expected to attract over 300,000 visitors from across the Kingdom and the region. The event will feature a variety of exciting activities such as kart racing, thrilling off-road vehicle demonstrations, and breathtaking drift shows. The show will also include e-racing simulations, a car clinic, as well as a dedicated food truck area and entertainment activities for children, ensuring a comprehensive experience for the whole family.

The Jeddah Motor Show is an extraordinary opportunity to showcase the latest advancements in the global automotive industry. It serves as a bridge connecting future technologies with the local market’s needs, making it a must-visit destination for car enthusiasts.