AFS partners with Samsung to accelerate digital payments in Oman

AFS partners with Samsung to accelerate digital payments in Oman
Ajmal Basheer, head of processing, AFS
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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.”


Tree launches Saudi Arabia’s first pet insurance

Tree launches Saudi Arabia’s first pet insurance
Updated 2 min 20 sec ago
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Tree launches Saudi Arabia’s first pet insurance

Tree launches Saudi Arabia’s first pet insurance

Tree Digital Insurance Agency has announced the official launch of the Kingdom’s first pet insurance, a groundbreaking product designed to meet the growing needs of pet owners in Riyadh and beyond. This innovative product is part of Tree’s broader strategy to expand its digital insurance offerings, in line with Saudi Arabia’s Vision 2030 goals of enhancing the Kingdom’s digital infrastructure and improving the quality of life for its residents.

As the only insurance product of its kind licensed by the Insurance Authority in Saudi Arabia, Tree’s pet insurance provides comprehensive coverage for cats and dogs, offering financial protection for pet owners against the costs of veterinary care, surgeries, medications, and more. This product launch represents a significant milestone in Tree’s mission to fill market gaps with innovative, customer-centric solutions.

“Today’s launch of pet insurance marks a pivotal moment in the evolution of Saudi Arabia’s insurance sector,” said Preeti Mundhra, a member of Tree’s executive management. “As the first digital insurance agency in the Kingdom, we are committed to driving digital transformation and bringing innovative products to the market that address the unique needs of our customers. This product not only protects pets but also enhances the overall support system available to pet owners, contributing to the quality of life improvements envisioned in Vision 2030.”

Bader Alhathal, another member of Tree’s executive management, added: “This product is more than just insurance; it’s a commitment to the well-being of our pets and the peace of mind of their owners. By offering pet insurance, we are taking a significant step toward providing comprehensive, accessible, and digitally driven solutions that cater to the modern lifestyle of our customers.”

The launch of pet insurance comes at a time when Saudi Arabia is witnessing rapid growth in pet ownership, particularly in urban centers like Riyadh. With this new offering, Tree aims to support this growing community by providing a reliable and accessible insurance solution that ensures pets receive the care they need while also providing peace of mind to their owners.

The Insurance Authority has played a crucial role in enabling Tree to bring this product to the market. By lifting regulatory restrictions and granting Tree a perpetual license earlier this year, the IA has demonstrated its commitment to fostering a vibrant, diversified private sector, in alignment with the objectives of Vision 2030.

“We are grateful for the continued support of the Insurance Authority, which has been instrumental in our journey to becoming a leader in digital insurance,” added Mundhra. “Their commitment to innovation and public-private collaboration has been key to our success.”

Tree is Saudi Arabia’s first digital insurance agency. Since its inception in 2022, Tree has aimed to transform the insurance sector through digital innovation, offering a range of products that include motor insurance, travel insurance, and now pet insurance.


Badael opens second manufacturing facility in Jeddah to address rising demand

Badael opens second manufacturing facility in Jeddah to address rising demand
Updated 11 September 2024
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Badael opens second manufacturing facility in Jeddah to address rising demand

Badael opens second manufacturing facility in Jeddah to address rising demand

Badael, a PIF company, inaugurated its new manufacturing facility at MODON — Saudi Authority for Industrial Cities and Technologies Zones — Asfan, in Jeddah.

The new manufacturing site consists of an extensive nicotine powder mixing facility, an R&D lab, a dedicated test line, a QC lab, and a second high-speed manufacturing line, which is installed to ramp up the supply of DZRT tobacco-free pouches to meet the surge in demand that the market has seen over the past year.

Badael Company’s Chief Executive Officer Tolga Sezer said: “We are committed to our mission to help 1 million smokers quit smoking by 2028. The inauguration of our new manufacturing site and the line in Jeddah is a testament to Badael’s steadfast dedication to meeting the demand for our Saudi-made product, DZRT.

“Our new facility will leverage state-of-the-art manufacturing processes that utilize global standards in nicotine pouch production under world-class quality standards and sustainable environmental practices.”

The inauguration of the MODON facility will further enable Badael to deliver on its vision and mission by supporting economic diversification, creating local opportunities, enabling healthcare savings, and driving sustainability.


AQAR marks 10 years of success as Saudi Arabia’s leading real estate platform

AQAR marks 10 years of success as Saudi Arabia’s leading real estate platform
Updated 11 September 2024
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AQAR marks 10 years of success as Saudi Arabia’s leading real estate platform

AQAR marks 10 years of success as Saudi Arabia’s leading real estate platform

With over 10 years of experience in the real estate technology industry, AQAR has established itself as the ultimate destination for comprehensive real estate solutions in Saudi Arabia. Available as both a website and a mobile app on iOS and Android, AQAR provides a seamless platform for property seekers and advertisers alike.

AQAR simplifies the search process for those looking to buy or rent properties across all cities and regions of the Kingdom. Beyond just listings, AQAR offers a range of services, including financing, leasing, real estate data analysis, and marketing. These services aim to meet the diverse needs of customers while contributing to the regulation of the Saudi real estate market. AQAR is committed to achieving the highest user satisfaction by maintaining top-quality standards and fostering strong connections between buyers, sellers, real estate seekers, and both government and private entities.

A decade of success

AQAR’s journey began over a decade ago, building a robust experience with its clients to become the leading name in innovative real estate solutions. AQAR leads the prop-tech market in Saudi Arabia. Some of the key metrics are: 233 billion documented values of properties listed on the platform, 400 million monthly searches conducted on the platform, 35 million monthly listings views, 12 million app downloads on iOS and Android, and 2 million active users per month.

What does AQAR offer?

AQAR offers a comprehensive suite of services catering to diverse segments of the real estate market. For general services, the platform provides a vast database of real estate listings for both sale and rent, a detailed property map showcasing all residential projects, a streamlined process for obtaining real estate advertising licenses, efficient leasing services, and a robust property management system. Additionally, AQAR generates comprehensive data reports to analyze market trends and user interactions across different regions. For developers, AQAR offers project showcasing on its map with detailed unit information and project features, targeted messaging to verified users, and effective digital marketing strategies to reach potential buyers. Finally, AQAR provides flexible real estate office plans designed to assist real estate offices and brokers in managing their listings efficiently.

The ‘Dufaat’ rent now, pay later service

AQAR has introduced the “Dufaat” service, which allows tenants to convert annual rental payments into monthly installments. This system also ensures landlords receive full and secure payments, making the leasing process simpler and more efficient on the AQAR platform.

Future aspirations

AQAR is dedicated to continuously providing innovative services in the real estate market, enhancing partnerships with financial institutions, and improving the user experience to attract new target audiences and foster sustainable growth.


BSF-AstroLabs program boosts Saudi fintech talent

BSF-AstroLabs program boosts Saudi fintech talent
Updated 10 September 2024
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BSF-AstroLabs program boosts Saudi fintech talent

BSF-AstroLabs program boosts Saudi fintech talent

Bank Saudi Fransi and AstroLabs, a business expansion platform in the Gulf, have announced the successful conclusion of the second cohort of their flagship “Banker Technologist” program, which seeks to expand Saudi Arabia’s fintech talent pool, thereby contributing to the advancement of the broader fintech sector.

As Saudi Arabia is rapidly evolving into a global financial technology and innovation hub, the program plays a pivotal role in generating employment in fintech. This is in line with Vision 2030’s objectives to increase the number of fintech companies to at least 525 by 2030, up from 200 in 2023 to create 18,000 job opportunities.

This six-month program is uniquely designed to shift the emphasis from theoretical concepts to practical skill acquisition through a learning environment created to simulate actual workplace scenarios.

During the initial stages, the 10 selected participants took part in group classes held at AstroLabs’ premises in Riyadh, covering core development topics such as web development, databases, security, cloud and digital services, integration and programming, along with soft skills and personal competencies.

Afterward, the participants got the opportunity to partake in mentorship sessions moderated by more than 10 subject matter experts including established bankers and CEOs as well as members from the AstroLabs’ network, among other stakeholders. This immersive experience has equipped participants with the necessary technological tools, personalized support and unrivaled networking opportunities, including a visit to the LEAP conference held in Riyadh last May.

Reema Siyam, head of learning and talent management at Banque Saudi Fransi Academy, said: “As BSF takes strides toward its mission to become the most modern, innovative, and experience-focused bank in the region, we continue to focus on attracting, developing, and retaining top talent in the Kingdom to achieve that mission. Our ‘Banker Technologist’ program focuses on the skills needed to accelerate digital transformation at the bank and on empowering our employees to take charge of their development.”

At the end of the program, the participants started to work within the bank’s verticals and were offered the opportunity to gather insights from senior leaders, industry experts and specialized mentors from AstroLabs’ wider network through weekly sessions.

Fouad Fattal, vice president of key accounts and programs at AstroLabs, said: “We are delighted to be completing the second cohort of the ‘Banker Technologist’ program, which represents a cornerstone of our commitment as a company to foster fintech talents amid a rapid uptake in digital banking as a key pillar of the fintech industry in Saudi Arabia.”


Carrier opens regional office in Saudi Arabia

Carrier opens regional office in Saudi Arabia
Updated 10 September 2024
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Carrier opens regional office in Saudi Arabia

Carrier opens regional office in Saudi Arabia

Carrier Global Corporation, a global leader in intelligent climate and energy solutions, has announced the opening of its regional office in Riyadh. This strategic move underscores Carrier’s commitment to enhancing its operations in the Middle East, aligning with the region’s growth and development ambitions.

“Establishing our regional office in Riyadh is a strategic decision that aligns with our vision to be closer to our customers and partners in this rapidly growing region. Saudi Arabia’s Vision 2030 and its focus on sustainability and innovation make Riyadh an ideal location for our regional headquarters.” said Didier Genois, vice president and general manager, Carrier CHVAC Europe, Middle East, and Africa. “This move will allow us to better serve the needs of our customers and accelerate the deployment of our cutting-edge intelligent climate and energy solutions across the region.”

Tony Jabbour, managing director of CHVAC Middle East, added: “The establishment of our regional headquarters in Saudi Arabia underscores our commitment to the region and reflects our confidence in its future growth. We are enthusiastic about the opportunities this move creates for both Carrier and our customers.”

Carrier is committed to creating solutions that matter for people and the planet for generations to come. The company leads in inventing new technologies and entirely new industries, boasting a world-class, diverse workforce that puts the customer at the center of everything it does.