‘1957 Ventures’ to drive fintech innovation in Saudi Arabia

Updated 20 August 2024

Arab News

August 20, 2024 08:08

1957 Ventures Fund has announced the launch of the 1957 Ventures company as a venture builder dedicated to fostering innovation in financial technology sector. The company will focus on building, launching and scaling fintech ventures. The initiative is aimed at contributing to the realization of the Financial Sector Development Program goals as part of Vision 2030.

The company’s board of directors comprises prominent leaders from the banking, innovation, business, and investment sectors in the Kingdom, including Nader Al-Koraya, chairman; Mazen Pharaon, vice chairman; Omar Al-Madhi; Abdullah Al-Oraini; and Qaiser Noor.

Emad Kashgari, a seasoned professional with over 15 years of experience in digital innovation, venture building and venture capital, has been appointed as the company’s CEO. Kashgari has a proven track record in driving and activating digital innovation strategy in the banking sector, building up the entrepreneurial ecosystem in the region, driving successful technological innovations, sizable VC investment rounds, and managing multi-million-dollar tech projects.

1957 Ventures is committed to building innovative fintech ventures and models to accelerate the Kingdom’s digital transformation. It aims to foster financial innovation, champion financial inclusion, and empower businesses and individuals, playing a pivotal role in shaping the future of banking and finance in Saudi Arabia. The company will provide comprehensive support to its portfolio ventures, including funding, mentorship, technical expertise and access to market and resources.

“This is a significant step forward in our commitment to fostering a thriving fintech ecosystem in Saudi Arabia,” said Al-Koraya. “We believe that by empowering entrepreneurs and providing them with the tools they need to succeed, we can drive innovation and create new opportunities for economic growth.”

“1957 Ventures stands at the forefront of Saudi Arabia’s fintech revolution, aiming to transform not only our financial landscape but to also set a global benchmark in financial innovation,” said Pharaon. “Our strategic initiatives and the launch of the 1957 Ventures company are aligned with the digital transformation in the region. This venture builder will harness the potential of emerging technologies to foster a resilient and inclusive financial ecosystem, ensuring that we meet and exceed the objectives set forth within Vision 2030.”

“We are dedicated to leveraging our expertise and resources to establish a new generation of Saudi unicorns and fintech companies,” said Kashgari. “Having a dedicated investment fund, as well as a venture building setup, ensures the provision of direct financial support through the growth stages. Prioritizing breakthrough innovative methodologies in the establishment and support of these companies will have a positive impact on the economy and society. We aim to generate quality employment opportunities and direct positive contribution to the Kingdom’s GDP.”

1957 Ventures is committed to investing in talent development and building a solid foundation for the future of fintech in Saudi Arabia. The company aims to foster innovation in the financial technology domain, empower startups and entrepreneurs, and accelerate the financial sector’s digital transformation. Its efforts will contribute to achieving FSDP goals within Vision 2030, creating a more vibrant and inclusive financial sector for all.

Shein unveils Saudi-inspired Fall/Winter collections

Shein unveiled its latest Fall/Winter 2024 collections to an audience of eager fashion enthusiasts.

Updated 06 November 2024

Waad Hussain

November 06, 2024 17:41

Shein unveils Saudi-inspired Fall/Winter collections

Updated 06 November 2024

Waad Hussain

November 06, 2024 17:41

RIYADH: Global fashion powerhouse Shein made a bold statement in Riyadh on Nov. 2, unveiling its latest Fall/Winter 2024 collections to an audience of eager fashion enthusiasts. Themed “Pearls to Radiant Glow, A Journey Through Arab Splendor,” the event merged tradition with trend, offering a fresh take on fashion that speaks to Saudi Arabia’s youth.

The immersive show showcased three collections — Dune Silhouette, Sunset Glow, and Ocean Garden — each reflecting a unique aspect of Saudi culture and landscape. With Riyadh’s style-conscious crowd in attendance, the collections represented the spirit of Saudi youth by drawing on elements of the natural world, from deserts to sunsets to marine life. Every piece seemed to embody the duality of Saudi identity, balancing heritage with a modern, forward-looking aesthetic.

The Dune Silhouette collection set the stage with designs inspired by the dynamic patterns of sand dunes. Embracing khaki hues and earthy tones, the collection used asymmetric tailoring and layered skirts to evoke the fluidity of desert landscapes. The pieces offered a fashionable twist on classic workwear, making a strong impression on attendees who value style that is both sophisticated and wearable.

Meanwhile, Sunset Glow captivated audiences with its warm color gradients that transition from deep orange to soft purples. Flowing silhouettes and delicate detailing, like chiffon accents and tassels, added a touch of romance to the collection. The designs captured the drama and beauty of a Saudi sunset, appealing to those drawn to a softer, more ethereal look.

Bringing a vibrant contrast to the event, Ocean Garden turned to the sea for inspiration, featuring youthful colors, floral prints, and whimsical embellishments like pearls and diamond accents. The collection’s playful spirit shone through with lotus leaf pleats and unique patterns, making it a standout for fashion fans seeking fresh, lively pieces.

Adding a layer of excitement, Shein welcomed more than 30 prominent fashion influencers to the event, including popular figures like Noha Nabil, Almaha, and Fouz, whose attendance highlighted the show’s influence on the region’s style scene. Their presence not only underscored the cultural relevance of the collections but also drew attention to the unique blend of Saudi heritage with Shein’s modern, accessible fashion philosophy. In addition to influencers, several dedicated fans of the brand were invited via social media giveaways and in-app registrations, creating a direct connection between Shein and its loyal customer base.

Another highlight of the evening was the attendance of Bayan Yasien, a celebrated Saudi artist who recently collaborated with Shein on a “Back to School” collection. This partnership, launched in September, was inspired by Saudi culture and reflects Shein’s commitment to celebrating regional artistry. Yasien’s involvement reinforced Shein’s dedication to honoring local creativity while fostering relationships within the Saudi artistic community.
With these new collections, Shein continues to expand its presence in Saudi Arabia by catering specifically to the tastes and interests of Saudi consumers. The event marked another step in Shein’s strategy to create meaningful engagement with its customer base, blending global fashion trends with elements of local culture. Fashion fans can explore the collections exclusively on the Shein website and app, while enjoying exclusive promotions.

For those who wish to experience the collection firsthand, Shein will host a pop-up showroom at Boulevard Riyadh starting on Nov. 15, offering a chance to view iconic pieces up close.

Shein’s Fall/Winter 2024 show in Riyadh underscored the brand’s growing influence in the Middle East, presenting a fusion of Arab splendor and contemporary style. As the collections hit the market, Shein’s approach to capturing local identity through global fashion reflects a broader trend within the industry, making the brand a prominent player in the Saudi fashion landscape.

ALJ Motors unveils latest mobility solutions in Jeddah

Updated 06 November 2024

Arab News

November 06, 2024 00:08

ALJ Motors unveils latest mobility solutions in Jeddah

Updated 06 November 2024

Arab News

November 06, 2024 00:08

Abdul Latif Jameel Motors, the authorized distributor of Toyota vehicles in Saudi Arabia since 1955, participated in the Jeddah Motor Show. The event took place at the Jeddah Superdome between Oct. 29-Nov. 2.

The Jeddah Motor Show is Saudi Arabia’s leading automotive event, drawing distributors, manufacturers, automotive enthusiasts, industry experts, and guests from across the region. The event features the latest vehicle models, cutting-edge technology, and future trends in the automotive industry.

Abdul Latif Jameel Motors showcased its contribution to automotive excellence through an engaging booth concept themed “My Tomorrow,” featuring the Toyota Zone and Jameel Motorsport Zone. “My Tomorrow” celebrated the achievements of young Saudis, highlighting their stories and aspirations, and focusing on what they have accomplished as a trusted partner of the company. This initiative reflects a deep philosophy centered on the drivers’ dreams, ambitions, and lifestyles, through a visual style that resonates with the Saudi culture and connects with the new generation.

The Toyota Zone shed light on the “Beyond Zero” initiative, which highlights the company’s dedication to achieving a zero-emission future. Visitors explored a range of Toyota’s hybrid cars, as well as the company’s multi-path approach to carbon neutrality, comprising various powertrain options designed to cater to different mobility needs. Star models such as the iconic Prado and the elegant Camry were also displayed, embodying the brand’s reputation for durability, reliability, and advanced technology. To further enrich the experience, the zone included dedicated family activities, providing engaging and interactive moments for visitors of all ages.

On the other side, the Jameel Motorsport Zone spotlighted its contributions to the motorsport scene in Saudi Arabia. This booth featured snippets from the Saudi Toyota Championship, emphasizing Jameel Motorsport’s dedication to fostering and promoting local talent. It also highlighted the accomplishments of the GR Saudi Team, showcasing their journey and recent milestones. Additionally, this zone brought attention to Rally Jameel, the region’s first-ever women-only navigational rally, reflecting a pivotal step in empowering women in motorsports. To add a unique layer to the experience, a dedicated esports and gaming area was set up with racing simulators, providing visitors with a hands-on opportunity to immerse themselves in the exhilarating world of motorsports. This is in line with Jameel Motorsport’s efforts to advance the esports industry in the Kingdom, including its latest strategic partnership with Esports World Cup Foundation.

Munir Khoja, managing director of marketing communications at Abdul Latif Jameel Motors, said: “Our participation in the Jeddah Motor Show reflects our ongoing commitment to delivering excellence, promoting innovation, and empowering communities through pioneering initiatives. It is a platform to showcase our vision for the future of mobility, celebrate Saudi motorsport talent, support the growth of the esports industry in the Kingdom, and reaffirm our dedication to advancing the automotive industry in the Kingdom.”

AMAK reports 181% rise in net profit for nine months

Updated 06 November 2024

Arab News

November 05, 2024 23:56

AMAK reports 181% rise in net profit for nine months

Updated 06 November 2024

Arab News

November 05, 2024 23:56

Almasane Alkobra Mining Co., a pioneer in the Saudi mining industry and one of the largest producers of zinc, copper, gold and silver, reported robust financial results for the period ending September 2024, with net profit rising by 181 percent year on year to SR137 million ($36.4 million), compared to SR49 million in the same period last year.

AMAK’s current period growth is primarily attributed to a 108 percent year-on-year increase in gross profit, reaching SR198 million. This strong performance was driven by higher prices for copper, zinc, and gold, coupled with increased sales volumes of copper and zinc. The company also benefited from reduced financing costs and enhanced operational efficiencies, further strengthening its financial performance.

Financial highlights for the period ending Sept. 30:

• Revenue: SR554 million, up 48 percent from SR373 million in the same period last year.

• Gross income: SR198 million, an increase of 108 percent from SR95 million in the prior-year period.

• Operating income: SR149 million, up 183 percent from SR53 million in the same period last year.

• Net income: SR137 million, a 181 percent rise from SR49 million in the same period last year.

• Earnings per share: SR1.55, up from SR0.55 in the same period last year.

“AMAK’s solid financial performance in the current period ending Sept. 30, 2024 builds on our outstanding results from the first nine months of the year and highlights the company’s resilience and strategic focus on production enhancement and operational efficiency,” said Geoffery Day, CEO of AMAK. “With our new growth strategy, we are confident that 2024 will be a record year for AMAK.”

As of the end of September, AMAK’s shareholders’ equity (excluding minority interest) reached SR1.2 billion.

This growth reflects the company’s commitment to strengthening its financial foundation and consistently delivering value to shareholders.

AMAK’s strong financial performance in both Q3 and the first nine months of 2024 underscores the company’s resilience and strategic emphasis on production growth and operational efficiency. Building on this momentum, AMAK recently unveiled a comprehensive growth strategy aimed at increasing production capacity and enhancing its presence in the mining industry. Central to this strategy is the expansion of its processing plant, which is expected to significantly boost output in the coming years.

These initiatives, along with the appointment of new leadership, position AMAK to capitalize on favorable market trends, deliver long-term value to shareholders, and contribute to the broader development of Saudi Arabia’s mining sector in alignment with the Kingdom’s Vision 2030.

Ford launches 2025 Taurus Hybrid in Middle East

Updated 05 November 2024

Arab News

November 05, 2024 18:50

Ford launches 2025 Taurus Hybrid in Middle East

Updated 05 November 2024

Arab News

November 05, 2024 18:50

The 2025 Ford Taurus Full Hybrid has arrived in the Middle East, bringing substantially greater fuel economy to one of the region’s favorite luxury sedans. With a 1.5 L engine available across all three trims, the Taurus is Ford’s first hybrid sedan to be released in the region.

Featuring a spacious interior, advanced safety and convenience technologies, as well as performance drive, the 2025 Ford Taurus Hybrid builds on this family-friendly sedan’s decades-long legendary status in the Middle East.

The Taurus Hybrid’s arrival in the region signals Ford’s commitment to meeting growing consumer demand for eco-friendly alternatives and aligns with the shift toward smart cities and renewable energy sources. The vehicle is part of Ford’s expansion roadmap for electrified vehicles, with key milestones and expansion plans through 2025.

Efficiency without compromise

The full-hybrid Taurus’ electric motor drive operates at low vehicle speeds and gives the engine an assist, enhancing fuel economy and providing a substantial efficiency advantage without compromising on the driving performance seen in a traditional combustion engine vehicle.

Depending on the driving conditions, and mostly in low-speed maneuvers — such as parking, idling and city traffic — the Taurus Hybrid automatically switches to Electric Drive Mode, which is charged either through the combustion engine or regenerative braking. The power output of the electric motor is 48 KW equivalent to 64 HP, complemented by the 1.5 L engine, which gives a net power of 138 KW equivalent to 185 Hp.

For drivers who prefer an internal combustion engine, the 2025 Taurus is equipped with Ford’s proven 2-liter EcoBoost engine mated to an eight-speed automatic transmission, producing 239 Hp and 382 Nm of torque. Offered with front-wheel drive and three driving modes — Eco, Normal and Sport — the ICE Taurus enjoys an impressive fuel economy reaching as high as 15.3 km/l.

Comfort on the inside

Featuring premium leather, suede-lined power seats, dual-zone auto AC, a panoramic sunroof, and seven shades of ambient lighting, the Ford Taurus’s interior was crafted with comfort and convenience for the driver and passengers alike. Sound-muffling materials used in the Taurus’ manufacturing process minimize exterior noise, ensuring a quiet ride for all occupants.

With spacious headroom at the front and back and a large 520 L trunk, the sedan packs in plenty of practicality to match its comfort credentials.

Technology-powered safety and convenience

A range of standard and available technologies have been built into the 2025 Taurus to ensure the safety of all occupants is paramount.

Standard to every Taurus are six airbags built into the Taurus — two at the front, two at the sides, and two in the curtain zone. Available driver-assist tech in the Trend and Titanium trims include blind spot information system and forward collision mitigation systems, forward collision and lane keeping/ departure warnings, rear parking sensor, driver impairment monitor, and an emergency steering assist, which works with other safety systems to prep the Taurus for extra-responsive steering in moments of emergency.

The Taurus Titanium ups the safety and convenience ante further, with a reverse brake assist, bringing the sedan to a stop when detecting motion when the vehicle is exiting backwards out of a parking spot, and a 360 view camera giving drivers a complete picture of Taurus’ surroundings.

The Taurus also features available adaptive cruise control, which automatically slows the vehicle down when detecting traffic, before returning to the driver’s preset cruise speed after things clear up.

Central connectivity

At the heart of Taurus’ technology offering is a multifunctional 13.2-inch center touchscreen, which complements an impressive 8-inch digital instrument panel cluster. The state-of-the-art center screen comes loaded with Ford’s SYNC4 technology, providing drivers with easy access to communications, entertainment, and information through both voice and touch prompts.

Drivers and passengers can keep the Taurus clutter-free thanks to the available inductive wireless charging for smartphones, while music-lovers will appreciate the six-speaker sound system.

With its spacious interior, advanced safety features, and a powerful yet fuel-efficient engine, the 2025 Ford Taurus offers a smooth and enjoyable ride for both the driver and passengers. From daily commutes to weekend road trips, this sedan combines style, performance, and practicality for a family-friendly vehicle that doesn’t compromise.

“The 2025 Taurus brings hybrid technology to one of the region’s favorite sedans, giving drivers more efficient performance than ever before seen in this nameplate,” said Sreejith Govind, brand marketing specialist at Ford Middle East. “With the Hybrid Taurus available across all three trims of this sedan, we’re proud to be offering customers the highest efficiency advantage without compromising important vehicle attributes.”

Ford’s commitment to the future is evident in the launch of the first of its new electrified offerings, the Taurus Hybrid. This flagship model embodies Ford’s dedication to innovation, boasting cutting-edge sustainable technologies, superior performance, and a distinguished design. By leveraging its longstanding presence and trusted reputation in the Middle East, Ford is ushering in a new era of automotive excellence, where advanced technology and environmental responsibility go hand-in-hand. The road to electrification emerges as a symbol of Ford’s vision for a brighter, more sustainable future of mobility, setting a new standard for the automotive industry.

The 2025 Ford Taurus is available at authorized distributors in the Middle East.

50 new Indian products launched at LuLu Hypermarket

Indian Commerce and Industry Minister Piyush Goyal launches Ladakh apples in LuLu.

Updated 05 November 2024

Arab News

November 05, 2024 09:03

50 new Indian products launched at LuLu Hypermarket

Updated 05 November 2024

Arab News

November 05, 2024 09:03

In a significant move reflecting the depth of trade cooperation between Saudi Arabia and India, LuLu Hypermarket introduced a wide range of Indian-made products across its stores as part of the Diwali festival.

Indian Commerce and Industry Minister Piyush Goyal inaugurated the Diwali Utsav at LuLu Hypermarket, which also saw the debut of several India-made products across their stores. The minister expressed appreciation for LuLu’s efforts in promoting Indian products in the Kingdom. He also praised the Indian community in Saudi Arabia for their hard work, resilience, and commitment to both their home and host countries, as he said they play an integral role in building bridges between cultures and economies.

More than 50 new products have been introduced, including premium A2 ghee, millet-based breakfast cereals, and organic beauty items. Ladakh apples, supported by international trade initiatives, alongside Indian Cavendish bananas, and dragon fruit, have also been launched.

Describing LuLu Chairman Yusuff Ali M.A. as the “Roving Ambassador of India,” Goyal said: “As the leading retail organization in the Middle East, LuLu’s commitment to showcasing high quality Indian products exemplifies the diverse acceptance of Indian products across the nations. This initiative not only supports local industries but also strengthens the economic ties between India and Saudi Arabia.”

“This initiative aims to promote the products of India, including the taste and culture of our country, among the national population and the large expatriate community residing in the region. We are on track to open our 100th store in the Kingdom of Saudi Arabia within two years, which will ensure direct job opportunities for 10,000 Saudi nationals,” said Chairman Ali.

The launch event also included vibrant cultural performances, with local students presenting traditional dances to celebrate cultural diversity, complemented by a Saudi drumming troupe performing traditional music, creating a festive atmosphere.

This initiative is part of Lulu’s broader strategy to expand its offerings, having added more than 10,000 products to the store.

LuLu recently announced an Initial Public Offering for 25 percent of its share capital on the Abu Dhabi Securities Exchange, offering an opportunity for public investment in the GCC’s largest and fastest-growing full-line retailer. The subscriptions are open till Nov. 5. The final offer price will be announced on Nov. 6, with the listing anticipated on Nov. 14.

‘1957 Ventures’ to drive fintech innovation in Saudi Arabia