Burjeel Holdings unveils mental health and ambulatory care solutions at Global Health Exhibition

Updated 1 min 2 sec ago

Arab News

October 23, 2024 20:52

As part of its expansion in Saudi Arabia, Burjeel Holdings, a leading super-specialty health care provider in the MENA region, introduced two health care solutions at the Global Health Exhibition 2024. The group unveiled Alkalma, a mental health and well-being platform, and Burjeel One, a specialized network of day surgery centers. Both initiatives align with Saudi Arabia’s Vision 2030 and are set to revolutionize health care delivery in the region. Dr. Shamsheer Vayalil, founder and chairman of Burjeel Holdings, briefed Saudi Minister of Health Fahad bin Abdurrahman Al-Jalajel on the new initiatives at the Riyadh event.

Alkalma, born from a strategic joint venture between Burjeel Holdings and Colombia-based health care leader Keralty, marks a new chapter in mental health services. Integrating value-based care with specialized primary centers and health risk management, Alkalma is debuting in Saudi Arabia with an ambitious goal of reaching nearly 30 million patients across MENA over the next decade. Alkalma will enhance preventive care, manage health risks, and reduce hospitalizations, all while delivering a comprehensive care ecosystem.

Burjeel One was also revealed at the exhibition, addressing the increasing demand for high-quality same-day medical services. These centers will offer minimally invasive procedures across key specialties such as oncology, advanced gynecology, orthopedics, and neurology. By incorporating advanced robotics and cutting-edge technologies, the first two Burjeel One centers, set to open in Riyadh by 2025, will ensure that patients receive world-class care without the need for prolonged hospital stays.

At the exhibition, visitors were given insight into how Alkalma and Burjeel One are supporting the Kingdom’s shift toward a comprehensive health care model.

“The launch of Alkalma and Burjeel One reflects our commitment to transforming health care in the region by integrating advanced technologies and value-based care models. These initiatives address the growing need for accessible mental health services and specialized ambulatory care while aligning with Saudi Arabia’s Vision 2030,” said John Sunil, CEO of Burjeel Holdings.

The unveiling of Alkalma and Burjeel One builds on the success of PhysioTherabia, Saudi Arabia’s largest and fastest-growing physiotherapy network, which has expanded to 28 centers since its launch in 2023. These new services will enhance the network, offering integrated care from mental health to specialized surgery and rehabilitation.

Participating under the theme “Making Space for Innovation,” Burjeel Holdings showcased its commitment to advancing health care at the Global Health Exhibition. Attendees experienced live demos of advanced physiotherapy equipment, while Burjeel highlighted its expertise in complex care across specialties like fetal medicine, orthopedics, oncology, pediatrics, and cardiovascular care.

During their visit to Burjeel’s booth, Dr. Majid Al-Fayyadh, CEO of King Faisal Specialist Hospital and Research Center; Dr. Mohammed Al-Abd Al-Aali, assistant minister of health; Dr. Ibrahim Alomar, assistant deputy minister for health investment, private sector participation, Ministry of Health; Dr. Khaled Alabdulkareem, assistant deputy minister for primary health care, Ministry of Health; and Dr. Shabab Al-Ghamdi, general secretary of CCHI, were introduced to the new brands the group is launching in the Kingdom.

Construction powers forward at Cenomi’s Jawrahat Jeddah

Updated 1 min 26 sec ago

Arab News

October 23, 2024 20:49

Construction powers forward at Cenomi’s Jawrahat Jeddah

Updated 1 min 26 sec ago

Arab News

October 23, 2024 20:49

Cenomi Centers, the largest owner, operator and developer of contemporary lifestyle centers in Saudi Arabia, announced that construction of its flagship development — Jawharat Jeddah — is powering forward, with the center on track to complete by the end of 2025.

Leasing demand at the center remains strong with pre-leasing now at more than 70 percent complete. Upon opening, Jawharat Jeddah will feature 300 stores including 50 flagship stores and 10 new brands in the city for the first time. Jawharat Jeddah will also feature the city’s first world-class luxury wing with more than 60 brands along with next-generation entertainment, a pioneering events hub, three distinct experiential food and beverage zones and a state-of-the-art immersive digital experience.
Jawharat Jeddah is located in the heart of the city’s northern expansion path, capturing 90 percent of high-income households within a 30-minute drive, and has a spend potential of more than SR3 billion ($800 million). It is expected that the center will be No. 1 for footfall and spend and will attract over 15 million visitors annually. Jawharat Jeddah benefits from being centrally positioned on one of the city’s busiest roundabouts, just a 10-minute drive to the airport and close to key developments including Jeddah Corniche, several five-star hotels, key hospitals and residential neighborhoods. Additionally, it has easy access to Makkah, visited by more than 13 million people in 2023.

The retail center will become Jeddah’s first Gold-LEED certified mall demonstrating high sustainability standards. It is also a cornerstone of the Kingdom’s Vision 2030, driving retail sales and tourism and employing 2,500 Saudis, including 1,500 women.

Together, Jawharat Jeddah and Jawharat Riyadh are expected to become Cenomi Centers’ top two malls in terms of footfall, revenues and EBITDA, with each far exceeding the top mall in Cenomi Centers’ current portfolio. Upon stabilization, this will result in EBITDA of more than SR650 million, 40 percent of current EBITDA.

Bruno Wehbe, COO of Cenomi Centers, said: “We are extremely pleased with the progress being made at Jawharat Jeddah. Brands are continuing to place their trust in Cenomi Centers’ vision for retail and entertainment, and as we near completion, anticipation is building both locally and internationally. Cenomi Centers has provided customers with high-quality lifestyle centers for over two decades and with the new Jawharat developments both in Jeddah and Riyadh, we will be taking retail to the next level in the Kingdom.”

Ghassan Abu Mutier, chief development and delivery officer, Cenomi Centers, said: “Jawharat Jeddah is a very important development and will change the way Saudi Arabia imagines retail and lifestyle experiences. Being the first Gold-LEED certified mall in the Kingdom will be a proud moment for Cenomi Centers, keeping our commitment to ESG at the heart of this development. We look forward to welcoming our retailers as we handover their retail spaces from early 2025 for fit out and crafting unique entertainment and retail experiences with the most wanted brands.”

Alinma to finance Bahri’s fleet modernization drive

Updated 22 October 2024

Arab News

October 22, 2024 22:32

Alinma to finance Bahri’s fleet modernization drive

Updated 22 October 2024

Arab News

October 22, 2024 22:32

Bahri, the national shipping company of Saudi Arabia and a global leader in maritime transportation and logistics, signed a landmark Murabaha agreement with Alinma Bank to secure financing to support its fleet modernization program.

Basil Abulhamayel, chief financial officer at Bahri, and Jameel Al-Hamdan, chief corporate banking group at Alinma Bank, signed the agreement on behalf of their respective organizations. Senior executives from both sides were present at the signing ceremony.

Under the terms of the agreement, Alinma Bank will extend a credit facility worth SR2.8 billion ($756 million) to partially finance the purchase of nine state-of-the-art very large crude carriers intended to streamline the process of phasing out older vessels. The move will further strengthen Bahri’s position as a global leader in maritime logistics and transportation.

Commenting on the agreement, Abulhamayel said: “We are delighted to partner with Alinma Bank to finance one of our significant fleet modernization drives. The enhanced financial capabilities from this collaboration will fuel our efforts to improve our overall fleet competitiveness that will lead to enhancing the company’s revenues and profitability, aligning with our long-term strategic goals. With these strengthened capacities, we are confident in supporting the Kingdom’s vision to become a global leader in maritime and logistics in line with Vision 2030.”

Al-Hamdan said: “We are pleased to finance one of Bahri’s key strategic vessels acquisitions in recent years. This collaboration aligns with our ongoing commitment to Vision 2030 and supports our strategic initiatives to enhance Alinma Bank’s position as the preferred financial partner for the public and private sectors.”

Strategic fleet modernization has always been a core focus of Bahri’s strategy. Leveraging the Kingdom’s strategic location, the company has been actively expanding into new sectors and global markets.

Dubai summit advances women’s leadership in business

Updated 22 October 2024

Arab News

October 22, 2024 22:30

Dubai summit advances women’s leadership in business

Updated 22 October 2024

Arab News

October 22, 2024 22:30

The fourth edition of the Middle East Women Leaders Summit and Awards kicked off on Oct. 22 and will run until Oct. 23 in Dubai. The forum marks the evolution of contemporary leadership and inspires the next generation of women leaders, with the participation of local and regional speakers, panelists, financial experts, and business thought leaders.

This year, the experts are discussing the most important topics related to women’s empowerment, including: challenges and opportunities for empowering women, empowering women leaders for global leadership development through cultural exchange and dialogue, healthcare equity ensuring all have access to care through policy and community support, the pivotal role of women leaders in shaping future tech, driving innovation and fostering inclusivity and growth opportunities, HR women leaders’ role in guiding change, while increasing women’s hiring, empowering through education and offering training and upskilling to build women’s confidence and leadership skills, work-life challenges for women leaders across age groups, including caregiving, career goals, societal norms, and mental health, the role of women-led businesses in driving economic growth and job creation, initiatives that aim to increase the representation of women in technology leadership roles, and more.

Marwa Al-Mansoori, board member, Abu Dhabi Chamber of Commerce and Industry, said: “Conferences like the Women Leaders Summit are pivotal in advancing women’s empowerment in business. In particular, hearing from successful female entrepreneurs and leaders offers real-life examples of how women can excel in male-dominated industries and achieve leadership roles. These gatherings serve as the perfect opportunity for mentorship, networking, knowledge transfer, and skill-building for all involved.”

Vision 2030 and beyond: Role of debt capital markets in Saudi Arabia’s economic future

Updated 23 October 2024

Arab News

October 22, 2024 12:49

Vision 2030 and beyond: Role of debt capital markets in Saudi Arabia’s economic future

Updated 23 October 2024

Arab News

October 22, 2024 12:49

The Middle East’s largest economy, Saudi Arabia, has made significant efforts to diversify its economy and reduce its dependency on oil. One of the key pillars of this diversification strategy is the development of a robust debt capital market, which could help these countries provide alternative financing options for both the public and private sectors.

Developed DCMs could attract foreign investments by offering a structured and transparent environment. Access to DCMs enables funding for large-scale infrastructure projects, crucial for economic development and modernization, which are key tenets of the Kingdom’s Vision 2030. Diversifying funding sources through DCMs could also help manage financial risks by reducing reliance on bank loans and volatile oil revenues, contributing to overall financial stability through efficient capital allocation and risk distribution.

Sukuk at the cornerstone of Saudi DCM growth

Saudi Arabia's DCM surged to $407.7 billion outstanding at the end of 1H24, an 18 percent year-on-year increase, equally split between US dollars and riyal issues. The Kingdom issued approximately $67.2 billion in 1H24 alone across all sectors, a 59 percent rise year-on-year, matching the total issuance of 2023. This positions Saudi Arabia as a dominant player in the GCC region, reflecting growing investor confidence.

The first half of 2024 saw a diversified issuance mix of conventional bonds and sukuk. Saudi Arabia remains a global leader in sukuk issuance due to its expanding Islamic finance sector. Sukuk comprised nearly 60 percent of total debt issued in 1H24, around $41 billion, showcasing a preference for Shariah-compliant instruments. This broadens the investor base, including those adhering to Islamic finance principles, such as many Saudi banks and corporates.

Saudi Arabia leads emerging markets issuances

Saudi Arabia has emerged as the largest dollar debt issuer in emerging markets (excluding China), with $38.5 billion in dollar-denominated debt issued in 1H24 alone. This solidifies the Kingdom as a key player in the global debt market, attracting international investors and boosting its financial standing.

The DCM picked up in 3Q24, with issuance from the government, Public Investment Fund, Saudi Aramco, Banque Saudi Fransi, Riyad Bank, Emkan Finance, and others. Substantial dollar debt issuance is anticipated to continue into 2025 as oil revenues moderate. Fitch rates about 80 percent of dollar sukuk from Saudi Arabia, with nearly all being investment-grade. Vision 2030 projects, deficit funding, diversification, and regulatory reforms suggest the Saudi sukuk and bond markets will likely exceed $500 billion in the next few years.

The foreign investors’ share of local government issuances grew to 7.2 percent by the end of 1H24, up from just 0.2 percent in 2022. This increase follows the inclusion of Saudi issuances in global bond indices, including the FTSE Emerging Markets Government Bond Index, and linkages with international central securities depositories, Euroclear and Clearstream.

Supportive regulatory environment

The Saudi Central Bank has played a crucial role in implementing regulatory changes to enhance transparency and governance, positively impacting the market, increasing investor confidence, and encouraging more issuances. Enhanced transparency, such as the use of credit ratings by debt issuers, can also help make it easier for investors to assess the credit risks associated with different debt instruments on a national and global basis, further supporting the development of a more efficient debt capital market. As a response to this rapidly growing area, Fitch also established a national rating scale for Saudi Arabia in 2020 to reflect differences in the relative creditworthiness of local issuers, helping investors differentiate risk.

ESG considerations

In line with global trends, interest in ESG-debt instruments is growing, driven by government mandates and investor demand. Nearly 10 percent of US-dollar DCM outstanding is now in ESG form in Saudi Arabia, with high-profile ESG sukuk issuances in 1H24 amounting to approximately $2.8 billion. These align with Vision 2030 objectives emphasizing sustainability and social development.

Growing demand for Islamic banking

Saudi Arabia's Islamic finance ecosystem is flourishing, with about 86 percent of banking industry financing being Shariah-compliant. Islamic banks’ liquidity management is supported by the increasing availability of government sukuk. Banks are diversifying their funding bases through wholesale funding, including sukuk issuance, which is becoming a larger part of the funding mix. Local banks are also anchor investors in government riyal issuances, holding over 75 percent share.

The asset management industry continues to see positive inflows, with assets under management increasing by 13.5 percent year-on-year to surpass $250 billion at the end of 1H24. Approximately 95 percent of mutual funds in Saudi Arabia are Shariah-compliant as of 9M24, with strong demand for Shariah-compliant products among both retail and institutional investors. About 16 percent of public funds’ AuM are invested in debt instruments.

Challenges and opportunities

Despite being one of the most developed markets in the Organisation of Islamic Cooperation countries, Saudi Arabia's DCM has room to evolve. Compared to most G20 countries, the DCM is relatively shallow, with limited issuer diversity and a concentrated investor base.

The DCM is also exposed to oil price and interest rate volatility, concerns over the scale and use of issuance, and geopolitical risks. However, the government's commitment to economic diversification positions Saudi Arabia well to further develop its DCM. Growing international investor interest and the Kingdom's proactive regulatory stance create a conducive environment for sustained growth.

Conclusion

Saudi Arabia's DCM is experiencing robust growth, driven by strong regulatory frameworks and diversified debt instruments. The increasing prominence of sukuk, enhanced transparency, and the integration of ESG factors position the market for long-term growth. While challenges remain, opportunities for further development and growing international investor interest are substantial.

The writer Bashar Al Natoor is the Global Head of Islamic Finance at Fitch Ratings

‘Made, consumed and recycled in Saudi Arabia’: Tetra Pak’s 44 years of impact in Kingdom

Sultan Al-Taifi, sales director and Arabic spokesperson, TetraPak Arabia Area

Updated 22 October 2024

Arab News

October 22, 2024 11:34

‘Made, consumed and recycled in Saudi Arabia’: Tetra Pak’s 44 years of impact in Kingdom

Updated 22 October 2024

Arab News

October 22, 2024 11:34

With a 44-year legacy in Saudi Arabia, Tetra Pak’s contributions extend far beyond packaging solutions. From boosting the Kingdom’s economy and strengthening its export power to driving sustainability through circularity — Tetra Pak moves the dial on the region’s sustainability efforts and plays a key role in Saudi Arabia’s Vision 2030.

As Saudi Arabia strides toward Vision 2030, Tetra Pak, the world’s leading food processing and packaging solutions company, collaborates with local entities to help drive the Kingdom — and the region — toward further economic diversification while adopting more sustainable practices. And, who better to lead this admirable mission toward a circular economy than a company deeply rooted in Saudi Arabia since 1980? Tetra Pak’s current campaign “Made, consumed and recycled in Saudi,” is an ode to Tetra Pak’s legacy in the Kingdom while showcasing the company as an industry first-mover, creating a ripple effect in the region’s economic landscape.

Tetra Pak’s economic footprint in Saudi Arabia is substantial, contributing millions of dollars annually as over 80 percent of businesses of all sizes in the F&B industry rely on Tetra Pak’s products, processing equipment and expertise to enhance their footprint in the F&B industry and provide consumers with the latest innovative food products. The inception of Tetra Pak’s production factories in Jeddah in 1998 has witnessed the production of an average of 165 billion carton packaging products in the Kingdom, providing safe and nutritious food products to millions of households, without the need for refrigeration or preservatives.

Beyond the Saudi economy, Tetra Pak’s exports of top quality carton packaging products further the movement of products made in Saudi Arabia, trusted in the Middle East. Tetra Pak exports 40 percent of its Saudi-made products produced at the Jeddah factories to 11 countries in the Middle East region, reinforcing the Kingdom’s position as a packaging and manufacturing hub and furthering the bounds of Saudi Arabia’s regional influence while reflecting Tetra Pak’s commitment to advancing regional exports and trade.

Customers in the F&B industry who chose Tetra Pak’s Saudi-made products for their food packaging requirements are championing products that are locally produced in the Kingdom. And by producing Saudi-made products, TetraPak is supporting customers run shorter production lead times, which enhances their supply chain operations and makes them more resilient in the face of any logistical disruptions that the region can go through.

Also, when locally produced products are being leveraged, business continuity becomes more robust as food products are always delivered on time, further strengthening the go-to-market efforts of customers and enhancing food security levels in the Kingdom.

“We are deeply invested in the growth and development of Saudi Arabia’s food packaging industry, contributing strongly to the economic diversification of the local economy in line with Saudi Vision 2030 and equally committed to enhancing the nation’s food security levels,” said Sultan Al-Taifi, sales director and Arabic spokesperson, TetraPak Arabia Area.

An area where Tetra Pak is catalyzing change is in circularity. Imagine sitting at the corniche, sipping a cold juice. When you finish your drink what do you do with the empty carton? How does your next move impact the very environment you’re enjoying? These are the questions Tetra Pak encourages us to consider, empowering a shift in perspective — viewing waste as a valuable resource rather than a liability.

In 2023, Tetra Pak launched a major initiative in collaboration with Obeikan Paper Industries and Saudi Top Plastics, investing $3 million in setting up carton package recycling infrastructure. Marking a milestone in the region’s recycling efforts, the two facilities in Saudi Arabia are capable of recycling up to 8,000 tons of carton packages annually. Reflecting Tetra Pak’s commitment to enhancing circularity in the Kingdom, this effort provides customers with a complete recycling solution for post-consumed carton packages, while catering to the ambitions of the Saudi Green Initiative.

“Our people at Tetra Pak are at the heart of everything we do. Our current Saudization percentage, which stands at 31 percent across our workforce in the Middle East region, is a vivid demonstration of Tetra Pak’s commitment to supporting local talent in Saudi Arabia with empowering career opportunities,” added Al-Taifi.

Tetra Pak’s “Made, consumed and recycled in Saudi” campaign powerfully demonstrates the company’s economic impact that has transformed Saudi Arabia to a strategic exports hub for the food packaging and manufacturing industry, while also highlighting the company’s unwavering commitment to sustainability. Through substantial economic contributions, export strategies, and pioneering recycling initiatives, Tetra Pak reinforces its position as a leader in the Kingdom’s packaging and manufacturing landscape. As Saudi Arabia continues to evolve under Vision 2030, Tetra Pak remains a dedicated ally, supporting the Kingdom’s goals for economic diversification and sustainability.

Burjeel Holdings unveils mental health and ambulatory care solutions at Global Health Exhibition