GFH and GWC join forces to develop logistics facilities

Razi Almerbati, CEO of GFH Capital, and Matthew Kearns, deputy CEO at GWC.
Razi Almerbati, CEO of GFH Capital, and Matthew Kearns, deputy CEO at GWC.
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GFH and GWC join forces to develop logistics facilities

Razi Almerbati, CEO of GFH Capital, and Matthew Kearns, deputy CEO at GWC.

GFH Financial Group, a financial institution with a strong focus on the logistics sector, has signed a heads of terms agreement with Gulf Warehousing Company, one of the GCC’s top logistics providers. The collaboration will see GFH power GWC’s expansion plans by developing 200,000 square meters of Grade “A” logistics facilities across key locations in Saudi Arabia, including Riyadh, Jeddah and Dammam.
As part of the heads of terms, GFH will finance and oversee the development of these state-of-the-art logistics spaces, tailored to meet GWC’s specific operational requirements. GWC will lead the technical development of these facilities while being the anchor tenant once completed. GWC will leverage its expertise in logistics and supply chain solutions to ensure the facilities are optimized to serve the clients’ needs. This signing is part of GFH’s ongoing commitment to strengthening Saudi Arabia’s logistics infrastructure, which aligns with the Kingdom’s Vision 2030 objectives to diversify the economy and establish the country as a global logistics hub.




Our collaboration with GWC marks a significant step in advancing Saudi Arabia’s logistics infrastructure, says Razi Almerbati, Chief Executive of GFH Capital

Razi Almerbati, chief executive of GFH Capital, said: “Our collaboration with GWC marks a significant step in advancing Saudi Arabia’s logistics infrastructure. By combining GFH’s financial strength and focus on the logistics sector with GWC’s logistics prowess, we are confident this development will further cement Saudi Arabia’s position as a logistics leader in the region.”
Matthew Kearns, deputy CEO at GWC, said: “This heads of terms with GFH will open the horizon to tailored supply chain solutions that meet the increasing demand for high quality logistics solutions in the Kingdom of Saudi Arabia, further supporting the Kingdom’s Vision 2030. GWC is proud to deploy its logistics and supply chain expertise, offering world-class logistics solutions for clientele across the Kingdom.”
The heads of terms state that GWC will be responsible for operating the logistics facilities to serve its expanding client base across the Kingdom, incorporating cutting-edge technologies, highest sustainability standards and optimal operational infrastructure to meet the highest industry standards. The facilities will provide GWC with the capacity to manage and optimize its logistics operations efficiently, supporting the company’s growth and enhancing the country’s logistics capabilities.

 


SingleView showcases transformative open banking solutions

Photo: (@SingleViewCo)
Photo: (@SingleViewCo)
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SingleView showcases transformative open banking solutions

Photo: (@SingleViewCo)

SingleView, a leader in fintech and open banking services, participated in the Seamless Saudi 2024 exhibition and conference, held at the Riyadh Front Exhibition and Conference Center from Oct. 22-24. The company highlighted its dedication to driving innovation in digital commerce through its cutting-edge open banking services.
During the event, SingleView announced two strategic partnerships with prominent industry players, namely Al-Dawaa Pharmacy and Lendo Saudi Arabia. These partners will leverage SingleView’s innovative platform to enhance their financial operations, marking a significant step in advancing their digital transformation across key sectors in Saudi Arabia. These partnerships reflect SingleView’s growing influence in the financial sector and its mission to support the acceleration of digital innovation.

HIGHLIGHT

During the event, SingleView announced two strategic partnerships with prominent industry players namely, Al-Dawaa Pharmacy and Lendo Saudi Arabia.

Abdulrhman Alarifi, chief executive of SingleView, said: “These collaborations highlight SingleView’s unwavering drive to redefine financial services in Saudi Arabia. By harnessing the power of open banking, we are not only transforming the financial landscape but also paving the way for a more innovative, inclusive, and digitally empowered future.”
Alarifi joined a keynote panel on Oct. 23, discussing Saudi Arabia’s journey in taking open banking from vision to reality and emphasizing its impact in driving forward financial advancements.
Eugene Williams, head of product at SingleView, captivated crowds with his presentation on the topic “Open Banking PIS: Why Should I Care?” delving into the importance of payment initiation services and how businesses can benefit from these advancements.
Headquartered in Riyadh, SingleView is a fintech company offering open banking and financial solutions. With partnerships established with all major Saudi banks, the company is dedicated to transforming financial services on a global scale.

Their mission is to empower businesses in every industry to drive profitability, enhance customer engagement, and achieve long-term success.

 


Saudia Cargo names Loay Mashabi as new CEO

SkyTeam Cargo, has announced the appointment of Loay Mashabi as its new chief executive officer
SkyTeam Cargo, has announced the appointment of Loay Mashabi as its new chief executive officer
Updated 07 November 2024
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Saudia Cargo names Loay Mashabi as new CEO

SkyTeam Cargo, has announced the appointment of Loay Mashabi as its new chief executive officer

Saudia Cargo, a leader in global air cargo transportation and member of the biggest air cargo alliance SkyTeam Cargo, has announced the appointment of Loay Mashabi as its new chief executive officer, effective Jan. 1, 2025. He is also the managing director of Saudia Cargo. 

Mashabi succeeds Teddy Zebitz as CEO, who has led Saudia Cargo to record success, driving innovation and solidifying its leading position. Zebitz will continue to serve as a member of the board of directors. 

“During Teddy’s tenure, we have achieved remarkable milestones and navigated through numerous challenges, all while maintaining our commitment to performance and service excellence,” said Abdulkareem Abualnasr, board chairman of Saudia Cargo. “Teddy’s vision and leadership have been instrumental in building the capabilities of our company and in executing our strategies, and we are deeply grateful for all his valuable contributions.”

Mashabi joined Saudia Cargo as board member in August 2021 and became the managing director in October 2023, bringing a wealth of experience in the transportation and logistics sector. Prior to joining Saudia Cargo, he served as deputy minister for logistics services at the Ministry of Transportation and Logistics Services, and deputy governor for planning and development of the General Authority of Customs. He also served as CEO of the inception phase of the Soudah Development at the Public Investment Fund.

Under Mashabi’s leadership, Saudia Cargo will focus on accelerating its growth, expanding its international network, and advancing Saudi Vision 2030’s logistics sector goals, enabling the Kingdom’s transformation by securing essential goods and providing customer-centric solutions that help businesses thrive and industries grow. 

He holds an executive MBA from London Business School and a BSc in petroleum engineering from King Fahd University.


Shein unveils Saudi-inspired Fall/Winter collections

Shein unveiled its latest Fall/Winter 2024 collections to an audience of eager fashion enthusiasts.
Shein unveiled its latest Fall/Winter 2024 collections to an audience of eager fashion enthusiasts.
Updated 06 November 2024
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Shein unveils Saudi-inspired Fall/Winter collections

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

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

ALJ Motors unveils latest mobility solutions in Jeddah
Updated 06 November 2024
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ALJ Motors unveils latest mobility solutions in Jeddah

ALJ Motors unveils latest mobility solutions in Jeddah

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

AMAK reports 181% rise in net profit for nine months
Updated 06 November 2024
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AMAK reports 181% rise in net profit for nine months

AMAK reports 181% rise in net profit for nine months

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.