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Retail Congress MENA 2024 spotlights future of retail

Retail Congress MENA 2024 spotlights future of retail
The event offered a unique platform to learn from industry leaders, network with peers, and gain valuable insights into the future of retail.
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Updated 11 November 2024
Arab News
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Retail Congress MENA 2024 spotlights future of retail

Retail Congress MENA 2024 spotlights future of retail
Updated 11 November 2024
Arab News
Follow

The retail industry is on the cusp of a new era, and the Retail Congress MENA 2024 acted as the catalyst for its transformation. This landmark event, which took place on Nov. 4-5 at the Mandarin Oriental, Al-Faisaliah in Riyadh, celebrated the 30th anniversary of the Middle East Council of Shopping Centers and Retailers, which organized the congress.

Themed “GENESIS — IGNITE: The Genesis of Vision 2030, Reigniting Retail,” the congress brought together the brightest minds in the retail industry to explore the latest trends, innovations, and opportunities. In a world where consumer expectations are constantly evolving, retailers must evolve to stay ahead of the curve. The event offered a unique platform to learn from industry leaders, network with peers, and gain valuable insights into the future of retail.

The event featured a packed agenda of keynote speeches, panel discussions, and networking opportunities. Attendees heard from top industry experts on topics such as:

• Strategic execution: how to effectively implement new strategies and initiatives

• Leadership in times of transformation: the qualities needed to lead a retail business through change

• Sustainability-driven innovation: creating sustainable retail practices that benefit both businesses and the environment

• Cutting-edge retail technologies: the latest trends in technology that are shaping the retail landscape

The congress featured a lineup of world-renowned speakers, including John Sanei, futures strategist at John Sanei Inc., who provided cutting-edge foresight on the retail landscape, guiding businesses on how to thrive amidst emerging industry trends; and Veemal Gungadin, CEO of Gevme, who delved into the powerful role of technology in transforming retail, showcasing how digital innovations are redefining customer experiences.

The Retail Congress MENA 2024 was supported by a diverse range of industry leaders, including Al-Khozama, Al-Othaim Investments, Cenomi Centers, Hamat, Azad Properties, Kinan International Real Estate Development Co., Unified Real Estate Development, RED, and more.

Retail Congress MENA is the premier event for the retail and shopping center industry in the Middle East and North Africa region, organized by the MECS+R.

Since its inception in 1994, the MECS+R has emerged as the cornerstone of the shopping center and retail industry in the region. As a leading trade organization, the MECS+R stands as a dynamic intersection where retail professionals and industry giants converge, fostering a vibrant forum for growth and innovation.

MG RX9: A perfect blend of modern design and versatility

MG RX9: A perfect blend of modern design and versatility
Updated 13 November 2024
Arab News
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MG RX9: A perfect blend of modern design and versatility

MG RX9: A perfect blend of modern design and versatility
Updated 13 November 2024
Arab News

MG Motor has announced the launch of the new MG RX9, following the global premiere of the model during the Jeddah International Motor Show. A premium SUV that combines elegant design, advanced technology, and powerful driving performance, the MG RX9 is available in three distinct trim levels: the entry-level STD 2.0 Turbo, the mid-tier COM 2.0 Turbo, and the top-tier LUX 2.0 Turbo. The vehicle is designed to meet the needs of modern families, travel enthusiasts, and drivers who desire comfort and capability in a seven-seater configuration.

Prices for the new MG RX9, which offers a blend of modern design, power, and versatility, start from $26,000 (excluding VAT), ensuring the new model offers remarkable value for its class. Additionally, customers will benefit from a six-year/ 200,000 km manufacturer’s warranty, providing exceptional peace of mind.

Tom Lee, managing director of MG Motor Middle East, said: “The launch of the MG RX9 marks a new chapter in our journey to provide customers with modern, premium, and capable vehicles. The RX9 is designed for those who expect more from their SUV, offering space, power, and advanced features. Whether for family outings or off-road adventures, the MG RX9 delivers an exceptional driving experience, while embodying the latest in automotive design and technology.”

The MG RX9’s robust and striking exterior design ensures it stands out on the road. At 1,967 mm wide, it has the widest body in its class, providing a powerful yet elegant presence on the road. The vehicle’s Starburst Wing Grille, integrated with the sleek headlight design featuring 245 laser-engraved LED light units, further enhances its striking front profile. Complementing this dynamic front face are 21-inch wheels, which not only elevate the vehicle’s look but also ensure stability and performance on various terrains. The MG RX9 comes in six exterior colors inspired by nature, offering a choice to suit all drivers’ preferences.

Inside the MG RX9, drivers are greeted by a luxurious and spacious cabin, crafted for comfort and functionality. This seven-seater SUV offers generous legroom and headroom for passengers and drivers alike, boasting the largest three-row seating space in its class. The boot space, which can expand to accommodate 1,026 liters in the five-seat configuration, provides plenty of room for luggage, making it ideal for long trips.

In the front, the dashboard features premium materials, including high-quality wood grain or aluminum dashboard trim and soft-plated keys, adding an additional touch of elegance. Features such as the 12.3-inch touch screen, virtual cluster, and hidden intelligent air-conditioning controls ensure drivers are equipped with all the latest features. Available in black or two-tone beige and brown leather, the cabin maintains a sophisticated yet practical design. Seating comfort is further enhanced by the eight-way electrically adjustable driver’s seat (with memory function in the LUX trim) and the four-way electrically adjustable passenger seat, providing personalized comfort for all.

The MG RX9 is designed for exceptional performance across all terrains. Powered by a new Net Blue 2.0 Turbo super-efficient engine and paired with a nine-speed automatic transmission, it delivers smooth, responsive handling in any environment. With five adaptive driving modes — Auto, Eco, Sport, Snow, and Off-road — drivers can easily adjust settings to suit road conditions. Whether in the city, on the highway, or off-road, the MG RX9 offers a seamless driving experience, enhanced by its advanced intelligent driving system and all-road intelligent cruise assist.

Safety is at the forefront of the MG RX9’s design. Equipped with Bosch’s 3rd Generation Intelligent Front View Camera and 5th Generation Millimeter Wave Radar, the RX9 offers advanced driver-assistance systems for all-around protection. The SUV also features HD 360-degree surround view cameras, allowing drivers to have complete visibility, whether parking or maneuvering in tight spaces.

The MG RX9 will be available soon in all GCC markets, as well as Jordan, Iraq and Lebanon markets.

GESALO awards celebrate Saudi-German trade ties

GESALO awards celebrate Saudi-German trade ties
Updated 13 November 2024
Arab News
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GESALO awards celebrate Saudi-German trade ties

GESALO awards celebrate Saudi-German trade ties
Updated 13 November 2024
Arab News

The German Saudi Liaison Office for Economic Affairs, known as GESALO, held its first awards event on Nov. 6 in Riyadh.

The 1st GESALO Award Gala honored outstanding company achievements and the enduring bilateral economic relationship between Saudi Arabia and Germany. The leadership of 30 companies and institutions were awarded in the categories: Innovation and Technology, Saudi German Business Partnership, Excellence in Customer Interaction and Responsibility for the Future. GESALO Delegate Dr. Dalia Samra-Rohte congratulated the winners in the presence of German Ambassador to Saudi Arabia Michael Kindsgrab.

GESALO is a vital link between businesses in the Kingdom and Germany, promoting trade and investment. By facilitating dialogue and collaboration, GESALO has played a crucial role in strengthening the bilateral economic relationship over the last 45 years.

“We are thrilled to launch this award gala as a platform to celebrate the strong economic partnership between Germany and Saudi Arabia. German companies are participating in numerous megaprojects and infrastructure development, contributing to the national objectives of Vision 2030,” said Samra-Rohte. 

“We see a constant increase in the export numbers with a plus of 20 percent compared to last year. While German companies focused solely on exporting in the past, we are also seeing more German companies creating their value chain locally,” she added.

The continuous interest of German companies in the region is also illustrated by the visit of several German delegations. “Just in November, four German delegations are expected — among them are companies from the aviation and food sector,” said Samra-Rohte.

At the awards event, attendees had the opportunity to network with leaders from various industries, enhancing connections that could lead to fruitful collaborations and partnerships.

Saudia Cargo names Loay Mashabi as new CEO

Saudia Cargo names Loay Mashabi as new CEO
Updated 13 November 2024
Arab News
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Saudia Cargo names Loay Mashabi as new CEO

Saudia Cargo names Loay Mashabi as new CEO
Updated 13 November 2024
Arab News

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.

Jeel and audax partner to transform digital banking across Kingdom

Jeel and audax partner to transform digital banking across Kingdom
Updated 13 November 2024
Arab News
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Jeel and audax partner to transform digital banking across Kingdom

Jeel and audax partner to transform digital banking across Kingdom
Updated 13 November 2024
Arab News

Jeel, the digital innovation arm of Riyad Bank, and audax Financial Technology, a comprehensive digital banking technology solutions provider backed by Standard Chartered, have entered into a strategic partnership aimed at revolutionizing the digital banking landscape in Saudi Arabia. The partnership brings together Jeel’s forward-thinking digital technology as an enabler of digital innovation, and audax’s proven track record as a solutions provider as the comprehensive plug-and-play banking solution powering Asia’s first banking-as-a-service offering by a global bank. This partnership offers a suite of comprehensive solutions for banks in Saudi Arabia, with an initial focus on enabling advanced business models such as digital banks, BaaS, super apps, and open banking solutions. 

Saudi Arabia’s financial sector is undergoing rapid transformation as part of Vision 2030, with a growing market for digital banking solutions driven by a tech-savvy population. The urgency of digital transformation is clear — banks must modernize to remain competitive in a fast-evolving economy, projected to reach $1.1 trillion in GDP by the end of 2024. The surge in digital wallets, from 315,000 users in 2018 to over 17 million by 2022, along with the rapid rise of real-time payments, emphasizes the immediate demand for innovative, scalable banking models.

With initiatives like the SR300 million ($80 million) fintech-focused fund and the National Technology Development Program providing crucial funding and support for startups, the urgency of digital transformation in banking is increasingly clear. These measures highlight the opportunity for banks to modernize and capitalize on the significant potential created by Vision 2030, positioning them to compete and thrive in a rapidly evolving financial landscape.

While banks serve as the first application, these offerings are adaptable for other financial institutions and non-bank entities, allowing for seamless integration into a variety of ecosystems and extending the benefits of digital transformation beyond traditional banking.

In the shorter term, institutions in Saudi Arabia will benefit from rapid migration from legacy systems, unlocking new digital capabilities and flexible business models. Through easy integration with third-party vendors and ecosystem players, clients will be able to offer innovative services such as open banking and BaaS. This flexibility positions them to compete with digital-native challengers, drive customer acquisition, and improve operational efficiency.

In the longer term, the partnership between Jeel and audax will allow Saudi Arabia’s institutions to leverage a wealth of data across their ecosystems, creating new revenue streams and business lines. This includes opportunities such as real-time underwriting through third-party data access, cross-selling products through contextual offers, and even expanding into fee-based services such as KYC-as-a-service and real-time data provision to consumer and SME-focused companies.

George Harrak, CEO of Jeel, said: “At Jeel, we are committed to driving innovation and technological digital advancement. Our collaboration with audax enables us to deliver pioneering digital solutions that will enhance the agility and scalability across Saudi Arabia and the region. By integrating our cutting-edge technology with audax’s proven platform, we can accelerate the digital transformation of our customers, including banks, financial institutions and non-bank entities, and provide them with the tools they need to thrive in an increasingly competitive market.”

Kelvin Tan, CEO of audax Financial Technology, added: “We are excited to bring our proven digital transformation capabilities to Saudi Arabia through this partnership. By working with Jeel, we aim to accelerate the pace at which Saudi institutions can modernize and scale their digital offerings, ensuring they remain competitive in the evolving business landscape. Our partnership will empower them to launch cutting-edge solutions quickly and efficiently, creating new revenue streams and improving operational resilience.”

Ritz-Carlton Residences, Diriyah launches ‘Signature Collection’

Ritz-Carlton Residences, Diriyah launches ‘Signature Collection’
Updated 12 November 2024
Arab News
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Ritz-Carlton Residences, Diriyah launches ‘Signature Collection’

Ritz-Carlton Residences, Diriyah launches ‘Signature Collection’
Updated 12 November 2024
Arab News

At Cityscape Global in Riyadh, Diriyah Company announced the launch of 59 new luxury apartments and villas for the Signature Collection of The Ritz-Carlton Residences, Diriyah, marking the latest release of its luxury branded residences. This launch follows the successful sell-out of the initial 106 Ritz Carlton Residences.

This exclusive new collection offers 59 fully furnished apartments and villas, with options ranging from one-bedroom to four-bedroom configurations, each meticulously crafted to meet the legendary standards of The Ritz-Carlton brand.

Residents will also enjoy exclusive access to amenities at the co-located hotel, The Ritz-Carlton, Diriyah, including a state-of-the-art gym, luxurious spa, and fine-dining restaurants. 

Announcing the new residences, Diriyah Company Group CEO Jerry Inzerillo said: “We are delighted to announce these new world-class luxury homes from the Ritz-Carlton brand. Following the incredible success and sell-out of our initial release of 106 villas at The Ritz-Carlton Residences, Diriyah, we are anticipating significant demand for this exceptional new offering. This announcement underscores our dedication to delivering best-in-class offerings at every stage of our incredible development journey.”

Jaidev Menezes, regional vice president — mixed-use development, EMEA, Marriott International, said: “Following the overwhelming success and sold-out response to the initial release of villas at The Ritz-Carlton Residences, Diriyah, we are excited about the launch of the new inventory of villas and apartments. We are once again expecting high levels of demand for the newly launched residences offering tranquility, privacy and luxury living in one of the most significant cultural and heritage destinations in the region.”

The development of these luxury hotel residences at Diriyah is part of a comprehensive residential strategy to create diverse living opportunities for more than 100,000 future residents. This wide-ranging plan underscores Diriyah’s vision to become a premier destination for luxury living and community development. 

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