Mohamed Yousuf Naghi Group forms Jiad International Holding Company to lead strategic restructuring

Mohamed Yousuf Naghi Group forms Jiad International Holding Company to lead strategic restructuring
Hossam Y. Radwan, CEO of Jiad International Holding Company.
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Updated 03 December 2024
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Mohamed Yousuf Naghi Group forms Jiad International Holding Company to lead strategic restructuring

Mohamed Yousuf Naghi Group forms Jiad International Holding Company to lead strategic restructuring

Mohamed Yousuf Naghi Group has announced the formation of Jiad International Holding Company, a strategic initiative to optimize the group’s diverse portfolio of investments and accelerate long-term growth across key sectors, including automotive, transportation, logistics, and consumer goods distribution.

This new corporate structure highlights Mohamed Yousuf Naghi Group’s commitment to enhancing corporate governance while solidifying its position as a leading service provider by empowering its subsidiaries to seize emerging opportunities. 

HIGHLIGHT

The formation of Jiad International Holding Company is a strategic initiative to optimize the group’s diverse portfolio of investments and accelerate long-term growth across key sectors.

Leading this venture, as the CEO of Jiad International Holding Company, will be Hossam Y. Radwan, who comes with a proven track record of experience spanning more than three decades in investment banking. He will be bringing exceptional expertise in driving the company’s strategic vision.

An alumnus of Georgetown University, US, Radwan most recently served as CEO of the Saudi Mortgage Guarantees Company (Damanat) and was previously appointed to numerous leadership roles in renowned financial institutions, such as JPMorgan, Goldman Sachs, EFG-Hermes and Abraj Partners Holding.

The group expressed its enthusiastic welcome to Radwan, and expressed their confidence in his ability to drive Jiad International toward achieving its strategic objectives and unlocking a new era of growth for Mohamed Yousuf Naghi Group.


SAMENA Council lauds Saudi Arabia’s role in 5.5G innovation

SAMENA Council lauds Saudi Arabia’s role in 5.5G innovation
Updated 04 December 2024
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SAMENA Council lauds Saudi Arabia’s role in 5.5G innovation

SAMENA Council lauds Saudi Arabia’s role in 5.5G innovation

Participating in the 15th Global Mobile Broadband Forum hosted by Huawei, the SAMENA Telecommunications Council, an industry association championing the digital advancement of the South Asia, Middle East, and North Africa regions, reaffirmed Saudi Arabia’s pivotal role in driving 5.5G (5G-advanced) innovation and digital transformation.

“We are on the brink of a transformative era in connectivity, one that will redefine industries, uplift communities, and support sustainable development. Through the SAMENA Council, we are creating a unified platform to bring diverse stakeholders together and catalyze progress in the whole region,” said Bocar Ba, CEO at SAMENA Council, on the sidelines of Huawei’s Global MBBF 2024 in Istanbul, Turkiye.

Under the theme “5.5G Leads Mobile AI Era,” this year’s Global MBB Forum by Huawei focused on the rapid development of 5.5G infrastructure and AI-powered applications. More than 1,000 participants, including mobile network carriers, ecosystem innovators and technology leaders from across the world gathered to share insights on how these advances will impact industries and individuals.

The Kingdom has become a focal point for SAMENA Council’s efforts to promote next-generation connectivity and cross-sectoral collaboration. “Saudi Arabia is an important market for the SAMENA Council and its members and is the region’s largest digital economy,”
added Ba. 

Bocar Ba, CEO at SAMENA Council

 “The Kingdom’s proactive initiatives and strong collaboration between government entities and the private sector have created a fertile environment for accelerating digital transformation. From telecom operators like stc, Mobily, Zain, and Salam to key government regulators, Saudi Arabia is setting a benchmark for the region.”

The council is actively engaging with the Ministry of Communications and Information Technology and industry leaders to address critical areas, including spectrum management, fixed wireless access deployment, and agile regulatory frameworks that support the adoption of 5.5G technologies. 

The council is also collaborating closely with the Communications, Space and Technology Commission, to address emerging cybersecurity challenges. “Cyber resilience is critical as we scale up 5.5G,” Ba said. “Our work with CST and other stakeholders like MCIT ensures a secure, future-ready ICT infrastructure that can support diverse applications across industries.”

As the Kingdom prepares for the widespread implementation of 5.5G, SAMENA Council has been instrumental in identifying opportunities for leveraging this transformative technology. Ba emphasized that 5.5G will unlock innovative applications across critical industries such as health care and education.

“The next phase of 5G is already here,” he said. “Saudi Arabia is well-positioned to lead the way in adopting 5.5G technologies, which will not only accelerate economic diversification but also drive significant improvements in quality of life. Fixed wireless access, in particular, will play a crucial role in connecting underserved areas and bridging the digital divide.”

To support these efforts, SAMENA Council has launched the ELITE FWA Club, which focuses on promoting fixed wireless access as a key enabler of digital inclusion. In addition, the council is working with global technology providers such as Huawei to accelerate digital innovation and develop future-focused use cases for 5.5G.

“Saudi Arabia’s vision for digital transformation is inspiring. By fostering collaboration between government entities, technology providers, and telecom operators, the Kingdom is not only transforming its economy but also setting a global benchmark for what sustainable digital development should look like,” added Ba.


LuLu boosts Saudi presence with new Dammam store

LuLu boosts Saudi presence with new Dammam store
Updated 04 December 2024
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LuLu boosts Saudi presence with new Dammam store

LuLu boosts Saudi presence with new Dammam store

As part of its continuous expansion strategy in Saudi Arabia, LuLu Retail has opened its 57th store at Al-Fakhriyah, Qutb Al-Din Al-Shafie Street, Dammam.

The hypermarket offers a modern and convenient shopping experience, featuring a curated selection of high-quality products, while staying true to the brand’s signature commitment to affordability and excellence.

The new store was inaugurated by chief guest Fayez bin Ali Al-Asmari, head of West Dammam municipality, in the presence of dignitaries, including Shehim Muhammed, director of LuLu Saudi Hypermarkets; Moiz Nuruddin, regional director for Eastern Province; Mohammed Bu Bshait, executive manager of Eastern Province; Zaid Alsubaie, administration manager of Eastern Province; along with other senior officials from the company and the local community.

The new store, spread over 20,000 square feet, features all the favorite shopping amenities that have made LuLu the fastest-growing retail chain across the Kingdom.

It provides ample parking space with a capacity for 181 vehicles. This ensures convenience for both local customers and travelers visiting the store.

The hypermarket is designed to efficiently meet the diverse needs of the community, offering everything from fresh groceries to household products.

Whether residents are seeking their everyday grocery needs or travelers are in search of a quick, reliable shopping experience, the new hypermarket is designed to meet diverse customer demands efficiently.

Designed with the local community in mind, Al-Fakhriyah store is compact yet fully equipped, offering a wide range of products across multiple categories.

Shoppers can find everything from groceries, fresh produce, and bakery items to meat, seafood, health and beauty products, small appliances, mobile phones and accessories, and home furnishings.

At the inauguration, Muhammed highlighted the importance of the new store in fulfilling the company’s vision of providing exceptional quality and value to customers across the Kingdom.

He said: “The opening of LuLu Store in Al-Fakhriyah marks another significant milestone in our ongoing commitment to offering the best quality products at competitive prices. This store reaffirms our dedication to addressing the diverse needs of the local community and ensuring an enhanced shopping experience for our valued customers.”

The new store also features convenient accessibility, making it the perfect stop for travelers on the busy Bu-Hadriyah Road, ensuring that customers, whether residents or passersby, are well-served.

LuLu continues to focus on expanding its presence in key locations across the Kingdom, further solidifying its position as a leader in the retail industry while meeting the growing demands of Saudi Arabia’s retail market.

The company is on track to open 100 stores in the Kingdom within the next three years.

Additionally, four new LuLu stores are set to open in the holy cities of Makkah and Madinah within the next two months.

Recently, LuLu began trading on ADX on Nov. 14, following its record-breaking IPO.

The most significant aspect was the heavy pull-in of first-time investors, all of whom made up more than 82,000 retail investors, one of the highest recorded for a UAE IPO.

The stock offering raised $1.72 billion, with aggregate demand reaching $37 billion, resulting in an oversubscription of 25 times.

Cornerstone investors included leading sovereign and institutional investors from across the GCC.


VTB: Agricultural exports to exceed $50bn in next 5 years

VTB: Agricultural exports to exceed $50bn in next 5 years
Updated 04 December 2024
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VTB: Agricultural exports to exceed $50bn in next 5 years

VTB: Agricultural exports to exceed $50bn in next 5 years

VTB Group, a global provider of financial services, estimates that exports of agricultural goods will surpass $50 billion by 2030. Leading positions in the grain segment will be complemented by new growth areas in meat and dairy production, as well as the food processing industry. 

This forecast was presented by VTB analysts at the 15th VTB Russia Calling! Investment Forum, who identified the main growth factors as:

  • Increased efficiency and experience of local producers
  • Achieving the threshold for ensuring food security in the Russian Federation not only for grain but also across vegetable oils, fish and fish products, sugar, meat, and meat products. This will significantly expand the list of value-added agro-industrial complex goods for export.
  • Potential for production growth relative to current cultivated areas and production capacities
  • Strong positions in production costs
  • Growing demand from China, the Middle East, North Africa, and Southeast Asia

Vitaly Sergeychuk, member of the management board of VTB, said: “Despite the current cycle of a high key rate and expensive borrowing, we see that our clients in the agricultural and industrial complex segment are fulfilling their obligations to banks, counter-parties, and employees in a timely manner. Moreover, they are constantly seeking out new markets and business partners. For instance, over the last three-five years, most of them have established export production and logistics chains for their products, including to Asia, the Far East, the Middle East, and Africa.

“At the same time, in light of new challenges to maintain the sovereignty of the country’s food security, the priority for players in this market will be to further increase vertical integration and develop new business directions. These include selective breeding and genetics, knowledge-intensive industries, dairy production, and livestock breeding.”


Kerten Hospitality opens ‘Nakhati’ gelato store in Diriyah

Kerten Hospitality opens ‘Nakhati’ gelato store in Diriyah
Updated 03 December 2024
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Kerten Hospitality opens ‘Nakhati’ gelato store in Diriyah

Kerten Hospitality opens ‘Nakhati’ gelato store in Diriyah

Kerten Hospitality’s Nakhati brand, recognized as Saudi Arabia’s pioneering social impact food and beverage initiative, launched its latest location at the prestigious Bujairi Terrace in Diriyah. The store opening, which took place on Nov. 28, brings Nakhati gelato’s locally inspired blends to the heart of Diriyah, reflecting the richness of Saudi heritage and modern culinary flair. Founded by Kerten Hospitality, the unique gelato franchise is dedicated to empowering Saudi female entrepreneurs and fostering community prosperity.

To celebrate the opening, Nakhati introduced an exclusive aroma drawn from the heritage of Diriyah: Tahini Gelato. This special edition is being offered in two distinctive variations:

• Tahini and White Chocolate Variegato: A creamy indulgence crafted to captivate both newcomers and gelato enthusiasts alike.

• Tahini, Cardamom and Dates: A flavorful tribute to traditional tastes, celebrating the essence of Diriyah’s rich history.

Additionally, guests at the Bujairi Terrace location had the chance to sample “Pinturicchio,” a gelato made with premium olive oil and a touch of salt, as a complimentary treat on the opening day.

“Nakhati isn’t just a dessert brand; it’s a mission-driven initiative by Kerten Hospitality. Under a social franchise model, Nakhati empowers Saudi women through accessible pathways to business ownership, providing full franchise support, financing tools, training, and ongoing mentorship. This model exemplifies Kerten Hospitality’s commitment to fostering social responsibility while delivering premium culinary experiences,” a statement said.

“Our expansion into Diriyah is a testament to Nakhati’s mission: to empower Saudi women through a business model that merges quality, craftsmanship, and social impact,” said Marloes Knippenberg, CEO of Kerten Hospitality. “Nakhati showcases the skill of gelato-making, while also highlighting the potential for businesses to drive positive change.”

By 2028, Nakhati aims to empower 50 Saudi women through its network of 30 gelato carts and 20 kiosks across the Kingdom, bringing locally crafted gelato to communities throughout Saudi Arabia. Nakhati’s impact has garnered international recognition, including the prestigious Dentons Best Franchising Model Award, which celebrates the brand’s unique approach to sustainable and inclusive business.

Aligned with Kerten Hospitality’s broader vision for gender equity and community empowerment, Nakhati’s social franchise model is reshaping the industry, showing how social responsibility and business success can flourish side by side. Through each franchisee, Nakhati is helping to create a more inclusive and prosperous future for Saudi women and their communities.


HORECA Riyadh brings best of hospitality to Kingdom

HORECA Riyadh brings best of hospitality to Kingdom
Updated 03 December 2024
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HORECA Riyadh brings best of hospitality to Kingdom

HORECA Riyadh brings best of hospitality to Kingdom

The 13th edition of HORECA Riyadh opened on Nov. 25 at Riyadh International Convention and Exhibition Center. The opening ceremony was attended by Mayada Badr, CEO of the Culinary Arts Commission, and Prince Waleed bin Nasser Al-Saud, founder and CEO of Mukatafa, along with several diplomats and top business leaders from across the Kingdom.

Concurrently, the second edition of Salon du Chocolat et de la Pâtisserie also commenced, featuring a unique blend of chocolate and pastry arts, as well as the Saudi Elite Chefs competition. Strategically partnered with the Culinary Arts Commission, the event gathered an assembly of elite professionals and international brands through Nov. 27.

This year’s HORECA, the most expansive in its history, extended over 29,000 square meters and hosted more than 400 exhibitors representing 20,000 brands from 48 countries. These were displayed across eight international pavilions, each a showcase of cultural diversity and innovation that defines the modern hospitality landscape.

The inaugural ceremony featured a special tribute to Badr, whose visionary leadership in the Saudi Ministry of Culture’s Culinary Arts Commission has significantly elevated the national culinary arts scene.

The opening day’s events included a range of competitions and demonstrations, including cooking, barista and mocktail competitions, drawing more than 100 skilled participants from around the globe, each eager to impress a panel of international judges.

Salon du Chocolat et de la Pâtisserie comprised more than 40 distinctive events, which included celebrated pastry chefs unveiling their latest creations and sharing insights into emerging trends in the world of chocolate and pastries. Additionally, the exhibition provided an arena for chefs to engage in competitions adjudicated by globally acclaimed chefs.

Adding an intellectual flavor, this year’s event introduced “The Talks,” an engaging series of panel discussions tackling a variety of contemporary issues, led by a cadre of industry leaders.

The Saudi Elite Chefs competition offered a face off between chefs facing novel challenges in Saudi cuisine, judged by a panel comprising Meilleurs Ouvriers de France laureates Philippe Bertrand, Jonathan Mougel, Joseph Viola and Jacques Rolancy.

The two exhibitions provide an ideal platform for expert networking and the forging of strategic partnerships. These events not only reinforce Riyadh’s eminent status as a global and regional hub for the hospitality, and food and beverage industries but also spotlight its dynamic role on the world stage.

Established almost 30 years ago, HORECA, an annual business meeting place, brings together an array of distinguished brands, experts and international personalities from the vibrant worlds of hospitality and food service. Over recent years, HORECA has cemented its strong presence in the GCC, particularly within Saudi Arabia. 

Besides Riyadh, HORECA also takes place annually in Jeddah, as well as in Beirut, Kuwait, Amman and Muscat.