SAB and Goumbook launch 2nd MENAT Regenerative Agriculture Venture Program

SAB and Goumbook launch 2nd MENAT Regenerative Agriculture Venture Program
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SAB and Goumbook launch 2nd MENAT Regenerative Agriculture Venture Program

SAB and Goumbook launch 2nd MENAT Regenerative Agriculture Venture Program

Saudi Awwal Bank, one of the leading banks in the Kingdom, and Goumbook, a not-for-profit social enterprise pioneering sustainability-related initiatives in the MENA and GCC regions, have announced the launch of the second edition of the MENAT Regenerative Agriculture Venture Program for the 2024/2025 cohort. 

Building on the success of the inaugural edition, the program reaffirms SAB’s commitment to advancing sustainable innovation across the MENAT. It will empower and upskill researchers, students, and innovators with regenerative and entrepreneurial expertise to tackle critical challenges in food systems, biodiversity loss, climate change, and water management across the region. 

The program seeks to bridge the gap between academia, research, and the business sector by transforming research, science, and nature-based solutions and sustainable impact solutions into accessible, scalable, and sustainable long-term outcomes tailored to the needs of small to medium-sized farm holders. 

Innovators, researchers, and students focusing on regenerative agriculture are encouraged to apply on the program website by Jan. 6, 2025. Applicants will be able to present their ideas and receive support to develop their regenerative solutions addressing pressing issues such as food security, water management, and ecosystem restoration.

Faten Abalkhail, chief governance and corporate affairs officer at SAB, said: “Our support for RAVP is deeply rooted in the belief that regenerative agriculture can lead to substantial environmental and economic benefits. By fostering a culture of innovation and resilience, we aim to support impactful solutions for Saudi Arabia and the broader region’s unique challenges in soil health, water scarcity, and sustainable food production. Our commitment reflects a profound investment in the present and a sustainable, thriving legacy for our communities and the environment that supports us all.”

Samantha Kayruz, Goumbook’s strategy and sustainability impact director, said: “The continued support for the MENAT Regenerative Agriculture Venture Program reflects our commitment to empowering researchers and innovators to deliver solutions for the region’s unique challenges. Through this initiative, we aim to build on last year’s success and provide a platform for impactful projects addressing food, water, and climate issues while improving livelihoods across the region.”

Aligned with SAB’s environmental, social, and governance vision, the bank recognizes that ESG considerations are integral to the continued prosperity of both the Kingdom and the global economy. SAB is dedicated to mobilizing finance to enable an inclusive, diverse, and equitable transition toward a more sustainable future by embedding ESG principles into its operations. 

Regenerative agriculture, through its fundamental principles and adoption of resilient crop varieties that require less water, fewer pesticides, and reduced chemical inputs, is an approach that translates as a vital component in addressing the region-specific agriculture and climate challenges of the MENAT region. Regenerative agriculture also holds the potential to sequester carbon dioxide, making it a climate change mitigation and adaptation solution. 


Tawuniya launches virtual accelerator program for MENA startups

Tawuniya launches virtual accelerator program for MENA startups
Updated 15 December 2024
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Tawuniya launches virtual accelerator program for MENA startups

Tawuniya launches virtual accelerator program for MENA startups

Tawuniya Insurance Company, an insurer in the MENA region, in collaboration with notable global and local partners including Google, Plug and Play, Monsha’at, and Code, has launched an innovative, intensive 12-week virtual accelerator program — InsurAi — to nurture technology startups across the Middle East and North Africa. The initiative underscores Tawuniya’s commitment to fostering innovation and supporting the vibrant startup ecosystem in the region.

The program, which started on Dec. 7, is inviting applications from technology startups eager to elevate their business models through expert guidance and potential funding opportunities. Focused on artificial intelligence and entrepreneurship, the initiative will select 10 promising startups to connect with global experts, elevate brand positioning, and advance in their spheres. On the final Demo Day, slated in the middle of 2025, the winning startup will receive $100,000, with $75,000 and $50,000 awarded to the second and third places, respectively. 

This initiative aligns with Tawuniya’s strategic objective to champion cutting-edge solutions that enhance customer experiences and streamline insurance processes.

Abdullah Alshargi, group CTO at Tawuniya, said: “Our collaboration with global leaders like Google and Plug and Play, along with government entities Monsha’at and Code, underscores our commitment to leveraging advanced technologies and entrepreneurial spirit within the MENA insurance market. This program is more than a competition; it’s a gateway for startups to innovate and potentially lead with their solutions. Through this initiative, we aim to harness the significant potential of local talents, fostering digital transformation and innovation across the region.”

This accelerator program is powered by a robust partnership between Tawuniya and industry giants. Google brings its cutting-edge technology and vast expertise in digital innovation while Plug and Play, renowned for their global accelerator programs, will administer the accelerator, ensuring participants receive top-tier mentorship and support. Monsha’at and Code, as governmental entities, will bolster the program’s reach and effectiveness through strategic community outreach and essential resources aimed at fostering SMEs and startups within the region. This collective effort is designed to create a dynamic environment that propels technological and entrepreneurial growth.

As Tawuniya continues to lead in digital transformation within the insurance sector, this program further solidifies its role as a pillar of support for technological advancements and entrepreneurship in the region.


Tata Motors launches first AMT truck in Saudi Arabia

Tata Motors launches first AMT truck in Saudi Arabia
Updated 14 December 2024
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Tata Motors launches first AMT truck in Saudi Arabia

Tata Motors launches first AMT truck in Saudi Arabia

Tata Motors, India’s leading multinational automobile manufacturer, launched its first automated manual transmission truck, the Tata Prima 4440.S AMT in Saudi Arabia at the Heavy Equipment and Trucks Show in Dammam. Based on its flagship platform, the Prima 4440.S AMT is built with the company’s global expertise to deliver unmatched reliability and performance. Equipped with a powerful drivetrain, robust aggregates and a comfortable cabin, the new truck perfectly blends driver comfort and fuel efficiency to offer higher productivity and profitability to its customers. Additionally, Tata Motors showcased five of its high-performance products at the HEAT Show, which are designed and engineered to suit the country’s requirements and cater to a wide variety of applications.

Unveiling Tata Motors’ HEAT Show pavilion, Anurag Mehrotra, head, international business, Tata Motors Commercial Vehicles, said: “Saudi Arabia is a key region for Tata Motors, where we have proudly established a strong presence and are serving the customers for decades. As the Kingdom undergoes rapid transformation, we remain committed to supporting its evolving mobility needs with our advanced solutions. With a strong focus on innovative technologies, reliability and customer profitability, we are proud to launch our first automated manual transmission truck in the Kingdom. We are confident that its world-class reliability, performance and smart features will aid the country’s ambitious growth aspirations and offer long-term value for our customers.”

Mehrotra further commented on the ongoing development of Tata’s available product lineup within the Kingdom, saying: “We are extremely happy to share that with the launch of the latest Prima truck, we are starting to complete the range of products that will be required to serve the market of Saudi Arabia. Anything that you need from a cargo or passenger mobility standpoint, we have a product for the Kingdom.” He added: “From a product range perspective, whether you look at trucks or buses, the portfolio we offer now is more complete.” 

HIGHLIGHT

Tata Motors’ range of trucks are complemented by comprehensive value-added services, provided in partnership with its official distributor Mohamed Yousuf Naghi Motors Co.

Commenting on the Tata Group’s strategy in the Kingdom, Mehrotra said: “As a group, we have always approached the country with a sense of service. We are here to ensure that the country realizes its dreams and visions. If it is right for the Kingdom of Saudi Arabia, it will be right for the Tata Group.”

Tata Motors’ range of trucks are complemented by comprehensive value-added services, provided in partnership with its official distributor Mohamed Yousuf Naghi Motors Co. Customers across the Kingdom will benefit from a wide network of service touchpoints, skilled technicians, and easy access to Tata Genuine Parts that maximize vehicle uptime and enhance overall customer satisfaction.

Azeem Khan, managing director, Mohamed Yousuf Naghi Motors Co, said: “Our successful partnership with Tata Motors allows us to bring to our customers reliable products developed as per the evolving needs of the Kingdom. With the introduction of the Prima 4440.S AMT, we remain committed to providing exceptional after-sales support, ensuring seamless operations for our customers. We will continue to deliver the highest level of service, backed by our strong service network and dedicated teams, to keep our customers’ businesses moving forward.”


KPMG publishes risk management guide for Saudi banks

KPMG publishes risk management guide for Saudi banks
Updated 14 December 2024
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KPMG publishes risk management guide for Saudi banks

KPMG publishes risk management guide for Saudi banks

KPMG has released a new guide titled “Model Risk Management: A Guide for Financial Institutions in Saudi Arabia,” which serves as an essential tool for the Kingdom’s financial sector amidst its rapid expansion and digital evolution. This publication arrives at a pivotal moment, to equip financial institutions with the necessary strategies and insights to navigate through an increasingly complex industry landscape characterized by technological advancements and regulatory shifts.

Shadi Abuserryeh, partner and head of financial risk management at KPMG in Saudi Arabia, said: “As Saudi Arabia’s financial sector continues to grow and transform, the need for robust model risk management has never been more critical. This guide provides the tools and insights necessary for banks to navigate these regulatory landscapes, ensuring they are well-equipped to manage risks effectively and maintain trust among their stakeholders.”

The guide addresses the growing dependency of banks in Saudi Arabia on third-party services for model development and validation. It underscores the critical need for thorough documentation and continuous real-time monitoring to ensure the reliability and transparency of these externally developed models. Emphasizing robust governance, the guide advocates for vigilant oversight of both in-house and outsourced models, enabling institutions to proactively detect and address potential issues before they escalate.

A significant focus is placed on the integration of advanced models that account for climate risks and expected credit losses, which often rely on external variables and limited historical data. This complexity requires a sophisticated blend of qualitative approaches and expert judgment to ensure accuracy and reliability. 

The guide also prepares financial institutions for forthcoming regulations from the Saudi Central Bank, similar to those recently enacted by the UAE’s Central Bank, aimed at elevating model quality and mitigating associated risks.

The document further explores the heightened risks during periods of exceptional growth or economic stress. Factors such as rapid market shifts and changing consumer behaviors can increase data volatility, challenging the accuracy of model predictions. The scarcity of robust historical data during these times diminishes the reliability of models, and the growing complexity needed to capture such dynamic environments can lead to errors and complicate interpretation efforts. Additionally, as the reliance on these models intensifies for critical decision-making, the likelihood of inaccuracies rises, potentially leading to rushed development and validation processes.

Despite these challenges, the guide identifies significant opportunities for the Saudi financial sector. “By effectively addressing these issues, institutions can enhance their risk management capabilities and resilience against adverse conditions. The adoption of cutting-edge technologies offers potential improvements in efficiency and precision in managing risks. Furthermore, compliance with new regulatory standards can boost governance and transparency, fostering greater trust among stakeholders,” said Ovais Shahab, head of financial services — Saudi Arabia at KPMG Middle East.


Ericsson, Mobily unlock AI-driven network performance with 5G Uplink Interference trial

Ericsson, Mobily unlock AI-driven network performance with 5G Uplink Interference trial
Updated 14 December 2024
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Ericsson, Mobily unlock AI-driven network performance with 5G Uplink Interference trial

Ericsson, Mobily unlock AI-driven network performance with 5G Uplink Interference trial

Ericsson and Mobily, a leading innovator in the telecommunications, media, and technology sector in Saudi Arabia, have successfully completed a trial to explore Ericsson’s artificial intelligence-powered 5G Uplink Interference Optimizer. This initiative will enhance 5G mobile uplink performance, delivering superior connectivity and improved user experiences across Mobily’s network.

Performed with the Uplink Interference Optimizer module, part of the Ericsson Cognitive Software portfolio, the trial demonstrated that the proportion of transmissions conducted under high-quality conditions increased by 80 percent, which results in spectral efficiency and throughput enhancement.

This success can lead to a significant increase in higher-order modulation, better spectral efficiency, and enhanced overall user experience. Mobily’s customers can benefit from faster upload speeds and improved 5G performance on their mobile devices.

Alaa Malki, chief technology officer at Mobily, said: “Partnering with Ericsson in this trial highlights our commitment to leveraging cutting-edge technologies to enhance the customer experience. By embracing AI-driven solutions, we are setting new benchmarks in network performance, ensuring our customers will benefit from faster, more reliable 5G connectivity. This collaboration not only strengthens our service offerings but also contributes to the evolution of the telecommunications landscape in Saudi Arabia.”

Ekow Nelson, vice president at Ericsson Middle East and Africa, said: “Together with Mobily, we are working toward enhancing 5G mobile connectivity for users in Saudi Arabia in line with Saudi Vision 2030’s goals for a developed digital infrastructure. This trial highlights our dedication to delivering innovative solutions that elevate user experience through fast and reliable mobile services while meeting the growing demand for mobile services.”

The success of this trial underscores the potential of Ericsson’s Cognitive Software in driving improvements in 5G network performance. With AI playing an increasingly vital role in network operations, this trial demonstrates how advanced technology can optimize and enhance the user experience, positioning Mobily as a key player in the 5G era. Both Ericsson and Mobily are committed to continuing their collaboration to bring the latest advancements in 5G technology to Saudi Arabia, paving the way for a more connected and efficient future.


Global live event agency inks Kingdom partnership

Global live event agency inks Kingdom partnership
Updated 11 December 2024
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Global live event agency inks Kingdom partnership

Global live event agency inks Kingdom partnership

Naif Alrajhi Investment, a Saudi investment group, has announced a strategic partnership with M Integrated Solutions PLC, a creative agency and global leader in live events and immersive storytelling.

The partnership will reshape the landscape of live events in the Kingdom, bringing a unique fusion of business acumen and creative storytelling that will resonate deeply with audiences.

M has a reputation for engaging with live audiences in excess of 650,000, delivering personal experiences across varied demographics and cultures, and on every continent. The company has a track record of delivering strategic, high-impact live events for governments, brands, and organizations around the world. M’s clients include the Dubai World Cup, Commonwealth Summit, COP, FIFA, Olympic Council of Asia, International Olympic Committee, Toyota, BAE Systems, Airbus, and various governmental agencies like the Department for Education, to name a few.

Salman Al-Asmari, vice president of Naif Alrajhi Investment, said: “Our alliance with M Integrated Solutions goes beyond conventional collaboration; it represents a meeting of vision and values, with both companies dedicated to fostering growth in line with the Kingdom’s Vision 2030 objectives and beyond. Together, we aim to shape the future of live, immersive storytelling, driving both innovation and emotional engagement that resonate with our people and our culture.”

Founded more than 30 years ago, M brings a heritage of excellence in strategic storytelling, audience engagement, and brand-building.

Through this collaboration, M plans to build upon and strengthen its presence in the Kingdom, positioning itself as the provider of choice for live event solutions that bridge culture, commerce acumen, and creativity to empower brands to not only tell their stories, but to engage audiences, creating moments that are unforgettable.

Jim Curley, M’s CEO, said: “This partnership reflects a deliberate strategy to formalize and expand our presence in Saudi Arabia, leveraging Naif Alrajhi Investment’s cultural and business expertise to deepen our relationships at the highest levels of government and industry. Our combined strengths will allow us to deliver a new caliber of experiences, making us the go-to agency for brands looking to make meaningful activities in the Kingdom.”

John Young, executive creative director of M, said: “Saudi Arabia has always been a canvas for remarkable creativity and innovation, and we’re thrilled to formalize our role in shaping the country’s live event marketing space. We’re excited to bring our international expertise and unique creative approach to a market that values bold ideas and groundbreaking experiences.”

The partnership is set to redefine live events in Saudi Arabia, bridging local values and international expertise to deliver unparalleled brand experiences. 

Through this partnership, both companies are committed to establishing new benchmarks for creativity, cultural resonance, and strategic growth in the Kingdom.