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First cohort of the Landmark Arabia Retail Leadership Program
Landmark Arabia unveils Retail Leadership Program for Saudi nationals
RIYADH — In line with Saudi Vision 2030, and its call for diversification of employment opportunities for youth in the Saudi private sector, Landmark Arabia, has announced the launch of its Retail Leadership Program at an exclusive ceremony held at the Marriott, Diplomatic Quarter, Riyadh.Held in the presence of Saudi Arabia’s very own inspirational athlete and pioneer, Raha Moharrak, the event was attended by employees and leaders across the Group. Building on its success of employing over 7,000 Saudi nationals, the newly launched program will offer the employees an opportunity to fast-track their career and take on key retail and managerial roles.44 of the company’s best performing employees, including 38 Saudi women, were selected to take part in the developmental initiative. The...
June 25, 2019

Landmark Arabia unveils Retail Leadership Program for Saudi nationals

Oracle-OceanX MoU.
Oracle collaborates with OceanX to support startup growth
RIYADH— Oracle and Saudi Arabia’s leading start up consultancy firm, OceanX Tuesday signed a Memorandum of Understanding (MoU) to help Saudi entrepreneurs set up their startups and drive growth with latest digital technologies.“Entrepreneur success is a key cornerstone of Saudi Arabia’s Vision 2030 framework and vital for the creation of a thriving digital economy. At Oracle, we are focused on supporting the development of Saudi Arabia’s startup community with unique cloud solutions that will allow entrepreneurs to benefit from a virtuous cycle of innovation and achieve desired goals” said Fahad Al Turief, Country Leader, Oracle Saudi Arabia. “As a technology partner for OceanX, we will work directly with the startups and offer expert insights, customized solutions and an...
June 25, 2019

Oracle collaborates with OceanX to support startup growth

Tenaris rebrands Saudi Steel Pipe
DAMMAM —Tenaris, a leading supplier of tubes and related services for the world’s energy industry and other industrial applications, has announced that it will rebrand Saudi Steel Pipes (SSP), a welded pipe producer in the Kingdom of Saudi Arabia (KSA), to TenarisSaudiSteelPipes.The decision follows the integration of SSP into the global commercial and industrial network of Tenaris, after the latter announced the closing of its acquisition of 47.79% of the shares in SSP on Jan. 21, 2019.“The rebranding symbolizes the official integration of Saudi Steel Pipe with Tenaris, marking an important step in our commitment to further expand our footprint and capabilities in the Kingdom of Saudi Arabia,” said Mariano Armengol, Managing Director and Chief Executive Officer of...
June 25, 2019

Tenaris rebrands Saudi Steel Pipe

Consolidation drives deals in Middle East finance services sector
JEDDAH — Given the macro economic challenges, M&A activity has remained subdued, but there are some interesting trends emerging which should be key to both buyers and sellers, TransAct Middle East said in its annual Deals publication which gives insights into the Middle East deals market, what is driving deal activity, and the emerging trends.The report noticed a change in the M&A landscape as well as the priorities of the players who constitute this market.“Consolidation activity across the financial services sector has continued with strong momentum and it won’t be surprising to see further consolidation activity gathering pace across some other sectors which are also battling with demand/supply imbalance,” it said.PwC’s second TransAct Middle East edition titled “What’s...
June 25, 2019

Consolidation drives deals in Middle East finance services sector

Nayifat reschedules its IPO roadshow
RIYADH — Saudi Arabia’s Nayifat Finance Company, in consultation with its financial advisor, has decided to reschedule the roadshow and book building process for the company's planned initial public offering, originally planned to commence on June 24, 2019. The rescheduling is in the interest of selecting the next suitable window for the IPO.Further updates regarding the timeline for the listing process will be announced in due course. In the meantime, Nayifat will continue to work on the implementation of various strategic initiatives, as per its current expansion plan. — SG
June 25, 2019

Nayifat reschedules its IPO roadshow

Eugen Brikcius
Jeeny’s being based in Saudi Arabia key to its regional success
RIYADH — Jeeny, previously known as Easy Taxi and the first smartphone application for ride bookings to enter the Saudi market, says that being headquartered in Saudi Arabia since launch has been key in its regional success.Launching in late 2013 to major cities within the Kingdom of Saudi Arabia, Jeeny has been part of the international brand “Easy Taxi” that is known as one of the global pioneers of the e-hailing sector that boomed in 2012. The company started its Middle Eastern journey with Saudi Arabia, later branching out to Jordan. “We have always been, and strive to be, a major player of the sector,” said Eugen Brikcius, Jeeny Middle East’s Managing Director.“In the past 6 years, Saudi Arabia has provided us with the most suitable environment that any startup would...
June 25, 2019

Jeeny’s being based in Saudi Arabia key to its regional success

US consumer confidence hits 21-month low as tariff fears bite
WASHINGTON — Anxieties jumped among American consumers this month as President Donald Trump's trade wars dragged on, sending an index of consumer confidence to a 21-month low, survey data showed Tuesday.Greater shares of the public now say jobs currently are hard to get and expect business conditions in the next six months to worsen, according to the Conference Board.The unexpected weakening in confidence reversed two months of gains and could weaken retail sales at the end of the second quarter.The Consumer Confidence Index sank nearly 10 points to a reading of 121.5, its lowest since September of 2017 and well below the result economists had expected."The escalation in trade and tariff tensions earlier this month appears to have shaken consumers' confidence," Lynn...
June 25, 2019

US consumer confidence hits 21-month low as tariff fears bite

Mercure Hotel Suites and Apartments, Dubai bags Quality & Environment Certifications
DUBAI — Intertek, a leading Total Quality Assurance provider to industries worldwide, has awarded two ISO certifications for Quality and Environmental Management Systems to Mercure Hotel Suites and Apartments, Dubai, the largest Mercure property in the world with a capacity of 1015 hotel rooms and part of AccorHotels Group.Presented by André Lacroix, Intertek Group Chief Executive Officer, to Abdul Naseer T. Thodi, General Manager at Mercure Hotel Suites and Apartments during a special ceremony held in Dubai, the ISO 9001:2015 and ISO 14001:2015 certificates were obtained after Intertek completed a series of thorough audits across its processes to ensure the incorporation of the quality and environmental management system requirements. This provides Mercure Dubai Barsha Heights a more...
June 25, 2019

Mercure Hotel Suites and Apartments, Dubai bags Quality & Environment Certifications

Saudi Aramco CEO Amin Nasser
Aramco concerned over Gulf attacks, has capacity to meet demand: CEO
SEOUL — Saudi Aramco is concerned at recent actions in the Gulf but can meet its customers’ needs thanks to its experience and the availability of additional spare capacity, its chief executive said on Tuesday.“What’s happening in the Gulf is definitely a concern,” Amin Nasser, president and chief executive of Saudi Arabia’s state oil giant, told Reuters in an interview.“At the same time we went through a number of crises in the past ... we’ve always met our customer commitments and we do have flexibility and the system availability in terms of available additional spare capacity.”Recent tanker attacks in the Gulf have raised fears about safety of one of the world’s key shipping routes and pushed up oil prices.Nasser, who is in Seoul ahead of a visit by Crown Prince...
June 25, 2019

Aramco concerned over Gulf attacks, has capacity to meet demand: CEO

Islamic finance industry to sustain growth in 2020
JEDDAH — The Islamic finance industry will continue to grow slowly in 2019-2020, S&P Global Ratings said in a new report Monday. The industry expanded byabout 2% in 2018 compared with 10% the previous year, according to S&P Global estimates, with strong support from the sukuk market.In 2017, most of the growth stemmed from jumbosukuk issuances in some Gulf Cooperation Council (GCC) countries, but this was followed by anabout 5% reduction in issuances in 2018.In 2019, S&P expects the market to fare much bettergiven the significant volatility in key parameters such as oil prices and geopolitical risk.The growth of banking assets has also slowed down in almost all core Islamic finance markets. “Of specific note, Turkey and Iran lead the decline under a trend that we expect will continue...
June 24, 2019

Islamic finance industry to sustain growth in 2020

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