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‎New technologies in driving analysis reduces insurance claims: Najm CEO

Thu, 12 Sep 2024 08:54:08 GMT

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Mohammed bin Yahya Al Shehri, CEO of Najm Insurance Services Co.

Applying new technologies to analyze and process driving contributes to reducing insurance claims, said Mohammed bin Yahya Al Shehri, CEO of Najm Insurance Services Co.

He told Argaam that the company's strategy is to avoid accidents in the upcoming strategy, as well as raise the level of awareness by all means and services to be reflected on the roads, society, and insurance companies.

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When the customer is familiar with the correct driving behaviors, he can improve them, which reduces the possibility of accidents occurring, Al Shehri added.

Najm announced earlier the launch of a new system, Telematics, with the aim of creating a qualitative shift in the behavior of vehicle drivers and encouraging safer driving practices, by adopting the latest technologies.

To activate this system, Najm enteredinto two partnership agreements with CMT, which owns the Drive Well platform, and AiGeNiX that operates in the field of AI-based analytics, witha large presence inside and outside the Kingdom.

By launching the Telematics system, Najm seeks to provide an advanced mechanism to measure driving behavior and evaluate the level of commitment of drivers of insured vehicles to correct driving standards, by measuring specific elements of vehicle driving, such as speed, acceleration, method of using brakes, handling turns, and adherence to traffic rules.

‎Real estate contributions regulation boosted supply, says REGA spokesman

Thu, 12 Sep 2024 08:54:07 GMT

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Tayseer Al-Mufarrej, the spokesperson of Saudi Arabia’sReal Estate General Authority (REGA)

The newly-introduced real estate contributions regulation helped boost the local supply, being a new financing channel among others such as off-plan sales and the Capital Market Authority (CMA)-supervised real estate funds, Tayseer Al-Mufarrej, the official spokesperson for the Real Estate General Authority (REGA), told Argaam.

He added that the Real Estate Brokerage Law came into force on July 18, 2023, on the sidelines of the first edition of the Real Estate Media Forum. Accordingly, any law-related data will be published within a year.

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The experience of law practitioners will also be evaluated, as most importantly, the Real Estate Brokerage Forum will hold two key sessions while showcasing a success story of one of the sector-related platforms, he further stated.

The first session will focus on real estate legislation for activities under the umbrella of Real Estate Brokerage Law, three of which are related to mediation in the closure of real estate transactions, while four others are relevant to facility and property management, advisory, analysis, and auction management, according to Al-Mufarrej.

He indicated that all these activities will be exhibited at the forum. Through its events, REGA seeks to pay heed to market players, learn about their observations, and factor them in its executive plans for continuous improvement and development.

‎SIDF approves 134 loans in 2023: Official

Thu, 12 Sep 2024 08:54:06 GMT

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Khalil Al-Nammari, Official Spokesperson for SIDF

The Saudi Industrial Development Fund (SIDF) approved 134 loans during the fiscal year 2023, with project investments exceeding SAR 50 billion. Disbursements neared SAR 9.5 billion for the same year, Spokesperson Khalil Al-Nammari told Argaam.

Al-Nammari explained that the industrial, energy, mining, and logistics services sectors leveraged these loans. Moreover, those approved for small and medium-sized enterprises (SMEs) accounted for more than 60% of total lending in 2023.

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The chemicals sector showed the highest demand, with 49 loans and investments of SAR 49.2 billion. The consumer products sector came second with 42 loans and investments totaling SAR 662 million. The engineering products sector received 29 loans with an investment of SAR 1.1 billion, while the remaining sectors received a total of 14 loans.

He pointed out that over the past 50 years, SIDF has provided loans of over SAR 180 billion for more than 4,000 projects by the end of last year. Disbursements surpassed SAR 150 billion in 2023, with the total investments for these projects estimated at SAR 700 billion.

SIDF offers a wide range of non-financial services to support and develop the Saudi industrial sector. This includes consultancy, cost optimization, manufacturing efficiency and flexible manufacturing, Al-Nammari concluded.

‎GACA eyes launching 2 new logistic zones: AlSulami

Thu, 12 Sep 2024 08:54:05 GMT

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Awad AlSulami, Executive Vice President of economic policies and logistics at the General Authority of Civil Aviation (GACA)

Awad AlSulami, Executive Vice President of Economic Policies and Logistics at the General Authority of Civil Aviation (GACA), said that the authority is looking forward to launching two new private logistics zones at the Kingdom’s international airports, which will be announced during the coming period.

One special logistics zone, the special integrated logistics zone at King Khalid International Airport in Riyadh, is currently operating, AlSulami told Argaamon the sidelines of the Future Aviation Forum 2024.

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Launched in October 2022, the zone’s main investor was Apple, followed by several investments from Chalhoub, iHerb, and Wohik Begin, the official said, adding that more investments will be announced soon.

He highlighted the importance of attracting quality investments, noting that the Kingdom has excellent logistic initiatives. Since the approval of the aviation strategy to-date, the Kingdom has made several investments in strategic airport locations including carriers, airports, and privatization.

Among the qualitative investments is the major investment agreement signed during the forum between Jeddah Airports Co. (JEDCO) and Singapore’s SAT, one of the largest operators of ground services in Asia and worldwide, AlSulami added.

The economic regulations launched last year stimulate transparency and competition for the aviation sector, the official stressed, noting commercial incentives are provided to airports and logistics areas among others.

Increasing the seating capacity gives additional space to compete in the Kingdom and the Gulf region to increase the number of aircraft in the Kingdom, AlSulami said.

The seating capacity will provide more space for passengers and cargo on board the aircraft, improving customer experience, he added.

‎Johnson Matthey supports Saudi carbon neutrality goals with low-carbon solutions: Exec

Thu, 12 Sep 2024 08:54:04 GMT

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Maurits van Tol, CEO Catalyst Technologies at Johnson Matthey

Maurits van Tol, CEO Catalyst Technologies at Johnson Matthey, stated that the company's role in establishing technologies, producing low-carbon hydrogen, and providing low-carbon solutions supports Saudi Arabia’s Vision 2030 and carbon neutrality goals for 2060.

In an interview with Argaam, he highlighted the Kingdom's abundant solar energy and projects like NEOM, emphasizing the significant potential for generating renewable energy through technologies that produce low-carbon gases.

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He explained that the company reforms blue and green hydrogen and captures carbon dioxide emissions, thereby, reducing harmful emissions and producing low carbon. The company is developing electrolytic elements for sustainable green ammonia production in NEOM, prioritizing renewable energy and phosphate projects in the Kingdom.

Maurits noted the Kingdom's history in the oil sector, emphasizing that renewable energies require high standards and facilities. This benefits the company as many players work towards goals by reforming blue ammonia, blue hydrogen, and other low-carbon gases.

He mentioned the company's long history in the Kingdom, serving clients for over 35 years. Its specialties include engineering, catalyst development, and converting raw materials into chemicals, fuels, and desired molecules using diverse technical solutions.

He added that the company operates in the Gulf, including Bahrain and Abu Dhabi, and has opened an office in Riyadh. Recruitment is ongoing for positions in Riyadh to be closer to clients, serve them, and work with the Ministry of Energy and the government as part of expansion plans.

He explained that the company uses low-carbon hydrogen technologies through water electrolysis and hydrogen, forming blue hydrogen by reforming natural gas and capturing carbon dioxide emissions, which can be stored underground or used in chemical products.

He pointed out that blue hydrogen is challenging to ship as it requires low temperatures and high pressure, but it can be converted to methanol or blue ammonia, which are easier to ship globally and used in chemicals or fertilizers.

‎Polymer sector set to double output, exports: Deputy Minister

Thu, 12 Sep 2024 08:54:03 GMT

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Khalil Ibrahim bin Salamah, Deputy Minister for Industry Affairs

Saudi Arabia’s polymer sector is experiencing rapid growth, Khalil Ibrahim bin Salamah, Deputy Minister for Industry Affairs, told Argaam at the Riyadh International Industry Week.

The new vision aims to transform over four million barrels of oil into petrochemicals, which will significantly boost local manufacturing, he added.

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He also underscored plans to increase current polymer production by more than threefold and quintuple exports by 2035.

The polymer sector is among the oldest in Saudi Arabia and started the same time as polyethylene production over 40 years ago.

The Deputy Minister pointed out that the exhibition not only showcases the sector's production capabilities but also its growth potential. It introduces new polymer types like polyurethane and special polymers, currently used in civil equipment not produced domestically.

He emphasized that these opportunities promise substantial growth and enhanced communication among the private sector, suppliers, and consumers.