Italy awards citizenship to former Egyptian minister for special merits

Rachid Mohamed Rachid, CEO of Mayhoola for Investments and the chairman of the board of directors of Alsarah Investment Group.
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Updated 06 April 2024
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Italy awards citizenship to former Egyptian minister for special merits

  • The decision recognizes luxury entrepreneur Rachid Mohamed Rachid’s contributions to Italy’s business, innovation landscapes.

Italian President Sergio Mattarella has issued a decree granting Italian citizenship to Rachid Mohamed Rachid, an Egyptian-born luxury entrepreneur, in recognition of his outstanding achievements in the realms of economics and business.

The Italian Cabinet has backed the decision, which recognizes Rachid's significant contributions to the business, innovation, and economic landscapes in Italy and beyond.

Rachid’s deep understanding of and sincere connection to Italian culture has bolstered Italy’s global reputation. He previously received the highest Italian honor, the Order of Merit, from former Italian President Giorgio Napolitano in 2010.

Rachid, who is the CEO of Mayhoola for Investments and the chairman of the board of directors of Alsarah Investment Group, one of the leading companies operating in the area of consumer goods, luxury, and fashion, hailed Italy as a beacon of excellence across various sectors, and said, “I am honored to receive this token of esteem from a country I have always believed in.

“Italy is an example of excellence and passion in every sector. I will continue to support Made in Italy, promoting the values we believe in talent, creativity, and innovation.”

Rachid Mohamed Rachid is a notable figure in the world of business and investment, particularly within the luxury goods sector.

His foray into global fashion brands began in 2012 when he assumed the role of CEO at Mayhoola for Investments, which owns renowned Italian fashion house Valentino and French fashion house Balmain.

Rachid has also held prominent positions such as vice chairman of the board of directors at Lipton, a global tea company, and served on the management board of Unilever.

Additionally, he is recognized as the founder of several international companies specializing in consumer goods and food industries.

In 2017, Rachid established the Alsara Investment Group, a Swiss-based holding company focused on construction and investment in luxury brands.

Notably, Rachid, born in Alexandria, served as Egypt’s minister of foreign trade, industry, internal trade, and investment from 2004 to 2011 before entering the business world.

 


Naif Alrajhi, TGCC partner to execute landmark projects in KSA

Updated 20 May 2025
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Naif Alrajhi, TGCC partner to execute landmark projects in KSA

In a strategic move aimed at contributing to the continued growth and diversification of Saudi Arabia’s real estate sector, Naif Alrajhi Investment, a Saudi investment group and a leader in real estate development, financial markets, and mergers and acquisitions, has entered into a partnership with Travaux Généraux de Construction de Casablanca — a leader in the construction industry — through its Saudi subsidiary TGCC Middle East.

The partnership will collaborate on the construction of projects developed by Naif Alrajhi Investment within the Kingdom, underscoring the strong confidence and significant potential both parties see in the Saudi real estate market. This collaboration builds on the complementary strengths of both organizations and reinforces their shared commitment to contributing to the Kingdom’s dynamic growth.

Naif Alrajhi Investment is one of the prominent groups in the Kingdom, managing a diversified investment portfolio with a particular focus on the real estate sector. With a strong track record of successful projects both within Saudi Arabia and internationally, the company continues to demonstrate its extensive expertise and strategic vision in real estate development, further solidifying its position as a key player in the industry. 

Naif Saleh Alrajhi, chairman and CEO of Naif Alrajhi Investment

TGCC stands among the top-tier construction firms operating across Africa and the Middle East. With a proven track record of over 1,000 successfully delivered projects and a workforce exceeding 14,000 employees globally, TGCC generates consolidated revenues of more than 8 billion Moroccan dirhams ($867 million). The company maintains a robust presence in six African countries in addition to the Middle East and is distinguished by its international certifications in quality, safety, and environmental standards. In 2021, TGCC was successfully listed on the Casablanca Stock Exchange, marking a major milestone in its growth journey.

Naif Saleh Alrajhi, chairman and CEO of Naif Alrajhi Investment, said: “This alliance with TGCC Middle East aligns perfectly with our vision to contribute to the development of vibrant, forward-looking urban environments in Saudi Arabia and beyond. We are pleased to collaborate with a partner known for its technical excellence and reliability. This partnership supports our commitment to Saudi Vision 2030 by enabling the development of high-quality, sustainable projects that serve the needs of tomorrow.”

Mohammed Bouzoubaa, chairman and CEO of TGCC, added: “This strategic partnership represents a significant step in TGCC’s international expansion and demonstrates our strong commitment to supporting Saudi Arabia’s ongoing transformation. Through our collaboration with Naif Alrajhi Investment, and by leveraging their deep understanding of the regional market, we aim to deliver projects that set new standards in innovation, sustainability, and execution.”

The agreement reinforces Naif Alrajhi Investment’s strategic focus on impactful, high-quality developments that align with national development goals.

“With a shared vision of excellence, the two companies aim to contribute meaningfully to Saudi Arabia’s urban and economic evolution,” a statement said.


Mastercard names Saud Swar as country manager for KSA

Updated 20 May 2025
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Mastercard names Saud Swar as country manager for KSA

Mastercard has announced the appointment of Saud Swar as country manager for Saudi Arabia, Bahrain, Jordan and other Levant. The appointment strengthens Mastercard’s leadership team in the West Arabia division, underlining the company’s commitment to serving as the region’s technology partner of choice.

Bringing a wealth of experience to the role, Swar will lead and manage Mastercard’s operations in Saudi Arabia, Bahrain, Jordan and Palestine, deepening local market knowledge and engagement, and advancing efforts to connect and power an inclusive digital economy.

“We are very pleased to see Saud Swar take another important step forward on his professional journey with this exciting appointment,” said Adam Jones, executive vice president, division president of West Arabia, Mastercard. “Saud will no doubt play a pivotal role in advancing our work to empower the people and communities we serve across Saudi Arabia, Bahrain, Jordan, and Palestine with even greater access to a more accessible, secure and transformative digital economy. We look forward to him stewarding us to more success in the region.”

Swar said: “I am excited to begin this new chapter with Mastercard, making the most of my experience to complement and build on of the team’s achievements ... I am looking forward to working closely with our partners to unlock new opportunities, drive growth and create impact across the division and wider region.”

Swar has more than 17 years of experience working in the financial services industry. Prior to joining Mastercard, Swar spent all his professional career at American Express, initially joining the company as a new product development specialist in 2008, gradually rising the ranks to serve as the chief business officer — MENA for American Express Middle East. 

He holds a bachelor of science in computer engineering from the University of Bahrain and completed an executive MBA at London Business School.


Ajman university fosters healthcare innovation

Updated 20 May 2025
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Ajman university fosters healthcare innovation

Gulf Medical University, Ajman, reaffirmed its position as a leading hub for academic excellence and healthcare innovation with the success of the GMU Career Fair and Industry Partners Meet 2025.

Themed “Empowering the Next Generation of Healthcare Leaders,” the event brought together an impressive assembly of students, alumni, industry veterans, and more than 90 leading healthcare organizations.

It provided a vibrant platform for aspiring professionals to engage directly with recruiters, learn from thought leaders, and explore career paths across diverse health care sectors.

The initiative also showcased GMU’s ongoing efforts to align its academic vision with real-world demands through innovation, entrepreneurship, and global industry collaboration.


Sofitel launches limited-edition croissant collection

Updated 20 May 2025
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Sofitel launches limited-edition croissant collection

Sofitel has unveiled a limited-edition collection of its signature elevated croissants, available in seven properties worldwide.

The exclusive collection, La Haute Croissanterie Blossoms, features seven indulgent floral-flavored croissants which pay homage to the tradition and art of elaborate French floral arrangements in hospitality. The buttery delights give guests and locals the opportunity to discover native flavors; from Mexican dahlia to Beninese hibiscus and Korean cherry blossom, to be enjoyed exclusively in seven Sofitel locations globally, for four months. 

Inspired by the excellence and beauty of haute couture, La Haute Croissanterie concept was launched to elevate the art of croissant-making. Rooted in a perfected traditional French recipe and using precise proportions of pure butter and high-quality flour, croissants are enhanced with exclusive local ingredients of the highest quality — from Middle Eastern za’atar to Piemontese hazelnut praline and Korean Gochujang. 

Drawing inspiration from the timeless floral artistry of French luxury hospitality, La Haute Croissanterie Blossoms marks the brand’s very first limited-release collection, turning croissants into a gastronomic adventure where guests can experience local cultures like never before, designed by Sofitel’s pastry chefs from across the world and crafted using local flowers woven into the buttery layers.

  • The Floral Saffron 

Saffron and its violet-hued flower is considered one of the most valuable spices in the Middle East. This two-toned croissant features a round crust that’s filled with a pistachio sponge cake and saffron creme brulée — a creation synonymous with velvety luxury.

Available in Sofitel Dubai The Obelisk from 32 dirhams ($8.7).

“Creating La Haute Croissanterie Blossoms allowed us to elevate everyday experiences for guests by infusing creativity and flair into our pastries, using unconventional tastes to bring flavors from native flowers from around the world. The tradition of gifting flowers to celebrate special occasions is enjoyed across the world, so La Haute Croissanterie Blossoms felt like the perfect opportunity to treat those who mean most to us with a creative and delicious twist on the floral bouquet,” said Anne-Cécile Degenne, corporate executive chef, Sofitel.

La Haute Croissanterie Blossoms will be available for four months in seven Sofitel properties globally, starting from May. It marks the beginning of a series of limited-edition La Haute Croissanterie collections, with each to capture a unique and different theme, whilst honoring the elegance and excellence of traditional croissant making.


Saudia Cargo participates in Saudi-Chinese Business Forum

Updated 19 May 2025
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Saudia Cargo participates in Saudi-Chinese Business Forum

Saudia Cargo, a subsidiary of the Saudia Group, participated in the Saudi-Chinese Business Forum 2025 as the official logistics provider. The forum was held in Beijing from May 13-14. This participation aligns with the company’s continued expansion in the Chinese market and its commitment to supporting the objectives of Saudi Vision 2030.

The forum, held under the patronage of Minister of Environment, Water and Agriculture Abdulrahman Abdulmohsen Al-Fadhli, aimed to strengthen economic cooperation between the Kingdom and China, increase Saudi exports to the Chinese market, and explore investment opportunities in infrastructure projects.

Hashim Alsharif, vice president of strategy and business development at Saudia Cargo, underscored the company’s pivotal role in facilitating national exports and bridging Saudi producers with global consumers in alignment with the Kingdom’s Vision 2030. He also highlighted the provision of integrated and effective logistics solutions, bolstering trade between Saudi Arabia and China. He described the forum as “a crucial platform for unlocking new avenues of trade expansion.”

Alsharif said that Saudia Cargo was invited by the Ministry of Environment, Water and Agriculture as an official sponsor of the forum. The company was allocated an independent pavilion within the National Livestock and Fisheries Development Program, where it showcased a range of its logistics services, primarily cold chain solutions and e-commerce solutions designed to serve the agriculture and seafood sectors.

Last April, the company announced the signing of two MoUs to build strategic partnerships with major Chinese companies and open new channels for trade cooperation in the fields of transportation and logistics. The first MoU was with China Cargo Airlines to improve export operations and develop operational connectivity to capitalize on the growing trade movement between the two countries.

The second MoU was with China Henan Aviation Group to develop and invest in aviation, creating an air logistics bridge connecting Asia-Pacific with the Middle East, Europe, and Africa through the Zhengzhou and Riyadh hubs.