Magrabi joins with top universities to train students; eyes more initiatives

The partnership is not just about growing the business and expanding the company’s footprint, but also about taking social impact programs to foster local talent that will firmly establish Magrabi as a business group that the region looks up to. (Supplied)
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Updated 07 May 2023
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Magrabi joins with top universities to train students; eyes more initiatives

  • Eyewear retailer is working on an internal Retail Academy across the Kingdom covering all its teams

RIYADH: After joining hands with two leading universities in Saudi Arabia — Umm Al-Qura and King Saud — to provide training facilities to students who are studying to become opticians, Magrabi Retail Group, the Middle East’s leading eyewear retailer, is eyeing more such initiatives, its CEO said.

Speaking in an exclusive interview with Arab News, Yasser Taher said Magrabi is working on the implementation of an internal Retail Academy across the Kingdom covering all its teams: optometrists, opticians, client advisors and managers.

“The Retail Academy covers all aspects of training and development around vision correction, technical know-how, client experience, product expertise, fashion and lifestyle, operational management and leadership.

“The Retail Academy will be in-house at Magrabi and it will be deployed across all the countries we are operating in,” Taher said.

The big picture

Commenting on the big picture behind the training programs Magrabi is participating in with Umm Al-Qura and King Saud universities, Taher said the company has taken on the responsibility as an industry leader to support the Saudi government to develop local talent. 

“We are doing what we can to equip students with the most advanced program to become professional opticians,” he explained. “We will continue to elevate the industry standards in Saudi with the most advanced technologies.” 

Talking of the key highlights of these training programs, Abdelazem ElGarawany, Saudi market vice president, Magrabi Retail Group, told Arab News: “These programs are focusing on technical information and knowledge which is the core of the optical field in addition to soft skills and marketing customized to fit the specialized medical field.”

With regard to the thought process behind partnering with the two universities ElGarawany said: “Umm Al-Qura and King Saud universities are two of the top universities in the region, and the objective was to have solid and long-term partnerships with entities that can provide a huge value to the industry alongside our expertise in the optical field.

“We depend on scientific research about the market need and what is the required know-how for this specialized industry which led us to partnering with King Saud and Umm Al-Qura universities.”

He further explained that this partnership “will provide the perfect start to establish the right foundation to the programs.”

While Magrabi’s long-term partnership with Umm Al-Qura University seeks to provide training facilities including venues, a laboratory, tools and machines for the execution of the program in Riyadh, the tie up with King Saud University aims to provide missing tools and machines for the laboratory.

The program in Umm Al-Qura University started on March 4, and it was recommended that Magrabi has instructors for some subjects from its side to educate the students about its world-class standards and procedures.

The first batch of the program was dedicated only for Magrabi, and the Magrabi team was involved in the selection of students also.

We want to play a major partnership role with governmental agencies to promote the industry and get the best talent to be well trained and equipped.

Yasser Taher, Magrabi Retail Group CEO

For the western region, the priority was for Magrabi to select the first batch from the Makkah branch. 

Some programs will also be executed in the Eastern Province and Magrabi will be considered as a first partner there as well.

Moving forward, Magrabi will be signing a new agreement with the Umm Al-Qura University to also include the major cities like Jeddah, Makkah and Madinah in the western region and the Eastern Province and the capital city Riyadh

For its part, the university will support the direction of unifying the programs running currently to be the same duration, subjects and certifications.

With regard to the partnership with King Saud University, Magrabi will present the company’s values and culture and explain the benefits for endoscopic cyclophotocoagulation on Career Day.

The university, on the other hand, will provide Magrabi all data for the graduated students to be part of the Career Day and offer training for the last year in Magrabi stores and facilities as part of an internship program.

Starting from the next graduated batch, Magrabi will also have priority when it comes to being involved in the selection of students. 

HIGHLIGHT

While Magrabi’s long-term partnership with Umm Al-Qura University seeks to provide training facilities including venues, laboratory, tools and machines for the execution of the program in Riyadh, the tie up with King Saud University Provide aims to provide missing tools and machines for the laboratory.

What’s more, after getting necessary approvals from the university’s legal department, it was also agreed to name the laboratory after Magrabi.

“Magrabi provided the experience (to the universities) from the daily situations and offered the practical know-how and our experience in customer service and optical knowledge,” according to ElGarawany.

Nurturing local talent

Asked what Magrabi hopes to achieve from these training programs in the long term, Taher replied: “We want to play a major partnership role with governmental agencies to promote the industry and get the best talent to be well trained and equipped."

“We also want to provide a continuous pipeline of Saudi opticians to support the growth of the industry,” he continued. 

ElGarawany added: “Once the Saudization decision was issued by the Ministry of Human Resources, we felt it was our responsibility to be part of this vision and to lead the development of this program as an industry leader.”

Taher is clear with regard to the vision Magrabi has for students who have enrolled into these training programs. “We provide an amazing learning experience combining curriculum education with practical experience in our stores — both the Magrabi and Doctor M banners — during the entire program,” he said.

“In addition, we offer employment opportunities after the completion of the program and create a career journey for the students.

“Our plan promises career opportunities to all graduated students with a clear career path inside the Magrabi organization in addition to empowering all certified opticians to take a leadership role in all sections and departments inside the organization,” added ElGarawany.

After taking over as the CEO earlier this year, Taher told Arab News he was very excited about transforming this family business to become a world-class business group. 

“It’s a very progressive business that wants a place for itself on a global platform and is not just about finances and numbers,” he had said.

For Taher and his team, it is not just about growing the business and expanding the company’s footprint, but also about taking social impact programs to develop local talent that will establish Magrabi as a business group that the region — and the world — looks up to.


Saudi Arabia’s ICT spending surges 20% to $11bn

Updated 6 sec ago
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Saudi Arabia’s ICT spending surges 20% to $11bn

RIYADH: Saudi Arabia has witnessed a 20 percent year-on-year increase in government spending on information and communications technology in 2023, reaching SR41.87 billion ($11.16 billion), according to new data. 

The latest report from the Kingdom’s Digital Government Authority revealed that the increase in spending has contributed to enhancing the efficiency of digital government services and improving the experience of beneficiaries.  

Additionally, this investment has had a positive impact on the digital economy, marking a milestone in the Kingdom’s transformation journey. 

“ICT spending is one of the supporting factors for innovative and flexible solutions that we aspire to provide to all citizens and residents of Saudi Arabia, ensuring the effectiveness of the immense human wealth that populates the country and achieving a high quality of life,” said Faisal bin Ahmed Bakhshwin, deputy minister for digital transformation at the Ministry of Human Resource and Social Development. 

On the other hand, Musaed Al-Otaibi, deputy minister for digital transformation and smart cities at the Ministry of Municipal and Rural Affairs and Housing, emphasized: “Digital transformation is one of the pillars of our work at the ministry. ICT spending has enabled us to provide mature and high-quality services with added value through innovative models for citizens.” 

Al-Otaibi stated that the ministry continues to strive to improve services and meet the needs of urban residents by providing services that enrich and facilitate their daily lives.  

The deputy minister mentioned the government’s attention and interest in citizens’ feedback, incorporating it into the design of suitable services.  

Al-Otaibi explained that the ministry aims to achieve a “higher quality of life and enhance innovation in service development” by using emerging technologies that reduce service implementation time and increase operational efficiency for the sector. 

The report revealed that government ICT expenditure between 2019 and 2023 totaled an estimated SR120.15 billion, reflecting an overall upward trend. This indicates growth in the field and investment in transformational projects within this vital sector. 

The DGA data revealed that over a five-year period, the health and social development sector accounted for the highest portion of government ICT spend, totaling SR20.14 billion or 17 percent of the total expenditure. 

Moreover, the military came next as the Kingdom’s technology spending in the sector reached SR19.92 billion from 2019 to 2023, accounting for 17 percent of the total expenditure during the period.   

The infrastructure and transportation sector followed, with ICT expenditure totaling SR18.22 billion during the period, reflecting 15 percent of the total amount.  

According to the report, over the past five years, Saudi Arabia has witnessed a significant and sustained increase in expenditure on cloud computing and emerging technologies such as artificial intelligence, big data, and the Internet of Things. 

This growth reflects the Kingdom’s aspirations to become a global hub for technological innovation and digital services, as envisioned in the pillars of Vision 2030. 


Middle East IPO market set for continued growth in 2024: PwC

Updated 14 May 2024
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Middle East IPO market set for continued growth in 2024: PwC

RIYADH: Initial public offerings in the Middle East are poised for continued positive aftermarket performance this year, following significant post-IPO gains in the first quarter, a new report stated. 

PwC’s latest IPO+ Watch report highlighted the Saudi Stock Exchange’s emergence as a dominant force in Gulf Cooperation Council equity market launches activity, hosting the majority during the quarter, underscoring the region’s attractiveness to investors seeking dynamic opportunities. 

“Tadawul is reported to remain the most active exchange in the GCC with all but one IPOs taking place on either Tadawul main market or the Nomu parallel market,” the report stated. 

On the primary market, three IPOs garnered a combined total of $667 million, while on the secondary market, six offerings raised $57 million in total. 

Notable among the recent successes are MBC Group Co. and Avalon Pharma, both witnessing substantial market gains. 

However, the report noted that the market’s attention has been captured by the demand for Dubai Parking, which set a new record for subscription levels at the Dubai Financial Market, being oversubscribed by 165 times. 

The offerings landscape in the Middle East during the first three months of this year was characterized by activity across various sectors, showcasing a diverse range of investment opportunities.  

From consumer markets with companies like Parkin Co. and Modern Mills for Food Products Co., to health industries represented by Avalon Pharma, and technology, media, and telecommunications with MBC Group Co., the IPO wave has touched multiple sectors. 

Additionally, smaller-scale market debuts were observed in the financial services, industrials, manufacturing, and automobile sectors. 

Muhammad Hassan, capital markets leader at PwC Middle East, expressed optimism, citing Parkin’s oversubscription and double-digit post-IPO gains as indicators of sustained positive momentum. 

“We expect the privatization agenda across the GCC, combined with the ambition of private family businesses to go public, will continue to drive issuance supporting positive momentum in GCC IPO activity in 2024,” he added. 

Looking ahead, the report anticipated continued strength in the public flotation landscape for the remainder of 2024, buoyed by a robust pipeline.  

Private sector companies seeking liquidity and access to capital are expected to drive much of this activity, with Saudi Arabia and the UAE leading the charge. Nevertheless, there’s growing momentum in markets like Oman and Qatar, signaling a broader regional expansion of IPO activity.


Qatar Investment Authority commits to supporting France’s semiconductor sector 

Updated 14 May 2024
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Qatar Investment Authority commits to supporting France’s semiconductor sector 

RIYADH: Qatar will venture into France’s tech industry as a major investment body announced its intent to anchor a financial commitment in Ardian Semiconductor.

This move marks the Qatar Investment Authority’s participation in a pioneering thematic fund designed to enhance the semiconductor industry in Europe. It highlights its role as a preferred financial partner in key technology subsectors, including supply chain developments. 

QIA’s strategic focus on this sector reflects its belief in the critical role semiconductors play in driving digital and green transformations across vital industries such as artificial intelligence, mobility, and consumer technology, according to an official release. 

This initiative is part of QIA’s broader investment strategy to engage with leading businesses at the forefront of innovation.  

Notably, QIA’s interest in the semiconductor value chain includes a recent minority stake in Japan’s Kokusai Electric Corp., a leader in semiconductor manufacturing, taken in June 2023, underscoring its ongoing commitment to significant investments in this area globally. 

Furthermore, on May 13, QIA announced its plan to significantly expand its investment partnership with Bpifrance by as much as €300 million ($323 million), reinforcing their joint commitment to stimulating economic growth and innovation in France.  

This enhancement marks a pivotal development in their collaboration, initially established through the Future French Champions joint venture. 

The first phase of this partnership, concluded in 2021, effectively channeled almost €300 million into supporting job creation, economic development, and particularly bolstering the French small and medium-sized enterprises sector.  

Building on these achievements, both entities progressed to the second phase of their collaboration in January 2023, committing an additional €300 million.  

They now plan to embark on a third phase, pledging up to another €300 million once the current funds are fully deployed.  

The renewed partnership will focus on strategic priorities such as artificial intelligence, semiconductors, quantum computing, healthcare, aerospace, and energy transition. 

These investments are intended to advance technological capabilities, enhance competitiveness across various sectors, and promote sustainable growth, reflecting both parties’ commitment to driving significant innovations and supporting France’s long-term economic objectives.


OPEC sticks to oil demand view, sees improvement in global economy

Updated 14 May 2024
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OPEC sticks to oil demand view, sees improvement in global economy

RIYADH: The Organization of the Petroleum Exporting Countries stuck to its forecast for relatively strong growth in global oil demand in 2024 on Tuesday and said there was a chance the world economy could do better than expected this year.

In its monthly report, OPEC said world oil demand will rise by 2.25 million barrels per day in 2024 and by 1.85 million bpd in 2025. Both forecasts were unchanged from last month.

Demand for members of the Organization of Economic Co-operation and Development is projected to expand by nearly 0.3 million bpd, while the non-OECD is forecast to grow by about 2 million bpd.

This is the last report before OPEC and its allies, known as OPEC+, meet on June 1 to finalize output policy. The oil alliance, in its report, sounded an upbeat tone on the economic outlook.

“Despite certain downside risks, the continued momentum observed since the start of the year could create additional upside potential for global economic growth in 2024 and beyond,” OPEC said.

The world economic growth forecasts for 2024 and 2025 remain unchanged at 2.8 percent and 2.9 percent, respectively.

The report slightly revised up the US growth forecast for 2024 and 2025 to 2.2 percent and 1.9 percent respectively.

“The economic growth forecast for the eurozone remains at 0.5 percent for 2024 and 1.2 percent for 2025,” it added.

It kept China’s economic growth forecast at 4.8 percent in 2024 and 4.6 percent in 2025. Russia’s economic growth for 2024 is revised up slightly to 2.3 percent, while the forecast for 2025 remains at 1.4 percent.

According to the report, refinery margins in April continued to trend downward as the recovery in refinery processing rates and stronger product output weighed on product markets.


ITFC’s new initiative promises to boost economic and trade growth in Central Asia

Updated 14 May 2024
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ITFC’s new initiative promises to boost economic and trade growth in Central Asia

RIYADH: Economic and regional integration among the six Organization of Islamic Cooperation member countries is set to grow with a new program from the International Islamic Trade Finance Corp. 

The Trade Connect Central Asia+ Program, also known as TCCA+, was launched recently by ITFC, a member of the Islamic Development Bank Group, during the third Tashkent International Investment Forum. It is poised to enhance economic growth in Kazakhstan, Kyrgyzstan, and Tajikistan, as well as Turkmenistan, Uzbekistan, and Azerbaijan. 

The region, which boasts one of the world’s largest energy resources and significant production capacities in energy and agriculture, currently lacks the trade markets needed to harness its full potential, according to a press release.

In a statement at the launch, Hani Sonbol, CEO of ITFC, said: “We are immensely proud to launch the TCCA+ Program, which represents a significant step forward in enhancing economic cooperation and boosting trade across the Central Asia region and beyond.”  

He stated that this initiative is designed to unlock the vast economic potential of the region by facilitating increased regional trade and investment.  

“With a focus on the energy and agriculture sectors, we are committed to fostering sustainable economic growth and regional integration that benefits all member countries involved,” added Sonbol. 

Focused on boosting regional trade and expanding the export base toward higher value-added products, the TCCA+ Program is anticipated to foster inclusive and sustainable economic growth, alongside promoting regional economic integration among the six targeted countries, the release added.

This objective will be accomplished through the enhancement of export and investment capabilities, the reinforcement of competitiveness, and the facilitation of trade initiatives and regional value chains. 

For his part, Uzbekistan’s Minister of Investments, Industry and Trade Laziz Kudratov was quoted in the statement saying: “We are honoured to host the launch of this transformative economic initiative, following the development and progress made at last year’s Forum. We are united with ITFC in our shared goal to unlock the immense investment potential in Uzbekistan, and strongly support their efforts to drive economic prosperity across the wider region.”