Saudi Savola Group reinforces business in Egypt via new HQ
The inauguration aligns with the Saudi group's objectives to strengthen its position in Egypt, according to a press release.
Karim Baraka, General Manager of Savola Egypt, stated: "This new headquarters represents a significant milestone, reflecting our comprehensive vision and placing our employees at the core of our mission.'
Savola Egypt has more than 3,500 employees, recording an employee retention rate of 98%.
In the nine-month period that ended on 30 September 2024, the Saudi group recorded 1.04% year-on-year (YoY) lower net profits at SAR 665.12 million, compared to SAR 672.13 million.
Source: Mubasher
All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (Syndigate.info).
Mubasher
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
TECHx
an hour ago
- TECHx
IBM Reveals Drop in Data Breach Costs for Middle East
Home » Top stories » IBM Reveals Drop in Data Breach Costs for Middle East IBM has released its 2025 Cost of a Data Breach Report, revealing a notable decrease in average breach costs for businesses in the Middle East. According to the report, the average cost fell to SAR 27.00 million, down 18% from SAR 32.80 million the year before. The report highlighted that AI/ML-driven insights, encryption, and a DevSecOps approach were the top three factors that helped reduce costs for organizations in the region. Despite the drop, lost business remained the largest cost category, averaging SAR 11.63 million. Post-breach response costs followed at SAR 7.50 million, with detection and escalation at SAR 6.55 million, and notification costs at SAR 1.32 million. IBM reported that the financial sector experienced the highest breach costs at SAR 34.00 million. The energy and industrial sectors followed closely with SAR 32.00 million. Saad Toma, General Manager of IBM Middle East and Africa, noted the region's proactive use of AI. He stated that AI-driven tools are enhancing detection and response, but emphasized the need for continued investment in security talent and governance. The report also revealed: 41% of Middle East organizations use access controls to protect AI systems, compared to only 3% globally. 38% have formal AI governance policies, with another 24% developing them. Complex security systems, IoT/OT environments, and staff shortages significantly raise breach costs. Top initial attack vectors in 2025 included: Third-party vendor and supply chain compromise (17%, SAR 29.60 million) Denial of service attacks (14%, SAR 27.20 million) Phishing (14%, SAR 28.00 million) Malicious insider threats (11%, SAR 33.00 million) IBM conducted the report in partnership with the Ponemon Institute, analyzing over 600 global breaches, including those in Saudi Arabia and the UAE, from March 2024 through February 2025. The report draws on two decades of research, covering nearly 6,500 breaches.
Channel Post MEA
3 hours ago
- Channel Post MEA
83% Saudi Arabian CAIOs Have Broader C-Suite Support
A new study by the IBM Institute for Business Value (IBV) and the Dubai Future Foundation (DFF) reveals that Saudi Arabia's approach to AI leadership aligns with global trends while also demonstrating distinct national priorities. The research, which surveyed over 600 Chief AI Officers (CAIOs) across 22 countries, showcases Saudi Arabia's unique strengths and opportunities for growth in AI leadership. 'Saudi Arabia's commitment to AI is evident in its adoption of CAIO roles and the support these leaders receive from senior executives,' said Fahad Alanazi, General Manager, IBM Saudi Arabia. 'This study underscores the Kingdom's strategic focus on AI, as reflected in its governance models, budget control, and a strong emphasis on building business cases for AI investments.' Key findings from the study indicate that: 22% of organizations in Saudi Arabia have adopted the CAIO role, aligning closely to the global average (26%). Saudi Arabian CAIOs have strong executive support, with 67% saying they get sufficient backing from the CEO and 83% saying they have broader C-suite support. A clear trend emerges in the professional backgrounds of Saudi CAIOs, with 75% saying they have focused on data in their careers, higher than the global average (73%). Saudi Arabia's governance model stands out, with 50% of organizations adopting a hub-and-spoke AI operating model, reflecting Vision 2030's sector-wide coordination. This aligns with global trends, where organizations using a centralized or hub-and-spoke model can achieve a 36% higher ROI on AI initiatives. The study underscores Saudi Arabia's remarkable progress in AI leadership – Saudi CAIOs presently oversee 67% of AI budgets, outpacing the global average of 61%. Moreover, CAIOs prioritize building business cases for AI, with 58% doing so, above the global average of 45%. The findings also highlight strategic opportunities to further strengthen the country's position. 38% of Saudi CAIOs were appointed from within the organization, below the global average of 57%. Prioritizing internal talent development will cultivate a resilient workforce, ensuring continual growth in AI capabilities. As Saudi Arabia continues to invest in AI leadership, these findings serve as a roadmap for honing the country's AI capabilities and maximizing the return on its AI investments.
Channel Post MEA
3 hours ago
- Channel Post MEA
HCLSoftware Deepens Its Commitment To Saudi Arabia's Vision 2030 With XDO Blueprint
HCLSoftware is deepening its commitment to Saudi Arabia's Vision 2030 digital transformation agenda through strategic technology investments, positioning the Kingdom as the Middle East's leading digital powerhouse. At the recently concluded Executive Summit in Riyadh, attended by over 60+ senior executives from banking, insurance, fintech, cybersecurity, and GRC domains, HCLSoftware demonstrated how its Xperience-Data-Operations (XDO) Blueprint — a comprehensive framework integrating Experience, Data, and Operations serves as the foundational architecture enabling Saudi enterprises to leverage next-generation solutions for sustained market leadership. Emphasizing HCLSoftware's strategic commitment to Saudi Arabia's digital future, Kalyan Kumar, Chief Product Officer, HCLSoftware, said, 'Saudi Arabia's Vision 2030 sets a global benchmark for digital transformation ambition. As organizations navigate this transformation, the integration of Experience, Data, and Operations becomes essential for sustainable growth. We're focused on supporting Saudi enterprises as they balance innovation with the compliance and operational requirements that are fundamental to their success.' Vikrant Chowdhary, Senior Vice President, Growth Markets at HCLSoftware, opened the forum by highlighting the company's expanding Riyadh delivery hub and growing Tier-one client portfolio. Diving into the XDO Blueprint, they emphasized how it delivers unified board-level governance across experience, operational efficiency, and data-driven growth—critical capabilities for the Kingdom's open-banking and digital-government transformation. Bernardo Rodrigues, Regional Solution Manager at Immersive Labs, addressed the critical human element in cybersecurity in his session on Vision 2030's Digital Shield: Harnessing Critical Skills for Cyber Resilience and Continuous Compliance. Through live cyber-range demonstrations, Rodrigues showcased how Saudi organizations can benchmark their security teams against Saudi Arabia Monetary Authority (SAMA's) stringent requirements while building the continuous skills validation capabilities essential for maintaining cyber resilience. As the Kingdom accelerates business transformation, cybersecurity practices must evolve to keep pace with real-world threat scenarios—an approach that dovetails with the XDO Blueprint's focus on operational excellence and risk-aware g A session on AI-powered Business Flow Observability showcased how HCL Hive on iObserve platform delivers end-to-end transaction visibility from mobile interfaces to core banking systems. Through machine-learning algorithms that correlate technical anomalies with business impact, Hive automates compliance reporting aligned with SAMA's monitoring and audit standards. This unified observability accelerates incident resolution and delivers audit-ready evidence, streamlining operations for Saudi financial institutions. Shining the spotlight on challenges in BFSI environments, Huda Albenmousa, Country President, PayTabs, Saudi Arabia, underscored the critical role of intelligent automation and unified business observability in driving faster, seamless customer experiences while ensuring operational efficiency within the highly regulated BFSI sector. During a panel discussion with HCLSoftware leaders, she highlighted how the convergence of XDO is transforming institutions from reactive responders to predictive, autonomous operators, setting a new standard for agility and compliance in banking. In a customer session with a prominent development fund in the Kingdom of Saudi Arabia, senior executives discussed how they are advancing digital transformation within Saudi Arabia's housing sector through the strategic use of HCL BigFix Workspace and HCL BigFix Enterprise. By collaborating with HCLSoftware and aligning with the XDO Blueprint, they are establishing a new standard for operational efficiency and service excellence in a vital sector. The summit concluded on a high note as HCLSoftware honoured three Saudi organizations with the Customer Success Awards and announced the winner of an Abu Dhabi Grand Prix experience, demonstrating the company's unwavering commitment to driving digital transformation excellence and celebrating customer achievements across the Middle East region.
