Latest news with #OlayanFinancingCompany
The National
20-05-2025
- Business
- The National
Abu Dhabi's Lunate and Brookfield to set up $1bn property joint venture
Abu Dhabi alternative investment manager Lunate is partnering with New York Stock Exchange-listed Brookfield Asset Management to set up a $1 billion joint venture to invest in the real estate sector across the Middle East amid a strong performance of the property sector. The alliance will focus on developing build-to-sell and 'opportunistic' buy-to-sell residential assets across the UAE, Saudi Arabia and other markets in the Middle East, the two companies said in a statement on Tuesday. Lunate, which has more than $110 billion in assets under management, will commit a 'significant cornerstone investment' to the joint venture. It will also 'leverage its regional network and capabilities to help drive the joint venture's commercialisation and fund-raising efforts'. The announcement follows Lunate's acquisition of a 49 per cent stake in Dubai's 53-storey ICD Brookfield Place building last year. Saudi conglomerate Olayan Financing Company was also part of the deal. 'The Middle East's residential real estate sector presents a highly attractive investment opportunity, driven by the region's strong economic outlook and growing status as a hub for global wealth and talent,' Khalifa Al Suwaidi, managing partner at Lunate, said. There has been a boom in the property sector in some of the Middle East markets, including the UAE, on the back of government initiatives such as residency permits for retired and remote workers and strong economic growth, boosted by non-oil diversification and higher oil prices. The influx of wealthy people to the Emirates is also supporting the property market. Last year, 7,200 millionaires arrived in the UAE, building on an influx of 4,700 in 2023 and 5,200 in 2022, property consultancy Knight Frank said, quoting data from Henley & Partners. The total number of dollar millionaires in the UAE stood at 130,500 at the end of December, ranking the Emirates as the 14th-largest wealth market. Prime residential values in Dubai and Abu Dhabi, key focus markets for the joint venture, have increased by 18 per cent and 11.1 per cent, respectively, in 2024, the companies said. Saudi Arabia has also been recording higher property prices as economic growth continues, with apartment values in Riyadh climbing 75 per cent in the last four years, according to Knight Frank. 'Our joint venture with Lunate is significant as we expand into the high-quality residential real estate sector, driven by a rising population seeking premium properties,' Jad Ellawn, managing partner and regional head of Middle East at Brookfield, said. Brookfield has a strong presence across many sectors in the region, with $15 billion in managed assets across private equity, real estate and infrastructure. Global companies, including The Trump Organisation, are also expanding in the Gulf region. It has recently announced projects in the UAE, Saudi Arabia and Qatar in partnership with London-listed Dar Global.
Arab News
18-03-2025
- Business
- Arab News
Olayan Financing Company and IBM Consulting to implement next-generation SAP solutions
Olayan Financing Company has partnered with IBM Consulting to execute a groundbreaking SAP digital transformation program, setting a new benchmark for innovation and operational excellence in the region. This ambitious initiative lays a solid foundation for Olayan Financing Company's future growth, enabling streamlined management of its assets, diversified business lines, and expansive real estate portfolio. The transformation program, which encompasses 41 legal entities, involved Olayan Financing Company's migration from SAP ECC to SAP S/4HANA and the integration of SAP Ariba along with other advanced SAP solutions. IBM Consulting deployed its IMPACT accelerator and industry-leading SAP transformation methodologies, adhering to clean core principles to minimize customizations. This approach ensured that the tailored solution met both the strategic aspirations and operational requirements of Olayan Financing Company. Highlighting the success of the partnership, Dr. Nabeel M. Al Amudi, CEO of Olayan Financing Company, remarked, 'At Olayan Financing Company, we continuously strive to set new standards in operational efficiency and digital innovation. This partnership with IBM Consulting has enabled us to implement transformative technology that supports our strategic growth objectives, enhances our operational resilience, and aligns with our vision for sustainable and scalable success. We take pride in leading by example in adopting advanced technologies that redefine industry benchmarks in the region.' Khaled Al Ofaysan, country head and managing partner for IBM Consulting in Saudi Arabia, stated: 'We are delighted to have successfully partnered with Olayan Financing Company to realize their complex SAP transformation program in less than 12 months. This project highlights our proven expertise in delivering sophisticated SAP solutions with precision and efficiency, leveraging the latest SAP technology and a deep understanding of our client's needs and strategic objectives.' 'Olayan Financing Company's forward-thinking approach to modernizing its core technology infrastructure underscores its leadership among financing conglomerates. By investing in robust, scalable solutions and working with global consulting firms like IBM Consulting, OFC demonstrates a commitment to staying ahead of market changes and leveraging innovation for strategic growth. We at SAP are proud to support organizations like Olayan Financing Company as they set new standards for digital transformation in the Kingdom,' said Dr. Fahd Nawwab, vice president, SAP Saudi Arabia.
Zawya
18-03-2025
- Business
- Zawya
Olayan Financing Company and IBM Consulting partner to implement next-generation SAP solutions
Riyadh, KSA – Olayan Financing Company has partnered with IBM Consulting to execute a groundbreaking SAP digital transformation program, setting a new benchmark for innovation and operational excellence in the region. This ambitious initiative lays a solid foundation for Olayan Financing Company's future growth, enabling streamlined management of its assets, diversified business lines, and expansive real estate portfolio. The transformation program, which encompasses 41 legal entities, involved Olayan Financing Company's migration from SAP ECC to SAP S/4HANA and the integration of SAP Ariba along with other advanced SAP solutions. IBM Consulting deployed its IMPACT accelerator and industry-leading SAP transformation methodologies, adhering to clean core principles to minimize customizations. This approach ensured that the tailored solution met both the strategic aspirations and operational requirements of Olayan Financing Company. Highlighting the success of the partnership, Dr. Nabeel M. Al Amudi, CEO of Olayan Financing Company, remarked, 'At Olayan Financing Company, we continuously strive to set new standards in operational efficiency and digital innovation. This partnership with IBM Consulting has enabled us to implement transformative technology that supports our strategic growth objectives, enhances our operational resilience, and aligns with our vision for sustainable and scalable success. We take pride in leading by example in adopting advanced technologies that redefine industry benchmarks in the region.' Khaled Al Ofaysan, Country Head and Managing Partner for IBM Consulting in Saudi Arabia, stated, 'We are delighted to have successfully partnered with Olayan Financing Company to realize their complex SAP transformation program in less than 12 months. This project highlights our proven expertise in delivering sophisticated SAP solutions with precision and efficiency, leveraging the latest SAP technology and a deep understanding of our client's needs and strategic objectives.' 'Olayan Financing Company's forward-thinking approach to modernizing its core technology infrastructure underscores its leadership among financing conglomerates. By investing in robust, scalable solutions and working with global consulting firms like IBM Consulting, OFC demonstrates a commitment to staying ahead of market changes and leveraging innovation for strategic growth. We at SAP are proud to support organizations like Olayan Financing Company as they set new standards for digital transformation in the Kingdom,' said Dr. Fahd Nawwab, Vice President, SAP Saudi Arabia. More than 170 design workshops were conducted to collaboratively design future-ready SAP workflows, addressing over 250 business processes and integrating with 14 critical services to enhance synergy and effectiveness across the organization. The implementation significantly improved financial processes, including accelerating month-end close activities and financial consolidation through SAP Advanced Financial Closing and SAP Group Reporting. Integration with SAP Analytics Cloud automated planning and budgeting processes, which improved accuracy and predictability while reducing manual efforts. Additionally, SAP Project Portfolio Management enhanced Olayan Financing Company's control over real estate development projects and improved financial visibility across its portfolio, while SAP Service Cloud redefined customer service and maintenance workflows by introducing an automated ticketing system that boosts transparency and operational efficiency. An innovative API-based approach ensured seamless integration between SAP Ariba and S/4HANA, overcoming technological challenges and enabling scalability for future needs. This partnership represents pivotal roles that organizations such as IBM and Olayan Financing Company play in driving digital transformation across industries in Saudi Arabia. By implementing the adoption of robust and future-focused technology frameworks, both companies align their efforts with the Kingdom's Vision 2030 goals, emphasizing economic diversification, innovation, and sustainable growth. IBM Consulting is the only major global consultancy within a technology company. With a legacy of trust, security, and governance, we supercharge our people with our first of a kind AI-powered delivery platform IBM Consulting Advantage. We bring certainty of outcomes by approaching our clients' mission-critical challenges as a science. We work side by side to fast-track innovation and design, build, and operate high-performing businesses—together with our clients and strategic partners. About IBM IBM is a leading provider of global hybrid cloud and AI, and consulting expertise. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. More than 4,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM's hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM's breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and consulting deliver open and flexible options to our clients. All of this is backed by IBM's long-standing commitment to trust, transparency, responsibility, inclusivity and service. Visit for more information. About Olayan Financing Company The Olayan conglomerate came into being in 1947 when its founder, Suliman Saleh Olayan, established its progenitor company, a company that endures to date under the Olayan Financing Company (OFC), a leading multinational enterprise with a diversified portfolio of over 32 companies, and global investments which extend across Saudi Arabia, the wider Middle East, and North Africa, Turkey, and India. A long-term strategic investor, OFC's investments extend to public equities, private equities, strategic partnerships, and real estate assets as well as the portfolio of one of its main investments, Olayan Saudi Holding Company, which operates across five sectors powered by its many long-standing partnerships that have endured for several decades. OFC's multicultural workforce comprises more than 14,500 qualified professionals, representing over 60 nationalities. In line with its commitment to creating a long-term positive impact on society, OFC's philanthropy arm, the Suliman S. Olayan Foundation (SSOF), supports a broad range of education, healthcare, and community outreach initiatives. As a Saudi company, OFC actively contributes to Vision 2030's economic diversification, local content, talent development, and circular economy goals.
