Latest news with #Walaa
Hi Dubai
3 days ago
- Business
- Hi Dubai
MoIAT Partners with Sinaha to Boost Emirati-Made Products Through Digital Platform
The Ministry of Industry and Advanced Technology (MoIAT) has partnered with Sinaha to launch a national digital platform aimed at promoting Emirati-made products and strengthening the UAE's industrial sector. Announced during the Make it in the Emirates Forum in Abu Dhabi, the partnership will see Sinaha develop a platform dedicated to showcasing goods bearing the 'Made in the Emirates' mark. The platform will serve as a digital gateway connecting manufacturers with consumers, investors, and talent across the UAE. As part of the initiative, MoIAT will also oversee the launch of the Walaa' platform — a loyalty program designed to engage media, influencers, and community groups in promoting local products and encouraging a culture of national consumption. The move aligns with the UAE's National Strategy for Industry and Advanced Technology, focusing on digital innovation, public-private collaboration, and increased support for SMEs and industrial employment. Osama Amir Fadhel, Assistant Under-Secretary at MoIAT, said the partnership reinforces the ministry's commitment to enhancing the visibility and competitiveness of national products. 'Marketing is as vital as manufacturing. This collaboration will highlight the quality of Emirati goods and boost investor confidence,' he noted. Sinaha's Chairman, Mohammed bin Salem bin Kardous Al Ameri, echoed the sentiment, stating the alliance marks a pivotal step in unifying marketing and industrial growth strategies. 'We're building an ecosystem that drives demand, expands production, and fuels economic development,' he said. The initiative will also integrate AI-driven tools to analyse consumer behaviour and support the creation of targeted awareness campaigns, reinforcing the role of digital transformation in advancing the UAE's industrial vision. News Source: Emirates News Agency
TECHx
3 days ago
- Business
- TECHx
MoIAT Partnership Boosts Support for Emirati Products
Home » Smart Sectors » MoIAT Partnership Boosts Support for Emirati Products The Ministry of Industry and Advanced Technology (MoIAT) and Sinaha have announced a new partnership. Sinaha is an e-commerce platform that supports Emirati-made goods. The partnership aims to enhance the competitiveness of national products. It was revealed that Sinaha will develop a national digital platform. This platform will showcase products bearing the 'Made in the Emirates' mark. The mark reflects a unified national identity for goods manufactured in the UAE. The agreement was signed by His Excellency Osama Amir Fadhel, Assistant Undersecretary for the Industrial Accelerators Sector at MoIAT, and Mansour Mohammed bin Kardous Al Ameri, Deputy CEO of Sinaha. The signing took place during the fourth edition of the Make it in the Emirates Forum at the Abu Dhabi National Exhibition Centre. MoIAT also reported the launch of the Walaa' loyalty platform under this partnership. This platform will engage influencers, media professionals, and community organizations. It will help promote local consumption and raise awareness of national products. Additionally, the Walaa' platform will honor supporters of the Make it in the Emirates initiative. It will lead awareness campaigns to build public and investor confidence. The MoIAT partnership will drive digital solutions and support national priorities. It will also: Strengthen public-private sector integration Support SMEs and create industrial jobs His Excellency Osama Amir Fadhel stated MoIAT is committed to uniting public and private sectors. He noted this aligns with the National Strategy for Industry and Advanced Technology. He emphasized the importance of promoting 'Made in the Emirates' products. He added this strategy enhances investment and encourages local consumption. Marketing, he said, plays a vital role in the success of national products. Mansour Mohammed bin Kardous Al Ameri, also Chairman of Sinaha, reported that the partnership supports the vision of UAE leadership. He stated that effective collaboration is key to boosting Emirati products. He highlighted that marketing is equally important as production. He said strong demand fuels manufacturing, expands reach, and supports economic growth. Al Ameri added that Sinaha will increase digital and media efforts under this partnership. He noted it will help shape policies and attract investments. MoIAT reported that this partnership is a major step in digital industrial empowerment. It aims to create a comprehensive system that adds value to national products. It will also support long-term cooperation, localization, and quality jobs in future industries. Furthermore, the platform will use advanced digital tools and AI to study consumer behavior. These insights will help promote Emirati products and services. The initiative will serve as a gateway for the national industrial ecosystem. It will connect manufacturers, consumers, investors, and talent across the UAE.
Arab News
26-01-2025
- Business
- Arab News
Saudi-based Walaa Cooperative Insurance Co. maintains ‘A-' rating: S&P Global
RIYADH: Saudi Arabia's Walaa Cooperative Insurance Co. maintained its 'A-' long-term insurer financial strength rating by S&P Global, with a stable outlook. The New York-based credit rating agency also affirmed its 'gcAAA' long-term Gulf Cooperation Council regional scale rating and 'ksaAAA' long-term Saudi national scale assessment for Walaa, highlighting the insurer's capital position and planned business growth initiatives. This comes as the company completed an SR468 million ($124.8 million) rights issue in December, initially announced in September 2023. The additional capital will support the firm's growth strategy and enhance its regulatory solvency margin. S&P said Walaa's capital adequacy exceeded its 99.99 percent confidence level before the reserve increase, with the recent capital injection further strengthening the company's financial stability. The rating agency expects Walaa to maintain this level of capital adequacy over the next two years, underpinning its stable outlook. The firm's stock price has already seen a significant 5.26 percent increase by 2:20 p.m. Saudi time to reach SR24. Despite its strong capital position, Walaa's operating performance has lagged behind similarly rated peers, according to S&P. At the end of the third quarter of last year, the company ranked as the fifth largest insurer in the Kingdom, with insurance revenue reaching SR2.4 million and a growth rate of 17 percent. However, the insurer faced challenges in profitability, driven by its medical insurance segment. The combined ratio — a key measure of underwriting performance — stood at 101 percent for the third quarter of 2024, compared to 98 percent during the same period the previous year. While the motor insurance segment, which experienced losses between 2021 and 2023, returned to profitability in 2024, reporting a service result of SR18 million for the third quarter, Walaa's medical insurance business posted a significant loss of SR85 million during the same period. This marks a sharp decline from the SR4 million loss recorded in the third quarter of 2023. The company plans to expand its medical insurance segment over the next two years, aiming for breakeven by the year's end. S&P said the goal may be challenging due to the competitive and concentrated nature of the medical insurance market in Saudi Arabia, which is projected to reach $4.33 billion this year, according to German online data gathering platform Statista. The medical segment is dominated by The Co. for Cooperative Insurance and Bupa Arabia for Cooperative Insurance, which collectively accounted for 76 percent of market revenue and most of the segment's profitability in the third quarter of 2024, according to S&P. Walaa's ability to achieve breakeven in this segment will play a critical role in the recovery of its overall performance. S&P expects Walaa to gradually improve its combined ratio to about 98 percent in 2025— 2026 as it continues to diversify its business and recover its operating performance. The agency also flagged potential risks, including the possibility of a negative rating action if Walaa's underwriting performance is weaker than its local and regional peers or if its capital adequacy falls below the 99.95 percent confidence level. S&P views the likelihood of a rating upgrade as limited during the outlook period. Any positive rating action would depend on Walaa's ability to significantly increase and diversify its premium income without impairing operating performance, while maintaining capital adequacy at the 99.99 percent confidence level and a low-risk investment portfolio.
