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  • Saudi non-oil exports rise 23 percent to $15.9bn in first quarter of 2021

    The Kingdom’s imports increased 4 percent to SR137.7 billion, for an overall trade surplus, including oil exports, of SR74.7 billion, the third consecutive quarter of surplus.

  • Nigeria ranks first in African startups but faces challenges

    Investment in the continent’s start-up space is tiny in comparison to the global north. For example, US startups raised $156.2 billion in venture capital last year, per Pitchbook. By comparison, African startups have raised just more than $2 billion in the past two years, according to data from Briter Bridges (the amount of funding varies slightly depending on the metrics used) .

  • Saudi Arabia’s KBW Ventures invests in French plant-based food startup

    KBW Ventures, the company founded by Saudi Arabia’s Prince Khaled bin Alwaleed bin Talal Al-Saud, has invested in French food technology startup Furahaa Group, the firm’s first investment in the European country.

  • What Are The Challenges Facing The Performing Arts in Saudi?

    The commission will implement 26 initiatives in stages between now and 2030 to serve and develop the sector. They fall under six guiding principles: Talent development, which includes eight initiatives: education, training and talent-discovery; school theater; house of Ardha and house of Samri; cultural business incubator; theater academy; career development initiative; sector graduate recruitment; and sector awards.

  • Saudi Aramco’s venture arm investing in US start-up Wasabi

    The venture capital arm of Saudi Aramco, the world's largest oil-exporting company, is investing in Boston-based cloud storage start-up Wasabi Technologies. One of the Aramco’s funds, Prosperity7 Ventures, is contributing to a $25 million follow-on investment, alongside the venture capital arm of disk-drive maker Western Digital, Wasabi chief executive David Friend told Bloomberg.

  • Covax’s drive to vaccinate the developing world is falling apart

    Covax’s 2 billion doses were designed to account for 30% of all doses required by 92 lower-income countries. Many nations in Africa, for instance, were depending on vaccine exports from India. It has raised the fear that Covax may have been relying too excessively on SII.

  • Why are Saudi women suddenly starting to take jobs?

    Over the past few years, the Saudi Arabian government has made significant reforms to incentivize women to find employment and to protect them better on the job. These reforms also increased Saudi Arabia’s score in the World Bank Women, Business, and Law (WBL) database by almost 50 points (Figure 1) between 2016 and 2020. In parallel, female labor force participation rates improved at unprecedented rates, rising by 14 percentage points during the same time.

  • The Saudi Aramco Sale Is A Key Part Of Vision 2030

    Selling minority stakes in assets or in the equity of Saudi Aramco would not only help the oil giant to ease the debt it burdened itself with over the past year. It would also help Saudi Arabia and its Crown Prince to show the world that the Kingdom is still an attractive investment destination.

  • First Saudi Tech Startup That Could Go Public Picks HSBC for IPO

    Jahez International Company for Information Technology picked HSBC Saudi Arabia as the sole financial adviser and global coordinator for its potential IPO on Nomu, the Saudi stock exchange’s secondary market, which imposes lighter listing requirements to encourage smaller businesses and startups to raise equity.

  • Suez Canal starts work to extend double lane after Ever Given grounding

    The new project will extend the two-way section south of the Great Bitter Lake and will be carried out in part by the largest dredger in the Middle East, the Mohab Mamish, which arrived in Egypt last month. The Ever Given, still loaded with thousands of containers, is being held in the Great Bitter Lake between two stretches of the canal, amid a dispute over an SCA compensation claim against the ship’s Japanese owner Shoei Kisen.