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  • Venture capital funding for Mena start-ups hits $2.3bn and is on track to beat 2021 total

    Venture capital funding for start-ups in the Middle East and North Africa rose 20 per cent annually to more than $2.3 billion in the first three quarters of 2022, putting it on track to potentially surpass the total investments attracted in 2021, a study carried out by Magnitt has found.

  • Saudi start-up ZenHR raises $10m to grow operations across Mena region

    ZenHR, a human resource technology start-up in Saudi Arabia, has raised $10 million to scale up its operations across the Middle East and North Africa. The funding round was led by Saudi Arabia's Rua Growth Fund, with the participation of US-based Endeavor Catalyst and other existing investors, the Riyadh-based company said on Tuesday.

  • Pelagic Partners comes onboard giant new Saudi Global Maritime Fund

    Saudi Arabian shipyard International Maritime Industries (IMI) has created a giant new shipping fund in Cyprus to be managed by Pelagic Partners. The Global Maritime Fund (GMF) aims to manage assets worth $1.25bn by the end of 2023, growing to $10bn over the next 10 years and will serve as a platform to kickstart business at the yard, the largest shipyard in the Middle East.

  • Sultan Al Jaber, Japanese Prime Minister sign UAE-Japan comprehensive strategic partnership agreement document

    The UAE-Japan strategic partnership agreement aims to bolster relations between the two countries to advance their common interests, by encouraging further diplomatic, economic, political, trade and investment collaborations. The key areas of the partnership include diplomacy, enhancing international development and humanitarian aid efforts. They also include cooperating across business, trade, energy and industry by enhancing business environment to encourage trade and investment across technology, manufacturing, infrastructure, artificial intelligence, healthcare, and SMEs, as well as other high-priority sectors including agriculture, environmental preservation, climate change solutions, education, science and technology, and defence and security.

  • Saudi Arabia implements Data Driven-Government to realise digital economy as part of the Vision 2030

    Saudi Arabia, which is executing the third phase of the three-stage data-driven government or the National Strategy for Digital Transformation, is currently bringing all the public services under a single digital platform as part of the Smart Government Strategy (2020-2024), that once implemented, will deliver public services through smart phones, on the citizen’s fingertips.

  • PIF’s Jada signs MoU with Invest Seoul to boost startups, SMEs

    Fund of Funds Company, known as Jada and owned by Saudi Arabia’s Public Investment Fund, has signed a memorandum of understanding with Invest Seoul Agency to promote startups and SMEs in both countries. In a statement posted on Jada’s website, the MoU signed between the two parties seeks to exchange information on entrepreneurial policies and best practices and support startups aspiring to enter the Saudi or Korean markets.

  • Gaza farmer unearths Byzantine-era mosaic

    An ornate Byzantine floor mosaic showing a variety of colourful birds and other animals has been discovered by chance in Gaza after a Palestinian farmer tried to plant new trees on his land. Salman al-Nabahin unearthed the relic six months ago while working in his olive orchard in Bureij refugee camp, about a kilometre (0.5 mile) from the border with Israel.

  • Saudi Arabia partners with Google Cloud to ‘elevate’ women’s participation in AI sector 

    Saudi Arabia has partnered with American tech firm Google to launch a global program that will look to reduce the gender gap in the technological sector, especially artificial intelligence. The Saudi Authority for Data and Artificial Intelligence announced the new initiative named ‘Elevate’, in association with Google Cloud, during the 2nd Global AI Summit in Riyadh on Sept. 15.

  • In parts of Mideast, power generators spew toxic fumes 24/7

    The reliance on generators results from state failure. In Lebanon, Iraq, Yemen and elsewhere, governments can’t maintain a functioning central power network, whether because of war, conflict or mismanagement and corruption. Lebanon, for example, has not built a new power plant in decades. Multiple plans for new ones have run aground on politicians’ factionalism and conflicting patronage interests. The country’s few aging, heavy-fuel oil plants long ago became unable to meet demand.

  • Land Bridge Project implementation to start soon: Saudi minister

    Minister of Transport and Logistics Eng. Saleh Al-Jasser said that the Land Bridge Project is witnessing increased progress, and its implementation will start in the upcoming period and it’s receiving attention and support from Crown Prince Mohammed Bin Salman. He added that the National Transport Strategy includes over 1,000 initiatives, 30 of which are major and include the Land Bridge Project that has a significant impact on strengthening the Kingdom's position as a global logistics hub. Al-Jasser made his remarks during a panel session on Monday during the Local Content Forum in Riyadh. He said that the project targets more than 60% local content, citing related studies.