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MENA startups Raised $7 Million in April 2023, a 93 Percent Decline Year-on-Year – WAMDA Report
- May 4,2023
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- SUSTG Team
In April 2023, startups based in the Middle East and North Africa raised roughly $7 million, a drop of 97 per cent compared to March 2023 and a 99 per cent drop compared to April 2022, according to a report in Wamda.
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Asset Management Firm Tiger Global, Visa Invest in UAE Fintech Company Tarabut Gateway for Saudi Expansion – Report
- May 3,2023
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- SUSTG Team
Payments giant Visa Inc. has made its first open banking investment in the Middle East, joining Tiger Global Management in backing UAE-based fintech firm Tarabut Gateway’s latest fundraising which outlines an expansion to Saudi Arabia, according to Bloomberg.
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U.S. State of Arizona Blocks Saudi Company Fondomonte from Drilling 2 More Wells on State Land
- April 25,2023
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- SUSTG Team
A Saudi-owned company that farms alfalfa in the U.S. State of Arizona has been blocked from drilling two new wells in the drought-stricken state, according to local reports.
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STC Expands in Europe with Acquisition of Portfolio of Tower Assets in Europe
- April 20,2023
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- SUSTG Team
TAWAL, a unit of Saudi Telecom Company (stc), agreed to buy tower infrastructure worth 1.22 billion-euros ($1.34 billion) from United Group in its first foray into Europe’s telecoms market,” Reuters reports.
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Reuters Photo Shows Iran’s Embassy in Riyadh Opening its Gates for First Time in 7 years
- April 13,2023
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- SUSTG Team
Iran’s embassy in Saudi Arabia opened its gates on Wednesday for the first time in seven years, a Reuters photo confirmed, as the two sides continued apace with the restoration of ties between them.
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US EIA: Non-OPEC Countries will Account for a Higher Percentage of Oil Production Gains this Year and Next
- April 12,2023
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- SUSTG Team
Non-OPEC countries will account for a higher percentage of oil production gains this year and next, the U.S. Energy Information Administration predicted on Tuesday – a reversal of the last two years.
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Bilal Saab on U.S.-Saudi military cooperation, how the Kingdom is performing on its green initiative, and more
- April 7,2023
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- SUSTG Team
The 966 welcomes back onto the program Bilal Saab, political-military analyst on the Middle East and U.S. policy toward the region and Senior Fellow and Director of the Defense and Security Program at the Middle East Institute. The hosts ask Bilal about his recent piece, entitled “After Oil-for-Security: A Blueprint for Resetting U.S.-Saudi Security Relations.” Before […]
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Saudi Arabia Condemns Israeli Attack on Mosque, Following Developments with ‘Great Concern’ – Reports
- April 5,2023
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- SUSTG Team
Saudi Arabia on Wednesday condemned Israeli police’s “blatant” attacks on worshipers inside the al-Aqsa Mosque in Jerusalem during the Islamic holy month of Ramadan, after viral video showed Israeli forces beating worshippers inside the mosque.
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Challenges Remain for Investment into Saudi Arabia as FDI Falls 60% in 2022
- April 4,2023
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- SUSTG Team
Foreign direct investment (FDI) into Saudi Arabia fell by almost 60% in 2022, the first annual drop in five years and the second largest drop in more than 15 years, according to new data.
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Honeywell to open state-of-the-art regional manufacturing center in Saudi Arabia’s King Salman Energy Park
- April 3,2023
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- SUSTG Team
Honeywell signed a deal to open an advanced regional manufacturing center at the King Salman Energy Park (SPARK) — Saudi Arabia’s new energy industrial zone, according to a press release.
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MUST-READS
- Saudi Space Commission launches Space101 training programme
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KAUST startups combine to win NASA’s Deep Space Food Challenge
NASA’s Grand Challenges are open to leading-edge companies who offer solutions that solve space-related problems with novel capabilities. As astronauts need a healthy diet in space, the Deep Space Food Challenge called for new food production technologies that require minimal resources and generate limited waste to provide nutritious food for long-duration missions.
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KAUST startups combine to win NASA’s Deep Space Food Challenge
Two King Abdullah University for Science and Technology agricultural technology startups, Natufia and Edama, are among the 10 international winners in NASA’s competitive Deep Space Food Challenge. NASA and the Canadian Space Agency jointly recognized Natufia and Edama for bringing innovative food production technologies to space. A show highlighting the challenge aired on NASA television on Nov. 9, with details about the winning solutions and what is next for the winners.
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Saudi Purchase of English Soccer Team Sparks Debate About Premier League
England’s football supporters tend to be ambivalent about foreign owners buying their beloved clubs — often critical when a takeover deal is first announced but then delighted when the funding from deep pockets powers their team to success.
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Demand for office space in Riyadh rises after HQ ultimatum
Demand for high-quality offices in Riyadh has increased after Saudi Arabia said foreign firms should move their regional headquarters there to be able to do business with the kingdom, real estate consultant Knight Frank said in a report. Saudi Arabia, the world's top oil exporter and largest Arab economy, said in February that it would give foreign firms until the end of 2023 to set up headquarters in the country or risk losing out on government contracts, a move aimed at attracting investment and generating jobs for Saudis.
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KAUST: Building pint-sized labs in space
Matthew McCabe, professor of remote sensing and water security at the King Abdullah University of Science and Technology (KAUST), credits CubeSats with helping to “democratize space”—and he should know, given that he’s preparing to launch one himself.
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Aramco Warns World’s Spare Oil Supplies Are Falling Rapidly
Aramco, the world’s biggest oil company, is investing billions of dollars to raise its daily capacity to 13 million barrels from 12 million. It expects to complete the project by 2027.
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Saudi Arabia dress code for visit of F1 sparks huge controversy
Formula 1 is currently heading to the United States for the next grand prix in the 2021 calendar, yet controversy has been sparked by the release of Saudi Arabian clothing rules for the visit of the sport in December.
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New Saudi investment strategy aims for $100 bln annual FDI flows – SPA
Saudi Crown Prince Mohammed bin Salman gave details of a new investment strategy on Monday that aims to raise net foreign direct investment to 388 billon riyals ($103.45 billion) annually, the state news agency (SPA) reported. The new strategy also aims to increase local investments to 1.7 trillion riyals annually by 2030, SPA said.
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SPACs gaining traction in MENA
These flagship MENA SPACs include National Energy Services Reunited (NESR), which was the first energy-centric MENA SPAC to list on the Nasdaq more than three years before the 2020 SPAC boom. Thus, becoming the first company to successfully list several GCC companies from Saudi Arabia, Oman, Qatar, and the UAE on the Nasdaq via a SPAC.
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