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  • Saudi Arabia’s startups raise $198 million in March 2024

    In a landmark month for the region’s startup ecosystem, Saudi Arabia emerged as the hot spot of fundraising activities, with total investments soaring to $198 million in 25 transactions. This surge, the highest in the region, underscores the growing vibrancy and investor confidence in Saudi Arabia’s startup landscape.

  • Miss Universe denies Saudi’s participation in 2024 contest

    The Miss Universe Organisation has refuted recent reports that Saudi Arabia is taking part in this year’s contest. The selection process has not been carried out in the kingdom, Miss Universe said, adding that it is undergoing a “rigorous vetting process.” “While Saudi Arabia is not yet among those countries fully confirmed participating this year, we are currently undergoing a rigorous vetting process qualifying a potential candidate to be awarded the franchise and assigned national director to represent,” the statement said.

  • Manga Productions Chief Essam Bukhary on Saudi Manga Craze and How Partnership With Japanese Studios Is the ‘Future of the Anime Industry’

    Saudi Arabia, where popular anime characters such as “Captain Tsubasa” and “Dragon Ball” protagonist Son Goku have been engrained in the culture for decades, is taking its love affair with Japanese manga content to the next level.

    In late March, just a few weeks after the death of “Dragon Ball” creator Akira Toriyama, it was announced that the world’s first theme park dedicated to the megahit Japanese manga and animation franchise will be built in Qiddiya, the massive entertainment and tourism project outside the Saudi capital of Riyadh through a joint venture between Qiddiya and Japan’s Toei Animation.

  • Anthropic is lining up a new slate of investors, but the AI startup has ruled out Saudi Arabia

    The stake in Anthropic is for sale because it belongs to FTX, the failed cryptocurrency exchange started by Sam Bankman-Fried, and is being unloaded as part of the company’s bankruptcy proceedings. FTX bought the shares three years ago for $500 million. The 8% stake is now worth more than $1 billion due to the recent boom in AI.

  • Saudi Aramco eyes strengthening cooperation with Chinese partners, CEO says 

    Energy giant Saudi Aramco is eager to enhance cooperation with China, particularly in areas such as carbon capture techniques, stated the company’s CEO. Speaking at a development forum held in Beijing, Amin Nasser expressed the aim to become a partner in the Asian giant’s economic journey. According to a press statement, the company has the potential to partner with Chinese entities in areas besides energy supply, including material development and the chemicals sector.

  • Saudi Arabia plans $40 bln push into artificial intelligence, NYT reports

    Saudi Arabia's government plans to create a fund of about $40 billion to invest in artificial intelligence, the New York Times reported on Tuesday, citing three people briefed on the plans.
    Representatives of Saudi Arabia's Public Investment Fund (PIF) have discussed a potential partnership with U.S. venture capital firm Andreessen Horowitz and other financiers in recent weeks, the newspaper reported.

  • Navigating Transfer Pricing for Regional Headquarters in The Kingdom of Saudi Arabia

    The setup and operation of an RHQ in Saudi Arabia entail intricate transfer pricing considerations. These include assessing business restructuring for compliance, developing equitable cost allocation methods, and analyzing subcontracting and remuneration mechanisms to align with the arm's length principle. These steps are vital to prevent potential penalties, double taxation, and safeguard the company’s reputation while adhering to local laws.

  • Saudi Arabia’s thriving startup scene driven by women

    It's now almost impossible to imagine the Saudi economy without the thriving startup scene and its female entrepreneurs. Less than a decade ago, the situation was largely different.

  • Gulf Capital partners with RDIA to deploy $100 million in Saudi tech sector

    Gulf Capital announced today that it has signed an agreement with the Saudi Research Development and Innovation Authority (RDIA) to deploy over $100 million into the Saudi technology and innovation sector over the next five years. The Letter of Intent (LoI) was signed in Riyadh by Dr Rami Niazi, Vice Governor of Strategy at the Saudi Research Development and Innovation Authority, and Dr Karim El Solh, co-founder and CEO of Gulf Capital.

  • Muslims spot Ramadan crescent moon in Saudi Arabia, meaning month of fasting starts Monday for many

    The sacred month, which sees those observing abstain from food and water from sunrise to sunset, marks a period of religious reflection, family get-togethers and giving across the Muslim world. Seeing the moon Sunday night means Monday is the first day of the fast. Saudi state television reported that authorities there saw the crescent moon. Soon after, multiple Gulf Arab nations, as well as Iraq, Syria and Egypt followed the announcement to confirm they as well would start fasting on Monday. Leaders also shared messages of congratulations the month had begun.