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  • Aramco VC Fund Turns to Global Investments in Saudi Startup Push

    “Many global start ups see the next expansion avenue in the region as funding is available in plenty and they can have an edge by potentially relocating into Saudi Arabia and the GCC,” he said. “We will attract firms from those sectors and position the kingdom as the center of gravity for these global ventures.” To tap these opportunities, Wa’ed has increased the size of its typical investment to $20 million from $5 million, Alidi said.

  • Aramco VC Fund Turns to Global Investments in Saudi Startup Push

    Wa’ed will invest about $100 million this year after spending around $50 million over the past nine years, Chief Executive Officer Fahad Alidi said in an interview. Its $200 million fund is planning 11 investments in the second half. On top of fintech and e-commerce, the firm will expand into sectors such as deep tech, space tech the metaverse and sustainability.

  • Saudi group starts work on mega Downtown Jeddah project

    The master developer said the contract includes the implementation of infrastructure and marine works in it, the removal of the existing 400 buildings and infrastructure in the first stage, and the re-routing of infrastructure services, which include electrical ground installations, sewage pipes and water supply, with a total length of 6.5 km. Central Jeddah Development Company pointed out that there will be reclamation and offshore drilling, then backfilling with drilling output, whose quantities are estimated at 4 million cu m, in addition to reclamation works, improving soil properties and preparing it for the expected construction works using the best engineering techniques, with a total area of 1.5 million flat m, in addition to constructing sidewalks.

  • Saudi Arabia’s startup investment poised to set new record

    Venture-backed startups in Saudi Arabia have been bolstered by a confluence of favorable trends in recent years—including low interest rates, increasing urbanization, demand for online groceries, pro-business reforms and a sharp rise in oil revenues. The momentum has catapulted VC deal value in the region, reaching more than $425 million so far this year, on pace to surpass record levels of 2021, according to PitchBook data.

  • Women own 45% of startups in Saudi Arabia: Report

    According to a report issued by the General Authority for Small and Medium Enterprises (Monsha'at), the percentage of enterprises owned by women reached 45 percent, of the total owners of start-ups, until the first half of 2022, which is double the percentage achieved in 2017.

  • Women own 45% of startups in Saudi Arabia: Report

    In this context, the report stated that the number of small and medium-sized enterprises in the Kingdom reached 892,063 by the end of the first half of this year, an increase of 25.6 percent compared to the last quarter of 2021. The report stated that the food and beverage sector obtained the largest percentage of investment financing in the first half of this year.

  • Saudi Arabia’s startup investment poised to set new record

    As part of the Kingdom's Vision 2030 strategy, the country launched the Financial Sector Development Program to move toward a cashless society and enable financial institutions to support the private sector. The latest in the slew of freshly funded startups in the region is Tamara, a provider of a buy now, pay later platform. The company raised $100 million in a round led by Sanabil Investments, Arab News reported.

  • Saudi starts construction of Jeddah Central development project

    The official Saudi Press Agency said JCDC “has started construction works” on the project and signed a new contract as part of the project involving marine and infrastructure works, demolition of nearly 400 old buildings in the first phase and re-direction of nearly 6.5 kilometres (km) of power cables in the area.

  • Commentary: The UAE-Iran diplomatic reset is part of a greater focus on regional stability

    These high-level conversations started in early 2019, well before the latest round of Iran nuclear talks and the election of US President Joe Biden. The UAE was the one who initiated the contact and decided its pace based on reactions from Iran and the latter’s willingness to reciprocate these neighbourly gestures. The principle aim of these conversations was, and still is, to try to de-escalate tensions between the two countries and reduce regional tensions at large.

  • MBC Media Solutions and Saudi Sports Company renew partnership

    SSC, which airs Saudi Arabia’s top sporting competitions along with the world’s most popular leagues and sports, will be broadcasting across a roster of channels, which continue to be accessible through both GoBox & Shahid subscription services. At the helm of the sports catalogue is football, the most followed sport in the Kingdom with some matches reaching a 52 per cent share of the audience and 40 per cent of Saudi households. Households who watched these matches completed 80 per cent of the whole match.