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  • Smart golf carts introduced for tawaf at Makkah Grand Mosque

    The General Authority for the Care of the Affairs of the Grand Mosque and the Prophet’s Mosque has introduced smart golf carts for tawaf (circumambulation around the Holy Kaaba). The golf cart service is made available on the roof of the Grand Mosque to serve the elderly and pilgrims with special needs during the holy month of Ramadan, which marks the peak annual Umrah season.

    The authority revealed that the designated pilgrims can reach the golf cart site through the entrances of Ajyad Escalators, King Abdulaziz Gate Elevators, and Umrah Gate Elevators. The golf cart operating time is 12 hours from 4:00 pm until 4:00 am every day.

  • 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.

  • What’s in store for regional startups in 2024?

    For the first year since MAGNiTT started publishing yearly reports, Saudi Arabia emerged as the region’s most funded ecosystem. Two reasons explain this novelty, and why the Kingdom will likely retain its crown in 2024. First, 2023 saw Saudi host numerous “mega-rounds” (funding rounds over $100M). Due to their disproportionate size, these types of rounds can make or break an ecosystem’s funding performance. In 2023, MENA’s five largest rounds constituted 43% of the region’s total funding. Four of those rounds were led by Saudi-based companies. The remaining one was in Egypt.

  • What’s the Happiest Country on Earth?

    For the first time in the report’s 12-year history, the U.S. didn’t earn a spot among the top 20 happiest countries in the world. It’s No. 23 -- down from a 15th-place finish the previous year. The report, which ranks countries by age group for the first time, shows the U.S. decline is at least partly attributable to Americans under age 30 feeling worse about their lives. The U.S. still ranks in the top 10 countries for those 60 and older, with a score of 7.258 out of 10. But for those under 30, it ranks 62nd, with a score of 6.392. While the U.S. lost ground, Finland retained its crown as the happiest country in the world for the seventh straight year. But it wasn’t No. 1 for those under 30 or over 60. Lithuania and Denmark, respectively, took those honors.

  • 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.

  • Shock and confusion as Turkey seizes earthquake survivors’ homes

    Habip Yapar felt lucky that his home in southern Turkey withstood last year's devastating earthquake. Then a text message appeared on his phone in October telling him the government was taking ownership of the apartment. The message sent to Yapar, 61, declared that the deeds for his property in Hatay province were being transferred to the Treasury under an amendment to an urban planning law set to affect thousands of earthquake survivors.

  • 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.