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  • ACWA Power to Build 100MW Solar Project in South Africa Following Major Investment Announcements from Saudi, UAE
     

    ACWA Power says it will begin construction this year on a 100MW solar energy plant in South Africa as Saudi Arabia and the UAE announced that the two countries will invest a combined $20 billion into the country, according to reports. The 100MW Redstone concentrated solar thermal power (CSP) plant, whose construction had initially been scheduled […]

     
  • Report: Saudi to Invest $10b in South Africa’s Economy
     

    Saudi Arabia will invest at least $10 billion in South Africa, mostly in the energy sector, including building oil refineries, Reuters reports, citing the spokeswomen for South Africa’s president Cyril Ramaphosa said on Thursday. The pledge was made by Saudi Crown Prince Mohammed bin Salman during an official visit by President Ramaphosa and government ministers […]

     
  • Jadwa Investment Raises Projected Economic Growth in Saudi Arabia to 2.2% in 2018
     

    Saudi Arabia’s economy is forecast to grow faster this year following a significant improvement in the global oil market, according to a recently released report by Riyadh-based Jadwa Investment. Jadwa Investment raised its forecasts for the Saudi Arabian economy’s growth in 2018 to 2.2%, compared with previous estimates for a growth rate of 1.5%. Jadwa expects Saudi production […]

     
  • Report: Saudi Modified Mineral Investment System Preparation Done: Al-Falih
     

    The Saudi Ministry of Energy, Industry and Mineral Resources announced Sunday the completion of the modified mineral investment system which will “open the path for investors and the private sector to benefit from promising investment opportunities in this vital sector in the Kingdom of Saudi Arabia,” according to reports. Saudi Arabia’s Minister of Energy, Industry […]

     
  • Financial Sector Development Program: Delivery Plan 2020
     

    A recently released report from Jadwa Investment shines light on the Saudi Arabia’s Financial Sector Development Program (FSDP), which was announced in April of this year. “In many ways, the FSDP is one of the most important Vision Realization Programs (VRPs), in that the success of the other 11 VRPs are wholly dependent on it,” […]

     
  • Will Uber and Careem Merge?
     

    San Francisco-based Uber Technologies Inc. and Dubai-based Careem Networks FZ are in preliminary talks to combine their Middle Eastern ride-hailing services, according to reports, in a merger that would create one dominant presence in the market and avoid a potentially costly rivalry. Bloomberg reports that the two companies have discussed a potential merger but the companies have only discussed […]

     
  • Saudi Arabia Selected for MSCI Inclusion; Analysts Expect Significant Capital Inflows
     

    Following years of effort by Saudi officials to increase transparency in its stock market, the Kingdom won inclusion into MSCI, Inc.’s highly sought-after emerging market index, expanding the asset class by as much as $600 billion for the Kingdom. The news, announced overnight in Saudi Arabia, was welcomed by Saudi officials and executives at the […]

     
  • Saudi Arabia, Russia to Jointly Invest $2 Billion in Tech Following Crown Prince, Putin Meeting
     

    Saudi Arabia and Russia will jointly invest $2 billion in technology projects next year, according to reports, following the visit of Crown Prince Mohammed bin Salman to Russia at the start of the World Cup last week. Russia’s RIDF, the country’s sovereign wealth fund, and Saudi Arabia have already allocated $10 billion for investment with $2 billion […]

     
  • Saudi Digital Media Startup Raises $9 Million Series A Round with 20m Subscribers
     

    A Saudi Arabia-based digital media company raised $9 million in a Series A round of funding, according to reports. Telfaz11, with over 20 million subscribers on their network, and reporting more than 2 billion views on YouTube, is a leading Arabic Multi-Channel Network (MCN) which seeks to change the face of home-grown online entertainment. “As a pre-eminent […]

     
  • Saudi Arabia Set to Launch $32 Billion Plan to Jumpstart Housing Market
     

    Saudi Arabia’s Public Investment Fund-backed mortgage company, the Saudi Real Estate Refinance Company (SRC), plans to roll out new funding soon to the Kingdom’s lenders to boost home ownership in Saudi Arabia, according to a report. Announced in October 2017, the creation of the SRC and the overall plan for $32 billion to boost home ownership […]

     

MUST-READS

  • Saudi Arabia dominates startup investment sector during May

    Wassim Basrawi, the managing director of Wa’ed, the entrepreneurship arm of Saudi Aramco, told Arab News: “It is not surprising that venture capital deal making is picking up in the Saudi market. We’ve been observing that now for months as the Kingdom emerges from (the coronavirus disease) COVID-19 pandemic.”

  • A trillion dollars of investment needed to help the developing world reach carbon neutraliy, IEA says | The National

    The world needs up to $1 trillion worth of clean energy financing by 2030 to help developing economies meet net-zero emissions targets by 2050, according to the International Energy Agency. The requirement is nearly seven times the $150 billion spent on aiding energy transition by emerging and developing economies last year.

  • A Saudi messaging company is SoftBank’s first investment in the Middle East

    Started in 2006, Unifonic has been building the Twilio of the Middle East, offering SMS, voice, and WhatsApp communication services to large enterprises across the region.  According to its website, the company has served more than 5,000 businesses through its cloud communications API. The Saudi startup remained bootstrapped for about 12 years before raising $21 million in an STV-led Series A in 2018. It was the largest round raised by a Saudi startup at the time.

  • SoftBank Vision Fund accelerating hi-tech investment, globally and in Saudi Arabia, says CEO

    “In Fund 1 we have 85 portfolio companies. In Fund 2 we have 70 or 80 companies. We take minority stakes in those companies. We don’t run those companies. We sit on the boards. We do keep an eye on them but we don’t day-to-day run those companies. “But we did make some mistakes and we learnt from it. Since then, we have undergone a major turnaround and now we make sure there are no conflicts of interest with the founder.”

  • Saudi-based sustainable AgTech firm Red Sea Farms, a salt-water growing specialist, receives $10m investment

    Red Sea Farms was established in 2018 with a vision to reduce food insecurity, carbon and freshwater use in the global and Gulf food sectors. The company’s unique, end-to-end growing system primarily uses saltwater, cutting fresh-water consumption by 85 to 90 percent. Through a patented system of new, more efficient solar and growth monitoring technologies, saltwater replaces freshwater typically used to cool greenhouses and irrigate crops.

  • Saudi Arabia was top MENA destination for foreign investment last year

    Saudi Arabia attracted 18 percent of all foreign investment into the Middle East and North Africa last year, the most of any country in the region. The number of projects fell by 49 percent in 2020 to 73 for a value of $10.4 billion, Al Arabiya reported, citing data from Financial Times’ FDI Intelligence.

  • Egypt’s EFG Hermes to acquire control of state-owned Arab Investment Bank

    EFG Hermes Holding, Egypt’s biggest investment bank, will acquire 51 percent of state-owned Arab Investment Bank (AIB), the cabinet said in a statement on Wednesday, in the first bank privatization in more than a decade.

  • Trteeb secures $150K investment

    The investment, which was made in January 2021, underlines the strategy of the ISSF to support 150-200 local innovation companies through direct and indirect investments (the latter in investment funds) and build the capacities of 825 entrepreneurs and SMEs through specialized training to qualify them for prospective investments.

  • Sovereign funds’ direct investments double to $65.9 bln in 2020 -report

    “Institutional investors, including sovereign wealth funds, entered the pandemic with high levels of cash,” said the report. “Consequently, they were ready to support local economies or buy opportunistically in distressed international markets in March 2020.”

  • Saudi Arabia reports 428% surge in factory investment

    Saudi Arabia issued 307 new factory licenses during the first three months of this year representing a total investment of SR17.72 billion ($4.73 billion), government figures have revealed. The number compared to 240 licenses issued during the same period last year, an increase of 27.92 percent year-on-year, according to data from the Ministry of Industry and Mineral Resources’ official website.