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  • Venture capital funding for Mena start-ups hits $2.3bn and is on track to beat 2021 total

    Venture capital funding for start-ups in the Middle East and North Africa rose 20 per cent annually to more than $2.3 billion in the first three quarters of 2022, putting it on track to potentially surpass the total investments attracted in 2021, a study carried out by Magnitt has found.

  • Saudi Arabia’s Almarai reports 13% rise in third-quarter profit on higher revenue

    Saudi Arabia's Almarai, the Middle East's largest dairy company, has reported a more than 13 per cent rise in third-quarter net profit on the back of higher revenue, as the Arab world’s largest economy continues to recover from the Covid-19-induced slowdown. Consolidated profit attributable to shareholders for the three-month period ending September 30 climbed to 463.1 million Saudi riyals ($123.49m), compared with 409m riyals during the same period last year, the company said in a statement on Sunday to the Saudi stock exchange Tadawul, where its shares are traded.

  • Foster + Partners unveils marine life institute in Saudi Arabia

    Foster + Partners reveals a first look at the new state-of-the-art marine life institute designed for luxury tourism development destination The Red Sea Project. The world’s first fully immersive experiential marine center located along the Red Sea coastline of Saudi Arabia will function as both a scientific research hub and a tourist destination, with 10 zones hosting various multidimensional experiences bridging educational exhibitions with adventure-filled excursions.

  • Saudi APICO to start trading on Nomu this week

    Arabian Plastic Industrial Company (APICO) will begin listing and trading its shares on the Parallel Market (Nomu) of the Saudi Exchange (Tadawul) on Wednesday, 5 October 2022. Tadawul pointed out that the stock will be trading at daily and static price fluctuation limits of +/- 30% and +/- 10%, respectively, according to a recent bourse filing. Meanwhile, the Saudi firm will list 1 million ordinary shares, representing 20% of its share capital, under the symbol 9548.

  • Saudi Arabia’s Wealth Fund Offers Three-Part Debt in Green Bond Debut

    Saudi Arabia’s sovereign wealth fund is selling a world-first dollar century green bond in its debut foray in to ethical debt as it seeks to burnish its environmental credentials. The Public Investment Fund or PIF, as it is known, is offering debt in three tranches, according to people familiar with the matter, who aren’t authorized to speak publicly and asked not to be identified.

  • Engine parts makers must cross ‘valley of death’ to reach EV era

    As recently as 2015, diesel made up nearly 52% of EU car sales. After Dieselgate and the shift in favor of EVs, diesel fell to 19.6% of EU sales in 2021 and has fallen further this year. In Britain, diesel car sales halved to just 8.2% in 2021. Petrol car sales in the EU declined to around 40% in 2021 from over 45% in 2015 and will fall further as Europe goes electric. Major engine parts suppliers like Vitesco Technologies Group AG (VTSCn.DE) and Schaeffler (SHA_p.DE) are already investing in transitioning to electric, but smaller players like Evtec - for which tracking data is not widely available - must adapt or die.

  • Saudi start-up ZenHR raises $10m to grow operations across Mena region

    ZenHR, a human resource technology start-up in Saudi Arabia, has raised $10 million to scale up its operations across the Middle East and North Africa. The funding round was led by Saudi Arabia's Rua Growth Fund, with the participation of US-based Endeavor Catalyst and other existing investors, the Riyadh-based company said on Tuesday.

  • Pelagic Partners comes onboard giant new Saudi Global Maritime Fund

    Saudi Arabian shipyard International Maritime Industries (IMI) has created a giant new shipping fund in Cyprus to be managed by Pelagic Partners. The Global Maritime Fund (GMF) aims to manage assets worth $1.25bn by the end of 2023, growing to $10bn over the next 10 years and will serve as a platform to kickstart business at the yard, the largest shipyard in the Middle East.

  • Foxconn Starts Electric-Car Production in US With First Lordstown Pickups

    Taiwan’s Foxconn Technology Group has started building electric vehicles for Lordstown Motors Corp., a milestone as the company better known for making iPhones diversifies its operations. Lordstown expects to deliver 50 of its Endurance pickups this year after the first two rolled off the line at a former General Motors Co. plant in Ohio, according to a statement Thursday. The EV company will have to raise additional capital to deliver the next 450 vehicles planned for the first batch of production, currently slated to be handed over in the first half of 2023.

  • LinkedIn Top Startups 2022: The 10 Saudi companies on the rise

    The 2022 LinkedIn Top Startups list reveals 10 emerging Saudi companies gaining attention. Backed by unique LinkedIn data measuring different elements of growth and demand, the list reveals companies like Tamara, Sary and Nana | نعناع that you should be paying attention to.