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  • Tawaref Series: navigating Saudi expansion

    In today's interconnected global economy, tech entrepreneurs are continually exploring new frontiers to expand their businesses and harness fresh opportunities. Saudi Arabia has emerged as a compelling prospect for these entrepreneurs, boasting a rapidly advancing economy and a strategic geographical position. However, making strides into a new market demands careful evaluation of challenges and considerations.

  • An introduction to the Tawaref series

    The Saudi Arabian investment landscape has been thriving in recent years, attracting investors from around the globe. With the introduction of business-friendly reforms and attractive incentives by the Saudi Government, the country has become an increasingly potent and vibrant market for entrepreneurs and investors alike.

  • Saudi golfer Faisal Salhab has impressive opening round at $2m International Series Oman

    On a tricky Al-Mouj Golf Club course in the opening round of the $2 million International Series Oman, Saudi Arabia’s Faisal Salhab got off the mark with a solid 1-under par 71 round.

  • US launches series of airstrikes in Iraq, Syria

    The U.S. military hit dozens of targets across Iraq and Syria on Friday and dozens more in Yemen on Saturday, targeting Iranian forces and Iran-backed militias. The strikes in Iraq and Syria were a direct reaction to an explosive drone attack Sunday that killed three American soldiers and wounded more than 40 others at a remote base in Jordan. Those targets included facilities for Iran’s elite Islamic Revolutionary Guards Corps Quds Force, as well as infrastructure for Iran-backed militias that operate collectively as the Islamic Resistance in Iraq.

  • YouTube announces new podcast series focusing on Saudi youth

    Guests include influential members of the public and private sector in Saudi such as representatives from the Saudi Authority for Data and Artificial Intelligence (Dr. Raied Aljadaany), the Quality of Life Program (Ms. Noura Alyusuf) and private sector leaders in the creator economy (Kaswara Al-Khatib) and sports (Haya Sawan). Tarek Amin, YouTube’s Director in MENA, said: “YouTube is a reflection of what’s top of mind for Saudi youth thanks to our vibrant creator community in the Kingdom”

  • Saudi fintech Hakbah raises $5.1 million Series A

    Hakbah, the leading Saudi-based fintech savings platform, announces its successful $5.1 million Series A fundraise. The funding round was led by VentureSouq, the MENA-based venture capital firm with a global portfolio. Also participating were new investors M-Capital and Bunat Ventures and existing investors Global Ventures and Aditum Investment Management Ltd. Hakbah is one of MENA’s fastest-growing startups and operates in KSA’s $216 billion savings market. The company has recorded an 18x increase in total savings under management and a 4x increase in revenue this year, struck several blue-chip partnerships with the likes of Flynas, the national low-cost airline in Saudi Arabia and the Middle East, and has a customer base of over 500,000 users (of which 70% are between 21 and 35 years old).

  • Saudi shopping and BNPL platform Tamara tops $1B valuation in $340M Series C funding

    Saudi asset manager and financial institution SNB Capital and Sanabil Investments, a wholly-owned company by Saudi’s sovereign wealth fund Public Investment Fund (PIF), led the Series C round. Other backers include Shorooq Partners, Pinnacle Capital, Impulse and others, joining existing investors such as Checkout.com. The round, composed of primary capital and a transaction of some secondary shares, is among the largest investments in a fintech in the region.

  • Saudi FinTech innovator Nearpay secures $14m in Series A funding

    The company recently announced the successful closure of a $14 million Series A funding round. This crucial financial backing was led by Sanabil Investments, a subsidiary of the Public Investment Fund (“PIF”). Notably, the round also saw contributions from stc’s Corporate Investment Fund (CIF), Vision Ventures, Hala Ventures, and Arzan Ventures. This investment marks a significant leap forward for Nearpay, underscoring its influence in reshaping the payment landscape.

  • All-woman F1 Academy series to race in Saudi Arabia to start an expanded 2024 schedule

    Formula One’s F1 Academy series for female drivers will race next year in Saudi Arabia to start an expanded schedule with a more prominent role in grand prix weekends. The event in March in Saudi Arabia — which lifted a ban on women driving on its roads in 2018 — starts an expanded seven-round calendar announced Tuesday for the F1 Academy in its second season. The series will also race in Miami in May before heading to Spain, the Netherlands, Singapore, Qatar and Abu Dhabi.

  • Saudi traveltech startup Flyakeed raises $15.2 million Series A round

    Saudi Arabia-based traveltech startup FlyAkeed has raised $15.2 million (SAR 57 million) in a Series A round led by PIF’s Sanabil Investments and Elm Company, with participation from Artal Capital and Al Rajhi Partners, according to venture data platform Jawlah.