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MENA startups Raised $7 Million in April 2023, a 93 Percent Decline Year-on-Year – WAMDA Report
- May 4,2023
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- SUSTG Team
In April 2023, startups based in the Middle East and North Africa raised roughly $7 million, a drop of 97 per cent compared to March 2023 and a 99 per cent drop compared to April 2022, according to a report in Wamda.
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Asset Management Firm Tiger Global, Visa Invest in UAE Fintech Company Tarabut Gateway for Saudi Expansion – Report
- May 3,2023
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- SUSTG Team
Payments giant Visa Inc. has made its first open banking investment in the Middle East, joining Tiger Global Management in backing UAE-based fintech firm Tarabut Gateway’s latest fundraising which outlines an expansion to Saudi Arabia, according to Bloomberg.
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Saudi Rescue Role in Sudan Continues to Draw US Praise as CENTCOM Commander Thanks Saudi Chief of Defense for Supporting the Evacuation of American Citizens
- May 2,2023
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- SUSTG Team
The commander of U.S. Central Command, Gen. Michael “Erik” Kurilla, called the Royal Saudi Chief of General Staff Gen. Fayyadh Al Ruwaili to thank him and the Kingdom of Saudi Arabia for its support in evacuating American citizens from Sudan amidst the conflict there, as Saudi Arabia continues to aid foreign nations in evacuating civilians […]
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Iran and Saudi Arabia Only Days Away from Re-Opening Embassies – Report
- May 1,2023
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- SUSTG Team
Saudi Arabia and Iran will reopen embassies in each other’s capitals “within days,” Reuters reports, citing Iranian Foreign Minister Hossein Amirabdollahian, though he did not give specific dates for each to re-open.
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Knight Frank’s Faisal Durrani joins The 966 to talk Saudi real estate, giga-projects and much more
- April 28,2023
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- SUSTG Team
In Episode 84, The 966 speaks with Faisal Durrani, partner and head of Middle East research for the global real estate company Knight Frank. Mr. Durrani shares some of the highlights and key information from Knight Frank’s recently-released 2023 report on real estate in Saudi Arabia, The Saudi Report 2023, a publication which touches on many […]
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Saudi tops S&P Global Survey of Middle East and Africa’s 30 largest banks
- April 27,2023
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- SUSTG Team
S&P Global’s latest ranking of the top 30 Middle Eastern and African banks by total assets finds Saudi institutions leading in both total numbers and total assets.
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Growing SRMG Media Group Launches LIST, a New Saudi Travel Magazine
- April 26,2023
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- SUSTG Team
SRMG, the largest integrated media group in the MENA region which includes widely-read publications like Arab News, Asharq Alawsat and others, has added a travel magazine to its portfolio: LIST Magazine will focus on the travel and tourism offerings from Saudi Arabia, the region and the world, according to reports.
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President Biden thanks Saudi Arabia as Kingdom Plays Key Role in Sudan Evacuations
- April 24,2023
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- SUSTG Team
Saudi Arabia hosted more than 150 people from various nations who were evacuated from war-torn Sudan, including from the United States, according to reports.
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Talking tech in the MENA with MEI’s Mohammed Soliman, King Salman Park in Riyadh, Saudi’s growing soccer league, and much more…
- April 21,2023
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- SUSTG Team
Eid Fitr Mubarak! In Episode 84, Mohammed Soliman, the director of the Middle East Institute’s Strategic Technologies and Cyber Security Program and a Manager at McLarty Associates’ Middle East and North Africa Practice, joins The 966. Mohammed’s work focuses on the intersection of technology, geopolitics, and business in the Middle East and North Africa (MENA). […]
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STC Expands in Europe with Acquisition of Portfolio of Tower Assets in Europe
- April 20,2023
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- SUSTG Team
TAWAL, a unit of Saudi Telecom Company (stc), agreed to buy tower infrastructure worth 1.22 billion-euros ($1.34 billion) from United Group in its first foray into Europe’s telecoms market,” Reuters reports.
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MUST-READS
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Warning of thunderstorms and flash floods in Saudi Arabia for next 4 days
Residents of Saudi Arabia were warned on Wednesday that the country could be hit by thunderstorms and flash floods between now and Sunday. The General Directorate of Civil Defense advised people to remain sheltered and stay away from canyons. Many regions can expect medium-to-heavy rain, hail or strong gusts of wind, with a high risk of flooding. Forecasters predict Riyadh, Jeddah, Al-Baha, Asir and Jazan will be among the affected regions, the Saudi Press Agency reported.
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Saudi Arabia Maps Out Ambitious Quantum Strategy
The Kingdom of Saudi Arabia has caught the quantum science bug and last month issued an expansive report — Quantum Economy Landscape in Saudi Arabia — that is part of Saudi Arabia’s vision to become a “Centre for the Fourth Industrial Revolution.” The report is largely a primer on quantum technology’s basics and potential applications. Much of the basic information will be familiar to longtime quantum landscape watchers. It concedes Saudi Arabia is still building its quantum expertise but notes that its flourishing university and technology sectors are aggressively courting quantum expertise.
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Nose Design Experience to Develop New Fleet for Saudi Arabia Railways
As part of an order with Stadler AG for the initial delivery of 10 passenger trains, Nose Design Experience will be responsible for the complete interior and exterior design of the new units, all of which will be developed in line with technical constraints and compliance standards. SAR has also reserved the option for an additional 10 trainsets from Stadler AG. In order to deliver the project, Nose will work closely with Stadler’s main engineering team in Bussnang, Switzerland.
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Why Saudi Arabia is interested in GCAP – and whether it should be
Much remains unclear about the Global Combat Air Programme (GCAP), including design, technical specifications, and cost. But perhaps the most intriguing aspect is Saudi Arabia’s desire to join the United Kingdom, Italy and Japan in developing the sixth-generation fighter. Saudi officials first expressed their interest in GCAP back in 2023, citing defense industrial and economic reasons. They see an opportunity in localizing parts of GCAP, be it in manufacturing, technology, or human capital. The goal, they insist, is not a symbolic or junior partnership but an equal one whereby the kingdom has a stake and participation in the program that meets its defense and economic ambitions. But let’s be blunt: While there are several reasons why the three GCAP nations should entertain adding Saudi Arabia to the program, there are fewer clear reasons why the Saudis would want to join up. And that requires a closer examination of what leadership in Riyadh may be thinking.
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How to start a business in Saudi Arabia for foreigners
The Ministry of Investment is the primary authority guiding and regulating investments in Saudi Arabia. It facilitates investment licenses and provides comprehensive information about opportunities, incentives, guarantees, and legal frameworks. Saudi Arabia is a land of opportunity for foreign investors, offering a dynamic business environment shaped by Vision 2030. This transformative initiative aims to diversify the Kingdom's economy and foster sustainable development. With comprehensive reforms and government support, the process of establishing a business in Saudi Arabia has become more accessible. Al Othman Lawyers & Consultants, with years of experience, is a trusted partner for foreign investors navigating this journey.
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Lenovo, world’s largest PC maker, to launch factory in Saudi Arabia
Technology giant Lenovo will further diversify its supply chain and plans to open more manufacturing facilities outside China amid global geopolitical uncertainty, Chairman Yang Yuanqing said. Lenovo, the world’s largest PC maker, has most of its plants in China, a common situation in the electronics industry that creates potential vulnerability as US President-elect Donald Trump threatens to impose 60 per cent tariffs on Chinese imports. Yang told Reuters that while it’s too early to predict the new US administration’s policies, Lenovo has an advantage over competitors in hedging such risks through its more diversified manufacturing base and sourcing strategy, as well as balanced regional revenue streams.
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FedEx Boosts Cross-Border E-Commerce Growth in the UAE and Saudi Arabia
Federal Express Corporation (FedEx), the world’s largest express transportation company, has launched FedEx® International Connect Plus (FICP) in the United Arab Emirates (UAE) and Kingdom of Saudi Arabia, a shipping solution ideal for e-commerce packages weighing up to 20 kg. This new international, day-definite, service combines speed with competitive rates, connecting e-tailers in just 3-4 business days*.
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How Saudi Arabia is moving towards a quantum economy
Quantum technology, based on quantum mechanics principles, promises transformative capabilities in computation, communication and sensing. These capabilities can lead to breakthroughs across multiple domains, including secure communication networks, advanced materials discovery, improved climate modelling and more efficient drug development. Acknowledging these immense benefits, Saudi Arabia is actively integrating the Forum’s Quantum Economy Blueprint to support in positioning the Kingdom among global leaders as it formulates a comprehensive national quantum roadmap. Saudi Arabia’s quantum priorities span multiple areas, including talent development, research and development, hardware innovation, commercialization and raising awareness, reflecting a multi-faceted approach to building a robust quantum ecosystem.
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Riyadh Metro Orange Line Now Is Operational, Marking Completion of a Citywide Network in Saudi Arabia
The Royal Commission for Riyadh City (RCRC) has confirmed that the Orange Line of the Riyadh Metro, also known as the Al Madinah Al Munawwarah Axis, began operations on Sunday, January 5, 2025. Spanning 41 kilometers, the Orange Line runs east to west, connecting Jeddah Road in the west to the Second Eastern Ring Road near Khashm Al Aan in the east in Saudi Arabia. This newly operational line is a key component of the city's metro system, designed to enhance urban mobility and connectivity. The Orange Line features five stations now open to the public: Jeddah Road, Tuwaiq, Al Dawh, Harun Al Rashid Road, and An Naseem. Additionally An Naseem also serves as an interchange station, linking the Orange Line to the Purple Line. This strategic integration allows passengers to transfer seamlessly between lines, improving access across the capital city.
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Catastrophic Flooding in Saudi Arabia: Mecca, Jeddah, Madinah Hit by Record Rains, Cars Submerged
Severe flooding has hit Saudi Arabia, particularly in Mecca, Jeddah, and Madinah, after record-breaking rainfall caused widespread destruction. Torrential downpours have turned streets into rivers, submerging cars, flooding highways, and causing major disruptions. The Saudi Meteorological Department issued a red alert for these cities as water levels reached dangerous heights. Footage from the affected regions shows scenes of cars almost completely submerged, with only the tops of their roofs visible above the water. In Jeddah, a city already prone to flooding, residents were seen abandoning their vehicles and scrambling to safety as water inundated streets. Similar scenes were recorded in Mecca, including the holy city's streets, which have become impassable.
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