Riyadh, Saudi Arabia: Anabolic Food Technologies, a Saudi-based food tech company, has announced the closing of a $9 million seed round at a valuation of $33 million. The investment will be used to accelerate the company's technology development and expand its reach in the Saudi market.

Technology:

Anabolic's app uses machine learning to analyze a user's unique dietary needs and preferences, creating customized meal plans that fit their lifestyle. Whether you're a busy professional, a fitness enthusiast, or a student on the go, the app has something for everyone.

About Anabolic:

Founded in 2023, Anabolic is a food tech company specializing in personalized meal plans and supply chain solutions. The company's platform leverages the expertise of chefs, nutritionists, and software engineers to combine culinary artistry with the precision of food algorithms.

The Saudi Food Tech Industry:

The Saudi food tech industry is a rapidly growing sector, attracting significant investment and fostering a wave of innovative startups. Driven by factors like rising demand for convenience and healthy food options, government support for the tech sector, and increasing smartphone penetration, the industry is expected to continue its upward trajectory, offering exciting opportunities for both startups and investors.

UAE-based cloud kitchen startup The Cloud has taken a significant step towards solidifying its position as a global leader in the food tech industry. The company recently secured $12 million in its Series B funding round, led by MENA Moonshots. This latest investment brings their total funding to $22 million, following a previous $10 million Series A round and debt financing from Aluna Partners.

The secured funds will be instrumental in fueling The Cloud's ambitious global expansion plans. A key element of this strategy is the recent acquisition of UK-based food tech company KBOX. This strategic move strengthens The Cloud's presence in the international market, adding 200 locations to its existing network. With the acquisition, The Cloud now boasts a total of 200 locations across 7 countries and 91 cities.

Beyond geographical expansion, The Cloud remains dedicated to its core mission of redefining the virtual dining landscape.
The company's innovative approach connects restaurant owners with external food delivery companies, optimizing kitchen utilization and fostering a collaborative environment within the food tech sector. This unique business model positions The Cloud as a disruptor in the industry, constantly seeking to drive innovation and enhance the dining experience for both consumers and restaurant partners.

Key Highlights:

• Funding:Secured $12 million in Series B round, led by MENA Moonshots, bringing total funding to $22 million.
• Acquisition:Acquired KBOX, a UK-based food tech company, expanding The Cloud's network by 200 locations.
• Expansion:Aims to reach a global presence of 8,000 locations by 2027.
• Future:Exploring the possibility of a dual listing in Abu Dhabi and Riyadh.

Quotes:

• Georges Karam, CEO of The Cloud:"Our Series B funding and the KBOX acquisition reinforce our position as innovators in the global food tech landscape. With a strong financial backing and a strategic acquisition under our belt, we are now focused on further enhancing our market presence in the UAE and beyond."
  
  
• Stefano Sciacca, Managing Director at Aluna Partners:"We believe that The Cloud will gain a significant market share in the UK market through the acquisition of KBOX. Having looked at many food tech business models, we believe The Cloud is emerging as a global market leader and are excited to support such a fast-growing venture."

The Cloud's recent achievements demonstrate its commitment to growth, innovation, and leadership within the food tech industry. With a robust business model, a strategic acquisition strategy, and a clear vision for the future, The Cloud is well-positioned to achieve its ambitious goals and continue shaping the landscape of virtual dining on a global scale.

The MENA startup ecosystem witnessed a cautious yet promising start in January 2024, with startups securing a total of $86.5 million in funding across 33 deals. While this marked a 34% decrease year-on-year, it serves as a bellwether for the year's funding activity, offering insights into the region's entrepreneurial landscape and investment trends.

Regional Funding Breakdown

UAE: Reclaimed Position as Regional Leader

The United Arab Emirates (UAE) emerged as the regional leader, with its startups collectively securing an impressive $47 million in funding. Notably, the largest funding round of the month, a substantial $35 million pre-seed investment in the travel tech disruptor, Tumodo, underscored the region's confidence in the potential of the travel sector.

Egypt: Encouraging Signs of Recovery

Egypt showcased encouraging signs of recovery, raising $23 million across seven deals. This positive trend represents a significant improvement from the previous month and signals a potential return to form for the nation's entrepreneurial scene.

Saudi Arabia: Consistent Activity and Funding

Saudi Arabia maintained its consistent activity, with 15 startups securing a combined $11 million. While not leading the pack in funding, Saudi Arabia continues to demonstrate a stable and promising startup environment.

Other Countries: Diverse Funding Landscape

The funding distribution extended beyond the top three countries, highlighting the diverse landscape of the MENA region. Countries such as Qatar, Morocco, Iraq, Oman, Lebanon, and Tunisia also witnessed funding activity, showcasing the breadth and potential of the region's entrepreneurial spirit.

Sector Analysis

Fintech: Slight Slowdown in Funding

While fintech remains the region's most active sector, it experienced a slight slowdown in January, with five startups raising $12 million. Despite the dip, fintech continues to play a crucial role in the MENA startup ecosystem.

Travel Tech: Impressive Performance and Potential

Travel tech unexpectedly emerged as the top-performing sector, propelled by Tumodo's significant funding round, totaling $40.6 million. This investment highlights the sector's potential for post-pandemic recovery and investor confidence.

Healthcare: Promising Growth and Investor Interest

The healthcare sector exhibited promising growth, with two startups securing $11 million. This indicates growing investor interest in addressing critical healthcare challenges within the region.

Mobility: Attracting Investment and Opportunities

The mobility sector also saw three startups raise over $5 million, signaling opportunities and investor confidence in addressing transportation and mobility needs.

Startup Funding Distribution

Early-stage and seed-stage startups continued to attract substantial funding, garnering a combined $53 million. This highlights the region's commitment to nurturing its entrepreneurial ecosystem and fostering innovation. Additionally, B2B startups raised over $57 million across 14 deals, while B2C startups secured $28 million across 18 deals.

However, the gender disparity in investment remains a concern, with only one female-founded startup managing to secure funding. This underscores the need for continued efforts to promote diversity and inclusion within the MENA startup landscape.

MENA Startup Funding Distribution

UAE: Regional Powerhouse

The UAE established itself as the undisputed leader, securing a staggering $47 million in funding. This dominant position underscores the strength and maturity of the UAE's startup ecosystem, attracting significant investor confidence.

Egypt: Emerging Phoenix

Egypt showcased encouraging signs of revival, raising $23 million across seven deals. This positive shift marks a significant improvement and signals a potential return to form for the nation's entrepreneurial scene.

Saudi Arabia: Steady Progress

Saudi Arabia maintained its consistent activity with 15 startups securing a combined $10.7 million. While not leading the pack this time, Saudi Arabia continues to demonstrate a stable and promising startup environment.

Beyond the Big Three: Funding Distribution in Other Countries

The funding distribution extends beyond the top three, highlighting the diverse landscape of the MENA region. Qatar, Morocco, Iraq, Oman, Lebanon, and Tunisia all witnessed funding activity, showcasing the breadth and potential of the region's entrepreneurial spirit.

Nurturing the Future

Early-stage startups, encompassing both Pre-Seed and Seed funding rounds, received the highest share, attracting a combined $52 million. This signifies a strong emphasis on fostering and supporting the next generation of innovative ventures within the region. Following closely behind were Pre-Series A and Series A funding rounds, collectively securing $20 million, demonstrating continued support for established startups poised for further growth. Finally, the "Other" category, encompassing various funding stages and types, received $17.8 million, further emphasizing the diverse nature of the investment landscape.

Sector Spotlight

Travel & Tourism unexpectedly emerged as the top sector, grabbing a surprising $40.6 million, largely driven by the massive pre-seed round secured by Tumodo. This significant investment highlights the potential and investor confidence in the sector's post-pandemic recovery. Fintech, the region's traditionally dominant sector, maintained its relevance with $12 million distributed across five deals, solidifying its continued importance within the MENA startup ecosystem. Meanwhile, the healthcare and mobility sectors also displayed promising growth, attracting $11 million and $5 million respectively, indicating growing investor interest in these critical areas.

The comprehensive analysis of the MENA startup funding landscape reveals a dynamic and multifaceted ecosystem. The region boasts a prominent leader in the UAE, an emerging force in Egypt, and consistent activity across numerous other countries. The funding distribution across stages and sectors unveils a strategic focus on nurturing early-stage ventures, supporting established startups, and exploring new avenues of innovation. As the region continues to evolve, this diverse and promising ecosystem holds immense potential for future growth and groundbreaking advancements.

FOR IMMEDIATE RELEASE:

The World Intellectual Property Organization (WIPO) is pleased to announce the opening of the call for applications for the 2024 WIPO Global Awards. The application period will be open from January 15 to 31 March, 2024.

This year, the competition welcomes startups, in addition to small and medium-sized enterprises (SMEs) from all over the world, operating in all sectors of the economy – whether in technology, agriculture, creative industries or others. Applications are welcome from those using all forms of intellectual property (IP), from copyright and trademarks to patents and geographical indications.

The application form is available in English, French, Spanish, Arabic, Chinese, Russian and Japanese.

An independent jury will select up to seven winners. Each winner will be invited to attend an awards ceremony during the WIPO General Assembly in July in Geneva.

Each winner will also receive a personalized mentoring program aimed at promoting the use of IP, pursuing new business goals, accessing financial resources, and making a greater impact.

For more information, please visit the WIPO Global Awards website: https://www.wipo.int/global-awards/en/how-to-apply.html

About WIPO:

WIPO is an intergovernmental organization that aims to promote the protection of intellectual property (IP) around the world. It was established in 1970, following the convening of important conferences such as the Paris Convention for the Protection of Industrial Property (1883) and the Berne Convention for the Protection of Literary and Artistic Works (1886).

Additional Information:

• Official website: https://www.wipo.int/
• Date of establishment of WIPO: 1970
• Headquarters: Geneva, Switzerland
• Number of member states: 193

COMMUNIQUÉ DE PRESSE:

L'Organisation Mondiale de la Propriété Intellectuelle (OMPI) a le plaisir d'annoncer l'ouverture de l'appel à candidatures pour les Prix mondiaux WIPO 2024. La période de candidature sera ouverte du 15 janvier au 31 mars 2024.

Cette année, le concours accueille les startups, en plus des petites et moyennes entreprises (PME) du monde entier, opérant dans tous les secteurs de l'économie - que ce soit dans la technologie, l'agriculture, les industries créatives ou autres. Les candidatures sont les bienvenues de la part de ceux qui utilisent toutes les formes de propriété intellectuelle (PI), du droit d'auteur et des marques aux brevets et aux indications géographiques.

Le formulaire de candidature est disponible en anglais, français, espagnol, arabe, chinois, russe et japonais.

Un jury indépendant sélectionnera jusqu'à sept lauréats. Chaque lauréat sera invité à assister à une cérémonie de remise des prix lors de l'Assemblée générale de l'OMPI en juillet à Genève.

Chaque lauréat recevra également un programme de mentorat personnalisé visant à promouvoir l'utilisation de la PI, à poursuivre de nouveaux objectifs commerciaux, à accéder à des ressources financières et à avoir un impact plus important.

Pour plus d'informations, veuillez visiter le site Web des Prix mondiaux WIPO:

https://www.wipo.int/global-awards/fr/how-to-apply.html

À propos de l'OMPI:

L'OMPI est une organisation internationale intergouvernementale qui vise à promouvoir la protection de la propriété intellectuelle dans le monde entier. Elle a été créée en 1970, après la tenue de conférences importantes telles que la Conférence de Paris pour la propriété industrielle (1883) et la Conférence de Berne pour la protection des œuvres littéraires et artistiques (1886).

Informations complémentaires:

• Site officiel : https://www.wipo.int/portal/fr/index.html
• Date de création de l'OMPI : 1970
• Siège : Genève, Suisse
• Nombre d'États membres : 193

بيان صادر عن المنظمة العالمية لحماية حقوق الملكية الفكرية:

يسعدنا أن نعلن عن الدعوة للمشاركة في جوائز الويبو العالمية لعام 2024، التي تفتتح من 15 كانون الثاني / يناير ولغاية 31 اذار/ مارس 2024.

وترحّب المسابقة هذا العام بالشركات الناشئة إلى جانب الشركات الصغيرة والمتوسطة من جميع أنحاء العالم، والتي تنشط في جميع قطاعات الاقتصاد - سواء في التكنولوجيا أو الزراعة أو الصناعات الإبداعية أو غيرها. ونرحب بالطلبات التي تستخدم جميع أشكال الملكية الفكرية، من حق المؤلف والعلامات التجارية والبراءات والمؤشرات الجغرافية.

ونموذج الطلب متاح باللغات الإنكليزية والفرنسية والإسبانية والعربية والصينية والروسية واليابانية.

وستختار لجنة تحكيم مستقلة مجموعة تصل إلى سبعة فائزين. وسيتلقى كل منهم دعوة لحضور حفل توزيع الجوائز خلال الجمعية العامة للويبو في شهر يوليو في جنيف.

وسيحصل كل فائز وفائزة أيضاً على برنامج توجيهي خاص وموجّه نحو تعزيز استخدام الملكية الفكرية، والسعي وراء أهداف تجارية جديدة، والنفاذ إلى الموارد المالية، وإحداث تأثير أكبر.

لمزيد من المعلومات، يرجى زيارة موقع جوائز الويبو العالمية: https://www.wipo.int/global-awards/ar/how-to-apply.html

-انتهى-

عن الويبو:

الويبو هي منظمة دولية تابعة للأمم المتحدة تهدف إلى تنظيم حقوق الملكية الفكرية على مستوى العالم. تأسست عام 1970، بعد انعقاد مؤتمرات مهمة مثل مؤتمر باريس للملكية الصناعية (1883) ومؤتمر حماية المصنفات الأدبية والفنية (1886).

معلومات إضافية:

• الموقع الرسمي  : https://www.wipo.int/portal/ar/index.html
• تاريخ تأسيس الويبو: 1970
• المقر الرئيسي: جنيف، سويسرا
• عدد الدول الأعضاء: 193 دولة

The meeting discussed the efforts to prepare the cooperation programme between Egypt and Switzerland for 2025-2028

Rania A. Al-Mashat, the Minister of International Cooperation and Egypt’s Governor at the Swiss Agency for Development and Cooperation, met with Patricia Danzi, the Director General of the Swiss Agency for Development and Cooperation, and Maya Tesavi, the Head of the Middle East and North Africa Department at the Swiss Ministry of Foreign Affairs, today. The meeting was attended by Yvonne Baumann, the Swiss Ambassador to Egypt, and officials from the Swiss Embassy and the Ministries of Foreign Affairs and International Cooperation.

The meeting discussed the efforts to prepare the cooperation programme between Egypt and Switzerland for 2025-2028, which will follow the current Swiss cooperation programme from 2021-2024, covering governance, human rights, green growth, youth skills development, protection issues, and migration.

Al-Mashat emphasized the importance of the Egyptian-Swiss economic cooperation relations and the Egyptian government’s keenness to strengthen this partnership and expand it to serve the national development agenda and the implementation of development priorities in various fields.

She also reviewed the cooperation with the institutions of the Team Europe Initiative from 2020-2023 and the preparation for the future period of joint work, referring to the comprehensive report on the Egyptian development cooperation relations under the title “Egypt & Team Europe: A Shared Development Vision for Progress and Prosperity.”

She added that Egyptian-European relations are developing within a framework of integration and partnership that meets the development requirements following the national development priorities and determinants.

She explained that the projects within the NWFE programme, a nexus of water, food and energy projects, achieve many goals, such as advancing towards comprehensive development in various parts of Egypt, diversifying between mitigation and adaptation projects to cope with climate change, implementing water desalination projects, supporting the capabilities of small farmers to adapt to climate change, increasing agricultural crop productivity and farmers’ incomes through the use of modern technology and clean energy, and benefiting from innovative financing tools to mobilize investments worth $14.7bn.

Patricia Danzi, the Director General of the Swiss Agency for Development and Cooperation, stated, “In November 2023, Switzerland disbursed an additional $102m in response to the humanitarian crisis in the Gaza Strip and the region, which will address basic humanitarian needs such as water, food and medical care.”

Source: Zawya

In a move towards bolstering investments in zero-emissions projects, Saudi Minister of Investment Eng. Khalid Al-Falih announced a collaboration with a Swiss fund aimed at launching financing initiatives in the debt market. This partnership is set to mobilize billions of euros, showcasing Saudi Arabia's commitment to becoming a leading destination for sustainable investment. Al-Falih made this announcement during a Saudi-Swiss round table meeting in Riyadh, where he emphasized the Kingdom's ambition to position itself as a global hub for logistics, finance, and industry.

The meeting, attended by notable figures including Swiss Federal Councillor Guy Bernard Parmelin and Saudi Minister of Industry and Mineral Resources Eng. Bandar Alkhorayef, also focused on other areas of cooperation. Besides the investment in zero-emissions areas, the collaboration extends to the insurance industry, which is expected to see significant growth in the coming years.

Highlighting the vast potential for infrastructure development, Al-Falih pointed to Saudi Arabia's plans for mega projects, with more than $3.3 trillion earmarked for various sectors including airports, factories, and green energy networks. A substantial portion of this investment, approximately $1.8 trillion, is anticipated to be financed through bids to attract global investors from Switzerland and beyond, ensuring the highest quality standards for these projects.

Al-Falih also underlined the strong economic partnership and deep-rooted bilateral relations between Saudi Arabia and Switzerland, which are poised to celebrate a century of cooperation by 2027. With the Kingdom's Vision 2030, Saudi Arabia is setting ambitious targets, aiming for an investment volume of $3.3 trillion by 2030.

Eng. Bandar Alkhorayef highlighted the opportunities for future cooperation with Swiss sectors, emphasizing the Kingdom's role as a critical economic bridge linking the Middle East and Africa region with neighboring countries. He outlined Saudi Arabia's strategy to diversify the economy across 12 industrial sectors, categorized into three main groups focusing on national security, maximizing natural resources, and pioneering future industries such as space and renewable energy.

Source: Saudi Gazette

The Middle East and North Africa region saw sizable startup activity from its top three regional ecosystems of Saudi Arabia, UAE, and Egypt as January came to end.

The Kingdom led this weeks’ movement with two startups raising significant funding sums. Saudi Arabia’s peer-to-peer car rental platform Ejaro secured SR12.3 million ($3.27 million) in a pre-series A funding round spearheaded by the Riyadh-based insurance company Tawuniya and several angel investors.

This fresh influx of capital is earmarked for bolstering Ejaro’s development and expansion strategies.

Founded in 2019 by Mohammed Khashoggi, the company provides car-sharing services to enable individuals to generate additional sources of income.

“Completing this funding round alongside our strategic partnerships reflects our commitment to innovation and meeting the needs of our customers. We are not only working to change the concept of car sharing in the Kingdom but also striving to be leaders in the insurance sector through cooperation with Tawuniya, Najm, and Absher, a pivotal step towards supporting economic growth and innovation in line with Saudi Vision 2030,” Khashoggi said.

Fahad bin Maamar, CEO of Investments at Tawuniya, underscored their confidence in Ejaro’s innovative approach to car-sharing, viewing it as a crucial partner in transforming the mobility landscape across the Gulf Cooperation Council region.

The platform claims to have facilitated over 25,000 days of trips, indicating a growing demand for its services. Moreover, it has enabled more than 100 hosts to collectively earn over SR2.5 million in less than two years, showcasing the tangible benefits and impact of its innovative car-sharing and rental solutions.

Saudi edtech startup iStoria secures $1.3m in funding

Saudi Arabia’s educational technology sector continues to garner investor interest as iStoria secured SR5 million in a seed funding round.

This investment in the app, which specializes in English language learning, involved multiple regional players, including Saudi Arabia’s venture capital firms Nama Ventures and BIM Ventures, US-based edtech Classera, Egypt-based Flat6Labs, and various angel investors.

The investment will enable the enhancement of the app’s features and aid in expanding its global footprint.

Founded by Abdullah Al-Jaberi in 2022, iStoria has quickly gained a substantial user base, surpassing 1 million learners globally.

The company’s approach to English language education focuses on vocabulary building through reading stories at various levels, with comprehension questions and vocabulary tests.

This method prepares learners for global language tests and offers a continually updated and enriching learning experience. The company also achieved a satisfaction rate of 4.6 out of five in the app store. Its recent growth has been bolstered by expanding its services to organizations, including contracts with numerous private and public schools, where it has been integrated into educational curriculums, allowing for direct supervision.

“We are pleased with the conclusion of this investment round. Through this funding, we will continue to pursue our goal of enabling individuals to communicate effectively and confidently in English,” Al-Jaberi said.

He added: “We are optimistic and look forward to the next phase of the application’s growth and the impact we can create, primarily through offering services to organizations and expanding worldwide.”

The company also raised an undisclosed pre-seed funding round from Nama Ventures in 2022 to bolster its operations.

The edtech sector has emerged as one of the top five most-funded sectors in Saudi Arabia. In 2023, the industry saw a total of $50 million raised by Saudi-based startups, a 6 percent growth from the year before. Furthermore, in 2022, the sector witnessed substantial growth, surging by 2,069 percent compared to the previous year.

Egypt’s Roboost raises $3m to boost expansion

Egypt’s artificial intelligence-driven logistics startup, Roboost, completed a $3 million investment round led by Silicon Badia, with contributions from RZM Investment, Flat6Labs, and Saudi Angel Investors.

Founded in 2018 by Mohamed Gessraha, Hassan Gessraha and Mohamed Sadek, Roboost provides AI-powered delivery solutions in Egypt, Saudi Arabia, Kuwait, Morocco, and Tunisia.

The company aims to utilize its capital to further boost its regional presence with a new phase of expansion. The company currently serves leading brands such as McDonald’s Egypt and Kuwait, Buffalo Burger, El Ezaby Pharmacies, and Jumlaty.

Employing proprietary machine learning algorithms, Roboost’s innovation includes pre-delivery technology that enables precision auto-dispatching and smart routes for delivery personnel, optimizing the process for the substantial portion of orders placed offline.

The platform’s suite of tools also features real-time dynamic fleet payroll, and comprehensive customer insights through heat maps and analytics, all aimed at enhancing customer satisfaction. Additionally, Roboost’s AI fleet control offers advanced fraud detection capabilities.

The company claims to provide operational efficiency to its clients with a network of over 15,000 delivery drivers, serving nearly 10 million unique customers, and automating more than 40 million orders. The company says its solutions have doubled delivery speeds by reducing inefficiencies and achieved task automation rates of 99.8 percent.

Furthermore, Roboost has succeeded in decreasing order returns by over 80 percent and operational costs by 30 percent, while also improving average driver productivity by 40 percent and maintaining fraud levels below 5 percent.

UAE’s Plant & Equipment acquires Global Equipment Trading

UAE-based construction technology company Plant & Equipment has announced the acquisition of Global Equipment Trading for an undisclosed amount. 

Established in 2018 by Saleh Kuba and Zayd Kuba, Plant & Equipment operates as a marketplace in the construction equipment and machinery sector, facilitating connections between buyers and sellers.

This strategic acquisition is set to bolster Plant & Equipment’s expansion efforts across the region.

 The integration with Global Equipment Trading is expected to enhance the company’s service offerings and market reach, aligning with its growth objectives in the construction equipment industry.

Source: Arab News

Saudi Crown Prince Mohammed bin Salman announced on Thursday the launch of Alat - a Public Investment Fund company – with the aim to transform Saudi Arabia into a global hub for sustainable technology manufacturing that focuses on advanced technologies and electronics.

In this regard, experts told Asharq Al-Awsat that the new entity would explore new opportunities in modern sectors, in addition to supporting national companies and enabling them to launch investments in advanced technologies and industries.

Professor of Economics at the University of Jeddah, Dr. Salem Bajaja, stressed that Saudi Arabia would become a pioneer in the manufacture of electronics, by providing sustainable industrial solutions that rely on clean energy sources and meet the future needs of the sector.

Bajaja added that the Alat Company would be able to create more job opportunities in the local market, which would reduce the unemployment rate, pointing that the Kingdom enjoyed all the success ingredients to develop the advanced technologies and electronics sector.

He also emphasized that Alat would in turn explore untapped opportunities in this promising field to reach its desired goals.

Alat will work on manufacturing products that serve local and international markets within seven key strategic business units: advanced industries, semiconductors, smart appliances, smart health, smart devices, smart buildings, and next generation infrastructure.

The company, chaired by the crown prince, aims to enhance the capabilities of the Saudi technology sector, increase its contribution to local content, and raise the country’s attractiveness and its ability to create investment opportunities.

According to Bajaja, the launching of the new company keeps pace with the global evolution of Information Technology, which would contribute to transforming Saudi Arabia into a leader in electronics and open new horizons for the private sector and increase its contribution to the country’s GDP.

For his part, Economic Expert Ahmed al-Jubeir said: “It is important to rely on clean energy in the work of the new company, which focuses on modern industries, with the aim to meet the Kingdom’s directions in the next stage in creating promising investment opportunities.”

Al-Jubeir noted that Alat will have a positive impact on the national economy and will stimulate the private sector to invest in new industries and forge partnerships with the PIF.

Moreover, the new products that will be manufactured through Alat will raise the competition levels and will reflect on the prices in the local market, he said, noting that the new company will also help generate new job opportunities and develop human capabilities in these fields.

Alat will focus on manufacturing in more than 30 categories that serve vital sectors, mainly robotic systems, communication, advanced computers, digital entertainment products, and advanced heavy equipment used in construction, building and mining.

The new company aims to create 39,000 direct jobs in Saudi Arabia by 2030, and achieve a direct non-oil GDP contribution of $9.3 billion by the same year.

Source: AL-Awsat