Saudi Arabia and Switzerland hosted the first-ever Saudi-Swiss CleanTech Forum in 2023. The event brought together Swiss companies and small and medium-sized enterprises (SMEs) to showcase innovative solutions to address global challenges, combat climate change, and promote sustainability.

The forum was a partnership between the Embassy of Switzerland in Saudi Arabia, the Research, Development and Innovation Authority (RDIA), and King Abdulaziz City of Science and Technology (KACST). It aimed to boost international trade and economic ties between the two nations.

Discussions at the forum also revolved around the benefits of Saudi Arabia's Vision 2030, which strives to make the country a major industrial power and a global logistics hub.

In his keynote speech, Saudi Arabia's Minister of Economy and Planning, Faisal bin Fadel Al-Ibrahim, highlighted the importance of the partnership between Saudi Arabia and Switzerland, as well as the challenges facing the environment. He also stated that Saudi Arabia is a leading country in the Middle East for private sector investment, with around $5.5 billion invested in 2022.

Al-Ibrahim mentioned several significant projects, including the NEOM green hydrogen projects and a carbon capture facility. The NEOM green hydrogen projects, which are expected to be commissioned in 2026, will be the world's largest green energy facility and will be powered entirely by renewable energy.

Switzerland is known for its innovation and utilizes a "bottom-up" approach, with the government focusing on education and fundamental research to support companies. In an interview with Arab News, Helene Budliger Artieda, Swiss State Secretary for Economic Affairs, explained that the government's primary role is centered on funding a robust education system and supporting fundamental research at universities.

Artieda added that transitioning to a greener world is a key priority for both Saudi Arabia and Switzerland. She highlighted Switzerland's expertise in areas such as railways and water treatment and management. She also mentioned that there are various investment opportunities that Switzerland might be interested in, such as the Kingdom's vast areas, abundant solar parks, and green hydrogen initiatives.

Artieda emphasized the presence of numerous niche opportunities in the Kingdom, including investments in sustainable Saudi fashion. She noted that Switzerland has a well-established textile industry. She also expressed interest in the significant developments occurring in the global fashion industry, implying that Saudi Arabia is eager to align with global trends and standards, particularly those related to sustainability.

On Sunday, Artieda held a meeting with the minister of economy and planning to discuss ways to expand economic relationships, explore the potential for trade and investment collaboration between their respective countries, and review topics of mutual interest. She emphasized the significance of establishing a robust framework to facilitate this cooperation.

Additionally, the Saudi Press Agency reported on Sunday that Saudi Arabia's National Industrial Development and Logistics Program (NIDLP) organized a Saudi-Swiss symposium in Riyadh. The event had several objectives, including shedding light on the Kingdom's economic transformation and exploring investment opportunities between Saudi Arabia and Switzerland.

Saudi Arabia's non-oil exports to Switzerland are valued at around SR3.5 billion ($0.93 billion), while total imports from Switzerland into the Kingdom stand at approximately SR8 billion.

Overall, the Saudi-Swiss CleanTech Forum was a successful event that highlighted the importance of innovation and sustainability in addressing global challenges. The partnership between Saudi Arabia and Switzerland is a positive step towards achieving these goals.

State-backed Saudi developer Roshn Real Estate is set to spend around 10 billion riyals ($2.67 billion) on projects across the Gulf state.

The company, owned by Saudi Arabia’s Public Investment Fund (PIF), has lined up the funds after securing a SAR6 billion revolving credit facility from three lenders in the kingdom earlier this year, Bloomberg reported on Thursday.

“We’ve got about 10 billion lined up in balance sheet credit although we haven’t drawn the first six yet because we actually have enough money within our business at the moment from our receipts,” Roshn Group CEO David Grover told the publication.

“But we will be drawing it down in the next three to nine months because we have some other investments that we need to make in terms of putting cash in to start projects.”

The developer awarded this month several contracts worth $2.4 billion. The deals cover the construction, primary and secondary infrastructure and fitting works in its development projects in the kingdom.

Roshn is looking to develop 400,000 new homes, 1,000 schools and nurseries and 700 mosques across Saudi Arabia by 2030.

Source: Zawya

Saudi Arabia announced the establishment of the Insurance Authority (IA), reflecting a significant step forward in building a strong, vital, and stable insurance sector in the Kingdom.

Health projects in the Kingdom are improving, as the sector expects 100 new projects in health services in partnership between the government and the private sector over the next five years, with an estimated capital investment opportunity at $13 billion.

Saudi Shura Council member Fadel al-Buainain believes the Insurance Authority would contribute to pushing and stimulating mergers and acquisitions between insurance companies.

Buainain said that the Authority is expected to enhance mergers and acquisitions in the sector to create strong entities capable of growing, meeting needs, and effectively contributing to the economy.

He explained that some companies in the sector suffer from weak solvency and accumulated losses, among other issues.

The private health sector witnessed significant growth and development because of the insurance sector, said Buainain, adding that the Authority is expected to contribute to the development of health insurance and boost insurance companies.

He explained that this would help the companies meet the needs of the health sector in the future with the privatization of the health sector, increasing the demand for insurance.

Meanwhile, a member of the Board of Directors of the Saudi Economic Association (SEA), Saad al-Thaqfan, confirmed that mergers and acquisitions in the insurance sector during the coming period would increase their shares.

He noted that two companies control approximately 50 percent of the market, while all companies share the other 50 percent.

Thaqfan pointed out that the Authority will positively impact the insurance sector by focusing on structuring, developing, and supervising it.

He asserted that these sectors would continue to grow, particularly with individuals entering the labor market.

During the past decade, the insurance sector could not establish insurance companies with high creditworthiness, except for a few major companies.

During January 2021, several companies were under mergers and acquisitions, such as Walaa Cooperative Insurance, MetLife, Gulf Union Insurance, and al-Ahlia Insurance.

In 2022, the insurance sector grew 27 percent, while the insurance sector index recorded a growth of 55 percent since the beginning of the current year 2023.

The insurance sector is worth over $14 billion, with a 2.09 percent share of gross domestic product.

- The health sector

Healthcare companies in the Saudi market achieved record revenues exceeding $4.5 billion during the past year, with a growth rate of 14.2 percent. Net profits amounted to more than $800,000,000 million, with a growth rate of 22.8 percent over the previous year.

The net profit margin of companies increased during the past year to 17.5 percent, compared to about 16.3 percent for the previous year.

The health and social development sector expenditures from the general budget during the first half of this year amounted to $34 billion, constituting about 21.2 percent of the budget expenditures for 2023 and 28.5 percent more than the corresponding period last year.

Source: Ashark-Alawst

• Saudi Arabia-based full-stack inventory management platform Rewaa has raised $27 million (SAR100 million) in a Series A funding round, led by Wa’ed Ventures, the VC arm of Aramco, along with STC’s Corporate Investment Fund (CIF), Silicon Valley’s Graphene Ventures, Sadu Capital, Vision Ventures, Khwarizmi Ventures, RZM Investment, Derayah VC, and Abdulrahman Sulaiman Al Rajhi & Sons Investment Company.
• Founded in 2018 by Mohammed Alqasir and Abdullah Aljadhai, Rewaa provides retailers with a cloud-based integrated solution that synchronises online and physical store inventory, in addition to offering Point-of-Sale (POS) and accounting modules for a fully integrated platform.
• The company claims to have served more than 7,000 retailers in Saudi Arabia and in the Middle East, creating over 250 local jobs.

Press release:

Rewaa, the leading full-stack inventory management platform for the retail industry, has raised $27 million (SAR 100 million) in a Series A funding round. The round was led by Wa’ed Ventures, the Kingdom-based VC fund wholly owned by Aramco.

STC’s Corporate Innovation Fund (CIF), launched earlier in February to invest in early-stage tech companies across various digital sectors, participated in the round. Rewaa marks CIF’s first venture investment in Saudi Arabia since its launch.

Other participating investors included Silicon Valley’s Graphene Ventures, Sadu Capital, Vision Ventures, Khwarizmi Ventures, RZM Investment, Derayah VC, and Abdulrahman Sulaiman Al Rajhi & Sons Investment Company.

According to the founders, the company has processed over SAR 7 billion in transaction value to date, positioning it as one of Saudi’s fastest-growing SaaS companies in the MENA region. The company specializes in omnichannel inventory management software.

“This investment propels us toward our vision of becoming the optimal technological partner for small and medium-sized businesses in the retail sector. By contributing to the industry's digital transformation through the creation of a globally competitive product, we aim to make a significant impact on retail merchants, empowering them to deliver unparalleled service with heightened efficiency,” said Mohammed Alqasir, Co-Founder and CEO at Rewaa.

Founded in 2018 by Mohammed Alqasir and Abdullah Aljadhai, Rewaa provides retailers with a cloud-based integrated solution that synchronizes online and physical store inventory seamlessly, in addition to offering Point-of-Sale (POS) and accounting modules for a fully integrated platform. The company aims to become a technical partner for retailers by providing advanced technical solutions to manage inventory, sales, and payments which facilitate various business functions all from one portal.

Since its inception, Rewaa has served more than 7,000 retailers in the Kingdom and abroad, creating over 250 local jobs. The company’s innovation and success led to its recognition as one of the 35 tech companies in the Saudi Unicorns Program. The program itself was announced during LEAP, the region’s largest technology conference, as a joint initiative by the Ministry of Communication and Information Technology (MCIT), the National Technology Development Program (NTDP), and Misk Foundation.

“Rewaa’s revolutionary approach to digitizing and optimizing operational processes based on efficiency and scale-up goals for SMEs perfectly addresses the needs of the typically-scattered retail industry,” said Fahad Alidi, Managing Director at Wa’ed Ventures.

“We had the privilege of knowing Mohammed and Abdullah since their early days as founders. We are proud to back their growth today as they transform Rewaa from a simple digital tool to the go-to cloud-based POS and inventory management platform for local and regional retailers,” he adds.

“We are pleased to invest in Rewaa, which has proven itself through tremendous in recent months, thanks to a and thanks to a great team behind these achievements. Through our investment, we seek to participate in developing technologies that support the retail market, including Rewaa'a company,” commented Majed Aljarboua, General Manager at stc Corporate Funds & Entrepreneurship.

Source: Wamda

Saudi Arabia’s Wa’ed Venture, the VC arm of Aramco, has co-led a $52 million Series B round in the US-based construction technology (contech) startup Mighty Buildings, along with BOLD Capital, with participation from Khosla Ventures and 15 other new and existing investors.

Mighty Buildings, founded in 2017, is a 3D printing contech known for its prefabricated, environmentally friendly and climate-resilient homes.

The new round brings the total funding raised since inception to $153 million.

The funds will be used to build out Mighty Buildings’ factories in North America and expand operations to Saudi Arabia and the United Arab Emirates.

Press release:

Mighty Buildings, the leader in 3D printing construction technology known for its prefabricated, environmentally friendly and climate-resilient homes, today announced that it has raised $52 million in funding. This latest round demonstrates strong investor confidence in Mighty Buildings' innovative offsite 3D printing construction technology.

The round was co-led by Wa’ed Ventures, the $500 million innovation-focused venture capital fund backed by Saudi Aramco, and by BOLD Capital Partners, a U.S. disruption and transformation-focused venture firm. Existing investor Khosla Ventures and new investor KB-Badgers, a South Korean firm investing from its sustainability-focused fund, were among a total of almost 20 investors in the round. New investors contributed more than half of the funds raised.

Funding is earmarked to accelerate the development and scale production of new homes for the U.S. market, where new home demand continues to increase, as well as to establish manufacturing operations in Saudi Arabia and the United Arab Emirates, two of the largest and fastest-growing construction markets in the world. The addition of operations in the Gulf region aligns with Mighty Buildings' strategy to transform housing construction globally while addressing sustainability, climate resilience, and the global housing shortage.

“The team at Mighty Buildings have reaffirmed our confidence in the incredible and diverse potential for innovation lying within the construction tech industry. Our investment in the company reflects our belief that innovative materials, such as those used in Mighty Buildings’ proprietary 3D-printing, will be a major driver for scalability and sustainability of homebuilding in the Gulf Region,” said Fahad Alidi, Managing Director at Wa’ed Ventures.

Mighty Buildings is meeting a rapidly growing demand for sustainable, prefabricated housing, as evidenced by the delivery of over 50 units to date, an important milestone that reflects the company's progress in developing scalable housing technology. By focusing on its mission, the company is making it easier, faster and more cost-effective to build homes, while pushing the construction industry towards lower carbon, climate-resilient solutions.

“This recent funding underlines Mighty Buildings’ leadership in the modular homebuilding market. It will accelerate our growth by funding the international expansion to one of the most exciting homebuilding regions in the world. We are thrilled about the support from such esteemed investors for our mission: solving the housing and climate crises by transforming the way the world builds homes,” said Mighty Buildings’ CFO Rene Griemens.

Following the opening of its innovative, industrial-scale factory in Monterrey, Mexico, in 2022, the company continues to emphasize its strategy of transformative home building. Mighty Buildings’ patented factory-based 3D printing manufacturing process speeds construction by 3-4x, providing for the completion of a home’s envelope in less than one week with drastically less water and near zero waste.

Using its patented Lumus material, which is 5x stronger than concrete, the technology of Mighty Buildings creates climate-resilient homes that resist severe weather, hurricanes and earthquakes.

Source: Wamda

Startups experienced a strong comeback in May, in terms of the funding they received. The total amount acquired by startups in the Middle East and North Africa exceeded $445 million, marking a year-on-year increase of approximately 153%. In comparison to the previous month, the increase was significant, reaching over 6257%. It is worth noting that April was one of the worst months in terms of startup funding in years, with the total amount obtained by startups not exceeding $7 million.

Regarding the number of deals, there were 39 deals in May, compared to 11 deals on a monthly basis, representing a 7% decrease on an annual basis.

Distribution of startup funding by country:

Startups in the United Arab Emirates (UAE) secured the largest share of startup funding in May, with a total amount of around $422 million distributed among 14 deals, accounting for 90% of the total funding. This was largely driven by the success of the startup "Tabby" (Buy Now, Pay Later), which alone secured funding of $350 million. Qatari startups ranked second for the first time, with a total amount of approximately $12 million obtained through one deal, which was the funding for the comprehensive delivery and online shopping application "Snoonu."

Saudi Arabian startups secured funding of around $6 million, ranking second in terms of total funding. However, in terms of the number of deals, Saudi startups ranked first with 15 companies receiving deals. This was due to the graduation of seven Saudi startups from the Flat6labs business accelerator program in Riyadh. It is expected that Saudi startups will dominate the list of companies receiving funding deals in June, following the graduation of 20 Saudi startups from the Saudi Arabian "Misk Accelerator" program. Egyptian startups witnessed a decline in both funding and the number of deals, with the total funding not exceeding $1 million and only four deals. Egyptian startups ranked third, behind the UAE with 14 deals.

Distribution of funding by sectors:

Thanks to the aforementioned "Tabby" deal, the financial technology sector received the majority of startup funding, with a total of over $388 million obtained in May, accounting for around 87% of the total startup funding.

The e-commerce sector ranked second, with a total funding of $30 million, largely driven by a funding round for the startup "Sqwatt Wolf" which secured $30 million. The comprehensive application sector followed with $12 million, while the online job market sector ranked fourth with approximately $5 million. The healthcare technology sector secured funding of $3.5 million, ranking fifth.

In terms of the number of deals, the financial technology sector also took the lead with 10 deals, followed by the healthcare technology sector with six deals. The online job market sector came next with five deals. The remaining deals were distributed among other sectors, with one or two deals in each sector, including the comprehensive application sector, which had only one deal, namely the Qatari application "Snoonu."

It is worth mentioning that excluding the debt funding obtained by "Tabby" ($350 million), the total startup funding in the Middle East and North Africa amounted to $95 million. The UAE startups accounted for approximately $71 million of this amount.

The figures for startup funding and the number of deals in May indicate a recovery for startups from the exceptional recession they experienced in June. However, the fact that debt funding accounted for 78% of the total funding suggests a partial recovery, especially considering the modest size of funding for Egyptian and Saudi startups.

Jada Fund of Funds, a subsidiary of Saudi Arabia's Public Investment Fund (PIF) has invested in Bahrain's Investorcorp, a $500 million pre-IPO growth fund.

The fund, launched last year, aims to invest in a diversified portfolio of high-growth startups looking to go public over the next few years.

Last August, Investcorp led a $100 million pre-IPO funding round in TruKKer, a trucking marketplace, with over 45,000 trucks on its platform, and NourNet, a local ICT company serving 1,200 corporate clients operating across over 20 industries.

Launched in late 2019, Jada is a $1.07 billion (SAR 4 billion) fund targeting investments in startups, venture capital (VC) funds and private equity funds.

Press release

Investcorp, a leading global alternative investment firm, has announced that Jada Fund of Funds, a subsidiary of the Public Investment Fund (PIF), has committed to invest in Investcorp Saudi Pre-IPO Growth Fund (the “Fund”). The Fund was launched last year to invest in a diversified portfolio of companies, primarily based in Saudi Arabia that are targeting to access the public capital markets over the next few years. Last August, Investcorp led a $100 million Pre-IPO funding round in TruKKer, MENA’s largest digital freight network, with over 45,000 trucks inducted on its platform. This was followed by the Fund’s investment in NourNet, one of Saudi Arabia’s leading ICT companies, with over 1,200 B2B clients operating across over 20 industries.

The Fund is targeting equity growth capital investments across a range of companies primarily based in Saudi Arabia with the potential to access the capital markets within 3-4 years. The Fund provides investors with an opportunity to gain exposure to growing and market-leading businesses in strategic, high growth and underserved sub-sectors such as business services, transport and logistics, healthcare and consumer.

“One of Jada's primary goals is to support the growth of the local private equity ecosystem, and we look forward to see Investcorp's Saudi Pre-IPO Growth Fund playing an impactful role in supporting companies across the Kingdom that have strong growth trajectories and the ability to invigorate the wider SME community,” said Bandr Alhomaly, CEO of Jada Fund of Funds Company".

“We are excited about Jada’s commitment to anchor our Fund. We share a common objective of supporting national champions in their growth and value creation journey, contributing to the Kingdom’s economic development and diversification objectives”, said Walid Majdalani, Head of Private Equity MENA and Southeast Asia.

“Jada’s commitment to Investcorp Saudi Pre-IPO Fund marks the start of a long-term strategic partnership, as Investcorp continues to grow its assets under management across multiple asset classes in Saudi Arabia,” said Yasser Bajsair, Head of Investcorp Saudi Arabia.

Source: Wamda

The incentives offered to companies operating in the four newly launched Special Economic Zones (SEZs) in Saudi Arabia cover both fiscal and non-fiscal concessions, including competitive corporate tax rates, duty-free imports of machinery and raw materials, 100% foreign ownership, seamless set-up procedures, and flexibility in employing foreign labor.

Chairman of the Board of Directors of the Special Economic Cities and Zones Authority and Minister of Investment Eng. Khalid Al-Falih said: “This is an exciting moment.

We are proud to see the launch of these four special economic zones that offer the chance for foreign investors to have a stake in the world’s fastest-growing economy.”

The new zones, strategically situated across the Kingdom, are ‘King Abdullah Economic City (KAEC), Jazan, Ras Al Khair and Cloud Computing SEZ located in King Abdulaziz City for Science and Technology (KACST).

The SEZs reinforce further Saudi Arabia’s position as a global business hub and will play a major role in achieving Saudi Arabia’s economic development goals under the Crown Prince’s Vision 2030 strategy.

The Secretary-General of the Authority, Nabil Khoja, added, “With hugely attractive financial incentives, world-class infrastructure, business-friendly regulations and streamlined procedures for investors, there has never been a better time to be part of Saudi Arabia’s economic success story.

The zones will become engines of growth, increasing the Kingdom’s export competitiveness, attracting talent, boosting technology and improving our global links.”

Special economic zones – or SEZs – are geographically defined areas that facilitate specific economic activities, such as investment, trade and employment, by providing competitive advantages and legislative frameworks that differ from the base economy. With a bespoke regulatory and incentive scheme, SEZs constitute an attractive proposition in the increasingly attractive context of foreign investment.

This important program will enable Saudi Arabia to fast-track certain reforms and facilitate the ease of doing business across the country.

King Abdullah Economic City (KAEC) SEZ will serve as the premier destination for advanced manufacturing and logistics, from automobile supply chain and assembly to consumer goods, ICT to MedTech. Set in a prime location on the Red Sea, less than 90 minutes from Jeddah Airport, this 60km2 site offers unrivaled access to global trade routes through King Abdullah Port, ranked the world’s most efficient by the World Bank in 2022. Anchor investor Lucid, a leader in the global EV industry, will produce 150,000 EVs a year from its base in KAEC SEZ.

Jazan SEZ will be an industrial center and key platform for trade with fast-growing markets in Africa and Asia. Jazan SEZ offers access to the largest port in the region for the export of goods and import of materials, helping investors benefit from and contribute to large-scale infrastructure projects in Saudi Arabia and around the world, backed by easy access to both natural and industrial resources. Jazan is part of the Kingdom’s fertile southwestern region, providing opportunities for manufacturing, processing and distribution of food products to cater for growing regional demand and meet food security challenges across the region.

Ras Al-Khair SEZ is a launchpad on the Arabian Gulf for leaders in the maritime industry, Ras Al-Khair SEZ is a fully integrated marine ecosystem, with a rich network of existing investors – 40% of the zone is already spoken for – and myriad opportunities across shipbuilding and repair, offshore drilling and maritime value chains.

Cloud Computing SEZ, located in King Abdulaziz City for Science and Technology (KACST), will serve as a hub for emerging and disruptive technologies.

A direct manifestation of the Kingdom’s ‘Cloud First’ policy, the Cloud Computing SEZ underlines the Kingdom’s commitment to digital innovation and the fast-growing tech sector.

The Zone is based around an innovative hybrid model that allows investors to establish physical data centers and cloud computing infrastructure in multiple locations within the Kingdom.

Saudi Arabia’s favorable geographic location, at the heart of major trade routes and supply chains, with access to more than 70% of the world’s population within 8 hours, adds to the zones’ appeal, along with the Kingdom’s young, highly educated population of more than 34 million, expansive natural resources and stable, rapidly growing capital markets.

Source: Zawya

The markets for startups in the Middle East and North Africa have once again shown significant growth in funding volume during February, contrary to expectations of a slowdown in funding growth. This comes after successfully raising more than $760 million in funding across 48 deals. This represents a 638% monthly increase in funding for startups in the Middle East and North Africa, and a 103% increase compared to January 2022.

Startups funding by country

Egyptian startups saw significant momentum in February, raising $422 million across 16 deals, taking the top spot in terms of both funding volume and number of deals. This was due to a deal by the payment application company, "Fawry", which raised about $400 million, representing approximately 95% of total Egyptian startup funding for February and nearly half of startup funding in the Middle East and North Africa for the same period.

Saudi Arabian startups came in second with a total funding of $316 million across 13 deals. The largest share of Saudi Arabian startup funding was divided between two major deals: the "Flowerd" deal, which operates a specialized online flower and gift shop, raised about $156 million, while the second deal went to the food technology company, "Nana", which raised around $133 million. The Saudi Arabian startups' share of total startup funding in February was about 41%.

Despite having the lowest funding volume in years, Emirati startups ranked third after raising only $8 million across seven deals. However, this does not necessarily indicate a downward trend in funding for Emirati startups, as the UAE remains a hub for entrepreneurship and innovation in the region.

Behind the UAE startups, Bahraini startups came with a total of 6 million dollars distributed among two deals, then Moroccan startups with around 5 million dollars distributed among seven deals. Oman's authority also recorded funding for startups amounting to about 2.7 million dollars. Additionally, startups in Iraq, Algeria, Yemen, and Tunisia each witnessed a funding deal ranging from 220,000 dollars to about 16,000 dollars.

Regarding the concentration of startup funding in the region, we find that more than 96% of startup funding in February was concentrated in Egyptian and Saudi startups. The concentration of funding deals in both countries accounted for around 60% of the total number of startup funding deals during the same period.

The average funding size per deal was more than 15 million dollars, which is about three times the average funding size per deal recorded in 2022.

Distribution of funding deals for startups according to sectors

February witnessed several changes in the funding of startup deals according to their activity sectors. The multi-use application sector came in first place in terms of funding volume, but this was due to one financing deal, namely the financing deal for the Egyptian application "Halan" which became the most comprehensive and superior application to obtain funding in the Middle East and North Africa.

The e-commerce sector came in second place after companies operating in this sector raised about $160 million from 4 deals, which is an exception, as the e-commerce sector has relatively declined over the past three years compared to other more active sectors.

Food technology companies ranked third with a total funding volume of about $136 million, distributed over 5 deals. In fourth place came the healthcare technology sector with about $16 million, followed by the financial technology sector with about $14 million distributed over 10 deals, making it the sector that receives the most funding deals for February. Thus, funding for startups is concentrated in three sectors, namely comprehensive applications, e-commerce, and food technology, which account for more than ninety percent of the investments.

Financing startups according to investment stages

Funding through growth accelerators in February was one of the most prominent stages of startups financing, as 12 financing deals were obtained through growth accelerators. In terms of the number of deals also, we find that 8 financing deals took place in the initial investment stage, followed by the pre-initial financing stage with 6 deals, then pre-series (A) financing with 4 deals, while the amount of financing in 7 deals was not announced. As for the large financing deals, it was limited to three deals, two of which are in the Series (C) financing stage, and one deal is in the Series (B) financing stage.

Saudi Arabia announces Riyadh Air, PIF-owned airline has former Etihad boss Tony Douglas as CEO and will create 200,000 jobs

Saudi Arabia has announced the establishment of a new national airline.

Crown Prince Mohammad bin Salman bin Abdulaziz, Prime Minister and Chairman of the Public Investment Fund (PIF), announced the establishment of Riyadh Air, a PIF wholly owned company.

The new national carrier will leverage Saudi Arabia’s strategic geographic location between the three continents of Asia, Africa and Europe, enabling Riyadh to become a gateway to the world and a global destination for transportation, trade, and tourism.

Saudi announces Riyadh Air

Riyadh Air will be chaired by Yasir Al-Rumayyan, Governor of PIF, while Tony Douglas, who brings more than 40 years of experience in the aviation, transportation and logistics industries, has been appointed CEO.

The airline’s senior management will include Saudi and international expertise.

Operating from Riyadh as its hub, the airline will usher in a new era for the travel and aviation industry globally.

Riyadh Air will be a world-class airline, adopting the global best sustainability and safety standards across its advanced fleet of aircraft equipped with the latest cutting-edge technology.

The airline is expected to add $20bn to non-oil GDP growth, and create more than 200,000 direct and indirect jobs

As a wholly owned PIF subsidiary, the new national airline is set to benefit from PIF’s investment expertise and financial capabilities while expanding on the company’s operations to become a leading national carrier.

The new national airline represents PIF’s latest investment in the sector, along with the recently announced King Salman International Airport masterplan.

Riyadh Air aims to enhance customers’ journey while connecting them to more than 100 destinations around the world by 2030; through offering an exceptional experience with an authentic, warm Saudi hospitality at its heart.

The airline will provide tourists from around the world the opportunity to visit Saudi Arabia’s cultural and natural attractions.

Riyadh Air will also serve as a catalyst for the Saudi National Transport and Logistics Strategy and the National Tourism Strategy by increasing air transport options, raising cargo capacity and, in turn, growing international passenger traffic.

The establishment of Riyadh Air is part of PIF’s strategy to unlock the capabilities of promising sectors that can help drive the diversification of the local economy.

It will enable a more financially resilient aviation ecosystem in Saudi Arabia, supporting the industry’s global competitiveness in line with Vision 2030.

source: Arabian Business