Peer-to-peer vehicle-sharing platform, Ejaro, has raised $850,000 in seed funding. The investment came from angel investors and BIM Ventures.

Mohammed Khashoggi founded Ejaro in 2019. The Saudi platform connects is local vehicle owners with individuals looking to rent cars and other vehicles. According to Khashoggi, the startup aims to tap into the regional car rental market, valued at over $4 billion, adding that the market is set to experience a large potential growth in the post-Covid19 economy.

The car owners make extra money from a car that they may not be using full-time, while renters enjoy the vehicles on the platform which are up to 40 percent cheaper than traditional car rental companies. Renters can search for vehicles by area to find the ones nearby.

All cars on Ejaro have been insured.To further incite owners and renters, the starup has introduced its own peer-to-peer vehicle insurance policy in partnership with Kingdom Brokerage and MedGulf; that is available for both hosts and renters.

Khashoggi said in a statement: “With millions out of jobs and rental companies struggling, our platform empowers owners to earn an additional income from their depreciating assets and share them with the masses. I truly believe that Ejaro will accelerate in the coming weeks.”

Mohamed Amine Merah, Ejaro’s Finance & Strategy Partner and Managing Partner of BIM Ventures, said, “During the downtime [due to Covid-19], we were able to develop and launch a new and improved app, build strategic partnerships, and solidified our internal processes.”

He also said that the startup is planning to expand regionally, starting with UAE in 2021.

The new funds will be used to accelerate the development of additional features on the platform, in order to increase the hosted cars and renters’ bases and to expand the team.

source: wayamedia

Saudi Arabia's Crown Prince Mohammed bin Salman, and Chairman of the Board of Directors of NEOM, announced the launch of "THE LINE" in the city of NEOM, a new model for the future of urban societies aimed at ensuring balance with nature.

THE LINE is a new 170-kilometer (km) belt of hyper-connected communities, designed without cars or roads and in concert with nature. The communities will be powered by artificial intelligence technology designed to learn and improve the lives of residents and businesses.

The project is part of NEOM and the Kingdom's Vision 2030 plan, an ambitious program designed to diversify Saudi Arabia's economy. THE LINE will generate around 380,000 job opportunities and contribute 180 billion riyals ($48 billion) to the country's gross domestic product (GDP) by 2030, according to a statement.

“Throughout history, cities were built to protect their citizens. After the Industrial Revolution, cities prioritized machines, cars and factories over people. In cities that are viewed as the world’s most advanced, people spend years of their lives commuting. By 2050, commute durations will double. By 2050, one billion people will have to relocate due to rising CO2 emissions and sea levels. 90 percent of people breathe polluted air," the Crown Prince said in the statement.

“Why should we sacrifice nature for the sake of development? Why should seven million people die every year because of pollution? Why should we lose one million people every year due to traffic accidents? And why should we accept wasting years of our lives commuting?” the Crown Prince added.

"Therefore, we need to transform the concept of a conventional city into that of a futuristic one … Today, as the Chairman of the Board of Directors of NEOM, I present to you THE LINE. A city of a million residents with a length of 170 km that preserves 95 percent of nature within NEOM, with zero cars, zero streets and zero carbon emissions."

One of the largest airports in the world

Nadhmi al-Nasr, CEO of NEOM, later told Al Arabiya that THE LINE would also involve construction of a new airport, and that it would be one of the largest in the world.

“Three years ago, the Saudi Crown Prince launched the initial vision of NEOM, a dream back in 2017. The world has been asking what we have been doing over the course of the last three years. We worked for more than two years to change this dream and vision into a set of strategical plans. The team worked with experts from all around in the world to ensure that this vision is turned into strategies,” al-Nasr added.

THE LINE has also been designed to redefine the concept of urban development, putting people at the center, instead of road infrastructure – a first for such a project in 150 years.

Rather than normal city commutes, ultra-high-speed transit and autonomous mobility solutions have been designed to reduce travel time, and make it easier for residents to focus on their health. The longest journey in the development is expected to take no longer than 20 minutes, according to the statement.

With sustainability at the heart of the NEOM project, THE LINE will be 100 percent powered by clean energy, for a pollution-free, cleaner, and more sustainable environment.

Construction is set to get underway in the first quarter of this year as part of ongoing development work at the NEOM site.

NEOM

Saudi Crown Prince Mohammed bin Salman announced the launch of NEOM project in 2017. The city is positioned to become a high-tech, next generation city, and global center for innovation, trade and creativity in the Kingdom.

The first three characters of the projects name, NEO, are derived from the Latin word for “new,” while the last character, M, is an abbreviation of the Arabic word “Mostaqbal,” meaning “future”.

NEOM is one of Saudi Arabia’s mega-projects, other examples include the Red Sea Development Project and Qiddiya, all aimed at boosting the Kingdom’s tourism sector – a central tenant of Saudi Arabia’s Vision 2030 plan that aims to transform the country’s economy for a post-hydrocarbon age.

The city’s 26,500 square km (10,230 square mile) development is located in the northwestern Tabuk Province and will span from Saudi Arabia’s Egyptian and Jordanian borders, rendering NEOM the first private zone to span to three countries. More than $500 billion has been pledged to complete the project by the Kingdom’s Public Investment Fund, on of the largest sovereign wealth funds in the world.

source: alarabiya

Zain Saudi Arabia announced the provision of fifth generation (5G) services in the cities of Qurayyat, Ras Tanura and Tabarjal, thus completing the process of continuous expansion of its network and services for the fifth generation throughout the Kingdom, which now covers 38 cities; This enhances the comprehensive digital transformation journey in the Kingdom in accordance with the Kingdom’s Vision 2030 on the one hand, and confirms Zain Saudi Arabia’s commitment as a leading national provider of advanced communications and internet services on the other hand.

Zain Saudi Arabia’s expansion in its fifth generation network (G5) map coincides with the beginning of the new school year, for which the company had allocated new packages and special offers for distance learning in the “prepaid” and “postpaid” categories.
In this context, the CEO of Zain Saudi Arabia, Eng. 

Sultan bin Abdulaziz Al-Daghaither, said, “The company is keen to deliver the fifth generation network (5G) to all regions of the Kingdom without exception, in a way that contributes to consolidating economic, social and cognitive development, at the same time.

Effectively contributing to the access of every Saudi student to good educational opportunities by improving the quality of distance education services, and we will continue, in “Zain Saudi”, to invest in the support of distance education in order to contribute our role in providing our children with the knowledge and skills necessary for the jobs of the smart future and pushing towards a digital transformation. There is no doubt that the fifth generation (5G) services from Zain will open new horizons for these cities and regions, as we are proud to put at its service new tools for innovation and development, and support the efforts of the wise leadership towards achieving economic diversification and raising the efficiency and competitiveness of the national economy. ”
Eng. Al-Deghaither praised the efforts made by “Zain Saudi Arabia” in the field of developing the Kingdom’s digital infrastructure, through the injection of quality investments and the adoption of a strategy based on modernization and adoption of the best technologies. “We are starting to see the fruits of this strategy at the national level, through the effective contribution of Zain Saudi Arabia in terms of the level of digital services provided and their effectiveness, and the continuous progress that the Kingdom is achieving in the relevant international and local reports.”

With the addition of the cities of Qurayyat, Ras Tanura and Tabarjal to the coverage of the fifth generation network, Zain Saudi Arabia continues to provide the widest coverage of the fifth generation (5G) network to reach 38 cities, as its uniqueness in spreading the fifth generation network made it occupies the first place in 12 out of 13 administrative regions in the Kingdom, as part of the “Meqyas” report issued by the Communications and Information Technology Commission.

The company recently announced the launch of the frequency integration feature for its 5G network, to be the first telecom operator in the world to provide this feature to its customers, which enables the internet speed to reach 2.4 gigabits per second, which provides a better and faster experience in using the Internet of Things, electronic games and the business sector in a way. Unprecedented.

The fifth generation network of “Zain Saudi Arabia”, according to the same report, was the fastest in accessing the two applications Zoom and Microsoft Teams, and also ranked first in the speed of access to 4 out of 5 electronic games, according to the report, including: Fortnite, FIFA20, APEX, League And Legends.

Speakers and experts at an international conference revealed that an estimated 1 million jobs are expected to be created in the Kingdom over the next five years, due to the acceleration of digital transformation in several industries and sectors during the COVID-19 pandemic.

Nasser bin Suleiman Al-Nasser, chief executive of the STC Group and head of the Digital Transformation Working Group of the Saudi B20 business group, participated in an interactive session titled “Digital Transformation: The Future After the COVID-19 Pandemic,” which was held recently and included the participation of representatives from the B20 business group in 20 countries.

Al-Nasser explained that future jobs will depend entirely on technology and innovation, noting the gender disparity in the field of technology. It is therefore significant to empower women entrepreneurs and work together with governments to create targeted employment programs, designed to involve and qualify women in the technical sector while encouraging their promotion to leadership positions.

“We need to ensure that young women receive training and guidance when they enter the job market or start their own businesses, and the Kingdom has adopted many initiatives and investments to qualify young men and women through education,” he said. “In 2019, the Kingdom allocated SR1 billion ($266 million) to support universities in preparing students for the job market.”

The Saudi B20 and OECD (Organization for Economic Cooperation and Development) organized a virtual meeting, where a number of key government actors and G20 members presented recommendations and exchanged experiences on future investments, digital transformation, sustainability and 5G-based digital solutions.

The Saudi business group is committed to providing recommendations that promote the implementation of robust policies through transparent dialogue and constructive cooperation with all relevant parties, supported by a group of international organizations that act as knowledge and communication experts. It is the official platform of the business community at the G20 summit, and plays a representative role for the private sector before the group.

Maadad Al-Ajmi, head of the working group of the B20 Saudi Arabia Integrity and Compliance and vice president and general counsel for legal affairs at STC, participated in a session dedicated to compliance and integrity. Nasser Al-Jareed, head of the Workers’ Communication Group of the B20 and director of the Workers’ Committees Support Program at STC, was also a participant.

The Kingdom has taken qualitative steps toward ensuring a speedy development toward digital transformation through the adoption of state-of-the-art telecommunications and ICT technology, thereby facilitating the transformation toward a knowledge economy and e-commerce. These efforts ultimately aim to achieve higher satisfaction rates and quality of living for both citizens and residents, facilitating their everyday lives.

source: albawab

Tadawul officially launches first derivatives market, clearing house.

Saudi Arabia’s stock exchange (Tadawul) has officially entered the derivatives marketplace, a move that is seen to boost the kingdom’s capital market.

The Saudi Stock Exchange announced on Sunday that it has launched its first Derivatives Market and a clearing house, the Securities Clearing Centre Company (Muqassa).

In a statement, the exchange also unveiled the first exchange-traded derivatives product, which is called the MT30 Index Futures. The new product is an index futures contract based on the MSCI Tadawul 30 Index (MT30).

The exchange also plans to roll out more derivatives products, including the Single Stock Futures, Single Stock Options and Index Options.

The launch of the derivatives market is considered to be a vital move that will provide investors more exposure to the Saudi capital market. It is part of the key initiatives under the Saudi Vision 2030.

“This is a significant step in introducing sophisticated market products and creating a trading environment that is attractive to local as well as international investors,” said Khalid Alhussan, Tadawul’s CEO.

“The launch of Derivatives Market will provide investors with hedging tools to more effectively manage risk and gives expanded opportunities to gain exposure to the Saudi capital market, the largest and most liquid market in the region,” Alhussan added.

Both the derivatives market and the clearing house are running on Nasdaq’s market technology, which currently powers more than 250 of the world’s market infrastructure organisations and market participants.

As of this year, the Saudi stock market is considered the largest largest stock markets among the 67 members of the World Federation of Exchanges.

source: zawya

Saudi Arabia moved up nine notches in the United Nations E-Government Development Index (EGDI) in 2020.

The Kingdom has improved its digital infrastructure index ranking, jumping 40 notches to the 27th globally.

The Kingdom’s remarkable achievement was attributed to the unlimited support of the leadership to the communications and information technology sector, the Saudi Press Agency reported quoting Minister of Communications and Information Technology Eng. Abdullah Al-Sawaha as saying.

Al-Sawaha said the Kingdom’s digital infrastructure witnessed qualitative leap by jumping to 8th position among the G-20 countries.

On the human capital index, the Kingdom jumped 15 notches to 35th globally and 10th among the G20 countries, while Riyadh ranked 10th in the world in terms of sub-technology index and the 31st globally in intercity competitiveness.

Al-Sawaha said this achievement is a result of the outcome of the National Transformation Program (NTP) and reflects the progress achieved by the Kingdom in its transformational journey in building a coherent present for an innovative future.

“The leaps achieved by the Kingdom in the index came as a result of the concerted efforts of many government agencies and adoption of modern digital methods by launching many initiatives and products.

All these have accelerated government’s digital transformation, in a way realizing the goals of the Kingdom’s Vision 2030,” he added.

The EGDI presents the state of E-Government Development of the UN member states. Along with an assessment of the website development patterns in a country, the EGDI incorporates the access characteristics such as the infrastructure and educational levels to reflect how a country is using information technologies to promote access and inclusion of its people.

The EGDI is a composite measure of three important dimensions of e-government, namely: provision of online services, telecommunication connectivity and human capacity.

source: zawya

Fetchr secured at least $15 million in fresh funding to expand in Saudi Arabia as part of a turnaround plan that saved the Dubai-based courier app from collapse.

The latest financing round, which still needs shareholders’ approval, could see pledges increase to as much as $25 million, according to documents seen by Bloomberg. The commitments are being made by venture capital firm BECO Capital, Saudi Arabia’s Tamer Group and French shipping company CMA CGM SA, the documents show.

Fetchr’s interim Chief Executive Officer Mazen Mamlouk confirmed the details of the financing round.

The company, which offers delivery and logistics services to e-commerce firms, late last year had to consider selling the business or filing for bankruptcy due to a “rapidly diminishing” financial performance. It was able to raise $10 million in bridge finance, which diluted existing shareholders to almost zero, according to a letter to investors seen by Bloomberg in December.

One of Middle East’s Largest Startups Narrowly Averts Collapse

Since then, the company has brought in new management, reduced the rate at which it burns cash and closed operations in Jordan, Bahrain and Oman, according to the latest documents. It also cut about 1,230 jobs.

Mamlouk will soon pass the reins to Hussein Wehbe -- the former managing director of United Parcel Service Inc.’s Middle East business - but will remain as an adviser with Fetchr, he said by phone.

Representatives for BECO, CMA CGM and Tamer Group didn’t immediately respond to emails seeking comment.

Fetchr, once one of the rising stars of the Middle East’s nascent startup scene, was valued at almost $300 million in a 2017 fund-raising round. Silicon Valley investors such as New Enterprise Associates, Nokia Oyj’s venture capital arm and Winklevoss Capital were among its backers.

Fetchr’s turnaround is overseen by prominent businessmen such as Iyad Malas, the former chief executive officer of Majid Al Futtaim, Gate Capital founder Munther Hilal and Hussein Hachem, who led logistics firm Aramex for five years.

source: bloomberg

The robot offers options for all taste preferences and meal choices

The enterprising owners of a Saudi restaurant have taken health food technology to a futuristic new level — by employing the services of a salad robot.

Customers at RAW.K’s Riyadh eatery are being offered nutritious, fresh, and energizing meals and snacks from a machine utilizing the latest appliance of robotics science.

The hi-tech, healthy fast food option has been introduced in the Kingdom by RAW.K in partnership with the robot’s creator, Chowbotics, a Silicon Valley-based food robotics company that developed the machine as a means to tackle food-service challenges such as speed, freshness, and convenience.

Fahad Al-Humaidan, a cofounder of RAW.K, told Arab News: “Robotics in the food industry is emerging as a tool to provide a better experience to customers as well as solving many pain points of the industry.

“As a fresh food brand that puts freshness and customer preferences as a key driver for the business, RAW.K found Chowbotics to be the best partner to strengthen our offerings by introducing RAW.K robot.”

Sally the Robot, which was rolled out in Saudi under the name RAW.K Robot, uses precision robotics to assemble customizable salads, bowls, and snacks made from up to 22 ingredients such as chicken, tenderloin beef, baby arugula, corn, and fresh peaches.

The robot also offers options for all taste preferences along with breakfast, lunch, and dinner meal choices. Users can start by selecting from a chef-curated meal or build their own bowl consisting of two bases such as greens or grains, six toppings, and dressings, all of which are replenished daily.

For health-conscious customers or those with strict dietary requirements, the robot provides handy interactive nutrition information that updates as users personalize their meal.

One machine fill can provide 80 to 100 meals and operatives involved in the daily cleaning and replenishment of the stations are given notifications on ingredients’ expiration through a cloud-based dashboard.

source: zawya

Prince Mohammed bin Salman bin Abdul Aziz Foundation (Misk) has announced the graduation of the 3rd batch of companies from its Misk 500 Startup Accelerator Program.

The 14-week program has been implemented remotely due to the COVID-19 pandemic. The graduation ceremony will also be held remotely on May 11.

The most recent batch of graduates came from 16 companies from countries including Saudi Arabia, the UAE, and Jordan.

Sectors represented include physical fitness, employment agencies, and health tech.

source: arabnews

The investment opportunities include residential and commercial projects, as well as health and service projects, among others

Saudi Arabia’s Asir region has offered approximately 33 investment opportunities, including residential and commercial projects, health and services projects, parking lots, and other opportunities in the hospitality sector, according to Faisal Al-Ghanem, deputy secretary for investment and revenue development in the region.

The initiatives are in line with the Kingdom’s Vision 2030 and the National Transformation Programme 2020.

It also aims to enhance sustainable developments within the Asir region.

The projects included a waste management project in the urban city of Abha, as well as a restaurant, the state-run Saudi Press Agency reported.

The region is offering investors and entrepreneurs the opportunity to view investment projects in the region. It also intends to enable those who wish to launch emerging projects by creating opportunities for investment in distinctive locations.

Al-Ghanem pointed out that investors can also view available opportunities based on the type of activity, economic sector, and geographical location, and can apply to purchase the terms of reference online through the official investment opportunities online platform.

source: constructionweekonline