Saudi Aramco, the world's largest oil company, has made a significant move by injecting an additional $4 billion into its venture capital arm, Aramco Ventures. This substantial investment reflects Aramco's commitment to diversifying its portfolio and embracing innovation in the rapidly evolving energy landscape. The expansion of Aramco Ventures not only signifies a strategic shift towards technology and sustainability but also holds the potential to reshape the startup ecosystem and contribute to economic growth.

Introduction to Aramco Ventures

Aramco Ventures, the venture capital arm of Saudi Aramco, was established to identify and invest in innovative technologies and business models that have the potential to disrupt the energy sector. With a focus on fostering entrepreneurship and driving technological advancements, Aramco Ventures plays a pivotal role in supporting startups and emerging companies.

Aramco's Additional $4 Billion Investment

The injection of an additional $4 billion into Aramco Ventures underscores the company's commitment to nurturing a culture of innovation and embracing transformative technologies. This substantial capital infusion is aimed at fueling the growth of startups and scaling up innovative solutions that align with Aramco's strategic objectives.

Expansion of Aramco Ventures

The significant increase in capital allocation to Aramco Ventures signifies a major expansion of the venture capital arm's investment scope. This expansion presents an opportunity for startups and entrepreneurs to access the necessary funding and resources to drive their ventures forward, ultimately contributing to the development of a vibrant and dynamic startup ecosystem.

Focus on Technology and Innovation

Aramco's heightened focus on technology and innovation through its venture capital arm reflects the company's recognition of the pivotal role that disruptive technologies play in shaping the future of the energy industry. By investing in cutting-edge technologies and innovative business models, Aramco Ventures aims to stay at the forefront of industry transformation and drive sustainable growth.

Aramco's Strategic Investments

The strategic investments made by Aramco Ventures are carefully curated to align with the company's long-term vision and goals. By strategically allocating capital to startups and emerging companies that demonstrate potential for innovation and impact, Aramco Ventures seeks to foster a culture of collaboration and drive positive change within the energy sector.

Impact on the Startup Ecosystem

The substantial injection of funds into Aramco Ventures is poised to have a profound impact on the startup ecosystem, particularly within the energy and technology domains. This influx of capital not only provides startups with the financial backing they need but also opens doors to mentorship, industry expertise, and strategic partnerships, thereby propelling the growth and success of innovative ventures.

Aramco's Contribution to Economic Growth

Aramco's continued investment in technology and innovation through Aramco Ventures is expected to have far-reaching implications for economic growth. By empowering startups and fostering a culture of entrepreneurship, Aramco contributes to job creation, knowledge transfer, and the development of a robust innovation ecosystem, ultimately driving economic prosperity.

Collaboration and Partnerships

Aramco Ventures' expanded investment portfolio creates opportunities for collaboration and partnerships between startups, established companies, and industry experts. This collaborative approach not only fosters knowledge exchange and innovation but also accelerates the development and adoption of transformative technologies that can address complex energy challenges.

Aramco's Vision for the Future

The substantial investment in Aramco Ventures reflects the company's forward-looking vision and commitment to shaping the future of energy. By actively engaging with startups and innovative ventures, Aramco aims to drive sustainable solutions, enhance operational efficiency, and contribute to the global energy transition, aligning with its vision for a more sustainable and resilient energy landscape.

Sustainability and Environmental Initiatives

Aramco's increased focus on sustainability and environmental initiatives is mirrored in its investment strategy through Aramco Ventures. By supporting startups and technologies that prioritize environmental stewardship and sustainable practices, Aramco reinforces its dedication to mitigating environmental impact and advancing the transition towards a low-carbon future.

Aramco's Role in Energy Transition

The expansion of Aramco Ventures underscores the company's proactive role in driving the energy transition. By investing in innovative solutions that promote energy efficiency, renewable energy integration, and carbon reduction, Aramco contributes to the global efforts aimed at addressing climate change and advancing the transition to a more sustainable and diversified energy mix.

Challenges and Opportunities

While the expansion of Aramco Ventures presents significant opportunities for startups and the energy industry, it also brings forth a set of challenges. Navigating the complexities of technological innovation, market dynamics, and regulatory landscapes requires a strategic approach and a deep understanding of the evolving energy ecosystem.

Aramco's injection of an additional $4 billion into Aramco Ventures marks a pivotal moment in the company's journey towards embracing innovation, technology, and sustainability. This substantial investment not only amplifies the support available to startups and emerging companies but also underscores Aramco's commitment to driving positive change within the energy sector. As Aramco Ventures continues to expand its investment portfolio and foster collaboration, its impact on the startup ecosystem and the broader energy industry is poised to be transformative, shaping the future of energy innovation and sustainability.

In the dynamic realm of B2B travel content, Lokalee has emerged as a pioneering force, securing an impressive $5.6 million in pre-series funding. This substantial achievement not only underscores Lokalee's potential but also heralds a new era of innovation and growth within the travel content sector. In this comprehensive article, we will explore Lokalee's unique value proposition, the implications of its pre-series funding, and the transformative impact it is poised to have on the B2B travel industry.

Unveiling Lokalee's Vision

Lokalee's vision is centered on redefining the B2B travel content landscape by offering a comprehensive and immersive platform that caters to the diverse needs of travel industry stakeholders. Through the integration of cutting-edge technology and a customer-centric approach, Lokalee aims to revolutionize the way businesses engage with travel content, ultimately driving engagement and enhancing the overall travel experience.

The Power of Pre-Series Funding

The successful raise of $5.6 million in pre-series funding represents a pivotal moment for Lokalee, signifying not only investor confidence but also the potential for accelerated growth and innovation. This infusion of capital will enable Lokalee to further develop its platform, expand its market reach, and solidify its position as a frontrunner in the B2B travel content space. The funding will also fuel research and development efforts, allowing Lokalee to introduce new features and capabilities that cater to the evolving needs of its clientele.

Redefining B2B Travel Content Engagement

Lokalee's platform serves as a catalyst for redefining B2B travel content engagement, offering a suite of tools and solutions that empower businesses to curate and showcase compelling travel content. From immersive storytelling to personalized content curation, Lokalee's platform is designed to elevate the travel experience, foster brand loyalty, and provide unparalleled access to diverse travel narratives. This not only enhances the content capabilities of businesses but also fosters stronger partnerships within the travel ecosystem.

Driving Innovation and Collaboration

The infusion of pre-series funding positions Lokalee to drive innovation and collaboration within the B2B travel content sector. By leveraging the capital to enhance its technological infrastructure and expand its content offerings, Lokalee is poised to set new industry standards, fostering a culture of innovation and excellence. Furthermore, the funding will enable Lokalee to forge strategic partnerships and alliances, creating a network of synergistic relationships that further elevate the value proposition for its clients.

The Future of B2B Travel Content Technology

As Lokalee embarks on this transformative journey fueled by pre-series funding, it is poised to shape the future of B2B travel content technology. With a steadfast commitment to innovation, customer satisfaction, and industry leadership, Lokalee is well-positioned to drive meaningful change, setting new benchmarks for content curation, storytelling, and value creation within the B2B travel landscape.

In conclusion, Lokalee's remarkable pre-series funding marks a significant milestone in the evolution of B2B travel content technology, propelling the company towards a future defined by innovation, collaboration, and unparalleled content delivery. As Lokalee continues to redefine the B2B travel content landscape, its platform stands as a testament to the transformative power of technology and strategic investment in driving industry-wide progress.

In today's fast-paced world, the pharmaceutical industry is constantly evolving to meet the growing demands of consumers. Yodawy, a leading player in the pharmaceutical technology sector, has been making waves with its innovative approach to revolutionizing the way people access and purchase medication. In this article, we will delve into the unique features and benefits of Yodawy's platform, and explore how it is reshaping the landscape of the pharmaceutical industry.

Understanding Yodawy's Vision

Yodawy's vision is centered around providing a seamless and convenient experience for both patients and pharmacies. By leveraging cutting-edge technology, Yodawy has created a platform that connects patients with nearby pharmacies, allowing them to easily order and receive their medications. This not only streamlines the process of obtaining essential medication but also ensures timely access to healthcare products.

The Power of Digital Transformation

Yodawy's platform harnesses the power of digital transformation to simplify the entire pharmaceutical journey. Through the use of intuitive mobile applications and user-friendly interfaces, Yodawy has successfully bridged the gap between patients and pharmacies. This digital approach not only enhances accessibility but also promotes transparency and efficiency within the pharmaceutical supply chain.

Enhancing Patient Experience

One of the key advantages of Yodawy's platform is its focus on enhancing the overall patient experience. By offering a wide range of medications and healthcare products, Yodawy ensures that patients have access to a diverse selection of options. Moreover, the platform provides valuable information about medications, empowering patients to make informed decisions about their healthcare needs.

Empowering Pharmacies

Yodawy's impact extends beyond the realm of patient care, as it also empowers pharmacies to optimize their operations. Through Yodawy's platform, pharmacies can efficiently manage inventory, process orders, and engage with a broader customer base. This not only drives business growth but also fosters stronger connections between pharmacies and the communities they serve.

The Future of Healthcare Accessibility

As the healthcare landscape continues to evolve, Yodawy stands at the forefront of driving accessibility and convenience in the pharmaceutical industry. By embracing innovation and leveraging technology, Yodawy is paving the way for a future where accessing essential medications is simpler, faster, and more efficient.

In conclusion, Yodawy's innovative approach to pharmaceutical technology is reshaping the industry by prioritizing accessibility, transparency, and efficiency. As the demand for seamless healthcare solutions continues to rise, Yodawy's platform is poised to lead the way in transforming the pharmaceutical experience for patients and pharmacies alike.

In the dynamic landscape of B2B travel technology, Tumodo has emerged as a trailblazer, securing a remarkable $3.5 million in pre-seed funding. This significant milestone not only underscores Tumodo's potential but also signals a new era of innovation and growth within the travel tech sector. In this comprehensive article, we will delve into the unique value proposition of Tumodo's platform, the implications of its pre-seed funding, and the transformative impact it is poised to have on the B2B travel industry.

Unveiling Tumodo's Vision

Tumodo's vision is rooted in redefining the B2B travel landscape by offering a comprehensive and seamless platform that caters to the diverse needs of travel industry stakeholders. Through the integration of cutting-edge technology and a customer-centric approach, Tumodo aims to revolutionize the way businesses engage with travel services, ultimately driving efficiency and enhancing the overall travel experience.

The Power of Pre-Seed Funding

The successful raise of $3.5 million in pre-seed funding represents a pivotal moment for Tumodo, signifying not only investor confidence but also the potential for accelerated growth and innovation. This infusion of capital will enable Tumodo to further develop its platform, expand its market reach, and solidify its position as a frontrunner in the B2B travel tech space. The funding will also fuel research and development efforts, allowing Tumodo to introduce new features and capabilities that cater to the evolving needs of its clientele.

Redefining B2B Travel Engagement

Tumodo's platform serves as a catalyst for redefining B2B travel engagement, offering a suite of tools and solutions that empower businesses to streamline their travel operations. From seamless booking processes to advanced analytics and reporting, Tumodo's platform is designed to optimize efficiency, reduce costs, and provide unparalleled visibility into travel-related activities. This not only enhances the operational capabilities of businesses but also fosters stronger partnerships within the travel ecosystem.

Driving Innovation and Collaboration

The infusion of pre-seed funding positions Tumodo to drive innovation and collaboration within the B2B travel tech sector. By leveraging the capital to enhance its technological infrastructure and expand its service offerings, Tumodo is poised to set new industry standards, fostering a culture of innovation and excellence. Furthermore, the funding will enable Tumodo to forge strategic partnerships and alliances, creating a network of synergistic relationships that further elevate the value proposition for its clients.

The Future of B2B Travel Technology

As Tumodo embarks on this transformative journey fueled by pre-seed funding, it is poised to shape the future of B2B travel technology. With a steadfast commitment to innovation, customer satisfaction, and industry leadership, Tumodo is well-positioned to drive meaningful change, setting new benchmarks for operational efficiency, collaboration, and value creation within the B2B travel landscape.

In conclusion, Tumodo's groundbreaking pre-seed funding marks a significant milestone in the evolution of B2B travel technology, propelling the company towards a future defined by innovation, collaboration, and unparalleled value delivery. As Tumodo continues to redefine the B2B travel landscape, its platform stands as a testament to the transformative power of technology and strategic investment in driving industry-wide progress.

In December 2023, the investment landscape witnessed a significant shift with the emergence of debt financing as a pivotal force driving a remarkable $1.15 billion in investments. This transformative trend has redefined the traditional investment paradigm, offering a compelling alternative to equity financing and reshaping the dynamics of capital infusion. As we delve into the profound impact of debt financing on the investment ecosystem, we unravel the key drivers, implications, and future prospects of this game-changing phenomenon.

Understanding the Dynamics of Debt Financing

Debt financing, a strategic approach to raising capital, has gained substantial traction as a preferred investment avenue. Unlike equity financing, which involves selling ownership stakes in a company, debt financing allows businesses to secure funds by borrowing and agreeing to repay the principal amount along with interest. This approach empowers companies to access capital without diluting ownership, offering a compelling value proposition for both investors and businesses seeking funding.

Key Drivers of the Debt Financing Surge

The surge in debt financing during December 2023 can be attributed to several key drivers that have reshaped the investment landscape. Firstly, the allure of fixed interest rates and structured repayment schedules has positioned debt financing as an attractive option for investors seeking stable returns. Additionally, the flexibility and agility offered by debt financing have empowered businesses to leverage capital infusion for strategic expansion and operational enhancements, driving heightened interest from both investors and businesses alike.

Implications for the Investment Ecosystem

The ascendancy of debt financing has ushered in a new era of investment dynamics, with far-reaching implications for stakeholders across the investment spectrum. Notably, the diversification of investment portfolios has been significantly bolstered, as debt financing presents a compelling avenue for investors to balance risk and optimize returns. Furthermore, the infusion of substantial capital through debt financing has catalyzed innovation and growth across diverse industry verticals, fostering a robust investment ecosystem characterized by resilience and dynamism.

Future Prospects and Growth Trajectory

Looking ahead, the trajectory of debt financing as a formidable force in the investment landscape appears poised for sustained growth and influence. The inherent adaptability and risk mitigation attributes of debt financing are projected to fuel its continued ascendancy, with an anticipated surge in investor confidence and heightened participation from businesses seeking strategic capital infusion. This trajectory not only underscores the enduring relevance of debt financing but also heralds a paradigm shift in investment strategies and capital deployment.

In conclusion, the ascendancy of debt financing as a transformative force in the investment landscape has redefined conventional investment paradigms, offering a compelling alternative to equity financing. The surge of $1.15 billion in investments during December 2023 stands as a testament to the profound impact and future potential of debt financing, underscoring its pivotal role in shaping a resilient and dynamic investment ecosystem.

The past several years have bestowed valuable insights upon many business proprietors, offering them a chance to refine their entrepreneurial acumen in 2024. This year holds the potential to be a pivotal moment for businesses globally, provided that entrepreneurs embrace the requisite mindset, skills, and strategies to initiate and expand their ventures successfully.

Undoubtedly, one of the most formidable challenges in entrepreneurship is the inevitability of making mistakes. Depending on their gravity, errors can prove to be financially burdensome and jeopardize the very existence of a business. The entrepreneurial journey is fraught with numerous trials and tribulations, and it is imperative to acknowledge that mistakes are an inherent part of this expedition.

While errors are commonplace in the realm of business, there are fortunately certain missteps that can be circumvented. Although blunders can significantly impact a company's financial standing and reputation, it is crucial to perceive them as opportunities for learning and growth. By embracing challenges and leveraging them as stepping stones, entrepreneurs can not only surmount obstacles but also thrive in the face of adversity.

Let us delve into a few of the mistakes that entrepreneurs should steer clear of in 2024:

1. Lack of meticulous planning and research

One of the most prevalent mistakes made by entrepreneurs is the absence of thorough planning and research. Prior to embarking on a business venture, entrepreneurs must engage in comprehensive research to comprehend the market dynamics, competitive landscape, target demographic, and potential clientele.

Without meticulous planning and research, entrepreneurs may find themselves unable to compete in the market and adapt to changes. It is imperative to formulate a robust business plan encompassing marketing strategies, financial projections, and long-term objectives to position oneself for success.

2. Failure to adapt to change

Change is an immutable facet of the business domain. To endure and prosper in a fiercely competitive market, entrepreneurs must demonstrate agility and adaptability. They need to vigilantly monitor evolving trends, consumer behaviors, and industry advancements. The ability to pivot, adjust their strategies, and innovate their offerings is pivotal to staying ahead of the curve and ensuring the relevance of their business in response to the ever-evolving needs of their clientele. A complacent approach can lead to missed opportunities, diminished market share, and the eventual demise of the business. Hence, it is imperative to embrace change and remain flexible to sustain relevance and competitiveness in today's rapidly evolving business milieu.

3. Inadequate financial management

Entrepreneurs must exercise prudence in managing their finances to avert potential fiscal predicaments. Many entrepreneurs falter in managing their finances effectively, resulting in cash flow issues, indebtedness, and financial hardships. To circumvent these challenges, business owners should possess a comprehensive understanding of their financial affairs, encompassing expenditures, revenue, profits, and cash flow. It is also imperative to monitor invoices and payments diligently and adhere to a budget.

Mastering financial management in your enterprise yields myriad benefits, ranging from heightened profitability to enhanced decision-making capabilities. A lucid comprehension of your business finances enables you to allocate resources to areas that promise optimal returns. Moreover, maintaining a firm grip on your finances can help you evade common pitfalls and setbacks that could impede your progress. Ultimately, by exercising astute financial management, entrepreneurs can pave the way for sustained growth and success.

4. Disregarding your online presence

Establishing a robust online presence is imperative for businesses to vie in today's digital marketplace. Overlooking online marketing can prove to be a grave oversight. Entrepreneurs should leverage a blend of digital marketing strategies such as SEO, social media campaigns, and email marketing to broaden their reach. Additionally, ensuring the presence of a mobile-friendly website and an active social media footprint is essential.

By implementing the right strategies, you can fortify your online presence and forge more meaningful connections with your clientele. The advantages of maintaining an online presence span from heightened visibility to cost savings, culminating in amplified growth and success. Customers expect businesses to have a digital footprint, and a business that neglects to establish an online presence risks being left behind in today's cutthroat marketplace.

5. Failure to recruit the right team

Entrepreneurs must assemble a formidable team to steer their business toward success. Hiring the wrong individuals can precipitate subpar customer service, diminished work quality, and reduced productivity. To avert this pitfall, entrepreneurs should delineate clear job descriptions, conduct thorough interviews, and scrutinize references. Equipping your team members with comprehensive training and support is imperative to enable them to perform at their zenith.

In conclusion, entrepreneurship can be a gratifying pursuit, albeit one fraught with challenges and missteps. By assimilating lessons from these mistakes, entrepreneurs can nurture their enterprises and realize enduring success. In 2024, entrepreneurs need to exhibit adaptability, flexibility, and unwavering focus on their objectives to remain competitive in the market. By sidestepping the five common mistakes expounded upon, entrepreneurs can outpace their rivals and attain their business aspirations.

Saudi Arabia-based re-commerce marketplace Soum has successfully raised $18 million in a Series A funding round, with Jahez leading the investment and participation from Isometry Capital, Khwarizmi Ventures, Alrajhi Partners, and Outliers Venture Capital. Founded in 2021 by Fahad Al Hassan, Fahad Albassam, and Bader Almubarak, Soum serves as a platform for SMEs and individuals to sell their secondhand products.

The latest funding will enable Soum to expedite its regional expansion plans and diversify beyond its core vertical of secondhand electronics. The company aims to broaden its offerings to include products ranging from collectibles to automobiles, tapping into a combined market worth $40 billion.

Since its inception, Soum has experienced remarkable growth, with sales increasing by 40 times and maintaining exceptional unit economics and customer satisfaction scores. The platform has facilitated transactions to and from over 150 Saudi cities, establishing a unified national marketplace for buying, selling, and discovering products with trust and convenience. The Soum app, launched less than two years ago, has garnered over 4 million downloads in the Kingdom of Saudi Arabia and is gaining traction in the United Arab Emirates.

Fahad Alhassan, Co-Founder & CEO of Soum, expressed the company's vision to be the go-to marketplace for buying and selling anything online with convenience and trust. The successful funding round reflects the dedication of the entire team and signifies the commencement of the next phase of growth, aligning with the mission to revolutionize online buying and selling.

Soum acts as a trusted intermediary for each transaction, alleviating the challenges faced by buyers and sellers in the MENA region when navigating spam-infested classified platforms. This approach ensures a seamless and secure transaction experience for all parties involved.

Abdulaziz Alhouti, Chief Investment Officer of Jahez, commended the remarkable achievements of the Soum team, emphasizing their dedication to innovation and customer satisfaction. The investment reflects confidence in Soum's potential to redefine the e-commerce landscape in the Middle East.

With the Series A funding as a catalyst, Soum is poised for continued growth, aiming to set new standards in innovation, customer satisfaction, and market impact in the Middle East. The Soum mobile app is available on the Apple App Store and Google Play Store, offering a seamless platform for buying and selling secondhand products with convenience and trust.

Source: News

Saudi Arabia-based fintech company Tameed has successfully secured a substantial $15 million in a Series A funding round, with Alromaih Investments leading the investment. Established in 2019 by Mohammed Al Alshaikh and Mohammed Alomayyer, Tameed specializes in providing SMEs with P2P Shariah-compliant financing options for their government contract purchases through its digital platform.

The infusion of new capital will enable Tameed to expedite its expansion and cater to the growing demand for its digital lending products. The company, which obtained its operating license from the Saudi Central Bank (SAMA) in January 2023, has been operating within SAMA’s FinTech SandBox. Tameed has facilitated SME funding exceeding SAR 400 million, serving investors and borrowers through a mobile app with 50,000 downloads, and achieving a growth rate exceeding 400%.

Tameed's commitment to providing transparent pricing and swift loan processing, completed within three business days through a fully digitalized process, has earned the trust of its clients. The company's focus on efficiency in processing and customization of services translates into tailored products aimed at supporting SMEs in fulfilling their purchase order commitments.

Mr. Mohammed Alomayyer, the CEO and co-founder of Tameed, expressed optimism about the Kingdom’s economic growth and emphasized Tameed's dedication to meeting the needs of SMEs by offering innovative funding products. He highlighted the addition of performance bond financing for projects to serve a wider range of SMEs and support their effective participation in major projects.

Mr. Omar Alromaih, the CEO of Investments at Alromaih Group, underscored the belief in the opportunity and the sector, expressing anticipation for Tameed's continued growth and expansion of investment and funding opportunities to address the financing needs of SMEs and bridge the funding gaps created by Vision 2030 programs and projects.

Furthermore, Alromaih Group's strategy focuses on diversifying investment tools and risk mitigation through acquisitions, transactions, and investment rounds into the FinTech Division, recognized as one of the most promising and targeted sectors in the Kingdom’s Vision 2030.

Mr. Mohammed Al Alshaikh, the co-founder of Tameed, emphasized that the funding round will facilitate the company's growth to serve investors and SMEs requiring funding while innovating on the best technologies and products. He highlighted the recent launch of an Auto-Invest product designed to enable busy investors to engage in short-term funding opportunities based on pre-configured investment preferences.

Source: News

Along these lines, the Expo 2023 Doha Organising Committee announced that the event has welcomed over two million visitors in less than 3 months.

Over the last three months, Expo 2023 Doha has established itself as a major destination in Qatar and the region, attracting visitors from all over the world and offering them a unique combination of environmental, cultural, and entertainment experiences, and reaffirming Qatar's commitment to sustainability and preserving the environment for future generations.

Along these lines, the Expo 2023 Doha Organising Committee announced that the event has welcomed over two million visitors in less than 3 months. This significant turnout is a testament to the global appeal of Expo 2023 Doha and Qatar's growing stature as a global hub for cultural exchange, innovation, and international collaboration in the areas of sustainability, environmental stewardship, and the fight against climate change.

“This significant turnout is a testament to the global appeal of Expo 2023 Doha and Qatar's growing stature as a global hub for cultural exchange, innovation, and international collaboration in the areas of sustainability, environmental stewardship and the fight against climate change,” the statement by the Organising Committee said.

The activities and exhibits at Expo 2023 Doha encompass a variety of themes, such as green innovation, traditional and modern agricultural techniques, sustainability strategies and best practices in horticulture and sustainable agriculture as well as activities designed specifically for families and children.

These have attracted thousands of visitors who enjoyed an unparalleled experience in the beautiful Al Bidda Park. The Organising Committee also ensured to offer programs that suit all tastes, which allowed visitors of all backgrounds, nationalities, and ages to discover enriching content that enlightens and inspires them to contemplate their potential role in building a greener and more sustainable future for our planet.

As far as global participation is concerned, the Organising Committee is proud to announce that nearly 80 countries and organisations have inaugurated their pavilions at Expo 2023 Doha, which is a major milestone given the importance of pavilions in highlighting each country’s culture and innovation and taking visitors on a magical journey involving beautiful landscapes, local agricultural practices and notable produce and handicrafts, which helps raise the public’s awareness and encourages community members to work towards a better future for all mankind.

“As we celebrate Expo 2023 Doha welcoming over two million visitors, we reaffirm our commitment to offering an enriching experience to all visitors that includes learning, engagement and celebrating our cultural and environmental diversity,” Haifa al-Otaibi, Director of Public Relations and Communication at Expo 2023 Doha, said.

“We continue to drive awareness of the Expo’s main themes: modern agriculture, technology and innovation, environmental awareness, and sustainability, given their pivotal role in the global journey of change where Qatar plays a leading role. In addition, and as part of our efforts to offer a comprehensive experience to all Expo visitors, we’ve ensured to organize activities and events for visitors of all ages and backgrounds in order to offer them the experience of a lifetime,” al-Otaibi added.

Source: Zawya

International investors no longer have to visit a Saudi embassy to get a visa to travel to the Kingdom after the process for applying for the permit was moved online.

The government have introduced the second phase of the “Investor Visitor” e-visa service, expanding its coverage from nearly 60 nations to include all countries worldwide, as reported by the Saudi Press Agency.

This e-visa can be used for multiple entries and has a validity period of up to one year. Some beneficiaries may receive access immediately, enabling them to explore investment opportunities in the Kingdom directly.

This service is part of the Kingdoms’s ongoing efforts to align with the Vision 2030 initiative, with a focus on improving the investment environment and facilitating the start of business activities.

Mohammed Abahussain, deputy of Integrated Investors Services at the Ministry of Investment, explained that the visa is designed to provide international prospects and employees of foreign entities the opportunity to apply for an electronic visitor visa through the ministry’s platform.

It will manage the application process and digitally issue the authorization through the unified national visa platform of the Ministry of Foreign Affairs, eliminating the need for physical visits to Saudi missions abroad for biometric data collection.

This expansion includes individuals from countries listed on the “Invest in Saudi Arabia” platform, those holding valid tourist or business visas from the US, the UK, or Schengen countries, and those with permanent residency in the US, the UK, or EU countries.

Additionally, individuals holding valid residency for a minimum of three months in the Gulf Cooperation Council countries and entities licensed by the Ministry of Investment for three immediate visas per year can also benefit.  

The Kingdom has seen a surge of over 135 percent in foreign investment licenses, reaching 2,192 permits during the third quarter of 2023 as part of a push to attract global businesses to set up operations in the Kingdom.

According to the Ministry of Investment, this is an increase of 1,261 licenses compared to the same period in 2022, excluding permits issued under the “Tasattur” anti-concealment campaign.

In the second quarter of 2023, the direct foreign investment balance in the Kingdom increased by 0.6 percent compared to the previous quarter, as shown in the ministry’s report for November 2023.

Total fixed capital formation experienced a 7 percent increase in the second quarter of 2023 annually, attributed to growth in both government and non-government sectors by 3.5 percent and 7.6 percent, respectively, during the same period.

The report also revealed that the capital of newly licensed factories in 2023 grew by 215 percent in the second quarter due to efforts to enhance industrial competitiveness, boost local content value, and support locally manufactured products.

Meanwhile, foreign trade experienced a 3.1 percent decline in the third quarter of 2023 annually, leading to a 55.4 percent decrease in the trade balance during the same period. This was mainly a result of a 31.8 percent decrease in total exports.

The data also indicated that government revenues reached approximately SR258.5 billion ($68.93 billion) in the third quarter of 2023, marking a 14.4 percent decrease on an annual basis, while government expenses totaled around SR294.3 billion in the third quarter, representing a 2.3 percent increase on an annual basis.

Source: Saudi Press Agency