Tech Aramco’s VC unit leads tech startup’s $27m funding round Technology startup Rewaa has raised SAR100 million ($26.6 million) in a Series A funding round led by Wa’ed Ventures, Saudi Aramco’s venture capital fund. Saudi Telecom Company’s Corporate Innovation Fund (CIF), launched in February to invest in early-stage tech companies across various digital sectors, also participated in the round. Other investors included Silicon Valley’s Graphene Ventures, […] August 29, 2023
Finance Saudi Telecom raises $1.34bn to buy European towers Tawal, a subsidiary of Saudi Telecom Company (STC), has completed the acquisition of three tower companies of United Group in Bulgaria, Croatia and Slovenia for €1.22 billion ($1.34 billion). The company agreed to buy tower infrastructure in April as part of its first foray into Europe’s telecoms market. Tawal raised a Shariah-compliant loan worth $1.42 […] August 28, 2023
Analysis Business of Sport Saudi football sells TV rights in hope of net profit Saudi Arabia’s professional football league has sold broadcast rights to 12 networks across 130 countries for coverage of the 2023-24 season, following a spending spree on players that has captured global attention. But wary of previous experience with China, broadcasters will be following closely to see if a global appetite exists for Saudi Arabia. “The […] August 27, 2023
Tech Dubai tech company buys Virgin Mobile Latin America A Dubai technology investment company has bought Virgin Mobile Latin America, a mobile virtual network operator with operations in Mexico and Colombia. The acquisition by Beyond One follows its buyout in February of Virgin Mobile Middle East and Africa, which serves Saudi Arabia, the UAE, Oman and Kuwait. A mobile virtual network operator is a provider […] August 23, 2023
Tech Space tech company launches Dubai HQ and listings plan A US space tech company is setting up a regional headquarters in Dubai. Orion Applied Sciences and Technology (OrionAST), a global provider of high-resolution satellite data, is establishing a base in Dubai Silicon Oasis and intends to list its shares on Dubai Financial Market. The company has also launched a subsidiary, Open Skies Industries, to […] August 22, 2023
Finance Saudi investor leads $350m funding for US space company An investment firm from Saudi Arabia has led a $350 million funding round for Axiom Space, three months after the US company took the kingdom’s first astronauts to the International Space Station. Axiom Space said the Series-C funding round was led by Saudi Arabia’s Aljazira Capital and South Korean healthcare firm Boryung, taking its total […] August 22, 2023
Exclusive Health US biotech manufacturer seeks Gulf genomics partners US biotech company ProPhase Labs is in talks with prospective partners in the UAE and Saudi Arabia. ProPhase Labs, which is listed on Nasdaq, has appointed two advisers: investment bank ThinkEquity and Al Ramz Corporation, a capital markets financial institution in Abu Dhabi. Discussions with potential partners in Dubai, Abu Dhabi and Saudi Arabia are […] August 22, 2023
Analysis Trade Aid turns to trade as UAE plans Ethiopia investments The UAE is planning to increase its investments in Ethiopia as the economic relationship between the two countries evolves from aid to trade. More than a dozen memoranda of understanding were signed between public and private entities in Addis Ababa during an official visit to Ethiopia by UAE President Sheikh Mohamed bin Zayed al Nahyan […] August 21, 2023
Tech Saudi Arabia launches $200m fund to invest in tech firms Saudi Arabia has launched a $200 million (SAR750 million) fund to invest in local and global high-tech companies as part of plans to diversify and create more high-quality technical jobs. The funding is part of the strategy that Crown Prince Mohammed bin Salman unveiled for the King Abdullah University of Science and Technology, state-owned SPA […] August 21, 2023
Tech Qualcomm’s bid for Israel’s Autotalks needs EU nod US chipmaker Qualcomm will have to seek European Union (EU) antitrust approval for its planned takeover of Israeli auto-chip maker Autotalks even though the deal is below the EU’s turnover threshold, EU regulators said. The European Commission cited the importance of the deal to original equipment manufacturers and others who need access to vehicle-to-everything (V2X) […] August 20, 2023
Analysis Transport Careem could yet be hailed a smart buy for Uber The hefty premium Uber paid for Dubai ride-hailing rival Careem will prove worth it in the long run, analysts believe. Uber, which has racked up nearly $33 billion in losses since its inception in 2009, paid $3.1 billion for Careem in January 2020 in what remains the largest deal for a homegrown Gulf tech startup. […] August 16, 2023
Construction Red Sea project gets world’s first zero-carbon 5G network Mega-developer Red Sea Global and Saudi-listed telco Zain KSA have launched the world’s first zero-carbon 5G network at the Six Senses Southern Dunes resort in The Red Sea project. The 5G network is powered by 100 percent renewable energy from over 760,000 solar panels that Red Sea has built to power the entire 28,000 sq […] August 15, 2023
Tech Israel’s Vesttoo startup seeks US bankruptcy protection Vesttoo is seeking Chapter 11 bankruptcy protection in a US court which will enable it to pursue legal action against those responsible for a fake collateral scandal, the Israeli fintech said in a statement. Vesttoo – partly backed by Banco Santander’s fintech venture capital arm Mouro Capital – has laid off staff, closed offices and […] August 15, 2023
Opinion Tech Be yourself: Over-reliance on AI is akin to catfishing The corporate catfisher uses AI to impress online in a way that cannot be supported in reality August 14, 2023
Tech Iraqi telecom ministry to lift Telegram messaging app ban Iraq’s telecoms ministry said it will lift a ban on the Telegram messaging app on Sunday, which was imposed earlier this week, citing security concerns and data leaks of official state institutions and citizens. The app is widely used in Iraq for messaging but also as a source of news and for sharing content. Some […] August 13, 2023
Opinion Tech How augmented reality could boost your bottom line Marketers must leverage the region’s love of Snapchat and alternative realities August 10, 2023
Analysis Trade Nuclear energy to power UAE-Romania trade growth Dubai International Chamber has set up a Romanian Business Council as part of efforts to build on non-oil trade between the UAE and the Eastern European nation, which exceeded $1 billion last year. The council will promote the interests of Romanian businesses and Romanian-owned UAE-registered companies in Dubai. It will also support Dubai’s presence in […] August 10, 2023
Finance Kuwaiti telco Zain Q2 profit rises 14% rise to $187m Kuwait’s Zain Group said net profit during the second quarter of 2023 grew 14 percent year on year to KD57 million ($187 million) as the telecom firm’s customer base continued to grow. Revenue rose 10 percent to hit KD461 million in the three months to June 2023. Ebitda reached KD182 million, up 10 percent year […] August 9, 2023
Analysis Finance ‘Hi, this is your bank…’ Inside the war on payment fraud “Hello. This is the Central Bank of the UAE. We are contacting you because you need to surrender your debit card.” The call comes from a conventional mobile number while you’re on the way home from work. Welcome to the scamdemic – claim your prize, share your one-time password, update your bank details, click […] August 9, 2023
Exclusive Sustainability Omani firm aims to rock the world by mineralising CO2 Omani carbon mineralisation startup 44.01 plans global expansion after being named a winner of last December’s Earthshot Prize for its innovative technology. The company expects to start work in the UAE on its first pilot project outside Oman mineralising peridotite rock later this year. Peridotite – a rock found in Oman as well as in […] August 9, 2023
