RIYADH: Saudi Arabia’s strategic location, thriving economy, and strong government support have attracted a diverse range of funding partners keen on assisting startups and entrepreneurs. The Kingdom, according to Houssem Jemili, partner at management consulting firm Bain and Co., has one of the highest technology spends in the Middle East and North Africa, approximately 2.5 … Read more
CAIRO: Saudi startups continue to demonstrate a pioneering stance by capturing almost half of the region’s total venture funding in the first quarter of the year, underscoring the Kingdom’s growing influence in the regional startup ecosystem. In a notable achievement, Saudi ventures secured $224 million out of the $429 million raised across the Middle … Read more
SINGAPORE: Oil prices rose on Monday, adding to recent gains amid expectations of tighter supply from OPEC+ cuts, attacks on Russian refineries and as upbeat Chinese manufacturing data supported outlooks for improving demand, according to Reuters. Brent crude rose 24 cents, or 0.3 percent, to $87.24 a barrel by 9:49 a.m. Saudi time after rising 2.4 … Read more
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Wednesday, gaining 22.44 points, or 0.18 percent, to close at 12,607.98. The total trading turnover of the benchmark index was SR7.35 billion ($1.96 billion) as 155 stocks advanced, while 62 retreated. Similarly, the MSCI Tadawul Index increased by 1.57 points, or 0.10 percent, to close at … Read more
GCC telecommunication firms reinventing themselves as ‘techcos’: S&P Global RIYADH: Telecommunication companies in the Gulf Cooperation Council region are redefining themselves as technology firms to diversify their revenue streams, S&P Global said. In its latest report, the credit rating agency noted that moderate growth prospects for core telecom operations are one of the key drivers … Read more
SAO PAULO: The LIDE business group, leading a Brazilian private sector delegation, has signed a memorandum of understanding with the UAE International Investors Council to combine efforts to boost investments in both countries. LIDE UAE President Rodrigo Paiva and UAEIIC Chairman Mohamed Al-Rais signed the MoU at the Brazil Emirates Conference, which gathered businesspeople and … Read more
RIYADH: Energy firm Aramco’s technology arm was one of several companies to sign deals at the LEAP conference, along with global brands Nokia, IBM, and Mobily. On the third day of the Riyadh tech event, Aramco Digital took the spotlight by unveiling plans for a potential partnership with Groq, a global leader in the artficial intelligence chip market. … Read more
Saudi Arabia named ‘most improved country overall’ in US Chamber of Commerce IP Index RIYADH: Saudi Arabia has received recognition as “the most improved country overall” in the 12th edition of the US Chamber of Commerce International Intellectual Property Index. Released on March 2, the report emphasizes the several achievements of the Kingdom, with Vice … Read more
JEDDAH: Multinational technology company Siemens unveiled its new electrical equipment factory in Jeddah in the presence of the Kingdom’s Minister of Industry and Mineral Resources Bandar Alkhorayef. In partnership with its Saudi partner, Arabia Electric Ltd Equipment Co, the firm inaugurated the facility on Feb. 29 at the Modon Oasis in Jeddah. The 6,000 sq. m factory produces electrical equipment such … Read more
Red Sea Global launches national academy to train and upskill Saudis, CEO reveals RIYADH: Young Saudis will soon be further qualified in terms of technical specializations as the Red Sea National Academy launches, according to the group CEO. In an interview with Arab News on the sidelines of the Human Capability Initiative in Riyadh, John … Read more