Saudi Fund for Development secures $55m loan for earthquake mitigation project in Turkiye 

4234116 1882975449

CAIRO: Venture capitals focused on the Middle East and North Africa region have successfully refueled their tanks with multiple firms attracting new investments.  Female-led Lebanon-based Globivest announced its first closing for an undisclosed sum in its venture capital firm.  Reaching two-thirds of its target of $25 million to $30 million, the investment marks a significant milestone … Read more

PIF-backed ACWA Power secures financing for $3.4bn solar plants 

4230261 10234587

RIYADH: Utility firm ACWA Power, backed by Public Investment Fund, is a step closer to building solar energy plants worth $3.4 billion across Saudi Arabia after securing finance from a bank consortium. The company, which owns a 50.1 percent stake in each of the three projects, secured a SR8.6 billion ($2.3 billon) credit facility from … Read more

Cenomi Centers secures $1.39bn Shariah-compliant, sustainability-linked financing

4228361 1037928582

RIYADH: Saudi entrepreneurs are set to be increasingly empowered in establishing innovative startups in the Kingdom’s agriculture sector through the introduction of the new Sonbola program.  Launched by the Minister of Environment, Water, and Agriculture Abdulrahman Al-Fadley, and Minister of Communications and Information Technology Abdullah Al-Sawaha during a ceremony in Riyadh, the program aims to cultivate … Read more

Saudi rider Abrar Alabdulqader secures 2024 Endurance World Championship qualification

4226421 415012591

Anticipation abounds ahead of this week’s restart of the 2023-2024 Roshn Saudi Pro League. The six-week interlude for the 2023 AFC Asian Cup saw managerial changes, eye-catching player acquisitions and noteworthy exits. Arab News provides a breakdown of the 16 clubs as they head into Thursday’s resumption, including their key winter business and outlook for … Read more

Shaheen Shah Afridi secures dramatic last-ball win for Dessert Vipers against MI Emirates

4205406 178137413

Mancini faces fierce backlash as he turns back on players, fans and potentially his job It may just end up being the defining moment of Roberto Mancini’s managerial career. At least of his time in charge of Saudi Arabia. The symbolism of his action was hard to miss. When the Italian coach walked down the … Read more

Saudi edtech startup iStoria secures $1.3m in funding

4202416 730419712

RIYADH: A diverse array of cutting-edge defense assets is expected to arrive in Saudi Arabia as the World Defense Show 2024, scheduled for Feb. 4-8, draws near.  Under the patronage of King Salman, this event promises to showcase military technology, featuring air and land assets, according to a press note.  On the air front, attendees … Read more

LIVE: Oliver Rowland secures pole for second Diriyah E-Prix race in Riyadh

4199631 464752298

Thrills, technology and triumph: Diriyah E-Prix’s spectacular opening day sets high standards for electric racing RIYADH: The inaugural day of the Diriyah E-Prix unfolded with an electrifying blend of high-speed excitement, cutting-edge technology and captivating moments, marking a stellar start to the highly anticipated racing weekend. As the first race day began, the track came … Read more

Al Arabia secures $142m contract for Dubai ad spaces

4183301 1370740345

LONDON: Saudi Arabia’s Arabian Contracting Services Co., also known as Al Arabia, announced on Tuesday that its UAE-based subsidiary, Al Arabia OOH, has secured a contract with Dubai’s Roads and Transport Authority. The contract, valued at AED 522.84 million ($142 million), involves the installation, operation, and maintenance of advertising billboards in various locations across Dubai, according … Read more

Bank Muscat secures regulatory approval for investment in GCC financial institutions

4181461 1731978205

RIYADH: Some 56 percent of chief economists expect the global economy to slow down in 2024 along with an acceleration in geo-economic fragmentation, a survey showed.   The latest Chief Economists Outlook from the World Economic Forum noted that the global economy continues to grapple with headwinds from tight financial conditions and rapid advances in generative artificial … Read more

Saudi Arabia secures 52% of all regional startup funding during 2023

4171926 1012041526

RIYADH: Saudi Arabia’s Tadawul All Share Index closed at 12,252.06 points on Monday, marking a decrease of 33.01 points, or 0.27 percent.   Conversely, the parallel market Nomu concluded at 24,671.82, registering an uptick of 114.18 points, or 0.46 percent.   The MSCI Index also descended by 9.46 points to settle at 1,589.80, a drop of 0.59 … Read more