Saudi Arabia’s Ministry of Investment and the Jada Fund of Funds have teamed up to create a platform that will connect Saudi entrepreneurs with investors abroad.
Catalyse Saudi will host a series of events, the first of which will take place this month in Jeddah and Riyadh under the theme of disruptive technology.
The events will bring foreign and Saudi entrepreneurs and investors together for networking, learning and engagement opportunities, the ministry and the fund said in a joint statement.
Events hosted by the platform later this year will explore the private equity and healthcare sector opportunities, they said.
“We hope this effort will help Saudi entrepreneurs and investors increase their access to international markets, capital and expertise, while also creating awareness among global leaders on the great opportunities in the Saudi market,” Mazen Al Jubeir, Jada’s chairman, said.
Saudi Arabia aims to increase the contribution of small and medium-size enterprises to its gross domestic product to 35 per cent by 2030, from 21 per cent currently, as part of its Vision 2030 economic diversification plan. Last year, the Ministry of Investment launched the National Investment Strategy to unlock the investment potential on offer in the kingdom for both domestic and international investors.
Venture capital funding to Mena start-ups has surged to $2.6 billion in 2021, start-up data platform Magnitt reported. The region’s most active markets – the UAE, Saudi Arabia and Egypt – each had a deal worth more than $100 million.
The Jada Fund of Funds was established by the Public Investment Fund with an investment capital of 4 billion Saudi riyals ($1bn). Jada seeks to partner with private equity and venture capital funds that are focused on the Saudi market to help finance the growth of local SMEs.
“Innovative start-ups are the bedrock of developed industrial economies, which is why Saudi Arabia placed support for the sector at the heart of its National Investment Strategy,” said Minister of Investment Khalid Al Falih.
“We are committed to supporting the next generation of entrepreneurs and we know that access to finance is one of the key factors that enables growth of new enterprises. Private equity and venture capital funds can play a vital role in this process.”
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Evacuations to France hit by controversy
- Over 500 Gazans have been evacuated to France since November 2023
- Evacuations were paused after a student already in France posted anti-Semitic content and was subsequently expelled to Qatar
- The Foreign Ministry launched a review to determine how authorities failed to detect the posts before her entry
- Artists and researchers fall under a programme called Pause that began in 2017
- It has benefited more than 700 people from 44 countries, including Syria, Turkey, Iran, and Sudan
- Since the start of the Gaza war, it has also included 45 Gazan beneficiaries
- Unlike students, they are allowed to bring their families to France
MATCH INFO
Rugby World Cup (all times UAE)
Third-place play-off: New Zealand v Wales, Friday, 1pm
Final: England v South Africa, Saturday, 1pm
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Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
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The specs
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Director: Kaouther Ben Hania
Rating: 4/5
GAC GS8 Specs
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Power: 248hp at 5,200rpm
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Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
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Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
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Fuel consumption: 11.7L/100km
On sale: Now
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COMPANY PROFILE
Company name: Letstango.com
Started: June 2013
Founder: Alex Tchablakian
Based: Dubai
Industry: e-commerce
Initial investment: Dh10 million
Investors: Self-funded
Total customers: 300,000 unique customers every month
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Naga
Gulf Men's League final
Dubai Hurricanes 24-12 Abu Dhabi Harlequins
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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Specs – Panamera
The biog
Marital status: Separated with two young daughters
Education: Master's degree from American Univeristy of Cairo
Favourite book: That Is How They Defeat Despair by Salwa Aladian
Favourite Motto: Their happiness is your happiness
Goal: For Nefsy to become his legacy long after he is gon
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2.30pm: Dubai Real Estate Centre – Maiden (TB) Dh60,000 (D) 1,200m; Winner: El Baareq, Antonio Fresu, Rashed Bouresly
3pm: Shadwell – Rated Conditions (TB) Dh100,000 (D) 1,950m; Winner: Lost Eden, Andrea Atzeni, Doug Watson
3.30pm: Keeneland – Handicap (TB) Dh84,000 (D) 1,000m; Winner: Alkaraama, Dane O’Neill, Musabah Al Muhairi
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5pm: Dubai Real Estate Centre – (TB) Handicap Dh64,000 (D) 1,600m; Winner: Lahmoom, Royston Ffrench, Salem bin Ghadayer
Soldier F
“I was in complete disgust at the fact that only one person was to be charged for Bloody Sunday.
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“It's pretty hard to think that 50 years on, the State is still covering up for what happened on Bloody Sunday.”
Jimmy Duddy, nephew of John Johnson
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Rating:2/5
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Bob Honey Who Just Do Stuff
By Sean Penn
Simon & Schuster
Results
Stage seven
1. Tadej Pogacar (SLO) UAE Team Emirates, in 3:20:24
2. Adam Yates (GBR) Ineos Grenadiers, at 1s
3. Pello Bilbao (ESP) Bahrain-Victorious, at 5s
General Classification
1. Tadej Pogacar (SLO) UAE Team Emirates, in 25:38:16
2. Adam Yates (GBR) Ineos Grenadiers, at 22s
3. Pello Bilbao (ESP) Bahrain-Victorious, at 48s
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
