Saudi entities have announced billions more in funding and a programme that aim to scale start-ups as it seeks to create a competitive technology ecosystem.
Nine funds worth a combined $2.4 billion will support the growth of start-ups in the Arab world's biggest economy, Emon Shakoor, founder and chief executive of Blossom Accelerator, said at the Leap technology exhibition in Riyadh on Tuesday.
Banque Saudi Fransi and Riyad Bank, two of the kingdom's biggest lenders, have pledged $1 billion each to support the information and communications technology sector.
Riyadh-based investment firm Merak Capital is also providing $53 million for ICT.
Saudi Arabia's Impact46 is contributing $133 million to fund Mena start-ups in the early to initial public offering stages, while Bim Ventures will provide $100 million for financially sustainable start-ups from creation to growth.
Shorooq Partners, the Abu Dhabi-based investment company, has pledged $100 million for a venture debt fund, $15 million of which will be dedicated to Saudi Arabia's first gaming accelerator fund.
Saudi Investment Bank pledged $40 million to fund financial technology while Planetary Capital pledged $30 million for downstream space software technology and Rakeezah Ventures $25 million for an accelerator-backed venture capital programme.
In addition, Blossom Accelerator unveiled the Saudi Unicorns Programme, which will help regional start-ups achieve billion-dollar market values.
“We are going to take the most high-tech and best-performing start-ups [to] $1 billion valuation,” said Ms Shakoor, who introduced the 34 start-ups included in the initiative.
Saudi Arabia has introduced several projects to promote the use of technology as it prepares for the future economy.
The kingdom is also diversifying its economy away from oil as part of its Vision 2030 strategy, with technology one of the key pillars of the plan.
Venture capital funding for start-ups in Saudi Arabia grew by 72 per cent annually to $987 million, from 144 deals in 2022, data platform Magnitt reported last month.
Riyadh is encouraging entrepreneurship and seeking investment domestically and from overseas to develop the technology sector.
The growth in Saudi Arabia's technology scene is “very important” in setting the tone for Vision 2030, Yahya Anouti, partner and environmental, social and governance leader at Strategy& Middle East, told The National at Leap on Tuesday.
“The [investment and funding] numbers explain the emphasis on the ecosystem, but you also have to look at the reforms that are happening to enable this ecosystem,” he said, referring to the dedicated entities and programmes Riyadh has put in place to grow the technology sector.
Also on Tuesday, Saudi technology venture capital fund STV announced that it had received an additional $150 million in funding as it aims to contribute to making the kingdom a global leader in technology.
The fund is meant to support start-ups expand globally and help them to achieve unicorn status, Abdulrahman Tarabzouni, founder and chief executive of STV, said at Leap.
“We think the Middle East, fuelled by Saudi Arabia, is set to move from linear growth to exponential growth,” the former Google executive said.
STV, which was founded in 2018, is the biggest independent venture capital fund, starting out with a $500 million investment from Saudi Telecom Company, the kingdom's biggest mobile operator.
So far, it has raised $1.5 billion in capital, attracted $600 million in foreign direct investment, contributed to the creation of about 10,000 jobs and helped to create two “unicorns”, said Mr Tarabzouni.
“We’re just getting started and we hope to play our role in making Saudi Arabia the tech platform of the Middle East.”
Meanwhile, the National Technology Development Programme (NTDP), which contributes to developing the technology ecosystem in Saudi Arabia, announced six new services with $430 million to fund start-ups.
The [investment and funding] numbers explain the emphasis on the ecosystem, but you also have to look at the reforms that are happening to enable this ecosystem
Yahya Anouti,
partner and ESG leader at Strategy& Middle East
Its $150 million Venture Debt service provides venture financing while the $81 million Relocate service offers incentives to start-ups to convince them to relocate to the kingdom.
Tech Crew, with $78 million in funding, supports the recruitment of technology employees by offering salary subsidies while Boost, with $46 million, aims to encourage citizens and residents to pursue entrepreneurship.
The $42 million Connect service will help to reduce the gap between large companies and local small and medium enterprises, while also helping SMEs to secure contracts from the public and private sectors.
The $26 million Bridge service will assist local start-ups in expanding globally.
“We want to share the future of the digital economy to make Saudi Arabia a global launch pad for start-ups and a technology hub,” NTDP chief executive Ibrahim Neyaz said at Leap.
Tuesday's funding news follows the more than $9 billion in investment announced in Saudi Arabia's technology sector on the opening day of Leap, including plans to set up cloud and data centres from global companies Microsoft, Oracle, Huawei and Zoom.
Mohammed bin Zayed Majlis
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
Honeymoonish
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'Panga'
Directed by Ashwiny Iyer Tiwari
Starring Kangana Ranaut, Richa Chadha, Jassie Gill, Yagya Bhasin, Neena Gupta
Rating: 3.5/5
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
Washmen Profile
Date Started: May 2015
Founders: Rami Shaar and Jad Halaoui
Based: Dubai, UAE
Sector: Laundry
Employees: 170
Funding: about $8m
Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
The specs
Engine: 3.8-litre, twin-turbo V8
Transmission: eight-speed automatic
Power: 582bhp
Torque: 730Nm
Price: Dh649,000
On sale: now
RESULTS
6.30pm: Meydan Sprint Group 2 US$175,000 1,000m
Winner: Ertijaal, Jim Crowley (jockey), Ali Rashid Al Raihe (trainer)
7.05pm: Handicap $60,000 1,400m
Winner: Secret Ambition, Richard Mullen, Satish Seemar
7.40pm: Handicap $160,000 1,400m
Winner: Raven’s Corner, Richard Mullen, Satish Seemar
8.15pm: Dubai Millennium Stakes Group 3 $200,000 2,000m
Winner: Folkswood, William Buick, Charlie Appleby
8.50pm: Zabeel Mile Group 2 $250,000 1,600m
Winner: Janoobi, Jim Crowley, Mike de Kock
9.25pm: Handicap $125,000 1,600m
Winner: Capezzano, Mickael Barzalona, Salem bin Ghadayer
A new relationship with the old country
Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates
The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:
ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.
ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.
ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.
ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.
IN WITNESS WHEREOF the undersigned have signed this Treaty.
DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.
Signed
Geoffrey Arthur Sheikh Zayed
If you go
The flights
There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.
The trip
Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.
The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.
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Results
5.30pm: Maiden (TB) Dh82,500 (Turf) 1,400m; Winner: Mcmanaman, Sam Hitchcock (jockey), Doug Watson (trainer)
6.05pm: Handicap (TB) Dh87,500 (T) 1,400m; Winner: Bawaasil, Sam Hitchcott, Doug Watson
6.40pm: Handicap (TB) Dh105,000 (Dirt) 1,400m; Winner: Bochart, Fabrice Veron, Satish Seemar
7.15pm: Handicap (TB) Dh105,000 (T) 1,200m; Winner: Mutaraffa, Antonio Fresu, Musabah Al Muhairi
7.50pm: Longines Stakes – Conditions (TB) Dh120,00 (D) 1,900m; Winner: Rare Ninja, Royston Ffrench, Salem bin Ghadayer
8.25pm: Zabeel Trophy – Rated Conditions (TB) Dh120,000 (T) 1,600m; Winner: Alfareeq, Antonio Fresu, Musabah Al Muhairi
9pm: Handicap (TB) Dh105,000 (T) 2,410m; Winner: Good Tidings, Antonio Fresu, Musabah Al Muhairi
9.35pm: Handicap (TB) Dh92,500 (T) 2,000m; Winner: Zorion, Abdul Aziz Al Balushi, Helal Al Alawi
Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
Zayed Sustainability Prize
Killing of Qassem Suleimani
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Sholto Byrnes on Myanmar politics
Who has been sanctioned?
Daniella Weiss and Nachala
Described as 'the grandmother of the settler movement', she has encouraged the expansion of settlements for decades. The 79 year old leads radical settler movement Nachala, whose aim is for Israel to annex Gaza and the occupied West Bank, where it helps settlers built outposts.
Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.
Zohar Sabah
Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.
Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.
