Regional startups join forces to further propel the ecosystem

The Kingdom’s National Technology Development Program has joined forces with Outlier Ventures, a prominent global Web3 accelerator, to bolster the technology sector in Saudi Arabia. (Supplied)

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Updated 29 March 2024

Nour El-Shaeri

March 29, 2024 23:32

Regional startups join forces to further propel the ecosystem

Ventures from various industries forging alliances, and signing agreements to bolster expansion

Updated 29 March 2024

Nour El-Shaeri

March 29, 2024 23:32

CAIRO: Startups across the Middle East and North Africa region are increasingly collaborating through strategic partnerships to enhance the entrepreneurial ecosystem.

Ventures from various industries are forging alliances, and signing agreements to bolster expansion, penetrate new markets, and enhance customer satisfaction initiatives.
At the forefront of these strategic partnerships, the Kingdom’s National Technology Development Program has joined forces with Outlier Ventures, a prominent global Web3 accelerator, to bolster the technology sector in Saudi Arabia.
Under the memorandum of understanding, the Base Camp Web3 accelerator program aims to support and cultivate the growth of promising Web3 startups in the Kingdom.
Participating startups will benefit from Outlier Ventures’ expertise, receiving guidance on product development, entity structuring, and token design from a team of in-house experts.
Additionally, these startups will gain invaluable insights and networking opportunities through direct interactions with leading mentors and investors in the Web3 domain.
“Under Vision 2030, the rapid pace of change and development is visible across all sectors of the economy. The achievements are testimony to the level of dedication and focus driving the Kingdom forward. Our strategic collaboration underscores our joint dedication to nurturing technological progress,” said Stephan Apel, CEO and founding partner of Outlier Ventures.
This collaboration marks the introduction of the first deep tech Web3 accelerator program in Riyadh, slated to begin later in 2024.
The initiative aligns with Saudi Vision 2030 and Outlier Venture’s commitment to nurturing global entrepreneurial talent, specifically targeting the burgeoning Web3 ecosystem within the Kingdom.

Mohsin Ali, CEO of Inbox Business Technologies. (Supplied)

Inbox Business partners with AstroLabs for expansion in KSA
Pakistan’s Inbox Business Technologies sealed a partnership with business facilitator AstroLabs to support the former in entering the Saudi market.
Inbox Business Technologies, under the ownership of the Dawood Group, is renowned for its extensive experience in delivering transformative innovation across various technology domains in Pakistan. With a workforce exceeding 1,800 professionals, Inbox is well-equipped to offer services in business applications, enterprise-managed services, cloud migration, digital security, and cybersecurity.
The collaboration with AstroLabs will establish Inbox Business Arabia, the company’s Saudi branch, to capitalize on the burgeoning digital sector, enabling a timely and strategic market expansion in the Kingdom.
“Inbox Technologies Arabia is actively expanding its operations within Saudi Arabia, with several key projects currently in progress,” said Mohsin Ali, CEO of Inbox Business Technologies.
“Among these initiatives is the development of a content management database specifically for a multinational corporation based in Jeddah. Additionally, we’re playing a crucial role in delivering IT services and overseeing strategic programs for the nation’s foremost IT enterprise, along with a company owned by the Public Investment Fund,” he added.

Archie Rudyuk, CEO and co-founder of Takefluence. (Supplied)

True Gamers partners with Takefluence to introduce ambassador program
True Gamers and Takefluence have partnered to unveil an ambassador program dedicated to the gaming community.
This innovative initiative aims to empower gaming enthusiasts and content creators, providing them with a platform to express their creativity, engage with broader audiences, and convert their gaming passion into tangible opportunities.
“This partnership reflects a shared vision for the future of Gaming, eSport and content creation in the region, highlighting the synergies between technological innovation and community engagement,” said Archie Rudyuk, CEO and co-founder of Takefluence.
True Gamers is a UAE-based esports gaming cafe network with 150 outlets globally.
Takefluence is a platform that automates the onboarding, reporting and payouts for brands looking to launch their ambassador and creator campaigns, engage audience, and leverage influencers and user-generated content.
“By combining our resources and expertise, we are not just offering a platform for gamers and creators but also setting the stage for the next generation of gaming content. This initiative is about recognizing and amplifying the talents within our community, ensuring that the Middle East becomes a main hub of innovation and creativity in the global gaming scene,” said Vlad Belyanin, co-founder of True Gamers.

Deliveroo underscores its position as a trusted platform for brands and a provider of unique value to its customers across the UAE. (Supplied)

Deliveroo UAE teams up with Kayali to offer luxury fragrances
Deliveroo UAE has forged a partnership with Kayali, the prestigious perfume brand created by beauty entrepreneur Mona Kattan. This collaboration marks a significant development in on-demand shopping, with Deliveroo being the exclusive aggregator to feature Kayali’s luxury fragrances on its new shopping vertical.
This move expands Deliveroo’s range of offerings and showcases its commitment to providing customers with convenient and premium shopping experiences.
Through this partnership, Deliveroo underscores its position as a trusted platform for brands and a provider of unique value to its customers across the UAE.

MBC Group acquires significant stake in Anghami
Saudi Arabian media giant MBC Group, via its MBC Ventures division, has acquired over 4 million ordinary shares in the Nasdaq-listed music streaming service Anghami.
This purchase secures MBC Group a 13.7 percent ownership in Anghami and raises its stake’s value to $6.48 million from $4.074 million.
The acquisition also coincided with a substantial 59 percent increase in Anghami’s share price on March 20, which soared to $1.59 from $1 the previous day.

SPEEDREAD

• Pakistan’s Inbox Business Technologies sealed a partnership with business facilitator AstroLabs to support the former in entering the Saudi market.

• True Gamers and Takefluence have partnered to unveil an ambassador program dedicated to the gaming community. This initiative aims to empower gaming enthusiasts and content creators.

• Deliveroo UAE has forged a partnership with Kayali, the prestigious perfume brand created by beauty entrepreneur Mona Kattan. This collaboration marks a significant development in on-demand shopping.

Ahlan App secures $3m in funding
Bahrain’s Ahlan App, a loyalty program and delivery service, has secured a $3 million investment at a $15 million valuation in a round led by Hope Ventures, with contributions from Al Rajhi Holdings and other angel investors.
Founded in 2021 by Faisal Rashed, Ahlan rewards users with cashback for dining in, picking up, or home delivery services.
This fresh influx of capital is earmarked for increasing Ahlan’s market presence, emphasizing its commitment to enhancing customer loyalty and expanding its services.

Egypt’s Sprints.ai raises $3m
Sprints.ai, an Egypt-based edtech firm, has raised $3 million in a bridge round led by Disruptech Ventures, with contributions from EdVentures and Challenge Fund for Youth Employment, among others.
Founded by Ayman Bazaraa and Bassam Sharkawy in 2020, Sprints.ai is addressing the tech talent shortage in the Middle East and Africa region by offering a guaranteed hiring program to prepare qualified candidates for the job market.
This new funding will support Sprints.ai’s ambitious plan to penetrate 10 new markets, reinforcing its mission to bridge the educational gap in technology sectors across the region.

Topics: Start-up of the Week

BNPL emerges as the preferred payment option for Saudi consumers

Updated 27 December 2024

Nour El-Shaeri

December 27, 2024 11:35

BNPL emerges as the preferred payment option for Saudi consumers

Updated 27 December 2024

Nour El-Shaeri

December 27, 2024 11:35

RIYADH: The fintech landscape in Saudi Arabia is rapidly transforming daily financial practices, with buy now, pay later services gaining significant popularity. This shift is simplifying access to flexible payment options, reshaping how people manage their finances and make purchases across the nation.

According to a recent report from leading BNPL provider Tabby, 77 percent of Saudi consumers now use BNPL for essential purchases.

Data from Tabby shows that first-time BNPL transactions are twice as likely to be for necessary items rather than discretionary ones, with education and medical expenses at the forefront. This indicates that a large portion of BNPL usage is dedicated to essential transactions rather than non-essential wants.

Tabby’s data also reveals that the average value of essential purchases made through BNPL is higher than that of discretionary spending. This suggests that while consumers are prioritizing needs, BNPL offers an accessible and affordable way to purchase high-value necessities, such as insurance and home goods.

Impact of BNPL

By allowing payments to be spread over an extended period, BNPL has revolutionized shopping habits. Not only does it provide consumers with more control over their finances, but it also alters their relationship with businesses.

In an interview with Arab News, Tarabut CEO Abdulla Al-Moayed explained that the rise of BNPL among Saudi consumers can be attributed to several factors.

“BNPL’s interest-free installment structure makes it an attractive and Shariah-compliant payment option for many Saudi consumers — a positive shift from traditional credit cards or loans,” he said.

“Because BNPL offers a low-barrier alternative to traditional credit, it doesn’t require a high credit score or lengthy approval process, making it accessible to a wider population, particularly younger and lower-income individuals. The ease of using BNPL through mobile apps and online platforms also aligns well with a generation that values convenience and speed,” Al-Moayed added.

He also pointed out that the supportive regulatory environment in Saudi Arabia has fueled the rapid growth of fintech solutions, leading to the emergence of various local BNPL providers. This increased competition has ultimately led to better services and offerings for consumers.

Arjun Vir Singh, partner and global head of fintech at business intelligence firm Arthur D. Little, offered another perspective on the surge in BNPL adoption. He noted that the e-commerce boom, accelerated by COVID-19, has significantly driven the growth of BNPL among consumers. Singh also emphasized the growing convergence of online and offline shopping experiences.

Arjun Vir Singh, partner and global head of fintech at business intelligence firm Arthur D. Little. Supplied

“As customers’ journeys and payment methods in-store and offline become increasingly digital, we expect BNPL adoption to expand into this segment as well,” he said.

Singh further explained that digital payments, seamless integration, merchant sponsorship, and the rising cost of living have all contributed to BNPL’s rapid growth.

BNPL vs. traditional credit

Singh noted that BNPL is beginning to disrupt traditional credit models in consumer finance, a trend that is expected to expand as BNPL adoption spreads across sectors like travel, real estate, and automotive. “Arguably, the biggest impact will come if BNPL successfully expands into the B2B credit and financing segment,” he stated.

Singh also highlighted that banks and credit card companies are already responding to the rise of BNPL by adjusting their consumer finance offerings. Many are now partnering with BNPL providers or collaborating with major players like Visa and Mastercard, which are concerned about losing consumer spending. Some banks are even developing their own flexible payment solutions that mimic the BNPL model.

For Al-Moayed, the simplicity, transparency, and digitalization of consumer credit will force traditional credit models to adapt.

“Traditional credit models that rely on rigorous background checks and higher entry barriers need to evolve quickly while still managing risk effectively, in order to appeal to a broader consumer base and offer more flexible, secure, and customer-friendly credit options,” he said.

He also emphasized the role of Open Banking in this evolution, saying it could revolutionize credit risk management by utilizing real-time and historical behavioral data. “Open Banking has the potential to make a significant impact by giving lenders more agile and secure access to data, enabling personalized credit solutions,” Al-Moayed added.

As BNPL expands consumer spending power, he believes that as the market matures, empowered consumers will become more financially literate, leading to better-informed financial decisions.

“Open Banking will help by providing enriched data to improve insights into consumers’ financial health, preventing unsustainable debt,” he said.

Al-Moayed also pointed out that early adopters of Open Banking will gain a competitive edge by providing more intelligent financial services, better user experiences, and faster, more affordable options for all consumers.

Singh concurs, noting that as traditional players adjust to the changing landscape, innovation in consumer finance will continue to flourish. “This shift includes segmenting customers based on different criteria, using alternative data to enhance credit models, and adapting models to the nature of the spend. Innovation is also extending to customer service, not just credit models,” Singh said.

Merchants and BNPL

“Retailers have been the greatest sponsors of BNPL, helping to legitimize and drive the growth of e-commerce,” said Singh. This was initially true for e-commerce platforms, but as more retail experiences shift online, BNPL adoption among merchants has grown exponentially. “The adoption of digital payment solutions across all retail models is driving BNPL growth,” Singh added.

Arthur D. Little’s proprietary research has shown that merchants are seeing substantial benefits from BNPL, including increased average transaction values, more frequent purchases, access to new customers, and lower customer acquisition costs. Merchants also enjoy a differentiated offering compared to their competitors.

Al-Moayed agrees that BNPL offers numerous advantages for merchants but suggests that more value could be unlocked by leveraging the data collected on consumer behavior and spending patterns. “Merchants should explore how to use this valuable data to offer personalized promotions or product recommendations,” he said.

“Hyper-personalized sales and marketing will be key to increasing customer engagement and loyalty. This will soon be expected across the Kingdom’s retail market,” Al-Moayed added.

The future of BNPL

“Over the next few years, BNPL services will become even more integrated into the broader financial ecosystem, using Open Banking to enhance personalization and accessibility,” said Al-Moayed.

He also foresees the global adoption of big data and artificial intelligence further enhancing the BNPL customer experience. “We may see BNPL providers developing educational tools to help consumers manage their financial health effectively while using these services,” he added.

Singh, however, envisions a different future for BNPL. “BNPL will expand into the B2B segment, particularly as a tool to service underserved micro and small businesses,” he said.

Singh also predicts that AI, enhanced regulations, and market consolidation will all play crucial roles in BNPL’s future growth.

Topics: Start-up of the Week Investment

Saudi Arabia introduces new laws to streamline business registration and trade names

Updated 27 December 2024

Miguel Hadchity

December 27, 2024 10:51

Saudi Arabia introduces new laws to streamline business registration and trade names

Updated 27 December 2024

Miguel Hadchity

December 27, 2024 10:51

RIYADH: Saudi Arabia’s new regulations designed to streamline commercial registration and trade name processes have been described as a “game-changer” for entrepreneurs.

Approved in September, the laws are set to come into force in the coming weeks and aim to enhance business efficiency and improve the overall commercial environment.

Experts have told Arab News that the new regulations will help encourage small businesses, particularly those led by women — key components of the Kingdom’s Vision 2030 economic diversification strategy.

In the first quarter of 2024 alone, the trade sector saw 104,000 new commercial registrations, marking a 59 percent increase compared to the same period in 2023. The Ministry of Commerce also issued 65,363 permits during this time last year.

When the changes were announced, Minister of Commerce Majid bin Abdullah Al-Qasabi said they were designed to simplify business operations by offering a unified national registration system.

Ryan Al-Nesayan, partner at business intelligence firm Arthur D. Little, hailed these regulations as a “game-changer,” stating that by simplifying and speeding up the registration process, the new laws eliminate bureaucratic bottlenecks that previously slowed down business launches.

Ryan Al-Nesayan, partner at business intelligence firm Arthur D. Little. Supplied

He told Arab News: “This is especially important for startups where every delay can cost momentum. Entrepreneurs can now get their ventures off the ground quickly, focusing on growth rather than navigating paperwork.”

Al-Nesayan noted that the sharp rise in business registrations is a clear indication that Saudi Arabia is becoming a magnet for entrepreneurial activity. He attributes this growth to the government’s focus on business-friendly reforms and Vision 2030 initiatives, which are creating a more streamlined business environment.

Notably, women received 44 percent of the new registrations in the first three months of 2024, underscoring a significant rise in female participation in the business world.

Al-Nesayan emphasized the importance of this statistic, pointing out that the new regulations are removing barriers that previously discouraged female entrepreneurs.

He added: “As the environment becomes more accessible, we’re likely to see continued growth in women-led businesses, which supports gender inclusivity in Saudi Arabia’s economic development.”

The introduction of these regulations brings the total number of commercial certificates issued across Saudi Arabia to over 1.45 million.

Jihad Chidiac, a Lebanon-based attorney, explained that the two new laws, the Commercial Registration Law and the Trade Names Law, are set to take effect 180 days after their publication in the official gazette, which is expected within the next few weeks.

Jihad Chidiac, a Lebanon-based attorney. Supplied

These laws will fully replace older legislation, with the current Law of Commercial Register having been in effect since 1995 and the Trade Names Law issued in 1999.

According to Chidiac, the introduction of these two laws “comes in alignment with the recent legal reforms the Kingdom is undertaking, including the new Investment Law permitting full foreign ownership of companies, and the amendment of the Labor law, while having as the main goal the implementation of Vision 2030 and the attraction of foreign investments into the Kingdom.”

Chidiac further elaborated that the new Trade Names Law specifically enhances the legal protection of intellectual property, making it easier for businesses to reserve, transfer, and protect their trade names.

He noted that the new law “prohibits the registration of names similar to existing ones regardless of different business activities, and simplifies the transfer of trade name ownership without requiring the transfer of the entire business.”

This step, according to Chidiac, is aimed at reducing conflicts and enhancing fair competition by encouraging businesses to adopt unique, distinctive trade names.

The new laws also set guidelines for the resolution of disputes related to trade names and business registration.

Chidiac commented that the centralized electronic database for business and trade name registrations will reduce duplication, improve transparency, and promote uniformity across the Kingdom.

He explained that the improved registration processes and enhanced legal framework will likely prevent conflicts over similar trade names.

He also mentioned that Saudi Arabia’s legal system encourages alternative dispute resolution methods such as mediation and arbitration, which help reduce the burden on courts and offer flexible options for businesses involved in disputes.

According to Abdulrahman Al-Hussein, spokesperson for the Ministry of Commerce, the new system is based on international best practices.

Arthur D. Little’s Al-Nesayan agreed, noting that the adoption of international best practices in the new registration system will make Saudi Arabia a more attractive market for foreign investors.

He explained: “The unified national registration system is a major win for both local and foreign businesses. It removes the complexity of dealing with multiple agencies and provides a one-stop platform for all business-related registrations.”

This, he added, signals a more predictable and transparent operating environment, aligning with global standards and making market entry far smoother for international companies.

The reforms also provide enhanced trade name protection, which Al-Nesayan highlighted as crucial for businesses looking to scale both domestically and internationally.

“In today’s market, a business’s brand is often one of its most valuable assets,” he said. “By ensuring stronger protection for trade names, companies can confidently invest in their brand, knowing it’s secure. Over time, this will build consumer trust, enhance market presence, and support long-term growth.”

For those with existing sub-registers, a five-year grace period is being offered to either transfer or cancel their registrations. Chidiac pointed out that while this grace period offers flexibility, it also raises challenges for businesses regarding the company’s history and anteriority, particularly if they opt to cancel their sub-registers.

He explained that companies must carefully consider the potential impact on their business identity when making decisions during this transition phase.

Alongside these changes, the cabinet also approved a new real estate transaction tax system and other related measures. Chidiac explained that the new real estate law replaces the previous 15 percent VAT on real estate sales with a 5 percent tax on property ownership transfers.

He noted that this reform will not only ease the financial burden on businesses but also attract local and foreign investment into the real estate sector.

Certain transactions, such as inheritance distribution and charitable transfers, are exempt from this tax, which Chidiac believes will stimulate increased activity in the real estate market.

Al-Nesayan also highlighted the significance of this new real estate transaction tax system, noting that it complements the broader business reforms by promoting a more structured and transparent property market.

He explained that such transparency is essential as Saudi Arabia grows as a business hub, stabilizing property markets and supporting broader economic diversification efforts.

Chidiac added that legal counsel will play a crucial role in helping businesses navigate the transitional period for the new regulations, particularly regarding the five-year grace period for existing registrations.

He emphasized the need for businesses to stay informed and seek professional advice to ensure compliance with the updated regulations.

Al-Nesayan echoed this sentiment, advising businesses to engage with legal and business advisory services early on to fully benefit from the streamlined processes.

He added: “Being agile in adapting to these reforms will give businesses a significant competitive edge in this evolving landscape.”

Topics: laws Regulation

Egypt central bank keeps overnight interest rates steady

Updated 27 December 2024

Reuters

December 27, 2024 10:21

Egypt central bank keeps overnight interest rates steady

Updated 27 December 2024

Reuters

December 27, 2024 10:21

CAIRO: Egypt’s central bank kept its overnight interest rates unchanged on Thursday, as expected, saying that while inflation was set to decelerate sharply in early 2025 it nonetheless remained high.

The bank’s monetary policy committee kept the lending rate at 28.25 percent and the deposit rate at 27.25 percent, it said in a statement.

The unanimous forecast in a Reuters poll of 12 analysts was that the committee would keep rates steady.

Egypt’s headline inflation dipped in November to 25.5 percent, its lowest since December 2022, and has been trending downwards from a record high of 38.0 percent in September 2023.

“Inflation is projected to ease substantially in 2025, as the cumulative impact of monetary policy tightening and favorable base effect materializes, with a notable decline in Q1 2025 and convergence to single digits by H2 2026,” the statement said.

It added that according to leading indicators, economic growth accelerated in the second half of 2024 from the 2.4 percent recorded in the second quarter.

“The committee judges that the current policy rates remain appropriate to maintain a tight monetary stance until a significant and sustained decline in inflation is achieved, and expectations are firmly anchored,” the statement said.

Topics: Egypt central bank Finance Inflation

Oil Updates — prices set for weekly gain on China stimulus optimism

Updated 27 December 2024

REUTERS

December 27, 2024 09:47

Oil Updates — prices set for weekly gain on China stimulus optimism

Updated 27 December 2024

REUTERS

December 27, 2024 09:47

RIYADH: Oil prices were little changed on Friday but were set for a weekly rise amid optimism that economic stimulus efforts will prompt a recovery in China, but a stronger dollar capped gains, according to Reuters.

Brent crude futures fell 2 cents to $73.24 a barrel by 08:35 a.m. Saudi time. US West Texas Intermediate crude was at $69.61, down 1 cent, from Thursday’s close. However, on a weekly basis, Brent was up 0.4 percent and WTI rose 0.2 percent.

The World Bank on Thursday raised its forecast for China’s economic growth in 2024 and 2025, but warned that subdued household and business confidence, along with headwinds in the property sector, would keep weighing it down next year.

China, the world’s biggest oil importer, revised upwards its 2023 gross domestic product estimate by 2.7 percent, but also said the change would have little impact on growth this year.

Chinese authorities have agreed to issue 3 trillion yuan ($411 billion) worth of special treasury bonds next year, Reuters reported this week citing sources, as Beijing ramps up fiscal stimulus to revive a faltering economy.

However, a stronger US dollar weighed on oil prices and capped gains. The greenback has risen about 7 percent this quarter and remained pinned at a near two-year peak against major peers after the Federal Reserve signaled slower rate cuts in 2025.

A stronger dollar makes oil more expensive for holders of other currencies.

The latest weekly report on US inventories from the American Petroleum Institute industry group showed crude stocks fell last week by 3.2 million barrels, market sources said on Tuesday. API/S

Traders will be waiting to see if the official inventory report from the US Energy Information Administration confirms the decline. The EIA data is due at 9 p.m. Saudi time on Friday, later than normal because of the Christmas holiday.

Analysts in a Reuters poll expect crude inventories fell by about 1.9 million barrels in the week to Dec. 20, while gasoline and distillate inventories are seen falling by 1.1 million barrels and 0.3 million barrels respectively.

Topics: Oil OPEC energy

ROSHN launches first residential community in Makkah

Updated 26 December 2024

MOHAMMED AL-KINANI

December 26, 2024 19:21

ROSHN launches first residential community in Makkah

Updated 26 December 2024

MOHAMMED AL-KINANI

December 26, 2024 19:21

JEDDAH: Saudi Arabia’s leading property developer, ROSHN, has officially launched its first residential community in Makkah, marking a significant milestone in the company’s efforts to improve the city’s living standards while supporting the national development goals outlined in Vision 2030.

The launch event for the Al-Manar Community project, which is ROSHN’s inaugural residential development in Makkah, took place under the patronage of Makkah Gov. Prince Khaled Al-Faisal. The groundbreaking ceremony was attended by a host of prominent figures, including Makkah Mayor Musaed bin Abdulaziz Al-Dawood, Royal Commission for Makkah and Holy Sites CEO Saleh bin Ibrahim Al-Rasheed, Real Estate General Authority CEO Abdullah Al-Hammad, and ROSHN’s acting CEO Khaled Jawhar. The event also saw participation from officials across both the public and private sectors.

Strategically positioned, the Al-Manar community is just a 20-minute drive from the Grand Mosque, less than an hour from King Abdulaziz International Airport in Jeddah, and only two minutes from Makkah’s western gateway. The development’s design thoughtfully integrates the region’s rich cultural and architectural heritage, blending modernity with tradition.

The Saudi government, under Vision 2030, has set ambitious targets to boost homeownership among citizens, aiming for 70 percent by the end of the decade.

ROSHN is playing a pivotal role in achieving this goal by developing large-scale residential projects that offer high-quality and affordable housing options for Saudi citizens. These initiatives are in line with the government’s strategy to expand the housing sector, elevate living standards, and provide homes for the country’s growing population.

At the ceremony, attendees were given a tour of model villas and previewed the diverse residential designs available within the community. The Al-Manar development will feature a variety of villas alongside essential amenities such as schools, mosques, shopping centers, healthcare facilities, open spaces, and recreational areas.

Khaled Jawhar, acting CEO of ROSHN, explained that the project spans over 21 million sq. meters and will provide more than 33,000 housing units. Additionally, it will offer more than 150 facilities designed to meet the needs of residents and support community well-being.

Saleh bin Ibrahim Al-Rasheed, CEO of the Royal Commission for Makkah and Holy Sites, emphasized the significance of the Al-Manar community as the first fully integrated ROSHN development in Makkah.

“Located at the city’s western gateway, within the Haram boundaries, this project reflects our commitment to facilitating impactful developments that drive long-term growth and sustainability,” Al-Rasheed said.

Topics: gigaproject ROSHN

Regional startups join forces to further propel the ecosystem

Regional startups join forces to further propel the ecosystem

SPEEDREAD

BNPL emerges as the preferred payment option for Saudi consumers

BNPL emerges as the preferred payment option for Saudi consumers

Startup Wrap – MENA startup ecosystem flourishes as year comes to an end

Tawuniya launches virtual accelerator program for MENA startups

Saudi Arabia introduces new laws to streamline business registration and trade names

Saudi Arabia introduces new laws to streamline business registration and trade names

Saudi Arabia approves new commercial registration, trade name laws

Saudi Arabia’s Madinah region sees 8.6% jump in commercial registrations, reaching 61k in Q2

Egypt central bank keeps overnight interest rates steady

Egypt central bank keeps overnight interest rates steady

Regional challenges cost Egypt around $7 bln of Suez Canal revenues in 2024, El-Sisi says

Egypt pays off $38.7bn in debts in 2024

Oil Updates — prices set for weekly gain on China stimulus optimism

Oil Updates — prices set for weekly gain on China stimulus optimism

UAE, China lead Saudi Arabia’s non-oil exports in October

Oil Updates — prices edge higher on hopes for more China stimulus

ROSHN launches first residential community in Makkah

ROSHN launches first residential community in Makkah

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Regional startups join forces to further propel the ecosystem

Regional startups join forces to further propel the ecosystem

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BNPL emerges as the preferred payment option for Saudi consumers

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Saudi Arabia introduces new laws to streamline business registration and trade names

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