Startup Wrap – Health, HR, and e-commerce firms eying Saudi expansion after funding rounds

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Bioniq makes personalized supplements based on blood test data and patented algorithms. Supplied

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Updated 26 July 2024

Nour El-Shaeri

July 26, 2024 13:25

Startup Wrap – Health, HR, and e-commerce firms eying Saudi expansion after funding rounds

Updated 26 July 2024

Nour El-Shaeri

July 26, 2024 13:25

CAIRO: Startups from across the region and beyond have set a clear path for Saudi expansion after completing successful funding rounds.

UK-based healthtech startup Bioniq is set to leverage its latest $15 million series B funding round to bolster its presence in Saudi Arabia.

With a current valuation of $75 million, Bioniq aims to make its personalized supplements based on blood test data and patented algorithms available in key cities in Saudi Arabia as a significant portion of the funding is allocated for the Middle East region.

“Saudi Arabia is an absolute focus as is the further integration and localization of our offerings,” Vadim Fedotov, CEO and co-founder of Bioniq, told Arab News.

“Our strategic partnership with Al Borg Diagnostics is pivotal in this effort, enabling us to enhance our reach nationwide and deliver tailored health solutions to the local population,” he added.

The partnership with Al Borg, a provider of diagnostic health services in the Kingdom, made Bioniq’s blood test panel available in 28 Saudi cities.

The company plans to embed its solutions within athletic organizations and explore collaborations with governmental health initiatives.

“Additionally, we have further integrations in the pipeline with Saudi Arabia’s leading medical institutions and medical insurance providers,” he added.

Bioniq’s expansion in the Middle East does not stop at Saudi Arabia. The company aims to solidify its position as the leading premium personalized supplement brand across the region.

“Given the dynamic growth of the region, especially in the health and wellbeing sector, a significant portion of our recent funding round will be dedicated to our Middle East expansion including strengthening our local office,” Fedotov said.

Vadim Fedotov, CEO and co-founder of Bioniq. Supplied

According to the CEO, the expansion strategy includes broadening the firm’s geographical reach and enhancing service offerings such as laboratory testing, client support, and strategic on-site partnerships with top medical and athletic institutions.

The company has also established long-term partnerships with key opinion leaders and public figures in the region, with announcements expected soon.

The oversubscribed round was led by Principal Investors HV Capital and Unbound, both leading European VCs. Bioniq also aims to utilize the funding to boost its expansion into the US market.

UAE-based HR tech Ogram raises new funding for Saudi expansion

UAE-based human resources tech startup Ogram has secured new funding from Oraseya Capital, the venture capital arm of Dubai Integrated Economic Zones Authority, along with Aditum Investment Management and Everywhere VC, to support its expansion plans in Saudi Arabia.

Founded in 2017 by Karim Kouatly and Shafiq Khartabil, Ogram is a digital staffing marketplace that allows businesses to book and manage staff on-demand.

The company, which launched in Greece in 2023, previously closed a $3 million series A funding round in 2022. Ogram is also in the process of closing its series B round and potential merger and acquisition activities by the fourth quarter of the year.

Kemitt expands into Saudi Arabia after new funding round

Egypt-based e-commerce platform Kemitt has expanded into Saudi Arabia following an undisclosed funding round.

Founded in 2018 by Mahmoud Fouad, Mohamed Rashwan, and Mohamed Hedayat, Kemitt connects product and furniture designers with consumers and handles manufacturing, overhead, and last-mile logistics.

The recent funding will be used to enhance the platform’s user interface, scale logistics and customer service operations in Saudi Arabia, diversify its product portfolio, and establish local partnerships.

Saudi startup TechMal secures $1m in pre-seed funding

Saudi-based startup TechMal has raised $1 million in a pre-seed investment round led by Al Majidiya Investment Co., along with other investors.

Established in 2024, TechMal is a micro-consumer finance company licensed by the Central Bank of Saudi Arabia, offering financing solutions for the residential rental sector.

The company enables tenants to convert annual or semi-annual rental payments into manageable monthly installments through the Ejar platform.

Pathfinder raises $325m from Silver Rock Group ahead of NASDAQ listing

UAE-based retail technology solutions provider Pathfinder has secured a $325 million investment from Silver Rock Group ahead of its planned NASDAQ listing.

Founded in 2000 by Ahmed Hussain, Kristin MacDermott, and Sadique Ahmed, Pathfinder offers solutions to enhance customer engagement and drive business success.

Silver Rock Group will provide the funding over the next three years, starting in the fourth quarter of 2024, to support the continuous development and global rollout of the RetailGPT platform.

UAE fintech Mamo secures $3.4m in funding

UAE-based fintech startup Mamo has closed a $3.4 million funding round with participation from existing investor 4DX Ventures, the Dubai Future District Fund, and Cyfr Capital.

Co-founded by Asim Janjua, Imad Gharazeddine, and Mohammad El-Saadi, Mamo supports small and medium-sized businesses by consolidating their payment collection, corporate cards, and expense management needs.

The newly raised capital will be used to expand Mamo’s product offerings within the UAE and support its regional expansion efforts.

Zyp Technologies secures $1.5m pre-series A funding led by Shorooq Partners

Pakistan’s mobility startup Zyp Technologies has raised $1.5 million in a pre-series A round led by UAE-based VC fund Shorooq Partners, with participation from existing investor Indus Valley Capital and several angel investors.

Founded in 2022 by Hassan Khan and Imran Afzal, Zyp Technologies specializes in electric motorcycles designed for deliveries, equipped with advanced fleet management software.

The funding will enable Zyp Technologies to deploy more than 60 battery swap stations and launch over 1,000 Zyp Utility Motorcycles in Pakistan over the next 12 months.

Saudi industry minister begins visit to Hong Kong

Updated 07 September 2024

Arab News

September 07, 2024 18:08

Saudi industry minister begins visit to Hong Kong

Alkhorayef’s visit is part of a wider tour of East Asia, which also includes visits to China and Singapore.

Updated 07 September 2024

Arab News

September 07, 2024 18:08

HONG KONG: Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef began his official visit to Hong Kong on Saturday, the Saudi Press Agency has reported.

Alkhorayef will hold meetings with officials from Hong Kong’s Department of Trade and Industry, the Office of Innovation, Technology, and Industry, the Department of Trade and Economic Development, and the Global Research Collaboration Center InnoHK, and will discuss increased industrial cooperation with Hong Kong, investment in the Kingdom, and mutual opportunities in automation, innovation, and technology solutions, according to the SPA.

Alkhorayef will also meet with representatives from commercial and industrial companies.

Hong Kong, as a special administrative region of China, maintains economic relations with the Kingdom separate to Beijing.

In 2023, the volume of Saudi non-oil exports to Hong Kong amounted to SR1 billion ($266.3 million), while the value of its imports from Hong Kong reached SR6.6 billion.

Alkhorayef’s visit is part of a wider tour of East Asia, which also includes visits to China and Singapore.

Topics: business economy Saudi Ministry of Industry Bandar Alkhorayef Saudi Arabia Hong Kong

Education Transformation: A Catalyst for Economic Breakthrough in the GCC

Updated 07 September 2024

MANAL AL-BARAKATI

September 07, 2024 16:27

Education Transformation: A Catalyst for Economic Breakthrough in the GCC

Updated 07 September 2024

MANAL AL-BARAKATI

September 07, 2024 16:27

RIYADH: Education quality needs to be improved across the Gulf if the region is to truly unlock its economic potential, experts have told Arab News.

Leading figures from the World Bank and regional consultancy firms, together with a range of recent reports and studies, argue that it is not just access to schooling that needs to increase, but the standard of education.

A report from the World Bank in May highlighted that according to its Human Capital Index, a child born today in the Gulf Cooperation Council region is expected to reach only 62 percent of their full potential productivity, mainly held back by low education quality

Speaking to Arab News, Safaa El-Tayeb El-Kogali, World Bank country director for the GCC: “Improving the quality of education is critical for fostering long-term economic growth and prosperity in the GCC.”

GCC countries are currently undergoing a significant transformation, driven by the need to diversify their economies in response to rapid technological advancements and escalating regional and global challenges.

This dynamic environment necessitates economies that are diversified and resilient, where knowledge and skills play a critical role, and El-Kogali said: “Quality education is critical for GCC countries in reaching their ambitious development goals.”

In recent years, governments across the region have made notable strides in expanding access to schooling and improving student learning outcomes. However, foundational literacy and numeracy skills still elude many students in the region, posing a major obstacle to human capital development and global competitiveness.

El-Kogali highlighted the importance of early investments in quality learning, saying: “Realizing the full potential of human capital in GCC countries requires smart and early investments in the quality of learning that children receive.”

Building solid foundational skills from an early age is crucial as they form the cornerstone of future learning and skills acquisition. Without this, children risk falling behind, becoming disengaged from school, and failing to acquire the advanced skills demanded by today’s labor market.

Effective teaching is pivotal in enhancing learning outcomes at all levels, making it essential to provide educators with the right knowledge and support mechanisms.

“Education contributes to long-term development and prosperity by improving people’s well-being and labor market prospects, leading to better employment opportunities and higher wages,” added El-Kogali.

Education also boosts individual productivity, propelling economic growth and building resilient economies that can adapt to a constantly changing environment.

The potential of education to spur economic growth is only achieved when it is of good quality and improves relevant skills and knowledge.

Increasing access to education is vital, but it is ultimately the skills people develop through high-quality education that determine its contribution to economic growth.

In a study conducted by El Mostafa Bentour for the Arab Monetary Fund in 2020, the contribution of human capital to GDP growth in 12 Arab countries was compared to Asian and OECD developed countries.

It found that Arab countries fell short, especially when compared to OECD economies, where a 1 percentage point increase in human capital leads to a 0.9 percentage point increase in GDP.

In contrast, the Arab world sees only a 0.5 percentage point increase, while Asian countries see a 0.6 percentage point increase.

A 2008 research paper published in Journal of Economic Literature also found that a 100-point improvement in standardized test scores is associated with a GDP increase of up to 2 percentage points.

Academics Gabriel Heller-Sahlgren and Henrik Jordahl further extended this analysis to 2016, revealing a 1.3 percentage point increase in GDP per capita for each 100-point improvement in test scores.

The role of private education

The GCC K-12 private education market is experiencing significant growth, driven by population increases, rising income levels, government initiatives, and a growing expatriate population.

Increased awareness of the importance of primary education and the need for high-quality options are key drivers of this growth.

Mansoor Ahmed, executive director for healthcare and education at Colliers in the MENA region, told Arab News: “Government initiatives such as Saudi Vision 2030 aim to enhance the quality and accessibility of education.”

Despite these positive trends, the market faces challenges such as high construction costs and the affordability of tuition fees, which limit accessibility for lower-income families.

However, opportunities for growth abound through technological advancements, partnerships with international institutions, and the development of specialized education programs in areas such as science, technology, engineering, and mathematics as well as artistic endeavors.

Mansoor Ahmed, executive director for healthcare and education at Colliers in the MENA region, told Arab News: “The GCC K-12 private education market presents a lucrative opportunity for investors, educators, and stakeholders aiming to capitalize on the region’s growing demand for high-quality education.”

Saudi Arabia’s educational landscape

Among the GCC nations, Saudi Arabia stands out due to its size and demographic trends. The Kingdom, with a population of 32.2 million in 2022, has a higher proportion of nationals compared to expatriates. This demographic reality suggests that K-12 education operators should focus primarily on Saudi nationals to attract sustainable demand, a Colliers report told.

Despite vast resources and investments, Saudi Arabia has the lowest total student penetration rates in the region for private sector K-12 education, with only 15 percent attending such institutions.

Saudi Arabia’s private education sector holds significant potential for growth, particularly by targeting the Kingdom’s nationals. The growing population and young demographics underscore the need for additional schools, with projections indicating that the school-going population will increase from 7.5 million to almost 9.4 million by 2030.

Opportunities are particularly on offer in second-tier cities such as Makkah, Madinah, and Al-Ahsa, as well as Abha, and Taif.

These cities currently lack high-quality private schools but are undergoing major expansion plans, creating increased demand for K-12 education.

The rise in white-collar expatriate populations and the opening of international branded schools in main cities are expected to drive the growth for private education.

Affordability remains a crucial factor, with average tuition fees in the GCC region and Saudi Arabia ranging from $10,000 to $30,000 per annum.

According to Ahmed: “The sweet spot for international private schools would range between $15,000 to $20,000 per annum.”

The transformation of education in the GCC is paramount for unlocking the region’s economic potential.

By focusing on quality education, the region can build a skilled workforce capable of driving long-term economic growth and prosperity.

This strategic investment in human capital is essential for the region to navigate the challenges of a rapidly changing global economy and to achieve its ambitious development goals.

Topics: Saudi Arabia Education GCC students

Startup Wrap – Saudi ecosystem flourishes with funding and acquisitions

Updated 07 September 2024

Nour El-Shaeri

September 07, 2024 16:15

Startup Wrap – Saudi ecosystem flourishes with funding and acquisitions

Updated 07 September 2024

Nour El-Shaeri

September 07, 2024 16:15

RIYADH: Saudi Arabia’s startup ecosystem continues to gain momentum, with multiple companies across diverse sectors securing significant funding.

From fintech to auto tech, these startups are attracting substantial investments, reflecting the growing confidence in the Kingdom’s entrepreneurial landscape.

One such company to pick up investment is Saudi Arabia-based autotech Syarah, which secured $60 million in a series C funding round led by Artal Capital, with participation from Elm, Impact46, Tawuniya, and Derayah Ventures.

This latest round brings the company’s total investment to more than $82 million.

Syarah was founded in 2015 by Salah Sharef and Fayez Al-Anazi. (Supplied)

Founded in 2015 by Salah Sharef and Fayez Al-Anazi, Syarah enables customers to purchase new and used cars online and have them delivered to their doorstep.

The company’s platform also offers used cars with a free inspection report, a five-day return policy, and a one-year warranty.

The funds will be used to drive Syarah’s continued expansion and growth in the Saudi automotive market.

Saudi fintech Malaa secures $17.3 million in Series A

Saudi fintech Malaa has closed a $17.3 million Series A round, led by SNB Capital, with additional support from Derayah Financial, Khwarizmi Ventures, Impact46, and WKN.

Established in 2021 by Ali Al-Oraini and Faisal Al-Qarni, Malaa provides a wealth management platform designed to help users make informed financial decisions through data-driven solutions.

The company plans to leverage the new funding to introduce a range of investment and savings products, enhancing its financial services offerings. Malaa previously raised $1.7 million in a seed round in 2022.

Saudi-based Thakaa Med secures seed funding for AI healthtech solutions

Saudi Arabia-based healthtech startup Thakaa Med has raised an undisclosed amount in seed funding from the Falak Angels syndicate.

Founded in 2022 by Al-Waleed Al-Badr, Thakaa Med specializes in AI-driven health care technologies aimed at providing predictive, preventive, and personalized medical solutions.

The funds will support the development of the company’s AI models and the market launch of its core products, Dental IQ and Chest IQ, which aim to revolutionize diagnostic capabilities in health care.

Tabby acquires digital wallet Tweeq

Saudi Arabia-based buy now pay later fintech Tabby has finalized its acquisition of Tweeq, a digital wallet licensed by the Saudi Central Bank.

Founded in 2019 by Hosam Arab, Tabby handles over $6 billion in annual transaction volume.

Tweeq, launched in 2020 by Saeed Albuhairi and Abdulaziz Almalki, offers a digital spending account that allows users to manage their finances efficiently.

The acquisition enables Tabby to expand its financial product suite by adding digital wallets, spending accounts, and money management tools. Tabby closed a $200 million Series D round in November 2023, crossing a $1.5 billion valuation.

Speaking to Arab News, Arab explained that the acquisition will open an array of services that tap into customer needs.

“We have really grown and seen extremely strong demand and appetite from the consumer for what we have offered. But we believe that the consumer needs are a lot broader and a lot wider,” he said.

“Tweeq’s acquisition really helps us to make the next step in our journey of starting to offer more than just a buy now, pay later solution and really getting into the financial needs of our everyday consumer,” Arab added.

Tarabut strengthens position with Vyne acquisition

Open banking platform Tarabut has acquired London-based fintech Vyne to expand its global reach.

Founded in Bahrain in 2019 by Abdulla Al-Moayed, Tarabut connects banks and fintechs through a universal application programming interface.

Vyne, established in 2019, offers real-time account-to-account payments for businesses. The acquisition will enhance Tarabut’s ability to deliver faster and more interconnected financial services across the region.

Earlier in 2023, Tarabut raised $32 million in a Series A round led by Pinnacle Capital.

In an interview with Arab News, Al-Moayed highlighted the reasons behind the acquisition.

“Vyne’s account-to-account payment technology brings a level of depth and efficiency to the region that’s unmatched by anything currently available,” he said.

“By enabling faster transactions and offering a comprehensive tech stack, we’re not just speeding up payments — we’re adding significant value with features like seamless reconciliation. This will make payments not only quicker but also more cost-effective, setting a new standard in the financial services sector across the Middle East, especially in Saudi Arabia,” he added.

Wattnow closes multi-million dollar funding round

Tunisia-based clean tech Wattnow has completed a multi-million dollar funding round, led by Lateral Frontiers and 216 Capital.

Other investors include Outlierz Ventures, Satgana, Octerra Capital, and strategic angels such as Karim Beguir, founder of InstaDeep, and Guillaume Amblard.

Founded in 2018 by Issam Smaali, Wattnow helps businesses optimize their energy usage through a combination of hardware and software solutions.

The fresh capital will support Wattnow’s global expansion and enhance its technology offering. The firm raised $1.3 million in a pre-series A round in 2022.

Cercli raises $4 million in seed funding

UAE-based HR tech Cercli has raised $4 million in a seed round led by Silicon Valley’s Afore Capital, with additional participation from COTU Ventures, Y Combinator, and Rebel Fund.

The round also included notable angels such as Karim Atiyeh, Sebastian Mejia, and Tony Jamous.

Founded in 2023 by Akeed Azmi and David Reche, Cercli offers businesses tools to reduce human error and compliance costs across different markets. The new funding will support the company’s growth and help attract top-tier talent.

This round marks Afore Capital’s debut in the Middle East and North Africa as it aims to tap into the region’s hidden potential.

Ziina closes $22 million series A

UAE-based fintech Ziina has raised $22 million in a series A round led by Altos Ventures, alongside Fintech Collective, Avenir Growth, and Activant Capital.

Founded in 2020 by Faisal Toukan and Sarah Toukan, Ziina allows users to send and receive payments via phone number, without the need for IBAN or Swift codes.

The funding will support the company’s plans to evolve from a payments platform into a full-suite financial services provider for both consumers and businesses, starting with the introduction of its new ZiiCard.

Hulexo secures seed investment for ERP expansion

UAE-based enterprise resource planning provider Hulexo has raised an undisclosed seed round from Arzan VC.

Launched in 2021, the firm provides customized ERP solutions to retailers, helping them streamline their operations through subscription-based services.

The investment will fund Hulexo’s expansion into the Kuwaiti and Saudi markets.

Verofax secures $3 million bridge round

UAE-based Web3 services provider Verofax has raised $3 million in a bridge round led by King Abdullah University for Science and Technology, Plug & Play Tech Center, Navig8 Group, and Trove Capital UK.

Verofax, founded in 2018 by Wassim Merheby and Jamil Zablah, uses Web3 technologies such as augmented reality, blockchain, and AI to enhance user experiences in tourism, retail, and brand marketing.

The funding will support Verofax’s expansion in the Middle East and Europe, including projects involving AI-powered guides for tourists and sports fans.

Topics: startups

Construction licenses drive investment surge in Saudi Arabia; Egypt secures 30% of total share in Q2

Updated 07 September 2024

Dayan Abou Tine

September 07, 2024 16:14

Construction licenses drive investment surge in Saudi Arabia; Egypt secures 30% of total share in Q2

Updated 07 September 2024

Dayan Abou Tine

September 07, 2024 16:14

RIYADH: Construction permits led Saudi Arabia’s investment licenses in the second quarter of 2024, with 737 issued, representing 27 percent of the total, according to official data.

Figures from the Kingdom’s Ministry of Investment quarterly report also revealed that this number represents a 32.1 percent increase compared to the same period last year.

Saudi Arabia is aiming to increase foreign direct investment inflows by SR388 billion annually by the end of the decade, contributing 5.7 percent to GDP, as part of its Vision 2030 economic diversification strategy.

Additionally, the goal is to achieve overall gross fixed capital formation of SR2 trillion, accounting for a 30 percent contribution to GDP.

Analyzing the latest figures, Albara’a Al-Wazir, economist at the US-Saudi Business Council, told Arab News: “The prominence of construction permits in Saudi Arabia is driven by the Kingdom’s Vision 2030 initiative, which includes mega projects like NEOM and the Red Sea Project.”

He added: “The need for new infrastructure due to population growth, urbanization, and the push to attract foreign investment also contribute.

“Additionally, regulatory reforms have simplified the permit process, encouraging more construction activity in both residential and commercial sectors.

“These factors underscore the construction sector’s key role in Saudi Arabia’s economic diversification efforts.”

The manufacturing sector followed with 469 licenses issued, reflecting a 68.1 percent growth.

Permits for professional, scientific, and technical services reached 318, up by 48.6 percent. Information and communication had 232, while accommodation and food services secured 216, and wholesale and retail trade accounted for 214 licenses.

Collectively, these six sectors represented around 80 percent of the total investment licenses for the quarter, according to the ministry.

In terms of distribution by country, Egypt received the highest number of licenses, with 789 issued in the second quarter of 2024. This marked a 71 percent growth rate from the same period last year.

India followed with 264, Yemen with 251, then Pakistan with 168, and Syria with 141 licenses.

Alwazir explained that significant investments from Egypt, India, and Yemen reflect their recognition of Saudi Arabia’s economic potential under Vision 2030.

These nations are drawn to opportunities in construction, tourism, and technology, and see the Kingdom as a strategic gateway to the Middle East and North Africa.

Strong bilateral relations and the Kingdom’s efforts to foster a favorable investment climate through reforms and incentives further encourage these countries to look to Saudi Arabia, viewing the Kingdom as a key hub for regional expansion and high returns.

The two countries with the highest increase in investment licenses during this period were Bangladesh, which saw a 406 percent rise to 91 licenses, and China, where licenses grew by 217 percent to 133.

Alwazir told Arab News that China’s Belt and Road Initiative aligns with Saudi infrastructure goals, boosting Chinese investment across multiple sectors. Bangladesh is also increasing its involvement, particularly in construction, trade, and services, driven by the Kingdom’s demand for labor and goods.

Saudi Arabia aims to diversify its economy and achieve sustainable development by fostering investments in key economic sectors.

Guided by Vision 2030, the Kingdom has introduced several national strategies, initiatives, and programs to empower and grow these sectors.

These include attracting investors by organizing and participating in international events and investment forums with various countries, and enhancing investment laws and procedures in collaboration with government entities to strengthen the legislative and regulatory framework.

Additionally, the Kingdom launched the Regional Headquarters program for multinational companies, designed to support and accelerate their growth in the region.

This program offers significant financial incentives, including a 30-year exemption from corporate income tax for foreign companies that establish their Gulf bases in Saudi Arabia.

In the second quarter of 2024, the Ministry of Investment made significant strides in supporting the investment ecosystem and enhancing the investor experience.

According to its quarterly report, 57 licenses for regional headquarters were issued in the second quarter of 2024, marking an 84 percent increase compared to the same period in the previous year.

Additionally, the ministry processed 4,709 applications for the business visit visa, also known as the Visiting Investor, which allows foreign businesspeople to explore opportunities in Saudi Arabia.

The e-platform provided over 58,000 services, reflecting a 31 percent growth from the previous year, while more than 61,000 services were delivered through outreach centers.

The ministry also addressed 38 investor challenges, including legislative and procedural issues. The One Stop Service Center saw impressive growth, offering more than 25,000 services — a 146 percent increase from the same period in the previous year.

In August this year, Saudi Arabia introduced a new Investment Law, set to replace the Foreign Investment Law from 2000.

According to Alwazir, this new law introduces several important provisions to boost investor confidence. It guarantees equal treatment for foreign and domestic investors, eliminating previous barriers and ensuring equal opportunities.

The law also offers stronger protections against expropriation without adequate compensation, addressing a key concern for foreign investors.

Additionally, it streamlines regulatory processes for obtaining licenses and permits, making it easier and faster to enter and operate in the market.

Enhanced dispute resolution mechanisms provide clearer pathways for resolving conflicts, while incentives for strategic sectors like technology, renewable energy, and tourism make investment more attractive.

“By addressing key concerns such as regulatory clarity, protection of assets, and equal treatment, the new law is expected to attract a broader range of global investors and significantly contribute to achieving the FDI target of SR388 billion annually by 2030,” Alwazir said.

Topics: Saudi Arabia Egypt Investment

Saudi Arabia signs MoU with Italian defense company Elettronica

Updated 07 September 2024

Arab News

September 07, 2024 16:10

Saudi Arabia signs MoU with Italian defense company Elettronica

Updated 07 September 2024

Arab News

September 07, 2024 16:10

RIYADH: The Ministry of Investment and the General Authority for Military Industries have signed a memorandum of understanding with Italian defense firm Elettronica, the Saudi Press Agency reported on Saturday.

The MoU “increased tie ups related to investment in the Saudi defense sector and positioning the country as a key player in the global value chain,” according to the SPA.

Minister of Investment Khalid A. Al-Falih ‏and Mohammad Alathel, the GAMI’s deputy governor for localization, attended the signing ceremony during the Ambrosetti Forum in Como, Italy.

The Ministry of Investment participated in several dialogue sessions during the Ambrosetti Forum, discussing investment opportunities in the Kingdom, introducing the ministry’s services in support of investors and investments, and highlighting the incentives offered to local and international investors.

Topics: Ministry of Investment (MISA) GAMI

Startup Wrap – Health, HR, and e-commerce firms eying Saudi expansion after funding rounds

Startup Wrap – Health, HR, and e-commerce firms eying Saudi expansion after funding rounds

Saudi Aramco’s Wa’ed Ventures invests $15m in South Korean chipmaker Rebellions

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Saudi industry minister begins visit to Hong Kong

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Education Transformation: A Catalyst for Economic Breakthrough in the GCC

Education Transformation: A Catalyst for Economic Breakthrough in the GCC

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Startup Wrap – Saudi ecosystem flourishes with funding and acquisitions

Startup Wrap – Saudi ecosystem flourishes with funding and acquisitions

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Construction licenses drive investment surge in Saudi Arabia; Egypt secures 30% of total share in Q2

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Startup Wrap – Health, HR, and e-commerce firms eying Saudi expansion after funding rounds

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