Startup Wrap — Early-stage regional startups garner most funding

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Updated 01 October 2024

NOUR EL-SHAERI

September 22, 2024 13:02

Startup Wrap — Early-stage regional startups garner most funding

Updated 01 October 2024

NOUR EL-SHAERI

September 22, 2024 13:02

RIYADH: Several startups across the Middle East and North Africa have secured significant investments, showcasing the region’s growing entrepreneurial ecosystem.
From proptech and fintech to edtech and automotive, early-stage startups are focusing on expansion and technological innovation in both local and international markets.
Saudi Arabian proptech startup Darent has closed an undisclosed seed funding round, led by Al Tawuniya Insurance.
The round also saw participation from the Morgan Stanley Inclusive Ventures Lab and BIM Ventures.
Founded in 2021 by Hanin Al-Subaie, Darent offers a property management tool for rental properties, connecting owners and tenants through its platform.
“We are deeply thankful to our partners for their immense trust. This funding round is a significant step toward achieving our vision of revolutionizing the vacation rental sector by effectively enhancing the tourist experience and delivering pioneering solutions that elevate the quality of the tourism sector in the Kingdom,” Al-Subaie said.
The company intends to use the new funding to enhance its artificial intelligence technology and support marketing efforts. This follows a $1 million pre-seed round raised in 2022, led by Watheeq Proptech Venture.

Seez raises $4.2m to fuel US expansion
UAE-based automotive software-as-a-solutions startup Seez secured $4.2 million from a group of international investors.
Established in 2015 by Tarek Kabrit and Andrew Kabrit, Seez provides software solutions to car dealerships and original equipment manufacturers to enhance customer experience and drive sales.
“As pioneers in bringing AI technology to the automotive sector, this investment underscores our commitment to innovation and disrupting the status quo. We’re excited to capitalize on our momentum, develop our product offerings, and push the boundaries of automotive solutions,” Tarek, the company’s CEO, said.
The latest investment will be used to further its expansion into the US market.
“Through this phase of expansion, we have secured key partnerships and achieved tremendous success in markets like the UK, Australia, Denmark, South Africa, New Zealand, Mexico, and the GCC region,” Tarek added.
UmrahCash secures $500k from Adaverse
Saudi-based fintech UmrahCash has received a $500,000 investment from Adaverse.
Founded in 2024 by William Phelps, UmrahCash enables pilgrims to access Saudi Riyals in Makkah, Madinah, and Jeddah, allowing payments to be made in their home countries, with the currency provided upon arrival in the Kingdom.
In 2023, Saudi Arabia experienced a significant increase in international Umrah pilgrims, welcoming 26 million performers, an 8.7 percent rise from the previous year.
Out of the total, 13 million were international pilgrims, marking a 61.8 percent increase and surpassing the previous record of 8.5 million in 2019. Many of these pilgrims came from emerging markets.
The new funding will support UmrahCash’s expansion within the Kingdom.
Sultan Ventures acquires Egypt’s Acasia Group
US-based venture capital firm Sultan Ventures has acquired Egyptian angel investment syndicate and incubator Acasia Group for an undisclosed amount.
Founded as Cairo Angels in 2011, Acacia Group is known for empowering Egyptian and regional entrepreneurs.
Sultan Ventures, established in 2009, specializes in early-stage investment and startup ecosystem development.
“What began 14 years ago as a grassroots initiative under Cairo Angels has grown into a regional leader, operating across every aspect of the venture continuum in the Middle East and Africa. The acquisition by Sultan Ventures enables Acasia to scale faster and tackle the region’s biggest challenges, amplifying impact and scaling early-stage ventures and deep-tech commercialization,” said Hossam Allam, chairman of Acasia Group.
The acquisition will extend Sultan Ventures’ reach into the Middle East and Africa region. Notably, Acasia Ventures will remain separate from this deal following a prior separation agreement.
SETTLE raises $2m in pre-seed funding
Egyptian fintech startup SETTLE has raised $2 million in a pre-seed funding round led by Shorooq Partners, with support from El Sewedy Capital Holding, Acasia Ventures, and Plus VC.
Launched in 2023 by Kamil Sayour and Mostafa Mobarak, SETTLE is a business-to-business payment platform designed to modernize financial operations for enterprises.
“We are deeply familiar with the challenges and potential for the B2B financial services market in Egypt. SETTLE is prepared to enhance that market by automating financial workflows for businesses of all sizes. With the backing of strategic investors, we are now positioned to scale quickly and efficiently,” Mobarak said.
The funding will accelerate SETTLE’s global expansion and enhance its platform’s capabilities.
LabLabee secures $3.4m in Seed funding
Algerian edtech company LabLabee closed a $3.4 million seed funding round, led by Reach Capital and supported by Classera, Brighteye Ventures, and e& capital.
Founded in 2021 by Samir Tahraoui and Mahfoud Mebarek, LabLabee offers practical, hands-on learning experiences in cutting-edge network technologies.
The investment will support LabLabee’s expansion into the US market, hiring new talent, and developing new technologies.
Plain Tiger attracts investment from COREangelsMEA
UAE-based B2B marketplace Plain Tiger secured an undisclosed investment from COREangelsMEA, part of COREangels International.
Founded in 2021 by Alexandra Polson and Oliver Baillie, Plain Tiger connects hotels with eco-friendly suppliers, aiming to save time and reduce environmental impact.
The company will use the investment to further develop its platform and expand its presence in the Middle East, focusing on the Saudi market. Earlier this year, Plain Tiger received additional funding from AngelSpark.
Farid raises $250k pre-seed round
Egyptian edtech startup Farid has raised $250,000 in a pre-seed funding round from Saudi businesswoman Amal Al-Ajlan.
Founded in 2024 by Mahmoud Hussein, Farid provides a platform focusing on character education and mental health support for children and youth aged 3 to 18.
The funding will be used to develop the platform and support Farid’s expansion into Saudi Arabia and the UAE.

Aramco to increase borrowing, focus on dividend growth, CFO says

Updated 21 November 2024

Reem Walid

November 21, 2024 16:13

Aramco to increase borrowing, focus on dividend growth, CFO says

Updated 21 November 2024

Reem Walid

November 21, 2024 16:13

RIYADH: Saudi Aramco plans to increase borrowing and focus on enhancing its dividend distribution strategy, revealed the company’s chief financial officer.

In an interview with Bloomberg, Ziad Al-Murshed explained that this move is part of the company’s efforts to optimize its capital structure.

Aramco is considered one of the pillars of the Saudi economy, encompassing the entire oil production chain, from hydrocarbon extraction to energy generation, as well as refining and commercial distribution activities.

“You’ll see us do a couple of things. One is, just take on more debt compared to use of equity,” Al-Murshed said during the interview.

“It’s nothing to do with the dividend, it is optimizing our capital structure so that we end up with a lower weighted average cost of capital,” he added.

Aramco returned to the debt market earlier this year after a three-year hiatus, raising $9 billion in two separate issuances. In June, it launched a $6 billion offering of dollar-denominated bonds, followed by a $3 billion issuance of Islamic bonds in September.

The CFO noted: “We had the luxury of sitting out those three years until the market became conducive.”

Al-Murshed provided insight into how the company increased its dividend by 4 percent in each of the past two years and is now paying over $81 billion in base dividends.

“We’re looking for it to be progressive over the years,” he said, adding that the company’s free cash flow supports this strategy.

While the company plans to issue debt regularly, Al-Murshed emphasized that it will not be overly frequent and revealed that Aramco has no plans to sell more debt for the remainder of 2024.

“We want to be active, but we don’t want to be too active,” he said.

The CFO further clarified that the company’s decision to sell debt is primarily aimed at broadening its investor base.

Al-Murshed did not specify whether Aramco would borrow to support its dividend payments, which are set to total $124 billion this year, exceeding the company’s earnings.

Earlier this month, Aramco reported a net profit of SR103.37 billion ($27.52 billion) for the third quarter of 2024, exceeding analyst expectations, which had projected a median net income of $26.9 billion.

However, in a statement released at the time, the company noted a 15.4 percent decline in net profit compared to the same period in 2023, attributed to challenging market conditions, including lower prices for crude oil, refined products, and chemicals.

Aramco’s vision remains to be the world’s leading integrated energy and chemicals company, operating in a safe, sustainable, and reliable manner.

Topics: Aramco Saudi Aramco

Saudi Arabia's Ma’aden proceeds with $10bn capital raise to boost phosphate stake

Updated 21 November 2024

MIGUEL HADCHITY

November 21, 2024 16:04

Saudi Arabia's Ma’aden proceeds with $10bn capital raise to boost phosphate stake

Ma’aden said its shareholders will convene virtually on Dec. 11 to approve the capital increase
Plan includes issuing 111 million new ordinary shares valued at SR10 each

Updated 21 November 2024

MIGUEL HADCHITY

November 21, 2024 16:04

RIYADH: Saudi Arabian Mining Co., or Ma’aden, has issued a shareholder circular outlining the terms of its plan to raise its share capital to SR38.03 billion ($10.1 billion) from SR36.92 billion to boost its phosphate business.

The move follows an earlier announcement to acquire a 25 percent stake in Ma’aden Wa’ad Al-Shamal Phosphate Co. from Mosaic Phosphates B.V., increasing its ownership in the joint venture to 85 percent.

In April, Ma’aden announced the signing of an agreement to acquire 210.93 million shares owned by Mosaic Co. and its subsidiary, Mosaic Phosphates B.V. Regulatory approval for the transaction was granted in November by the Capital Market Authority.

In a bourse filing, Ma’aden said its shareholders will convene virtually on Dec. 11 to approve the capital increase. The plan includes issuing 111 million new ordinary shares valued at SR10 each, representing a 3.01 percent rise in the company’s share capital.

In exchange, Mosaic Phosphates will transfer its MWSPC stake to Ma’aden, aligning with the Saudi firm’s strategic expansion in the phosphate sector.

MWSPC, established in 2014 and based in Turaif, is a joint venture between Ma’aden, Mosaic Co., and Saudi Basic Industries Corp. Following the transaction, SABIC will retain its 15 percent stake while Ma’aden strengthens its position as a global phosphate leader.

Mosaic Netherlands Holding Co., a subsidiary of Mosaic Co., will receive the newly issued shares, which will be subject to a three-year lock-up period. Limited transfers will begin in the fourth year, with full tradability by the fifth year, the circular said.

The acquisition will enhance Ma’aden’s control over MWSPC, recognized as a low-cost, large-scale phosphate producer. It will also grant Ma’aden access to Mosaic’s marketing rights, a component of the deal’s valuation at SR5.62 billion.

Ma’aden expects increased earnings per share following the transaction, reflecting anticipated synergies and enhanced operational efficiencies, according to the document.

The company assured shareholders that all regulatory approvals for the transaction have been secured, with a detailed timeline for procedural steps provided in the circular.

The move underscores Ma’aden’s commitment to driving value creation in the Kingdom’s mining sector, aligning with Saudi Vision 2030 goals to diversify the economy and develop industrial capabilities.

In the first half of this year, Ma’aden achieved a net profit of SR2 billion, marking a 160 percent increase compared to the same period in 2023.

The surge in profitability was driven by several key factors. A major contributor to this financial success was the significant boost in sales volume, according to a Tadawul statement.

The company’s robust performance in primary aluminum and gold sales played a crucial role in driving up revenues. Ma’aden also benefited from reductions in raw material costs and lower depreciation expenses, which further enhanced its profitability.

Ma’aden’s performance and strategic advancements underscore its commitment to leading the mining sector and contributing to Saudi Arabia’s economic diversification goals, particularly in developing mining as a critical pillar of the Kingdom’s industry.

Topics: Saudi Arabia Mining Saudi Arabian Mining Co. (Ma’aden) Ma’aden Saudi mining

Saudi Urban 20 delegation emphasizes need for frameworks to tackle development issues

Updated 21 November 2024

Nour El-Shaeri

November 21, 2024 14:26

Saudi Urban 20 delegation emphasizes need for frameworks to tackle development issues

Updated 21 November 2024

Nour El-Shaeri

November 21, 2024 14:26

RIYADH: Saudi Arabia emphasized the need for comprehensive strategic frameworks to tackle global economic, climate, and development challenges during the seventh Urban 20 Summit in Rio de Janeiro.

A delegation led by Fahd Al-Rasheed, adviser to the General Secretariat of the Saudi Council of Ministers, participated in several key discussions at the event, highlighting the Kingdom’s urban development strategies and its commitment to sustainability, social inclusion, and economic empowerment on a global scale.

Speaking about the country’s approach to urban transformation, Al-Rasheed said: “Saudi Arabia has adopted a comprehensive strategic framework for urban development and transformation that empowers city leadership to pursue the initiatives that drive their growth and success.”

He also underlined that the U20, which unites cities from G20 member states, is vital in facilitating tools such as financing models to support cities in achieving their goals.

Al-Rasheed gave those remarks during a panel discussion titled “Empowering Cities on their Own Paths to Development,” which included global urban leaders such as Edward Glaeser of Harvard University, Nasiphi Moya, mayor of Pretoria, and Kate Gallego, mayor of Phoenix.

At the summit, Al-Rasheed also attended the launch of the first U20 book, a compilation of insights from global urbanists addressing shared challenges faced by metropolizes.

His contribution, titled “Enlightened City Leadership: A New Model for a Sustainable Urban Future,” highlighted the importance of training city leaders to manage the complexities of modern urban administration.

“Delivering on urban development imperatives requires comprehensive strategic planning that embraces governance, resourcing, and competitive advantage,” he remarked.

Al-Rasheed pointed to projections that cities with populations exceeding 1 million will increase from 700 today to 1,600 by 2080.

To meet the growing demand, he underlined that approximately 2 million urban leadership professionals will need to be trained over the next 35 years.

“Urban development plans must include mechanisms to address pervasive issues, including poverty and social inclusion while preparing the next generation of city leaders to confront the deluge of challenges that cities will continue to face worldwide,” he said.

Al-Rasheed further explained that although many institutions offer training in disciplines such as urban planning, civil engineering, and public administration, there remains a lack of programs providing a comprehensive curriculum specifically focused on preparing city leaders to address both the technical and socioeconomic aspects of their roles.

The U20 summit concluded with a closed-door session attended by Luiz Inacio Lula da Silva, president of Brazil, where Al-Rasheed reiterated the Kingdom’s commitment to sustainability and social equity in urban development.

“We are proud to represent Saudi Arabia’s unique perspective and experience in urban development on this important global stage,” he said, according to press release, adding: “We look forward to continuing Saudi Arabia’s legacy of leadership at the Urban 20 and to continuing our work with urban leaders from around the world to unify city voices around common challenges.”

Among the highlights of the delegation’s activities was a mayoral dinner co-hosted by Al-Rasheed and Eduardo Paes, mayor of Rio de Janeiro and chair of this year’s Urban 20.

The event brought together more than 100 city leaders, including the mayors of major cities such as Paris, Pretoria, Helsinki, and Phoenix, to celebrate civic leadership and its impact on urban development.

Representatives from multinational organizations, such as Anaclaudia Rossbach, executive director of UN-Habitat, also attended the gathering.

In his opening remarks at the dinner, Al-Rasheed said: “Mayoral leadership calls for a unique combination of abilities to anticipate and navigate future trends, including technological disruptions, economic shifts, and demographic changes, while demonstrating the social sensitivity to care for and improve citizens’ daily lives.”

He added: “By convening senior city leaders from around the world to address the common challenges of urban development and city leadership, Saudi Arabia continues to demonstrate its commitment to global collaboration in the spirit of the Urban 20.”

Topics: G20 Urban 20 (U20) mayors summit Fahd Al-Rasheed

British Airways reverses plan to axe Bahrain flights amid outcry

Updated 21 November 2024

Arab News

November 21, 2024 14:10

British Airways reverses plan to axe Bahrain flights amid outcry

Ex-UK defense secretary: Cancelation would have sent ‘totally the wrong message’
Decision to scrap Kuwait route remains ‘under review’

Updated 21 November 2024

Arab News

November 21, 2024 14:10

LONDON: British Airways has reversed a decision to scrap direct flights to Bahrain following a backlash, the Daily Mail reported.

However, flights to nearby Kuwait are still set to be suspended in March as part of previous plans aimed at tackling financially unviable flights at the airline.

Earlier this month, the Mail reported that BA had planned to cancel the Bahrain and Kuwait routes after almost a century of service.

The Gulf states have long had close ties to Britain, and the decision reportedly angered officials in Manama. Airline staff who served on the two routes were also set to lose their jobs.

Though the Kuwait route axing remains “under review,” the initial decision to cancel the Bahrain route would have sent “totally the wrong message” about the UK’s diplomatic stance toward the Gulf region, former Defense Secretary Liam Fox told the Mail.

Thousands of residents in Bahrain with close ties to the UK launched a petition demanding that the route remain available.

Bahrain hosts a Royal Navy base at Mina Salman Port, and the country has long had close commercial and trade ties with the UK.

BA said in a statement: “Following discussions with our partners and stakeholders, we can confirm we will operate a service between London Heathrow and Bahrain International Airport three times a week from the start of the summer 2025 season. This will increase to a daily service from the start of the Winter 2025 season.”

BA’s predecessor Imperial Airways first launched flights to Bahrain in 1971.

Manama became a key financial hub in the Gulf partly due to the presence of London-based Standard Chartered, which set up the country’s first bank in 1920.

Bahrain’s sovereign wealth fund, the Mumtalakat, owns McLaren, the UK luxury automotive manufacturer.

The fund plans to expand its British holdings through a series of investments, the Mail reported earlier this year.

The UK is also negotiating a free trade deal with the Gulf Cooperation Council, which includes Bahrain and Kuwait.

The six GCC countries combined represent the UK’s fourth-largest export market after the US, the EU and China.

Mohamed Yousif Al-Binfalah, chief of the Bahrain Airport Co., said: “We are delighted to witness British Airways continue operations at Bahrain International Airport.

“As the oldest airline operating out of Bahrain for over 92 years, the enduring partnership with British Airways is a testament to our shared commitment to excellence.”

Topics: aviation British Airways UK Bahrain

Saudi GDP to receive $3bn boost after raft of deals at Local Content Forum

Updated 52 min 49 sec ago

MIGUEL HADCHITY

November 21, 2024 13:14

Saudi GDP to receive $3bn boost after raft of deals at Local Content Forum

Updated 52 min 49 sec ago

MIGUEL HADCHITY

November 21, 2024 13:14

RIYADH: Saudi Arabia launched initiatives and signed 15 agreements at the Local Content Forum, boosting domestic industries with an estimated SR12.4 billion ($3.3 billion) impact on gross domestic product.

The deals, signed on the first day of the three-day event in Riyadh, span multiple strategic sectors, including manufacturing, technology, and transportation.

The Local Content and Government Procurement Authority launched several initiatives aimed at driving the localization of key industries, aligning with broader economic goals.

The agreements include partnerships designed to localize manufacturing, transfer knowledge, and foster innovation, the Saudi Press Agency reported.

Key deals included:

Two agreements with Saudi National Automotive Manufacturing Co. to localize and transfer knowledge for multi-purpose vehicles and light transport vehicles.
Five agreements with NAFFCO for the localization of firefighting products, including dry powder extinguishers, trailer-mounted pumps, complete personal breathing devices, various types of fire extinguishers, and fire hoses.
Agreements with Alfanar and Hewlett Packard Enterprise to localize and transfer knowledge for data center servers.
A deal with InnovEra to localize manufacturing and knowledge transfer of directional devices.
An agreement with Al-Salah Arabia to localize the manufacturing of bridge expansion joints.
A partnership with Saffen Co. for the localization of oxygen sensor production.
A deal with SAJA Pharmaceutical Co. for the production of “Empagliflozin.”
An agreement with Coastal Co. to localize stadium seat manufacturing.

Wattenha program

Sadara Chemical Co. launched its “Wattenha” program, highlighting its contribution to Saudi Arabia’s localization efforts. The program aims to support domestic suppliers, develop human capital, and enhance manufacturing capabilities.

In the first half of 2024, Sadara reported a local content rate of 50.25 percent, surpassing industry benchmarks, with SR3 billion spent on Saudi procurement.

Locally manufactured products made up 43 percent of its offerings, and Saudization reached 77.8 percent, according to a press release.

A notable achievement is Sadara’s pipeline system connecting its facilities to the PlasChem complex, which supplies critical raw materials like ethylene oxide and propylene oxide, reducing costs and reliance on imports.

Logistics and transportation

Saudi Arabia Railways, in partnership with LCGPA, launched a SR15 billion Saudization program in the sector. This initiative, unveiled by Minister of Transport and Logistics Saleh Al-Jasser, aims to localize manufacturing, boost operational efficiency, and create up to 3,000 jobs by 2030.

The minister emphasized that this program reflects the partnership between SAR and the private sector, in collaboration with the LCGPA, according to SPA.

Automotive manufacturing

The forum also highlighted the Kingdom’s plans for the automotive industry, including the goal to produce 500,000 vehicles annually by 2030.

Ongoing negotiations with Hyundai underline Saudi Arabia’s commitment to becoming a hub for automobile manufacturing.

The Global Supply Chain Resilience Initiative, valued at SR100 billion, is driving 95 strategic projects, with a focus on value chain development and export promotion. Additionally, three automotive manufacturing complexes were announced, furthering the localization of this critical sector.

Diverse initiatives

The forum featured discussions on the future of local content in industries such as agriculture, energy, and industrial services. Programs introduced by the LCGPA aim to reduce reliance on imports, enhance local supply chain resilience, and foster innovation.

The “Golden Category” of the Made in Saudi program was also launched, aimed at integrating local suppliers into global supply chains and highlighting Saudi-made products on the world stage.

The initiative, overseen by the Saudi Export Development Authority, promotes local products and supports exports.

Minister of Investment Khalid Al-Falih emphasized that local content is a crucial driver of the economy, impacting key industries such as energy, industry, and tourism, among others.

He highlighted that achieving growth targets requires a highly competitive investment climate, with the private sector playing a vital role in boosting the Kingdom’s exports while meeting the demands of its growing economy.

Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef further emphasized the importance of locally produced products that offer high quality and competitive advantages as a key requirement for achieving local content goals and maximizing its economic impact.

During his remarks at the forum, Alkhorayef stated that local content is one of the central pillars for achieving Saudi Arabia’s Vision 2030, as its development directly influences the execution of the initiative’s programs.

Alkhorayef also discussed the significant role of the private sector in advancing local content development, noting that the LCGPA implements local content through fostering strategic partnerships and facilitating the Local Content Coordination Council.

This council includes several major national companies, which have worked closely with the authority to increase local content in their operations and procurements.

GAMI localization on the up

Governor of the General Authority for Military Industries, Ahmed bin Abdulaziz Al-Ohaily revealed that the localization of military spending has reached 19.35 percent, compared to just 4 percent in 2018.

GAMI aims to localize over 50 percent of government spending on military equipment and services by 2030. Additionally, the number of licensed and authorized establishments in the military industries sector has increased to 296 by the third quarter of 2024.

Al-Ohaily highlighted the authority’s initiatives to establish supply chains in the sector, bolster military procurements from local companies valued at SR13 billion, and support the manufacturing of locally produced unmanned aerial vehicles, defensive systems, and fast attack boats.

This announcement came on the second day of the Riyadh event during GAMI’s top official’s participation in a panel discussion titled “Government Efforts in Enhancing Local Content,” part of the forum in Riyadh.

Al-Ohaily emphasized that local content development is a key priority under Saudi Arabia’s Vision 2030, with GAMI contributing to the growth of the sector.

The local content percentage in companies operating within the military industries sector has reached 38 percent, contributing SR5 billion to GDP.

To improve governance and attract investor confidence, GAMI has launched 11 policies and regulations for the sector. These efforts aim to boost local content, build new manufacturing and service capabilities, and create high-quality employment opportunities.

Further supporting local content development, the authority has signed over four framework agreements covering 70 product categories, including approximately 80 percent of military apparel, equipment, arms, and ammunition.

The total value of these contracts is estimated at SR1 billion, achieving a 20 percent cost savings. It is expected that the value of these agreements will grow to SR1.6 billion, all of which will be spent within the local market.

Additionally, domestic manufacturers have been supported through streamlined licensing processes and attractive investment environments for both national and international companies.

The initiatives include applying a zero VAT rate on locally manufactured military goods, providing financial incentives, and establishing industrial zones.

GAMI has signed more than 53 industrial participation programs valued at nearly SR35 billion with both local and international companies, including SR13 billion in local purchase orders.

Al-Ohaily also highlighted the GAMI’s investment in digital transformation technologies to develop local products that meet military market demands.

This includes the launch of a unified platform for military industries, integrating all services provided to beneficiaries, automating processes, and leveraging data science and artificial intelligence to forecast demand for military products and services.

Additionally, GAMI collaborates with the General Authority for Defense Development’s “JADD” platform on research and development programs for defense products, utilizing the latest digital transformation techniques and reverse engineering.

In 2022, GAMI launched a human resources strategy for the military industries sector, establishing the National Military Industries Academy, which annually accommodates 2,000 students in technical and engineering disciplines.

Moreover, an expatriation and scholarship program, along with educational and training initiatives, has benefited more than 850 employees working in the private sector.

Topics: Local Content Forum Saudization Bandar bin Ibrahim Alkhorayef

Startup Wrap — Early-stage regional startups garner most funding

Startup Wrap — Early-stage regional startups garner most funding

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Saudi Arabia's Ma’aden proceeds with $10bn capital raise to boost phosphate stake

Saudi Arabia's Ma’aden proceeds with $10bn capital raise to boost phosphate stake

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