Startup Wrap – Saudi firms flourish with acquisitions and funding rounds 

Startup Wrap – Saudi firms flourish with acquisitions and funding rounds 
Startups across the region secured investments. Shutterstock
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Updated 11 October 2024
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Startup Wrap – Saudi firms flourish with acquisitions and funding rounds 

Startup Wrap – Saudi firms flourish with acquisitions and funding rounds 

RIYADH: Startups across the Middle East continue to attract significant investment, with new funding rounds and strategic acquisitions highlighting the region's growing appeal to investors. 

From Saudi Arabia and the UAE to Oman and Kuwait, emerging companies are securing capital to expand their market reach, develop innovative solutions, and strengthen their positions in competitive industries.  

Saudi property tech startup Ejari has closed a $14.65 million seed round, comprising a mix of debt and equity, to expand its presence in the rent now, pay later market.  

The round was led by Partners for Growth, with participation from BECO Capital, anb seed, and Rua Ventures, as well as Alinma Bank, Vision Ventures, and Aqar platform, a leading property listing platform in Saudi Arabia. Existing investor Salica Oryx Fund also participated in the round.  




The team at Saudi property tech startup Ejari. Supplied

Founded in 2022 by Yazeed Al-Shamsi, Fahad Al-Bedah, Mohammed Al-Khelewy, and Khalid Al-Munif, Ejari provides an RNPL solution tailored to Saudi Arabia’s real estate rental market. 

The new funding aims to strengthen its market share, enhance product offerings, and solidify its position as a key player in the Saudi rental market. 

Al-Shamsi, the company’s CEO, described the cash injection as a “major milestone” in the firm’s journey to transform the Saudi rental market.

“With this new investment, we’re poised to enhance our technology, expand our product offerings, and deliver exceptional value to our clients. Our mission is to democratize access to the rental market and lower barriers for tenants, and this funding brings us closer to that goal. We are deeply grateful for the trust our investors have placed in us and are excited about the future,” he added. 

Yamm closes pre-seed funding to enhance logistics platform 

Saudi-based logistics startup Yamm has completed a pre-seed funding round, with an undisclosed amount raised. 

The round was led by Flat6Labs, with additional participation from Judah Ventures and several angel investors.  

Founded in 2023 by Sultan Al-Subhi, Mohammed Al-Shalati, and Hamadah Al-Khaldi, Yamm aims to simplify the post-purchase experience for both consumers and merchants by providing an end-to-end solution for managing returns, refunds, and logistics.  

The funding will be used to expand its merchant base across Saudi Arabia, introduce new product features, and enhance the platform’s value for retailers. 

Nana acquires Rasseed to boost digital grocery shopping experience 

Saudi Arabia-based digital grocery delivery startup Nana has acquired Rasseed, a software solutions provider specializing in branded and local gift cards, for an undisclosed amount.  

Nana, founded in 2016 by Abdulmajeed Al-Sukhan and Sami Al-Helwah, offers a digital platform for fulfilling daily, weekly, and monthly household grocery needs.  

Rasseed, also founded in 2016 in Saudi Arabia, focuses on simplifying the purchase of gift cards. 

The acquisition aligns with Nana’s strategy to digitize the grocery shopping experience in stores and hypermarkets, as well as its broader expansion plans.  

Nana previously raised $133 million in a series C funding round in February 2023, led by Kingdom Holding and Uni Ventures, along with other investors. 

OCTA secures $2.25m pre-seed round to streamline SME payments 




Nupur Mitta, Jon Santillan, and Andrey Korchak founded OCTA

UAE-based fintech OCTA has closed a $2.25 million pre-seed funding round.  

The round was co-led by Quona Capital and Sadu Capital, with additional backing from Sukna Ventures, Plus VC, 500 Global, and notable angel investors, including Pawel Iwanow, chief payment officer at Fresha, and Dom Monhardt, director of product design at Tap Payments.  

Founded in early 2024 by Jon Santillan, Nupur Mitta, and Andrey Korchak, OCTA automates the process of collecting payments for small and medium-sized enterprises, helping to improve cash flow management and simplify accounts receivable.  

The company has recently expanded its operations into the Saudi market. 

Synnax raises $550k in strategic funding for credit intelligence platform 

Synnax, a digital asset credit intelligence startup, has raised $550,000 in a strategic funding round, bringing its total fundraising to $1.55 million.  

The investment was led by Wintermute Ventures and TON Ventures. The funds will support the continued development of Synnax’s Credit Intelligence platform and its Telegram-based mini-app, SynQuest, which attracted over 250,000 users within two weeks of launch.  

The partnerships with Wintermute Ventures and TON Ventures go beyond funding, aligning with Synnax’s vision of building a decentralized, transparent digital asset credit market. 

Wintermute Ventures, a leader in algorithmic trading and digital asset lending, provides expertise, while TON Ventures leverages its influence in The Open Network ecosystem, which integrates with Telegram’s user base of over 950 million people. 

QPay secures seed funding to drive fintech growth in Oman 

QPay, Oman’s first licensed buy now, pay later financial services provider, has completed a seed funding round led by Cyfr Capital.  

This funding is part of Future Fund Oman’s broader strategy to boost innovation within the country’s fintech sector.  

The investment will help advance QPay’s mission to enhance financial inclusion and promote the growth of BNPL services across the Sultanate, aligning with FFO’s focus on supporting innovative fintech solutions. 

Kuwait’s Krti raises $1.5m to expand payment solutions 

Kuwaiti fintech startup Krti has secured $1.5 million in a pre-seed funding round, led by Core Vision Investment as part of the Financial Academy Financial Technology Investment Programme.  

Founded in 2022 by Abdulrahman Al-Hammadi, Naser Boresli, and Abdullah Al-Baker, Krti offers payment solutions designed to support online merchants and shoppers, aiming to empower the region’s e-commerce sector.  

The newly raised capital will facilitate Krti’s expansion in both Kuwait and Saudi Arabia. 

4Partners secures $3.6m to fuel regional expansion from Dubai HQ

UAE-headquartered dropshipping service 4Partners has raised $3.6 million in a recent funding round from undisclosed investors.

Founded in 2017 in Russia, the company assists businesses in launching and scaling online stores by managing inventory, shipping, and order fulfillment through its network of warehouses across MENA, Europe, Asia, and the US.

After relocating its headquarters to Dubai in 2023, 4Partners plans to use the new capital to support its growth in the region.

The company aims to tap into the MENA e-commerce market, offering a content management system alongside international dropshipping solutions for online retailers.

Rology partners with Thakaa Med to advance AI-driven stroke detection 

Rology, an FDA-cleared artificial intelligence-powered teleradiology platform, has entered a strategic partnership with Riyadh-based Thakaa Med, an AI-driven health care technology firm, to develop “StrokeIQ,” a new solution designed to improve the speed and accuracy of stroke detection in neuroimaging.  

StrokeIQ will utilize AI to analyze CT brain scans and identify signs of stroke, enabling health care providers to make more rapid, informed decisions during critical situations.  

The collaboration aims to leverage advanced AI technology to address the challenges in stroke diagnostics, where timely intervention is crucial. 


Oil Updates — prices fall as potential Ukraine peace deal may ease supply disruptions

Oil Updates — prices fall as potential Ukraine peace deal may ease supply disruptions
Updated 13 February 2025
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Oil Updates — prices fall as potential Ukraine peace deal may ease supply disruptions

Oil Updates — prices fall as potential Ukraine peace deal may ease supply disruptions

SINGAPORE: Oil prices fell on Thursday on expectations that a potential peace deal between Ukraine and Russia would end sanctions that have disrupted supply flows, while crude inventories rose in top producer the US.

Brent futures were down 68 cents, or 0.9 percent, at $74.50 a barrel by 8:15 a.m, while US West Texas Intermediate crude dropped 65 cents, or 0.9 percent, to $70.72.

Brent and WTI fell more than 2 percent on Wednesday after US President Donald Trump said Russian President Vladimir Putin and Ukrainian President Volodymyr Zelensky expressed a desire for peace in separate phone calls with him, and Trump ordered top US officials to begin talks on ending the war in Ukraine.

Russia is the world’s third-largest oil producer and sanctions imposed on its crude exports as a result of its invasion of Ukraine nearly three years ago have supported higher prices.

In a note on Thursday, ANZ analysts said oil prices eased on news of the potential peace talks because of “optimism that risks to crude oil supplies would ease,” pointing to the US and EU sanctions that are pushing down Russia’s output.

“Signs of tightening supply have been pushing up oil prices in recent weeks,” they said. “US sanctions on Russian oil companies and vessels are said to have exacerbated the situation.”

A build in crude oil inventories in the US, the world’s biggest crude consumer, also weighed on the market. US crude stocks rose more than expected last week, data from the Energy Information Administration showed on Wednesday.

Crude inventories rose by 4.1 million barrels to 427.9 million barrels in the week ended Feb. 7, the EIA said, beating analysts’ expectations in a Reuters poll for a 3-million-barrel rise.

“This recent downturn in crude oil futures follows a period of consecutive inventory builds,” said Darren Lim, a commodities strategist at Phillip Nova.

“Geopolitical developments, such as proposals to end the conflict in Ukraine, could put crude oil prices under further pressure.”

Trump’s threat of additional tariffs against US trade partners also pressured prices, because of concerns that may reduce economic growth and therefore oil demand.

Trump said he would impose reciprocal tariffs as soon as Wednesday evening on every country that charges duties on US imports, in a move that ratchets up fears of a widening global trade war and threatens to accelerate US inflation. 


NUPCO secures $667m in financing to boost Saudi healthcare supply chain

NUPCO secures $667m in financing to boost Saudi healthcare supply chain
Updated 12 February 2025
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NUPCO secures $667m in financing to boost Saudi healthcare supply chain

NUPCO secures $667m in financing to boost Saudi healthcare supply chain

RIYADH: Saudi Arabia’s National Unified Procurement Co. has secured three significant financing agreements totaling SR2.5 billion ($666.6 million) to strengthen supply chain financing for healthcare suppliers.

In an interview with Arab News at the PIF Private Sector Forum, NUPCO’s Chief Commercial Officer Khalid Al-Ghamdi said that the agreements were made with prominent financial institutions, including Banque Saudi Fransi, Abu Dhabi First Bank, and Tameed. These partnerships are designed to provide suppliers with better access to capital, enabling them to meet the increasing demand for medical supplies across Saudi Arabia.

The company signed an agreement worth SR500 million with Banque Saudi Fransi to finance the supply chain in health care. “It’s for the suppliers,” Al-Ghamdi said.

Another agreement with Abu Dhabi First Bank is worth SR1 billion to enable “our suppliers to take financing throughout these agreements and making sure that they are really overcoming all the financing challenges that they might have.”

The agreement signed with Tameed is worth SR1 billion to support small and medium enterprises within the healthcare sector.

“Tameed is looking after the SMEs, where we are trying as much as we can to make them enabled and grow within the sector of the healthcare as well,” Al-Ghamdi explained.

NUPCO, formerly dedicated to serving public hospitals, is now expanding its services to the private healthcare sector.

Al-Ghamdi highlighted that the company’s healthcare logistics and digital solutions will now be available to private hospitals, clinics, and small and medium-sized enterprises.

“What we discovered is that, up until the post-COVID period, NUPCO was primarily focused on providing services to the public sector, as that was our main priority and mandate,” he said.

Al-Ghamdi added: “However, we soon realized that the private sector is an integral part of the healthcare ecosystem. The ongoing transformation in healthcare will eventually lead to a shift, with the privatization efforts making even the public sector more aligned with private sector dynamics.”

A central component of this expansion is the introduction of a new digital healthcare marketplace, scheduled to launch by the end of the first quarter of 2025—just one month away.

This innovative platform will enable private clinics and SMEs to purchase medical equipment and supplies seamlessly, while also offering tailored financing solutions. By doing so, it aims to simplify access to advanced medical infrastructure, empowering healthcare providers to enhance their capabilities and improve patient care.

“For example, a small clinic wants to buy a dental chair or a laser machine. They can go through the marketplace and find financing solutions over there, and instead putting their capital in one asset like one chair or one laser machine, they can go for five or six, as much as they can,” Al-Ghamdi stated.

Enhancing Kingdom’s healthcare logistics

The financing agreements are a key element of NUPCO’s comprehensive strategy to bolster the healthcare sector’s logistics and procurement infrastructure. As a wholly owned subsidiary of the Public Investment Fund, NUPCO is at the forefront of driving Vision 2030’s healthcare transformation by optimizing the distribution of medical supplies throughout the Kingdom.

In a significant move to further this mission, NUPCO unveiled five strategic partnerships with global logistics leaders—DHL, SMSA, and UPS—during the PIF Private Sector Forum.

These collaborations are designed to strengthen and expand medical supply distribution networks, ensuring efficient and reliable delivery of critical healthcare resources across Saudi Arabia.

This initiative underscores NUPCO’s commitment to advancing the Kingdom’s healthcare ecosystem and supporting its long-term economic and social goals.

“We are making sure that all of them is alliances that we build our relationship to make sure that we extend the services all the way to their businesses,” said Al-Ghamdi.

Additionally, NUPCO forged a strategic partnership with the Saudi Authority for Industrial Cities and Technology Zones, the Kingdom’s largest operator of industrial cities, to support future logistics expansion and enhance operational capabilities. This collaboration aims to leverage MODON’s extensive infrastructure and expertise to further streamline healthcare logistics.

Furthermore, NUPCO signed an agreement with Monsha’at, Saudi Arabia’s Small and Medium Enterprises General Authority, to integrate SMEs into its supply chain ecosystem.

This initiative is designed to empower smaller businesses by providing them with opportunities to contribute to the healthcare sector, fostering economic growth and aligning with Vision 2030’s goals of diversifying the economy and supporting local enterprises.

Preparing for the future

With Saudi Arabia’s healthcare sector experiencing rapid growth, NUPCO is strategically scaling its logistics network to keep pace with rising demand. The company plays a pivotal role in the Kingdom’s healthcare ecosystem, currently supporting over 300 hospitals and 2,500 clinics.

This extensive reach ensures that 97 percent of Saudi Arabia has access to essential medical supplies and services.

“We are forecasting that between now and 2030, there will be additional more than between 26,000 to 43,000 extra beds that’s going to be in the market,” said Al-Ghamdi, adding that major events such as the World Cup 2034 and Expo 2030 will further drive demand for healthcare services.

As part of its ambitious expansion strategy, NUPCO is investing heavily in advanced logistics infrastructure, including the development of two cutting-edge warehouses slated to become operational by 2026. These state-of-the-art facilities will further enhance the company’s capacity to meet the growing demands of Saudi Arabia’s healthcare sector.

NUPCO’s nationwide distribution network is already a cornerstone of its operations, boasting over 2,600 delivery points and ensuring an impressive 8-hour delivery window for medical supplies within a 100-km radius of its warehouses. This efficiency underscores NUPCO’s commitment to reliability and speed in serving healthcare providers across the Kingdom.

Through its latest strategic agreements and initiatives, NUPCO is solidifying its role as a critical enabler of Saudi Arabia’s healthcare transformation.

By supporting both public and private sector growth, the company is driving the development of a robust, efficient, and cost-effective medical supply distribution system.


Rocco Forte Hotels eyes strategic locations for expansion in Saudi Arabia

Rocco Forte Hotels eyes strategic locations for expansion in Saudi Arabia
Updated 13 February 2025
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Rocco Forte Hotels eyes strategic locations for expansion in Saudi Arabia

Rocco Forte Hotels eyes strategic locations for expansion in Saudi Arabia

RIYADH: Rocco Forte Hotels is considering expansion into Saudi Arabia, eyeing potential locations along the Red Sea and in Riyadh, according to the company’s executive chairman.

In an interview with Arab News on the sidelines of the third PIF Private Sector Forum in Riyadh on Wednesday, Rocco Forte, who is also the company’s founder, confirmed that while details of the Red Sea project are still under wraps, the firm is actively evaluating opportunities in the Kingdom.

“Obviously, with PIF (Public Investment Fund) investing in us, we completed the deal last January and we’re starting to become active and looking seriously at things here (in Saudi Arabia),” Forte said.

Forte highlighted the company’s partnership with PIF, which began in 2023 and involved the acquisition of a 49 percent stake by the Saudi fund.

The luxury hotel group, renowned for its properties typically ranging from 80 to 120 rooms, is targeting strategic locations in the Kingdom that align with its brand values.  

“For example, Diriyah would be an ideal place for us, and then one or two other areas in Riyadh,” Forte said. While the company’s current projects in Saudi Arabia are tied to PIF, he expressed openness to collaborating with private local investors in the future. 

“We haven’t been here long enough to start talking to a lot of private investors, but it’s obviously something we’d like to do and explore the possibilities there,” he stated. 

Forte emphasized that the investment from PIF has significantly raised the company’s global profile and strengthened its financial position. 

“PIF made a large investment in my company, and it was a very high-profile deal, it raised our visibility around the world in a way that wasn’t the case before,” he said. 

He also praised PIF’s long-term investment approach, aligning with Rocco Forte Hotels’ family-owned business model. 

“Many funds who invest in hotel companies and so on have a very short vision,” he said, “PIF is a different type of investor, and it very much coincides with my vision,” he added. 

In addition to its plans in Saudi Arabia, Rocco Forte Hotels is broadening its global footprint, with five new hotels currently under development in Italy, including an upcoming property in Milan scheduled to open in November.

The company is also exploring growth opportunities in Spain, Greece, and the US, driven by robust demand from American travelers.

Forte also noted emerging trends in Saudi Arabia that are shaping the luxury hospitality sector, such as the growing popularity of multi-generational family travel and the increasing convergence of business and leisure trips.

“There’s a lot of business travel where people are either adding a few days at the beginning or end for leisure. That’s very prevalent now,” he observed, underlining that while business travel has not fully returned to pre-pandemic levels, new patterns are emerging. 

Reflecting on Saudi Arabia’s tourism transformation, Forte described the scale of development as unprecedented. 

“If you’re outside Saudi Arabia, you don’t realize what is going on here,” he said. “Nothing like this has ever been attempted anywhere in the world. They’re developing 20 different destinations, and there’s an energy and dynamism which I think has captivated all the people.” 


Ceer supercharges Saudi EV industry with $1.4bn in deals, gearing up for 2026 launch

Ceer supercharges Saudi EV industry with $1.4bn in deals, gearing up for 2026 launch
Updated 12 February 2025
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Ceer supercharges Saudi EV industry with $1.4bn in deals, gearing up for 2026 launch

Ceer supercharges Saudi EV industry with $1.4bn in deals, gearing up for 2026 launch
  • More than 80% of the agreements involve Saudi companies, reinforcing Ceer’s commitment to its 45% localization target
  • Ceer’s business plan extends through 2034, with the KAEC plant set to ramp up production in phases

RIYADH: Saudi Arabia’s first homegrown electric vehicle brand, Ceer, signed 11 deals worth SR5.5 billion ($1.4 billion) at a Public Investment Fund event ahead of its model launch in 2026

More than 80 percent of these agreements involve Saudi companies, reinforcing Ceer’s commitment to its 45 percent localization target and advancing the Kingdom’s Vision 2030’s economic diversification goals.

Among the key memorandums of understanding signed at the PIF Private Sector Forum are agreements related to heating and air conditioning, portable EV chargers and various manufacturing aspects, such as plastic injection parts.

In an interview with Arab News on the sidelines of the event, Jim DeLuca, CEO of the company, said: “At Ceer, we say we’re not just starting a car company. We are igniting the automotive industry,” he said.

DeLuca highlighted that Ceer is the only company in Saudi Arabia managing the entire process — from designing and engineering to manufacturing, selling, and servicing a portfolio of battery electric vehicles.

He highlighted the King Abdullah Economic City manufacturing plant, a cutting-edge facility capable of producing 38 jobs per hour with integrated shops for press, body paint, and general assembly. “You can’t have an automotive ecosystem without a local supply base, so we’ve attracted some of the best global tier-one suppliers, they too are joining us in KAEC, and so we’re developing this whole ecosystem.”

DeLuca outlined Ceer’s strategic supply chain approach, explaining how global tier-one suppliers produce key components and subassemblies that will be shipped into the plant on schedule.

“We’re talking about things like front-rear subframes, interiors, front-rear fascias, body components, but that’s only the beginning. Those tier ones need a tier-two supply base, and many of today’s announcements are tier-two suppliers who will provide smaller parts and components to the tier ones, who will then supply to us just in time,” he explained.

Ceer’s localization efforts ensure an efficient, cost-effective supply chain. “This is a capital-intensive, low-margin business, you need a laser-like focus on the strategic elimination of waste,” the top official said.

He added: “One of the ways you do that is by having your supply base right next to the plant. And because we’re in KAEC with Lucid and Hyundai, and hopefully one day others, that’s the type of volume these suppliers need to have a very positive business case.”

Ceer was announced in November 2022. File

Scaling up production and Saudi’s automotive future

Ceer’s business plan extends through 2034, with the KAEC plant set to ramp up production in phases. “In 2024, we started plant construction. In 2025, we will install process equipment — press, body paint, general assembly. Then, at the beginning of 2026, we start validation builds, moving from non-salable to salable.”

DeLuca revealed that by the last quarter of 2026, Ceer will be up and running, producing its first two aspirational vehicles for sale in Saudi Arabia.

The CEO also emphasized the importance of the King Salman Automotive Cluster, which serves as the industry umbrella for KAEC’s expanding automotive sector. Ceer has secured contracts with major tier-one suppliers, including Lear, Forvia, and Shinyoung, as well as Benteler, and JVIS, to localize key vehicle components. 

“These are global tier-ones, and we already have contracts with them. They haven’t been formally announced yet, but we’re talking about front-rear subframes, interiors, exterior body components, and sheet metal components — all large, complicated, and expensive to ship, so co-locating with the assembly plants is the right strategy,” he added.

Advancing charging infrastructure and market adoption

Addressing adoption challenges facing the sector, DeLuca pointed to PIF’s EV infrastructure initiative, EVIQ, which is deploying charging stations across major Saudi cities. 

“A lot of people have anxiety when considering a battery electric vehicle. What gives them comfort is a strong charging infrastructure. EVIQ is rolling out charging stations in Riyadh, Jeddah, Dammam, and beyond to ensure a seamless transition as we ramp up production,” he said.

Ceer plans to introduce seven vehicle models, spanning the E, D, and C segments, including sedans and SUVs, from 2026 to 2029. 

Ceer’s growth strategy and future outlook

Ceer’s assembly complex is designed for an annual capacity of 240,000 units and is fully funded, according to the CEO. 

“Our current business plan is fully funded through 2034 between our shareholders and other financial instruments. I think the vision of any company is eventually, potentially to have an IPO (initial public offering) where you can start to monetize all of the great work that has taken place, so I won’t say one day it’s not going to happen,” he added.

He acknowledged that global EV market adoption has been slower than anticipated, emphasizing that product quality, pricing, infrastructure, and incentives will drive Saudi Arabia’s transition. “The Ministry of Investment is working on ecosystem incentives to accelerate EV adoption. We see steady growth in the early days, but incentives will be key to making EVs the catalyst for Saudi Arabia’s automotive transformation.”

Ceer’s agreements and localization drive

According to a press release, agreements were signed at the event with Zamil Central Air Conditioners Co. for heating, ventilation, and air conditioning systems, Zamil Plastic Industrial Co. for plastic injection parts, Obeikan Glass Co. and Abdul Latif Jameel Enterprises for alloy wheels, and the Saudi Co. for Controls and Maintenance for portable EV chargers. 

Additional deals include Arabian Plastic Industrial Co. for blow parts, Saudi Aluminum Casting Co. for aluminum casting, First Telecom Industries for small stampings, and CTR for localizing aluminum forged parts in Saudi Arabia. 

Ceer has also partnered with 263 local companies, awarding businesses worth SR6.6 billion to firms such as Modern Building Leaders, Nahil Computer, and Bupa Arabia, as well as Atlas Industrial Equipment Co., Saudi Business Machines, and Liva Insurance.

Speaking at the forum, DeLuca underscored Ceer’s role in realizing Vision 2030’s industrial and economic diversification goals. “Over the next decade, we will attract more than $150 million in foreign direct investment, create up to 30,000 direct and indirect jobs, localize 45 percent of our product content or built material and contribute $8 billion directly to Saudi’s GDP by 2034,” he said.

The company’s manufacturing complex, a $1.3 billion facility spanning 1 million sq. meters in King Abdullah Economic City, is poised to become the largest and most technologically advanced automotive production hub in the Middle East and North Africa region. 

As part of its expansion strategy, the automotive company is set to welcome six major partners to KAEC, collectively contributing over SR50 billion in value. 

DeLuca highlighted Ceer’s commitment to localizing its supply chain, with 45 percent of its product content and built materials to be sourced within the Kingdom.

The company’s workforce has already grown to over 1,300 employees, according to the top official, with a team of global experts bringing extensive experience to drive innovation and competitiveness. 

DeLuca emphasized that strategic collaborations with leading automotive players such as Hyundai and Rimac are ensuring Ceer’s electric vehicles are technologically advanced and globally competitive.

One of Ceer’s standout features will be its industry-leading paint shop, offering an extensive color palette with over 30 shades in gloss, matte, and satin finishes, setting a new benchmark in vehicle customization.

“We’re here today at this forum as a testament to the power of collaboration and to highlight the vital role that the private sector plays in achieving all elements of Vision 2030,” DeLuca said.


OPEC sticks to 2025, 2026 global oil demand growth forecasts

OPEC sticks to 2025, 2026 global oil demand growth forecasts
Updated 12 February 2025
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OPEC sticks to 2025, 2026 global oil demand growth forecasts

OPEC sticks to 2025, 2026 global oil demand growth forecasts

LONDON: OPEC on Wednesday stuck to its forecast for relatively strong growth in global oil demand in 2025, saying air and road travel would support consumption and potential trade tariffs were not expected to impact economic growth.

In a monthly report, it said world oil demand will rise by 1.45 million barrels per day in 2025 and by 1.43 million bpd in 2026. Both forecasts were unchanged from last month.

OPEC’s view on oil demand is at the higher end of industry forecasts and it expects oil use to keep rising in coming years, unlike the International Energy Agency which see demand peaking this decade as the world switches to cleaner fuels.

In the report, OPEC said the trade policy of US President Donald Trump has added more uncertainty into markets, potentially creating supply-demand imbalances that are not reflective of market fundamentals, but it made no change to its 2025 economic growth forecast.

“It remains to be seen how and to what extent potential tariffs and other policy measures will play out,” OPEC said in the report. “So far, they are not anticipated to materially impact the current underlying growth assumptions.”

Oil was steady after the OPEC report was released with Brent crude trading lower towards $76 a barrel.

The IEA sees 2025 demand growth at 1.05 million bpd, lower than OPEC, although the gap between the two on 2025 is much smaller than it was for 2024 when the split reached a record high driven by differences over the pace of the energy transition.

OPEC+, which groups OPEC and allies such as Russia, has implemented a series of output cuts since late 2022 to support the market. Its current plan calls for oil output to be gradually increased from April.