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SVC invests in 40 funds, deploys SAR 1.2 bn capital
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Apr 18, 2024

SVC invests in 40 funds, deploys SAR 1.2 bn capital

Riyadh - Sharikat Mubasher: The Saudi Venture Capital Company (SVC) injected investments in 40 funds that invested in more than 700 startups and small and medium-sized enterprises (SMEs), the company unveiled in a press release.The Impact Report show

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Virgin Mobile Saudi, Hitek to develop smart cities in Kingdom
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Apr 18, 2024

Virgin Mobile Saudi, Hitek to develop smart cities in Kingdom

Riyadh - Sharikat Mubasher: Virgin Mobile Saudi, one of Beyond One Group companies, signed a joint venture partnership with Hitek to provide smart building solutions for potential projects in Saudi Arabia, the company announced in a press release.Vir

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Saudi EXIM Bank signs reinsurance deals with Swiss entities
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Apr 18, 2024

Saudi EXIM Bank signs reinsurance deals with Swiss entities

Riyadh - Sharikat Mubasher: The Saudi EXIM Bank signed a cooperation agreement for reinsurance with the Swiss Export Credit Agency (SERV) to enhance the competitiveness of non-oil exports in the global markets, a recent statement revealed.The bank al

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Aljadaan: decisive financial policies bolster sustainability
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Apr 18, 2024

Aljadaan: decisive financial policies bolster sustainability

Riyadh - Sharikat Mubasher: The Saudi Minister of Finance Mohammed Aljadaan affirmed that decisive financial policies play a crucial role in bolstering resilience and sustainability.The minister made these remarks during the Middle East, North Africa

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Tourism Fund, Karisma Hotels to develop resorts in Kingdom
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Apr 18, 2024

Tourism Fund, Karisma Hotels to develop resorts in Kingdom

Riyadh - Sharikat Mubasher: Saudi Arabia’s Tourism Development Fund (TDF) signed a memorandum of understanding (MoU) with Karisma Hotels and Resorts International to enhance the tourism and hospitality sector in the Kingdom.The agreement, signe

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Saudi Arabia sees 26% rise in passenger numbers in 2023
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Apr 17, 2024

Saudi Arabia sees 26% rise in passenger numbers in 2023

Riyadh - Sharikat Mubasher: Saudi Arabia’s airports handled around 112 million passengers in 2023, marking a 26 % increase compared to 2022, a recent report released by the General Authority of Civil Aviation (GACA) stated.The 'Air Traffic

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Number of private sector employees in Kingdom hit 11 mn
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Apr 17, 2024

Number of private sector employees in Kingdom hit 11 mn

Riyadh - Sharikat Mubasher: The total number of employees working in the Saudi private sector reached 11.2 million in March, of whom 2.3 million are citizens and 8.8 million are expatriates, according to recent figures.A report released by the Nation

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Neom plans to sell SAR 5 bn sukuk
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Apr 17, 2024

Neom plans to sell SAR 5 bn sukuk

Riyadh - Sharikat Mubasher: Saudi Arabia’s Neom plans to sell sukuk worth as much as SAR 5 billion during the second half of 2024 as it seeks more funding sources for construction projects at the $1.5 trillion futuristic city.Neom appointed HSB

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National Digital Talent Incubator welcomes new cohort
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Apr 17, 2024

National Digital Talent Incubator welcomes new cohort

UAE - Sharikat Mubasher: Emirates NBD announced the second cohort of the National Digital Talent Incubator (NDTI) program, in partnership with DIFC Innovation Hub and other global giants such as Visa, Microsoft, and Dell Technologies, a recent s

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Modon unveils 32 supporting units at Dammam 2nd Industrial City
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Apr 17, 2024

Modon unveils 32 supporting units at Dammam 2nd Industrial City

Riyadh - Sharikat Mubasher: The Saudi Authority for Industrial Cities and Technology Zones (Modon) offered 32 supporting units for investment in Dammam Second Industrial City, according to the authority’s statement.The units enjoy strategic loc

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Al-Khateeb participates in UN Sustainability Week
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Apr 17, 2024

Al-Khateeb participates in UN Sustainability Week

Riyadh - Sharikat Mubasher: Saudi Arabia became one of the most promising and attractive global travel destinations, driven by its commitment to the sustainable development of the travel sector, according to Minister of Tourism Ahmed Al-Khateeb.Durin

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Dentsu MENA opens RHQ in Riyadh
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Apr 17, 2024

Dentsu MENA opens RHQ in Riyadh

Riyadh - Sharikat Mubasher: Dentsu, the global marketing and advertising agency, inaugurated its regional headquarters (RHQ) in Riyadh after obtaining the RHQ license from the Saudi Ministry of Investments and Ministry of Commerce, the agency announc

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Spinneys to expand into Saudi Arabia
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Apr 17, 2024

Spinneys to expand into Saudi Arabia

Riyadh - Sharikat Mubasher: Spinneys, the leading supermarket chain, plans to open its first store in Riyadh during the first half of 2024 and open three more by the end of the year, as part of its strategy to expand into Saudi Arabia, a recent state

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Riyadh to host IsDB Group annual meetings
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Apr 17, 2024

Riyadh to host IsDB Group annual meetings

Riyadh - Sharikat Mubasher: The Islamic Development Bank Group (IsDB Group) is set to hold its 2024 annual meetings and golden jubilee in Riyadh from 27 to 30 April, with the participation of ministers of economy, planning, and finance from the

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Esports World Cup to feature prize pool of over $60mn
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Apr 16, 2024

Esports World Cup to feature prize pool of over $60mn

Riyadh - Sharikat Mubasher: The inaugural Esports World Cup (EWC) is set to feature an unprecedented total prize pool of more than $60 million, according to the Esports World Cup Foundation (EWCF).In a statement, the EWCF revealed that the EWC histor

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Monsha’at to launch Innovation Week 2024
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Apr 16, 2024

Monsha’at to launch Innovation Week 2024

Riyadh - Sharikat Mubasher: Saudi Arabia’s Small and Medium Enterprises General Authority (Monsha’at) will launch Innovation Week 2024 from 21 to 27 April at The Garage to enhance the culture of innovation, intellectual property, and entr

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Penny Software closes undisclosed pre-series A round
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Apr 16, 2024

Penny Software closes undisclosed pre-series A round

Riyadh - Sharikat Mubasher: Penny Software, a leading Saudi B2B SaaS procurement startup, successfully closed an undisclosed pre-Series A funding round, with investment from Iliad Partners, GSI, and Knollwood Investments, the startup announced in a statement.Existing investors, including Dallah Investment, Hambro Perks Oryx Fund, Class 5 Global, Altuwajiri family fund, and strategic angel investors also participated in the round.The round is expected to fuel the company’s regional and global expansion, with ambitions to meet and exceed the demands of medium to large corporations across various industries.Launched in 2022, Penny Software digitizes and streamlines the entire source-to-pay process, enhancing efficiency, governance, and compliance. Its platform is designed to address the subtle requirements of the Middle Eastern markets and small and medium-sized enterprises (SMEs).Commenting on the round, Iyad Aldalooj, CEO and Co-founder of Penny Software, said: "This investment from Iliad Partners, alongside the continued support from our existing and new investors, represents a significant vote of confidence in Penny Software's vision and our team's ability to execute. We are excited to leverage this partnership to scale our operations, enhance our product offering, and solidify our position as a leader in the procurement software industry.”Moreover, Penny Software plans to manage a gross transaction value of over $1 billion in 2024 and ease procurement to thousands of companies globally.

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CST to host ICT Indicators Forum 2024
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Apr 16, 2024

CST to host ICT Indicators Forum 2024

Riyadh - Sharikat Mubasher: The Saudi Communications, Space, and Technology Commission (CST) is set to host the 10th edition of the ICT Indicators Forum 2024 on 24 April, in collaboration with the International Data Corporation (IDC).The upcoming eve

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WB adjusts Kingdom’s GDP growth forecast to 5.9% in 2025
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Apr 16, 2024

WB adjusts Kingdom’s GDP growth forecast to 5.9% in 2025

Riyadh - Sharikat Mubasher: The World Bank (WB) raised its forecasts for Saudi Arabia’s gross domestic product (GDP) growth to 5.9% in 2025 from 4.2%, according to the WB's recent report.In its report, titled Conflict and Debt in the Middle

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Neom showcases future developments at Global Contractor Forum
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Apr 16, 2024

Neom showcases future developments at Global Contractor Forum

Riyadh - Sharikat Mubasher: Saudi Arabia’s Neom hosted the Global Contractor Forum to highlight future developments and projects, with the participation of more than 100 global construction companies, a recent statement revealed.The two-day for

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Asharqia Chamber to hold Logistics Integration Forum 2024
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Apr 15, 2024

Asharqia Chamber to hold Logistics Integration Forum 2024

Riyadh - Sharikat Mubasher: Asharqia Chamber is set to organize the Logistics Integration Forum 2024 on 29 April with the participation of several industry leaders, experts, and officials.The forum aims to showcase investments available in the l

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Hub71 welcomes 25 startups in cohort 14
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Apr 15, 2024

Hub71 welcomes 25 startups in cohort 14

UAE - Sharikat Mubasher: Hub71, Abu Dhabi’s global tech ecosystem, welcomed 25 new startups as part of its 14th cohort, a recent statement revealed.The selected startups, operating in nine sectors, have collectively raised more than $122 millio

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Saudi Arabia lays groundwork for technologically advanced future
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Apr 15, 2024

Saudi Arabia lays groundwork for technologically advanced future

Riyadh - Sharikat Mubasher: Saudi Arabia emerged as a digital powerhouse owing to its strategic investments in the research and development (R&D) sector, supportive policies, and a thriving startup ecosystem, Houssem Jemili, Partner at Bain and C

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Saudi C4IR celebrates World Quantum Day
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Apr 15, 2024

Saudi C4IR celebrates World Quantum Day

Riyadh - Sharikat Mubasher: Saudi Arabia's Centre for the Fourth Industrial Revolution (C4IR KSA) is set to organize a two-day event to celebrate World Quantum Day (WQD).The Future of Quantum Technology in KSA event will take place on 1

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Saudi Arabia poises to lead global green hydrogen production
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Apr 8, 2024

Saudi Arabia poises to lead global green hydrogen production

Riyadh - Sharikat Mubasher: Saudi Arabia is poised to lead the renewable hydrogen production for both local consumption and export as the world moves towards decarbonization.The Kingdom’s role in forming the future energy landscape, notably con

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Saudi private sector provides 622,000 jobs
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Apr 8, 2024

Saudi private sector provides 622,000 jobs

Riyadh - Sharikat Mubasher: The private sector in Saudi Arabia has provided 622,000 new job opportunities since the COVID-19 pandemic, contributing to reducing the unemployment rate in the Kingdom to its lowest level of 7.7%.The number of Saudi emplo

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