Sharikat Mubasher News
Sharikat Mubasher is enriched by Mubasher News focused on private equity invesments to assist you to take informed investment decisions
All News
Abyan Capital raises SAR 68 mn Series A round
Riyadh - Sharikat Mubasher: The Saudi-based Abyan Capital secured SAR 68 million in a series A round led by the Saudi Technology Ventures Company (STV), with participation from Wa'ed Ventures and RZM Investment, the company announced in a press r
Riyadh to host International Industry Week 2024
Riyadh - Sharikat Mubasher: The International Industry Week 2024 will take place in the Saudi capital from 6 to 9 May, gathering over 16,000 regional and international industrial sector leaders.Being the largest industrial gathering in the Middl
CBE greenlights first digital bank in Egypt
Cairo - Sharikat Mubasher: The Central Bank of Egypt (CBE) granted Misr Digital Innovation (MDI) the preliminary approval to launch Onebank, the first digital bank in Egypt, a recent statement revealed.MDI received the approval after completing the i
Cumulative VC investments in fintech exceed SAR 6.9 bn
Riyadh - Sharikat Mubasher: The cumulative venture capital (VC) investments in the Saudi fintech sector exceeded SAR 6.9 billion in 2023, according to an official report.The Annual Report for the Financial Sector Development Program (FSDP) stated that the number of fintech companies in the Kingdom reached 216 last year, surpassing the targets set by the FSDP and achieving the desired impact of reaching 525 fintech companies by 2030.The fintech sector provided over 6,500 direct jobs in 2023, of which 5,973 jobs were supervised by the Saudi Central Bank (SAMA).The FSDP’s achievements in 2023 also included launching the third edition of the Fintech Accelerator under the umbrella of Fintech Saudi, with the participation of 10 companies. It offered more than 300 job-training opportunities.Additionally, the Kingdom launched the Open Banking Lab that targets enabling banks and fintech companies to improve, test, and license open banking services, ensuring the finance sector’s growth, enabling innovation, and accelerating the development of open banking in the Kingdom.2023 also witnessed the pilot launch of three licensed digital banks, driven by the Kingdom’s dedication to fostering an innovative, dynamic, and competitive financial landscape.These achievements mirror the pivotal role of SAMA and the Capital Market Authority (CMA) in empowering the fintech sector to attract new segments of investors and companies.
Tourism Ministry unveils Hospitality Investments Enablers initiative
Riyadh - Sharikat Mubasher: The Saudi Ministry of Tourism launched the Hospitality Investments Enablers initiative, in collaboration with the Ministry of Investment, to solidify the Kingdom’s position as a global tourism hub.The ministry launched this initiative during the Future Hospitality Summit (FHS).With the slogan ‘Invest in Saudi and Prosper in Tourism’, the initiative is designed to enable local and global investors who enter and expand in the Saudi hospitality sector to boost the sector’s competitiveness and meet its growing demands.Mahmoud Abdulhadi, Deputy Minister for Investment Attraction at the Ministry of Tourism, stated that the initiative aims to achieve several strategic goals, in alignment with the National Tourism Strategy.He noted that the initiative targets attracting new private investments of around SAR 42 billion to the hospitality sector across specific destinations and aims to contribute as much as SAR 16 billion to the gross domestic product (GDP) by 2030.The initiative will further contribute to creating around 120,000 new jobs by 2030, in addition to enhancing the tourism infrastructure and hospitality facilities in the Kingdom, Abdulhadi elaborated.He affirmed that the ministry cooperates with several partners in the government sector to enhance the investor’s journey and boost the tourism sector, in alignment with Vision 2030’s goals of diversifying the national economy and raising the sector’s contribution to the GDP to 10% by 2030.It is worth noting that the Hospitality Investments Enablers initiative is part of the Tourism Investment Enablers Program (TIEP) that was launched in March.
Sanabil Venture Studio launches four startups
Riyadh - Sharikat Mubasher: Sanabil Venture Studio launched four startups on its first anniversary as part of its commitment to serving and developing the startup ecosystem in Saudi Arabia, a recent statement revealed.Created and managed by Sanabil I
DFM launches initial private offering platform Arena
UAE - Sharikat Mubasher: Dubai Financial Market (DFM) launched its flagship initiative, Arena by DFM, an innovative platform for initial private offerings that aims to catalyze growth opportunities for investors and companies.The DFM launched Arena d
PoS sales in Kingdom hit SAR 167 bn in Q1-24
Riyadh - Sharikat Mubasher: The total number of point of sales (PoS) transactions in Saudi Arabia reached 2.4 billion during the first quarter (Q1) of 2024, with sales amounting to SAR 167.1 billion, a recent report issued by the Saudi Cent
Modon, China’s Arctech sign SAR 225 mn deal
Riyadh - Sharikat Mubasher: The Saudi Authority for Industrial Cities and Technology Zones (Modon) signed a land lease agreement with China’s Arctech to allocate 200,000 square meters in Jeddah's Third Industrial City, the authority announc
Saudi non-oil activities rise by 2.8% in Q1-24
Riyadh - Sharikat Mubasher: Saudi Arabia’s non-oil activities rose by 2.8% during the first quarter (Q1) of 2024, compared to the same quarter of 2023, according to recent figures by the General Statistics Authority (GASTAT).The report sta
Millennium Group to unveil first project in Jeddah soon
Riyadh - Sharikat Mubasher: Millennium Hotels and Resorts, a global hospitality management and real estate group, is set to unveil its first project in Jeddah within the upcoming few days, Wahdan Al Kadi, CEO of Millennium Hotels in Saudi Arabia, rev
SGS launches Nuthree exploration incubator
Riyadh - Sharikat Mubasher: The Saudi Geological Survey (SGS) launched the Nuthree initiative, an exploration incubator for entrepreneurship in the geology and mining sectors.Nuthree will serve as an incubator for small-scale investors and explorers
Communications Ministry unveils Inclusive AI initiative
Riyadh - Sharikat Mubasher: The Saudi Ministry of Communications and Information Technology unveiled the Inclusive AI Initiative for Growth and Development which aims to develop solutions for artificial intelligence (AI) access and adoption, a recent
Ballurah offers inclusive services to Saudi retail entrepreneurs
Riyadh - Sharikat Mubasher: Ballurah, a business intelligence platform based in Riyadh, provides entrepreneurs with a full suite of inclusive services that help them grow and expand in the Saudi retail sector, Co-founder and CEO Abdulwahab AlZaidi re
IsDB Group annual meetings witness deals worth $8bn
Riyadh - Sharikat Mubasher: The 2024 annual meetings of the Islamic Development Bank Group (IsDB Group) witnessed the signing of 85 financing agreements worth over $8 billion, a recent statement unveiled.The agreements were signed between IsDB Group
Human Resources Fund benefits 1.1 mn Saudis in Q1-24
Riyadh - Sharikat Mubasher: The Saudi Human Resources Development Fund (HRDF) provided its services and products to more than 1.1 million Saudi male and female citizens during the first quarter (Q1) of 2024, the fund announced in a statement.Over 72,
PIF, BlackRock establish multi-asset investment management platform
Riyadh - Sharikat Mubasher: The Saudi Public Investment Fund (PIF) signed a memorandum of understanding (MoU) with BlackRock Saudi Arabia to establish a multi-asset class investment platform, the sovereign fund announced in a statement.Based in Riyad
Monsha’at honors National Commercial Innovation Fellowship Program winners
Riyadh - Sharikat Mubasher: The Saudi Small and Medium Enterprises General Authority (Monsha’at) honored winners of the National Commercial Innovation Fellowship Program.In a statement, Monsha’at revealed that it awarded 22 innovative ent
200 Saudi startups secure SAR 12 bn
Riyadh - Sharikat Mubasher: Around 200 Saudi startups have secured aggregated funding of more than SAR 12 billion over the past ten years, according to recent figures.The ‘Saudi Arabia Founders Report’, showed that 400 founders estab
Alhussaini: Monsha’at launches 19 accelerators to foster national economy
Riyadh - Sharikat Mubasher: Saudi Arabia’s Small and Medium Enterprises General Authority (Monsha’at) launched 19 accelerators across various sectors to foster the national economy, Sami Alhussaini, Governor of Monsha’at, announced.
IsDB Private Sector Forum witnesses deals worth $6.4bn
Riyadh - Sharikat Mubasher: The 12th edition of the Private Sector Forum (PSF), organized by the Islamic Development Bank Group (IsDb Group) institutions, witnessed the signing of 53 agreements valued at $6.48 billion, a recent statement revealed.The forum took place in Riyadh from 28 to 30 April and included 17 sessions, more than 60 speakers, 32 exhibitors, and over 2,000 participants representing 83 countries.It aimed to facilitate parallel business-to-business (B2B) and business-to-government (B2G) meetings, enabling business communities across member countries to establish valuable connections.Muhammad Al Jasser, Chairman of the IsDB Group, affirmed that the forum successfully promoted the integration of the public and private sectors, which is pivotal for the economic and social development of the group’s member countries.“It is the responsibility of the public sector to develop infrastructure and legislation to foster an attractive business climate for the private sector to stimulate production and create jobs,” Al Jasser said.For his part, Oussama Kaissi, CEO of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), stated that the forum served as a crucial platform for ICIEC to explore innovative strategies that merge trade, insurance, and investment sectors, in line with Vision 2030.Meanwhile, Hani Sonbol, Acting CEO of the Islamic Corporation for the Development of the Private Sector (ICD) and CEO of the International Islamic Trade Finance Corporation (ITFC), emphasized the importance of the private sector as a vital driver of economic growth, job creation, and poverty alleviation in member countries.He noted that the ITFC has approved a cumulative total of US$18.5 billion in support of the private sector and small and medium-sized enterprises (SMEs) over the past 15 years, accounting for 25% of its trade finance portfolio.
SDAIA utilizes smart solutions to support developmental sectors
Riyadh - Sharikat Mubasher: The Saudi Data and Artificial Intelligence Authority (SDAIA) utilized smart solutions and leveraged data and artificial intelligence (AI) technologies to uphold developmental sectors in the Kingdom.This comes as part of th
ISFD fosters entrepreneurs in OIC member states
Riyadh - Sharikat Mubasher: The Islamic Solidarity Fund for Development (ISFD) signed a memorandum of understanding (MoU) with the International Center for Entrepreneurship and Innovation in Bahrain to enhance economic empowerment and foster social d
Neom invests SAR 2.5 bn in foreign companies
Riyadh - Sharikat Mubasher: Saudi Arabia’s Neom injected investments worth more than SAR 2.5 billion into foreign companies, with a main focus on mobility technology, Rayan Fayez, Deputy CEO of Neom, revealed during the World Economic Forum (WE
Saudi digital economy grows three times faster than global rate
Riyadh - Sharikat Mubasher: The Saudi Crown Prince and Prime Minister Mohammed bin Salman stated that the Kingdom’s digital economy grows three times faster than the global growth rate.Heading a Special Dialogue session at the World Economic Fo
Saudi Arabia joins WEF AI Global Alliance
Riyadh - Sharikat Mubasher: Saudi Arabia joined the AI Global Alliance launched by the World Economic Forum (WEF), Minister of Economy and Planning Faisal Alibrahim announced at the WEF Special Meeting on Global Collaboration, Growth, and Energy for