DETROIT: The Detroit auto show arrived Sunday with showman’s flair, as the car industry tied its latest offerings to American nostalgia and Hollywood glamor.
But on the sidelines, there were lingering questions about policy and politics.
Arnold Schwarzenegger emerged from a Mercedes-Benz G-Class SUV. The granddaughter of screen legend Steve McQueen arrived in the latest version of the Ford Mustang he immortalized on film.
In a keynote address, US Transportation Secretary Elaine Chao touted just-enacted US tax cuts, which reduced the US corporate tax rate from 35 to 21 percent, saying the move will attract more US investment.
There were also cautious statements about ongoing renegotiations of the North American Free Trade Agreement, on which the North American car industry heavily relies.
But the auto show is about the cars, and automakers did their best to stay focused on their products.
With Americans’ appetite for trucks and SUVs expected to remain robust in 2018, brands highlighted a number of new offerings in that category.
Mercedes-Benz debuted a redesigned G-Class SUV, significantly updating the interior with new technologies. The vehicles were made to climb steep ramps as flames shot up from the ground and confetti cannons blasted. As one finally stopped, Schwarzenegger emerged from a passenger seat.
“I have driven G-Wagens now for 25 years,” glowed the actor of Austrian heritage.
“I think this car became so historic,” he said, “because of its look.”
Ford unveiled its own nostalgic offering, showing off a new mid-sized Ranger pickup, redesigned and reintroduced to the North American market.
It also offered a new sports trim of its Edge SUV, as well a third iteration of a “Bullitt” special edition of its Mustang sports car.
Actor McQueen drove a 1968 Mustang in the thriller film “Bullitt,” creating an indelible link between the car and American pop culture. His granddaughter Molly McQueen emerged from the latest special edition, comparing it favorably with the original.
“It is fun. It’s fast and effortlessly cool,” she said.
In a break from most of the big launches, Volkswagen highlighted a sedan, releasing its updated version of the Jetta, the German automaker’s top-selling vehicle in the US.
The base price of $18,545 won especially loud applause at a glitzy launch, and was a counterpoint to the pricey SUVs and trucks that can easily cost twice that amount and more.
“As a full-line automaker... you need to have a competitive, strong sedan,” VW North American chief executive Hinrich Woebcken told reporters after the launch.
On the sidelines of the flashy announcements, industry insiders were taking a wait-and-see attitude toward talks to revamp the North American Free Trade Agreement, which has generated fears of huge tariffs on Mexican-made imports to the US.
Negotiations have been ongoing for months at the insistence of US President Donald Trump, who has threatened to abandon the agreement if a beneficial deal is not struck.
“There’s good conversation going on to modernize NAFTA,” said Mary Barra, CEO of General Motors. “We’re going to continue to interact constructively to make sure people understand the very complex nature of our business.”
Ray Tanguay, automotive adviser to the Canadian government, highlighted his country’s close ties to the Michigan car industry, and cautioned that losing NAFTA could cost American car buyers higher prices.
“The integration is so much that if you try to break that, you’re going to hurt the consumer,” he said.
Analysts were less certain about potential impacts.
“There continues to be the debate — ‘Is the president using hyperbole to get something less severe because he’s a skilled negotiator, or does he seriously think that we need to be exiting NAFTA,’” said Cox Automotive economist Jonathan Smoke.
Meanwhile, the effects of the recently enacted $1.5 trillion in tax cuts were expected to be varied by region and income level. Among the clearest winners will be luxury vehicles because of the tax bill’s bounty to those with incomes over $150,000 a year, said Smoke.
Highlighting the tax changes, which reduced corporate rates, Chao pointed to Fiat Chrysler’s decision to move production of its Ram trucks from Mexico to an assembly plant near Detroit. The car maker said it would invest $1 billion and add 2,500 jobs.
“This is just one example of the positive impact that the tax cuts and jobs act will have on workers, job creators, employers and our country,” Chao said.
But analysts said many households still don’t have a clear sense of how much they will benefit from the complex changes to tax laws.
“There’s some people that are probably putting off purchases because they don’t really know... what our paychecks are going to look like,” industry analyst Rebecca Lindland of Kelley Blue Book said.
Amid tax and trade concerns, Detroit auto show offers nostalgia, glamor
Amid tax and trade concerns, Detroit auto show offers nostalgia, glamor
Project management practices in spotlight at Riyadh forum
- Two-day annual event will highlight developments in project management across various sectors
RIYADH: Project managers and experts are scheduled to gather in Riyadh for the third Global Project Management Forum to share their experiences and discuss best global practices in the sector.
The two-day annual event will be held on June 2-3 to highlight the latest developments in the field of project management across various sectors and serve as a platform for industry experts to share creative ideas to achieve their professional goals.
To be held under the theme “We Achieve the Dream: Leadership, Empowerment, Sustainability,” the event aspires to showcase Saudi Arabia’s distinguished position and leading role in colossal and futuristic projects worldwide.
The forum is designed to bring together the most influential global community of project managers and diverse stakeholders for immersive learning, networking, and collaboration.
Last year, the event succeeded in attracting 2,609 participants, and a much larger number is expected this year.
Badr Burshaid, president of the Project Management Institute-KSA chapter, emphasized the distinguished position that the forum has been able to achieve over the past two consecutive years.
“Since its inception, the forum annually attracts project leaders from around the world, including thought and business leaders, academics, professional and technical managers, as well as major organizations and institutions, to exchange knowledge and experiences,” he stated.
Burshaid added: “This contributes to the implementation of government initiatives aimed at making Riyadh one of the most sustainable and economically significant cities in the world.”
Additionally, GPMF aspires to advance the Kingdom’s Vision 2030 by enhancing the skills and capabilities of project management professionals in the Kingdom.
Support from the govern-ment, private sector, and professio-nal community has propelled Saudi Arabia into a leadership position in several global project manage-ment certifica-tions.
Badr Burshaid, president of the Project Management Institute-KSA chapter
Burshaid told Arab News that the event emphasizes how effective project management ensures timely, budget-conscious, and high-quality completion of initiatives.
“This strategic approach not only supports the Kingdom’s economic diversification (plans) by optimizing project efficiency and effectiveness but also contributes to a robust framework where organizations utilizing these practices consistently achieve a 92 percent success rate in meeting project goals,” he said.
Burshaid added: “Thus, GPMF is instrumental in fostering a disciplined and consistent approach to project management, vital for the realization of Vision 2030’s objectives.”
The official also outlined the expected growth of the project management profession in Saudi Arabia over the next five years.
He predicted increased demand for skilled project managers across various sectors and emphasized the importance of professional development and adherence to international standards.
Moreover, the engagement of participants from across the world at the forum is expected to enrich the local project management environment and contribute to establishing a globally competitive landscape.
“This global interaction will help materialize the vision of establishing a dynamic and internationally competitive project management landscape in Saudi Arabia,” Burshaid told Arab News.
Additionally, “the global demand for project management skills is escalating, with an estimated need for 25 million new professionals by 2030, underscoring the critical role of this profession in contemporary economies,” he added.
Fostering Saudi Arabia’s professional landscape
Saudi professionals will also benefit from the training and certification opportunities offered by the GPMF.
These programs ensure access to advanced project management methodologies, tools, and best practices.
Thus, GPMF’s impact on the Kingdom’s workforce is significant, as it cultivates a highly skilled talent pool capable of managing complex projects, which in turn drives economic growth.
“Support from the government, private sector, and professional community has propelled Saudi Arabia into a leadership position in several global project management certifications,” Burshaid explained.
He continued: “Moreover, current data highlights the strong emphasis on professional development in this field: Sixty-one percent of organizations invest in project management training, and 47 percent have established a clear career pathway for project professionals.”
Burshaid further explained that over 20 percent of project managers intend to pursue certification within the next year.
The forum caters to a diverse audience from the government and private sectors, semi-government sectors, engineering, contracting, and procurement companies, startups, construction and infrastructure firms.
It also targets project managers, strategic managers, developers, project management office managers, consultants, and technology providers.
The forum also aims to empower female professionals, and ambitious youth with the necessary skills and knowledge to excel in project management.
This is achieved by highlighting key topics in the economy, foresight and governance, work methods and value chains, large-scale projects and sustainable social impact, digital transformation, uses of artificial intelligence, soft skills, and other related topics in project management.
Strategic initiatives
Furthermore, Burshaid highlighted several initiatives aimed at enhancing the project management field and supporting local talent in Saudi Arabia through a series of strategic initiatives.
These initiatives include mentorship programs, scholarships for project management training, and collaborations with universities to integrate relevant courses into their academic programs.
The goal is to equip emerging talent with the necessary skills, knowledge, and opportunities for successful careers in project management.
FASTFACT
The forum is designed to bring together the most influential global community of project managers and diverse stakeholders for immersive learning, networking, and collaboration.
“Further strengthening our commitment, we have formed partnerships with five Formula 1 school teams throughout Saudi Arabia. These collaborations aim to provide the teams with the necessary knowledge and financial support to excel in their projects,” Burshaid stated.
He added: “Additionally, we have conducted more than 230 training sessions aimed at boosting the capabilities of local talents, complemented by our active sponsorship of professionals across the Kingdom.”
Burshaid went on to say that as they approach 2030, there is an expectation that the demand for skilled project managers will significantly increase.
To meet this growing demand globally, it is estimated that approximately 2.3 million new project managers will need to be developed each year. This projection aims to address a total global demand of 25 million project managers by the end of the decade.
“Our initiatives are key to meeting these challenges and ensuring the sustained growth and success of the project management profession in the region and beyond,” he said.
Contribution to SMEs
Burshaid also outlined efforts to support the growth of small and medium enterprises in Saudi Arabia through targeted training programs tailored to address specific challenges.
These initiatives aim to equip SME owners and managers with advanced project management skills, leading to improved outcomes, increased efficiency, and innovation.
“The forum provides SMEs with access to critical insights and opportunities for expansion, supporting the development of a vibrant SME sector. This sector is vital for driving innovation, job creation, and gross domestic product growth in Saudi Arabia,” Burshaid said.
He added: “SMEs’ adaptability and capacity for innovation not only boost employment but also attract foreign direct investment, contributing to a robust business ecosystem.”
Burshaid underlined that supportive measures such as the establishment of SME Bank to enhance financial access, technology adoption, and workforce diversity, solidify Saudi Arabia’s reputation as an innovative investment hub.
The country’s high global ranking in venture capital availability underscores the positive impact of Vision 2030 on the SME environment.
The GPMF is more than simply a learning experience; it also provides an opportunity to network with over 1,000 project and program management professionals from various organizations and backgrounds.
Participants can network with one another, discuss ideas, learn from each other’s experiences, and form significant professional ties that may persist beyond the event.
The forum does provide a platform for the development of new collaboration and career opportunities.
A day before the GPMF begins, guests can attend masterclasses given by some of the industry’s specialists. They will acquire insights into the latest tools, technologies, and techniques and learn how to apply them to their projects for better results.
Saudi Arabia’s cosmic aspirations fueling economic prosperity beyond earth
- Vision 2030 envisions the Kingdom as a formidable player in space exploration and technology
RIYADH: Space exploration has transitioned from being solely government-driven to becoming an essential element of our everyday lives, significantly enhancing our quality of life.
Saudi Arabia is charting a course toward the stars, propelled by an audacious vision that extends far beyond terrestrial boundaries. Vision 2030 envisions the Kingdom as a formidable player in the global arena of space exploration and technology.
In an interview with Arab News, Amar Vora, head of space at Serco Middle East, noted that the genesis of Saudi Arabia’s cosmic aspirations can be traced back to 1985, with the historic journey of Saudi Prince Sultan bin Salman Al-Saud and the launch of Arabsat-1A.
“Let’s not forget the impressive achievements of the King Abdulaziz City for Science and Technology, which has been helping to shape the national vision in space, building up knowledge, capacity, and infrastructure for over 20 years,” he said.
Vora highlighted the 17 satellites launched by KACST since 2000, along with the Saudi Space Agency’s formation from the Saudi Space Commission.
He added: “Space endeavors are no longer an exclusive playground for government; it is increasingly becoming a key component of our day-to-day lives, positively impacting our quality of life.”
Pioneering achievements
Saudi Arabia’s journey into space began decades ago, and since then, the Kingdom has achieved remarkable milestones.
Notably, the landmark partnership with Axiom Space marked a significant milestone, as astronauts Rayyanah Barnawi and Ali Al-Qarni embarked on the Ax-2 mission to the International Space Station in 2023.
Barnawi became the first Saudi woman to journey into space, symbolizing Saudi Arabia’s commitment to gender equality and inclusivity in the realm of space exploration.
Commenting on this endeavor, Vora said: “Of course, the Ax-2 mission provided the space community with a flavor of what’s to come from KSA’s space ambitions, becoming one of only a few countries to have achieved human spaceflight, and that in record time since the Saudi space decree was ratified!”
He went on saying that partnerships with companies like Axiom Space “that are transforming and democratizing access to human spaceflight, highlight the ability of CST and SSA to capitalize on innovative solutions and services in the market.”
Vora commended Barnawi’s efforts and said that this “is what we should come to expect from the Saudi and the global space sector. This is a sector that provides equitable representation and inspires and encourages engagement from people of all backgrounds and genders.”
Saudi Space Agency
The Saudi Space Agency oversees the formulation and execution of the National Space Strategy, aimed at positioning the Kingdom as a leading spacefaring nation.
Vora explained: “In doing so, SSA will be required to develop national capabilities in space, across the space value chain, from upstream (satellite systems and technologies), midstream (ground systems and operations), to downstream (data management and value-added services). The agency will also be responsible for promoting the uptake of space data across government and industries.”
According to the top official, these advancements necessitate industry support for design, delivery, and operation, giving the agency a mandate to foster private sector expansion.
This entails partnerships and investments with companies of varying sizes and backgrounds, both domestic and international, facilitated by the establishment of the National Space Co.
“In implementing the strategic vision, SSA also has a key role to collaborate with international partners, leveraging international and long-standing experience and capabilities, with mutual interests in achieving scientific excellence,” Vora said.
Ambitions beyond earth
Yet, Saudi Arabia’s cosmic ambitions extend far beyond the confines of earth’s atmosphere.
With plans to develop a robust astronaut corps, participate in lunar exploration missions, and foster a thriving commercial space sector, the Kingdom is poised to carve out a formidable presence in the cosmos.
Saudi Arabia is set to play a crucial role in the entire space value chain, focusing on localizing satellite technology production, enhancing space situational awareness, and utilizing space data for various sectors, including climate-related initiatives, according to Serco.
A new report by the World Economic Forum predicts that the global space economy could reach $1.8 trillion by 2035, rivaling the semiconductor industry.
Space technologies, like communications and earth observation, are expected to become as integral to daily life as semiconductors.
The report emphasized that space will increasingly connect people and goods across industries, with benefits extending beyond financial gains to include addressing global challenges.
Space endeavors are no longer an exclusive playground for government; it is increasingly becoming a key component of our day-to-day lives.
Amar Vora, head of space at Serco Middle East
“Intensified collaboration between diverse stakeholders from the public and private sectors will be key to unlocking and maximizing the industry’s exponential potential for years to come,” it added.
From satellite manufacturing to space tourism, the Kingdom is primed to capitalize on the burgeoning space industry, diversifying its economy and driving innovation.
Abdullah Al-Dawsari, who is an aerospace and defense project manager, told Arab News that “Saudi Arabia has the opportunity to leapfrog in key emerging areas of the space economy.”
He said that this could be done through “strategically investing in next-generation capabilities by developing advanced satellite manufacturing using robotics, 3D printing, modular designs, offering low-cost launch services and rocket manufacturing by innovating in materials, propulsion, and reusability.”
He added: “Providing innovative incentives like grants, tax benefits, and funding opportunities for research and development in the space sector and removing bureaucratic barriers can further stimulate the industry.”
“Ultimately, space is becoming a cornerstone for economic growth, and this is exactly the vision and direction we are seeing from Saudi’s recent strides in space,” Serco’s top official said.
The economic benefits of space exploration are manifold, according to Vora. Space technologies and data are critical assets for numerous industries, including agriculture, mobility, environment, defense, and many others.
“We are seeing that space-enabled services have a role in the Saudi giga projects; for example, we see increased awareness, interest, and uptake from NEOM, Red Sea Global, and others,” he said.
Economist and policy adviser, Mahmoud Khairy, said in an interview with Arab News that Saudi Arabia’s endeavors in space “isn’t just about reaching for the stars; it’s about building a smarter economy.”
He added: “By venturing into space, Saudi Arabia aims to not only boost its global standing but also inspire young Saudis to pursue careers in science and tech. It’s all part of a bigger plan to transform the economy, putting the Kingdom on the map as a leader in space exploration while paving the way for a brighter, more sustainable future.”
Regulatory framework
The Communications and Space Technology Commission has recently released regulations and a permit application to encourage private sector involvement in the earth observation services market. This initiative aims to boost GDP through value-added products.
The Communications and Space Technology Commission has recently released regulations and a permit application to encourage private sector involvement in the earth observation services market, aiming to boost gross domestic product through value-added products.
The initiative will grant permits to entities establishing EO platforms, facilitating data collection and processing. The documents outline requirements for applicants and emphasize user rights and data security. Interested parties are encouraged to review and apply for the permit.
Key initiatives, such as the Center of Excellence for Earth and Space Science and the Center of Excellence for Aeronautics and Astronautics, underscore Saudi Arabia’s commitment to fostering world-class capabilities in space technology and research.
Moreover, strategic partnerships with leading space agencies and organizations propel the Kingdom’s space aspirations to new heights.
Vora emphasized that “strategic partnerships are essential in realizing the vision of the space sector in Saudi Arabia.”
Saudi Arabia’s endeavors in space isn’t just about reaching for the stars; it’s about building a smarter economy.
Mahmoud Khairy, economist and policy adviser
He added: “For an emerging space-faring nation, partnerships enable effective knowledge transfer and opportunities to learn from past successes and failures. It allows the ability to share resources, risk, and infrastructure, advance scientific and technological research, and gain access to state-of-the-art innovations from a global ecosystem.”
Vora explained that the most famous and widely referenced example of international partnerships and collaboration is the International Space Station, where it showcases the benefits of national collaboration.
He went to say: “Private space companies providing both B2G (business to government) and B2B (business to business) services are now the norm, along with the utilization of space data-driven solutions across adjacent industries.”
He went on explaining that this can be done by “introducing advanced technologies and services such as high-resolution imaging, data analytics for climate monitoring, urban planning solutions, and defense and security applications.”
Al-Dawsari added: “Private companies, with their flexibility and innovative approaches, can significantly contribute to the space industry.”
Private sector involvement in Saudi Arabia’s space industry has key implications for economic growth. It drives innovation, creates jobs, and attracts foreign investment, enhancing the Kingdom’s global competitiveness, according to Khairy.
A unique cosmic identity
Beyond scientific and economic gains, Saudi Arabia’s cosmic journey holds profound societal implications.
By inspiring the next generation of scientists, engineers, and explorers, the Kingdom is cultivating a legacy of innovation and discovery that transcends borders.
“Beyond the clear economic benefits of Saudi’s endeavors in space, it undoubtedly has an impact on society,” Vora noted.
National space endeavors along with international collaboration provides a catalyst for engagement in STEM fields through inspiration and integration into education, he highlighted.
Vora added: “It’s great to see the mandate imposed by KSA last year to integrate space and earth sciences into secondary education curricula.”
As Saudi Arabia ventures into space, the Kingdom remains committed to promoting sustainability and responsible stewardship of the cosmos.
Sustainability comes in various forms in relation to Saudi’s space policy, according to Vora.
“First, it’s KSA’s vision to create a sustainable, localized space industry and ecosystem — this requires support from the government in establishing an industry with long-term market opportunities,” he explained.
Vora went on saying: “It’s how the national space program contributes toward Saudi’s vision to be a leader in environmental and climate sustainability. It’s what I call sustainability from space.”
As space access becomes easier and launches more frequent, our space environment faces congestion and the risk of debris colliding with satellites. Improved technologies, regulations, and in-orbit solutions are needed to monitor and mitigate space debris.
“Saudi space policy demonstrates leadership in this domain, enhancing the Kingdom’s role in the sustainability of space through investment in technologies to track and monitor space debris,” Vora emphasized.
Khairy highlighted that space exploration requires a “whole army” of experts, from scientists and engineers to technicians and support staff.
“As the space industry grows, so does the need for all sorts of services, from manufacturing to transportation. That means more jobs for Saudis across the board,” he added.
Sovereign wealth funds
The pivotal role of sovereign wealth funds has become increasingly apparent in recent times, particularly in the Middle East.
They have spearheaded economic diversification efforts, as reported by Euroconsult, a consulting firm specializing in the space sector.
The report added: “Prominent funds like the UAE-based Mubadala Investment Company, the Saudi Public Investment Fund (PIF), and the Oman Investment Authority (OIA) have allocated substantial resources to finance local, regional and international space projects and companies.”
Notable examples include partnerships like the one between Saudi Telecom Co. and PIF to establish IoT Squared, a technology firm specializing in the Internet of Things, as well as OIA’s acquisition of an equity stake in SpaceX.
These investments not only support local, regional, and international space projects and companies but also bring tangible benefits to the countries involved, the report added.
Economist Khairy said that the PIF is “already planning to invest heavily in the space sector and could be a major player in funding the Kingdom’s space dreams.”
He added: “With its hefty financial resources and focus on long-term investments, it could provide the cash needed to launch satellites, conduct research, and build space infrastructure. Plus, investing in space could boost Saudi Arabia’s global reputation and competitiveness, drawing in even more investment and talent.”
“When Saudi Arabia aims for the stars, it’s not just about the thrill of discovery; it’s about building a brighter economic future right here at home,” Khairy concluded.
Saudi startups take lead in MENA funding space
- Sector garners over 53 percent of MENA venture debt financing in 2023
CAIRO: Saudi Arabia’s startup ecosystem has affirmed its leading position in the funding space, capturing over 53 percent of the region’s venture debt financing in 2023, according to MAGNiTT’s latest report.
The venture data platform revealed that Saudi startups raised a total of $400 million in venture debt last year, a 602 percent growth compared to $57 million in 2022.
Venture debt is a type of financing for early-stage companies that complements equity funding. It includes growth capital for expansion, equipment financing for asset acquisition, and accounts receivable financing for managing cash flow.
The Middle East and North Africa region saw a total of $757 million in venture debt financing in 2023, a 262 percent year-on-year growth.
The UAE followed Saudi Arabia with a total of $353 million in financing in 2023, a 222 percent yearly increase. Egypt came in third with $4 million, an 86 percent annual drop.
In terms of deal count, the Emirates leads the region with six transactions, indicating a 25 percent yearly decrease; Saudi Arabia with four, a 100 percent annual increase, and Egypt with two and a 75 percent year-on-year drop.
Fintech emerged once again as the sector of choice for investors, accumulating $601 million in financing, a 325 percent yearly increase.
Buy now, pay later giants Tabby and Tamara drove the sector’s triple-digit growth, amassing $600 million of fintechs’ total financing.
This is mainly due to the subsector’s capital-intensive nature and the growing demand for consumer credit financing tools.
Transport and logistics came in second with $150 million in venture debt, a 162 percent YoY increase, and e-commerce with $3 million, a 57 percent drop.
The leading investors by capital deployed were mainly foreign, with the top three from the US, namely, Goldman Sachs, Partners for Growth, and Atalaya, followed by CoVentures from South Africa and Shorooq Partners from the UAE.
Agritech startup iyris closes $16m series A round
Riyadh and Dubai-based agritech startup iyris, formerly known as RedSea, closed a $16 million series A funding round led by US-based Ecosystem Integrity Fund with support from Global Ventures, Dubai Future District Fund and Kanoo Ventures as well as Globivest, and Bonaventure Capital.
Founded in 2018 by Ryan Lefers, Mark Tester, and Derya Baran, iyris offers advanced commercial farming solutions for low to mid-tech farmers in hot climates worldwide.
Proceeds will enhance sales coverage and bolster iyris’ international sales pipeline for SecondSky greenhouse covers and nets.
Additionally, the funds will drive the development of innovative heat-blocking products and resilient plant genetics.
This investment underscores iyris’ dedication to empowering farmers to sustainably mitigate climate change impacts, address food security concerns, and achieve key UN Sustainable Development Goals.
BIM Ventures and SBI Holdings launch $100m joint investment fund
Saudi Arabia-based VC studio BIM Ventures has partnered with Japan’s SBI Holdings to launch a $100 million joint investment fund aimed at supporting Saudi startups.
The fund will provide startups with funding, expert guidance, and mentoring throughout their establishment and growth phases.
The memorandum of understanding for the fund was signed during the Saudi-Japan Vision 2030 Business Forum, under the auspices of the Ministry of Investment of Saudi Arabia.
UAE’s Growdash closes $1.8m seed round
Dubai-based foodtech software as a service solution Growdash closed $1.8 million in a seed funding round led by Oryx Fund and Oraseya Capital.
Founded in 2022 by Sean Trevaskis and Enver Sorkun, the company uses software solutions to boost restaurants’ marketing and operational efforts.
UAE foodtech startup GrubTech secures $15m in series B funding
UAE-based foodtech startup GrubTech has raised $15 million in its series B round, an extension of series A led by Jahez and including participation from Addition and Hambro Perks Oryx Fund.
Founded in 2019 by Mohamed Al-Fayed, Omar Rifai, and Mohamed Hamedi, GrubTech is a software integration and unified commerce platform that provides restaurants and cloud kitchens with software solutions to streamline operations.
TVM Capital Healthcare closes $250m Afiyah Fund
UAE-based healthcare private equity firm TVM Capital Healthcare has closed a $250 million Afiyah Fund LP.
The fund was led by JADA, a Public Investment Fund company, along with a group of Saudi, Gulf, and European investors.
The Afiyah Fund aims to support domestic and international health tech startups entering the market, with a focus on the key medical priorities of Saudi Vision 2030.
TVM Capital plans to mobilize $400 to $500 million in the Saudi healthcare sector, with anticipated co-investment offers from its LP base.
Proptech startup Holo secures pre-series A funding
UAE-based proptech startup Holo has raised an undisclosed amount in a pre-Series A funding round led by Dubai Future District Fund and Oryx Fund, with participation from Aditum Investment Management Limited.
Launched in 2020 by Michael Hunter and Arran Summerhill, Holo offers digital mortgage services that simplify the process of owning a home by allowing buyers and homeowners to explore refinancing options.
Holo plans to use the new capital to strengthen its market position in the UAE, grow its team, and expand its reach across the Gulf region, with an immediate focus on Saudi Arabia.
In February 2023, Holo closed a seven-figure seed round.
Shorooq Partners announces first close of $100m credit fund
UAE-based alternative investment manager Shorooq Partners has announced the first close of its $100 million second private credit fund.
The fund was established in collaboration with Korea’s IMM Investment Global, which joined as a minority partner.
The fund will assist MENA-based startups with an average ticket size of $10 million in sectors such as manufacturing, industrials, financing, and software services.
Founded in 2017 by Mahmoud Adi, Shane Shin, and Kunal Savjani, Shorooq Partners is an alternative investment manager across MENA.
Its first credit fund, now fully deployed, has invested in companies like Pure Harvest and Tamara.
ACWA Power signs deal for major green hydrogen project in Tunisia
- Saudi-listed company plans first phase with capacity of 200,000 tons per year powered by 4GW of renewable energy
- Tunisia envisioned as major site for green hydrogen production and export to Europe
TUNIS: Saudi-listed ACWA Power, the world’s largest private water desalination company and a leader in energy transition, has signed an agreement with the Tunisian government for a project that will produce up to 600,000 tons per year of green hydrogen in three phases, for export to Europe.
The memorandum of understanding was signed by Fatma Thabet Chiboub, Tunisia’s minister of industry, mines and energy, and Marco Arcelli, CEO of ACWA Power.
ACWA Power will develop, operate and maintain 12GW of renewable energy electricity generation units including storage systems and transmission lines, along with water desalination plant, electrolyzers and infrastructures to connect to the main pipeline.
The first phase will involve installing 4GW of renewable energy units, 2GW of electrolyzer capacity, as well as battery storage facilities, to produce 200,000 tons per year of green hydrogen, which will be exported through the South2 Corridor, a hydrogen pipeline initiative led by European TSOs connecting Tunisia to Italy, Austria and Germany.
Commenting on the announcement, Ouael Chouchene, secretary of state for energy transition, said: “This project aligns perfectly with the Tunisian government’s national green hydrogen strategy released in October 2023, which targets an annual production of 8.3 million tons of green hydrogen and byproducts by 2050. We are confident that this agreement with ACWA Power will leverage Tunisia’s strengths, including its strategic geographic location, existing infrastructure, and skilled workforce, to create a more sustainable future for the country.”
The project will play an integral role in supporting Tunisia’s National Strategy for the Development of Green Hydrogen and its Derivatives, which was launched in October 2023. The strategy includes an action plan to export more than 6 million tons of green hydrogen to Europe by 2050.
“We are excited to work with the Tunisian government on this visionary project, bringing our expertise in renewables, desalination and green hydrogen to build a bridge with Europe to help reach its decarbonization targets. This project can also contribute significantly to economic growth, job creation, and sustainable energy solutions, exemplifying our shared vision for a greener future,” Arcelli said.
The agreement highlights ACWA Power’s ambition to rapidly expand its green hydrogen portfolio. Construction is well underway at the NEOM Green Hydrogen Project, a joint venture between ACWA Power, Air Products, and NEOM, to create the world’s first utility-scale green hydrogen plant, capable of producing 1.2 million tons of green ammonia per year.
Work is also underway on ACWA Power’s second green hydrogen project, in Uzbekistan. The first phase of this project will be capable of producing 3,000 tons of green hydrogen per year.
Pakistan’s planning ministry forecasts growth at 3.6% for next year
- The ministry anticipates inflation to decline to 12 percent in its annual plan review
- The Pakistan government is expected to present this year’s budget on June 10
ISLAMABAD: Pakistan’s Planning Ministry said on Friday that the economic outlook for the next year was positive, with a growth target of 3.6 percent, while inflation was likely to moderate to 12 percent.
Pakistan will present its annual budget on June 10, three days later than expected, two government sources said on Friday, as markets wait for details of plans seen as crucial to securing a new International Monetary Fund (IMF) loan. Pakistan’s fiscal year starts on July 1.
“The growth prospects hinge upon political stability, exchange rate, macroeconomic stabilization under IMF’s program and expected fall in global oil and commodity prices,” the ministry said in its annual plan review.
Earlier in May, in its half-yearly report, Pakistan’s central bank said the economy was grappling with structural bottlenecks exacerbated by political uncertainty, despite some improvement in macroeconomic indicators. It predicted real GDP growth of 2 percent-3 percent for fiscal 2024.
The Planning Ministry said the fiscal deficit would narrow on the back of fiscal consolidation measures, and that domestic average inflation was likely to moderate to 12 percent owing to falls in global inflation.
Pakistani inflation is set to come in between 13.5 percent and 14.5 percent in May and to ease further to 12.5 percent to 13.5 percent by June, the finance ministry said on Wednesday in a monthly update.
Pakistan has been beset by inflation above 20 percent since May 2022, registering a high of 38 percent in May 2023, as it navigated reforms as part of an International Monetary Fund bailout program. However, inflation has slowed over the past few months.
The planning ministry added that the Annual Plan Coordination Committee had approved an estimated 1.22 trillion rupees ($4.39 billion) for public sector development spending during the next fiscal year, lower than the 2.8 trillion rupees ($10 billion) requested by the ministries, due to fiscal constraints.
