COVID-19 recoveries continue to rise in Saudi Arabia

Saudi Arabia recorded 18 more deaths from the coronavirus disease (COVID-19) and 405 new cases of the disease on Wednesday. (File/SPA)
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Updated 22 October 2020

COVID-19 recoveries continue to rise in Saudi Arabia

  • The total number of recoveries in the Kingdom has increased to 329,715
  • A total of 5,235 people have succumbed to the virus in the Kingdom so far

JEDDAH: The number of people have recovered from the coronavirus disease (COVID-19) is on the rise in Saudi Arabia.
According to the Saudi Health Ministry, 445 more people have recovered from COVID-19 on Wednesday, raising the total number of recoveries to 329,715.
The Kingdom recorded 405 new coronavirus cases bringing the total number of infections to 343,373 since the beginning of the outbreak.
The authorities reported 18 new virus-related fatalities raising the death toll to 5,235. Madinah continued to record the highest number of cases with 92 followed by Makkah with 44, and Riyadh with 34.
The remaining cases were detected in different cities and governorates across the Kingdom.
There are 8,423 active cases that are still receiving medical care and 804 of these are in critical condition.
Tetamman clinics have been allocated by the ministry to serve anyone who shows COVID-19 symptoms, including a high temperature, accompanied by shortness of breath or coughing. The clinics are available to everyone, including Saudis, expats and violators of the residency system.

 


Saudi investors share expertise on Saudi corporate VC opportunities

Updated 27 November 2020

Saudi investors share expertise on Saudi corporate VC opportunities

JEDDAH: The two-day Step Saudi 2020 event featured two prominent Saudi figures in the field of investment on the second day.
Hashim Al-Awadi, CEO of Tech Invest, and Salman Jaffery, chief investment officer at Saudi Aramco Entrepreneurship Ventures, both shared their expertise, with the latter saying it is more beneficial for corporations to start a venture capital (VC) arm than invest from their current mergers and acquisitions arm (M&A).
Managing partner at Class 5 Global, Zach Finkelstein, who moderated the session on the second day of the event, said the San Francisco-based venture fund invested in a number of companies in the Middle East.
“The Middle East is particularly interesting to us, and in the past, our partners have invested in such regional companies as Careem. We’re excited to explore the development of the corporate VC space and how it can impact places like Saudi Arabia,” he added.
When asked why a corporation should start a VC arm instead of investing from an M&A team, and why have a separate corporate Venture Capital arm in the first place, Jaffery answered that “it brings faster results.”
“I think the easiest answer to that is just speed and agility,” he said. “Getting that response quickly to the market. VC deals can take weeks or months whereas an M&A transaction can take up to a year or longer, and also similarly, if you’re trying to then come out of it, it’s harder to come out of a joint venture agreement or an M&A as opposed to a VC.”
Al-Awadi explained his opinion a traditional VC perspective, and said: “We like the fact that corporations can invest from both their M&A arms and their VC arms if they have them.”
He highlighted that VC arms can invest in a greater variety of companies. “You have the intelligence, you know the market and if you’re looking at specific technology where we don’t have a lot of expertise we trust that you (other venture capitalists) know the market and you can evaluate that technology better to see if it has the capability and potential for growth or not.
“Eventually, you do have an M&A arm that will provide an exit for us, for an incentive for this company to work hard to grasp the intention after having been invested in by the VC arm of this big corporate to maybe look into making a partial agreement or complete acquisition, which really adds an incentive for the company to grow and attracts other investors and also attracts talent to join the company and help it grow even more.”
He said both the VC and M&A arm are important for company growth. “We tend to look at corporate investors through both arms as complementary to what we do when we have both of them around.”
The Kingdom has obtained a high reputation among investors internationally through the years, especially after the economic and social reforms of Saudi Vision 2030.
Step Saudi is home to the Kingdom’s best entrepreneurs, investors, creatives and digital enthusiasts. The last edition of Step Saudi featured four content tracks, more than 100 startups and over 1,500 attendees.