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Regional startups join forces to further propel the ecosystem

The Kingdom’s National Technology Development Program has joined forces with Outlier Ventures, a prominent global Web3 accelerator, to bolster the technology sector in Saudi Arabia. (Supplied)
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Updated 29 March 2024
Nour El-Shaeri
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Regional startups join forces to further propel the ecosystem

  • Ventures from various industries forging alliances, and signing agreements to bolster expansion
Updated 29 March 2024
Nour El-Shaeri

CAIRO: Startups across the Middle East and North Africa region are increasingly collaborating through strategic partnerships to enhance the entrepreneurial ecosystem.   

Ventures from various industries are forging alliances, and signing agreements to bolster expansion, penetrate new markets, and enhance customer satisfaction initiatives.  
At the forefront of these strategic partnerships, the Kingdom’s National Technology Development Program has joined forces with Outlier Ventures, a prominent global Web3 accelerator, to bolster the technology sector in Saudi Arabia.   
Under the memorandum of understanding, the Base Camp Web3 accelerator program aims to support and cultivate the growth of promising Web3 startups in the Kingdom.   
Participating startups will benefit from Outlier Ventures’ expertise, receiving guidance on product development, entity structuring, and token design from a team of in-house experts.   
Additionally, these startups will gain invaluable insights and networking opportunities through direct interactions with leading mentors and investors in the Web3 domain.  
“Under Vision 2030, the rapid pace of change and development is visible across all sectors of the economy. The achievements are testimony to the level of dedication and focus driving the Kingdom forward. Our strategic collaboration underscores our joint dedication to nurturing technological progress,” said Stephan Apel, CEO and founding partner of Outlier Ventures.
This collaboration marks the introduction of the first deep tech Web3 accelerator program in Riyadh, slated to begin later in 2024.
The initiative aligns with Saudi Vision 2030 and Outlier Venture’s commitment to nurturing global entrepreneurial talent, specifically targeting the burgeoning Web3 ecosystem within the Kingdom.  




Mohsin Ali, CEO of Inbox Business Technologies. (Supplied)

Inbox Business partners with AstroLabs for expansion in KSA
Pakistan’s Inbox Business Technologies sealed a partnership with business facilitator AstroLabs to support the former in entering the Saudi market.  
Inbox Business Technologies, under the ownership of the Dawood Group, is renowned for its extensive experience in delivering transformative innovation across various technology domains in Pakistan.  With a workforce exceeding 1,800 professionals, Inbox is well-equipped to offer services in business applications, enterprise-managed services, cloud migration, digital security, and cybersecurity.  
The collaboration with AstroLabs will establish Inbox Business Arabia, the company’s Saudi branch, to capitalize on the burgeoning digital sector, enabling a timely and strategic market expansion in the Kingdom.  
“Inbox Technologies Arabia is actively expanding its operations within Saudi Arabia, with several key projects currently in progress,” said Mohsin Ali, CEO of Inbox Business Technologies.  
“Among these initiatives is the development of a content management database specifically for a multinational corporation based in Jeddah. Additionally, we’re playing a crucial role in delivering IT services and overseeing strategic programs for the nation’s foremost IT enterprise, along with a company owned by the Public Investment Fund,” he added.  




Archie Rudyuk, CEO and co-founder of Takefluence. (Supplied)

True Gamers partners with Takefluence to introduce ambassador program  
True Gamers and Takefluence have partnered to unveil an ambassador program dedicated to the gaming community.   
This innovative initiative aims to empower gaming enthusiasts and content creators, providing them with a platform to express their creativity, engage with broader audiences, and convert their gaming passion into tangible opportunities.  
“This partnership reflects a shared vision for the future of Gaming, eSport and content creation in the region, highlighting the synergies between technological innovation and community engagement,” said Archie Rudyuk, CEO and co-founder of Takefluence.  
True Gamers is a UAE-based esports gaming cafe network with 150 outlets globally.
Takefluence is a platform that automates the onboarding, reporting and payouts for brands looking to launch their ambassador and creator campaigns, engage audience, and leverage influencers and user-generated content.  
“By combining our resources and expertise, we are not just offering a platform for gamers and creators but also setting the stage for the next generation of gaming content. This initiative is about recognizing and amplifying the talents within our community, ensuring that the Middle East becomes a main hub of innovation and creativity in the global gaming scene,” said Vlad Belyanin, co-founder of True Gamers.    




Deliveroo underscores its position as a trusted platform for brands and a provider of unique value to its customers across the UAE. (Supplied)

Deliveroo UAE teams up with Kayali to offer luxury fragrances  
Deliveroo UAE has forged a partnership with Kayali, the prestigious perfume brand created by beauty entrepreneur Mona Kattan. This collaboration marks a significant development in on-demand shopping, with Deliveroo being the exclusive aggregator to feature Kayali’s luxury fragrances on its new shopping vertical.   
This move expands Deliveroo’s range of offerings and showcases its commitment to providing customers with convenient and premium shopping experiences.   
Through this partnership, Deliveroo underscores its position as a trusted platform for brands and a provider of unique value to its customers across the UAE.  

MBC Group acquires significant stake in Anghami  
Saudi Arabian media giant MBC Group, via its MBC Ventures division, has acquired over 4 million ordinary shares in the Nasdaq-listed music streaming service Anghami.   
This purchase secures MBC Group a 13.7 percent ownership in Anghami and raises its stake’s value to $6.48 million from $4.074 million.  
The acquisition also coincided with a substantial 59 percent increase in Anghami’s share price on March 20, which soared to $1.59 from $1 the previous day.   

SPEEDREAD

• Pakistan’s Inbox Business Technologies sealed a partnership with business facilitator AstroLabs to support the former in entering the Saudi market.

• True Gamers and Takefluence have partnered to unveil an ambassador program dedicated to the gaming community. This initiative aims to empower gaming enthusiasts and content creators.

• Deliveroo UAE has forged a partnership with Kayali, the prestigious perfume brand created by beauty entrepreneur Mona Kattan. This collaboration marks a significant development in on-demand shopping.

Ahlan App secures $3m in funding  
Bahrain’s Ahlan App, a loyalty program and delivery service, has secured a $3 million investment at a $15 million valuation in a round led by Hope Ventures, with contributions from Al Rajhi Holdings and other angel investors.   
Founded in 2021 by Faisal Rashed, Ahlan rewards users with cashback for dining in, picking up, or home delivery services.   
This fresh influx of capital is earmarked for increasing Ahlan’s market presence, emphasizing its commitment to enhancing customer loyalty and expanding its services.  

Egypt’s Sprints.ai raises $3m   
Sprints.ai, an Egypt-based edtech firm, has raised $3 million in a bridge round led by Disruptech Ventures, with contributions from EdVentures and Challenge Fund for Youth Employment, among others.   
Founded by Ayman Bazaraa and Bassam Sharkawy in 2020, Sprints.ai is addressing the tech talent shortage in the Middle East and Africa region by offering a guaranteed hiring program to prepare qualified candidates for the job market.  
This new funding will support Sprints.ai’s ambitious plan to penetrate 10 new markets, reinforcing its mission to bridge the educational gap in technology sectors across the region.  

Topics: Start-up of the Week

Saudi Arabia committed to preserving environment, water resources, minister tells WEF

Updated 28 April 2024
Nadia Alfaour
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Saudi Arabia committed to preserving environment, water resources, minister tells WEF

  • Nation providing incentives for private sector to become more engaged, Abdulrahman Al-Fadley says
Updated 28 April 2024
Nadia Alfaour

DUBAI: Saudi Arabia has detailed plans for the protection of its lands and environmental resources, the Minister of Environment, Water and Agriculture said on Sunday.

Speaking at the World Economic Forum in Riyadh, Abdulrahman Al-Fadley said: “We have devised our plans based on the preservation of our environment and the management of our water resources. The Kingdom is also providing incentives for the private sector to become more engaged and more responsible toward the environment.”

With 40 percent of lands around the world degraded and further degrading at an alarming rate, critical action is needed as the UN Convention to Combat Desertification COP16 is set to take place in Riyadh in December.

Al-Fadley said Saudi Arabia had preserved millions of hectares of land and set up programs for cloud seeding and increasing the number of dams in the country.

“This will not only be beneficial to the Kingdom but for the whole region,” he said. “With us hosting COP16 we are hoping to give the meeting the importance it commands. We don’t want matters to go back to the status quo after COP16 ends.”

Tariq Al-Olaimy, a member of the Global Shapers Community Foundation Board at the WEF, commended King Salman for his land restoration efforts.

“When you put nature first, you are equally putting people first,” he said. “Nature is our greatest collaborator … There is no successful growth story without successful land restoration and this starts inwardly, through our religion, community, values and moral clarity.”

Ibrahim Thiaw, secretary of the UNCCD, warned of global repercussions if the world did not pay heed to environmental safekeeping.

“Entire ecosystems are being destroyed through actions and inactions,” he said. “There has been a 29 percent increase in droughts in the past few years and that is affecting 1.8 billion people around the world. For poor nations that is disastrous and carries a large death toll of animals, people and agriculture. We have to be more proactive and not just emergency-ready. We must attempt to avoid emergencies.”

Thiaw said the Panama Canal’s functionality had been reduced by 12 percent, which was causing a problem for supplies.

“Demand is increasing while resources are shrinking,” he said. “As humanity we have been looking at resources as if they are unlimited. We have not been managing them. Companies need to reset their relationship with nature and we need to focus on land restoration to keep going.”

Naoki Ishii, director of the Center for Global Commons, had similar concerns.

“We are on a collision course,” he said. “The only solution is to modify our economic system. COP16 must be transformative for all of us. We need the political momentum to implement positive changes.

“If we are able to push those efforts, economically and ideally speaking, that will be a game changer.”

Topics: WEF Riyadh Saudi Arabia WEF Abdulrahman Al-Fadley

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Saudi Arabia, UAE have world’s most ambitious decarbonization programs: WEF panel

Updated 28 April 2024
Nadia Alfaour
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Saudi Arabia, UAE have world’s most ambitious decarbonization programs: WEF panel

  • “Solving sustainability problems requires technology and China has contributed greatly by increasing technical progress and making the cheapest energy available to the world”
Updated 28 April 2024
Nadia Alfaour

DUBAI: A panel of ministers and experts gathered at the World Economic Forum in Riyadh on Sunday to discuss the road map for tripling renewables by 2030.

The UAE’s Minister of Energy and Infrastructure Suhail Mohamed Al-Mazrouei said his country’s goal would not only be reached but possibly exceeded by 2030.

“The UAE has been offering solar power to aid the world in reaching the goal of tripling renewables,” he said. “We have very few years until 2030, we need to work alongside and encourage countries to make the achievement by then.”

Li Zhenguo, president of Longi Green Energy Technology, said the Chinese government had been at the forefront of efforts to develop renewables.

“In 2023, China installed 216 solar power plants, which is more than 50 percent of the global capability,” he said.

“Solving sustainability problems requires technology and China has contributed greatly by increasing technical progress and making the cheapest energy available to the world.”

Marco Arcelli, CEO of Saudi-based ACWA Power, said he was surprised by the momentum in the region.

“Saudi and UAE have the most ambitious decarbs programs in the world. There is a speed and dimension you don’t see much elsewhere,” he said.

“There is leadership with a vision, there is cheap energy available and I believe you will start seeing greenshoring in the Kingdom by 2030. Lots of upcoming projects in the country, be it NEOM or others, will be solar driven and using renewable energy.”

Kuwait’s Minister of Electricity, Water and Renewable Energy Salem Alhajraf said there was a need to increase global production capacity.

“Innovative financing is key,” he said. “We need to move from small giga-sized projects to deploying renewables. Cities or towns with small populations can possibly have all their needs met by solar power.”

Stephanie Jamison, global Resources Industry Practices chair at Accenture, said her company had been developing guidelines for community engagement and nature transition.

“By conducting surveys and interviewing various CEOs, it has become clear that companies understand the impact they are making on nature. And so, partnerships between companies and proactive partnerships between companies and the community is one way to tackle challenges.”

Topics: WEF Riyadh Saudi Arabia UAE WEF

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Saudi energy minister, EU official discuss cooperation on clean energy

Updated 28 April 2024
Arab News
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Saudi energy minister, EU official discuss cooperation on clean energy

Updated 28 April 2024
Arab News

RIYADH: Saudi Energy Minister Prince Abdulaziz bin Salman on Sunday held talks with EU Energy Commissioner Kadri Simson to discuss prospects for cooperation in the field of clean energy.

The top officials met on the sidelines of the World Economic Forum in the Saudi capital, the Saudi Press Agency reported. They discussed ways to strengthen bilateral ties, boost cooperation for the promotion of green energy and advance the goals of the Paris Agreement and ensure the implementation of the outcomes of the COP28 held in Dubai last year.

The Paris Agreement is an international treaty on climate change that was adopted back in 2015. It was negotiated by 196 parties at COP21 in France and covers climate change mitigation, adaptation, and finance.

They reaffirmed the common goals of Saudi Arabia and the EU and the determination of both parties to accelerate private investment in the renewable energy sector, cooperate on electricity interconnection and the integration of renewables into the electricity grid.

The officials stressed the need to strength the electricity supply infrastructure through demand side management smart grid. They also discussed carbon capture, utilization and storage technology and opportunities for industrial partnerships in those sectors.

They also shared their view on building on the UNFCCC, the Paris Agreement and COP28 outcomes. The officials also discussed a Saudi-EU memorandum of understanding to boost cooperation in the energy sector.

According to SPA report, they were of the view that such an MoU should provide a solid and mutually beneficial basis for orienting and anchoring investment decisions in the energy and clean tech sectors, involve and mobilize stakeholders from the public, private and financial sectors, and lay the foundation for a more sustainable and secure energy future.

The European Commission and Saudi Arabia aim to conclude the MoU in the next few months.

 

Topics: Saudi Arabia EU renewables

Saudi Arabia to host 28th World Investment Conference in Riyadh

Updated 28 April 2024
Arab News
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Saudi Arabia to host 28th World Investment Conference in Riyadh

Updated 28 April 2024
Arab News

RIYADH: Saudi Arabia is on track to host the 28th World Association of Investment Promotion Agencies’ World Investment Conference from Nov. 25 to 27 in Riyadh.

The forum themed “Future-ready IPAs: Navigating digital disruption and sustainable growth,” will bring together leaders from investment promotion agencies, corporates, multilateral institutions, and other stakeholders to discuss global financial trends and opportunities, according to a statement. 

The Kingdom’s selection as a host underscores its position as an international funding hub, according to Saudi Investment Minister Khalid Al-Falih. 

“We are honored to be welcoming the global investment community to Saudi Arabia. Our strategic location at the crossroads of three continents, coupled with our world-class investment ecosystem and long-term political and economic stability, has seen the Kingdom develop into a global investment hub,” Al-Falih said.

“The World Investment Conference will serve as a platform to showcase our nation’s potential and forge partnerships that will shape the global investment landscape for years to come,” the minister added. 

On WAIPA’s behalf, Executive Director and CEO Ismail Ersahin said: “WAIPA is honored that the 28th WAIPA World Investment Conference will be held in Riyadh, a city with a rich history and culture.”

Ersahin added: “With each edition, the WIC reaffirms its status as a guiding force for sustainable and inclusive development.” 

He went on to stress how the conference is poised to be an impactful gathering aimed at the future readiness of IPAs. 

Since 1995, the annual gathering has provided a forum for stakeholders to exchange insights and best practices and forge partnerships that drive economic development globally.  

Topics: Saudi Arabia International forum Host World Association of Investment Promotion Agencies

Human capital a ‘key challenge’ for Kingdom’s tourism sector, says Saudi minister

Updated 28 April 2024
ANAN TELLO
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Human capital a ‘key challenge’ for Kingdom’s tourism sector, says Saudi minister

  • Saudi Arabia's tourism sector is 'heading to achieve $80 billion this year' in private investment, Al-Khateeb told a WEF panel
Updated 28 April 2024
ANAN TELLO

LONDON: Developing human capital is a key challenge for Saudi Arabia’s travel sector, the country’s tourism minister has said on Sunday.

Ahmed Al-Khateeb, speaking during a two-day meeting of the World Economic Forum in Riyadh, discussed the Kingdom’s burgeoning tourism industry, which has boomed over the past half-decade.

To address the human capital challenge, the Saudi leadership has encouraged young people across the Kingdom “to join the sector,” he said.

“We are spending a lot to train (young Saudi talents) and scale them, and involve them in the sector,” he told the “Vacationomics” panel discussion, adding that hiring local experts is essential for delivering better tourism experiences.

“You get the best experience and you know more about other people’s culture and other nations’ cultures when you deal and interact with locals,” he said. “We want to make sure that our guests are served by local people.”

Saudi Arabia has delivered “strong growth in Q1 this year, and we are moving to deliver our 2030 numbers,” the minister said.

The Kingdom’s tourism sector “has come a long way” since the launch of the National Tourism Strategy as part of efforts to diversify the economy, Al-Khateeb said, adding that the industry is “heading to achieve $80 billion this year” in private investment.

Last year, Saudi Arabia attracted about $66 billion in private investment into tourism.

“We doubled the number of visitors coming from outside — 100 million in total … 77 million domestic (and) 27 million international,” he said. “This is double the number that we achieved before we launched our National Tourism Strategy.

“We have the funding. We have a great country. We have everything that the international tourists would like to see and experience.”

Jerry Inzerillo, chief of the Diriyah Gate Development Authority, told the panel: “What the Gulf and its leadership will do in the next 10 years is going to be breathtaking to allow people to come from all over the world.”

With “so much to do in the region,” Inzerillo said he believed the “warmth and hospitality” of the Saudi people is serving as a strong selling point for tourism in the Kingdom.

Though the traditional Gulf tourism market in Saudi Arabia is well developed, European tourism is “now activating” through new business with the Kingdom, he added.

“And as we sign more and more airline deals and… (the) Ministry of Tourism has done a brilliant job in getting bilaterals, you’ll see those numbers grow very exponentially.”

Other panelists included Abdulla Bin Touq Al-Marri, UAE minister of economy; Thiago Alonso de Oliveira, CEO of JHSF Participacoes; and Aireen Omar, president and CEO of RedBeat Capital.

Topics: WEF Riyadh tourism

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