NEW DELHI: Global oil major BP plans to open up to 3,500 fuel stations in India, becoming the second overseas firm drawn to rising demand for gasoil and gasoline in the world’s fastest growing major economy.
BP will join European oil major RoyalDutch Shell as the only foreign firms selling fuel in the country, challenging the market share of state refiners that control 93 percent of India’s more than 56,000 outlets.
An oil ministry official told Reuters BP would be issued permission to set up the stations by Monday. A BP India spokeswoman confirmed the company had applied for a license to set up the fuel stations.
India is replacing China as the driver of global oil demand growth as its economy expands and a rising middle class buys motor vehicles. The International Energy Agency expects India to account for a quarter of global energy use by 2040.
“There is space for everybody as our fuel demand is growing,” said M. K. Surana, chairman of state-owned Hindustan Petroleum Corp, adding that the entry of new players will make the retail market more competitive.
“State refiners will have to adopt novel ways to boost sales and retain their market share,” added Surana, whose firm signed a deal this week to sell milk products at its retail outlets to attract customers.
India ended control over gasoline prices in 2010 and on diesel in 2014, making retail fuel attractive for private players like Essar Oil and Reliance Industries which are expanding their retail presence.
India recently allowed private firm Haldia Petrochemicals Ltd. to see up fuel stations.
STRENGTHENING CONFIDENCE
BP pulled out of a refinery and marketing joint venture with HPCL in 2006, when retail prices were way below market rates and federal financial support was given only to state firms.
“It is highly unlikely that India will revert to the subsidies regime, more so because of low oil prices. This strengthens the confidence of new players to enter the Indian fuel market,” said Tushar Tarun Bansal, director at Singapore based consultancy Ivy Global.
Oil Minister Dharmendra Pradhan said in June that global oil majors including Saudi Aramco and Total planned to tap the retail fuel market in India.
Indian fuel markets could be a lucrative prize for BP, which reported a 45 percent drop in second-quarter earnings. It has also received an Indian license for jet fuel sales.
It is not clear where BP will source fuels for local sales. India’s pricing formula gives higher profits to retailers with refining plants or domestic supply sources.
“BP already has a tie up with Reliance on the gas side so there is a possibility they may strengthen this relationship further to the downstream side of the business,” said Bansal.
BP in 2011 acquired a 30 percent stake from Reliance in some exploration blocks and formed a gas sourcing and marketing tie-up with the Indian conglomerate. Reliance operates the world’s biggest refining complex in western India, but controls only a small share of retail fuel markets.
“Any refining or product sale tie-up with BP will suit Reliance which recently decided to exit from the African market, leaving it to explore new geographies and clients for its fuel,” Bansal said.
BP to set up fuel stations in India, challenge state firms’ dominance
BP to set up fuel stations in India, challenge state firms’ dominance
Startups across MENA secure fresh funding to scale chips, AI, mobility and proptech platforms
- The company plans to use the funding to scale operations across Dubai and the wider UAE before expanding into other GCC markets
RIYADH: Startups across the Middle East and North Africa continue to attract investor backing, with companies spanning semiconductors, artificial intelligence infrastructure, and health technology all benefitting.
Rimal Semiconductors, a Saudi chip design startup, secured a bridge funding round from Keheilan Asset Management and an undisclosed regional investor as the company works to strengthen its position within the global semiconductor supply chain.
The funding will support Rimal’s strategy of building a fabless semiconductor business that designs chips while outsourcing manufacturing to international foundries, enabling the company to distribute production across multiple jurisdictions while retaining ownership of its intellectual property.
Rimal currently maintains manufacturing partnerships across Taiwan, Korea, and China, and is in discussions with US-based foundries as it seeks to diversify its production network.
The company positions its approach as a way to navigate the increasingly fragmented semiconductor industry, where geopolitical tensions between the US and China are reshaping global supply chains and restricting market access for many companies.
By maintaining Saudi ownership of its intellectual property while distributing manufacturing across multiple partners, Rimal aims to supply its chip designs to markets worldwide regardless of manufacturing location.
The startup is also finalizing a distribution agreement with a regional distributor operating across Turkiye, Egypt, and Morocco, as well as Tunisia and the UAE, supported by local engineering teams providing technical support in each market.
Rimal currently has six contracts in the pipeline, including one with a major Egyptian corporation, with projects spanning defense systems, power grid infrastructure, and data center technologies.
iQtech raises first investment round
iQtech LLC, a Qatar-based startup specializing in advanced medical simulation and cross-reality technologies, has closed its first investment round with backing from European assessment technology company Selexi and deep-tech collaborator Yuniro.
The funding marks a milestone for the startup, founded in 2025, as it transitions from its founding phase into a structured growth stage while accelerating development of its AI-powered medical training platform.
The investment will support the development of EsculapioVR, iQtech’s flagship platform that combines immersive virtual reality simulations with artificial intelligence-driven performance evaluation designed to enhance medical education and professional training outcomes.
Operating from Doha within the Qatar Science & Technology Park ecosystem, the startup positions itself at the intersection of healthtech and edutech.
The company aims to modernize professional training through high-fidelity simulation environments for health care professionals, as well as civil and military training programs.
With the new funding, iQtech plans to strengthen its technical infrastructure, accelerate platform development, and expand deployments across Qatar and the wider Middle East and North Africa region.
Weego raises $1.1m
Weego, a Moroccan–Senegalese mobility startup, has raised $1.1 million in a funding round led by early-stage venture capital firm Azur Innovation Fund as the company seeks to expand its mobility-as-a-service platform across African markets.
Founded in 2020 by Saad Jittou and Mor Niane, the company operates a mobility-as-a-service application that integrates multiple transportation options into a single platform, allowing users to access and book public transit, ride-hailing services, and other transportation modes through one interface.
The company also provides enterprise mobility solutions through its WeegoLines service, which enables companies to organize and manage employee transportation. The service is designed to improve reliability and efficiency in staff mobility for corporate clients.
“Transportation remains one of the primary barriers to economic activity in many cities,” said Jittou, co-founder and CEO of Weego. “We are building the technological layer that helps make existing mobility infrastructure more efficient and accessible.”
With the new funding, Weego plans to expand into additional cities across Morocco, strengthen its enterprise mobility services, and further develop its multimodal platform.
The company is also preparing for broader regional expansion into other African markets, with longer-term ambitions to explore opportunities in Europe and the Middle East.
Skipr raises $2m seed round
Skipr, a startup developing infrastructure designed to enable trusted interaction between autonomous artificial intelligence systems, has closed a $2 million seed funding round at a $10 million valuation.
The funding will support the company’s expansion from Hub71, Abu Dhabi’s global technology ecosystem, as it works to scale sovereign artificial intelligence infrastructure for national and enterprise deployments.
Skipr focuses on enabling secure communication, coordination, and value exchange between AI systems operating across organizations, cloud environments, and geographic jurisdictions.
The company’s platform is designed to allow governments and enterprises to maintain sovereign control over their data and decision-making processes while deploying AI-powered services.
We are building the trust infrastructure nations and enterprises need to deploy AI safely, confidently, and at scale.
Andreas Hartl, CEO at Skipr Technologies
Skipr said it is already working with telecommunications operators, AI and cybersecurity laboratories, and data center partners to deploy autonomous digital services at national and enterprise scale.
“This funding accelerates our work on what we believe is a foundational layer for the AI era,” said Andreas Hartl, CEO at Skipr Technologies.
“As AI systems become autonomous and interconnected, secure AI-to-AI interoperability under sovereign control is no longer optional. We are building the trust infrastructure nations and enterprises need to deploy AI safely, confidently, and at scale,” he added.
Skipr operates as part of the Hub71+ Digital Assets specialist ecosystem, which brings together technology companies, regulators, and strategic partners focused on developing digital infrastructure.
Rewa launches UAE rent payment and rewards platform
UAE-based proptech startup Rewa has launched its digital rent payment and rewards application across the country following the close of a strategic seed funding round backed by Qatar Development Bank, Plug and Play, and Neocity Invest, as well as Startup Wise Guys, Second Century Ventures, and several Gulf Cooperation Council real estate executives.
Founded in 2024 by Ramzi Mneimneh and Najib Khanafer, Rewa enables tenants to pay rent through card or bank transfer while earning loyalty points that can be redeemed across more than 150 partners spanning travel, retail, and dining, as well as groceries and lifestyle services.
The platform also allows users to apply rewards toward future rent payments and utility bills. In addition to tenant services, Rewa provides tools for landlords through its Rewa Alliance platform, which streamlines rent collection through automated tracking, digital receipts, and workflows designed to align with UAE rental regulations.
The company plans to use the funding to scale operations across Dubai and the wider UAE before expanding into other GCC markets.
Ayar Labs raises $500 million
Ayar Labs, a US-based semiconductor startup focused on optical interconnect technology, has raised $500 million in a series E funding round led by Neuberger Berman.
The round included participation from institutional investors AKR Invest, Insight Partners, Sequoia Global Equities, and 1789 Capital.
Qatar Investment Authority joined the round as a Middle East-based institutional investor.
Additional strategic investors included Alchip Technologies and MediaTek, joining existing backers such as Advent Global Opportunities, Boardman Bay Capital Management, and IAG Capital Partners, as well as Light Street Capital, Playground Global, AMD Ventures, and NVIDIA.
Founded in 2015 by Mark Wade, Vladimir Stojanovic, Chen Sun, Rajeev Ram, and Milos Popovic, Ayar Labs develops optical interconnect technologies known as co-packaged optics, which replace traditional electrical connections used in chips and data centers.
The company’s technology is designed to improve data transfer speeds and energy efficiency in high-performance computing environments, including artificial intelligence infrastructure and large-scale data centers.
