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MDD closes undisclosed Series A round
Riyadh - Sharikat Mubasher: MDD, a Saudi provider of supply chain and procurement solutions, secured an undisclosed Series A round from an individual investor.In a statement, MDD clarified that the investment came through selling a 5% stake in the company at a valuation exceeding SAR 100 million.Founded in 2019, MDD provides a full suite of innovative and effective solutions to tackle challenges facing businesses and suppliers and meet the needs of different suppliers through its digital platform.It enables clients to connect their systems and enterprise resource systems (ERP) seamlessly, allowing them to track requests efficiently and more accurately.
University of Strathclyde to open branch in Saudi Arabia
Riyadh - Sharikat Mubasher: The University of Strathclyde plans to open a branch in Saudi Arabia in partnership with Princess Nourah Bint Abdulrahman University, to become the first UK higher education institution to establish a physical presence wit
SAMA greenlights Hala Finaning
Riyadh - Sharikat Mubasher: The Saudi Central Bank (SAMA) licensed Hala Financing to provide debt-based crowdfunding solutions in the Kingdom, bringing the total number of authorized companies offering debt-based crowdfunding solutions in Saudi Arabi
Beyon Solutions to acquire Link Development
Manama - Sharikat Mubasher: Beyon Solutions, a digital system integrator based in Bahrain, signed an agreement to acquire a controlling stake in Link Development, a leading provider of software solutions for digital transformation, according to the company’s press release.The agreement was inked by Mikkel Vinter, Chairman of Beyon Solutions, Hesham El Beih, CEO of Link Development, and Karim Beshara, Managing Partner of A15, a major shareholder of Link Development. The signing ceremony was attended by several officials from both entities.Link Development operates in Saudi Arabia, Egypt, and UAE and focuses on supporting private and public organizations in their digitization strategies.Nicholas Toon, CEO of Beyon Solutions, stated that acquiring Link Development is a strategic move that aligns with the company’s objectives and enhances its services and offerings."Link Development and Beyon Solutions hold strategic partnerships with key vendors such as Microsoft, AWS, and Outsystems, and the synergy created through the acquisition will augment the scope of the Beyon Solutions portfolio and enable the seamless delivery of cutting-edge digital solutions to our growing regional customer base,” Toon noted.For his part, El Beih said that the acquisition will help the company enhance its ability to deliver exceptional customer experiences and expand its commercial reach into previously untapped regions.Beyon Solutions, part of the Beyon Group, delivers scalable, efficient, and secure outcome-focused solutions to organizations. Its strategy focuses on business development through innovative solutions as well as collaborative efforts through strategic partnerships with key players.
Alkhorayef: 4IR technologies boost industrial transformation
Riyadh - Sharikat Mubasher: The Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef affirmed that adopting fourth industrial revolution (4IR) technologies is a key pillar of the industrial revolution in the Kingdom.In a roundtable meet
Wosul raises $20mn pre-IPO round
Riyadh - Sharikat Mubasher: The Saudi fintech company Wosul raised a pre-IPO round worth around $20 million, CEO Fahad Alghamdi unveiled.The company plans an initial public offering (IPO) on the Saudi capital market (Nomu) in 2026, Alghamdi said in a
Banan City registers SAR 920 mn reservations
Riyadh - Sharikat Mubasher: Banan City, located northeast of Riyadh, registered reservations worth around SAR 920 million, a few days after launching the project, a statement by Talaat Moustafa Group (TMG), the renowned urban developer in Egypt, revealed.The Saudi National Housing Company (NHC) and TMG laid the project’s foundation stone earlier this week.The multi-use Banan City will include health, education, and commercial services, in addition to a social sports club, to ensure a vibrant community and a new model of integrated life, in conjunction with the Kingdom’s Vision 2030.Over a total space of 10 million square meters, the city will encompass 27,000 residential units of different sizes and designs that suit a wide segment of customers, providing an exceptional experience for more than 120,000 residents.Banan City will feature the latest smart city technologies and apply the highest sustainability standards to ensure residential privacy.Hisham Talaat Moustafa, Chairman of the Board of Directors of TMG, stated that the total investment cost of the project is estimated at SAR 31.4 billion.He clarified that the project is forecasted to achieve revenues of SAR 40 billion.
Eight startups to participate in Mega Green Accelerator
Riyadh - Sharikat Mubasher: The leading business expansion platform AstroLabs, shortlisted eight startups in the Middle East and North Africa (MENA) to participate in the Mega Green Accelerator, in collaboration with PepsiCo, the Saudi Basic Industri
Sanabil 500 MENA Seed Accelerator unveils Batch 7
Riyadh - Sharikat Mubasher: Sanabil Investments, owned by the Public Investment Fund (PIF), and the multi-stage venture capital firm 500 Global unveiled the seventh batch of the Sanabil 500 MENA Seed Accelerator Program, including 12 startups from Sa
Al Falih: UK investment shares in Kingdom worth $16bn
Riyadh - Sharikat Mubasher: Saudi Arabia’s Minister of Investment Khalid Al Falih revealed that the United Kingdom is the second largest foreign investor in Saudi Arabia with investment shares worth as much as $16 billion.In a panel session at
Ezditek, Gcore to drive AI innovation in Saudi Arabia
Riyadh - Sharikat Mubasher: Ezditek, a Saudi provider of data center and digital infrastructure services, signed a memorandum of understanding (MoU) with Gcore to support artificial intelligence (AI) innovation in Saudi Arabia, the company revealed i
Apex Group opens Riyadh office
Riyadh - Sharikat Mubasher: The global financial services provider Apex Group inaugurated its office in Riyadh as part of its strategy to expand in the Middle East, a recent statement revealed.Apex Saudi Arabia will offer a full suite of advance
Wadi Jeddah launches new VC fund to foster startups
Riyadh - Sharikat Mubasher: Wadi Jeddah Company, the investment arm of King Abdulaziz University (KAU), launched Wadi Jeddah Venture Capital and Private Equity Fund, in collaboration with the Center of Creativity and Entrepreneurship at KAU, to foste
SVC invests SAR 112 mn in General Atlantic’s PE fund
Riyadh - Sharikat Mubasher: The Saudi Venture Capital (SVC) invested around SAR 112.5 million in a private equity fund managed by General Atlantic, a leading global growth equity investor, the company announced in a statement.The fund will focus on f
Monsha’at launches new initiative to foster entrepreneurs
Riyadh - Sharikat Mubasher: Saudi Arabia’s Small and Medium Enterprises General Authority (Monsha’at) launched the Future Entrepreneur initiative, in collaboration with the Ministry of Education.In a statement, Monsha’at revealed th
Al Khateeb: tourism licensing in Kingdom jumps by 90%
Riyadh - Sharikat Mubasher: The Saudi Minister of Tourism Ahmed Al Khateeb revealed that the Kingdom witnessed a significant increase of 90% in issuing tourism licenses.During his speech at the Great Futures expo, the minister stated that the tourism
Al Falih: Saudi Arabia, UK spearhead 20 economies globally
Riyadh - Sharikat Mubasher: Saudi Arabia and the United Kingdom spearhead more than 20 economies around the world, Khalid Al Falih, Saudi Minister of Investment, stated.In a panel discussion during the Great Futures expo, Al Falih affirmed that Visio
Almosafer teams up with Aseer Development Authority
Riyadh - Sharikat Mubasher: The Saudi award-winning travel company Almosafer signed a memorandum of understanding (MoU) with Aseer Development Authority (ASDA) to elevate Aseer as a premier tourism destination in the Kingdom, the company announced in
Yagoub: Kharja to raise $500,000 to expand into Saudi Arabia
Riyadh – Exclusive Sharikat Mubasher: Kharja, an intuitive mobile application based in Saudi Arabia, plans to raise $500,000 to fuel its expansion plans in the Kingdom, Co-founder Khalid Yagoub told Sharikat Mubasher.He noted that Kharja’
Foodics to offer 30% shares for IPO on Tadawul
Riyadh - Sharikat Mubasher: Foodics, the Saudi-based fintech and foodtech platform, studies offering at least 30% of its shares for initial public offering (IPO) on Tadauwl by the end of 2025, CEO Ahmad AlZaini unveiled.The company aspires to ra
Flynas reports 51% rise in passenger traffic in Q1-24
Riyadh - Sharikat Mubasher: The Saudi low-cost airline Flynas transported 3.7 million passengers during the first quarter (Q1) of 2024, marking a 51% increase in passenger numbers, compared to the same quarter of 2023.In its Q1-2024 performance repor
EYouth pacts with EDT&Partners to advance education
Riyadh - Sharikat Mubasher: EYouth, a leading edtech platform in the Middle East, forged a strategic partnership with the global consulting firm EDT&Partners to advance education and upskill youth in the Middle East, a recent statement revealed.T
RSG, Oracle to revolutionize Saudi hospitality sector
Riyadh - Sharikat Mubasher: The hospitality sector in Saudi Arabia is poised to witness a major transformation as the Saudi multi-project developer Red Sea Global (RSG) partnered with Oracle to leverage its innovative hospitality tech solutions, acco
PIF invites bank pitches for Nupco IPO
Riyadh - Sharikat Mubasher: Saudi Arabia’s Public Investment Fund (PIF) invited banks to pitch for roles on the planned initial public offering (IPO) of Nupco, the largest medical procurement company in the Kingdom.Rothschild & Co. is advising the sovereign fund of the potential IPO, people familiar with the matter told Bloomberg. They expected the deal to raise around $1 billion.In October, the company held initial discussions with advisers about the potential share sale.Nupco's main objectives include elevating the level of health services in Saudi Arabia and increasing the effectiveness of supply chains in the public healthcare sector.
Riyad Capital launches 1957 Ventures to boost fintech sector
Riyadh - Sharikat Mubasher: Riyad Capital, the investment arm of Riyad Bank, launched a closed-end investment fund, named 1957 Ventures, to accelerate the growth of the Saudi fintech sector, a recent statement revealed.Backed by Riyad Bank, the fund
Coursera Women Summit highlights GenAI role in tackling workforce challenges
Riyadh - Sharikat Mubasher: The inaugural edition of Coursera Women Leadership Summit MEA 2024 highlighted the potential of generative artificial intelligence (GenAI) in tackling workforce challenges in the Middle East and Africa (MEA) region, a rece