‘Saudi Female Entrepreneurs Shine in Women in Tech Competition’

CAIRO: Going by the success of the “Women in Tech” competition, it is evident that female-led startups are set to revolutionize Saudi Arabia’s technology sector.  

“74% of Online Shoppers Favor Local E-commerce over Cross-border Platforms”

RIYADH: Saudi Arabia’s retail sector is eyeing significant growth on the back of its e-commerce market, as 74 percent of online shoppers in the Kingdom are expected to shift from global to local platforms. In its recent report, leading global management consulting firm Kearney and Saudi consulting company Mukatafa noted that local and hybrid players are making strong headway against their international counterparts from China, the Gulf Cooperation Council, Europe and the US.

PwC ME opens new HQ in Riyadh

RIYADH: PwC Middle East, a leading professional services firm in the region, officially inaugurated its regional headquarters in Riyadh on Wednesday. This move demonstrates the company’s commitment to the region, including creating 6,000 new jobs and continued investments in digital technology, environmental, social, and governance capabilities. PwC Middle East obtained its regional headquarters license from Saudi Arabia's investment and commerce ministries.

UAE’s Local Value Projects Boosting Billions for Domestic Companies

ABU DHABI: More than $27.23 billion has been redirected to the local economy since the UAE Ministry of Industry and Advanced Technology (MoIAT) and ADNOC launched major in-country value programs to support domestic industries. Speaking at the Make in the Emirates Forum, Abdulla Al-Shamsi, Assistant Undersecretary of MoIAT, said more than $14.43 billion of investment was redirected to the local economy last year alone, an increase of 25 percent year-on-year.

Lucid Group aims to raise $3bn, with Saudi PIF as main investor.

RIYADH: Lucid Group plans to raise $3 billion through a stock offering, 66 percent of which will come from Saudi Arabia’s Public Investment Fund.  The California-based EV maker said Ayar Third Investment Co., which is its majority stockholder and an affiliate of the PIF, has agreed to buy as much as 265.7 million shares in a private placement for an estimated $1.8 billion,  It said the remainder will be raised from a public offering of 173.5 million shares of common stock.  

“2 Fintech Firms Receive Open Banking Certifications from Saudi Central Bank”

RIYADH: Saudi Arabia is fostering personalized financial products and services tailored to customer needs with the Kingdom’s monetary authority, granting open banking certifications to two fintech companies.  The Saudi Central Bank, or SAMA, has permitted Umg Alholol Trading Co. and Drahim App to test their open banking solutions in its regulatory sandbox, reported the Saudi Press Agency.  This brings the total number of innovators permitted to operate under the central bank’s regulatory sandbox to 45. 

Oil market finds relief amidst concerns over rate hikes

RIYADH: Oil steadied on Thursday as a potential pause in US interest rate hikes and the passing of a crucial vote on the US debt ceiling bill were offset by a report of rising inventories in the world’s biggest oil consumer. US Federal Reserve officials on Wednesday suggested interest rates could be kept on hold this month and the US House of Representatives passed a bill suspending the government’s debt ceiling, improving the chance of averting a disastrous default.