RIYADH: The number of scale-ups in Dubai surged 26 percent in 2022, according to a report issued on Sunday.
The report titled “Dubai’s Venture Capital Ecosystem,” issued by the Dubai Chamber of Digital Economy, said scale-ups in the emirate raised over $11.7 billion in capital in the last 10 years.
It said as many as 306 fast-growing companies in the region are located in Dubai.
RIYADH: Tourists traveling to The Red Sea Project can expect better mobility and accessibility options as Saudi authorities are developing the Kingdom’s first geographical navigation map that charts the scope of marine tourism in the coastal area.
The Saudi Red Sea Authority and the General Authority for Survey and Geospatial Information have partnered with 19 government agencies to develop the first-ever coastal tourism map of the Red Sea.
RIYADH: Saudi Arabia, a country which has been dependent on its rich oil reserves for several decades, is now on a path of economic diversification. With Vision 2030, Saudi Arabia’s Crown Prince Mohammed bin Salman is proving that the Kingdom could perform well in non-oil private sectors too.
As Saudi Arabia’s private sector expands rapidly, the Kingdom is expected to provide more job opportunities to nationals and foreign talents alike in the coming years.
RIYADH: Latvia is eager to strengthen trade ties with Saudi Arabia, allowing Latvian companies to contribute to the Kingdom’s Vision 2030 social reform and economic diversification agenda, Ilze Indriksone, Latvia’s minister for economics, has told Arab News.
Speaking after the conclusion of the Saudi-Latvian Business Forum in Riyadh earlier this month, Indriksone emphasized the need to expand economic cooperation, boost bilateral trade, and increase investment in research, development and technology.
CAIRO: Saudi Arabia’s health care sector has gained a new entrant from Egypt aimed at addressing the challenges posed by delayed medical reports and improving patient outcomes.
Founded in 2017, Rology has secured its position in the Saudi market after sealing the acquisition of its counterpart Arkan United.
In an interview with Arab News, Amr Abodriaa, CEO and co-founder of Rology, expressed the significance of this move in establishing a leading position in the Saudi market.
RIYADH: Demand for offices remained strong in Saudi Arabia in the first quarter of 2023 as global and local businesses continued to scout for quality spaces in the key cities despite limited supply in the market, the latest report from global consultancy firm CBRE showed.
Most of the offices in Riyadh witnessed nearly 100 percent occupancy, resulting in Grade A and Grade B properties recording a year-on-year rise in average rental rates of 9.3 percent and 14 percent, respectively, in the first quarter.
RIYADH: In a bid to enhance trade and economic cooperation, Egypt has officially applied to join the five-member BRICS bloc of emerging economies, according to Georgy Borizenko, the Russian ambassador to Cairo.
The BRICS group comprises Brazil, Russia, India, China and South Africa.
“Egypt has applied to join the BRICS group because one of the initiatives that BRICS is currently engaged in is the maximum transfer of trade to alternative currencies, whether national or the creation of some kind of joint currency. Egypt is very interested in this,” said Borizenko.