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PIF’s Jada to Boost Saudi Arabia’s Startup Scene

CAIRO: Saudi Arabia’s startup landscape has received a significant push after a subsidiary of the Kingdom’s Public Investment Fund committed to investing in several venture capital vehicles. PIF’s Jada Fund of Funds Co. plans to invest an undisclosed amount in Bahrain-based Investcorp’s $500 million Saudi pre-initial public offering growth fund. The investment vehicle is exclusively focused on supporting a diverse range of companies based in Saudi Arabia during their pre-IPO stage.
Business

Saudi start-up wins Visa award for digital finance

RIYADH: A Riyadh start-up has won top prize in a Visa-sponsored competition that seeks to improve digital shopping. Amwal Tech, which was set up last year, came top in the Saudi heat of the Visa Everywhere Initiative, taking a SR150,000 ($40,000) prize for its all-in-one encrypted transaction and identity app that processes payments quickly and safely. Lamaa, a Saudi financial tech firm, was runner-up with prize money of SR100,000, and also won a separate “social impact award” with a SR50,000 prize. Monak, a “digital lifestyle” company, came third and won SR50,000.
Business

Bank of China to launch in Riyadh in 2021, confirms official

RIYADH: In yet another sign of increasing cooperation between the world’s second-largest economy and the Arab world, the Bank of China is set to open its first branch in Riyadh later in 2023, reported Asharq. It quoted Jun Tian, head of the team for the launch, as saying that the bank’s branch in the Saudi capital is expected to begin operations by the end of October or at the beginning of November.
Business

Riyadh Air, owned by PIF, reveals livery before Paris Air Show debut

RIYADH: The latest player in the global aviation industry, Riyadh Air, made an appearance with its remarkable livery at the King Khaled International Airport in the Saudi capital on Monday. A Boeing 787-9 Dreamliner painted aircraft flew at low altitude over several notable landmarks in the Riyadh skyline, including King Abdullah Financial District, Boulevard City, and some of the iconic main towers, thrilling residents with a glimpse of the Public Investment Fund-owned airline ahead of its public debut at the 54th Paris Air Show on June 19.
Business

Riyadh Air, Owned by PIF, Receives IATA Designator Code

RIYADH: Marking a significant milestone for Saudi Arabia’s new world-class carrier as it prepares to start operations, Riyadh Air secured the “RX” designator code from the International Air Transport Association.   Riyadh Air CEO Tony Douglas made this announcement at the IATA’s 79th annual general meeting being held in Istanbul, Turkiye.  
Business

“Dammam Port now offers new shipping service”

RIYADH: Traffic at the King Abdulaziz Port in Dammam will soon ease thanks to the addition of Swiss-based Mediterranean Shipping Co.’s new service, the Saudi Press Agency reported. The Upper Gulf Express shipping service aligns with the objectives of the National Transport and Logistics Strategy to position the Kingdom as a global logistics hub connecting three continents, the General Authority of Ports said.  The shipping service connects Dammam with the ports of Abu Dhabi and Sharjah in the UAE as well as the Iraqi port of Umm Qasr.  
Business

Report: Saudi Arabia and UAE to Lead $6 Billion Gaming Industry in the Region

RIYADH: Led by a young and digital-savvy population, Saudi Arabia and the UAE are set to spearhead the Middle East and North Africa’s gaming sector, positioning it for a $6 billion valuation by 2027, according to the Dubai Multi Commodities Centre’s latest study.    The DMCC report titled “Future of Trade 2023 Gaming in the MENA: Geared for Growth” revealed that the region’s gaming industry is reaping substantial returns.   
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Lawyer warns arrest of Palestinian academic could set precedent for free speech in Israel

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LONDON: The lawyers for a Palestinian legal scholar arrested on April 17 have said her detention was “political” and could set a “precedent” for the treatment of academics and free speech in Israel. Prof. Nadera Shalhoub-Kevorkian, a leading feminist academic with roles at the Hebrew University of Jerusalem and Queen Mary, University of London, was arrested after appearing on a podcast in March in which she discussed her work on state crimes, genocide, violence and surveillance in the context of the war in Gaza.

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