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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.
sport

Swiss cyclist Gino Mäder dies after Tour de Suisse crash

GENEVA: Swiss cyclist Gino Mäder died Friday, one day after crashing and falling down a ravine during a descent at the Tour de Suisse, the Bahrain-Victorious team said. The 26-year-old Mäder crashed on a fast downhill road approaching the end of the mountainous fifth stage into La Punt.
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.
sport

Arab Futsal Championship Semi-Finals: Libya vs Morocco, Kuwait vs Algeria

JEDDAH: Libya, Morocco, Kuwait and Algeria are through to the semi-finals of the 2023 Arab Futsal Cup after an exciting day of competition in Saudi Arabia. In first of the quarter-finals, all of which were played on Tuesday at the Ministry of Sports Hall in Jeddah, Libya defeated Lebanon 5-2. Libya’s goals were scored by Mohammed Saeed, who grabbed two, Ziad Aziz, Izz Al-Din Al-Marimi and Ahmed Al-Agnaf. Lebanon’s consolations came from Issa Mahrez and Majd Hamoush. Libya’s Suhaib Al-Ghoul was named player of the match. 
sport

International Women’s Polo Championship: Advocating for Global Standards

RIYADH: Details of the international women’s polo championship in November have been released. The Saudi Polo Federation held a press conference in Riyadh to reveal details of the championship, organized by the federation, in partnership with Al-Hawfer Sports Company, on the fields of AlIttihad Academy in Nova Equestrian Club Resort, Riyadh.
Business

Saudi-Bahraini Investment Co. receives $5bn approval from Public Investment Fund: Al-Falih

RIYADH: Saudi Arabia’s Public Investment Fund has approved the establishment of the Saudi-Bahraini Investments Co. with a capital of around SR18 billion ($5 billion), according to the Saudi investment minister.  On the sidelines of the Saudi-Bahraini Coordination Committee meeting held in Manama, Khalid Al-Falih said that the location of the company’s headquarters would be announced soon.  Al-Falih also stated that the group addressed around 13 ideas, some of which have been finalized while others are still in progress. 
News

UK Military Team Sent to Sudan as Evacuation Options Weighed

The government is looking at several options to rescue UK citizens but is under pressure to get them out faster.
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