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VMS, Saudi Venture Studio, Acquires Stakes in Egypt’s Cash Cows

RIYADH: The startup ecosystem in the Middle East and North Africa region is poised to get a boost as Saudi Arabia-based venture studio VMS has acquired minority stakes in Egyptian startup accelerator Cash Cows.   The purchase of stakes is part of a strategic partnership agreement aimed at supporting the entrepreneurial ecosystem in both countries and in the wider MENA region, according to a press release.  

Egypt boosts energy transition with updated climate commitments

RIYADH: Egypt aims to advance its target of generating 42 percent of its energy through renewable sources to 2030 from 2035 as the North African nation submitted updated climate commitments as per the Paris Agreement on Monday.   In its updated Nationally Determined Contribution document, Egypt noted that the country needs to obtain grants and soft financing worth €500 million ($548 million) as a contribution to achieving the revised targets. 

New Electrical Transmission Line Connects Afar, Saudi Arabia to Yusufiya, Iraq

DUBAI: Aiming to step up energy security and usher in a new era in regional cooperation, Prince Saud bin Nayef bin Abdulaziz, the governor of the Eastern Province, inaugurated an electrical interconnection project between the Gulf Cooperation Council Interconnection Authority and Iraq. Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said the connection was a dream turned reality, in an interview with Al-Arabiya. He said this landmark deal could achieve tangible economic benefits and enhance energy security.

TASI Market Cap Reaches $2.9tn with Strong Fundamentals: S&P

RIYADH: The market capitalization of the Tadawul All Share Index surged to over $2.9 trillion in June, up from $420 million in 2015, according to a report by S&P Global Ratings.   The firm suggested that the increase indicates solid economic fundamentals and positive investor sentiment in Saudi Arabia. Tadawul and the Capital Market Authority have launched several initiatives to expand the capital market in recent years as the Kingdom seeks to diversify its economy in line with the Vision 2030 initiative. 

Islamic Banks in UAE See $177bn Asset Growth in Q1

RIYADH: Reflecting the growing popularity of Islamic financing, gross assets of the Shariah-compliant banks operating in the UAE grew to 650 billion dirhams ($177 billion) by the end of the first quarter of 2023, a year-over-year increase of 7.31 percent compared to 605.7 billion dirhams in the same period last year, according to figures by the Central Bank of the UAE.  

Saudi Sports Minister Attends Special Olympics World Games Opening in Berlin

RIYADH: Prince Abdulaziz bin Turki Al-Faisal, the Saudi minister of sports and president of the Union of Arab National Olympic Committees, attended the opening ceremony of the Special Olympics World Games in Berlin on Saturday — on behalf of KIng Salman — at the city’s Olympic Stadium. German President Frank-Walter Steinmeier officially inaugurated the event, which began with a procession of the participating countries, including Saudi Arabia, followed by a speech delivered by Dr. Timothy Shriver, chairman of the Special Olympics International Board of Directors.

Dubai’s Scale-Up Count Surges by 26% in 2022.

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.

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