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  • UAE, Saudi markets eye fresh wave of blockbuster IPOs after record 2024

    This comes as the Gulf region’s two largest economies build on a year that saw Saudi Arabia list 57 companies while the UAE raised $6 billion from just seven IPOs. The UAE’s IPO pipeline could include potential landmark deals such as national carrier Etihad Airways, online marketplace Dubizzle, hospitality firm Five Holdings, and IT company Alpha Data, though none have officially confirmed listing plans. Saudi Arabia kicked off 2025 with the successful listing of Nice One Beauty Digital Marketing Company on Wednesday, the kingdom’s first unicorn tech company to debut on the Main Market, while United Cartons Industries and Umm Al Qura for Development have secured approvals for upcoming listings. Budget airline Flynas is awaiting regulatory approval for what could be the kingdom’s first airline IPO.

  • Trump reveals $20bn from Sajwani for US data centres

    Incoming US president Donald Trump and Hussain Sajwani, the billionaire chairman of Damac Properties, announced on Tuesday that the emirati will invest “at least” $20 billion in data centres across the US. The move represents the official entry of EDGNEX, Damac’s specialised subsidiary, into the American market as demand for cloud computing and artificial intelligence – and the supporting infrastructure – grows rapidly around the world. Last month EDGNEX announced it was to put $3 billion into data centres in Southeast Asia.

  • Saudi startup funding tumbles as era of cheap money ends

    Funding for startups in Saudi Arabia dropped 44 percent to $750 million last year, the sharpest decline in the Middle East and North Africa, according to data analyst Magnitt. Across Mena, venture capital was down 29 percent to just under $2 billion, reflecting global trends of high interest rates and investor caution. Saudi Arabia was the region’s leader for funding value, Magnitt said, but late-stage dealmaking – a significant driver of growth – was noticeably absent.  The UAE’s funding total dropped by 8 percent in 2024, to $613 million. The Emirates still led the region in deal count with 188 transactions – a 9 percent rise on 2023. “The decline broadly has been led by the removal of cheap money, which led to overvaluations and too much rubbish in startup portfolios,” said Bhaskar Dasgupta, chairman of the board at financial services provider Apex Middle East & India.

  • New Orleans attack a reminder of ongoing ISIS threat

    The New Year’s Day terror attack in New Orleans is a warning that ISIS, and foreign terror groups in general, still have influence in the United States, the Pentagon’s civilian head of special operations said Tuesday. Though the Islamic State and al-Qaida aren’t able to launch attacks on America from abroad, their online campaigning can still reach vulnerable targets, Chris Maier said during a Center for Strategic and International Studies event. “I think many of the tactics we saw, and the overall framing, is not something that's that surprising,” Maier said. “Which is unfortunate, of course, because as a veteran of the counter-terrorism environment, we spend a lot of time and a lot of resources trying to focus on preventing these sorts of attacks.”

  • 95 endangered animals released into Imam Turki bin Abdullah Royal Reserve

    The National Center for Wildlife (NCW), in collaboration with the Imam Turki bin Abdullah Royal Natural Reserve Development Authority (ITBA), released 95 endangered animals into the reserve as part of its breeding and resettlement programs. The release included 50 Arabian goitered gazelles, 30 Arabian oryx, 10 mountain gazelles, and five North African ostriches (red-necked ostriches). The initiative aims to reintroduce endangered native species, restore ecosystems, enrich biodiversity in natural habitats, enhance environmental balance, and promote environmental sustainability.

  • Saudi Aramco leads $30m investment in tech startup

    Wa’ed Ventures, the $500 million venture capital fund owned by Saudi Aramco, and Japanese conglomerate Sumitomo have invested in Zension Technologies, a consumer electronics startup. Wa’ed led the funding raise of $30 million, which also included Dubai-based Global Ventures. Based in Riyadh, Zension provides consumers with access to the latest tech devices. Instead of purchasing devices outright, customers can subscribe to use them for a monthly fee, with options to upgrade, switch brands or return devices as needed.

  • Saudi airports kick off world’s largest passenger flow tech rollout

    Saudi Arabia’s General Authority of Civil Aviation (GACA) and airport operator MATARAT are rolling out an advanced LiDAR and passenger flow management solution across the country’s 27 airports—the world’s largest implementation of its kind—as part of the Kingdom’s vision to lead the region in airport technology and innovation. SAMI Advanced Electronics, a leading Saudi ICT provider, has partnered with DTP to deliver the solution, which uses Veovo’s Queue and Flow Management system alongside DTP’s tNexus smart mobile platform. This collaboration provides insights into passenger movement, dwell times, and queuing patterns within terminals. The solution is being rolled out to all airports in a phased approach over the next 18 months, with technology already installed at Jeddah and Riyadh airports.

  • Al-Hogail highlights key milestones in Saudi urban, housing development in 2024

    Majid Al-Hogail, Minister of Municipalities and Housing, highlighted the key milestones witnessed by Saudi cities in 2024, reaffirming the ministry's commitment to achieving Vision 2030 goals and enhancing quality of life.

  • Saudi Videos Show Flooded Mecca

    Satellite images show that Mecca, a holy city according to Islam, has flooded after Saudi Arabia was hit with torrential rains due to a storm on Monday that swept away cars and caused havoc, the Saudi Gazette reported. The country's National Center for Meteorology has issued red alerts due to heavy rain in regions including Al Qunfudhah, Al Ardiyat and Adam, and it has predicted the rain in Mecca will continue on Friday and Sunday. Photos and videos shared on social media show cars and roads being submerged in water. Like Mecca, another holy city, Medina, in Saudia Arabia has also flooded after the rainfall, in addition to Jeddah, a port city on the Red Sea. The Medina region received the most rainfall, at 49.2 millimeters, while Jeddah had 38 millimeters of rain. Hussein al-Qahtani, the spokesman for the National Center for Meteorology, wrote in a post on X that the "rainy season that began tonight and will continue until Wednesday has begun to affect the northern regions, and will gradually extend to Qassim, Riyadh, the Eastern Province, Al-Baha, Asir, and the regions of Madinah and Makkah Al-Mukarramah and their coasts.

  • Saudi Arabia’s Almoosa Surges in Debut Post $450 Million IPO

    Saudi Arabia’s Almoosa Health Co. surged in its trading debut following a $450 million initial public offering in Riyadh, bucking the recent trend of disappointing listings in the Middle East. The strong debut comes against a backdrop of tepid starts from high-profile regional IPOs like Talabat Holding, Lulu Retail Holdings and Oman’s OQ Exploration & Production SAOG. Saudi listings such as United International Holding and Tamkeen Human Resources Co. have been relatively resilient. Shares of the hospital operator rose to as much as 165 riyals ($43.9) — the maximum allowed 30% increase from the offer price — before paring gains to 15%. The rally gave the company a market capitalization of around 6.3 billion riyals.