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  • Saudi Arabia Trails Only Singapore in Emerging Market VC Funding Race

    Venture capital investment in MENA alone amounted to $768 million, the worst first-half performance since the Covid-19 pandemic, Magnitt said. Deal count also dropped, by 18% to 211. The data reflects a broader slowdown in the industry as investors shift attention toward funding rounds of $1 million to $5 million, according to Magnitt. So-called mega-rounds of $100 million or more have been on the decline.

  • Saudi Arabia Reiterates Importance of Ceasefire in Gaza

    The Kingdom had declared its position on Gaza at the meetings of the European Council on Foreign Relations (ECFR). The cabinet underlined this position, calling for working on just and lasting peace and allowing the Palestinian people to obtain their legitimate rights in the establishment of an internationally recognized independent state

  • Delta partners with startup Riyadh Air as it plans to offer flights to Saudi Arabia

    Delta CEO Ed Bastian and Riyadh Air CEO Tony Douglas said they envision selling tickets on each other's flights — a practice known as codesharing — that requires approval from the U.S. Transportation Department. They said the partnership could grow into a full-blown joint venture. That step would require immunity from U.S. antitrust laws for the carriers to collaborate on prices and share revenue.

  • Saudi Arabia’s big three banks continue their rankings ascent

    Saudi National Bank, Al Rajhi Bank and Riyad Bank maintain their first, second and third positions, respectively, in the national ranking based on Tier 1 capital. However, due to healthy core capital growth, all three institutions gain one place in the Top 1000 World Banks ranking, climbing to 63rd, 77th, and 126th, respectively.

  • H1 2024 Saudi Arabia Venture Capital Report

    In H1 2024, Saudi Arabia reaffirmed its position as the leader in Venture Capital funding across the Middle East and North Africa. Despite a slight 7% year-on-year decline, Saudi Arabia’s VC ecosystem aggregated an impressive $412M in funding. Notably, 32% of this funding came from a significant $130M deal in Salla, marking the only MEGA round in the MENA region for 2024 so far.

  • H1 2024 Emerging Venture Markets Venture Investment Summary

    Did you know that Southeast Asia captured 64% of total EVM funding in H1 2024 with a staggering $2.2Bn, while Africa faced a steep 57% decline? Our Free H1 2024 Emerging Venture Markets Venture Investment Report provides an overview analysis of the venture capital landscape across South East Asia (SEA), Africa, and the Middle East, Pakistan, and Turkiye (MEPT). This free report offers a summary of the latest trends, pivotal insights, and valuable comparisons across these dynamic markets.

  • Gaza airstrike hit as displaced gathered for soccer match, witnesses say

    An Israeli missile slammed into a tent encampment in southern Gaza on Tuesday just as displaced people had gathered to watch a football match at a school, eyewitnesses said on Wednesday. At least 29 people, mostly women and children, were killed in the strike, according to Palestinian officials, which took place as spectators crowded the school grounds in Abassan east of Khan Younis and hawkers sold smoothies and biscuits.

  • The Saudi-Sino Military Partnership: Ambitious or Overhyped?

    The Saudi-Chinese military collaboration, limited to the purchase of missiles and drones that the U.S. declined to approve, remains constrained as long as the United States maintains its dominant position in the Gulf and serves as its security guarantor.

  • Delta Air, Riyadh Air unveil strategic partnership

    Riyadh Air has partnered with U.S. carrier Delta Air Lines (DAL.N), opens new tab as the Saudi startup carrier grows its potential network ahead of launching commercial operations next year, the airlines said on Tuesday. Riyadh Air, owned by Saudi sovereign wealth fund PIF, will be a second national airline, based in the capital Riyadh, alongside existing flag carrier Saudia, based in Jeddah.  Under the agreement, Atlanta-based Delta will serve as Riyadh Air's exclusive partner in North America, offering its customers access to hundreds of U.S. destinations.

  • How Swizz Beatz Climbed to the Top of Saudi Arabia’s Camel Racing Scene

    Though the camels sprinting past were the main event, Mr. Dean, better known as Swizz Beatz, felt as if all eyes in the room were on him — one of the newest competitors in Saudi Arabia’s deep-pocketed camel racing scene. Four years since he entered and won his first race, he has spent millions of dollars to buy 48 racing camels, ascending into the most elite circles of the sport.