SC Ventures, the innovation and venture arm of Standard Chartered, based in Singapore, has partnered with the Dubai International Financial Centre (DIFC) Innovation Hub to establish the National Venture Studio in Dubai. This initiative is designed to foster innovation and support venture creation in the region as the UAE enhances its position as a global...
Saudi Arabia is working to boost the number of potential public offerings as part of its strategy to diversify its economy away from oil and enhance its financial sector. The country is focusing on attracting foreign investors through these efforts. Mohammed Al-Rumaih, the chief executive officer of the Saudi stock exchange, stated in an interview...
The UAE has introduced a significant initiative called ‘UAE Future 50’, which aims to highlight 50 promising Emirati startups that are set to shape the future economy. The initiative was launched in Dubai in the presence of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, who is the Crown Prince of Dubai and...
Saudi Arabia has successfully attracted 25 international startups that specialize in research, development, and innovation (RDI). This initiative is part of the Global Startup Attraction Program, which is a collaborative effort between the Ministry of Investment and the Research, Development, and Innovation Authority. The selected companies come from strategic sectors that include future health, energy...
PureHealth, recognized as the largest healthcare group in the Middle East, announced that its total investment in locally sourced goods and services has reached AED2.25 billion. In the year 2024, PureHealth directed AED 1 billion into the national economy, representing a 38% increase compared to the previous year. This substantial investment is directly aligned with...
Dubai has firmly established itself as a significant player in the global diamond trade, with recent statistics confirming that more than 1.06 billion carats of rough and polished diamonds were traded through the city over the past five years. In 2024 alone, 179 million carats were traded. These figures were announced by Ahmed Bin Sulayem,...
Hassana Investment Company has signed a Memorandum of Understanding (MoU) with Franklin Templeton, amounting to $150 million, aimed at boosting the private credit market in Saudi Arabia. This agreement is particularly significant as it seeks to expand access to alternative financing for mid-sized companies, which constitute almost half of the country’s employment yet receive less...
Saudi Arabia’s foreign direct investment (FDI) inflows have dropped for the third consecutive year in 2024, indicating ongoing challenges in attracting foreign investors. The kingdom saw a year-on-year decline of 19%, bringing total inflows down to $20.7 billion, marking the lowest level since 2020. This information comes from an annual government report that monitors the...
Saudi Arabia’s Vision 2030 initiative has made significant strides, achieving 93 percent of its key performance indicators either fully or partially since its launch nine years ago, as reported in the latest official assessment. This assessment demonstrates the effectiveness of the program, which focuses on diversifying the economy, empowering citizens, and creating an appealing environment...
Saudi Arabia is preparing to implement significant reforms to its business registration system with the new Law of Commercial Register and Law of Trade Names taking effect on April 3. These changes aim to streamline processes for businesses and enhance the overall business environment in the Kingdom. Abdulrahman Al-Hussein, the official spokesperson for the Ministry...