STC establishes ME’s largest venture capital fund

STV has been approved with a size of $500 million, making it the largest institutional technology venture capital fund in the Middle East.
Updated 29 May 2017
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STC establishes ME’s largest venture capital fund

STC has announced the establishment of a technology venture capital fund — STV. It aims to achieve its strategic growth aspirations and help realize Vision 2030’s technological ambitions by investing in new digital areas and by growing the digital innovation ecosystem in the region.
STC believes the Middle East is witnessing a digital transformation that is full of opportunities in the digital economy and digital industries, and that the future involves drastic changes that will disrupt businesses across sectors.
The company has intentions to be a serious world-class player in this space.
STV has been approved with a size of $500 million, making it the largest institutional technology venture capital fund in the Middle East. STV will have complete independence and will deploy independent governance and operational models that are designed in accordance with international best practices allowing it to leverage STC’s assets to enable its investments and the surrounding ecosystem to grow and scale. STV will be managed by a team of top regional and international talent in this field.
“We are very proud of this historic step by STC, which will be a pivotal turning point for the region’s technology ecosystem,” said Khaled Biyari, chief executive officer of STC.
“Global telecoms have two choices — to either change and evolve into digital companies or to convert into a utility. We have elected to go down the first route. STC has the potential, resources and strategic assets to make a quantum leap in the technology and entrepreneurial sectors it is working on transforming,” Biyari added.
“We believe the region can create its own future and we will invest in the next generation growth engines that will make this happen,” said Abdulrahman Tarabzouni, chief executive officer of STV. “The centers of gravity for growth and value across the world’s economies and industries will undergo profound transformations due to technology disruptions, and we believe STV will create value for STC and the region amidst these transformations.”


King Abdullah Port throughput up by 36%

The number of vessels received by the port increased to 911 vessels, a 12 percent increase compared to 820 vessels in 2017.
Updated 34 min 19 sec ago
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King Abdullah Port throughput up by 36%

The annual throughput of King Abdullah Port increased to 2,301,595 TEUs by the end of 2018, an increase of more than 36 percent compared to 2017. This maintains its position as the second largest port in the Kingdom in terms of container handling. 

Since its inception in the last quarter of 2013 the number of containers handled by the port has reached 7,227,859 TEUs. The port’s management stated that the annual increase in throughput was primarily achieved in conjunction with an 8 percent increase in imports and exports compared to 2017.

King Abdullah Port CEO Rayan Qutub said: “King Abdullah Port constitutes a real success story in public-private sector partnerships in light of the increasingly outstanding figures it achieves year after year. The port has become the leading driver in the maritime shipping and logistics services sector in terms of building knowledge, launching initiatives and supporting various activities in this sector.”

He added: “King Abdullah Port aspires to support the Kingdom’s economic development and enhance its competitiveness by increasing the efficiency of logistics services and supporting trade movement between the Kingdom and the rest of the world in line with Vision 2030. The latter would occur through the provision of state-of-the-art infrastructure and advanced logistics services to become a landmark on the maritime and logistics services map in the Kingdom and the region.”

Referring back to the 2018 results, Qutub said: “We achieved a record 50 percent increase in container handling in the first half of 2018, and we are moving forward with our development plans to provide best practices in the fields of port development and operation as well as supporting logistical services. This will increase the Kingdom’s competitive advantage on the logistics services index, and in turn effectively contribute to achieving the logistical objectives of the Kingdom’s Vision 2030.” 

The results achieved by King Abdullah Port in 2018 include an increase in transshipment volume reaching 1,847,569 TEUs, which is a 44 percent increase compared to 2017. Meanwhile, the number of vessels received by the port increased to 911 vessels, a 12 percent increase compared to 820 vessels in 2017. 

The port features state-of-the-art facilities including 18-meter water berths, which are the deepest in the world, and the world’s largest and most advanced cranes, which employ the latest technology and feature a 65-ton lifting capacity as well as a handling capacity of 25 containers. Such facilities enable the port to serve giant container vessels now and in the future.