Saudi tech startups raise over $12.79m in 2017

Nawaf Al-Sahhaf
Updated 23 January 2018

Saudi tech startups raise over $12.79m in 2017

Technology startups incubated by the Badir Program, one of the main initiatives of King Abdulaziz City for Science and Technology (KACST), have successfully raised more than SR48 million ($12.79 million) during the year 2017.
This was through 15 funding deals led by supporting venture capital firms, individual investors’ networks and governmental institutions, recording a 64 percent increase in comparison with the previous year.
Funding by venture capital firms amounted to SR34.5 million approximately, which was divided into five startups. Individual investors funded eight companies with SR11.89 million, while funding by the Social Development Bank reached SR1.9 million approximately in the form of loans presented for the benefit of two startups.
As a result of the “Demo Day” event organized by the Badir Program three times a year for the purpose of joining startups with investors, the concluded deals amounted to half of the number of investment funding deals after announcing eight deals amounting to SR12.4 million approximately. Seven deals were concluded outside the competitive enterprises showcase with an overall value of SR35.8 million approximately.
It is likely that the overall size of investment funding of startups will increase after disclosing the results of the third edition of the “Demo Day” event, which was held last month.
“Demo Day” aims at presenting, studying and facilitating the funding of promising investment opportunities among the technology startups incubated by Badir.
Nawaf Al-Sahhaf, CEO of the Badir Program for Technology Incubators, said that several factors have contributed in increasing the size of funding this year, namely the rise in the number of funding and risk investment companies, lending platforms and individual investor networks, which have become increasingly active recently.
“Disclosing the deals of funding startups will result in raising awareness and transparency in relation to the funding environment within the local market, especially with the persistence of the funding gap affecting and hindering the companies in turning from an emerging company to complete commercial businesses capable of attracting investment capitals,” he said.
“We look forward to supporting startups which have the basic factors that enable them to make quantitative changes in the main technology sectors,” Al-Sahhaf added.

MYNM launches BMW Mini Countryman in Kingdom

Updated 24 September 2020

MYNM launches BMW Mini Countryman in Kingdom

Mohamed Yousuf Naghi Motors Company (MYNM), the official BMW Group importer in Saudi Arabia, has launched the long-awaited and redefined five-door Mini Countryman.

“The new Mini Countryman is instantly recognizable as the biggest and most versatile member of the Mini model family. Characterized by its formidable performance, agility and personality, the model is perfect for motorists who crave individuality,” the company said. 

The spacious model not only has five fully fledged seats, but features a touchless-opening electric tailgate and a fold-out picnic bench, which is compactly stowed away in the car’s luggage compartment.

From the outside, the model boasts a distinctive silhouette with a
reimagined radiator grille that underlines the Countryman’s powerful design. Adorned with the Union Jack pattern, the rear lights emphasize Mini’s history and its rugged yet contemporary new look.

The Countryman’s interior design includes ergonomically optimized controls for ease of access, which both the driver and the front seat passenger can enjoy, alongside LED lighting that adds a stylish ambiance to the cockpit.

Under the hood, the ALL4 all-wheel drive system provides a noticeable boost in terms of traction, driving stability and agility. Adding to the enhanced engines portfolio, the vehicle achieves a balance between driving fun and fuel consumption. In terms of power, the Mini TwinPower Turbo technology is used on both 3- and 4-cylinder petrol engines, which provides a power range between 100 KW/ 136 hp to 225 KW/ 306 hp. Meanwhile, the Mini Cooper Countryman ALL4 also features an 8-speed Steptronic transmission.

Mark Notkin, BMW Group  managing director at MYNM, said: “As one of our most versatile models, the Mini Countryman has always been the ideal car for our most daring buyers. Defined by its supreme mobility, the Mini Countryman can take on any terrain, whether it be city streets or more rugged paths.

“As the presence of the Mini Countryman grows in the region, we are confident that this launch will prove valuable among customers who are looking for adventure-level performance in the compact segment.”