Saudi trade summit takes place in Riyadh

The 7th Annual Saudi Trade Finance (STF) Summit took place recently in Riyadh, with the slogan “Enabling the Kingdom’s vision for a better future.” (Twitter/@QnAIntl)
Updated 20 November 2019

Saudi trade summit takes place in Riyadh

  • The summit was founded in 2013 to bridge the gap between CFOs and financial institutions
  • The high-profile event provided a platform to bring together CEOs, presidents, chairmen, group CFOs, finance and treasury heads and thriving government agencies in the Kingdom

RIYADH: The 7th Annual Saudi Trade Finance (STF) Summit took place recently in Riyadh, with the slogan “Enabling the Kingdom’s vision for a better future.”
The high-profile event provided a platform to bring together CEOs, presidents, chairmen, group CFOs, finance and treasury heads and thriving government agencies in the Kingdom to open up thought-provoking panels on current trends, challenges and opportunities in the finance sector.
The summit was founded in 2013 to bridge the gap between CFOs and financial institutions, and this year the General Authority for Small and Medium Enterprises (Monshaat) organized, supported, developed and sponsored the small and medium enterprise (SME) sector.
Monshaat, as a supporting partner of STF, told Arab News: “The efforts of Monshaat in the finance sector is verified into many categories dedicated to small and medium enterprises, including: Venture Capital, SMEs fees refund, funding platform, and indirect lending with a total budget of approximately SR11.4 billion ($3.039 billion) distributed among them.
“An example of one portal is the funding platform, that brings together entrepreneurs and owners of SMEs looking for financing, allow them to choose appropriate financing and connect them to 20 20 funding partners including banks, finance companies and investment companies.”
The STF Summit’s informative conference sessions and unparalleled networking opportunities this year have emphasized the diversification of the economy to empower financial institutions and corporates in achieving the Kingdom’s Vision 2030 Program through sustainable growth.


Startup of the Week: Eco-friendly food waste startup brings value-added benefits

KAUST has been highly supportive of Carbon CPU, both technically and financially. (Supplied)
Updated 16 min 16 sec ago

Startup of the Week: Eco-friendly food waste startup brings value-added benefits

  • Aldrees: “Over 90 percent of food waste in Saudi Arabia is dumped into landfills”
  • Carbon CPU’s technology uses a specially developed, eco-friendly reactor to help convert food waste into fatty acids

Carbon CPU is a biotechnology startup specializing in turning food waste into fatty acids for use as livestock nutrients.

Launched through the post-graduate startup accelerator program (TAQADAM) of King Abdullah University of Science and Technology (KAUST), the venture was co-founded by Bin Bian, Jiajie Xu, Yara Aldrees, Sara Al-Eid and Prof. Pascal Saikaly.

The idea behind the enterprise began to take shape in 2018. Al-Eid said: “Our aim was to recycle food waste into value-added products in a manner that matched the Saudi Vision 2030 strategy.”

Similar to most countries, Saudi Arabia has a food waste problem, but Carbon CPU thought of utilizing it in a way that caused less harm to the environment and also benefitted the animal feed industry.

“Over 90 percent of food waste in Saudi Arabia is dumped into landfills,” said Aldrees. “This produces a lot of gas, including methane, carbon dioxide, hydrogen sulfide and cycloaromatics, and contributes to global warming and air pollution.”

Water and soil were also being contaminated through leachate production, she added. “We’re trying to solve those issues, too.”

The team found that animal farms often struggled to provide enough feed nutrients for livestock such as cows and sheep. Al-Eid said there was a huge shortage of fatty acids, which are used as livestock nutrients and were in high demand from farmers.

“We’re trying to help animals live longer and be more nutritious,” she added.

Carbon CPU’s technology uses a specially developed, eco-friendly reactor to help convert food waste into fatty acids.

“We produce fatty acids from the food waste, extracting them through a liquid-liquid extraction system. The fatty acid oils are then used to help animal feed, as well as the feed and chemical industries,” said Xu.

KAUST has been highly supportive of Carbon CPU, both technically and financially, added Bian. “KAUST, especially the Environmental Biotechnology Lab led by Prof Pascal Saikaly, provided us with the facilities to set up our reactors. The KAUST Innovation and Economic Development department and the Entrepreneurship Center also gave us a lot of guidance on how to push our technology into the market.”

The startup initially faced many challenges that KAUST helped to resolve. As individuals coming from backgrounds mainly in engineering and science, the team lacked the know-how in business that its project needed.

“KAUST made up for our lack of business thinking through training on how to solve business issues and create business modules and find the right customers for our product,” said Bian.