UAE-based venture builder eyes Saudi startup market

UAE-based venture builder eyes Saudi startup market
The venture builder will co-create startups alongside entrepreneurs. (Supplied)
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Updated 09 March 2021

UAE-based venture builder eyes Saudi startup market

UAE-based venture builder eyes Saudi startup market
  • Hatch and Boost has launched two tech startups in the UAE, with three more in the pipeline

DUBAI: Hatch & Boost, an Abu Dhabi-based venture builder (VB), was officially launched this week to spur further growth in the region’s hyperactive startup scene, particularly supporting homegrown “impact-driven business models.”

The venture builder will co-create startups alongside entrepreneurs – from concept stage to market introduction – and help to reduce costs by offering a shared pool of resources to participants.

“Our mission at Hatch & Boost is to bridge the gap between ideation and growth through our unique venture building model, which offers hands-on support from a startup’s early-most stages,” Faris Mesmar, the VB’s co-founder and managing partner, said.

Hatch and Boost has launched two tech startups in the UAE, with three more in the pipeline.

“The startup scene in the UAE has evolved considerably in recent years, and today it is a hotspot for startup activity, supported by an excellent entrepreneur-friendly infrastructure,” Mesmar added.

This startup outlook also applies to Saudi Arabia, he told Arab News, adding that they plan to bring the venture builder to the Kingdom to capitalize on its potential.

“KSA is on our radar, predominantly because it is a flourishing market with an ecosystem that’s suitable for startups,” he said.

“The PIF (Public Investment Fund) is a great example of this, as it continues to move the needle on supporting the startup ecosystem and creating a successful SME infrastructure,” Faris explained.

He added: “We have our eyes on the market, as do investors, on the rising talent and wave of entrepreneurship in the Kingdom.”


PIF first sovereign wealth fund to issue green bonds, Al-Rumayyan says

PIF first sovereign wealth fund to issue green bonds, Al-Rumayyan says
Updated 59 min 36 sec ago

PIF first sovereign wealth fund to issue green bonds, Al-Rumayyan says

PIF first sovereign wealth fund to issue green bonds, Al-Rumayyan says
  • The PIF has been given the mandate to develop nearly 70 percent of renewable projects in Saudi Arabia

RIYADH: Saudi Arabia’s Public Investment Fund will be the first sovereign wealth fund to issue green bonds, PIF Gov. Yasir Al-Rumayyan said at an event organized by the Future Investment Initiative Institute on Tuesday.

The issuance is part of the fund’s plan of shifting toward green investments.

“The Kingdom aims to deploy 50 percent of its investments in renewable and sustainable power sources,” Al-Rumayyan said.

The PIF has been given the mandate to develop nearly 70 percent of renewable projects in Saudi Arabia through its portfolio companies, the organization’s chief said.

Utilities and renewables are among the 13 sectors identified by the fund as part of its Vision 2030 strategy.

Saudi Arabia has seen a surge of interest in initiatives related to environmental, social, and governance amid growing awareness among global investors about ESG risks.

Al-Rumayyan said PIF was working with BlackRock on the ESG framework.

“We’re working with many partners from all over the world, domestically and internationally, to have better ESG compliance (in) all the things that we do,” Al-Rumayyan said.

One of the companies PIF owns, the Red Sea Development Co. which is building a new beach resort in the kingdom, secured a $3.8 billion green loan earlier this year for new hotels powered by renewable energy.

Saudi Arabia will announce its “Green Initiative” next month, followed by the “Middle East Initiative,” which includes planting 50 billion trees, Al-Rumayyan said.

“We have long-term views. We don’t want to exploit all of our resources overnight,” he said.

The PIF governor said Saudi oil has the lowest emission in the world. “Our oil is the best when it comes to emission,” Al-Rumayyan added.

Saudi Arabia is now more interested to invest in lower impacting energies toward the environment.

“We are one of the most efficient when it comes to sustainability and renewable energy. So today, as I said, our solar power production is costing us only 1.2 cents per kWh versus some other pretty restrictions, it’s over $0.15,” Al-Rumayyan said.


Stocks rebound as Evergrande jitters ease: Reuters

Stocks rebound as Evergrande jitters ease: Reuters
Updated 22 September 2021

Stocks rebound as Evergrande jitters ease: Reuters

Stocks rebound as Evergrande jitters ease: Reuters

U.S. and European stocks churned higher on Wednesday as market jitters around property developer China Evergrande eased, while the dollar index edged lower ahead of a U.S. Federal Reserve meeting, Reuters has reported.

MSCI's gauge of stocks across the globe gained 0.62 percent, bouncing back for a second day after it logged its biggest one-day percentage drop in two months on Monday.

Wall Street's main indexes moved higher in early Wednesday trade following solid gains for markets in Europe.

China Evergrande agreed to settle interest payments on a domestic bond, while the Chinese central bank injected cash into the banking system, soothing investors' fears of imminent contagion from the debt-laden property developer that had pressured equities and other riskier assets at the start of the week.

"Right or wrong, people I think are starting to show signs that they think maybe this pullback has reached its worst point," said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas. "It wasn't entirely the Evergrande situation, but it seems like that was one of the biggest pieces of it."

On Wall Street, the Dow Jones Industrial Average rose 361.36 points, or 1.07 percent, to 34,281.2, the S&P 500 gained 37.02 points, or 0.85 percent, to 4,391.21 and the Nasdaq Composite added 88.66 points, or 0.6 percent, to 14,835.06.

The pan-European STOXX 600 index rose 0.93 percent, with bank stocks surging.

With a number of central banks around the world meeting this week, the Bank of Japan (BOJ) offered a bleaker view on exports and output as Asian factory shutdowns caused supply bottlenecks, but maintained its optimism that robust global growth would keep the economic recovery on track. BOJ Governor Haruhiko Kuroda also brushed aside fears that the debt problems of Evergrande could disrupt the global financial system.

Investors were closely watching the Fed, with the U.S. central bank expected to clear the way on Wednesday for reductions to its monthly asset purchases later this year.

The dollar index fell 0.102 percent, with the euro up 0.16 percent to $1.1742. The Japanese yen weakened 0.32 percent versus the greenback at 109.56 per dollar.

Benchmark U.S. 10-year notes last rose 1/32 in price to yield 1.3209 percent, from 1.324 percent late on Tuesday.

Oil prices climbed after industry data showed U.S. crude stocks fell more than expected last week after two hurricanes, highlighting tight supply as demand improves.

U.S. crude rose 1.93 percent to $71.85 per barrel and Brent was at $75.77, up 1.9 perncet on the day.

Spot gold dropped 0.1 percent to $1,773.31 an ounce, after three sessions of gains.

 


Burgerizzr pays $2.1m in cash dividends in H1

Burgerizzr pays $2.1m in cash dividends in H1
Updated 22 September 2021

Burgerizzr pays $2.1m in cash dividends in H1

Burgerizzr pays $2.1m in cash dividends in H1

Burgerizzr board of directors have signed off on SR8 million ($2.1 million) in cash dividends for the first half of 2021, according to a filing.

The pay-out — worth SR 3.2 per share - come as the restaurant chain’s profits increased by 16 percent to SR6.49 million ($1.73 million) during the first half of this year.

Burgerizzr, run by Shatirah House Restaurant Company, saw its net profits rise thanks to the opening of 13 new branches in the period to the end of June 2021.

Financing costs and losses on the disposal of property and equipment also decreased, according to Tadawul.

The total income of the company amounted to SR24.4 million in the first half of this year, up 28 percent compared to SR19 million during the same period in 2020.

The operating profit amounted to SR7 million, up 5 percent, compared to SR6.8 million for H1 last year.

Earnings per share during the period amounted to SR2.6, compared to SR2.25 during the first six months of last year.


Kuwait National Petroleum Co. completes multi-billion Clean Fuels project 

Kuwait National Petroleum Co. completes multi-billion Clean Fuels project 
The Mina Al-Ahmadi oil refinery
Updated 22 September 2021

Kuwait National Petroleum Co. completes multi-billion Clean Fuels project 

Kuwait National Petroleum Co. completes multi-billion Clean Fuels project 

RIYADH: The Kuwait National Petroleum Company (KNPC) has reached a “historic milestone” in clean fuel production, its CEO told KUNA on Tuesday.

Waleed Al-Bader claims KNPC’s Clean Fuels Project will cut carbon emissions and pollution through the use of products that meet strict environment standards.

The project works to reduce emissions and environmental pollutants by producing high-quality oil derivatives that comply with international environmental requirements, he said.

Measures undertaken include cutting nitrogen oxides, sulfur oxides and other pollutants, and increasing the capacity KNPC's two refineries to 454,000 barrels per day and 346,000 barrels per day respectively of eco-friendly oil by-products.

“This is a historic milestone," Al-Bader said, adding that the ambitious project is a source of pride not only for the KNPC but also for the whole Kuwaiti oil sector.

 


ROSHN pledges to create 170k jobs by 2030

ROSHN pledges to create 170k jobs by 2030
Updated 22 September 2021

ROSHN pledges to create 170k jobs by 2030

ROSHN pledges to create 170k jobs by 2030

RIYADH: ROSHN, a real estate company owned by the Public Investment Fund, launched a leadership program Himam as part of its plans to create 170,000 jobs by 2030.

The new jobs will be created in the company’s different projects across the Kingdom. 

The leadership program aims to hone the leadership skills of fresh graduates to transform them into future business leaders, the Riyadh-based company said in a statement.

The program will provide training of up to 24 months, following which the trainees will be accommodated in the company.

“We believe that the basic pillar for improving business performance lies in training a new generation that possesses innovative skills and solutions to realize the Kingdom’s future objectives,” said ROSHN Group CEO David Grover.