Eastern Province calls companies to develop public transport projects

Eastern Province calls companies to develop public transport projects
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Updated 29 August 2021

Eastern Province calls companies to develop public transport projects

Eastern Province calls companies to develop public transport projects
  • mass transit infrastructure in Eastern Province given a boost with a call for investors
  • This phase of the project includes buses, transport stations and taxis

 

 

 

Plans to develop mass transit infrastructure in Eastern Province were given a boost yesterday with a call for investors to participate in the development.

 

The planned investments will contribute to the upgrading of transportation services and access facilities, Saudi Press Agency said, citing Fahd Al Jubeir, Mayor of the Eastern Region. 

  

This phase of the project includes buses, transport stations and taxis, said Al-Jubeir. Environmental issues will be addressed through the use of renewable energy in modern designs.

 

The project plan includes development of a strategy to develop revenues, apply the concept of financial sustainability and achieve the objectives of the Kingdom's vision 2030.

 

Investors can participate through the municipal investment portal, as well as the mayoralty portal and its digital accounts.

 

Proposals will be accepted for 14 days from August 26 until September 9.


Egypt organizes trip to introduce tourist sites to Russian travel operators

Egypt organizes trip to introduce tourist sites to Russian travel operators
Updated 11 sec ago

Egypt organizes trip to introduce tourist sites to Russian travel operators

Egypt organizes trip to introduce tourist sites to Russian travel operators

RIYADH: The Egyptian Tourism Authority has arranged a trip for Russian travel and tour operators to introduce them to the opportunities available in the Egyptian tourism sector.

The trip called “Experience Egypt” will continue until Dec. 8 during which the Russian delegates will visit different tourist destinations in Hurghada, Luxor and Cairo.

A total of 130 Russian companies are part of the expedition, according to local media reports.

Amr El-Kady, CEO of the authority, told the local media that Egypt was ready to welcome tourists from all over the world.

During a meeting with the Russian tour operators, he also highlighted incentives Egyptian authorities offered in the sector to promote tourism, which was badly hit due to the COVID-19 pandemic.

El-Kady also highlighted the strong ties between Egypt and Russia in different fields particularly tourism.


Jordan-based Tamatem Games closes $11m funding round

Jordan-based Tamatem Games closes $11m funding round
Updated 27 min 51 sec ago

Jordan-based Tamatem Games closes $11m funding round

Jordan-based Tamatem Games closes $11m funding round

RIYADH: Jordan-based Arab mobile game publisher Tamatem Games has successfully raised $11 million in a Series B funding round.

The investment will be used to fuel its expansion strategy across the region with initial focus on Saudi Arabia where it will hire local talent, Wamda reported.

The round was led by KRAFTON, makers of the popular battle royale game PUBG. 

Venture Souq, Endeavor Catalyst and existing investors also participated in the round.

Tamatem is seeking to expand its offices in Saudi Arabia to hire local Saudi talent and gain a stronger foothold in the country that harbors 70 percent of its users.

It also plans to offer a wider selection of games in the Arab markets.

Tamatem is also aiming to expand into more countries in the region and launch a gaming academy to train and raise the level of employment in the industry.

"We are committed to the MENA region and willing to take more bets in the overall Media and Entertainment Sector, and this investment is aligned with our efforts to strengthen our commitment to the startup ecosystem," CEO and founder Hussam Hammo said.

 


Dubai-based Arcab raises seed round, eyes regional expansion

Dubai-based Arcab raises seed round, eyes regional expansion
Updated 58 min 31 sec ago

Dubai-based Arcab raises seed round, eyes regional expansion

Dubai-based Arcab raises seed round, eyes regional expansion

RIYADH: Dubai-based technology-enabled bus aggregator has raised an undisclosed amount in its seed round led by We Founder Circle, Wamda reported. 

The financing will be used to build, maintain and scale technology infrastructure that facilitates a multi-sided marketplace to fuel expansion in the region. 

“The next 18 months are going to be very exciting and crucial for us to move quickly, ramp up our operations and scale our footprint in the region,” Arcab CEO Bilal Shabandri said. 

The startup’s tech-enablement allows fleet owners to increase utilization of their vehicles by reducing downtime and avoiding manual control, hence increasing profits. 

Arcab works with over 40 operators including Europcar, Avis and Dubai Taxi corporation, and more than 3,000 buses. 


Voyager Portal raises $8.4m in Series A round led by Oman’s Phaze Ventures

Voyager Portal raises $8.4m in Series A round led by Oman’s Phaze Ventures
Updated 06 December 2021

Voyager Portal raises $8.4m in Series A round led by Oman’s Phaze Ventures

Voyager Portal raises $8.4m in Series A round led by Oman’s Phaze Ventures

RIYADH: US-based marine supply chain platform Voyager Portal has raised $8.4 million in a funding round led by Oman’s venture capital firm Phaze Ventures.

The startup will use the newly acquired funds to speed up its product roadmap, whilst maintaining an international client base, Wamda reported. 

The new funding comes amidst the Voyager Portal’s unprecedented growth. 

Revenues have seen a thirteen-fold increase from the third quarter of 2020 to the third quarter of 2021.

The voyage management platform, founded in 2018, is a software as a service startup that aims to reduce risk, cost and complexity across companies’ marine supply chain. 


KSA’s Sidra fund exceeds annual target net returns

KSA’s Sidra fund exceeds annual target net returns
Updated 06 December 2021

KSA’s Sidra fund exceeds annual target net returns

KSA’s Sidra fund exceeds annual target net returns

RIYADH: Saudi Arabia’s Sidra Income Fund, a US dollar-denominated investment fund, exceeded its annual target net return of 7.75 percent, delivering, 8.01 percent and 8.39 percent respectively in the last 24 months, said a statement.

The fund, focussed on financing supply chains, is managed by Sidra Capital, which is a Shariah-compliant investment fund regulated by Saudi Arabia’s Capital Market Authority.

Launched in September 2019, the $50-million Shariah-compliant fund, aims to capitalize on the infrastructure boom in Indonesia, while aiming to intervene in energy and infrastructure supply chains achieving stable, unlevered high yield return uncorrelated to the stock market and global commodity prices.

“The economy of Indonesia is the largest in Southeast Asia, and is one of the leading emerging market economies of the world,” explained Hani Baothman, chairman of Sidra Capital. 

“Following 2020’s pandemic-induced recession, rising infrastructure spending and unleashed pent-up demand amid supportive fiscal and monetary policies should sustain investment for the foreseeable future.”