A Saudi tech university program sounds the call to entrepreneurial action

Special Humanoid robot iCub. (AFP)
1 / 4
Humanoid robot iCub. (AFP)
Special People attend the launch a number of regional technological initiatives in Riyadh on Aug. 25, 2021. (AFP)
2 / 4
People attend the launch a number of regional technological initiatives in Riyadh on Aug. 25, 2021. (AFP)
Special Robot waiter Mediaf during its launch. (Supplied)
3 / 4
Robot waiter Mediaf during its launch. (Supplied)
Special Saudis attend a hackathon in 2018 to explore high-tech solutions to make Hajj pilgrimage more efficient and safe. (AFP)
4 / 4
Saudis attend a hackathon in 2018 to explore high-tech solutions to make Hajj pilgrimage more efficient and safe. (AFP)
Short Url
Updated 29 April 2022

A Saudi tech university program sounds the call to entrepreneurial action

A Saudi tech university program sounds the call to entrepreneurial action
  • A KFUPM-EI program has been designed to drive growth in local technology-based start-ups
  • Entrepreneurial Emerging Leaders Acceleration Program targets start-ups generating innovative products 

DUBAI: Young Saudis eager to do their bit to transform their country into a technology hub can access a wide range of tailored initiatives by the Saudi government and local institutions.

One of them is the Entrepreneurial Emerging Leaders Acceleration Program, launched by the King Fahd University of Petroleum and Minerals Entrepreneurship Institute (KFUPM-EI) in Dhahran, Eastern Province, to drive growth in local technology-based startups.

The scheme specifically targets startups that are generating innovative products and processes in manufacturing as well as the digital economy. It aims to support Saudi Arabia’s aspiration of becoming a regional and global tech center.




Huda Flatah launched her Helper Robot startup in 2020. (Supplied)

Huda Ahmed Flatah, 26, from Riyadh, is one of the program’s young Saudi graduates. Her startup, Helper Robot, was launched in 2020 to develop and harness technologies that provide a tangible benefit to society.

“We came up with two solutions,” Flatah told Arab News. “The first one is a robotics kit, including sensors, motors and an electrical circuit, for anyone who wants to build a prototype. It’s easy to use and connect, and you can use it if you are looking to build a smart home or a smart car.”

 

 

The second product her firm created is an online platform for people looking to study science, technology, engineering and mathematics subjects, allowing them to take part in classes in programming, electrical circuits and robotics.

Flatah was among the first batch of women to study at KFUPM-EI. Having already earned a degree in biology from Taibah University in Madinah, she went on to receive a scholarship to study at Draper University in California’s Silicon Valley and at H-FARM College in Italy, where she pursued studies in entrepreneurship and technology.




Huda Flatah receiving an entrepreneurship certificate from Global Entrepreneurship network. (Supplied)

Flatah is grateful for the scholarships and acceleration programs the Kingdom has on offer to help young people break into the tech industry.

“It was really great because when you see your country and institution care about your project, and help and believe in you. It helped me a lot, especially during the COVID-19 pandemic,” Flatah said. “It was so difficult, but we made it.”

Moreover, she is impressed by the Kingdom’s efforts to encourage more women to take up STEM subjects and career paths. She says the program has been both character-building and a boost to her self-esteem — essential in what is otherwise a male-dominated field.

A growing awareness of the need to diversify the Kingdom’s economy away from oil into other high-value industries prompted the launch of the Vision 2030 reform agenda in 2017. One of the objectives of the program is technological development, primarily driven by domestic startups.




Saudis attend a hackathon in 2018 to explore high-tech solutions to make Hajj pilgrimage more efficient and safe. (AFP)

“We are seeing a lot of opportunities today across the Kingdom for those who are ready,” said Flatah. “We have Vision 2030 for the dreamers and workers, and those who want to make a big change and improve our lives. Each university and school is looking for entrepreneurs.

“I have a vision for myself, and we want to build a generation of builders and innovators. I need to make this jump and change myself.”

Earlier this year, Saudi Arabia announced it would invest more than $6.5 billion in future technologies and entrepreneurship to further secure its position as the region’s largest digital economy.

As part of the announcement, Saudi and foreign firms unveiled plans that included a billion-dollar investment from NEOM Tech & Digital Company to focus on future technologies, such as XVRS, the world’s first cognitive metaverse, and M3LD, a personal data management platform.




Waiter robot Mediaf. (Supplied)

XVRS is a first-of-a-kind 3D, cognitive digital twin metaverse platform, where the physical merges with the virtual to create unique, immersive experiences and enable a ground-breaking “mixed-reality” urban living model.

For example, NEOM visitors and residents could attend a meeting wherever they are, either as a real-life robot, an augmented reality avatar or as a hologram.

“The future will be defined not by megacities, but by cognitive metacities,” Joseph Bradley, CEO of NEOM Tech & Digital Company, told delegates at Saudi Arabia’s flagship technology event, LEAP, in February.




Joseph Bradley, CEO of NEOM Tech & Digital Company. (Supplied)

“XVRS is the only iteration of the metaverse currently in development that will be a mixed-reality, 3D digital twin of a physical place — in our case, the NEOM community. It will be comprised of next-generation digital assets that users can interact with in the real world.”

M3LD, meanwhile, is an innovative artificial intelligence-driven “consent management platform,” which empowers users to regain control of their data.

FASTFACTS

XVRS is a 3D, cognitive digital twin metaverse platform which can create unique, immersive experiences.

M3LD is an AI-driven platform that empowers users to regain control of their data.

The product is able to find out who is in possession of a user’s data, monitor how it is being used and provide recommendations on privacy settings for all their digital accounts. It is slated for general release in the first quarter of 2023.

It is through schemes like the Entrepreneurial Emerging Leaders Acceleration Program at KFPUM-EI that the Kingdom hopes to tap and develop local talent to drive forward the “fourth industrial revolution” and realize the full potential of projects like NEOM.




Graduates of the KFPUM-EI leaders acceleration program display their certificates. (Supplied)

Meem Web Solutions is another tech venture that came out of the KFPUM-EI program, offering a platform that optimizes business process automation.

Its founder, Syed Shamaail Jafri, received a grant of SR50,000 ($13,300) from the institute’s Keys of Goodness fund. Jafri says his idea stemmed from his initial recruitment by the institute to automate one of its processes.

“I thought it would be better to make an application that can be generalized to automate all these processes,” Jafri told Arab News.

“Now, any person without any programming knowledge can develop such workflows, and we’re targeting markets that do not have any business developers and have a lot of processes which are not automated. In that regard, we just make their offices paperless.”

Originally from Pakistan, 42-year-old Jafri says he is grateful for the backing of the Saudi government to develop his business.

“My goal for the future is to establish this company independently,” he said. “The institute really helped me in the legal aspects, and I hope to serve all companies here in Saudi Arabia and then worldwide.”




KFPUM founding dean Wael A. Mousa. (Supplied)

High-growth startups such as these will have a vital role to play in the diversification of the Kingdom’s economy, says Wail A. Mousa, an associate professor of electrical engineering and founding dean of the Entrepreneurship Institute.

“We see a strong and ever-increasing entrepreneurial spirit across our community,” Mousa told Arab News.

“Through our programs, we aim to nurture this spirit and to provide the practical support required to establish and build these businesses, to reach their full potential and to make a lasting contribution to the country’s economic prosperity.”

The institute was established to help foster entrepreneurial thinking through education, training and research, and to provide logistical and financial support for the formation and growth of high-potential startups. It also draws on the expertise of local and international experts.

To date, KFUPM-EI has conducted more than 4,000 mentoring sessions, trained more than 2,000 participants, and created more than 30 startups that have resulted in more than 100 jobs and secured SR25 million in revenues.




Saudis attend a hackathon in 2018 to explore high-tech solutions to make Hajj pilgrimage more efficient and safe. (AFP)

These efforts to promote entrepreneurship seem to be paying off already. Venture capital investment in Saudi Arabia in 2021 exceeded the total for 2019 and 2020 combined.

According to Abdullah Al-Swaha, minister of communications and information technology, Saudi Arabia is now home to some of the region’s largest investments in cloud technology, with leading hyperscale cloud providers including Google, Alibaba, Oracle and SAP investing more than $2.5 billion in the Kingdom.

Speaking at LEAP earlier this year, Al-Swaha said that Saudi Arabia is also the regional leader for technology talent, having created more than 318,000 jobs in the sector in recent years.

More importantly from the standpoint of women’s empowerment, the rate of women’s participation in the information and communication technology workforce has jumped to 28 percent in recent years.

“Technology is important because it’s the future,” said KFUPM-EI graduate Flatah.

“The transformation taking place across Saudi Arabia from sector to sector involves technology, so if you don’t invest in technology, you may fail in the next 10 years, because it won’t fit the requirements of the generation.”


Egypt-based OneOrder secures a $6.5m working capital facility

Egypt-based OneOrder secures a $6.5m working capital facility
Updated 09 August 2022

Egypt-based OneOrder secures a $6.5m working capital facility

Egypt-based OneOrder secures a $6.5m working capital facility

RIYADH: Egypt-based technology company OneOrder raised a $6.5 million working capital facility from Contact Factoring, a subsidiary of Contact Financial Holding.

The company offers restaurants, cafes, and hotels a one-stop shop for food supplies with logistics services through its software.

Founded in 2021, OneOrder will utilize the funds to create a digital environment that can support restaurant owners in procuring online, MAGNiTT reported.


UAE In-Focus – Dubai consultancy sets up 200 new companies; New Dubai Chambers formation to widen crypto adoption

UAE In-Focus – Dubai consultancy sets up 200 new companies; New Dubai Chambers formation to widen crypto adoption
Updated 09 August 2022

UAE In-Focus – Dubai consultancy sets up 200 new companies; New Dubai Chambers formation to widen crypto adoption

UAE In-Focus – Dubai consultancy sets up 200 new companies; New Dubai Chambers formation to widen crypto adoption

RIYADH: Dubai business setup company AA Associate LLC capped a 5 million dirham ($1.3 million) turnover in a single month in July, reflecting UAE’s record growth post-COVID-19.

Over 200 Freezone licenses were issued in July, which affected this result, Khaleej Times reported.

“No company in Dubai has achieved such numbers in just one month,” said Robin Philip, the founder, and director of AA Associate.

Sharjah Media Free Zone awarded the Dubai consultancy the title of ‘Highest Performing Channel Partner for 2021’ earlier this year for setting up over 2,500 companies across the UAE.

In the first half of 2022, Dubai issued 45,653 new business licenses, a 25 percent increase on the same period last year, according to figures released by the Department of Economy and Tourism.

New Dubai Chambers formation to widen crypto adoption

As part of its efforts to develop digital business infrastructure and support the growth of digital companies in Dubai, the Dubai Chamber of Digital Economy announced the formation of the Dubai Digital Assets Business Group, according to a Dubai Media Office statement.

The new business group aims to promote the digital asset industry in Dubai, improve transparency through market intelligence, support the interests and growth of digital asset companies, and foster cross-border cooperation, the statement added.

Chairman of the Dubai Chamber of Digital Economy, Omar Sultan Al-Olama — also minister for Artificial Intelligence, Digital Economy, and Remote Work Applications — said the formation of D2A2 was aligned with the Dubai Chamber of Digital Economy’s strategy aimed at accelerating the digital economy’s growth.

The UAE has 47 percent of residents aiming for a sustainable home

According to a study conducted by cooling experts Taqeef and air conditioner manufacturer O General, 47 percent of UAE residents strive to make their homes as environmentally friendly as possible.

More than half consider sustainability a key factor when purchasing electronic products, the study said. 

It added that around 33 percent of respondents consider sustainability to be as important as price when choosing a product, and 27 percent would switch to another electronic brand if they offered better environmental products.

About 29 percent of consumers know that more sustainable electronics save them money on utility bills, the study said. 

Additionally, 30 percent of respondents would prefer that brands emphasize sustainability parameters such as energy efficiency and carbon reduction.

Everdome secures $10m investment from GEM Digital Limited

GEM Digital Limited, a Bahamian-based digital asset investment firm GEM Digital Limited has committed to investing 36.7 million dirhams in the UAE's metaverse company Everdome, according to a statement.

Everdome’s announcement comes as the company prepares to roll out its new products and auction metaverse land plots.

The Everdome metaverse has sold 11,700 plots, around 97 percent of the total, over an eight-week auction experience since June 2022.

Some 68.3 million dirhams were spent on plots, which is equivalent to 1,531,000,000 $DOME, Everdome’s digital currency. Around 130,000 $DOME was the average price of a plot of land in Everdome.

There is no minimum drawdown obligation under this facility, and Everdome controls the timing and number of drawdowns. 

GEM’s investment, the statement said, will focus on team growth and metaverse technological expansion, and it will accelerate the game’s virtual reality capabilities.

It will be paid through a structured token subscription agreement, and a portion of the funds will also go toward Everdome’s marketing efforts, partnership enablement, and sustainable growth investments.

Savills ranks Dubai fouth in residential real estate performance

Dubai ranked fourth in terms of residential real estate performance in the first half of 2022, according to a report from Savills.

Several factors contributed to this growth, including consistent market sentiment, low interest rates, constrained supply, and prime residential property’s relative attractiveness as an investment, Savills Prime Residential Index said.

Prime capital values have exceeded pre-pandemic levels in all cities except Cape Town, Barcelona, and Mumbai, the report said.


Saudi Railways records 121% jump in number of passengers in H1

Saudi Railways records 121% jump in number of passengers in H1
Updated 09 August 2022

Saudi Railways records 121% jump in number of passengers in H1

Saudi Railways records 121% jump in number of passengers in H1

RIYADH: The number of passengers who used Saudi Railways reached more than 2.3 million during the first half of 2022, a 121-percent increase as compared to the same period last year.

The cargo transported by the railway company’s freight trains also recorded a 24 percent increase as compared to the first half of the previous year to reach more than 6.7 million tons, the company said in a statement on Tuesday.

The freight service also contributed to the removal of more than 871,000 trucks from the roads.

The CEO of the company, Bashar Al-Malik, said the first half results are reflective of the high-quality service and emergence of Saudi railways as a reliable transportation option.


Dubai’s non-oil sector output hits 20-month high: S&P Global

Dubai’s non-oil sector output hits 20-month high: S&P Global
Updated 09 August 2022

Dubai’s non-oil sector output hits 20-month high: S&P Global

Dubai’s non-oil sector output hits 20-month high: S&P Global

Dubai’s wholesale and retail industry helped drive the expansion of the city’s non-oil sector in July, as output rose to a 20-month high at the fastest pace in three years, reported S&P Global.

The Purchasing Managers Index — a measure of business activity and performance in the non-oil sector — increased to 56.4 in July from 56.1 in June, exhibiting its best performance in the past three years.

Among the three key sectors of Dubai, the wholesale & retail sector showed the highest growth, followed by travel and tourism, then construction. 

“Dubai's non-oil private sector registered the fastest rise in output in three years in July, supported by another solid increase in new business and promotional activity,” stated David Owen, an economist at S&P Global Market Intelligence. 

Input cost inflation — which has been a pressing issue across the world — decreased after four months of consistently increasing prices.

As for supply chains, they witnessed a slowdown in average lead times for the first time since December 2021.

The labor market displayed continuous growth over the past three months, with July marking the highest rate of job creation in 2022 — spearheaded by travel and tourism.

 

 


Dubai road-toll operator Salik seeks to raise up to $1bn through IPO

Dubai road-toll operator Salik seeks to raise up to $1bn through IPO
Updated 09 August 2022

Dubai road-toll operator Salik seeks to raise up to $1bn through IPO

Dubai road-toll operator Salik seeks to raise up to $1bn through IPO

DUBAI: The Dubai government is seeking to raise $1 billion by selling the shares of its road-toll operator Salik as soon as next month. 

Ahead of the sale, Salik has taken out a $1.1 billion loan from Emirates NBD to pay a special dividend to the government, Bloomberg reported citing people familiar with the matter. 

The people who wished to remain anonymous revealed that other candidates for initial public offering in Dubai have taken out similar loans. 

The report further noted that the toll operator aims to stage the listing in September. 

Even though the number of shares that will be offered is still unclear, the Dubai government has previously said that it will retain a 60 percent stake in Salik if it goes public.