Invested funds in equity crowdfunding platforms increase to $56m in 3 years

With a growth rate of 242 percent, 2021 saw the largest proportion of funds invested, totaling SR149 million, up from SR44 million in 2020, and SR17 million in 2019.
With a growth rate of 242 percent, 2021 saw the largest proportion of funds invested, totaling SR149 million, up from SR44 million in 2020, and SR17 million in 2019.
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Updated 06 June 2022

Invested funds in equity crowdfunding platforms increase to $56m in 3 years

Invested funds in equity crowdfunding platforms increase to $56m in 3 years

RIYADH: The activity of equity crowdfunding platforms in the Saudi Exchange recorded an increase in total invested fund to SR210 million ($56 million) from 2019 until the end of 2021.

This includes 46 offerings through authorized platforms, the Capital Market Authority said in a statement.

With a growth rate of 242 percent, 2021 saw the largest proportion of funds invested, totaling SR149 million, up from SR44 million in 2020, and SR17 million in 2019.

A total of 33 offerings were announced in 2021, with an average offering size of SR4.5 million and an average investment of SR7,433, representing an increase of 371 percent over 2020.

The number of investment requests grew from 2,025 in 2020 to 19,933 in 2021, an annual increase of 844 percent.

 


Saudi, Hong Kong bourses sign MoU to explore listing opportunities

Saudi, Hong Kong bourses sign MoU to explore listing opportunities
Updated 8 sec ago

Saudi, Hong Kong bourses sign MoU to explore listing opportunities

Saudi, Hong Kong bourses sign MoU to explore listing opportunities

RIYADH: Saudi Tadawul Group Holding Co. has signed a memorandum of understanding with Hong Kong Exchanges and Clearing to work together to explore listing opportunities and collaborate in sectors such as fintech and environmental, social and governance, according to a tweet by the parent company of the Saudi Exchange.

The MoU reflected the HKEX’s “ongoing commitment to driving global connectivity and shaping a successful shared sustainable future,” said Nicolas Aguzin, CEO of the Hong Kong bourse operator.

“This MoU brings us one step closer toward enabling cross listings and other areas of collaboration between Saudi Arabia and Hong Kong,” Tadawul CEO Khalid Al-Hussan was quoted as saying by the Chinese media. “As we seek to position the Saudi capital market as an investment hub between East and West, we are seeing increased interest from issuers and investors in Asia.”

 

 


Saudi Arabia-China Entrepreneur Association launched at LEAP

Saudi Arabia-China Entrepreneur Association launched at LEAP
Updated 29 min 7 sec ago

Saudi Arabia-China Entrepreneur Association launched at LEAP

Saudi Arabia-China Entrepreneur Association launched at LEAP

RIYADH: The Saudi Arabia-China Entrepreneur Association was launched at the LEAP 2023 conference in Riyadh on Tuesday.

The association — comprising over 100 Saudi and Chinese businesses, government entities, nongovernmental organizations, and academic institutions — seeks to boost cooperation between the private sectors on both sides along with bilateral ties at the government level. 

The nonprofit organization is supported by the Saudi Ministry of Communications and Information Technology and the Saudi Federation for Cybersecurity, Programming, and Drones. It will be operated by eWTP Arabia Capital.

“In line with Saudi Arabia’s Vision 2030, SCEA will enable cross-border investments and valuable collaborations,” said Jerry Li, founder and managing partner of eWTPA. 

The organization also plans to promote investment, encourage innovation, and develop social responsibility and public welfare.  

“China is a strategic partner for Saudi Arabia in terms of technology and innovation. Having worked closely with Alibaba and eWTPA for the last three years, I highly appreciate their efforts in contributing to the development of our local digital ecosystem,” said Faisal Al-Khamisi, chairman of the Saudi Federation for Cybersecurity, Programming, and Drones. 

Al-Khamisi added: “This association will take our collaboration to the next level and provide the broader Saudi-China business community with a forum to share valuable experiences.”   


Jordanian-Iraqi business forum to start Wednesday in Baghdad

Jordanian-Iraqi business forum to start Wednesday in Baghdad
Updated 48 min 7 sec ago

Jordanian-Iraqi business forum to start Wednesday in Baghdad

Jordanian-Iraqi business forum to start Wednesday in Baghdad
  • 3-day conference being held under title ‘Partnership for the Future’
  • Jordanian delegation to include company representatives from range of sectors

AMMAN: A Jordanian-Iraqi business forum will on Wednesday get underway in Baghdad with company representatives and investors from both countries taking part.
The Jordan Chambers of Commerce and Industry and the Jordanian Businessmen Association are co-organizing the three-day event, which is being held under the title “Partnership for the Future,” the Jordan News Agency reported on Tuesday.
The participating Jordanian delegation will include representatives of firms operating in various economic sectors including foodstuffs, communications, information technology, medicines, clothing, financial and banking services, insurance, construction, contracting, real estate development, tourism, agriculture, mining, and plastics industries.
In regard to the current global economic situation, the forum will provide a chance for the private sectors of Jordan and Iraq to work together and make the most of the opportunities available, advancing the strategic goals and common interests of the two countries.
The forum will be held concurrently with the joint Jordanian-Iraqi committee meetings and will feature bilateral talks between Jordanian and Iraqi business leaders as well as an overview of investment opportunities in Jordan.
The Jordanian party will be one of the biggest economic delegations to visit Baghdad, reflecting Amman’s desire to forge close economic ties with Iraq and support initiatives launched by King Abdullah II and the Iraqi leadership.


Tonomus teams with Oracle, Nvidia to boost AI capabilities across NEOM, Saudi Arabia

Tonomus teams with Oracle, Nvidia to boost AI capabilities across NEOM, Saudi Arabia
Updated 07 February 2023

Tonomus teams with Oracle, Nvidia to boost AI capabilities across NEOM, Saudi Arabia

Tonomus teams with Oracle, Nvidia to boost AI capabilities across NEOM, Saudi Arabia

 

RIYADH: With the aim of boosting artificial intelligence capabilities across NEOM and Saudi Arabia, Tonomus announced it had teamed up with Oracle and Nvidia at LEAP 23 on Tuesday.
The collaboration by Tonomus, a cognitive multinational conglomerate and the first company to be established as a full-fledged subsidiary of NEOM, is designed to accelerate AI-powered innovation for a broad range of use by enterprises and government organizations.
Tonomus will provide customers with direct access to Nvidia’s advanced AI, digital twin solutions that take advantage of the planned Oracle cloud region to be located at NEOM.
“The longstanding alliance between Oracle and Nvidia complements Tonomus’ ongoing mission to build the infrastructure and ubiquitous connectivity required to enable the world’s first ecosystem of cognitive technologies,” Joseph Bradley, CEO of Tonomus, said.
“This monumental collaboration will empower NEOM with geographical advantage and place Saudi Arabia firmly on the map as a regional hub for the provision of AI capabilities.”
“Tonomus will benefit from Oracle cloud infrastructure’s unmatched capability of supporting modern cloud native applications in a secure environment. This, coupled with our existing partnership with Nvidia, will speed AI adoption for enterprises,” added Richard Smith, executive vice president, cloud and technology, Europe, Middle East, and Africa of Oracle.
“Nvidia software and systems on OCI provide an ideal platform for developers like Tonomus to build AI-forward, modern cities,” Jaap Zuiderveld, vice president of EMEA at Nvidia, commented.


LEAP announces 8 investment funds worth $646m 

LEAP announces 8 investment funds worth $646m 
Updated 53 min 46 sec ago

LEAP announces 8 investment funds worth $646m 

LEAP announces 8 investment funds worth $646m 

RIYADH: Investment funds are set to plough $646 million into Saudi Arabia’s digital sector to boost innovation and entrepreneurship.

The eight projects will target the growth of start-ups and medium-sized companies as they ignite competition in the fields of research, development and innovation.

The Ministry of Communications and Information Technology announced the new funds at the LEAP 23 conference being held in Riyadh. 

The leading fund stands at $150 million, and intends to provide alternative financing that is compatible with Islamic law, which will be used for developing technology companies.  

The Saudi investment company Impact 46 also launched a $133 million fund targeting emerging tech companies in the Middle East and North Africa region.  

Merak Capital announced a $53 million pot to develop the Kingdom’s tech companies, and the Saudi Investment Bank has created a $40 million fund to launch an innovation incubator for financial tech. 

Rakeza also launched a daring investment fund worth $25 million, supported by a global business accelerator in Riyadh.  

BIM Ventures Co. has set aside $100 million for business development, and will work with Al-Sulaiman Group to use its corporate-building studio to create emerging tech companies that are both innovative and financially stable.  

A leading tech investor in the region, Shorooq, also opened its second investment fund with a value of $115 million. It was launched to develop companies in the Kingdom, as well as to create another financial fund to accelerate electronic games.  

To conclude the round of investment fund announcements was Planetary Capital’s launch of the first Saudi-Canadian fund.  

It intends to invest in emerging space tech companies, both local and global, with a value of $30 million.