https://arab.news/8p58k
WASHINGTON: The International Monetary Fund on Friday said it had concluded a staff visit to Turkiye and was predicting growth in the country of 4.0 percent this year and 3.25 percent in 2024, with inflation due to drop to 46 percent at the end of 2024.
“Despite the tragic earthquakes in February, growth has remained resilient,” James Walsh, who led the IMF’s staff team during their visit to Turkey in September, said in a statement.
RIYADH: Non-oil business activities in Qatar were steady in September, even as the country’s Purchasing Managers’ Index dropped to 51.7 from 53.1 in August, an economy tracker showed.
The latest report released by Qatar Financial Center compiled by S&P Global said that the PMI readings for September indicate the country’s sustained growth in the non-energy private sector.
According to the credit rating agency, any PMI readings above the 50 mark indicate expansion of business activities, while below signifies contraction.
Strengthening the non-hydrocarbon sector is crucial for Qatar, as the country is on a path of economic diversification by reducing its reliance on oil.
Under the National Vision 2030, Qatar aims to gradually lessen its dependence on hydrocarbon industries and enhance the role of the private sector to drive the country’s growth further.
“Although the headline PMI eased in September, on the whole, the latest survey results show a number of positive developments for the Qatari non-energy economy,” said Yousuf Mohamed Al-Jaida, CEO of QFC Authority.
“The pause in overall growth of output wholly reflected the construction sector, with growth sustained in manufacturing, services, finance, wholesale, and retail,” he added.
“There was a series-record increase in employment during the month as firms sought to expand capacity to address rising backlogs,” Al-Jaida also said.
According to the S&P Global analysis, the 12-month outlook for activity strengthened in September to the highest since March 2023 as demand for goods and services continued to increase, leading to a build-up in outstanding business.
The rating agency attributed this positive outlook among Qatari firms to economic development, a rising population, and investment in key sectors, including construction, real estate, and tourism.
“The 12-month outlook continued to brighten, as firms mentioned investment in key sectors such as construction, real estate and tourism. September data also showed a record increase in wages, which should boost consumer demand,” said Al-Jaida.
The survey revealed that the non-energy private sector workforce expanded at the fastest rate on record, surpassing the previous peak set in January 2019.
Although new business rose and the outlook improved, purchasing activity softened slightly as firms reported broadly stable inventory holdings.
The report added that September witnessed a further acceleration in demand growth for Qatari financial services.
“The seasonally adjusted Financial Services New Business Index rose to 64.1, from 62.8 in August, signaling a rapid improvement in demand conditions with the fastest growth since August 2022,” said S&P Global.
RIYADH: Saudi Arabia’s e-commerce sector continues its upward momentum, with 39,769 businesses registered in the third quarter, a 9.4 percent increase year on year.
The latest data from the Ministry of Commerce revealed that Riyadh led with 16,274 registrations, followed by Makkah with 10,023, and the Eastern Province with 6,328.
In the Madinah and Qasim regions, e-commerce registrations reached 1,897 and 1,302, respectively.
This growth highlights the Kingdom’s ongoing transition toward a diversified, digitally-driven economy, with e-commerce playing a crucial role. Saudi Arabia now ranks among the top 10 countries globally in e-commerce expansion.
RIYADH: Saudi Aramco has raised its November pricing for Arab Light crude oil for Asian buyers, according to a recent price list.
The state-owned oil giant increased the official selling price of its Arab Light crude by 90 cents, bringing it to $2.20 per barrel above the regional benchmark.
Global oil prices are on the rise amid the growing tensions in the Middle East. Crude prices rocketed around 5 percent on Thursday. Analysts warned that slowing demand in many countries and plentiful supply within and outside OPEC is likely to eventually cap prices.
The oil giant slashed the prices of all grades to Europe and the US .
The Arab Light price differential for buyers in West Europe has been set at $0.45 above the ICE Brent, according to an emailed statement from Aramco.
The price hike aligns with market forecasts of around 45 cents and has driven the medium sour crude price to its highest point this year. On Wednesday, Saudi Arabia confirmed it would maintain its voluntary output reduction of 1 million barrels per day through November and until the end of December 2023.
Saudi Aramco also increased the price of Extra Light crude for Asia by 50 cents in November, bringing it to $3.35 a barrel above Oman/Dubai quotes. This adjustment reflects the rising prices for light sour grades in the spot market, while the OSPs for Arab Medium and Arab Heavy remain unchanged.
RIYADH: History was made in July when the International Olympic Committee decided to create Olympic Esports Games, with the first edition being set to be held in 2025 in Saudi Arabia.
The event is set to be a game-changer for competitive gaming globally, with the industry’s value expected to reach over $1 trillion by 2032, growing at a compound annual growth rate of 11.60 percent during the forecast period 2023-2032, according to market research firm Inkwood Research.
With this event expected to be held at the same level as the Winter and Summer Olympics, it will position the Middle East as a major player in digital entertainment, leveraging the country’s young, tech-savvy population and strong government support.
The Esports Olympics is also set to attract international talent and showcase advanced gaming technology, highlighting the region’s potential as a global esports hub.
Impact and opportunities on global esports industry
According to Shahid Khan, partner and global head of Media, Entertainment, Sports, and Culture at international management consulting firm Arthur D. Little, the hosting of the Esports Olympics in the Kingdom legitimizes the pastime on an international stage and aligns it more closely with traditional sports.
“This event will likely accelerate investment in esports infrastructure, not just in Saudi Arabia but across the Middle East and beyond. It presents opportunities for game developers, tournament organizers, and esports teams to expand their presence in the region. Additionally, it could spark increased interest in esports careers among young people in the Middle East,” Khan said.
The substantial prize pool of $62.5 million, will undoubtedly elevate the profile of esports in the Middle East and globally, he added.
“This event could reshape perceptions of esports, particularly in regions where it’s still gaining mainstream acceptance. It positions Saudi Arabia as a serious player in the global esports landscape and could inspire other countries in the region to invest more heavily in their esports ecosystems,” the Arthur D. Little partner said.
Firms contributing to the growth of the gaming and esports industry in the region
Numerous companies in Saudi Arabia and the Middle East are actively participating in advancing and prospering the gaming and esports sector across the Kingdom and the wider region.
One such firm is Dubai-headquartered Shaffra.
The technology, information and Internet company is looking to redefine productivity and innovation, crafting a future where work is not just a place you go, but a space you shape and share, according to the company’s co-founder and Chief Technology Officer Marc Wehbi.
He told Arab News: “Our AI-driven Workforce solutions are tailored to handle complex tasks such as managing in-game analytics, optimizing player performance, and generating engaging content.”
Wehbi went on to say that through the integration of advanced technologies, Shaffra’s objective is to strengthen the region’s esports infrastructure and position it as a global leader in technological innovation and competitive gaming.
Another illustration of this is MENATech Entertainment, a technology company with projects related to the video games and education sector.
The firm’s CEO Mario Perez told Arab News that his firm recognizes the government’s significant push to cultivate a strong gaming and esports environment, complemented by private initiatives that open a wide range of opportunities for consumers.
“By leveraging our global experience and success, particularly through initiatives like Amazon UNIVERSITY Esports, which has seen a 57 percent growth in student participation in Saudi Arabia, we aim to foster talent and enhance the esports ecosystem in the region,” he said.
Perez explained that his firm has expanded its reach to over 220 universities across the region, which contributes to the region’s economic and cultural upliftment and helps position Saudi Arabia and the broader Middle East as leading players in the global esports arena.
Similarly, the Sports Lead Partner at PwC Middle East Nick Oakley shed light on how the firm has been extensively involved in the esports sector for the past five years and have delivered several strategic projects which have had a real impact in growing the industry.
“We are continuing to collaborate with key partners in the industry, including the Saudi Esports Federation, on various joint initiatives,” Oakley said.
Managing consulting company Kearney is also seen to be contributing to the rise of the gaming and esports industry, as is global law firm Reed Smith.
According to Jamie Ryder, partner at Entertainment and Media Industry Group at Reed Smith, the company has team members throughout the US, Europe, the Middle East and Asia with gaming and esports expertise which allows it to provide advice and guidance in line with international best practice and learnings from different territories.
“Our footprint allows us to combine international best practice with our local experience which is always crucial in understanding how and why things may need to be done differently in different territories,” Ryder told Arab News.
Arthur D. Little’s Khan said the benefits of hosting major events, such as the Esports Olympics, help Saudi Arabia in a financial regard – with an increase in tourism – but also enhance the Kingdom’s image as a modern, tech-savvy nation.
“The gaming and esports industry can play a crucial role in realizing Vision 2030 goals by fostering innovation, attracting foreign investment, and creating high-skilled jobs for young Saudis. Moreover, as a digital-first industry, it supports the Kingdom’s ambitions to become a leading digital economy,” Khan said.
From MENATech Entertainment’s perspective, Saudi Arabia hosting the Esports World Cup, Esports Olympics and the construction of Qiddiya City Esports Arena are “monumental steps toward” realizing the Kingdom’s digital economy goals.
Pérez said: “KSA’s esports market is projected to soar to $6.8 billion by 2030, with the rollout of the National Gaming and Esports Strategy expected to contribute SR50 billion to the nation’s GDP, create 39,000 new jobs, generate over 30 competitive games within local studios and make KSA one of the top three nations in professional esports.”
The CEO went on to say how these initiatives are not just milestones in realizing Vision 2030 but also elevate Saudi Arabia’s global status, embedding esports into the cultural and economic fabric of the region, driving tourism, infrastructure development, and international investment.
From Kearney’s side, Hammoud argued that as Vision 2030 focuses on both economic and social transformation, the gaming and esports industry can play a crucial role in both.
“Socially, it enhances the Quality-of-Life Program by fostering a dynamic, youth-driven culture and promoting digital literacy. By aligning with Vision 2030, the industry supports economic diversification, creates new opportunities for young Saudis, and positions Saudi Arabia as a leader in the global digital economy,” he said.
RIYADH: Startups across the Middle East and North Africa have recently secured new funding to drive expansion, innovate services, and enter new markets, highlighting ongoing investor interest in diverse sectors including event-tech, e-commerce, and adtech.
Al Menu, a Saudi Arabia-based software-as-a-service provider for the food and beverage industry, has raised $10.12 million in a funding round led by Al Majdiah Investment alongside other investors.
Founded in 2022 by Mamdoh Ali, Al Menu offers cloud-based solutions designed to enhance the operations of restaurants and cafes in Saudi Arabia.
Ali, the CEO, stated that aims to reduce operational management costs and increase workforce efficiency for thousands of restaurants and cafes in the Kingdom.
Nasser Al-Majid, CEO of Al Majdiah Investment, added that their investment in Al Menu reflects their commitment to strengthening the role of the F&B sector in achieving Vision 2030’s hospitality goals.
The new funding is aimed at accelerating the company’s expansion efforts in the restaurant service sector.
Mila Celebrations raises $227k in pre-seed funding
Mila Celebrations, an event planning platform based in Saudi Arabia, has raised $227,000 in a pre-seed funding round from angel investors.
Founded in early 2024 by Muhammad Ghourbal, the startup provides a comprehensive solution for organizing events and celebrations.
The investment will be used to support Mila’s expansion into the wider Gulf Cooperation Council region.
This investment comes as Saudi Arabia’s events sector is expected to see a significant boom.
According to a recent report by Mordor Intelligence, the industry is expected to grow from $2.38 billion in 2024 to $3.45 billion in 2029.
Quantum completes $7m pre-series A round led by HearstLab
Quantum, a Saudi Arabia-based advertising tech firm, has secured funding in its $7 million pre-series A round, with HearstLab, the investment arm of Hearst Corporation, participating in the round.
Founded in 2020 by Omar Malaikah and Sara Bin Ladin, Quantum offers advertisers a platform to select publishers, purchase ad space directly, and access detailed data analytics to measure campaign impact.
“As Saudi Arabia pushes forward with Vision 2030, we are proud to be at the forefront of media and data innovation. HearstLab’s backing shows the great potential that Saudi Arabia has as a hub for cutting-edge technologies in all sectors,” said Malaikah.
This investment marks HearstLab’s first foray into the Middle Eastern market.
Podeo secures $5.4m in series A for international growth
UAE-based podcast distribution platform Podeo has closed a $5.4 million series A funding round led by Oraseya Capital, with contributions from Ibtikar Fund, Cedar Mundi Ventures, Samarium, iSME, and Razor Capital.
Podeo, founded in 2020 by Stefano Fallaha, Anthony Essaye, and Mario Hayek, enables content creators to monetize their podcasts through an end-to-end platform.
The fresh capital will be used to expand Podeo’s reach across emerging markets, including Latin America, Eastern Europe, and Southeast Asia.
“We are committed to empowering creators to become the next generation of global audio stars, providing them with cutting-edge tools to captivate diverse audiences around the world,” said Fallaha, the CEO.
“This series A funding will allow us to amplify our mission and scale our ecosystem at lightning speed across emerging global markets, making storytelling limitless and giving diverse voices the power to be heard by billions worldwide,” he added.
Agility Global invests in Global Ventures’ third fund
Singapore-based Agility Global has committed an undisclosed amount to Global Ventures’ third fund, launched earlier this year.
Global Ventures, founded in 2018 by Noor Sweid in Dubai, focuses on early-stage investments across the Middle East and Africa in sectors such as supply chain technology, energy technology, and agri-tech.
“We are passionate champions and advocates for businesses led by the region’s new generation of entrepreneurs and innovators,” said Agility Global Chairman Tarek Sultan.
“The Middle East and Africa are brimming with innovation and entrepreneurial energy. Through our venture capital arm, Agility Ventures, and our investment in Global Ventures’ new MEA fund, we are encouraging the region’s startups and entrepreneurs to commercialize and scale great ideas and innovations,” he added.
Agility Global, a multi-business operator and long-term investor, aims to support innovative startups within these key areas through this fund.
“With our focus on supply chain technology, we are incredibly grateful for the support of Agility Global, a long-standing leader in the supply chain sector regionally and globally. We are thrilled to have a true partner in Agility Global as we continue to back mission-driven founders addressing critical challenges across the Middle East and Africa,” Sweid said.
Earlier in July, Jordan’s investment fund, the Innovative Startups and SMEs Fund, also invested $5 million in Global Ventures’ Fund III.
Kuwait’s Bazzar Gate raises $1m to boost e-commerce platform
Kuwait-based e-commerce startup Bazzar Gate has secured $1 million in funding from undisclosed investors.
Founded by Mohammad Al-Mutawa in 2020, Bazzar Gate offers a one-stop-shop drop-shipping e-commerce solution, including delivery and payment systems.
The funding will primarily be used to scale its newly launched platform, Partners, which helps users set up dropshipping e-commerce businesses by addressing challenges such as high startup costs and logistical complexities.
“Receiving this investment validates the vision we have for Partners and its potential to redefine e-commerce entrepreneurship. We’re committed to providing a platform where anyone can become an e-commerce business owner in minutes, without the traditional barriers of high costs, logistics, or time investment,” Al-Mutawa added.
Oman sovereign wealth fund commits $150m to ewpartners
Oman Investment Authority, the nation’s sovereign wealth fund, has committed $150 million to international investment firm ewpartners’ Technology Innovation Fund II.
The $1 billion private equity fund focuses on expansion-stage technology and techenabled investments within GCC countries.
The partnership also entails the establishment of a local fund with OIA’s Future Fund Oman, which aims to support the country’s National Vision 2040.
Through this initiative, ewpartners intends to leverage products, technologies, and capabilities from established industry players, particularly from China, to foster the growth of successful companies in Oman.
The investment firm will direct investments toward sectors critical to Oman’s economic development, including advanced manufacturing, information and communications technology, renewable energy, logistics, tourism, and agriculture.
These investments align with Oman’s broader economic mandate to diversify its economy and enhance its regional competitiveness.
Valu partners with ShipBlu and PayTabs Egypt
Egyptian financial technology company Valu has entered a new partnership with logistics provider ShipBlu and digital payments firm PayTabs Egypt.
The collaboration aims to streamline online payment processes for e-commerce transactions delivered within Egypt.
Valu credit users will now have the option to pay for online orders delivered by ShipBlu, benefiting from secure payments facilitated by PayTabs Egypt.
The initiative seeks to encourage a shift toward a cashless society, providing consumers with various digital payment options, including credit and debit cards, QR codes, and eWallets, as part of a payment-on-delivery model.
