Startup Wrap – Saudi ecosystem flourishes with funding and acquisitions

Startup Wrap – Saudi ecosystem flourishes with funding and acquisitions
Founded in 2023 by Akeed Azmi and David Reche, Cercli offers businesses tools to reduce human error and compliance costs across different markets. (Supplied)
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Updated 01 October 2024
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Startup Wrap – Saudi ecosystem flourishes with funding and acquisitions

Startup Wrap – Saudi ecosystem flourishes with funding and acquisitions

RIYADH: Saudi Arabia’s startup ecosystem continues to gain momentum, with multiple companies across diverse sectors securing significant funding.

From fintech to auto tech, these startups are attracting substantial investments, reflecting the growing confidence in the Kingdom’s entrepreneurial landscape.

One such company to pick up investment is Saudi Arabia-based autotech Syarah, which secured $60 million in a series C funding round led by Artal Capital, with participation from Elm, Impact46, Tawuniya, and Derayah Ventures.

This latest round brings the company’s total investment to more than $82 million.




Syarah was founded in 2015 by Salah Sharef and Fayez Al-Anazi. (Supplied)

Founded in 2015 by Salah Sharef and Fayez Al-Anazi, Syarah enables customers to purchase new and used cars online and have them delivered to their doorstep.

The company’s platform also offers used cars with a free inspection report, a five-day return policy, and a one-year warranty.

The funds will be used to drive Syarah’s continued expansion and growth in the Saudi automotive market.

Saudi fintech Malaa secures $17.3 million in Series A

Saudi fintech Malaa has closed a $17.3 million Series A round, led by SNB Capital, with additional support from Derayah Financial, Khwarizmi Ventures, Impact46, and WKN.

Established in 2021 by Ali Al-Oraini and Faisal Al-Qarni, Malaa provides a wealth management platform designed to help users make informed financial decisions through data-driven solutions.

The company plans to leverage the new funding to introduce a range of investment and savings products, enhancing its financial services offerings. Malaa previously raised $1.7 million in a seed round in 2022.

Saudi-based Thakaa Med secures seed funding for AI healthtech solutions

Saudi Arabia-based healthtech startup Thakaa Med has raised an undisclosed amount in seed funding from the Falak Angels syndicate.

Founded in 2022 by Al-Waleed Al-Badr, Thakaa Med specializes in AI-driven health care technologies aimed at providing predictive, preventive, and personalized medical solutions.

The funds will support the development of the company’s AI models and the market launch of its core products, Dental IQ and Chest IQ, which aim to revolutionize diagnostic capabilities in health care.

Tabby acquires digital wallet Tweeq

Saudi Arabia-based buy now pay later fintech Tabby has finalized its acquisition of Tweeq, a digital wallet licensed by the Saudi Central Bank.

Founded in 2019 by Hosam Arab, Tabby handles over $6 billion in annual transaction volume.

Tweeq, launched in 2020 by Saeed Albuhairi and Abdulaziz Almalki, offers a digital spending account that allows users to manage their finances efficiently.

The acquisition enables Tabby to expand its financial product suite by adding digital wallets, spending accounts, and money management tools. Tabby closed a $200 million Series D round in November 2023, crossing a $1.5 billion valuation.

Speaking to Arab News, Arab explained that the acquisition will open an array of services that tap into customer needs.

“We have really grown and seen extremely strong demand and appetite from the consumer for what we have offered. But we believe that the consumer needs are a lot broader and a lot wider,” he said.

“Tweeq’s acquisition really helps us to make the next step in our journey of starting to offer more than just a buy now, pay later solution and really getting into the financial needs of our everyday consumer,” Arab added.

Tarabut strengthens position with Vyne acquisition

Open banking platform Tarabut has acquired London-based fintech Vyne to expand its global reach.

Founded in Bahrain in 2019 by Abdulla Al-Moayed, Tarabut connects banks and fintechs through a universal application programming interface.

Vyne, established in 2019, offers real-time account-to-account payments for businesses. The acquisition will enhance Tarabut’s ability to deliver faster and more interconnected financial services across the region.

Earlier in 2023, Tarabut raised $32 million in a Series A round led by Pinnacle Capital.

In an interview with Arab News, Al-Moayed highlighted the reasons behind the acquisition.

“Vyne’s account-to-account payment technology brings a level of depth and efficiency to the region that’s unmatched by anything currently available,” he said.

“By enabling faster transactions and offering a comprehensive tech stack, we’re not just speeding up payments — we’re adding significant value with features like seamless reconciliation. This will make payments not only quicker but also more cost-effective, setting a new standard in the financial services sector across the Middle East, especially in Saudi Arabia,” he added.

Wattnow closes multi-million dollar funding round

Tunisia-based clean tech Wattnow has completed a multi-million dollar funding round, led by Lateral Frontiers and 216 Capital.

Other investors include Outlierz Ventures, Satgana, Octerra Capital, and strategic angels such as Karim Beguir, founder of InstaDeep, and Guillaume Amblard.

Founded in 2018 by Issam Smaali, Wattnow helps businesses optimize their energy usage through a combination of hardware and software solutions.

The fresh capital will support Wattnow’s global expansion and enhance its technology offering. The firm raised $1.3 million in a pre-series A round in 2022.

Cercli raises $4 million in seed funding

UAE-based HR tech Cercli has raised $4 million in a seed round led by Silicon Valley’s Afore Capital, with additional participation from COTU Ventures, Y Combinator, and Rebel Fund.

The round also included notable angels such as Karim Atiyeh, Sebastian Mejia, and Tony Jamous.




Founded in 2023 by Akeed Azmi and David Reche, Cercli offers businesses tools to reduce human error and compliance costs across different markets. (Supplied)

Founded in 2023 by Akeed Azmi and David Reche, Cercli offers businesses tools to reduce human error and compliance costs across different markets. The new funding will support the company’s growth and help attract top-tier talent.

This round marks Afore Capital’s debut in the Middle East and North Africa as it aims to tap into the region’s hidden potential.

Ziina closes $22 million series A

UAE-based fintech Ziina has raised $22 million in a series A round led by Altos Ventures, alongside Fintech Collective, Avenir Growth, and Activant Capital.

Founded in 2020 by Faisal Toukan and Sarah Toukan, Ziina allows users to send and receive payments via phone number, without the need for IBAN or Swift codes.

The funding will support the company’s plans to evolve from a payments platform into a full-suite financial services provider for both consumers and businesses, starting with the introduction of its new ZiiCard.

Hulexo secures seed investment for ERP expansion

UAE-based enterprise resource planning provider Hulexo has raised an undisclosed seed round from Arzan VC.

Launched in 2021, the firm provides customized ERP solutions to retailers, helping them streamline their operations through subscription-based services.

The investment will fund Hulexo’s expansion into the Kuwaiti and Saudi markets.

Verofax secures $3 million bridge round

UAE-based Web3 services provider Verofax has raised $3 million in a bridge round led by King Abdullah University for Science and Technology, Plug & Play Tech Center, Navig8 Group, and Trove Capital UK.

Verofax, founded in 2018 by Wassim Merheby and Jamil Zablah, uses Web3 technologies such as augmented reality, blockchain, and AI to enhance user experiences in tourism, retail, and brand marketing.

The funding will support Verofax’s expansion in the Middle East and Europe, including projects involving AI-powered guides for tourists and sports fans.


Saudi Arabia’s tourism growth key to Vision 2030: Accor CEO 

Saudi Arabia’s tourism growth key to Vision 2030: Accor CEO 
Updated 12 sec ago
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Saudi Arabia’s tourism growth key to Vision 2030: Accor CEO 

Saudi Arabia’s tourism growth key to Vision 2030: Accor CEO 

DUBAI: French hospitality firm Accor is optimistic about the growth potential in Saudi Arabia’s tourism sector, which is being driven by the Kingdom’s Vision 2030 objectives and rich history, said the company’s top official. 

In an interview with Arab News on the sidelines of the Future Hospitality Summit in Dubai, Sebastien Bazin, group chairman and CEO of Accor, highlighted the pivotal role of the hospitality industry in reducing unemployment among Saudis. 

Bolstering the tourism sector and reducing joblessness is crucial for Saudi Arabia, as the Kingdom embarks on an economic diversification effort aimed at decreasing its dependence on oil. 

The National Tourism Strategy of Saudi Arabia aims to attract 150 million visitors by 2030 and increase the sector’s contribution to the nation’s gross domestic product from 6 percent to 10 percent. 

Bazin said: “I am very bullish about Saudi Arabia. They have a plan, they have a leader, they have a vision, they have the right brands, and they have the financial resources, geography, and history. So, it is the country not to miss.”

He added: “They (Saudi Arabia) have something which is gold in their hands — the population. You have 70 percent of the population under 35 years old. Many of them don’t have a job. They are seeking and asking for a job.” 

The CEO explained that the generosity of Saudi culture would play a significant role in encouraging the country’s youth to enter the travel and hospitality industry. “It is an enormous base to build upon.” 

Bazin also pointed to the Middle East’s emergence as a global tourist hotspot for both international and domestic travelers. He identified several factors fueling tourism growth in the region, including “great airlines, great infrastructure, safety protocols, food and beverage venues, and impeccable weather.” 

Bazin added: “I am very positive. You are going to see a 5 percent to 7 percent demand growth globally in the world of travel and tourism. I think that growth in the Gulf Cooperation Council and Saudi will probably be well above 10 percent. Much faster, much bigger than the rest of the world.”

He further stated that the growth of tourism in the GCC and the Middle East will be driven by the emerging middle class and domestic travelers. 

Regarding the impact of advanced technologies like artificial intelligence on the hospitality sector, Bazin expressed a cautious optimism, asserting that AI should enhance rather than replace human interactions. 

“We know it (AI) is going to be big. It certainly is going to be very important for data before and after your stay; all that seamless journey will probably be Generative AI-driven. During the stay, where you’re going to be with me in the hotel, AI will be instrumental. But I don’t want AI to surpass human interactions,” said Bazin. 

He added: “I want you to say ‘hello’ when you pop in, and I want my people to ask you, ‘How are you today?’ That human interaction is one of the reasons why you travel — to discover somebody else’s culture and religion. So, AI is a critical and important enhancer, but should not be a replacer of what we do every day.” 


Pakistan annual inflation slows to lowest in almost four years in September

Pakistan annual inflation slows to lowest in almost four years in September
Updated 15 min 43 sec ago
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Pakistan annual inflation slows to lowest in almost four years in September

Pakistan annual inflation slows to lowest in almost four years in September
  • Consumer prices rose 6.93% in September from a year ago, according to Bureau of Statistics 
  • CPI decreased by 0.5% in Sept. 2024 as compared to increase of 0.4% in previous month

ISLAMABAD: Pakistan’s inflation clocked in at 6.9% on a year-on-year basis in September 2024, the bureau of statistics said on Tuesday, slowing to the lowest rate in almost four years after the government slashed fuel prices and food costs eased.

Consumer prices rose 6.93% in September from a year ago, according to data released by Pakistan Bureau of Statistics. The reading in August 2024 stood at 9.6%.

On a month-on-month basis, CPI decreased by 0.5% in September 2024 as compared to an increase of 0.4% in the previous month and an increase of 2.0% in September 2023.

“CPI National for the month of September, 2024 decreased to 6.93% over September, 2023,” the statistics bureau said in a statement. “The Urban CPI decreased to 9.29% while Rural CPI decreased to 3.65%.”

“Due to aggressive monetary tightening, the State Bank of Pakistan (SBP) has achieved bringing inflation below the one-year target of 7% ahead of time,” Mohammed Sohail, CEO Topline Securities, said in a note.

Pakistan’s Finance Division announced on Monday it had slashed the price of petrol by Rs2.07 per liter till the next fortnight due to the fluctuating global prices of petroleum products.

Petroleum and electricity prices have been the key drivers of high inflation in Pakistan over the past two years. Inflation averaged close to 30% in FY23 and 23.4% in FY24, which ended on June 30, 2024.

The September inflation reading is lower than official expectations, as the finance ministry had expected inflation to decelerate in the next two months (September-October) and hover around 8-9%.

“Inflation is expected to remain within the range of 8% to 9% in September and October 2024,” the Ministry of Finance said in its ‘Monthly Economic Update and Outlook’ released last week. 

The slowing inflation figure also gives impetus to a further cut in the key policy rate.

In September, the central bank announced its most aggressive cut in the key policy rate since April 2020, reducing it by 200bps to bring it down to 17.5% amid slowing inflation and declining international oil prices.

“With continued disinflation expected, mainly on the back of high base effect, falling global commodities, this gives SBP room to keep lowering the policy rate, as real interest rates are nearly 1090bps positive,” Shahid Ali Habib, CEO Arif Habib Limited, said in a note.

The IMF last month approved a $7 billion loan program that includes tough measures such as higher taxes on farm incomes and electricity prices. The prospect of such moves has worried poor and middle-class Pakistanis. But inflation has started moving on a downward trend, albeit from a high base.


Cybersecurity experts gather in Riyadh to forge collective action

Cybersecurity experts gather in Riyadh to forge collective action
Updated 19 min 58 sec ago
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Cybersecurity experts gather in Riyadh to forge collective action

Cybersecurity experts gather in Riyadh to forge collective action

RIYADH: Experts from technology, public policy, defense, and other sectors will gather in Riyadh for the Global Cybersecurity Forum Annual Meeting on Oct. 2-3.  

The event will focus on fostering collaboration under the theme “Advancing Collective Action in Cyberspace,” with the goal of enhancing multi-stakeholder engagement and driving joint initiatives on key strategic priorities.  

The program will feature five core sub-themes, each addressing a crucial aspect of cybersecurity. “Beyond Cyber Discord: Building trust within geopolitical competition” will examine ways to overcome geopolitical tensions and cultivate trust among nations.  

“Cyber Psychology: Decoding human behaviors in Cyberspace” will explore the motivations of cybercriminals and strategies to protect users from cyber manipulation.  

The sub-theme “Cyber Social Fabric: Strengthening development and inclusion in Cyberspace” will focus on promoting social cohesion and equitable participation in the digital realm.  

Another critical topic, “Thriving Cyber Economy: Developing strong markets and building resilient cyber ecosystems,” will discuss strategies for economic growth and market integration within the cybersecurity sector. Lastly, “New Cyber Frontier: Integrating convergent technologies in Cyberspace” will investigate the impact of advanced technologies on the future of cybersecurity.  

The event builds on the success of previous editions, aiming to promote a collective approach to addressing challenges and opportunities in cyberspace.  

Day One  

The first day will kick off with various expert forums, fireside chats, and closed sessions, starting with the speaker session titled “Pathways to De-escalation: Shared priorities for reducing tensions and advancing stability in Cyberspace.”  

This session will delve into the effects of rising inter-state tensions in cyberspace and highlight opportunities for progress through new diplomatic channels, evolving norms, and emerging technologies.  

Also on the agenda is “Leadership Launchpad: Charting Paths to Leadership in Cybersecurity,” which will focus on strategies to advance mid-to-senior female cybersecurity professionals into executive roles. Additionally, “Ctrl + Invest” will showcase women-led ventures in the cybersecurity space.  

Another significant session, “Pioneering Pathways: Unleashing potential in the Cybersecurity sector,” will examine the diverse economic contributions of the cybersecurity industry in tech-driven markets, addressing its potential amid technological changes and the associated risks and opportunities for ecosystem development.  

“Equipping the Defenders: What law enforcement needs to win” will address the critical needs of law enforcement in tackling online child abuse, talent shortages, future skill requirements, and propose actionable solutions.  

In “Cyber Statecraft: The new chessboard of geopolitics,” participants will discuss strategies to integrate cybersecurity into national defense, enhancing geopolitical advantage and ensuring long-term security.  

“The Multilateral Frontier: Assessing the state of play and imperatives for collective action in cyber diplomacy” will analyze the current state of UN negotiations, emphasizing significant progress while addressing challenges in establishing robust international norms and frameworks for cyber governance.  

“Code, Clicks, and Culture: Social Transformation in the Technological Age” will focus on the social transformations driven by technological advancements and the cultural shifts resulting from increased interconnectedness and technology adoption across demographics.  

Additional panel discussions and closed sessions will also take place throughout the first day.  

Day Two  

The second day will feature in-depth discussions on the economic, political, and defense roles of cybersecurity in the digital era.  

One notable session, “The History of Cyber Diplomacy Future: Drawing insights from collaborative progress on trade, nuclear, and climate,” will explore how trade agreements, nuclear disarmament, and climate negotiations can inform effective strategies for cyber diplomacy.  

In “Principles of Stability: Applying the lessons of the past to the current and future challenges in Cyberspace,” participants will examine challenges through the lens of the Secure Future Initiative, a multiyear program focused on evolving Microsoft’s design, development, and operational standards for security.  

“Navigating the Future: Advancing the Global Cybersecurity Agenda to build confidence in cyberspace” will trace the evolution from the World Summit on the Information Society Action Line 5—which laid the groundwork for trust and security in information and communication technologies—to the establishment of the ITU Global Cybersecurity Agenda. This session will highlight how the principles of Action Line 5 have shaped the ITU’s broader approach to cybersecurity.  

Panels will cover the security of the healthcare sector, strategies for psychological defense against cyberattacks, and the critical role of the sector during mega events. These discussions aim to address specific sector vulnerabilities and broader resilience strategies in the face of evolving cyber threats.  

Child protection in cyberspace  

Concurrent with the GCF Annual Meeting, the Child Protection in Cyberspace Global Summit will take place on Oct. 2-3 in Riyadh.  

This summit will bring together key stakeholders worldwide to ensure that children are safe and protected in cyberspace. The event is held in collaboration with ITU, UNICEF, GCF, the DQ Institute, and WeProtect Global Alliance.  

“Protecting children online is a shared responsibility,” said ITU Secretary-General Doreen Bogdan-Martin. “With today’s children spending an increasing amount of time online, it is crucial to protect and empower them. The Child Protection in Cyberspace Global Summit will bring together leaders from all sectors to ensure our youngest users can thrive online.”  

The summit will convene prominent figures from government, international organizations, academia, and the private sector to explore multi-stakeholder collaboration for enhancing child protection in cyberspace. The second day will conclude with a high-level roundtable themed “Advancing Collective Action for Child Protection in Cyberspace.”  

“We must work together to make the Internet a safe place for children to learn, socialize, and express themselves,” said UNICEF Executive Director Catherine Russell. “This Summit marks an important opportunity to coordinate global efforts to maximize the benefits of digital technology in children’s lives while protecting them from harm.”  

The summit aims to achieve four key objectives: consolidating global efforts and advancing collective action; enhancing the global response to pressing challenges; mitigating emerging threats facing children in cyberspace; and ensuring child protection resonates with the agenda of global decision-makers.  

These objectives align with the goals of the Child Protection in Cyberspace initiative and support the UN Sustainable Development Goals 4, 5, 16, and 17 under the 2030 Agenda for Sustainable Development.  

“We are gathering in Riyadh because we all recognize that as the risks to children in cyberspace grow in number and complexity, we must collaborate to develop innovative partnerships to advance our collective efforts to protect them,” said Majed Al-Mazyed, governor of Saudi Arabia’s National Cybersecurity Authority, speaking on behalf of the GCF Board of Trustees.  

The event will focus on finding pathways toward a safer cyberspace for children, including designing new collaborative approaches and mechanisms to enhance responsiveness to emerging technological threats.  

“What we need today is coordinated, multi-stakeholder collaboration that enhances not only children’s safety and well-being in cyberspace but also their cyber literacy, as our highest priority,” said Yuyhun Park, founder of the DQ Institute.  

A 2022 GCF global report found that 72 percent of children worldwide have experienced at least one type of cyber threat, with the most prevalent being unwanted ads and inappropriate content. Nearly one in five children reported facing bullying or unwanted sexual advances.  

“Child exploitation is an urgent and growing problem. We need to focus on preventing harm and work together for a cyberspace designed to protect children globally from exploitation,” said Iain Drennan, executive director of WeProtect Global Alliance.


Saudi-Canadian industrial ties strengthen as minister explores investment opportunities

Saudi-Canadian industrial ties strengthen as minister explores investment opportunities
Updated 30 min 14 sec ago
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Saudi-Canadian industrial ties strengthen as minister explores investment opportunities

Saudi-Canadian industrial ties strengthen as minister explores investment opportunities

JEDDAH: Saudi-Canadian industrial ties are set to strengthen as a top minister from the Kingdom embarks on a three-day visit to explore investment opportunities.

The Minister of Industry and Mineral Resources, Bandar bin Ibrahim Alkhorayef, began his visit to the North American country on Sept. 30, accompanied by a delegation of leaders from the industry and mining sectors.

With stops in Ottawa and Toronto, the delegation plans to hold strategic meetings with government officials and private sector leaders, according to a press release by the Ministry of Industry. 

This trip follows a similar visit to the US earlier in September, which focused on enhancing industrial and mining cooperation, strengthening bilateral relations, and attracting high-quality investments to the Kingdom.

The meetings in Canada will involve signing memoranda of understanding to support the development of the industrial and mining sectors.

In a post on X, Alkhorayef said: "My official visit to Canada began with a tour of the Toronto Stock Exchange (TSX), during which I met with the CEO of the exchange and a number of listed mining companies. We reviewed investment opportunities in the mining sector, the promising potential that the Kingdom has, in addition to the incentives and capabilities provided to investors."

Saudi non-oil exports to Canada amounted to SR140 million ($37.33 million) in 2023, primarily in ordinary metals and their products, as well as regional plant products. 

Meanwhile, the total non-oil imports from Canada during the same year reached SR2.89 billion, encompassing items such as locomotives and railway lines, pharmaceutical products, optical and imaging instruments, as well as electrical devices and equipment.

The two countries have resolved a political crisis that began in 2018 and led to a five-year severance of relations. 

The Saudi Ministry of Foreign Affairs announced the decision to restore ties in May 2023, following discussions between Saudi Crown Prince Mohammed bin Salman and Canadian Prime Minister Justin Trudeau during the Asia-Pacific Economic Cooperation Forum in Bangkok in November 2022.

The delegation will explore the latest digital financial technologies in the stock market, meet with prominent global companies in the mining and geological survey sectors, and visit the University of Toronto, along with institutions focused on industrial innovation and human capacity development.

The Saudi minister will participate in a roundtable meeting organized by the Saudi-Canadian Business Council in the presence of Edith Dumont, lieutenant governor of Ontario, along with the Associate Minister of Mines for the province, Stephen Crawford.

The meeting will address the promising opportunities in the Kingdom’s industrial and mining sectors, the potential and incentives offered to foreign investors, and the relative advantages of doing business in Saudi Arabia.

Alkhorayef will visit the University of Toronto to learn about its academic programs supporting the development of the industrial and mining sectors, human-resource development programs, and acquiring high skills in mining operations.

He will also meet with Sebastian Goodfellow, the director of the university’s Lassonde Institute of Mining, as well as a group of Saudi students studying in Canada, according to the Saudi Press Agency.

In Ottawa the minister will hold a series of governmental meetings, including a discussion with the Minister of International Development, Ahmed Hussen, the Minister of Innovation, Science, and Industry, Francois-Philippe Champagne, and the Mining Industry Human Resources Council Executive Director Ryan Montpellier. 

Additionally, the Saudi minister will visit the Ministry of Energy and Resources and the Geological Survey of Canada.


Qatar Airways buys into Virgin Australia, raising the stakes against Qantas

Qatar Airways buys into Virgin Australia, raising the stakes against Qantas
Updated 01 October 2024
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Qatar Airways buys into Virgin Australia, raising the stakes against Qantas

Qatar Airways buys into Virgin Australia, raising the stakes against Qantas
  • Qatar Airways to buy 25 percent stake in Virgin Australia
  • Deal gives Qatar Airways access to Australia markets
  • Makes Qatar Airways a cornerstone investor ahead of anticipated Virgin Australia IPO

SYDNEY: Qatar Airways will buy a 25 percent stake in Virgin Australia from US private equity firm Bain Capital, posing a tougher contest for Qantas Airways that has dominated Australian routes and pushed back against giving access to the Middle Eastern carrier.

The purchase of the minority stake for an undisclosed amount will need to be signed off by Australia’s government, which denied Qatar Airways’ requests last year to fly additional services into Sydney, Melbourne, Brisbane and Perth.

“This partnership brings the missing piece to Virgin Australia’s longer-term strategy,” Virgin Australia CEO Jayne Hrdlicka said in a statement.

“It means that we’ve got an important shareholder who has a scale that we don’t have, who has the expertise that we don’t have, that can help us compete better domestically by giving us access to that scale,” Hrdlicka said later in an interview with ABC television on Tuesday.

Shares in Qantas fell as much as 4.3 percent by 5:39 a.m. Saudi time and were among the worst performers on the benchmark S&P/ASX 200 index.

The stake sale also serves as a cornerstone investment ahead of an anticipated return of Virgin Australia into public ownership, the companies said.

Bain said last year it would explore an IPO of Virgin Australia, which it bought for A$3.5 billion ($2.42 billion) including liabilities after it was placed in voluntary administration in 2020.

Bain was targeting an A$1 billion listing, but the plans were delayed, Reuters reported last year.

Bain declined to comment further on the IPO plans.

Government approval 

As part of the deal with Qatar Airways, Virgin Australia plans to launch flights from Brisbane, Melbourne, Perth and Sydney to Doha with leased aircraft by mid-2025, subject to approval from Australia’s competition regulator.

That would allow Qatar to gain more traffic to its Doha hub, regardless of whether the Australian government approves Qatar Airways’ push for more flying rights.

The denial last year raised questions about the Australian government’s relationship with Qantas, which lobbied against more access for the Qatari carrier. Qantas has a partnership with Dubai-based Emirates, a rival of Qatar Airways.

Qantas did not respond immediately to a request for comment.

Qatar Airways CEO Badr Mohammed Al Meer in Tuesday’s joint statement said his airline believed competition in aviation was “a good thing and it helps raise the bar, ultimately benefiting customers.”

Australia’s Foreign Investment Review Board must approve the sale of the Virgin Australia stake to Qatar Airways, but the treasurer has the power after that to accept or reject the recommendation and impose conditions on the deal.

“It wouldn’t be appropriate for me to pre-empt that process or comment further,” Australian Treasurer Jim Chalmers told reporters after the deal was announced. “More broadly, we do want to see a strong, secure airline industry that delivers for consumers.”

Qatar Airways also owns minority stakes in British Airways owner IAG, Hong Kong’s Cathay Pacific Airways and China Southern Airlines.