Bloom Consulting opens its first Middle East office in Saudi Arabia

Bloom Consulting opens its first Middle East office in Saudi Arabia
Bloom Consulting is the latest international firm to establish a presence in Riyadh. Shutterstock
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Updated 12 September 2024
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Bloom Consulting opens its first Middle East office in Saudi Arabia

Bloom Consulting opens its first Middle East office in Saudi Arabia
  • Move aims to create branding strategies that drive economic progression and enhance global competitiveness
  • Regional headquarters initiative has seen over 120 companies set up their Middle East bases in Riyadh this year

JEDDAH: Madrid-based Bloom Consulting has opened its first Middle East office in Saudi Arabia, partnering with Destination Consultancy to help cities and regions improve economic growth. 

In a statement, the company said that the move aims to assist in creating branding strategies that drive economic progression and enhance global competitiveness.

Bloom Consulting collaborates with global partners, amassing extensive experience in nation and place branding as well as placemaking. This includes its 2020 collaboration with the Royal Commission for Riyadh City to develop and implement the Riyadh City Brand strategy.

The office opening is the latest example of a firm establishing a presence in the Kingdom, following the regional headquarters initiative which has seen over 120 companies set up their Middle East bases in Saudi Arabia’s capital in 2024.

Bloom Consulting said that with the Kingdom undergoing significant transformation as part of Vision 2030, the need for robust place branding and strategic economic positioning has never been more critical.

Jose Filipe Torres, CEO of Bloom Consulting, stated that their partnership with Destination Consultancy, which exclusively represents their company, marks a significant milestone in their dedication to supporting Saudi Arabia’s economic aspirations.

“We believe that every place has a unique story to tell, and by harnessing that narrative, we can help regions attract investment, boost tourism, and ultimately enhance the quality of life for their residents.”

Iman Hajjed Al-Mutairi, founder and CEO of Destination Consultancy and managing partner at Bloom Consulting, stated: “We are thrilled to exclusively represent Bloom Consulting to bring cutting-edge Place Branding strategies to Saudi Arabia.”

Al-Mutairi, who has served as the executive director of destination branding, marketing, communication, and sales at Soudah Development Co. for nearly three years, emphasized that the economic growth of cities begins with a strong place brand.

“We will work together toward creating a vibrant and sustainable future for our cities and communities,” she said.

Destination Consultancy is a Saudi partner in strategic marketing and communication consulting focused on enhancing the economic viability and attractiveness of places with a commitment to driving impactful change.

In 2022, Brand South Africa chose Bloom Consulting for a project focused on assessing the country’s global reputation and providing strategic advice on brand management, while in the following year the firm worked with Essential Costa Rica to define Vision 2035 for the nation’s brand, incorporating new sustainability dynamics.


Startup Wrap – Saudi firms flourish with acquisitions and funding rounds 

Startup Wrap – Saudi firms flourish with acquisitions and funding rounds 
Updated 10 sec ago
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Startup Wrap – Saudi firms flourish with acquisitions and funding rounds 

Startup Wrap – Saudi firms flourish with acquisitions and funding rounds 

RIYADH: Startups across the Middle East continue to attract significant investment, with new funding rounds and strategic acquisitions highlighting the region's growing appeal to investors. 

From Saudi Arabia and the UAE to Oman and Kuwait, emerging companies are securing capital to expand their market reach, develop innovative solutions, and strengthen their positions in competitive industries.  

Saudi property tech startup Ejari has closed a $14.65 million seed round, comprising a mix of debt and equity, to expand its presence in the rent now, pay later market.  

The round was led by Partners for Growth, with participation from BECO Capital, anb seed, and Rua Ventures, as well as Alinma Bank, Vision Ventures, and Aqar platform, a leading property listing platform in Saudi Arabia. Existing investor Salica Oryx Fund also participated in the round.  

The team at Saudi property tech startup Ejari. Supplied

Founded in 2022 by Yazeed Al-Shamsi, Fahad Al-Bedah, Mohammed Al-Khelewy, and Khalid Al-Munif, Ejari provides an RNPL solution tailored to Saudi Arabia’s real estate rental market. 

The new funding aims to strengthen its market share, enhance product offerings, and solidify its position as a key player in the Saudi rental market. 

Al-Shamsi, the company’s CEO, described the cash injection as a “major milestone” in the firm’s journey to transform the Saudi rental market.

“With this new investment, we’re poised to enhance our technology, expand our product offerings, and deliver exceptional value to our clients. Our mission is to democratize access to the rental market and lower barriers for tenants, and this funding brings us closer to that goal. We are deeply grateful for the trust our investors have placed in us and are excited about the future,” he added. 

Yamm closes pre-seed funding to enhance logistics platform 

Saudi-based logistics startup Yamm has completed a pre-seed funding round, with an undisclosed amount raised. 

The round was led by Flat6Labs, with additional participation from Judah Ventures and several angel investors.  

Founded in 2023 by Sultan Al-Subhi, Mohammed Al-Shalati, and Hamadah Al-Khaldi, Yamm aims to simplify the post-purchase experience for both consumers and merchants by providing an end-to-end solution for managing returns, refunds, and logistics.  

The funding will be used to expand its merchant base across Saudi Arabia, introduce new product features, and enhance the platform’s value for retailers. 

Nana acquires Rasseed to boost digital grocery shopping experience 

Saudi Arabia-based digital grocery delivery startup Nana has acquired Rasseed, a software solutions provider specializing in branded and local gift cards, for an undisclosed amount.  

Nana, founded in 2016 by Abdulmajeed Al-Sukhan and Sami Al-Helwah, offers a digital platform for fulfilling daily, weekly, and monthly household grocery needs.  

Rasseed, also founded in 2016 in Saudi Arabia, focuses on simplifying the purchase of gift cards. 

The acquisition aligns with Nana’s strategy to digitize the grocery shopping experience in stores and hypermarkets, as well as its broader expansion plans.  

Nana previously raised $133 million in a series C funding round in February 2023, led by Kingdom Holding and Uni Ventures, along with other investors. 

OCTA secures $2.25m pre-seed round to streamline SME payments 

Nupur Mitta, Jon Santillan, and Andrey Korchak founded OCTA

UAE-based fintech OCTA has closed a $2.25 million pre-seed funding round.  

The round was co-led by Quona Capital and Sadu Capital, with additional backing from Sukna Ventures, Plus VC, 500 Global, and notable angel investors, including Pawel Iwanow, chief payment officer at Fresha, and Dom Monhardt, director of product design at Tap Payments.  

Founded in early 2024 by Jon Santillan, Nupur Mitta, and Andrey Korchak, OCTA automates the process of collecting payments for small and medium-sized enterprises, helping to improve cash flow management and simplify accounts receivable.  

The company has recently expanded its operations into the Saudi market. 

Synnax raises $550k in strategic funding for credit intelligence platform 

Synnax, a digital asset credit intelligence startup, has raised $550,000 in a strategic funding round, bringing its total fundraising to $1.55 million.  

The investment was led by Wintermute Ventures and TON Ventures. The funds will support the continued development of Synnax’s Credit Intelligence platform and its Telegram-based mini-app, SynQuest, which attracted over 250,000 users within two weeks of launch.  

The partnerships with Wintermute Ventures and TON Ventures go beyond funding, aligning with Synnax’s vision of building a decentralized, transparent digital asset credit market. 

Wintermute Ventures, a leader in algorithmic trading and digital asset lending, provides expertise, while TON Ventures leverages its influence in The Open Network ecosystem, which integrates with Telegram’s user base of over 950 million people. 

QPay secures seed funding to drive fintech growth in Oman 

QPay, Oman’s first licensed buy now, pay later financial services provider, has completed a seed funding round led by Cyfr Capital.  

This funding is part of Future Fund Oman’s broader strategy to boost innovation within the country’s fintech sector.  

The investment will help advance QPay’s mission to enhance financial inclusion and promote the growth of BNPL services across the Sultanate, aligning with FFO’s focus on supporting innovative fintech solutions. 

Kuwait’s Krti raises $1.5m to expand payment solutions 

Kuwaiti fintech startup Krti has secured $1.5 million in a pre-seed funding round, led by Core Vision Investment as part of the Financial Academy Financial Technology Investment Programme.  

Founded in 2022 by Abdulrahman Al-Hammadi, Naser Boresli, and Abdullah Al-Baker, Krti offers payment solutions designed to support online merchants and shoppers, aiming to empower the region’s e-commerce sector.  

The newly raised capital will facilitate Krti’s expansion in both Kuwait and Saudi Arabia. 

4Partners secures $3.6m to fuel regional expansion from Dubai HQ

UAE-headquartered dropshipping service 4Partners has raised $3.6 million in a recent funding round from undisclosed investors.

Founded in 2017 in Russia, the company assists businesses in launching and scaling online stores by managing inventory, shipping, and order fulfillment through its network of warehouses across MENA, Europe, Asia, and the US.

After relocating its headquarters to Dubai in 2023, 4Partners plans to use the new capital to support its growth in the region.

The company aims to tap into the MENA e-commerce market, offering a content management system alongside international dropshipping solutions for online retailers.

Rology partners with Thakaa Med to advance AI-driven stroke detection 

Rology, an FDA-cleared artificial intelligence-powered teleradiology platform, has entered a strategic partnership with Riyadh-based Thakaa Med, an AI-driven health care technology firm, to develop “StrokeIQ,” a new solution designed to improve the speed and accuracy of stroke detection in neuroimaging.  

StrokeIQ will utilize AI to analyze CT brain scans and identify signs of stroke, enabling health care providers to make more rapid, informed decisions during critical situations.  

The collaboration aims to leverage advanced AI technology to address the challenges in stroke diagnostics, where timely intervention is crucial. 


Saudi Arabia part of China trial of yuan digital currency payments

Saudi Arabia part of China trial of yuan digital currency payments
Updated 21 min 50 sec ago
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Saudi Arabia part of China trial of yuan digital currency payments

Saudi Arabia part of China trial of yuan digital currency payments
  • Cut costs by 50%, takes seconds, says People’s Bank of China
  • New trial comes as the digital yuan is facing problems at home 

TOKYO: China has started a trial for cross-border payments using central bank digital currencies with Saudi Arabia, the UAE, and other partners as it looks at alternative uses for the digital yuan amid its struggles in the home market, Nikkei Asia has reported.

The CBDCs use blockchain technology to record transactions. They can allow cross-border payments to be completed within seconds and cut costs by up to 50 percent, according to the People’s Bank of China.

The central bank wants to promote interconnectivity in global financial infrastructure and the new trial aims to find solutions to issues that arise in cross-border settlements.

Currently, international payments pass through so-called correspondent banks based on orders placed via the SWIFT messaging platform. The process can take a few days to about a week.

Cross-border payments are also typically made in dollars. Low-cost transfers using CBDCs could help promote non-dollar transactions and reduce China’s dependence on the dollar.

Seven central banks — including in Japan, the US and Europe — also announced a joint trial for CBDC payments in April with private-sector partners.

The new trial comes as the digital yuan is facing problems at home. China has also experimented with using the digital yuan for salary and tax payments, and digital yuan transactions totaled 7 trillion yuan ($992 billion) at the end of June, according to the PBOC.

However, Chinese users see little advantage to the digital yuan over popular private-sector payment apps, such as WeChat Pay and Alipay. More than 80 percent of payment transactions in China are believed to be cashless.

This article orginally appeared on Arab News Japan


Oil Updates – crude retreats but heads for weekly climb on potential Mideast supply disruption

Oil Updates – crude retreats but heads for weekly climb on potential Mideast supply disruption
Updated 11 October 2024
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Oil Updates – crude retreats but heads for weekly climb on potential Mideast supply disruption

Oil Updates – crude retreats but heads for weekly climb on potential Mideast supply disruption

SINGAPORE: Oil eased on Friday after a rally the previous day, but prices remained set for a second straight weekly gain as investors weighed the impact of hurricane damage on US demand against any broad supply disruption if Israel attacks Iranian oil sites.

Brent crude oil futures fell 29 cents, or 0.4 percent, to $79.11 a barrel by 7:30 a.m. Saudi time. US West Texas Intermediate crude futures dropped 21 cents, or 0.3 percent, to $75.64 per barrel.

For the week, both benchmarks were headed for a 1 percent-2 percent gain.

“Oil prices continue to extend (their) run week-on-week, with geopolitical risks fueling the rebound,” said Yeap Jun Rong, market strategist at IG. But he added that reservations over high crude inventories and a possibly more gradual easing of the US Fed rate have put the recent rally on hold.

In the US, Hurricane Milton plowed into the Atlantic Ocean on Thursday after cutting a destructive path across Florida, killing at least 10 people and leaving millions without power. The destruction could dampen fuel consumption in some areas of the world’s largest oil producer and consumer.

“Investors are evaluating how hurricane damage might impact the US economy and fuel demand,” said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities.

“Oil prices are likely to hover around the current 200-day average levels, with the primary concern being whether Israel will retaliate against Iranian oil facilities,” he said.

The 200-day average for Brent is at $81.68 a barrel and for WTI it’s at $77.36.

Crude benchmarks spiked this month after Iran launched more than 180 missiles against Israel on Oct. 1, raising the prospect of retaliation against Iranian oil facilities. Israel has yet to respond, and crude benchmarks have eased and remained relatively flat through the week.

Israeli Defense Minister Yoav Gallant, however, has said that any strike against Iran would be “lethal, precise and surprising.”

Iran is backing several groups fighting Israel, including Hezbollah in Lebanon, Hamas in Gaza and the Houthis in Yemen.

In Lebanon, Israeli strikes on central Beirut on Thursday night killed 22 people and wounded at least 117, Lebanon’s health ministry said. Lebanese security sources said at least one senior Hezbollah figure was also targeted in the attacks.

Gulf states, meanwhile, are lobbying Washington to stop Israel from attacking Iran’s oil sites, out of concern their own oil facilities could come under fire from Tehran’s proxies if the conflict escalates, three Gulf sources told Reuters.

On the supply side, Libya’s National Oil Corporation  said on Thursday it has restored production close to levels before the country’s central bank crisis, reaching 1.22 million barrels per day. 


Saudi Arabia, Oman sign MoU to further strengthen economic ties

Saudi Arabia, Oman sign MoU to further strengthen economic ties
Updated 10 October 2024
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Saudi Arabia, Oman sign MoU to further strengthen economic ties

Saudi Arabia, Oman sign MoU to further strengthen economic ties

JEDDAH: Saudi Arabia and Oman have signed a memorandum of understanding aimed at bolstering economic and planning cooperation based on mutual interests.

The agreement was finalized on Thursday in Riyadh, with Saudi Minister of Economy and Planning Faisal Al-Ibrahim and his Omani counterpart, Said bin Mohammed Al-Saqri, signing a five-year commitment focused on enhancing medium- and long-term economic planning, studies, and modeling, alongside monetary policies and strategies.

The pact highlights a commitment to promoting a green and circular economy, as stated by the Saudi Ministry of Economy and Planning.

Trade between Saudi Arabia and Oman reached SR36.8 billion ($9.81 billion), with Saudi exports accounting for SR22.5 billion, reflecting the growing economic ties between the two nations.

Implementation of the cooperation outlined in the memorandum will involve the exchange of information, experiences, and studies, as well as mutual visits by experts and specialists. The agreement also includes plans for hosting conferences, seminars, and workshops.

The Saudi ministry emphasized that such memorandums would enhance cooperation among Gulf Cooperation Council countries and strengthen bilateral relations between Saudi Arabia and Oman.

On Oct. 9, Saudi Commerce Minister Majid Al-Qasabi welcomed Al-Saqri and his delegation, discussing ways to enhance trade and economic partnerships while addressing various economic topics to boost intra- and external trade among GCC members.

Al-Qasabi underscored that the nation’s economic reforms, guided by Crown Prince Mohammed bin Salman as part of Vision 2030, are designed to implement structural changes that promote sustainable economic growth, leveraging significant developmental opportunities within the Kingdom.

He noted that these reforms have improved the business environment and elevated Saudi Arabia’s global competitiveness, as evidenced by positive international economic indicators.

In April, a MoU was signed between the Kingdom and Oman during a meeting between Sultan bin Salem Al-Habsi, Oman’s minister of finance, and Sultan Abdulrahman Al-Marshad, CEO of the Saudi Fund for Development. Discussions during that meeting focused on cooperation mechanisms between Oman and the fund, as well as updates on collaborative development projects.

The primary objective of these efforts is to enhance the industrial and logistical sectors in Oman, providing essential services to encourage private sector investment in line with the country’s Vision 2040, as reported by the Omani News Agency.

The memorandum is part of broader initiatives aimed at supporting developmental efforts in Oman, including infrastructure, higher education, vocational training, and projects in industry, mining, transportation, communications, and energy sectors.


Closing Bell: Saudi main market closes in green at 11,995.22

Closing Bell: Saudi main market closes in green at 11,995.22
Updated 10 October 2024
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Closing Bell: Saudi main market closes in green at 11,995.22

Closing Bell: Saudi main market closes in green at 11,995.22

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 66.89 points, or 0.56 percent, to close at 11,995.22. 

The total trading turnover of the benchmark index was SR5.85 billion ($1.56 billion) with 185 of the listed stocks advancing and 39 declining. 

The MSCI Tadawul Index also gained 8.14 points to close at 1,504.4.

Similarly, Saudi Arabia’s parallel market gained 69.81 points to close at 24,522.95. 

The primary driver behind the main index’s positive performance was Arab Sea Information System Co., whose share price surged by 9.9 percent to SR7.44. 

On Oct. 9, the company announced the resignation of board member Turki bin Nasser Al-Dahmash, effective immediately. 

Al-Dahmash stepped down for personal reasons after serving on the board for just over a year. 

This comes amid other strategic shifts within the firm, as Arab Sea continues to focus on expanding its technological services, particularly through its newly established cloud computing unit, Era Data, which launched in 2023 with a capital of SR5 million.

Other top performers in the main market include Thob Al Aseel Co. and Al-Baha Investment and Development Co., as their share prices soared by 9.09 percent and 7.69 percent to SR4.80 and SR0.42, respectively. 

Thob Al Aseel Co., a prominent Saudi company specializing in traditional clothing, has been making significant financial strides in 2024. For the first quarter of the year, the firm reported a net profit increase of 44 percent, reaching SR40.1 million. 

This growth was driven by a rise in sales and improvements in profit margins, particularly from high-demand items. Revenue grew by 10.9 percent, and gross income jumped by 21.3 percent, reflecting the company’s strong performance amid increasing market demand.

The worst performer on the benchmark index was Herfy Food Services Co. The firm’s share price dropped by 4.11 percent to SR26.8. 

Recently, Herfy Food Services Co. has been in the spotlight due to internal corporate tensions. The company’s largest shareholder, Savola Group, which holds a 49 percent stake, has requested a shareholder vote to dismiss a board member, Mohammed Abdulaziz Al-Shetwey.

This move is part of an ongoing dispute between Savola and Herfy’s management, raising concerns about governance issues within the company. The shareholder meeting, scheduled for November, will address this matter alongside other significant agenda items.