Eyewa raises $100m in Series C to boost expansion across GCC

Eyewa raises $100m in Series C to boost expansion across GCC
Anass Boumediene, Mehdi Oudghiri, Abdullah Al-Rugaib, co-founders of eyewa. Supplied
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Updated 27 November 2024
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Eyewa raises $100m in Series C to boost expansion across GCC

Eyewa raises $100m in Series C to boost expansion across GCC

RIYADH: Eyewa, a Riyadh-based eyewear retailer, secured $100 million in a series C funding round led by General Atlantic, with participation from Badwa Capital and Turmeric Capital. 

The funding will fuel eyewa’s ambitions to expand its regional footprint, enhance its supply chain, and drive innovation in the eyewear sector. 

The company plans to open at least 100 new stores in 2025, adding to its existing network of over 150 locations across the Gulf Cooperation Council region, including Saudi Arabia, the UAE, Kuwait, Bahrain, and Oman. 

“We are proud of and feel even more emboldened by the remarkable trust placed in us by top global and regional investors,” said Anass Boumediene, co-founder and co-CEO of eyewa.  

“In a sector that had not seen much disruption in the past decade, our success in this funding round reflects not only the strength of our business model, but also the spirit of innovation across the region’s startups as we continue to dream big and break new ground in our respective industries,” he added. 

The capital will also support investments in research and development and talent acquisition as eyewa strengthens its position as a leader in the eyewear market, the company said in a press release. 

As part of its growth strategy, eyewa plans to establish a “state-of-the-art” production hub in Riyadh in the first quarter of 2025. 

The facility will include a warehouse, a fulfillment center, and a lens manufacturing unit, designed to improve the efficiency and speed of product delivery. 

Owned and operated by eyewa, the center will provide a supply chain advantage that aligns with the company’s goal of delivering affordable and accessible eyewear to customers across the region. 

Co-founder and co-CEO Mehdi Oudghiri emphasized the company’s customer-centric approach: “This accomplishment is a testament to the hard work of our team, our strong track record as an omnichannel retailer, and our commitment to challenging convention.” 

“The additional capital will allow us to pursue the development of innovative products tailored to our customers, and continue pushing the boundaries of customer experience in our region,” Oudghiri added. 

Based in both Riyadh and Dubai, eyewa was founded in 2017 and has grown into a prominent omnichannel retailer, combining e-commerce with physical stores to cater to rising consumer demand. The company also runs The Optical Club, a brand focused on providing accessible and affordable eyewear options. 

“As part of our mission to make eyewear accessible to everyone, everywhere, we will leverage the support of our new partners and continue our retail expansion to all corners of the GCC,” said Abdullah Al-Rugaib, co-founder and managing director of eyewa. 

He added that their extensive network and premier app, along with a tech-enabled supply chain, make eyewa the preferred retail platform for customers across the region. 

Ziyad Baeshen, vice president at General Atlantic and a board member at eyewa, said: “The company’s impressive growth trajectory thus far is a testament to the vision of the leadership team and consumer appetite for authentic, direct-to-consumer brands in the Middle East.” 

Additional investor support came from Badwa Capital and Turmeric Capital, both of whom lauded eyewa’s leadership and vision.  

“Since first investing in eyewa, we have been impressed by the team’s clear vision and strong execution capabilities,” said Abdulaziz Al-Falih, partner at Badwa and board member at eyewa.  

Fabio Andreottola, partner at Turmeric Capital, added: “eyewa represents the very essence of innovation and ambition in the Middle East’s retail landscape. As a business that has continually pushed boundaries in eyewear, we are proud to support eyewa’s team in this pivotal growth phase.” 


Saudi Arabia, France to collaborate on 3 renewable energy projects: Al-Falih

Saudi Arabia, France to collaborate on 3 renewable energy projects: Al-Falih
Updated 26 sec ago
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Saudi Arabia, France to collaborate on 3 renewable energy projects: Al-Falih

Saudi Arabia, France to collaborate on 3 renewable energy projects: Al-Falih

RIYADH: Three renewable energy projects are set to be developed in Saudi Arabia with the involvement of French companies, according to Minister of Investment Khalid Al-Falih.

The initiatives, which will be officially announced by the Saudi Energy Minister Prince Abdulaziz bin Salman in the presence of French President Emmanuel Macron, are part of the Kingdom’s growing efforts to lead the global transition toward sustainable energy. 

“I don’t know if the news is out, but I’ll break it in. There will be three major renewable projects announced by His Royal Highness Prince Abdulaziz and signed in the presence of President Macron,” Al-Falih said during the Saudi Green Initiative Forum held in Riyadh at COP16. 

Speaking on the broader shift toward sustainability, Al-Falih emphasized that green finance is central to the future of global investment, highlighting its alignment with Saudi Arabia’s vision for sustainable development. 

“Globally, I think the world today is really moving toward financing, investing, and supporting sustainability and energy and materials,” he said, emphasizing key areas such as water management and combating desertification. 

According to Al-Falih, trillions of dollars in annual investments are required globally to address these challenges. 

The minister remarked that the amount of capital across the world available for sustainable investments is vast and growing rapidly. 

“We estimate that as of last year, $3 trillion was the pool of money available last year. And I think what is more astonishing, what is more wow to me is it is projected to grow by a factor of seven of the $3 trillion by 2033, eight years. So the funds are there,” he said. 

He added that governments must play a key role in making investments attractive by de-risking them for private capital. 

“It needs to go to a place where there is demand, and demand is key,” he explained. “It needs governments and systems that (investors) can trust and that has all of the elements of stability, predictability. And we believe Saudi Arabia is that place for them to look at,” he said. 

The Kingdom is positioning itself as a global hub for green investment, backed by robust demand, investor trust, and stable governance. 

“The future of finance is green. It is green, which happens to be the color of our flag. It happens to be the theme of this great initiative His Highness has launched — Green Saudi, Green Middle East,” Al-Falih said, adding that the country provides a stable environment for investors by managing risks and offering predictable opportunities. 

Al-Falih also pointed to Saudi Arabia’s advances in renewable energy production, particularly wind and solar power, describing these sectors as a “win, win, win” for the nation. 

“The lowest hanging fruit, which we started with, and His Royal Highness Prince Abdulaziz is doubling down on in a massive way, is the green electrons producing electricity from wind and solar,” he said, explaining that these projects not only boost sustainability but also create economic opportunities. 

“This is for us, you know, win, win, win because we displace liquids that can be exported to places that need liquid hydrocarbons for that economic longevity.” 

In addition to renewable energy, Al-Falih highlighted the Kingdom’s rapid growth in venture capital and its efforts to foster a startup ecosystem. 

He also underlined that Saudi Arabia has risen to become the leading venture capital market in the Middle East, with VC growing “by a factor of 21 over the last few years.” 

The government has supported this growth through initiatives such as Biban, LEAP, and the Garage, a flagship incubator inspired by France’s STATION F. 

“We are awarding thousands of premium residencies to all of these entrepreneurs because we want them to feel at home,” he added. 

“The system of venturing and startups is not only linked to Saudi companies. I think what’s exciting is when we have our conferences. We just had Biban. A few months earlier, we had LEAP; hundreds, if not thousands, of startups came from around the world, and we’re licensing them at MISA (Ministry of Investment).” 

Al-Falih also underscored the Kingdom’s commitment to driving global green investment, envisioning Saudi Arabia as the primary hub for sustainable finance. 

“We will be launching many investment schemes around green investments. And as I mentioned, the future for finance is green, and the hub of that green investment is going to be in Saudi Arabia. And those funds will naturally flow to where the hub is, where the center of gravity is going to be,” he said. 


AI will help Saudi Arabia achieve ambitious growth targets: expert

AI will help Saudi Arabia achieve ambitious growth targets: expert
Updated 11 min 52 sec ago
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AI will help Saudi Arabia achieve ambitious growth targets: expert

AI will help Saudi Arabia achieve ambitious growth targets: expert

RIYADH: Artificial intelligence will help Saudi Arabia to achieve its ambitious goals for growth, while reducing its reliance on other targets, according to a top executive.

Jad Haddad, partner and global head of consultancy Oliver Wyman’s AI division Quotient, spoke to Arab News recently about how technological advances are reshaping the workforce.

“Today, there is a shortage of labor, particularly in Saudi Arabia,” he said. “If the Kingdom’s going to reach its very ambitious targets of growth, in a way AI and the embracement of AI will basically help achieving those very aggressive, but also achievable, as we’ve seen, targets, with less dependency on others.”

Saudi workplaces are already well advanced in using generative AI tools, such as text generator Chat GPT, with 68 percent of employees surveyed by Oliver Wyman making use of the technology compared with a global average of 55 percent.

Haddad noted how another survey found that more than 90 percent of CEOs at New York Stock Exchange-listed companies also invest heavily in AI and believe in its promise. “But yet we haven’t seen a lot of disruption to jobs.”

He added: “Will we see disruption in the job market? Probably. I think AI already is augmenting a lot of the things that we do, and as we have applications that are implemented and scaled within organizations, things are going to change.

“But at the same time, we can look at it from the other way around. I think it is already creating a lot of jobs as well.”

The forward-looking Gulf is a leader in the adoption of AI technologies, according Haddad, who highlighted the fact that some of the region’s biggest companies are employing the technology.

National oil companies such as Aramco and ADNOC “are really taking up AI, and that’s also great because they are a big part of the society but also of the economy,” he said.

“I think the region is really embracing AI, much faster than any other region, and is really seeing the benefit and the promise of AI.”

Saudi Arabia’s early focus on the new technology was evidenced when the Kingdom founded its government AI agency SDAIA in 2019.

The entity employs around 3,000 people, and is focused on establishing governance related to AI, and positioning the country as a leader in the field.

A November report from SDAIA highlighted Saudi Arabia’s global leadership in AI, as evidenced by its top ranking in the pillar of government strategy in the 2023 Global AI Index by Tortoise Media.

In 2023, the Kingdom joined the UN AI Advisory Body, aiming to promote the responsible use of AI.

Government spending on technologies, including AI, grew at a compound annual growth rate of 59 percent between 2019 and 2023, according to the Saudi Press Agency.

In September 2024, at the third edition of SDAIA’s Global AI Summit, the authority unveiled the AI Adoption Framework Document, providing a guiding reference for adopting AI in the public and private sectors.

SDAIA also recently announced the activation of AI offices in 23 government entities.


Egypt’s non-oil private sector shrinks more slowly in November, PMI shows

Egypt’s non-oil private sector shrinks more slowly in November, PMI shows
Updated 03 December 2024
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Egypt’s non-oil private sector shrinks more slowly in November, PMI shows

Egypt’s non-oil private sector shrinks more slowly in November, PMI shows

CAIRO: Conditions in Egypt’s non-oil private sector declined more slowly in November as output and new orders dropped at a slower pace, according to the latest Purchasing Managers’ Index (PMI) data from S&P Global.

The PMI edged up to 49.2 in November from 49 in October, inching closer to the 50 threshold that separates growth from contraction. Despite the improvement, the index still indicated a marginal downturn in business conditions.

“Declines in output and new business slowed across the non-oil sector in November, indicating that business conditions are close to stabilising,” said S&P economist David Owen.

Output levels fell for the third consecutive month, attributed to persistently weak customer demand. However, some firms reported a pick-up in new work, hinting at signs of recovery.

The output sub-index improved to 49.1 from 47.9 in October, while the new orders sub-index climbed to 48.7 from 47.6.

The manufacturing sector showed modest growth in goods orders, which helped offset declines in construction, wholesale & retail, and services.

Employment numbers decreased in November, their first reduction after four months of expansion. Companies cited reduced sales volumes and weaker confidence as reasons for not replacing voluntary leavers.

Input prices, at 55.9, rose at the slowest pace since July, with lower wage growth contributing to a four-month low in cost inflation. However, purchase prices continued to climb, partly due to a stronger US dollar.

Firms remained cautious about future business activity. Output expectations for the year ahead, at 50.5, was the second-lowest the series’ history.


Oil Updates – prices nudge higher ahead of OPEC+ meeting

Oil Updates – prices nudge higher ahead of OPEC+ meeting
Updated 03 December 2024
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Oil Updates – prices nudge higher ahead of OPEC+ meeting

Oil Updates – prices nudge higher ahead of OPEC+ meeting

SINGAPORE: Oil prices nudged higher on Tuesday but remained within a narrow trading range, as traders awaited the outcome of an OPEC+ meeting later this week.

Brent crude futures rose 31 cents, or 0.4 percent, to $72.14 a barrel by 10:04 a.m. Saudi time, after dropping 1 cent in the previous session. US West Texas Intermediate crude climbed 26 cents, or 0.4 percent, to $68.36, following a 10 cent gain on Monday.

Sources from the producer group said it will extend its latest round of output cuts until the end of the first quarter at its Dec. 5 meeting.

“Given a rise in compliance with production cuts from Russia, Kazakhstan, and Iraq, the lower Brent price level, and indications in press reports, we assume an extension of OPEC+ production cuts till April,” Goldman Sachs analysts said in a note.

OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, has been looking to unwind production cuts by the first quarter of 2025. However, the outlook for surplus supply has put pressure on prices. The group accounts for about half of the world’s oil production.

“I think there’s no other option but to defer it,” Priyanka Sachdeva, a senior market analyst at Phillip Nova said, adding that it could only be for just a month or so as there is a lot of pressure from participating nations to ramp up output.

Amid a lack of bullish catalysts and lacklustre demand, Sachdeva expects oil prices to trade in a limited range with a bias toward the downside.

The consumption outlook remains weak with China’s crude imports expected to peak as soon as next year as transport fuel demand begins to decline for the world’s top crude buyer, researchers and analysts said, further exacerbating the gap between demand and supply.

Concerns that the US Federal Reserve may not cut rates at its December meeting have also capped oil prices, offsetting positive signals from China, where the purchasing managers’ index rose to a seven-month high in November.

Oil prices on both sides of the Atlantic fell more than 3 percent last week.

Federal Reserve Governor Christopher Waller, whose views are often a bellwether for US monetary policy, said he was inclined to support another rate cut this month, but Atlanta Federal Reserve President Raphael Bostic maintained that the Fed still needed to consider upcoming jobs data.

In the Middle East, holes continued to appear in a US-brokered ceasefire between Israel and militant group Hezbollah, with nine people killed in strikes on two southern Lebanese towns shortly after Hezbollah fired missiles on an Israeli military position in the disputed Shebaa Farms area on Monday.

US crude oil stockpiles are expected to have fallen last week while gasoline and distillate inventories likely rose, a preliminary Reuters poll showed on Monday. The American Petroleum Institute and Energy Information Administration will release weekly data on Tuesday and Wednesday, respectively.


Saudi PMI hits 59 in November as non-oil sector grows 

Saudi PMI hits 59 in November as non-oil sector grows 
Updated 03 December 2024
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Saudi PMI hits 59 in November as non-oil sector grows 

Saudi PMI hits 59 in November as non-oil sector grows 
  • Business activity saw its sharpest rise in 16 months, with firms linking the surge to stronger demand, higher customer volumes, and successful marketing campaigns
  • Employment growth also surged, with companies expanding their workforce at the second-fastest pace in over a decade, driven by the need to manage rising workloads

RIYADH: Saudi Arabia’s non-oil private sector ended November with robust momentum, as business activity expanded at its fastest pace since July 2023, latest business survey showed. 

The Riyad Bank Saudi Arabia Purchasing Managers’ Index rose to 59.0 in November from 56.9 in October, marking the fourth consecutive monthly increase, buoyed by accelerated growth in new orders, purchasing activity, and staff recruitment.  

The headline PMI — calculated as a weighted average of sub-indices covering new orders, output, employment, supplier delivery times, and stock levels — reflected a substantial improvement in operating conditions, with all five components contributing to the uptick. 

Naif Al-Ghaith, chief economist at Riyad Bank, said: “The strong growth in Saudi Arabia’s non-oil private sector helped the PMI to reach 59.0 in November, demonstrating the continued success of economic diversification efforts.”  

He added: “This robust expansion, marked by accelerated output and demand, reflects the increasing capacity of non-oil sectors to contribute to economic activity independently of oil price fluctuations.” 

Business activity saw its sharpest rise in 16 months, with firms linking the surge to stronger demand, higher customer volumes, and successful marketing campaigns. New order inflows, including foreign sales, rebounded after a modest pullback in the previous survey period. 

Employment growth also surged, with companies expanding their workforce at the second-fastest pace in over a decade, driven by the need to manage rising workloads. 

“Employment growth indicates a rising capacity of non-oil sectors to absorb labour, further supporting socioeconomic objectives like increasing national employment,” Al-Ghaith noted. 

Firms ramped up input purchases at the strongest rate since March to build inventories in anticipation of higher sales. However, this strained supply chains, resulting in the slowest improvement in vendor performance in 15 months. 

Inflationary pressures  

The report noted that the sector’s rapid expansion brought inflationary pressures to the forefront. Input costs rose at the sharpest pace in over four years, driven by higher wages, geopolitical tensions, and increased transport costs. Wage inflation hit a ten-year high, while firms raised their selling prices at the fastest rate since January to offset these pressures. 

“Stronger purchasing activity and inventory expansion suggest businesses are gearing up for continued growth in demand,” Al-Ghaith said.  

“This performance aligns with broader economic trends showing Saudi Arabia’s ability to attract foreign investments, boost consumer confidence, and enhance trade partnerships,” he added. 

The strong November PMI underscores the resilience of Saudi Arabia’s non-oil economy despite global uncertainties. Companies remain optimistic about future growth, supported by government initiatives to diversify the economy under Vision 2030. 

“Maintaining this momentum will be essential to achieving Vision 2030 goals and ensuring long-term economic growth,” Al-Ghaith concluded.