International Space Station welcomes its first astronauts from India, Poland and Hungary
International Space Station welcomes its first astronauts from India, Poland and Hungary/node/2605976
International Space Station welcomes its first astronauts from India, Poland and Hungary
This screen grab from a NASA+ broadcast on June 26, 2025, shows the Axiom Mission 4 crew inside the International Space Station's Harmony module shortly after docking aboard the SpaceX Dragon spacecraft. The Axiom crew, L/R in dark suits, are Commander Peggy Whitson, Pilot Shubhanshu Shukla, Mission Specialist Tibor Kapu, and Mission Specialist Slawosz Uznanski-Wisniewski. (NASA+ / AFP)
International Space Station welcomes its first astronauts from India, Poland and Hungary
The crew of four will spend two weeks at the orbiting lab, performing dozens of experiments.
ISS currently has 11 astronaut on board, with Japan’s Takuya Onishi as commander
Updated 27 June 2025
CAPE CANAVERAL, Florida: The first astronauts in more than 40 years from India, Poland and Hungary arrived at the International Space Station on Thursday, ferried there by SpaceX on a private flight.
The crew of four will spend two weeks at the orbiting lab, performing dozens of experiments. They launched Wednesday from NASA’s Kennedy Space Center.
America’s most experienced astronaut, Peggy Whitson, is the commander of the visiting crew. She works for Axiom Space, the Houston company that arranged the chartered flight.
Besides Whitson, the crew includes India’s Shubhanshu Shukla, a pilot in the Indian Air Force; Hungary’s Tibor Kapu, a mechanical engineer; and Poland’s Slawosz Uznanski-Wisniewski, a radiation expert and one of the European Space Agency’s project astronauts on temporary flight duty.
No one has ever visited the International Space Station from those countries before. The time anyone rocketed into orbit from those countries was in the late 1970s and 1980s, traveling with the Soviets.
Speaking in both English and their native languages, the new arrivals shared hugs and handshakes with the space station’s seven full-time residents, celebrating with drink pouches sipped through straws. Six nations were represented: four from the US, three from Russia and one each from Japan, India, Poland and Hungary.
“We have so many countries at the same time on the space station,” Kapu said, adding that seven of the 11 astronauts are first-time space fliers “which also tells me how much space is expanding.”
Added Uznanski-Wisniewski: “We will all try to do the best representing our countries.” Shukla rated the experience so far as “fantastic ... wonderful.”
The space station’s commander, Japan’s Takuya Onishi, said he was happy to finally see their smiling faces after “waiting for you guys so long.” Whitson also made note of the lengthy delay and preflight quarantine.
To stay healthy, the four newcomers went into quarantine on May 25, stuck in it as their launch kept getting delayed. The latest postponement was for space station leak monitoring, NASA wanted to make sure everything was safe following repairs to a longtime leak on the Russian side of the outpost.
It’s the fourth Axiom-sponsored flight to the space station since 2022. The company is one of several that are developing their own space stations due to launch in the coming years. NASA plans to abandon the International Space Station in 2030 after more than three decades of operation, and is encouraging private ventures to replace it.
Why BCG’s involvement in Gaza marks an all-time low for consulting firms
FT investigation examined Boston Consulting Group’s role in Gaza aid planning, including plans for Palestinian relocation
BCG has disavowed the work and fired two senior partners — but the scandal sheds light on the wider industry’s irresponsibility
Updated 6 min 29 sec ago
ANAN TELLO
LONDON: A Financial Times investigation, published on July 4, found that a consulting firm connected to the Gaza Humanitarian Foundation secured a multimillion-dollar contract to help shape the initiative and a proposal for the possible “relocation” of Palestinians from the Gaza Strip.
The Boston Consulting Group was found to have played a central role in designing and managing the US- and Israeli-backed project, which aimed to replace the UN as the primary coordinator of humanitarian aid in Gaza.
Amid growing criticism, BCG denied any ongoing involvement in the Gaza Humanitarian Foundation. In a June 7 statement, the firm said it initially provided “pro bono support” in October 2024 to help launch “an aid organization intended to operate alongside other relief efforts.”
BCG has faced heavy scrutiny for its role in Gaza’s postwar reconstruction, mainly through its work with the controversial Gaza Humanitarian Foundation. (AFP file)
The firm said two senior US-based partners who led the initiative “failed to disclose the full nature of the work” and later engaged in “unauthorized” activities outside the firm’s oversight.
“Their actions reflected a serious failure of judgment and adherence to our standards,” the firm said. “We are shocked and outraged by the actions of these two partners. They have been exited from the firm.
“BCG disavows the work they undertook. It has been stopped, and BCG has not and will not be paid for any of their work.”
The company emphasized it is strengthening internal controls to prevent future breaches. “We deeply regret that in this situation we did not live up to our standards,” the statement said. “We are committed to accountability for our failures and humility in how we move forward.”
FAST FACTS:
• A Financial Times investigation examined BCG’s role in Gaza aid planning, including controversial proposals for Palestinian relocation.
• BCG disavowed the work and fired two senior partners, but documents suggest deeper involvement and lapses in internal oversight.
• The scandal underscores wider concerns about consulting firms’ ethics, with similar controversies involving PwC, KPMG, EY and McKinsey.
Following the FT story, BCG issued another statement on July 6 disputing aspects of the reporting. “Recent media reporting has misrepresented BCG’s role in post-war Gaza reconstruction,” the firm said.
BCG reiterated that the initiative was not an official company project and was carried out in secret. “Two former partners initiated this work, even though the lead partner was categorically told not to,” the statement read.
“This work was not a BCG project. It was orchestrated and run secretly outside any BCG scope or approvals. We fully disavow this work. BCG was not paid for any of this work.”
Buildings that were destroyed during the Israeli ground and air operations stand in northern of Gaza Strip as seen from southern Israel on July 10, 2025. (AP Photo)
However, individuals familiar with “Aurora” told the FT that BCG’s involvement ran deeper. The report revealed that BCG created a financial model for Gaza’s postwar reconstruction that included scenarios for mass displacement.
This revelation intensified scrutiny of the consulting industry’s ethical boundaries.
“Consulting companies… are held to a higher standard of professionalism and ethics than other lines of work,” Dr. Abdel Aziz Aluwaisheg, the Gulf Cooperation Council assistant secretary-general for political affairs and negotiation, wrote in an April opinion piece for Arab News.
He warned that without corrective action, major firms risk alienating clients.
Indeed, in recent years, top consulting firms like McKinsey, PwC, KPMG, and EY have faced growing scrutiny for putting profit over ethics, with scandals revealing conduct lapses worldwide.
McKinsey, for instance, faced heavy backlash for its role in the US opioid crisis. The firm was accused of helping Purdue Pharma and other manufacturers to aggressively market addictive painkillers, including OxyContin, The New York Times reported.
Aluwaisheg noted in his op-ed that some of these ethical lapses “are quite common throughout the consulting business.”
However, he added, “big firms are more likely to commit them,” citing sprawling operations that limit senior management oversight.
The industry’s core business model may be the issue: consulting firms adopted law firms’ high-fee model for expert advice — without their legal liability.
Despite this, demand for consulting services remains high. Aluwaisheg believes governments and businesses will continue to need outside expertise.
Still, accountability concerns have prompted some governments to take action. In February, Saudi Arabia’s Public Investment Fund banned PwC from taking on new advisory and consulting contracts for one year.
Some media outlets reported that the decision was related to an ethical violation tied to an alleged recruitment of a senior-level employee from the client’s side. The suspension did not impact PwC’s auditing work.
These events highlight ongoing concerns over consulting firms’ roles in controversial actions. In April 2024, KPMG’s Dutch arm was fined $25 million after over 500 staff cheated on internal training exams, Reuters reported.
Yet the BCG case may represent a new low for the industry.
The Gaza Humanitarian Foundation’s model bypassed traditional organizations like the UN, restricted aid distribution to limited sites under Israeli oversight and relied on private security contractors. This move has had deadly consequences.
According to Gaza’s health authority, at least 740 Palestinians have been killed and almost 4,900 injured while attempting to reach aid centers, drawing condemnation from humanitarian organizations and UN officials.
UN aid chief Tom Fletcher called the initiative a “fig leaf for further violence and displacement” of Palestinians in the war-torn enclave.
In a July 10 letter to the FT editor, BCG’s CEO Christoph Schweizer pushed back against the allegations that his firm endorsed or profited from projects related to Gaza.
“None of that is true,” Schweizer wrote, adding that “a few people from BCG were involved in such work. They never should have been.”
Adding another layer to the controversy, FT reported on July 6 that staff from the Tony Blair Institute were also implicated in postwar planning that included scenarios for mass Palestinian displacement — despite being prominent advocates for peace in the Middle East.
The plan, seen by the FT, imagined Gaza as a regional economic hub, complete with a “Trump Riviera” and “Elon Musk Smart Manufacturing Zone,” based on financial models developed by BCG.
While the Tony Blair Institute for Global Change denied authoring “The Great Trust” blueprint, it acknowledged two staff joined Gaza planning calls and chats. It also denied backing population relocation.
Arab News approached the TBI for comment, but did not receive a response by the time of publication.
Nevertheless, its involvement has triggered additional concerns about the ethics of postwar reconstruction planning and the role of consulting firms in shaping policies with far-reaching humanitarian consequences.
The battle for talent: Saudi Arabia’s high-stakes bet on human capital
Kingdom’s rapidly expanding sectors are creating an unprecedented demand for highly skilled professionals
Updated 56 min 18 sec ago
Nour El-Shaeri
RIYADH: As Saudi Arabia accelerates its transformation under Vision 2030, a critical question has emerged: Can the Kingdom build a homegrown tech workforce strong enough to power its digital ambitions?
From artificial intelligence and smart mobility to fintech and clean energy, the Kingdom’s rapidly expanding sectors are creating an unprecedented demand for highly skilled professionals. Yet despite billions in investments and major infrastructure rollouts, supply still lags behind demand.
This challenge, however, is far from ignored.
“We are proud to take human capital development to the next level,” said Minister of Human Resources and Social Development Ahmed Al-Rajhi, during the launch of the National Skills Platform in April 2025. “Technical expertise alone is not enough. Leadership, strategic thinking, and adaptability are equally important, and skilling and reskilling for the workforce is a national priority that all stakeholders should engage in.”
The AI-powered platform connects Saudi job seekers to customized learning pathways, marking a shift toward demand-driven education and training.
Despite billions in investments and major infrastructure rollouts, supply still lags behind demand. (SPA)
A national priority
Education Minister Yousef Al-Benyan, who also chairs the executive committee of the Human Capability Development Program, emphasized the broader purpose behind the Kingdom’s reforms.
“Vision 2030 is not just a roadmap for national transformation — it is a model for how investment in people can drive sustainable progress,” Al-Benyan wrote in an April op-ed for Arab News titled “Vision 2030: Elevating human capability in a changing world.”
Citing the World Economic Forum’s Future of Jobs Report 2025, he noted that while 170 million new jobs will emerge globally by 2030, another 92 million will be displaced. He warned that 44 percent of core skills are set to change within five years, with digital and AI literacy becoming as fundamental as reading and math.
“Without these,” he wrote, “individuals are unable to participate meaningfully in today’s digital economy.”
Yousef Al-Benyan, Saudi education minister. (Supplied)
Scaling up training and inclusion
This outlook is shaping some of Saudi Arabia’s most ambitious workforce initiatives. Among them is the Waad National Training Campaign, launched in 2023 and supported by more than 70 organizations. The program surpassed 1 million training opportunities in its first phase and now targets 3 million by the end of 2025.
Waad’s Women’s Employment Track has been particularly successful, with a 92 percent retention rate in tech roles—contributing to a record rise in female participation across the digital economy.
Waad, Al-Rajhi noted, is an investment in “the promise of human potential.”
Meanwhile, the Future Skills Training Initiative, led by the Ministry of Communications and Information Technology since 2020, has provided training to hundreds of thousands of Saudis in areas like cybersecurity, data science, and cloud computing. Supported by the Digital Skills Framework and private-sector partnerships, it has grown steadily.
One such partnership — a 2023 collaboration with IBM — aimed to train 100,000 Saudis in AI and machine learning.
Ahmed Al-Rajhi, Saudi minister of human resources and social development. (Supplied)
Talent gaps persist
Despite this progress, a 2025 report by Nucamp and the ministry highlighted a 20 percent shortfall between tech job vacancies and qualified local talent. Critical roles such as AI engineers, cloud architects, and data analysts remain in short supply.
“Demand for AI and cloud experts far exceeds supply,” said Ahmed Helmy, managing director for SAP in the Middle East, in an April interview with Asharq Al-Awsat. The result: fierce competition among employers.
To meet short-term needs, Saudi Arabia is tapping into international expertise. The Premium Residency Program, launched in 2021, allows skilled foreign professionals to live and work in the Kingdom without a local sponsor. By late 2023, more than 2,600 had taken advantage of the scheme.
In 2024, five new visa categories were introduced to attract investors, entrepreneurs, and tech specialists. These include provisions that exempt founders from Saudization quotas for their first three years—providing flexibility to scale teams while supporting local hiring in the long term.
“Such incentives allow skilled professionals to have a more stable life and make long-term investments in their careers in Saudi Arabia,” said Raymond Khoury, partner at Arthur D. Little, in May.
Still, officials stress that international hiring is a stopgap — not a substitute.
“While attracting global talent is crucial, sustainable growth depends on balancing international expertise with local knowledge development,” said Mamdouh Al-Doubayan, MENA managing director at Globant.
To that end, foreign hires are increasingly being integrated not just as employees, but as mentors and trainers.
Startups adapt with remote models
In the private sector, startups are turning to remote hiring to bypass local talent shortages. A 2024 study by Wamda found that many Saudi companies are building distributed teams, sourcing tech talent from Egypt, Jordan, and other regional markets. This strategy shortens hiring cycles and enables around-the-clock operations.
The trend aligns with the Kingdom’s Telework Initiative, which certifies employers to offer remote roles to Saudis—especially women and those living outside major urban centers.
Competitive pressures from giga-projects
The hiring challenge became especially acute in 2023. That year, PwC’s Middle East Workforce Survey reported that 58 percent of Saudi firms struggled to fill key tech roles. A MAGNiTT report found that 65 percent of startup founders saw the shortage of senior tech talent as their top obstacle.
A concurrent survey by Flat6Labs noted that many startups were delaying product launches due to staffing shortages, losing talent to mega-projects offering 30 to 50 percent higher salaries.
“Engineers and product managers often defect to deep-pocketed giga-projects that offer salaries 30–50 percent above startup pay,” wrote venture adviser Aditya Ghosh in a November 2023 LinkedIn Pulse column.
Bridging the divide
Education leaders are working to close this gap. Khalid Al-Sabti, chairman of the Education and Training Evaluation Commission, said in a 2024 Arab News interview that Saudi Arabia is aligning its curriculum with global benchmarks.
“We must ensure our graduates meet international standards to compete globally,” he said.
This includes revising curricula, emphasizing hands-on projects, and embedding industry into the classroom through partnership programs. The Talent Enrichment Program, for example, spans 160 countries and offers global certifications to Saudi learners.
Encouragingly, Saudi Arabia’s position in the IMD World Talent Ranking improved in 2023. Companies such as STC, Aramco Digital, and Elm are now hiring directly from local boot camps and training centers — evidence that education and industry are beginning to align.
The road ahead
Ultimately, the success of Saudi Arabia’s tech talent strategy will be measured not just by enrollments or credentials, but by how effectively new graduates are absorbed into the workforce.
If current reforms continue at scale, the Kingdom may not only satisfy its domestic tech demand — but emerge as a regional hub for digital talent.
As Al-Benyan wrote: “By investing in people, fostering global collaboration, and redefining the future of work, Saudi Arabia is demonstrating that human capability is the ultimate driver of progress.”
Lebanon bets on Gulf tourists to rescue its collapsing economy
With the UAE and Kuwait lifting travel bans, high-end venues pin their hopes on a luxury tourism resurgence
Updated 55 min 47 sec ago
Miguel Hadchity
RIYADH: Lebanon’s tourism sector is placing its hopes on international and Gulf visitors to help steer the country through a financial crisis that has gripped the nation since 2019.
As Beirut’s clubs and restaurants increasingly operate in US dollars, the city’s tourism and nightlife have emerged as fragile yet essential pillars of the economy, largely propped up by private investment.
The ongoing financial collapse — now in its sixth year — has created an $80 billion gap in the banking sector, with debt restructuring stalled amid persistent political gridlock.
Since 2019, the Lebanese pound has lost more than 90 percent of its value, while the country’s gross domestic product has contracted by nearly 40 percent.
The 2024 Hezbollah-Israel conflict further devastated the economy, inflicting widespread damage on tourist regions. In response, the World Bank approved a $250 million loan in June as part of a broader $1 billion recovery program, estimating the total cost of the conflict at $7.2 billion, with reconstruction needs reaching $11 billion.
A defiant party amid the ruins
In early June, fireworks lit up the sky above Beirut’s iconic St. Georges Hotel during a retro-themed event hosted by the Tourism Ministry, reviving memories of Lebanon’s golden age in the 1970s — a time when Gulf tourists filled its beaches, mountain resorts, and vibrant nightlife.
Today, that nostalgia is being reimagined for a new generation of affluent travelers. With the UAE and Kuwait lifting travel bans — and Saudi Arabia possibly following — high-end venues are pinning their hopes on a luxury tourism resurgence.
But renewed tensions in the region have cast a shadow over those ambitions.
Beirut’s tourism and nightlife have emerged as fragile yet essential pillars of the economy, largely propped up by private investment. (AFP)
Lebanon’s tourism sector has seen “some cancellations in hotels, (flight) tickets, and car rentals,” Laura Lahoud, Lebanon’s tourism minister, told Arab News in an interview, acknowledging the impact of regional tensions.
“We are surely affected by the current situation in the Middle East, same as all the region. But if Lebanon remains neutral and does not take sides — as the president and prime minister are insisting — we can save the season,” Lahoud added.
Her optimism hinges on a fragile ceasefire between Iran and Israel. “Hopefully, it will go back to normal,” she said, while emphasizing that festivals and events remain untouched, except for the Beiteddine Festival, where “performers are from the US.”
The dollar hustle
While Lebanon’s currency has collapsed, poverty has tripled, and the banking sector remains frozen, a parallel economy is flourishing in Beirut’s upscale neighborhoods like Gemmayzeh and Mar Mikhael.
Security is part of the appeal. Army patrols have become more visible in tourist areas, and Hezbollah banners along the airport road have quietly given way to billboards promoting “A New Era for Lebanon.”
But the real driver is privatization. With the state largely incapacitated, private investors — mostly dealing in US dollars — are fueling a boom in luxury tourism, pouring money into beach clubs, rooftop lounges, and curated VIP experiences that operate outside the formal economy.
“The private sector has always been a main driver,” said Lahoud, defending the government’s role as a facilitator rather than a funder. “Our role is to guide, organize, and direct investment into new sectors, new regions, and new ideas.”
Laura Lahoud, Lebanon's minister of tourism. (Supplied)
Yet, some argue this model is unsustainable.
“The dollarized tourism economy has a negative impact on domestic tourism,” warned Jassem Ajaka, an economist and professor at the Lebanese University.
“Prices become high for residents, especially if pricing is applied equally to tourists and locals. This is unsustainable because the dollar is not the country’s official currency,” he explained in an interview with Arab News.
Geopolitical gambles
The stakes could not be higher. Lebanon’s agricultural and industrial sectors lie in ruins.
Once accounting for 20 percent of GDP, tourism has emerged as the fastest route toward restoring ties with Gulf countries and reviving the economy.
President Joseph Aoun has made outreach to the Gulf a top priority, traveling to Saudi Arabia, Qatar, and the UAE to present Lebanon as “open for business.”
Lahoud emphasized that rebuilding tourist confidence in Lebanon “is the main objective.”
She outlined plans to achieve this through comprehensive government reforms, coordinated airport improvements, streamlined visa processes for GCC families, shorter checkpoint delays, and the promotion of year-round tourism across all sectors.
“Before some Gulf countries removed the travel ban, Arab tourists were limited to Egyptians, Iraqis, and Jordanians,” said Jean Abboud, president of the Association of Travel and Tourist Agents in Lebanon.
“Demands from Gulf countries were growing steadily, especially from the Emirates, Kuwait, and Qatar. But due to the current conflict between Iran and Israel, everything has changed,” he told Arab News.
The fallout is immediate. “We, as tour operators nowadays, avoid including the south in our programs due to the unexpected problems,” Abboud added.
Lahoud stated that the ministry is collaborating closely with all industry groups to create unique visitor experiences in Lebanon. She added they plan to develop long-term policies and digital tools to support both city and countryside activities, and encourage vital small and medium investments across all regions.
Risky bet
“Over the past couple of years, I’ve noticed a shift toward a younger crowd — but interestingly, they’re spending more,” says Marco Khadra, ambassador at Factory People, a Beirut-based group organizing many of the country’s major music festivals.
“There’s a clear appetite for nightlife, even among younger demographics,” Khadra told Arab News.
But security concerns loom large. “Some people, including international acts, have felt Beirut isn’t safe, and that affects bookings and attendance,” Khadra admitted, adding: “Perception plays a big role in this industry.”
German electronic music record label Keinmusik performing in one of the Factory People's clubs in Beirut in 2023. (Factory People photo)
For bartenders like Lynn Abi Ghanem, who left Beirut for the Gulf, the sustainability of this boom is questionable. “Not in the long run,” she said of the shift toward Gulf tourists. “Tourists come for a short time, but it’s the locals who keep bars running all year. Without them, things feel off and won’t hold up.”
The staffing crisis is another weak link. “There are a lot of talented workers who aren’t paid what they deserve,” Abi Ghanem added. “If things don’t change, many will keep leaving.”
A mirage of recovery?
Hotels have reported occupancy rates of 80 percent ahead of the summer season, while flights are operating at near capacity with expatriates and Gulf tourists. Yet Lebanon’s recovery remains precarious.
“Even though tourism’s contribution to the gross domestic product increased after the crisis to about 30 percent, this was due to the economic contraction,” explained Ajaka.
“We cannot say the sector has recovered because recovery depends on political stability and investment inflows.”
For now, the party continues, sustained by Gulf investment and the relentless drive of Beirut’s nightlife entrepreneurs.
But as Ajjaka conceded: “The biggest enemy of tourism is any security obstacle.” And in a country where crisis is the only constant, the stakes have never been higher.
Startup Wrap — Saudi Arabia leads MENA startup activity as UAE crowns new unicorn
New unicorn emerges in UAE amid mixed funding trends across MENA
Updated 53 min 5 sec ago
Nour El-Shaeri
RIYADH: Saudi Arabia continued to dominate startup momentum while the UAE saw a new unicorn emerging amid mixed funding trends across the region at the beginning of July.
Digital freight platform TruKKer, headquartered in the Kingdom, has raised $15 million in private credit investment from Ruya Partners through its Ruya Private Capital I fund.
The funding will be used to support the company’s expansion across regional markets, advance its proprietary artificial intelligenceI-enabled logistics platform, and further consolidate its position in the freight tech space.
Founded in 2016, TruKKer operates in nine countries and connects over 60,000 transporters with more than 1,200 enterprise clients through its real-time freight marketplace.
Digital freight platform TruKKer has raised $15 million in private credit investment from Ruya Partners through its Ruya Private Capital I fund. (Supplied)
The new capital follows a $100 million pre-IPO round in 2022 led by Bahrain’s Investcorp, signaling continued investor confidence in the platform’s scaling potential across the Middle East and North Africa.
Tarmeez Capital raises strategic round to accelerate sukuk innovation
Saudi fintech startup Tarmeez Capital has raised a strategic round led by Tali Ventures, the corporate venture capital arm of stc group.
Launched in 2022 by Nasser Al-Saadoun, Tarmeez Capital aims to democratize sukuk issuance, offering a digital platform that it says can process transactions at seven times the speed of traditional methods.
The platform currently supports over 180,000 users and is focused on enhancing access to Islamic financial instruments.
The company plans to use the funds to expand its retail sukuk offerings and support Saudi Arabia’s Vision 2030 initiative, particularly in driving financial inclusion across the population.
Saudi fintech startup Tarmeez Capital has raised a strategic round led by Tali Ventures, the corporate venture capital arm of stc group. (Supplied)
Rekaz raises $5m seed round to expand SaaS for service SMBs
Riyadh-based Software-as-a-Service company Rekaz has secured $5 million in seed funding to scale its operating system for service-based small and medium-sized businesses.
The round was led by COTU Ventures, with participation from Impact46, Shorooq Partners, Numrah Capital, and several angel investors.
Founded in 2017 by Abdulrahman Al-Omran and Abdulaziz Al-Kharashi, Rekaz provides an integrated platform that includes scheduling, subscription management, payments, and customer engagement tools for businesses such as gyms, salons, clinics, and home service providers.
The company plans to channel the new capital into deepening AI functionality, expanding across the Gulf Cooperation Council markets, and accelerating product development.
Jahez Group acquires 76.56% stake in Qatar’s Snoonu for $245m
Saudi Arabia-listed Jahez Group has signed a definitive agreement to acquire a 76.56 percent stake in Snoonu, a leading Qatari e-commerce and delivery company, for $245 million.
The transaction includes $225 million for a 75 percent equity stake in existing shares and a $20 million capital injection for a newly issued 1.56 percent stake.
The acquisition marks Jahez’s formal entry into the Qatari market and is expected to enhance operational synergies across logistics, on-demand delivery, and e-commerce across the GCC.
Snoonu, now valued at over $300 million, will continue to operate under its own brand, led by founder and CEO Hamad Al-Hajjri, who retains a 23.44 percent stake in the company.
Huspy raises $59m series B to expand in Europe and Saudi Arabia
UAE and Spain-based property tech platform Huspy has raised $59 million in a series B round led by Balderton Capital, with participation from Peak XV, ExBorder Partners, and Turmeric Capital, as well as BY Ventures, Dara Management, and KE Partners.
The company plans to expand into six new cities in Spain and launch operations in Saudi Arabia in 2025.
Founded in 2020 by Jad Antoun and Khalid Ashmawy, Huspy facilitates over $7 billion in annual real estate transactions across its markets.
It supports real estate agents and mortgage brokers with a suite of digital tools, offering high commissions and automation in property transactions.
The round represents a reaffirmation of confidence by previous investors Balderton Capital and Peak XV.
XPANCEO raises $250m to achieve unicorn status
UAE-based deep tech company XPANCEO has raised $250 million in series A funding at a valuation of $1.35 billion, according to a press release.
The round was led by Opportunity Venture, which also led the company’s $40 million seed round.
XPANCEO is developing a multifunctional smart contact lens that integrates augmented reality, health monitoring, night vision, and optical zoom into a lens thinner than a human hair.
XPANCEO founders Valentyn Volkov and Roman Axelrod. (Supplied)
The funding will accelerate commercialization efforts, global expansion of R&D and product teams, and regulatory and pilot testing.
The company, founded by physicist Valentyn Volkov and Roman Axelrod, is aiming to replace multiple personal devices with a single wearable form factor.
BlueFive Capital closes founding round at $120m valuation
UAE-based investment firm BlueFive Capital has completed its Founding Shareholders Circle round, achieving a valuation of $120 million.
The round attracted 25 founding shareholders, including members of prominent GCC royal families, global institutional investors, and financial leaders from North America, Europe, and Asia, according to a statement.
Founded in late 2024 by former Investcorp co-CEO Hazem Ben-Gacem, the firm has already amassed $650 million in assets under management.
BlueFive Capital aims to connect institutional capital with high-growth, underrepresented markets, with a global presence across London, Abu Dhabi, and Riyadh, as well as Singapore and Beijing.
Icogz raises $1.4m pre-seed to enhance AI-driven BI platform
UAE-based business intelligence startup icogz has raised $1.4 million in pre-seed funding from angel investors in the UAE and India.
Founded in 2018 by Amit Tripathi and Vrutika Dawda, the platform uses proprietary algorithms to mine intelligence from corporate data and deliver actionable insights.
The company plans to use the capital to further develop its AI engine, Aryabot, and scale go-to-market efforts across MENA and Southeast Asia.
BioSapien extends pre-series A to over $8m
Health tech startup BioSapien, based in the UAE and the US, has extended its pre-series A round to over $8 million.
The latest funding was led by Globivest, joining existing backers Global Ventures, Golden Gate Ventures, and Dara Holdings.
Founded in 2018 by Khatija Ali, BioSapien’s flagship product, MediChip, is a 3D-printed, slow-release drug delivery platform that can be affixed to tissue to minimize systemic side effects.
The new capital will support R&D, product development, and regulatory expansion.
Nawy acquires majority stake in SmartCrowd to expand GCC presence
Egypt-based real estate tech startup Nawy has acquired a majority stake in Dubai’s SmartCrowd, a regulated fractional property investment platform.
The acquisition follows Nawy’s recent $52 million series A round and signals the company’s entry into the GCC market.
SmartCrowd, regulated by the Dubai Financial Services Authority, claims to have facilitated over $110 million in transactions and distributed more than $40 million in investor returns.
The acquisition expands Nawy’s service offerings to include fractional ownership and positions the company as a full-stack proptech platform for the MENA region.
Startup funding in MENA falls 82% in June amid investor caution
Startup funding across the MENA region fell sharply in June, dropping 82 percent month on month to $52 million across 37 deals.
The figure also marks a 55 percent decline compared to June 2024. Notably, 40 percent of the capital came through debt instruments, reflecting cautious investor sentiment amid global macroeconomic uncertainty, according to Wamda’s monthly report.
The UAE reclaimed its position as the region’s top-funded market, with 13 startups raising $37 million — over 70 percent of total capital.
Egypt, which led in May, dropped to second with $6.2 million raised across six deals.
Tunisia followed, buoyed by a single $3.5 million seed round for water tech startup Kumulus. Saudi Arabia saw a dip, raising only $3 million across six deals.
Fintech remained the leading sector, accounting for 74 percent of total capital across 10 deals.
Clean tech followed due to the Kumulus deal, while Web3 attracted $2 million across two rounds. Seed stage startups led early-stage activity, raising $10.6 million, while pre-seed rounds totaled $5 million. Only one series A deal was recorded, worth $100,000.
Startups with B2B models secured 78 percent of funding, while B2B2C and B2C startups lagged.
Mixed-gender founding teams captured 45 percent of capital but accounted for only four deals. Women-led startups raised just $223,200.
ISLAMABAD: The provincial administration of Pakistan’s northwestern Khyber Pakhtunkhwa (KP) on Saturday offered assistance to build a cancer hospital in neighboring Afghanistan during a meeting between Chief Minister Ali Amin Gandapur and Afghan envoy to Pakistan, Sardar Ahmad Shakib.
KP shares a long and porous border with Afghanistan and maintains strong cultural and linguistic ties with Pashtun populations across the frontier.
The province has also experienced a major surge in militant violence in recent months, with Pakistani officials frequently accusing armed groups based in Afghanistan of orchestrating cross-border attacks, a claim the Taliban government in Kabul denies.
“Chief Minister Ali Amin Gandapur held an important meeting with Afghanistan’s Ambassador Sardar Ahmad Shakib, during which bilateral relations, mutual cooperation and regional stability were discussed in detail,” the KP administration said in a statement.
“Gandapur offered assistance in establishing a cancer hospital in Afghanistan and assured full support in the agricultural sector [to Kabul] as well,” it added. “He expressed his commitment that the Khyber Pakhtunkhwa government is ready to play every possible role in the welfare of the Afghan people.”
Ties between Pakistan and Afghanistan became strained in 2023 when Islamabad launched a major crackdown on undocumented migrants, most of them Afghans, citing security concerns.
While Pakistan’s federal administration and military adopted a tough posture toward Kabul, it was widely reported in the local media that the KP government wanted diplomatic engagement with Afghan Taliban, signaling an interest in negotiated cooperation.
The two sides have recently sought to reset relations and agreed to appoint ambassadors following a China-facilitated tripartite meeting this year.
Saturday’s discussion also emphasized the deep cultural and ethnic links between the two countries, with both sides agreeing that these bonds should be strengthened through mutual respect and cooperation.
The statement said Gandapur plans to send a special delegation to Afghanistan “to serve as a bridge between the people of Pakistan and Afghanistan and to promote trust and harmony.”
Ambassador Shakib expressed appreciation for the KP government’s support for Afghan refugees and reaffirmed his commitment to enhancing bilateral ties through peaceful and people-centric initiatives.
