Startup Wrap – Saudi and Egyptian startups lead funding activity
Funding activity flourished in the Middle East and North Africa region, driven largely by Saudi and Egyptian startups. The region experienced a variety of funding rounds across diverse sectors, alongside the graduation of accelerator programs. Saudi startup Blend successfully raised SR5 million ($1.3 million) in a pre-seed investment round backed by a group of angel […]
Saudi Arabia makes significant moves in semiconductor sector with strategic investments
Saudi Arabia is rapidly emerging as a key player in the global semiconductor industry, driven by ambitious initiatives aimed at establishing a strong foothold in this crucial sector. Semiconductors, which are essential components for powering AI software, electric vehicles, smartphones, and various advanced technologies, have created intense competition among nations and tech giants. Currently, Taiwan […]
Expat remittances from Saudi Arabia hits $3.2bn in June
Expatriate remittances from Saudi Arabia reached $3.2 billion in June, reflecting an annual increase of 11.32 percent, according to the latest data from the Saudi Central Bank, also known as SAMA. This figure underscores the Kingdom’s significant role in global remittance flows and is a testament to the economic dynamics influencing the region. The latest […]
Saudi Arabia’s non-oil activities increase by 2.2% in June: GASTAT
Saudi Arabia’s non-oil activities saw a 2.2 percent increase in June compared to the previous month, signaling ongoing growth in the Kingdom’s efforts to diversify its economy. According to the General Authority for Statistics, the Kingdom’s Industrial Production Index fell by 1.6 percent in June, a decrease attributed to the oil output reductions agreed upon […]