Tagged: saudi arabia

Hong Kong’s HKEX to Establish Riyadh Office to Strengthen Middle East Presence

Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to announce that it plans to open an office in Riyadh in 2025. The office will now aim to strengthen HKEX’s Middle East presence as the Group looks to promote connectivity between China and the Gulf… Read More

Saudi and Hong Kong Strengthen Economic Link with New $1bn Joint Investment Fund

The Public Investment Fund (PIF) and the Hong Kong Monetary Authority (HKMA) have signed a memorandum of understanding (MoU) at the Future Investment Initiative (FII) 8th Edition in Riyadh to jointly anchor a proposed $1 billion investment fund. The initiative, announced on October 31, is… Read More

Saudi Aramco’s Venture Arm Earmarks $100m for AI Startups

Wa’ed Ventures, the venture capital arm of Saudi Aramco, has allocated $100 million to invest in early-stage artificial intelligence (AI) startups. The fund aims to accelerate Saudi Arabia’s push to enhance its competitiveness in the global AI sector, Bloomberg reported. The investment will be deployed… Read More

Singapore’s Temasek and Saudi PIF Lead in Credit Strength Among Sovereign Funds: Moody’s

Singapore’s Temasek Holdings and Saudi Arabia’s Public Investment Fund (PIF) are expected to maintain their credit strength advantage among rated sovereign wealth funds, Moody’s Investors Service said. Moody’s highlighted that both funds display stronger intrinsic credit quality, supported by superior credit metrics, excellent liquidity, and… Read More

Nearly 10 Million of Stolen Account Records from Middle East Found on Dark Web – Cybersecurity Report

Kaspersky’s Digital Footprint Intelligence (DFI) team has released a report that is shedding light on the most pervasive cyberthreats facing organizations in the Middle East. The Kaspersky cybersecurity team has recently delved “deep into the dark web” – exploring everything from cybercriminal forums to shadow… Read More

Amplify Growth Partnership Introduces $100M Debt Fund

Amplify Growth Partnership has announced the launch of its growth debt fund. The $100 million fund aims to “provide debt capital to technology focused companies across the MENA region.” The Fund is also pleased to announce “that it has successfully closed its first transaction, deploying… Read More

Saudi Financial Services Firm barq Teams Up with Mastercard

barq, a Saudi financial services startup, has partnered with Mastercard (NYSE: MA) to empower its customers with a range of payment acceptance solutions through Mastercard Gateway. The strategic agreement will see barq leverage Mastercard Gateway technology “to further equip its merchants and consumers around the… Read More

barq, a Digital Wallet for Businesses in Saudi Arabia, Partners with Global Fintech Thunes

barq, a digital wallet for consumers and businesses in the Kingdom of Saudi Arabia, and Thunes, a global money movement innovator, announce the signing of a Memorandum of Understanding (MOU) to expand international money transfer opportunities for barq’s users. In the partnership, Thunes will provide… Read More

Saudi Central Bank SAMA Releases Performance Report of Finance and Real Estate Refinance Firms Sector

The Saudi Central Bank SAMA released the Annual Performance Report of the Saudi Finance and Real Estate Refinance Companies Sector for the year 2023. The report highlighted the sector’s developments and financials “during 2023, where the paid-up share capital for finance companies sector increased by… Read More

Saudi Central Bank Licenses Hala Financing for Debt-Based Crowdfunding

The Saudi Central Bank (SAMA) has officially licensed Hala Financing to provide debt-based crowdfunding solutions in Saudi Arabia, a significant step in broadening the financial services available within the kingdom. This recent authorization increases the total number of companies licensed to offer these services to… Read More

Fintech ABHI, a MENA Region and Pakistan based Earned Wage Access Provider, Enters New Partnership

Alraedah Digital Solutions, a technology company and the innovation arm of Alraedah Digital Group, is pleased to announce a strategic partnership with ABHI, a MENAP-based Fintech specializing in Earned Wage Access and Invoice Factoring. The collaboration marks a significant milestone in Alraedah’s commitment “to fostering… Read More

Saudi Fintech Firm Rasan Seeks Up to $224 Million in IPO

Rasan Information Technology Co., along with its shareholders, aims to raise up to 841 million riyals ($224 million) in an initial public offering in Riyadh, marking one of the first IPOs by a fintech firm in Saudi Arabia, Bloomberg reported. The firm has set the… Read More

Saudi Central Bank SAMA to Support Investment Immersion Initiative

The Saudi Central Bank (SAMA) has opened registration for its fourth edition of the Investment Immersion Program (IIP) as from Wednesday, April 17, 2024 for six weeks. The program is an apprenticeship that aims “to employ and develop local investment professionals.” The program, which comprises… Read More

Digital Payments Share Reportedly Reached 70% in Past Year in Saudi Arabia

The Saudi Central Bank (SAMA) announced that the share of retail consumer electronic payments -one of the Financial Sector Development Program’s KPIs- reached 70% of total retail payments in 2023, up from 62% in 2022. This achievement is attributed “to the significant growth of payments… Read More

Saudi Fintech Firm EdfaPay Secures Discover Global Accreditation

Saudi Arabia-based fintech firm EdfaPay announced that it has secured a vital technical accreditation from Discover Global Network, which includes prestigious entities like Diners Club International. This accreditation marks EdfaPay as a partner of one of the world’s most advanced payment networks, which serves over… Read More

Animoca Brands, the Digital Property Rights Firm for Open Metaverse, to Advance Web3 Ecosystem in Saudi Arabia

Animoca Brands, the company advancing digital property rights for gaming and the open metaverse, announced that it has entered into a Memorandum of Understanding (MOU) with King Abdulaziz City for Science and Technology (KACST) to collaborate to advance the Web3 and gaming ecosystem in the… Read More

Jada Fund of Fun​ds in Saudi Arabia Announces Investment in Venture Debt, Private Credit Space in Partners for Growth VII

Jada Fund of Fun​ds has announced its first investment in Venture Debt and second in the private credit space in Partners for Growth VII, managed by global private credit manager Partners for Growth, “with SAR 3.75 billion (USD 1 billion) in assets under management, to… Read More

Rabeh Financial, a Saudi Arabia-based Fintech, Reports New Funding Round

Rabeh Financial, a Saudi Arabia-based company that claims to be specializing in crowdfunding services and equity exchange, has recently announced during the events of LEAP24 conference, its success in closing a seed funding round of 3 million Saudi Riyals, in collaboration “with Mjalis Investment Company… Read More

Regtech: uqudo and Tamara to Enhance Identity Verification in BNPL Transactions

uqudo, the digital identity company in the MEA region, has entered into a collaboration with Tamara, a fintech platform in Saudi Arabia and the GCC region. This strategic partnership represents “a significant milestone in the financial landscape of the GCC, poised to elevate digital transactions… Read More

Salla Reports $130 Million Pre-IPO Funding Round

Salla, which claims to be among the leading SaaS e-commerce enablers in Saudi Arabia, has raised $130 million in a Pre-IPO funding round which has been “co-led by Investcorp and Sanabil, and with the participation of STV as the largest investor.” This new investment is… Read More

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