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Saudi Arabia's chocolate imports reached 123 million kg in 2024, driven by rising consumer demand and special Eid Al-Fitr promotions. The Kingdom sources chocolate from countries like the UAE, UK, Jordan, Egypt, and Turkiye, with local sweets priced between SR30 and SR150 per kg, while imported varieties can be more expensive. Price stability is attributed to abundant production and low manufacturing costs, although premium chocolates can cost up to SR300 per kg.
Tesla is set to launch in Saudi Arabia on April 10th with a public event at Bujairi Terrace in Riyadh, showcasing its electric vehicles, solar energy systems, and advancements in AI and robotics. The event will feature demonstrations of the Cybercab autonomous ride-hailing concept and the Optimus humanoid robot, marking a significant step in the company's regional expansion. This launch aligns with Saudi Arabia's Vision 2030 goals to diversify its economy and promote clean energy solutions.
Oman has granted Starlink Muscat a Class 1 license to provide nationwide satellite internet, expanding its services in the Middle East. The low-Earth orbit satellites will deliver high-speed broadband, reaching remote areas and supporting key sectors like oil, gas, and tourism. Starlink plans to launch in Kuwait, Bahrain, and Jordan in 2025, while services in Saudi Arabia and the UAE await regulatory approval.
The Egyptian Arab Land Bank is set to sell its 16 branches in Jordan, having received approval from both the Central Bank of Jordan and the Central Bank of Egypt. The decision, driven by regulatory requirements, necessitates a capital increase of 20 million Jordanian dinars to meet compliance standards. Currently, the bank is evaluating its assets and has received five preliminary acquisition offers from local banks.
Agthia Group PJSC has announced a leadership transition, appointing Salmeen Al Ameri as Managing Director and CEO effective June 2, 2025, succeeding Alan Smith, who will remain as an advisor. Under Smith's leadership, Agthia expanded its business segments and more than doubled its revenue from AED 2.1 billion in 2020 to AED 4.9 billion in 2024. Al Ameri, who has been Vice Chairman since 2020, aims to accelerate growth and drive digital transformation as the company pursues its ambitious 2030 strategy.
Telr, a Dubai-based digital payments company, has obtained a Retail Payment Services license from the UAE Central Bank, allowing it to enhance its merchant acquiring and payment aggregation services. This milestone reinforces Telr's position in the digital payments sector and supports its mission to drive innovation in a cashless economy. The company offers a range of payment solutions across the UAE, Saudi Arabia, Bahrain, and Jordan, ensuring secure transactions through PCI-certified gateways.
A directed energy laser system has been approved for export to Ukraine to aid in demining efforts, as over 40% of the country is mine-affected. The company plans to leverage its experience in military and infrastructure projects, including missile defense and environmental remediation, while also focusing on border security and urban development in the Middle East. With a strong portfolio in cybersecurity and critical infrastructure protection, the firm aims to align with new defense priorities and capitalize on emerging markets.
Forbes Middle East has released its Fintech 50 list for 2025, highlighting the region's top innovators in digital financial services. Leading the ranking is Saudi-based Tabby, valued at $3.3 billion after a $160 million funding round, followed by Egypt's Fawry and Saudi Arabia's Rasan. The list features firms from 11 countries, with the UAE, Egypt, and Saudi Arabia representing 70% of the entries.
Valu, Egypt's leading financial super-app, boasts over 700,000 active users and has launched co-branded credit and prepaid cards, achieving 1.2 million transactions in a year. The fintech ecosystem is expanding with new products like Ulter and Shift, alongside a growing merchant network of 7,000 retailers and 2,000 online stores. In the MENA region, fintech is evolving beyond payments and lending, with a focus on wealth management and AI-driven services, while companies like MyFatoorah and MNT-Halan are making significant strides in payment solutions and lending, respectively.
Valu, Egypt's leading financial super-app, boasts over 700,000 active users and has launched co-branded credit and prepaid cards, achieving 1.2 million transactions in a year. The fintech ecosystem is expanding with new products like Ulter and Shift, alongside a growing merchant network of 7,000 retailers and 2,000 online stores. In the MENA region, fintech is evolving beyond payments and lending, with a focus on wealth management and AI-driven services, while companies like MyFatoorah and MNT-Halan are making significant strides in payment solutions and lending, respectively.
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