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Valeo Health, a healthtech startup specializing in AI-driven personalized healthcare, has secured $12 million in its Series B funding round, bringing its total funding to $20 million. The round was led by Flintera, with participation from existing investors and new backers. The company plans to use the funds to expand its services in Saudi Arabia, the UAE, and other Gulf Cooperation Council countries. Founded by Sundeep Sahni, Nadine Karadag, and Ankur Majumder, Valeo offers at-home healthcare services and personalized treatment plans.
Tesla is set to launch its electric vehicles in Saudi Arabia, the Gulf region's largest economy, with an event scheduled for April 10. The showcase will feature its EV lineup, including demonstrations of the Cybercab autonomous driving technology and the Optimus humanoid robot. However, the market poses challenges, as electric vehicles currently account for just over 1% of total car sales in the country.
Lumi AI, a UAE-based startup, has raised $3.7 million in seed funding to enhance its conversational analytics platform, enabling businesses to transform complex ERP and supply chain data into actionable insights without technical expertise. The platform allows users to generate customized reports through natural language queries, addressing inefficiencies in traditional business intelligence tools. With a diverse customer base and plans for expansion, Lumi AI aims to redefine data accessibility and empower organizations to make faster, data-driven decisions.
Tesla is set to launch in Saudi Arabia with a showcase event in Riyadh on April 10, introducing its electric vehicles, solar innovations, and autonomous technologies, including the "Cybercab" and humanoid robot "Optimus." This expansion comes amid challenges in other markets, particularly Europe, where Tesla's sales have dropped significantly. Saudi Arabia is actively promoting electric vehicles as part of its economic diversification strategy, with the Public Investment Fund holding a major stake in competitor Lucid Group.
The Arab African International Bank plans to open a branch in Saudi Arabia, aiming to support the growing influx of Egyptian investments in the Kingdom. With regulatory approval from Egypt secured, the bank is seeking permission from Saudi authorities to cater to the financing needs of large-scale projects, which have attracted significant Egyptian investors. Currently, there are 6,830 Egyptian companies operating in Saudi Arabia, with investments totaling USD 18.7 billion.
Nissan's new CEO, Ivan Espinosa, aims to accelerate decision-making and model development to revitalize the struggling automaker, emphasizing a need for a more empathetic corporate culture. He plans to introduce new vehicles in 30 to 37 months and is open to partnerships beyond the auto industry, while showcasing a lineup that includes electric and hybrid models. Meanwhile, Saudi Arabia's telecom sector marks a milestone with the launch of its first live Cloud Radio Access Network site, enhancing 5G capabilities and supporting the Kingdom's digital transformation initiatives.
Saudi Arabia's air travel sector saw a record 128 million passengers in 2024, a 15% increase from 2023, with domestic flights carrying 59 million and international routes 69 million. The Kingdom's airports improved service quality, with several achieving high compliance rates, including King Fahd International Airport at 91% and perfect scores for King Abdullah bin Abdulaziz and Abha International Airports. In telecommunications, the launch of the first live Cloud RAN site by Zain KSA and Nokia marks a significant advancement in 5G technology, expected to drive the sector's value to $13.41 billion by 2029.
Tesla is set to launch in Saudi Arabia on April 10, showcasing its electric vehicles and solar-powered products in Riyadh. The event will feature demonstrations of autonomous driving technology and the humanoid robot Optimus, although no sales dates have been announced. Despite expanding into the Gulf region, Tesla faces declining sales in Europe and ongoing protests in the US linked to CEO Elon Musk's political involvement.
Riyadh is experiencing significant population growth, currently estimated at around 8 million, prompting the need for more healthcare facilities. In response, SMC has initiated three new hospital projects in and around the city, coinciding with the ambitious 'Murabba' development aimed at creating a new downtown area.
Dubai's Code & State has raised $3 million to advance stablecoin innovation, aiming to incubate startups that address challenges in payments and compliance. With stablecoin adoption surging, the venture studio is positioned to significantly impact the digital currency landscape, predicting a tenfold market cap increase to $1.5 trillion in five years.
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