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HAALA Energy, a prominent Saudi solar energy developer, has successfully raised USD 7.6 million in its Series A funding round, led by the Fakeeh family office. This capital will support the company's ambitious goal of completing 30MWp of commercial and industrial solar projects over the next three years, enhancing its competitive edge in the renewable energy market. With a commitment to employee ownership and a diverse project portfolio, HAALA Energy is poised to significantly contribute to Saudi Arabia's Vision 2030 climate goals.
The Middle East sports market, valued at $600 billion, is rapidly evolving into a global hub, with over $65 billion invested by the UAE and Saudi Arabia. Major events like the 2022 FIFA World Cup and the Abu Dhabi Grand Prix significantly boost local economies, while innovative sponsorships enhance fan engagement. This growth not only drives tourism and job creation but also aligns with broader economic and social goals, showcasing the region's commitment to sports as a catalyst for development.
The Saudi Real Estate Refinance Company (SRC), a subsidiary of the Public Investment Fund, has acquired a SAR 3.4 billion mortgage portfolio from the Saudi National Bank, marking a significant refinancing transaction in Saudi Arabia. This move aims to enhance liquidity in the residential mortgage market and supports the Vision 2030 goal of increasing homeownership rates to 70%. The acquisition also aligns with SRC's efforts to strengthen the secondary mortgage market and develop Residential Mortgage-Backed Securities (RMBS).
Saudi gaming studio Lobah has secured $12 million in funding from the Social Development Bank (SDB) to support the country's National Gaming and Esports Strategy. Formed by merging a company with 20 years of mobile gaming experience and MAU Games, Lobah launched its platform, Lobah Play, in January, featuring its first game, Habhab, and plans for future titles like Kingdom of Letters and Jackaroo. The SDB also announced an increase in its gaming portfolio to $122 million and strategic partnerships with Microsoft and Informatica for enhanced technology solutions.
Disrupt.com, a UAE-based venture builder, has committed $100 million to fund AI-first startups, focusing on sectors like AI, cybersecurity, and Web 3.0. This investment comes amid a declining funding market, with Disrupt.com aiming to support founders through hands-on collaboration and operational expertise. Current portfolio highlights include ZigChain and PureSquare, showcasing the firm's commitment to innovation in technology.
Saudi bank loans exceeded SR3 trillion ($801.6 billion) in January, marking a 14.66% year-on-year increase, driven by an 18.5% rise in corporate lending. Real estate activities accounted for 21.13% of corporate loans, reflecting strong demand amid economic growth and government initiatives. However, the commercial real estate market faces affordability challenges as prices rise due to increased competition and limited supply, necessitating policy adjustments to ensure accessibility for businesses.
Startups in the MENA region are experiencing a surge in funding, particularly in fintech, cybersecurity, and AI. Notable investments include CQR's $3 million for AI-driven cybersecurity solutions, Flow48's $69 million for SME financing, and Fawry's $1.6 million in three Egyptian fintech firms. The region's economic growth is further supported by initiatives like Al Madinah Angels and Disrupt.com's $100 million commitment to AI-first startups.
Umm Al Qura for Development & Construction Co. has garnered approximately $126 billion in orders for its IPO in Riyadh, set to raise $523 million, reflecting a 241 times oversubscription among investors. Priced at 15 riyals ($4), the company is valued at $5.75 billion and is spearheading a major development project in Mecca, which includes over 50,000 hospitality and residential units worth $27 billion, supporting Saudi Arabia's goal to attract 30 million foreign worshippers annually by 2030. The IPO is managed by several investment firms, with Lazard Inc. serving as the financial adviser.
Dubai's FIX chocolate has become a viral sensation, significantly boosting tourist spending, particularly through Deliveroo. Transaction data reveals peaks at 2:00 PM and 5:00 PM, coinciding with the chocolate's limited releases, leading to doubled average spending during these times.International tourists, especially from the U.K., U.S., and Kazakhstan, are driving this trend, with even typically lower-spending visitors from Singapore and South Korea showing increased transactions. This phenomenon underscores the role of unique local products in enhancing tourism and economic activity in Dubai.
Arab stock markets showed positive performance in January, with a composite index increase of 0.97%, driven by strong corporate earnings and supportive monetary policies. The Bourse de Casablanca led gains at 9.98%, while the Tunisian market faced a significant decline of 71.7%. Despite mixed trading values, investor sentiment improved, reflecting a broader global market rebound.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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