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Saudi Arabia Launches 'The Garage'... Middle East's Largest Business Accelerator

Saudi officials during the inauguration of The Garage in Riyadh (Asharq Al-Awsat)
Saudi officials during the inauguration of The Garage in Riyadh (Asharq Al-Awsat)
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Saudi Arabia Launches 'The Garage'... Middle East's Largest Business Accelerator

Saudi officials during the inauguration of The Garage in Riyadh (Asharq Al-Awsat)
Saudi officials during the inauguration of The Garage in Riyadh (Asharq Al-Awsat)

Saudi Arabia launched The Garage, the region's largest business accelerator, in an event at the King Abdulaziz City for Science and Technology in Riyadh.

The Garage's new headquarters opened on an area of 28,000 square meters on the main campus of King Abdulaziz University for Sciences and Technology (KAUST) in the presence of Minister of Communications and Information Technology Abdullah al-Swaha, Minister of Municipal and Rural Affairs and Housing Majed al-Hogail, and Minister of Media Salman al-Dossary.

The Garage is a startup district focusing on local and international startups, scouting and inviting them to join its programs and events. It encompasses over 300 startups, features 24 meeting rooms, an event space accommodating over 1,000 attendees, and dedicated training workshop areas.

The Garage began fostering startups since its inception in April 2022 in collaboration with various partners, including Google for Startups and the National Technology Development Program, KAUST Destination Deep Tech, and the Ministry of Investment.

The accelerator offers six distinct programs: Garage Plus, ACCESS Disability Technologies Accelerator, Garage Incubator, MVP Lab, GAIA Business Accelerator, and the Middle East's first iteration of the Antler program.

Garage has supported ten batches throughout these programs, encompassing over 230 startups and 450 founders from more than 50 countries.

The startups have achieved significant milestones, earning combined revenues of $6.5 million, securing investments exceeding $57.3 million, and engaging in extensive training programs.

Moreover, The Garage hosted over 40 events, with the participation of 150 local and international startups and attendance surpassing 3,500 guests, including partners, investors, entrepreneurs, and industry experts.

The inauguration of Garage marks a significant step in the startup ecosystem, locally and globally, as it allows entrepreneurs to join a comprehensive community of partners and founders.

Garage was first introduced at the inaugural Leap Conference in 2022, positioning itself as a primary hub for Saudi and global promising ventures from the heart of Riyadh.

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Business

Saudi's flynas Strikes Deal for Additional Airbus A320neos, 15 A330s

Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
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Saudi's flynas Strikes Deal for Additional Airbus A320neos, 15 A330s

Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)

flynas, Saudi Arabia’s leading low-cost carrier, has signed a Memorandum of Understanding (MoU) with Airbus for 75 A320neo family aircraft and 15 A330-900. This strategic agreement will expand the airline's capacity, range and enhance its overall fleet capabilities.
Signed during Farnborough International Airshow in the presence of President of the General Authority of Civil Aviation (GACA) of Saudi Arabia, Abdulaziz bin Abdullah Al-Duailej, Chairman of the Board of NAS Holding Ayed Al Jeaid, flynas Chief Executive Officer & Managing Director Bandar Almohanna, and Airbus Chief Executive Officer, Commercial Aircraft, Christian Scherer, Airbus said on its website.
The new aircraft will join the carrier’s all Airbus fleet serving international, domestic and regional routes. The new A330-900 aircraft will boast a two-class configuration, accommodating up to 400 passengers.
"We are excited to further strengthen our long-standing partnership with Airbus," said Bander Almohanna, CEO and Managing Director of flynas. "The A320neo Family provides exceptional operational performance and environmental benefits, allowing us to offer unique, low-cost travel experiences. Additionally, the A330neowill enhance our long-haul capabilities with its advanced technology and efficiency while supporting our growth plans and Saudi Arabia’s pilgrim program."
Airbus Chief Executive Officer, Commercial Aircraft, Christian Scherer said, "We are delighted to expand our partnership with flynas through this significant milestone for both A320neo and A330-900 aircraft. The A330neo will allow flynas to further grow into widebody markets by building on the A320, benefiting from Airbus’ unique commonality. Both aircraft types offer flynas the perfect versatility and economics to expand into new markets while offering their passengers the latest cabin experience and comfort. We look forward to continuing our successful collaboration with flynas as they embark on this exciting new chapter."
The addition of the A330-900 aircraft will support flynas' ambitious growth plans. The airline anticipates significant operational efficiency gains by combining the new widebody aircraft with its existing A320neo fleet. The A330-900 offers increased capacity and range at unrivaled seat costs, ensuring flynas can compete effectively in the growing regional market, a key focus area for the airline.
The A330neo delivers unbeatable operating economics, powered by the latest-generation Rolls-Royce Trent 7000 engines, featuring new wings and a range of aerodynamic innovations resulting in a 25 percent reduction in fuel consumption and CO₂ emissions compared to previous generation competitor aircraft. The A330neo is capable of flying 8,150 nm / 15,094 km non-stop, providing ultimate comfort with more passenger space, a new lighting system, latest in-flight entertainment systems and full connectivity throughout the cabin.
As with all Airbus aircraft, the A330 family is already able to operate with up to 50% Sustainable Aviation Fuel (SAF). The manufacturer is targeting to have its aircraft up to 100% SAF capable by 2030.