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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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Ukraine Threatens to Halt Transit of Russian Oil to Europe

A view of storage tanks and pipelines at the Mero central oil tank farm, which moves crude through the Druzhba oil pipeline, near Nelahozeves, Czech Republic, August 10, 2022. REUTERS/David W Cerny/File Photo
A view of storage tanks and pipelines at the Mero central oil tank farm, which moves crude through the Druzhba oil pipeline, near Nelahozeves, Czech Republic, August 10, 2022. REUTERS/David W Cerny/File Photo
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Ukraine Threatens to Halt Transit of Russian Oil to Europe

A view of storage tanks and pipelines at the Mero central oil tank farm, which moves crude through the Druzhba oil pipeline, near Nelahozeves, Czech Republic, August 10, 2022. REUTERS/David W Cerny/File Photo
A view of storage tanks and pipelines at the Mero central oil tank farm, which moves crude through the Druzhba oil pipeline, near Nelahozeves, Czech Republic, August 10, 2022. REUTERS/David W Cerny/File Photo

A top aide to Ukrainian President Volodymyr Zelensky on Friday said Kyiv would halt the transit of Russian oil across its territory at the end of the year, when the current contract expires and is not renewed.

Mykhailo Podolyak said in an interview with the Novini.Live broadcaster that current transit contracts for Russian supplies that run through the end of the year will not be renewed.

“There is no doubt that it will all end on January 1, 2025,” he said.

Kiev says it is prepared to transport gas from the Central Asian countries or Azerbaijan to Europe, but not from Russia, as it is crucial for Ukraine to deprive Russia of its sources of income from the sale of raw materials after it attacked its neighbor well over two years ago.

The contract for the transit of Russian gas through Ukraine to Europe between the state-owned companies Gazprom and Naftogaz ends on December 31.

Despite the launch of Russia's full-scale invasion of Ukraine in February 2022, the Ukrainians have fulfilled the contract terms - in part at the insistence of its European neighbors, especially Hungary.

But the leadership in Kiev has repeatedly made it clear that it wants the shipments to end.

Meanwhile, the Czech Republic energy security envoy Vaclav Bartuska said on Friday that any potential halt in oil supplies via the Druzhba pipeline through Ukraine from Russia from next year would not be a problem for the country.

Responding to a Reuters question – on comments by Ukrainian presidential aide Mykhailo Podolyak that flows of Russian oil may stop from January – Bartuska said Ukraine had also in the past warned of a potential halt.

“This is not the first time, this time maybe they mean it seriously – we shall see,” Bartuska said in a text message. “For the Czech Republic, it is not a problem.”

To end partial dependency on the Druzhba pipeline, Czech state-owned pipeline operator MERO has been investing in raising the capacity of the TAL pipeline from Italy to Germany, which connects to the IKL pipeline supplying the Czech Republic.

From next year, the increased capacity would be sufficient for the total needs of the country’s two refineries, owned by Poland’s Orlen, of up to 8 million tons of crude per year.

MERO has said it planned to achieve the country’s independence from Russian oil from the start of 2025, although the TAL upgrade would be finished by June 2025.

On Friday, oil prices stabilized, heading for a weekly increase, as disruptions in Libyan production and Iraq’s plans to curb output raised concerns about supply.

Meanwhile, data showing that the US economy grew faster than initially estimated eased recession fears.

However, signs of weakening demand, particularly in China, capped gains.

Brent crude futures for October delivery, which expire on Friday, fell by 7 cents, or 0.09%, to $79.87 per barrel. The more actively traded November contract rose 5 cents, or 0.06%, to $78.87.

US West Texas Intermediate (WTI) crude futures added 6 cents, or 0.08%, to $75.97 per barrel.

The day before, both benchmarks had risen by more than $1, and so far this week, they have gained 1.1% and 1.6%, respectively.

Additionally, a drop in Libyan exports and the prospect of lower Iraqi crude production in September are expected to help keep the oil market undersupplied.

Over half of Libya’s oil production, around 700,000 barrels per day (bpd), was halted on Thursday, and exports were suspended at several ports due to a standoff between rival political factions.

Elsewhere, Iraq plans to reduce oil output in September as part of a plan to compensate for producing over the quota agreed with the Organization of the Petroleum Exporting Countries and its allies, a source with direct knowledge of the matter told Reuters on Thursday.

Iraq, which produced 4.25 million bpd in July, will cut output to between 3.85 million and 3.9 million bpd next month, the source said.