Saudi Arabia Advances Tech Hub Leadership Position with $888 Mln in Deals at LEAP 24 

Saudi Arabia further advanced its position as a regional tech and investment hub during LEAP 24, with the announcement on Tuesday of $888 million in investment funds and funding rounds backing innovation and tech entrepreneurship in the Kingdom and across the region. (Asharq Al-Awsat)
Saudi Arabia further advanced its position as a regional tech and investment hub during LEAP 24, with the announcement on Tuesday of $888 million in investment funds and funding rounds backing innovation and tech entrepreneurship in the Kingdom and across the region. (Asharq Al-Awsat)
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Saudi Arabia Advances Tech Hub Leadership Position with $888 Mln in Deals at LEAP 24 

Saudi Arabia further advanced its position as a regional tech and investment hub during LEAP 24, with the announcement on Tuesday of $888 million in investment funds and funding rounds backing innovation and tech entrepreneurship in the Kingdom and across the region. (Asharq Al-Awsat)
Saudi Arabia further advanced its position as a regional tech and investment hub during LEAP 24, with the announcement on Tuesday of $888 million in investment funds and funding rounds backing innovation and tech entrepreneurship in the Kingdom and across the region. (Asharq Al-Awsat)

Saudi Arabia further advanced its position as a regional tech and investment hub during LEAP 24, with the announcement on Tuesday of $888 million in investment funds and funding rounds backing innovation and tech entrepreneurship in the Kingdom and across the region.

On the second day of LEAP 24 in Riyadh, Investcorp launched a $500 million growth-stage fund.

Oasis Capital launched "Fund II" with a capital of $100 million.

The National Development Fund and the Social Development Bank established the $40 million Gaming and Esports Investment Fund, managed by Impact46.

Merak Capital established a fund with $80 million to support game accelerators in Saudi Arabia.

Saudi Arabia’s Takamol Holdings launched a $50 million investment arm, focused on funding early-stage tech companies.

Plug and Play launched its first fund to invest in technology startups, while X by Unifonic announced its first investment fund to support business software services for startups.

Funding rounds

As part of Saudi Arabia's position as the largest tech and digital economy in the Middle East and North Africa (MENA) region, startups raised more than $53.4 million through funding rounds during LEAP 24.

BRKZ, a Saudi-based international information technology company, raised $8 million in a Series A round.

FanZ, a Saudi AI-enabled sport tech company, announced a pre-seed funding round of $1.5 million.

Lawazem, an online Saudi B2B supplies player, announced a pre-Series A round of $8 million to expand its operations, while RemotePass, a cross-border team onboarding services company, announced a Series A funding round of $5.5 million.

Moyasar, a Saudi payment gateway, announced a Series A funding round to scale operations across the MENA region as it deepens services in the Kingdom with Saudi-based Jahez.

Buildnow, a Saudi fintech company, announced a seed funding round led by RAED Ventures and Khawarizmi Venture Fund.

A liquidity bridge initiative was launched to support startups by providing immediate financial assistance, covering up to 50% of capital investment financing. The SourceTech initiative will grant financial support to incentivize technology outsourcing companies to establish and expand their services across the Kingdom.

NTPD initiatives

Saudi Arabia's National Technology Development Program (NTDP) launched five initiatives to expand the IT sector. These initiatives guide and source funding for pre-seed and early-stage startups. They will support emerging technologies focusing on priority sectors, such as Artificial Intelligence, quantum computing, space technology, biotechnology, smart cities, mobility technology, open radio access networks, and deep tech.

NTDP launched the AIM initiative to stimulate the AI ecosystem and provide access to R&D infrastructure. The AIM initiative aims to elevate local talent, address sector challenges, and create projects with lasting impact over the next five years.

NTDP announced the AdoptTech initiative to bridge the technology gap for startups and small and medium-sized companies in the Kingdom. The initiative will accelerate digital transformation for companies, enhancing a robust technological ecosystem and providing financial assistance and access to technological solutions.



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.