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New $213 Million Venture Capital Fund Launches in Saudi Arabia

The 24 Fintech conference in Riyadh, Saudi Arabia (Photo by Turki al-Ogaili)
The 24 Fintech conference in Riyadh, Saudi Arabia (Photo by Turki al-Ogaili)
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New $213 Million Venture Capital Fund Launches in Saudi Arabia

The 24 Fintech conference in Riyadh, Saudi Arabia (Photo by Turki al-Ogaili)
The 24 Fintech conference in Riyadh, Saudi Arabia (Photo by Turki al-Ogaili)

The full scale of Saudi Arabia’s potential as a global hub for financial technology came to the fore on day two of the first-ever 24 Fintech in Riyadh with the announcement of a SAR800 million (US$213 million) venture capital fund to build and launch fintech companies and innovative financial solutions in the Kingdom.
24 Fintech is an annual summit and exhibition hosted by the Financial Sector Development Program, Saudi Central Bank, the Capital Market Authority, and Insurance Authority, and co-organized by Fintech Saudi and Tahaluf.
It is set to become the flagship event for the Kingdom, cementing its status as a global fintech hub and shaping the future of the financial ecosystem.
At a panel discussion on the growth plan for Saudi Arabia’s fintech sector, Faisal Sharif, General Director of the Financial Sector Development Program, noted that Saudi Arabia is a major regional economy.
He outlined the Kingdom’s efforts to improve its financial system and boost both local and international investment in the sector.
Sharif revealed that key initiatives are in place to reach 525 tech companies by 2030. He noted that digital transactions, which previously accounted for 18%, surged to 70% last year, attributing this success to regulatory advancements.
Yazeed Al-Nafjan, deputy governor for Financial Innovation at the Saudi Central Bank, also known as SAMA, highlighted that the significant push toward fintech modernization in Saudi Arabia has been driven by strategic investments in financial infrastructure over the past decade.
These investments have enabled the Kingdom to adopt a more progressive stance on emerging financial technologies to enhance sector efficiency and modernization.
“We have invested in building a financial infrastructure that allows us to be more progressive and proactive,” said Al-Nafjan.
The official also revealed that more digital banks are expected to launch soon.
His comments emphasized the importance of partnering with innovators to harness the opportunities presented by fintech technologies, which are crucial in improving sectoral efficiency.

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Business

Saudi Arabia in Davos: Participation in Dialogues on World Economy, Geopolitical Changes

This photograph taken on January 18, 2026 shows a view of the Alpine resort of Davos with the Congress Center that will host the World Economic Forum (WEF) annual meeting. (Photo by Fabrice COFFRINI / AFP)
This photograph taken on January 18, 2026 shows a view of the Alpine resort of Davos with the Congress Center that will host the World Economic Forum (WEF) annual meeting. (Photo by Fabrice COFFRINI / AFP)
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Saudi Arabia in Davos: Participation in Dialogues on World Economy, Geopolitical Changes

This photograph taken on January 18, 2026 shows a view of the Alpine resort of Davos with the Congress Center that will host the World Economic Forum (WEF) annual meeting. (Photo by Fabrice COFFRINI / AFP)
This photograph taken on January 18, 2026 shows a view of the Alpine resort of Davos with the Congress Center that will host the World Economic Forum (WEF) annual meeting. (Photo by Fabrice COFFRINI / AFP)

The Saudi delegation led by Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah is gearing up to participate in the World Economic Forum (WEF) Annual Meeting 2026 in Davos, Switzerland, from Monday to January 23.

This year’s forum, themed "A Spirit of Dialogue," comes amid swift changes in the world and geopolitical challenges.

Alongside Prince Saisal, the delegation includes Saudi Ambassador to the US Princess Reema bint Bandar bin Sultan bin Abdulaziz, Minister of Commerce Majid Al-Kassabi, Minister of Tourism Ahmed Al-Khateeb, Minister of Investment Khalid Al-Falih, Minister of Finance Mohammed Aljadaan, Minister of Communications and Information Technology Abdullah Alswaha, Minister of Industry and Mineral Resources Bandar Alkhorayef, and Minister of Economy and Planning Faisal Alibrahim.

Prince Faisal had said that the Kingdom’s participation demonstrates its commitment to international cooperation in addressing economic challenges.

He stressed the importance of maintaining regional peace, supporting sustainable development, and enhancing global economic partnerships.

Prince Faisal also highlighted the importance of public-private collaboration to achieve prosperity and security.

He noted that the Kingdom is broadening cooperation with international partners to better confront economic and environmental challenges while focusing on building institutional and human capacities to adapt to rapid transformations.

Al-Falih will speak in a session titled “AI Power Play, No Referees.”

Prince Faisal is set to speak in “Realignments and Surprises in the Middle East” and “All Geopolitics Is Local.”

Alkhorayef will be a speaker in a session called “Geopolitics of Materials,” while AlKhateeb will participate in the session on “Experiencing the World.”

Alibrahim will participate in the discussion panel "Economies Beyond the Shock Cycle," while Al-Kassabi will speak in a session titled “Many Shapes of Trade” and Alswaha is set to speak at “Converging Technologies to Win.”

Aljadaan and Alibrahim will also participate in the concluding “Global Economic Outlook” session.

Business

World Markets Face Fresh Jolt as Trump Vows Tariffs on Europe Over Greenland

A photo shows containers and transshipment at Maasvlakte, an industrial area in the port of Rotterdam, on July 21, 2025. (AFP)
A photo shows containers and transshipment at Maasvlakte, an industrial area in the port of Rotterdam, on July 21, 2025. (AFP)
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World Markets Face Fresh Jolt as Trump Vows Tariffs on Europe Over Greenland

A photo shows containers and transshipment at Maasvlakte, an industrial area in the port of Rotterdam, on July 21, 2025. (AFP)
A photo shows containers and transshipment at Maasvlakte, an industrial area in the port of Rotterdam, on July 21, 2025. (AFP)

Global markets face a fresh bout of volatility this week after President Donald Trump vowed to slap tariffs on eight European nations until the US is allowed to buy Greenland.

Trump said he would impose an additional 10% import tariffs from February 1 on goods from Denmark, Norway, Sweden, France, Germany, the Netherlands, Finland and Britain, which will rise to 25% on June 1 if no deal is reached.

The eight European states issued a joint statement backing Greenland on Sunday, while Ireland's prime minister said the European Union will retaliate if US tariff threats against Europe materialize.

"Hopes that the tariff situation has calmed down for this year have been dashed for now - and we find ourselves in the same situation as last spring," said Berenberg chief economist Holger Schmieding.

Sweeping "Liberation Day" tariffs in ‌April 2025 sent shockwaves ‌through markets. Investors then largely looked past Trump trade threats in the second ‌half ⁠of the year, ‌viewing them as noise and responding with relief as Trump made deals with Britain, the EU and others.

While that lull might be over, market moves on Monday could be dampened by the experience that investor sentiment had been more resilient and global economic growth stayed on track.

Nonetheless, Schmieding expected the euro could come under some pressure when Asian trade begins. The euro ended Friday at around $1.16 against the dollar, having hit its lowest levels since late November.

Implications for the dollar were less clear. It remains a safe haven, but could also feel the impact of Washington being at the center of geopolitical ruptures, as it did ⁠last April.

"For European markets it will be a small setback, but not something comparable to the Liberation Day reaction," Schmieding said.

European stocks are trading near record ‌highs, with Germany's DAX and London's FTSE index up more than 3% this ‍month, outperforming the S&P 500, which is up 1.3%.

European defense ‍shares are likely to benefit from geopolitical tensions. Defense stocks have jumped almost 15% this month, as the US ‍seizure of Venezuela's Nicolas Maduro fueled concerns about Greenland.

Denmark's closely managed crown will also likely be in focus. It has weakened, but rate differentials are a major factor and it remains close to the central rate at which it is pegged to the euro and is not far from six-year lows.

"The US-EU trade war is back on," said Tina Fordham, geopolitical strategist and founder of Fordham Global Foresight. Trump's latest move came as top officials from the EU and South American bloc Mercosur signed a free trade agreement.

'UNTHINKABLE SORTS OF DEVELOPMENTS'

The dispute over Greenland is just one hot ⁠spot.

Trump has also weighed intervening in unrest in Iran, while a threat to indict Federal Reserve Chair Jerome Powell has reignited concerns about its independence.

Against this backdrop, safe-haven gold remains near record highs.

"Markets at this point are expected to reopen this week in 'risk-off' mode," said IG market analyst Tony Sycamore.

"This latest flashpoint has heightened concerns over a potential unravelling of NATO alliances and the disruption of last year’s trade agreements with several European nations, driving risk-off sentiment in stocks and boosting safe-haven demand for gold and silver."

The World Economic Forum's annual risk perception survey, released before its annual meeting in Davos, which will be attended by Trump, identified economic confrontation between nations as the number one concern replacing armed conflict.

While investors have grown increasingly wary of geopolitical risk, they have also become used to it to some extent.

"Investor sentiment has proven quite resilient in the face of the sort of continuing unthinkable sorts of developments, which probably reflects a combination of like faith that Trump just won't ‌be able to do all of the things that he talks about mixed with a sense that none of this kind of moves the needle on asset prices," said Fordham.

Business

Dar Global CEO: Saudi Arabia Emerges as One of the World’s Most Attractive Property Markets

Ziad El Chaar, Chief Executive Officer of Dar Global, attends an interview with Reuters, in Dubai, United Arab Emirates, April 29, 2025. REUTERS/Amr Alfiky
Ziad El Chaar, Chief Executive Officer of Dar Global, attends an interview with Reuters, in Dubai, United Arab Emirates, April 29, 2025. REUTERS/Amr Alfiky
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Dar Global CEO: Saudi Arabia Emerges as One of the World’s Most Attractive Property Markets

Ziad El Chaar, Chief Executive Officer of Dar Global, attends an interview with Reuters, in Dubai, United Arab Emirates, April 29, 2025. REUTERS/Amr Alfiky
Ziad El Chaar, Chief Executive Officer of Dar Global, attends an interview with Reuters, in Dubai, United Arab Emirates, April 29, 2025. REUTERS/Amr Alfiky

As global investors reassess their priorities, Saudi Arabia has firmly positioned itself as one of the world’s most attractive real estate markets and among the largest within the G20, according to Ziad El Chaar, CEO of Dar Global.

Annual real estate transactions in the Kingdom are approaching $100 billion, a scale that El Chaar says makes Saudi Arabia impossible to ignore over the coming decade.

“Any investor who overlooks the Saudi market in the next ten years will undoubtedly be a loser,” El Chaar told Asharq Al-Awsat, pointing to a market that consistently injects around $100 billion annually into real estate activity.

Beyond the numbers, El Chaar highlighted what he described as Saudi Arabia’s “proactive and forward-looking vision,” noting that the Kingdom has succeeded where many Western capitals have faltered.

By establishing a clear regulatory framework that distinguishes between local and foreign property ownership, Saudi Arabia has managed to protect domestic demand while simultaneously opening its doors to global capital.

This regulatory maturity, he said, prompted Dar Global to significantly expand its investment exposure in the Kingdom to SAR 38 billion (approximately $10 billion), through a series of exclusive developments branded with the Trump Organization.

El Chaar said Saudi Arabia now ranks among the largest real estate markets in the G20, driven by heavy infrastructure spending, the hosting of major international events, rapid growth in aviation and tourism, and investor-friendly policies. Together, these factors have made the Kingdom one of the most compelling real estate destinations worldwide.

He also praised Saudi Arabia’s regulatory foresight, particularly the zoning of areas for local versus foreign ownership and the introduction of minimum thresholds for foreign investment. He said these measures prevent market distortions and protect local buyers, an achievement that many Western economies have struggled to replicate.

El Chaar stressed the role of the General Real Estate Authority in organizing the sector and safeguarding investor interests, noting that while regulations may be stringent for developers, they provide long-term stability and fairness for all market participants.

Flagship Developments

Dar Global has recently launched several large-scale projects in Saudi Arabia in partnership with the Trump Organization, with a combined value of about SAR 38 billion.

El Chaar said the developments position the company as the largest non-government real estate developer in the Kingdom and reflect strong confidence in local demand, as well as the group’s ability to attract foreign investors.

The company is currently developing two projects in Riyadh and one in Jeddah. The CEO reiterated that any foreign real estate investor who fails to include Saudi Arabia in their portfolio over the next decade risks missing out on one of the world’s fastest-transforming economies.

Among Dar Global’s most prominent Riyadh projects is Saffar Valley, spanning 2.6 million square meters. The gated development will feature palaces only, surrounded by a Trump-branded golf course and a Trump Hotel, targeting an elite segment of global investors. El Chaar said the project stands out regionally for its scale, exclusivity, and prime location.

Jeddah Expansion

In Jeddah, Dar Global recently announced Trump Plaza, following the strong performance of Trump Tower Jeddah. The mixed-use project will be located on King Abdulaziz Road and will include Grade A offices, retail space, serviced apartments, and residential units overlooking a central park equivalent in size to a football field.

Timelines and Growth

Construction has already begun on the two main developments, with completion expected before 2030. Trump Tower Jeddah has entered the execution phase, with a main contractor appointed and delivery scheduled within 30 to 33 months.

El Chaar said Dar Global spent the past four and a half years building a strong institutional platform in the region, enabling its investment portfolio to grow from $7 billion last year to between $23 billion and $25 billion today. He added that the company’s move to the Premium segment of the London Stock Exchange enhances its eligibility for inclusion in major global indices.

On market capacity, El Chaar said domestic demand alone is sufficient to support Saudi real estate growth, while Dar Global’s specialized, high-end developments target a different segment and act as an additional magnet for foreign capital.

He concluded that Saudi Arabia’s cultural and regulatory transformation - from visa facilitation to tourism development and openness to foreign investment - has made the Kingdom one of the world’s most attractive destinations.

“Today, investors arrive in Saudi Arabia to a welcoming environment,” he said. “Small details, but they make a big difference in investment decisions.”