Saudi Wa’ed Ventures Leads $14 Mln Bridge Round for Japanese Terra Drone

A drone of the Terra Drone. (Asharq Al-Awsat)
A drone of the Terra Drone. (Asharq Al-Awsat)
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Saudi Wa’ed Ventures Leads $14 Mln Bridge Round for Japanese Terra Drone

A drone of the Terra Drone. (Asharq Al-Awsat)
A drone of the Terra Drone. (Asharq Al-Awsat)

Terra Drone, the Japan-based leading drone service provider, has announced closing a $14 million bridge round led by Wa’ed Ventures, the Kingdom-focused venture capital arm of Aramco.

Through this investment, Terra Drone plans to open a new subsidiary in the Kingdom of Saudi Arabia to localize its drone services as well as to continue to serve the global autonomous vehicles market expected to grow to $1.5 trillion by 2040, as projected by Morgan Stanley.

Terra Drone has been in business since 2016, with a mission to evolve the world from the sky, said Toru Tokushige, founder and CEO of Terra Drone Corporation.

“Six years later, we are now approaching a future where drones and aerial vehicles will no longer be a novelty,” he said.

“We have built up a solid track record both domestically and internationally up to the point that Terra Drone has grown to be recognized as the top drone service provider in the world. Saudi Aramco's investment in Terra Drone through its VC arm Wa’ed Ventures is another example of the global recognition for our achievements, which raises the expectations for our team as we continue to push forward and lead Terra Drone to the forefront of the global innovation track,” added Tokushige.

Fahad Alidi, Managing Director at Wa’ed Ventures, said: “Our investment represents our commitment towards building the UAM ecosystem in the Kingdom, one that circles around a sustainable economy."

“Terra Drone is well-positioned to localize their innovation across the region, starting with the Kingdom,” added Alidi.

Wa’ed Ventures’ investment comes as additional support to the $83 million already raised in previous funding rounds by Terra Drone.

Earlier rounds included participation from Mitsui & Co. Ltd, SBI Investment Co. Ltd, Tokyu Land Corporation, and Seika Corporations; some of the largest institutional investors in the Asian market.

The startup has served more than 10 countries worldwide since its founding, providing drone hardware and cloud-based software in over 1,000 projects, with an aim to create a “drone and air mobility-based society”.



Bahrain's Economy Expands 3.4% in Q4 Driven by Non-oil Growth

General view of capital Manama, Bahrain, October 30, 2022. (Reuters)
General view of capital Manama, Bahrain, October 30, 2022. (Reuters)
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Bahrain's Economy Expands 3.4% in Q4 Driven by Non-oil Growth

General view of capital Manama, Bahrain, October 30, 2022. (Reuters)
General view of capital Manama, Bahrain, October 30, 2022. (Reuters)

Bahrain's economy expanded by 3.4% in the fourth quarter compared to a year earlier, the finance ministry said on Tuesday, citing preliminary data.

Growth was driven primarily by a 4.6% increase in non-oil activities, while oil activities declined by 3.5% over the same period, data from the Gulf nation's Information and eGovernment Authority showed.

For 2024, Bahrain's real total gross domestic product grew by 2.6%, according to the statement.

According to projections from the ministry, Bahrain's real GDP is expected to grow by 2.7% in 2025, due to a 3.4% expansion in non-oil activities, coinciding with the operation of the Bapco Modernization Program.

The Bapco Modernization Program, one of Bahrain's largest energy investments, is expected to significantly raise refinery output, bolstering fiscal revenues amid efforts to diversify the economy.

Growth is forecast to reach 3.3% in 2026, supported by a 3.9% increase in non-oil activities.

"However, the forecasts will be closely monitored and updated to account for the ongoing global uncertainty and escalating turmoil that may affect the economic projections," the ministry said.

Last month, global ratings agency S&P Global downgraded Bahrain's outlook to "negative" from "stable", citing ongoing market volatility and weaker financing conditions that could increase the government's interest burden.

Escalating trade tensions have added to global economic uncertainty, clouding macroeconomic forecasts and weighing on investor and policymaker confidence around the world.