ADQ, Saudi Technology Ventures Invest in Mideast Uber-like Service for Trucks

ADQ, Saudi Technology Ventures Invest in Mideast Uber-like Service for Trucks
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ADQ, Saudi Technology Ventures Invest in Mideast Uber-like Service for Trucks

ADQ, Saudi Technology Ventures Invest in Mideast Uber-like Service for Trucks

Saudi Arabia-based TruKKer, which offers Uber-like services for trucks in the Middle East and elsewhere, said on Monday it has raised just under $100 million through Series B equity and a debt funding round.

The investments were led by Abu Dhabi state holding company ADQ and Riyadh-based Saudi Technology Ventures, while Abu Dhabi state fund Mubadala Investment Company (MUDEV.UL) and other existing investors also participated in the fund raising.

TruKKer said it also raised $50 million in venture debt from Mars Growth, a joint venture fund between Liquidity Group and Mitsubishi Group (MUFG), and San Francisco-based Partners for Growth.

According to Reuters, TruKKer describes itself as an online marketplace that connects transporters with consumers and businesses to provide logistics services. The company operates across the Middle East, North Africa and Central Asia with a network of more than 40,000 trucks.

"TruKKer will deploy the fresh funds to deepen its presence across all our existing markets and launch several new products and features," said Amit Agwarwal, TruKKer's chief financial officer and a former investment banker.

Trukker in 2019 raised $23 million in its Series A funding round, which was one of the largest funding rounds in its category in the region at the time. The investment was led by STV, which previously invested in Mideast ride-hailing firm Careem, that was acquired by Uber Technologies for $3.1 billion.



Saudi Ministers: Saudi Arabia Advances Efforts Toward Environmental, Economic Sustainability

Prince Abdulaziz bin Salman, Saudi Minister of Energy (SPA)
Prince Abdulaziz bin Salman, Saudi Minister of Energy (SPA)
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Saudi Ministers: Saudi Arabia Advances Efforts Toward Environmental, Economic Sustainability

Prince Abdulaziz bin Salman, Saudi Minister of Energy (SPA)
Prince Abdulaziz bin Salman, Saudi Minister of Energy (SPA)

Saudi ministers highlighted the Kingdom’s substantial progress in transitioning to renewable energy, addressing critical global environmental challenges such as desertification and land degradation. Speaking at the opening day of the fourth Saudi Green Initiative (SGI) Forum, they emphasized the vital role of the private sector in driving environmental investments.

Held in Riyadh on December 3-4 under the theme ‘By Nature We Lead’, the forum unveiled five new initiatives valued at SAR 225 million ($60 million), underlining Saudi Arabia’s leadership in climate and environmental action. With total investments under SGI reaching SAR 705 billion ($188 billion), the 86 ongoing initiatives are advancing the goals of the Rio Conventions on biodiversity, climate change, and desertification.

In his remarks, Prince Abdulaziz bin Salman, Minister of Energy, called the replacement of one million barrels of oil with gas and renewable energy a significant milestone. He noted the Kingdom’s rapid progress in energy transition, which also generates financial benefits.

Highlighting Vision 2030 achievements, he affirmed ongoing efforts to support the circular economy. He also praised the pivotal role of Saudi youth and women in advancing environmental and climate initiatives, describing women’s empowerment as a source of pride.

For his part, Minister of Investment Khalid Al-Falih emphasized the government’s proactive approach to reducing risks associated with the green transition. He highlighted a growing global trend in funding sustainable energy and circular economy projects.

Stressing the need for billions in investment to achieve sustainable financing, he predicted that Saudi investments would grow more than sevenfold by 2030. He also pointed to increasing global demand for green energy and manufacturing, positioning Saudi Arabia as an ideal hub for exploring these opportunities.

In turn, Bandar Al-Khorayef, Minister of Industry and Mineral Resources outlined the Kingdom’s strategy to integrate national and global priorities through Vision 2030, ensuring a balanced approach that benefits both the public and private sectors. He noted that the private sector cannot bear financial burdens alone and that the government must provide essential infrastructure, regulatory frameworks, and an environment conducive to innovation and new ideas.

Faisal Al-Ibrahim, Minister of Economy and Planning, reaffirmed Saudi Arabia’s ambition to lead in innovation and sustainable solutions for addressing environmental challenges. He told the attendees that climate issues transcend borders, requiring diverse and effective solutions. He also highlighted the Kingdom’s substantial investments in green solutions, calling them essential for sustainable development and environmental preservation.

For his part, Amin Nasser, CEO of Aramco, detailed the company’s contributions to Saudi Arabia’s renewable energy expansion. He projected that the Kingdom’s renewable energy capacity would reach 130 gigawatts by 2030.

Nasser also highlighted Aramco’s initiatives to replace the annual burning of one billion barrels of liquid fuels with natural gas and renewables. By 2030, 60% of Saudi Arabia’s energy capacity is expected to come from gas, with the remaining 40% from renewables.

Nasser emphasized the need for affordable, secure, and sustainable energy solutions. He also praised advancements achieved at the UN Climate Change Conference (COP29), including updates to Article 6 mechanisms and increased financing for developing nations. He pointed that a key outcome was raising funding commitments from $100 billion, established in Copenhagen in 2009, to $300 billion, marking a significant step toward global climate action.