Author: Business Dunes

RIYADH: Saudi Arabia’s investment landscape continues to expand across diverse sectors, with industry leaders participating in global funding rounds, driving innovation beyond the Middle East and North Africa region.  Aramco Ventures has led a $30 million Series A funding round for US-based climate tech startup Spiritus, joined by Khosla Ventures, Mitsubishi Heavy Industries America, and TDK Ventures.  The investment will help Spiritus scale its direct air capture technology, designed to reduce carbon emissions from data centers and industrial construction without slowing expansion.  “We’re seeing soaring demand for data centers and heavy industries, yet we can’t ignore the carbon that comes with…

JEDDAH: Saudi Arabia’s entertainment landscape is set for a major boost with the awarding of a SR5.75 billion ($1.53 billion) contract to construct a 20,000-seat arena as part of the Diriyah development. Diriyah Co., a subsidiary of the Public Investment Fund, has awarded the contract to a branch of China Harbor Engineering Co. for the Arena Block, a district that will include the Diriyah Arena, three mixed-use office buildings, and a parking facility, the company announced.  Spanning approximately 74,000 sq. meters, the Diriyah Arena is designed to host concerts, sports, esports, exhibitions, and live performances to attract residents and international visitors. The Diriyah…

Diriyah Square will feature over 400 retail, dining, and leisure brands within a pedestrian-focused setting that blends modern experiences with Najdi-inspired architecture. Diriyah Company has awarded a SAR2.249bn ($600m) contract to Salini Saudi Arabia, a subsidiary of the Webuild Group, for the construction of Diriyah Square — a flagship retail district at the heart of the Diriyah masterplan. Part of the wider “City of Earth” vision, Diriyah Square will feature over 400 retail, dining, and leisure brands within a pedestrian-focused setting that blends modern experiences with Najdi-inspired architecture. The project aims to redefine the retail and lifestyle offering in Diriyah…

RIYADH: Saudi Arabia has granted a low-cost airline license to an Air Arabia-led consortium, aiming to boost air connectivity, create jobs, and upgrade transport in the Eastern Province. The new carrier, a joint venture between the UAE-based budget airline, KUN Investment Holding, and Nesma, will be headquartered at Dammam’s King Fahd International Airport. It is expected to operate both domestic and international routes, helping expand access and competition in the Kingdom’s growing aviation market. According to the General Authority of Civil Aviation, the new airline aims to serve 24 domestic and 57 international destinations, transporting around 10 million passengers…

RIYADH: Early users of quick commerce company Rabbit in Riyadh are already showing promising signs of engagement, with weekly reorder rates comparable to those in the company’s more mature Egyptian market, Arab News has been told. This strong early traction points to a positive product-market fit as the Cairo-based startup expands into Saudi Arabia. Rabbit officially launched operations in the Kingdom in early 2024 and is aiming to replicate its hyper-growth strategy by tailoring its model to each city — starting with Riyadh. “A more indicative, and exciting, insight is that we are seeing early users in Saudi Arabia already…

The Central Bank of the United Arab Emirates (CBUAE) and Mercury have announced the formation of a strategic joint venture, Unitey Business Services, aiming at supporting the Financial Infrastructure Transformation programme (FIT) launched by the CBUAE. This joint venture will enhance the operations of the UAE’s national financial market infrastructure and meet the highest standards and practices in terms of efficiency, resiliency and business continuity of the different systems and platforms. By aligning CBUAE’s strategic vision with Mercury’s proven expertise in payments infrastructure technology and services, the venture represents a robust public-private partnership that underscores CBUAE’s commitment to preserving national sovereignty over…

Abdullah Saif Al Saadoon, CEO of Sipchem, talks to The Energy Year about the company’s investment in new production capacity for petrochemicals and blue ammonia and the forging of international partnerships to harness new technologies. Sipchem is a leading Saudi manufacturer of polymer and petrochemical products. Can you explain Sipchem’s growth strategy and the company’s principal goals?Sipchem’s strategy is built on five key pillars: growth, profitability, sustainability, digital innovation and human capital. We aim to double our production capacity from 5 million tonnes per year (tpy) to more than 10 million tpy by 2030, reinforcing our market position and establishing…

RIYADH: A Saudi consortium led by ACWA Power has signed agreements worth SR31 billion ($8.3 billion) to develop seven major solar and wind energy projects with a combined capacity of 15,000 megawatts, the Saudi Press Agency reported on Sunday. The consortium includes the Water and Electricity Holding Co., a subsidiary of the Public Investment Fund, and Aramco Power, which is owned by Saudi Aramco. The deals were signed in the presence of Energy Minister Prince Abdulaziz bin Salman and fall under the National Renewable Energy Program, overseen by the Ministry of Energy.   Five of the new projects are photovoltaic…

RIYADH: Saudi Power Procurement Co. has signed a power purchase agreement for the 700-megawatt Yanbu Wind Power Project, backed by an investment exceeding SR1.7 billion ($458 million). The deal was finalized with a consortium made up of Japan’s Marubeni Corp. and the Kingdom’s Abdulaziz Al-Ajlan Sons for Commercial and Real Estate Investment Co. the Saudi Press Agency reported.   This aligns with the Kingdom’s National Renewable Energy Program, a strategic framework overseen by the government and designed to diversify the Kingdom’s power sources. The SPA reported that the project will help in “maximizing economic returns by contributing to the displacement of…

RIYADH: Startups across the Middle East and North Africa witnessed multiple funding rounds throughout the past week, as firms across a range of industries seek geographical expansion. The moves come in the light of a new report from regional venture platform MAGNiTT showing Saudi Arabia led funding activity in the region in the first half of 2025, raising $860 million — a 116 percent annual jump — backed by sovereign support and foreign interest. The report added that the Kingdom also witnessed 114 deals in the first half of the year, marking a significant 31 percent rise compared to the…