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Meraas awards construction contract

The $272m contract has been awarded for Bluewaters Bay.

SIBโ€™s 2024 profit $272m

The profit surpassed AED 1 billion for the first time in bank's history.

AD Ports to invest in Kazakh port

Under the deal, AD Ports Group owns 51% stake.

PIF acquires stake in Saudi Re

The acquisition was made by way of a capital increase.

ADNOC Gas awards contracts

The $2.1bn contracts are aimed at enhancing LNG supply infrastructure.

STV takes part in 30 percent of all Saudi start-up funding rounds

    • The company also took part in 20 percent startup funding in the Middle East

    • STV is considering launching a second fund to invest in the growth of emerging companies

    Saudi Technology Ventures (STV), the venture capital arm of Saudi Telecom, took part in 30 percent of all start-up funding rounds in Saudi Arabia and 20 percent in the wider Middle East in recent years.

    The company Chief Executive Officer (CEO), Abdelrahman Tarabzouni, was by quoted by Asharq on Thursday as saying that STV, founded in 2017, invested in 12 funding rounds in Saudi Arabia and the Middle East during the past nine months, compared with seven rounds during the previous two years, The venture capital firm, which currently has a portfolio of $500 million, is considering launching a second fund to invest in the growth of emerging companies and lead advanced rounds in them. โ€œInvestments are now under study more than ever, and we are excited about the real estate sector,โ€ he said.

    There is an opportunity to create four or five  unicorn companies in the real estate sector during the next year at about $8 billion, he said.

    Studies conducted by STV showed that there is an opportunity to create 40 unicorn companies in the Middle East and North Africa (MENA) and Saudi Arabia will have the lionโ€™s share of these companies.