Sunday, September 8

Tag: Saudi Arabia

Saudi’s Public Investment Fund to Invest in Lucid Motors
22Aug By Gauri SinghNo Comments
MIDDLE EAST

Saudi’s Public Investment Fund to Invest in Lucid Motors

Saudi Arabia-based public investment fund is reportedly looking to invest in Lucid Motors, a Newark, CA-based electric car maker which is also a rival of Elon Musk’s Tesla. The amount of the fund is expected to be more than $1 billion and the fund ownership of the company will be transferred as stated by the reports. Under this particular deal, the fund will provide an initial investment of $500 million and then make two subsequent investments if Lucid hits certain production targets. Lucid Motors was established in 2007 by Sam Weng (former Oracle executive) and Bernard Tse (former Tesla vice president). The companies that have backed Lucid include Venrock and Tsing Capital. Unlike Tesla, the company has yet to release any cars on the open markets. However, the previous year Lucid...
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Cleartrip buys Saudi Arabia’s Flyin as its first overseas acquisition
21Jun By Lavina TolaniNo Comments
ACQUISITION

Cleartrip buys Saudi Arabia’s Flyin as its first overseas acquisition

Online travel agency Cleartrip has sealed its first ever cross-border acquisition in Saudi Arabia's Travel Aggregator Flyin. The acquisition will help Cleartrip strengthen its presence and expand its client base in Saudi Arabian market. Though the financial details of the deal have not been disclosed by the travel firm, it has come six years after Cleartrip entered the Gulf Cooperation Council region in 2012. As informed by the company, the combined entity will account for 60% of market share in the Middle East, which will enable both the companies to strengthen their travel offerings to cater to a diverse customer base. Stuart Crighton, Founder and CEO of Cleartrip said, With its strong customer base and rich travel offerings, Flyin is the natural partner for us in the region. W...
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SoftBank Corp. To Invest Billions In Indian Solar Power Project
15Jun By Gauri SinghNo Comments
FUNDING

SoftBank Corp. To Invest Billions In Indian Solar Power Project

Japanese holding company, Softbank Group Corporation is determined to invest funds amounting to $60 billion to $100 billion in a solar power project in India. According to the reports, the funds being invested in the project are supposedly raised by the Softbank from the Saudi Arabia’s government. Saudi Arabia is the biggest investor in the Softbank’s Vision Fund, which was backed by an amount of $93 billion last year. After all the arrangements and preparations for the deal are done, both the parties that are Softbank and Indian government will make an official announcement for the same. Softbank was initially started as a telecom firm but it now has handed in a number of different areas, including e-commerce, finance, broadband, marketing, and more. The company has taken on an a...
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Qatar takes UAE to UN Court over Human Rights Violation
12Jun By Lavina TolaniNo Comments
MIDDLE EAST

Qatar takes UAE to UN Court over Human Rights Violation

The government of Qatar has alleged UAE over human rights violation and now is taking it to the UN International Court of Justice (ICJ) as cited to the official Qatar News Agency (QNA). The move has come a year after Qatar accused of "terrorism" tied diplomatic and trade relations with Saudi Arabia, Bahrain and Egypt. On the other hand, Doha has repeatedly rejected the allegations as "baseless". According to the government statement,"As set forth in detail in Qatar’s application to the International Court, the UAE led these actions, which have had a devastating effect on the human rights of Qataris and residents of Qatar." Qatari Foreign Minister Sheikh Mohammed bin Abdulrahman Al Thani said, The unlawful measures imposed by UAE have torn apart families, with parents being separa...
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Saudi Arabia bans produce from Kerala fearing Nipah Virus Spread
5Jun By Lavina TolaniNo Comments
INDIA

Saudi Arabia bans produce from Kerala fearing Nipah Virus Spread

Saudi Arabia has reportedly put a ban on processed and frozen fruit and vegetable imports from Kerala amidst severe concerns over the deadly Nipah Virus outbreak. The Nipah virus can result in a dangerous swelling of the brain called-encephalitis and its common symptoms can vary from a cough, headache, high fever, shortness of breath to confusion, reported the Gulf News on Monday. The virus resides naturally in fruit bats across South and Southeast Asia and can spread to humans through contact with the animals’ bodily fluids. The difficult part is that it has no vaccine and no cure. The virus is listed by the W.H.O. as a high priority for research. About 100 tonnes of fruits and vegetables fresh produce that was to be imported from Kerala was prohibited from entry as per orders fr...
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Saudi Arabia’s 35-year long cinema ban lifts with “Black Panther”
20Apr By Lavina TolaniNo Comments
MIDDLE EAST

Saudi Arabia’s 35-year long cinema ban lifts with “Black Panther”

A historic record-breaking moment came live for Saudi Arabia when it unveiled its first cinema after 35 years with a private blockbuster screening of Black Panther. After a lifting, a ban on cinemas last year, the Riyadh only invitation-gala event turned out to be the first screening showcasing the movie with US giant AMC being given the license to operate movie theatres. Adam Aron, AMC Chief Executive on Wednesday said that ticket sales will begin from Thursday while the first public test screening will start from Friday. Senior officials had earlier indicated that theatres will open to the public in May.   This is a historic day for AMC. This is a historic day for your country. Welcome to the era when movies can be watched by Saudis not in Dubai, not in London, not in Bahr...
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Challenges For Saudi Arabia’s New Prince Mohammed Bin Salman
15Apr By Lavina TolaniNo Comments
MIDDLE EAST

Challenges For Saudi Arabia’s New Prince Mohammed Bin Salman

Since the times, King Salman Bin Abdulaziz has ascended the oil kingdom's throne, Saudi Arabia has been undergoing major political and economic changes which have brought the possibility to question if the new prince is here to stay for long? He is the first grandchild of the founder King, Abdulaziz Al Saud. Saudi Arabian Government has come forward with some prominent changes at the political front all with a motive to focus power and its various resources all in the hands of Crown Prince. Talking of political dimension, Mohammed Bin Salman was appointed the new defense minister right after his father was crowned Kingdom's Emperor. Prince Mutaib bin Abdulaziz too was knocked down from the post of National Guard leader handling the power to Mohammed Bin Salman. While, it is not po...
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19Sep By AdityaNo Comments
News

Snapchat Removes Al Jazeera Channel In Saudi Arabia

Social Media Platform Snapchat has recently blocked Al Jazeera, a well-known Qatari broadcaster from its app in Saudi Arabia at the request of Saudi authorities, the company said on Sunday. Saudi Arabia told the social media company that the Al Jazeera Discover Publisher Channel violated local laws. "We make an effort to comply with local laws in the countries where we operate," a Snapchat spokesperson said in a statement on Sunday. According to Snap Inc., the Saudi ministry of culture and information found Al Jazeera's Discover Publisher Story channel to be in violation of local laws. Saudi Arabia and its allies the United Arab Emirates, Bahrain and Egypt have been boycotting Qatar since June 5 in the region's worst diplomatic crisis in years. Al Jazeera Media Network's acting...
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Saudi Arabia Launches Digital Platforms to Give the Entire World a Window to View the Hajj
29Aug By Press Trust of IndiaNo Comments
MIDDLE EAST

Saudi Arabia Launches Digital Platforms to Give the Entire World a Window to View the Hajj

The Ministry of Culture and Information (MOCI) of Saudi Arabia has launched two digital platforms in the lead-up to the Hajj, which will provide information and insights to pilgrims in Makkah, worldwide audiences and local and international media. SaudiWelcomesTheWorld.org conveys a message of compassion and inclusion to the entire world, both near and far. It tells the stories of the millions of pilgrims of every ethnicity, race, colour, and culture, who undertake what is for many the height of their spiritual lives. The platform provides an open window onto their journeys and invites the world to learn and share in the true values of Islam. It complements the media portal http://www.Hajj2017.org which provides information, updates and news about Hajj 2017. Through this portal, jour...
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Saudi Prince Invested $62 Million Dollar in Middle East Based Taxi Aggregator Careem
16Jun By PriyankaNo Comments
FUNDING

Saudi Prince Invested $62 Million Dollar in Middle East Based Taxi Aggregator Careem

Kingdom Holding Company (KHC) chaired by HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, acquired a 7% stake in ride hailing service Careem through a Secondary Share purchase as well as participating in the latest Round E funding to a total transaction value of $62M. The transaction makes KHC one of the largest holders of Preferred Shares in Careem and will grant KHC a board seat on Careem's board of directors. KHC's CEO Eng. Talal Ibrahim Al Maiman said, "Our investment in Careem is a continuation of our strategy to invest in new technologies as we have done with our investments in Twitter, JD.com and Lyft. As the leading ride hailing company in the region, and positioned with excellent growth prospects, Careem sets an example for regional businesses by providing employment opport...
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Softbank-Saudi Tech Fund Becomes World’s Biggest With $93 Billion of Capital
21May By reutersNo Comments
FUNDING

Softbank-Saudi Tech Fund Becomes World’s Biggest With $93 Billion of Capital

The world's largest private equity fund, backed by Japan's Softbank Group and Saudi Arabia's main sovereign wealth fund, said on Saturday it had raised over $93 billion to invest in technology sectors such as artificial intelligence and robotics. "The next stage of the Information Revolution is under way, and building the businesses that will make this possible will require unprecedented large-scale, long-term investment," the Softbank Vision Fund said in a statement. Japanese billionaire Masayoshi Son, chairman of Softbank, a telecommunications and tech investment group, revealed plans for the fund last October and since then it has obtained commitments from some of the world's most deep-pocketed investors. In addition to Softbank and Saudi Arabia's Public Investment Fund (PIF), the ...
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