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STARTUP WATCH-
#1- Aramco’s Wa’ed Ventures backs another UAE-based tech startup: UAE-based contech startup Tenderd raised USD 30 mn in a series A funding round from new and existing investors, including Aramco-backed VC fund Wa’ed Ventures, according to a statement. The round was led by AP Moller Holding. New investors include Quadri Ventures and Saurya Prakash (Linkedin), while Nakhla Ventures, SOMA Capital, and Liquid 2 Ventures made follow-on investments. Tenderd will use the funds to develop its technology and expand its global footprint.
Tenderd has some plans with Aramco up its sleeves: “We are in the process of engaging with Aramco and we have plans in the works,” Tenderd CEO Arjun Mohan told Bloomberg, without providing further details.
About the startup: Tenderd was founded in 2018 by Arjun Mohan (Linkedin), and offers customers AI-generated data analytics to optimize asset usage and lower emissions, specifically catering to heavy industries like construction, energy, and logistics. Tenderd’s current investors include Peter Thiel, Paul Graham, and Y Combinator.
#2- Some 20 startups graduated from King Faisal University’s sector-agnostic startup accelerator program in Al Ahsa, according to a statement. The fresh graduates made sales worth a combined SAR 900k and created 92 new jobs during their time at the accelerator.
REAL ESTATE-
#1- Thimar Development has committed SAR 6 mn to Osool and Bakhit’s real estate fund to finance the development of a new residential tower in Riyadh for 37 months, it said in a filing to Tadawul. Construction will be carried out by Four Ways International in its capacity as developer.
#2- Kidana Development — the main developer of holy sites — completed work on its Kidana Al Wadi project which will feature 10 residential towers in Makkah’s Mina and accommodate over 30k pilgrims, state news agency SPA reported.
AVIATION-
Riyadh Air partners up with CellPoint Digital to improve cross-border payment: The Public Investment Fund’s new flagship carrier Riyadh Air will provide cross-border payment tech for the airline as part of a partnership with omni-channel payment provider CellPoint Digital, according to a joint statement.
The pitch: Riyadh Air will use CellPoint Digital’s payment orchestration platform to process transactions. The platform’s intelligent routing minimizes the number of declined transactions, preventing travelers from abandoning the booking.
TRADE-
The Saudi Export-Import Bank (Saudi Exim Bank) signed an MoU with Export Credit Greece to boost Saudi non-oil exports to Greece, it said in a post on X. The MoU comes a few weeks after Saudi Exim Bank signed a non-binding agreement with Australian investment bank Macquarie Group to provide credit facilities worth USD 500 mn to fund exports of non-oil products. It also recently signed a line of credit agreement worth USD 100 mn with Turkish state-owned Ziraat Bank to fund exports of Saudi’s non-oil products.
GOVERNANCE-
Oversight and anti-corruption authority Nazaha inked a financing agreement with the United Nations Office on Drugs and Crime, it said in a social media post on X. The agreement will see the setup of a platform, Safe Riyadh for Information Exchange, to cooperate on combating corruption and exchanging expertise. No further information on the agreement was provided.
INFRASTRUCTURE-
The Riyadh Infrastructure Projects Center issued its inaugural drilling license for infrastructure works in the capital earlier this week, it said in a post on X. This is the first license to be issued by the center since it became earlier this year the main authority to issue licenses for infrastructure projects before commencement of work. The center’s scope of authority allows it to amend, renew, withdraw, revoke or cancel licenses whether temporarily or permanently, along with fees collection.
TECH-
Tadawul-listed Perfect Presentation (2P) will provide digital solutions to hospitals affiliated with the Hafar Al Batin health cluster after securing a SAR 63.3 mn project from the Health Ministry, it said in a disclosure to Tadawul.
EDUCATION-
Nomu-listed Naseej Technology has landed a SAR 16.2 mn project with King Abdulaziz University that will see it upgrade and provide technical support for the school’s academic system, according to a filing to Tadawul. No further information was provided.
DIGITAL SOLUTIONS-
LTIMindtree sets up shop in Saudi: Global digital solutions firm LTIMindtree opened its regional headquarters in Riyadh as part of expansion to the region, it said in a statement. “We believe Saudi Arabia’s ambitious Vision 2030 provides an ideal framework for us to leverage our extensive technology expertise and help empower the Kingdom’s talent and technological landscape,” LTIMindtree’s CEO and Managing Director Debashis Chatterjee said.
