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STARTUP WATCH-
Homegrown proptech startup Arktech raised USD 1 mn in a pre-seed funding round led by Riyadh-based VC firm Core Vision, according to a press release. The freshly raised funds are earmarked for the support and expansion of the startup’s tech-enabled investment solutions.
The pitch: Founded in 2023 by Waheed Al Jassas (LinkedIn), the proptech startup offers a specialized platform for the trading of usufruct contracts, a post on Linkedin by Core Vision explained. Arktech’s business model applies Shariah-compliant investment strategies to make real estate investments more accessible to investors, Startup Researcher reported. The platform operates on a license from the Real Estate General Authority.
BUSINESS-
Aramco awarded an engineering contract to UK-based consulting and engineering firm Wood, which will see Wood providing project management consultancy services on the oil-giant’s onshore gas production and processing facilities to the east of the Kingdom, according to a statement. Wood forecasts that the project will run for seven years, but did not specify its financial ticket.
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TRADE-
China renews anti-dumping duties on Saudi ethanolamine: China decided to uphold anti-dumping duties on imported ethanolamine from Saudi Arabia, among other countries, for five more years, Reuters reports, citing a statement from the Chinese Commerce Ministry. Saudi Arabian exporters will be subject to 10.1-27.9% tariffs under the decision. Ethanolamine is a chemical used in the manufacturing of detergents, emulsifiers, dyes, and pharma products.
