RABIGH: Saudi entrepreneurs were among the winners at the recent MIT Enterprise Forum (MITEF) Arab Startup Competition at King Abdullah Economic City (KAEC).
The final awards ceremony of the 9th edition of the prestigious contest saw speeches and presentations by some of the most well known and successful names in the world of entrepreneurship and innovation.
This year’s competition received 5,967 individual and team applications from 21 Arab countries, up from 4,275 last year. It represented a record participation of over 16,500 entrepreneurs, up from 12,000 last year.
The nine winning teams across three categories — Ideas, Startups and Social Entrepreneurship — hailed from Saudi Arabia, Kuwait, Jordan, Lebanon, Egypt, Tunisia and Morocco.
The $50,000 top prize for the best startup was awarded to Kuwait’s Ghinwa, which is building a mobile application that can be used to perform Karaoke songs licensed from the copyright owners, allowing users to share and promote their talent across social media platforms.
Second place in the same category went to Zamen of Egypt. Third place went to B8ak (pronounced as Baytak) from Saudi Arabia for a smartphone app-based maintenance delivery company launched by Khalid H. Al-Hmili, Eyad A. Al-Shabaan and Khaled Hassoun.
The presence of Prince Saud K. Al-Faisal, executive director for investment policy at the Saudi Arabian General Investment Authority (SAGIA), lent immense weight to the event.
Among the top Saudis at the event were Princess Reema bint Bandar Al-Saud, founder and chief executive officer of Alf Khair; Fahd Al-Rasheed, group chief executive officer and managing director of King Abdullah Economic City; Wassim Khashoggi, vice secretary general operations, Economic Cities Authority; Fady Mohammed Jameel, president, Community Jameel International; Kaswara Al-Khatib, chief executive officer, Uturn, an online entertainment network; Abdullah Al-Zamil, founder, Zamil Industries; and Muna AbuSulayman, co-host of MBC’s popular Kalam Nawaem program.
The winners took home prize money totaling $150,000. Each category winner also received training, mentorship, coaching, media exposure and networking opportunities throughout the competition.
The competition was preceded by the Time to Invest in Arab Youth and Their Innovations Conference, organized by MIT Technology Review Arab Edition. During the conference, MIT Technology Review Arab Edition’s five innovators under 35 in the Arab world were announced.
The winners in the Startups category were Ghinwa from Kuwait that took home $50,000; Zamen from Egypt came second and won $15,000; and B8ak from Saudi Arabia third winning $10,000. In the Ideas category, the first-place winner of $15,000 was Tutorama from Egypt; second Deep OR from Morocco winning $10,000; and third Ostor Lab from Morocco winning $5,000.
In the Social Entrepreneurship category, Hydropneumatic Flushing System from Tunisia came first winning $15,000; second Pathfinder from Lebanon winning $10,000; and third Low Cost PPC from Jordan winning $5,000.
The five winning innovators under 35 were Osman Bakr, Jean Nehme, Eva Tamraz, Ahmed Alfadhel and Yaman Abou Jieb.
Hala Fadel, chair of the MIT Enterprise Forum of the Pan-Arab Region, said: “In Saudi Arabia and other Arab states, hundreds of innovative young men and women are waiting for investments. We have been tracking them for nine years now at the MIT Enterprise Forum Arab Startup Competition with continuous support of our founding partner Abdul Latif Jameel Community Initiative (Community Jameel).”
She said constructive change, with benefits for the entire region, can only occur if considerable resources are allocated for cutting-edge Arab businesses. “Over the past 10 years, more than $10,000 billion have been spent on buildings, construction and infrastructure in the Arab region. Can we not invest 0.1 percent of that in our youth and its economy, the digital economy?”
Fady Jameel said: “It is an honor for Community Jameel, the social enterprise arm of Abdul Latif Jameel, to be the founding partner of the successful MIT Enterprise Forum Arab Startup Competition since 2006. The program aims to support and foster entrepreneurship in the region. Entrepreneurs play an important role in shaping the economy. Through this program, we remain committed to helping the next generation of young entrepreneurs achieve their aspirations.”
“The great interest in the competition, as well as the quality of the competition entries are indicative of the positive reception of MITEF Pan-Arab in the region, and particularly in Saudi Arabia as a unique investment destination for entrepreneurs,” he said.
The international speakers who wowed the audience with their first-hand experiences included Zainab Salbi, host and creator of The Nida’a Show and founder of Women for Women International, and Mark Haidar, chief executive officer of Vinli.
Salbi spoke passionately about how entrepreneurs should never give up. She described the pain that many have to go through in the initial stages. “Nobody is at your side in those critical moments. This happened to me when I launched my startups. When I was successful, people who had disowned me started saying that ‘she is my friend.’ This happens. It is a very painful process.”
Muna AbuSulayman said she was delighted to see the projects set up by the entrepreneurs. “I was one of the judges for the Social Entrepreneurship award category. The 10 projects that were judged by us were extremely great ideas about sustainability, water conservation, helping people earn better incomes, technology platforms, actual inventions to help disabled people, and how to connect people.”
“It was impressive,” she told Arab News. “I am very happy that there is a platform where these types of innovators and entrepreneurs are able to compete with each other. I love the fact that innovators from 20 different Arab countries came together, united in the desire to innovate and achieve economic progress.”
She was impressed by the innovators under 35. “There were two Saudis who invented quite complicated things with the help of KAUST. It was nice to see the fruit of Saudi investment in technology and science. I mean (the investment in setting up) KAUST. Seeing brilliant young Saudis utilizing that investment and creating good innovation was a fulfilling experience,” she said.
Saudi startup among winners at top contest
Saudi startup among winners at top contest
Oil Updates – crude nudges up after Russia-Ukraine tensions escalate
SINGAPORE: Oil prices edged up on Monday after fighting between Russia and Ukraine intensified over the weekend, although concerns about fuel demand in China, the world’s second-largest consumer, and forecasts of a global oil surplus weighed on markets.
Brent crude futures gained 29 cents, or 0.4 percent, to $71.33 a barrel by 8:02 a.m. Saudi time, while US West Texas Intermediate crude futures were at $67.20 a barrel, up 18 cents, or 0.3 percent.
Russia unleashed its largest air strike on Ukraine in almost three months on Sunday, causing severe damage to Ukraine’s power system.
In a significant reversal of Washington’s policy in the Ukraine-Russia conflict, President Joe Biden’s administration has allowed Ukraine to use US-made weapons to strike deep into Russia, two US officials and a source familiar with the decision said on Sunday.
There was no immediate response from the Kremlin, which has warned that it would see a move to loosen the limits on Ukraine’s use of US weapons as a major escalation.
“Biden allowing Ukraine to strike Russian forces around Kursk with long-range missiles might see a geopolitical bid come back into oil as it is an escalation of tensions there, in response to North Korean troops entering the fray,” IG markets analyst Tony Sycamore said.
Saul Kavonic, an energy analyst at MST Marquee, said: “So far there has been little impact on Russian oil exports, but if Ukraine were to target more oil infrastructure that could see oil markets elevate further.”
In Russia, at least three refineries have had to halt processing or cut runs due to heavy losses amid export curbs, rising crude prices and high borrowing costs, according to five industry sources.
Brent and WTI slid more than 3 percent last week on weak data from China and after the International Energy Agency forecasted that global oil supply will exceed demand by more than 1 million barrels per day in 2025 even if cuts remain in place from OPEC+.
China’s refinery throughput fell 4.6 percent in October from last year and as the country’s factory output growth slowed last month, government data showed on Friday.
Investors also fretted over the pace and extent of interest rate cuts by the US Federal Reserve that has created uncertainty in global financial markets.
In the US, the number of operating oil rigs fell by one to 478 last week, the lowest since the week to July 19, Baker Hughes data showed.
World Defense Show 2026 to showcase record number of Chinese companies in Riyadh
RIYADH: The third edition of the World Defense Show, scheduled to take place in Riyadh from Feb. 8-12, 2026, has secured a record number of participants, with more than 100 companies from China confirmed to take part.
Notably, the China Pavilion has already filled 88 percent of its exhibition space, making it the second-largest national presence at the event, surpassing even the host nation, Saudi Arabia.
This strong participation underscores the growing global appeal of the show. Since its debut, WDS has seen impressive growth, with exhibition space expanding by 54 percent between 2022 and 2026, more than doubling its size. As of now, over 50 percent of the total floor space for WDS 2026 has already been sold.
The announcement follows the successful conclusion of the second edition of WDS, which hosted 773 exhibitors from 76 countries, facilitated SR 26 billion ($6.9 billion) in deals, and attracted 106,000 trade visits.
“The significant interest and commitment from Chinese exhibitors is a testament to the prominence WDS holds in the global defense space,” said Andrew Pearcey, CEO of World Defense Show.
“Our goal is to bring together global and local stakeholders to advance networking opportunities, strengthen global knowledge-sharing, and shape the future of defense technology,” he said.
The high level of interest from Chinese firms was also evident at the 15th Airshow China in Zhuhai, held from Nov. 12-17. Senior WDS representatives attended the event to engage with potential exhibitors, offering them the opportunity to secure their space at WDS 2026, which is rapidly filling up.
Closing Bell: Saudi main index rises to close at 11,811
- Parallel market Nomu gained 9.64 points, or 0.03%, to close at 29,477.35
- MSCI Tadawul Index also gained 4.49 points, or 0.30%, to close at 1,485.85
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 20.80 points, or 0.18 percent, to close at 11,811.98.
The total trading turnover of the benchmark index was SR4.22 billion ($1.12 billion), as 115 of the stocks advanced and 116 retreated.
The Kingdom’s parallel market Nomu gained 9.64 points, or 0.03 percent, to close at 29,477.35, with 41 listed stocks advancing and 41 declining.
The MSCI Tadawul Index also gained 4.49 points, or 0.30 percent, to close at 1,485.85.
The best-performing stock of the day was The Mediterranean and Gulf Insurance and Reinsurance Co., whose share price rose 9.96 percent to SR20.98.
Other top performers included Saudi Reinsurance Co. and Thimar Development Holding Co., with their share prices increasing by 6.89 percent to SR38.80, and 6.04 percent to SR43.90, respectively.
The share prices of Saudi Cable Co. and The Co. for Cooperative Insurance also surged by 5.39 percent and 5.08 percent to SR97.70 and SR132.40, respectively.
The worst performer was Arriyadh Development Co., whose share price dropped by 5.27 percent to SR26.05.
Other notable decliners included Alistithmar AREIC Diversified REIT Fund and Red Sea International Co., whose share prices fell by 3.68 percent to SR9.43, and 3.34 percent to SR66.50, respectively.
Zamil Industrial Investment Co. and The National Co. for Glass Industries also saw declines, with their share prices falling by 3.33 percent to SR26.15, and 3.14 percent to SR49.40, respectively.
On the announcements front, Amwaj International Co. disclosed its board of directors’ recommendation to distribute SR6 million in cash dividends to shareholders for the fiscal year ending Dec. 31.
According to a statement on Tadawul, the dividends will cover 6 million eligible shares, with a payout of SR1 per share, representing 10 percent of the share’s par value.
Amwaj International Co. concluded the trading session at SR42, marking an impressive 18.57 percent increase.
Arab Sea Information Systems Co. announced updates regarding its project with the Al-Madinah Region Development Authority for managed IT services.
The company was notified of the decision to cancel the competition due to procedural violations identified following a grievance by a competitor, according to a filing on Tadawul.
The grievance was filed before the award decision or in opposition to it and the company clarified that no costs are associated with the development.
Arab Sea Information Systems Co. closed the session at SR7.13, down 0.84 percent.
Saudi Arabia, UAE lead MENA deal boom with $71bn in activity: EY
- UAE and Saudi Arabia were the top investment destinations, accounting for 52% of the region’s total deal volume and 81% of deal value
- Sovereign wealth funds played a key role in driving M&A activity in the region
RIYADH: Saudi Arabia and the UAE led Gulf region merger and acquisition activity, which increased 7 percent in value to $71 billion in the first nine months of the year.
According to EY’s MENA M&A Insights 9M 2024 report, the Middle East and North Africa region saw a total of 522 deals during the period, with deal volume rising 9 percent year on year.
The value growth was largely fueled by a surge in cross-border transactions and substantial investments from sovereign wealth funds, such as the UAE’s Abu Dhabi Investment Authority and Mubadala, and Saudi Arabia’s Public Investment Fund.
Brad Watson, EY MENA strategy and transactions leader, said: “Deal activity in the MENA region has seen a notable improvement this year, driven by strategic policy shifts, the liberalization of investment regulations and robust capital inflows from investors.”
He added: “With companies actively seeking opportunities to grow and diversify their operations, we have observed a surge in cross-border M&A volume and value.”
The UAE and Saudi Arabia were the top investment destinations, accounting for 52 percent of the region’s total deal volume and 81 percent of deal value, with 239 transactions worth $24.5 billion. Both nations continue to benefit from their favorable business environments and strategic economic policies.
“In particular, the UAE remained a favored investment destination during the first nine months of 2024 due to its business-friendly regulations and efficient legislative framework,” said Watson.
Sovereign wealth funds played a key role in driving M&A activity in the region, supporting national economic strategies. These funds were particularly active in sectors aligned with long-term diversification plans, such as technology, energy, and infrastructure.
Cross-border M&A deals dominated, representing 52 percent of the overall volume and 73 percent of the value, the report added.
However, domestic M&A activity also saw a notable increase, rising 44 percent year on year to $19.3 billion, driven by government-related entities making significant acquisitions in the oil and gas, metals and mining, and chemicals sectors.
Insurance and oil and gas emerged as the most attractive sectors, accounting for 34 percent of the total deal value. Technology and consumer products led domestic M&A by volume, with 78 deals representing 31 percent of activity.
Saudi Arabia recorded the region’s largest domestic transaction, with energy giant Aramco’s $8.9 billion acquisition of a 22.5 percent stake in Rabigh Refining and Petrochemical Co. from Sumitomo Chemical.
The US remained a top target for MENA investors, with 32 deals valued at $18.3 billion. The US-UAE Business Council helped facilitate these partnerships, with prominent US firms collaborating with UAE public and private sectors on various initiatives.
Outbound and inbound deals
Outbound M&A was the largest contributor to deal value, with 147 transactions totaling $41.4 billion, led by insurance and real estate investments. The US and China represented 70 percent of outbound deal value.
Inbound deals also witnessed growth, rising 20 percent in volume and 47 percent in value to $10.4 billion. The US and UK were the leading contributors, driving activity in technology and professional services.
Mega deals
Ten of the region’s largest deals were concentrated in the Gulf Cooperation Council. These included Mubadala and partners’ $12.4 billion acquisition of Truist Insurance Holdings and an $8.3 billion investment in Chinese shopping mall operator Zhuhai Wanda Commercial Management Group.
“Strengthening regional relationships with Asian and European economies, alongside existing ties with the US, enabled MENA countries to gain access to larger and growing markets,” said Watson.
As Gulf nations continue diversification strategies and prioritize digital transformation, sectors like technology, energy, and infrastructure are expected to drive further M&A growth. Saudi Arabia and the UAE’s proactive policies and substantial sovereign wealth fund activity position the region as a global investment hotspot.
Craig Smith explores the media’s role in AI conversations
RIYADH: The media’s primary role is to translate complex ideas into digestible content for the public, said Craig Smith, host of the Eye on AI podcast and a former correspondent.
In a recent conversation with the Saudi Data and Artificial Intelligence Authority’s GAIN podcast, Smith discussed the rapidly evolving field of artificial intelligence and the challenges media faces in accurately covering it amid both excitement and misinformation.
“You can put AI in a robot, but robotics is one field, and AI is another,” Smith explained, stressing the need for more precise portrayals of AI in the media.
As AI discussions have intensified in the past two years, particularly around its potential threats, Smith emphasized that these debates are meant to encourage further research into AI safety and prompt regulation. However, he noted that the popular press often misinterprets the purpose of these discussions, leading to sensational headlines that contribute to widespread fear.
“The purpose of that discussion is to generate more research around the safety of AI and to spur regulation to get the governments looking at what’s happening,” Smith said.
“But the media often misses this goal, resulting in alarmist narratives like AI will ‘kill us all,’ which detracts from the vital work of understanding and regulating this technology.”
While it’s easy to imagine a dystopian future for AI, Smith pointed out the far more nuanced reality. “We’re still working on getting large language models to be truthful and stop spouting nonsense,” he said, illustrating the long and challenging path ahead in developing reliable AI systems.
Reflecting on the rapid pace of change in the field, Smith highlighted the exciting progress in AI research, particularly since the introduction of the transformer algorithm in 2017.
“It was Ilya Sutskever at OpenAI who built a model around the transformer algorithm and scaled it up,” Smith noted, acknowledging the profound impact this algorithm has had on the development of large language models like ChatGPT and Claude.
Smith’s insights underscored the media’s crucial responsibility in accurately covering AI. By bridging the gap between complex technological advancements and public understanding, journalists have the power to foster informed discussions that will ultimately shape the future of AI in society.
