Riyadh Air partners with CellPoint Digital for enhanced payment experiences
Updated 11 June 2024
ARAB NEWS
RIYADH: Passengers traveling with Riyadh Air can expect smoother cross-border payment experiences, thanks to a recent agreement with CellPoint Digital.
This new partnership aims to equip the airline with the latest payment technology, supporting its digital-first business strategy and setting it apart as it prepares to commence commercial operations in 2025, according to a press statement.
Under the agreement, Riyadh Air will use CellPoint Digital’s Payment Orchestration platform to process local and cross-border transactions efficiently.
Adam Boukadida, chief financial officer of Riyadh Air, said: “As a disruptor airline prioritizing our digital capabilities, we need a payments partner with first-hand, in-depth knowledge of air travel.”
He added: “CellPoint Digital's Payment Orchestration platform enables us to offer travelers a fully digital and immersive experience onboard and a smoother booking experience.”
Furthermore, Boukadida noted that this partnership will enhance the airline's global service and contribute to its goal of connecting Riyadh to over 100 destinations by 2030.
This move aligns with the Public Investment Fund-owned carrier’s ambition to become the world’s most forward-thinking airline, embracing sustainability practices, and setting new standards for reliability, comfort, and hospitality.
The partnership also aligns with Riyadh Air’s vision to disrupt the Saudi Arabian commercial aviation market, currently dominated by legacy players, by introducing innovative solutions.
“While legacy airlines can be held back by legacy technology, a next-generation airline like Riyadh Air can start from a more advanced position by using tailored technology that’s built for now, not 20 years ago,” said Kristian Gjerding, CEO of CellPoint Digital.
“With our Payment Orchestration solution developed specifically for the unique challenges faced by global airlines, Riyadh Air can offer travelers their preferred payment options while gaining more control over its cash flow and costs,” he added.
Based in Riyadh’s King Khalid International Airport, the Kingdom’s newest airline is scheduled to commence commercial operations by mid-2025, serving the country’s vision to transform into a global aviation hub.
With a projected investment of $30 billion, the airline aims to connect the country to 100 regional and international destinations by 2030, potentially creating over 200,000 jobs in the process.
Startup Wrap – Health, HR, and e-commerce firms eying Saudi expansion after funding rounds
Updated 10 sec ago
Nour El-Shaeri
CAIRO: Startups from across the region and beyond have set a clear path for Saudi expansion after completing successful funding rounds.
UK-based healthtech startup Bioniq is set to leverage its latest $15 million series B funding round to bolster its presence in Saudi Arabia.
With a current valuation of $75 million, Bioniq aims to make its personalized supplements based on blood test data and patented algorithms available in key cities in Saudi Arabia as a significant portion of the funding is allocated for the Middle East region.
“Saudi Arabia is an absolute focus as is the further integration and localization of our offerings,” Vadim Fedotov, CEO and co-founder of Bioniq, told Arab News.
“Our strategic partnership with Al Borg Diagnostics is pivotal in this effort, enabling us to enhance our reach nationwide and deliver tailored health solutions to the local population,” he added.
The partnership with Al Borg, a provider of diagnostic health services in the Kingdom, made Bioniq’s blood test panel available in 28 Saudi cities.
The company plans to embed its solutions within athletic organizations and explore collaborations with governmental health initiatives.
“Additionally, we have further integrations in the pipeline with Saudi Arabia’s leading medical institutions and medical insurance providers,” he added.
Bioniq’s expansion in the Middle East does not stop at Saudi Arabia. The company aims to solidify its position as the leading premium personalized supplement brand across the region.
“Given the dynamic growth of the region, especially in the health and wellbeing sector, a significant portion of our recent funding round will be dedicated to our Middle East expansion including strengthening our local office,” Fedotov said.
Vadim Fedotov, CEO and co-founder of Bioniq. Supplied
According to the CEO, the expansion strategy includes broadening the firm’s geographical reach and enhancing service offerings such as laboratory testing, client support, and strategic on-site partnerships with top medical and athletic institutions.
The company has also established long-term partnerships with key opinion leaders and public figures in the region, with announcements expected soon.
The oversubscribed round was led by Principal Investors HV Capital and Unbound, both leading European VCs. Bioniq also aims to utilize the funding to boost its expansion into the US market.
UAE-based HR tech Ogram raises new funding for Saudi expansion
UAE-based human resources tech startup Ogram has secured new funding from Oraseya Capital, the venture capital arm of Dubai Integrated Economic Zones Authority, along with Aditum Investment Management and Everywhere VC, to support its expansion plans in Saudi Arabia.
Founded in 2017 by Karim Kouatly and Shafiq Khartabil, Ogram is a digital staffing marketplace that allows businesses to book and manage staff on-demand.
The company, which launched in Greece in 2023, previously closed a $3 million series A funding round in 2022. Ogram is also in the process of closing its series B round and potential merger and acquisition activities by the fourth quarter of the year.
Kemitt expands into Saudi Arabia after new funding round
Egypt-based e-commerce platform Kemitt has expanded into Saudi Arabia following an undisclosed funding round.
Founded in 2018 by Mahmoud Fouad, Mohamed Rashwan, and Mohamed Hedayat, Kemitt connects product and furniture designers with consumers and handles manufacturing, overhead, and last-mile logistics.
The recent funding will be used to enhance the platform’s user interface, scale logistics and customer service operations in Saudi Arabia, diversify its product portfolio, and establish local partnerships.
Saudi startup TechMal secures $1m in pre-seed funding
Saudi-based startup TechMal has raised $1 million in a pre-seed investment round led by Al Majidiya Investment Co., along with other investors.
Established in 2024, TechMal is a micro-consumer finance company licensed by the Central Bank of Saudi Arabia, offering financing solutions for the residential rental sector.
The company enables tenants to convert annual or semi-annual rental payments into manageable monthly installments through the Ejar platform.
Pathfinder raises $325m from Silver Rock Group ahead of NASDAQ listing
UAE-based retail technology solutions provider Pathfinder has secured a $325 million investment from Silver Rock Group ahead of its planned NASDAQ listing.
Founded in 2000 by Ahmed Hussain, Kristin MacDermott, and Sadique Ahmed, Pathfinder offers solutions to enhance customer engagement and drive business success.
Silver Rock Group will provide the funding over the next three years, starting in the fourth quarter of 2024, to support the continuous development and global rollout of the RetailGPT platform.
UAE fintech Mamo secures $3.4m in funding
UAE-based fintech startup Mamo has closed a $3.4 million funding round with participation from existing investor 4DX Ventures, the Dubai Future District Fund, and Cyfr Capital.
Co-founded by Asim Janjua, Imad Gharazeddine, and Mohammad El-Saadi, Mamo supports small and medium-sized businesses by consolidating their payment collection, corporate cards, and expense management needs.
The newly raised capital will be used to expand Mamo’s product offerings within the UAE and support its regional expansion efforts.
Zyp Technologies secures $1.5m pre-series A funding led by Shorooq Partners
Pakistan’s mobility startup Zyp Technologies has raised $1.5 million in a pre-series A round led by UAE-based VC fund Shorooq Partners, with participation from existing investor Indus Valley Capital and several angel investors.
Founded in 2022 by Hassan Khan and Imran Afzal, Zyp Technologies specializes in electric motorcycles designed for deliveries, equipped with advanced fleet management software.
The funding will enable Zyp Technologies to deploy more than 60 battery swap stations and launch over 1,000 Zyp Utility Motorcycles in Pakistan over the next 12 months.
Oil Updates – prices set for third straight week of declines
Updated 26 July 2024
Reuters
NEW YORK/SINGAPORE: Oil prices rose slightly on Friday but remained on track for a third straight week of declines due to weak demand in China, the world’s largest crude importer, and expectations of a ceasefire deal for the Gaza war and related violence in the Middle East.
Brent crude futures for September rose 15 cents, or 0.2 percent, to $82.52 a barrel by 8:48 a.m. Saudi time. US West Texas Intermediate crude for September increased 13 cents, also 0.2 percent, to $78.41 per barrel.
The gains on Friday and Thursday, which were mainly due to data showing the US economy had grown at a faster-than-expected rate during the second quarter, were dwarfed by broader declines in recent weeks.
The benchmarks have fallen about 5 percent in the last three weeks. Brent is trading marginally lower this week, while WTI is down more than 2 percent.
Chinese data this week showed the country’s apparent oil demand fell 8.1 percent to 13.66 million barrels per day in June, prompting concerns about consumption, according to ANZ Research analysts.
“The weakness is likely driven by gasoline and diesel, as rising new energy and autonomous driving vehicles become more popular,” ANZ said.
Also dragging prices were brighter hopes of an end to the war in Gaza.
US Vice President Kamala Harris pressured Israeli Prime Minister Benjamin Netanyahu on Thursday to help reach a ceasefire deal that would ease the suffering of Palestinian civilians, striking a tougher tone than President Joe Biden.
A ceasefire has been the subject of negotiations for months. US officials believe the parties are closer than ever to an agreement for a six-week ceasefire in exchange for the release by Hamas of women, sick, elderly and wounded hostages.
SAMA chief lauds global efforts to contain inflation
Updated 25 July 2024
Arab News
RIYADH: Saudi Central Bank governor praised the “well-calibrated” monetary policies adopted by global financial institutions to tackle inflation and bolster the resilience of the world economy amid diverse challenges.
Ayman Al-Sayari spoke at a session titled “Global Economic Outlook and Ongoing Challenges” during the third meeting of Finance Ministers and Central Bank Governors of G20 held under the Brazilian presidency, according to statement issued on the apex bank’s X handle.
He presented a comprehensive perspective on global economic challenges and policies.
The top Saudi official stressed the importance of ensuring that the nominal growth rate exceeds the interest rate to mitigate risks to global growth in the near term. This principle advocates for sustaining economic expansion while managing debt dynamics effectively.
Al-Sayari highlighted significant medium-term risks confronting the global economy, including ongoing geopolitical conflicts and trade fragmentation. These factors contribute to uncertainty and potential volatility in the international economic landscape.
Regarding energy transition efforts, he acknowledged the global scale-up of renewable energy usage but expressed concern over increased fossil fuel consumption and carbon emissions in 2023. Al-Sayari cautioned against rushed actions and underscored the need for a balanced approach toward achieving sustainability goals without compromising economic stability.
“We are all for reducing greenhouse gas emissions,” the SAMA chief said.
Al-Sayari identified rising income inequality as a critical issue. He underscored the importance of implementing targeted social benefits and well-designed labor market policies to bridge this gap.
Deal includes order of 30 wide-body A330neo aircraft and 130 narrow-body A320 family aircraft
Head of flynas, Bander Al-Mohanna, said agreement ‘reinforces our determination to establish flynas as a leading global low-cost carrier’
Updated 25 July 2024
Arab News
RIYADH: Saudi low-cost airline flynas has signed a deal to purchase 160 Airbus aircraft, doubling the volume of its orders to 280 planes.
The “landmark agreement,” signed at the UK’s Farnborough International Airshow, includes an order of 30 wide-body A330neo aircraft and 130 narrow-body A320 family aircraft, the carrier said in a statement.
This falls in line with the Saudi Vision 2030 aimed at transforming the aviation sector and supporting flynas’ ambitious expansion under the slogan “We connect the world to the Kingdom.” It also cements the carrier’s status as one of the top four low-cost airlines worldwide.
The deal also aligns well with the Kingdom’s aviation goals, including tripling annual passengers to 330 million, expanding connectivity to over 250 destinations, and boosting air freight capacity to 4.5 million tons of cargo per annum by 2030.
“I congratulate flynas on this significant agreement, which reflects the rapid development and transformation of Saudi Arabia’s aviation sector under Vision 2030,” President of the General Authority of Civil Aviation Abdulaziz Al-Duailej said.
“This deal is pivotal for achieving the National Civil Aviation Strategy’s goal to connect the Kingdom with over 250 international destinations and increase passenger traffic to 330 million annually by 2030,” he added, also describing the growth and expansion of flynas as “truly remarkable.”
Bander Al-Mohanna, CEO and managing director of flynas, said: “This agreement to purchase 160 Airbus aircraft reinforces our determination to establish flynas as a leading global low-cost carrier.”
He added that this is his firm’s first order for the wide-body A330neo with Airbus, with deliveries starting in 2027.
“By doubling our order volume to 280 Airbus aircraft, we ensure sustainable growth across our network of regional and international routes, spanning short, medium, and long-haul flights,” said the CEO, explaining that that this will enable the carrier to explore new long-haul markets and offer more seat capacity, with diverse and innovative products to their passengers.
Airbus CEO of Commercial Aircraft Christian Scherer described thee deal as “a significant milestone” for both A320neo and A330-900 aircraft.
“The A330neo will allow flynas to further grow into widebody markets by building on the A320, benefiting from Airbus’ unique commonality,” Scherer said.
“Both aircraft types offer flynas the perfect versatility and economics to expand into new markets while offering their passengers the latest cabin experience and comfort,” he added. “We look forward to continuing our successful collaboration with flynas as they embark on this exciting new chapter.”
Earlier this month, flynas received its 53rd A320neo aircraft out of an order of 120 from Airbus as part of its strategic expansion plan.
The next-generation model airplane touched down at King Khalid International Airport in Riyadh at the time, further consolidating the company’s position as the leading low-cost airline in the Middle East and one of the top four low-cost airlines globally, according to UK-based consultancy firm Skytrax.
New contractors database announced to help deliver Saudi Vision 2030 projects
Initiative seeks to provide opportunities for contractors to implement projects in their specializations to raise their quality
Kingdom’s construction market has become a leader in the Middle East and North Africa
Updated 25 July 2024
Arab News
RIYADH: A database rating contractors in the Saudi construction industry is part of a new national strategy designed to help the Kingdom deliver its SR1.2 trillion ($319 billion) Vision 2030 projects.
The new initiative, launched by the Saudi Contractors Authority, seeks to provide opportunities for contractors to implement projects in their specializations to raise their quality.
This falls in line with the authority’s mission to organize the industry by setting and executing high-quality organizational standards, encouraging innovation, developing skills, improving communication in the industry and achieving economic sustainability.
During a speech at a ceremony reviewing the achievements of the SCA over the past three years, the authority’s chairman said he wanted to prepare and equip a strong contracting sector that will be an executive arm for the Kingdom’s Vision 2030 projects.
Al-Abdulqader explained that the authority raised the number of contractors during the past three years by 400 percent, bringing the registered number to more than 18,000, including 1,200 international contractors.
The SCA has also signed over 10 agreements and memorandums of understanding with major global contracting sectors, in addition to participating in more than 50 government committees.
In 2023, the National Housing Co. and SCA signed an MoU during the Future Projects Forum in Riyadh to develop a platform aimed at enhancing cooperation, ensuring the development of both entities, and improving the sector’s efficiency.
The SCA, a semi-governmental organization, addresses the challenges of the contracting sector and fosters a more attractive and efficient environment.
It also led the contracting sector in 57 countries by winning the presidency of the Islamic Contractors Union and establishing the Kingdom as its headquarters.
The Saudi contractor industry is thriving, driven by significant investments in diverse sectors and ambitious projects under the Vision 2030 initiative, creating numerous opportunities for local and international contractors.
This comes as the Kingdom’s construction market has become a leader in the Middle East and North Africa, with an estimated value of $70.33 billion in 2024, projected to reach $91.36 billion by 2029, according to the US International Trade Administration.
The sector is categorized into residential, commercial, and industrial, as well as infrastructure, transportation, and energy and utility construction, presenting a sizable market for contractors seeking opportunities.
