New partnership to empower climate tech startups in KSA

Tact Hub is dedicated to driving impactful change through investments in cutting-edge clean and climate technologies. It will collaborate with Falak Investment Hub to develop climate tech startups.
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Updated 22 June 2024
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New partnership to empower climate tech startups in KSA

Berlin-headquartered Tact Hub, the think-and-do tank under Tact Invest, has announced a strategic partnership with Falak Investment Hub, a full-fledged investment firm that supports technology startups and entrepreneurs in Saudi Arabia and the MENA region.

Falak, renowned for its expertise in nurturing startups and facilitating market entry, will collaborate with Tact Hub to identify and develop high-potential climate tech startups.

Its mission also encompasses uniting environmental, social, and governance principles with Shariah-compliant finance, ensuring its investments adhere to both ethical and religious standards.

Through this partnership with Falak Investment Hub, Tact Hub will leverage Falak’s extensive ecosystem in the MENA region to support early-stage companies aiming to scale globally.

Tact Hub startups will gain access to Falak’s robust network and resources, enabling them to scale effectively within the MENA and beyond. Both organizations will co-host curated investment pitch events, providing startups with unique opportunities to engage with a broad spectrum of investors. 

This partnership with Tact Hub embodies our commitment to nurturing a sustainable future through collaboration and respect for our planet.

Adwa Al-Dakheel, founder and CEO of Falak Investment Hub

Moreover, Tact Hub startups will participate in Falak’s Flagship ClimateTech Program done in collaboration with Roots Ventures, benefiting from comprehensive training, mentorship, and market access initiatives designed to accelerate growth and innovation.

This collaboration will support startups that align with Saudi Arabia’s Vision 2030, contributing to the nation’s goals of environmental sustainability and economic diversification. The joint efforts are expected to significantly reduce CO2 emissions, targeting a collective reduction of 1 million tons.

Poonam Balan, managing director of Tact Hub, said: “This partnership with Falak Investment Hub is a significant step toward our goal of driving sustainable innovation. By combining our expertise and resources, we aim to support startups that can make a real impact on global environmental challenges and contribute to the ambitious goals of Saudi Arabia’s Vision 2030.”

Adwa Al-Dakheel, founder and CEO of Falak Investment Hub, said: “At Falak, we believe in the transformative power of community, innovation, and entrepreneurship. This partnership with Tact Hub embodies our commitment to nurturing a sustainable future through collaboration and respect for our planet. With that being said, by joining forces, we are not only fostering the growth of pioneering climate tech startups but also empowering a new generation of entrepreneurs to lead with purpose and impact. We are building a resilient and innovative ecosystem that will drive meaningful change for our environment and our communities.”


Xpench, Neoleap partnership signals new era for Saudi businesses

Updated 27 June 2024
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Xpench, Neoleap partnership signals new era for Saudi businesses

A new corporate Visa card launch in Saudi Arabia marks a key milestone in supporting the SMEs and corporate landscape in the region.

The partnership between Xpence, a B2B payments platform with integrated Visa payment cards, and Neoleap, a global financial digital solutions company, makes the Kingdom the third market for Xpence.

The launch event, held at Neoleap headquarters in Riyadh, celebrated the first local transaction in Saudi Riyals using the new Xpence corporate Visa cards, signalling the start of a new era for Saudi businesses.

As the first fintech in the region to offer a cutting-edge expense management platform embedded with smart Visa corporate cards, Xpence enables businesses to effectively manage petty cash and day-to-day business expenses.

Saudi companies operating in Bahrain and the UAE can now open accounts in each country and manage their expenses seamlessly as a team from a single platform across borders. This collaboration will enhance financial management capabilities and streamline business operations across the Kingdom.

Xpence launched its first corporate Visa card in Bahrain in 2020 and later in the UAE. Since then, SMEs and corporates have conducted hundreds of thousands of transactions using Xpence Visa cards, entrusting Xpence with millions of dollars.

Zain Ansari, cofounder and chief commercial officer of Xpence, said: “We are grateful for the support of our Saudi investors, and we are excited to onboard the hundreds of Saudi companies that have already signed up.

“This launch aligns with our commitment to Vision 2030, as we strive to empower businesses with cutting-edge financial tools during this exciting boom period in Saudi Arabia.”

CEO of Neoleap Abdullah Al-Ibrahim said: “Partnering with Xpence aligns with our vision to support Saudi Arabia’s ambitious Vision 2030 goals. Together, we aim to provide seamless and efficient financial solutions that cater to the evolving needs of SMEs and corporates, driving economic growth and innovation in the region.”

Xpence is the region's first spend management platform through which businesses can issue virtual and physical Visa cards accepted globally and set individual spend controls and limits for each one.

Neoleap, licensed by the Saudi Central Bank, offers a range of payment services including digital wallets, point of sale, e-commerce, and payment gateways.


Almarai, SDB to empower food entrepreneurs

Updated 26 June 2024
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Almarai, SDB to empower food entrepreneurs

Almarai Company has signed a cooperation agreement with the Social Development Bank to launch a program to empower owners of very small cooking projects in the Riyadh region. The initiative — the “Almarai Chefs Program” — is part of the company’s support and encouragement for entrepreneurs.

The agreement was signed by CEO of Almarai Company Abdullah bin Nasser Al-Bader and CEO of the Social Development Bank Sultan bin Abdulaziz Al-Humaidi.

The agreement includes several areas of cooperation between the two parties. It stipulates that Almarai will commit to financing cooking training projects and contributing to the identification of targeted activities for financing and training, providing food products, equipment, and tools for projects participating in the program. Meanwhile, the Social Development Bank — represented by the Dulani Business Center — will provide solutions and services to qualify the targeted group through empowerment and development programs, in addition to nominating productive family projects to join the program.

Almarai CEO Al-Bader said the company’s partnership with the Social Development Bank to launch the Almarai Chefs Program will contribute significantly to empowering emerging entrepreneurs in the food sector. “The program will have a positive impact on owners of very small cooking projects, by supporting them continuously and enhancing their contribution to the development of this vital sector.”

Al-Humaidi added: “The cooperation agreement with Almarai Company targets owners of very small projects in the cooking and productive families sector in the Riyadh region, in an effort to develop small businesses and contribute to their transformation into sustainable projects, and achieve a tangible economic return for the participating projects, as we focus permanently on supporting innovators to launch qualitative projects that we are proud of in the Saudi food sector.”


PayerMax sets up new regional HQ in Riyadh

Updated 26 June 2024
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PayerMax sets up new regional HQ in Riyadh

PayerMax, a global payment solutions provider, has expanded into the Kingdom by establishing its regional headquarters in Riyadh. The company participated in the Regional Headquarters Program established by the Ministry of Investment and obtained an RHQ license this month.

PayerMax held an event to celebrate its acquisition of the RHQ license and the inauguration of its regional headquarters in Riyadh on June 11 at the MISA office. This milestone marks a major step in PayerMax’s strategic plan to strengthen its presence in the region and contribute to the Kingdom’s economic and technological development.

The RHQ program, a joint initiative by the MISA and Royal Commission for Riyadh City, is designed to enable and facilitate the ambitious growth plans of participating organizations in the region. PayerMax’s selection as one of the first companies in the National Technology Development Program launched by the Ministry of Communications and Information Technology further underscores the company’s technical expertise and commitment to innovation.

In attendance at the inauguration event was Alhassan Hamideldin, RHQ general supervisor, handling expansion of multinationals through the RHQ Program into the Kingdom.

In his speech, Hamideldin said that MISA is particularly honored to see PayerMax expanding their footprint in the Kingdom by establishing their regional headquarters here. “PayerMax is the very first Asian fintech company to do so. The Saudi government is fully committed to supporting the financial services sector, having undergone serious financial sector reforms, which have unlocked exponential growth potential in fintech, of which PayerMax is a prime example,” he said.

“We are deeply honored to have the esteemed MISA host our RHQ inauguration ceremony, which demonstrates the government’s commitment to fostering a conducive business environment for innovative companies like PayerMax,” said Wang Hu, co-founder at PayerMax.

PayerMax’s commitment to the Kingdom and the broader region is a testament to its dedication to supporting economic and technological development through innovative financial solutions. With its comprehensive global payment solution, PayerMax plans to accelerate digital payment adoption, providing convenient, safe, and faster ways to pay, catering to the evolving payment habits of users in the region.

“We are thrilled to establish our RHQ in Saudi Arabia, which signifies a strategic move to strengthen our presence in the region and demonstrates our long-term dedication to Saudi Arabia and the surrounding region,” said Hu. “Our expansion into the Kingdom, accompanied by an enhanced payment infrastructure, will continue to attract prominent global companies, particularly Asia-originated digital players in the gaming, e-commerce, social media sectors and more. This collective effort will further save our clients considerable cross-border transaction fees by providing them with one simple, safe, high-trust, and transparent payment interface.”

PayerMax’s vision aligns with Saudi Vision 2030, promoting financial inclusion, supporting economic diversification, and enhancing user experiences through digital payments.

The recent popularity of esports tournaments, such as Gamers8, highlights the increasing demand for innovative financial solutions in the Kingdom.


Honor sets new standards in battery innovation

Updated 25 June 2024
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Honor sets new standards in battery innovation

In today’s world, smartphones have become essential tools for enhancing productivity, and battery life holds immense importance for users who rely on their devices for prolonged usage. Recognizing this need, Honor is committed to pushing the boundaries of battery technology to enhance smartphone capabilities, the global tech company said in a statement.

Honor has embarked on groundbreaking innovation in battery technology, standing out as the first brand to apply emerging battery innovations from other industries to smartphones, bringing the new second-generation silicon-carbon battery to the Magic6 Series.

The second-generation silicon-carbon battery integrates cutting-edge silicon-based materials, delivering enhanced performance and extended battery life, even in challenging low-temperature conditions. This innovation represents a significant leap from traditional lithium batteries, leveraging nanostructured silicon-carbon materials to ensure stability and reliability. Notably, it boosts power density by an impressive 6 percent and supports rapid charging speeds up to 80 W, surpassing industry benchmarks.

Driving these advancements is the Power Enhanced Chip Honor E1, a proprietary chipset that revolutionizes power management and efficiency. Featuring the smart discharging solution and a specialized low-temperature algorithm, this chipset optimizes battery performance across various usage scenarios, ensuring precise power management and prolonged battery life.

To guarantee safety and durability, Honor subjected the second-generation silicon-carbon battery to rigorous testing protocols. These tests, which include environmental simulations and reliability assessments under extreme conditions such as drops and vibrations, exceed standard industry requirements. The battery has earned prestigious certifications like UK Conformity Assessed marking and CE marking, underscoring its adherence to stringent quality and safety standards.

With the introduction of the second-generation silicon-carbon battery, Honor not only enhances smartphone capabilities but also leads in driving technological advancements. This innovation promises users extended battery life and reliability, redefining industry standards and paving the way for future innovations across diverse sectors.

“Honor’s commitment to integrating silicon-carbon technology underscores its dedication to delivering exceptional smartphone experiences and fostering collaborations for future cross-industry innovations,” the company said.


Chery joins forces with Aimoga to enter smart robot industry

Updated 25 June 2024
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Chery joins forces with Aimoga to enter smart robot industry

Boston Dynamics is retiring Atlas, the famous iconic bipedal robot in existence. This news has sparked considerable interest within both the tech industry and the general public, raising questions about the future trajectory of robotics technology and potential development directions. 

As a trailblazer in humanoid robotics, Atlas has achieved global recognition for its remarkable mobility and dynamic balance capabilities, setting numerous milestones along the way. 

The retirement of Atlas serves as a microcosm, reflecting the broader development trajectory of the robotics field.

Meanwhile, a bipedal robot with Embodied AI, Mornine, a product of the collaborative efforts between Chery and Aimoga, is poised to make its debut at an upcoming CEO-themed conference.

Mornine is driven by electric motors and runs on battery power, departing from Atlas’ hydraulic system. While it may not match Atlas’s explosive power and performance on tough terrain, Mornine excels in scalability and cost-effectiveness, making it ideal for large-scale production and commercialization. Mornine features a highly biomimetic design, with its face crafted from human-like silicone biomimetic material. 

This material is engineered to deliver lifelike visual effects and tactile sensations. Moreover, Mornine can simulate human oral and facial muscle movements, articulating expressions like speaking, smiling, and opening its mouth convincingly.

Mornine is equipped with large language models that, when integrated with robotics technology, allow it to harness the model’s capabilities in understanding and generating language. This capability enables Mornine to accurately interpret verbal or written commands from humans and translate them into specific action strategies.

Mornine’s versatility spans across a wide spectrum of application scenarios, positioning it to pioneer a new customer ecosystem service system.

Its evolution unfolds through three transformative stages, each introducing groundbreaking features and expanding application horizons in response to technological advancements and evolving societal demands.

During the initial stage, Mornine serves as a proficient information provider and product adviser. For instance, within settings like automotive sales centers or showrooms, Mornine leverages its extensive knowledge base to deliver precise responses to customer inquiries and provide detailed product insights and recommendations via voice or screen interfaces.

Advancing into the second stage, Mornine integrates advanced capabilities such as visual recognition and autonomous navigation. It can autonomously navigate and guide customers to specific product locations, utilizing its dexterous robotic arms for physical demonstrations and operations, and even assisting customers with product handling tasks.

In its third and final developmental stage, Mornine evolves into a comprehensive home assistant, offering a myriad of services in home care scenarios.