Riyadh, Saudi Arabia – In a significant announcement today, Mr. Abdullah bin Sulaiman Al Rajhi, Chairman of the Board of Directors of Alrajhi Bank, revealed that the bank has achieved its highest semi-annual profits since its establishment. For the first half of 2024, Alrajhi Bank reported a net income of 9,103 million riyals, marking a […]
In a significant move aimed at raising credit efficiency and sustainability, Mr. Suwaid Al-Zahrani, the CEO of SIMAH (Saudi Credit Bureau), and Mr. Ali Al Mansour, the Managing Director and CEO of SAB Invest Company, have signed a membership agreement. This strategic partnership underscores SIMAH’s commitment to advancing the credit information industry. Mr. Suwaid Al-Zahrani […]
RIYADH – The Public Investment Fund (PIF) has signed six memorandums of understanding (MoUs) totaling up to $50 billion with prominent Chinese financial institutions. The agreements were made with the Agricultural Bank of China (ABC), Bank of China (BoC), China Construction Bank (CCB), China Export & Credit Insurance Corporation (SINOSURE), Export-Import Bank of China (CEXIM), […]
Riyadh, Saudi Arabia – Intelmatix, a prominent deep-tech AI company, has successfully closed a $20 million Series A funding round. The round was led by Shorooq Partners and attracted investments from notable public and private institutions, including Saudi Venture Capital Company (SVC), Saudi Technology Ventures (STV), Olayan Financing Company, Sultan Holdings, Zain Ventures, and Rua […]
Riyadh, July 29, 2024 – In a significant move to bolster the financial sector’s growth, the Saudi Credit Bureau (SIMAH) has entered into an organic agreement with BAZ INT’L INDUSTRY CO. This partnership aims to enhance the exchange of credit information across various sectors, promoting transparency and reliability in financial transactions. By facilitating better access […]
Left, Ahmed Shabrawy, CIO + Right, Karim Khorshed, CEO CEQUENS is excited to introduce CEQUENS GenAI Platform – your new partner in taking business communication and operations to the next level. Smarter Interactions, Streamlined Processes Imagine having an AI system that offers personalized support, works seamlessly across different languages, and integrates effortlessly into your existing […]
OTO, the Saudi-based shipping gateway and logistics platform, has successfully raised 30 million riyals ($8 million) in a Series A funding round. The round was led by Sanabil Investments, a wholly-owned subsidiary of the Saudi Public Investment Fund (PIF). Joining Sanabil Investments in the funding round were several other prominent investors, including Riyadh-based venture capital […]
TechMal, a specialist in residential rental financing solutions, has raised SAR 3.75 million ($1 million) in a pre-seed investment round led by Al Majdiah Investment and other investors. Founded in 2024, TechMal is a microfinance company licensed by the Saudi Central Bank. The company aims to provide innovative financing solutions for the documented residential rental […]
In a strategic move set to reshape the digital business landscape, PayTabs has announced a partnership with Digital Haze. This collaboration aims to enhance PayTabs’ reach and impact, transforming digital business ideas across the Levant region into profitable and lucrative ventures. With PayTabs’ robust payment solutions and Digital Haze’s expertise in digital innovation, the partnership […]
Wa’ed Ventures, the venture capital arm of Saudi Aramco, has announced it has led a $6.5 million investment round for the US-based artificial intelligence company aiXplain. This brings aiXplain’s total funding to $16.5 million since its inception in 2020. Founded by Hassan Sawaf, a technology veteran with over 25 years of experience at Meta, Amazon, […]