Main topic: Saudi Arabia's Crown Prince launches a $200 million fund for early-stage investment in high-tech companies.
Key points:
1. The fund is part of King Abdullah University of Science and Technology's strategy to transform research into economically productive innovations in sectors like health, sustainable environment, energy, and industrial leadership, and economies of the future.
2. The initiative aims to provide quality opportunities for researchers, faculty staff, and students, supporting them to apply science and research to create sustainable global impact by strengthening international and local partnerships.
3. The strategy also includes the launch of the National Transformation Institute for Applied Research, restructuring of research centers, and strengthening international partnerships to enhance the competitiveness of the Kingdom's economy and its global position as a leader in innovation.
Main topic: Saudi startup FlyAkeed secures $15.2m in a series A funding.
Key points:
1. FlyAkeed, a Saudi travel technology startup, has secured $15.2 million in a series A funding round.
2. The funding was led by Sanabil Investments, a subsidiary of the Public Investment Fund, and saw contributions from Elm Co., Artal Capital, and Al Rajhi Partners.
3. FlyAkeed plans to use the funds to strengthen its presence in Saudi Arabia and the Gulf Cooperation Council countries and develop fintech solutions for travel experiences and cost management.
Main topic: Increasing Saudi Arabian investment in U.S. startups.
Key points:
1. Saudi Arabia-based firms have been participating in a growing number of funding deals with U.S. startups since 2019, with the number of deals increasing each year.
2. Saudi Arabia-based firms have also been leading or co-leading more funding rounds, indicating a stronger investment presence in the U.S. market.
3. Saudi Arabian investors, including funds such as Saudi Arabia's Public Investment Fund and Sanabil, have been actively investing in U.S. startups, with notable investments in companies like Uber and Lucid Motors.
Saudi Arabia, as a new member of the BRICS economic alliance, plans to invest $16 billion from its foreign reserves, signaling a shift towards prioritizing investment over reserves and potentially bolstering the bloc's ongoing initiatives.
Saudi Arabia's Public Investment Fund (PIF) has acquired a 100% shareholding in Saudi Iron & Steel Co., also known as Hadeed, from Saudi Basic Industries Corp for $3.33 billion, as part of efforts to accelerate industrial development in the Kingdom and improve its steel production capabilities.
Saudi Arabia plans to invest up to $25 billion in Pakistan over the next few years, focusing on sectors such as mining, agriculture, and information technology, in an effort to increase foreign direct investment and aid Pakistan's economic recovery.
Saudi Arabia is considering setting up an office for its sovereign wealth fund in India's financial services center, GIFT City, as part of a joint task force for $100 billion of Saudi investment in India.
UK Chancellor Rishi Sunak's pandemic startup fund invested nearly £2 million in companies connected to his wife, Akshata Murty, raising concerns of a conflict of interest and lack of transparency.
