Apple’s bite of $100bn Saudi-backed tech fund brings hope

January 6, 2017

Jeddah, Jan 6: The Middle East’s top tech investors are hopeful the region’s Internet businesses are in for a boost, after Apple confirmed its participation in a $100 billion Saudi-backed mega fund.

AppleThe iPhone maker on Wednesday confirmed its plan to invest $1 billion in a tech fund being set up by SoftBank Group Corp, according to reports.

The Japanese telecoms group was previously said to be in talks with Saudi Arabia’s Public Investment Fund for an investment of as much as $45 billion — putting the fund’s total size at an estimated $100 billion.

Oracle founder Larry Ellison will join Apple, Qualcomm and Foxconn in backing SoftBank’s record-setting technology fund, helping it hit its $100bn goal weeks ahead of schedule, the Financial Times reported.

Regional technology investors and prominent entrepreneurs were positive about Apple’s endorsement of the fund, expressing hope that the massive sums at play will provide a boost to the Middle East’s digital businesses.

One pointed to Saudi Arabia’s participation in the fund, which is significant given the Kingdom — with its economy hit hard by the oil price crash — is looking to wean itself off oil and diversify into other areas.

Fadi Ghandour, one of the Arab world’s most storied entrepreneurs and technology investors, said he hoped the SoftBank-led fund would pursue opportunities in the Middle East’s Internet space.

“If the Arab world wants to move beyond oil, then this fund needs to invest in the knowledge and the digital space,” Ghandour told Arab News.

“Ten percent of that fund, if invested over a period of time in this region, will get (things) to really happen in the market… It would be a real disappointment if there is no clear strategy on this.”

Dany Farha, chief executive and managing partner of the Dubai-based Beco Capital, and one of the biggest players in the region’s venture capital space, said he expects the biggest beneficiary of the SoftBank mega-fund to be US tech companies, primarily in technologies like the so-called Internet of Things (IoT).

“I think the US will get the lion’s share of the value, because they are the people who are innovating in the IoT space, both in terms of hardware and software.”

But Farha said Middle Eastern start-ups are also poised to benefit from the massive capital boost planned for such technologies.

“We’re going to be building localized services and products on top of them, so that they work for our culture, and our language, and our needs… There’s going to be a huge local opportunity across the globe, not just in the Middle East,” he said.

“The world is going to benefit, no doubt about it. These devices are going to be bought by consumers all over the world.”

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News Network
February 5,2020

The Organisation of Islamic Cooperation (OIC) has said it rejects US President  Donald Trump 's recently unveiled Middle East plan.

The 57-member body, which held a summit on Monday  to discuss the plan in Saudi Arabia's Jeddah, said in a statement that it "calls on all member states not to engage with this plan or to cooperate with the US administration in implementing it in any form".

Requested by the Palestinian leadership, the meeting of the body came two days after the Arab League rejected Trump's so-called "deal of the century", saying: "It does not meet the minimum rights and aspirations of Palestinian people."

Addressing a pro-Israel audience at the White House with Israeli Prime Minister Benjamin Netanyahu by his side, Trump on Tuesday described his long-delayed plan for resolving the Israeli-Palestinian conflict as a "win-win solution" for both sides.

The US president said his proposed deal would ensure the establishment of a two-state solution, promising Palestinians a state of their own with a new capital in Abu Dis, a suburb just outside Jerusalem. Trump also said Jerusalem would be the "undivided capital" of Israel. The Palestinians want both occupied East Jerusalem and the West Bank to be part of a future state.

Palestinian leaders, who were absent during the announcement and had rejected the proposal even before its release, denounced the plan as "a new Balfour Declaration" that heavily favoured Israel and would deny them a viable independent state.

The OIC said in a statement on Twitter on Sunday that its "open-ended executive committee meeting" at the level of foreign ministers would "discuss the organisation's position after the US administration announced its peace plan".

With member states from four continents, the OIC is the second-largest intergovernmental organisation in the world after the United Nations, with a collective population reaching more than 1.8 billion.

The majority of its member states are Muslim-majority countries, while others have significant Muslim populations, including several African and South American countries. While the 22 members of the Arab League are also part of the OIC, the organisation has several significant non-Arab member states, including Turkey, Iran and Pakistan. It also has five observer members, including Russia and Thailand.

Iran 'barred'

Meanwhile, Iran on Monday accused its regional rival Saudi Arabia of blocking its officials from attending the OIC meeting.

"The government of Saudi Arabia has prevented the participation of the Iranian delegation in the meeting to examine the 'deal of the century' plan at the headquarters of the Organization of Islamic Cooperation," Fars news agency quoted Abbas Mousavi, spokesman for Iran's foreign ministry, as saying.

Mousavi said Iran - one of the countries to strongly condemn Trump's plan - had filed a complaint with the OIC and accused its regional rival of misusing its position as the host for the organisation's headquarters.

There was no immediate comment from Saudi officials.

Following the unveiling of Trump's plan, the Saudi foreign ministry expressed appreciation for Trump's efforts and support for direct peace negotiations under Washington's auspices, while state media reported that King Salman had called Palestinian President Mahmoud Abbas to reassure him of Riyadh's unwavering commitment to the Palestinian cause.

The announcement of Trump's plan drew mixed responses from Arab states.

Observers said the reaction was indicative of the division among Arab countries and their inability to prioritise the Palestinian people's plight over domestic economic agendas and political calculations in relation to the Trump administration.

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Agencies
July 22,2020

Riyadh, Jul 22: Saudi King Salman held a cabinet meeting via video call from hospital in the capital Riyadh on Tuesday, a day after the 84-year-old monarch was admitted with inflammation of the gall bladder.

Three Saudi sources said the king was in stable condition.

A video of the king chairing the meeting was broadcast on Saudi state TV on Tuesday evening. In the video, which has no sound, King Salman can be seen behind a desk, wordlessly reading and leafing through documents.

The king, who has ruled the world’s largest oil exporter and close US ally since 2015, was undergoing medical checks, state media on Monday cited a Royal Court statement as saying.

Three well-connnected Saudi sources who declined to be identified, two of whom were speaking late on Monday and one on Tuesday, said the king was “fine”.

An official in the region, who requested anonymity, said he spoke to one of King Salman’s sons on Monday who seemed “calm” and that there was no sense of panic about the monarch’s health.

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KT
June 15,2020

Dubai, Jul 15: His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, announced the launch of a 'New Media Academy in Dubai on Monday - a new institution that will train people on the science of digital media.

Taking to Twitter, Sheikh Mohammed said that new media is a new science that has its own set of special tools and secrets, and that the future cadres of UAE must be at the forefront of it.

"The academy will prepare new experts and managers in the field of communication in government and private institutions, as well as training professional social media influencers", Sheikh Mohammed tweeted, adding that the new media is providing new job opportunities and careers today, and will always be a main supporter in the journey of development.

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