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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Agencies
July 26,2020

Jeddah, Jul 26: The city of Makkah is opening its arms again to welcome pilgrims for the annual Hajj — although only a handful compared with previous years.

Because of the COVID-19 pandemic, this year’s event is limited to about 1,000 pilgrims, all from inside Saudi Arabia, about 700 of whom are expatriates.

Abdullah Al-Kathiri, an Emirati and a recovered COVID-19 patient, postponed his pilgrimage last year because it coincided with his wedding plans. “I’ve heard from many who’ve performed the pilgrimage in past years that it was always a smooth process, even with the massive numbers,” he said. “So you could imagine how it would be with the limited number of pilgrims this year. Surely it will be a great experience.”

Khadija, a Bulgarian expatriate, was overcome with tears when she heard she would be performing Hajj this year. “I didn’t expect they’d accept,” she said. “I’m sure this year’s Hajj will be an exceptional one in all respects.”

Dr. Haifa Yousef Hamdoon, a Tunisian physician in Qassim, is another who did not expect to be accepted because of the low numbers this year. “When I received confirmation of my request, I was overjoyed and couldn’t believe it,” she said.

Mu’taz Mohamed, a Sudanese pilgrim who also lives in Qassim region, praised the preventive and precautionary health measures taken in order to ensure his safety and that of other pilgrims, to enable them to perform the rituals safely.

After completing their arrival procedures, the pilgrims were taken to their accommodation in Makkah, supervised by the Ministry of Hajj and Umrah. They will stay there for four days before beginning their pilgrimage on July 30.

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Agencies
July 22,2020

Dubai, Jul 22: Saudi Arabia's Minister of Haj and Umrah, Dr Muhammad Saleh Benten, has inspected the facilities and arrangement made for the Haj pilgrims in Makkah and the holy sites.

Speaking to the Saudi Press Agency after the tour, the minister said that the Saudi government has worked out unprecedented plans for the running of this year's Haj, enabling pilgrims to perform their rituals in ease and comfort.
 
This year's Haj, which has been scaled back dramatically to include only around 1,000 Muslim pilgrims as Saudi Arabia battles a coronavirus surge, will begin on July 29, authorities said Monday.

"The comprehensive, foolproof plans will be implemented by the security, health and service agencies. The plans include the provision of the best health services, and the most appropriate crowd control, strictly in line with the precautionary measures and preventive protocols, formulated by the Ministry of Health to ensure full safety of pilgrims from the coronavirus pandemic," Dr Benten said.

According to the Saudi Gazette, Benten emphasised the eagerness of the government of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz of Saudi Arabia and Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud to implement the Haj operation by following the highest health standards and precautionary measures in order to ensure the safety of the pilgrims.

Earlier, the minister inspected the arrangements and facilities for the reception and accommodation of pilgrims at Four Point Hotel in Makkah.

He was briefed by ministry officials with regard to receiving and accommodating pilgrims during the period from 4 to 8 of Dhul Hijjah before leaving for Mina.

Benten also visited the tents in Arafat and the facilities in Muzdalifah.

After that, his inspection tour visited the tent city of Mina, where he viewed one of the towers designated for the housing of pilgrims. 

According to the Saudi Gazette, he was impressed with the services and facilities being arranged for the accommodation and serving of food for the pilgrims.

To complete his visit, the minister watched a visual presentation of the mechanism for providing logistical services for the pilgrims during their travel from accommodation to Jamarat to undertake the stoning ritual.

Meanwhile, Maj. Gen. Mohammed Bin Wasl Al Ahmadi, assistant commander of the Haj security forces for the Grand Mosque and its premises, said on Tuesday that the security plan for this year's pilgrimage prioritises on organisational, security, humanitarian and health aspects.

He said the Haj security forces have installed entry and exit mechanisms from the Grand Mosque during Haj, with passages for pilgrims extending from the southern and western premises of venue as well as special passages around the circumambulation and Saey areas.

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News Network
May 19,2020

Dubai, May 19: In a heart-warming decision to reunite families that have been split by anti-Covid travel restrictions, the UAE has announced that residents with valid visas stranded outside the country can return from June 1.

The Ministry of Foreign Affairs and International Cooperation and the Federal Authority for Identity and Citizenship said they will begin the process on Monday, June 1, by allowing the return of those residency holders currently stranded outside the country who have relatives in the UAE. Residents who meet this criteria must apply for a Resident Entry Permit on smartservices.ica.gov.ae.

The ministry and the authority said the decision was taken to reunite families that have been affected by the anti-coronavirus measures taken due to the exceptional circumstances.

"The UAE is keen to facilitate the procedures for holders of UAE residency visas who are stuck outside the country and reunite them with their families who were affected by the precautionary measures taken by the country in light of the current exceptional circumstances to combat Covid-19," the federal authorities were quoted by state news agency Wam.

Hundreds of UAE residents are currently stuck abroad and are separated from their families due to the unexpected freeze on air travel imposed by many countries as precautionary measures to curb the spread of coronavirus.

The #BringBackUAEresidents hashtag was trending on Twitter on Monday as several residents and families requested the government to expedite their return to the UAE.

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