Bus hailing startup SWVL expands its operations to Saudi Arabia

EGYPT – SWVL, an Egyptian bus-hailing startup, has launched its operations in Riyadh, Saudi Arabia, its fourth market since it was founded in 2017. The startup is already present in Kenya, Pakistan as well as Egypt. In Riyadh, Saudi Arabia’s capital and main financial hub with a population of close to 8 million, Swvl will join forces with other competitors including Uber, Careem, My Taxi, Jahz and Taxi Watani, among others. In 2018, the Saudi Arabia’s Public Transport Authority (PTA) said there were 20 ride-hailing applications already licensed to run…

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Bank of Alexandria secures US$6M from Saudi Arabia to finance digital transformation

EGYPT – Saudi Arabia, through its Saudi Grant Management Committee, has given Bank of Alexandria, one of Egypt’s largest banks, a US$6.4 million grant to finance digital transformation and encourage local crafts programs in the country. Egypt’s Minister of International Cooperation, Rania Al-Mashat, said that the Saudi Grant Management Committee funding for the Bank of Alexandria will strengthen financing mechanisms to support small, medium and micro enterprises, and create job opportunities. The Saudi Arabia Grant Committee has funded 2,180 projects so far in 27 governorates, creating about 12,000 jobs. Al-Mashat…

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Saudi Arabia declares oil war after OPEC+ fail to agree on oil cuts

SAUDI ARABIA – Saudi Arabia has said that it will ramp up its output to above 10 million barrels per day (bpd) and further slash the cost of its own crude oil in April. The decision was made after a meeting of OPEC+ failed to agree on further oil cuts. A report by Reuters described the decision by Saudi Arabia as a detonation of a metaphorical nuclear weapon in the global oil market. The OSP for Saudi Aramco’s benchmark Arab Light grade was cut by $6 a barrel for Asian…

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