Riyadh-based foodtech startup Calo has raised $25m in a Series B funding round led by Nuwa Capital alongside STV, Khwarizmi Ventures, and regional family offices. The oversubscription caused Calo to extend the round to $50m, with a further $25m raise planned for Q1 2025.
South Korean hospitality technology leader ONDA is expanding into the Middle East through a joint venture with UAE-based Seed Group. This move will leverage Seed Group’s regional networks to help establish ONDA’s presence in the growing MENA hospitality market.
UAE real estate developer Reportage Group has announced sales of $1.5bn, a growth of 50% compared to 2023. The company’s portfolio spans 50 projects including 312 townhouse units in Abu Dhabi’s Reportage Village, Verdana’s new phase in Dubai, and the Najd project in Saudi Arabia.
Dubai South Properties has successfully completed the first phase of its Pulse Beachfront luxury development. It includes 251 units with a mix of three- to five-bedroom villas and is located in the Dubai South Residential District which is home to over 25,000 residents.
Apple’s integration of OpenAI’s ChatGPT into its operating systems earlier this year has sparked optimism at Microsoft. CEO Satya Nadella views the partnership as a significant victory for Microsoft which is both an investor (49% ownership) and commercial partner of OpenAI.
Saudi Arabia has been recognised for its leadership in addressing labour market challenges and advancing workforce development, according to a recent report from the Global Labor Market Conference (GLMC).
The UAE-based conglomerate Elite Group Holding has signed an agreement to establish a $27m integrated facility at Dubai Industrial City, a leading manufacturing and logistics hub.
Dubai’s Roads and Transport Authority (RTA) has awarded a $5.6bncontract for the development of the Dubai Metro Blue Line to a Turkish and Chinese consortium.
The Abu Dhabi Investment Office (ADIO) has partnered with the Export-Import Bank of the United States (EXIM) to strengthen economic ties and promote trade between the UAE and the US.
The Oman Investment Authority (OIA) has acquired a stake in Elon Musk’s xAI, marking a significant step by the sultanate’s sovereign wealth fund to strengthen its position in the rapidly growing AI sector.
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