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News on Medial
Middle East Push: Now, Nykaa Incorporates New Subsidiary In Saudi Arabia
Inc42
·
10m ago
Medial
Nykaa has established a subsidiary called Nysaa Trading LLC in Saudi Arabia. This move is part of their strategy to expand their market globally. Nysaa Trading will focus on selling women's cosmetics, beauty and hair care products, toiletries, perfumes, and beauty soaps in both domestic and international markets. Nykaa also recently opened its first physical store under the Nysaa brand in Dubai to enter the international market.
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LTIMindtree expands in Saudi Arabia, employee count increases in Middle East
Economic Times
·
1y ago
Medial
Indian IT company LTIMindtree has opened its regional headquarters in Riyadh, Saudi Arabia, as part of its expansion plan in the Middle East. This follows its acquisition of a 51% stake in a joint venture with Global Digital Integrated Solutions Company, a subsidiary of Saudi Aramco, to offer IT services in the MENA region. LTIMindtree's employee count in the Middle East increased from 293 to 367 in FY24, and the opening of the new office will enable the company to support and direct its operations in the region.
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How Middle East sovereign funds are cementing their global dominance
VCCircle
·
1y ago
Medial
In 2023, sovereign wealth funds from Middle Eastern countries, including Saudi Arabia, increased their investments globally, surpassing state-backed investors from Singapore and Canada. The Public Investment Fund (PIF) of Saudi Arabia led the way in deploying capital. This trend showcases the growing dominance of Middle East sovereign funds and their role in global investments.
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FirstCry to focus on profitability, cash flow; will invest in Middle East biz to raise Ebitda
Economic Times
·
1y ago
Medial
Indian children's wear retailer FirstCry, operated by Brainbees Solutions, is prioritizing profitability and cash flow management following its IPO. The company plans to focus its investments on its international business in the Middle East, particularly in Saudi Arabia, to create an impact on its operating earnings. FirstCry aims to tap into the significant growth potential of the childcare sector in the UAE and Saudi Arabia, driven by higher birth rates compared to other countries. The company's IPO proceeds will be used for international expansion, including the establishment of new stores and warehouses in Saudi Arabia.
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Elon Musk invited to Saudi-US investment forum in Riyadh, planning note says
Economic Times
·
2m ago
Medial
Elon Musk is invited to a Saudi-US investment forum in Riyadh alongside CEOs from major companies, coinciding with US President Donald Trump's Middle East visit. The forum promises significant economic announcements. Previously, Trump urged Saudi Arabia to invest heavily in the US economy, including military acquisitions, with a forthcoming US arms package for Saudi Arabia exceeding $100 billion. Musk's relations with Saudi Arabia have improved after Tesla's recent launch in the kingdom, resolving past tensions.
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SVC-backed MEVP doubles down on commitment to Saudi Arabia
VCCircle
·
6m ago
Medial
Middle East Venture Partners (MEVP), a Dubai-based venture capital firm, is strengthening its focus on Saudi Arabia by including Saudi limited partners in its fourth fund, which targets $150 million. MEVP, known for supporting early and growth-stage tech startups in the Middle East, is deepening its involvement in the Saudi market as it seeks to leverage regional potential. This strategic move aligns with broader goals to expand investment in technology within the region.
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BlackRock to launch PIF-backed Saudi investment platform
VCCircle
·
1y ago
Medial
BlackRock, the world's largest asset manager, announced plans to launch a new investment platform in Saudi Arabia. The platform will be backed by up to $5 billion from the Saudi sovereign wealth fund, the Public Investment Fund (PIF). The goal of the platform is to accelerate the growth of Saudi Arabia's capital markets, with a focus on raising additional funds both locally and internationally. BlackRock's platform will primarily target Saudi Arabia but will also span investments across the Middle East and North Africa. This move highlights Saudi Arabia's increasing attractiveness for international investment.
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US tech firms Nvidia, AMD secure AI deals as Trump tours Gulf states
VCCircle
·
2m ago
Medial
U.S. tech companies Nvidia, AMD, and Qualcomm announced significant AI deals in the Middle East during President Trump's Gulf tour, securing $600 billion in commitments to U.S. firms from Saudi Arabia. Nvidia will supply AI chips to Saudi AI startup Humain, launched by Saudi Arabia's sovereign wealth fund, while AMD has a $10 billion collaboration with Humain. Saudi Arabia aims to become an AI hub, diversifying its oil-reliant economy.
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In Charts: How Middle East sovereign funds are cementing their global dominance
VCCircle
·
1y ago
Medial
Sovereign wealth funds from the Middle East, particularly Saudi Arabia, have increased their investments globally, outpacing state-backed investors from other countries like Singapore and Canada. The Middle Eastern funds, particularly Saudi Arabia's Public Investment Fund, have emerged as key players in global deal-making. They have significantly increased their capital deployment in 2023, cementing their dominance in the global investment landscape.
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Titan to acquire 67% stake in Gulf retailer Damas Jewellery for $283 million
Economic Times
·
18d ago
Medial
Titan Company Ltd, through its subsidiary Titan Holdings International FZCO, is purchasing a 67% stake in Damas LLC from Mannai Corporation for $283 million. This acquisition marks Titan's entry into the GCC region, expanding its presence in the UAE, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain. The deal is part of Titan's strategy to strengthen its jewelry business globally, leveraging Damas' established brand in the Middle East. Completion is subject to regulatory approvals.
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International business steers FirstCry’s growth ahead of IPO
The Arc Web
·
1y ago
Medial
Pune-based retailer FirstCry is expanding in the Middle East to drive growth and improve profit margins. The company distinguishes itself with physical stores, consumer brands under subsidiary GlobalBees, and a focus on international markets. Revenues reached INR 5,632 crore in FY2023, with contributions from UAE, Saudi Arabia, and GlobalBees. However, investments in these ventures resulted in losses of INR 486 crore in FY2023. FirstCry aims to secure $218 million through its IPO to further expand its retail presence and pursue acquisitions.
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