Hosting the conversation

Middle East Experience

Latest News

Lebanon in danger of complete blackout within one week: State electricity company

Lebanon’s state electricity company said on Thursday it risked a total blackout across the country by end-September as its fuel oil reserves dwindle.For the latest headlines, follow our Google News channel online or via the app.Lebanon, in the throes of one of the worst economic meltdowns of modern history, has been plagued by worsening fuel shortages for the past few months with most Lebanese relying on private generators for power.The company can generate less than 500 megawatts from fuel oil it secured through a deal with Iraq, it said in a statement.It said its reserves of both Grade A and Grade B fuel oil had reached a critical point and had run out already for some plants that have now stopped production.“The network already experienced total blackouts across the country seven times and if this continues there is a high risk of reaching total and complete blackout by end September,” the statement said.Iraq signed an agreement in July allowing the cash-strapped Lebanese government to pay for 1 million tons of heavy fuel oil a year in goods and services.The heavy fuel oil is not suitable for use in Lebanon, but it is exchanged in tenders for a suitable grade.Read more:Power cut delays parliament voting session on new Lebanon cabinetFrance’s Macron to host Lebanese PM Mikati on Sept. 24: ElyseeEU urges reforms after Lebanon government confirmed
Source: Al Arabiya
Full Article: Lebanon in danger of complete blackout within one week: State electricity company

LinkedIn top startups 2021: The 10 Saudi companies on the rise

Saudi Arabia is the fastest growing ecosystem in the region and homegrown startups have been increasingly attracting capital, with funding reaching a record high in 2020, according to Magnitt.The government, as it looks to diversity its economy under progressive Vision 2030 plans, has been one of the main enablers of the ecosystem, activating legal frameworks or sandbox environments in key sectors like fintech.For all the latest headlines follow our Google News channel online or via the app.Those efforts have managed to attract international investors to Saudi businesses, with Softbank recently making its first investment in the Kingdom, while the flourishing startup scene is encouraging many Saudi professionals to branching out and become business founders.LinkedIn has now compiled its list of what it ranks as the top ten startups in the country, analyzing employee growth; jobseeker interest; member engagement with the company and its employees.1. SaryWhat you should know: Headquartered in Riyadh with 300 employers, Sary is a startup that connects micro and small businesses (mainly grocery stores and food and beverage businesses) with wholesalers and FMCGs. It raised $30.5 million Series B led by VentureSouq.2. TamaraWhat you should know: Headquartered in Riyadh with 95 employees, Tamara is a payments firm with operations in Saudi and the UAE. It offers buy-now-pay later services and allows customers to split payments into installments.3. Jahez International CompanyWhat you should know: The food delivery company is headquartered in Riyadh with more than 160 employees. It has expanded into cloud kitchens through the acquisition of CoKitchens. It is considering listing its shares on the Saudi Exchange’s Nomu.4. The ChefzWhat you should know: The Chefz provides food delivery services focused on high-end restaurants. In 2020, it received seed funding from Saudi’s Vision Ventures with the participation of Impact 46.5. SalasaWhat you should know: Salasa offers pick-up, packing, and shipping services to e-commerce companies. It raised $8.6 million from a group of investors in 2020, including AlSulaiman Group, Saudi Venture Capital Company (SVC) and 500 Startups.6. ZidWhat you should know: Zid helps merchants build their own online platforms and connects them with the supply chain and third-party logistics companies. The startup has raised $7 million in a Series A round led by Global Ventures in 2021.7. NejreeWhat you should know: The e-commerce platform is known for its ‘try now-buy later’ services, allowing customers to try products in their homes before committing to a purchase. The startup raised $15 million in a Series A funding round led by Impact46’.8. ShgardiWhat you should know: Last year, the on-demand delivery services startup, headquartered in Khobar, received an undisclosed seven-figure USD funding by Mad’a, a private equity firm with investments like Babysouk and HyperPay. The company contracts 300,000 drivers in its network.9. HalaWhat you should know: Hala provides digital payment services focused on SMEs. Earlier this year the company raised $6.5 million in a Series A round led by Impact46. It’s also one of the first Saudi fintech companies to receive a full SAMA license.10. Shift inc.What you should know: Headquartered in Jeddah with more than a 170 staff. Shift inc. provides personalized leasing and automated car rental solutions and long-term contracts in the Kingdom.Read more:Saudi-based spare auto parts startup raises $1.8 million in fundingSaudi fashion startups offered $15,000 as part of business development programSaudi agritech startup Red Sea Farms raises $10 mln to fund expansion
Source: Al Arabiya
Full Article: LinkedIn top startups 2021: The 10 Saudi companies on the rise

Erdogan says US-Turkey ties are not healthy, need to sort out defense contracts

Turkey’s President Recep Tayyip Erdogan said on Thursday his country’s ties with the US were “not healthy” and Washington needed to “sort out” its issues over Ankara’s purchase of the Russian S-400 air defense systems, according to Turkish broadcaster Haberturk.Erdogan said he worked well with former US Presidents George Bush, Barack Obama and Donald Trump, but noted: “I cannot say that we started well with [Joe] Biden.”For the latest headlines, follow our Google News channel online or via the app.The Turkish President stressed that Turkey would buy whatever it needs for defense purposes from which country it can: “Turkey will take whatever it takes to defend itself.”Ties between the US and Turkey soured earlier this year when Washington sanctioned Ankara for its purchase of the Russian S-400 and expelled Ankara from the F-35 fighter jet program where it was a buyer and a manufacturer. Tensions between the two NATO countries also heightened over Biden's criticism of Ankara's human rights record and US support for Syrian Kurdish fighters, Turkey labels as terrorists.Erdogan said the “current trajectory” of the two NATO countries does not “bode well.”Read more:More sanctions on Turkey if they purchase new arms from Russia: Senior US diplomatErdogan says US-Turkey problems can be solved after meeting BidenUS pushing ahead, kicking Turkey out of F-35 program over Russian S-400s: Pentagon
Source: Al Arabiya
Full Article: Erdogan says US-Turkey ties are not healthy, need to sort out defense contracts