Saudi Venture Capital invests in Artal Growth Opportunities Fund
SVC is an investment company established in 2018. It is a subsidiary of the SME Bank, part of the National Development Fund. SVC aims to stimulate and sustain financing for startups and SMEs from pre-Seed to pre-IPO through investment in funds and direct investment in startups and SMEs.
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Daily Tribune
5 hours ago
- Daily Tribune
‘Stop production': Small US firms battered by shifting tariffs
TDT | Manama Washington When US President Donald Trump announced tariffs on almost all trading partners in April, Ben Knepler contacted the factory in Cambodia producing his company's outdoor furniture. 'Stop production,' he ordered. The announcement involved a 10-percent levy on imports from most partners, set to rise further for many of them. For Cambodia, the planned duty was a staggering 49 percent. 'That night, we spoke to our factory,' Knepler told AFP. 'We literally cannot afford to bring our own product into the US with that kind of tariff.' The decision was even more painful for Knepler and his Pennsylvania-based company, True Places, given that he had previously shifted production of his outdoor chairs to Cambodia from China, following tariffs on Chinese imports imposed by Trump during his first presidency. 'We were facing 25-percent tariffs in China, and there were zero-percent tariffs in Cambodia,' Knepler recalled. It took him a year to move the massive equipment and molds to Cambodia only to see another steep levy. With Trump's 'reciprocal' tariff hikes taking effect last Thursday, these Cambodia-made chairs face a lower -- though still significant -- 19 percent duty. 'Wheel of misfortune' Knepler's experience echoes that of many US companies producing everything from yo-yos to clothing abroad, after years of offshoring American manufacturing. To cope, businesses use various strategies. Some pass on the new costs as a surcharge to customers. Others halted imports when duties reached prohibitive levels, hoping Trump would strike bilateral trade deals that would make their businesses viable again. Trump frames his tariffs as paid for by other countries, touting tens of billions in revenue this year -- but firms contest this description. 'We make the tariff payments when the product comes into the US,' Knepler stressed. 'Before we sell it, we're the ones who pay that tariff.' Now saddled with hundreds of thousands of dollars in debt he took on to relocate the company's production to Cambodia, Knepler worries if his business will survive. He likens the rapid policy changes to spinning a 'wheel of misfortune,' resulting in a new tariff each time. Over four months this year, the planned tariff rate on Cambodian exports has gone from 0 to 49 percent, to 10 percent, to 36 percent, to 19 percent, he said. 'No one knows what it's going to be tomorrow,' he added. 'It's impossible to have any kind of confidence in what the rate will be in three- or four-months' time.' Economists warn that tariffs could fuel inflation and drag on growth. EY chief economist Gregory Daco noted that the duties effective Thursday raise the average tariff rate to 17.6 percent from 2.8 percent at the start of the year -— the highest level since the early 1930s. While Trump lauds the limited effects his duties have had on US prices so far, experts say tariffs take time to filter through to consumers. Many of Trump's sweeping levies also face legal challenges over his use of emergency economic powers. Price hikes The global tariffs are especially hard to avoid. Barton O'Brien said he accelerated production and borrowed money to bring in as much inventory as possible before Trump took office. On the election campaign trail, the Republican leader had floated a 60-percent tariff on imports from China, where O'Brien makes most of his products. The Maryland-based veteran selling dog harnesses and other accessories rented a container to ship as many products as he could before Trump's new tariffs would take effect. 'I had dog life jackets in the bathroom,' he told AFP.
Daily Tribune
6 hours ago
- Daily Tribune
Google offered $34.5 bn for Chrome
Perplexity AI offered Google $34.5 billion for its popular Chrome web browser, which the internet giant could potentially be forced to sell as part of antitrust proceedings. The whopping sum proposed in a letter of intent by Perplexity is nearly double the value of the startup, which was reportedly $18 billion in a recent funding round. 'This proposal is designed to satisfy an antitrust remedy in highest public interest by placing Chrome with a capable, independent operator focused on continuity, openness, and consumer protection,' Perplexity chief executive Aravind Srinivas said in the letter, a copy of which was seen by AFP. Google is awaiting US District Court Judge Amit Mehta's ruling on what 'remedies' to impose, following a landmark decision last year that said the tech titan maintained an illegal monopoly in online search. US government attorneys have called for Google to divest itself of the Chrome browser, contending that artificial intelligence is poised to ramp up the tech giant's dominance as the goto window into the internet. Google has urged Mehta to reject the divestment, and his decision is expected by the end of the month. Google did not immediately respond to a request for comment. Perplexity's offer vastly undervalues Chrome and 'should not be taken seriously,' Baird Equity Research analysts said in a note to investors. Given that Perplexity already has a browser that competes with Chrome, the San Francisco-based startup could be trying to spark others to bid or 'influence the pending decision' in the antitrust case, Baird analysts theorized. 'Either way, we believe Perplexity would view an independent Chrome -- or one no longer affiliated with Google -- as an advantage as it attempts to take browser share,' Baird analysts told investors.
Syyaha
a day ago
- Syyaha
Forbes Cover Highlights flynas Historic $1.1 IPO, the First Airline Listing in KSA
Forbes Middle East, the leading financial and economic magazine, highlighted the historic Initial Public Offering by flynas, the leading low-cost airline in the world and the best LCC in the Middle East, that raised $1.1 billion in the first-ever airline listing in Saudi its August edition, Forbes published an exclusive interview with Bander Almohanna, CEO and Managing Director of flynas, with his photo leading the magazine cover, about flynas 'flying ahead' on a new route for the low-cost aviation said that flynas made history being the first ever listed carrier in Saudi Arabia to go public after offering 30% of its shares to the public last June, raising $1.1 billion 'in a landmark IPO'. In the exclusive interview, the magazine explored Almohanna's vision and focus on further route expansion and new destinations for Middle East, the Arabic version of the renowned American magazine Forbes, quoted Almohanna as saying that the offering, which was 100% oversubscribed valuing the airline at $3.6 billion, marks 'a significant milestone not only for flynas but also for the Saudi financial market and the broader aviation sector.'The listing coincided with a surge in IPO momentum across the Gulf. Despite global headwinds, the GCC saw 27 deals raising $4.1 billion in the first half of 2025, with flynas topping the list with more than 25% of the total capital raised, Forbes highlighted.'flynas benefited from the Kingdom's resilience, robust growth, and the clarity of Vision 2030,' Almohanna said, highlighting the aviation's key role in the national said that Almohanna has joined flynas since its early stages as the Chief Financial Officer of the group, that was launched in 2007, and played a central role in flynas's evolution. With a background in finance, including a stint at the Saudi Arabian Monetary Agency from 1993 to 2002 in the Banking Supervision Department, transitioning from finance to aviation was a strategic evolution for Almohanna. 'My financial background gave me a solid foundation in understanding the economic dynamics of the airline industry,' Almohanna told Forbes. 'It has allowed me to make informed, data-driven decisions that support long-term operational and financial sustainability – something every CEO should be equibbed to do,' he was promoted to Executive Vice President in 2008 and became managing director and CEO in 2015, leading the flynas Group (flynas, NASJET, and flynas Hajj & Umrah) through rapid quoted Aljoharah Alsmari, VP of Investment Banking at BSF Capital, a lead manager of the IPO, as saying, 'As the only independent low-cost carrier in Saudi Arabia, flynas is internationally recognized for its operational efficiency and rapid growth.'As new entrants to the market emerge and legacy carriers expand, flynas continues to differentiate itself through its regional footprint, aggressive fleet expansion, and strategic focus on high-growth segments, particularly religious tourism, Forbes said. 'Competition is always welcome – it drives innovation,' Almohanna 2018, flynas launched its 'We Connect the World to the Kingdom' strategy, targeting international destinations that had not previously had direct routes to Saudi Arabia, Forbes said. Flynas plans to more than double its current fleet to 160 aircraft by 2030, with its network set to grow from over 70 destinations to 165 and more than 300 routes, Forbes for MENA's aviation sector, Almohanna sees a strong potential. 'Saudi Arabia, in particular, has all the right ingredients to become an aviation powerhouse,' he stressed. flynas, the leading low-cost airline in the world and the best LCC in the Middle East, and the first airline listed on the Saudi Exchange (Tadawul) operates 139 routes to more than 70 domestic and international destinations in 30 countries with more than 2000 weekly flights and has flown more than 80 million passengers since its launch in 2007, with the aim to reach 165 domestic and international destinations within its growth and expansion plan, and in line with the objectives of Vision 2030.
