Latest news with #Kuwait
Yahoo
2 hours ago
- Business
- Yahoo
Foodtech start-up Calo secures $39m in Series B extension
Saudi Arabia-based foodtech start-up Calo has secured $39m in a Series B extension round, aimed at supporting its worldwide expansion and AI-powered personalisation capabilities. The round was headed by AlJazira Capital and brings the company's total Series B investment to $64m. This was preceded by an initial $25m tranche in December 2024. The extension round saw the return of current investors such as Nuwa Capital, who led the initial tranche, along with Khwarizmi Ventures, STV and Al Faisaliah Group. Newcomer Oraseya Capital also participated in the round. Calo noted that investor interest led to the round being 'oversubscribed', surpassing the initial $50m target. It is aimed at broadening the product portfolio and integrating recently acquired UK businesses. Described as a direct-to-consumer foodtech business, Calo offers a personalised meal subscription service. The company acquired UK-based meal subscription brands Fresh Fitness Food and Detox Kitchen in the first half of 2025 and has now integrated them into its platform. In the same period, Calo recorded 50% year-on-year growth, propelled by performance in markets such as Saudi Arabia, Kuwait and the United Arab Emirates. The company has focused on localising operations by appointing general managers in each market. Caroline Hazlehurst was appointed by Calo as chief operating officer, and John Noja as chief of staff, bringing his experience from Talabat's quick commerce unit. Calo currently has operations in more than ten physical regions across the Gulf Cooperation Council area, alongside hospital-based outlets, and plans to continue opening new sites every quarter. Calo's offerings include 'macro personalisation' tailored for athletes, 'premium Chef's Picks' meals, and an expanded range of 'clean-eating' options. The company is also transitioning into on-demand delivery and preparing to introduce its own line of 'healthy' consumer packaged goods (CPG) products. It is also trialling Calo Black, a private chef experience powered by AI. This service utilises large language models to understand the preferences of customers through natural conversation and create customised menus daily. Calo CEO and co-founder was quoted by Zawya: 'We are humbled by the tremendous interest we've seen from both existing and new investors to double down on Calo. 'Being vertically integrated with the mission of 'Making Healthy Easy' gives us an edge to develop and scale world-class experiences not just regionally, but also globally.' Calo is on a trajectory for a planned initial public offering in Saudi Arabia. "Foodtech start-up Calo secures $39m in Series B extension" was originally created and published by Verdict Food Service, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Wamda
2 hours ago
- Business
- Wamda
Kamco Invest acquires a stake in Foodics
Saudi Arabia-based foodtech Foodics has raised an undisclosed investment from Kuwait's Kamco Invest for an unspecified stake. Founded in 2014 by Ahmad AlZaini and Mosab Al-Othmani, FOODICS offers a point of sale (POS) and restaurant management platform and payment that caters to F&B establishments, from traditional dine-in restaurants and food trucks to cloud kitchens. Since its founding, the company has processed over five billion orders through its platform. The investment follows Foodics' $170 million Series C round led by Prosus and Sanabil in 2022. Foodics is expected to go public on Tadawul within 2–3 years. Press release: Kamco Invest, a leading regional non-banking financial powerhouse, has announced that its private equity division has acquired a stake in Foodics, one of the MENA region's fastest-growing cloud-based restaurant technology and payments platforms. Founded in 2014, Foodics currently supports over 33,000 restaurants, enabling an annual gross merchandise value (GMV) exceeding $10 billion in 2024. The platform provides restaurant operators with an integrated solution for managing orders, operations, finances, and access to capital—all from a single interface. This investment, which closed in Q4 2024, complements Kamco Invest's broader strategy to provide its clients with exposure to high-growth, tech-enabled businesses in the MENA region—especially those targeting IPOs in local markets. With a strong market position in Saudi Arabia, Foodics is poised for a public listing on Tadawul within 2–3 years. The company's latest funding round of $170 million was led by Prosus and Sanabil Investments (a PIF-owned fund), with participation from Sequoia Capital India, STV, Raed Ventures, Endeavor Catalyst, and others. Dalal J. Al Shaya, Director of Private Equity at Kamco Invest, commented, "We are proud to back a regional tech champion like Foodics. Its scale, innovation, and strong investor base signal an exciting growth trajectory. This investment aligns with Kamco Invest's commitment to enabling long-term value creation and expanding our tech investment footprint in the Gulf region.'
The Independent
2 hours ago
- Business
- The Independent
Why the environmental impacts of a boom in desalination are too big to ignore
As climate change makes rains more temperamental, and groundwater levels decline, the global water desalination industry is set for a boom period. Between 2025 and 2029, global desalination capacity is set to soar by one-quarter, shows data from Global Water Intelligence, while the value of the global desalination industry is set to increase from $15 billion in 2024 to $20bn in 2027. The projected 2029 global desalination capacity of 150 million cubic metres per day would be enough to meet current UK water demand several-times over. With some two billion people globally already lacking safe drinking water, and two-thirds of the world's population experiencing water shortages for at least one month per year, there are opportunities for desalination the world over. But it is in the nations of the Middle East and North Africa (MENA) - and in particular wealthy Gulf nations - where the technology has truly been embraced. MENA is the driest region of the world, containing 16 of the world's 25 most water-stressed nations. It was in water-scarce Kuwait, which has no rivers and once was forced to ship freshwater in from its neighbour Iraq, that the first desalination plant was built in the region in 1951. Data shows that Saudi Arabia, Morocco, Egypt, and Kuwait are set to see the biggest growth in desalination capacity over the next five years. Saudi Arabia alone has plans in place to invest some $80bn in new projects, and the Kingdom consumes around 300,000 barrels of oil per day to power its desalination plants. MENA already accounts for around 70 per cent of global desalination capacity, and the region's largest plants are able to produce enough water to supply more than 1m people. Jordan is planning a project so large on the Gulf of Aqaba that it is set to supply enough water to meet the needs of a city of 2.5m people. Experts are increasingly warning, however, that the environmental costs of this booming technology are too big to ignore. The process of desalination produces highly concentrated brine as a waste product, and its disposal back into the sea in large volumes can have a devastating impact on marine ecosystems. Reports suggest that waste water can be highly toxic, while areas where the water is discharged can become marine 'dead zones'. Christopher Gasson, from Global Water Intelligence, believes that these particular concerns have been overblown. 'The brine desalination plants produce is just concentrated seawater - it might not be nice for fish next to an outfall, but that's not dissimilar to the way that it is not nice for birds to fly through the plume of a power station cooling tower,' he says. 'With the right design the brine can be managed to minimse its impact on marine life.' The other key environmental concern is the high energy demand of desalination plants. Desalination is already responsible for 0.4 per cent of the world's electricity consumption, but that figure becomes much higher in certain countries, such as the 10 per cent of grid electricity that desalination plants consume in Israel. If the process is to become compatible with a net-zero future, it must be powered by renewables. But with most desalination plants lying in countries that have grown rich from oil and gas, some 95 per cent of energy currently powering desalination comes from fossil fuels, according to the International Energy Agency. In 2030, the energy required for desalination in MENA is set to be equivalent to around 80 billion cubic metres per year: A figure double the current gas production from UK North Sea gas fields. The industry is working hard to improve the energy efficiency of plants, with new membrane technology in reverse osmosis now four or five-times more energy efficient than traditional thermal distillation methods of desalination. Gulf nations have also made big promises to decarbonise their energy systems with solar electricity - though for now they remain highly reliant on the fossil fuels that they hold in abundance. Qatar, Saudi Arabia, Kuwait, and UAE used fossil fuels to generate 100 per cent, 99 per cent, 98 per cent, and 72 per cent of their electricity respectively in 2023 - compared to 33 per cent in the UK. The high energy demand and associated costs means that desalination remains largely the preserve of rich countries: Something that is a problem when the majority of the world's most water-scarce, climate vulnerable nations are low income countries in Sub-Saharan Africa or small island states. But if energy efficiency continues to rapidly improve, then it holds the possibility of becoming a solution for far more countries. Indeed, Ghana, South Africa, and Namibia have already built their first plants, while this month Senegal confirmed plans to built its own first desalination facility.
Bloomberg
3 hours ago
- Business
- Bloomberg
Oil & Gas Firm Action Energy Is Said to Eye Rare IPO in Kuwait
Action Energy Co. is planning an initial public offering in Kuwait, potentially setting up the first energy listing in the Gulf state since 2008, according to people familiar with the matter. National Investments Co. and EFG Hermes are advising on the transaction that could come as early as this year, according to the people, who asked not to be named discussing private information. The firm could start initial investor meetings as soon as September, the people said.
Zawya
4 hours ago
- Business
- Zawya
Kuwait's Ministry of Finance charts course for fiscal innovation and sustainable growth
Kuwait City: The Ministry of Finance's efforts to advance fiscal resilience, financial sector development and investor engagement under Kuwait Vision 2035 were the focus of a recent high-level meeting between Noora Al Fassam, Minister of Finance and Minister of State for Economic Affairs and Investment, and senior representatives from Oxford Business Group (OBG), including Andrew Jeffreys, the Group's Chief Executive Officer, and Cristina Mirica, Country Director for Kuwait. The meeting provided an opportunity to discuss the Ministry's evolving mandate, with particular attention given to the implementation of the new Public Debt Law. The legislation establishes a KD 30 billion ceiling on sovereign borrowing across local and international markets, enhancing the capacity of the Central Bank of Kuwait and the Kuwait Investment Authority to manage debt sustainably. Discussions also highlighted the Ministry's progress in modernising Kuwait's mortgage framework to stimulate private sector lending and expand access to housing finance. Broader reforms in public financial management and fiscal governance were addressed as part of the Ministry's commitment to building a resilient and transparent economic environment. The Minister also underlined the importance of clear communication with stakeholders as reforms progress. 'By implementing robust public debt legislation and modernising the mortgage regime, we are taking decisive steps to strengthen fiscal resilience and support sustainable growth,' she said. 'It is essential that we convey these developments transparently to global investors and partners.' Andrew Jeffreys, CEO of Oxford Business Group, welcomed the dialogue and the opportunity to support the Ministry's objectives. 'Our discussion with Her Excellency and her team provided valuable insight into Kuwait's fiscal reform agenda,' he said. 'We look forward to exploring ways to help articulate the Ministry's progress and vision to the international business community.' The engagement forms part of OBG's research for The Report: Kuwait 2025, which will include in-depth analysis of Kuwait's economic trajectory, covering fiscal governance, debt management frameworks, financial sector innovation and public-private partnerships. About Oxford Business Group Oxford Business Group (OBG) is a global research and advisory company with a presence in over 30 countries, spanning Africa, the Middle East, Asia, and the Americas. It is recognised internationally as a distinctive and respected provider of on-the-ground intelligence on world's fastest-growing markets, termed The Yellow Slice, in reference to OBG's corporate colour. Through its range of products – Economic News and Views; OBG CEO Surveys; OBG Events and Conferences; Global Platform, which hosts exclusive video interviews; and The Report publications – as well as its Advisory division, OBG offers comprehensive and accurate analysis of macroeconomic and sector-level developments for sound investment opportunities and business decisions. OBG provides business intelligence to its subscribers through multiple platforms, including its direct subscribers, Dow Jones Factiva subscribers, the Bloomberg Professional Services subscribers, Refinitiv's (previously Thomson Reuters) Eikon subscribers, and more. For more information, please contact: Marc-André de Blois Director of PR and Video Content, Oxford Business Group E-mail: mdeblois@ 802 Publishing Pavilion, Production City PO Box 502 659 Me'aisem First Dubai UAE 6th Floor 105 Victoria Street London SW1E 6DT Register to receive our Economic Updates:
