Latest news with #SaudiArabia-based
The Hindu
2 days ago
- Business
- The Hindu
Saudi Aramco likely to have 20% stake in BPCL's Ramayapatnam refinery
The BPCL's greenfield refinery-cum-petrochemical complex (RcPC) at Ramayapatnam in Nellore district is likely to have Aramco, the Saudi Arabia-based energy and chemicals behemoth, as a partner with 20% stake. Talks for it are under way between the governments of India and Saudi Arabia, which, according to highly-placed State government sources, are working out the terms and conditions of an agreement. It is poised to be ready by the year-end. The RcPC will be close to the Ramayapatnam seaport, which is in advanced stages of construction, for the sake of synergy and is being taken up in pursuance of the fledgeling trade between India and Saudi Arabia. It is one of the multiple projects in which Saudi Arabia is investing in India to the tune of about $100 billion. Through the Government of India, the BPCL is said to be negotiating with Aramco for a long-term crude oil supply agreement for the RcPC at Ramayapatnam. The BPCL RcPC is intended to meet India's burgeoning energy demand, and the State government has agreed to provide 6,000 acres. Being a massive project with a refining capacity of nine Million Metric Tons Per Annum (MMTPA) and entailing a capital expenditure of nearly ₹1 lakh crore, the RcPC is expected to take at least four years for commissioning once the requisite approvals are given. The BPCL had sanctioned ₹6,100 crore for pre-project activities, which include various initial studies, identification of land and its acquisition, preparation of detailed feasibility report, environmental impact assessment, basic design engineering package and front-end engineering design. The State government had offered three sites for the project, namely Machilipatnam, Ramayapatnam and Mulapeta in Srikakulam district and the BPCL zeroed in on Ramayapatnam due to its relatively superior logistics and multimodal connectivity. Depending on the market dynamics, the oil PSU may expand the capacity of the Ramayapatnam RcPC to 12 MMTPA.
Economic Times
4 days ago
- Business
- Economic Times
Indian VCs, startups heading out to ride UAE's big tech wave
Indian venture capital firms and startups are increasingly tapping into the Middle East for investments and business opportunities, as the region looks to expand beyond traditional oil business amid the technology shift the world is witnessing, multiple people told ET. Stellaris Venture Partners and Blume Ventures have raised funds from the Middle East, while VC firms like Ideaspring Capital and Java Capital are exploring the region for potential investment opportunities. An Indian early-stage venture fund, 100Unicorns, made its first international expansion to Abu Dhabi in December 2024 after a $200 million fund raise. Cricketer Shikhar Dawan's VC arm Yashaa Global Capital is set up in Abu Dhabi and is looking to raise $75 million. Startups are also exploring the Middle East as a region for expansion and funding. Companies that have moved to the region include Nykaa, which has subsidiaries in the UAE, and fintech startup InCred that acquired Dubai-based Arrow Capital, according to reports. As per data from Venture Intelligence, Indian startups received $200 million in funding from middle-eastern investors in Ventures partner Ashish Fafadia said apart from becoming investors in funds, UAE investors are looking to make direct investments in VC firm's portfolio companies as well. Middle East advantageMore family offices, wealthy individuals and sovereign funds from the region are looking to expand beyond traditional businesses like oil and natural resources, offering opportunities for Indian fund houses and startups, said Sanjay Nath, co-founder and managing partner at Blume Ventures.'This is being driven by increasing awareness and interest in startups, as they seek to take part in the technology shift the industry is witnessing,' he is a trend of family offices in the UK and Switzerland wanting to move to Dubai, which might help ease capital raising from the region, said Naganand Doraswamy, managing partner, Ideaspring Shankar, cofounder and partner at Java Capital, said: 'We are seeing growing interest from the region and are currently in conversations with several HNIs and family offices in Dubai and Abu Dhabi for potential investment opportunities.'Gaming and digital entertainment company JetSynthesys is witnessing a huge opportunity in engaging with the youth in the Middle East, especially Saudi Arabia, which is a large consumption market in the areas of eSports and video gaming, CEO Rajan Navani said. The Middle East is a fast-growing high revenue market and a base for global operations as more overseas businesses set up in Dubai and Abu Dhabi, where Indian companies can work with them together, he said. In October last year, Jetapult, a gaming investment startup backed by JetSynthesys and VC firms Accel and Fireside Ventures, invested $4.5 million in Saudi Arabia-based game developer UMX Studio. "Since the pandemic, the world has started to converge in the UAE and because of the trade free zones, which are governed by global laws, lots of international companies have moved there. We are also setting up a base in Abu Dhabi," Navani said. Attracting startups By creating institutions such as the Dubai International Finance Centre and incentives such as golden visa, an easy tax regime and massive AI infrastructure, the region is attracting Indian startups working in deeptech, financial services and AI/crypto. According to an earlier ET report, Indian startups account for about 30% of Dubai's tech startup community. 'Despite being a smaller market they have more access to compute than India on a per capita basis, because essentially it is a function of money,' said a Gurugram-based AI investor. 'If I can commit to you that I am going to have these many GPUs, and you are a compute-heavy company, you are more likely to be based in Dubai than in any part of India or even other regions for that matter,' he is trying to attract entrepreneurs by offering golden visas, which allows the entrepreneur and his or her family to move into the UAE, said Ashitha Bhagwan, managing partner at Inventus Law Technology law firm has worked with several startups that wanted to move to these are not without Naganand said unless you know someone, raising money from the UAE is still is not easy running a business in the UAE if it does not contribute to the local said one of the founders who moved to Dubai returned to India and emigrated to the US, as he was working on a global product. 'It only works if you are building for the Middle East market and it is much more challenging if the focus is a global product with customers outside the region,' Bhagwan said. 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CairoScene
7 days ago
- Business
- CairoScene
Saudi Logistics Firm Salasa Raises $30M to Expand AI Infrastructure
Saudi Logistics Firm Salasa Raises $30M to Expand AI Infrastructure Saudi Arabia-based e-commerce logistics provider Salasa has announced the close of its $30 million Series B round, led by Artal Capital. The funding will fuel the company's efforts to scale its domestic operations, strengthen cross-border shipping infrastructure, and embed AI across its logistics platform. Founded in 2017 and headquartered in Riyadh, Salasa provides end-to-end fulfilment services including warehousing, last-mile delivery, bonded zones, inventory management, and international shipping. The company plans to use the new investment to expand its network of dark stores and bonded zones across Saudi Arabia and the GCC, while enhancing AI-driven capabilities to optimise planning, inventory, and fulfilment. "We're embedding AI across planning, inventory, and fulfillment to create predictive, self-optimizing logistics," said Hasan Alhazmi, Co-Founder and CBO of Salasa. "This boosts speed, accuracy, and efficiency for merchants, while our cross-border expansion and bonded zone operations open access to new markets regionally and beyond." The company currently works with over 1,000 merchants, including Noon, Amazon, Cenomi, Boutiqaat, Sharaf DG, and Alothaim Retail. It has fulfilled over 50 million products to date and offers integrations with platforms such as Shopify, Amazon, ZID, Salla, and Trendyol. Its partner network includes more than 40 logistics carriers, including Aramex, DHL, and Saudi Post.
Hans India
03-08-2025
- Business
- Hans India
2,873 candidates hired, 3,734 shortlisted at Pragati 2025 job fair
Moodbidri: The15th edition of Alva's Pragati, a major employment fair hosted at the Vidyagiri campus in Moodbidri, concluded with 2,873 candidates receiving immediate job offers and 3,734 others being shortlisted for subsequent rounds.A total of 288 companies participated in the two-day event, with 260 of them selecting candidates for further recruitment processes. The fair attracted 14,245 job seekers from across India. Among the notable recruiters, Dubai-based Fortune Group offered jobs to five candidates with annual salaries ranging between Rs5–8 lakh and shortlisted 25 others. Narayana Health selected 43 candidates and shortlisted 28 for final interviews, while Zee Entertainment shortlisted 11 candidates for its concluding round. Saudi Arabia-based Expertise Group hired 37 candidates, offering transportation and accommodation benefits. Mumbai-based Allcargo Logistics recruited nine candidates for positions with annual pay ranging from Rs3–5 lakh. Tejaswini Groups hired 11 candidates with an annual package of Rs6 BPM selected 79 candidates. CodeYoung hired 20 candidates, offering annual compensation between Rs4.36 and Rs8.36 lakh. K12 Techno Services extended direct offers to 42 candidates with salaries up to Rs6 lakh per annum. Alva's Pragati has emerged as one of the largest private-sector employment initiatives in the region, facilitating direct engagement between job aspirants and employers from diverse sectors.
Hans India
02-08-2025
- Business
- Hans India
Alva's Pragati 2025 Job Fair: 2,873 Candidates Hired, 3,734 Shortlisted
Moodbidri: The 15th edition of Alva's Pragati, a major employment fair hosted at the Vidyagiri campus in Moodbidri, concluded with 2,873 candidates receiving immediate job offers and 3,734 others being shortlisted for subsequent rounds. A total of 288 companies participated in the two-day event, with 260 of them selecting candidates for further recruitment processes. The fair attracted 14,245 job seekers from across India. Among the notable recruiters, Dubai-based Fortune Group offered jobs to five candidates with annual salaries ranging between ₹5–8 lakh and shortlisted 25 others. Narayana Health selected 43 candidates and shortlisted 28 for final interviews, while Zee Entertainment shortlisted 11 candidates for its concluding round. Saudi Arabia-based Expertise Group hired 37 candidates, offering transportation and accommodation benefits. Mumbai-based Allcargo Logistics recruited nine candidates for positions with annual pay ranging from ₹3–5 lakh. Tejaswini Groups hired 11 candidates with an annual package of ₹6 lakh. Infosys BPM selected 79 candidates. CodeYoung hired 20 candidates, offering annual compensation between ₹4.36 and ₹8.36 lakh. K12 Techno Services extended direct offers to 42 candidates with salaries up to ₹6 lakh per annum. Alva's Pragati has emerged as one of the largest private-sector employment initiatives in the region, facilitating direct engagement between job aspirants and employers from diverse sectors.
