Careem Abandons Plans for IPO, Shifts Focus to Expansion in Saudi Arabia
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Careem Abandons Plans for IPO, Shifts Focus to Expansion in Saudi Arabia
In an interview with Aleqtisadiah during Leap 2024, Careem's CEO, Mudassir Sheikha, dismissed speculations regarding the company's IPO.
Sheikha revealed that following a recent $400M funding raise, the ride-hailing giant intends to broaden its presence in various cities across the Kingdom. This initiative encompasses the extension of its bicycle service into new urban centers, building upon its successful launch in Madinah. Additionally, the company is gearing up to introduce a carpooling service.
Sam Altman Is Back on OpenAI's Board With Three New Directors In Tow
Sam Altman returns to OpenAI's board alongside three newly appointed directors. Following WilmerHale's investigation into Altman's dismissal in November, OpenAI has implemented stricter governance and conflict of interest policies.
The investigation revealed that Altman's departure was not prompted by financial or product safety issues but rather stemmed from a breakdown in trust between Altman and the previous board.
On Friday, OpenAI announced the addition of new directors, including Altman, Sue Desmond-Hellmann, former CEO of the Bill and Melinda Gates Foundation, Nicole Seligman, former president of Sony Entertainment, and Fidji Simo, CEO of Instacart. They will join existing board members Adam D'Angelo, CEO of Quora, former U.S. Treasury Secretary Larry Summers, and Chairman Bret Taylor, former co-CEO of Salesforce.
TikTok Sets Sights on Expanding Presence in Saudi Arabia
In a recent conversation with Asharq News, CEO Shou Zi Chew disclosed plans for the platform to enhance its presence through increased investment and the introduction of new offerings.
Chew suggested that TikTok Shop, ByteDance's e-commerce initiative, might undergo a trial launch in the Kingdom, although he didn't provide specific information regarding timing or details.
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TikTok is prioritizing collaborations with Saudi entities, with a particular focus on Neom and the Saudi Tourism Authority, as it seeks to strengthen its ties within the country.
PIF Secures Larger Stake in Aramco Ahead of Possible Secondary Share Offering
The Public Investment Fund (PIF) has increased its ownership in Aramco before a potential secondary share offering. According to a regulatory filing with Tadawul, the government transferred an 8% stake in Aramco to PIF in a recent private transaction.
As a result, the government's direct ownership of Aramco has decreased to 82.2%, and the transaction is estimated to be worth around $164 billion.
Saudi Arabia-based Mazadak Secures $10M Funding
Mazadak, headquartered in Saudi Arabia, has secured a $10 million funding round, with Revival Labs taking the lead and regional family offices also participating.
This funding will support the startup's expansion into new markets, with several upcoming rounds planned.
Established in 2021, Mazadak offers a comprehensive online platform for auction management.
?? Made in Arabia: Spotlight on Saudi Oger
In our latest episode of Made in Arabia, we delved into the narrative of Saudi Oger Ltd, which serves as a vivid illustration of the capricious dynamics of success and failure within Saudi Arabia's construction sector. It began with a swift rise and concluded with a challenging decline.
Dubai Works rebrands to Smashi Business Daily: tune in on Apple Podcasts and Smashi TV for a conversation with Augustus Media’s Richard Fitzgerald and host Lubna Hamdan