The following is a summary of all announcements from the past month regarding investment deals, partnerships, and other commercial news between U.S. and Saudi companies.
ABS Wavesight™, the ABS-affiliated maritime software as a service (SaaS) company, and Ascenz Marorka, a globally trusted provider of end-to-end maritime digital solutions and part of the GTT Group, announced they will work together to support maritime digitalization efforts within the Saudi Arabian oil, gas, and offshore sectors.
Cisco announced plans to establish a data center for cloud-delivered security in Saudi Arabia to help customers protect their users, infrastructure, and investments against threat actors.
Finance & Investment
Colorado-based Techstars, the world’s most active pre-seed investor, the Saudi National Bank (SNB), and the Saudi Ministry of Communication and Information Technology (MCIT) announced today the launch of two Techstars Founder Catalyst programs in Jeddah and Al Ahsa.
Lucid Group announced that the Public Investment Fund (PIF), through its subsidiary Ayar Third Investment Co., approved the purchase of 265.7 million additional shares for nearly $1.8 billion (SR6.75 billion) in a private placement, according to a company statement.
The Saudi Venture Capital (SVC) announced the doubling of its investment in the global specialty lending fund managed by Partners for Growth (PFG), one of the international and experienced fund managers providing venture and growth stage debt instruments to startups and SMEs. This brings the total investment by SVC in the fund to $32 million (SR120 million).
Medical & Pharmaceuticals
King Abdullah University of Science and Technology (KAUST) signed a memorandum of understanding with PATH, a nonprofit global health organization, to develop healthcare services in Saudi Arabia. The MoU aims to boost cooperation between the two institutions in the public health sector by utilizing digital services and sharing expertise.
Scilex Holding Company, a majority-owned subsidiary of Sorrento Therapeutics, Inc., an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain, announced a master distributor agreement with Farouk, Maamoun Tamer & Co. for the distribution of ZTlido® in Saudi Arabia.
Tourism & Entertainment
The PGA TOUR, DP World Tour, and the Public Investment Fund (PIF) announced a landmark agreement to unify the game of golf, on a global basis. The parties have signed an agreement that combines PIF’s golf-related commercial businesses and rights (including LIV Golf) with the commercial businesses and rights of the PGA TOUR and DP World Tour into a new, collectively owned, for-profit entity to ensure that all stakeholders benefit from a model that delivers maximum excitement and competition among the game’s best players.
American tech giant Google has announced the launch of training programs to support gaming talent across Saudi Arabia. The program will be held in collaboration with Saudi Arabia’s Ministry of Communication and Information Technology and the Saudi Esports Federation.