STARTUP WATCH-

The Center of Digital Entrepreneurship (Code) launched the incubator CodeAI to support 20 local AI startups, it said in a post on X on Tuesday. The program, taking place at King Saud University, offers training, expert advice, funding, and workspace, aiming to boost AI-driven growth in the Kingdom’s digital economy, Al Arabiya reports.

ALSO- King Saud University’s investment arm Riyadh Valley invested in Middle East Venture Fund IV (MEVF IV) — managed by Middle East Venture Partner (MEVP) — which focuses on tech and fintech startups both locally and across the MENA region, it said in a statement on Thursday.

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REAL ESTATE-

PIF-owned Roshn Group launched ROSHNEXT, a new program focused on real estate innovation and problem-solving, according to a company post on X. The initiative, which complements the Roshn Mobile Experience and Roshn Hackathon, aims to integrate new technologies and partners to collaboratively create innovative housing solutions.

DISPUTE WATCH-

A Kuwaiti court ruled in favor of Derayah Financial, the fund manager of Derayah Reit, ordering Al Amayah Company for Hotels to pay SAR 13.8 mn, covering unpaid rent for the Motoon Tower property in Riyadh, it said in a disclosure to Tadawul. The ruling is still subject to appeal.

ICYMI- Derayah Financial initiated legal action against the master tenant of Smart Tower lastSeptember to recover SAR 40 mn in overdue rent.

EXPANSION-

South Africa-based pharma firm Aspen Pharma Holdings opened a new regional HQ in Riyadh to support its growth strategy in Saudi Arabia, one of its top five markets in the Middle East and Europe, according to a press release. The strategy will involve talent development, localization, and partnerships while targeting Saudi-based initiatives.

About Aspen: Aspen is a global specialty and branded multinational pharma company founded in 1997. Today, it markets and manufactures pharma products, including post-patent, branded, and over-the-counter medicines, as well as active pharma ingredients in 46 countries and territories.

TOURISM-

Tourism Ministry raised financial support for 43 professions and authorized activities to 50% from 30%, in a bid to support Saudis in the tourism sector, the ministry said in a post on X last Thursday. The new funds, provided through Human Resources Development Fund, aim at boosting the contribution of Saudi nationals in the sector by increasing the appeal of tourism professions.

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