Natural gas networks open for bids, Stitch raises USD 25 mn

Riyadh, Eastern region compressed natural gas networks open for bids

On the hunt for developers for compressed natural gas distribution networks: The Energy Ministry launched the prequalification process for tenders to develop, own, and operate tanker-based compressed natural gas distribution networks in the Riyadh and Eastern regions, state news agency SPA reports. Interested companies have until 18 June to request prequalification documents, with final submissions due by 30 July. The move comes as the Kingdom is shifting industrial and utility energy consumption away from crude and diesel toward domestic gas.

GCC maintains tariffs on Chinese and Indian tile imports

The GCC is shielding itself against Asian ceramic and porcelain tile imports for another five years. The GCC Bureau of Technical Secretariat for Anti Injurious Practices in International Trade extended anti-dumping duties on ceramic and porcelain tile imports from China and India for five years starting 28 May, Al Eqtisadiah reports, citing a circular from the secretariat. The measure was first introduced in 2020 after complaints from local producers over pricing practices.

How heavy is the tax? Duties on Chinese firms range between 23.5% and 76%, while Indian producers face tariffs of 17.6% to 106%.

Behind the decision: Chinese and Indian producers were flooding the Saudi market with low-priced products, putting pressure on local manufacturers’ sales and capacity, Ceramic and Porcelain National Committee Chairman Taha Khayat said. Saudi’s ceramic and porcelain factories currently produce some 620 mn sqm annually against domestic demand of 300 mn sqm, following years of building up local industrial capacity.

Silicon Valley’s a16z makes first GCC investment in Saudi fintech Stitch

Saudi-based fintech Stitch raised USD 25 mn in a Series A round led by Silicon Valley VC firm Andreessen Horowitz (a16z), marking the US venture capital firm’s first investment in the GCC, according to a press release. Existing backers Arbor Ventures, Cotu Ventures, Raed Ventures, and SVC also participated. The fresh funds will go toward product development and expanding the company’s presence across the GCC and wider MENA region, alongside global growth efforts.

About Stitch: Founded in 2022 by Mohamed Oueida (LinkedIn), Stitch develops cloud-native software for financial institutions, covering lending, cards, payments, and ledger systems. The company currently operates across the GCC, Africa, and Southeast Asia.