Derayah Financial commits SAR 244 mn to AI and frontier tech, Riyadh Air and Saudia launch a domestic codeshare

Derayah puts SAR 244 mn behind AI, frontier tech

Derayah Financial is buying its way into the AI boom, committing SAR 244 mn (USD 65 mn) to HOF Capital Strategic Opportunities Fund II, a Cayman-based vehicle targeting AI, enterprise software, and frontier technology, it said in a Tadawul disclosure. Some SAR 97.5 mn — 40% of the commitment — was called at closing on 28 August, with the remaining 60% to be drawn over the following 24 months. The fund is targeting SAR 4.5 bn with a hard cap of SAR 5.6 bn and expects to build a portfolio of roughly 15 investments.

This is a means to an end: Derayah plans to launch its own multi-strategy AI and technology fund, pending regulatory approval, and fold this commitment into it once live. The logic is to expand its asset management arm in private markets while offering local investors access to global AI and tech names they would struggle to reach directly — with the payoff coming through subscription and management fees once the new fund is placed.

Riyadh Air, Saudia share domestic flights

Riyadh Air and Saudia launched a codeshare on six domestic routes, with Riyadh Air placing its RX code on Saudia-operated flights from its Riyadh hub to Abha, Al Qassim, Dammam, Jeddah, Medina, and Tabuk, per a press release.

What does it mean? Both carriers are PIF-owned, and the arrangement, which lets travelers connect on a single ticket, suggests the Kingdom is coordinating its two national airlines rather than having them compete head-to-head on domestic routes. In practice, that means Saudi will operate the flights while Riyadh Air sells seats under its own flight numbers, with through-checked luggage. Reciprocal loyalty earning, lounge access, and a reverse SV codeshare on Riyadh Air flights are slated to follow.