CloudKitchens, the ghost kitchen startup founded by former Uber CEO Travis Kalanick, has shelved plans for an initial public offering of its Middle Eastern business, signaling a strategic retreat from public markets. Instead, the company is pivoting toward private funding options, including a private placement, according to people familiar with the confidential matter. This postponement, affecting a venture significantly backed by Saudi Arabia’s sovereign wealth fund, reflects broader caution in the food-tech sector amid volatile market conditions and underscores the challenges of scaling capital-intensive delivery infrastructure models.
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News from SAU
Generated 0 posts last week Saudi Arabia Shifts Oil Wealth to AI, Seeks US Chip Access
Saudi Arabia is strategically redirecting its substantial oil revenues toward artificial intelligence development, positioning the kingdom as a future global leader in AI infrastructure. The critical next phase of this ambitious technological transformation requires White House approval for access to advanced American semiconductor technology, with Humain CEO Tareq Amin leading high-stakes negotiations with the Trump administration this week.
about Saudi Arabia Shifts Oil Wealth to AI, Seeks US Chip AccessSaudi-US Talks: Security, AI Chips & Israel-Palestine
Saudi Crown Prince Mohammed bin Salman’s Washington visit aims to strengthen US-Kingdom ties through security and technology agreements. The trip occurs amid complex diplomatic negotiations linking Israeli normalization to Palestinian state progress. This high-stakes diplomacy could reshape Middle East alliances.
about Saudi-US Talks: Security, AI Chips & Israel-PalestineDanantara Bids $1B for Mecca Land Near Grand Mosque
Indonesia’s sovereign wealth fund Danantara has made a landmark $1 billion bid for prime real estate adjacent to Mecca’s Grand Mosque, marking what would be the fund’s inaugural overseas investment. The strategic acquisition targets development of hotel infrastructure specifically designed to serve the massive flow of Hajj pilgrims from Southeast Asia’s largest Muslim-majority nation, signaling Indonesia’s growing economic influence in key religious tourism markets.
about Danantara Bids $1B for Mecca Land Near Grand MosqueGulf Markets Mixed as Penny Stocks Offer Hidden Value
Middle Eastern stock markets delivered a mixed performance this week, with most Gulf markets climbing on positive earnings and Fed rate cuts while Saudi Arabia’s index declined. Meanwhile, penny stocks continue to present intriguing opportunities for investors seeking value in smaller companies. These overlooked assets can deliver surprising returns when backed by strong financial fundamentals.
about Gulf Markets Mixed as Penny Stocks Offer Hidden ValueGulf Markets Rise on Fed Cuts, Dividend Stocks Shine
Middle Eastern stock markets are showing positive momentum, driven by strong corporate earnings and U.S. Federal Reserve rate cuts. While most Gulf markets closed higher, Saudi Arabia’s index experienced a slight decline in this dynamic environment, creating opportunities for investors seeking reliable income streams through dividend stocks that balance growth potential with stability.
about Gulf Markets Rise on Fed Cuts, Dividend Stocks ShineSaudi Arabia’s Non-Oil Economy Surpasses Oil for First Time
Saudi Arabia’s economic transformation has reached a historic turning point as non-oil activities now constitute 56% of real GDP, exceeding both oil and government sectors for the first time. Economy Minister Faisal Alibrahim revealed to Bloomberg’s Joumanna Bercetche that the Kingdom expects robust GDP growth of 4.8-5.1% in 2025 and 6.5% in 2026, signaling accelerating momentum in the Vision 2030 diversification agenda that is already yielding results years ahead of schedule.
about Saudi Arabia's Non-Oil Economy Surpasses Oil for First TimeFink: Crypto & Gold Are ‘Assets of Fear’ Amid Instability
BlackRock CEO Larry Fink has characterized cryptocurrency and gold as ‘assets of fear’ during his appearance at the Future Investment Initiative conference in Saudi Arabia, highlighting investor anxiety about global financial stability and currency debasement. His remarks come as central banks worldwide accelerate gold purchasing activities, signaling institutional-level concerns about traditional asset security and value preservation in an uncertain economic landscape.
about Fink: Crypto & Gold Are 'Assets of Fear' Amid InstabilitySaudi FII Attracts BlackRock, Blackstone AI Deals
Saudi Arabia’s flagship Future Investment Initiative in Riyadh has become the epicenter of major financial dealmaking, with Wall Street’s most powerful executives converging to secure strategic investments. BlackRock CEO Larry Fink and Blackstone CEO Steve Schwarzman are competing to invest billions in Saudi Arabia’s new artificial intelligence firm Humain, while Goldman Sachs CEO David Solomon and other financial leaders are targeting the kingdom’s emerging private credit market, signaling strong international confidence in Saudi Arabia’s economic diversification efforts.
about Saudi FII Attracts BlackRock, Blackstone AI DealsSaudi Arabia Shifts Focus from Neom to AI Investment
Saudi Arabia is executing a dramatic strategic pivot, shifting billions in investment from the ambitious $500 billion Neom megacity project toward artificial intelligence, gaming, and high-tech manufacturing. This fundamental redirection comes as global finance leaders gather in Riyadh for the Future Investment Initiative summit, signaling a more pragmatic approach to diversifying the kingdom’s oil-dependent economy away from massive construction projects toward technology-driven sectors.
about Saudi Arabia Shifts Focus from Neom to AI InvestmentOil Surplus Hits 1B Barrels as Tanker Fleet Swells
A massive oil surplus has materialized with over 1 billion barrels now floating at sea aboard the world’s tanker fleet, representing the largest accumulation of oil in transit since the 2020 price war between Saudi Arabia and Russia. This development confirms market expectations of a looming supply glut that analysts have anticipated for the past twelve months, signaling potential pressure on crude oil prices in the coming period.
about Oil Surplus Hits 1B Barrels as Tanker Fleet SwellsLucid Q3 Sales Plunge as EV Tax Credit Expires
Lucid Group Inc. (NASDAQ: LCID) faces mounting pressure as third-quarter vehicle sales fell dramatically short of expectations, triggering a 10% stock decline and raising serious questions about the luxury electric vehicle maker’s long-term viability. The company delivered just 4,078 vehicles while producing 3,891 during the quarter, with approximately 1,000 units assembled in Saudi Arabia, where the kingdom serves as Lucid’s largest shareholder through various investment companies. The expiring $7,500 EV tax credit provided only temporary relief, leaving investors increasingly concerned about the company’s ability to compete in an increasingly challenging market.
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