UAE banks extend $22bn in loans to SMEs in H1 of 2024: CBUAE

ISLAMABAD: Pakistan’s coordinator to the federal tax ombudsman on Tuesday urged entrepreneurs to seize business opportunities offered by Saudi Arabia’s Vision 2030 program and use it to expand their businesses and access new markets, state-run media reported. 

Saudi Arabia is consolidating its economy on modern lines under Vision 2030, which is a strategic development framework intended to cut the Kingdom’s reliance on oil and develop public service sectors such as health, education, infrastructure, recreation and tourism.

Speaking to a delegation of food exporters in Riyadh, Saif Ur Rehman, coordinator to the federal tax ombudsman, emphasized the “transformative potential” of the Vision 2030 program and urged Pakistani businessmen to actively explore partnerships and investments in leveraging strategic ties between the two countries, the state-run Associated Press of Pakistan said.

“He noted that ‘Saudi Vision 2030’ offers a unique platform for Pakistani entrepreneurs to expand their businesses, access new markets and contribute to the economic development of both countries,” APP reported. 

Rehman urged entrepreneurs to engage proactively with people in Saudi Arabia by participating in trade exhibitions, business forums, and networking events to build lasting connections.

He underscored the Pakistani government’s role in facilitating these opportunities, assuring entrepreneurs of continued support through policy initiatives and diplomatic efforts.

“By capitalizing on these initiatives, Pakistani industrialists can play a pivotal role in strengthening bilateral relations, driving economic growth, and exploring the untapped potential for collaboration between Pakistan and Saudi Arabia in the years to come,” APP quoted Rehman as saying. 

Pakistan enjoys strong ties with Saudi Arabia and cooperates with the Kingdom in several areas such as defense, trade, agriculture, livestock and other priority sectors. 

Pakistanis constitute one of the largest migrant communities in Saudi Arabia, with more than 2 million working in the Kingdom, making it the largest source of remittances to the South Asian country.

While most Pakistanis comprise blue-collar workers, there is still a growing demand for skilled labor in the Kingdom as it seeks to modernize its economy.

RIYADH: Aramco Ventures, the investment arm of Saudi Aramco, has joined a funding round for German startup Ucaneo, which is developing the country’s largest direct air capture facility. 

The backing follows Ucaneo’s €6.75 million ($7.3 million) seed round in September 2024, the company said in a statement. It did not disclose the value of its investment. 

Headquartered in Berlin, Ucaneo is focused on advancing DAC technology to remove carbon dioxide from the atmosphere efficiently and at scale. 

DAC is gaining traction as industries and governments seek scalable solutions to reduce emissions and meet global climate targets.

“Direct Air Capture, if achievable at a competitive cost, could play a crucial role in global decarbonization. Ucaneo’s approach, leveraging novel solvents and renewable energy-driven electrochemistry, has the potential to deliver a cost-effective and highly efficient solution,” said Bruce Niven, executive managing director at Aramco Ventures. 

He added: “We are excited to partner with Ucaneo’s innovative team to advance this technology toward large-scale adoption.” 

The facility, set to open in the first half of 2026, is expected to bring down DAC costs below €300 per tonne of CO2, positioning it among the most cost-competitive solutions globally, Ucaneo said. 

The company has also launched an industrial pilot capturing 30-50 tonnes of carbon dioxide annually, making it one of Germany’s largest DAC test sites. 

“We are thrilled to welcome Aramco Ventures as one of our investors. For us, it was essential to find a partner who not only supports our scaling efforts but is also deeply committed to playing a leading role in the energy transition,” said Florian Tiller, co-founder and CEO of Ucaneo. 

“Only through impactful scale and strong partnerships can innovative technology developers like Ucaneo enable the world to build a real net-zero economy,” he added. 

Aramco Ventures’ backing of Ucaneo comes just days after it led a $30 million Series A round for US-based climate tech startup Spiritus, alongside Khosla Ventures, Mitsubishi Heavy Industries America, and TDK Ventures. Spiritus aims to scale its DAC technology to curb emissions from data centers and industrial construction without stalling growth. 

The investment underscores Aramco’s increasing focus on carbon capture and emissions reduction technologies as part of its broader strategy to support the energy transition.