Apple’s bite of $100bn Saudi-backed tech fund brings hope

January 6, 2017

Jeddah, Jan 6: The Middle East’s top tech investors are hopeful the region’s Internet businesses are in for a boost, after Apple confirmed its participation in a $100 billion Saudi-backed mega fund.

Apple
The iPhone maker on Wednesday confirmed its plan to invest $1 billion in a tech fund being set up by SoftBank Group Corp, according to reports.

The Japanese telecoms group was previously said to be in talks with Saudi Arabia’s Public Investment Fund for an investment of as much as $45 billion — putting the fund’s total size at an estimated $100 billion.

Oracle founder Larry Ellison will join Apple, Qualcomm and Foxconn in backing SoftBank’s record-setting technology fund, helping it hit its $100bn goal weeks ahead of schedule, the Financial Times reported.

Regional technology investors and prominent entrepreneurs were positive about Apple’s endorsement of the fund, expressing hope that the massive sums at play will provide a boost to the Middle East’s digital businesses.

One pointed to Saudi Arabia’s participation in the fund, which is significant given the Kingdom — with its economy hit hard by the oil price crash — is looking to wean itself off oil and diversify into other areas.

Fadi Ghandour, one of the Arab world’s most storied entrepreneurs and technology investors, said he hoped the SoftBank-led fund would pursue opportunities in the Middle East’s Internet space.

“If the Arab world wants to move beyond oil, then this fund needs to invest in the knowledge and the digital space,” Ghandour told Arab News.

“Ten percent of that fund, if invested over a period of time in this region, will get (things) to really happen in the market… It would be a real disappointment if there is no clear strategy on this.”

Dany Farha, chief executive and managing partner of the Dubai-based Beco Capital, and one of the biggest players in the region’s venture capital space, said he expects the biggest beneficiary of the SoftBank mega-fund to be US tech companies, primarily in technologies like the so-called Internet of Things (IoT).

“I think the US will get the lion’s share of the value, because they are the people who are innovating in the IoT space, both in terms of hardware and software.”

But Farha said Middle Eastern start-ups are also poised to benefit from the massive capital boost planned for such technologies.

“We’re going to be building localized services and products on top of them, so that they work for our culture, and our language, and our needs… There’s going to be a huge local opportunity across the globe, not just in the Middle East,” he said.

“The world is going to benefit, no doubt about it. These devices are going to be bought by consumers all over the world.”

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News Network
March 25,2024

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A Palestinian woman has recounted terrifying incidents after Israeli military forces raided al-Shifa hospital in Gaza City last week, saying the occupying regime’s soldiers are raping Palestinian women before killing them.

Jamila Al-Hisi, an eyewitness who was besieged in the medical complex and managed to finally get out, said on Saturday that women have been subjected to rape, starvation, torture, and extrajudicial execution, adding that the International Committee of the Red Cross (ICRC) is doing nothing.

She went on to say that Israeli troops have “forced 65 families to leave the area around the al-Shifa Medical Complex whilst burning and killing entire families,” noting that they have burned a building where Palestinian civilians were taking shelter.

“We don’t even have water to break our fast, and we don’t know where to go,” Hisi said, stressing that the displaced people in the compound have not found food or water for six days.

She further called on the Red Cross to provide water for the children and the sick who are being forced to drink dirty water and eat rotten food.

Palestinians are being forcibly displaced by Israeli occupation forces from the area surrounding al-Shifa Hospital in northern Gaza, Hisi said, adding, “We are trapped amid continued Israeli shelling.”

The latest development comes as the Israeli military continues to carry out air strikes and artillery shelling in and around the al-Shifa Hospital for the seventh day in a row.

On Monday, heavily armed Israeli forces stormed the al-Shifa hospital using tanks and drones, claiming that the Palestinian resistance movement Hamas is using the facility to “conduct and promote terrorist activity.” Later that day, Israel said that “terrorist forces” were firing at Israeli troops.

The Ministry of Health in Gaza said at the time that about 3,000 people were inside al-Shifa seeking refuge and that those attempting to leave were being targeted by snipers and fire from helicopters.

Ever since the Israeli military raided the hospital last week, reports have suggested unspeakable atrocities being carried out against the doctors, nurses, and general staff as well as the thousands of displaced people there.

Israelis have admitted to executing 140 people inside al-Shifa, including paramedics, patients and wounded whilst the siege is still ongoing after seven days with mass arrests.

Meanwhile, a group of Palestinian activists have circulated a shocking story about the Israeli soldiers raping a pregnant woman in the al-Shifa hospital, alongside Hisi’s revelation.

Watan-Palestinian activists quoted the husband of a woman who was raped by Israeli forces as saying that “They ordered her to undress and began to beat her… She told the military she was five months pregnant, not to beat her, but they continued to beat her.”

“After hours, they took out all the women except the pregnant woman, and her children… They took her in front of her husband and children and raped her, ordering the men not to close their eyes or they would be shot.”

Israel waged the war on the Gaza Strip on October 7 after Hamas carried out the surprise Operation Al-Aqsa Storm into the occupied territories in response to the occupying regime’s intensified crimes against the Palestinian people.

Since the start of the aggression, the Tel Aviv regime has killed at least 32,226 Palestinians, most of them women and children, and injured another 74,518 individuals.

Tel Aviv has also imposed a “complete siege” on Gaza, cutting off fuel, electricity, food, and water to the more than two million Palestinians living there.

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News Network
March 14,2024

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The UN agency for Palestinian refugees (UNRWA) says at least five people, including a staff member, were killed and 22 others wounded after Israeli forces targeted a food distribution centre in Rafah in the southern Gaza Strip.

UNRWA Commissioner General Philippe Lazzarini in a statement on Wednesday said that the strike hit one of the very few remaining UNRWA distribution centers in the eastern part of Rafah.

“Today’s attack on one of the very few remaining UNRWA distribution centers in the Gaza Strip comes as food supplies are running out, hunger is widespread and, in some areas, turning into famine,” Lazzarini said.

“Every day, we share the coordinates of all our facilities across the Gaza Strip with parties to the conflict," he continued.

He said the attack was carried out even though "the Israeli Army received the coordinates including of this facility yesterday."

Lazzarini further urged the protection of the UN, its staff, and its premises and called for an independent investigation.

Israel acknowledged an airstrike on a food aid distribution center in southern Gaza, which it claimed targeted and killed a high-ranking member of Hamas. 

Meanwhile, the statement by the UNRWA head added that since October 7, at least 165 team members have been killed while in the line of duty and more than 400 people sheltering in UN buildings also lost their lives due to Israel's attacks.

More than 150 of the agency’s facilities, including schools and shelters, have been hit in the war, with some destroyed, and UNRWA staff have reportedly been mistreated and humiliated while in Israeli detention centers, according to the UNRWA.

Six aid seekers killed in Israeli attack

Separately, the health ministry in the Gaza Strip said six people were killed in the latest attack on Palestinians waiting for humanitarian aid at the Kuwait Roundabout in Gaza City.

The Wafa news agency said some 83 people who were wounded in the attack have been transferred to the al-Shifa Medical Complex in the city.

Over the past weeks, Israeli forces have increased their offensives on the Kuwait Roundabout, an area where large groups gather to wait for aid deliveries.

Israeli forces killed 11 people waiting for food aid at the roundabout on Monday night.

The Israeli military has restricted the delivery of humanitarian supplies to northern Gaza for weeks, and thousands of children are going without sufficient food and medication.

The prevention of aid convoys comes as humanitarian officials have already issued a dire warning, stating that unless a ceasefire is implemented and aid is significantly increased, the toll of malnutrition and disease is expected to rise, leading to an alarming loss of lives.

So far, the Tel Aviv regime has killed at least 31,272 Palestinians, mostly women and children, and injured 73,024 others.

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News Network
March 26,2024

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There is no let-up in the Israeli aggression on the Gaza Strip despite a UN Security Council resolution demanding an “immediate ceasefire.”

Israel carried out air raids and artillery strikes on several parts of Gaza on Tuesday, hitting residential buildings and gatherings of displaced people, “killing and wounding hundreds of people”, the Palestinian Information Center said.

Among the victims are 15 people, including four women and children, who were killed in an attack on a house in the neighborhood of Mosbeh, north of Rafah.

Media reports also said that fighting on the ground continued unabated.

That’s while the UN Security Council on Monday adopted a resolution for an “immediate ceasefire” for the ongoing Muslim holy month of Ramadan.

The resolution was put forward by the 10 non-permanent members of the UN Security Council. The US abstained and the 14 other council members all voted in favor of it.

After the vote, UN Secretary-General Antonio Guterres wrote on social media platform X that failing to implement the resolution “would be unforgivable.”

Palestinian resistance movements have welcomed the resolution, but Israel’s minister for military affairs Yoav Gallant said Israel will not stop its attacks in Gaza. 

“We will operate against Hamas everywhere – including in places where we have not yet been,” Gallant said.

Israel’s foreign minister, Israel Katz, also said in a post on X that the attacks will continue until all the captives taken by Hamas during its October 7 blitz are released.

Israel unleashed its war on Gaza on October 7 after the Palestinian Hamas resistance group carried out Operation Al-Aqsa Storm against the usurping entity in retaliation for its intensified atrocities against the Palestinian people.

Since the start of the offensive, the Tel Aviv regime has killed more than 32,300 Palestinians and injured over 74,000 others.

The Tel Aviv regime has also imposed a “complete siege” on the territory, cutting off fuel, electricity, food, and water to the more than two million Palestinians living there.

Francesca Albanese, the UN special rapporteur on human rights in the Palestinian territories, said Israel has committed acts of genocide in Gaza.

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