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ֱ key to BYD’s global growth plans: Stella Li 

ֱ key to BYD’s global growth plans: Stella Li 
Li noted that BYD is not only bringing its global No. 1 New Energy Vehicle expertise to the Saudi market but also tailoring its expansion to local needs. Getty
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ֱ key to BYD’s global growth plans: Stella Li 

ֱ key to BYD’s global growth plans: Stella Li 

JEDDAH: They once said the automobile world was no place for a woman. But Chinese executive Stella Li proved them wrong — and went on to become one of the most influential women in the global automotive industry. 

As executive vice president and president of BYD Americas, Li has left an indelible mark on the auto industry and beyond. From her academic beginnings at China’s prestigious Fudan University to her pivotal role in transforming BYD into a dominant force in the electric vehicle market, Li’s story is one of vision, persistence, and leadership. 




Stella Li, the executive vice president of BYD. Supplied

Li’s journey began when she joined BYD in 1996. A year later, she became marketing manager, helping the company grow as a leading mobile phone battery manufacturer. 

Recalling her early days, Li told Arab News in an exclusive interview: “In 1999, I landed in Rotterdam to open our first office in Europe. I had only $30,000 as a budget and a container load of the Chinese group’s lithium-ion batteries. The management told me that’s the only budget — sell these batteries to survive.” 

With just two people helping her, she was able to clinch a deal and sell the batteries, and since then, she moved BYD to another level, and the company has moved far past its roots to become one of the world’s most powerful electric-vehicle makers. 

Owing to her ability to navigate complex challenges, Li went on to open BYD’s first overseas office in Hong Kong in 1997, followed by its first European office in Rotterdam in 1999. In 2002, she established BYD’s North American headquarters for batteries and consumer electronics in Chicago. By 2010, she was appointed president of BYD Motors Inc., spearheading the company’s expansion into North and South America. 

As one of the most powerful women shaping the future of mobility, Li was among the speakers at this year’s Future Investment Initiative conference in Riyadh. 

The 55-year-old participated in several discussions and media interactions, including talks on BYD’s plans for a potential Gulf distribution hub in ֱ. 

“The new distribution center is a huge investment to serve all the GCC countries and is expected to open next year,” she said. 

Reflecting on her visit to ֱ, Li added: “When I was at the FII conference, I felt that the Saudi government is very committed to its Vision. The officials are not just talking — they deliver and are moving very fast to achieve the Vision’s goals. I am very impressed with the government’s intention to transform the country in such a short period.” 

Li noted that BYD is not only bringing its global No. 1 New Energy Vehicle expertise to the Saudi market but also tailoring its expansion to local needs — with flagship showrooms in Riyadh and Jeddah, sub-dealers in Dammam, immersive discovery centers, and strategic collaborations with Aramco and the Saudi Green Initiative. 

Speaking about the Aramco partnership, she explained: “We have signed an agreement with Saudi Aramco Technologies Co., a subsidiary of Aramco, to combine research and development capabilities to develop solutions that deliver both environmental and efficiency gains.” 

Asked about the importance of ֱ to BYD’s growth, Li said: “ֱ means a lot to us. To prove that, this is my second visit in six weeks. It’s a promise of partnership, progress, and a future where ֱ isn’t just adopting technology — it’s helping to define it.” 

She also revealed that BYD plans to deploy 500 to 1,000 ultra-fast EV charging stations across the Gulf region. 

“Yes, we will offer one-megawatt units in ֱ and the UAE that can deliver a 400-kilometer range in just five minutes,” she said. 

Beyond technology, Li is a strong advocate for women’s leadership. She praised ֱ’s continued efforts to empower women economically and socially. 

“Women in every country are present at every stage of the process, and their input is essential to BYD’s success. I am really glad to see Saudi women taking a major role in the development plan — and we are glad to have them here with us in ֱ,” she said. 




Stella Li, the executive vice president of BYD. Supplied

On developing young Saudi talent, she added: “We came to ֱ, brought our technology, and established our branches that now employ many Saudis. It is our duty to train young local talent — in technology and leadership. It doesn’t matter how qualified these young people are; we make them able to learn and become the best in the industry.” 

Li praised the Kingdom’s focus on nurturing local talent, especially women in technology and leadership. 

The trailblazing executive recently became the first woman in the history of the World Car of the Year, or WCOTY, program to win the World Car Person of the Year 2025 award. 

A jury of 96 international automotive journalists from 30 countries selected her for making the most significant contribution to the global automotive industry over the past year. 

Li was also featured in the Time 100 Climate list of the most influential leaders in the fight against climate change. 

In conclusion, she said she is satisfied with BYD’s sales performance in ֱ and noted that the company is actively expanding its local sales teams, with a focus on earning consumer trust. 


GCC real GDP hits $466.2bn in Q1, up 3.1% year on year

GCC real GDP hits $466.2bn in Q1, up 3.1% year on year
Updated 1 min 14 sec ago

GCC real GDP hits $466.2bn in Q1, up 3.1% year on year

GCC real GDP hits $466.2bn in Q1, up 3.1% year on year

RIYADH: The real gross domestic product of countries in the Gulf Cooperation Council region reached $466.2 billion by the end of the first quarter of this year, marking a year-on-year increase of 3.1 percent, according to a report. 

Non-oil activities accounted for 73.2 percent of the GCC’s real GDP by the end of the first quarter of 2025, while oil activities held the remaining 26.8 percent share, news agency WAM reported, citing data from the Statistical Center for the Cooperation Council for the Arab States of the Gulf, or GCC-Stat. 

The rise in non-oil activities aligns with the economic diversification efforts of countries in the region including ֱ, where governments are focussing on industries like business and tourism to reduce dependence on crude revenues. 

In October, ֱ’s General Authority for Statistics reported that the Kingdom’s GDP expanded by 5 percent in the third quarter of this year, compared to the same period in 2024, driven by gains in both oil and non-oil sectors. 

“The latest statistics released by the Statistical Center of the Cooperation Council for the Arab States of the Gulf showed that real GDP of the GCC countries reached $466.2 billion by the end of the first quarter of 2025, up from $451.9 billion in the same period of 2023, marking a growth rate of 3.1 percent,” said the report. 

Compared to the fourth quarter of 2025, real GDP in the GCC region witnessed a growth of 0.1 percent. 

In October, a report released by the International Monetary Fund said that the economy of the GCC is projected to expand by 3.9 percent in 2025, further accelerating to 4.3 percent in 2026.

IMF added that the MENA region is expected to see a gross domestic product expansion of 3.3 percent in 2025, rising to 3.7 percent in 2026. 

Among countries, ֱ is expected to witness a GDP growth of 4 percent in 2025 and 2026.

The UAE economy will expand by 4.8 percent in 2025 and 5 percent in 2026, while Qatar’s GDP is projected to rise 2.9 percent this year before accelerating to 6.1 percent in 2026.

Following a slowdown in 2024, Kuwait’s economy is set to rebound in 2025, with growth projected at 2.6 percent. 

The international financial institution further said that the average inflation rate in the Gulf region is projected at 1.7 percent in 2025 and 2 percent in 2026 — underscoring the bloc’s resilience to global price pressures.


ֱ opens November ‘Sah’ sukuk offering with 4.71% return

ֱ opens November ‘Sah’ sukuk offering with 4.71% return
Updated 10 min 11 sec ago

ֱ opens November ‘Sah’ sukuk offering with 4.71% return

ֱ opens November ‘Sah’ sukuk offering with 4.71% return

RIYADH: ֱ has opened subscriptions for its November issuance of the government-backed “Sah” savings sukuk, providing investors with an annual interest rate of 4.71 percent, marginally lower than the 4.83 percent offered in October. 

The November issuance window opened at 10 a.m. Saudi time on Nov.2, and will close at 3 p.m. on Nov.4, the National Debt Management Center said in a post on X. 

Part of the 2025 issuance calendar managed by the NDMC, the sukuk reflects the Kingdom’s ongoing efforts to promote financial inclusion and encourage personal savings among its citizens.

Launched under the Financial Sector Development Program, a crucial initiative of the Vision 2030 agenda, Sah aims to raise the national savings rate to 10 percent by 2030, up from about 6 percent currently. 

According to the X post, the minimum subscription for the sukuk is SR1,000 ($266.56), while the maximum is capped at SR200,000 per investor.

The sukuk carries a one-year maturity and offers fixed returns paid at redemption.

Subscription for this sukuk is open to Saudi nationals above the age of 18 through approved digital platforms, including SNB Capital, Aljazira Capital, Alinma Investment, SAB Invest, and Al-Rajhi Capital. 

Sukuk are Shariah-compliant financial instruments that offer investors partial ownership in an issuer’s underlying assets, making them a popular alternative to conventional bonds.

In October, NDMC announced that it raised SR7.54 billion through its riyal-denominated sukuk program. 

According to a press statement, the October issuance was divided into four tranches, with the first one valued at SR538 million set to mature in 2029. 

The second, worth SR493 million, is set to mature in 2032, followed by a third tranche of SR2.45 billion due in 2036. The fourth, which is the largest tranche, totaling SR4.06 billion, will mature in 2039.

ֱ’s debt market has witnessed robust growth in recent years, attracting strong investor interest in fixed-income instruments amid a global environment of rising interest rates.

In October, Kuwait Financial Center, also known as Markaz, said that ֱ dominated the Gulf Cooperation Council region’s primary debt market in the third quarter of 2025, raising $20.32 billion through 36 issuances, representing a 62.7 percent year-on-year increase in value. 

In April, S&P Global said that ֱ’s expanding non-oil sector and steady sukuk issuance volumes are likely to support the growth of the global Islamic finance industry.


Saudi events industry showcases different side of Vision 2030

Saudi events industry showcases different side of Vision 2030
Updated 01 November 2025

Saudi events industry showcases different side of Vision 2030

Saudi events industry showcases different side of Vision 2030
  • Sector’s rapid expansion establishes the country as a leading global hub for tech and business

RIYADH: A decade after Vision 2030 was unveiled, ֱ’s transformation is now being driven by its booming events industry, not just its infrastructure and giga-projects.

This sector is expanding rapidly, establishing the country as a leading global hub for tech and business.

The Kingdom has successfully attracted over 20 international event brands in recent years, alongside the opening of nearly 10 international representative offices for leading global companies and exhibitions.

This momentum is being channeled through a global exhibition and conference season, a structured period from October to May designed to concentrate a wave of international gatherings.

The coming months promise an even greater intensity with a pipeline of key events, following the success seen in Global Health Exhibition and the Future Investment Initiative.

From Nov. 17 to 20, Cityscape Global will unite real estate experts and investors in the Kingdom to drive growth and opportunity aligned with Vision 2030. 

The global cybersecurity community then converges in Riyadh from Dec. 2 for the three-day Black Hat MEA conference. Early next year, the renowned LEAP conference runs from Apr. 13 to 16, convening over 600 startups, 1,800 global tech brands, and 1,900 investors.

This lineup ensures ֱ remains a magnet for international professionals throughout the season. The curated season arrives at a time of growth for the sector. 

ֱ has emerged as one of the fastest-growing business event markets among the G20 nations, a fact underscored by over 17,000 business events held in a single year, an all-time regional high. 

We’re flying them (speakers, guests) in at great expense, but we’re doing it because we understand that this is the sort of market that demands really high quality.

Mike Champion, CEO of Tahaluf

This boom is underpinned by robust infrastructure, an effective regulatory framework, and a significant expansion of venue capacity, with over 1 million sq. meters of additional space slated for development by 2030. 

Speaking to Arab News, Saudi economist Talat Hafiz emphasized that “the growth of the event industry has become one of ֱ’s key priorities,” as part of the Kingdom’s economic diversification efforts.

In another interview, Mike Champion, CEO of Tahaluf, said that the Kingdom is “now quickly filling the void” in the events sector that existed prior to the launch of Vision 2030 in 2016.

Tahaluf is a joint venture between Informa PLC, the Saudi Federation for Cyber Security, Programming and Drones and the Events Investment Fund. It has been strengthening the Kingdom’s events sector since 2023 by connecting global industry communities through its in-person and digital events.

Crucially, the human capital driving this revolution is homegrown. Supported by comprehensive training programs, Saudi professionals now account for nearly 20 percent of the global Certified in Exhibition Management certificate holders, one of the highest rates worldwide. This skilled workforce is a key asset, ensuring the sector’s growth is both sustainable and rooted in local expertise.

Hafiz noted that the strong momentum in ֱ’s event industry has generated thousands of job opportunities for Saudi nationals, playing a key role in lowering the Kingdom’s unemployment rate to a record 6.8 percent in the second quarter of 2025. 

FASTFACT

ֱ has emerged as one of the fastest-growing business event markets among the G20 nations, a fact underscored by over 17,000 business events held in a single year, an all-time regional high.

On this, Champion highlighted that Tahaluf has a 96 percent staff retention rate, fostering an environment that retains top talent and allows for continuous improvement. “I’ll stick by that as one of the most fundamental important reasons why Tahaluf has done so well,” he said.

To understand the landscape from the front lines, the CEO explained what makes an industry event shifting. “If an event is to shift industries, first and foremost, the event topic, the theme of that event has to be something that is a strategic theme,” he said, citing examples like Global Health Exhibition, Cityscape, and LEAP. 

Furthermore, he emphasized the importance of choosing strategic markets and maintaining close ties with the Saudi government and co-create events with them. By focusing only on sectors critical to Vision 2030, Tahaluf ensures its events have inherent importance and attract strategic companies and thought leaders.

Champion attributed Tahaluf’s rapid expansion to several factors. He stated that the company reinvests a substantial amount of its profits back into the quality of its events, rather than seeking excessive operating margins initially. 

“We’re flying them (speakers, guests) in at great expense, but we’re doing it because we understand that this is the sort of market that demands really high quality. So if you’re prepared to reinvest a substantial amount of the profits into creating a really big quality product, then that’s going to have a lot of traction in the Saudi market, because it’s a very sophisticated market.”

He noted that these events attract companies and thought leaders, and the announcements made there tend to have significant economic impacts. He revealed: “Over the last two years, since 2023, we’ve had $189 billion of strategic deals announced at our events.”

Detailing the tactical approach, Champion explained that Tahaluf focuses on curated exhibitions and is content-led, with large production departments dedicated to creating bespoke speaker faculties. He also described investor programs that help facilitate foreign direct investment by connecting international capital with major Saudi projects.

The CEO outlined the multi-faceted impact of these events, including direct economic impact, positive media sentiment, and acting as a catalyst for industries. “This year, we will bring in approximately 100,000 individuals from abroad into ֱ,” he said, adding that the calculated economic impact of their events from 2023 to 2025 will be $17.6 billion.

Hafiz explained that the rapid growth in the events sector is sustainable and not just temporary. “It has been noticed during the past few years, the significant and improvement in the sector in both the infrastructure and the diversity in the sector,” he said.

Looking ahead, Champion shared that the LEAP brand will be the first Saudi-made exhibition exported abroad, launching in Hong Kong. He also announced the launch of the BIO Middle East conference brand in ֱ, co-located with the CPHI pharma event.

On the company’s financial performance, he noted: “We’re doing very strongly, our revenues will finish this year well over $200 million,” with growth trending at 38-40 percent year on year. 

Regarding the prospect of an initial public offering, the CEO said: “I wouldn’t rule anything out over the next few years, because the market here is so interesting, it’s so good, but it’s an answer for shareholders to give.” 

Hafiz confirmed that the “flourishing landscape of the events industry has significantly strengthened international investors’ confidence in the local market.”  According to the economist, this is evidenced by the Kingdom’s emergence as a powerhouse for hosting and attracting thousands of events annually. 

“Last year alone, Riyadh Season attracted more than 20 million visitors and encouraged a number of foreign companies to invest in its activities,” he added.

This influx reflects a vote of confidence from global partners and underscores the sustainable growth of this vital sector.


ֱ leads GCC region’s fixed-income issuances in Q3

ֱ leads GCC region’s fixed-income issuances in Q3
Updated 01 November 2025

ֱ leads GCC region’s fixed-income issuances in Q3

ֱ leads GCC region’s fixed-income issuances in Q3
  • UAE-based issuers raised $5.82 billion through 57 offerings, marking a 47.3 percent decline

RIYADH: ֱ dominated the Gulf Cooperation Council region’s primary debt market in the third quarter of 2025, raising $20.32 billion through 36 issuances, representing a 62.7 percent year-on-year increase in value, according to a new analysis. 

In its latest report, Kuwait Financial Center, also known as Markaz, said that primary issuances of bonds and sukuk across the GCC totaled $38.74 billion through 137 issuances during the third quarter, marking a 32.4 percent increase from the same period in 2024, when issuances reached $29.29 billion. 

The debt market in the region — particularly in ֱ — has expanded significantly in recent years, driven by economic diversification efforts that have strengthened investor demand for fixed-income instruments. 

The financial sector led all GCC bond and sukuk issuances in the third quarter, with a total value of $21.53 billion, followed by government issuances at $11.1 billion. (Spplied)

“As for issuance preferences, the third quarter of 2025 saw an increased appetite for sukuk issuances in the GCC, representing 52.6 percent of total issuances for the year. This is a change in issuance preferences from the third quarter of 2024, where more conventional bonds were issued,” said Markaz. 

According to the report, UAE-based issuers raised $5.82 billion through 57 offerings in the third quarter, marking a 47.3 percent decline compared with the same period in 2024.  Qatar ranked third in terms of issuance value, with $5.69 billion raised through 29 issuances, followed by Kuwait, where issuers raised $3.42 billion through eight issuances, reflecting a 118.4 percent increase year on year. 

FASTFACTS

• Primary issuances of bonds and sukuk across the GCC totaled $38.74 billion through 137 issuances during the third quarter, marking a 32.4 percent increase from the same period in 2024, when issuances reached $29.29 billion.

• Total GCC corporate primary issuances grew 4 percent in the third quarter to $26.59 billion. Conventional issuances decreased 18.6 percent to $18.37 billion, while sukuk issuances rose sharply — up 202.7 percent during the quarter — reaching a total value of $20.37 billion for the year to date.

Issuances in Bahrain surged 539 percent from a year earlier to $2.55 billion across four issuances, while Omani entities recorded the lowest total, raising $0.94 billion through three issuances.

Markaz added that total GCC corporate primary issuances grew 4 percent in the third quarter to $26.59 billion. Conventional issuances decreased 18.6 percent to $18.37 billion, while sukuk issuances rose sharply — up 202.7 percent during the quarter — reaching a total value of $20.37 billion for the year to date.

The financial sector led all GCC bond and sukuk issuances in the third quarter, with a total value of $21.53 billion, followed by government issuances at $11.1 billion, the report said.


Saudi startups surge ahead with bold deals, fresh capital

Saudi startups surge ahead with bold deals, fresh capital
Updated 01 November 2025

Saudi startups surge ahead with bold deals, fresh capital

Saudi startups surge ahead with bold deals, fresh capital
  • Funding across key sectors includes AI, logistics, fintech, and HR technology

RIYADH: ֱ led this week’s startup activity, with a surge of venture deals, strategic partnerships, and funding announcements across key sectors including artificial intelligence, logistics, fintech, and HR technology. 

The wave of investment underscores the Kingdom’s growing prominence as a hub for innovation and its continued push to diversify its economy through technology-driven enterprises. 

Saudi food delivery platform Jahez has partnered with noon to integrate their services and enhance delivery speed, convenience, and product choice across the Kingdom. 

The collaboration enables users to access noon Minutes through the Jahez app, offering a broad selection of products delivered via noon’s dark store infrastructure, while Jahez’s food delivery services will also be embedded within the noon platform. 

According to both companies, the integration aims to boost customer engagement, drive repeat orders, and strengthen loyalty, positioning the partnership as one of the most extensive digital commerce ecosystems in the region. 

AI startup rmz.ai secures $100k pre-seed

Saudi generative AI startup rmz.ai has closed a $100,000 pre-seed funding round led by Beyond.xyz, a local virtual production studio. 

Founded in 2025, rmz.ai develops intelligent tools for managing image, audio, and video workflows through a unified interface aimed at content creators. 

The capital will support the development of the company’s “Creative Agents,” AI-powered assistants designed to simplify content production processes and enhance creative output quality. 

Logexa raises $2m 

Logistics platform Logexa has completed a $2 million pre-series A funding round led by SEEDRA Ventures, with participation from Nour Nouf Ventures and angel investors. 

Established in 2021 by Hussam Sindi and Hussam Spano, the company optimizes underutilized warehousing and transport infrastructure across ֱ. 

The funds will be used to expand operations, upgrade the digital platform, and launch a marketplace focused on shared logistics and storage services. 

PIF and Aramco move to combine AI assets under Humain

The Public Investment Fund and Aramco have signed a non-binding term sheet to combine their AI assets under Humain, a PIF-owned entity launched in May. 

Under the agreement, Aramco will acquire a significant minority stake in Humain, while PIF retains majority ownership. 

CapUnder the agreement, Aramco will acquire a significant minority stake in Humain, while PIF retains majority ownership. (Supplied)

The strategic collaboration includes transferring AI assets, talent, and capabilities to accelerate Humain’s growth and international reach. 

Humain is focused on building full-stack AI capabilities across data centers, cloud infrastructure, advanced models — including the Arabic large language model ALLAM — and AI solutions. The deal remains subject to regulatory approvals and final agreements. 

Tabby reaches $4.5bn valuation

Fintech company Tabby has completed a secondary share sale involving existing shareholders, attracting investors such as HSG and Boyu Capital. 

The transaction, which did not involve the issuance of new shares or proceeds to the company, values Tabby at $4.5 billion. 

The deal reflects continued investor confidence in Tabby’s growth trajectory and market positioning in the region’s buy now, pay later sector. 

BRKZ secures $30m in growth debt

Saudi construction technology firm BRKZ has secured up to $30 million in growth debt from Stride Ventures to support its expansion. 

Founded in 2023 by Ibrahim Manna, BRKZ provides a B2B platform for contractors and factories to access building materials and flexible financing options. 

The funding will accelerate the development of AI-powered procurement tools, cloud manufacturing models, and global supplier networks. BRKZ, which completed a $17 million series A extension earlier this year, is part of the Saudi Unicorns Program. 

Najeeb.ai raises pre-seed round to scale AI insurance tools 

Insurtech startup Najeeb.ai has raised an undisclosed pre-seed round from regional angel investors. 

Established in 2023 by Ahmed Yasmina and Hammam Homsi, the company integrates artificial intelligence with insurance services to drive transparency and operational efficiency. 

Proceeds from the round will support the development of AI-powered products, deepen insurer and healthcare integrations, and prepare the company for regional market entry. 

Squadio raises $3m 

Human resources tech company Squadio has secured $3 million in a pre-Series A round backed by Wa’ed Ventures, 500 Sanabil MENA, and Nour Nouf Ventures, as well as SEEDRA Ventures, and NTDP. 

Founded in 2019 by Khaled Senawy, the platform connects companies with global, remote-first tech talent. 

The investment will be used to improve Squadio’s AI-matching engine, grow its presence in MENA, Africa, and Silicon Valley, and expand its partner network. The company previously closed its seed round with SEEDRA Ventures in 2022. 

MidLyr raises $2.5m

US-based fintech MidLyr has raised $2.5 million in pre-seed funding led by Silicon Badia, with participation from Wedbush Ventures, Hustle Fund, DCG, and Story Ventures. 

Founded in 2025 by Wael El-Sahhar and Ruochen Ren, MidLyr helps banks transform regulatory text into AI-driven workflows for risk, compliance, and marketing functions. 

The new funds will drive product development, expand bank partnerships, and scale hiring in the US and Middle East, leveraging the region’s engineering and data science talent. 

HALA Capital debuts as CMA-licensed private capital firm 

HALA Capital, formerly HALA Ventures, has launched as a licensed private capital firm under the Capital Market Authority, marking its transition from venture capital to a broader asset management strategy. The firm now covers venture capital, private equity, and private credit. 

Founded in 2018 by Ali Abussaud and Hussain Al-Marhoon, HALA Capital aims to support innovation, scale enterprises, and deliver long-term impact across the Saudi and regional investment landscape. 

The firm emphasizes agility and ecosystem development as central to its investment approach. 

Velents.ai raises $1.5m and launches Arabic AI employee 

HRtech startup Velents.ai has raised $1.5 million in a round backed by angel investors, including former executives from Google and BCG. 

The company also launched Agent.sa, described as the first fully Arabic-speaking AI employee for businesses in the Middle East. 

Founded in 2020 by Mohamed Gaber and Abdulaziz Al-Muhaydib, Velents began in recruitment automation and now serves clients in both Egypt and ֱ. 

The capital will support expansion of the company’s AI infrastructure and adoption ahead of a larger funding round planned for early 2026. 

KarmSolar enters Cyprus with $5.78m solar project 

Egypt-based renewable energy provider KarmSolar has launched its first international expansion through the establishment of KarmCyprus, marking its entry into the Cypriot solar energy market. 

The move includes the development of a 7.6-megawatt solar PV plant in Monagroulli, southern Cyprus, backed by €5 million ($5.78 million) in project financing from Eurobank. Operations are slated to commence by September 2026. 

Founded in 2011 by Ahmed Zahran, Xavier Auclair, Yumna Madi, and Randa Fahmy, KarmSolar supplies renewable energy across multiple sectors in Egypt.

The company invested €2 million to establish KarmCyprus and raised an additional €8 million from Egyptian and international investors. 

The expansion follows KarmSolar’s vertically integrated model encompassing power generation, distribution, storage, and e-mobility, positioning the firm as a credible player in the Mediterranean clean energy sector.