Egyptian AI startup Intella raises $3.4m from Saudi investors 

Egyptian AI startup Intella raises $3.4m from Saudi investors 
Egyptian AI startup Intella raises $3.4m from Saudi investors 

Thank you for reading the news about Egyptian AI startup Intella raises $3.4m from Saudi investors  and now with the details

Jeddah - Yasmine El Tohamy - RIYADH: The non-oil private sector in the UAE witnessed strong demand in September, as new orders grew at their fastest rate in four years, an economy tracker showed.  

The latest S&P Purchasing Managers’ Index report revealed the country’s PMI hit 56.7 in September, rising from 55 in August, boosted by a robust economy and competitive pricing. 

According to the report, lower prices and stronger economic conditions drove the new orders sub-index to its highest level since June 2019. 

While overall selling prices fell in September, rising input charges have limited the pricing pressures for some firms as they were forced to raise their charges due to increasing costs, according to the report.   

“Demand growth meanwhile spurred greater purchasing at non-oil firms in September, which acted to quicken the pace of purchase price inflation,” said David Owen, a senior economist at S&P Global Market Intelligence.   

According to the report, confidence in the UAE market peaked at its highest levels since March 2020.   

Some factors attributing to this are the country’s business-friendly regulations, stable political environment and infrastructure development. 

Other positive factors included tax benefits, economic diversification and quality of life for expatriates and skilled labor.  

The report added that demand from domestic and external markets grew, with market needs from foreign clients rising at the sharpest pace in over four years. 

Other PMI sub-components, such as input and employment inventories, rose slightly in September.   

Moreover, firms leveraged on previous hires and inventory growth, indicating that firms have sufficient capacity to deal with the new orders flow.    

Delivery times also shortened this month, the sharpest in over four years, as non-oil businesses witnessed further improvements in supply chains. 

The report stated that the UAE economy is projected to expand by 4 percent in 2024 and by 3 percent this year, driven by definite growth in its non-oil sector. 

The credit rating agency highlighted growth in the UAE’s non-oil sectors, such as tourism, government agencies and technological advancements and its policy implementation designed to set the stage for the country’s long-term economic expansion.     

Last month, Fitch Ratings echoed similar economic trends, stating that the country has benefited from strong economic conditions reflected by improved banking sector profitability.  

A healthy banking sector attracts foreign investments and could be instrumental in its higher economic activity and PMI.

These were the details of the news Egyptian AI startup Intella raises $3.4m from Saudi investors  for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at Arab News and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

NEXT US Fed holds key rate steady for fourth straight meeting

Author Information

I have been an independent financial adviser for over 11 years in the city and in recent years turned my experience in finance and passion for journalism into a full time role. I perform analysis of Companies and publicize valuable information for shareholder community. Address: 2077 Sharon Lane Mishawaka, IN 46544, USA Phone: (+1) 574-255-1083 Email: [email protected]