Startup Wrap — Early-stage regional startups garner most funding

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Updated 01 October 2024

NOUR EL-SHAERI

September 22, 2024 13:02

Startup Wrap — Early-stage regional startups garner most funding

Updated 01 October 2024

NOUR EL-SHAERI

September 22, 2024 13:02

RIYADH: Several startups across the Middle East and North Africa have secured significant investments, showcasing the region’s growing entrepreneurial ecosystem.
From proptech and fintech to edtech and automotive, early-stage startups are focusing on expansion and technological innovation in both local and international markets.
Saudi Arabian proptech startup Darent has closed an undisclosed seed funding round, led by Al Tawuniya Insurance.
The round also saw participation from the Morgan Stanley Inclusive Ventures Lab and BIM Ventures.
Founded in 2021 by Hanin Al-Subaie, Darent offers a property management tool for rental properties, connecting owners and tenants through its platform.
“We are deeply thankful to our partners for their immense trust. This funding round is a significant step toward achieving our vision of revolutionizing the vacation rental sector by effectively enhancing the tourist experience and delivering pioneering solutions that elevate the quality of the tourism sector in the Kingdom,” Al-Subaie said.
The company intends to use the new funding to enhance its artificial intelligence technology and support marketing efforts. This follows a $1 million pre-seed round raised in 2022, led by Watheeq Proptech Venture.

Seez raises $4.2m to fuel US expansion
UAE-based automotive software-as-a-solutions startup Seez secured $4.2 million from a group of international investors.
Established in 2015 by Tarek Kabrit and Andrew Kabrit, Seez provides software solutions to car dealerships and original equipment manufacturers to enhance customer experience and drive sales.
“As pioneers in bringing AI technology to the automotive sector, this investment underscores our commitment to innovation and disrupting the status quo. We’re excited to capitalize on our momentum, develop our product offerings, and push the boundaries of automotive solutions,” Tarek, the company’s CEO, said.
The latest investment will be used to further its expansion into the US market.
“Through this phase of expansion, we have secured key partnerships and achieved tremendous success in markets like the UK, Australia, Denmark, South Africa, New Zealand, Mexico, and the GCC region,” Tarek added.
UmrahCash secures $500k from Adaverse
Saudi-based fintech UmrahCash has received a $500,000 investment from Adaverse.
Founded in 2024 by William Phelps, UmrahCash enables pilgrims to access Saudi Riyals in Makkah, Madinah, and Jeddah, allowing payments to be made in their home countries, with the currency provided upon arrival in the Kingdom.
In 2023, Saudi Arabia experienced a significant increase in international Umrah pilgrims, welcoming 26 million performers, an 8.7 percent rise from the previous year.
Out of the total, 13 million were international pilgrims, marking a 61.8 percent increase and surpassing the previous record of 8.5 million in 2019. Many of these pilgrims came from emerging markets.
The new funding will support UmrahCash’s expansion within the Kingdom.
Sultan Ventures acquires Egypt’s Acasia Group
US-based venture capital firm Sultan Ventures has acquired Egyptian angel investment syndicate and incubator Acasia Group for an undisclosed amount.
Founded as Cairo Angels in 2011, Acacia Group is known for empowering Egyptian and regional entrepreneurs.
Sultan Ventures, established in 2009, specializes in early-stage investment and startup ecosystem development.
“What began 14 years ago as a grassroots initiative under Cairo Angels has grown into a regional leader, operating across every aspect of the venture continuum in the Middle East and Africa. The acquisition by Sultan Ventures enables Acasia to scale faster and tackle the region’s biggest challenges, amplifying impact and scaling early-stage ventures and deep-tech commercialization,” said Hossam Allam, chairman of Acasia Group.
The acquisition will extend Sultan Ventures’ reach into the Middle East and Africa region. Notably, Acasia Ventures will remain separate from this deal following a prior separation agreement.
SETTLE raises $2m in pre-seed funding
Egyptian fintech startup SETTLE has raised $2 million in a pre-seed funding round led by Shorooq Partners, with support from El Sewedy Capital Holding, Acasia Ventures, and Plus VC.
Launched in 2023 by Kamil Sayour and Mostafa Mobarak, SETTLE is a business-to-business payment platform designed to modernize financial operations for enterprises.
“We are deeply familiar with the challenges and potential for the B2B financial services market in Egypt. SETTLE is prepared to enhance that market by automating financial workflows for businesses of all sizes. With the backing of strategic investors, we are now positioned to scale quickly and efficiently,” Mobarak said.
The funding will accelerate SETTLE’s global expansion and enhance its platform’s capabilities.
LabLabee secures $3.4m in Seed funding
Algerian edtech company LabLabee closed a $3.4 million seed funding round, led by Reach Capital and supported by Classera, Brighteye Ventures, and e& capital.
Founded in 2021 by Samir Tahraoui and Mahfoud Mebarek, LabLabee offers practical, hands-on learning experiences in cutting-edge network technologies.
The investment will support LabLabee’s expansion into the US market, hiring new talent, and developing new technologies.
Plain Tiger attracts investment from COREangelsMEA
UAE-based B2B marketplace Plain Tiger secured an undisclosed investment from COREangelsMEA, part of COREangels International.
Founded in 2021 by Alexandra Polson and Oliver Baillie, Plain Tiger connects hotels with eco-friendly suppliers, aiming to save time and reduce environmental impact.
The company will use the investment to further develop its platform and expand its presence in the Middle East, focusing on the Saudi market. Earlier this year, Plain Tiger received additional funding from AngelSpark.
Farid raises $250k pre-seed round
Egyptian edtech startup Farid has raised $250,000 in a pre-seed funding round from Saudi businesswoman Amal Al-Ajlan.
Founded in 2024 by Mahmoud Hussein, Farid provides a platform focusing on character education and mental health support for children and youth aged 3 to 18.
The funding will be used to develop the platform and support Farid’s expansion into Saudi Arabia and the UAE.

Saudi Arabia, Pakistan sign deal to strengthen customs cooperation

Updated 29 sec ago

Nour El-Shaeri

December 05, 2024 14:09

Saudi Arabia, Pakistan sign deal to strengthen customs cooperation

Updated 29 sec ago

Nour El-Shaeri

December 05, 2024 14:09

RIYADH: Saudi Arabia and Pakistan have taken a significant step toward enhancing bilateral relations with the signing of a landmark agreement aimed at boosting cooperation in customs matters.

The deal is designed to streamline trade processes and promote the exchange of expertise and best practices in customs operations between the two nations.

The agreement was signed during the Zakat, Tax, and Customs Conference in Riyadh, with key figures in attendance, including Abdullah Al-Funtukh, deputy governor for strategy and trade facilitation at the Zakat, Tax, and Customs Authority, and Ahmad Farooq, Pakistan’s ambassador to Saudi Arabia.

Under the terms of the agreement, both governments will work closely to adopt advanced customs technologies, enhance administrative assistance, and improve trade facilitation.

This collaboration is expected to not only strengthen trade ties but also promote innovation and efficiency in customs operations, further cementing the economic relationship between the two countries.

The signing reflects the commitment of both governments to deepen their economic partnership and foster smoother trade exchanges. It also represents a broader effort to leverage innovation and strengthen cooperation in customs operations to support mutual growth.

Earlier in December, Pakistan’s Prime Minister Shehbaz Sharif met with Saudi Arabia’s Crown Prince Mohammed bin Salman during the One Water Summit in Riyadh.

According to Sharif’s office, the two leaders agreed to further enhance bilateral trade and investment ties. This marked the fifth meeting between Sharif and the Saudi crown prince in the past six months, reflecting a growing engagement between the two nations.

During their previous meeting in late October at the Future Investment Initiative in Riyadh, Sharif and the crown prince discussed agreements worth $2.8 billion across sectors such as agriculture, semiconductor manufacturing, and energy.

Sharif’s office stated that both leaders agreed on the need for a “qualitative change” in their economic, trade, and investment relationship. The crown prince emphasized the importance of advancing meaningful cooperation to promote economic growth and prosperity in Pakistan.

In addition to these high-level meetings, Pakistani and Saudi businesses have signed several key agreements. On Oct. 10, during a visit by Saudi Arabia’s investment minister to Islamabad, 27 memorandums of understanding were signed, valued at $2.2 billion.

Following Sharif’s visit to Riyadh on Oct. 30, the number of MoUs increased to 34, with a total value of $2.8 billion. As of Dec. 2, seven of these MoUs have been converted into formal agreements worth $560 million.

The recent deal on customs cooperation marks another important step in strengthening trade and investment ties between Saudi Arabia and Pakistan, signaling a commitment to ongoing collaboration and mutual growth.

Topics: customs deal

Oman and Belgium strengthen green hydrogen ties with new MoU

Updated 25 min 39 sec ago

Reem Walid

December 05, 2024 13:43

Oman and Belgium strengthen green hydrogen ties with new MoU

Updated 25 min 39 sec ago

Reem Walid

December 05, 2024 13:43

RIYADH: Oman and Belgium have expanded their green hydrogen collaboration with the signing of a memorandum of understanding aimed at advancing the global clean energy economy.

The agreement, inked between Hydrom Oman and the Belgian Hydrogen Council, was a key milestone during Oman’s Sultan Haitham bin Tariq Al-Said’s official visit to Belgium, the Oman News Agency reported.

This agreement aligns with Oman’s goal to produce 1 million tonnes of green hydrogen annually by 2030, according to the International Energy Agency’s Renewables 2024 report. The country is one of the few in the Middle East advancing beyond its national targets for low-carbon hydrogen production.

Oman has set its sights on attracting $40 billion in green hydrogen investments by 2030, with that figure expected to rise to $140 billion by 2050. The MoU further supports these aspirations, creating a platform for exchange and collaboration between industrial entities, universities, research institutes, and policymakers in both countries.

The cooperation will focus on analyzing the value chains for importing green hydrogen, developing shipping infrastructure in Oman, and overcoming legislative challenges. Additionally, the deal will promote joint research initiatives and support technical training programs and awareness campaigns to foster green hydrogen adoption.

The MoU was signed by Salim bin Nasir bin Said Al-Aufi, Oman’s minister of Energy and Minerals and chairman of Hydrom Oman, and Tom Hautekiet, chairman of the Belgian Hydrogen Council.

The signing was witnessed by high-level officials, including Belgian Prime Minister Alexander De Croo, who met with Sultan Haitham bin Tariq earlier this week. During the two-day state visit, both parties discussed enhancing bilateral cooperation in key areas such as energy, security, and infrastructure.

The agreement also follows Oman’s commitment to leveraging its low-cost land for hydrogen production projects aimed at both local industrial needs and export, particularly for ammonia.

The IEA’s report highlights how hydrogen use in industry and hydrogen-based fuels are significantly contributing to the growth of renewable energy capacity in both Oman and the broader Middle East region.

Through this MoU, Oman and Belgium are further solidifying their positions as global leaders in green hydrogen, setting the stage for a robust partnership in clean energy innovation.

Topics: Oman Belgium Green Hydrogen

ACWA Power’s ESG focus aligns with global sustainability efforts, says official

Updated 49 min 59 sec ago

NADIN HASSAN - MOHAMMED AL-KINANI

December 05, 2024 13:17

ACWA Power’s ESG focus aligns with global sustainability efforts, says official

Updated 49 min 59 sec ago

NADIN HASSAN - MOHAMMED AL-KINANI

December 05, 2024 13:17

RIYADH: Saudi utility giant ACWA Power is leading efforts in the global energy and water sectors by significantly reducing the power consumption of desalination processes, a key official said.

In an interview on the sidelines of the COP16, Abdurahman Al-Sum, executive director of environmental, social, and governance at ACWA Power, highlighted the company’s achievements in cutting desalination energy use by more than 87 percent over the last decade. These efficiency milestones reflect the firm’s ongoing commitment to sustainability.

“We are also the first mover in the green hydrogen sector. We provide water to communities at a very low rate, and we also provide decarbonized energy to these communities, as well. This, in turn, indirectly helps tackle water scarcity,” Al-Sum explained.

ACWA Power, one of the largest private sector players in water desalination and renewable energy, is prioritizing environmental protection through initiatives in biodiversity, particularly in its water, sea, and land operations.

Al-Sum explained that biodiversity protection is integrated at every stage of its operations, from design to execution. “We start with the design phase, and we do all the studies needed for biodiversity while we are doing environmental and social impact assessments,” he said.

The company has also committed to planting one million trees by 2030 as part of the Saudi Green Initiative, further underlining its dedication to sustainability. “We have a nursery in Shuaibah for whoever wants to contribute or participate. They can get the plants and start planting it,” Al-Sum added.

Highlighting ACWA Power’s emphasis on collaboration, Al-Sum discussed how the company relies on joint ventures and partnerships to fulfill its mission. “We always work with partners. We always work in joint ventures with others,” he said, referencing the company’s projects in the Red Sea region, which are vital to providing fresh water to local communities.

In terms of innovation, Al-Sum noted that research and development has been a central pillar of the company’s operations since its inception. ACWA Power’s focus on R&D has enabled significant reductions in desalination energy use. “Ten years ago, one cubic meter needed around more than 20 kilowatt-hours. Today, we are producing the same with less than three. It is 2 point something kWh per cubic meter,” he said.

Al-Sum also highlighted the company’s global efforts to support coral reef research in collaboration with the Coral Research and Development Accelerator Platform, a G20 initiative focused on protecting the world’s coral reefs. “Our coral research is freely available for global benefit,” he said.

The company’s contributions to Saudi Arabia’s broader sustainability goals were also discussed, with Al-Sum emphasizing the firm’s work in clean water, renewable energy, and climate action. “SDG number six, for instance, is about clean water, which is central to our business. We also focus on SDG seven, which promotes affordable and clean energy. Climate action is another major focus for us,” he explained.

Additionally, the Energy and Water Academy, a nonprofit that trains students in renewable energy and desalination, has trained over 15,000 students, many of whom are now working in Saudi Arabia’s energy and water sectors. “The academy is a nonprofit organization where even our competitors send their students and employees for training,” Al-Sum said, adding that the institution also ensures opportunities for women in these specialized fields.

Looking ahead, Al-Sum discussed the company’s role in Saudi Arabia’s transition to renewable energy, working with the government to integrate clean energy into the country’s grid. He emphasized the importance of a gradual transition to avoid disruption to daily life.

In closing, Al-Sum talked about a recent partnership with the Sekaya Charitable Foundation to build a micro water grid in one of ACWA Power’s operating communities. “We are partnering with Sekaya Charitable Foundation to build a micro water grid in one of the communities where we operate,” he said.

This partnership, alongside others in the public and private sectors, is seen as a key part of ACWA Power’s role in contributing to Saudi Arabia’s economic and sustainability goals.

Topics: COP16 ACWA Power

Saudi Ministry of Economy and UNDP collaborate to boost economic, social development

Updated 05 December 2024

MIGUEL HADCHITY

December 05, 2024 12:44

Saudi Ministry of Economy and UNDP collaborate to boost economic, social development

Updated 05 December 2024

MIGUEL HADCHITY

December 05, 2024 12:44

RIYADH: Saudi Arabia’s Ministry of Economy and Planning has signed an agreement with the UN Development Programme to enhance economic and social policy planning, with a focus on sustainable development.

The deal, signed by Hattan Bin Samman, general supervisor for international organizations at the Ministry of Economy and Planning, and Nahid Hussein, UNDP resident representative for Saudi Arabia, aims to advance the Kingdom’s efforts under Vision 2030.

The partnership will bolster national policy development and enhance the exchange of expertise in sustainable development, supporting the Kingdom’s ongoing commitment to achieving its economic and social aspirations, according to a press release.

“This cooperation comes as part of the Kingdom's commitment to promoting sustainable economic and social development, and achieving its national aspirations under Saudi Vision 2030, which contributes to developing national policies and strengthening institutional competencies,” the release added.

The signing ceremony, attended by key officials including Faisal Al-Ibrahim, minister of Economy and Planning, Achim Steiner, UNDP administrator, and Ammar Nagadi, vice minister of Economy and Planning, also emphasized the role of collaboration in strengthening institutional competencies and showcasing national achievements on the global stage.

This initiative further highlights Saudi Arabia’s commitment to sustainable economic growth and development as part of its long-term strategy.

It also coincides with Riyadh hosting COP16, reinforcing the Kingdom’s leadership in sustainable development and highlighting the importance of international collaboration in addressing global challenges.

The agreement aligns with Saudi Arabia’s leadership at COP16, where the Kingdom has emphasized global cooperation to address critical environmental issues such as drought and desertification.

Abdulrahman Al-Fadli, Saudi Arabia’s Minister of Environment and incoming COP16 president, highlighted the need for collective action during his opening remarks on the first day of the conference, themed “Our Land. Our Future,” running from Dec. 2 to 13 in Riyadh.

Throughout the event, Saudi Arabia highlighted its aim to foster collaboration and secure concrete outcomes from COP16 by establishing a “Friends of the Chair” group tasked with drafting the Riyadh Policy Declaration, a key outcome document of the conference.

UNDP is the UN’s lead agency for international development. The organization supports countries and communities in their efforts to eradicate poverty, implement the Paris Agreement on climate change, and achieve the Sustainable Development Goals. It advocates for transformative change and connects nations with the resources necessary to help people build better lives.

Topics: COP16 sustainbale development

Shell and Equinor to form UK oil and gas joint venture

Updated 05 December 2024

Reuters

December 05, 2024 12:23

Shell and Equinor to form UK oil and gas joint venture

Shell and Equinor to each own 50% of joint venture
Will produce over 140,000 barrels of oil equivalent per day

Updated 05 December 2024

Reuters

December 05, 2024 12:23

COPENHAGEN/LONDON: Shell and Norway’s Equinor will merge their British offshore oil and gas assets into an equal joint venture, they announced on Thursday.
The venture, to be based in Aberdeen, Scotland, is expected to produce over 140,000 barrels of oil equivalent per day (boed), with completion of the deal expected by the end of 2025.
“The new company will...provide a long-term sustainable future for individual oil and gas fields and platforms, helping extend the life of this crucial sector for the benefit of the UK,” Shell and Equinor said in a statement.
While the new entity would become the British North Sea’s biggest independent producer, there is no intention to conduct an initial public offering, Shell Upstream Director Zoe Yujnovich told reporters.
The ageing British North Sea basin, where production started in the 1970s, has seen a steady exit of oil companies in recent decades as production declined from a peak of 4.4 million boed at the start of the millennium to around 1.3 million boed today.
The British government’s decision to impose a windfall tax on North Sea producers following a surge in energy costs in 2022 has put further pressure on producers to reduce investment and exit the basin.
The North Sea Transition Authority regulator has forecast output will decline to fewer than 200,000 boed by 2050.
Shell UK’s output stands at over 100,000 boed and Equinor currently produces some 38,000 boed per day in Britain, the companies said.
Equinor is currently developing the Rosebank oilfield, one of the last known major oil reservoirs in Britain, while Shell is developing the Jackdaw gas field.
The new company will include Equinor’s stakes in the Mariner, Rosebank and Buzzard fields, and Shell’s holdings in Shearwater, Penguins, Gannet, Nelson, Pierce, Jackdaw, Victory, Clair and Schiehallion, the Norwegian group said.
A range of exploration licenses will also be part of the transaction, it added.
Equinor will retain ownership of the Utgard, Barnacle and Statfjord cross-border assets between Norway and Britain, as well as its offshore wind portfolio including Sheringham Shoal, Dudgeon, Hywind Scotland and Dogger Bank, it said.
It will also retain its hydrogen, carbon capture and storage, power generation, battery storage and gas storage assets, it added.
Shell will keep its interests in the Fife NGL plant, St. Fergus Gas Terminal and floating wind projects under development, MarramWind and CampionWind.
Shell UK will also continue as the technical developer of Acorn, Scotland’s largest carbon capture and storage project, Equinor said.

Topics: Shell Equinor oil and gas

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Startup Wrap — Early-stage regional startups garner most funding

Startup Wrap — Early-stage regional startups garner most funding

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Saudi Arabia, Pakistan sign deal to strengthen customs cooperation

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