Saudi startups see rapid growth amid digital and e-commerce boom: LinkedIn

Saudi startups are gaining traction thanks to the continuing evolution of the Kingdom’s entrepreneurial ecosystem. Shutterstock

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Updated 01 October 2024

Nour El-Shaeri

September 25, 2024 12:16

Saudi startups see rapid growth amid digital and e-commerce boom: LinkedIn

Updated 01 October 2024

Nour El-Shaeri

September 25, 2024 12:16

RIYADH: Saudi Arabia’s top 10 startups are showing rapid growth and strong innovation across key sectors, including digital security, convenience apps, and business solutions, according to a new report.

LinkedIn’s annual Top Startups list, which ranks the most influential emerging companies, showcases those making a significant impact while attracting top talent.

Cybersecurity startup Cipher topped the list, reflecting the growing demand for digital security services in Saudi Arabia.

As the leader in venture capital funding in the Middle East and North Africa, with $412 million invested in the first half of 2024, Saudi startups are gaining traction thanks to the continuing evolution of the Kingdom’s entrepreneurial ecosystem.

Nabila Rahal, MENA news editor at LinkedIn, said: “This year’s list demonstrates that startups in the Kingdom are continuing to make their presence felt as they break into new industries and contribute to the country’s economic diversification. There is a clear focus on technological and innovative solutions within emerging companies in the country.”

She added: “Saudi Arabia’s Top Startups List 2024 is a snapshot of the startups and VC landscape in the Kingdom that also offers insights into the latest economic trends. The startups featured on this list have excelled in meeting their clients’ needs and are attracting the top talent in the Kingdom.”

Convenience-focused companies like MR MANDOOB, a delivery services app, and Mawidy, an appointment-booking platform, secured third and fourth places, respectively.

Car rental app SHIFT inc. rounded out the top five, reflecting the growing demand for practical, service-oriented apps in the Kingdom.

The e-commerce sector continues to expand, as evidenced by Rewaa, a retail solutions platform debuting in sixth place.

Soum, an AI-powered retail marketplace, climbed two spots to seventh, signaling steady growth in the sector.

Business solutions are also on the rise. LAWAZEM, a procurement platform, and Squadio, a talent solutions provider, ranked eighth and tenth, highlighting the increasing need for operational support as more international companies establish a presence in Saudi Arabia.

Buy now, pay later fintech Tamara ranked second, maintaining its spot in the top five. AI-solutions company Mozn also made the list.

LinkedIn’s Top Startups list is developed by analyzing interactions among its more than 1 billion global members.

Startups are ranked based on four pillars: employment growth, engagement with the company and its employees, job interest, and attraction of top talent. Companies must be privately held, independent, and headquartered in the country where they are ranked.

Topics: startups Linkedin saudi startups

Oil Updates — crude set for biggest weekly drop since October on tariff uncertainty, supply gains

Updated 6 sec ago

Reuters

March 07, 2025 10:08

Oil Updates — crude set for biggest weekly drop since October on tariff uncertainty, supply gains

US tariff suspension for Mexico, Canada provides temporary reprieve
But trade war risks and OPEC+ supply increase weigh on market

Updated 6 sec ago

Reuters

March 07, 2025 10:08

NEW DELHI: Oil prices were little changed on Friday but were set for their biggest weekly decline since October as the uncertainty around US tariff policy is creating concerns about demand growth at the same time major producers are set to increase output.

Brent futures rose 17 cents, or 0.24 percent, to $69.63 a barrel by 6:15 a.m. Saudi time. US West Texas Intermediate futures rose 12 cents, or 0.18 percent, to $66.48 a barrel.

However, for the week Brent is down 4.9 percent, set for its biggest weekly decline since the week of Oct. 14. WTI is set to drop 4.8 percent, also its biggest weekly fall since that week.

Markets, including oil, have been whipsawed by fluctuating trade policy in the US, the world’s biggest oil consumer.

“It looks like the financial markets are in full panic mode, no longer easily pacified by Trump’s one-month postponements and exemptions on import tariffs,” said Vandana Hari, founder of oil market analysis provider Vanda Insights.

“That leaves crude stuck around four-month lows, albeit vulnerable to further slides,” she added.

On Thursday, US President Donald Trump suspended the 25 percent tariffs he had imposed on most goods from Canada and Mexico until April 2, although steel and aluminum tariffs would still go into effect on March 12 as scheduled.

The amended order does not fully cover Canadian energy products, which are under a separate 10 percent levy.

The tariffs themselves are considered a drag on economic growth and therefore oil demand growth. But the uncertainty over the policy is also slowing business decisions, which is also impacting the economy.

“The risks to oil prices remain tilted to the downside with new supply from OPEC+ and non-OPEC producers expected to push the market well into an oversupply,” Fitch’s research unit, BMI, said in a note.

Brent prices on Wednesday fell to their lowest since December 2021 after US crude inventories rose and in the wake of the decision by the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, to increase their output quotas.

The group said on Monday that it had decided to proceed with a planned April output increase, adding 138,000 barrels per day to the market.

Some of the downward momentum in prices has eased as the US is looking at steps to halt exports from key OPEC producer Iran.

“We are going to shut down Iran’s oil sector and drone manufacturing capabilities,” US Treasury Secretary Scott Bessent said in his first major speech to Wall Street executives.

Reuters reported on Thursday that Trump is considering a plan to inspect Iranian oil tankers at sea using an accord aimed at weapons of mass destruction, according to sources, part of the US president’s “maximum pressure” to drive Iranian oil exports down to zero.

Topics: oil updates oil prices

In speech to Congress, Trump reassures investors that new visa scheme would not tax foreign assets

Updated 07 March 2025

Miguel Hadchity

March 06, 2025 01:18

In speech to Congress, Trump reassures investors that new visa scheme would not tax foreign assets

Taxing foreign assets was a concern despite big enthusiasm for new scheme, pundits had told Arab News
“This move certainly removes a significant barrier for Saudi and Gulf investors who were previously wary of US residency due to FATCA’s global tax implications,” Al-Ansari tells Arab News.

Updated 07 March 2025

Miguel Hadchity

March 06, 2025 01:18

RIYADH: President Donald Trump assured that investors entering the US under the newly introduced $5 million “Gold Card” visa program will not be subject to taxes on their foreign assets.

This assurance comes as Trump and his administration seek to attract high-net-worth individuals from around the world by offering a direct pathway to US residency and citizenship.

Addressing Congress on March 4, Trump outlined the program’s structure. “They (investors) won’t have to pay tax from where they came, the money that they’ve made, you wouldn’t want to do that. But they have to pay tax (in the US) and create jobs,” he said.

His remarks came as a reassurance to prospective investors who may have been concerned about the Foreign Account Tax Compliance Act, which has deterred some wealthy individuals from seeking US residency due to global taxation concerns.

Arab News raised this concern in a previous article following Trump’s announcement of the new initiative.

Now that the president has cleared that doubt and reassured investors that their assets abroad won’t be taxed, Salman Al-Ansari, a geopolitical analyst and former US investor, emphasized that the Gold Card exemption is a game-changer.

“This move certainly removes a significant barrier for Saudi and Gulf investors who were previously wary of US residency due to FATCA’s global tax implications,” he told Arab News in an interview.

Al-Ansari added that this exemption “is a clear indication that his administration is responsive to global investor concerns.”

However, he noted that despite this strong incentive, long-term concerns about possible changes in US tax policy are likely to remain. “Investors in the region understand that tax policies can change with different administrations, so some may still approach with caution, opting for structures that offer flexibility in case future regulations become less favorable,” Al-Ansari added.

Read: Will Trump strike gold with wealthy Arabs through new residency program?

The new initiative will replace the existing EB-5 visa program, which was originally designed to grant permanent residency to investors who contributed at least $1 million to a US business that created or sustained at least 10 jobs for American workers.

Trump emphasized to Congress that the initiative would address talent retention by allowing investors to fund and support highly skilled graduates from top US universities, preventing them from being forced to leave the country.

The US faces stiff competition from other nations with established golden visa programs, particularly Gulf nations like Saudi Arabia, which have successfully attracted high-net-worth individuals through similar initiatives.

On whether Saudi investors will become more selective about US investments due to domestic taxation under the Gold Card visa, Al-Ansari noted: “The exemption of foreign assets is a strong incentive, but the fact that income generated within the US is still taxable means that Saudi investors will likely be more strategic in their choices.”

He added: “They may favor sectors that offer higher tax efficiencies, such as real estate, energy, or industries benefiting from tax incentives.”

However, Al-Ansari said that as long as the US provides a stable business environment and competitive opportunities, taxation within the country is a reasonable tradeoff.

“The key factor for Saudi investors will be the ease of doing business and whether the Gold Card visa comes with additional facilitations that make investments more attractive beyond the tax benefits,” he concluded.

By structuring the Gold Card visa to exempt foreign assets from US taxation, Trump’s administration is positioning the program as an attractive alternative to other golden visa schemes worldwide.

Investors from the Gulf, who have already benefited from similar residency programs in their home countries, may now see the US as an increasingly viable destination for expanding their businesses and securing long-term financial stability.

As highlighted in a previous report by Arab News, the initiative is being closely watched due to its potential to attract substantial foreign capital, especially from countries like Saudi Arabia, the UAE, and Qatar.

Despite global competition from established golden visa programs, the US remains an appealing destination for investors, due to its business environment, talent pool, and real estate opportunities.

With the added benefit of no taxation on foreign assets, the Gold Card program is seen as a highly attractive option for investors looking to expand their businesses and secure long-term financial stability in the US.

Topics: President Donald Trump State of the Union business

Direct flights from Stuttgart to Jeddah to begin later this year

Updated 06 March 2025

REEM WALID

March 06, 2025 16:14

Direct flights from Stuttgart to Jeddah to begin later this year

Updated 06 March 2025

REEM WALID

March 06, 2025 16:14

RIYADH: Direct flights from Stuttgart, Germany, to Jeddah, will begin in the second half of 2025 and operate twice a week, the Saudi Air Connectivity Program has announced.

Inaugurated in collaboration with the Saudi Tourism Authority and Jeddah Airports Co., the route is set to utilize an A321neo aircraft with a capacity of 224 seats, according to the Kingdom’s press agency.

This move aims to increase the capacity of travelers and visitors from Europe to Saudi Arabia, aligning with the government’s aviation goal of transporting 330 million passengers across over 250 destinations, as well as 4.5 million tonnes of air cargo, by 2030.

Majid Khan, CEO of ACP, said the collaboration with German low-cost carrier Eurowings — a wholly owned subsidiary of the Lufthansa Group — is advancing well in enhancing air connections between Saudi Arabia and Europe.

He further expressed confidence in forming a long-term partnership with the airline to broaden the network of flight routes in the future, offering travelers new opportunities to experience the Kingdom’s historical and cultural sites.

This falls in line with ACP’s goal to boost tourism in Saudi Arabia by enhancing air connectivity between the Kingdom and international destinations, broadening existing flight routes, and establishing connections to new global markets.

As the driving force behind the National Tourism Strategy and Saudi aviation strategy, ACP promotes collaboration and partnerships between crucial public and private sector players in the tourism and aviation sectors. Its objective is to enhance the Kingdom’s status as a premier global hub for air travel connectivity.

Topics: aviation Saudi Air Connectivity Program Eurowings

Jordan’s move to ease residency rules will attract investment, say experts

Updated 07 March 2025

Nadin Hassan

March 06, 2025 16:07

Jordan’s move to ease residency rules will attract investment, say experts

Updated 07 March 2025

Nadin Hassan

March 06, 2025 16:07

RIYADH: Jordan’s recent move to ease residency requirements for foreign investors is set to drive capital inflows, particularly into real estate, according to industry experts.

A recent decision by the country’s Cabinet will reduce financial barriers for foreign residents and property owners seeking to renew their residency, the Jordan News Agency, also known as Petra, has reported.

Among the key amendments, the government scrapped a 10,000 Jordanian dinar ($14,100) deposit requirement for foreign property owners who have lived in Jordan for more than two years.

Meanwhile, non-property owners applying for a five-year residency will see their required deposit halved to 10,000 dinar.

The changes mark a significant shift in Jordan’s investment strategy, aligning with regional trends that leverage residency incentives to attract long-term foreign capital. The policy adjustments are expected to stimulate real estate activity, benefiting adjacent industries such as construction, legal services, and financial consultancy.

According to Petra, Ali Murad, chairman of the Jordanian-European Business Association stated that the decision is a crucial economic measure that will inject liquidity into the local market and strengthen the real estate sector.

“Shifting residency requirements from bank deposits to property ownership will incentivize foreign investors to purchase real estate, boosting demand for construction and commercial projects,” Petra reported him saying.

Other experts believe that Jordan’s revised policy could make it a more competitive destination for international buyers looking for investment opportunities beyond traditional financial markets.

Fadi Al-Majali, chairman of the Jordanian Expat Business Association said that removing the deposit hold requirement for property owners enhances the attractiveness of real estate investment in the country, Petra reported.

The statement went on to say that Al-Majali believes “these amendments will encourage more foreign investors to acquire properties, thereby increasing market demand and supporting the continued development of the real estate and construction sectors.”

Iraqi investors, who have historically played a key role in Jordan’s property market, are also expected to benefit.

Majid Al-Saadi, chairman of the Iraqi Business Council in Amman, welcomed the policy shift according to the Jordan News Agency, emphasizing that it allows investors to allocate more capital into Jordan’s retail, healthcare, and education sectors.

While the new measures are expected to drive investment in the near term, experts argue that Jordan could further enhance its appeal by adopting long-term residency programs similar to the UAE’s “golden visa” initiative.

Gulf states have successfully used such programs to attract high-net-worth individuals, professionals, and entrepreneurs, creating a stable foreign investor base.

Topics: Jordan Jordan real estate

Closing Bell: Saudi main index closes in red at 11,811

Updated 06 March 2025

MIGUEL HADCHITY

March 06, 2025 16:09

Closing Bell: Saudi main index closes in red at 11,811

Updated 06 March 2025

MIGUEL HADCHITY

March 06, 2025 16:09

RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Thursday, losing 87.75 points, or 0.74 percent, to close at 11,811.11.

The total trading turnover of the benchmark index was SR7.08 billion ($1.88 billion), as 47 of the listed stocks advanced, while 198 retreated.

The MSCI Tadawul Index decreased by 9.34 points, or 0.62 percent, to close at 1,490.08.

The Kingdom’s parallel market Nomu dipped, losing 258.75 points, or 0.82 percent, to close at 31,296.73. This comes as 34 of the listed stocks advanced while 49 retreated.

The best-performing stock was Tanmiah Food Co., with its share price surging by 4.7 percent to SR127.

Other top performers included Malath Cooperative Insurance Co., which saw its share price rise by 4.30 percent to SR13.58, and Almasane Alkobra Mining Co., which saw a 3.70 percent increase to SR56.

Mouwasat Medical Services Co. saw the biggest decline of the day, with its share price dropping 9.34 percent to SR75.70.

Walaa Cooperative Insurance Co. fell 8.02 percent to SR18.82, while Al-Majed Oud Co. dropped 7.42 percent to SR132.20.

On the announcements front, Al-Majed Oud Co. released its financial results for 2024, with net profits reaching SR156.9 million, up by 5.5 percent compared to the previous year.

In a statement on Tadawul, the company attributed the increase to a surge in sales through geographic expansion and opening new stores, as well as launching new products and an uptick in the e-commerce business.

In another announcement, Jabal Omar Development Co. declared its annual financial results for 2024.

The company’s net profit in 2024 reached SR200 million, up from SR37.4 million in the previous year, marking a 433.8 percent surge.

The firm said in a statement that this surge was attributed to a growth in revenue by SR575 million, driven by the improved operations of two new hotels, Address Jabal Omar and Jumeirah Jabal Omar, along with a significant rise in hotel occupancy and commercial center revenues.

Additionally, the company recognized SR748 million in other operating income from the sale of land in the Jabal Omar project. This surge was achieved despite a rise in general and administrative expenses.

The firm’s shares traded 3.07 percent lower on the main market to close at SR25.30.

Basic Chemical Industries Co. also announced its financial results for the previous year, with net profits reaching SR40.3 million, down by 8.1 percent compared to 2023.

In a statement on Tadawul, the company attributed the decrease in profit to an increase in general and administrative expenses, zakat tax, and a drop in profits from the sale of fixed assets and other operating income.

The firm’s shares traded 1.56 percent lower on the main market to close at SR28.40.

Topics: Tadawul TASI shares stock

Saudi startups see rapid growth amid digital and e-commerce boom: LinkedIn

Saudi startups see rapid growth amid digital and e-commerce boom: LinkedIn

Saudi Arabia awards top startups in global blue economy challenge

Startup Wrap — Early-stage regional startups garner most funding

Oil Updates — crude set for biggest weekly drop since October on tariff uncertainty, supply gains

Oil Updates — crude set for biggest weekly drop since October on tariff uncertainty, supply gains

Oil Updates — crude climbs from multi-year low, tariff concerns and rising supply weigh

Oil Updates — crude falls as market eyes OPEC+ output increase, US tariffs

In speech to Congress, Trump reassures investors that new visa scheme would not tax foreign assets

In speech to Congress, Trump reassures investors that new visa scheme would not tax foreign assets

Will Trump strike gold with wealthy Arabs through new residency program?

Saudi Arabia’s private equity deals soar with $2.8bn in investments in 2024

Direct flights from Stuttgart to Jeddah to begin later this year

Direct flights from Stuttgart to Jeddah to begin later this year

Saudi Arabia, France civil aviation authorities discuss boosting air connectivity

First use of sustainable aviation fuel in Saudi Arabia to be at Red Sea International Airport

Jordan’s move to ease residency rules will attract investment, say experts

Jordan’s move to ease residency rules will attract investment, say experts

PIF’s Saudi Jordanian Investment Co. to indirectly invest in Alyoum Bakery to propel growth strategy

Jordan monthly tourism revenues up 22.8% to $680.5m

Closing Bell: Saudi main index closes in red at 11,811

Closing Bell: Saudi main index closes in red at 11,811

Closing Bell: Saudi main index closes in red at 11,898

Closing Bell: Saudi main index closes in red at 11,932

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Saudi startups see rapid growth amid digital and e-commerce boom: LinkedIn

Saudi startups see rapid growth amid digital and e-commerce boom: LinkedIn

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