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Startup Wrap — Saudi firms continue to raise funding ahead of LEAP25 

Startup Wrap — Saudi firms continue to raise funding ahead of LEAP25 
Fasanara Capital CEO Francesco Filia (L) with Forus Founder and CEO Nosaibah Al-Rajhi. Supplied
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Updated 08 February 2025
Nour El-Shaeri 
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Startup Wrap — Saudi firms continue to raise funding ahead of LEAP25 

Startup Wrap — Saudi firms continue to raise funding ahead of LEAP25 
Updated 08 February 2025
Nour El-Shaeri 
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RIYADH: Saudi Arabia’s startup ecosystem continues to gain momentum ahead of the Kingdom’s flagship technology conference, LEAP 2025, fintech, artificial intelligence, and industrial technology companies securing major funding rounds.

Key investments include Saudi-based peer-to-peer lending platform Forus securing a $60 million credit facility from Fasanara Capital. 

The funding will enable Forus to provide over $150 million in working capital loans to Saudi small and medium-sized enterprises. 

Founded in 2019 by Nosaibah Al-Rajhi, Forus has facilitated more than $390 million in working capital financing for over 400 Saudi SMEs. 

The company aims to address financing gaps for businesses that struggle with access to traditional banking services. 

Vminds.ai raises six-figure pre-seed investment 




Founded by Ahmed Al-Mashhadi, vminds.ai is an intelligent, self-learning platform. Supplied

Saudi-based AI startup vminds.ai has closed a six-figure pre-seed funding round from undisclosed angel investors. The company plans to use the funds to support its platform’s official launch for individuals and its enterprise rollout in the third quarter of 2025. 

Founded by Ahmed Al-Mashhadi, vminds.ai is an intelligent, self-learning platform that integrates more than 150 AI tools from global companies into a unified system. The startup aims to simplify AI adoption by businesses and individuals in the region. 

Khazna closes $16m pre-series B round 




Launched in 2020 by Omar Saleh, Ahmed Wagueeh, and Fatimah El-Shenawy, Khazna focuses on serving Egypt’s underbanked population by providing access to financial services. Supplied

Egyptian fintech Khazna has secured a $16 million pre-series B funding round, with participation from new and existing investors, including SANAD Fund for MSME, anb Seed Fund, and Aljazira Capital, as well as Khwarizmi Ventures, Nclude, ICU Ventures, and Quona, Speedinvest, and Disruptech Ventures. 

Launched in 2020 by Omar Saleh, Ahmed Wagueeh, and Fatimah El-Shenawy, Khazna focuses on serving Egypt’s underbanked population by providing access to financial services such as general-purpose credit, buy now, pay later, and bill payments. 

The company plans to use the fresh funding to apply for a digital banking license in Egypt and expand into the Saudi market. 

Simplex secures $13m to build CNC factory in Riyadh 




Founded in 2013 by Ahmed Shaaban, Mohamed Mansour, and Amr Mahmoud, Simplex provides industrial manufacturing solutions across various sectors. Supplied

Egypt-based CNC machine manufacturer Simplex has raised $13 million in funding, led by Saudi Arabia’s National Industrial Development Center. 

The investment will be used to establish a factory in Riyadh dedicated to producing advanced CNC machines. 

Founded in 2013 by Ahmed Shaaban, Mohamed Mansour, and Amr Mahmoud, Simplex provides industrial manufacturing solutions across various sectors. 

The company’s expansion into Saudi Arabia aligns with the Kingdom’s efforts to localize industrial production. 

Myne raises $2m pre-seed round 




Founded in 2024 by Karim Chouman, Myne (R) is a wealth management platform offering asset tracking, real-time market integration, budgeting tools, and digital estate planning. Supplied

UAE-based fintech startup Myne has secured a $2 million pre-seed funding round led by Scene Holding, with participation from Raz Holding, Plus VC, Annex Investments, and angel investors. 

Founded in 2024 by Karim Chouman, Myne is a wealth management platform offering asset tracking, real-time market integration, budgeting tools, and digital estate planning. 

The funding will be used to scale operations, enhance the platform’s technology infrastructure, accelerate user acquisition, and expand regionally. 

Qeen.ai secures $10m seed round 




qeen.ai Founders Morteza Ibrahimi, Ahmad Khwileh, and Dina Alsamhan. Supplied

UAE-based AI startup qeen.ai has closed a $10 million seed funding round, marking one of the largest early-stage investments in the MENA region. 

The round was led by Prosus Ventures, with participation from Wamda Capital, 10x Founders, and Dara Holdings. 

Founded in 2023 by Dina Al-Samhan, Ahmad Khwileh, and Morteza Ibrahimi, qeen.ai offers AI-driven solutions for e-commerce businesses. 

The funding will support the expansion of its agentic AI platform, team growth, and customer acquisition. 

With this investment, qeen.ai has raised a total of $12.2 million, following a $2.2 million pre-seed round in June.

VISARUN.AI raises $700k in pre-seed funding 

UAE-based visa-as-a-service platform VISARUN.AI has secured $700,000 in pre-seed funding from undisclosed angel investors. 

The company plans to use the funds to enhance platform development, expand its sales team, and extend its footprint in the UAE, Saudi Arabia, Qatar, India, and China. 

Founded in 2024 by Vladimir Indjikian and Alena Iakina, VISARUN.AI streamlines visa processing by reducing manual labor by up to 70 percent. 

The platform aims to simplify and expedite visa applications for businesses and individuals. 

Rasmal Ventures secures backing from QIA 

Qatar-based venture capital firm Rasmal Ventures LLC has received funding from the Qatar Investment Authority under its $1 billion Fund of Funds program. 

The investment will support Rasmal Ventures’ inaugural fund, Rasmal Innovation Fund I LLC, which focuses on high-growth startups across fintech, B2B Software-as-a-Service, health tech, and AI. 

The fund, which launched in June with an initial $30 million from institutional investors and family offices, is targeting a $100 million close. 

Rasmal Innovation Fund I is the first VC fund to join QIA’s initiative to boost Qatar’s startup ecosystem. 

Beltone Venture Capital invests in Morocco’s LNKO 




Ali Mokhtar, CEO of Beltone Venture Capital. Supplied

Egypt-based Beltone Venture Capital, the investment arm of Beltone Holding, has invested an undisclosed amount in Moroccan eyewear startup LNKO. 

Founded in 2020 by Maha Bennani, LNKO operates a direct-to-consumer model, offering sunglasses and optical frames. 

The company claims to have served over 100,000 customers. The investment will support LNKO’s expansion across Africa. In 2021, the startup raised $335,000 from CDG Invest. 

Foundation Ventures announces first close of $25m fund 




Founded in 2018 by Mazen Nadim, Omar Barakat, and Ziyad Hamdy, Foundation Ventures focuses on early-stage and growth-stage startups. Supplied

Egypt-based venture capital firm Foundation Ventures has reached the first close of its $25 million fund, FVFII. 

The fund is backed by the Egyptian American Enterprise Fund, the Micro, Small, and Medium Enterprise Development Agency, and Onsi Sawiris. 

Founded in 2018 by Mazen Nadim, Omar Barakat, and Ziyad Hamdy, Foundation Ventures focuses on early-stage and growth-stage startups. 

The new fund aims to support Egyptian startups from their initial development to regional and global expansion, with a portion allocated for investment in African early-stage businesses. 

EasyBank secures $370k for expansion 




Founded in 2023 by Mohamed Khelifi, EasyBank provides digital banking solutions, including access to loans and other financial services. Supplied

Tunisia-based fintech EasyBank has raised $370,000 from undisclosed investors. The company plans to use the funds to expand operations across the Middle East, North Africa, and France. 

Founded in 2023 by Mohamed Khelifi, EasyBank provides digital banking solutions, including access to loans and other financial services. 

The startup aims to bridge financial inclusion gaps across emerging markets. 

Topics: Start-up of the Week Investment Saudi

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Closing Bell: Saudi stock markets rise; TASI climbs over 1%

Closing Bell: Saudi stock markets rise; TASI climbs over 1%
Updated 41 min 27 sec ago
Reem Walid
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Closing Bell: Saudi stock markets rise; TASI climbs over 1%

Closing Bell: Saudi stock markets rise; TASI climbs over 1%
Updated 41 min 27 sec ago
Reem Walid

RIYADH: Saudi Arabia’s Tadawul All Share Index saw a positive close on Sunday, gaining 127.90 points, or 1.09 percent, to settle at 11,853.78.

The benchmark index recorded a trading turnover of SR4.67 billion ($1.24 billion), with 207 stocks advancing and 35 declining.

Similarly, the Kingdom’s parallel market, Nomu, also posted gains, rising by 139.42 points, or 0.45 percent, to close at 31,275.27. In this market, 50 stocks rose while 30 saw declines. The MSCI Tadawul Index followed suit, gaining 15.52 points, or 1.05 percent, to close at 1,494.79.

Arriyadh Development Co. was the top performer of the day, with its share price soaring by 9.91 percent to SR36.05.

Other notable gainers included Saudi Research and Media Group, whose shares climbed 7.97 percent to SR189.60, and Banan Real Estate Co., which saw a 6.27 percent rise, closing at SR6.95.

On the downside, Saudi Paper Manufacturing Co. experienced the largest drop, falling 3.62 percent to SR58.50. Al-Baha Investment and Development Co. also saw a decline of 2.56 percent, with its shares ending at SR0.38.

Meanwhile, Tihama Advertising and Public Relations Co. saw a 1.84 percent decrease, closing at SR16.

Saudi Reinsurance Co. announced its annual financial results for the year ending Dec. 31.

The company reported a net profit of SR440 million for 2024, a remarkable 628 percent increase compared to 2023. This surge was primarily driven by capital gains from the sale of its stake in Probitas Holding, which amounted to SR365.9 million.

Additionally, the company’s board of directors recommended a 46.6 percent increase in capital by distributing 51.48 million bonus shares to shareholders, translating to four shares for every nine held.

The increase also includes 2.5 million shares allocated for a long-term incentive plan for employees, boosting the company’s capital by an additional 2.16 percent. Despite these strong results, Saudi Reinsurance Co. saw its share price dip by 0.53 percent, closing at SR48.10.

Najran Cement Co. also released its annual financial results for the year ending Dec. 31. The company reported a net profit of SR68.4 million for 2024, reflecting a 24.05 percent increase from 2023. This growth was driven by higher sales and improved gross margins, despite rising general and administrative expenses and finance costs. Najran Cement Co.’s stock rose by 3.34 percent, closing at SR8.75.

Topics: TASI NOMU MSCI stocks

Saudi Arabia launches $266m program to promote eco-friendly projects

Saudi Arabia launches $266m program to promote eco-friendly projects
Updated 16 March 2025
Miguel Hadchity
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Saudi Arabia launches $266m program to promote eco-friendly projects

Saudi Arabia launches $266m program to promote eco-friendly projects
Updated 16 March 2025
Miguel Hadchity

RIYADH: Saudi Arabia has unveiled a new environmental financing initiative worth SR1 billion ($266.6 million), supported by Riyad Bank, to encourage private sector participation in sustainable and eco-friendly projects.

Abdulrahman Al-Fadhli, Saudi Arabia’s minister of environment, water, and agriculture and chairman of the Environmental Fund’s board of directors, officially introduced the program on Sunday.

The launch coincided with the unveiling of a new digital platform for the Incentives and Grants Program, designed to foster innovation and boost environmental investments.

This initiative aligns with Saudi Arabia’s Vision 2030 objectives, which focus on promoting environmental sustainability and enhancing the quality of life.

Munir bin Fahd Al-Sahli, CEO of the Environmental Fund, emphasized that the financing program is aimed at attracting private sector investments to strengthen environmental infrastructure and meteorological services. He also noted that the program will encourage businesses across various sectors to adopt sustainable practices through innovative financial solutions.

Al-Sahli described this partnership as a major step forward in funding environmental projects, highlighting that the new platform would offer incentives and support for outstanding environmental initiatives. These efforts are part of a broader national strategy to protect the environment and foster sustainable development.

The financing program represents a significant milestone in enhancing environmental investments in the Kingdom. It provides businesses and entrepreneurs with resources and incentives to develop projects that not only improve quality of life but also contribute to sustainable environmental growth.

The new electronic platform for the Incentives and Grants Program, which was launched alongside the financing initiative, is designed to streamline the process for beneficiaries and ensure efficient execution of environmental projects. The platform aims to promote eco-friendly practices, foster innovation, and encourage investment in the environmental sector, while also ensuring regulatory compliance across various industries.

Al-Sahli reiterated the fund’s commitment to offering both financial and technical support to ensure lasting positive impacts on the environment. He urged stakeholders in the environmental sector to explore the various opportunities available through the platform.

The Incentives and Grants Program is expected to drive investment in environmental projects and improve compliance levels among institutions. It will provide grants and incentives to a broad range of entities, including small and medium-sized enterprises, corporations, research centers, universities, and nonprofit organizations.

The Environmental Fund continues to develop and implement programs focused on protecting natural resources, reducing pollution, and raising environmental awareness. Through collaborations with government and private entities, it strives to balance economic growth with environmental conservation.

Topics: SaudiVision2030 environment

Saudi Arabia’s inflation holds steady at 2% in February: GASTAT 

Saudi Arabia’s inflation holds steady at 2% in February: GASTAT 
Updated 16 March 2025
Nirmal Narayanan
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Saudi Arabia’s inflation holds steady at 2% in February: GASTAT 

Saudi Arabia’s inflation holds steady at 2% in February: GASTAT 
Updated 16 March 2025
Nirmal Narayanan

RIYADH: Saudi Arabia’s inflation held firm at 2 percent year on year in February, driven largely by rising housing costs, official data showed.  

According to the General Authority for Statistics, the increase was fueled by an 8.5 percent surge in housing rents, contributing to a 7.1 percent overall rise in the housing, water, electricity, gas, and fuels category. 

The inflation rate remains consistent with Saudi Arabia’s efforts to balance economic growth with price stability as the Kingdom advances its Vision 2030 strategy, which aims to diversify the economy beyond oil.   

The government’s November 2024 budget forecast anticipated inflation to hold steady at 1.9 percent in 2025, up slightly from 1.7 percent in 2024. Meanwhile, the World Bank projected a stable 2.3 percent rate this year, below the Gulf Cooperation Council average. 

“On a monthly basis, the consumer price index in February 2025 recorded relative stability compared to January 2025, rising by 0.2 percent due to the increase of housing, water, electricity, gas, and other fuels section by 0.4 percent, driven by a 0.4 percent increase in actual housing rent prices,” said GASTAT.  

Sector breakdown 

Food and beverage prices saw a modest rise of 1 percent, largely influenced by a 3.7 percent increase in meat and poultry costs. Personal goods and services climbed 3.9 percent, bolstered by a 26.7 percent jump in jewelry prices. 

Restaurant and hotel costs edged up 0.8 percent year on year, while furniture and home equipment prices dropped 2.5 percent. Clothing and footwear prices declined 1 percent, led by a 2.4 percent drop in ready-made clothing. 

Transportation costs also dipped 1.5 percent compared to February 2024. 

On a monthly basis, consumer prices remained stable overall, with food and beverages slipping 0.2 percent. Personal goods and services rose 0.7 percent, while health and tobacco prices held steady. 

Wholesale Price Index  

In a separate report, GASTAT noted that Saudi Arabia’s Wholesale Price Index increased 1.5 percent year on year in February, driven by a 3.4 percent rise in other transportable goods prices and a 3.9 percent increase in agriculture and fishery products. 

Food products, beverages, tobacco, and textiles fell by 0.1 percent year on year, while metal products, machinery, and equipment prices dipped 0.5 percent. Ores and minerals costs dropped 1.9 percent. 

Compared to January, the WPI declined 0.5 percent, led by a 1.4 percent fall in other transportable goods prices, excluding metal products, machinery, and equipment. Food products, beverages, tobacco, and textiles also saw a marginal 0.1 percent drop, while agriculture and fishery product costs rose 1.6 percent. 

Topics: Inflation GDP prices

Arab region’s GDP climbs 1.8% to $3.6tn in 2024 despite challenges

Arab region’s GDP climbs 1.8% to $3.6tn in 2024 despite challenges
Updated 16 March 2025
Reem Walid
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Arab region’s GDP climbs 1.8% to $3.6tn in 2024 despite challenges

Arab region’s GDP climbs 1.8% to $3.6tn in 2024 despite challenges
Updated 16 March 2025
Reem Walid

RIYADH: The Arab region’s gross domestic product increased by 1.8 percent, reaching $3.6 trillion in 2024, despite facing regional challenges, according to new data.

The report, released by the Arab Investment and Export Credit Guarantee Corporation or Dhaman, showed that growth was primarily concentrated in Saudi Arabia, the UAE, Egypt, Iraq, and Algeria, which together accounted for over 72 percent of the region’s total GDP, as reported by the Kuwait News Agency.

This aligns with Moody’s January forecast that oil production and major investment projects will drive a 0.8 percentage point increase in annual economic growth across the Middle East and North Africa in 2025.

It also corresponds with Moody’s projection of 2.9 percent growth for the region in 2025, up from 2.1 percent in 2024, while maintaining a stable outlook on the region’s sovereign credit fundamentals for the next 12 months.

The data also indicated positive outlooks for the Arab economy’s performance in 2025, with an expected growth rate of 1.4 percent.

This growth is likely to be driven by expansion in 14 Arab countries, including nine oil-producing economies that together contribute more than 78 percent of Arab GDP.

There is cautious optimism surrounding the potential reduction in regional unrest and conflicts, along with an expected improvement in revenues from oil, gas, and exports of goods and services produced by the region.

In January, Moody’s emphasized that the impact of large investments in 2025 will be most evident in Saudi Arabia, driven by significant government and sovereign wealth fund spending related to the Vision 2030 diversification program.

Moody’s also noted that the pick-up in the MENA economy will be primarily fueled by stronger growth among hydrocarbon exporters, as a result of the partial unwinding of strategic oil production cuts under the OPEC+ agreement.

According to Moody’s, real GDP growth for hydrocarbon-exporting nations is expected to rise to 3.5 percent in 2025, up from 1.9 percent in 2024. This boost will be driven by countries like Saudi Arabia, the UAE, Iraq, Kuwait, and Oman easing the oil production cuts implemented in 2023.

Topics: Arab region MENA GCC economy

Oil exports propel Oman’s trade surplus to $19.4bn

Oil exports propel Oman’s trade surplus to $19.4bn
Updated 16 March 2025
Nour El-Shaeri
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Oil exports propel Oman’s trade surplus to $19.4bn

Oil exports propel Oman’s trade surplus to $19.4bn
  • Saudi Arabia ranked second for Omani non-oil exports at 849 million rials
Updated 16 March 2025
Nour El-Shaeri

RIYADH: Oman’s trade surplus reached 7.5 billion Omani rials ($19.4 billion) in December, up from 7.14 billion rials in November, largely driven by the oil and gas sector, according to a new report.

Preliminary data from the National Centre for Statistics and Information indicated that the increase was primarily due to higher export revenues, especially from oil and gas, despite a rise in imports.

The total value of merchandise exports in December amounted to 24.23 billion rials, reflecting a 6.8 percent increase compared to the same period in 2023, when exports were valued at 22.69 billion rials.

The growth was predominantly attributed to a rise in oil and gas exports, which reached 16.29 billion rials, an 18.4 percent increase from 13.76 billion rials in December 2023.

Meanwhile, Oman’s merchandise imports increased by 12.1 percent year on year, reaching 16.71 billion rials in December, up from 14.91 billion rials the previous year.

Despite the increase in imports, the trade balance remained positive, supported by the robust performance of the country’s energy exports.

Within Oman’s oil and gas exports, crude oil exports totaled 9.91 billion Omani rials by the end of December, marking a 0.8 percent increase from the same period in 2023.

Refined oil exports saw a significant surge of 185.5 percent, reaching 3.85 billion rials. However, liquefied natural gas exports declined by 1.9 percent to 2.53 billion rials.

Meanwhile, non-oil merchandise exports fell by 16.3 percent to 6.23 billion rials in December, down from 7.44 billion rials the previous year.

Among these, mineral products accounted for the highest value at 1.78 billion rials, but this figure represented a 36.8 percent year-on-year drop.

Exports of base metals and their products remained stable at 1.32 billion rials, increasing slightly by 0.1 percent, while plastic and rubber product exports grew by 13.3 percent to 996 million rials.

Chemical industry exports declined by 19.6 percent to 804 million rials, and exports of live animals and animal products fell 11 percent to 350 million rials. Other exports totaled 981 million rials, a decrease of 5 percent.

Re-exports from Oman increased by 14.9 percent to 1.71 billion rials by the end of December. Within this category, re-exports of food and beverage products saw a notable 30.6 percent rise to 184 million rials, while re-exports of mineral products climbed 21.3 percent to 120 million rials.

However, re-exports of transport equipment fell by 0.6 percent to 401 million rials, and electrical machinery and equipment declined by 5.4 percent to 376 million rials. Re-exports of live animals and related products also dropped by 10.1 percent to 97 million rials.

On the import side, mineral products accounted for the largest share, totaling 4.67 billion rials, an 11.3 percent increase from December 2023.

Imports of electrical machinery and equipment surged 28.9 percent to 2.93 billion rials, while base metals and their products rose 1 percent to 1.61 billion rials.

Imports of chemical products rose 3.1 percent to 1.52 billion rials, and transport equipment imports increased by 13.5 percent to 1.52 billion rials. Other imports totaled 4.47 billion rials.

The UAE remained Oman’s top trading partner for non-oil exports, with trade value rising 11 percent year-on-year to 1.05 billion rials.

The UAE also led in re-exports from Oman, which amounted to 569 million rials, and was the top source of imports into the country, totaling 3.94 billion rials.

Saudi Arabia ranked second for Omani non-oil exports at 849 million rials, followed by India at 659 million rials.

Iran was the second-largest destination for Omani re-exports at 359 million rials, with Kuwait in third at 117 million rials.

China was the second-largest exporter to Oman, with trade valued at 1.83 billion rials, followed by Kuwait at 1.69 billion rials.

In the oil sector, total crude oil exports until the end of January stood at approximately 25.82 million barrels, with an average price of $72.5 per barrel.

Oil exports accounted for 84.3 percent of total oil production, which reached 30.61 million barrels during the same period. However, crude oil exports declined by 1.5 percent compared to January 2024, when they totaled 26.2 million barrels.

Oil production also saw a 2 percent year-on-year drop, standing at 31.24 million barrels in January.

The country’s total crude oil production fell by 2.2 percent in January to 23.39 million barrels, while condensate production reached 7.22 million barrels. The daily average oil output for January stood at 987,500 barrels.

In the banking sector, total credit provided by conventional commercial banks in Oman grew by 4.8 percent by the end of December. Private sector credit rose by 3.6 percent, reaching 20.7 billion rials.

Investment by conventional banks in securities also saw a notable increase, rising 20.5 percent to approximately 6 billion rials.

This included a 7.3 percent rise in investments in government development bonds to 2 billion rials and a 30.3 percent surge in foreign securities investments to 2.3 billion rials.

On the liabilities side, total deposits at conventional commercial banks increased by 6.2 percent to 25.1 billion rials by the end of December.

Government deposits rose by 5.3 percent to 5.3 billion rials, while public sector institution deposits grew by 11 percent to 2.5 billion rials. Private sector deposits, which made up 65.3 percent of total deposits, climbed 4.9 percent to 16.4 billion rials.

Topics: Oman trade

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