Funding surges as MENA startups gain momentum

Funding surges as MENA startups gain momentum
DHL eCommerce, the logistics arm of DHL Group, has acquired Saudi-based parcel logistics company AJEX for an undisclosed amount. (Supplied)
Short Url
Updated 01 March 2025
Follow

Funding surges as MENA startups gain momentum

Funding surges as MENA startups gain momentum
  • Recent funding rounds highlight region’s growing investor appeal

RIYADH: Startups across the Middle East and North Africa region continue to attract significant investment, with fintech, cybersecurity and artificial intelligence-driven ventures leading the charge.

Recent funding rounds and acquisitions highlight the region’s growing appeal to investors, particularly in Saudi Arabia, the UAE and Egypt.

Saudi Arabia-based cybersecurity firm CQR raised $3 million in a funding round led by Shorooq. Founded in 2023 by Naser Al-Dossary, the company provides AI-driven, product-based cybersecurity solutions for businesses.

“Cyber threats in OT (operational technology) environments are evolving rapidly and traditional security models are no longer enough,” Al-Dossary said.

“At CQR, we are reengineering cybersecurity for industrial operations — building innovative, product-driven solutions that make OT security accessible, efficient and highly scalable.”

The investment will enable the company to scale operations and enhance its AI capabilities.

Al Madinah Angels launched to boost entrepreneurship in Saudi Arabia

A group of investors has launched Al Madinah Angels to support startups as part of Al Madinah Ventures Initiatives.

The network is a collaboration between Value Makers Studio, Madinah Chamber and Numu Angels.

It aims to help founders turn ideas into viable ventures and contribute to the region’s economic growth.

This follows the launch of Al Madinah Ventures late last year, a $10 million investment fund initiated by VMS in collaboration with the Economic Development Center and the Madinah Chamber of Commerce.

DHL eCommerce acquires Saudi logistics company AJEX

DHL eCommerce, the logistics arm of DHL Group, has acquired Saudi-based parcel logistics company AJEX for an undisclosed amount.

Founded in 2021 and backed by Ajlan & Bros Holding, AJEX offers express distribution, e-commerce services and freight solutions across Saudi Arabia, the UAE and Bahrain, as well as the US, UK, Turkiye, South Africa and China.

Flow48 raises $69m series A to expand in Saudi Arabia, UAE

UAE-based fintech Flow48 has secured $69 million in a series A funding round comprising debt and equity.

The round was led by Breega, with participation from 212, Speedinvest, Daphni, Endeavor Catalyst, Evolution Ventures and Plus VC.

Founded in 2022 by Idriss Al-Rifai, Flow48 provides small- and medium-sized enterprises with upfront financing by transforming future revenues into immediate capital.

The funding will support its expansion in Saudi Arabia and the UAE. In November 2023, the company closed a $25 million pre-series A round. 

At CQR, we are reengineering cybersecurity for industrial operations — building innovative, product-driven solutions that make OT security accessible, efficient and highly scalable.

Naser Al-Dossary, CQR cofounder and CEO

Pinewood.AI acquires Seez in $46.2m deal

UK-based automotive intelligence platform Pinewood.AI has agreed to acquire UAE-founded autotech company Seez for $46.2 million in cash and shares.

The share component is expected to increase over the next three years.

Established in 2016 by Tarek Kabrit and his nephew Andrew Kabrit, Seez provides car dealerships and original equipment manufacturers with software solutions to enhance customer experience and sales.

Last year, the company raised $4.2 million and has since expanded to 16 markets, including Mexico and Australia.

Omnispay secures $1.5m seed round to enhance SME financial solutions

UAE-based fintech omnispay has raised $1.5 million in a seed funding round led by Mercatus Capital Pte., with participation from regional and international investors.

Founded in 2022 by Simanta Das, Vimal Kumar and Praveen Kiran, omnispay provides an all-in-one platform for small- and medium-sized enterprises to manage cash flow through collection, payment and lending services.

The company claims to have signed up more than 1,600 businesses with strong month-on-month growth.

Disrupt.com commits $100m to AI-first startups

UAE-based venture builder Disrupt.com has pledged $100 million to fund AI-first technology ventures globally.

Founded by Aaqib Gadit, Uzair Gadit and Umair Gadit, the firm will focus on AI, cybersecurity, Web 3.0, automotive technology and retail innovation.

To date, Disrupt.com has deployed more than $40 million across its portfolio, including investments in early- and growth-stage companies, as well as an exit valued at $350 million.

Journify raises $4m to expand customer data solutions

UAE-based software as a service provider Journify has secured $4 million in funding led by Silicon Badia, with participation from RZM and other investors.

Founded in 2023 by Taoufik El-Jamali and Amine Chouki, Journify helps businesses maximize the value of their customer data. The investment will support its expansion efforts.

Fawry invests $1.6m in three Egyptian fintech startups

Egypt-based fintech giant Fawry has invested $1.6 million to acquire a 56.6 percent equity stake in Virtual CFO and 51 percent stakes in both Dirac Systems and Code Zone. Founded in 2008, Fawry is Egypt’s largest e-payment platform, providing electronic bill payments, mobile top-ups and business services.

These investments align with its strategy to expand its business solutions ecosystem, Fawry Business.

Egypt’s fintech sector sees 5.5x growth in 5 years

Egypt’s fintech sector has grown 5.5 times over the past five years, driven by digital payments, lending and business to business marketplaces, according to a report by Entlaq, in collaboration with the Netherlands Enterprise Agency and the Dutch Embassy in Egypt.

Government initiatives and the Fintech & Innovation Strategy have accelerated financial inclusion and digital transformation.

However, regulatory complexities, digital literacy gaps and cybersecurity risks remain key challenges.

Basata increases stake in Jordan’s MadfoatCom to 25 percent

Egypt-based fintech Basata has raised its stake in Jordanian e-payment firm MadfoatCom to 25 percent.

The acquisition is part of Basata’s strategy to enhance digital financial inclusion and strengthen Jordan’s digital payments infrastructure.

Basata, formerly known as Ebtikar, was formed in 2009 through the merger of Masary and Bee and specializes in bill payments, mobile money and supply chain solutions.

MadfoatCom, founded in 2011 by Nasser Saleh, provides an online, real-time bill presentment and payment system.

Lola raises $1.3m to expand food tech business in GCC

Bahrain-based food tech startup Lola has secured $1.3 million in a pre-seed funding round from Plus VC, Vision Ventures and angel investors.

Founded in 2023 by Othman Janahi, Lola provides customizable cake ordering services in Bahrain and Saudi Arabia.

The investment will support its expansion into Saudi Arabia and the wider Gulf Cooperation Council region.

Lillia secures $1.7m grant to expand AI-powered health tech platform

Qatar-based health tech startup Lillia has raised a $1.7 million grant from the Qatar Research, Development and Innovation Council.

Founded in 2020 by Sujit Chakrabarty, Lillia was created through the 2024 merger of Qatar-based Droobi Health LLC and India-based Smit.fit.

Its AI-powered platform helps healthcare providers, insurers, corporations and public sector entities manage chronic diseases.

Lillia plans to expand across MENA and Southeast Asia in the next two years.

Cashfree Payments secures $53m to expand in MENA

India-based payments solutions provider Cashfree Payments has raised $53 million in a funding round led by South Korean digital entertainment company KRAFTON, with participation from Apis Partners.

The investment will support Cashfree’s expansion in the UAE and the broader MENA region, strengthening its position in the digital payments market.

Cashfree currently operates in the Middle East through a strategic partnership with UAE-based payments firm Telr, which it invested in three years ago.

With the new funding, the company aims to scale its offerings to businesses across the region, leveraging its expertise in India’s fintech sector, where it processes $80 billion in annual transactions.


US and Qatar sign agreements worth $1.2 trillion during Trump’s visit to Doha

US and Qatar sign agreements worth $1.2 trillion during Trump’s visit to Doha
Updated 15 May 2025
Follow

US and Qatar sign agreements worth $1.2 trillion during Trump’s visit to Doha

US and Qatar sign agreements worth $1.2 trillion during Trump’s visit to Doha
  • Deals include massive order from Qatar Airways to buy 210 Boeing jets for $96 billion
  • Trump urges Qatar to use its influence over Iran to stop proxy wars as condition for nuclear deal

DOHA: US President Donald Trump and Qatar’s Emir Sheikh Tamim bin Hamad Al-Thani agreed deals in Doha on Wednesday that the White House said were worth $1.2 trillion, including a massive order from Qatar Airways to buy Boeing aircraft.
Qatar Airways will buy up to 210 Boeing 777X and 787 widebody jets for $96 billion in a coup for both Trump and the planemaker.

Trump said he and Sheikh Tamim also discussed Iran, the Russia-Ukraine war, strengthening ties in defense, investment, energy, education and cybersecurity. They also touched on preparations for the FIFA World Cup 2026 and the 2028 Olympics, which will be hosted in the US.

The two leaders also witnessed the signing of a joint declaration of cooperation between the two governments, and letters of offer and acceptance for MQ-9B drones and the FS-LIDS anti-drone system, Qatar News Agency reported.
President Trump thanked the emir for Qatar’s warm hospitality and described Sheikh Tamim as a longtime friend and trusted partner. “We always had a very special relationship,” he said of the emir.
Senior Qatari ministers and US cabinet officials, including the secretaries of state, defense, treasury, commerce and energy, also attended the talks and signing ceremony.

Talks with Iran
Trump also urged Qatar to use its influence over Iran to persuade the country’s leadership to reach an agreement with the US to dial back its rapidly advancing nuclear program.
Qatar over the years has played the role of intermediary between the US and Iran and its proxies, including during talks with Tehran-backed Hamas as its 19-month war with Israel grinds on.
“I hope you can help me with the Iran situation,” Trump said during remarks at the state dinner. “It’s a perilous situation, and we want to do the right thing.”
Trump wants Iran to stop backing militant proxy groups.
Earlier, before he left Saudi Arabia for Qatar, Trump said he wanted to reach an agreement with Iran on its nuclear program, but Tehran must end its support for proxy militias throughout the Middle East.
Iran “must stop sponsoring terror, halt its bloody proxy wars, and permanently and verifiably cease pursuit of nuclear weapons,” Trump told Gulf leaders at a GCC summit in Riyadh. “They cannot have a nuclear weapon.”
The president’s demand for Iran to cease support of Hamas in Gaza, Hezbollah in Lebanon, and the Houthis in Yemen comes as Tehran’s proxy network faces significant setbacks. 
Hezbollah is severely weakened after a war with Israel in which many of its leaders were killed, and it lost a key ally with the fall of Syrian dictator Bashar Assad, a conduit for Iran to send arms. 

Terror-free future
Trump said the moment was ripe “for a future free from the grip of Hezbollah terrorists.”
In Gaza, Hamas has been militarily decimated by an Israeli offensive since October 2023. 
Only the Houthis in Yemen have emerged relatively unscathed from an American bombing campaign that ended last week with a unilateral US ceasefire.
The US and Iran have had four rounds of nuclear talks since last month. 
Saudi Arabia fully supported the talks and hoped for positive results, Foreign Minister Prince Faisal bin Farhan said on Wednesday. 
Earlier, the leaders of the US and Syria met face-to-face for the first time in 25 years. 
Ahmad Al-Sharaa, interim president of the Syrian Arab Republic, flew to Riyadh a day after Trump said he would lift sanctions on the Syrian economy after discussions with Saudi Crown Prince and Prime Minister Mohammed bin Salman.

 

 

The crown prince joined Trump and Al-Sharaa for the meeting. Turkish President Recep Tayyip Erdogan took part via video conference. 
Syria’s Foreign Ministry hailed the meeting as “historic,” and said the two leaders had discussed “avenues for Syrian-American partnership in counterterrorism efforts” and the importance of supporting reconstruction.
There was elation on the streets of Damascus and other cities, with cheering, dancing and celebratory gunfire as Syrians rejoiced in their relief from US sanctions.
“These sanctions were imposed on Assad, but ... now that Syria has been liberated, there will be a positive impact on industry, it’ll boost the economy and encourage people to return,” said Aleppo soap factory owner Zain Al-Jabali, 54.

US President Donald Trump, Qatar’s Emir Sheikh Tamim bin Hamad Al-Thani and Boeing CEO Kelly Ortberg at the Royal Palace in Doha on Wednesday. (AFP)

Big win for Trump and Boeing
The Qatar Airways deal for Boeing 777X and 787 planes with GE Aerospace engines is a win for Trump on a high-profile visit to the region, even though it will be years before the jets are delivered.
The sale is also a boost for Boeing and its biggest engine supplier at a time when large versions of rival Airbus’ A350, powered by Rolls-Royce engines, have struggled with maintenance problems from operating in the world’s hottest climates, including the Gulf region. The agreement is for 160 firm orders — 130 787s and 30 777Xs — and options for another 50 of the two long-haul airplanes, according to Boeing. The company’s shares rose 0.6 percent in New York, while GE Aerospace stock gained 0.7 percent.
For the 787s, Qatar opted for GE Aerospace’s GEnx engines rather than Rolls-Royce’s Trent 1000, according to the administration. GE Aerospace’s GE9X is the only engine option for the 777X. The deal for 400 GE engines is the largest ever for GE Aerospace, the company’s CEO Larry Culp said in a statement, a point echoed by Qatar Airways, which told Reuters in March that it was working on a large order for widebody jets.
Trump and Qatar’s Emir Sheikh Tamim bin Hamad Al-Thani joined a signing ceremony with Boeing CEO Kelly Ortberg and Qatar Airways CEO Badr Mohammed Al-Meer. Trump said Ortberg told him it was the largest jet order in Boeing’s history. 
The 777X is still in development and slated to start deliveries in 2026, six years behind schedule. Qatar Airways already has orders for 94 777Xs. Its competitor, Emirates, has orders for 205 777Xs. The two airlines were among the first customers when Boeing launched the program in 2013.
Boeing’s order book included 521 777X orders and 828 787 orders as of April 30, according to the company. 

(With Agencies)


Aramco signs 34 agreements worth $90bn with US firms to boost innovation, growth

Aramco signs 34 agreements worth $90bn with US firms to boost innovation, growth
Updated 14 May 2025
Follow

Aramco signs 34 agreements worth $90bn with US firms to boost innovation, growth

Aramco signs 34 agreements worth $90bn with US firms to boost innovation, growth

RIYADH: Saudi energy giant Aramco signed 34 agreements and memorandums of understanding worth approximately $90 billion with major US companies, as it seeks to advance its long-term strategy and strengthen innovation.

Signed on the sidelines of the Saudi-US Investment Forum, the agreements span a wide array of sectors including liquefied natural gas, chemicals, and fuels, as well as artificial intelligence and emission-reduction technologies. 

The forum was held on the occasion of the US President Donald Trump’s state visit to the Kingdom.

In a statement, the energy company’s president and CEO, Amin Nasser, said the announcements “show the breadth and depth of Aramco’s long history of partnerships with US companies since the first discovery of oil in the Kingdom more than 90 years ago.” 

He added: “Our US-related activities have evolved over the decades, and now include multidisciplinary R&D, the Motiva refinery in Port Arthur, startup investments, potential collaborations in LNG, and ongoing procurement.”

In the downstream sector, Aramco inked deals with Honeywell UOP and Motiva for technology licensing and an aromatics project at the Port Arthur refinery, respectively.

It also signed agreements with Afton Chemical to develop chemical fuel additives, and with ExxonMobil to evaluate a major upgrade to the SAMREF refinery, potentially transforming it into a world-class integrated petrochemical complex.

For upstream developments, Aramco’s deals included a memorandum with Sempra Infrastructure linked to the Port Arthur LNG 2 project, a collaboration with Woodside Energy to explore global opportunities including lower-carbon ammonia, and a final agreement with NextDecade for the long-term purchase of 1.2 million tonnes per annum of LNG from the Rio Grande LNG Facility.

Technology and innovation were at the heart of several agreements. A strategic framework was signed with Amazon Web Services to cooperate on digital transformation and lower-carbon initiatives.

With NVIDIA, Aramco agreed to establish advanced industrial AI infrastructure, an AI Hub, and training programs. Qualcomm also signed an MoU with Aramco Digital to explore connectivity solutions using Aramco’s 450 MHz 5G network.

Aramco’s procurement arm reinforced its links with major US service and equipment providers, including SLB, Baker Hughes, Halliburton, and Emerson, while partnerships in asset management and finance were inked with PIMCO, State Street, and Wellington, as well as BlackRock, Goldman Sachs, and Morgan Stanley, among others.

Additional agreements included a plan with Guardian Glass to localize specialty glass manufacturing in the Kingdom.

These deals reflect Aramco’s commitment to fostering industrial development, technological advancement, and long-term partnerships that align with its strategic vision and the Kingdom’s broader economic diversification goals.


Saudi wealth fund signs $11bn deals to boost financial markets

Saudi wealth fund signs $11bn deals to boost financial markets
Updated 14 May 2025
Follow

Saudi wealth fund signs $11bn deals to boost financial markets

Saudi wealth fund signs $11bn deals to boost financial markets
  • PIF partners with Franklin Templeton, Neuberger Berman, and BlackRock to accelerate Vision 2030 goals

RIYADH: Saudi Arabia’s Public Investment Fund has signed a series of landmark agreements with leading US financial institutions worth a combined potential investment of up to $11 billion, signaling a major push to strengthen and diversify the Kingdom’s capital markets as part of Vision 2030.

The deals — sealed with Franklin Templeton, Neuberger Berman, and BlackRock — aim to boost local asset management capabilities, deepen investor participation, and enhance the Kingdom’s global financial standing.

These agreements were signed during US President Donald Trump’s visit to Riyadh, underscoring the deepening economic ties between the two nations and the Kingdom’s growing role as a regional and global financial hub.

Agreement with Franklin Templeton

In a major step toward diversifying Saudi Arabia’s investment landscape, PIF signed a memorandum of understanding with Franklin Templeton to jointly invest up to $5 billion. The collaboration will span Saudi equities and fixed income strategies across both public and private markets.

According to a joint statement, the agreement focuses not only on capital deployment but also on knowledge transfer, talent development, and innovation within the local asset management sector.

The move aligns with PIF’s broader agenda to partner with top global financial institutions and expand its international investment portfolio.

Neuberger Berman joins forces with PIF

In a separate deal, the wealth fund has partnered with Neuberger Berman to launch a Riyadh-based multi-asset investment platform with up to $6 billion in assets. The US firm, which manages $515 billion globally, will establish operations in Saudi Arabia — pending regulatory approval — covering equities, fixed income, and private market strategies.

George Walker, CEO of Neuberger Berman, emphasized the firm’s commitment to building local teams, promoting education, and aligning with regional investment priorities under Vision 2030. The agreement is expected to attract further international interest and bolster the Kingdom’s standing as a global investment destination.

Collaboration with BlackRock

Building on an existing relationship, PIF and BlackRock have signed a non-binding letter of intent to deepen their collaboration via a new index mandate focused on Saudi equities. The initiative, announced at the Saudi-US Investment Forum in Riyadh, will be managed through BlackRock’s Riyadh Investment Management platform, established in 2024.

The expanded partnership underscores PIF’s confidence in BlackRock’s capabilities and highlights efforts to diversify investment offerings and advance Saudi Arabia’s capital market ecosystem. While the agreement is subject to regulatory and internal approvals, it marks a significant step in positioning Saudi equities on the global stage.

These agreements follow a series of high-profile engagements aimed at strengthening Saudi-US economic ties, including recent discussions around broader investment flows.

Collectively, the new partnerships reinforce the PIF’s role as a catalyst for financial transformation, in line with the national agenda to diversify the economy and promote sustainable growth.

PIF’s latest annual report revealed a 390 percent surge in assets under management since the 2016 launch of Vision 2030 — underscoring the rapid pace of institutional development and global investor interest in the Kingdom.


ACWA Power expands Saudi-US energy cooperation with $500m deals

ACWA Power expands Saudi-US energy cooperation with $500m deals
Updated 14 May 2025
Follow

ACWA Power expands Saudi-US energy cooperation with $500m deals

ACWA Power expands Saudi-US energy cooperation with $500m deals

RIYADH: Saudi Arabia’s ACWA Power has signed new agreements worth $500 million with several US firms, further solidifying its strategic ties with the country and expanding the scope of joint energy projects to over $6 billion.

The memorandums of understanding were formalized during the Saudi-US Investment Forum held in Riyadh, underlining ACWA Power’s ongoing commitment to leveraging international partnerships in support of the Kingdom’s Vision 2030 goals and its net zero target by 2060.

The agreements come in the wake of US President Donald Trump’s visit to Saudi Arabia, during which he was accompanied by a delegation of leading business figures.

“These strategic partnerships with leading American companies are a direct investment in the future of Saudi Arabia, aligning with the key objectives of Vision 2030,” said Raad Al-Saady, vice chairman and managing director of ACWA Power.

He added: “ACWA Power is committed to leveraging American innovation and expertise to accelerate the development of renewable energy solutions, creating jobs, diversifying the economy, and supporting a sustainable future for the Kingdom.”

Among the highlights of the new collaborations, ACWA Power will work on deploying advanced tracker technologies for photovoltaic solar energy projects, with the aim of reducing energy costs and boosting local production.

“ACWA Power’s strategy is driven by value-driven partnerships like these. Access to cutting-edge technology and expertise is critical as we diversify our portfolio, expand into new markets, and achieve our objectives in meeting net zero by 2050,” said Marco Arcelli, CEO of ACWA Power.

The Saudi-listed company also signed a deal with GE Vernova to test innovations in combined-cycle gas turbine projects and electricity transmission and distribution systems within the Kingdom.

A separate agreement was signed with Baker Hughes to pilot innovations in green hydrogen production.

The collaboration aims to leverage the US-based firm’s technical expertise in developing electrolysis solutions that enhance the safety and efficiency of hydrogen generation.

The partnership may also pave the way for in-Kingdom manufacturing, fostering a local ecosystem for innovation in green hydrogen technologies.

In addition, ACWA Power announced a partnership with KBR for the execution of large-scale projects. 

The agreement will utilize the US firm’s ammonia processing technology and engineering capabilities, alongside its program management and operational expertise to ensure project success.

Another agreement involves Energy Recovery, focusing on research into energy-saving operation technologies in seawater desalination.


Oman, Japan sign deal to tackle environmental issues

Oman, Japan sign deal to tackle environmental issues
Updated 14 May 2025
Follow

Oman, Japan sign deal to tackle environmental issues

Oman, Japan sign deal to tackle environmental issues

RIYADH: Oman’s Environment Authority and Japan’s Ministry of the Environment have signed a bilateral agreement aimed at enhancing cooperation on environmental issues and advancing sustainable development, according to the Oman News Agency.

The agreement seeks to strengthen the implementation of international environmental treaties, including the Paris Agreement, and lays the groundwork for a collaborative framework based on equality, reciprocity, and mutual benefit.

To combat climate change, Oman has launched a national plan aiming for zero-carbon neutrality by 2050. The strategy includes a comprehensive transition of the energy sector toward renewable sources, enhanced energy efficiency, and significant emission reductions across all sectors.

The pact was signed by Abdullah bin Ali Al-Amri, chairman of Oman’s Environment Authority, and Matsuzawa Yutaka, vice-minister for Global Environmental Affairs at Japan’s Ministry of the Environment. The signing ceremony was attended by Japan’s Ambassador to Oman Kiyoshi Serizawa.

Key areas of cooperation outlined in the agreement include climate change mitigation and adaptation, waste management, biodiversity conservation through nature-based solutions, and environmental monitoring.

The two nations also agreed to collaborate on training programs, expert exchanges, scientific research, and joint initiatives. The partnership will promote knowledge sharing and foster dialogue on both current and emerging environmental challenges.