Saudi Arabia crowns new technology unicorn

Saudi Arabia crowns new technology unicorn
Founded in 2022 by Saud Al Qahtani and Canberk Donmez, Ninja delivers groceries across Saudi Arabia, Bahrain, Qatar, and Kuwait. (Supplied)
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Updated 05 July 2025
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Saudi Arabia crowns new technology unicorn

Saudi Arabia crowns new technology unicorn
  • Q-commerce startup Ninja valued at $1.5bn following $250m funding

RIYADH: Saudi Arabia and the wider Middle East and North Africa region have witnessed a surge of startup funding rounds in recent weeks, underscoring the Kingdom’s pivotal role in driving technology investment and digital transformation across diverse sectors. 

Saudi-based quick-commerce startup Ninja has raised $250 million in a funding round led by Riyad Capital, lifting its valuation to $1.5 billion and marking its emergence as the country’s latest technology unicorn. 

Founded in 2022 by Saud Al Qahtani and Canberk Donmez, Ninja delivers groceries and daily essentials across Saudi Arabia, Bahrain, Qatar, and Kuwait, reflecting the region’s growing appetite for fast, tech-enabled consumer services. 

The fresh capital will enable the company to scale logistics capabilities, expand into new geographies, and lay the groundwork for a planned public listing on the Saudi Exchange by 2027. 

The transaction highlights Riyad Capital’s role as a prominent institutional investor in MENA startups, as well as Saudi Arabia’s rising stature as a venture capital hub as it diversifies its economy under Vision 2030.

PetroApp secures $50m to digitize fuel and fleet management

PetroApp, Saudi Arabia’s digital fuel and fleet management platform, has raised $50 million in a funding round led by Jadwa Investment through its GCC Diversified Private Equity Fund, with participation from Bunat Ventures. 

Established in 2018 by Abdulaziz Al-Senan, PetroApp operates a cashless system designed to streamline corporate and government fleet payments while reducing fraud. 

The platform also offers value-added vehicle services such as oil changes, car washes, and tire replacements. 




Established in 2018 by Abdulaziz Al-Senan, PetroApp runs a cashless system designed to streamline corporate and government fleet payments. (Supplied)

The capital injection will support PetroApp’s retail launch within Saudi Arabia, accelerate its international expansion plans, and further develop its proprietary technology infrastructure. 

Tariq Al-Sudairy, managing director and CEO of Jadwa Investment, said: “PetroApp presents a compelling investment opportunity, supported by a robust technology infrastructure and strong network effects.” 

Abdulaziz Al-Senan, co-founder and CEO of PetroApp, described the partnership as a critical milestone, adding: “We are excited to embark on this partnership at a pivotal stage in PetroApp’s journey. Jadwa’s institutional expertise will be critical in strengthening our foundation, accelerating growth, and expanding our leadership in Saudi Arabia and beyond.”

Flawless raises $1.5m to expand AI-powered career guidance 

Saudi Arabia-based Flawless has secured $1.5 million in pre-seed funding from a group of unnamed angel investors with an emphasis on early-stage innovation. 

Founded by Shaimaa Al-Ghamdi, the platform combines generative artificial intelligence with principles of social psychology to deliver personalized career guidance to users seeking better-informed professional decisions. 

Flawless evolved from a personal blog launched in 2023 to a fully operational digital business in 2024, targeting a gap in the market for data-driven career support solutions. 

Al-Ghamdi said: “What began as a passion project is now a data-driven platform helping thousands make smarter career decisions.” 

She added: “This funding validates our approach and gives us the fuel to scale responsibly and impactfully.” 

The investment will be allocated to scaling the company’s technology infrastructure, refining its product offering, and recruiting new talent to grow operations.

Byzanlink raises $1m to build blockchain-based financial infrastructure 

Dubai-based Byzanlink, a real-world asset tokenization platform, has closed a $1 million private funding round backed by Outlier Ventures, NTDP Saudi Arabia, Smart IT Frame, Sensei Capital, and several angel investors. 

Founded in 2024 by Anbu Kannappan, the startup operates from Dubai Multi Commodities Centre and is focused on building infrastructure to tokenize traditional financial assets for both institutional and retail investors. 

What began as a passion project is now a data-driven platform helping thousands make smarter career decisions.

Shaimaa Al-Ghamdi, Flawless founder

The company aims to improve market access, transparency, and operational efficiency through blockchain technology. 

Byzanlink plans to allocate the proceeds toward product development, expanding integrations with ecosystem partners, and reinforcing compliance with evolving regulatory frameworks. 

Kannappan said: “Support from such a diverse and forward-thinking group of partners is a strong signal for what we’re building. We believe the next generation of financial infrastructure will be powered by transparency, automation, and access. We’re committed to building that foundation.” 

Idea-L secures $1m to scale venture creation platform

UAE-based idea-L has raised a $1 million pre-seed round from a group of undisclosed angel investors to advance its AI and Web3-powered venture creation platform. 

Founded in 2024 by Peter Goodwin, Daniel Muller, and Mark Hill, idea-L is designed to help entrepreneurs transform early-stage concepts into investor-ready businesses through automation and digital collaboration tools. 

The funding will be used primarily for technical hiring, platform enhancements, and the launch of new products intended to streamline venture creation workflows. 

The company aims to position itself as a key enabler in the UAE’s growing startup ecosystem by combining generative AI and tokenized ownership structures.

InstaBank secures $15m to drive digital banking in Iraq 

InstaBank, officially operating as Al-Fawr Digital Bank, has raised $15 million in funding to support the rollout and growth of its digital banking services in Iraq. 

UAE-based EQIQ, a venture capital fund and venture builder, contributed $3 million as part of the round, which aims to transform Iraq’s underdeveloped banking sector. 

Founded in 2025 by Hussain Qaragholi, InstaBank plans to use AI-powered tools and customer-centric design to deliver accessible, scalable financial services. 

The digital bank will play a central role in EQIQ’s broader fintech strategy, which integrates banking, logistics, and social commerce solutions to accelerate financial inclusion across Iraq. 

The investment underscores the rising investor interest in digitizing the country’s financial infrastructure and tapping into its large unbanked population. 

EQIQ views InstaBank as a strategic asset to drive economic participation and modernize financial ecosystems.

AgriCash raises seed funding to scale AI-powered agri-fintech platform 

Egypt-based agri-fintech platform AgriCash has secured an undisclosed amount of seed funding in a round led by Alex Angels, with participation from regional investors. 

Founded in 2024 by Diaa Youssef and Mostafa El-Sehli, AgriCash offers farmers a digital platform combining financing solutions, AI-driven agronomic insights, crop insurance, and access to input markets. 

The funding will help AgriCash expand its operations across Egypt and into neighboring markets, strengthen its AI infrastructure, and finalize integrations with insurance and banking partners. 

The company’s flagship buy now, pay later model provides farmers with interest-free access to agricultural and livestock supplies for up to 12 months, with credit ceilings of up to 3 million Egyptian pounds ($60,777). 

AgriCash aims to achieve 500 million Egyptian pounds in business volume by 2025 and plans to launch livestock financing in 2026 to consolidate its position as an end-to-end agri-finance platform serving smallholder farmers and commercial producers. 


Most Gulf markets in red on US inflation concerns, rate uncertainty

Most Gulf markets in red on US inflation concerns, rate uncertainty
Updated 16 July 2025
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Most Gulf markets in red on US inflation concerns, rate uncertainty

Most Gulf markets in red on US inflation concerns, rate uncertainty
  • Saudi Arabia’s benchmark index dropped 0.5%
  • Dubai’s benchmark index jumped 1%

DUBAI: Most Gulf markets ended lower on Wednesday as investors weighed US trade policy developments and signs that tariffs may be fueling inflation, while awaiting cues on the Federal Reserve’s interest rate policy. 

US consumer prices rose at the fastest pace in five months in June, raising concerns that tariffs were beginning to pressure inflation. 

On Tuesday, President Donald Trump said letters notifying smaller countries of their tariff rates would be sent soon. 

Saudi Arabia’s benchmark index dropped 0.5 percent, hit by a 0.4 percent fall in Al Rajhi Bank. Oil giant Saudi Aramco fell 0.7 percent. About 217.4 million shares changed hands, compared with an average of 314.3 million shares over the previous 10 sessions. 

Oil prices — a catalyst for the Gulf’s financial markets — fell by about 1 percent, as signs of stronger Chinese crude consumption were outweighed by investor caution about the wider economic impact from US tariffs. 

Dubai’s benchmark index jumped 1 percent to 5,974 dirhams, having crossed the mark for the first time in nearly 17.5 years. Financial stocks led gains with a 3.7 percent jump in Emirates NBD after concluding 3.9 billion dirhams in syndicated loans for Dubai Metro’s Blue Line Project. 

Abu Dhabi index added 0.3 percent, helped by a 2.6 percent increase in top lender First Abu Dhabi Bank. Strong bank earnings lifted sentiment across both Abu Dhabi and Dubai financials. 

Qatar’s stock index inched 0.1 percent lower. In the US, data on Tuesday showed consumer prices rose 0.3 percent in June, in line with forecasts, but the largest gain since January. 

Trump, however, reiterated his call for lower interest rates from the Fed, saying that consumer prices remain low. Monetary policy in the Gulf tends to mirror the Fed’s moves, given the region’s currency pegs to the US dollar. 

Outside the Gulf, Egypt’s blue-chip index, which is trading at a near all-time high, dropped 1 percent, weighed by a 5.3 percent slide in tobacco monopoly Eastern Company. 

Egypt’s progress on structural reforms under an $8 billion International Monetary Fund loan agreement has been mixed, the fund said, citing the public sector’s continued dominance of the economy as a problem.


IMF says Egypt makes mixed reform progress, cites state dominance of economy 

IMF says Egypt makes mixed reform progress, cites state dominance of economy 
Updated 16 July 2025
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IMF says Egypt makes mixed reform progress, cites state dominance of economy 

IMF says Egypt makes mixed reform progress, cites state dominance of economy 

CAIRO: Egypt’s progress on structural reforms under an $8 billion International Monetary Fund loan agreement has been mixed, the fund said, citing the public sector’s continued dominance of the economy as a problem.

In its long-delayed staff report for the fourth review of Egypt’s program, the IMF said there had been limited headway in reducing the role of state- and military-owned firms which enjoy preferential treatment in the form of tax exemptions, access to prime land and cheap labor.

These companies remain largely shielded from public scrutiny, with “very limited transparency about their financial condition,” the fund said.

Egypt’s reliance on a state-led growth model, centered on mega-projects and public investment, was curbing job creation and stifling the private sector in an increasingly volatile global environment, it said.

“The resulting financial and resource distortions have left Egypt with a large informal economy and few buffers against growing global financial, geopolitical and climate shocks,” the fund said.

The report was published late Tuesday, four months after the board approved the review and unlocked a $1.2 billion disbursement. Total disbursements are around $3.5 billion.

The 46-month facility was signed in March 2024 following more than a year of severe foreign currency shortages and inflation that peaked at 38 percent in September 2023.

The fund said last week it would merge the fifth and sixth program reviews into one later this year to give Egypt more time to implement critical reforms.

The fund forecast that Egypt’s external debt would rise from $162.7 billion in 2024/25 to $202 billion by 2029/30. Public debt overall “poses a high risk of sovereign stress,” it said, urging authorities to broaden the tax base, phase out untargeted subsidies and increase oversight of off-budget entities such as the state oil company EGPC and the urban development authority NUCA.

The report also cited “persistent and successive external shocks” that it said had “complicated policy execution,” including the war in Sudan which has pushed hundreds of thousands to flee to Egypt, as well as trade disruptions in the Red Sea which reduced foreign exchange inflows from the Suez Canal by $6 billion last year. 

Egypt finance minister reacts

Egypt's Finance Minister Ahmed Kouchouk said on Wednesday he is confident Egypt is hitting targets set by the IMF over the country's $8 billion loan programme and expects the next review to be completed by September or October.

"Both sides, are working on the expectation that this should be happening in September, October," Kouchouk said on the sidelines of an event at the London Stock Exchange.

"The IMF is after certain targets - and that's what's important."

A successful agreement on a review and subsequent sign off by the Fund's executive board triggers payment of a tranche.

Kouchouk also said he expected the government to complete three to four privatisation transactions before the end of the current financial year that started earlier this month.

The IMF has made increasing the role of the private sector in the economy a requirement of an expanded $8 billion loan, and Egypt's cabinet said earlier this year it would offer stakes in military-owned companies through its sovereign wealth fund to help comply with the Fund's requirements.

"It will be across a lot of sectors, but we have shared also a very strategic plan, a medium-term plan with the international institutions, including the IMF and others, with a very clear, visible timeline," added Kouchouk. 


Closing Bell: Saudi main index closes in red at 11,038

Closing Bell: Saudi main index closes in red at 11,038
Updated 16 July 2025
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Closing Bell: Saudi main index closes in red at 11,038

Closing Bell: Saudi main index closes in red at 11,038
  • MSCI Tadawul Index decreased by 0.41% to close at 1,415.42
  • Parallel market Nomu gained 0.16% to close at 27,345.08

RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Wednesday, losing 56.67 points, or 0.51 percent, to close at 11,038.74.

The total trading turnover of the benchmark index was SR4.01 billion ($1.06 billion), as 51 of the listed stocks advanced, while 195 retreated.

The MSCI Tadawul Index decreased by 5.89 points, or 0.41 percent, to close at 1,415.42.

The Kingdom’s parallel market Nomu gained 43.62 points, or 0.16percent, to close at 27,345.08. This comes as 39 of the listed stocks advanced, while 43 retreated.

The best-performing stock was SHL Finance Co., with its share price rising by 4.77 percent to SR23.70.

Other top performers included Arabian Centers Co., whose share price rose by 4.19 percent to SR22.15, and Mutakamela Insurance Co., which saw a 3.71 percent increase to SR16.21.

The worst performer of the day was Emaar The Economic City, whose share price declined by 3.63 percent to SR13.02.

Arriyadh Development Co. and Alistithmar AREIC Diversified REIT Fund also saw declines, with their shares dropping by 3.33 percent and 3.31 percent to SR31.32 and SR8.75, respectively.

On the announcements front, Asas Makin Real Estate Development and Investment Co. has signed a contract with First Avenue for Real Estate Development Co. to execute the Jadah Al-Huda residential project in Riyadh. 

According to a statement on Tadawul, the 23,199 sq. meters project will feature modern townhouse units designed to meet high-quality standards and urban integration, aligning with the growing demand in Saudi Arabia’s real estate market.

Valued at 14.5 percent of the actual construction cost, the 15-month contract is part of Asas Makin’s expansion strategy to enhance its portfolio and diversify revenue streams. 

The company expects the project to positively impact its financial results while contributing to the development of the Kingdom’s real estate sector.

The firm’s shares traded 0.8 percent higher in Wednesday’s trading session on the main market to close at SR108.

First Avenue for Real Estate Development Co.’s shares traded 3.33 percent higher in the main market to close at SR8.99.

Al Yamamah Steel Industries Co. has announced the completion of construction and the start of trial operations at its new Al Yamamah Wind Power Systems Factory in Yanbu Industrial City. 

The company confirmed in a statement that commercial operations will officially begin on Aug. 1, subject to regulatory approvals. The factory’s financial impact is expected to be reflected in Al Yamamah’s consolidated financial statements starting from the third quarter of 2025.

The company’s shares traded 3.61 percent higher on the main market to close at SR34.42.


Saudi PIF-backed Diriyah project awards $1.53bn arena contract to China Harbor

Saudi PIF-backed Diriyah project awards $1.53bn arena contract to China Harbor
Updated 16 July 2025
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Saudi PIF-backed Diriyah project awards $1.53bn arena contract to China Harbor

Saudi PIF-backed Diriyah project awards $1.53bn arena contract to China Harbor
  • District will include Diriyah Arena, three mixed-use office buildings, and parking facility
  • It is expected to contribute around SR70 billion to GDP

JEDDAH: Saudi Arabia’s entertainment landscape is set for a major boost with the awarding of a SR5.75 billion ($1.53 billion) contract to construct a 20,000-seat arena as part of the Diriyah development. 

Diriyah Co., a subsidiary of the Public Investment Fund, has awarded the contract to a branch of China Harbor Engineering Co. for the Arena Block, a district that will include the Diriyah Arena, three mixed-use office buildings, and a parking facility, the company announced. 

Spanning approximately 74,000 sq. meters, the Diriyah Arena is designed to host concerts, sports, esports, exhibitions, and live performances to attract residents and international visitors. 

The Diriyah project, located on the northwestern outskirts of the capital, Riyadh, is one of five giga-projects backed by PIF under the Vision 2030 plan and aims to transform the Kingdom’s economic and tourism sectors. 

Upon completion, it is expected to contribute around SR70 billion to the gross domestic product, generate nearly 180,000 jobs, and accommodate approximately 100,000 residents. 

“The iconic Diriyah Arena will be a landmark entertainment complex in Diriyah that reinforces the City of Earth’s growing global role in shaping Saudi Arabia’s artistic and cultural future, in alignment with Vision 2030,” Jerry Inzerillo, group CEO of Diriyah Co., said.

The contract is the latest step in the company’s ongoing 2025 development drive, marking continued progress on the project. 

Yang Zhiyuan, CEO of the Chinese firm for the Middle East, said: “CHEC will bring to the project a wealth of global experience, technical expertise, and a proven track record in delivering the complex.” 

Designed by global firm HKS Inc., the structure blends traditional Najdi architecture with modern elements, reflecting Diriyah’s cultural heritage and global outlook. 

The broader Arena Block will also include three mixed-use office buildings designed by John McAslan + Partners, covering 114,000 sq. meters, along with over 4,000 parking spaces to support the stadium and surrounding offices. 


UAE unveils AI-driven federal budget cycle for 2027–29

UAE unveils AI-driven federal budget cycle for 2027–29
Updated 16 July 2025
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UAE unveils AI-driven federal budget cycle for 2027–29

UAE unveils AI-driven federal budget cycle for 2027–29

JEDDAH: The UAE has launched its federal budget cycle for 2027–29, introducing an artificial intelligence-driven, performance-based approach aimed at accelerating national development and supporting the country’s long-term strategic ambitions.

The Ministry of Finance announced the new cycle as part of broader efforts to modernize public financial management, enhance fiscal sustainability, and align government spending with national priorities.

According to the state news agency WAM, the total value of the UAE’s federal budgets across the past four consecutive cycles has reached 900 billion dirhams ($245 billion).

The announcement coincided with the unveiling of the federal government’s new strategic planning cycle, “Towards Achieving We the UAE 2031,” launched by Sheikh Mohammed bin Rashid Al-Maktoum, vice president, prime minister of the UAE, and ruler of Dubai.

Sheikh Maktoum bin Mohammed bin Rashid Al-Maktoum, first deputy ruler of Dubai, deputy prime minister, and minister of finance, underscored the importance of the new budget framework, emphasizing that “achieving the ambitions of the UAE Centennial 2071 requires a financial system that is agile and future-focused, a system that can respond to global shifts and direct government spending toward high-impact opportunities.”

He added that, to achieve this, the Ministry of Finance is investing in intelligent tools and advanced analytical models designed to enhance financial efficiency, maximize impact, and support data-driven decision-making aligned with the nation’s developmental, economic, and social objectives.

“Our vision is to transform the federal budget into a future-ready instrument that drives sustainable growth and elevates the quality of government services to new heights.” he said.

The government said the budget cycle would prioritize sectors that directly impact citizens’ lives, including education, healthcare, social welfare, and core government services.

It also aims to promote integration and coordination among federal entities while directing spending toward initiatives that support sustainable economic development.

Over the past several years, the ministry has implemented regulatory and digital reforms to strengthen financial governance. Public debt remained stable at 62.1 billion dirhams as of June 2025, while federal assets increased to approximately 464.4 billion dirhams by the end of 2024—demonstrating the UAE’s robust financial position.

Mohamed bin Hadi Al-Hussaini, minister of state for financial affairs, said the latest budget cycle reflects a shift toward results-based governance and improved institutional efficiency.

“The ministry’s transformation over recent years extends beyond legislative and digital reforms to include a complete redesign of the budgeting experience.” he said.