Saudi Arabia looks to the future — by stepping 5,000 years into the past

The archaeological treasure house of Madain Saleh (above); the Arabian Travel Market’s global reach (below).
Updated 22 April 2018
Follow

Saudi Arabia looks to the future — by stepping 5,000 years into the past

  • Kingdom developing tourism sector as part of economic diversification strategy
  • Vision 2030 foresees 1.2 million new tourist jobs by 2030

LONDON: It is the leading global event for Middle Eastern tourism and it opens on Sunday in Dubai. The Arabian Travel Market attracts the big players of the industry and the wannabes. It showcases 2,800 products to more than 28,000 potential buyers and generates deals worth more than $2.5 billion.

No wonder the world wants to be there, from spas to safaris, from Armenia to Zanzibar and all points between in both the globe and the alphabet.

But this year, one destination is set to attract more attention than any other: Saudi Arabia.

The Kingdom’s tourism industry has hitherto centered primarily on the holy cities of Makkah and Madinah; last year’s Hajj attracted around 2.35 million pilgrims, with about 1.75 million of those coming from abroad.

When it comes to non-religious tourism however, it is in the unique position of creating that industry more or less from scratch, which is an enviable place to be.

“It means we are able to learn from the mistakes of others and we can take the best from everywhere,” said Amr Al-Madani, CEO of the Royal Commission for Al-Ula, Saudi Arabia’s archaeological treasure house and home to the Unesco-listed Madain Saleh.

“And we are determined to offer the best in every way,” he added.

Al-Madani recently returned from presenting the plans for Al-Ula at a high-profile gala at the Museum of Decorative Arts in Paris, an occasion that coincided with the visit of Crown Prince, Mohammed bin Salman, the driving force behind Vision2030, the ambitious program designed to revamp not only the national economy but Saudi society as a whole.

Once regarded as practically off-limits to visitors and particularly Westerners (although that was never true), Saudi Arabia is throwing open the gates, as part of plans to diversify its economy and create jobs for its citizens.

The Kingdom’s Vision 2030 economic development plan, designed to create new revenue streams to lower its reliance on oil, envisages the creation of 1.2 million new jobs in the tourism sector by 2030.

Saudi Arabia’s General Entertainment Authority in February said it planned to invest $64 billion in its entertainment sector in the coming 10 years. This investment will include the development of a countrywide network of cinemas, following the lifting of a ban last year.

As well as opening up the 5,000-year-old wonders of Al-Ula, there are plans to develop 34,000 square kilometers of Red Sea coastline and 50 outlying islands into luxury beach resorts.

The scheme has already attracted Sir Richard Branson, founder and boss of the Virgin Group, as its first international investor. He is involved in developing the islands — which he described as “breathtakingly beautiful” — as luxury destinations, and has also visited Madain Saleh.

“This is an incredibly exciting time in the country’s history and I’ve always felt that there is inothing like getting a first-hand impression,” he said after his visit.

He praised the Crown Prince for his vision, telling Arab News, “If you want to succeed you should have an idea and a plan to implement it and just do it. He is doing that and his heart is in the right place.”

Though he is overseeing the development of the Al-Ula sites, Amr Al-Madani said one plan was to offer two-center holidays: “Some days exploring the archaeology and the nature in Al-Ula and then a few days relaxing at the beach,” he said.

As well as unspoilt beaches, the Red Sea coast also enjoys the best climate in Saudi Arabia with pleasant sea breezes offsetting the heat.

The Red Sea project is expected to generate 35,000 jobs.

The Royal Commission has already recruited the first 200 future employees who will work in Al-Ula. The group — half boys, half girls — are all high school-leavers or university students from the region. They have already begun three months of training in Riyadh, learning languages and undergoing assessment by psychologists and careers advisers and will later be dispatched to several locations in Britain and the US to continue learning.

Al-Madani said Al-Ula should be ready to receive its first tourists in three to five years, eventually accommodating a million to 1.5 million a year.

Decoder

FASTFACTS


Capital concentrates as MENA startups close deals

Updated 20 December 2025
Follow

Capital concentrates as MENA startups close deals

  • Fresh funding flows in even as broader market data points to a slowdown

RIYADH: Startup funding activity across the Middle East and North Africa delivered a mixed picture over the past week, with fresh capital flowing into gaming, fintech, deep tech, and travel, even as broader market data pointed to a slowdown in overall investment momentum. 

Saudi Arabia’s Impact46 led a $1 million investment round in Hypemasters, an international game development studio focused on competitive strategy experiences for mobile. The round included participation from GEM Capital. 

Hypemasters develops strategy titles designed for competitive depth and precise game mechanics and has attracted more than 7 million players globally. 

The studio is currently advancing several new projects, including a title in soft launch, as it looks to expand its reach in markets with sustained demand for strategy games. 

“Strategy is one of the most demanding categories in game development, and Hypemasters approaches it with uncommon discipline. Their work shows a clear understanding of what committed players expect from this genre, and we believe their upcoming titles can serve a global audience with genuine depth,” said Basmah Al-Sinaidi, managing partner at Impact46. 

“We are pleased to support a team that builds with intention and long-term ambition,” she added. 

Boris Kalmykov, CEO and co-founder of Hypemasters, said: “We’re focused on deepening our presence across the region and pushing forward with the next generation of strategy games, including a major new title already in soft launch. Partnering with Impact46 marks an important step for Hypemasters.” 

The CEO added that Impact46 shares his company’s long-term vision for building “world-class strategy games” from the MENA region, and the support reinforces his firm’s commitment to expanding its portfolio with high-quality releases.

The investment reflects Impact46’s continued interest in game development and interactive entertainment and aligns with its broader strategy of backing studios building globally oriented titles. 

Premialab raises $220m

UAE-headquartered Premialab, a provider of data, analytics, and risk management solutions for quantitative investing, has raised $220 million in a growth investment led by KKR, with participation from existing investor Balderton. 

Founded in Hong Kong in 2016 by Adrien Geliot and Pierre Trecourt, Premialab operates a global platform serving the $800 billion quantitative investment strategies market. 

Counterfeits don’t just impact economies; they erase identity, creativity and truth. Along with our investors, we’re building a movement to make the world’s stories verifiable again.

Walid Tarabih, founder and CEO of Relik

The company provides benchmarking, performance analysis, and risk analytics tools for institutional investors. 

 The funding will be used to support global expansion, strengthen core operational systems, and scale Premialab’s execution product, which was developed in partnership with Eurex, to broaden access to quantitative investment strategies. 

“Quantitative investment strategies have grown rapidly in scale and importance, yet the market has lacked a truly independent standard for data, analytics and risk. Premialab was built to fill that gap,” said Adrien Geliot, CEO of Premialab. 

Relik closes seed round

UAE-based Relik has closed a seed funding round with participation from KBW Ventures, Naatt Holding, Fort Holding, and Ayman Sejiny. 

Founded in 2023 by Walid Tarabih and later joined by John Tsioris, Relik is an artificial intelligence-powered authentication platform designed to help collectors, brands, and marketplaces.

The company plans to use the funding to roll out additional products and expand across sectors including sports, luxury, and heritage markets. 

 “We are ensuring authenticity in a fakeable world,” said Walid Tarabih, founder and CEO of Relik, adding: “Counterfeits don’t just impact economies; they erase identity, creativity and truth. Along with our investors, we’re building a movement to make the world’s stories verifiable again.” 

Prince Khaled bin Alwaleed bin Talal Al-Saud, founder and CEO of KBW Ventures, said: “Relik is creating a new global standard for truth and trust. At a time when counterfeiting and AI-generated content are rising, Relik’s mission to protect authenticity carries both cultural and commercial value.”  

Nawah raises $23m

Egypt-based deep tech startup Nawah Scientific has raised $23 million in a series A round comprising a mix of equity and debt, marking a decade since the company’s founding. 

The round was led by Life Ventures Holding, with participation from Den Ventures, Empire M, AfricInvest, Elsewedy, as well as banks and angel investors. 

Founded in 2015 by Omar Saqr, Nawah operates a cloud laboratory model that enables remote access to advanced testing services. (Supplied)

Founded in 2015 by Omar Saqr, Nawah operates a cloud laboratory model that enables remote access to advanced testing services. Its operations span four business units covering life sciences, food and agriculture, pharmaceuticals, and certified reference materials. 

The company plans to use the funding to build a global research and development center in Rwanda, double laboratory capacity in Egypt and Saudi Arabia, and expand into North Africa and Europe. 

Algeria’s VOLZ raises $5m

Algeria-based travel tech startup VOLZ has raised $5 million in a series A funding round led by a consortium of private investors under Tell Group, with participation from Groupe GIBA.  

Founded in 2023 by Mohamed Abdelhadi and Hacene Seghier, VOLZ enables travelers to book flights in Algerian dinars using online payments or cash on delivery, while comparing multiple airlines through a single platform. 

Announced at the African Startup Conference in December, the transaction is Algeria’s largest startup funding round in local currency and marks the first exit of the Algerian Startup Fund. 

The capital will be used to launch new consumer and corporate travel products, strengthen VOLZ’s position in Algeria, and support expansion across North and West Africa. 

MENA startup funding slows in November

Investment activity across the MENA startup ecosystem slowed sharply in November 2025, with 35 startups raising a combined $227.8 million, according to Wamda’s monthly report. 

This marked a steep decline from the $784.9 million recorded in the previous month and a 12 percent drop compared to November 2024, pointing to a period of consolidation as investors moderated deployment toward the end of the year. 

More than half of the capital raised during the month was driven by a single debt-backed transaction by erad, which propelled Saudi Arabia to the top of the regional rankings. Across 14 deals, the Kingdom attracted $176.3 million, accounting for more than three-quarters of all capital deployed in November. 

Despite funding activity spanning 35 startups, capital was concentrated in just 5 markets. After Saudi Arabia’s dominant lead, the UAE followed with $49 million across 14 transactions. 

Egypt recorded $1.12 million across 4 deals, while Morocco raised $1.1 million through 2 transactions. Oman saw 1 deal with an undisclosed value, with limited activity reported outside these markets. 

Fintech emerged as the most funded sector in November, raising $142.9 million across 9 deals, largely influenced by the same debt-driven transaction. 

E-commerce followed with $24.5 million across 6 rounds, while property tech, which topped the charts in October, slipped to 3rd with $18.9 million raised by 3 startups. 

Debt financing dominated the month, accounting for more than $125 million through a single transaction. 

The remaining capital was largely channelled into early-stage startups, with no later-stage funding rounds recorded in November, underscoring continued investor caution. 

From a business model perspective, B2B startups captured the majority of capital, with 20 companies raising $197.1 million. 

B2C startups lagged, with 9 companies raising a combined $22.2 million, while the remainder was split across hybrid models. 

The gender funding gap showed no signs of narrowing, with male-led startups absorbing 97 percent of the capital raised during the month. Female-led and mixed-gender founding teams accounted for the remaining share.