Saudi Arabia turns to biotech as it aims to export health care products

Biotech involves technology that uses biological systems and living organisms such as molecules to develop new products. (Reuters)
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Updated 27 August 2021
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Saudi Arabia turns to biotech as it aims to export health care products

  • King Abdullah International Medical Center (KAIMRC) is a leader in biotech
  • KAIMRC’s research labs host a team of 70 post-doctoral scientists

RIYADH: As the KSA diversifies away from carbon energy to a more sustainable economy, biotechnology is a growing focal point and a key element of Vision 2030.

Biotech involves technology that uses biological systems and living organisms such as molecules to develop new products. This is a field where science meets commerce, as breakthrough medicines, biofuels, GM plants and so on are usually ‘conceived’ in a university or hospital lab and then taken to the market by private companies – a process that can take up to a decade.

One KSA biotech leader is the King Abdullah International Medical Center (KAIMRC – pronounced ‘K-mark’) — the research arm of the National Guard’s Department of Health Affairs.

“Biotech is a vital and vibrant sector that has a major impact on health and the economy”, says Dr. Ahmed Alaskar, Executive Director, KAIMRC. “The KSA is developing alternatives to the oil economy, and biotech is a major new source. Plus it’s an important part of the knowledge economy. Our strategy is to develop innovative products out of our research — that could be therapeutics or diagnostics or medical devices.”

Such products start their life in the KAIMRC’s research labs, with its team of 70 post-doctoral scientists, supported by 20,000 staff in the National Guard’s six major hospitals and dedicated health sciences university. The goal is to take a potential product through a series of experiments and clinical trials, to the point where it can be handed over to the private sector, which will refine the product and ultimately bring it to the consumer market. One example is anti-venom remedies, for scorpion stings and snakebites, which were developed by KAIMRC and already have limited global distribution.

KAIMRC works with leading academic institutions around the world. “Oxford, Harvard, Johns Hopkins – you name it”, says Dr. Alaskar. “It’s all about medical research: toward vaccines, genetic research, therapeutics, drug screening and so on. And our academic publications have been increasing 20-30 percent annually – we have exceeded 1600 publications in peer-reviewed journals in this year alone.”

There is also close collaboration with leading health care companies such as AstraZeneca, Roche and Novartis – much of it based in KAIMRCs Medical Biotechnology Park, located within the vast National Guard compound in Southeast Riyadh.

It is a virtuous circle: the more companies that establish facilities in the Kingdom, the more will be attracted to invest — creating a biotech ecosystem that is projected to turn the KSA into a major exporter of health care products within the next five to ten years.

The activities of KAIMRC have been propelled by two health crises: MERS and Covid 19. In 2015, a team of KAIMRC scientists went to Oxford and collaborated with scientists there on a vaccine for the MERS virus, with trials and experiments continuing in the Kingdom – first on camels and then on humans. That study has now been submitted to an international peer-reviewed journal and should lead to a marketable product in due course.

The Covid 19 pandemic quickly shifted KAIMRC into a higher gear. “When Covid 19 hit the Kingdom in March 2020, KAIMRC revealed the whole genome sequence of the virus within 3 days”, says Dr. Alaskar. “Then we took that data and processed it using AI. We identified the sensitive targets in the virus, and which chemical molecules could be effective against those sensitive points – to kill the virus. We took our findings to clinical trial and the study has been submitted to a peer-reviewed journal.” The aim is to produce medicine that lessens the impact of Covid 19, as opposed to offering protection against it.

The KAIMRC is helping to position Saudi Arabia at the forefront of biotech with the forthcoming Global Summit for Medical Biotechnology, to be held in Riyadh in mid-September.

“We want to work with the international pharma industry to create a national strategy for biotech, and to find solutions to the health care challenges that are faced in Saudi Arabia and around the world”, says Dr. Alaskar. “Vision 2030 is giving us the opportunity to do just that.”


Regional collaboration flourishes in effort to boost digital transformation

Updated 11 May 2024
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Regional collaboration flourishes in effort to boost digital transformation

  • Partnership underscores commitment to foster innovation and drive economic empowerment

CAIRO: Digital transformation is on the cusp as regional companies join hands to further boost this technological development across the Middle East and North Africa.

On top of this week’s partnerships, Saudi Arabia’s Alraedah Digital Solutions, the innovation arm of Alraedah Digital Group, inked a deal with regional fintech ABHI to boost financial inclusion in the Kingdom.   
Under the terms of the agreement, Alraedah Digital Solutions will harness ABHI’s advanced technological capabilities to introduce a range of innovative financial services tailored to the Saudi market.  
The collaboration will focus on leveraging Alraedah’s deep knowledge of local market dynamics to launch new financing products collaboratively.  
Additionally, Alraedah has committed to a substantial financial investment, pledging access to $200 million over three years to support the development and localization of ABHI’s products for the Kingdom.   
“We are excited to join forces with ABHI to revolutionize the financial landscape in Saudi Arabia. This partnership underscores our commitment to fostering innovation and driving economic empowerment through strategic collaborations. Together, we aim to redefine access to financial services and empower individuals and businesses across the region,” Paul Melotto, CEO at Alraedah Digital Solutions, said.

Paul Melotto, CEO at Alraedah Digital Solutions and Omair Ansari, CEO and co-founder of ABHI. (Supplied)


Founded in 2021, ABHI specializes in earned wage access, invoice factoring, small and medium-sized enterprise working capital, revenue-based financing, and payroll solutions.  
To date, ABHI claims to have supported over 1,000 companies, enhancing financial stability for approximately 750,000 employees and processing over $300 million in loans across different regions.  
The company is backed by notable investors including Y Combinator, VEF, SpeedInvest, Venture Souq, Global Ventures, and Zayn Capital.

Abu Dhabi’s Comera Financial Holding joins hands with Egypt’s Beltone Holding
Comera Financial Holding, an Abu Dhabi-based group with interests in technology and fintech, has joined forces with Beltone Holding, a prominent financial services provider in Egypt, to enhance digital transformation and customer experience in the North African country.
The strategic partnership focuses on knowledge transfer and the introduction of new digital solutions across the region.
Together, Comera and Beltone aim to develop and deploy advanced products that will elevate customer experiences in various financial sectors, including payments, consumer finance, SME finance, and supply chain financing.  

Dalia Khorshid, Group CEO of Beltone Holding


“This collaboration represents a pivotal step forward in our commitment to enhancing digital access and improving financial services for our customers,” Dalia Khorshid, Group CEO of Beltone Holding, said.  
The collaboration will leverage both companies’ expertise to introduce cutting-edge technological solutions not only in Egypt but also in other Middle East and North Africa countries.

MoneyHash partners with Visa
US-based, MENA-focused fintech MoneyHash has announced a new collaboration with digital payments firm Visa.
This partnership aims to deliver secure and enhanced digital payment experiences across the region.
By collaborating with Visa, MoneyHash will gain access to an extensive array of Visa’s digital payment solutions, enhancing its service offerings with advanced technologies like network tokenization.  
Additionally, this partnership allows MoneyHash to tap into Visa’s vast global reach, capabilities, and renowned security infrastructure.  
These elements are crucial to Visa’s mission of connecting the world through an innovative, reliable, and secure payment network, now extending further across the MENA region.  
This strategic alliance is set to significantly boost MoneyHash’s capacity to serve its customers with payment solutions.

Dubizzle acquires Drive Arabia
Dubizzle Group, a leading online classifieds platform in the Middle East, has further cemented its position in the automotive sector across the MENA region with the acquisition of Drive Arabia.   
Known for its strong brand presence over the past two decades, especially in the UAE and Saudi Arabia, Drive Arabia brings valuable expertise and a loyal customer base to Dubizzle Group.
This acquisition enables Dubizzle Group to enhance its automotive advertising services, introduce innovative new products, and expand its market reach.  
The integration of Drive Arabia is expected to significantly bolster Dubizzle Group’s capabilities in meeting the evolving needs of automotive customers across the region.

Egypt’s Swypex secures $4m in seed round
Swypex has announced its emergence onto the financial technology scene with a $4 million seed investment round led by US venture capital fund, Accel.  
This investment marks Accel’s first foray into the fintech sector in the region and includes contributions from Foundation Ventures, the Raba Partnership, and several leading industry angel investors.  
Licensed by the Central Bank of Egypt, Swypex aims to become the first comprehensive platform that eliminates financial inefficiencies and maximizes business potential in the country.

Swypex’s platform integrates payments, invoice management, and smart corporate cards into a single system. (Supplied)


The platform integrates payments, invoice management, and smart corporate cards into a single system designed to streamline financial operations.  
Swypex’s products are tailored to simplify financial management for businesses, allowing them to automate workflows and facilitate easy payments.  
The corporate cards offered by Swypex are specifically designed for Egyptian businesses to help reduce costs, enhance operational efficiency, and support scalable growth.

Monsha’at graduates 25 startups from Qassim University
Saudi Arabia’s Small and Medium Enterprises General Authority, also known as Monsha’at, has announced the successful graduation of 25 startups from Qassim University’s business incubator, as part of the University Startups Initiative Program.  
The business incubator is designed to facilitate the transition of creative ideas and university graduation projects into market-ready startups capable of securing investments.  

Monsha’at has announced the successful graduation of 25 startups from Qassim university’s business incubator. (Supplied)


During their time in the incubator, the startups managed to increase their client base by 35 percent and successfully secured two investment rounds totaling around SR500,000 ($133,317).
Since its inception in 2023, the University Startups Initiative Program has graduated 75 startups in collaboration with three government universities located in Riyadh, Al-Ahsa, and Qassim.

April startup funding sees sharp decline
Startup funding in the MENA region experienced a sharp decline in April, with only 19 startups raising $55 million.  
This represents a 78 percent drop month on month from $254 million raised in March, although it marks an 87 percent increase year on year, according to Wamda’s Monthly report.   
The largest funding amount in April was awarded to Fortis, a UAE-based fintech startup, which secured $20 million in a series A round.  
This was followed by WEE, which raised $10 million in a pre-series A round, and Tunisia’s Qodek, which garnered $8 million in its series B round.
Geographically, UAE-based startups led the funding charts with $32 million distributed across six deals, while Egyptian startups received $8.7 million over five deals.  
In contrast, Saudi startups saw a noticeable decrease in investment, attracting only $4.8 million across three deals.
Sector-wise, fintech remained the most funded, with four companies raising $25.7 million, $20 million of which was allocated to Fortis alone.  
E-commerce startups received $10.5 million across two funding rounds, and an AI firm, Qodek, raised $8 million. Additionally, three Software-as-a-Service providers collectively raised $3.5 million.  
In terms of gender representation in funding, disparities remain significant.
Only one female-founded firm managed to secure $100,000, in stark contrast to the $43 million received by male-founded companies, highlighting ongoing challenges in achieving gender parity in the startup ecosystem.


Johnson Controls Arabia celebrates export milestone of Saudi-made scroll chillers to US 

Updated 10 May 2024
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Johnson Controls Arabia celebrates export milestone of Saudi-made scroll chillers to US 

JEDDAH: A batch of 300 Saudi-made scroll chillers are set to be exported to the US in what is a first for the Kingdom, the CEO of Johnson Controls Arabia has announced.

Speaking to Arab News, Mohamad Al-Shaikh revealed the market value of the products stands at SR100 million ($26.66 million), and the shipment will come from the Johnson Controls Arabia Manufacturing Complex in King Abdullah Economic City.

Though the domestic demand for heating, ventilation, and air conditioning equipment and technology is growing, the total addressable market for Saudi Arabia is still small compared to the global demand, the executive said.

Reflecting on the milestone of the company’s largest export order to date, Al-Shaikh said: “It is a very proud moment for us as a Saudi company to reach a level where our Saudi-made products are compliance competitive to meet all the quality requirements according to the specification for the United States’ market. 

“We have reached the maturity level where we are able to use Saudi talents, Saudi engineering and Saudi supply of chain to ship our fine products to the US market.”

The market value of the products stands at SR100 million ($26.66 million). Arab News

The company plans to increase exports from 30 percent to 60 percent of its total production output over the next three years, aligning with the national industrial strategy and Vision 2030 to enhance economic diversification and local production development.

He said: “We are thrilled also to announce our most ambitious and largest export order of 1,000 YORK Scroll Chillers for next year over three phases.”

The event also housed the signing of a memorandum of understanding between Johnson Controls Arabia and the Saudi Export Development Authority. 

This agreement aims to establish a strategic account for JCA, enhancing Saudi Arabia's non-oil exports capable of competing on a global scale, in line with Vision 2030.

Additionally, Johnson Controls Arabia announced the groundbreaking for a new factory expansion, supported by the Local Content and Government Procurement Authority. The expansion will start manufacturing water-cooled chillers with a high capacity of up to 6,000 tons of cooling, the world’s largest air conditioning product.

During his opening keynote, Al-Shaikh underscored the company’s dedication to innovation, sustainability, and supporting the local content through exports of Saudi-made products.

“This milestone reflects our unwavering commitment to advancing local content and the Saudi-made initiative, which are integral to the Kingdom's economic diversification efforts. By exporting Saudi-made products to the US market and 26 other global markets, we are not only contributing to the growth of our economy but also showcasing the quality and innovation of our Saudi products on a global stage,” he stated.

After commending the long-standing bilateral trade relations between the Kingdom and the US, Al-Shaikh added: “At JCA, we have a vision and a strong commitment to the Saudi Market, where we focus on reinforcing localization and boosting job creation to support the economy while giving back to the community.”

Johnson Controls Arabia has made significant strides in local manufacturing, with 80 percent of its sales coming from locally manufactured products. 

The company’s exports have also grown to account for over 30 percent of its total production, demonstrating its commitment to global expansion and market diversification.


Saudi Arabia to reveal roadmap to turn aviation sector into $2bn industry

Updated 10 May 2024
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Saudi Arabia to reveal roadmap to turn aviation sector into $2bn industry

RIYADH: An ambitious roadmap setting out how Saudi Arabia will grow its aviation sector tenfold into a $2 billion industry will be unveiled at a special event in May.

The plans cover the business jet segment, including charter, private, and corporate aircrafts, and will support Saudi Arabia’s development as a global high-value enterprise and tourist destination. 

Details of the roadmap will be set out at the 2024 Future Aviation Forum, convening 5,000 leaders, including private investors, operators, and service providers, set to be held in Riyadh from May 20 to 22.

The plan comes after Saudi Arabia revised its 2030 tourism target upwards from 100 million to 150 million visitors in October 2023.

The forum is set to be hosted by the General Authority of Civil Aviation, and the organization’s President Abdulaziz-Al Duailej said: “General aviation is vital to growing high-value sectors of the Saudi economy, including tourism, business and entertainment events.

“The General Aviation roadmap will turbocharge the sector within the Kingdom, transforming infrastructure and regulations, simultaneously developing, promoting and enhancing general aviation services in the market.

“GACA looks forward to hosting general aviation investors, operators and service providers at the Future Aviation Forum in May, where we will launch this ambitious plan to global audiences.”

The roadmap will support private aviation aircraft owners, lessors, and investors, as well as operators and service providers, through coordinated infrastructure investment and regulatory streamlining. 

The announcement follows GACA’s removal of “empty-leg restrictions” – which relate to when an aircraft is flying without passengers or cargo on board – and simplification of economic license requirements for operators and investors in October 2023, to boost the general aviation sector.

FAF 2024 will see aviation leaders from over 100 countries, including ministers, regulators, manufacturers, airlines, and airports, gathering in Riyadh. 

It has already been announced that the event will see Saudi Arabia unveil more than $100 billion in investment opportunities to enable its ambitious Saudi Aviation Strategy.

The forum’s investment showcase will highlight projects and incentives including airports, airlines, ground services, cargo and logistics.

Of the $100 billion in investment opportunities, airports account for more than $50 billion, new aircraft orders about $40 billion, while the remaining $10 billion is earmarked for other projects, including $5 billion in special logistics areas around the main airports in Riyadh, Jeddah, and Dammam.

The 2022 edition of the forum saw the signing of more than 50 agreements and $2.7 billion in deals, and the upcoming event will feature commercial announcements, alongside the roadmap and specialist general aviation panel sessions. 


Saudi Arabia’s Q1 budget deficit aligns with expectations; non-oil revenues rise by 9%

Updated 10 May 2024
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Saudi Arabia’s Q1 budget deficit aligns with expectations; non-oil revenues rise by 9%

RIYADH: Saudi Arabia recorded a budget deficit of SR12.4 billion ($3.3 billion) in the first quarter of 2024, comprising 16 percent of the annual deficit forecast set by the Ministry of Finance at the end of the previous year.

This suggests that it aligns with expectations, showcasing the Kingdom’s progress in accelerating spending related to Vision 2030 implementation, alongside its careful fiscal management.

The Ministry’s quarterly performance report also revealed an annual 9 percent boost in its non-oil revenues to reach SR293.43 billion, primarily driven by increased taxes on goods and services.

Report data showed these taxes surged by 11 percent to approximately SR70 billion in the specified period. This income source constituted nearly a quarter of total government revenues and approximately 63 percent of non-oil income.

This typically refers to taxes imposed on particular products or services, rather than on individuals or businesses as a whole. Examples include Excise Tax, Value-Added Tax, and specific levies such as those targeting expatriates.

The percentage share of non-oil revenues from the overall government income increased to 38 percent, up from 36 percent in the same quarter of 2023.

The second largest factor driving the non-oil revenue growth is categorized as Other Revenues, which, as per the Ministry’s report, includes income from a variety of sources. 

These encompass revenues from other public government units, including the Saudi Central Bank, sales conducted by other entities such as income from advertising and fees from port services, administrative fees, fines, penalties, and confiscations.

Conversely, oil revenues experienced a 2 percent uptick, reaching SR181 billion. However, their percentage share decreased from 64 percent in the same quarter the previous year to 62 percent. This brought total government revenues to SR293.43 billion.

The tightening of oil revenues can be linked to the voluntary oil production cuts adopted by members of the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+. Saudi Arabia announced in March the extension of its 1 million barrels per day cut, initially implemented in July 2023, until the end of the second quarter of 2024.

Saudi Finance Minister Mohammed Al-Jadaan has said a deficit is not merely a consequence but an attempt to achieve development goals. SPA

Government expenditure

Expenditures surged by 8 percent during this period, reaching SR305.82 billion, with non-financial capital expenditure, often referred to as CAPEX, driving much of this growth.

This category saw a substantial 33 percent increase, totaling SR34.5 billion, and it encompasses investments in physical assets like buildings, machinery, and infrastructure, aimed at enhancing the Kingdom’s capacity and capabilities.

The Ministry had indicated in its budget statement in December for the fiscal year 2024 that there will be increased spending during the coming years to expedite the implementation of key programs vital to the objectives of Saudi Vision 2030. Therefore, the quarterly deficit remains within expectations, reflecting prudent fiscal management.

The second most significant factor driving the increase in expenditure is the utilization of goods and services, which surged by 12 percent during this period, reaching SR60.7 billion. Accounting for 20 percent of total expenditure, their substantial share amplified their impact.

This category represents the total amount spent on acquiring goods and services by the government for various purposes, such as operational activities or resale. It reflects the government’s consumption or investment in resources necessary for its operations, excluding any changes in inventory levels.

In third place was the compensation of employees, making up the largest portion of the total at 45 percent, reaching SR137.5 billion. However, its growth during this period was only 3 percent.

According to the Ministry’s report, this refers to the compensation received by an employee for the work they perform, which can be in the form of cash or non-monetary benefits. It includes any social security contributions that the government unit pays on behalf of its employees.

Although subsidies account for a small portion of government spending, at 3 percent, they experienced the highest growth rate, reaching SR8.33 billion, highlighting the Kingdom’s dedication to investments in education, health, and social protection programs.

Additionally, the data revealed that health and social development were the second-largest contributors to expenditure growth, increasing by 20 percent to reach SR60.5 billion, following municipal services.

The Ministry’s report indicated that the deficit will be covered entirely through borrowing. Domestic debt accounted for 60 percent, or SR665.03 billion, of the end-of-period debt balance, while the remaining 40 percent came from external debt, totaling SR450.8 billion.

Compared to advanced economies or G20 countries, Saudi Arabia’s public debt as a percentage of GDP remains relatively low. Additionally, it is well-covered, with government reserves totaling around SR392 billion in the first quarter of this year.

This robust reserve level provides a substantial buffer against any potential financial challenges or economic downturns, enhancing the Kingdom’s fiscal stability and ability to meet its financial obligations.


Startup Wrap – Regional collaboration flourishes in effort to boost digital transformation 

Updated 10 May 2024
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Startup Wrap – Regional collaboration flourishes in effort to boost digital transformation 

CAIRO: Digital transformation is on the cusp as regional companies join hands to further boost this technological development across the Middle East and North Africa.

On top of this week’s partnerships, Saudi Arabia’s Alraedah Digital Solutions, the innovation arm of Alraedah Digital Group, inked a deal with regional fintech ABHI to boost financial inclusion in the Kingdom.   

Under the terms of the agreement, Alraedah Digital Solutions will harness ABHI’s advanced technological capabilities to introduce a range of innovative financial services tailored to the Saudi market.  

The collaboration will focus on leveraging Alraedah’s deep knowledge of local market dynamics to launch new financing products collaboratively.  

Additionally, Alraedah has committed to a substantial financial investment, pledging access to $200 million over three years to support the development and localization of ABHI’s products for the Kingdom.   

“We are excited to join forces with ABHI to revolutionize the financial landscape in Saudi Arabia. This partnership underscores our commitment to fostering innovation and driving economic empowerment through strategic collaborations. Together, we aim to redefine access to financial services and empower individuals and businesses across the region,” Paul Melotto, CEO at Alraedah Digital Solutions, said. 

Paul Melotto, CEO at Alraedah Digital Solutions and Omair Ansari, CEO and co-founder of ABH. Supplied

Founded in 2021, ABHI specializes in earned wage access, invoice factoring, small and medium sized enterprise working capital, revenue-based financing, and payroll solutions.  

To date, ABHI claims to have supported over 1,000 companies, enhancing financial stability for approximately 750,000 employees and processing over $300 million in loans across different regions.  

The company is backed by notable investors including Y Combinator, VEF, SpeedInvest, Venture Souq, Global Ventures, and Zayn Capital. 

Abu Dhabi’s Comera Financial Holding joins hand with Egypt’s Beltone Holding 

Comera Financial Holding, an Abu Dhabi-based group with interests in technology and fintech, has joined forces with Beltone Holding, a prominent financial services provider in Egypt, to enhance digital transformation and customer experience in the North African country. 

The strategic partnership focuses on knowledge transfer and the introduction of new digital solutions across the region. 

Together, Comera and Beltone aim to develop and deploy advanced products that will elevate customer experiences in various financial sectors, including payments, consumer finance, SME finance, and supply chain financing.  

“This collaboration represents a pivotal step forward in our commitment to enhancing digital access and improving financial services for our customers,” Dalia Khorshid, Group CEO of Beltone Holding, said.  

The collaboration will leverage both companies’ expertise to introduce cutting-edge technological solutions not only in Egypt but also in other Middle East and North Africa countries. 

MoneyHash partners with Visa 

US-based, MENA-focused fintech MoneyHash has announced a new collaboration with digital payments firm Visa.

This partnership aims to deliver secure and enhanced digital payments experiences across the region. 

By collaborating with Visa, MoneyHash will gain access to an extensive array of Visa’s digital payment solutions, enhancing its service offerings with advanced technologies like network tokenization.  

Additionally, this partnership allows MoneyHash to tap into Visa’s vast global reach, capabilities, and renowned security infrastructure.  

These elements are crucial to Visa’s mission of connecting the world through an innovative, reliable, and secure payment network, now extending further across the MENA region.  

This strategic alliance is set to significantly boost MoneyHash’s capacity to serve its customers with payment solutions. 

Dubizzle acquires Drive Arabia 

Dubizzle Group, a leading online classifieds platform in the Middle East, has further cemented its position in the automotive sector across the MENA region with the acquisition of Drive Arabia.   

Known for its strong brand presence over the past two decades, especially in the UAE and Saudi Arabia, Drive Arabia brings valuable expertise and a loyal customer base to Dubizzle Group. 

This acquisition enables Dubizzle Group to enhance its automotive advertising services, introduce innovative new products, and expand its market reach.  

The integration of Drive Arabia is expected to significantly bolster Dubizzle Group’s capabilities in meeting the evolving needs of automotive customers across the region. 

Egypt’s Swypex secures $4m in seed round 

Supplied.

Swypex has announced its emergence onto the financial technology scene with a $4 million seed investment round led by US venture capital fund, Accel.  

This investment marks Accel’s first foray into the fintech sector in the region and includes contributions from Foundation Ventures, the Raba Partnership, and several leading industry angel investors.  

Licensed by the Central Bank of Egypt, Swypex aims to become the first comprehensive platform aimed at eliminating financial inefficiencies and maximizing business potential in the country.

The platform integrates payments, invoice management, and smart corporate cards into a single system designed to streamline financial operations.  

Swypex’s products are tailored to simplify financial management for businesses, allowing them to automate workflows and facilitate easy payments.  

The corporate cards offered by Swypex are specifically designed for Egyptian businesses to help reduce costs, enhance operational efficiency, and support scalable growth. 

Monsha’at graduates 25 startups from Qassim University 

Saudi Arabia’s Small and Medium Enterprises General Authority, also known as Monsha’at, has announced the successful graduation of 25 startups from Qassim University’s business incubator, as part of the University Startups Initiative Program.  

The business incubator is designed to facilitate the transition of creative ideas and university graduation projects into market-ready startups capable of securing investments.  

During their time in the incubator, the startups managed to increase their client base by 35 percent and successfully secured two investment rounds totaling around SR500,000 ($133,317). 

Since its inception in 2023, the University Startups Initiative Program has graduated 75 startups in collaboration with three government universities located in Riyadh, Al-Ahsa, and Qassim.

April startup funding sees sharp decline 

Startup funding in the MENA region experienced a sharp decline in April, with only 19 startups raising $55 million.  

This represents a 78 percent drop month-on-month from $254 million raised in March, although it marks an 87 percent increase year-on-year, according to Wamda’s Monthly report.   

The largest funding amount in April was awarded to Fortis, a UAE-based fintech startup, which secured $20 million in a series A round.  

This was followed by WEE, which raised $10 million in a pre-series A round, and Tunisia’s Qodek, which garnered $8 million in its series B round. 

Geographically, UAE-based startups led the funding charts with $32 million distributed across six deals, while Egyptian startups received $8.7 million over five deals.  

In contrast, Saudi startups saw a noticeable decrease in investment, attracting only $4.8 million across three deals. 

Sector-wise, fintech remained the most funded, with four companies raising $25.7 million, $20 million of which was allocated to Fortis alone.  

E-commerce startups received $10.5 million across two funding rounds, and an AI firm, Qodek, raised $8 million. Additionally, three Software-as-a-Service providers collectively raised $3.5 million.  

In terms of gender representation in funding, disparities remain significant. 

Only one female-founded firm managed to secure $100,000, in stark contrast to the $43 million received by male-founded companies, highlighting ongoing challenges in achieving gender parity in the startup ecosystem.