JEDDAH: Personal finance app Wafeer is the only service in Saudi Arabia that automatically tracks user’s spending patterns in a bid to help them stick to budgets.
The fintech company was founded by Salah Al-Bassam, Ahmad Ramadan and Abdulaziz Al-Jasser in 2019.
Each founder brings their own skills to the firm — Al-Bassam is an investment professional, Ramadan specialized in tech, while Al-Jasser is an engineer.
“We believe this was the formula that made Wafeer what it is right now, the broad and diverse experience that each founder brings to the table and of course our value add investors,” Al-Bassam told Arab News.
In March, Wafeer raised an undisclosed amount in a pre-seed funding round led by Nama Ventures, with participation from RAI group, WomenSpark, and several angel investors.
At the time, Nama Venture’s general partner Mohammed Alzubi said: “We first met the Wafeer team in August of 2020. The first thing that stood out for us was how complementary was the skillsets of the team, with real role clarity from the get go.”
Al-Bassam explains that its software automatically updates expenses that are paid through the app, rather than needing manual entry.
“Beyond tracking user’s expenses, Wafeer offers personalized advice using artificial intelligence helping users get notified before overspending and gives them recommendations that help cut spending or create wiggle room,” Al-Bassam said.
He added the Saudi Vision 2030 growth initiative highlights the importance of creating more awareness of spending, savings and investment through its Financial Sector Development Program.
Al-Bassam said: “It is one of the Vision's realization programs. This program has several goals, the most important of which are achieving financial diversity, stability, and promoting the culture of saving.
“Our goal at Wafeer is to play a role in achieving these objectives with the aim of answering this ongoing question that arises at the end of each month: What did I spend my salary on?”
Wafeer has 82,000 active users in its platform, who have notched up almost 1 million transactions.
The startup has partnered up with big companies in the region, such as online marketplace Noon and Saudi fast food app Hungerstation to provide special offers to customers.
Al-Bassam said: “We are proud of our partnerships, we have signed a number of strategic partnerships, most recently with Noon and Hungerstation to provide Wafeer users with exclusive discounts and offers that match their spending behavior.”
Wafeer currently only operates in the Kingdom, but has plans to extend its services to other Middle Eastern and North African countries.
Startup of the Week: Wafeer — helping Saudis spend wisely and save money
https://arab.news/bef67
Startup of the Week: Wafeer — helping Saudis spend wisely and save money
UAE, Russia explore ways to boost cooperation in new economy sectors
RIYADH: Economic ties between the UAE and Russia are set to strengthen after senior ministers met in Dubai to advance cooperation across investment, energy and other new economy sectors.
UAE Minister of Economy and Tourism Abdulla bin Touq Al-Marri and Russia’s Minister of Industry and Trade Anton Alikhanov co-chaired the 12th session of the UAE–Russia Joint Governmental Committee, bringing together representatives from both government and private-sector entities, the Emirates News Agency, also known as WAM, reported.
This follows UAE President Sheikh Mohamed bin Zayed Al-Nahyan’s visit to Moscow in August, where he and Russian President Vladimir Putin discussed deepening bilateral relations and witnessed the signing of agreements aimed at strengthening economic cooperation.
Trade between the two countries has continued to expand despite global economic uncertainty, with bilateral turnover reaching a record $10.2 billion in 2023 before easing to $10 billion in 2024.
Al-Marri said: “The current session of the committee represents a new step toward building fruitful partnerships between the business communities and the private sector in the two countries, enhancing cooperation and providing support to entrepreneurs from both sides, which contributes to the growth and sustainability of their economies.”
He added: “In our cooperation, we focus on the new economy sectors and priority areas, in order to achieve mutual benefit for the two countries.”
The highlighted the committee’s key role in identifying promising opportunities within the business environments of both countries.
The minister also outlined the advantages offered by the UAE’s business landscape, including flexible economic regulations that permit 100 percent foreign ownership and a modern, supportive climate that facilitates more than 2,000 economic activities.
The committee’s agenda featured discussions on action plans and cooperation mechanisms across sectors, including investment, energy, industry and innovation, and food security and agriculture. It also covered education, transport and logistics, tourism, sports and culture, as well as environmental sustainability, health care and other areas.
Both sides agreed to maintain joint efforts to develop new frameworks for economic collaboration in key sectors and to support entrepreneurs from both countries, aiming to elevate cooperation to broader levels.
