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UAE startups raise funding to expand to Saudi Arabia

Transportr addresses concerns such as freight rates, manual processes, enhanced visibility, traceability and customer service. (Reuters/File)
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Updated 01 July 2023
Nour El-Shaeri
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UAE startups raise funding to expand to Saudi Arabia

  • Transportr facilitates efficient, transparent, and cost-effective movement of goods
Updated 01 July 2023
Nour El-Shaeri

CAIRO: Digital logistics platform Transportr has successfully concluded its eight-figure seed funding round with the participation of Ittihad Ventures Holding and Industrial Capital Group.  

Established in 2020, the UAE-based company acts as a multimodal digital freight marketplace, connecting shippers and carriers across various industries to facilitate efficient, transparent, and cost-effective movement of goods. 

The platform addresses concerns such as freight rates, manual processes, enhanced visibility, traceability and customer service. 

The proceeds from the funding round will be instrumental in driving the company’s growth within the UAE market and facilitating its expansion into Saudi Arabia, a key strategic move to tap into the thriving logistics sector in the region. 

Transportr is also building toward its next series A funding round.

“Transportr has evolved to managing all freight modes (road, sea, rail and air) in addition to warehousing, material handling, logistics education and more,” said Hassan Khazem, CEO of Transportr. 

He added: “Our vision is to provide any company with a one-stop shop digital solution to manage all its supply chain activities while having environmental, social, and governance factors in mind. We aim to unleash the power of aggregation and bring value to our partners such as significant cost savings, access to data analytics and artificial intelligence.”

Transportr’s notable capability lies in its ability to compare rates offered by various carriers, empowering shippers to make well-informed decisions about their shipping choices.

HashMove raises pre-series A to relocate to Saudi Arabia

UAE-based logistics platform HashMove has successfully raised an undisclosed amount in a pre-series A funding round led by

Bahrain’s Bunat Ventures in collaboration with a prominent Saudi business group.  

HashMove, established in 2017 by Noman Mohammad, Rayan Al Bakri, and Sarfaraz Alam, provides solutions for various logistics needs, including instant rate sourcing for the initial leg of transportation, efficient booking capabilities, and end-to-end cargo movements and tracking. 

The raised funds will play a crucial role in HashMove’s expansion plans, as well as the relocation of its headquarters to Saudi Arabia. The strategic move aims to capitalize on the Kingdom’s thriving logistics industry and position HashMove at the forefront of the market.  

By establishing a strong presence in Saudi Arabia, HashMove can enhance its service offerings and strengthen its network in the region. 

HashMove’s expansion and relocation to Saudi Arabia align with the company’s long-term vision of becoming a key player in the Middle East logistics market.  

The company has already signed deals with Saudi companies including United Warehousing Co., a third-party logistics powerhouse based in Jeddah.  

The new funding will enable HashMove to enhance its capabilities, scale its operations, and provide even greater value to its customers. HashMove has already attracted over 900 logistics providers across 90 countries and aims to revolutionize the global logistics landscape.

UzOman invests in Switzerland’s Zood 

UzOman, a collaborative investment fund established by the Omani and Uzbek sovereign wealth funds, has recently made an undisclosed investment in Swiss fintech company Zood. 

Founded in 2018 by Michael Khoi, Zood operates as a comprehensive digital lending platform, offering a complete ecosystem comprising ZoodPay for financial technology, ZoodMall for e-commerce, and ZoodShip for logistics solutions. 

The investment from UzOman is strategically aimed at driving digital lending innovation in Uzbekistan.  

By injecting funds into Zood, the joint investment fund intends to foster the growth and development of the fintech sector in the country.  This infusion of capital will support Zood in expanding its operations and further enhancing its digital lending services in Uzbekistan. 

“This investment is part of our ongoing efforts to promote and invest in Uzbekistan’s rapidly growing financial sector. Zood’s focus on providing innovative, convenient, and secure payment solutions align well with UzOman’s plans to invest in the financial sector in Uzbekistan and empower businesses and individuals with cutting-edge financial tools,” Mohamed Al-Lawati, CEO of UzOman, said. 

The collaboration between UzOman and Zood signifies a mutual commitment to leveraging technology and finance to advance the economic landscape of Uzbekistan.   

“UzOman’s investment is a testament to Zood’s pioneering role in driving financial inclusion through a holistic ecosystem that provides comprehensive solutions for individuals and businesses in Central Asia and the Middle East. We are proud to collaborate with UzOman to further expand our reach and impact, creating economic opportunities in Uzbekistan,” Khoi said.

VMS acquires stakes in Cash Cows    

The startup ecosystem in the Middle East and North Africa is poised to get a boost as Saudi Arabia-based venture studio VMS has acquired minority stakes in Egyptian start-up accelerator Cash Cows.  The purchase of stakes is part of a strategic partnership agreement aimed at supporting the entrepreneurial ecosystem in both countries and in the wider MENA region, according to a press release. The press release further noted that the partnership will see Cash Cows and VMS launching a joint platform for exchanging ideas, collaboration, and mutual learning between them.  

The platform will also provide ways for startups, investors, and entrepreneurs to access critical decisions that ensure their success, it added.   

Motaz Saleh Abuonoq, founder and CEO of VMS said that the company’s expansion in the Egyptian market was an important and strategic goal.   

VMS  supports talented startups entering the Saudi market and provides them with guidance, resources, expertise, and connections.

Mohamed Nagaty, partner at Cash Cows, said the partnership with VMS will contribute to building a bridge between Egypt and Saudi Arabia for startups, along with expanding the scope of operations for both companies.  

The coming together of two regional accelerators is aimed at providing resources and support for startups and drawing a clear map for investors to achieve excellence in the highly competitive market, the release added.

Topics: Start-up of the Week Transportr UAE startups

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How AI and financial literacy are redefining the Saudi workforce

Updated 26 December 2025
Waad Hussain
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How AI and financial literacy are redefining the Saudi workforce

  • Preparing people capable of navigating money and machines with confidence
Updated 26 December 2025
Waad Hussain

ALKHOBAR: Saudi Arabia’s workforce is entering a transformative phase where digital fluency meets financial empowerment. 

As Vision 2030 drives economic diversification, experts emphasize that the Kingdom’s most valuable asset is not just technology—but people capable of navigating both money and machines with confidence.

For Shereen Tawfiq, co-founder and CEO of Balinca, financial literacy is far from a soft skill. It is a cornerstone of national growth. Her company trains individuals and organizations through gamified simulations that teach financial logic, risk assessment, and strategic decision-making—skills she calls “the true language of empowerment.”

An AI-driven interface showing advanced data insights, highlighting the increasing demand for leaders who can navigate both technology and strategy. (creativecommons.org)

“Our projection builds on the untapped potential of Saudi women as entrepreneurs and investors,” she said. “If even 10–15 percent of women-led SMEs evolve into growth ventures over the next five years, this could inject $50–$70 billion into GDP through new job creation, capital flows, and innovation.”

Tawfiq, one of the first Saudi women to work in banking and later an adviser to the Ministry of Economy and Planning on private sector development, helped design early frameworks for the Kingdom’s venture-capital ecosystem—a transformation she describes as “a national case study in ambition.”

“Back in 2015, I proposed a 15-year roadmap to build the PE and VC market,” she recalled. “The minister told me, ‘you’re not ambitious enough, make it happen in five.’” Within years, Saudi Arabia had a thriving investment ecosystem supporting startups and non-oil growth.

Opinion

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At Balinca, Tawfiq replaces theory with immersion. Participants make business decisions in interactive simulations and immediately see their financial impact.

“Balinca teaches finance by hacking the brain, not just feeding information,” she said. “Our simulations create what we call a ‘business gut feeling’—an intuitive grasp of finance that traditional training or even AI platforms can’t replicate.”

While AI can personalize lessons, she believes behavioral learning still requires human experience.

Saudi women take part in a financial skills workshop, reflecting the growing role of financial literacy in shaping the Kingdom’s emerging leadership landscape. (AN File)

“AI can democratize access,” she said, “but judgment, ethics, and financial reasoning still depend on people. We train learners to use AI as a co-pilot, not a crutch.”

Her work aligns with a broader national agenda. The Financial Sector Development Program and Al Tamayyuz Academy are part of Vision 2030’s effort to elevate financial acumen across industries. “In Saudi Arabia, financial literacy is a national project,” she said. “When every sector thinks like a business, the nation gains stability.”

Jonathan Holmes, managing director for Korn Ferry Middle East, sees Saudi Arabia’s digital transformation producing a new generation of leaders—agile, data-literate, and unafraid of disruption.

“What we’re seeing in the Saudi market is that AI is tied directly to the nation’s economic growth story,” Holmes told Arab News. “Unlike in many Western markets where AI is viewed as a threat, here it’s seen as a catalyst for progress.”

Saudi Arabia's Vision 2030 and the national AI strategy are producing “younger, more dynamic, and more tech-fluent” executives who lead with speed and adaptability. (SPA photo)

Holmes noted that Vision 2030 and the national AI strategy are producing “younger, more dynamic, and more tech-fluent” executives who lead with speed and adaptability. Korn Ferry’s CEO Tracker Report highlighted a notable rise in first-time CEO appointments in Saudi Arabia’s listed firms, signaling deliberate generational renewal.

Korn Ferry research identifies six traits for AI-ready leadership: sustaining vision, decisive action, scaling for impact, continuous learning, addressing fear, and pushing beyond early success.

“Leading in an AI-driven world is ultimately about leading people,” Holmes said. “The most effective leaders create clarity amid ambiguity and show that AI’s true power lies in partnership, not replacement.”

He believes Saudi Arabia’s young workforce is uniquely positioned to model that balance. “The organizations that succeed are those that anchor AI initiatives to business outcomes, invest in upskiling, and move quickly from pilots to enterprise-wide adoption,” he added.

DID YOU KNOW?

• Saudi women-led SMEs could add $50–$70 billion to GDP over five years if 10–15% evolve into growth ventures.

• AI in Saudi Arabia is seen as a catalyst for progress, unlike in many Western markets where it is often viewed as a threat.

• Saudi Arabia is adopting skills-based models, matching employees to projects rather than fixed roles, making flexibility the new currency of success.

The convergence of Tawfiq’s financial empowerment approach and Holmes’s AI leadership vision points to one central truth: the Kingdom’s greatest strategic advantage lies in human capital that can think analytically and act ethically.

“Financial literacy builds confidence and credibility,” Tawfiq said. “It transforms participants from operators into leaders.” Holmes echoes this sentiment: “Technical skills matter, but the ability to learn, unlearn, and scale impact is what defines true readiness.”

Saudi women in the transportation sector represent the expanding presence of female talent across high-impact industries under Vision 2030. (AN File)

As organizations adopt skills-based models that match employees to projects rather than fixed job titles, flexibility is becoming the new currency of success. Saudi Arabia’s workforce revolution is as much cultural as it is technological, proving that progress moves fastest when inclusion and innovation advance together.

Holmes sees this as the Kingdom’s defining opportunity. “Saudi Arabia can lead global workforce transformation by showing how technology and people thrive together,” he said.

Tawfiq applies the same principle to finance. “Financial confidence grows from dialogue,” she said. “The more women talk about money, valuations, and investment, the more they’ll see themselves as decision-makers shaping the economy.”

Together, their visions outline a future where leaders are inclusive, data-literate, and AI-confident—a model that may soon define the global standard for workforce transformation under Vision 2030.
 

 

Topics: Eye On AI financial literacy Editor’s Choice

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