Saudi Arabia and Turkiye sign energy cooperation agreement
Saudi Arabia and Turkiye sign energy cooperation agreement/node/2340061/business-economy
Saudi Arabia and Turkiye sign energy cooperation agreement
A Memorandum of Understanding was signed by Saudi Minister of Enregy Prince Abdulaziz bin Salman and his counterpart from Turkiye Alparslan Bayrakdar (SPA)
Saudi Arabia and Turkiye sign energy cooperation agreement
Updated 18 July 2023
Arab News
RIYADH: Saudi Arabia and Turkiye have signed an energy agreement aimed at boosting cooperation in oil and gas production during a high-level meeting.
The Kingdom’s Crown Prince Mohammed bin Salman held talks with President Recep Tayyip Erdogan at the gathering, which came as the Turkish leader undertakes a three-state Gulf tour.
A memorandum of understanding was signed by Saudi Minister of Enregy Prince Abdulaziz bin Salman and his counterpart from Turkiye Alparslan Bayrakdar.
According to the Saudi Press Agency, the MoU covers the production, marketing, distribution and trade of refined petroleum products, as well as the production of petrochemicals.
It also takes in cooperation in the field of renewable energy and electricity, as well as the exploration of investment opportunities between the two countries in that field.
There was also an agreement over investigating electrical interconnection between the Kingdom and Turkiye.
The SPA report added: “The memorandum also included strengthening cooperation in the field of hydrogen, through research and development to enhance its use, as well as cooperation in the field of the circular carbon economy, through exchanging knowledge about applications related to it, and cooperation in the field of energy supply chains, by encouraging bilateral investments, and working to access materials.”
The MoU is the latest sign of the growing relationship between Saudi Arabia and Turkiye, and comes as both countries try to promote links across their respective public and private sectors.
Trade between Turkiye and the Kingdom reached $6.5 billion in 2022, and hit $3.4 billion in the first half of this year. Turkiye’s trade with all the Gulf states has shot up from $1.6 billion to about $22 billion in the past 20 years.
On Monday, more than 400 business leaders and officials attended a special meeting of the Saudi-Turkish Business Forum in Jeddah in a further boost to economic ties between the two countries.
Amid discussions around further investment opportunities, a number of agreements were signed covering manufacturing, tourism, mining, food and agriculture, as well as defense and military industries.
There were also deals covering energy, education, and digital technology, as well as agreements focused on media, construction, health and real estate.
MENA startups raise fresh capital as governments advance ecosystem reforms
Fresh capital flows into fintech, logistics, agritech and AI-driven platforms Nour El-Shaeri Riyadh
Updated 13 sec ago
Nour El-Shaeri
RIYADH: Startups across the Middle East and North Africa continued to attract investor interest last week, with fresh capital flowing into fintech, proptech, logistics, agritech and artificial intelligence-driven platforms.
Saudi Arabia-based Simplified Financial Solutions Co. has raised $20 million in a Series A round led by Ra’ed Ventures, with participation from QED Investors, Breyer Capital, Middle East Venture Partners, Sanabil Investments, Khawarizmi Ventures, SEEDRA Ventures, Rua Growth Fund, anb capital and Tech Invest Com.
Founded in 2021 by Ahmed Al-Hakbani, SiFi provides financial management solutions for startups and SMEs, including corporate cards, spend management and automated expense reporting.
The round follows a $10 million seed raise, bringing total funding to more than $34 million. Proceeds will support market expansion, development of AI-powered finance capabilities and additional workflows toward a full-suite platform.
MENA AI funding reaches record $858m, captures 22% of VC in 2025
Artificial intelligence accounted for 22 percent of total venture capital funding in the Middle East and North Africa in 2025, as investment in the sector reached a record $858 million, according to a new report by MAGNiTT.
The share of AI funding nearly doubled from 12 percent in 2024, marking what MAGNiTT described as a structural shift in capital allocation toward artificial intelligence. Between 2022 and 2023, AI represented between 6 percent and 10 percent of total funding in the region.
“In 2025, AI moved to the center of capital strategy in MENA, with funding increasingly concentrated in AI-native platforms rather than incremental applications, particularly as governments, corporates, and investors align around scale, infrastructure, and competitiveness,” said Philip Bahoshy, CEO of MAGNiTT.
AI-native startups raised $589 million, accounting for 69 percent of all AI capital deployed, while AI-enabled companies secured $269 million. Deal activity also reached a record 194 transactions, representing 29 percent of total MENA venture deals in 2025.
Saudi Arabia-based Safqah Capital has raised $15.2 million in a seed round led by Shorooq. (Supplied)
Geographically, funding remained concentrated, with the UAE attracting $519 million and Saudi Arabia $235 million. Together, the two markets captured 87 percent of AI capital deployed across MENA.
MAGNiTT said it expects AI funding in the region to more than double in 2026 as the technology becomes a central driver of growth.
Tactful AI raises $1m pre-Series A to scale agentic CX infrastructure
Egyptian-born customer experience platform Tactful AI has secured $1 million in a pre-Series A round co-led by Foras AI and M Empire, alongside deep-tech angel investors and the company’s founders.
Founded in 2016 by Mohamed El-Masry and Mohamed Hassan, the company develops agentic AI systems that enable end-to-end customer request resolution within defined controls.
The funding will be used to strengthen growth in Egypt, validate expansion across EMEA and accelerate research and development. The founders previously completed a management buyback following a 2022 acquisition by European communications firm Dstny.
Safqah Capital secures $15.2m seed to scale Shariah-compliant real estate financing
Saudi Arabia-based Safqah Capital has raised $15.2 million in a seed round led by Shorooq, with participation from anb Seed Fund, Sharaka Capital, COTU Ventures, Sadu Capital, 500 Global, Suhail Ventures, Waad Invest and JOA Capital, among others.
Founded in 2023 by Abdullah Al-Subaie, Karim Merie, Abdulmalik Al-Othman and Omar Alessa, the fintech and proptech platform is building Shariah-compliant financing infrastructure for SME developers.
The capital will expand financing capacity, scale its digital platform and enhance AI-driven risk and underwriting tools.
InvestSky expands into Saudi Arabia after $4m seed round
UAE-based InvestSky has entered the Saudi market after raising $4 million in seed funding and receiving a Financial Technology Experimental Permit from the Capital Market Authority.
The round was backed by Emkan Capital, Run Ventures, S3 Ventures, Al-Romaizan Family Office and other regional investors, bringing total funding to $7.4 million.
Founded in 2016 by Mohamed El-Masry and Mohamed Hassan, Tactful AI develops agentic AI systems. (Supplied)
Founded in 2021 by Nitish Mittal and Turki Alalshaikh, InvestSky operates a social trading platform offering retail investors access to Saudi and US equities. The expansion includes a strategic partnership with anb Capital.
The company said the funds will support market access, Saudi operations and product enhancement across MENA.
Egypt launches government-backed Startup Charter to mobilize $1bn
Egypt has introduced the “Egypt Startup Charter,” a government-backed framework aimed at supporting entrepreneurship and startup growth.
Developed following consultations with 15 government entities and more than 250 ecosystem stakeholders under the Ministerial Group for Entrepreneurship, the charter establishes the country’s first official definition of a startup to enable access to incentives.
The framework includes a unified financing initiative targeting $1 billion over five years through public funding, guarantees and private sector co-investment.
It aims to support 5,000 startups and generate around 500,000 jobs, alongside a scale-up program to help late-stage companies pursue large investments, IPOs and exits.
A Unified Startup Guide and an Entrepreneurship Policy Observatory will centralize services and monitor implementation.
ThrowMeNot raises $550,000 pre-seed to tackle food waste in UAE
UAE-based ThrowMeNot has secured $550,000 in a pre-seed round led by Sheikh Ahmed bin Mana Al Maktoum.
Founded in 2025 by Archie Rudyuk, the startup operates a marketplace for near-expiry and surplus goods aimed at reducing food waste.
The funding will be used to expand the team and scale delivery and fulfilment operations across the UAE.
Omnispay raises $2m pre-Series A to expand SME finance offering
UAE-based omnispay has raised $2 million in a pre-Series A round led by Infinity Value Capital Group.
Founded in 2022 by Simanta Das, Vimal Kumar and Praveen Kiran, the fintech is expanding from SME payments into a broader finance platform covering cash flow management, collections, payments and embedded credit.
The company will use the proceeds for product expansion, development of embedded credit capabilities and growth across the GCC, including Saudi Arabia.
The round follows a $1.5 million seed raise last year led by Mercatus Capital Pte. Ltd.
Routech Express raises $1m pre-seed to scale digital shipping platform
Saudi Arabia-based Routech Express has secured $1 million in a pre-seed round led by Q Fund, with participation from angel investors.
Founded in 2024 by Abdullah bin Muammar and Jihad Al-Dawood, the logistics technology startup aggregates multiple carriers through a digital platform enabling instant price comparison, booking, payment and shipment tracking.
The funding will support platform development, carrier integrations and regional expansion.
Nutra-GreeniX raises $200,000 seed to expand agritech operations
Syria-based Nutra-GreeniX has raised $200,000 in a seed round led by EBLA Ventures, alongside Syrian and Saudi angel investors.
Founded in 2024 by Mostafa Halabya, the agritech company provides livestock nutritional solutions using clean energy and sustainable methods.
The capital will be used to increase production capacity, expand operations and develop new technologies tailored to local market needs.
Jazr.io raises $213,000 pre-seed to develop AI-driven compliance tools
Saudi Arabia-based Jazr.io has secured $213,000 in a pre-seed round led by unnamed angel investors.
Founded in 2024 by Mohammed Al-Moshwah, the company provides accounting and inventory management software for restaurants and cafes.
The funding will support development of compliance tools, AI-driven automation and broader product enhancements.
Smart Bricks raises $5m pre-seed to build AI-native real estate infrastructure
UAE-based Smart Bricks has raised $5 million in a pre-seed round led by Andreessen Horowitz, with participation from global funds and angel investors across the US, Europe and the Middle East.
Founded in 2024 by Mohamed Mohamed, the proptech startup is building an AI-native infrastructure layer for real estate, enabling end-to-end discovery, underwriting and execution through agentic AI.
The company will use the funds to advance platform development, expand AI-driven underwriting workflows and scale coverage across global markets.
Smart Bricks is also backed by Techstars, 500 Global and Cornerstone VC, and is an alumnus of Google AI First, Microsoft GrowthX and NVIDIA Inception programs.
