MENA region funding in July reaches $95 million largely driven by UAE startups 

US-based investors proved the most active foreign participants, with 10 deals. regionally, investors from Egypt and the UAE participated in eight deals each, with Saudi investors partaking in seven. (Shutterstock)
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Updated 06 August 2023
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MENA region funding in July reaches $95 million largely driven by UAE startups 

  • Egypt and Morocco held third and fourth places, securing $7 million and $2 million in funding, respectively
  • Saudi Arabia came in second with $18 million raised via five deals

CAIRO: Startups across the Middle East and North Africa accrued a solid $95 million across 31 deals in July 2023, marking a slight decrease from last year’s $105 million for the same month, yet demonstrating a robust 167 percent month-on-month surge from June’s $35.6 million.  

While the deal volume decreased by 31 percent, the numbers yield a different perspective when factoring out the UAE’s electric vehicle startup One Moto’s $40 million lease financing round. 

Excluding that, the total equity investment for July recalibrates to $55 million, reflecting a 55 percent growth from the preceding month.  

Moreover, UAE startups led the month with $64.7 million raised, thanks to One Moto’s round.  

Saudi Arabia came in second with $18 million raised via five deals. The highest funding for the month was clinched by Riyadh-based foodtech Kaso, amassing $10.5 million in a seed round. 

Egypt and Morocco held the third and fourth positions, securing $7 million and $2 million in funding, respectively. 




Founded in 2021 by Manar Alkassar and Ahmed Soliman, Kaso isaB2BF&B marketplace for restaurants. (Supplied)

Seed and pre-seed stage startups took the lion’s share with 15 deals. However, late and growth-stage startups witnessed a funding contraction, contributing to the slowdown in venture capital activities in July. 

The mobility sector emerged as the top-funded sector in July, driven by One Moto's significant round.  

The food technology industry cornered $17 million across five deals, propelled by a burgeoning adoption of enterprise software solutions in the sector. 

When dissected gender-wise, funding remains limited for female-founded startups, with most capital funneled through accelerators and incubators. Only one deal, with Jordanian proptech Nomad, went to a female-led startup in July. 

Mixed-gender founding teams fared better, drawing $12 million across six deals. All-male-led startups amassed 87 percent of total funds, raking in $84 million.  

US-based investors proved the most active foreign participants, with ten deals. Regionally, investors from Egypt and the UAE participated in eight deals each, with Saudi investors partaking in seven. 

Beyond pure funding, July witnessed several notable acquisitions, including Saudi Arabia’s HyperPay take over of Riyadh-based Sanad Cash and the UAE’s EDGE Group's acquisition of Abu Dhabi’s OrxyLabs.  

In a significant transaction, Germany’s Delivery Hero procured the remaining shares of Saudi Arabia’s HungerStation for $297 million. 

Other highlights include the introduction of a $54 million foodtech-focused fund by Agthia Group, and a novel accelerator program targeting Egypt-based accelerator and incubator managers, launched by 500 Global. 

UAE’s LVL Wellbeing secures $10m in a series A funding round, eyes Saudi expansion 

LVL Wellbeing, a corporate platform based in the UAE, has closed its series A funding round at $10 million led by MG Wellness Holding, a subsidiary of the Abu Dhabi-based Multiply Group. 

The newly acquired funding will be used to bolster the growth of LVL Wellbeing, enabling it to become a leading wellness platform within the workplace environment. 

This will include the addition of exciting new features, such as an Arabic language version of the app, expected to launch in the second half of 2023. 

“This investment will allow us to prioritize creating unique, immersive experiences in corporate spaces. Our members will have the opportunity to focus on their well-being whether at home, in the office, or while traveling,” Gary Blowers, CEO of LVL Wellbeing, said. 




The infusion of funds will also facilitate the integration of HealthierU into LVL Wellbeing’s operations. Supplied

Blowers also revealed plans to expand into Saudi Arabia as part of the company’s organic regional growth strategy. 

The infusion of funds will also facilitate the integration of HealthierU, a Multiply Group subsidiary, into LVL Wellbeing’s operations.  

HealthierU, a marketplace platform connecting individuals with wellness consultants worldwide, has demonstrated impressive results in reducing chronic disease risks among predisposed individuals. 

“The integration of HealthierU into the LVL Wellbeing ecosystem will enable us to combine forces to offer the most comprehensive preventative health and wellbeing services to our members and clients,” Blowers added.  

The LVL Wellbeing app offers a host of engagement features designed to support members on their wellbeing journey and provide real-time data to corporate clients. 

Moreover, LVL Wellbeing has developed a digital wellbeing studio to deliver content directly to corporate spaces, with studios in Dubai, Abu Dhabi, and Palm Jumeirah, and further locations in the pipeline. 

UAE’s UDENZ raises $5m in a series A round as it aims to digitize dental healthcare 

UDENZ, a digital dental health platform headquartered in Dubai, has secured a $5 million series A funding round from Hakim Capital Holding, Techcelerate Investments LLC, Inspira Management, and Dubai Business Corporation. 

Launched in 2016 by Hisham Safadi, UDENZ is a digital healthcare platform that integrates 26 services into one platform and has catered to over 100,000 dentist search requests and confirmed more than 5,000 bookings. Its database boasts nearly 8,000 dentists from across the MENA region.   

UDENZ plans to utilize the funding to expedite a free platform service for over 50,000 dentists across the region. 

“This significant investment will empower us to build on our vision to revolutionize dental services, making them more accessible and effective for both practitioners and patients. It’s a validation of our efforts and a catalyst for our future growth,” Safadi said.


Egypt’s exports to Arab counties surges 8.7% in 2023, Saudi Arabia tops list

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Egypt’s exports to Arab counties surges 8.7% in 2023, Saudi Arabia tops list

RIYADH: The value of Egyptian exports to Arab countries surged 8.7 percent year on year to reach $13.6 billion in 2023, according to new data. 

A statement from Egypt’s Central Agency for Public Mobilization and Statistics revealed that Saudi Arabia topped the list of the highest Arab countries importing from nation during the year, with the value of the African country’s exports amounting to $2.7 billion in 2023. 

This falls in line with the significant growth in trade relations, partnerships, joint projects, and development investment between the two countries in recent years.

The statement revealed that the Kingdom was followed by the UAE, with Egyptian exports reaching $2.2 billion, followed by Libya with about $1.8 billion, Sudan with an estimated $984.4 million, and Algeria at $850.3 million.

Regarding the top commodity groups exported to Arab countries during 2023, the agency indicated that vegetables and fruits were exported with a value of $1.3 billion, followed by machinery and electrical appliances with a worth of $1.1 billion. 

Furthermore, Egypt’s exports of pearls, precious stones and jewelry to the Arab countries came next, amounting to $1 billion, while exports of fuel, mineral oils and distillation products stood at $753 million. 

Meanwhile, the country’s exports of plastics and manufactures totaled $712 million.


Saudi Arabia’s holdings in US treasuries rise to $135.9bn

Updated 15 min 57 sec ago
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Saudi Arabia’s holdings in US treasuries rise to $135.9bn

RIYADH: Saudi Arabia’s holdings in US treasuries increased for the eighth consecutive month in March, reaching $135.9 billion, a rise of 3.66 percent compared to the previous month. 

According to official data released by Washington, the Kingdom was ranked 17th among the largest investors in such financial instruments in March. 

The report noted that Saudi Arabia’s holdings of US Treasuries were distributed among long-term bonds worth $107.3 billion, representing 79 percent of the total.

On the other hand, the Kingdom’s short-term bonds were worth $28.6 billion in March, accounting for 21 percent of the total value.

In February, the Kingdom’s holdings in US treasuries stood at $131.1 billion, compared to $133.5 billion in January and $132 billion in and December,

The data suggested that Japan was the largest investor in US treasury bonds in March, with holdings totaling $1.18 trillion, representing a rise of 1.16 percent from February. 

China and the UK followed, with portfolios valued at $767.4 billion and $728.1 billion, respectively. 

Luxembourg and Canada were ranked in the fourth and fifth spots, with treasury holdings amounting to $399.3 billion and $359.1 billion, respectively. 

Ireland secured the sixth rank in the list with holdings of $317.8 billion, closely followed by Belgium with portfolios worth $317.1 billion. 

The Cayman Islands came in the eighth position with treasury reserves worth $302.9 billion, followed by France and Switzerland, with assets amounting to $283.1 billion and $262.9 billion, respectively.

Taiwan was ranked eleventh on the list, with treasury holdings worth $259 billion. 

India came in the twelfth spot with assets amounting to $240.6 billion, followed by Brazil and Singapore, which had holdings worth $227.1 billion and $208 billion, respectively. 

Earlier this month, a report released by the Saudi Central Bank, also known as SAMA, revealed that international reserve assets declined by 2 percent in April to SR1.66 trillion ($440 billion) compared to the previous month. 

However, the Kingdom’s foreign reserve assets jumped 3 percent in April compared to the same period of the previous year. 


Fintech firm Hala gets SAMA approval to offer debt-based crowdfunding solutions

Updated 33 min 10 sec ago
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Fintech firm Hala gets SAMA approval to offer debt-based crowdfunding solutions

RIYADH: Saudi businesses are set to gain access to new crowdfunding solutions as Hala Payments Co. has received licensing approval from the Kingdom’s central bank to offer debt-based products. 

The Saudi-based fintech platform offers inbound and outbound payment options to small and medium enterprises, with over 50,000 merchants currently using its services, according to its website. 

With this approval, the total number of companies licensed to engage in this activity in the Kingdom has reached 11, while authorized finance companies now stands at 62, stated the Saudi Central Bank in a press release. 

Debt-based crowdfunding provides a pathway for projects or businesses in need of funding. Instead of relying on a single lender, borrowers secure loans from multiple investors. 

This model is particularly advantageous for small businesses or individuals who may face challenges obtaining loans from traditional banks. Essentially, it serves as a dual opportunity: borrowers receive the necessary funding, while investors earn returns by directly lending money. 

In January, SAMA issued a license to Thara, a debt crowdfunding platform, to operate in the Kingdom. The fintech firm specializes in financing real estate development projects, connecting individual and institutional investors with investment opportunities through Murabaha products. 

This decision to issue licenses falls within the framework of the central bank’s efforts to support and empower the finance sector, aimed at enhancing the effectiveness and flexibility of transactions, added SAMA. 

It also seeks to foster innovation and promote it, with the objective of enhancing the level of financial inclusion in the Kingdom and extending such services to all segments of society. 

SAMA emphasized the importance of dealing with licensed or authorized financial institutions, which can be verified by visiting its official website. 

The central bank warned that it may take any necessary actions, such as conducting on-site visits, meeting with the company’s executives, and reviewing its regulations, procedures, and records, to verify that the debt-based crowdfunding company has met all its requirements. 

It added that the license can be canceled if the firm requests cancellation, provides false information, violates rules or laws, delays starting activities for six months, or suspends operations for over three months without SAMA’s approval. 


Mawani issues new licenses to strengthen ports sector in Saudi Arabia

Updated 49 min 17 sec ago
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Mawani issues new licenses to strengthen ports sector in Saudi Arabia

RIYADH: The Kingdom’s seaport activities and logistics sector are set to improve, with the Saudi Ports Authority issuing new licenses in multiple areas of operation. 

In a press statement, the authority, also known as Mawani, said that issuing these permits aligns with its goal of developing port business in the Kingdom with high efficiency and quality. 

Mawani revealed that permits have been issued in various areas of operations, including pilotage, maritime support, marine traffic signals, and ship repair and routine maintenance. 

The statement added that licenses were also issued for container handling and port storage services, and maritime consultancy activities. 

The issuance of these new permits is part of Mawani’s broader strategy to position Saudi Arabia as a global logistics hub by the end of this decade. 

Saudi Arabia’s National Transport and Logistics Strategy seeks to increase the sector’s contribution to the Kingdom’s gross domestic product to 10 percent from the current 6 percent by 2030.

In the statement, Mawani further revealed that additional licenses were given to activities like bunkering ships in terminals, waste recycling and ship waste management, as well as, hydrographic surveying, and port work training. 

In January, the authority announced that it established new ship anchorage areas in the Kingdom’s King Fahd Industrial Port in Yanbu. 

According to a statement, newly established docking zones will help modernize several port logistical services, including delivering ships with supplies and fuels, said Mawani in a statement. 

The body also noted that these new anchorage zones will increase the terminal’s operational performance indicators and reduce ship docking times. 

In December 2023, Mawani garnered 79.01 points in the UN Conference on Trade and Development’s Liner Shipping Connectivity Index for the fourth quarter of 2023, compared to 77.66 points issued in the previous three months. 

Moreover, Saudi Arabia also progressed in container handling, moving from 24th to 16th in the Lloyd’s List One Hundred Ports rankings.

Similarly, the Kingdom climbed 17 places in the World Bank’s Logistics Performance Index, securing the 38th position out of 160 countries.


Oil Updates – prices rise on slower US inflation, strong demand

Updated 16 May 2024
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Oil Updates – prices rise on slower US inflation, strong demand

SINGAPORE: Oil prices extended gains from the previous session on Thursday on signs of stronger demand in the US, where data showed slower inflation than markets expected, bolstering the argument for an interest rate cut that could drive greater consumption, according to Reuters.

Brent futures rose 32 cents, or 0.4 percent, to $83.07 a barrel at 9:20 a.m. Saudi time, while US West Texas Intermediate crude gained 31 cents, or 0.4 percent, to $78.94.

“A more tamed read for US April inflation and a far weaker-than-expected read in US retail sales seem to offer room for the Fed to consider earlier rate cuts, with market expectations leaning more firmly for policy easing to kickstart in September this year,” said IG market strategist Yeap Jun Rong.

“The larger-than-expected drawdown in US crude inventories for last week also offered some calm, while geopolitical tensions continue to rock on in the Middle East.”

US consumer prices rose less than expected in April in a boost to financial market expectations for a September rate cut by the Federal Reserve, which could temper dollar strength and make oil more affordable for holders of other currencies.

Elsewhere, US crude oil, gasoline and distillate inventories fell, reflecting a rise in both refining activity and fuel demand, showed data from the Energy Information Administration.

Crude inventories fell 2.5 million barrels to 457 million barrels in the week ended May 10, the EIA said, versus the 543,000 barrel consensus analyst forecast in a Reuters poll.

Signs of slowing inflation and stronger demand were supporting prices, ANZ Research also said in a client note, as is geopolitical risk, which it noted remains elevated.

In the Middle East, Israeli troops battled Hamas militants across Gaza, including Rafah, which had been a civilian refuge.

Ceasefire talks mediated by Qatar and Egypt are at a stalemate, with Hamas demanding an end to attacks and Israel refusing until the group is annihilated.

Gains were constrained after the IEA trimmed its forecast for 2024 oil demand growth, widening the gap between its view and that of producer group OPEC.

Global oil demand this year will grow by 1.1 million barrels per day, the IEA said, down 140,000 bpd from its previous forecast, largely due to weak demand in developed nations of the Organization for Economic Co-operation and Development.