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Startup Wrap – Regional startup ecosystem sees wide range of activity

Founded in 2021 by Aahan Bhojani and Ashmin Varma, Silkhaus brings a unique approach to the short-term rental space, aiming to transform it into a real estate asset class and an accommodation experience across emerging markets. (Reuters)
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Updated 20 January 2024
Nour El-Shaeri
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Startup Wrap – Regional startup ecosystem sees wide range of activity

  • UAE property tech startup Silkhaus closes funding round aimed at fueling its expansion into Saudi market
Updated 20 January 2024
Nour El-Shaeri

CAIRO: The startup scene in the Middle East and North Africa experienced a flurry of activity this week, with various firms securing funding, engaging in cross-border acquisitions, and acquiring strategic licenses.

In funding news, Silkhaus, a property tech startup based in the UAE, closed a pre-Series A funding round aimed at fueling its expansion into the Saudi market.  

Although the exact figure was not disclosed, a press release confirmed that the company raised a multi-million-dollar investment from US-based Partners for Growth.




Established in 2017 by Mohamed Ezzat and Ahmed Gaber, Bosta provides delivery solutions, encompassing first, middle, and last-mile delivery. (Supplied)

Founded in 2021 by Aahan Bhojani and Ashmin Varma, Silkhaus seeks to bring a unique approach to the short-term rental space, aiming to transform it into a real estate asset class and an accommodation experience across emerging markets.

The company has set out significant plans to enter the Saudi market with the establishment of a local office and the appointment of Sabine El-Najjar as founding general manager last year.

“Our primary goal is to ensure properties operated as short-term rentals generate the highest possible returns in a rapidly expanding market while removing the obstacles associated with long-term leases,” El-Najjar told Arab News in November.

El-Najjar explained that the increasing interest in short-term rental models coupled with the Saudi Ministry of Tourism’s push towards private accommodation for travelers underpin the fast-growing sector.




Ahmad Al-Khowaiter, Aramco’s executive vice president of technology and innovation

“If you look at Saudi Arabia, there’s a constant influx of visitors throughout the year, whether for business, sport or the large number of leisure events being held here,” she added.     

Moreover, El-Najjar stated that Silkhaus is set to have a positive impact on other verticals in the hospitality sector like food and beverage, facility management, and personal services.

UAE’s travel tech startup Tumodo raises $35m pre-seed round

UAE-based travel tech platform Tumodo successfully raised $35 million in a pre-seed funding round co-led by MENA-focused angel investors.

Founded in 2023, Tumodo is an online business travel platform designed to streamline the process of booking business trips, offering an average saving of 35 percent on travel expenses for businesses.

By injecting an additional $4 billion in funding over the next four years, we intend to provide the financial backing required to take game-changing solutions to the next level.

Ahmad Al-Khowaiter, Aramco’s executive vice president of technology and innovation

The newly acquired funds are set to propel Tumodo’s growth in the UAE market, with a focus on investing in product development and exploring new partnership opportunities within the MENA region.

Tumodo has set plans to expand its platform to 25 additional countries by 2026, aiming to broaden its global footprint in the business travel sector.

Singapore venture fund Adaverse expands to Saudi Arabia with an investment in Takadao

Adaverse, a web3 and blockchain venture fund and ecosystem builder, has expanded its operations to Saudi Arabia, marking its entry with an investment in Takadao, a Shariah-compliant fintech that focuses on ethical and community-driven solutions.

Boasting over 60 investments across 13 countries, Adaverse is an initiative of Cardano, which ranks as the 8th largest cryptocurrency globally.  

With a substantial footprint in Asia, Africa, the US, and now the Middle East, Adaverse strengthens its presence through a new office in Riyadh.

The firm has committed to investing $10 million in leading web3 startups in 2024, further cementing its commitment to the region’s burgeoning tech landscape.

Egyptian logistics startup Bosta secures investment from Axian Group

Egyptian logistics startup Bosta has secured an undisclosed amount of investment from Axian Group.

Established in 2017 by Mohamed Ezzat and Ahmed Gaber, Bosta provides delivery solutions, encompassing first, middle, and last-mile delivery.




Our primary goal is to ensure properties operated as short-term rentals generate the highest possible returns in a rapidly expanding market, says Sabine El-Najjar, Founding GM of Silkhaus

This latest investment is expected to bolster Bosta’s growth and enhance its delivery and logistics services in the region.  

In 2022, Bosta expanded its operations to Saudi Arabia, following the completion of a pre-series B funding round.  

This round, which also remained undisclosed, was led by Khwarizmi Ventures and Hassan Allam Holding, along with other investors.

Qatar’s Droobi and India’s Smit.fit merge to create DroobiSmit

Qatar’s Droobi Health and India’s digital healthcare provider Smit.fit have merged to create DroobiSmit, with plans to relocate their headquarters to Singapore.  

Droobi Health, founded in 2017 by Abdulla Al-Misnad, specializes in assisting individuals with chronic conditions in adopting healthier lifestyles.  

Smit.fit, established in 2020 by Sujit Chakrabarty, offers an app-based solution for managing metabolic health conditions through diet and fitness training.

This strategic merger is poised to establish DroobiSmit as a leading digital healthcare provider for chronic health conditions in both the Middle East and South Asia regions.  

To date, DroobiSmit has secured approximately $5 million in investment, receiving support from several entities, including QSTP, QDB, Barzan Holding, Doha Tech Angels, and MVP.

Paymob receives license from Oman’s central bank

Paymob, a prominent financial services enabler operating in the Middle East, North Africa, and Pakistan, has been granted the Payment Service Provider license by the Central Bank of Oman.  

This PSP license empowers Paymob to facilitate both online and in-store payments in the country. The company will leverage its local integration with OmanNet, CBO’s secure payment infrastructure, to ensure efficient transaction processing.

This achievement marks a significant step for Paymob, as it now enables merchants in Oman to accept both local and international payments through Paymob’s gateway.  

Saudi Aramco allocates $4bn to its global venture capital program  

Saudi Arabia’s startup funding ecosystem is set to receive a boost after Aramco allocated $4 billion to its global venture capital arm.  

This financing more than doubles the capital previously allotted to Aramco Ventures, raising its total investment allocation from $3 billion to $7 billion.  

The move is set to elevate the energy giant’s overall venture capital commitment to $7.5 billion, which also encompasses the existing $500 million fund, Wa’ed Ventures, dedicated to nurturing the startup ecosystem within the Kingdom, according to a press note.  

“By injecting an additional $4 billion in funding over the next four years, we intend to provide the financial backing required to take game-changing solutions to the next level. This will provide crucial impetus to businesses at various stages of development around the world while also contributing to Aramco’s own long-term objectives,” Ahmad Al-Khowaiter, Aramco’s executive vice president of technology and innovation, said.  

The firm’s decision to bolster its venture capital program is part of the growing importance of fostering disruptive technologies, diversifying opportunities, and collaborating with innovative startups.  

This initiative aligns with Aramco’s long-term strategy, which emphasizes new energy solutions, chemicals, and transitional materials, as well as diversified industrial ventures, and digital technologies.

 

Topics: Middle East and North Africa startups

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World must prioritize resilience over disruption, economic experts warn

Saudi Arabia’s Finance Minister Mohammed Al-Jadaan urged policymakers and investors to “mute the noise” and focus on resilience.
Updated 23 January 2026
Nadia Al Faour
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World must prioritize resilience over disruption, economic experts warn

  • Al-Jadaan said that much of the anxiety dominating markets reflected a world that had already been shifting for years
  • Pointing to Asia and the Gulf, Al-Jadaan said that some countries had already built models based on diversification and resilience
Updated 23 January 2026
Dalal Awienat Nadia Al Faour

DAVOS: Saudi Arabia’s Finance Minister Mohammed Al-Jadaan urged policymakers and investors to “mute the noise” and focus on resilience, as global leaders gathered in Davos on Friday against a backdrop of trade tensions, geopolitical uncertainty and rapid technological change.

Speaking on the final day of the World Economic Forum in Davos, Al-Jadaan said that much of the anxiety dominating markets reflected a world that had already been shifting for years.

“We need to define who ‘we’ are in this so-called new world order,” he said, arguing that many emerging economies had been adapting to a more fragmented global system for decades.

Pointing to Asia and the Gulf, Al-Jadaan said that some countries had already built models based on diversification and resilience. In energy markets, he pointed out that the focus should remain on balancing supply and demand in a way that incentivized investment without harming the global economy.

“Our role in OPEC is to stabilize the market,” he said.

His remarks were echoed by Saudi Arabia’s Minister of Economy and Planning Faisal Alibrahim, who said that uncertainty had weighed heavily on growth, investment and geopolitical risk, but that reality had proven more resilient.

“The economy has adjusted and continues to move forward,” Alibrahim said.

Alibrahim warned that pragmatism had become scarce, trust increasingly transactional, and collaboration more fragile. “Stability cannot be quickly built or bought,” he said.

Alibrahim called for a shift away from preserving the status quo towards the practical ingredients that made cooperation work, stressing discipline and long-term thinking even when views diverged.

Quoting Saudi Arabia’s founding King Abdulaziz Al-Saud, he added: “Facing challenges requires strength and confidence, there is no virtue in weakness. We cannot sit idle.”

President of the European Central Bank Christine Lagarde stressed the importance of distinguishing meaningful data from headline noise, saying: “Our duty as central bankers is to separate the signal from the noise. The real numbers are growth numbers not nominal ones.”

Managing Director of the IMF Kristalina Georgieva echoed Lagarde’s sentiments, saying that the world had entered a more “shock prone” environment shaped by technology and geopolitics.

Director General of the World Trade Organization Ngozi Okonjo-Iweala said that the global trade systems currently in place were remarkably resilient, pointing out that 72 percent of global trade continued despite disruptions.

She urged governments and businesses, however, to avoid overreacting.

Okonjo Iweala said that a return to the old order was unlikely, but trade would remain essential. Georgieva agreed, saying global trade would continue, albeit in a different form.

Georgieva warned that AI would accelerate economic transformation at an unprecedented speed. The IMF expects 60 percent of jobs to be affected by AI, either enhanced or displaced, with entry-level roles and middle-class workers facing the greatest pressure.

Lagarde warned that without cooperation, capital and data flows would suffer, undermining productivity and growth.

Al-Jadaan said that power dynamics had always shaped global relations, but dialogue remained essential. “The fact that thousands of leaders came here says something,” he said. “Some things cannot be done alone.”

In another session titled Geopolitical Risks Outlook for 2026, former US Democratic representative Jane Harman said that because of AI, the world was safer in some ways but worse off in others.

“I think AI can make the world riskier if it gets in the wrong hands and is used without guardrails to kill all of us. But AI also has enormous promise. AI may be a development tool that moves the third world ahead faster than our world, which has pretty messy politics,” she said.

American economist Eswar Prasad said that currently the world was in a “doom loop.”

Prasad said that the global economy was stuck in a negative-feedback loop and economics, domestic politics and geopolitics were only bringing out the worst in each other.

“Technology could lead to shared prosperity but what we are seeing is much more concentration of economic and financial power within and between countries, potentially making it a destabilizing force,” he said.

Prasad predicted that AI and tech development would impact growing economies the most. But he said that there was uncertainty about whether these developments would create job opportunities and growth in developing countries.

Professor of international political economy at the University of New South Wales in Australia, Elizabeth Thurbon, said that China was driving a Green Energy transition in a way that should be modeled by the rest of the world.

“The Chinese government is using the Green Energy Transition to boost energy security and is manufacturing its own energy to reduce reliance on fossil fuel imports,” she explained.

Thurbon said that China was using this transition to boost economic security, social security and geostrategic security. She viewed this as a huge security-enhancing opportunity and every country had the ability to use the energy transition as a national security multiplier. 

“We are seeing an enormous dynamism across emerging market economies driven by China. This boom loop is being driven by enormous investments in green energy. Two-thirds of global investment flowing into renewable energy is driven largely by China,” she said.

Thurbon said that China was taking an interesting approach to building relationships with countries by putting economic engagement on the forefront of what they had to offer.

“China is doing all it can to ensure economic partnership with emerging economies are productive. It’s important to approach alliances as not just political alliances but investment in economy, future and the flourishment of a state,” she said.

The panel criticized global economic treaties and laws, and expressed the need for immediate reforms in economic governing bodies.

“If you are a developing economy, the rules of the WTO, for example, are not helpful for you to develop. A lot of the rules make it difficult to pursue an economic development agenda. These regulations are not allowing the economies to grow,” Thurbon said.

“Serious reform must be made in international trade agreements, economic bodies and rules and guidelines,” she added.

Prasad echoed this sentiment and said there was a need for national and international reform in global economic institutions.

“These institutions are not working very well so we can reconfigure them or rebuild them from scratch. But unfortunately the task of rebuilding falls into the hands of those who are shredding them,” he said.

WEF attendees were invited to join the Global Collaboration and Growth meeting to be held in Saudi Arabia in April 2026 to continue addressing the complex global challenges and engage in dialogue.

Topics: WEF 2026

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