Saudi venture capital sector expanding exponentially

Global venture capital firms are capitalizing on the KSA’s expansive strategy, as evidenced by SVC’s $30 million investment in US-based General Atlantic. (SPA)
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Updated 19 May 2024

Saudi venture capital sector expanding exponentially

  • Global venture capital firms capitalize on Kingdom’s expansive strategy

CAIRO: Saudi Arabia’s venture capital landscape continues to grow with its reverberations reaching far continents. 

Global venture capital firms are capitalizing on the Kingdom’s expansive strategy, as evidenced by the state-owned Saudi Venture Capital Co.’s $30 million investment in a US-based investment firm. 

SVC has pledged this significant investment in a private equity fund managed by the renowned US-based investment firm General Atlantic.  

“The investment in the private equity fund by General Atlantic is part of SVC’s Investment in Funds Programme and an implementation of its strategy related to attracting top global fund managers to invest in Saudi-based companies as well as stimulating investment for later stages,” Nabeel Koshak, CEO and Board Member at SVC, commented. 

Established in 1980, General Atlantic boasts a formidable reputation as a global growth equity investor, overseeing a vast portfolio of $84 billion in assets under management.  

Nabeel Koshak, CEO and board member at SVC. (Supplied)

The focus of this venture will be on investing in high-growth, tech-enabled companies within Saudi Arabia.  

The initiative aims to bolster innovation and entrepreneurship in the region, particularly in key sectors such as consumer goods, financial services, healthcare, life sciences, and technology. 

“We are very proud to partner with SVC and broaden our commitment to Saudi Arabia. Vision 2030 sets the stage for a period of dynamic growth and innovation in Saudi Arabia, which will create attractive investment opportunities for our global investors. SVC is a highly strategic investor who will deepen our expertise in this important region,” Bill Ford, Chairman and CEO of General Atlantic, said. 

Saudi Arabia’s WheeKeep secures $8m series A funding 

Saudi Arabian logistics startup WheeKeep raised $8 million in a series A round led by Fintech Collective, with participation from local and international investors.  

Founded in 2020 by Sultan Al-Olayan, Amr Al-Marzouki, and Youssuf Fayez, WheeKeep provides mobile self-storage units for individuals and businesses.  

The new capital will aim to fuel WheeKeep’s expansion plans in Saudi Arabia and beyond. 

Saudi Qsalary partners with Itqan Capital to launch $80m fund  

Saudi HRtech company Qsalary has partnered with Itqan Capital to launch an $80 million investment fund.  

Founded in 2022 by Mohammed Badwi and Amr Abu Shady, Qsalary offers a digital platform for accelerated salary payments.  

The fund aims to provide investment opportunities for investors seeking financial growth. 

Qatari investors commit $20m to MENA Fund I 

Qatari investors are boosting the regional startup landscape with a $20 million commitment to the newly announced MENA Fund I. 

Golden Gate Ventures, a venture capital fund founded by Silicon Valley natives, announced its first $100 million MENA fund, with $20 million in commitments from some of Qatar’s most prominent families.  

The anchor investor is the multi-faceted Al Khor Holding, a company with 60 years of heritage. Other notable investors include the Al Attiya Group, widely recognized for its support in developing local businesses, and Sheikh Jassim Bin Jabor Al Thani. 

The announcement of the first close of its $100 million MENA Fund I, backed by the pillars of Qatar’s private business community, represents a major step forward in Golden Gate Ventures’ ambitions to drive innovation and entrepreneurship in the MENA region.  

The fund combines the aggregate regional influence of its investors with Golden Gate Ventures’ extensive experience in startup ecosystem development across Silicon Valley and Asia.  

MENA Fund I is the first international venture capital fund to be established and managed within Qatar. Michael Lints, Partner at Golden Gate Ventures, has moved to Qatar to deepen the firm’s commitment to the MENA region.   

The fund will focus on powering startups in key sectors such as alternative energy, green technology, B2B artificial intelligence, and energy-related deep tech.  

Other strategic sectors that MENA Fund I will cover include fintech, healthtech, and edtech, furthering Qatar’s economic diversification agenda. 

Glint completes first close of its second venture fund at $3 million  

Egypt-based investment firm Glint completed the first close of its second venture fund at $3 million, supported by Wadi Degla Group. 

Glint Fund II, led by Tarek Aboualam and Youssef Helmy Habib, aims to support Egyptian entrepreneurs with early-stage investments ranging from $250,000 to $500,000. 

“Glint’s second fund represents an important step to further develop our ecosystem designed to support Egyptian tech-based startups looking to penetrate the regional and international markets,” said Aboualam. 

UAE’s Property Finder raises $90m debt round to buyout lead investor  

Dubai-based Property Finder secured $90 million in debt from Francisco Partners to finance the buyout of its first institutional investor, BECO Capital.  

The online real estate platform bought back BECO Capital’s stake, which had also invested in ride-hailing app Careem and logistics startup Fetchr.  

Property Finder said the deal allows BECO to exit “with a strong return on its investment,” without providing further details. 

“We’ve seen tremendous growth in the real estate market across the entire UAE, not just Dubai,” said Michael Lahyani, CEO and founder of Property Finder. Valued at about $1 billion, the company joins the growing list of Middle Eastern unicorns. 

UAE’s Lune raises $1.5m in seed round  

UAE-based data analysis company Lune has raised $1.5 million in a seed round from Dubai Future District Fund, Plus Venture Capital, Reach International, and Judah Ventures, alongside other family offices and angel investors.  

Founded in 2020 by Helal Tariq and Alexandre Soued, Lune enables financial institutions to turn customer transaction data into valuable insights.  

The funding will support Lune’s regional expansion and product development. 

Egypt’s MNZL raises $3.5m in seed funding  

Egyptian fintech MNZL raised $3.5 million in a Seed round led by P1 Ventures, Localglobe, and Ingressive Capital, with additional support from 500 Startups, Flat6Labs, First Circle Capital, ENZA Capital, Beenok, and other angel investors.  

Founded in 2023 by Sameh Saleh, Ahmed El-Dessouky, and Bassem El-Shaer, MNZL allows users to convert assets like homes and cars into liquidity.  

“By enabling Egyptians to safely harness their own assets—homes or cars—for financial needs, We at MNZL are going beyond a mere adjustment; it’s a complete revolution in credit access. This shift not only empowers families by providing financial leverage but also contributes to broader economic prosperity in the region,” Saleh said. 

The company aims to utilize the new capital to enhance MNZL’s technology and scale operations in Egypt. 

Saudi Arabia offers 5th round of ‘Sah’ savings product with 5.55% return 

Updated 18 sec ago

Saudi Arabia offers 5th round of ‘Sah’ savings product with 5.55% return 

RIYADH: Saudi Arabia has opened its fifth round of the subscription-based savings product, Sah, for June, offering a 5.55 percent return, encouraging financial stability and growth among citizens.    

The Shariah-compliant, government-backed sukuk started on June 23 and will run until June 25, with redemption amounts scheduled within a year, as announced by the National Debt Management Center in a release on X. 

Organized by the NDMC and issued by the Ministry of Finance, these fee-free savings products provide low-risk returns and are distributed through digital channels of approved financial institutions. 

Sah is the first government sukuk issued aimed at enhancing saving habits by motivating Saudis to deduct a portion of their income periodically and allocate it to their savings.   

The sukuk aligns with the goals of the Financial Sector Development Program, a key initiative of Saudi Vision 2030, which aims to increase the national savings rate from the current 6 percent to the international standard of 10 percent by 2030. 

Moreover, the release added that the minimum subscription amount is SR1,000 ($266.43), equivalent to the value of one bond, while the maximum is SR200,000, allowing up to 200 bonds per user during the program period. 

Saudia tops Kingdom’s airlines in May for passenger satisfaction and resolution: GACA 

Updated 23 June 2024

Saudia tops Kingdom’s airlines in May for passenger satisfaction and resolution: GACA 

RIYADH: Saudi Arabia’s flagship carrier, Saudia, registered the fewest complaints among the Kingdom’s airlines and documented a 95 percent resolution rate, according to official data. 

In its May rankings of air transport service providers and airports, the General Authority of Civil Aviation noted that a total of 1,318 complaints were registered against Saudi airlines. 

As part of its efforts to uphold passenger rights and promote transparency in the aviation sector, the authority has been conducting a monitoring and inspection program to ensure that Saudi airports and carriers adhere to international standards and recommendations. 

This monthly classification, based on traveler complaints received by GACA, considers Saudia, flyadeal, and flynas, as well as multiple airports across the Kingdom. 

Saudia emerged with the lowest incidence of complaints among airlines, with only 10 per 100,000 travelers and an impressive 95 percent resolution rate. 

Following closely, flyadeal recorded 11 complaints per 100,000 passengers, with a resolution rate of 99 percent, while flynas had 13 complaints per 100,000 travelers and a resolution rate of 100 percent. 

The primary grievances centered around issues concerning luggage, flights, and ticketing. 

Among international airports serving over 6 million passengers annually in the Kingdom, King Fahd Airport in Dammam demonstrated good performance, registering a mere three complaints per 100,000 travelers and achieving a 100 percent resolution rate. 

Similarly, Prince Sultan bin Abdulaziz Airport in Tabuk reported only one complaint per 100,000 passengers, with a 100 percent resolution rate. 

Najran Airport stood out among domestic airports with two complaints per 100,000 passengers and a 100 percent resolution rate. 

Emphasizing its commitment to transparency and service excellence, GACA reiterated that the monthly classification report serves to foster fair competition, enhance service quality, and bolster trust among travelers, the Saudi Press Agency reported. 

Furthermore, GACA has equipped airport operators with comprehensive guidelines for handling complaints, underscoring adherence to service agreements and regulatory standards, SPA added. 

Regular workshops conducted by GACA further empower airline and ground service company staff to implement passenger protection measures effectively. 

According to the authority, it maintains multiple communication channels, including phone, email, and social media, open around the clock to enable interaction with travelers and airport visitors. 

The complaints received through these channels often concern issues such as boarding passes, employee behavior, and services for persons with disabilities and limited mobility. 

Gulf economies set to flourish on oil output increase, interest rate cuts

Updated 22 June 2024

Gulf economies set to flourish on oil output increase, interest rate cuts

  • MENA region’s GDP forecast to grow by 1.5 percent this year, before accelerating to 3.9 percent in 2025

RIYADH: Growth of the Gulf economies is projected to pick up from September thanks to anticipated interest rate cuts and an increase in oil output, according to new data. 

In its latest Middle East and North Africa Gross Domestic Product report, UK-based independent research firm Capital Economics warned that the decision by the Organization of the Petroleum Exporting Countries to keep output low until October means a boost to GDP will take longer to materialize than previously expected.  

OPEC and its allies, known as OPEC+, have implemented substantial output cuts since late 2022, totaling 5.86 million barrels per day, or about 5.7 percent of global demand.  

Earlier this month, OPEC+ extended 3.66 million bpd of cuts until the end of 2025 and prolonged 2.2 million bpd of voluntary cuts until September 2024. The voluntary cuts will be phased out gradually from October 2024 to September 2025. 

The countries which have made voluntary cuts to output include Kuwait, Oman, Saudi Arabia and the UAE.  Despite this delay, “non-oil sectors should continue to grow relatively strongly,” the report states.  

“A monetary loosening cycle should begin soon as the Gulf follows the Fed (US Federal Reserve), which we expect to start cutting rates from September,” it added.  

Furthermore, inflation in the Gulf is expected to slow over the second half of the year, easing the squeeze on real incomes and supporting credit demand and consumer spending. 

However, the report also notes that non-oil growth across much of the Gulf is expected to ease over the next few years. 

A decline in oil prices next year presents a challenge to non-oil sectors, with budget and current account positions likely to weaken. 

Non-oil growth across much of the Gulf is expected to ease over the next few years. (SPA)

The UAE and Qatar are expected to maintain loose fiscal policies, leveraging their strong balance sheets to support their economies.  

Kuwait may also utilize its strong balance sheet. In contrast, Oman and Bahrain will need to persist with a tight fiscal stance.

Saudi economy outlook

Saudi Arabia’s decision to maintain low oil output as part of the OPEC+ deal will constrain GDP growth in the near term, the report said.

Despite efforts to manage crude prices, the report suggests that revenue will fall back next year, potentially leading the Saudi government to scale back some spending plans.  

Nevertheless, the Saudi economy expanded by 1.4 percent quarter on quarter in the first three months of 2024, ending the technical recession. Both oil and private non-oil activities contributed to this growth, offsetting weaker government activities. 

The report further elaborates on the OPEC+ decision to extend oil output cuts until October, which will limit GDP growth in the short term.  

However, Saudi Arabia is expected to gradually unwind its 1 million barrels per day voluntary output cut starting from the fourth quarter of 2025, with a more aggressive increase in oil output projected thereafter. 

In light of the OPEC+ rollover, oil prices are anticipated to remain higher than previously expected for the rest of the year.  

Despite this, Saudi Arabia is projected to continue running budget deficits, which are likely to be wider than currently budgeted. 


• Saudi Arabia’s economy is expected to grow by a modest 1.3 percent this year. As oil output increases from the fourth quarter and through 2025 to 2026, growth is projected to accelerate to 4.5 and 4.8 percent, respectively.

• The UAE’s GDP growth is expected to reach 3.3 percent this year, with an acceleration to 5.5 percent in 2025, the report stated.

The state has ample financing options, demonstrated by significant sovereign debt issuance and a recent Aramco share sale.  

The Kingdom’s Public Investment Fund also plans to ramp up local investments this year, equating to about 2 percent of GDP, relieving the central government of some financial burdens, the report further highlighted. 

Overall, Saudi Arabia’s economy is expected to grow by a modest 1.3 percent this year. As oil output increases from the fourth quarter and through 2025 to 2026, growth is projected to accelerate to 4.5 and 4.8 percent, respectively.

Elsewhere in the Gulf

Additionally, the UAE is forecast to raise oil output sooner than other OPEC+ members, bolstered by supportive fiscal policies.  

This positions the country as the fastest-growing economy in the Gulf for both this year and the next.   The UAE’s GDP growth is expected to reach 3.3 percent this year, with an acceleration to 5.5 percent in 2025, the report stated. 

Qatar’s economy is likely to record modest growth this year and much of next year, but is expected to take off as liquefied natural gas output surges from the end of next year.  

The report indicates that economic growth in Qatar slowed last year due to capacity limits in the hydrocarbon sector and the fading boost from the 2022 FIFA World Cup.  

Non-hydrocarbon growth is expected to pick up this year due to lower interest rates and slowing inflation. However, lower global LNG prices will shrink the budget surplus, limiting fiscal support. 

Qatar’s GDP growth is forecasted at 2 percent and 2.3 in 2024, 2025, weaker than consensus estimates, the report highlighted.  

Nevertheless, growth is expected to jump to 11.5 percent in 2026, making it one of the fastest-growing economies globally. 

The Saudi economy expanded by 1.4 percent quarter on quarter in the first three months of 2024. (SPA)

For Kuwait, Oman, and Bahrain, economic growth will be weaker this year than previously expected due to the OPEC+ decision.   Governments in Oman and Bahrain are likely to maintain tight fiscal policies, weighing on non-oil sectors.  

Capital Economics also stated that hydrocarbon receipts are expected to be weaker, leading to deteriorating budget and current account balances.  

Oman is better positioned to weather this due to recent government commitments to fiscal tightening, though strict measures are likely to continue.  

Bahrain, on the other hand, needs to aggressively tighten fiscal policy to stabilize and reduce its debt-to-GDP ratio, the report stated.

Beyond the Gulf

Outside the Gulf, current account deficits have narrowed, easing external strains.  

In Egypt, this forms part of a broader policy shift requiring tight monetary and fiscal policies. Although inflation has peaked, interest rate cuts are not expected until early 2025.  

Morocco is set to begin a monetary loosening cycle soon due to low inflation, potentially allowing the central bank to widen the dirham’s trading band, leading to appreciation against the euro. 

Tunisia remains an exception, with high inflation and dwindling foreign exchange reserves threatening a balance of payments crisis and potential sovereign default. 

Capital Economics forecasts the MENA region’s GDP to grow by 1.5 percent this year, before accelerating to 3.9 percent in 2025 and 4.6 percent in 2026, outpacing consensus estimates for the latter years.

SAMA’s new initiatives propel KSA’s financial landscape forward

Updated 22 June 2024

SAMA’s new initiatives propel KSA’s financial landscape forward

  • Host of pivotal initiatives reaffirm dedication to fostering financial innovation and inclusivity

RIYADH: As Saudi Arabia strides forward with its Vision 2030 objectives, the Kingdom’s central bank is at the forefront, driving a host of pivotal initiatives and greenlighting various enterprises in 2024. These actions reaffirm the nation’s dedication to fostering financial innovation and inclusivity. 

The Saudi Central Bank, known as SAMA, has ushered in a wave of programs and approvals this year, ranging from the introduction of secure account services to engaging in high-level discussions on reserve management and expanding investment training endeavors. 

Additionally, it has issued licenses to bolster payment and crowdfunding services, fortifying its pivotal role in the Kingdom’s economic diversification. 

Here are some of the significant developments and initiatives undertaken by SAMA this year:

Enhancing security and accessibility 

In May, SAMA announced the launch of a new initiative named “View My Bank Accounts” for individual bank account holders. The new service aims to enhance reliability and reduce the risks of suspicious transactions, unauthorized account use, and impersonation.  

SAMA added that it is continuously working on developing electronic financial transactions in accordance with international best practices.

Navigating macro-financial challenges 

In April, the apex bank convened a high-level meeting on reserve management, targeting the complexities of the current macro-financial environment. The event united reserve managers and experts from central banks across the Middle East and North Africa region, alongside participants from other apex financial institutions, to delve into the latest trends in managing foreign exchange reserves.  

SAMA Governor Ayman Al-Sayari highlighted how the evolving global landscape introduces new challenges and opportunities for central bank reserve managers. He emphasized the significance of such high-level meetings in navigating the complexities of the current macro-financial environment. 

Investment immersion program

In another development, the Saudi Central Bank initiated the registration process for its fourth edition of the Investment Immersion Program in April, aimed at nurturing and employing local investment professionals.  

Developed in collaboration with the Wharton School of the University of Pennsylvania, alongside major global banks and asset managers, this program offers a comprehensive curriculum featuring academic courses and practical training across various investment domains. 

“The program offers an advanced technical course, on-the-job training with international banks and assets management companies, and job-rotation in the investment deputyship at the Saudi Central Bank under the supervision of experts in asset management and global financial markets,” said SAMA. 

Additionally, participants will benefit from continuous development programs aimed at enhancing their technical investment skills, as well as a range of distinctive employment perks.  

The program is tailored for Saudi nationals below the age of 27 who hold bachelor’s or master’s degrees in finance, accounting, economics, statistics, or business-related fields from either domestic or accredited international universities. 

Steering financial stability

In February, the central bank, represented by SAMA Gov. Al-Sayari, co-chaired the Financial Stability Board Regional Consultative Group for MENA meeting in Riyadh.  

Also in attendance were Hassan Abdulla, governor of the Central Bank of Egypt, and Klaas Knot, chair of the Financial Stability Board.  

Discussions during the meeting centered on the challenges related to global and regional financial stability vulnerabilities, including the implementation of the global regulatory framework for crypto-asset activities. 

Additionally, the meeting analyzed lessons learned from the turmoil that affected the global banking sector in 2023, along with the financial risks arising from the high-interest rate environment and non-bank financial intermediation.  

Al-Sayari emphasized the MENA region’s emergence as a global development hub, driven by strategic location and ongoing economic diversification efforts. He also highlighted the International Monetary Fund’s affirmation in its Regional Economic Outlook that MENA is resilient to adverse macro-financial risk scenarios. 

Al-Sayari underscored the importance of devising plans that support financial stability while aligning with the economic and financial conditions of the region, fostering interrelation between its economies.  

Members also received an update on the FSB’s work program for 2024 and discussed the FSB’s report on initial lessons learned from the banking disturbances in 2023.  

The FSB’s Regional Consultative Group for the MENA region includes finance and regulatory authorities from Saudi Arabia, Kuwait, and the UAE, along with Bahrain, Oman, and Qatar. Additionally, it encompasses Egypt, Algeria, and Jordan, as well as Lebanon, Morocco, Tunisia, and Turkiye.

Fostering financial innovation 

Throughout the year, the central bank has been proactive in granting licenses to various payment and crowdfunding service providers. 

It commenced the year by authorizing Thara to offer debt-based crowdfunding solutions. Concurrently, SAMA also granted licenses to Network International Arabia for point-of-sale payment services and to Barraq for e-wallet services. 


• The Saudi Central Bank, known as SAMA, has ushered in a wave of programs and approvals this year, ranging from the introduction of secure account services to engaging in high-level discussions on reserve management and expanding investment training endeavors.

• SAMA Governor Ayman Al-Sayari underscored the importance of devising plans that support financial stability while aligning with the economic and financial conditions of the region, fostering interrelation between its economies.

“This decision reflects SAMA’s endeavor to support the financial sector, increase efficiency of financial transactions, and promote innovative financial solutions for financial inclusion in Saudi Arabia. SAMA emphasizes the importance of dealing exclusively with authorized financial institutions,” said the apex financial institution.  

In February, the central bank extended authorization to Alpha Arabia Finance Co. to engage in financing activities for small and medium enterprises. 

In April, SAMA licensed Funding Souq to provide debt-based crowdfunding solutions, thereby bringing the total number of such companies operating in the Kingdom to 10.

Sohar International receives SAMA’s nod 

In January, Sohar International, the second-largest bank in Oman, received a non-objection certificate from SAMA as it set its sights on expanding into Saudi Arabia.  

This strategic move aligns with the bank’s growth strategy, demonstrating its capability to identify sustainable expansion opportunities.  

The bank’s entry into the Saudi market is anticipated to assist Omani corporations seeking to enter the Kingdom’s market. 

“At the core of the bank’s strategic expansion lies a synthesis of personalized, customer-focused offerings and avant-garde services. These form the linchpin of the bank’s overarching strategy, aiming not only for growth but also for the sustained enhancement of the customer experience in an ever-evolving financial landscape,” said Ahmed Al-Musalmi, CEO of Sohar International.  

Overall, SAMA’s proactive measures underscore its commitment to supporting Saudi Arabia’s economic growth and resilience in an ever-evolving global financial landscape.

Dyna.Ai sets its focus on Saudi Arabia’s fintech sector

Updated 22 June 2024

Dyna.Ai sets its focus on Saudi Arabia’s fintech sector

  • Singaporean AI-powered startup cements its local presence with domestic office

CAIRO: Saudi Arabia’s financial technology sector is attracting a new breed of artificial intelligence startups aiming to take part in the already booming industry.  

With presence in seven countries, Singaporean AI-powered startup Dyna.Ai is moving its focus to the Saudi fintech market as it aims to cement its local presence with a domestic office. 

In an interview with Arab News, Tomas Skoumal, chairman of Dyna.Ai, shared that the company is in the process of registering in the Saudi market.  

“We are already in the process of securing our registration which we hope will be completed within the next quarter. The feedback from our partners in Saudi Arabia has been extremely encouraging, and we are looking forward to having a physical presence very soon,” Skoumal said. 

The company plans to establish a local office in the Kingdom, reflecting its commitment to the region.  

“We will have an office there and we will be hiring locally. Saudi Arabia is a crucial part of our global growth strategy, and we are committed to supporting job creation as well as building long-term partnerships with our clients,” he said.  

“The financial sector faces numerous challenges, and businesses need to accelerate their transformation rapidly by digitizing services to meet the needs of modern customers,” Skoumal explained. 

Dyna.Ai offers solutions that address these challenges by providing end-to-end offerings through products for customer acquisition, marketing, risk management, and operational productivity.  

Skoumal noted that the company’s Result-as-a-Service business model is designed to ensure clients realize tangible benefits from the deployment of their products.  

“We work with traditional banks, digital banks, fintechs, insurtechs, and other sectors providing various AI-powered solutions,” he said. 

Dyna.Ai’s immediate goals include embedding AI solutions at the heart of the financial sector and hiring local talent to support their operations.

Embedding AI in fintech 

“By investing in domestic talent with a commitment to constantly upskill them, we are excited about the opportunities to demonstrate Saudi Arabia’s commitment and sector leadership to the global AI ecosystem,” Skoumal emphasized.  

 The company’s long-term vision involves creating a significant impact on the Saudi financial services sector, which is projected to benefit from AI advancements significantly.  

“Artificial intelligence solutions are expected to create a $320 billion impact on the Middle East, with the largest gains of $135.2 billion expected to be seen in Saudi Arabia,” Skoumal noted. 

Dyna.Ai’s expansion strategy in Saudi Arabia includes a strong local presence and collaboration with governmental bodies. 

We work with traditional banks, digital banks, fintechs, insurtechs, and other sectors providing various AI-powered solutions.

Tomas Skoumal, chairman of Dyna.Ai

Skoumal explained that the company is already in conversation with government-backed institutions and semi-government entities to tailor their solutions for the Kingdom. 

The company’s growth objectives for the next year include launching the office, expanding their product portfolio, and deepening industry expertise in Saudi Arabia and the wider Middle East and North Africa region.  

“To achieve these objectives, we will invest in our local team and collaborate with government, local partners, academic institutions, and research organizations,” Skoumal said.  

Dyna.Ai has also introduced new products specifically tailored for the Saudi market, including Dyna Avatar and Dyna Athena, which are designed to enhance customer interaction and communication in local dialects. 

“The operating environment for AI businesses is constantly changing, and around the world where we operate, we ensure that we are closely working with policymakers to ensure alignment with local regulations,” Skoumal explained.  

He further praised Saudi Arabia’s advanced and welcoming regulations in the fintech sector that allow businesses to operate in a sandbox while testing services and solutions. 

The Saudi market is pivotal for Dyna.Ai’s due to its rapid adoption of innovative AI solutions and its young, tech-savvy population, Skoumal explained.  

“Saudi Arabia is one of the most exciting markets for technology businesses in the Middle East. The pace of change and adoption of innovative AI solutions is not just inspiring but extremely exciting,” he said. 

“Further, the Kingdom is home to one of the youngest populations in the region with 63 percent under the age of 30,” Skoumal pointed out.

He added that the Kingdom’s geographic location and its role as the region’s largest economy make it an ideal hub for driving AI adoption in the Middle East. 


The company’s growth objectives for the next year include launching the office, expanding their product portfolio, and deepening industry expertise in Saudi Arabia and the wider Middle East and North Africa region.

Assessing the current market landscape, Skoumal remarked: “The AI sector around the world, and in Saudi Arabia, is still at an early stage. However, the progress of the technology is fascinating, with incredible advances in very short periods.” 
“AI is expected to create a multi-billion dollar impact on the Saudi economy by 2030, and by investing early in the Kingdom, we believe that we will be well positioned to empower work and enrich lives,” he stated. 
Dyna.Ai aspires to not only provide advanced solutions to the financial sector but also to equip Saudi youth with cutting-edge skills and technology access. Looking at future industry trends, Skoumal highlighted several opportunities.  
“The AI and fintech landscape is constantly evolving, with new technologies, competitors, and regulatory requirements emerging regularly. We see increasing demand for AI-driven solutions across industries, expansion of AI applications into new areas, and the emergence of new technologies and business models,” he said. 
These trends present significant opportunities for Dyna.Ai. 
“We are continuously investing in the local market, swiftly refining our localized solutions, establishing a more professional local team, and developing collaborative models that align with local requirements. This approach allows us to maximize our grasp on these opportunities,” Skoumal said. 

Business fundamentals 
Regarding profitability, Skoumal stated: “We have strong unit economics and robust fundamentals. At the moment our focus is on growth, and deploying our solutions with clients. As with the enterprise technology sector, profitability will be achieved as we grow, and our global expansion is a crucial part of this.” 
The motivation behind founding Dyna.Ai stemmed from Skoumal’s extensive experience in the global financial sector.  
“Financial institutions are generally slow to adopt modern technology due to concerns over security, regulations, deployment, and other factors,” he noted.  
While Dyna.Ai is well-capitalized and focused on growth, expansion, and local hiring, Skoumal emphasized that the company is continuously looking for opportunities to innovate and refine its solutions.  
“We are extremely proud of the fact that 50 percent of our workforce is dedicated to research and development efforts, which means we are able to constantly innovate while bringing new solutions and updates to market very quickly,” he highlighted.