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  • Startup Wrap — Saudi SiFi closes $10m round; MENA funding sees 413% MoM growth  


Startup Wrap — Saudi SiFi closes $10m round; MENA funding sees 413% MoM growth  

Founded in 2021 by CEO Ahmed Al-Hakbani, SiFi is a business-to-business spending management platform offering smart corporate cards, real-time insights into corporate spending, and automated expense management workflows. Supplied
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Updated 01 October 2024
Nour El-Shaeri  
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Startup Wrap — Saudi SiFi closes $10m round; MENA funding sees 413% MoM growth  

Updated 01 October 2024
Nour El-Shaeri  

CAIRO: Saudi Arabia-based fintech Simplified Financial Solutions Co. has closed a $10 million seed round led by Sanabil Investments, a wholly owned subsidiary of the Public Investment Fund, and RAED Ventures.  

Other participants included anb seed, Rua Ventures, Byld, and KBW Ventures, along with previous investors Khwarizmi Ventures, Seedra Ventures, and Tech Invest Com. 

Founded in 2021 by Ahmed Al-Hakbani, SiFi is a business-to-business spending management platform offering smart corporate cards, real-time insights into corporate spending, and automated expense management workflows.  

Al-Hakbani, CEO of SiFi, said: “We are thrilled to have closed this significant round and gained the support of such prominent and strategic partners. This funding will enable us to further enhance our offering, deliver even greater value to our customers, and cement our position as the go-to spend management solution in Saudi Arabia,”   

He added: “Our aim is to empower stakeholders within companies to make informed decisions at the right time while providing finance teams with the tools they need to effectively enforce company spending policies. By doing so, we aim to help businesses decentralize spending while enhancing control and driving growth.”  

This funding will enable SiFi to enhance its offerings and solidify its position as the leading spend management solution in Saudi Arabia.   

“What attracted us to SiFi was three-fold: its outstanding team, compelling product offering, and the largely underserved market in Saudi Arabia, as businesses are increasingly recognizing the need for more efficient financial management tools. We look forward to supporting their next phase of growth and helping them capture the opportunity ahead,” a spokesperson for Sanabil Investments said.  

MENA startup investment surges in May 2024  

Investment in the Middle East and North Africa region saw a significant surge in May, with a total of 40 startups raising $282 million, a 413 percent increase compared to April’s $55 million.  

This growth was primarily driven by debt financing, which accounted for nearly $140 million of the total raised, according to Wamda’s monthly report.   

Despite this monthly growth, the year-on-year deal value saw a notable decline of 58 percent, dropping from $445 million reported in May 2023 across 39 deals. 

UAE’s Property Finder led the investment with a $90 million debt round, followed by Huspy and Keyper securing $37 million and $34 million, respectively, the latter with $30 million in debt financing.  

UAE-based startups received the majority of investments, amassing $189 million across 23 transactions.   

Saudi startups followed with $56 million over 10 deals, while Egyptian startups secured $24.5 million across four deals, including OneOrder’s $16 million series A round combining debt and equity. 

The proptech sector was the top-funded, raising $167.2 million over seven rounds. The fintech sector followed with $32.7 million across 12 startups. The logistics sector also saw significant funding, with $25.3 million secured by three startups.  

The agritech sector showed signs of recovery with $23 million raised in May, including $16 million for Iyris’s series A round.  

Software as a service startups also rebounded, securing $27 million across three transactions. The region’s venture capital space emphasized later-stage rounds, with $59.3 million raised by five startups at their series A stage and $44 million by four startups at their pre-series A stage. Seed stage deals topped the count with seven deals worth $11 million.   

UAE’s GrubTech was the only startup to close a series B round at $15 million, while Saudi Arabia’s SaaS startup Merit raised $12 million in a pre-series B. Up to $42 million went undisclosed regarding stage rounds, with seven startups not revealing their stages. 

Business-to-consumer startups comprised 62 percent of total funding, raising $174 million across 13 deals, while B2B startups raised nearly $100 million.     

Male founders continued to dominate, securing 89 percent of the total investments. However, there was an increase in deals involving co-founded startups by males and females, doubling to eight deals compared to last month and raising $28.6 million, while female-founded companies secured $800,000. 

The venture capital space in the MENA region witnessed significant activity in May, with several new funds launched.  

BIM Ventures and Japan’s SBI Holdings introduced a $100 million fund, UAE’s TVM Capital Healthcare launched the $250 million Afiyah Fund LP, and Riyad Capital initiated 1957 Ventures. Saudi Venture Capital committed $30 million to General Atlantic for Saudi startup investments.  

Bahrain’s Investcorp closed a $570 million Investcorp Technology Partners V fund, and Shorooq Partners along with Korea’s IMM Investment Global launched a $100 million fund. 

Singapore-based Golden Gate Ventures announced a $100 million MENA fund, and Saudi Arabia-based HRtech Qsalary partnered with Itqan Capital for an $80 million investment fund.   

In Egypt, Beltone and Microfinanza Italia launched a $2.4 million project to support the startup landscape, and the $3 million Glint Fund II was also introduced. 

Additionally, Saudi Arabia’s Kingdom Holding participated in the $6 billion Series B round of Elon Musk’s artificial intelligence startup, xAI, valuing the company at $24 billion.    

UAE-based AI startup qeen.ai secures $2.2m pre-seed funding   

UAE-based AI startup qeen.ai has successfully raised $2.2 million in a pre-seed funding round led by Wamda Capital, with participation from various international and regional investors, including 10x Founders, Aditum, Dara Holdings, Jabbar Group, Phaze Ventures, and Eureka 460.  

Founded in 2023 by Dina Al-Samhan, Ahmad Khwileh, and Morteza Ibrahimi, qeen.ai focuses on providing accessible and autonomous AI solutions tailored to e-commerce businesses.   

“We are thrilled to back qeen.ai in their mission to disrupt the e-commerce space in the MENA region,” said Fadi Ghandour, CEO of Wamda Capital and founder of logistics giant Aramex.    

He added: “We believe that qeen.ai is well poised to achieve substantial growth and success, as it fulfills a crucial market need by providing businesses with accessible AI solutions that can significantly improve their revenue, thanks to the founder team’s expertise in AI and their deep understanding of e-commerce challenges.”  

The newly acquired funds will be utilized to further the company’s mission to simplify intelligent commerce, making AI solutions more accessible and user-friendly for businesses of all sizes.   

Fintech company Elevate secures $5m in pre-series A funding   

London and Dubai-based fintech company Elevate has secured $5 million in a pre-series A funding round.    

Founded in 2021 by Khalid Keenan, Faris Keenan and Youcef Oudjidane, Elevate offers debit cards for online spending and applies standard foreign currency exchange rates when sending money domestically. The company also allows users to transfer money back to their local accounts for a fixed fee.   

Elevate aims to provide a financial solution to address common challenges faced by freelance professionals.    

The platform facilitates effortless payments from US and international employers and major freelancing platforms such as Upwork, Maqsam, PayPal, Deel, and Toptal.  

Elevate claims to have attracted over 150,000 users from Asia and North Africa. The newly raised funds will support the company’s expansion into the Middle East and Africa.  

Topics: startups funding

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Mapping Saudi soils to grow better crops

Updated 19 December 2025
Haifa Alshammari
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Mapping Saudi soils to grow better crops

  • Palm trees, root crops, and coastal plants reveal the land’s story
Updated 19 December 2025
Haifa Alshammari

RIYADH: Saudi Arabia’s land tells stories written beneath the feet. From fertile plains and rugged highlands to vast deserts, the Kingdom’s diverse landscapes shape what can grow, where it grows, and how agriculture can thrive.

Alongside geography and climate, soil conditions play a decisive role in agricultural success. Understanding soil types across the Kingdom helps determine which crops can flourish and what interventions may be needed to sustain them.

In an interview with Arab News, Turki Almutairi, a senior environmental specialist at the National Afforestation Center under the National Center for Vegetation Cover Development and Combating Desertification, outlined the main soil types found across Saudi Arabia.

High amount of salt makes the soil unfit for the production of most crops, even if the soil is fertile. (Supplied)

“The dominant soil in the Kingdom are sandy desert soils, alongside calcareous soils in the central region. Rocky and stony soils are present along mountainous and hilly landscapes,” he said.

“Alluvial soils are common in wadies (valleys), while saline and sodic soils are located in depressions (Sabkhas) and along coastlines. Pockets of clayed soils can be also found around few sites along the Kingdom.”

The Kingdom’s vast territory gives rise to unique soil characteristics in each region, enabling different crops to grow depending on local conditions.

“Soil is the growing medium for plants. The role of soil includes structural stabilization, providing nutrients and a communication medium for plants,” Basil Nasir, soil lead at engineering consultancy William Sale Partnership, told Arab News.

Basil Nasir, soil lead at the engineering consultant company, William Sale Partnership (WSP). (Supplied)

According to Nasir, assessing soil use is essential before determining whether it is fertile or infertile, as different soils support different plant types.

“The soil used for trees differs from the soil used for ornamental plants and from the soil used for aquatic plants. It varies according to the specific needs of each plant, and based on this, we determine what the soil requires and assess its fertility,” he said.

Nasir explained that soil characteristics are shaped by both physical and chemical components. In addition to water and air, mineral particles such as sand, silt and clay are key indicators of soil health. Organic matter, derived from plant and animal remains, forms the fourth major component.

The balance between these elements determines soil behavior. One important physical trait is water-holding capacity, which influences what types of plants a soil can support.

 

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“If the soil is like dunes, adding water will cause it to run off, but if the soil is clay, its ability to retain water will be very high. If you add water and return the next day, you will find that the water is still there,” said Nasir.

Chemical properties, such as whether soil is alkaline or acidic, are equally important. Understanding both physical and chemical traits allows for proper assessment and treatment when needed.

“What determines whether a plant is suitable for a particular environment is primarily the plant's nature. For example, some plants have fibrous roots and therefore do not require well-draining soil,” Nasir added.

“A palm tree, for example, does not care whether it was planted in one soil or the other because its roots are fibrous. Therefore, palm trees are strong plants and are suitable to grow in both dry and wetlands, while preferring sandy areas.”

Soil Salinity can be treated through Soil leaching which means washing the soil with certain amount of water to reduce the salt in it. (Supplied)

Crops such as potatoes, onions, carrots and beetroots — where the edible part grows underground — typically thrive in sandy soils. As a result, plantations of these crops are commonly found in northern regions such as Hail and in Wadi Ad-Dawasir.

In the eastern region, including Al-Ahsa, wetlands are more common due to climatic conditions. Growing plants in such environments often requires human intervention.

“Plants that are coastal or could be found in lagoons or lakes must have some sort of soil around them, like lotus flowers and mangrove trees.”

“An important parameter to keep in mind is that there is no air in its soil, and they are adapted to this condition. However, the lack of air, along with the presence of organic matter, will create a situation where anaerobic bacteria react with the soil, potentially causing diseases we can easily avoid,” said Nasir.

He emphasized that removing organic matter from such soils is essential to ensure plant survival in aquatic environments.

Mountainous and rocky regions in Saudi Arabia are generally volcanic, resulting in low water-holding capacity and challenging growing conditions. However, volcanic ash contributes to high fertility, allowing certain crops to flourish.

As a result, western regions support tree crops such as coffee, mangoes, some banana varieties and pomegranates.

There are various types of soils such as clay, sandy, silty and loamy. Each type provides excellent conditions for specific plants. (Supplied)

As development accelerates across the Kingdom, soil improvement efforts are expanding under the National Greening Program.

“Soil is considered fundamental for the National Greening Program’s objectives. Understanding the soil variability along the Kingdom is a precondition for fostering sustainable soil management,” Almutairi told Arab News.

Adding, “In this line, the NGP is working towards the establishment of the Saudi Soil Information System (TURBA-KSA), which consists of mapping soils and its functional properties in the Kingdom using state-of-the-art technology.”

He also noted the creation of the “Land Rehabilitation Watch” to report, verify and monitor land rehabilitation nationwide.

“This milestone allows the Kingdom to understand how soil and land health are progressing against national and international targets of land degradation neutrality. Documenting good soil and land management practices is also important, so that those successful practices could be scaled up along the Kingdom, which is a priority task for NGP,” he said.

Raising public awareness is another key pillar of the program.

“Assessing different emerging technologies and soil amendments is a daily activity of NGP, as it then provides technical support to partners on the selection and application of these technologies.”

DID YOU KNOW?

• Saudi Arabia cultivates around 1 million hectares, mainly in Riyadh, Qassim, Hail, and Jouf.

• Farming follows the seasons: winter brings onions, garlic, and carrots, while summer yields watermelon, tomatoes, and cucumbers.

• The Kingdom is a top date producer, with over 31 million palm trees generating nearly 1.54 million tons, especially in Riyadh and Qassim.

Almutairi stressed that soil is often overlooked because it lies unseen beneath the surface, despite its critical role.

Yet soil produces 95 percent of food, stores water, holds more carbon than vegetation and the atmosphere, suppresses contaminants, regulates water, carbon and nutrient cycles, and hosts microorganisms linked to the human microbiome.

He emphasized the need to engage the general public, particularly urban communities disconnected from nature. Education helps people understand where food comes from and how contact with soil — such as walking barefoot — can support well-being. Healthy soils also contribute to cleaner water and air, he added.

Almutairi also called for stronger advocacy among decision-makers, noting that investment in healthy soils supports climate action, food security and sustainable development.

He concluded that key strategies include officially observing UN World Soil Day on Dec. 5, integrating soil education into curricula, launching annual social media campaigns, using art to raise awareness, and organizing public events that connect soils to everyday life.
 

 

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