ACWA Power and Saudi Aramco ink deals to boost renewables, hydrogen, and desalination

Under the theme Innovate for Impact, the inaugural three-day event was held in Riyadh from Feb. 3 to 5, and welcomed over 1,000 delegates. X/@ACWAPower
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Updated 06 February 2025
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ACWA Power and Saudi Aramco ink deals to boost renewables, hydrogen, and desalination

RIYADH: Saudi utility giant ACWA Power has signed two agreements with Aramco to accelerate the deployment of renewable energy projects and evaluate the performance of vanadium flow batteries in the Kingdom’s climate.

The first agreement, inked during ACWA Power’s third flagship Innovation Days event, involves the development of an advanced photovoltaic energy forecasting project. The initiative will use big data analytics and machine learning to improve solar power generation predictions.

By improving forecasting accuracy, the model aims to strengthen grid stability, optimize energy dispatch, and improve microgrid management.

The second deal focuses on measuring the efficiency and durability of vanadium flow battery technology in Saudi Arabia’s climate. This initiative will examine how well these batteries can store energy over extended periods and contribute to the increased use of renewables, particularly for water desalination.

This undertaking aligns with the Kingdom’s strategic push for clean energy, reinforcing the initiative’s goal to advance collaboration in renewables and hydrogen technologies while solidifying the nation’s role in the global energy transition.

“By investing in cutting-edge desalination technologies alongside renewable energy innovation and green hydrogen production solutions, we are paving the way for a more resilient and sustainable energy and water infrastructure in Saudi Arabia,” said Thomas Altmann, executive vice president for Innovation and New Technology at ACWA Power.




An agreement was reached by ACWA Power and Hysata. Supplied

Four other agreements were signed by ACWA Power with UK-based Bluewater Bio, global chemicals producer Dow, Australian hydrogen electrolyzer manufacturer Hysata, and King Abdullah University of Science and Technology.

ACWA Power and Bluewater Bio partnered to test advanced filtration technology for desalination projects in Saudi Arabia, with the aims of enhancing the efficiency and sustainability of the process.

Additionally, a desalination-related agreement was signed with Dow to test its anti-scaling chemicals at ACWA Power’s pilot facility.

This initiative aims to gather valuable data on the effectiveness of these chemicals in preventing scaling and contributing to the development of more sustainable solutions.

A pilot agreement between ACWA Power and Australian hydrogen technology company Hysata will focus on advancing cost-effective green hydrogen production, and will facilitate an in-country demonstration of the firm’s high-efficiency electrolyzer technology in the Saudi Arabia. 




Representatives from ACWA Power and KAUST shake hands on a deal. Supplied

In addition, ACWA Power and KAUST have extended their master research agreement, to further strengthen their partnership in innovative sustainable solutions for water desalination and solar energy.

Since 2019, the two entities have jointly operated the Center of Excellence for Desalination and Solar Power, fostering research and innovation to support the Kingdom’s ambitious sustainability agenda. 

These agreements underscore Saudi Arabia’s commitment to technological advancement and energy transition, reinforcing its leadership in the global shift toward renewables and sustainable water solutions.

The utility company also signed a framework agreement with Fraunhofer IMWS, Fraunhofer ISC, and Fraunhofer IWES, initiating a strategic collaboration in renewable energy and green hydrogen research and development.

This partnership aims to drive innovation in the clean energy sector by leveraging Fraunhofer's expertise in materials science, energy systems, and hydrogen technologies.

The agreement lays the groundwork for joint research initiatives focused on enhancing efficiency, sustainability, and technological advancement in the global energy transition.

Under the theme Innovate for Impact, the inaugural three-day event was held in Riyadh from Feb. 3 to 5, and welcomed over 1,000 delegates.

Held under the patronage of the Ministry of Energy, the gathering focused on elevant technologies brought together government dignitaries, industry leaders, and innovators, researchers, and academics to discuss  accelerating the deployment of new technologies, institutionalizing foresight and forward-thinking in the energy transition landscape, and making significant contributions to the realization of Saudi Arabia’s Vision 2030.


MENA startups land fresh capital, deals, and momentum 

Updated 01 February 2026
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MENA startups land fresh capital, deals, and momentum 

  • Mega-rounds and strategic deals signaling investors’ continued appetite

RIYADH: Capital kept moving across the Middle East and North Africa as January came to an end, with mega-rounds, record local fundraises, and strategic deals signaling investors’ continued appetite for scalable platforms, from property and wealth tech to insurance tech, mobility, and Arabic-first artificial intelligence. 

Saudi Arabia-based wealthtech Vennre raised $9.6 million in a pre-series A round structured through a mix of equity and debt. 

The round was co-led by Vision Ventures and anb seed Fund, with participation from Sanabil 500, Ace & Co, Plus VC, and a group of strategic individual investors. 

Founded in 2021 by Ziad Mabsout, Anas Halabi, and Abdulrahman Al-Malik, Vennre focuses on providing high earners with Shariah-compliant access to private market investments. 

The company said the new capital will be used to expand its client base, roll out new platform features, and deepen its presence in Saudi Arabia in line with Vision 2030 and the growth of the local fintech sector. 

Vennre founders Ziad Mabsout, Anas Halabi, and Abdulrahman Al-Malik. (Supplied)

Property Finder secures $170m

UAE-based property tech Property Finder has raised $170 million in new funding led by Mubadala Investment Company, alongside another UAE sovereign wealth fund and BECO Capital. 

Under the transaction, Mubadala and the second sovereign investor will each invest $75 million, while BECO Capital will commit $20 million from its recently launched $250 million Growth Fund I. 

Founded in 2007 by Michael Lahyani and Renan Bourdeau, Property Finder operates a marketplace that enables users to search for properties to buy or rent using advanced filtering tools. 

The investment follows a $525 million round in 2025 led by Permira, with significant participation from Blackstone Growth, bringing total equity raised to nearly $700 million. 

The company has also secured $250 million in debt financing from Ares Management and HSBC, making it one of the largest funding stories in MENA tech. 

Property Finder said the fresh capital will support its ambition to build the region’s leading real estate operating system, focused on transparency, trust, and data-driven decision-making. 

Yakeey sees record Moroccan series A round

Beltone Venture Capital has made a strategic equity investment in Moroccan proptech Yakeey as part of the startup’s $15 million series A round, the largest completed in Morocco to date. 

The round also includes IFC, Enza Capital, and 212 Founders. Founded to modernize Morocco’s fragmented real estate sector, Yakeey is building an end-to-end digital platform that integrates property search, valuation, brokerage, and financing. 

The company said its early scalability and growing broker network position it for regional expansion as demand rises for transparent, digitised real estate services across North Africa. 

Enakl develops technology to design and manage flexible shared transport networks for companies and public-sector actors. (SUpplied)

Enakl closes $2.3m seed round 

Startup Enakl has closed a $2.3 million seed funding round, finalized in December, following an initial $1.4 million round completed at the end of 2024. 

The round brought in new Moroccan investors Azur Innovation Fund, Witamax, and MFounders, alongside reinvestment from Catalyst Fund and Digital Africa. 

Founded in 2022 by Samir Bennani and Charles Pommarede, Enakl develops technology to design and manage flexible shared transport networks for companies and public-sector actors. 

The company said the funds will be used to strengthen commercial teams, launch the first version of its Software-as-a-Service product, and test new development models for ridepooling fleets, following its first pilot public contract with the Casablanca–Settat Region. 

Glamera Holding signs MoU to acquire Bookr Group 

Middle East–based lifestyle technology platform Glamera Holding has signed a memorandum of understanding to acquire Bookr Group, a multi-market operator active across Kuwait, Bahrain, and Saudi Arabia. 

Founded in 2022 by Mohamed Hassan Hijazi and Omar Fathy, Glamera operates a technology platform for the beauty and wellness sector and has processed transactions exceeding SR4 billion ($1.07 billion), supporting more than 4,500 service providers. 

Bookr Group runs a service-provider management platform and consumer booking application. (SUpplied)

Bookr Group runs a service-provider management platform and consumer booking application with more than 300,000 users. 

Glamera said the acquisition will strengthen its regional footprint and support its ambition to build a unified, AI-powered ecosystem for service providers and end users, with the combined platform expected to serve millions across the Middle East. 

Mantas raises $1.77m seed 

UAE-based insurance tech Mantas has emerged from stealth with a $1.77 million seed funding round to launch parametric insurance products covering cloud outages and digital downtime. 

The round includes Nuwa Capital, Suhail Ventures, and Plus VC, as well as OQAL Angel Syndicate, and a group of angel investors. 

Mantas founder Basil Mimi. (Supplied)

Founded in 2024 by Basil Mimi, Mantas combines cloud outage insurance with real-time risk monitoring, targeting digital-first businesses such as fintechs, airlines, e-commerce platforms, SaaS providers, and regulated enterprises. 

The company said the funds will support product development, risk modelling, and early customer deployments across MENA and North America. 

Juthor raises $500k pre-seed 

Saudi Arabia-based e-commerce startup Juthor has raised $500,000 in a pre-seed round led by Flat6Labs, with participation from angel investors. 

Juthor founders Lolwah Binsaedan and Irfan Khan. (Supplied)

Founded in 2025 by Lolwah Binsaedan and Irfan Khan, Juthor is building a cloud-based platform to help retailers manage sales across multiple online marketplaces through real-time stock synchronization and AI-driven customer insights. 

The company said the capital will be used to build scalable infrastructure and accelerate product development in Saudi Arabia and beyond. 

Yozo.ai secures $1.7 million pre-seed 

UAE-based e-commerce AI startup Yozo.ai has raised $1.7 million in pre-seed funding, with the round co-led by Access Bridge Ventures and Disruptech Ventures, with participation from Arzan VC, Oraseya Capital, and Plus VC, as well as Suhail Ventures, Glint Ventures, and M-Empire Angels. 

Founded in early 2025, Yozo builds an AI-native revenue engine designed to automate e-commerce growth and retention marketing. 

The company said the funding will support product development and international expansion beyond MENA. 

Abwaab operates a digital tutoring platform across Jordan, Egypt, and Pakistan. (Supplied)

Abwaab acquires Apex Education 

Jordan-based education tech platform Abwaab has acquired Egypt-based college admissions advisory Apex Education for an undisclosed amount. 

Founded in 2019, Apex Education provides personalized admissions guidance to students applying to leading global universities, while Abwaab operates a digital tutoring platform across Jordan, Egypt, and Pakistan. 

Abwaab said the acquisition strengthens its end-to-end offering, extending from tutoring through to international university admissions. 

Arabic.AI collaborates with Stanford University 

Arabic.AI has announced a collaboration with Stanford University’s Center for Research on Foundation Models to establish the first holistic benchmark for evaluating Arabic large language models. 

The initiative will extend Stanford’s HELM framework into Arabic, providing a transparent and reproducible reference for assessing model performance and risk. 

Arabic.AI said the collaboration supports its mission to advance Arabic-first AI models while contributing a public research asset for the wider AI and enterprise ecosystem.