Venture capital founders focus on scale and substance

Founded by Ahmed Wadi, Money Fellows digitises traditional savings circles to facilitate accessible saving, borrowing, and investing across Africa. (Supplied)
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Updated 10 May 2025
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Venture capital founders focus on scale and substance

  • Early-stage capital returns with renewed focus and selectivity

RIYADH: Momentum is building across the Middle East and North Africa’s startup ecosystem as early-stage capital returns with renewed focus and selectivity.

Investors are backing sharper business models, founders are scaling with intent, and sector diversity is deepening — signaling a more disciplined, strategically aligned phase of growth for the region.

On the regulatory front, Nama Ventures Capital Co. has received approval from Saudi Arabia’s Capital Market Authority to commence investment management activities in the Kingdom.

Founded by Mohammed Al-Zubi and chaired by Sultan Al-Saud, the firm is one of the first foreign venture capital firms to become fully licensed under Saudi capital markets law.

Originally registered in the Cayman Islands, Nama has added Saudi Arabia to its regulatory base to align with the country’s Vision 2030 objectives.

“Vision 2030 continues to turn Saudi Arabia into a thriving global hub for innovation, investment, and entrepreneurship — and this achievement places Nama Ventures at the heart of that momentum,” Al-Saud said.

The approval will allow the firm to launch its flagship funds and Shariah-compliant investment vehicles, targeting high-growth startups across Saudi Arabia, the MENA region, and selected global markets.

“This letter is more than a regulatory approval; it represents our deep-rooted commitment to Saudi Arabia’s entrepreneurial vision,” said Al-Zubi, founder and managing partner. 




Founded by Mohamed Milyani and Yara Ghouth, Nqoodlet provides a financial operating system for SMSEs. (Supplied)

“We are proud to be fully ‘on the ground,’ regulated, and aligned with the future of venture capital in the region,” he added.

Nama Ventures has made early-stage investments in several high-growth startups, including Salla and Tamara, both of which have since reached unicorn status.

Among its more recent highlights is Brev.dev, a developer infrastructure platform that was acquired by Nvidia, underscoring Nama’s ability to identify globally competitive founders.

Money Fellows closes $13m strategic round

Egypt-based fintech platform Money Fellows has raised $13 million in a strategic round co-led by Al Mada Ventures and DPI Venture Capital through the Nclude Fund, with participation from Partech, CommerzVentures, and others.

Founded in 2017 by Ahmed Wadi, the company digitises traditional savings circles to facilitate accessible saving, borrowing, and investing across Africa.

The new funding will support platform enhancement, team expansion, and entry into new markets, particularly Morocco.

Fintech startup Nqoodlet raises $3m seed round

Saudi Arabia-based fintech Nqoodlet has closed a $3 million seed round led by Waad Investments, with participation from OmanTel, 500 Sanabil Investment, Oqal, Seed Holding, and other investors.

Founded by Mohamed Milyani and Yara Ghouth, Nqoodlet provides a financial operating system for small and medium-sized enterprises across Saudi Arabia and the GCC. Its offerings include smart corporate cards, real-time expense tracking, automated VAT filing, and financial planning tools.

The new funding will support the expansion of its banking infrastructure, the development of open banking integrations and automated tax reporting, team growth, and broader collaboration with banks and ecosystem partners.

Career 180 receives US investment and enters Saudi market

Egyptian education tech startup Career 180 has received a six-figure investment from US-based Den VC and announced its expansion into Saudi Arabia, supported by Value Makers Studio.

Founded in 2017 by Shrouk El-Din and Mohamed Akmal, the company offers a Software-as-a-Service-based learning management system that provides practical skills training and job-matching services. 




Career 180 provides practical skills training and job-matching services. (Supplied)

Career 180 currently serves over one million learners and aims to place 50,000 individuals in the workforce, with a focus on unemployed youth.

The investment will enable the company to scale its LMS, localize Arabic content, and expand into Oman and Malta.

Canater raises $1m to scale logistics platform

UAE-based logistics startup Canater has raised $1 million in funding from Foras in exchange for a 10 percent equity stake.

Founded in 2024 by Khamis Soliman, Canater provides AI-powered logistics and supply chain solutions for manufacturers in the MENA region, with an initial focus on consumer-packaged goods.

The platform offers end-to-end cross-border trade services, including digital contracts, financing, warehousing, logistics, and real-time shipment tracking.

The funding will be used to enhance the company’s digital infrastructure, expand sectoral reach, and strengthen regulatory partnerships.

Intella partners with Infoline to launch Arabic AI platform in Oman

Arabic AI solutions provider intella has partnered with Infoline, an Omantel subsidiary and leading outsourcing provider in Oman, to roll out its AI-powered customer experience platform, intellaCX.

The platform is designed to convert Arabic voice and text interactions into business insights, offering a tailored solution for Arabic-speaking markets.

IntellaCX supports 25 Arabic dialects and uses proprietary models to deliver transcription accuracy of 95.7 percent.

The platform replaces traditional 5 percent call sampling methods with 100 percent automated analysis, enabling businesses to detect trends, assess performance, and improve service quality at scale.

Through Infoline’s local integration capabilities, the solution will be deployed across Omani enterprises to enhance customer care and operational efficiency.

MENA startup funding rises to $228m in April

Startups across the MENA raised $228.4 million across 26 deals in April, marking a 105 percent increase from March and a nearly 300 percent year-on-year surge.

Saudi Arabia led the region with $158.5 million in funding across eight deals, driven largely by iMENA Group’s $135 million pre-IPO round.

The UAE followed with $62 million across nine deals, while Morocco secured third place with $4 million across two startups.

The fintech sector attracted the most capital, securing $44 million across seven deals. Traveltech and SaaS also saw renewed interest, with SaaS startups raising $1.8 million after a quiet first quarter.

Early-stage investments accounted for $49 million across 20 transactions, indicating strong appetite for emerging ventures despite limited late-stage activity.

Alchemist Doha partners with Startup Grind Qatar

Alchemist Doha, an equity fund focused on tech entrepreneurs in emerging markets, has entered into a strategic partnership with Startup Grind Qatar, the local chapter of a global founder and startup network.

The collaboration will facilitate access to global networks, deliver founder-focused programming, and support high-potential startups in scaling both locally and internationally.

The initiative aligns with broader efforts to strengthen Qatar’s entrepreneurial ecosystem.

MedIQ secures $6m series A to expand in Saudi Arabia and Gulf markets

Pakistan-based health tech platform MedIQ has raised $6 million in a series A funding round led by Rasmal Ventures and Joa Capital, with participation from existing investors.

Founded in 2020 by Saira Siddique, MedIQ provides a hybrid healthcare platform combining telehealth, e-pharmacy services, AI-driven facility digitization, and back-office automation for insurance partners.

The company expanded into Saudi Arabia in 2023 and will use the funding to strengthen its technology stack, scale operations in the Kingdom’s health tech market, and support entry into Qatar and neighboring Gulf markets.

iSUPPLY secures $3m Shariah-compliant financing from Bokra

Egypt-based B2B medical tech startup iSUPPLY has secured $3 million in revenue-based revolving financing from Bokra.

The funding is Shariah-compliant and will support the company’s operational scale-up and improved access to medical supplies, particularly in underserved communities.

Founded in 2022 by Ibrahim Emam, Malek Sultan, and Moustafa Zaki, iSUPPLY offers a one-stop solution to digitise pharmaceutical supply chains and address disruption risks.

The company previously closed a pre-series A round in June with participation from Disruptech Ventures, OneStop Capital, Axian Investment CVC, and Egypt Ventures.

CPX Holding acquires cyber-AI startup spiderSilk

UAE-based cybersecurity firm CPX Holding has acquired local cyber-AI startup spiderSilk, including its core product, the Resonance platform for managing digital exposure.

Founded in 2019, spiderSilk has developed autonomous SOC AI agents and a proprietary cyberintelligence platform built on a global knowledge graph.

The acquisition aims to strengthen CPX’s threat detection capabilities and supports its international expansion strategy, including entry into North America, Saudi Arabia, and the broader GCC.

Konnect Networks receives investment from Attijariwafa Ventures

Tunisian fintech startup Konnect Networks has secured an undisclosed amount from Attijariwafa Ventures as part of a broader funding round that included Visa, Plug and Play Tech Center, and Renew Capital, as well as Digital Africa Ventures, Utopia Capital Management, 54 Collective, and Sunny Side Venture Partners.

Founded in 2021 by Amin Ben Abderrahman, Konnect offers payment links, e-commerce plugins, and APIs for businesses of all sizes.

The latest funding will support product innovation and regional expansion. In late 2024, Konnect also secured funding from Renew Capital.

Sira expands professional networking platform to UAE

Jordan-based professional community platform Sira has launched operations in the UAE as part of its regional expansion strategy.

Founded in 2022 by Ayah Saeed and Zara Najjar, Sira offers a curated, membership-based platform focused on building authentic, values-driven professional connections.

The platform features private communication spaces, peer-led admissions, and sector-agnostic events.

The UAE expansion supports Sira’s mission to build a trust-based network across the MENA region. To date, the company claims it has facilitated over $3.6 million in collaborations among members.


The battle for talent: Saudi Arabia’s high-stakes bet on human capital

Updated 12 July 2025
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The battle for talent: Saudi Arabia’s high-stakes bet on human capital

  • Kingdom’s rapidly expanding sectors are creating an unprecedented demand for highly skilled professionals

RIYADH: As Saudi Arabia accelerates its transformation under Vision 2030, a critical question has emerged: Can the Kingdom build a homegrown tech workforce strong enough to power its digital ambitions?

From artificial intelligence and smart mobility to fintech and clean energy, the Kingdom’s rapidly expanding sectors are creating an unprecedented demand for highly skilled professionals. Yet despite billions in investments and major infrastructure rollouts, supply still lags behind demand.

This challenge, however, is far from ignored.

“We are proud to take human capital development to the next level,” said Minister of Human Resources and Social Development Ahmed Al-Rajhi, during the launch of the National Skills Platform in April 2025. “Technical expertise alone is not enough. Leadership, strategic thinking, and adaptability are equally important, and skilling and reskilling for the workforce is a national priority that all stakeholders should engage in.”

The AI-powered platform connects Saudi job seekers to customized learning pathways, marking a shift toward demand-driven education and training.

Despite billions in investments and major infrastructure rollouts, supply still lags behind demand. (SPA)

A national priority

Education Minister Yousef Al-Benyan, who also chairs the executive committee of the Human Capability Development Program, emphasized the broader purpose behind the Kingdom’s reforms.

“Vision 2030 is not just a roadmap for national transformation — it is a model for how investment in people can drive sustainable progress,” Al-Benyan wrote in an April op-ed for Arab News titled “Vision 2030: Elevating human capability in a changing world.”

Citing the World Economic Forum’s Future of Jobs Report 2025, he noted that while 170 million new jobs will emerge globally by 2030, another 92 million will be displaced. He warned that 44 percent of core skills are set to change within five years, with digital and AI literacy becoming as fundamental as reading and math.

“Without these,” he wrote, “individuals are unable to participate meaningfully in today’s digital economy.”

Yousef Al-Benyan, Saudi education minister. (Supplied)

Scaling up training and inclusion

This outlook is shaping some of Saudi Arabia’s most ambitious workforce initiatives. Among them is the Waad National Training Campaign, launched in 2023 and supported by more than 70 organizations. The program surpassed 1 million training opportunities in its first phase and now targets 3 million by the end of 2025.

Waad’s Women’s Employment Track has been particularly successful, with a 92 percent retention rate in tech roles—contributing to a record rise in female participation across the digital economy.

Waad, Al-Rajhi noted, is an investment in “the promise of human potential.”

Meanwhile, the Future Skills Training Initiative, led by the Ministry of Communications and Information Technology since 2020, has provided training to hundreds of thousands of Saudis in areas like cybersecurity, data science, and cloud computing. Supported by the Digital Skills Framework and private-sector partnerships, it has grown steadily.

One such partnership — a 2023 collaboration with IBM — aimed to train 100,000 Saudis in AI and machine learning.

Ahmed Al-Rajhi, Saudi minister of human resources and social development. (Supplied)

Talent gaps persist

Despite this progress, a 2025 report by Nucamp and the ministry highlighted a 20 percent shortfall between tech job vacancies and qualified local talent. Critical roles such as AI engineers, cloud architects, and data analysts remain in short supply.

“Demand for AI and cloud experts far exceeds supply,” said Ahmed Helmy, managing director for SAP in the Middle East, in an April interview with Asharq Al-Awsat. The result: fierce competition among employers.

To meet short-term needs, Saudi Arabia is tapping into international expertise. The Premium Residency Program, launched in 2021, allows skilled foreign professionals to live and work in the Kingdom without a local sponsor. By late 2023, more than 2,600 had taken advantage of the scheme.

In 2024, five new visa categories were introduced to attract investors, entrepreneurs, and tech specialists. These include provisions that exempt founders from Saudization quotas for their first three years—providing flexibility to scale teams while supporting local hiring in the long term.

“Such incentives allow skilled professionals to have a more stable life and make long-term investments in their careers in Saudi Arabia,” said Raymond Khoury, partner at Arthur D. Little, in May.

Still, officials stress that international hiring is a stopgap — not a substitute.

“While attracting global talent is crucial, sustainable growth depends on balancing international expertise with local knowledge development,” said Mamdouh Al-Doubayan, MENA managing director at Globant.

To that end, foreign hires are increasingly being integrated not just as employees, but as mentors and trainers.

Startups adapt with remote models

In the private sector, startups are turning to remote hiring to bypass local talent shortages. A 2024 study by Wamda found that many Saudi companies are building distributed teams, sourcing tech talent from Egypt, Jordan, and other regional markets. This strategy shortens hiring cycles and enables around-the-clock operations.

The trend aligns with the Kingdom’s Telework Initiative, which certifies employers to offer remote roles to Saudis—especially women and those living outside major urban centers.

Competitive pressures from giga-projects

The hiring challenge became especially acute in 2023. That year, PwC’s Middle East Workforce Survey reported that 58 percent of Saudi firms struggled to fill key tech roles. A MAGNiTT report found that 65 percent of startup founders saw the shortage of senior tech talent as their top obstacle.

A concurrent survey by Flat6Labs noted that many startups were delaying product launches due to staffing shortages, losing talent to mega-projects offering 30 to 50 percent higher salaries.

“Engineers and product managers often defect to deep-pocketed giga-projects that offer salaries 30–50 percent above startup pay,” wrote venture adviser Aditya Ghosh in a November 2023 LinkedIn Pulse column.

Bridging the divide

Education leaders are working to close this gap. Khalid Al-Sabti, chairman of the Education and Training Evaluation Commission, said in a 2024 Arab News interview that Saudi Arabia is aligning its curriculum with global benchmarks.

“We must ensure our graduates meet international standards to compete globally,” he said.

This includes revising curricula, emphasizing hands-on projects, and embedding industry into the classroom through partnership programs. The Talent Enrichment Program, for example, spans 160 countries and offers global certifications to Saudi learners.

Encouragingly, Saudi Arabia’s position in the IMD World Talent Ranking improved in 2023. Companies such as STC, Aramco Digital, and Elm are now hiring directly from local boot camps and training centers — evidence that education and industry are beginning to align.

The road ahead

Ultimately, the success of Saudi Arabia’s tech talent strategy will be measured not just by enrollments or credentials, but by how effectively new graduates are absorbed into the workforce.

If current reforms continue at scale, the Kingdom may not only satisfy its domestic tech demand — but emerge as a regional hub for digital talent.

As Al-Benyan wrote: “By investing in people, fostering global collaboration, and redefining the future of work, Saudi Arabia is demonstrating that human capability is the ultimate driver of progress.”
 


Lebanon bets on Gulf tourists to rescue its collapsing economy

Updated 12 July 2025
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Lebanon bets on Gulf tourists to rescue its collapsing economy

  • With the UAE and Kuwait lifting travel bans, high-end venues pin their hopes on a luxury tourism resurgence

RIYADH: Lebanon’s tourism sector is placing its hopes on international and Gulf visitors to help steer the country through a financial crisis that has gripped the nation since 2019.

As Beirut’s clubs and restaurants increasingly operate in US dollars, the city’s tourism and nightlife have emerged as fragile yet essential pillars of the economy, largely propped up by private investment.

The ongoing financial collapse — now in its sixth year — has created an $80 billion gap in the banking sector, with debt restructuring stalled amid persistent political gridlock.

Since 2019, the Lebanese pound has lost more than 90 percent of its value, while the country’s gross domestic product has contracted by nearly 40 percent.

The 2024 Hezbollah-Israel conflict further devastated the economy, inflicting widespread damage on tourist regions. In response, the World Bank approved a $250 million loan in June as part of a broader $1 billion recovery program, estimating the total cost of the conflict at $7.2 billion, with reconstruction needs reaching $11 billion.

A defiant party amid the ruins

In early June, fireworks lit up the sky above Beirut’s iconic St. Georges Hotel during a retro-themed event hosted by the Tourism Ministry, reviving memories of Lebanon’s golden age in the 1970s — a time when Gulf tourists filled its beaches, mountain resorts, and vibrant nightlife.

Today, that nostalgia is being reimagined for a new generation of affluent travelers. With the UAE and Kuwait lifting travel bans — and Saudi Arabia possibly following — high-end venues are pinning their hopes on a luxury tourism resurgence.

But renewed tensions in the region have cast a shadow over those ambitions. 

Beirut’s tourism and nightlife have emerged as fragile yet essential pillars of the economy, largely propped up by private investment. (AFP)

Lebanon’s tourism sector has seen “some cancellations in hotels, (flight) tickets, and car rentals,” Laura Lahoud, Lebanon’s tourism minister, told Arab News in an interview, acknowledging the impact of regional tensions.

“We are surely affected by the current situation in the Middle East, same as all the region. But if Lebanon remains neutral and does not take sides — as the president and prime minister are insisting — we can save the season,” Lahoud added.

Her optimism hinges on a fragile ceasefire between Iran and Israel. “Hopefully, it will go back to normal,” she said, while emphasizing that festivals and events remain untouched, except for the Beiteddine Festival, where “performers are from the US.”

The dollar hustle 

While Lebanon’s currency has collapsed, poverty has tripled, and the banking sector remains frozen, a parallel economy is flourishing in Beirut’s upscale neighborhoods like Gemmayzeh and Mar Mikhael.

Security is part of the appeal. Army patrols have become more visible in tourist areas, and Hezbollah banners along the airport road have quietly given way to billboards promoting “A New Era for Lebanon.”

But the real driver is privatization. With the state largely incapacitated, private investors — mostly dealing in US dollars — are fueling a boom in luxury tourism, pouring money into beach clubs, rooftop lounges, and curated VIP experiences that operate outside the formal economy.

“The private sector has always been a main driver,” said Lahoud, defending the government’s role as a facilitator rather than a funder. “Our role is to guide, organize, and direct investment into new sectors, new regions, and new ideas.”

Laura Lahoud, Lebanon's minister of tourism. (Supplied)

Yet, some argue this model is unsustainable.

“The dollarized tourism economy has a negative impact on domestic tourism,” warned Jassem Ajaka, an economist and professor at the Lebanese University. 

“Prices become high for residents, especially if pricing is applied equally to tourists and locals. This is unsustainable because the dollar is not the country’s official currency,” he explained in an interview with Arab News.

Geopolitical gambles

The stakes could not be higher. Lebanon’s agricultural and industrial sectors lie in ruins.

Once accounting for 20 percent of GDP, tourism has emerged as the fastest route toward restoring ties with Gulf countries and reviving the economy.

President Joseph Aoun has made outreach to the Gulf a top priority, traveling to Saudi Arabia, Qatar, and the UAE to present Lebanon as “open for business.”

Lahoud emphasized that rebuilding tourist confidence in Lebanon “is the main objective.” 

She outlined plans to achieve this through comprehensive government reforms, coordinated airport improvements, streamlined visa processes for GCC families, shorter checkpoint delays, and the promotion of year-round tourism across all sectors.

“Before some Gulf countries removed the travel ban, Arab tourists were limited to Egyptians, Iraqis, and Jordanians,” said Jean Abboud, president of the Association of Travel and Tourist Agents in Lebanon.

“Demands from Gulf countries were growing steadily, especially from the Emirates, Kuwait, and Qatar. But due to the current conflict between Iran and Israel, everything has changed,” he told Arab News.

The fallout is immediate. “We, as tour operators nowadays, avoid including the south in our programs due to the unexpected problems,” Abboud added.

Lahoud stated that the ministry is collaborating closely with all industry groups to create unique visitor experiences in Lebanon. She added they plan to develop long-term policies and digital tools to support both city and countryside activities, and encourage vital small and medium investments across all regions.

Risky bet

“Over the past couple of years, I’ve noticed a shift toward a younger crowd — but interestingly, they’re spending more,” says Marco Khadra, ambassador at Factory People, a Beirut-based group organizing many of the country’s major music festivals.

“There’s a clear appetite for nightlife, even among younger demographics,” Khadra told Arab News.

But security concerns loom large. “Some people, including international acts, have felt Beirut isn’t safe, and that affects bookings and attendance,” Khadra admitted, adding: “Perception plays a big role in this industry.”

German electronic music record label Keinmusik performing in one of the Factory People's clubs in Beirut in 2023. (Factory People photo)

For bartenders like Lynn Abi Ghanem, who left Beirut for the Gulf, the sustainability of this boom is questionable. “Not in the long run,” she said of the shift toward Gulf tourists. “Tourists come for a short time, but it’s the locals who keep bars running all year. Without them, things feel off and won’t hold up.”

The staffing crisis is another weak link. “There are a lot of talented workers who aren’t paid what they deserve,” Abi Ghanem added. “If things don’t change, many will keep leaving.”

A mirage of recovery? 

Hotels have reported occupancy rates of 80 percent ahead of the summer season, while flights are operating at near capacity with expatriates and Gulf tourists. Yet Lebanon’s recovery remains precarious.

“Even though tourism’s contribution to the gross domestic product increased after the crisis to about 30 percent, this was due to the economic contraction,” explained Ajaka.

“We cannot say the sector has recovered because recovery depends on political stability and investment inflows.”

For now, the party continues, sustained by Gulf investment and the relentless drive of Beirut’s nightlife entrepreneurs.

But as Ajjaka conceded: “The biggest enemy of tourism is any security obstacle.” And in a country where crisis is the only constant, the stakes have never been higher.
 


Startup Wrap — Saudi Arabia leads MENA startup activity as UAE crowns new unicorn 

Updated 12 July 2025
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Startup Wrap — Saudi Arabia leads MENA startup activity as UAE crowns new unicorn 

  • New unicorn emerges in UAE amid mixed funding trends across MENA

RIYADH: Saudi Arabia continued to dominate startup momentum while the UAE saw a new unicorn emerging amid mixed funding trends across the region at the beginning of July.

Digital freight platform TruKKer, headquartered in the Kingdom, has raised $15 million in private credit investment from Ruya Partners through its Ruya Private Capital I fund.  

The funding will be used to support the company’s expansion across regional markets, advance its proprietary artificial intelligenceI-enabled logistics platform, and further consolidate its position in the freight tech space. 

Founded in 2016, TruKKer operates in nine countries and connects over 60,000 transporters with more than 1,200 enterprise clients through its real-time freight marketplace.  

Digital freight platform TruKKer has raised $15 million in private credit investment from Ruya Partners through its Ruya Private Capital I fund. (Supplied)

The new capital follows a $100 million pre-IPO round in 2022 led by Bahrain’s Investcorp, signaling continued investor confidence in the platform’s scaling potential across the Middle East and North Africa. 

Tarmeez Capital raises strategic round to accelerate sukuk innovation 

Saudi fintech startup Tarmeez Capital has raised a strategic round led by Tali Ventures, the corporate venture capital arm of stc group.  

Launched in 2022 by Nasser Al-Saadoun, Tarmeez Capital aims to democratize sukuk issuance, offering a digital platform that it says can process transactions at seven times the speed of traditional methods. 

The platform currently supports over 180,000 users and is focused on enhancing access to Islamic financial instruments.  

The company plans to use the funds to expand its retail sukuk offerings and support Saudi Arabia’s Vision 2030 initiative, particularly in driving financial inclusion across the population. 

Saudi fintech startup Tarmeez Capital has raised a strategic round led by Tali Ventures, the corporate venture capital arm of stc group. (Supplied)

Rekaz raises $5m seed round to expand SaaS for service SMBs 

Riyadh-based Software-as-a-Service company Rekaz has secured $5 million in seed funding to scale its operating system for service-based small and medium-sized businesses.  

The round was led by COTU Ventures, with participation from Impact46, Shorooq Partners, Numrah Capital, and several angel investors. 

Founded in 2017 by Abdulrahman Al-Omran and Abdulaziz Al-Kharashi, Rekaz provides an integrated platform that includes scheduling, subscription management, payments, and customer engagement tools for businesses such as gyms, salons, clinics, and home service providers.  

The company plans to channel the new capital into deepening AI functionality, expanding across the Gulf Cooperation Council markets, and accelerating product development. 

Jahez Group acquires 76.56% stake in Qatar’s Snoonu for $245m 

Saudi Arabia-listed Jahez Group has signed a definitive agreement to acquire a 76.56 percent stake in Snoonu, a leading Qatari e-commerce and delivery company, for $245 million.  

The transaction includes $225 million for a 75 percent equity stake in existing shares and a $20 million capital injection for a newly issued 1.56 percent stake. 

The acquisition marks Jahez’s formal entry into the Qatari market and is expected to enhance operational synergies across logistics, on-demand delivery, and e-commerce across the GCC.  

Snoonu, now valued at over $300 million, will continue to operate under its own brand, led by founder and CEO Hamad Al-Hajjri, who retains a 23.44 percent stake in the company. 

Huspy raises $59m series B to expand in Europe and Saudi Arabia 

UAE and Spain-based property tech platform Huspy has raised $59 million in a series B round led by Balderton Capital, with participation from Peak XV, ExBorder Partners, and Turmeric Capital, as well as BY Ventures, Dara Management, and KE Partners.  

The company plans to expand into six new cities in Spain and launch operations in Saudi Arabia in 2025. 

Founded in 2020 by Jad Antoun and Khalid Ashmawy, Huspy facilitates over $7 billion in annual real estate transactions across its markets.  

It supports real estate agents and mortgage brokers with a suite of digital tools, offering high commissions and automation in property transactions. 

The round represents a reaffirmation of confidence by previous investors Balderton Capital and Peak XV. 

XPANCEO raises $250m to achieve unicorn status 

UAE-based deep tech company XPANCEO has raised $250 million in series A funding at a valuation of $1.35 billion, according to a press release.  

The round was led by Opportunity Venture, which also led the company’s $40 million seed round.  

XPANCEO is developing a multifunctional smart contact lens that integrates augmented reality, health monitoring, night vision, and optical zoom into a lens thinner than a human hair. 

XPANCEO founders Valentyn Volkov and Roman Axelrod. (Supplied)

The funding will accelerate commercialization efforts, global expansion of R&D and product teams, and regulatory and pilot testing.  

The company, founded by physicist Valentyn Volkov and Roman Axelrod, is aiming to replace multiple personal devices with a single wearable form factor. 

BlueFive Capital closes founding round at $120m valuation 

UAE-based investment firm BlueFive Capital has completed its Founding Shareholders Circle round, achieving a valuation of $120 million.  

The round attracted 25 founding shareholders, including members of prominent GCC royal families, global institutional investors, and financial leaders from North America, Europe, and Asia, according to a statement.

Founded in late 2024 by former Investcorp co-CEO Hazem Ben-Gacem, the firm has already amassed $650 million in assets under management.  

BlueFive Capital aims to connect institutional capital with high-growth, underrepresented markets, with a global presence across London, Abu Dhabi, and Riyadh, as well as Singapore and Beijing. 

Icogz raises $1.4m pre-seed to enhance AI-driven BI platform 

UAE-based business intelligence startup icogz has raised $1.4 million in pre-seed funding from angel investors in the UAE and India.  

Founded in 2018 by Amit Tripathi and Vrutika Dawda, the platform uses proprietary algorithms to mine intelligence from corporate data and deliver actionable insights. 

The company plans to use the capital to further develop its AI engine, Aryabot, and scale go-to-market efforts across MENA and Southeast Asia.  

BioSapien extends pre-series A to over $8m 

Health tech startup BioSapien, based in the UAE and the US, has extended its pre-series A round to over $8 million.  

The latest funding was led by Globivest, joining existing backers Global Ventures, Golden Gate Ventures, and Dara Holdings. 

Founded in 2018 by Khatija Ali, BioSapien’s flagship product, MediChip, is a 3D-printed, slow-release drug delivery platform that can be affixed to tissue to minimize systemic side effects.  

The new capital will support R&D, product development, and regulatory expansion. 

Nawy acquires majority stake in SmartCrowd to expand GCC presence 

Egypt-based real estate tech startup Nawy has acquired a majority stake in Dubai’s SmartCrowd, a regulated fractional property investment platform. 

The acquisition follows Nawy’s recent $52 million series A round and signals the company’s entry into the GCC market. 

SmartCrowd, regulated by the Dubai Financial Services Authority, claims to have facilitated over $110 million in transactions and distributed more than $40 million in investor returns.  

The acquisition expands Nawy’s service offerings to include fractional ownership and positions the company as a full-stack proptech platform for the MENA region. 

Startup funding in MENA falls 82% in June amid investor caution 

Startup funding across the MENA region fell sharply in June, dropping 82 percent month on month to $52 million across 37 deals.  

The figure also marks a 55 percent decline compared to June 2024. Notably, 40 percent of the capital came through debt instruments, reflecting cautious investor sentiment amid global macroeconomic uncertainty, according to Wamda’s monthly report. 

The UAE reclaimed its position as the region’s top-funded market, with 13 startups raising $37 million — over 70 percent of total capital.  

Egypt, which led in May, dropped to second with $6.2 million raised across six deals.  

Tunisia followed, buoyed by a single $3.5 million seed round for water tech startup Kumulus. Saudi Arabia saw a dip, raising only $3 million across six deals. 

Fintech remained the leading sector, accounting for 74 percent of total capital across 10 deals.  

Clean tech followed due to the Kumulus deal, while Web3 attracted $2 million across two rounds. Seed stage startups led early-stage activity, raising $10.6 million, while pre-seed rounds totaled $5 million. Only one series A deal was recorded, worth $100,000. 

Startups with B2B models secured 78 percent of funding, while B2B2C and B2C startups lagged. 

Mixed-gender founding teams captured 45 percent of capital but accounted for only four deals. Women-led startups raised just $223,200.
 


Global Markets — stocks fall, gold gains after Trump sets tariff sights on Canada

Updated 11 July 2025
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Global Markets — stocks fall, gold gains after Trump sets tariff sights on Canada

SYDNEY/LONDON: Global stocks fell on Friday after US President Donald Trump ramped up his tariff war against Canada, leaving Europe squarely in the firing line, sparking a modest investor push into safe havens like gold, while bitcoin hit a new record high.

The Canadian dollar fell after Trump issued a letter late on Thursday that stated a 35 percent tariff rate on all imports from Canada would apply from August 1, adding the EU would receive a letter by Friday.

The US president, whose global wave of tariffs has upended businesses and policymaking, floated a blanket 15 percent or 20 percent tariff rate on other countries, a step up from the current 10 percent baseline rate.

This week he surprised Brazil, which has a trade surplus with the US, with duties of 50 percent, and hit copper, pharmaceuticals and semiconductor chips.

Aside from pockets of volatility in target currencies, stocks or commodities, markets have offered little in the way of reaction to the onslaught, leaving the VIX volatility index at its lowest since late February.

In Europe, the STOXX 600, which has risen 2.2 percent this week, fell 0.7 percent. Futures on the S&P 500 and the Nasdaq fell 0.6 percent, pointing to a retreat from this week’s record highs at the open later.

“The market is becoming a bit numb to these (tariff) announcements, and perhaps it’s not until we see hard data showing an impact that we (will) start to see the market reacting,” City Index strategist Fiona Cincotta said.

“Obviously, we’re getting more information through that does bring with it an element of clarity. Because there is so much uncertainty, there is still this idea that Trump could be open to negotiation, nothing feels ‘final’ still,” she said.

The dollar rose 0.3 percent against the Canadian dollar to $1.3695. The euro, which has lost nearly 1 percent in value since the start of July, was down 0.2 percent at $1.1683.

Earlier in the week, Trump pushed back his tariff deadline of July 9 to August 1 for many trading partners to allow more time for negotiations, but broadened his trade war, setting new rates for a number of countries, including allies Japan and South Korea, along with a 50 percent tariff on copper.

Joseph Capurso, head of international economics at the Commonwealth Bank of Australia, said the tariff rate of 35 percent on Canada was not as bad as feared because most of the imports are still subject to exemptions under the US-Mexico-Canada Agreement.

“Now the tariff rate on imports from the EU ... That’s what we don’t know as yet,” Capurso said. “If you get something similar to (the US-China trade war in April), that’s going to be very destabilising.”

Wall Street indexes posted record closing highs on Thursday as AI chip maker Nvidia made history, bagging a market valuation above $4 trillion.

Gold rose for a third day in a row, up 0.6 percent to $3,342 an ounce, bringing gains for July so far to 1.2 percent. Treasuries got less of a safe-haven boost, as investor concern about the fragility of long-term US government finances prompted a selloff that pushed yields up.

Benchmark 10-year yields rose 3 basis points to 4.38 percent, adding to Thursday’s rise on the back of data that showed jobless claims unexpectedly fell last week.

The yen, which also typically behaves like a safe-haven, has been steadily weakening as the prospects dim for a US-Japan trade deal. The dollar was up 0.4 percent on Friday at 146.76 yen , set for a weekly gain of 1.6 percent, the biggest this year.

Bitcoin jumped 3.8 percent to $117,880, the highest on record.

Investors will be watching second-quarter corporate earnings next week to gauge the impact of Trump’s tariffs from April 2. JPMorgan Chase is due to release results on Tuesday, essentially kicking off the reporting period.


World oil market may be tighter than it looks, IEA says

Updated 11 July 2025
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World oil market may be tighter than it looks, IEA says

VIENNA: The world oil market may be tighter than it appears despite a supply and demand balance pointing to a surplus, the International Energy Agency said on Friday, as refineries ramp up processing to meet summer travel demand.

The IEA, which advises industrialized countries, expects global supply to rise by 2.1 million barrels per day this year, up 300,000 bpd from the previous forecast. World demand will rise by just 700,000 bpd, it said, implying a sizeable surplus.

Despite making those changes, the IEA said that rising refinery processing rates aimed at meeting summer travel and power-generation demand were tightening the market and the latest supply hike from OPEC+ announced on Saturday had not had much effect.

“The decision by OPEC+ to further accelerate the unwinding of production cuts failed to move markets in a meaningful way given tighter fundamentals,” the agency said in a monthly report.

“Price indicators also point to a tighter physical oil market than suggested by the hefty surplus in our balances.”

Earlier this week, ministers and executives from OPEC nations and bosses of Western oil majors said the output increases are not leading to higher inventories, showing that markets are thirsty for more oil.

Next year, the IEA sees demand growth averaging 720,000 bpd, some 20,000 bpd lower than previously thought, with supply growth rising by 1.3 million bpd, also implying a surplus.