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.


Saudi Arabia raises $1.34bn through July sukuk issuance

Updated 15 July 2025
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Saudi Arabia raises $1.34bn through July sukuk issuance

RIYADH: Saudi Arabia’s National Debt Management Center raised SR5.02 billion ($1.34 billion) through its riyal-denominated sukuk issuance for July, marking a sharp 113.6 percent increase compared to the previous month.

In June, the Kingdom issued sukuk worth SR2.35 billion, while May and April saw issuances of SR4.08 billion and SR3.71 billion, respectively.

Sukuk are Shariah-compliant financial instruments that offer investors partial ownership in an issuer’s underlying assets, making them a popular alternative to conventional bonds.

According to NDMC, the July issuance was divided into four tranches. The first tranche, valued at SR776 million, will mature in 2029. The second, worth SR1.34 billion, is set to mature in 2032, followed by a third tranche of SR823 million due in 2036. The largest tranche, totaling SR2.08 billion, will mature in 2039.

Saudi Arabia’s debt market has witnessed robust growth in recent years, attracting strong investor interest in fixed-income instruments amid a global environment of rising interest rates.

In April, Kuwait Financial Center, also known as Markaz, reported that Saudi Arabia led the Gulf Cooperation Council in primary debt issuances during the first quarter of the year. The Kingdom raised $31.01 billion from 41 offerings, accounting for over 60 percent of total issuances across the region.

Credit rating agency S&P Global noted in April that Saudi Arabia’s expanding non-oil sector and steady sukuk issuance volumes are likely to support the growth of the global Islamic finance industry.

The agency forecasts global sukuk issuance to reach between $190 billion and $200 billion in 2025, with foreign currency-denominated offerings contributing up to $80 billion, assuming market conditions remain stable.

Echoing that outlook, a report by Kamco Invest published in December said Saudi Arabia is expected to account for the largest share of bond maturities in the GCC between 2025 and 2029, with $168 billion set to mature during the period.

Earlier this month, S&P Global reiterated its positive view, stating that the global sukuk market is on track to maintain its momentum in 2025, with foreign currency-denominated issuances projected to reach between $70 billion and $80 billion.


Saudi Arabia tops MENA VC rankings with $860m in H1: MAGNiTT 

Updated 15 July 2025
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Saudi Arabia tops MENA VC rankings with $860m in H1: MAGNiTT 

RIYADH: Saudi Arabia led venture capital activity in the Middle East and North Africa in early 2025, raising $860 million — a 116 percent annual jump — backed by sovereign support and foreign interest. 

In its latest report, regional venture platform MAGNiTT revealed that the Kingdom witnessed 114 deals in the first half of the year, marking a significant 31 percent rise compared to the same period in 2024. 

This comes on the back of a strong 2024 performance, when Saudi Arabia retained its position as the most funded MENA country for VC for the second consecutive year. Startups raised $750 million, with a 34 percent increase in deal funding rounds below $100 million – dubbed MEGA deals – reflecting growing early- and mid-stage capital formation, according to a report released earlier this year by MAGNiTT and SVC. 

In its latest report for the first half, MAGNiTT stated: “This growth was supported by continued sovereign capital activity, event-driven momentum from LEAP, and early-stage programs backed by new funds and accelerators.” 

Saudi Arabia ranked second among emerging venture markets in total VC funding, trailing only Singapore, which raised $1.28 billion across 120 deals in the first half. 

However, Singapore’s funding declined 37 percent year on year, while the number of deals dropped 31 percent. 

“The drop (in Singapore) signals a continued cooldown in late-stage deployment and foreign investor activity amid macro headwinds,” the report stated. 

Among emerging markets, Saudi Arabia was followed by the UAE, which raised $447 million in funding in the first six months of the year, a rise of 84 percent year on year. 

The UAE also matched Saudi Arabia in deal count, recording 114 deals, up 10 percent compared to the same period last year. This was driven by increased international participation, which reached its highest level in the Emirates since the first half of 2020. 

Elsewhere, Turkiye raised $226 million, followed by Vietnam at $216 million, Egypt at $185 million, and South Africa at $183 million. Nigeria raised $158 million, while Indonesia and Kenya secured $102 million and $71 million, respectively. 

The report further noted that fintech was the leading sector across all three EVM regions in the first half, accounting for 45 percent of VC funding in Southeast Asia, 38 percent in the Middle East, and 45 percent in Africa. 

“The bulk of this activity was concentrated in payment solutions and lending platforms, which emerged as the dominant fintech subsectors,” added the report. 

Meanwhile, mergers and acquisitions activity across emerging venture markets saw 55 transactions in the first half, marking a 31 percent increase compared to the same period last year. 


Closing Bell: Saudi main index closes in red at 11,095

Updated 15 July 2025
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Closing Bell: Saudi main index closes in red at 11,095

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Tuesday, as it shed 118.18 points, or 1.05 percent, to close at 11,095.41. 

The total trading turnover of the benchmark index was SR4.52 billion ($1.21 billion), with 46 of the listed stocks advancing and 204 declining. 

The Kingdom’s parallel market Nomu also shed 55.43 points to 27,301.46.

The MSCI Tadawul Index declined by 1.09 percent to close at 1,421.31. 

The best-performing stock on the main market was SHL Finance Co. The firm’s share price increased by 5.21 percent to SR22.62. 

The share price of SICO Saudi REIT Fund rose by 5.1 percent to SR4.33. 

Tourism Enterprise Co. also saw its stock price climb by 3.26 percent to SR0.95. 

Conversely, the share price of Alistithmar AREIC Diversified REIT Fund declined by 4.03 percent to SR9.05. 

On the announcements front, Saudi Co. for Hardware, also known as SACO, said that it signed an agreement valued at SR140.43 million to sell its warehouse in Al-Mashael district in Riyadh. 

In a Tadawul statement, SACO said that the proceeds from the sale will be used to repay existing bank loans and help support its future expansion plans.

The firm further said that the 42,937-sq.-meter warehouse was sold to 6th Iradat Al Imdad Co., a limited liability company. 

The firm added that there are no related parties involved in the deal. 

The share price of SACO dropped by 1.02 percent to SR29.14. 

The shareholders of Saudi Lime Industries Co. approved a recommendation to increase its capital by 5 percent through a one-for-20 bonus share distribution, by capitalizing SR11 million from the firm’s retained earnings account.

The stock price of Saudi Lime Industries Co., listed on the parallel market, advanced by 4.77 percent to SR12.97. 


Saudi Data and Artificial Intelligence Authority, Shareek sign deal to accelerate AI, cloud innovation

Updated 15 July 2025
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Saudi Data and Artificial Intelligence Authority, Shareek sign deal to accelerate AI, cloud innovation

RIYADH: Saudi Arabia’s private sector is set to gain a boost in AI-driven innovation and data capabilities through a new agreement aimed at accelerating digital transformation across key industries. 

The new deal, signed between the Saudi Data and Artificial Intelligence Authority and the Private Sector Partnership Reinforcement Program, known as Shareek, aims to conduct comprehensive market studies and coordinate with relevant authorities, according to an official statement. 

The memorandum of understanding also includes a mandate to develop AI-aligned business models and provide technical consultation services to private sector entities participating in the Shareek program. 

This comes as the Gulf’s largest economy positions itself as a global AI hub under its Vision 2030 strategy, which targets $135.2 billion in economic value from the technology by the end of the decade. 

The same roadmap aims to raise the private sector’s contribution to gross domestic product to 65 percent by 2030, signaling a shift toward tech-led diversification away from oil dependency. 

In a post on X, SDAIA stated that the MoU also seeks to “develop investment opportunities in cooperation with relevant authorities” and to “develop business models for both parties, in accordance with established procedures.” 

It added that the agreement will also focus on “identifying and prioritizing investment opportunities and providing specialized technical consultations,” as well as “sharing investment opportunities with the sector and relevant authorities to join the Private Sector Partnership Reinforcement Program – Shareek.”

Launched in 2021, Shareek is a flagship public-private partnership program aiming to unlock SR5 trillion ($1.33 trillion) in investments by 2030. It supports large Saudi companies in accelerating growth and driving economic development. Its collaboration with SDAIA highlights its role in advancing large-scale digital transformation.

The development comes as the Kingdom expands its global tech alliances, with SDAIA signing an MoU with Advanced Micro Devices, or AMD, on the sidelines of the Saudi-US Investment Forum in Riyadh in May to strengthen the AI ecosystem. 

The agreement aims to develop specialized AI data centers powered by AMD technologies, supporting the Kingdom’s efforts to build a robust digital infrastructure.

These developments come as Saudi Arabia’s global AI standing continues to rise, with the Kingdom ranking third worldwide in the OECD AI Policy Observatory in December, behind only the US and the UK.


Foreign investors buy $4.2bn GCC stocks in Q2, up 50%: Kamco Invest

Updated 15 July 2025
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Foreign investors buy $4.2bn GCC stocks in Q2, up 50%: Kamco Invest

RIYADH: Foreign investors sharply increased their exposure to Gulf stock markets in the second quarter of 2025, with net inflows surging 50 percent compared to the previous three months to reach $4.2 billion.

According to the latest analysis done by Kamco Invest, a Kuwait-based non-banking firm, this momentum extended the streak of net foreign inflows into Gulf Cooperation Council equities to six consecutive quarters, with total net purchases in the first half of 2025 rising 39.8 percent year on year to $7 billion. 

The surge comes as GCC equity markets continue to attract global capital, buoyed by strong corporate earnings and ongoing economic reforms. In the first quarter alone, 11 initial public offerings raised $1.6 billion — up 33 percent from a year earlier — driven largely by Saudi Arabia, which accounted for 69 percent of total proceeds, according to a PwC Middle East analysis published in May. 

In its GCC Trading Activity Quarterly Report, Kamco said: “Foreign investors, including institutional and retail investors, were net buyers on GCC stock markets during Q2 2025 with net buying at $4.2 billion as compared to $2.8 billion in net buying during Q1 2025.”

Saudi Arabia led the region with $1.4 billion in net foreign buying, a major jump from $252.3 million in the previous quarter, highlighting growing investor confidence in the Kingdom’s market liberalization efforts. 

The increased appetite of foreign buyers in the Saudi exchange underscores the progress of the country’s economic diversification efforts, as the Kingdom continues to strengthen its capital market and reduce its reliance on crude revenues. 

In May, Saudi Arabia’s Capital Market Authority revealed in its annual report that net foreign investments in the Kingdom’s stock market rose to SR218 billion ($58.1 billion) in 2024, marking a 10.1 percent increase compared to the previous year. 

The Kamco report noted that the UAE saw $1.33 billion in net inflows into the Abu Dhabi Securities Exchange in the second quarter, while Kuwait saw $696.5 million, Dubai $462 million, and Qatar $333.6 million. 

In contrast, Oman and Bahrain recorded net foreign outflows of $29.6 million and $27.9 million, respectively. 

“The 1H 2025 data of trading activity on GCC exchanges indicated that net buying at the aggregate level, although the trend differed at the country level due to net sales during Q1 2025 for some of the exchanges,” said Kamco Invest. 

In terms of first-half performance, the UAE attracted the highest foreign inflows at $4.6 billion, followed by Saudi Arabia with $1.6 billion and Kuwait at $1.4 billion. 

In a landmark regulatory shift, Saudi Arabia’s Capital Market Authority recently announced that citizens and residents of GCC countries will be allowed to invest directly in Tadawul, the Kingdom’s main stock exchange. 

This move is part of a broader effort to modernize Saudi Arabia’s capital markets and enhance foreign investor participation. It aligns with the Kingdom’s ambitious Vision 2030 strategy, which aims to diversify the economy, boost market liquidity, and strengthen its financial standing in the Gulf region. 

In its latest report, Kamco noted that exchanges in Kuwait, Abu Dhabi, and Qatar witnessed consistent foreign buying throughout the three months of the second quarter. 

In contrast, Saudi Arabia saw net foreign selling in April, followed by net buying in the subsequent two months. 

Oman was the only exchange in the GCC region to record net foreign selling in each of the three months of the quarter. 

“Some of the key factors that affected the flow of foreign money in the region included regional market trends, initial public offerings, geopolitical issues, economic health of the individual countries and crude oil prices,” added Kamco. 

Market performance 

GCC equity markets delivered a mixed performance in the second quarter, with five of the seven regional exchanges posting gains, reinforcing a broadly optimistic investor outlook. 

Aggregate share trading volume across the region reached 94.73 billion shares in the quarter, up 9.1 percent from the first quarter. Qatar led the increase with 12.5 billion shares traded — up 39.4 percent — followed by Dubai with 16.3 billion shares, a 21 percent increase. 

In contrast, trading volumes in Saudi Arabia and Bahrain declined by 5 percent and 61.5 percent, respectively, during the same period. 

The total value of shares traded in the second quarter reached $151.8 billion, representing a marginal decline of 3.75 percent compared to the first quarter. 

Saudi Arabia, Kuwait, and Bahrain recorded declines in trading value, while the rest of the GCC markets saw gains during the period. 

The analysis revealed that Abu Dhabi posted the largest increase in value traded, reaching $22.5 billion in the second quarter, up from $20.3 billion in the first three months of the year. 

Trading activity on Saudi Arabia’s stock exchange stood at $89 billion in the second quarter, down from $95.7 billion in the previous quarter. 

Top 10 GCC stocks 

The Kamco analysis showed that six Saudi listed stocks ranked among the top 10 most traded GCC equities by trading value in the second quarter of 2025. 

The combined trading value of the top 10 stocks across the region reached $34.7 billion, accounting for 36.6 percent of the total value traded during the quarter. 

Al-Rajhi Bank led the list with $5.8 billion in trading value, followed by energy giant Saudi Aramco at $5.1 billion, International Holdings Co. at $4 billion, ADNOC Gas at $3.4 billion, and stc at $3.1 billion. 

Saudi National Bank saw trading activity of $3 billion, followed by Emaar Properties at $2.9 billion and Alinma Bank at $2.8 billion. 

Kuwait Finance House recorded $2.5 billion in trades, while Umm Al Qura for Development and Construction Co., also known as Masar, saw $2.1 billion.