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.


Where the money is flowing: AI, agritech, and fintech set to lead

Updated 5 sec ago
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Where the money is flowing: AI, agritech, and fintech set to lead

RIYADH: Saudi Arabia’s venture capital ecosystem is entering a pivotal phase of growth, fueled by a surge in domestic and international investment targeting sectors aligned with the Kingdom’s Vision 2030.

Agriculture tech, fintech, artificial intelligence, and clean energy are emerging as key pillars of this transformation, driven by regulatory reforms, demographic shifts, and a rising global investor appetite.

The country’s ambition to become a regional innovation hub is drawing sustained capital inflows, placing it at the center of the broader emerging venture market investment narrative.

Domestic ambition shapes sectoral disposition

Said Murad, senior partner at investment firm Global Ventures, cited Saudi Arabia’s high food import dependency and its ambitions to boost domestic production as key in drawing funds to the Kingdom.

“Agritech and climate-related technologies will certainly contribute to the next phase of investment growth,” he told Arab News in an interview.

Complementing this trend, Philip Bahoshy, CEO of MAGNiTT, pointed to fintech, AI, clean energy, logistics, and advanced manufacturing as areas expected to dominate future funding.

“These sectors align with Vision 2030’s push for economic diversification and digital transformation,” he told Arab News, with health tech and deep tech also gaining traction due to increasing research and development support and regulatory tailwinds.

Philip Bahoshy, CEO of MAGNiTT. Supplied

AI, in particular, is emerging as a dominant investment theme in the region. According to MAGNiTT’s 2025 predictions, the sector is set to double its share of venture capital funding in emerging venture markets this year, following a surge of high-profile deals in 2024.

“AI was the main driver of investment activity both in the private and public markets in the US and other mature markets in 2024,” the platform noted, referencing data from PitchBook.

In the first nine months of 2024, AI accounted for 41.3 percent of US venture capital funding. In Saudi Arabia, this momentum is reflected in deals such as Intelmatix’s $20 million Series A round and Amazon Web Services’s planned data center investment, both signaling the Kingdom’s rising stake in the global AI landscape.

MAGNiTT also cited broader geopolitical and commercial developments in the AI space, including chip export agreements, as indicators of the sector’s rising importance in the region.

“Based on our proprietary data, we expect AI funding to double in 2025 due to increased investor attention to innovative AI startups,” the company stated.

Beyond AI, Global Ventures’ investment in Iyris, an agritech company spun out of King Abdullah University of Science and Technology, illustrates the potential of local innovation to address long-standing structural challenges.

“Iyris is positively disrupting agricultural practices for mid-to-low-tech farmers, particularly in hot climates,” Murad said.

The startup launched the National Food Production Initiative in 2023, partnering with SABIC and Red Sea Global to establish a sustainable farming project in Bada, Saudi Arabia, aimed at regenerating unproductive land and enhancing food security.

Fintech remains another strong area of interest, supported by a digitally connected population and a push toward financial inclusion.

“With 98 percent internet penetration and 97 percent smartphone adoption among the 18-to-78-year age group, the Kingdom has one of the world’s most digitally enabled populations,” Murad said.

He views this as a key enabler for innovation in financial services, both consumer-facing and enterprise-driven.

Focused sectors, broad appeal

Capital inflows into Saudi Arabia are being driven not only by sector performance but also by global institutional interest in the region.

According to MAGNiTT, firms including BlackRock, Golden Gate Ventures, and Polen Capital have already established offices or acquired licenses in the Kingdom, the UAE, or Qatar.

Others, including General Catalyst and the BRICS Investment Fund, have made their investment debuts or launched dedicated MENA-focused funds.

“In 2025, we expect even more investors and asset managers to set up offices in the EVM regions, particularly Saudi Arabia and the UAE,” MAGNiTT stated, attributing this to the region’s “friendly business-enabling environment.”

Said Murad, senior partner at investment firm Global Ventures. Supplied

Deal flow in the Kingdom has grown across all funding stages. “Saudi Arabia saw a surge in pre-seed and seed-stage funding,” said Murad, noting that demand for later-stage capital is increasing as startups validate their models and seek international expansion.

Supporting this trajectory is a growing exit pipeline. In 2024, Saudi Arabia completed 42 initial public offerings, ranking seventh globally in capital raised.

“This growing pipeline of exits signals the increasing maturity of the country’s capital markets and reinforces the long-term viability of its venture ecosystem,” Murad added.

As international capital intensifies, local venture firms are adapting their strategies to remain competitive.

“Regional players active in the market will understand local nuances, ultimately providing a competitive advantage,” Murad said.

He emphasized that investors offering operational support and showcasing portfolio success stories will be best positioned to attract international limited partners.

The Kingdom’s regulatory environment is increasingly seen as a strength in the region’s venture capital narrative.

“Government initiatives and the regulatory framework are geared to venture capital firms investing in startups in a secure, forward-thinking, and robust environment,” Murad said.

Still, he cautioned that strong business fundamentals remain essential. “The need for entrepreneurs to have strong, sustainable business models with good unit economics is as necessary as ever,” said the Global Ventures partner.

Despite global uncertainties, Saudi entrepreneurs may be better equipped than most to navigate a challenging macroeconomic environment.

“At Global Ventures, we refer to the ‘adversity advantage’— a natural upside for regional entrepreneurs who are used to working with, and around, resource scarcity,” Murad said.

“This has empowered them, by design, to build businesses more resilient and adaptable to challenges,” he added.


Oil Updates — prices fall as US delays decision on direct Iran involvement

Updated 37 min 26 sec ago
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Oil Updates — prices fall as US delays decision on direct Iran involvement

SINGAPORE: Oil prices fell on Friday after the White House delayed a decision on US involvement in the Israel-Iran conflict, but remained on course for a third consecutive weekly rise.

Brent crude futures fell $2, or 2.5 percent, to $76.85 a barrel by 9:48 a.m. Saudi time but still looked set to gain more than 3 percent on the week.

US West Texas Intermediate crude for July — which did not settle on Thursday as it was a US holiday and expires on Friday — was down 14 cents, or 0.2 percent, to $75.

The more liquid August contract was up 0.3 percent, or 19 cents, to $73.69.

On Thursday prices jumped almost 3 percent after Israel bombed nuclear targets in Iran and Iran fired missiles and drones at Israel. The week-old war between Israel and Iran showed no signs of either side backing down. Iran is OPEC’s third-largest producer.

Brent futures trimmed previous session gains following the White House’s comments that President Donald Trump would decide whether the US will get involved in the Israel-Iran conflict in the next two weeks.

“Oil prices surged amid fears of increased US involvement in Israel’s conflict with Iran. However, the White House press secretary later suggested there was still time for de-escalation,” said Phil Flynn, analyst at the Price Futures Group.

“The ‘two-week deadline’ is a tactic Trump has used in other key decisions. Often these deadlines expire without concrete action, ... which would see the crude oil price remain elevated and potentially build on recent gains,” said Tony Sycamore, analyst at IG. 

Emril Jamil, oil research analyst at LSEG, said the “unwavering determination” of the Organization of Petroleum Exporting Countries and its allies to increase output “may have added jitters to the market.”


OPEC+ has proven to be oil markets’ central bank, says Saudi energy minister

Updated 19 June 2025
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OPEC+ has proven to be oil markets’ central bank, says Saudi energy minister

RIYADH: OPEC+ has proven to be the “central bank” and regulator of the global oil market, providing much-needed stability, Saudi Arabia’s energy minister said.

Speaking at the annual St. Petersburg International Economic Forum in Russia, Prince Abdulaziz bin Salman praised the alliance’s role in balancing oil markets amid global economic uncertainties.

“I would have to say that OPEC+ had proven to be an instrument that if it wasn’t invented by us and Russia and our colleagues, it should have been invented a long time ago because this is what OPEC+ had achieved in terms of bringing stability to the market and had proven that it is the central bank and the regulator of oil markets,” the energy minister said.

Prince Abdulaziz also highlighted the ongoing partnership between Saudi Arabia and Russia through the Saudi-Russian Joint Committee, noting plans for Russian Deputy Prime Minister Alexander Novak to visit the Kingdom later this year with a high-level business delegation.

“I’m looking forward to host Alexander — the co-chair of our joint committee — to Saudi Arabia this year, with the biggest, most sizable business community participation,” he said.

Prince Abdulaziz emphasized that the collaboration seeks to deepen bilateral economic ties and foster diversified investment opportunities.

“We have a lot to showcase that bonding together. It will allow us to have a much more diversified relationship, and we are, as a government, working together to provide the right environment for those who want to invest in Saudi Arabia or in Russia or in any type or form of joint venturing that we should facilitate that and ensure that the investment environment is congenial for it to happen,” he added.

The minister described the energy alliance as a flexible mechanism responsive to changing global conditions, reaffirming Saudi Arabia’s commitment to cooperation with partners to maintain market stability.

Acknowledging the challenges facing Russia, Prince Abdulaziz noted the Kingdom’s support amid external restrictions.

“It’s been a challenging time what Russia is going through, but we have shown a great deal of understanding of the situation, and we’re trying to maneuver with the restrictions that are existing today,” he said.

“That has been the discharge of our leadership willingness to accommodate with this current situation and hopefully helping to support Russia in mitigating these exterior most daunting issues.”

On whether Saudi Arabia and Russia would compensate for any loss of Iranian crude supplies, the minister stressed that such scenarios are hypothetical and that OPEC+ decisions are collective.

“You give me a question that is not evidently seen happening, I don’t have an answer for you. Again, we only react to realities. But if anybody gives a question that is not relating to the reality today, I fail to see where we could predict things and how we would relate to it,” he said.

The minister clarified that OPEC+ consists of 22 member states and is not dominated by Saudi Arabia and Russia alone. A core group of eight countries is tasked with engaging the full membership to ensure coordinated responses to market changes.

“To respond to a hypothetical question by giving a hypothetical answer, which none of us two here have the right to speak on behalf of everybody without knowing their opinion, is too much of an ask,” he added.

He concluded by highlighting OPEC+’s reputation as a reliable and adaptive organization.

“What we know and what Alexander was saying just a while ago is that we have, as OPEC even before, an OPEC+ attending to so many circumstances since its first, it was in sequence, even inception, that we have been a reliable organization, a serious organization, an effective organization, and attentive to circumstances when they prevail,” he said.


Closing Bell: Saudi main index rises to close at 10,610 

Updated 19 June 2025
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Closing Bell: Saudi main index rises to close at 10,610 

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 19.58 points, or 0.18 percent, to close at 10,610.71.   

The total trading turnover of the benchmark index was SR6.4 billion ($1.7 billion), as 116 of the stocks advanced and 115 retreated.    

The Kingdom’s parallel market Nomu lost 28.01 points, or 0.11 percent, to close at 26,175.83. This came as 35 of the listed stocks advanced while 41 retreated.    

The MSCI Tadawul Index lost 0.54 points, or 0.04 percent, to close at 1,367.14.     

The best-performing stock of the day was Alistithmar AREIC Diversified REIT Fund, whose share price surged 9.97 percent to SR7.50. 

Seera Group Holding also recorded strong gains, with its share price rising 7.99 percent to SR23.80, while Banan Real Estate Co. climbed 7.14 percent to close at SR4.50. 

Southern Province Cement Co. recorded the most significant drop, falling 5.19 percent to SR27.40. Ataa Educational Co. also saw its stock prices fall 3.43 percent to SR59.10. 

Leejam Sports Co. also saw its stock prices decline 3.01 percent to SR116.

On the announcements front, Advance International Communications and Technology said it has completed the conversion of one of its branches into an independent limited liability company under the name Innovation Passage Technology Co.

According to a statement on Tadawul, the move is part of the company’s strategy to restructure its operations by separating the wholesale business sector. The new entity will take over all wholesale functions and operations. The company stated that the transformation is not expected to have a significant financial impact and that any further updates will be announced as they arise. 

Alujain Corp. announced that its board of directors has approved the distribution of SR51.9 million in cash dividends for the second quarter of 2025.

A bourse filing revealed that the number of shares eligible for dividends is 69.2 million, with the dividend per share set at SR0.75. The dividend represents 7.5 percent of the share’s par value. 

Alujain shares closed the session up 2.74 percent at SR35.

United Cooperative Assurance Co. announced the signing of a memorandum of understanding with Arabia Insurance Cooperative Co. to evaluate a potential merger.

According to a Tadawul filing, both parties will conduct technical, financial, tax, legal, and actuarial due diligence, and will enter into non-binding discussions regarding the terms and conditions of the proposed transaction.  

United Cooperative Assurance shares closed at SR6.70, up 0.75 percent. 


Saudi Arabia’s PIF launches company to build and run Expo 2030

Updated 19 June 2025
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Saudi Arabia’s PIF launches company to build and run Expo 2030

  • New firm to turn site into multicultural hub post-event

RIYADH: Saudi Arabia’s Public Investment Fund has launched Expo 2030 Riyadh Co., a wholly owned entity tasked with developing, managing, and operating the infrastructure and programming for the Kingdom’s first World Expo.

During its development phases, the project is projected to contribute $64 billion to Saudi Arabia’s gross domestic product and generate around 171,000 direct and indirect jobs. Once operational, it is expected to add $5.6 billion to the national economy.

According to an official release on Thursday, the newly established company will play a pivotal role not only in executing the large-scale event but also in preserving its long-term legacy.

Known as ERC, the company will fast-track operations to meet its ambitious mandate. It plans to collaborate with both local and international private sector partners to deliver on construction, cultural programming, and event management goals.

“ERC benefits from PIF’s diverse local and global ecosystem and the establishment of the company aligns with PIF’s local real estate strategy, which drives economic transformation and diversification, advancing urban innovation and enhancing quality of life, driven by the ambitious goals of Saudi Vision 2030,” said Saad Al-proud, head of PIF’s Local Real Estate Investment Division.

Covering an expansive 6 million sq. m, the Expo 2030 site will be one of the largest World Expo venues ever built. Strategically located north of Riyadh near the upcoming King Salman International Airport, it will offer direct access to major city landmarks.

Set to run from Oct. 1, 2030 to March 31, 2031, Expo 2030 Riyadh is expected to draw over 40 million visits. Following the event, ERC aims to repurpose the gated expo area into a “global village” — a multicultural destination featuring retail, food  and beverages, and premium residential offerings, all aligned with the Kingdom’s push toward sustainable tourism and innovation.

Participating nations will have the opportunity to construct permanent pavilions, enabling a lasting impact beyond the event itself and encouraging long-term investment and business ties.

PIF emphasized that the initiative reflects its broader strategy to drive economic diversification while securing sustainable financial returns.

The fund remains at the forefront of delivering Saudi Arabia’s transformative giga-projects and real estate ventures, reshaping the national landscape and bolstering the Kingdom’s global positioning.

Riyadh secured the rights to host Expo 2030 in November 2024, winning the international vote in the first round — further solidifying its reputation as a fast-evolving capital that blends connectivity, sustainability, and high quality of life at scale.