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Saudi Arabia crowns new technology unicorn

Founded in 2022 by Saud Al Qahtani and Canberk Donmez, Ninja delivers groceries across Saudi Arabia, Bahrain, Qatar, and Kuwait. (Supplied)
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Updated 05 July 2025
Nour El-Shaeri
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Saudi Arabia crowns new technology unicorn

  • Q-commerce startup Ninja valued at $1.5bn following $250m funding
Updated 05 July 2025
Nour El-Shaeri

RIYADH: Saudi Arabia and the wider Middle East and North Africa region have witnessed a surge of startup funding rounds in recent weeks, underscoring the Kingdom’s pivotal role in driving technology investment and digital transformation across diverse sectors. 

Saudi-based quick-commerce startup Ninja has raised $250 million in a funding round led by Riyad Capital, lifting its valuation to $1.5 billion and marking its emergence as the country’s latest technology unicorn. 

Founded in 2022 by Saud Al Qahtani and Canberk Donmez, Ninja delivers groceries and daily essentials across Saudi Arabia, Bahrain, Qatar, and Kuwait, reflecting the region’s growing appetite for fast, tech-enabled consumer services. 

The fresh capital will enable the company to scale logistics capabilities, expand into new geographies, and lay the groundwork for a planned public listing on the Saudi Exchange by 2027. 

The transaction highlights Riyad Capital’s role as a prominent institutional investor in MENA startups, as well as Saudi Arabia’s rising stature as a venture capital hub as it diversifies its economy under Vision 2030.

PetroApp secures $50m to digitize fuel and fleet management

PetroApp, Saudi Arabia’s digital fuel and fleet management platform, has raised $50 million in a funding round led by Jadwa Investment through its GCC Diversified Private Equity Fund, with participation from Bunat Ventures. 

Established in 2018 by Abdulaziz Al-Senan, PetroApp operates a cashless system designed to streamline corporate and government fleet payments while reducing fraud. 

The platform also offers value-added vehicle services such as oil changes, car washes, and tire replacements. 




Established in 2018 by Abdulaziz Al-Senan, PetroApp runs a cashless system designed to streamline corporate and government fleet payments. (Supplied)

The capital injection will support PetroApp’s retail launch within Saudi Arabia, accelerate its international expansion plans, and further develop its proprietary technology infrastructure. 

Tariq Al-Sudairy, managing director and CEO of Jadwa Investment, said: “PetroApp presents a compelling investment opportunity, supported by a robust technology infrastructure and strong network effects.” 

Abdulaziz Al-Senan, co-founder and CEO of PetroApp, described the partnership as a critical milestone, adding: “We are excited to embark on this partnership at a pivotal stage in PetroApp’s journey. Jadwa’s institutional expertise will be critical in strengthening our foundation, accelerating growth, and expanding our leadership in Saudi Arabia and beyond.”

Flawless raises $1.5m to expand AI-powered career guidance 

Saudi Arabia-based Flawless has secured $1.5 million in pre-seed funding from a group of unnamed angel investors with an emphasis on early-stage innovation. 

Founded by Shaimaa Al-Ghamdi, the platform combines generative artificial intelligence with principles of social psychology to deliver personalized career guidance to users seeking better-informed professional decisions. 

Flawless evolved from a personal blog launched in 2023 to a fully operational digital business in 2024, targeting a gap in the market for data-driven career support solutions. 

Al-Ghamdi said: “What began as a passion project is now a data-driven platform helping thousands make smarter career decisions.” 

She added: “This funding validates our approach and gives us the fuel to scale responsibly and impactfully.” 

The investment will be allocated to scaling the company’s technology infrastructure, refining its product offering, and recruiting new talent to grow operations.

Byzanlink raises $1m to build blockchain-based financial infrastructure 

Dubai-based Byzanlink, a real-world asset tokenization platform, has closed a $1 million private funding round backed by Outlier Ventures, NTDP Saudi Arabia, Smart IT Frame, Sensei Capital, and several angel investors. 

Founded in 2024 by Anbu Kannappan, the startup operates from Dubai Multi Commodities Centre and is focused on building infrastructure to tokenize traditional financial assets for both institutional and retail investors. 

What began as a passion project is now a data-driven platform helping thousands make smarter career decisions.

Shaimaa Al-Ghamdi, Flawless founder

The company aims to improve market access, transparency, and operational efficiency through blockchain technology. 

Byzanlink plans to allocate the proceeds toward product development, expanding integrations with ecosystem partners, and reinforcing compliance with evolving regulatory frameworks. 

Kannappan said: “Support from such a diverse and forward-thinking group of partners is a strong signal for what we’re building. We believe the next generation of financial infrastructure will be powered by transparency, automation, and access. We’re committed to building that foundation.” 

Idea-L secures $1m to scale venture creation platform

UAE-based idea-L has raised a $1 million pre-seed round from a group of undisclosed angel investors to advance its AI and Web3-powered venture creation platform. 

Founded in 2024 by Peter Goodwin, Daniel Muller, and Mark Hill, idea-L is designed to help entrepreneurs transform early-stage concepts into investor-ready businesses through automation and digital collaboration tools. 

The funding will be used primarily for technical hiring, platform enhancements, and the launch of new products intended to streamline venture creation workflows. 

The company aims to position itself as a key enabler in the UAE’s growing startup ecosystem by combining generative AI and tokenized ownership structures.

InstaBank secures $15m to drive digital banking in Iraq 

InstaBank, officially operating as Al-Fawr Digital Bank, has raised $15 million in funding to support the rollout and growth of its digital banking services in Iraq. 

UAE-based EQIQ, a venture capital fund and venture builder, contributed $3 million as part of the round, which aims to transform Iraq’s underdeveloped banking sector. 

Founded in 2025 by Hussain Qaragholi, InstaBank plans to use AI-powered tools and customer-centric design to deliver accessible, scalable financial services. 

The digital bank will play a central role in EQIQ’s broader fintech strategy, which integrates banking, logistics, and social commerce solutions to accelerate financial inclusion across Iraq. 

The investment underscores the rising investor interest in digitizing the country’s financial infrastructure and tapping into its large unbanked population. 

EQIQ views InstaBank as a strategic asset to drive economic participation and modernize financial ecosystems.

AgriCash raises seed funding to scale AI-powered agri-fintech platform 

Egypt-based agri-fintech platform AgriCash has secured an undisclosed amount of seed funding in a round led by Alex Angels, with participation from regional investors. 

Founded in 2024 by Diaa Youssef and Mostafa El-Sehli, AgriCash offers farmers a digital platform combining financing solutions, AI-driven agronomic insights, crop insurance, and access to input markets. 

The funding will help AgriCash expand its operations across Egypt and into neighboring markets, strengthen its AI infrastructure, and finalize integrations with insurance and banking partners. 

The company’s flagship buy now, pay later model provides farmers with interest-free access to agricultural and livestock supplies for up to 12 months, with credit ceilings of up to 3 million Egyptian pounds ($60,777). 

AgriCash aims to achieve 500 million Egyptian pounds in business volume by 2025 and plans to launch livestock financing in 2026 to consolidate its position as an end-to-end agri-finance platform serving smallholder farmers and commercial producers. 

Topics: Start-up of the Week Technology infrastructure digital transformation Saudi Arabia

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Saudi chemicals group SABIC studying IPO of its gas unit

Updated 9 sec ago
Reuters
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Saudi chemicals group SABIC studying IPO of its gas unit

  • SABIC said move in line with its portfolio optimization and core business focus strategy
  • Study remains ongoing, with each option subject to necessary assessments
Updated 9 sec ago
Reuters

DUBAI: Saudi chemicals group SABIC said on Wednesday it was studying strategic options for its National Industrial Gases Company, including an initial public offering, amid a broad review of its business.

SABIC said in a statement that the move was in line with its portfolio optimization and core business focus strategy, adding that an IPO of GAS would be aimed at improving the group’s “financial position and the value added for shareholders.”

The chemicals industry has been grappling with weak demand and high input costs, leading to lower prices and squeezed margins.

SABIC, one of the world’s largest petrochemical companies and 70 percent-owned by oil major Saudi Aramco, reported in May a first-quarter net loss of $323 million, citing a rise in operating costs and high feedstock costs.

Earlier this year, it also said it planned to cut costs and find new investment opportunities, while restructuring some core assets and offloading non-core businesses.

It has already divested its stakes in Aluminium Bahrain, or Alba, and steel business Hadeed, selling both to other state-backed Saudi entities.

SABIC said on Wednesday that “the study remains ongoing, with each option subject to the necessary financial, technical, regulatory and economic assessments.”

Its shares have fallen 16.3 percent since the beginning of the year, according to LSEG data.

Topics: SABIC IPO Saudi Aramco gas Saudi gas Saudi Basic Industries Corp. (SABIC)

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Oil Updates — prices ease from two-week highs as investors await tariff clarity

Updated 50 min ago
Reuters
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Oil Updates — prices ease from two-week highs as investors await tariff clarity

  • Tariff uncertainty weighs on oil prices
  • US inventories probably rose last week, industry sources’ data showed
Updated 50 min ago
Reuters

SINGAPORE: Oil prices edged lower on Wednesday after rising to two-week highs in the previous session, weighed down by investors waiting for clarity on new US tariffs and expectations of rising crude inventories in the US.

Brent crude futures slipped 15 cents, or 0.2 percent, to $70 a barrel by 8:01 a.m. Saudi time. US West Texas Intermediate crude fell 16 cents, or 0.2 percent, to $68.17 a barrel.

US President Donald Trump’s latest tariff delay provided some hope to major trade partners Japan, South Korea and the European Union that deals to ease duties could still be reached, while bewildering some smaller exporters such as South Africa, and leaving companies with no clarity on the path forward.

Trump pushed Wednesday’s previous deadline to Aug. 1, a date he said on Tuesday was final, declaring: “No extensions will be granted.”

He also said that he would impose a 50 percent tariff on imported copper and soon introduce long-threatened levies on semiconductors and pharmaceuticals, broadening a trade war that has rattled markets worldwide.

“Bearish (price) drivers include uncertainties surrounding the implementation of various types of US tariffs (country-specific and sector-specific goods-based) and potential production hikes from OPEC+,” said OANDA senior market analyst Kelvin Wong.

There is concern that the tariffs could curb demand for oil, and while there was strong travel demand during the US July 4 holiday weekend, data from industry sources showed possible crude inventory builds in the US of around 7.1 million barrels, though fuel products’ stocks were lower.

“Numbers from the API overnight were bearish for oil,” said ING analysts in a client note, adding that “changes in refined products were more constructive.”

Official data from the US Energy Information Administration is scheduled for 4:30 p.m. on Wednesday.

OPEC+ oil producers were set for another big output boost for September as they complete both the unwinding of voluntary production cuts by eight members, and the United Arab Emirates’ move to a larger quota, five sources said.

This followed a Saturday announcement from the group approving a 548,000 barrels per day supply increase for August.

“Oil prices have stayed surprisingly resilient in the face of accelerated OPEC+ supply additions,” said DBS Bank’s energy sector team lead Suvro Sarkar.

Sarkar attributed the support to peak seasonal demand and the expectation that on-the-ground supply would not increase as much because some OPEC+ members would compensate for having overproduced earlier.

On the longer-term supply side, the US will produce less oil in 2025 than previously expected as declining oil prices have prompted US producers to slow activity this year, the Energy Information Administration forecast on Tuesday in a monthly report. 

Topics: Oil Updates  oil prices

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Foreign currency sukuk issuance projected to reach $80bn in 2025

Updated 09 July 2025
Nirmal Narayanan
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Foreign currency sukuk issuance projected to reach $80bn in 2025

  • Foreign currency sukuk issuances rose 8.94% year on year to $41.4 billion
  • Sustainable sukuk issuance surged 275 in the first half of 2025 to $9.3 billion
Updated 09 July 2025
Nirmal Narayanan

RIYADH: The global sukuk market is poised to maintain its strength in 2025, with foreign currency-denominated issuances expected to reach between $70 billion and $80 billion, according to a new report by S&P Global.

In the first half of 2025, foreign currency sukuk issuances rose 8.94 percent year on year to $41.4 billion, driven by increased activity in the UAE, Bahrain, and Kuwait. Saudi Arabia remained a key player, contributing 38.9 percent of the total market volume, as local banks continued to support Vision 2030-related initiatives.

Earlier this year, Fitch Ratings shared a similar outlook, forecasting that Saudi Arabia would remain a major driver of US dollar-denominated sukuk and debt issuance in 2025 and 2026. Banks in the Kingdom alone are expected to issue over $30 billion as institutions seek to diversify their funding sources.

The increase in global sukuk issuance came despite external headwinds, including new US tariffs and delayed interest rate cuts. S&P noted that issuers in core Islamic finance markets took advantage of brief periods of market stability to secure funding.

“We expect performance in the second half of the year to depend on the evolving geopolitical situation in the Middle East. However, since we don’t expect a full-scale regional war, we think the resilient foreign currency issuance trends observed in the first half will continue,” S&P Global said in the report.

“It will also be supported by the Fed’s expected reduction in interest rates. Therefore, we maintained our forecasts for foreign currency-denominated issuances to reach about $70 billion to $80 billion for the full year in 2025,” it added.

Foreign currency sukuk issuance had already climbed to $72.7 billion in 2024, a 29 percent increase from the previous year, supported by significant financing needs in Islamic finance hubs and fiscal pressures due to lower oil prices.

According to S&P, geopolitical tensions are not expected to significantly disrupt issuance this year. Instead, market activity will hinge on the direction of monetary policy, domestic liquidity conditions, and investment trends in key Islamic finance countries.

Local currency issuance

Despite the robust performance of foreign currency sukuk, total sukuk issuance globally fell 15 percent in the first half of 2025 to $101.3 billion. The decline was largely due to a steep drop in local currency sukuk, which fell to $59.8 billion from $81 billion a year earlier. Malaysia, Saudi Arabia, Qatar, and the UAE all reported weaker domestic issuance.

S&P attributed this to liquidity constraints in some markets and improved fiscal performance in others, reducing the need for domestic borrowing.

“For example, we have observed a significant drop in local currency issuances in Saudi Arabia, where banks’ liquidity is instead being channeled into financing Vision 2030. The drop was mainly underpinned by lower issuances from the government,” the agency said.

Shariah Standard 62

S&P also pointed to ongoing uncertainty surrounding the implementation of Shariah Standard 62 by the Accounting and Auditing Organization for Islamic Financial Institutions .

In April, AAOIFI announced amendments to the draft standard following industry feedback but did not provide details or a timeline.

The proposed guidelines aim to harmonize key elements of the sukuk structure, including asset backing, ownership transfer, and trading rules.

“The implementation process following the amendment is also uncertain. This means that it is now very difficult to determine the implications of adopting the new standard on market performance,” S&P noted.

“The need to issue prior to the adoption of the standard may also abate since issuers and investors no longer perceive the disruption as imminent,” it added.

Fitch Ratings had earlier warned that the standard could significantly reshape the sukuk market and potentially increase fragmentation if adopted in its current form.

Sustainable sukuk

Sustainable sukuk issuance surged 27 percent in the first half of 2025 to $9.3 billion, up from $7.4 billion in the same period last year, according to S&P.

Banks, led by the Islamic Development Bank, accounted for nearly half of the total, followed by corporates from the GCC and Malaysia. These instruments fund environmentally friendly projects such as renewable energy and green infrastructure.

Saudi issuers dominated the market, accounting for over 60 percent of total sustainable sukuk issuance. S&P attributed this to the alignment of Islamic finance with sustainability principles, the central role of the Islamic Development Bank, and strong funding demand from local banks.

In January, Fitch projected that outstanding ESG sukuk globally would exceed $50 billion in 2025, with Saudi Arabia playing a leading role.

The total value of ESG-focused sukuk climbed 23 percent year on year to $45.2 billion in 2024, according to Fitch.

In February, Saudi Arabia also raised €2.25 billion ($2.36 billion) through a euro-denominated bond offering under its Global Medium-Term Note Program, including its first green tranche.

Topics: bonds ESG Sukuk

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Saudi chocolate industry expands as Riyadh leads in manufacturing registrations

Updated 09 July 2025
MOHAMMED AL-KINANI
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Saudi chocolate industry expands as Riyadh leads in manufacturing registrations

  • Riyadh region topped the list with 1,490 active commercial registrations
  • Saudi chocolate market projects to reach $1.53 billion by end of decade
Updated 09 July 2025
MOHAMMED AL-KINANI

JEDDAH: Saudi Arabia’s cocoa and chocolate manufacturing sector is seeing growing entrepreneurial interest, with the number of active commercial registrations reaching 3,532 by the end of June.

A report by the Ministry of Commerce revealed that the Riyadh region topped the list with 1,490 active commercial registrations, followed by the Makkah region with 909 and the Eastern Province with 416. Al-Qassim and Madinah ranked fourth and fifth with 213 and 149 filings, respectively.

The chocolate manufacturing landscape in the Kingdom has evolved considerably, establishing itself as the largest producer among Gulf Cooperation Council countries, according to a release by Mordor Intelligence, a market research firm specializing in data-driven industry insights.

“The industry has shown remarkable progress in adopting advanced manufacturing technologies and sustainable practices, particularly in response to increasing consumer demand for premium chocolate products,” the release highlighted.

The analysis, published in May, indicates that Saudi Arabia had over 1,000 chocolate-producing facilities in 2023, with Riyadh accounting for around 35 percent of these production sites.

It also notes that the country’s chocolate market is segmented by confectionery variants — dark, milk, and white chocolate — and by distribution channels, including convenience stores, online retail, supermarkets, and others.

The report highlighted that this strong manufacturing base enables the country to produce around 50 percent of its chocolate domestically, thereby reducing reliance on imports while maintaining high-quality standards.

The firm estimates the Saudi chocolate market size at $1.23 billion in 2025 and projects it to reach $1.53 billion by the end of the decade, growing at a compound annual growth rate of 4.5 percent during the forecast period from 2025 to 2030.

“The Saudi Arabia chocolate market is experiencing significant transformation driven by changing consumer demographics and preferences. With over half the population under 25 years old as of 2023, the market is heavily influenced by younger consumers who are increasingly health-conscious yet maintain strong chocolate consumption patterns,” the Mordor Intelligence study stated.

It added that this demographic shift has led to interesting consumption patterns, with “studies showing that two-thirds of Saudi children consume chocolate twice daily in 2023.”

The firm believes that consumer spending patterns in the Kingdom’s chocolate market reflect the country’s growing affluence and changing preferences.

“In 2023, the annual chocolate expenditure per person in Saudi Arabia reached $41, significantly higher than the Middle Eastern average of $4. This high per capita spending is particularly noteworthy given that over 66 percent of consumers in Saudi Arabia claimed they were willing to pay more for quality products in 2022,” the analysis said.

The study noted that the trend toward premiumization has prompted chocolate manufacturers in the Kingdom to introduce more sophisticated product lines and innovative flavor combinations.

According to Mordor Intelligence’s global chocolate market analysis, the industry is experiencing a notable shift in consumption patterns, particularly in established markets where sophisticated consumer preferences are driving product innovation.

“Europe stands as a testament to this trend, processing 35 percent of the world’s cacao and accounting for 45 percent of global chocolate consumption in 2022. Switzerland leads this consumption pattern with an impressive chocolate consumption per capita of 11 kg in 2022, setting benchmarks for premium chocolate consumption globally,” the firm said in its release.

It added that this high consumption rate has encouraged manufacturers to expand their premium product lines and experiment with new flavors and formulations.

The company further reported that global chocolate demand is rising, driven by increased per capita consumption and a strong gifting culture. It added that Europe leads consumption, accounting for nearly 48 percent of the market, with the UK and Switzerland having the highest per capita rates.

Topics: chocolate Saudi chocolates chocolate industry

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Closing Bell: Saudi main index slips to 11,294

Updated 09 July 2025
Nirmal Narayanan
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Closing Bell: Saudi main index slips to 11,294

  • Parallel market Nomu edged down by 119.05 points to close at 27,343.79
  • MSCI Tadawul Index declined by 0.35% to 1,449.23
Updated 09 July 2025
Nirmal Narayanan

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Tuesday, shedding 51.39 points, or 0.45 percent, to close at 11,294.07. 

The total trading turnover on the benchmark index reached SR5.32 billion ($1.42 billion), with 65 stocks advancing and 187 declining. 

The Kingdom’s parallel market Nomu also edged down by 119.05 points to close at 27,343.79, while the MSCI Tadawul Index declined by 0.35 percent to 1,449.23. 

The best-performing stock on the main market was Arabian Centers Co., also known as Cenomi Centers, with its share price rising 7.60 percent to SR21.10. 

Arabian Drilling Co. also gained 5.66 percent to close at SR88.60, while Tourism Enterprise Co. climbed 5.49 percent to SR0.96. 

BAAN Holding Group Co. shares slipped 4.35 percent to SR2.42, ranking among the weaker performers of the day. 

On the announcement front, Alinma Bank launched a US dollar-denominated sukuk under its Trust Certificate Issuance Program, with the offering opening and closing on July 8, according to a Tadawul filing. 

The sukuk, which has a five-year maturity, requires a minimum subscription of $200,000, with increments in multiples of $1,000.

The bank noted that the sukuk will be listed on the International Securities Market of the London Stock Exchange, and issued in reliance on Regulation S under the US Securities Act of 1933. 

Following the announcement, Alinma Bank’s share price declined 0.74 percent to SR27. 

Meanwhile, Riyad Bank announced it had completed the issuance of US dollar-denominated Tier 2 trust certificates under its International Trust Certificate Issuance Program, with a total value of SR1.2 billion. 

According to a Tadawul statement, the bank issued 6,250 certificates, each with a nominal value of $200,000. These certificates will also be listed on the London Stock Exchange’s International Securities Market. 

Riyad Bank’s share price edged down 0.07 percent to close at SR28.88. 

Topics: Closing Bell Saudi exchange Saudi Stock Exchange (Tadawul)

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