Saudi Arabia, US in talks to sign deal on nuclear technology

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Updated 14 April 2025
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Saudi Arabia, US in talks to sign deal on nuclear technology

  • US and Saudi Arabia to sign agreement on energy investments and civilian nuclear technology
  • Further details on nuclear cooperation between Washington and Riyadh would come later this year

RIYADH: The US and Saudi Arabia will sign a preliminary agreement on energy cooperation and civilian nuclear technology, Energy Secretary Chris Wright told a press conference in the Saudi capital on Sunday.

The US official said that details on nuclear cooperation between the two countries would come later this year.

He said the cooperation will focus on building a commercial nuclear power industry in the Kingdom “with meaning developments expected this year.”

In a statement after the press conference, Ben Dietderich, press secretary and spokesperson for the US Department of Energy, said: “On Sunday, US Secretary of Energy Chris Wright announced that the United States and Saudi Arabia had agreed to sign a Memorandum of Understanding regarding energy cooperation.

“The MOU is legally non-binding, includes no financial commitments, and instead signifies the two nation’s intentions to identify areas in all fields of energy in which collaboration would advance the mutual interest and shared strategic goals of each participant.”

Responding to a question by Arab News, the top US official said the two sides will cooperate across major energy sectors with “US technologies and partnerships playing a key role.”

He said Saudi Arabia has excellent solar resources and room for technological improvement.

Wright also praised the Kingdom’s approach to efficient energy development and said it applied to all energy sources.

Commenting on the bilateral ties between the two countries, the energy secretary said: “I believe Saudi Arabia will be one of the leading countries investing in the US, which is a win for both nations.”

Wright extended his gratitude to Crown Prince Mohammed bin Salman and Energy Minister Prince Abdulaziz bin Salman for their warm hospitality, as he and his delegation arrived to strengthen bilateral ties and explore shared interests.

Wright said the talks with Saudi officials spanned a broad range of issues, including energy cooperation, critical minerals mining and processing, industrial development, and climate change.

“We discussed the core of what drives progress — human lives and how to improve them,” he noted. “Our conversations also addressed the challenges both our nations have faced in recent years, particularly in the energy sector.”

Wright told Arab News: “We talked across the energy spectrum. I think Saudi Arabia has clearly been a nation built on efficient and thoughtful development of energy resources.” 

Commenting on US tariffs, Wright outlined President Trump’s broader economic agenda, emphasizing that tariffs are just one component of a larger strategy.

He said the US has long welcomed imports from countries around the world, benefiting both those nations and American consumers.

“However, the president is strongly focused on ensuring that our trading partners offer the same level of openness to American goods.”

Wright added that the administration’s goal is to expand the flow of US exports while maintaining robust imports and international economic engagement.

“So, that is a way you could describe this, fair trade, not restricted trade, just fair trade, reciprocal trade,” the official said.

Wright said that another key part of his agenda addresses the outsourcing of many energy-intensive industries over the past two decades. These are sectors where the US once led in technology and production, but which have increasingly moved overseas, he added.

Wright further noted that many Americans have watched job opportunities shift overseas, leading to diminished economic prospects and reduced security for their families.

“He ran on a platform to bring those jobs back to America,” he said. “Tariffs are one way to provide a nudge — encouraging investment in the United States, supporting domestic manufacturing, and ultimately expanding economic opportunity and prosperity for Americans.”

Wright also expressed optimism about Saudi Arabia’s role in this evolving landscape, predicting it will become one of the leading countries investing in the US.

“I think that’s a win for the Kingdom, a win for the United States, and most importantly, a win for the American working class,” he said. “It means better job opportunities and lower costs of goods for American citizens.”

Discussing current oil prices, he expressed confidence in a shift under potential future leadership.

“Under President Trump’s leadership, in the next four years, we are almost certain to see lower average energy prices than we saw during the last four years of the current administration,” he said.

He noted that many Americans have grown increasingly frustrated with rising energy costs, particularly in the absence of significant growth in electricity production.

“They were frustrated to see the cost of powering their cars go up, their home heating bills rise, and their electricity bills increase—all without meaningful expansion in energy output,” he said.

“President Trump was elected on a platform to grow energy production. If you grow supply, you increase access and, at the margin, push prices down.”

He added that while he could not comment specifically on current oil prices or predict future levels, he believes the right policy environment could help ease costs.

“I do think we will see lower oil prices in the next four years than we’ve seen recently,” he said. “If you reduce barriers to investment and ease restrictions on infrastructure development, you lower the cost of supplying energy—and that benefits everyone.”

Corporations and nations alike can achieve greater profitability and energy reliability at a lower cost by removing barriers, eliminating inefficiencies, and challenging the growing pessimism around global energy demand, according to Wright.

“There is so much political force trying to say that energy consumption is bad,” he said. “The implication is that the seven billion people who don’t live like we do maybe never should—and that we should do everything possible to suppress global energy demand.”

“That approach is the opposite of what I believe to be sound policy, and it’s also contrary to what I see here in the Kingdom of Saudi Arabia,” he added. “There’s clear agreement that the way to build a better world is through more energy, not less; more prosperity, not less; and stronger international partnerships.”

Wright also noted Saudi Arabia’s growing interest in expanding its energy production capabilities—particularly through commercial nuclear power.

“The technology for commercial nuclear power was developed in the United States,” he said. “We are continuing our dialogue on how the US and Saudi Arabia can cooperate to ultimately build a commercial nuclear power industry here in the Kingdom.”

Saudi Arabia has long prioritized energy diversification, with commercial nuclear energy emerging as a key area of strategic interest. As the Kingdom seeks to broaden its energy mix, it continues to leverage its deep-rooted expertise in the energy sector.

“This has been an ambition in Saudi Arabia for some time, and for good reason,” Wright said. “Energy has been a central industry here—certainly not the only one—but one in which the country has achieved great success.”

He highlighted the Kingdom’s mineral resources, including uranium, as a natural advantage in pursuing nuclear power development.

In addressing the future of global energy, Wright emphasized the importance of long-term planning and sustained investment over short-term price fluctuations or political cycles.

“It’s clear that the world needs far more energy,” he said. “But energy development isn’t something that happens over weeks or months—it requires planning over decades.”

He stressed that ongoing US-Saudi cooperation, along with shifts in Washington’s energy policy, could lead to accelerated economic growth in both nations and globally.

“That’s not just good for our economies—it’s good for humanity,” he said. “But to make that future a reality, we need significant investments across the full spectrum of energy and the infrastructure to support it.”

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Saudi Arabia on track to lead global hydrogen market

Updated 03 May 2025
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Saudi Arabia on track to lead global hydrogen market

  • Kingdom aiming to be responsible for 15 percent of world’s blue hydrogen production

JEDDAH: Saudi Arabia is positioning itself as a leader in the hydrogen economy, with significant investments in both green and blue versions of the fuel with the aim to generate half of the Kingdom’s electricity from renewable sources by 2030.

With its commitment to achieving net-zero emissions by 2060, strategic partnerships, and projects like NEOM’s hydrogen initiative, Saudi Arabia is paving the way for a sustainable, hydrogen-powered future.

Saudi energy giants, including Aramco and ACWA Power, are leading major projects in this area aligned with the country’s sustainability goals.

ACWA Power’s Sudair solar plant, with a 1,500 megawatt capacity, will offset 2.9 million tonnes of carbon emissions annually. Aramco is also involved in $30 billion renewable energy projects with the Public Investment Fund and other partners.

Yaseen Ghulam, associate professor of economics and director of research at the Riyadh-based Al-Yamamah University, told Arab News that Saudi Arabia plans to invest up to $10 billion in green hydrogen manufacturing firms, aiming to be responsible for 15 percent of the world’s blue hydrogen production. “Aramco aims to generate 11 million tonnes of blue ammonia annually by 2030. In a well-established plan, Saudi Arabia is aggressively investigating the application of hydrogen in many fields. More specifically, the country is also exploring hydrogen applications in industrial, power generation, and transportation, and car fuel for fuel cell-powered vehicles,” Ghulam said.

He added that the country’s Vision 2030, smart trade relationships with Europe and Asia, technological advancements, and government support are driving these plans and progress in the hydrogen energy sector.

The expert noted that integrating hydrogen into Saudi Arabia’s blue economy is a key strategy for sustainable growth, with green hydrogen set to transform industries like transportation, steel production, and heavy-duty vehicles.

“The global green hydrogen market is expected to see annual growth of more than 40 percent by 2030, reaching $72 billion. By 2050, the demand for green hydrogen could replace 37 percent of the world’s oil production. Saudi Arabia, with its focus on the blue economy since the start of Vision 2030, is making efforts to transition to this next stage by producing and using green hydrogen,” he said.

The academic emphasized that Saudi Arabia’s natural environment — specifically its sunny, windy desert landscapes — creates favorable conditions for green hydrogen production. Youssef Saidi, a research fellow at the Economic Research Forum and a member of the Saudi Economic Association, agreed with Ghulam, adding that the abundant renewable energy resources, including solar, wind, and geothermal, make the Kingdom an ideal location for green hydrogen production. 

The global green hydrogen market is expected to see annual growth of more than 40 percent by 2030, reaching $72 billion. By 2050, the demand for green hydrogen could replace 37 percent of the world’s oil production. Saudi Arabia, with its focus on the blue economy since the start of Vision 2030, is making efforts to transition to this next stage by producing and using green hydrogen.

Yaseen Ghulam, Associate professor of economics and director of research at Al-Yamamah University

Ghulam noted that green hydrogen has potential applications in numerous industries that are expected to play a prominent role in the success of Vision 2030, including transportation, steel production, ammonia manufacturing, and heavy-duty vehicles.

“It can also be used for energy storage, powering transportation, and stabilizing the electrical grid. Currently, many industries that are vital for the blue economy are ready to accept hydrogen, and some industries, such as shipping, transportation, and heavy industry, are preparing for it in the near future,” he said.

Discussing the cost of hydrogen energy production, Ghulam stated that global prices are expected to range between $2 and $7 per kilogram, while Saudi Arabia’s cost is projected to be just $2.16 per kilo.

He noted, however, that if domestic natural gas prices remain stable, the cost of producing blue hydrogen could drop to $1.13 per kilogram. “This will, of course, help the Kingdom’s blue economy progress steadily in the next few decades and beyond,” he said.

According to the International Energy Agency, global hydrogen investments have surged, with the NEOM Hydrogen Project leading the way as the largest to reach a final investment decision, boasting 2.2 gigawatts of electrolyzer capacity.

Ghulam pointed out that Saudi Arabia’s success in the hydrogen sector is also driven by strong international collaborations, such as joining the International Partnership for Hydrogen and Fuel Cells in the Economy, a global initiative aimed at advancing hydrogen and fuel cell technologies.

He added that NEOM, ACWA Power, and Air Products have also formed a $500 billion renewable energy-powered Helios Green Hydrogen and Ammonia Project.

“The facility is expected to produce 650 tonnes of green hydrogen daily by 2026,” he said, adding that Aramco, MIG, and IE have partnered to establish new green hydrogen and ammonia production facilities.

“Germany and the Kingdom are collaborating to develop clean hydrogen technology. King Abdullah University of Science and Technology, NEOM’s Education, Research, and Innovation Foundation along with Enowa, NEOM’s sustainable energy and water systems subsidiary, have recently made agreements to promote the hydrogen economy,” he said.

According to Saidi, the King Salman Energy Park, the Blue Ammonia Supply Chain project, Hydrogen City within the NEOM megaproject, and the Helios Green Fuels Project are all ambitious renewable power initiatives.

He added that these are not the only developments, as the Kingdom has all the resources needed to position itself as a global leader in the renewable energy market and play a key role in achieving long-term global carbon neutrality goals.

Ghulam noted that the demand and supply of hydrogen energy are expected to grow exponentially due to the growing focus on clean energy, as Saudi Arabia is distinguishing itself compared to major global hydrogen producers. 

He noted that 10 percent of the world’s energy may come from hydrogen by 2050, resulting in a market value of up to $700 billion. “The clean hydrogen market is expected to increase to $640 billion in 2030, compared to the $160 billion in 2022,” the associate professor said.

He explained that while the EU aims to produce 10 million tonnes of green hydrogen and import an additional 10 million tonnes, Saudi Arabia is aiming to become the world’s largest exporter of the fuel by 2030, producing 1.2 million tonnes of green hydrogen.

“The Kingdom’s location along trade routes allows for fast shipping of hydrogen to markets in Northern Europe, South Korea, Japan, and Singapore,” he said.

He said that the Kingdom’s expertise as a major international oil producer — and the existing related infrastructure — offer a strong basis for developing and expanding green hydrogen export capabilities.

“King Abdullah Petroleum Studies and Research Center estimates that financing costs in the Kingdom are at least 200 basis points less than those in Germany, with green hydrogen costing between $1- $2/kg, making it the cheapest producer with clear comparative advantage in international trade of this vital product,” the associate professor said.

More importantly, he concluded, the Kingdom’s ambition to retain its dominance in the international energy trade remains strong, driven by substantial investments and advancements in the hydrogen energy sector.

Meanwhile, Saidi told Arab News that Saudi Arabia is set to play a key role in the global energy transition, leveraging its expertise to develop and scale hydrogen production.

He added that the Kingdom’s abundant hydrocarbon resources can support blue hydrogen production through Steam Methane Reforming with carbon capture and storage.

Saidi explained that international partnerships and private investment are driving Saudi Arabia’s hydrogen sector growth. He noted that the Kingdom aims to become a global hydrogen supplier and has established several joint ventures to develop the necessary infrastructure. “These include partnerships between Air Products and ACWA Power, SABIC and ExxonMobil, and Air Liquide and Tasnee,” he said.

He emphasized that international partnerships enable Saudi Arabia to access cutting-edge technologies and expertise in hydrogen production, storage, and transportation.

Saidi added that these deals also provide market access, which is crucial for scaling up hydrogen production and positioning the Kingdom as a global leader in clean energy.


How Saudi Arabia is reshaping the global talent landscape

Updated 03 May 2025
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How Saudi Arabia is reshaping the global talent landscape

  • The influx of international talent is vital for advancing key sectors such as healthcare, tourism, and renewable energy

RIYADH: In the field of attracting global talent, Saudi Arabia stands out as a hub of innovation and opportunity, recruiting skilled professionals from all over the world to drive growth in key sectors including technology, finance, and manufacturing.

With a strong focus on talent development and labor market improvements, initiatives such as the Premium Residency program represent an important step in transforming the Kingdom’s workforce.

More than 2,600 healthcare workers became beneficiaries of this scheme, dubbed the Saudi Green Card, in October – a clear sign that the Kingdom is proactively working to secure international talent within the country’s borders

How Saudi Green Card is reshaping landscape for global talent attraction in Saudi Arabia

Launched in 2021, the Premium Residency program offers long-term residency to skilled workers, entrepreneurs, and investors to create a more competitive environment for top professionals.

It offers expats access to benefits available to Saudi nationals, including the ability to own property, start businesses, and make use of public services. 

Raymond Khoury, partner and public sector practice lead, at Arthur D. Little, Middle East, believes the program will positively impact key sectors by attracting the talent  needed to service the growing population — set to rise from 34.4 million today to 55 million by 2030.

“Such incentives allow skilled professionals to have a more stable personal life environment with their families and the facility to make long-term investments in their careers – a better work-life balance in general,” Khoury told Arab News.

The Arthur D. Little partner went on to note that attracting skilled professionals in sectors like healthcare, technology, tourism, and renewable energy will help diversify Saudi Arabia’s economy, reduce oil dependency, and boost gross domestic product through innovation and strategic partnerships in non-oil industries.

“The program also facilitates international professionals in academia and research, allowing for stronger collaborations between universities and private institutions in Saudi Arabia and their international counterparts,” he said.

Khoury added that while the initiative does face challenges, such as the time it takes for international talent to adapt to local cultural and legal norms, these can be mitigated by providing clear integration pathways and support for newcomers. 

The international talent infusion not only accelerates progress within key sectors but also drives cultural and intellectual exchange, fostering long-term growth and innovation.

Raymond Khoury, Partner and public sector practice lead at Arthur D. Little, Middle East

While Saudi Arabia has this program, its Gulf Cooperation Council neighbors, such as UAE and Qatar, have their own talent attraction schemes in place, meaning there is competition for skilled professionals, Khoury explained. Abhishek Sharma, partner at Oliver Wyman’s Government and Public Institutions practice for India, Middle East and Africa, said the Kingdom’s Premium Residency program is transforming the expatriate model by attracting highly skilled professionals.

“Given the Kingdom’s large-scale economic ambitions and the significant opportunities emerging across various sectors, these factors collectively position Saudi Arabia as an increasingly attractive destination for global talent,” Sharma told Arab News.

The Saudi Green Card is improving talent mobility especially in technology, by allowing professionals to work and live without a sponsor, he added. 

This supports Vision 2030’s goal of making Saudi Arabia an innovation hub, and boosts technological growth in sectors like artificial intelligence and digital transformation, according to Mamdouh Al-Doubayan, managing director of Middle East and North Africa at Globant.

“However, while attracting global talent is crucial, sustainable growth depends on balancing international expertise with local knowledge development. The real opportunity lies not just in recruitment but in fostering a dynamic, homegrown workforce capable of driving long-term digital adoption,” Al-Doubayan told Arab News.

International talent influx 

The influx of international talent is vital for advancing key sectors in Saudi Arabia, such as technology, healthcare, tourism, and renewable energy — all of which support Vision 2030’s goal of reducing oil dependence and fostering a sustainable, knowledge-based economy.

Khoury believes innovation and technology advancement across core and adjacent sectors is critical in creating innovation hubs and driving the digital transformation of industries.

“This also covers supporting technology research, development and innovation startups and an encompassing ecosystem that fosters knowledge transfer and international collaboration,” he said.

Healthcare was raised as an area where attracting skilled medical professionals — doctors, nurses, and researchers — can effectively and efficiently improve patient outcomes, introduce advanced medical practices, and lead groundbreaking research. 

By incentivizing industries that rely on highly skilled professionals, Saudi Arabia can accelerate sectoral growth and enhance its overall economic contribution.

Abhishek Sharma, Partner at Oliver Wyman’s Government and Public Institutions practice

“Establishing the Kingdom as an attractive medical tourist destination is part and parcel of some mega-projects — for example the Red Sea project — today under Vision 2030,” Khoury said.

The Arthur D. Little partner also highlighted that improving the education sector in Saudi Arabia is essential for building a knowledge-based economy, particularly in STEM fields.

Attracting international talent in tourism, hospitality management, event planning and arts development is key for Saudi Arabia, particularly for destinations such as Qiddiya and the Red Sea project, where the target is to attract and service between 60 million and 70 million visitors per year by 2030.

“Such a large target requires domain knowledge of global trends and international best practices, which international talent can bring in a timely manner,” Khoury said.

He also flagged the need for international expertise in green technologies as being crucial for Saudi Arabia’s Vision 2030, especially in renewable energy. Global partnerships and innovative solutions will aid in achieving net-zero emissions, optimizing energy efficiency, and creating sustainable business models.

“The international talent infusion therefore not only accelerates progress within key sectors but also drives cultural and intellectual exchange, fostering long-term growth and innovation for the Kingdom,” Khoury said.

Knowledge economy

From Oliver Wyman’s side, Sharma explained that human capital is a key driver of economic growth, with skilled professionals fostering expansion, which in turn attracts more talent. Saudi Arabia is set to experience this positive cycle over the next seven to 10 years.

“As the Kingdom advances toward its Vision 2030 goals, transitioning to a knowledge-based economy, improving the overall quality, skill level, and productivity of the workforce will be critical. By incentivizing industries that rely on highly skilled professionals — such as professional services, technology, and advanced manufacturing — Saudi Arabia can accelerate sectoral growth and enhance its overall economic contribution,” he said. 

While attracting global talent is crucial, sustainable growth depends on balancing international expertise with local knowledge development.

Mamdouh Al-Doubayan, Managing director of Middle East and North Africa at Globant

According to Al-Doubayan from Globant, international talent is crucial to the Kingdom’s shift toward a knowledge-based economy, bringing specialized skills and innovative approaches, particularly in technology. 

Collaborating with local professionals drives progress, supports Vision 2030’s goals of economic diversification, and enhances competitiveness in a digital, AI-driven world.

“By integrating global expertise with local capabilities, Saudi Arabia is not only strengthening its workforce but also creating an environment where homegrown talent can thrive. The impact goes beyond immediate job creation — it builds a long-term, self-sustaining innovation ecosystem that reduces reliance on traditional industries and positions the Kingdom as a leader in digital transformation,” he said.

Future strategies 

As Saudi Arabia aims to become a global hub for business, technology, and culture through Vision 2030, the ongoing influx of international talent will play a crucial role in driving economic growth and fostering innovation.

Arthur D. Little’s Khoury believes that enhancing immigration policies, including expanding programs like the Saudi Green Card, could see tailored benefits being offered to professionals in sectors such as renewable energy, AI, and biotech, as well as healthcare and fintech, providing long-term opportunities.

He explained that availing and advancing innovation hubs and ecosystems in support of attracting and retaining tech entrepreneurs, researchers, and innovators, is vital, as is offering them not only business opportunities but also a platform to collaborate with global experts in their fields. 

“This is a key focus of the Saudi Research Development and Innovation Authority in its aim to bolster RDI capabilities and create a compelling environment for leading scientists, engineers, and researchers,” Khoury said.

He added that the government is boosting investments in incubators, accelerators, and venture capital to support local and international startups, aiming to create a diverse innovation ecosystem and foster new tech-driven industries.

Additionally, the partner explained how the Kingdom’s investment in education and upskilling initiatives to build a knowledge-based economy, focusing on attracting international students and researchers while pairing global talent with local professionals, will enhance expertise.

“Having a skilled and diverse workforce will better enable Saudi Arabia to effectively compete on the international stage and attract more high-value investments that will spur further economic development and prosperity,” Khoury said.

Oliver Wyman’s Sharma highlighted attracting top talent is key to the Kingdom’s goal of becoming a global leader in AI.

He said that a parallel strategy of aggressively upskilling the local workforce will be “equally critical” in sustaining long-term economic and innovation-driven growth.

Al-Doubayan from Globant explained with growing demand for skilled professionals in technology, entertainment, and sustainability, organizations must offer not just jobs but upskilling, career development, and innovation-driven environments to position the Kingdom as a long-term career destination.

He said: “The increasing integration of AI across industries is intensifying competition for top talent. Organizations now face a paradigm shift: moving from simply retaining talent to empowering professionals to grow, innovate, and remain engaged within the Kingdom’s evolving workforce. The key challenge is no longer just recruitment — it is creating an environment where individuals choose to stay despite global demand for elite professionals.”


MENA firms raise $180m in 7-day funding blitz

Updated 03 May 2025
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MENA firms raise $180m in 7-day funding blitz

  • Activity reflects continued investor confidence in multiple sectors

RIYADH: Startups across the Middle East and North Africa kicked off the second quarter of 2025 with a wave of funding rounds, acquisitions, and strategic mergers.

The activity reflects continued investor confidence in sectors ranging from fintech and food tech to health tech and Software-as-a-Service. 

Saudi Arabia and the UAE led the charge, underscoring their growing prominence as hubs for regional startup innovation. 

Fintech startup Erad, based in the Kingdom, has raised $16 million in a pre-series A funding round with participation from Y Combinator, Nuwa Capital, and Khwarizmi Ventures, as well as Aljazira Capital, VentureSouq, Oraseya Capital, and Joa Capital. 

The round follows its $2.4 million pre-seed raise three years ago, backed by several of the same investors. 

Founded in 2022 by Salem Abu-Hammour, Faris Yaghmour, Abdulmalik Al-Meheini, and Youssef Said, Erad provides Shariah-compliant, data-driven financing to micro, small and medium-sized enterprises in Saudi Arabia and the UAE. 

UAE-based fintech Fuze has raised $12.2 million in a series A round led by Galaxy and e& capital, with participation from Further Ventures. (Supplied)

“While SMEs continue to power the GCC (Gulf Cooperation Council) economy, entrepreneurs in retail, F&B (food and beverage), healthcare, and beyond struggle to secure the capital they need to scale up. Over 60 percent of our customers are first-time credit takers, and we are proud to be partners in their growth while fostering financial inclusion,” Abu-Hammour said. 

The company claims its platform enables access to funding in as little as 48 hours. The new capital will support Erad’s geographic expansion, local hiring, and product development, aligning with Saudi Vision 2030’s goals to increase SME economic contribution.

Techrar secures $1.6m to scale recurring billing platform 

Techrar, a Saudi subscription and billing management platform, has raised $1.6 million in funding led by Wa’ed Ventures, the venture capital arm of Aramco. 

Founded in 2022 by Safwan Saigh, Fawzan Al-Khlawi, and Rania Shaker, Techrar focuses on managing subscriptions, memberships, and recurring billing. 

The investment will be used to expand the team, develop new products, and support customer acquisition.

iMENA Group secures $135m  pre-IPO investment 

Saudi-based iMENA Group has raised $135 million in a pre-initial public offering funding round through a combination of private placement and in-kind contributions. 

The round included participation from Sanabil Investments, FJ Labs, and SellAnyCar founder Saygin Yalcin, among other Saudi investors. 

Co-founded in 2012 by Nasir Al-Sharif, Khaldoon Tabaza, and Adey Salamin, iMENA is the parent company of platforms including OpenSooq, SellAnyCar, and Jeeny. 

The company will use the funds to increase its stake in these core businesses, pursue vertical and geographic expansion, and improve operational synergies across its portfolio. 

Healthtech startup Tuba raises $8m pre-seed round 

Saudi Arabia-based health tech startup Tuba has secured $8 million in a pre-seed funding round led by Al-Waalan Investment with participation from angel investors.  

Founded in 2025 by Fayez Al-Anazi, Tuba leverages artificial intelligence to enhance healthcare management by improving operational efficiency and creating more transparent, patient-centric experiences. 

The funds will be used to build technical infrastructure, grow the team, and scale operations in line with its vision of digitally transforming the healthcare sector. 

STV launches $100m Shariah-compliant fund

STV has announced the final close of its $100 million STV NICE Fund I, a non-dilutive capital vehicle aimed at supporting the growth of tech startups in Saudi Arabia through Shariah-compliant financing solutions.

Backed by SAB Invest’s Alternative Financing Fund, a CMA-licensed private fund, and several regional family offices, the initiative is supported by the National Technology Development Program.

The fund seeks to fill a key financing gap by offering non-dilutive capital to early- and growth-stage technology ventures.

Fuze raises $12.2m to expand infrastructure 

UAE-based fintech Fuze has raised $12.2 million in a series A round led by Galaxy and e& capital, with participation from Further Ventures. 

Founded in 2023 by Mo Ali Yusuf, Arpit Mehta, and Srijan Shetty, Fuze provides Digital-assets-as-a-Service, over-the-counter trading, and stablecoin infrastructure. 

The company says it has processed over $2 billion in digital asset volume to date. The funds will be used to accelerate regional and global expansion, enhance product offerings, and grow the team. 

Calo enters UK market through dual acquisition 

Saudi-headquartered food tech startup Calo has expanded into the UK with the acquisition of Fresh Fitness Food and Detox Kitchen, two established brands in the health-focused food delivery sector. 

Founded in Bahrain in 2019 by Ahmed Al-Rawi and Moayed Al-Moayed, Calo offers personalized meal subscriptions for health-conscious consumers. 

The company raised $25 million in a series B round in December 2023, led by Nuwa Capital, with participation from STV, Khwarizmi Ventures, and regional family offices. 

Calo currently operates in Saudi Arabia, the UAE, and Bahrain, as well as Qatar and Kuwait, and plans to go public in Saudi Arabia by 2027. 

Miran and Welnes merge to form holistic health platform 

AI-driven health and fitness app Miran has merged with Welnes, a fitness community platform, in a strategic move to combine personalized technology with a community-based approach. 

Miran offers tailored meal plans, workout routines, and health insights through AI. Welnes, backed by Flat6Labs, Samurai Incubate, UI Investments, and angel investors, connects users with coaches and wellness programs. 

The merged entity aims to deliver a comprehensive health platform targeting the growing wellness market in Saudi Arabia. 

Zest Equity raises $4.3m to scale secondary shares platform 

Zest Equity, a UAE-based fintech enabling secondary share transactions, has raised $4.3 million in pre-series A funding. 

The round was led by Prosus Ventures and included participation from Morgan Stanley Inclusive and Sustainable Ventures. 

Founded in 2021 by Rawan Baddour and Zuhair Shamma, Zest Equity facilitates secondary share sales for ecosystem participants such as founders and venture capitalists. 

The company will use the capital to grow in Saudi Arabia and the UAE, hire specialized talent, and develop its technology infrastructure. Zest previously raised $3.8 million in a seed round in October 2023. 

BloomPath raises $1.3m pre-seed to enhance workflow analytics 

US-based SaaS startup BloomPath has raised $1.3 million in a pre-seed round led by RAED Ventures, with participation from Ulu Ventures, Wamda Capital, +VC, and angel investors. 

Founded in 2024 by Mohammad Kotb and Ahmed Gad, BloomPath offers AI-powered workflow tools designed to track progress, analyze patterns, and monitor team performance. 

The funding will support product development, team expansion, and customer acquisition. 

Hushday raises $550k to launch premium retail platform 

UAE-based e-commerce startup Hushday has raised $550,000 in a pre-seed round from undisclosed regional investors. 

Founded earlier this year by Jennifer Cohen Solal and Riad Djabri, Hushday offers an invitation-only platform for consumers to access premium and luxury brands’ excess inventory while preserving brand positioning and pricing. 

The company plans to launch in the UAE and expand into Saudi Arabia, Qatar, and Kuwait. 

iQ Cars raises 7-figure seed round to expand automotive platform in Iraq 

Iraq-based automotive platform iQ Cars has raised a seven-figure seed round led by Euphrates Ventures. 

Founded in 2020 by Amer Salih, iQ Cars operates an online marketplace featuring more than 34,000 car listings and over 1,000 dealerships. 

The company, now registered as Iraq’s first private joint stock company, plans to expand across the country while enhancing transparency and innovation in the sector, according to a press release.


Pakistan’s factory PMI dips in early sign of global tariff headwinds

Updated 03 May 2025
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Pakistan’s factory PMI dips in early sign of global tariff headwinds

  • New orders slumped while export orders in particular plummeted
  • Employment fell for a second month as manufacturers cut costs

KARACHI: Pakistan’s manufacturing sector growth slowed to a seven-month low in April, with the HBL Pakistan Manufacturing Purchasing Managers’ Index (PMI)easing to 51.9 from 52.7 in March, as concerns over global trade weighed, HBL said in a press release.
The latest dip in the index hints at the impact of US President Donald Trump’s trade tariffs, said Humaira Qamar, Head of Equities & Research at HBL.
“We believe that the latest PMI dips are early signs of the headwinds to the global economy from the introduction of US tariffs,” said Humaira Qamar — Head Equities & Research at HBL.
New orders slumped while export orders in particular plummeted. Employment fell for a second month as firms cut costs, said Qamar.
Qamar warned that any US stagflation would hurt Pakistan’s exports, particularly to the US which accounts for 18 percent of its total, potentially prolonging the manufacturing downturn, though lower commodity prices could provide some relief, she added.
Despite the slowdown, the PMI remains above 50, indicating expansion amid a favorable inflation outlook.
Qamar said she expects an interest rate cut on Monday due to strong deflationary pressures. But a Reuters poll suggests Pakistan’s State Bank will hold rates steady at 12 percent, following a surprise pause in its last meeting due to geopolitical tensions and inflation concerns.
Pakistan’s annual inflation rate fell to 0.3 percent in April, well below the Ministry of Finance estimate of 1.5 percent to 2 percent. The central bank forecasts average inflation to be in the range of 5.5 percent to 7.5 percent for the fiscal year ending June.
Pakistan’s largest bank, HBL, and global financial information and analytics firm S&P Global launched the index In February to track the country’s manufacturing sector.


Pakistan stocks slide on India tensions, key sectors lose up to 15% after Kashmir attack

Updated 03 May 2025
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Pakistan stocks slide on India tensions, key sectors lose up to 15% after Kashmir attack

  • Foreign investors remained net sellers in April, taking their outflows since July to $252 million
  • The market recovered some of its losses on Friday but remains volatile heading into next week

KARACHI: Pakistan’s renewed tensions with archrival India have weighed heavily on the country’s stock market, with key sectors like refineries posting losses of up to 15 percent since a gun attack killed 26 tourists in the disputed Kashmir region on April 22, according to analysts and market data on Friday.
India blamed Pakistan for the attack despite Islamabad’s denial and call for a neutral probe. The escalation, which has seen border closures, tit-for-tat diplomatic expulsions and fears of military confrontation between the nuclear-armed neighbors, has drawn international concern.
The KSE-100 Index, Pakistan’s benchmark stock gauge, fell 6 percent over six trading sessions following the attack, according to Pakistan Stock Exchange (PSX) data.
The market recovered some losses on Friday but remained volatile heading into next week.
“Pakistan’s stock market experienced heightened volatility after the Pahalgam attack,” Sana Tawfik, an economist and head of research at Arif Habib Ltd., told Arab News while referring to the attack in Indian-administered Kashmir.
Between April 22 and April 30, the index dropped 7,104 points or 6 percent, she said.
Key sectors bore the brunt of the sell-off, including refineries (-15.4 percent), transport (-15 percent), pharmaceuticals (-12.9 percent), jute (-11.6 percent) and engineering (-9.2 percent).
“This decline reflects broad investor risk aversion amid geopolitical uncertainty,” she added.
The latest flare-up with India added to pressure on Pakistani equities, which had already been hit by US President Donald Trump’s tariff increases last month. That triggered panic selling and a one-hour trading halt at the PSX.
“Foreigners remained net sellers [in April] as well, taking 10MFY25 net outflow to around $252 million,” JS Global Capital Ltd., the largest broking and investment banking firm in Pakistan, said in a note to clients.
Muhammad Waqas Ghani, its head of research, said investor caution over Pakistan’s escalating tensions with India had driven the recent market volatility.
“The impact of geopolitical concerns is beginning to wear off,” he said.
On Friday, the KSE-100 rebounded 2.5 percent to 114,113 points, trimming overall losses to 3.6 percent. Ghani attributed the recovery to US diplomatic efforts to defuse tensions between the two neighbors.
“The market opened positive today [Friday], gaining 2,900 points or 2.6 percent in the first half,” he said.
Analysts said calls for restraint from the US, United Nations and other members of the International community contributed to Friday’s rally.
US Vice President JD Vance told Fox News in a podcast interview that Washington was working to prevent further escalation and preserve regional peace.
Mohammed Sohail, CEO at Topline Securities Ltd., said stocks bounced back as investors regained confidence amid “signals of easing tensions.”
JS Global said market sentiment could improve further after the International Monetary Fund’s (IMF) expected release of funds for Pakistan following its upcoming executive board meeting this month.
“Materialization of planned foreign inflows, likely after IMF disbursement, along with geopolitical stability, remains crucial for the country and equity markets,” it added.