Startup Wrap – Saudi ecosystem flourishes with funding and acquisitions

Startup Wrap – Saudi ecosystem flourishes with funding and acquisitions
Founded in 2023 by Akeed Azmi and David Reche, Cercli offers businesses tools to reduce human error and compliance costs across different markets. (Supplied)
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Updated 01 October 2024
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Startup Wrap – Saudi ecosystem flourishes with funding and acquisitions

Startup Wrap – Saudi ecosystem flourishes with funding and acquisitions

RIYADH: Saudi Arabia’s startup ecosystem continues to gain momentum, with multiple companies across diverse sectors securing significant funding.

From fintech to auto tech, these startups are attracting substantial investments, reflecting the growing confidence in the Kingdom’s entrepreneurial landscape.

One such company to pick up investment is Saudi Arabia-based autotech Syarah, which secured $60 million in a series C funding round led by Artal Capital, with participation from Elm, Impact46, Tawuniya, and Derayah Ventures.

This latest round brings the company’s total investment to more than $82 million.




Syarah was founded in 2015 by Salah Sharef and Fayez Al-Anazi. (Supplied)

Founded in 2015 by Salah Sharef and Fayez Al-Anazi, Syarah enables customers to purchase new and used cars online and have them delivered to their doorstep.

The company’s platform also offers used cars with a free inspection report, a five-day return policy, and a one-year warranty.

The funds will be used to drive Syarah’s continued expansion and growth in the Saudi automotive market.

Saudi fintech Malaa secures $17.3 million in Series A

Saudi fintech Malaa has closed a $17.3 million Series A round, led by SNB Capital, with additional support from Derayah Financial, Khwarizmi Ventures, Impact46, and WKN.

Established in 2021 by Ali Al-Oraini and Faisal Al-Qarni, Malaa provides a wealth management platform designed to help users make informed financial decisions through data-driven solutions.

The company plans to leverage the new funding to introduce a range of investment and savings products, enhancing its financial services offerings. Malaa previously raised $1.7 million in a seed round in 2022.

Saudi-based Thakaa Med secures seed funding for AI healthtech solutions

Saudi Arabia-based healthtech startup Thakaa Med has raised an undisclosed amount in seed funding from the Falak Angels syndicate.

Founded in 2022 by Al-Waleed Al-Badr, Thakaa Med specializes in AI-driven health care technologies aimed at providing predictive, preventive, and personalized medical solutions.

The funds will support the development of the company’s AI models and the market launch of its core products, Dental IQ and Chest IQ, which aim to revolutionize diagnostic capabilities in health care.

Tabby acquires digital wallet Tweeq

Saudi Arabia-based buy now pay later fintech Tabby has finalized its acquisition of Tweeq, a digital wallet licensed by the Saudi Central Bank.

Founded in 2019 by Hosam Arab, Tabby handles over $6 billion in annual transaction volume.

Tweeq, launched in 2020 by Saeed Albuhairi and Abdulaziz Almalki, offers a digital spending account that allows users to manage their finances efficiently.

The acquisition enables Tabby to expand its financial product suite by adding digital wallets, spending accounts, and money management tools. Tabby closed a $200 million Series D round in November 2023, crossing a $1.5 billion valuation.

Speaking to Arab News, Arab explained that the acquisition will open an array of services that tap into customer needs.

“We have really grown and seen extremely strong demand and appetite from the consumer for what we have offered. But we believe that the consumer needs are a lot broader and a lot wider,” he said.

“Tweeq’s acquisition really helps us to make the next step in our journey of starting to offer more than just a buy now, pay later solution and really getting into the financial needs of our everyday consumer,” Arab added.

Tarabut strengthens position with Vyne acquisition

Open banking platform Tarabut has acquired London-based fintech Vyne to expand its global reach.

Founded in Bahrain in 2019 by Abdulla Al-Moayed, Tarabut connects banks and fintechs through a universal application programming interface.

Vyne, established in 2019, offers real-time account-to-account payments for businesses. The acquisition will enhance Tarabut’s ability to deliver faster and more interconnected financial services across the region.

Earlier in 2023, Tarabut raised $32 million in a Series A round led by Pinnacle Capital.

In an interview with Arab News, Al-Moayed highlighted the reasons behind the acquisition.

“Vyne’s account-to-account payment technology brings a level of depth and efficiency to the region that’s unmatched by anything currently available,” he said.

“By enabling faster transactions and offering a comprehensive tech stack, we’re not just speeding up payments — we’re adding significant value with features like seamless reconciliation. This will make payments not only quicker but also more cost-effective, setting a new standard in the financial services sector across the Middle East, especially in Saudi Arabia,” he added.

Wattnow closes multi-million dollar funding round

Tunisia-based clean tech Wattnow has completed a multi-million dollar funding round, led by Lateral Frontiers and 216 Capital.

Other investors include Outlierz Ventures, Satgana, Octerra Capital, and strategic angels such as Karim Beguir, founder of InstaDeep, and Guillaume Amblard.

Founded in 2018 by Issam Smaali, Wattnow helps businesses optimize their energy usage through a combination of hardware and software solutions.

The fresh capital will support Wattnow’s global expansion and enhance its technology offering. The firm raised $1.3 million in a pre-series A round in 2022.

Cercli raises $4 million in seed funding

UAE-based HR tech Cercli has raised $4 million in a seed round led by Silicon Valley’s Afore Capital, with additional participation from COTU Ventures, Y Combinator, and Rebel Fund.

The round also included notable angels such as Karim Atiyeh, Sebastian Mejia, and Tony Jamous.




Founded in 2023 by Akeed Azmi and David Reche, Cercli offers businesses tools to reduce human error and compliance costs across different markets. (Supplied)

Founded in 2023 by Akeed Azmi and David Reche, Cercli offers businesses tools to reduce human error and compliance costs across different markets. The new funding will support the company’s growth and help attract top-tier talent.

This round marks Afore Capital’s debut in the Middle East and North Africa as it aims to tap into the region’s hidden potential.

Ziina closes $22 million series A

UAE-based fintech Ziina has raised $22 million in a series A round led by Altos Ventures, alongside Fintech Collective, Avenir Growth, and Activant Capital.

Founded in 2020 by Faisal Toukan and Sarah Toukan, Ziina allows users to send and receive payments via phone number, without the need for IBAN or Swift codes.

The funding will support the company’s plans to evolve from a payments platform into a full-suite financial services provider for both consumers and businesses, starting with the introduction of its new ZiiCard.

Hulexo secures seed investment for ERP expansion

UAE-based enterprise resource planning provider Hulexo has raised an undisclosed seed round from Arzan VC.

Launched in 2021, the firm provides customized ERP solutions to retailers, helping them streamline their operations through subscription-based services.

The investment will fund Hulexo’s expansion into the Kuwaiti and Saudi markets.

Verofax secures $3 million bridge round

UAE-based Web3 services provider Verofax has raised $3 million in a bridge round led by King Abdullah University for Science and Technology, Plug & Play Tech Center, Navig8 Group, and Trove Capital UK.

Verofax, founded in 2018 by Wassim Merheby and Jamil Zablah, uses Web3 technologies such as augmented reality, blockchain, and AI to enhance user experiences in tourism, retail, and brand marketing.

The funding will support Verofax’s expansion in the Middle East and Europe, including projects involving AI-powered guides for tourists and sports fans.


Foreign startup registrations in Saudi Arabia rise 118% 

Foreign startup registrations in Saudi Arabia rise 118% 
Updated 21 July 2025
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Foreign startup registrations in Saudi Arabia rise 118% 

Foreign startup registrations in Saudi Arabia rise 118% 

RIYADH: Saudi Arabia’s Ministry of Investment has granted 550 foreign new ventures the Startup Investment Registration, known as the Riyadi license, as of mid-2025, marking an annual rise of 118 percent. 

The Small and Medium Enterprises General Authority, known as Monshaʾat, has issued 364 licenses to business incubators and accelerators nationwide, according to a report by the body. 

Monshaʾat said these entities provide facilities for prototype development, mentorship, and connections to investors and commercial partners. 

The increase in Riyadi registrations aligns with the Kingdom’s surge in venture capital activity. 

According to regional platform MAGNiTT, Saudi Arabia led MENA VC funding in the first half of 2025, with $860 million raised, representing a 116 percent annual increase across 114 deals. This marked a 31 percent rise in deal count compared to the same period in 2024. 

This momentum built on a record 2024 performance, when startups in the Kingdom secured $750 million in funding and saw a 34 percent increase in early- and mid-stage “MEGA” rounds below $100 million.  

“This increase forms part of joint national efforts to reinforce the Kingdom’s role as a regional hub for entrepreneurship by streamlining market access for foreign startups and establishing a flexible regulatory environment that supports innovation and attracts investment,” Monsha’at’s report said. 

According to the Ministry of Investment, this trend reflects growing international interest in Saudi Arabia’s investment environment, underpinned by recent legislative changes, expanded digital infrastructure, and a range of support programs introduced in line with the objectives of Vision 2030. 

Saudi organizers have hosted international startup events, including Biban and LEAP, which feature presentations on the local ecosystem and investment opportunities. 

Government agencies and private-sector representatives have attended overseas gatherings, such as the Web Summit, VivaTech, and Slush, to facilitate networking with foreign entrepreneurs and promote the Kingdom as a potential base for regional operations. 

In addition to the Riyadi permit, the Ministry of Investment will issue a full suite of eight sector-specific business licenses, designed to accommodate virtually any foreign investor’s needs. 

These include service licenses, which permit 100 percent foreign ownership for activities such as IT, consulting, marketing, and hospitality; entrepreneurial authorizations that offer streamlined fees and access to government-led support for startups; and industrial licenses for establishing manufacturing facilities. 

Specialized agricultural permits cover crop cultivation and animal husbandry, while trade licenses authorize wholesale, retail and import-export operations. 

Additional categories encompass real estate licenses for development and brokerage projects, professional permits for individual practitioners and solidarity firms, and mining licenses for exploration and extraction activities. 

Each permit carries tailored minimum-capital requirements and documentation processes, but all are obtainable through MISA’s online portal, which centralizes application, approval and renewal under a unified regulatory framework. 


Closing Bell: Saudi main market closes in green with 10,981 points

Closing Bell: Saudi main market closes in green with 10,981 points
Updated 21 July 2025
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Closing Bell: Saudi main market closes in green with 10,981 points

Closing Bell: Saudi main market closes in green with 10,981 points
  • MSCI Tadawul 30 Index gained 0.27% to finish at 1,408.88
  • Parallel market Nomu slipped 0.30% to close at 27,080.02

RIYADH: Saudi Arabia’s Tadawul All Share Index closed higher on Monday, rising 16.46 points, or 0.15 percent, to end the session at 10,981.17.

The total trading value on the main market reached SR4.3 billion ($1.1 billion), with 95 stocks advancing and 148 declining. 

The MSCI Tadawul 30 Index also rallied, adding 3.86 points, or 0.27 percent, to finish at 1,408.88. 

The Kingdom’s parallel market Nomu slipped 82.58 points, or 0.30 percent, to close at 27,080.02. Of the listed stocks, 38 gained while 44 fell. 

The best-performing stock on the main market was SHL Finance Co., whose shares jumped 10 percent to SR23.87. 

Other notable gainers included Salama Cooperative Insurance Co., up 5.58 percent to SR13.62, Miahona Co. Limited, which gained 5.23 percent to SR26.94, Alamar Foods Co., rising 5.17 percent to SR53.95, and Fawaz Abdulaziz Alhokair Co., which climbed 4.92 percent to SR31.16. 

On the downside, Sahara International Petrochemical Co. posted the steepest drop of the day, falling 5.69 percent to SR17.90.  

Saudi Azm for Communication and Information Technology Co. declined 5.42 percent to SR 28.60, Alistithmar AREIC Diversified REIT Fund slipped 4.92 percent to SR 8.70, Wafrah for Industry and Development Co. fell 4.63 percent to SR27.20, and Riyadh Cables Group Co. dropped 4.13 percent to SR130. 

On the announcement front, Sports Clubs Co. is set to make its trading debut on Saudi Arabia’s main market on July 22. 

The listing follows an initial public offering in which Sports Clubs floated 34.32 million shares, representing 33 percent of its issued capital, at a nominal value of SR1 each.  

Demand saw the individual tranche oversubscribed by 5.3 times, with investors guaranteed a minimum allotment of ten shares. 

To help stabilize the share price in early trading, the bourse has set a plus or minus 30 percent daily price limit and a 10 percent static limit. 

Founded in 1994, Sports Clubs operates a network of 56 branches across 18 Saudi cities.  

Its portfolio includes 41 Body Masters men’s gyms, a brand established decades ago, and 15 Body Motions women’s clubs, introduced four years ago as part of the company’s gender-segmented expansion strategy. 


Jordan’s hybrid vehicle imports rise 31% YoY in H1

Jordan’s hybrid vehicle imports rise 31% YoY in H1
Updated 21 July 2025
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Jordan’s hybrid vehicle imports rise 31% YoY in H1

Jordan’s hybrid vehicle imports rise 31% YoY in H1

RIYADH: The number of hybrid vehicles imported into Jordan during the first half of 2025 rose by 31 percent year on year, reaching 6,834 units, new figures showed.

Released by the Jordan Free Zones Investors Commission, the numbers indicated that despite the increase, total vehicle clearance from the Zarqa Free Zone to the local market dropped by 9 percent annually during the same period, the Jordan News Agency, also known as Petra, reported.

The rise in imports of these vehicles aligns with a broader regional trend. An analysis published by market research firm Claight in December projects the hybrid vehicle industry across the Middle East and Africa to see a compound annual growth rate of 17.7 percent between 2025 and 2034.

The newly released Petra statement said: “The commission’s representative for the automotive sector, Jihad Abu Nasser, attributed the drop to shifts in consumer demand and the impact of recent regulatory and tax measures, particularly those affecting electric vehicles. He noted that several vehicle categories saw a downturn, including electric and diesel models.”

Gasoline car imports stayed fairly steady, with a slight 3 percent jump year on year during the first half of the year. The number of cleared gasoline cars increased from 2,683 to 2,753, representing a 70 vehicle increase.

Re-export activity from the free zones saw significant growth, with vehicle exports rising by 67 percent annually to reach 39,641 re-exported vehicles in the first half of the year.

The Petra statement added that Abu Nasser said the robust re-export growth underscores the responsiveness of Jordan’s free zones to regional market demands, particularly from Syria and Iraq. 

“He emphasized that the decline in local market clearances, combined with changes in consumer preferences and new policies, highlights the need for regulatory clarity and a stable investment environment. He added that the commission continues to monitor these developments closely due to their significant impact on the vehicle sector and investment activity in the free zones.”

Across the Middle East, interest in environmentally friendly alternatives to traditional combustion engine vehicles is gradually rising, as automakers accelerate the rollout of new EV models each year.

Saudi Arabia aims to have at least 30 percent of its cars be electric-powered by 2030, following its pledge to reach net-zero carbon emissions by 2060.

Meanwhile, the UAE is pushing for 42,000 EVs to be on its streets within the next decade. To meet the rising demand for green mobility, the UAE opened its first EV manufacturing facility in Dubai Industrial City in 2022, at a total cost of $408 million.

The Gulf Cooperation Council’s EV market is highly competitive, with Tesla at the forefront and brands like BMW, Audi, and Mercedes-Benz close behind.


Saudi crude exports rise to 6.2m bpd: JODI 

Saudi crude exports rise to 6.2m bpd: JODI 
Updated 21 July 2025
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Saudi crude exports rise to 6.2m bpd: JODI 

Saudi crude exports rise to 6.2m bpd: JODI 

RIYADH: Saudi Arabia’s crude oil exports rose to 6.19 million barrels per day in May, an annual increase of 1.19 percent, according to the Joint Organizations Data Initiative. 

The rise was driven by increased production, which also climbed during the month, rising by 2.12 percent year on year to 9.18 million bpd. 

This marks a continuation of the Kingdom’s phased dialling up of output as OPEC+ producers gradually unwind voluntary cuts introduced in previous years. 

The JODI figures come amid broader market developments in the global oil sector. Earlier this month, eight key OPEC+ producers, including Saudi Arabia, Russia, and the UAE, agreed to accelerate their phased output increases, announcing a larger-than-expected 548,000 bpd production hike for August.   

The decision, taken during a virtual meeting, reflects confidence in global economic resilience and healthy market fundamentals, according to the OPEC Secretariat. 

The eight-nation subset of the alliance has been gradually reversing 2.2 million bpd of voluntary production cuts separate from the bloc’s formal policy, with Saudi Arabia playing a leading role. 

This follows earlier monthly hikes of 411,000 bpd in May, June, and July, with a new, steeper increase slated for August. 

Saudi Arabia’s refined oil exports saw a sharper uptick, growing by 12.12 percent to reach 1.37 million bpd in May. 

This growth was largely driven by a 25 percent year-on-year surge in shipments of motor and aviation gasoline, which reached 325,000 bpd. Despite this increase, other major refined components recorded declines — gas diesel exports fell 2.62 percent to 594,000 bpd, while fuel oil shipments dropped 3 percent to 161,000 bpd. 

Gas diesel remained the dominant component of refined exports, accounting for 43 percent of the total, followed by motor and aviation fuels at 24 percent, and fuel oil at 12 percent. 

Refinery crude output in the Kingdom declined by 7.64 percent year on year, settling at 2.72 million bpd. 

Direct crude burn, the use of crude oil for domestic power generation, rose by 23 percent in May compared to the same month of 2024, reaching 48,000 bpd, according to JODI. 

This year-on-year increase is likely driven by a combination of factors, including the continued population growth across the Kingdom, which has expanded residential and commercial power consumption.


Saudi sustainable building demand triples

Saudi sustainable building demand triples
Updated 21 July 2025
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Saudi sustainable building demand triples

Saudi sustainable building demand triples
  • Growth reflects enhancements to ready-built property inspection service
  • 38 new projects have registered for sustainability assessment services

JEDDAH: Demand for environmental performance assessments under Saudi Arabia’s Sustainable Building program has tripled over the past five years, highlighting the Kingdom’s growing focus on eco-friendly development.

The growth follows the launch of the program’s digital platform, the automation of service procedures, and improved accessibility. It also reflects enhancements to the ready-built property inspection service, which now allows developers to submit detailed inspection requests for villa compounds and apartment buildings, according to a Saudi Press Agency report citing an official press release.

As part of the Kingdom’s Vision 2030 strategy, the nation is accelerating efforts to make its rapidly growing construction sector more sustainable and environmentally responsible.

Developed by the Ministry of Municipal, Rural Affairs, and Housing, the Mostadam, meaning “sustainable,” program is designed to suit the Kingdom’s local climate and environmental conditions. It promotes sustainable building practices by improving the efficiency of energy, water, and resource use, while supporting economic growth and job creation.

Projects are awarded one of five ratings, ranging from Green to Diamond, based on their compliance with established sustainability criteria.

“The program noted that six projects received sustainability assessment certificates during the first half of 2025, marking a 200 percent increase compared to the same period in 2024. Moreover, the number of projects granted design conformity certificates rose by 93 percent, reaching 29 projects,” SPA reported.

The release-based report said that 38 new projects, including four communities covering over 8 million sq. meters, have registered for sustainability assessment services, with a combined built-up area exceeding 700,000 sq. meters.

Since its inception in 2018, the platform has issued over 6,000 reports, encompassing property inspections and evaluations of construction quality.

The national program, in cooperation with the Real Estate General Authority, also announced that university students registered with the Saudi Council of Engineers are now eligible to enroll in training programs offered by the Saudi Real Estate Institute, SPA added.

The release said that the initiative aims to support students, enhance their professional readiness, and empower youth by enabling them to develop their skills and create a “Certified Engineer” account through the Mostadam platform.

The Sustainability Assessment is the Kingdom’s first evaluation system aligned with international best practices and the Saudi Building Code. It enables owners and developers to measure the sustainability of new and existing buildings through a comprehensive rating system, from design to maintenance.

The assessment standards were specifically developed to suit the nation’s climate and environmental conditions, focusing on key areas such as energy, water, health, and quality of life, consistent with the goals of Saudi Vision 2030.