MENA startups get fresh funding to drive expansion

The latest funding rounds highlight investor confidence in emerging technologies and innovative business models reshaping markets in the region. (Shutterstock)
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Updated 15 March 2025
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MENA startups get fresh funding to drive expansion

  • Latest funding rounds highlight investor confidence in emerging technologies

RIYADH: A wave of new investments is fueling the growth of startups across various sectors, from fintech and e-commerce to healthcare and sustainability.

The latest funding rounds highlight investor confidence in emerging technologies and innovative business models reshaping markets in the region and beyond.

Aya, a Saudi e-commerce platform specializing in modest fashion, has closed a SR6 million ($1.5 million) seed funding round.

The investment was led by Khwarizmi Ventures, with participation from Raed Ventures, Joa Capital, and FENA Holdings, as well as Turki Alrajhi and a group of angel investors.

Founded by Munira Al-Kadi and Abdulrahman Al-Ammar, Aya aims to unify the modest fashion market through a trend-driven discovery platform.

The company leverages real-time customer insights to predict trends, enabling local manufacturers to deliver on-demand fashion efficiently.

“This investment is more than capital — it’s validation of our bold vision to disrupt a massive, fast-growing traditional market,” said Al-Kadi.

“We’re entirely changing the game, and we’re looking for fearless, entrepreneurial talents to join our mission,” she added.

Homam Meaddawi, partner at Khwarizmi Ventures, highlighted Aya’s potential in an industry that is seeing rapid growth. 




Founded by Munira Al-Kadi and Abdulrahman Al-Ammar, Aya aims to unify the modest fashion market through a trend-driven discovery platform. (Supplied)

“We are proud to support talented founders who formerly worked together in e-commerce. Aya aims to disrupt the modest fashion industry, beginning with the multi-billion dollar, fragmented abaya market,” he said.

With this investment, Aya plans to enhance its platform, refine its product offerings, and expand its reach within the region.

Ajras secures $1.5m pre-series A round for proptech expansion

Saudi property tech startup Ajras has raised $1.5 million in a pre-series A funding round led by Veda Holding.Founded in 2022 by Muath Al-Jubailan, Ajras provides innovative financing solutions to simplify rent payments for the commercial and industrial sectors.

The company is licensed by the General Authority for Real Estate and recently introduced a rent now, pay later solution.

The latest investment follows Ajras’ SR105.05 million seed funding round closed in November 2023, which was led by Madarek International. 




 Founded in 2022 by Muath Al-Jubailan, Ajras provides innovative financing solutions. (Supplied)

The company’s financing model aligns with Saudi Arabia’s broader efforts to modernize the real estate sector and enhance financial accessibility for businesses.

Veda Holding, headquartered in Riyadh, serves as a business incubator supporting both early-stage startups and established companies with strategic funding.

PayTabs Group acquires 51 percent stake in PayTabs Egypt

Saudi Arabia-based PayTabs Group has acquired a 51 percent stake in PayTabs Egypt from EFG Finance, an EFG Holding company, in a move aimed at strengthening its footprint in the Egyptian digital payments market.

The acquisition aligns with PayTabs’ long-term strategy to enhance digital transformation and financial inclusion across the North African country.

“We remain deeply committed to Egypt’s digital payments future, and our focus on innovation and customer-centricity will only grow stronger,” said Abdulaziz Al-Jouf, CEO and founder of PayTabs Group.

Aladdin El-Afifi, CEO of EFG Finance, emphasized that the decision to sell part of its stake was part of a broader strategic shift.

“By reallocating resources from non-core assets, we enhance our ability to drive sustainable growth and innovation in key areas. This decision aligns with our long-term strategic objectives and commitment to delivering value to our stakeholders,” he said.

Through this acquisition, PayTabs aims to provide merchants with more seamless digital payment solutions while expanding its services across the region.

Klaim raises $10m series A and $16 million financing fund

Klaim, a healthcare fintech startup, has raised $10 million in series A funding, along with an additional $16 million financing fund to accelerate its expansion.

Since its founding in 2019, Klaim has been focused on transforming medical insurance claims processing through AI-powered solutions that help healthcare providers improve cash flow.

By leveraging artificial intelligence and vast data analytics, Klaim predicts insurance payment patterns and streamlines claim settlements.

The newly raised funds will support its expansion in the UAE, Saudi Arabia, and Oman while refining its technology to enhance efficiency in healthcare payments.

Klaim has also strengthened its presence in Saudi Arabia through a strategic partnership with Tharawat Tuwaiq Financial Co.

Under this collaboration, Tharawat Tuwaiq secured regulatory approval for a SR60 million healthcare financing fund, with the first transaction set for March 2025.

Additional funds are expected in the second half of 2025 to further support the sector.

Motery completes seed round at $8m valuation

Motery, a Kuwait-based fintech startup, has completed its seed funding round, valuing the company at $8 million.

The startup aims to streamline the automotive purchasing experience by offering an all-in-one platform for online car buying and financing.

Motery’s platform allows consumers to browse vehicles, compare financing options, and complete purchases entirely online.

The company plans to use the fresh capital to enhance its technology, expand its service offerings, and increase market penetration in Kuwait’s automotive sector.

Longevity Wellness Hub secures $4m to expand across the GCC

Longevity Wellness Hub has raised $4 million to expand its presence across the Gulf Cooperation Council and further develop its wellness solutions.

The company integrates quantum diagnostics, precision-designed infusions, and advanced recovery therapies to optimize health outcomes.

A major component of Longevity’s expansion is its investment in quantum scanning technology, which analyzes biometrics and voice frequencies to provide personalized health insights.

The company also incorporates alternative therapies such as hyperbaric oxygen therapy and red light therapy, blending ancient healing practices with modern biohacking innovations.

Institutional investors, family offices among investors in Phoenix Venture Partners’ innovation fund

Phoenix Venture Partners has successfully completed the second closing of its innovation fund.

The round saw participation from investors in France, Luxembourg, Mauritius, Kuwait, and Saudi Arabia, including institutional investors, family offices, and high-net-worth individuals.

Phoenix Venture Partners Innovation Fund aims to support innovations and technologies, particularly in sectors such as deep tech, AI, and sustainable solutions.

The fund’s growing investor base reflects global confidence in its strategic vision.

ORA Technologies raises $1.9m

Moroccan startup ORA Technologies has secured $1.9 million in a pre-series A funding round led by Witamax and Azur Innovation Fund, bringing its total funding to $4.4 million.

This marks the first time the company has received investment from venture capital firms.

ORA Technologies focuses on driving financial and digital inclusion in Morocco.

The funds will be used to scale Kooul, its food delivery platform, which has expanded to six cities in just five months, and to accelerate the rollout of ORA Cash, its digital payment and money transfer solution.

Aramco Ventures backs German startup Ucaneo’s direct air capture facility

Aramco Ventures, the investment arm of Saudi Aramco, has invested in German climate tech startup Ucaneo, which is developing the country’s largest direct air capture facility.

Ucaneo previously raised €6.75 million ($7.36 million) in a seed funding round in September, but did not disclose the specific amount invested by Aramco Ventures.

The Berlin-based company focuses on advancing DAC technology to remove carbon dioxide from the atmosphere efficiently.

DAC is gaining traction globally as industries and governments seek scalable solutions to meet carbon reduction targets.

Aramco’s investment signals its interest in innovative climate technologies and aligns with broader efforts to support sustainability initiatives.

OIA backs US biotech firm Tidal Vision

Oman Investment Authority, the sultanate’s sovereign wealth fund, has invested in American biotech company Tidal Vision as part of its strategy to support sustainable innovations.

OIA participated in Tidal Vision’s $140 million series B financing round, which was oversubscribed, though the exact amount of its investment was not disclosed.

Tidal Vision specializes in biopolymers, offering biomolecular solutions for industries such as water treatment, agriculture, and material science.

The company’s core innovation is the use of chitosan, a natural polymer derived from crustacean shells, as an alternative to traditional chemicals.

The investment aligns with OIA’s broader objectives of fostering sustainability and supporting the localization of advanced technologies.

OIA, which managed assets exceeding $49 billion in 2023, has been actively investing in companies that drive environmental and industrial advancements.

With the new funding, Tidal Vision is expanding its global presence by developing new infrastructure in Europe, Texas, and Ohio, furthering its mission to scale sustainable material solutions worldwide.


Qassim region sees 25% growth in business sector over 7 years: Ministry of Commerce

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Qassim region sees 25% growth in business sector over 7 years: Ministry of Commerce

JEDDAH: Saudi Arabia’s Qassim region has experienced 25 percent growth in its business sector over the past seven years, reflecting increased economic activity and contributing to the Kingdom’s goal of balanced development.

The number of commercial records in the central region rose from 68,000 in 2018 to 85,000 by the end of the first quarter of this year, the Ministry of Commerce reported in a post on its official X account.

The latest figures showed that the Qassim region saw 1,342 e-commerce registrations, contributing to the overall 6 percent year-on-year increase in the sector.

The increase comes as the Kingdom pushes ahead with its economic diversification strategy, aiming to increase the private sector’s share of the gross domestic product from 40 percent to 65 percent by 2030.

This effort is reflected in a 60 percent increase in commercial registrations in 2024 across the Kingdom, with a total of 521,969 records issued, according to the Ministry of Commerce.

Business registrations continued to rise in early 2025, with 154,638 commercial records issued in the first quarter alone, representing a 48 percent year-on-year increase.

The ministry report highlighted “critical sectors” for the Kingdom include technology, tourism, and entertainment, as well as research and development.

The report added: “These sectors offer businesses significant opportunities to grow and expand partnerships.”

According to the Ministry of Commerce, a commercial registration certificate verifies a business’s official status within Saudi Arabia. These records are essential for operating in the Kingdom, as they are required to open a bank account, hire employees, sign contracts, and conduct other business activities.

The data also showed that 71 percent of the total commercial records issued were concentrated in three key regions: Riyadh, Makkah, and the Eastern Province.

This surge in registrations aligns with recent reforms to Saudi Arabia’s business registration system, including the introduction of the new Commercial Register Law and Trade Names Law.

Subsidiary registers have also been abolished, meaning that one commercial register now covers all businesses, and companies no longer need to specify the city of registration, as a single enrollment is now valid nationwide.

The bulletin also revealed that 45 percent of the total commercial records issued to institutions are owned by women.

In an interview with Arab News in April on the sidelines of the Human Capability Initiative held in the capital, Zeger Degraeve, dean of Prince Mohammed Bin Salman College of Business & Entrepreneurship, emphasized that ensuring balanced regional development is crucial as Saudi Arabia accelerates its economic diversification efforts under Vision 2030.

The rise in business registrations in Qassim is aligning with its growing industrial sector, supported by its rich mineral resources, which are a key focus of Saudi Arabia’s Vision 2030 diversification plan.

The region’s SR122 billion ($32.5 billion) in untapped mineral wealth, including significant deposits of gold, copper, zinc, and phosphate, contributes to the area’s industrial development, which has seen substantial growth.


Closing Bell: Saudi main index closes in red at 11,543  

Updated 3 min 42 sec ago
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Closing Bell: Saudi main index closes in red at 11,543  

RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Thursday, losing 127.90 points, or 1.10 percent, to close at 11,543.67.  

The total trading turnover of the benchmark index was SR5.09 billion ($1.35 billion), as 52 stocks advanced, while 193 retreated.  

The MSCI Tadawul Index decreased by 16.97 points, or 1.14 percent, to close at 1,471.91. 

The Kingdom’s parallel market Nomu also dipped, losing 147.4 points, or 0.52 percent, to close at 28,129.77. This came as 32 stocks rose, while 41 fell. 

The best-performing stock on the main index was Saudi Printing and Packaging Co., with its share price surging by 6.18 percent to SR13.06.  

Saudi Cement Co. saw the steepest decline on the main index in Thursday’s session, with its share price slipping 5.75 percent to SR43.40.  

In a bourse filing, Banque Saudi Fransi announced that it has completed its $650 million offering of US dollar-denominated Additional Tier 1 capital notes.  

The issuance, conducted under the bank’s Additional Tier 1 Capital Note Programme, was offered to eligible investors in Saudi Arabia and internationally, with settlement set for May 7.  

The notes were issued at a return of 6.375 percent per annum and are perpetual in nature, with a call option exercisable after six years. A total of 3,250 notes were issued, each with a par value of $200,000. 

According to the bank, the instruments may be redeemed prior to the scheduled call date under certain conditions outlined in the base offering circular.  

The notes will be listed on the International Securities Market of the London Stock Exchange and were offered in reliance on Regulation S under the US Securities Act of 1933, as amended. 

The bank’s share price traded 0.54 percent lower on the main market to reach SR18.30.

Halwani Bros. Co. also announced its interim financial results for the first three months of the year, with net profit amounting to SR11.51 million, a 4.58 percent decline compared to the previous quarter last year.  

The company attributed the decrease to higher general and administrative expenses, as well as increased selling and distribution costs. It also said that this was due to an increase in other income as a result of the reversal of provisions that are no longer needed.  

Halwani Bros. Co’s share price traded 0.52 percent lower on the main market to reach SR47.95.  

In the first quarter of 2025, Fourth Milling Co’s net profit rose 25.154 percent quarter on quarter to SR52.6 million, according to a filing on the stock exchange.  

The group attributed the increase to sales growing by 2 percent, amounting to an increase of SR3.4 million, and zakat and tax payments decreasing by SR1.4 million.  

The company’s share price traded 0.25 percent lower on the main market to reach SR3.97.  

Saudi Steel Pipe Co. also announced its interim financial results for the first three months of the year, with net profit amounting to SR69 million, an 81.57 percent surge compared to the previous quarter.  

The company attributed the increase to higher volume, improved efficiency and product mix of products sold, and administrative expenses decreased to SR14 million in the first quarter 2025 from SR19 million in the fourth 2024. 

The company’s share price traded 0.18 percent higher on the main market to reach SR56.10. 


Arab Monetary Fund reports 4.3% annual gains across region’s stock markets

Updated 01 May 2025
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Arab Monetary Fund reports 4.3% annual gains across region’s stock markets

RIYADH: Stock markets across the Middle East and North Africa began 2025 on a strong note, with the Arab Monetary Fund Composite Index rising 4.37 percent year over year, according to a new report.

On a quarterly basis, the index — which tracks the performance of 16 Arab stock markets— posted a 1.55 percent increase, reflecting investor confidence amid shifting global monetary policy and geopolitical headwinds.

The figures were released as part of the AMF’s quarterly bulletin, which noted that sectors such as banking, real estate, and basic materials, as well as transportation, and financial services performed well, contributing to gains in several markets. 

The strong performance comes amid reforms across Arab markets to deepen liquidity and attract foreign investment. Saudi Arabia’s Capital Market Authority is advancing its 2024-2026 strategy to elevate its global market position and enhance investor safeguards, while Abu Dhabi Securities Exchange recently launched the “New ADX Group”— a market infrastructure overhaul aligned with the emirate’s long-term economic vision. 

In its report, the AMF said: “This performance unfolded amid a tightening global monetary policy environment during the first quarter of 2025, as most central banks, both globally and across the Arab region, adopted a cautious approach to monetary easing following the US Federal Reserve’s decision to keep interest rates steady.”

The fund highlighted that while some Arab exchanges saw notable gains, others experienced declines. 

Casablanca Stock Exchange led the region with a 20.19 percent rise in its index, driven by strong performances in the banking and telecommunications sectors. 

Tunisia and Kuwait followed with increases of 10.25 percent and 9.66 percent, respectively, while Egyptian Exchange and Amman Stock Exchange posted gains of 7.68 percent and 6.12 percent.

However, not all markets fared as well. Saudi Stock Exchange, the largest in the region by market capitalization, saw a slight decline of 0.10 percent, while Abu Dhabi Securities Market and Palestine Exchange recorded drops of 0.53 percent and 0.46 percent, respectively. 

Beirut Stock Exchange faced the steepest decline, plummeting by 12.69 percent, attributed to ongoing economic challenges in Lebanon.

Despite Lebanon’s ongoing economic crisis since 2019, recent data from the Central Administration of Statistics shows signs of easing inflationary pressures. 

The annual inflation rate dropped sharply to 14.2 percent in March, down from 70.36 percent a year earlier — a notable improvement attributed largely to the stabilization of the Lebanese pound, which has held steady at approximately 89,500 Lebanese pounds per US dollar since mid-2023.

Casablanca Stock Exchange led the rises across the region. Shutterstock

Market capitalization and trading activity 

The total market capitalization of Arab stock markets decreased by 1.45 percent in the first quarter of 2025, reaching $4.32 trillion, down by $63.77 billion compared to the last quarter of 2024. 

This decline was primarily due to significant losses in the Abu Dhabi and Saudi markets, which shed $18.23 billion and $75.06 billion, respectively.

In contrast, Casablanca Stock Exchange added $21.26 billion to its market value, while Kuwait Stock Exchange saw an increase of $13.77 billion. 

Trading values also reflected this mixed performance. Total trading value across Arab markets fell by 2.60 percent to $250.53 billion.  

Kuwait Stock Exchange stood out with a 45.09 percent surge in trading value, reaching $21.95 billion. This strong performance builds on 2024’s momentum, when 113 out of 142 listed companies reported profits, as highlighted in an Al-Shall Consulting report.

Meanwhile, Abu Dhabi Securities Market saw a 31 percent drop in trading value.

Sectoral performance and global influences 

Global factors played a significant role in shaping market trends, with sectors scuh as insurance, consumer services, and media faced declines. “The cautious monetary policies of most global and Arab central banks, following the US Federal Reserve’s decision to stabilize interest rates, positively impacted lending and financing stability,” the study stated. 

However, it also warned that “the escalation of US trade policies, including new tariffs, has raised concerns about slowing international trade and rising production costs, which could directly affect global growth expectations, inflation rates, and investor confidence.”

Geopolitical tensions and fluctuations in oil prices further influenced market dynamics. “Oil prices experienced significant volatility during the first quarter of 2025 due to escalating geopolitical tensions and increased production from some countries, impacting markets closely tied to oil and affecting liquidity and the performance of the energy sector,” the AMF explained.

Individual market highlights 

Saudi Stock Exchange is the largest in the region by market capitalization. Bloomberg

Saudi Stock Exchange, which accounts for 61.13 percent of the total market capitalization of Arab exchanges, saw its value drop to $2.64 trillion. The media and utilities sectors were among the worst performers, declining by 31 percent and 13 percent, respectively.

Despite the recent dip, Saudi Arabia’s capital markets remain a regional powerhouse.

Speaking at February’s Capital Markets Forum in Riyadh, Saudi Exchange CEO Mohammed Al-Rumaih said:  “2024 was a great year for us. We did more than 55 listings; around 45 in the equity market, 13 on the main market, which doubled compared to 2023, and the rest in the parallel market. It put us as No.1 not just in the region, but globally as the fastest-growing exchange in the world.”

Egyptian Exchange rose by 7.68 percent, with trading volumes surging by 27.28 percent, reflecting renewed investor confidence.  

Kuwait Stock Exchange outperformed other Gulf markets, with its index climbing 9.66 percent, supported by robust activity in the banking sector. 

Casablanca Stock Exchange’s 20.19 percent jump was fueled by gains in electricity, mining, and telecom stocks, with firms like Attijariwafa Bank and Maroc Telecom leading the charge.  

Risks and outlook 

The report cautioned that several risks could destabilize Arab and global markets in the coming months.

“Potential risks include trade-related pressures linked to tariffs, a possible global economic slowdown, rising inflation, fluctuations in oil prices, high debt levels in some Arab economies, and geopolitical tensions,” it stated.

Despite the relative stability of Arab exchanges in the inaugural quarter of 2025, these factors could pose challenges to future performance. 

The AMF also emphasized the importance of continued cooperation among Arab markets to enhance integration and support economic growth in the region. 

“The Fund hopes that these efforts will contribute to developing cooperation and integration among Arab financial markets, serving common interests and promoting economic growth in the Arab region,” the analysis concluded.


Peru keen to boost agricultural, food exports to Saudi Arabia, foreign minister says

Updated 01 May 2025
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Peru keen to boost agricultural, food exports to Saudi Arabia, foreign minister says

RIYADH: Peru is seeking to boost exports of agricultural and food industry products to Saudi Arabia while leveraging the tax incentives and benefits available to foreign investors, a top official said.

During a meeting in Riyadh with Federation of Saudi Chambers board member Emad Sadad Al-Fakhri, Peru’s Minister of Foreign Affairs Elmer Schialer Salcedo also invited investors from the Kingdom to an upcoming agricultural products exhibition scheduled for September, the Saudi Press Agency reported.

Salcedo explained that while South American exports to Saudi Arabia total about $3.8 billion annually, Peru accounts for only $70 million of that sum. 

The newly released SPA statement said: “Al-Fakhri briefed the Peruvian delegation on recent developments in the Saudi economy and the Kingdom’s efforts to strengthen its economic partnerships, including with Peru. He underscored Saudi Arabia’s competitive advantages and investment opportunities.”

It added: “Al-Fakhri also stressed the importance of enhancing bilateral cooperation between the federation and its Peruvian counterpart through signed agreements and a joint business council. He proposed increasing the exchange of trade delegations, organizing economic forums, and exploring investment prospects in sectors such as tourism, trade, and agriculture.”

Peru opened an embassy in Riyadh in 2012, and the Kingdom followed suit in Lima in 2013, marking a milestone in their relations. Since then, economic and political ties have grown progressively, reflected in trade exchanges that have reached a peak of $188 million in recent years.

Writing for Arab News ahead of his trip to Saudi Arabia, Salcedo said he is “struck by how much potential lies in building bridges between our nations.”



The minister highlighted opportunities for investors from the Kingdom across several sectors, adding that economic protections are “reinforced by a legal framework that guarantees equal treatment for foreign investors and adherence to international investment protection mechanisms.”

In energy, key initiatives include the petrochemical plant project, the Southern Peru Integrated Gas Transportation System, and the 2025–2034 Transmission Plan. 

In mining, major projects such as El Galeno and Los Chancas stand out, while infrastructure developments include the Andean Longitudinal Highway, the Ancon Industrial Park, and the Ilo Desalination Plant.

These large-scale undertakings offer opportunities for Saudi investors to contribute to Peru’s economic transformation while ensuring sustainable and profitable returns.

“Peru warmly welcomes Saudi businesses, investors and policymakers to discover the vast opportunities that this dynamic relationship can offer. Together, we can open new economic frontiers and lay the foundation for a future of shared prosperity, innovation and enduring cooperation,” said Salcedo.


Saudi Arabia’s real GDP grows 2.7% in Q1: GASTAT 

Updated 01 May 2025
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Saudi Arabia’s real GDP grows 2.7% in Q1: GASTAT 

RIYADH: Saudi Arabia’s economy saw annual growth of 2.7 percent in the first quarter of 2025, driven by strong momentum in non-oil activities as the Kingdom continues efforts to diversify away from hydrocarbons. 

According to flash estimates released by the General Authority for Statistics, non-oil activities expanded 4.2 percent during the first three months of the year, extending their growth streak to 17 consecutive quarters. Government services rose 3.2 percent, while oil-related activities contracted 1.4 percent. 

Saudi Arabia’s growth in the non-oil sector aligns with the goals outlined in the Vision 2030 program, which aims to diversify the country’s economy by reducing reliance on crude revenues. 

This comes as the International Monetary Fund, in its latest economic outlook, noted that short-term growth in the Middle East will be driven by the expansion of the non-oil sector, projecting the region’s economy to grow by 2.6 percent in 2025 and 3.4 percent in 2026. 

In a release, GASTAT stated it has conducted “a comprehensive revision of GDP estimates as part of its efforts to achieve high levels of alignment with international standards and data quality.” 

It added: “Nominal and real GDP (annually and quarterly) time series have been revised accordingly.”  

On a quarterly basis, seasonally adjusted GDP rose 0.9 percent, with government activities jumping 4.9 percent and non-oil output increasing 1.0 percent. Oil sector GDP dropped 1.2 percent amid ongoing production cuts under the OPEC+ agreement. 

Saudi Arabia’s GDP growth also aligns with the broader Middle East trend, where other countries are steadily diversifying their economies. 

Qatar’s full-year GDP for 2024 grew by 1.7 percent, driven by a 1.9 percent rise in non-hydrocarbon activities. The UAE’s central bank projects 4 percent GDP growth in 2024, while Bahrain reported year-on-year expansion of 2.1 percent in the third quarter. 

Saudi Arabia is ramping up efforts to enhance its data infrastructure, drive digital transformation, and harness artificial intelligence and advanced technologies to boost the efficiency and accuracy of its statistical operations. 

Speaking at the first Saudi Statistics Forum held earlier this week, Fahad Al-Dossari, president of GASTAT, reiterated the authority’s commitment to supporting decision-makers by continuously developing the statistical system to meet national and international standards. 

“Statistics are no longer merely supportive tools; today, they are at the heart of development work and a critical enabler of sustainable development, ensuring efficient spending, enhancing service quality, and supporting economic and social growth,” Al-Dossari said during the event in Riyadh.