Startups flourish from Morocco to Saudi Arabia

Founded in 2023 by Thabet Al-Subaie, LYNK connects financial institutions, commodity markets, and beneficiaries through its Shariah-compliant services. (Supplied)
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Updated 18 November 2023
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Startups flourish from Morocco to Saudi Arabia

  • KSA’s fintech sector make significant stride with LYNK investment round

CAIRO: Startups across the Middle East and North Africa region managed to raise significant funding rounds, hailing a rebound in the venture capital space.

Saudi Arabia’s fintech sector marked a significant stride with LYNK successfully securing an investment round.  

This financial boost came from notable backers Al Fozan Holding and Ramla Holding Group, although the investment amount remains undisclosed.  

Founded in 2023 by Thabet Al-Subaie, LYNK connects financial institutions, commodity markets, and beneficiaries through its Shariah-compliant services.

This latest infusion of funds is set to catalyze the company’s growth, facilitating the introduction of new financial products and expanding its footprint both locally and globally. “LYNK is considered a leading company in the fintech industry. LYNK is dedicated to expanding its scope of work and strengthening its position among prominent financial institutions by establishing strategic partnerships aimed at meeting the aspirations of customers and fulfilling market needs,” Al-Subaie said.

Since its launch by BIM Ventures’ Saudi Venture Studio, LYNK has demonstrated remarkable performance in automating financial transactions. The platform has efficiently processed over SR100 million ($26 million) in Murabaha transactions.

The company claims to handle up to 15,000 transactions daily, each executed in less than a minute, and collectively valued at over SR5 billion.

Saudi BNPL Tamara raises $250m in debt financing

Saudi Arabia’s buy now, pay later giant Tamara managed to secure an additional $250 million in debt financing, bringing its total facility to $400 million.

The investment consists of an up to $200 million senior debt contribution from Goldman Sachs, complemented by a $50 million tranche by Shorooq Partners.

Co-founded in 2020 by Abdulmajeed Al-Sukhan, Turki bin Zarah, and Abdulmohsen Al-Babtain, Tamara’s offers its consumers the opportunity to purchase products in installments.  

Last March, the company successfully raised a $150 million debt financing round, also from Goldman Sachs. This consistent backing from prominent financial institutions underscores Tamara’s growing influence in the fintech sector. 




Co-founded in 2020 by Abdulmajeed Al-Sukhan, Turki bin Zarah, and Abdulmohsen Al-Babtain, Tamara’s offers its consumers the opportunity to purchase products in installments. (Supplied)

“We are pleased to announce this significant debt financing, a testament to our excellent operational performance to date and our future growth outlook,” Stefan Marciniak, Tamara’s chief financial officer, said.

“In a challenging economic climate, we are grateful to Goldman Sachs and Shorooq Partners for their support. These funds will catapult us forward, enabling us to further develop our flagship BNPL product and invest in new, innovative products and services, which will further strengthen our position as a leader in the industry,” Marciniak added.

The strategic utilization of this new financing is set to catalyze Tamara’s expansion. With its capital, the company is poised to invest in developing new products and services, further cementing its position in the competitive BNPL market.  

Saudi Arabia’s VMS invests in Egypt’s Akhdar

Egyptian educational technology company Akhdar has successfully completed a six-figure funding round, led by Saudi Arabia’s venture studio, Value Maker Studio. This strategic investment is aimed at bolstering Akhdar’s expansion efforts into the Saudi market.  

Established in 2016 by Mohamed Osama and Shady Ahmed, Akhdar has carved a niche in the education technology space by providing a wide array of Arabic-language educational materials.

Their offerings encompass over 2,500 pieces of content, including audio and written books, comprehensive book reviews, and engaging podcasts.  

This diverse range of educational resources caters to a vast audience, with the app being utilized by 1.5 million users across 174 countries globally.  

The recent funding underscores the growing interest in edtech solutions and reflects the confidence of investors in Akhdar’s potential for growth and impact.  

“This strategic partnership will greatly support our expansion plans into the Gulf Cooperation Council region, with a particular emphasis on Saudi Arabia. Additionally, it will enable us to fuel our growth and further enhance our technology to effectively address the challenges faced by today’s learners,” Osama said.

This investment acts as a stepping stone for Akhdar to strengthen its presence in the Middle East, starting with Saudi Arabia.

Saudi cybersecurity startup COGNNA raises $2.25m

Saudi Arabian cybersecurity startup COGNNA has successfully secured $2.25 million in a seed funding round led by IMPACT46 and saw contributions from Vision Ventures, Faith Capital, along with other investors.  

Established in 2022 by Ibrahim Al-Shamrani and Ziyad Al-Shehri, COGNNA specializes in leveraging artificial intelligence and sophisticated data analysis to identify and neutralize threats in customers’ systems and networks.  

Notably, COGNNA was part of the first-ever Cybersecurity Accelerator Program initiated by the Saudi National Cybersecurity Authority in August 2022, underlining its commitment to advancing cybersecurity solutions.

UAE’s fintech startup Mafhoom Technologies raises $1.36m  

Mafhoom Technologies, a UAE-based fintech startup, has successfully raised $1.36 million in a pre-seed funding round by Al-Wafra Al-Thanya for Investments, complemented by contributions from various angel investors.  

Established in 2022 by founders Ahmad Khatib and Ziad Melhem, Mafhoom is designed to empower users to manage their finances more effectively.  

It offers tools to optimize spending, reduce bills, clear debt, and enhance financial literacy, while also helping users to meet their saving and investment goals. 

This strategic partnership will greatly support our expansion plans into the Gulf Cooperation Council region, with a particular emphasis on Saudi Arabia.

Mohamed Osama Akhdar, cofounder and CEO

“Mafhoom Technologies is at the forefront of financial innovation, and we are delighted to have the support of esteemed investors who share our vision for a financially empowered future,” said Khatib.    

This fresh injection of capital will enable Mafhoom to expand its team and facilitate its growth plans in Saudi Arabia.

Morocco’s CloudFret raises $2.1m

CloudFret, a Morocco-based logistics startup, has successfully raised $2.1 million in a funding round jointly led by AfriMobility and Azur Innovation Fund.  

Launched in 2021 by Driss Jabar, CloudFret leverages an AI algorithm-based platform to facilitate connections between shippers and carriers across Mediterranean shores.  

With this new capital, CloudFret aims to significantly expand its operations. The company has set ambitious targets to double its workforce by the end of 2024, a move that is poised to enhance its service offerings and broaden its network of shippers and partner carriers.  

UAE’s logistics startup Wize raises $16m

Wize, a UAE-based logistics startup, has successfully secured $16 million in a pre-seed funding round predominantly backed by angel investors.  

Established in 2022 by Alexander Lemzakov, Wize is carving a niche in the logistics sector with its eco-friendly last-mile transportation solutions.

The company operates on two primary fronts, firstly, as a marketplace for electric motorcycles, and secondly, as a subscription platform that enables businesses to efficiently manage their own fleets.  

In a bid to support sustainable transportation, Wize offers a unique battery-as-a-service model, along with swapping stations.  

Additionally, it has developed the Battery Swap App, designed to aid drivers in locating and reserving batteries, while also keeping them updated on charge levels.

With the injection of this new capital, Wize is set to accelerate its product development initiatives.  

The funding will also facilitate the company’s expansion within the UAE, and enable it to explore and establish new partnership opportunities across the broader MENA region.


Saudi Arabia’s expat remittances hit near 9-year high at $4.13bn in March

Updated 6 sec ago
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Saudi Arabia’s expat remittances hit near 9-year high at $4.13bn in March

RIYADH: Expatriate remittances from Saudi Arabia soared to SR15.5 billion ($4.13 billion) in March 2024, marking a 29.61 percent year-on-year increase.

According to data released by the Saudi Central Bank, also known as SAMA, this is the highest monthly level recorded in nearly nine years.

The surge reflects an increasingly attractive labor market in the Kingdom and growing momentum in digital payment adoption, enabling smoother international money transfers for the country’s large expatriate population.

In parallel, transfers made by Saudi citizens also rose to SR6.5 billion, representing a 27 percent increase over the same period and reaching their highest level in almost three years, SAMA figures show.

The remittance upswing comes amid broader growth in cross-border transactions. According to Visa’s “Money Travels: 2024 Digital Remittances Adoption” report, published in October, senders in the Kingdom are primarily motivated to provide ongoing financial support to families, address urgent needs, and contribute to health and education-related costs.

These priorities have helped sustain high transaction volumes despite global remittance trends softening elsewhere.

The analysis also highlighted that digital platforms are now the preferred method for sending money internationally from Saudi Arabia. More than half of the surveyed users said they plan to increase their use of digital channels in the coming year, while fewer than a third expect to continue relying on traditional physical methods such as cash or money orders.

Ali Bailoun, Visa’s general manager for Saudi Arabia, Bahrain, and Oman, noted that the Kingdom remains one of the leading remittance-sending markets globally. He emphasized that the country’s payments sector is advancing rapidly and that local partners are continuing to enhance digital solutions that are secure, seamless, and aligned with evolving user expectations.

While digital tools are improving access and speed, remittance users nationwide still point to a few persistent challenges, including service fees and exchange rate clarity.

The study found that about one-third of senders and recipients reported concerns with costs and fee transparency, particularly when using cash-based transfer options.

Nonetheless, the continued shift toward digital channels is helping address many of these issues, offering users greater control, visibility, and convenience in managing international payments.

The report also found that 87 percent of Saudi-based respondents plan to send money abroad at least once per year. In comparison, 73 percent expect to receive remittances during the same timeframe, indicating steady demand and sustained cross-border financial engagement.

The upward volume and digital uptake trend reflect Saudi Arabia’s broader transformation agenda, as the Kingdom works to modernize its financial infrastructure in line with Vision 2030.

As remittance flows reach new highs, digital innovation plays a pivotal role in reshaping how individuals connect with and support their families worldwide.


Saudi entertainment industry set to power economic diversification

Updated 17 May 2025
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Saudi entertainment industry set to power economic diversification

  • Entertainment sector set to generate 450,000 jobs and contribute 4.2 percent to Kingdom’s GDP by 2030

RIYADH: Saudi Arabia’s growing entertainment sector is set to become a key catalyst for growth across various industries and a central pillar in the Kingdom’s broader economic diversification strategy, according to experts.

Strengthening the industry is vital as Saudi Arabia continues to shift away from its long-standing dependence on oil revenues, aligning with its ambitious efforts to build a more resilient and diversified economy.

The rapid growth of the Kingdom’s entertainment sector is underscored by recent data and forecasts, including a report by AlixPartners which revealed that 33 percent of Saudi consumers plan to increase spending on out-of-home entertainment — significantly higher than the global average of 19 percent.

Supporting this trend, data from the Ministry of Commerce showed that commercial registrations in the Kingdom’s arts and entertainment sector rose by 20 percent in 2024 compared to 2023. 

Notably, innovative arts and entertainment activities saw a 30 percent increase, reaching 4,188 registered entities, while amusement park activities grew by 26 percent, totaling 6,108 registrations.

In an interview with Arab News, Shahid Khan, partner and global head of Media, Entertainment, Sports, and Culture at consulting firm Arthur D. Little, highlighted the sector’s potential to generate a ripple effect across hospitality, tourism, and retail, as well as real estate, and technology.

“Major events and attractions are drawing both international and domestic tourists — contributing directly to the Kingdom surpassing its original target of 100 million annual visitors by 2030, an achievement reached seven years ahead of schedule,” said Khan. 

Major events and attractions are drawing both international and domestic tourists.

Shahid Khan, partner and global head of Media, Entertainment, Sports, and Culture at consulting firm Arthur D. Little

He added: “This surge in tourism fuels demand for hospitality infrastructure, including hotels, restaurants, and local transport, while extending average visitor stay and spend.”  The Arthur D. Little official added that the growth in the entertainment sector could also propel the retail industry, with entertainment-led foot traffic expected to drive commercial activity in malls, high streets, and mixed-use developments. 

Guillaume Thibault, partner and head of Sports and Entertainment at Oliver Wyman for India, the Middle East, and Africa, echoed similar sentiments, noting that Saudi Arabia’s entertainment industry will spur growth in adjacent sectors by driving demand for complementary services.

He added that emerging entertainment destinations are helping cities like Riyadh and Jeddah position themselves as lifestyle hubs with the potential to compete on a global scale.

“Large-scale events and festivals drive hotel occupancy and airline bookings, while lifestyle venues anchor foot traffic in malls and high streets. Technology adoption accelerates through the demand for ticketing, crowd management, and immersive experiences,” said Thibault. 

He added: “Entertainment is a key downstream activator for mega-events and is intricately intertwined with the urban fabric of these mega events, enhancing the hospitality, tourism, and retail sectors.” 

Looking ahead, the Ministry of Investment projects that the entertainment sector could generate 450,000 jobs and contribute 4.2 percent to Saudi Arabia’s GDP by 2030.

Impacts: retail spending, real estate and FDI 

Thibault emphasized that Saudi Arabia’s youthful population — most of whom are under the age of 35 — will be a key driver of growth in the Kingdom’s entertainment sector and could significantly boost retail spending.

He noted that for young Saudis, entertainment is not viewed as a seasonal luxury, but rather as a regular and essential part of their spending habits.

“As more venues and formats become available, consumers are reallocating discretionary income from international travel to local entertainment. This ‘localization of lifestyle’ is increasing the frequency and variety of spending, from dining and merchandise to experiential add-ons,” said Thibault. 

Khan expressed similar views and added that rising disposable income among people in Saudi Arabia is empowering consumers with the means to pursue experience-rich lifestyles. 

“This financial capacity is enabling a broader cultural shift — especially among younger Saudis — toward valuing experiences over possessions, and prioritizing social, live, and recreational activities as a core part of modern living,” he said. 

Khan added: “What was once a limited and largely outbound market is now being redirected into the local economy — creating a dynamic, self-sustaining entertainment ecosystem at home.”

Commenting on its impact on the real estate sector, Thibault stated that the entertainment industry is reshaping property demand by revitalizing underutilized land, promoting mixed-use development models, and enhancing the attractiveness and viability of secondary cities.

Thibault further noted that developers are increasingly incorporating dedicated entertainment zones and hybrid residential complexes into their plans, viewing them as key drivers of footfall and community engagement.

“This enhances land value, accelerates absorption rates, and encourages long-term leasing. Moreover, large entertainment projects are contributing to the emergence of new urban centers that align with the Kingdom’s regional development goals,” said Thibault. 

Khan pointed out that the entertainment sector has already reshaped the Kingdom’s real estate landscape, both directly and indirectly. 

He said that the entertainment boom has contributed to a rise in property values across the Kingdom, especially in areas adjacent to major attractions. 

Khan further said that large-scale entertainment destinations — such as those under Qiddiya, Diriyah, AlUla, and others — are also catalyzing new hospitality and retail clusters, creating demand for hotels, serviced apartments, dining spaces, and lifestyle-driven real estate. 

“In addition, the rise of cultural and live event venues across second-tier cities and emerging districts is stimulating regional real estate development, encouraging urban sprawl and infrastructure investment beyond the major metropolitan areas,” said Khan. 

In terms of the potential of attracting foreign direct investments, Thibault said that the Kingdom’s entertainment sector presents a “rare greenfield” opportunity in a G20 economy, supported by policy backing, untapped demand and significant scale. 

“As regulatory clarity improves and exit mechanisms mature, we anticipate a rise in joint ventures, venture capital deployment in entertainment startups, and the entry of global operators, making entertainment a cornerstone of the Kingdom’s FDI narrative,” said the Oliver Wyman official. 

Khan said that Saudi Arabia’s sovereign wealth fund is playing a catalytic role — both directly and through its giga-projects and portfolio companies — by investing in and forming strategic partnerships with foreign players across the entertainment spectrum. 

He added that the efforts of PIF are facilitating market entry and localization of globally leading companies in key areas such as theme parks, live entertainment, attractions, and hospitality. 

Large-scale events and festivals drive hotel occupancy and airline bookings.

Guillaume Thibault, partner and head of Sports and Entertainment at Oliver Wyman for India, the Middle East, and Africa

In September, the PIF launched the National Interactive Entertainment Co. to create immersive storytelling experiences rooted in the Kingdom’s heritage and Islamic history. 

The newly established firm, known as QSAS, will focus on developing, owning, and operating world-class interactive exhibitions throughout the Kingdom, the wealth fund said in a statement at that time. 

“The entertainment sector is emerging as a key gateway for FDI in Saudi Arabia, underpinned by strong market fundamentals, government-backed infrastructure, and a robust regulatory push aligned with Vision 2030,” said Khan. 

In January, Saudi Arabia’s General Entertainment Authority unveiled 29 investment opportunities targeting six key sectors of the industry. 

The targeted sectors include facilities, destinations, water parks, adventure parks, virtual reality parks, and e-gaming centers.

Cinema and journey beyond 

Speaking to Arab News, Thibault noted that Saudi Arabia has rapidly emerged as one of the fastest-growing cinema markets in the world. 

He added that this momentum could pave the way for a new wave of industry growth by encouraging local content creation, supported through public-private co-investment models and enhanced by regulatory incentives for film production and post-production infrastructure.

“Elevating local narratives while attracting international studios can simultaneously boost soft power and develop a self-sustaining film economy,” said Thibault. 

Khan echoed similar views and said that Saudi Arabia currently has more than 600 screens and has witnessed a doubling of both ticket sales and box office revenues between 2019 and 2024.

“Expanding cinema access to underserved regions and enhancing operators’ business models — by tapping into diversified revenue streams such as F&B, experiential offerings, and advertising — will be essential for long-term profitability and sector sustainability,” said Khan. 

He added: “Additionally, forging international partnerships through co-productions, location incentives, and distribution alliances would further strengthen the overall industry while enabling knowledge transfer and job creation.” 

Thibault emphasized that Saudi Arabia should ambitiously expand its entertainment landscape beyond traditional formats such as cinema by investing in immersive, experience-driven offerings. 

These include esports arenas, mega-theme parks like those planned in Qiddiya, mixed-reality shows, adventure tourism, and platforms centered around heritage-based storytelling.


Saudi startup Ejari plans to scale as demand grows

Updated 18 May 2025
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Saudi startup Ejari plans to scale as demand grows

  • Rent-now, pay-later platform to build full-service real estate ‘super app’

RIYADH: Property tech startup Ejari aims to build a full-service real estate “super app” as it positions itself at the center of Saudi Arabia’s rapidly digitizing housing market with its rent-now, pay-later model.

The company, founded in 2022, is moving beyond flexible rental payments to offer furnishing, maintenance, and relocation services through integrated third-party partnerships. 

In an interview with Arab News, CEO Yazeed Al-Shamsi said Ejari’s approach is reshaping the renter experience by offering a streamlined, digital alternative to the country’s traditional leasing system, where tenants are typically required to pay six or 12 months upfront. 

Al-Shamsi said the platform is now preparing to widen its offering beyond residential rentals, targeting commercial and industrial leases as part of a broader plan to become a real estate super app. 

He told Arab News that the idea for Ejari was sparked by his personal experience as a student in the UK, where he struggled with upfront rental payments demanded by landlords. 

“That was the first time I ever struggled with rent,” Al-Shamsi said. “The solution was that an insurance company would come in and guarantee your rent.” 

After returning to Saudi Arabia, and facing similar rigid payment structures in the local market, he and his co-founders set out to address the challenge head-on.

Ejari’s core business model centers on leasing properties from landlords in bulk payments, then subleasing them to tenants through installment plans. 

“We pivoted six to seven times before landing on our current model, which allows us to lease the property from the landlord with a bulk payment and then lease it back in installments to tenants with a higher price,” Al-Shamsi said. 

This structure, he added, creates a win-win dynamic: landlords receive their payments upfront, while tenants benefit from affordable monthly payments. 

The plan is to start activating different types of rent on the offices, shops, malls, as well as the industrial sector.

Yazeed Al-Shamsi, Ejari CEO

The platform, which currently operates in 17 cities across eight regions in Saudi Arabia, is part of a growing cohort of startups targeting financial accessibility in the real estate market. 

In its first year, Ejari reported generating over $30 million in service demand and has since seen that figure rise above $50 million, all with minimal marketing investment. 

“This is off a very modest marketing spend of probably just over a hundred thousand dollars,” Al-Shamsi said. 

Despite being in operation for less than two years, Ejari is already seeing strong financial indicators. 

“Our revenues are very healthy. Our loan book is very healthy. We’ve grown probably over 10 times between 2023 and 2024,” Al-Shamsi stated, noting further growth early in 2025. Still, he acknowledged the challenges in achieving profitability. 

“We’re a long way from profitability, but it is something that we’ve been keeping on top of mind. The current phase is growth.” 

Al-Shamsi emphasized Ejari’s differentiated approach compared to traditional financing companies. 

“Banks, financing companies — they’re doing 20, 30, 40 things at one time,” he said. “Versus us, where we’re just trying to do one thing. And as soon as we perfect it, we can then start doing other things.” 

The vision for Ejari extends well beyond rent facilitation. The company’s long-term strategy is to become a real estate super app, providing a full suite of services throughout the customer lifecycle. 

“Today, we’re helping the customer with payment facilitation. The customer moves into the apartment — it’s an empty apartment. We help them furnish it. They live in it. A light bulb goes off — we help them fix it. Tomorrow they want to move — we offer a button they hit, then a team comes and helps them move,” Al-Shamsi explained. 

The company aims to enable this ecosystem through partnerships with existing service providers, integrating their offerings into Ejari’s platform. 

The company is also expanding its focus to include commercial segments such as offices, shops, malls, and even industrial spaces later this year. 

“The plan is to start activating different types of rent in the offices, shops, malls, as well as the industrial sector,” Al-Shamsi said, adding that the company balances growth with operational focus to ensure it doesn’t “have our efforts captured around too many things, then the value of that doesn’t become additive.” 

To drive its customer acquisition strategy, Ejari is leveraging real estate marketplaces. Al-Shamsi cited an ongoing partnership with a platform he described as “the local version of Property Finder in Dubai,” which has an 80 percent market share and 3 million unique monthly visitors. 

Ejari’s recent $14.65 million seed round reflects growing investor interest in Saudi Arabia’s maturing proptech sector. 

Alongside Partners for Growth, BECO Capital, and Alinma Pay, other investors included Rua Ventures, anb seed, Vision Ventures, and Aqar platform. 

The round, held in October, comprised both equity and debt, with the latter provided by California-based PFG. 

The capital will be used to enhance its core technology platform, scale team capabilities, and expand into value-added services. 

Looking ahead, Al-Shamsi said the company’s immediate focus for the first half of 2025 is to deepen market penetration and build internal capacity. 

“The focus remains on the current product in a very big way,” he said. “Growing the team, building capabilities, building the technical capabilities that we need to be able to expand to whatever we want to.” 

While the company’s default rates remain high — hovering at 13 percent to 15 percent — Al-Shamsi appeared undeterred, stating that this was due to a planned and carefully executed strategy to test the market. 

“But again, when we started, we thought that this play would be mainly in the major cities. But surprisingly, the market takes you where it wants to go. We have demands from small villages, small cities in the north and south and east.” 

With demand increasing from both urban and rural markets and a substantial seed round now secured, Ejari is preparing to consolidate its position in Saudi Arabia’s evolving rental economy. 

Al-Shamsi expects revenue growth to remain strong through 2025, forecasting another significant jump. “I’d say close to that 10 times figure. But maybe 8 or 7 times.”


Saudi Arabia awakens to a sleep tech boom as Vision 2030 fuels wellness shift

Updated 17 May 2025
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Saudi Arabia awakens to a sleep tech boom as Vision 2030 fuels wellness shift

  • Global sleep aids market grew from $59.32 billion in 2023 to $64.15 billion in 2024

RIYADH: Saudi Arabia is poised to emerge as one of the world’s most dynamic sleep technology markets, reflecting the rapid expansion of its fitness sector, an expert told Arab News. 

In 2024, Saudi Arabia ranked third globally for the shortest sleep duration, with most Saudis sleeping only 6 to 7 hours per night, according to Mana Al-Shahrani, a consultant in Sleep Medicine at King Fahad Medical City.  

This presents a lucrative opening for innovators, as global demand for sleep solutions surges. 

The global sleep aids market grew from $59.32 billion in 2023 to $64.15 billion in 2024, and it is expected to continue growing at a compound annual growth rate of 5.98 percent, reaching $89.11 billion by 2030, according to a report by Research and Markets. 

Now, companies such as Eight Sleep, a US-based firm which provides an intelligent, fully integrated system that personalizes sleep using real-time biometric data, are eyeing Saudi Arabia as a top future market. 

The POD 5 by Eight Sleep. (Supplied)

With Vision 2030 pushing a healthier lifestyle agenda, sleep is set to become the next big wellness frontier. 

“We believe Saudi Arabia is uniquely positioned to become one of the world’s most dynamic sleep tech markets and Eight Sleep is investing with that long-term vision in mind,” co-Founder and CEO of Eight Sleep, Matteo Franceschetti, told Arab News.

“Even before our official launch, we already have over 100 Pods in active use and a waitlist of more than 500—a strong signal of organic demand and unmet need,” the CEO added.

Saudi Arabia has already demonstrated progress in key quality-of-life indicators, as highlighted in its 2024 Vision 2030 performance report. The Kingdom’s World Happiness Index score held steady at 6.6 in 2024 — surpassing both global and Gulf averages — while life expectancy rose to 78.8 years, ranking 11th among G20 nations, underscoring the government’s focus on well-being, creating fertile ground for sleep tech innovation.

Saudi Arabia as a global sleep tech hub 

The sleep technology market in Saudi Arabia is expanding rapidly, valued at $117.4 million in 2023 and projected to reach $243.1 million by 2030 — an 11 percent CAGR. 

The broader Middle East and North Africa smart bed market is expected to hit $87.7 million by 2027, according to Franceschetti.

“We view Saudi Arabia — and the wider GCC — as a strategic priority for Eight Sleep, with the region bearing the potential to become our second-largest market globally after the US,” Franceschetti said. 

While GCC spending on sleep aids remains modest — $26.42 million in 2025 versus $2.18 billion in the US — growth rates are strong. 

“While sleep still lags behind fitness and wearables in terms of total spend, it’s following the same adoption curve. Sleep is underpenetrated, but it’s not underperforming,” Franceschetti noted, adding: “As awareness for sleep as the foundation of long-term health, we expect its share of the wellness wallet to expand dramatically.”

Co-Founder and CEO of Eight Sleep, Matteo Franceschetti, spoke to Arab News. (Supplied)

Will sleep become a national priority? 

With Vision 2030 promoting wellness, sleep health is gaining attention — but experts say more policy focus is needed. 

Diet and exercise are prioritized, but sleep’s impact on diabetes, heart disease, and neurological disorders is still underrecognized, Vikas Kharbanda, partner at Arthur D. Little told Arab News. 

“Increasing diabetes, cardiovascular disorders, obesity and even neurological dysfunctions have been linked with sleep-related disorders,” he said, adding: “While there are some efforts underway through publishing registries and statistics on sleep disorder prevalence, significantly more awareness is needed about these linkages and their negative impacts.”

Franceschetti tied sleep to national goals, saying that Vision 2030’s focus on quality of life creates fertile ground for sleep tech. “Saudi Arabia’s greatest opportunity to overcome its national sleep deficit lies in embracing personalized sleep environments tailored to individual needs,” he added.

Late nights, high stress, and rising demand 

The CEO further explained that Saudi Arabia has the lowest average sleep score among more than 30 global markets where Eight Sleep is active. “Saudi users also report the latest bedtime and wake time — typically sleeping from 1am to 9am,” he revealed.

The UAE follows closely behind, ranking fourth in sleep deprivation, with users averaging sleep from 12am to 8am. 

GCC cities dominate global rankings for the least sleep, with Sharjah, Doha, Jeddah, Abu Dhabi, Riyadh, and Dubai claiming the top six spots for lowest total sleep. Sharjah, Jeddah, and Dubai also recorded the world’s worst sleep performance scores, the CEO said, citing data from US technology company, WHOOP.

Vikas Kharbanda, partner at Arthur D. Little, also spoke to Arab News about the wellness boom and the Saudi market. (Supplied)

Key drivers of the sleepless trend

Multiple factors contribute to this trend, said Franceschetti, adding: “A deeply ingrained late-night culture in the region contributes to disrupted circadian rhythms and reduced recovery.”

Cities like Jeddah, Riyadh, and Sharjah — some of the most sleep-deprived globally — also report high stress levels, indicating a strong link between late night schedules and poor health. Temperature is another major challenge, as Saudi Arabia ranks fifth globally for users seeking to cool their sleep environment. 

Franceschetti noted that “managing heat during the night is essential for comfort and uninterrupted sleep.” 

He also highlighted lifestyle and environmental stressors, stating: “Ambitious lifestyles, demanding work schedules, and extreme weather conditions further affect residents’ ability to get sufficient quality sleep.”

In the UAE, 40 percent of residents are sleep-deprived, with stress and temperature cited as the top disruptors.

Arthur D. Little’s Kharbanda expanded on cultural influences: “Late-night social activities, religious practices, high caffeine consumption, and excessive blue light exposure from devices all contribute — alongside low physical activity levels.”

Saudi Arabia is actively working through the Sports for All Federation to increase the percentage of physical activity participation to 40 percent of the Kingdom’s population by 2030.

The sleep tech revolution, tracking to intervention 

Kharbanda categorized sleep solutions into three types. The first includes monitoring devices such as wearables and apps. “These help users understand sleep patterns and are likely to see the highest demand due to affordability and accessibility,” he explained.

The second category consists of interventional tools like smart mattresses and sleep monitors. “These ensure better sleep quality but face higher cost barriers,” he noted. 

The third type covers medical solutions for severe cases, though adoption depends on health care integration. “Of these, monitoring and lifestyle management devices will dominate,” Kharbanda predicted.

As the Kingdom wakes up to sleep’s role in long-term health, the wellness industry is racing to turn this crisis into its next billion-dollar opportunity.


UAE to boost energy investments in US to $440bn by 2035

Updated 16 May 2025
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UAE to boost energy investments in US to $440bn by 2035

DUBAI: The UAE plans to increase the value of its energy investments in the US to $440 billion in the next decade, it said on Friday, boosting President Donald Trump’s efforts to secure major business deals on a Gulf tour.

The wealthy oil power’s strategy was announced during a presentation by Sultan Al-Jaber, Abu Dhabi oil giant ADNOC’s CEO, to Trump during the last stage of his regional trip that has drawn huge financial commitments from the UAE, Saudi Arabia and Qatar.

The enterprise value of UAE investments in the US energy sector will be boosted to $440 billion by 2035 from $70 billion now, Al-Jaber told Trump, adding US energy firms will also invest in the UAE.

“Our partners have committed new investments worth $60 billion in upstream oil and gas, as well as new and unconventional opportunities,” Al Jaber said in front of a slide showing projects in the UAE under the logos of US companies ExxonMobil, Oxy and EOG Resources.

Already in March, when senior UAE officials met Trump, the UAE had committed to a 10-year, $1.4 trillion investment framework in the US to deepen reciprocal ties.

The framework will “substantially increase the UAE’s existing investments in the US economy” in AI infrastructure, semiconductors, energy, and manufacturing, the White House said in a statement.

‘Great progress’

“We’re making great progress for the $1.4 trillion that UAE has announced it intends to spend in the United States,” Trump said in Abu Dhabi, his last stop on a Gulf tour that has focused on investment deals, not security crises in the Middle East, including Israel’s war in Gaza.

“Yesterday the two countries also agreed to create a path for UAE to buy some of the world’s most advanced AI semiconductors from American companies, a very big contract.”

Trump said the deal will generate billions of dollars in business and accelerate efforts by the UAE, an oil power and regional economic power, to become a major player in artificial intelligence.

“And I read where — the oil and gas and all is great but you’re going to have equally big, and maybe even bigger — at some point, you’ll be surpassing it with AI and other businesses, so that’s a great tribute to the job you’ve done here,” Trump told UAE officials on Friday during his visit.

XRG, the international investment arm of ADNOC, is seeking to make a significant investment in US natural gas, Al Jaber, who is also XRG’s executive chairman and minister of industry and advanced technology, has said.

ADNOC’s stakes in NextDecade’s Rio Grande LNG export facility and a planned ExxonMobil hydrogen plant — both in Texas — were transferred to XRG, which was set up last year and which ADNOC has said has $80 billion in assets. It has a mandate to pursue global deals in chemicals, natural gas and renewables.

Mubadala Energy, an arm of Abu Dhabi’s second largest sovereign wealth fund, last month signed a deal with US firm Kimmeridge that will give it stakes in US gas assets.