KARACHI: The State Bank of Pakistan said on Thursday the country’s current account, which comprises external trade and transfers, had posted a record and one of the highest monthly surpluses in March 2025 with $1.19 billion, up 229% year-on-year.
The Pakistan Stock Exchange also concluded Thursday’s session on a bullish note, with the KSE-100 Index advancing by 881 points, or 0.76%, to close at 116,901 level.
“Investor sentiment was buoyed by record-high remittances, which contributed to a historic current account surplus in March 2025. The surplus for the first nine months of FY25 reached $1.9 billion,” Topline securities said in a statement.
The surplus in March 2024 stood at $363 million, the latest central bank data showed.
On Monday, Central Bank governor Jameel Ahmad had said the current account would show a “substantial” surplus this year through June mainly on the back of a record inflow of remittances which crossed the $4 billion mark in March, with Saudi Arabia once again topping the list of biggest contributors.
“With record monthly surplus in March 2025, cumulative surplus in country’s Current Account for 9MFY25 (Jul-Mar25) now stands at $1.86 billion, which was in a deficit of $1.65 billion in the same period last year,” SBP said.
In March 2025, Pakistan’s exports recorded at $3.51 billion, growing 8.7% YoY and 6.0% MoM. Imports also rose 8.0% YoY to $5.92 billion in March but fell 1.9% MoM.
“Resultantly, while Trade Deficit (Goods+Services) went up 7% YoY, it narrowed 11.5% MoM in March 2025,” the data showed.
For 9MFY25 (Jul-Mar25), total exports now stand at $30.9 billion, up 8.1% YoY, while total imports stand at $51.9 billion, up 10.7% YoY, with the cumulative trade deficit at $21.1 billion, up 14.7% YoY.
“With oil prices down, and remittances continuing to make a record mark, Pakistan’s current account is expected to be in deep surplus by June FY25 and may also continue in FY26, thereby resulting in further scale-up in overall investor confidence,” the central bank said.
Pakistan received a record-high $4.1 billion in remittances in March 2025, which bodes well for the government’s efforts to revive an economy that it expects will expand three percent this year, SBP governor Ahmad said at an event at the Pakistan Stock Exchange in Karachi on Monday.
The central bank had earlier projected economic growth to range from 2.5% to 3.5%.
“With this level of remittances, we are hoping that for the current fiscal year our current account will stay in surplus,” the governor said. “There will be a substantial surplus and this surplus is the best performance, I will say, on the external account during the last two decades.”
The country broke its own record in February when overseas Pakistanis remitted $3.1 billion.
Pakistan external account posts record monthly surplus, buoying investor confidence
https://arab.news/9a3w8
Pakistan external account posts record monthly surplus, buoying investor confidence
- Current account posts a record and one of the highest monthly surpluses in March 2025 with $1.19 billion, up 229% year-on-year
- Pakistan stocks concluded Thursday’s session on bullish note, with KSE-100 Index advancing by 881 points to close at 116,901 level
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
- 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.
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.”
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.
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
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.
Beyond the barrel: How Aramco is reinventing energy production for a new era
JEDDAH: Saudi Aramco’s investment strategy reflects a pragmatic and forward-looking approach as the global energy landscape continues to evolve, experts have told Arab News.
Having reported a net income of $106.2 billion in 2024, the world’s largest and most valuable energy company remains focused on its long-term growth.
Central to this are its ambitious natural gas projects, including the Jafurah unconventional gas field and the Tanajib gas plant, which are vital to Saudi Arabia’s future energy security.
These initiatives support the Kingdom’s ongoing transition from crude oil to gas-powered electricity generation and align closely with Vision 2030’s objectives of economic diversification and environmental responsibility.
A pragmatic approach
Saudi Aramco is intensifying its natural gas development, recognizing its role as a cleaner alternative to crude oil. These efforts dovetail with the broader national strategy to reduce emissions while bolstering economic resilience.
Tamer Al-Sayed, chief financial officer at the Future Investment Initiative Institute, told Arab News that Aramco’s diversification extends to its global liquefied natural gas ventures, such as its stake in MidOcean Energy.
“Natural gas serves as a reliable bridge fuel with lower carbon intensity than crude,” he explained.
Aramco is also harnessing artificial intelligence to boost operational efficiency and reduce emissions, sharpening its competitive edge in an increasingly renewable-driven world.
“This twin strategy — scaling cleaner fuels and deploying smart technologies — ensures Aramco remains globally competitive while contributing to the Kingdom’s climate goals,” Al-Sayed said.
Investing in carbon capture
A cornerstone of Aramco’s decarbonization is a large-scale carbon capture and storage facility under development in Jubail. Expected to capture up to 9 million tonnes of CO2 annually, it will be among the largest of its kind globally.
Al-Sayed acknowledged the issues associated with CCS, saying: “The economics remain challenging without a robust carbon pricing mechanism.”
He emphasized that CCS is a strategic bet to allow Saudi industry to maintain market access amid tightening low-carbon regulations. There is also potential for new revenue streams through “carbon capture-as-a-service.”
“In macroeconomic terms, this is a bet on future-proofing Saudi industry,” he added, highlighting the Kingdom’s readiness to capitalize on emerging carbon markets and green trade policies.
A cleaner future
Aramco’s renewable energy investments focus heavily on solar power and hydrogen. The company is advancing the Sudair Solar PV plant and three additional projects totaling 5.5 gigawatts, aimed at greening the grid and reducing domestic oil consumption — thereby freeing hydrocarbons for export or industrial use.
In the hydrogen sector, Aramco targets producing 2.5 million tonnes of blue ammonia annually by 2030, leveraging its gas reserves and CCS infrastructure to become a leading clean energy exporter.
“This aligns with Vision 2030’s goal of developing high-value, knowledge-based industries,” Al-Sayed said.
While renewables will not replace hydrocarbons overnight, they remain a critical element of Saudi Arabia’s long-term energy diversification.
Expanding downstream
Aramco’s recent acquisitions in emerging markets underscore a strategic push into downstream operations. Its full ownership of Chile’s Esmax and a 40 percent stake in Pakistan’s Gas & Oil fuel retail network give the Saudi firm direct access to growing energy markets.
“From a Saudi economic lens, such downstream investments help reduce overreliance on crude oil exports by monetizing the full hydrocarbon value chain — from well to wheel,” Al-Sayed explained.
These moves also generate foreign revenue streams, support the Kingdom’s balance of payments, and complement broader trade diplomacy efforts.
With Pakistan’s fuel demand rising alongside its population and infrastructure growth, and Chile serving as a gateway into South America’s energy retail landscape, Aramco is positioning itself for durable growth beyond upstream activities.
“These investments also provide resilience against regional demand fluctuations, reinforcing Aramco’s strategy of maintaining a global presence in energy markets,” Al-Sayed added.
Recalibration for the future
In the face of rapid decarbonization, Aramco is recalibrating its long-term strategy through diversification, global investments, and adoption of future-focused technologies. The company aims to balance today’s operational realities with tomorrow’s energy goals.
“This is not just about resilience — it is about relevance,” Al-Sayed concluded, underscoring how strategic diversification and investments anchor Aramco firmly in the energy economy of the future.
Resilience amid cuts
Yaseen Ghulam, associate professor of economics and director of research at Al-Yamamah University in Riyadh, offered perspective on Aramco’s 2024 net income decline — which was 12 percent down from the $121.3 billion seen in 2023.
He attributed it to strategic oil production cuts agreed upon by OPEC+, including a 6.25 percent reduction from 2023 and a 14.28 percent cut from 2022.
“OPEC+ further plans to extend voluntary oil production curbs until September 2026, potentially causing a 0.4 million barrels per day reduction in 2025,” Ghulam said.
Despite these market constraints, he noted that Saudi Arabia’s non-oil sector has compensated for the oil-related revenue drop through higher household consumption and increased investment, driven by government diversification efforts.
He forecast non-hydrocarbon sector growth of at least 4 percent, supported by low unemployment, rising female workforce participation, and ongoing Vision 2030 progress, backed by strong fiscal buffers.
Sustainable investment
When asked about Aramco’s capital expenditures — $53.3 billion in 2024 and projected up to $58 billion in 2025 — Ghulam emphasized the company’s pivotal role in shaping global oil supply trends.
“Aramco has made a record investment and is likely to continue in artificial intelligence, manufacturing, and corporate acquisitions to improve domestic and global oil supply chains and help diversify the nation’s economy,” he said.
He further highlighted the company’s commitment to developing lower-carbon products across energy, chemical, and materials sectors, alongside its plan to leverage its low-cost, low-carbon upstream production to meet growing global demand.
He also pointed out the company’s investments in renewables through its New Energies division, saying:, “Aramco has signed an agreement to build new green hydrogen and ammonia production facilities. The company wants to produce 11 million tonnes of blue ammonia a year by 2030, with the possibility of exporting to markets in Asia and Europe.”
Supporting diversification plans
According to its 2024 annual report, Aramco’s technology initiatives aim to enhance upstream and downstream operations, expand its product portfolio, and promote sustainable growth aligned with its net-zero ambitions.
Ghulam observed that Saudi Arabia’s economy is rapidly reducing its reliance on oil revenues, thanks to infrastructure, tourism, and technology policies.
“Non-oil activities now make up 52 percent of overall economic activity, with an anticipated 65 percent by the end of the decade. Non-oil revenue in fact doubled in four years. Industries driving this growth include manufacturing, construction, communication, finance, retail trade, restaurants, hotels, and logistics and transportation,” he said.
The Kingdom is rolling out over 5,000 projects aimed at diversification, with 73 percent of new investment expected to target non-oil sectors.
Ghulam concluded that Aramco plays a critical role in supporting this transition by investing heavily in LNG, hydrogen, solar, wind, and battery materials like lithium, alongside maintaining upstream oil projects to sustain its global leadership.
Startup Wrap — Saudi capital driving SME growth amid rising AI and tech demand
RIYADH: Startups across the Middle East and North Africa continued to attract significant investment in the past week, with Saudi Arabia emerging as the driving force behind many of the region’s most prominent funding rounds and initiatives.
Backed by government-led strategies and private capital, the Kingdom is reinforcing its position as a regional hub for innovation and artificial intelligence-driven technologies.
Saudi Arabia-based Wyld VC has launched a $50 million early-stage venture capital fund focused exclusively on AI, becoming the first AI-native VC firm in the MENA region.
The fund is founded and led by Tala Hasan Al-Jabri and is designed to support AI founders building middleware and application-layer innovations, targeting sectors with the highest potential for industrial transformation.
“The GCC is leading the charge in catalyzing an AI revolution— through massive infrastructure investments, advanced research and model deployment, and transparent, innovation-forward regulation,” said Al-Jabri, adding: “However, the region’s greatest gap is AI talent. Wyld VC is here to fill that gap.”
Wyld VC is backed by the family office of Lawrence E. Golub, marking its first investment in the Middle East.
“Tala is a highly accomplished, talented investor, with a track record of success investing in innovative, early-stage technology companies,” said Golub.
“Her considerable investment acumen, combined with her unparalleled and comprehensive ties and network in the Gulf and the US, offer a unique investment opportunity. I am excited to be supporting Tala and Wyld on this compelling new venture,” Golub added.
WakeCap raises $28m to expand contech platform
WakeCap, a Saudi construction technology company, secured $28 million in funding during the Saudi-US Investment Forum.
The company will use the capital to enhance its construction site safety solutions, expand its presence in Saudi Arabia, and pursue international markets.
Founded in 2017 by Hassan Al-Balawi and Ishita Sood, WakeCap provides wearable technology that enables contractors and project managers to monitor site operations in real-time.
Its platform offers digital insights to improve safety, efficiency, and decision-making on large-scale construction projects.
“WakeCap’s ability to capture and act on real-time jobsite data is critical for high-performing project controls,” said Al-Balawi.
“This round fuels our next stage of growth as we expand our global footprint, increasing the value we deliver to customers through richer insights, faster reporting, and greater operational efficiency,” he added.
Kilow secures $2.5m to scale AI-powered weight management
Saudi health tech startup Kilow has raised $2.5 million in seed funding to develop its personalized, AI-powered weight management platform.
The round was led by Sanabil Venture Studio, in partnership with innovation services firm Stryber.
Founded in 2024 by Fahed Al-Essa, Kilow provides users with personalized treatment plans, medical consultations, and real-time health tracking.
The platform also integrates with smart health devices and offers at-home lab testing, enabling a comprehensive digital health experience.
The funds will be used to expand Kilow’s product capabilities and reach more users across Saudi Arabia as it aims to tackle the growing health and wellness market with AI-driven solutions.
Saudi Arabia launches Humain to spearhead AI development
Saudi Arabia has launched Humain, a state-backed AI company established under the Public Investment Fund.
Chaired by Crown Prince Mohammed bin Salman, Humain will serve as the central national entity responsible for AI development and investments, aligning with the Kingdom’s Vision 2030 agenda.
With a focus on infrastructure and model development, the company will offer next-generation data centers, advanced AI infrastructure, and cloud computing capabilities.
A key initiative will be the development of a multimodal Arabic large language model tailored to regional needs.
The launch was strategically timed to coincide with the visit of US President Donald Trump to Riyadh, reflecting the broader geopolitical importance of AI collaboration between Saudi Arabia and the US.
Google backs STV’s new AI fund for MENA startups
Saudi-based venture capital firm STV has launched a new AI-focused fund with backing from Google, aimed at supporting early-stage startups in the MENA region.
The fund will invest in companies developing application-layer AI products, localized large language models, and supporting infrastructure.
The initiative seeks to address the region’s underrepresentation in AI funding. In 2024, only 1.5 percent of total VC investment in MENA was directed toward AI startups, compared to 38 percent in the US and 13 percent in India.
The partnership brings together STV’s regional market insight with Google’s AI research and product expertise to support the development of locally relevant and globally competitive technologies.
Nawy raises $75m to scale proptech and mortgage offering
Egyptian property tech company Nawy has raised a total of $75 million in its latest funding rounds, comprising a $52 million series A equity round and $23 million in debt financing.
The equity round was led by Partech, with participation from e& Capital, March Capital, and VKAV, as well as DPI via Nclude, VentureSouq, and Shorooq.
Debt funding was provided by leading Egyptian banks to support the expansion of Nawy Now, the company’s mortgage platform.
Founded in 2019 by Mohamed Abou Ghanima, Abdel-Azim Osman, Ahmed Rafea, Aly Rafea, and Mostafa El-Beltagy, Nawy offers a full-stack real estate ecosystem including financing, fractional ownership, asset management, and business to business brokerage enablement.
Nawy claims to have achieved $1.4 billion in gross merchandise value in 2024 and reports a 50 time increase in US dollar-denominated revenue.
The company previously raised $5 million in seed funding in 2022 from the Sawiris family office.
AqlanX raises $10m for Arabic-first enterprise AI
UAE-based AI company AqlanX has raised $10 million in funding from Lakeba Group through its subsidiary DoxAI.
The investment was made under the UAE’s NextGen FDI initiative, which aims to attract high-tech foreign investment to the country.
Founded in 2025 by Demetrio Russo, AqlanX builds enterprise-grade AI solutions for automating business processes, improving operational efficiency, and transforming document management.
The company focuses on building Arabic-first AI technologies to serve local enterprises.
The funding will be used to localize and scale DoxAI’s automation products across the Middle East, as the company expands its footprint within the region’s growing AI ecosystem.
TensorWave raises $100m to expand AMD-based AI clusters
AI infrastructure startup TensorWave has raised $100 million in a funding round led by Magnetar and AMD Ventures, bringing its total raised to $146.7 million.
Other participants include Maverick Silicon, Nexus Venture Partners, and Prosperity7 Ventures, the investment arm of Saudi Aramco.
Founded in 2023 by Darrick Horton, Jeff Tatarchuk, and Piotr Tomasik, TensorWave offers AMD GPU-based cloud services optimized for AI training.
The company has already launched a large-scale training cluster featuring 8,192 AMD Instinct MI325X GPUs.
The new capital will be used to scale TensorWave’s GPU infrastructure, grow its workforce to over 100 employees, and accelerate revenue growth.
The company projects it will exceed $100 million in run-rate revenue by the end of 2025.
Arkestro secures $36m to enhance AI procurement technology
Arkestro, a predictive procurement platform, has closed a $36 million strategic funding round led by Altira Group and Aramco Ventures, with participation from NEA, KDT, and Activant.
The platform uses AI, behavioral science, and game theory to drive cost savings and improve procurement efficiency.
The company claims its platform generates an average of 18.8 percent in savings per $1 million of enterprise spend.
The funding will support the company’s global expansion and the continued development of its AI capabilities to reduce supply chain risk and enhance collaboration between procurement teams and suppliers.
