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Health, transport and social media: Top 15 innovative startups in the Middle East

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Updated 26 April 2022
Arab News
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Health, transport and social media: Top 15 innovative startups in the Middle East

Updated 26 April 2022
Arab News

These are exciting times for startups in the Middle East as venture capital firms and tech investors are increasingly seeking out novel ideas that can be turned into reality. To coincide with World Creativity and Innovation Day on April 21, Arab News has compiled a definitive list of the top 15 startups in the region.

From the UAE to Egypt to Saudi Arabia, a new business landscape is emerging in the Middle East’s startup ecosystem that is changing in the face of entrepreneurship in the region. There are many interesting startup developments that provide home-grown tech solutions as entrepreneurs mix successful startup ideas from other parts of the world with the unique religious and cultural values of the region.

Given that there are tens of new startups launching every day and grabbing the attention and resources of investors, it was no easy task to filter out the top 15 startups. However, we zeroed in on startups that have not only managed to successfully turn things around for their business but have also made a difference in the lives of consumers, thanks to their innovative solutions.

Arab News’s list of 15 most innovative startups includes a new wave of startups that have raised millions of dollars of funding and covers a wide range of sectors including finance, delivery, health, transport and the media. By all accounts, 2021 was a record-breaking year for startups in the region and it seems very likely that things will only accelerate in 2022, powered by many of the startups that have been listed below.

Playbook

(Social media platform for professional women)

Founder: Wafa Al-Obaidat

Funding: $700,000

Investors: Sanabil Investments, 500 Global, Faith Capital, WomenSpark and Strategic Angel Investors

The online social media platform, Playbook, designed specifically for female professionals and entrepreneurs, currently has 12,000 members. It is an edutainment platform that helps women with their career progression and mentorship from female leaders across different industries and walks of life.

The platform leverages shared experiences to prepare women to grow through masterclasses in both English and Arabic. It allows users to create customized profiles, highlighting their skills and professional goals. They can take multiple classes based on their interests, network with other members, find solutions to problems via crowdsourcing and track their progress through games.

Nitros 

(Online shipping and logistics management)

Founder: Awsim Asmi

Funding: $300,000

Investors: 500 Global and OQM Investments

Nitros is a shipping and logistics solution provider for online sellers that offers technical integration from e-store to customer delivery, allowing retailers to compare shipping rates, create labels, generate international customs documents, track shipments and transfer money.

It is the Gulf equivalent of online shipping business Shippo in the US, SendCloud in Europe and ShipRocket in India, which allow small merchants to automate their shipping operations.

ekar

(Personal mobility systems)

Founder: Vilhelm Hedberg

Funding: $34 million

Investors: Polymath Ventures and others

ekar claims to be the Middle East's first and largest self-drive mobility platform, providing users on-demand access to a network of thousands of carshare and subscription leasing vehicles within its 'Self-Drive Super App', in addition to contactless peer-to-peer car share which just launched in Saudi Arabia. 

The startup operates across seven cities, with a fleet of 2,300 vehicles and 250,000 users in Saudi Arabia and the UAE. It ventured into Thailand in January 2022 and plans to expand into Malaysia, Turkey and Egypt later this year.

Sarwa

(Fintech platform)

Founders: Mark Chahwan, Nadine Mezher, Jad Sayegh

Funding: $25 million

Investors: Mubadala Investment Co., 500 Startups, Kuwait Projects Co., Shorooq Partners, ADQ, Middle East Venture Partners

Sarwa is a fintech startup with over 50,000 registered users. The trading platform offers a hybrid model of AI-backed smart trading and on-demand customer support. They recently launched Sarwa Trade, a zero-commission platform that lets customers trade more than 4,000 publicly traded stocks and ETFs on leading US exchanges.

AlTibbi

(AI-backed healthcare company)

Founder: Jalil Allabadi

Funding: $50 million

Investors: Foundation Holdings, Hikma Ventures, Global Ventures and DASH Ventures.

Altibbi is a digital health platform in the Middle East and North Africa. The platform aims to present reliable, up-to-date and simplified medical information to users in the region. What started as an Arabic version of WebMD has grown into a subscription-based telehealth company with 2.4 million consultations per year, nearly ten times the in-person visits to the hospital visits. They are expanding heavily in Saudi.

Tamara

(Fintech)

Founders: Abdulmajeed Alsukhan, Turki Bin Zarah, Abdulmohsen Albabtain

Funding: $116 million

Investor: Checkout.com

Saudi startup Tamara raised $116 million in seven months of operation. The ‘buy now, pay later’ company offers online and in-store customers the ability to pay in installments or split payments in Saudi Arabia, the UAE and Kuwait. Collaborating with over 2,000 merchants, Tamara has more than two million shoppers on its platform, with transactions totaling nearly $266 million last year alone.

CAFU

(Oil & gas) 

Founder: Rashid Al Ghurair

CAFU is one of the leading fuel delivery and vehicle services platforms. It offers fuel at the same price as charged by petrol stations. They specialize in on-time delivery and offer the service overnight. The platform uses fuel that is certified by Emirates Authority for Standardization and Metrology. In other words, it’s of the same quality as the one that you use to fill up your vehicle from ENOC, Eppco, Emarat and other petrol stations across the stations in the UAE.

NOMADD

(Desert solar technology)

Founders: Cliff Barrett and Georg Eitelhuber

Funding: $7.8 million

Investors: KAUST and CEPCO

The NOMADD is a fully autonomous waterless robotic cleaning solution designed, developed and tested in Saudi Arabia’s severe desert conditions. It has raised a total of $7.8 million in funding over 4 rounds.

SWVL 

(Transportation)

Founder: Mostafa Kandil

Funding: $175 million

SWVL is an Egypt-based transportation service that operates on a global scale. It is currently a unicorn and listed on US Nasdaq. This bus-hailing service enables users to make intra-state journeys by booking seats on buses running a fixed route.

Pylon

(Sustainability)

Founders: Ahmed Ashour and Omar Radi

Funding: $19 million

Investors: Y-Combinator and others

Pylon is a water and electricity management infrastructure startup that is backed by leading VC firm Y-Combinator. The company caters to all the utility’s needs in the region by providing a comprehensive platform that addresses all aspects of the utility distribution process

Rology 

(Health tech)

Founders: Amr Abodraia, Moaz Hossam, Bassam Khallaf, Mahmoud elDefrawy

Funding: $1 million

The platform was launched to plug the lack of radiologists and high latency in medical reports by enhancing scan image quality and matching cases from hospitals and radiology centers according to sub-specialization and expertise. It delivers reports for cold cases within 12 hours and emergency cases in just 60 minutes. The platform is fully equipped to supply hospitals with unique solutions across a diverse spectrum of subspecialties including breast imaging, cardiovascular radiology, chest radiology, gastrointestinal radiology, musculoskeletal radiology and more.

Dawarha 

(Sustainability) 

Founder: Mohamed Kabil

Funding: $1.9 million

Dawarha develops and manufactures reverse vending machines that use artificial intelligence to reward consumers for depositing empty single-use plastic bottles or cans. The startup also offers an app that directs users to the nearest RVM.

Red Sea Farms 

Founders: Ryan Lefers and Mark Tester

Funding: $16 million

Investors: Wa’ed, AppHarvest and Bonaventure Capital, KAUST Innovation Fund, and Research Products Development Company (RPDC).

A pro in saltwater farming, Red Sea Farms invented a technology that grows crops without using freshwater in humidity-controlled greenhouses. 

The firm uses saltwater to cool greenhouses and irrigate crops, such as tomatoes, that it, or its partner farms, sell into the market. It also provides technical advice to other firms on how to grow crops in arid climates.

BitOasis

Founders: Ola Doudin and Daniel Robenek

Funding: $30 million

Investors: Jump Capital and Wamda

BitOasis is a cryptocurrency trading platform offering a digital asset wallet and exchange to buy, sell and trade in 36 tokens. The platform has also been working with UAE government bodies such as the Dubai Police to educate investors and traders about crypto fraud, especially at a time when then the government is promoting blockchain technology and rolling out initiatives to make it easier for crypto players to transact. 

Foodics

Founder: Ahmad Al-Zaini and Mosab Al-Othmani

Funding: $170 million

Investors: Prosus, Sanabil Investments, Sequoia Capital India and others

Foodics is a leading cloud-based restaurant management and fintech ecosystem that empowers food and beverage owners to run their operations efficiently. Formally licensed as a fintech company by the Saudi Central Bank, it caters to every segment of the F&B sector from traditional dine-in restaurants, cafes, quick service restaurants, bakeries and food trucks to the cloud kitchens.

Topics: startups WICD2022

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World food prices up in April for second month: UN agency

Updated 03 May 2024
Reuters
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World food prices up in April for second month: UN agency

Updated 03 May 2024
Reuters

PARIS: The UN food agency’s world price index rose for a second consecutive month in April as higher meat prices and small increases in vegetable oils and cereals outweighed declines in sugar and dairy products.

The Food and Agriculture Organization’s price index, which tracks the most globally traded food commodities, averaged 119.1 points in April, up from a revised 118.8 points for March, the agency said on Friday.

The FAO’s April reading was nonetheless 7.4 percent below the level a year earlier.

The indicator hit a three-year low in February as food prices continued to move back from a record peak in March 2022 at the start of Russia’s invasion of Ukraine.

In April, meat showed the strongest gain in prices, rising 1.6 percent from the prior month.

The FAO’s cereal index inched up to end a three-month decline, supported by stronger export prices for maize. Vegetable oil prices also ticked higher, extending previous gains to reach a 13-month high due to strength in sunflower and rapeseed oil.

The sugar index dropped sharply, shedding 4.4 percent from March to stand 14.7 percent below its year-earlier level amid improving global supply prospects.

Dairy prices edged down, ending a run of six consecutive monthly gains.

In separate cereal supply and demand data, the FAO nudged up its estimate of world cereal production in 2023/24 to 2.846 billion metric tonnes from 2.841 billion projected last month, up 1.2 percent from the previous year, notably due to updated figures for Myanmar and Pakistan.

For upcoming crops, the agency lowered its forecast for 2024 global wheat output to 791 million tonnes from 796 million last month, reflecting a larger drop in wheat planting in the EU than previously expected.

The revised 2024 wheat output outlook was nonetheless about 0.5 percent above the previous year’s level.

Topics: FAO UN Food global prices

Material sector dominates TASI trading in first quarter of 2024

Updated 03 May 2024
Dayan Abou Tine
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Material sector dominates TASI trading in first quarter of 2024

Updated 03 May 2024
Dayan Abou Tine

RIYADH: The materials sector led trading on Saudi Arabia’s Tadawul All Share Index, accounting for approximately SR87 billion ($23.2 billion) or 15.11 percent of the market, according to TASI’s 2024 first-quarter report.

SABIC, the largest component of this sector, boasted a market capitalization of SR234.9 billion, with trading value reaching nearly SR7 billion.

The banking sector trailed with transactions valued at SR71.22 billion, comprising 12.37 percent of the market. Al-Rajhi Bank took the lead in market capitalization within the sector and secured the second spot in trade value totaling SR23.62 billion.

In a February report by Bloomberg, Al-Rajhi Bank, seen as an indicator of Saudi Arabia’s growth strategies, exceeded the performance of JPMorgan Chase & Co., exhibiting nearly a 270 percent surge in shares since the initiation of Vision 2030. It has outpaced both local and global competitors, including state-supported banks, emerging as the largest bank in the Middle East and Africa, boasting a market cap of around $95 billion.

According to Morgan Stanley analysts led by Nida Iqbal, as reported by Bloomberg, “We see it as a long-term winner in the Saudi bank sector… While Al-Rajhi is best placed for a rate-cutting cycle, we believe current valuation levels reflect this.” 

Gulf central banks, including Saudi Arabia’s, frequently align their policies with those of the Federal Reserve to maintain their currency pegs to the dollar. According to Bloomberg Intelligence senior analyst Edmond Christou, a reduction in Fed rates could potentially bolster Al-Rajhi Bank’s profitability and expansion, as it will encourage gathering cheap deposits while enabling it to issue debt at more attractive levels.

In this period, the energy sector secured the third position in terms of value traded, reaching SR55.4 billion. Saudi Aramco topped the list with a market capitalization of SR7.47 trillion and registered the highest value among companies traded on the index, totaling SR28.82 billion.

In March of this year, Aramco announced a net income of $121.3 billion for its full-year 2023 financial results, marking the second-highest in its history. Aramco credited these results to its operational flexibility, reliability, and cost-effective production base, underscoring its dedication to delivering value to shareholders.

Tadawul’s quarterly report also indicated that the transportation sector recorded the fourth-highest value traded at SR39.25 billion, equivalent to 6.82 percent of the market. Among the top performers in this sector was cargo firm SAL Saudi Logistics Services, ranking third in value traded on the TASI during this period, following Aramco and Al-Rajhi Bank, with a total value of SR22.74 billion.

SAL debuted on the main market of the Saudi Exchange in November last year. With aspirations to manage 4.5 million tonnes of air cargo by 2030, Saudi Arabia is empowering its logistics sector from a supportive role to a pivotal driver of economic growth.

SAL, in which the Saudi government holds a 49 percent stake through the Saudi Arabian Airlines Corp., experienced a 30 percent surge in its share price during its initial public offering, raising $678 million and becoming Saudi Arabia’s second-largest IPO of the year.

In a January report by Forbes, SAL’s CEO and Managing Director Faisal Al-Beddah emphasized the company’s potential to shape the future of logistics in Saudi Arabia and beyond. He stated: “Logistics is the backbone of any economy. Now we are ready. We have the rotation, we have the infrastructure, we have the regulations, and most importantly, we have the mindset and the technology for Saudi Arabia to be the leading connecting logistics hub in the region.”

The top gainer during this period in terms of price appreciation was MBC Group, with a quarter-to-date percentage change of 127.6 percent, according to Tadawul.

Saudi Arabia’s MBC Group, a media conglomerate, debuted as the first new listing on TASI in 2024. Its trading began on Jan. 8. The company raised SR831 million through its initial public offering.

Saudi Steel Pipes Co. in the materials sector was the second highest gainer, with price appreciating by 88.15 percent.

Etihad Atheeb Telecommunication Co. had a QTD price percentage change of 81.91 percent making it the third-highest gainer on the exchange during this period.

TASI concluded the first quarter of 2024 with a 3.6 percent increase, climbing by 435 points to reach 12,402 points.

Topics: TASI trading performance Quarterly report

Saudi startups raised $3.3bn in last 10 years, says report

Updated 03 May 2024
Nour El-Shaeri
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Saudi startups raised $3.3bn in last 10 years, says report

  • MAGNiTT report shows fintech emerged as the most funded sector in Kingdom
Updated 03 May 2024
Nour El-Shaeri

RIYADH: Startups in Saudi Arabia saw massive growth during the last decade raking in $3.3 billion in venture capital funding, according to a report issued by MAGNiTT.

The data platform, in its “10 Years Saudi Arabia Founders Report” sponsored by Saudi Venture Capital Co., provides an in-depth analysis of the backgrounds, experiences, and expertise of founders. 

“MAGNiTT initially published a report on founders in the MENA VC ecosystem in 2018, focusing on uncovering the DNA of successful entrepreneurs in the region. Today, in partnership with the Saudi Venture Capital Co., we present a comprehensive report on the founders of the top 200 funded startups in the Kingdom over the last ten years,” said Philip Bahoshy, CEO and founder of the platform. 

“By shedding light on founders’ experiences in the Saudi ecosystem, we aim to dispel myths around founders, empower aspiring entrepreneurs looking to establish their ventures in the Kingdom, guide government decision-makers in shaping policies conducive to innovation, and provide invaluable intelligence to investors seeking opportunities in the region,” he added. 

SVC CEO Nabeel Koshak emphasized the remarkable growth and dynamism in the Saudi startup landscape. 

FASTFACTS

Forty-four percent of these startups were launched by teams with two founding members, who together secured 53 percent of the total funds. 

Startups founded by a single individual accounted for 30 percent of the funded startups but only captured 15 percent of the funding in the last decade. 

Thirty-six percent of the 400 founders analyzed had at least 10 years of work experience before launching their respective startups.  

Fifty-nine percent of founders had technical education backgrounds, highlighting science, technology, engineering, and mathematics. 

Thirty-nine percent of founders held degrees in business, contrasting with the global average of 19 percent, according to an Endeavor Insight study. 

“The Kingdom’s strategic initiatives, driven by the Saudi Vision 2030, have laid a solid foundation for innovation, entrepreneurship, and investment. As a result, we have seen a surge in startup activity, with a growing number of ambitious founders seizing opportunities and driving innovation across various sectors,” he said. 

“The goal of the report is to provide policymakers, government officials, and investors with insights and data to inform strategic decisions and policies to further nurture the startup ecosystem for the next 10 years,” Koshak added. 

A decade of funding 

Compiling data from the 200 Saudi-based startups, which collectively raised a total of $3.3 billion from 2014 to 2023, the report highlighted that 44 percent of these startups were launched by teams with two founding members, who together secured 53 percent of the total funds. 

He further stated that with the significant support for innovation, the Kingdom is set to witness the emergence of more unicorns. 

In contrast, startups founded by a single individual accounted for 30 percent of the funded startups but only captured 15 percent of the funding in the last decade. 

Notably, 36 percent of the 400 founders analyzed had at least 10 years of work experience before launching their respective startups.  

The report also indicated a trend toward entrepreneurship among less experienced founders, with 66 percent being first-time startup founders and only 30 percent with previous regional startup experience. 

It revealed a significant gender disparity in the VC landscape within Saudi Arabia, with male founders comprising 94 percent of the total 400 individuals, while female founders accounted for only 6 percent.  

This gender gap is considerably wider than the global norms, where, according to research by Startup Genome conducted between 2016 and 2022, the average proportion of female founders in an ecosystem was 15 percent. 

Additionally, only 7 percent of solo founders were female, and there were no recorded startups with two or more female founders only.  

However, as the number of founders per startup increased, so did gender diversity, albeit slightly. In startups with three founders, 18 percent were of mixed gender, while in startups with four or more founders, the figure was 12 percent. 

Furthermore, 91 percent of male-only founded startups claimed 98 percent of total funding. Conversely, 3 percent of female-only founded startups accounted for 0.4 percent of the total funding. 

Founders' education 

The report further delved into the education qualification of founders revealing that 55 percent in the Kingdom had attained at least a bachelor’s degree.  

In terms of technical development, 59 percent of founders had technical education backgrounds, highlighting science, technology, engineering, and mathematics. 

Thirty-nine percent of founders held degrees in business, contrasting with the global average of 19 percent, according to an Endeavor Insight study. 

Over half of the 400 founders obtained their degrees internationally, while 22 percent held both international and local degrees. 

King Saud University, King Fahd University of Petroleum and Minerals, and King AbdulAziz University were among the most common institutions for startup founders. 

Seven of the top 10 universities of Saudi founders that raised funding were public institutions.

The top international schools of Saudi founders had Stanford and Harvard among the top choices, mirroring global trends. 

Professional experience 

Despite fintech being the most funded sector, only 7 percent of founders had experience in finance, and 18 percent in banking, which is lower compared to the 48 percent with backgrounds in information technology.  

Additionally, even fewer founders, only 12 percent, had experience in e-commerce, despite this industry accounting for the highest share of deals, 20 percent, closed by the top 200 Saudi startups. 

The report also revealed that 36 percent of the founders in Saudi Arabia are skilled professionals with over 10 years of experience before starting their businesses.  

Notably, Saudi Aramco was the most common previous employer among the funded founders, with 7 percent having worked there before launching their startups. 

Furthermore, McKinsey and Microsoft were among the top 10 companies where the 400 founders covered in this report had previously been employed.  

The majority of these founders held significant leadership roles, with 31 percent having served as a founder, co-founder, or board member. Only 4 percent originated from entry-level positions. 

The report also pointed out: “While Saudi Arabia has witnessed several serial entrepreneurs, 66 percent of founders in the last decade were first-time founders,” indicating a vibrant and growing entrepreneurial ecosystem. 

Topics: startups VC SaudiVision 2030

Oil prices set for steepest weekly drop in 3 months

Updated 03 May 2024
Reuters
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Oil prices set for steepest weekly drop in 3 months

Updated 03 May 2024
Reuters

NEW YORK: Oil prices edged up on Friday on the prospect of OPEC+ continuing output cuts, but the crude benchmarks were headed for the steepest weekly losses in three months on demand uncertainty and easing tensions in the Middle East reducing supply risks.

Brent crude futures for July rose 14 cents to $83.82 a barrel by 0646 GMT. US West Texas Intermediate crude for June was up 16 cents, or 0.2 percent, to $79.11 per barrel.

Still, both benchmarks were on track for weekly losses as investors worried about the prospect of higher-for-longer interest rates curbing growth in the US, the top global oil consumer, and in other parts of the world.

“With the US driving season almost upon us, high inflation may see consumers opt for shorter drives over the holiday period,” analysts at ANZ Research said in a note on Friday.

The market is now looking towards US economic data and indicators of future crude supply from the world’s top producer.

The US Federal Reserve held interest rates steady this week, and flagged recent disappointingly high inflation readings that could make rate cuts take awhile in coming.

Geopolitical risk premiums due to the Israel-Hamas war, which had kept prices high due to global supply risks, are also fading, with Israel and Hamas considering a temporary ceasefire and holding talks with international mediators.

Brent headed for a 6.3 percent weekly decline, while WTI moved toward a loss of 5.6 percent on the week.

The drop comes just weeks ahead of the next meeting of the Organization of the Petroleum Exporting Countries and allies led by Russia, together called OPEC+.

Three sources from OPEC+ producers said the group could extend its voluntary oil output cuts of 2.2 million barrels per day beyond June if oil demand fails to pick up, but the group has yet to begin formal talks ahead of the June 1 meeting.

Topics: Oil OPEC+ OPEC Brent WTI

Saudi authorities plan to boost assets under management to 29.4% of GDP in 2024

Updated 03 May 2024
Arab News
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Saudi authorities plan to boost assets under management to 29.4% of GDP in 2024

  • Capital Market Authority plans to accelerate the pace of listings by welcoming 24 new companies
Updated 03 May 2024
Arab News

RIYADH: Saudi Arabia aims to enhance its stock exchange appeal to foreign investors, targeting 17 percent ownership of free float shares by 2024, a new report has revealed.

According to the 2023 Financial Sector Development Program document, the Saudi Capital Market Authority plans to boost assets under management to 29.4 percent of gross domestic product in 2024 by increasing the investment environment and attracting more investors.
The report, published annually, highlights the achievements in the financial sector, particularly the Kingdom’s ongoing progress in competitiveness indicators related to the capital market, as stated by Mohammed Al-Jadaan, minister of finance and chairman of the FSDP.
Commenting on the development of the financial sector, Al-Jadaan emphasized the importance of innovation and investment in talent and technology.
“We have placed innovation and investment in both talent and technology at the top of our priorities, because we recognize the importance of building a dynamic financial environment that allows companies — especially startups — to flourish and succeed,” the minister stated.
In line with its commitment to facilitating financing in the capital market, the CMA also plans to accelerate the pace of listings by welcoming 24 new companies in 2024.
Moreover, there will be a focus on supporting the development of new and promising sectors, with a target of having micro and small enterprises account for 45 percent of total listings.
Another area of emphasis is the deepening of the sukuk and debt instruments market, with the goal of increasing the debt-to-GDP ratio to 22.1 percent by the end of 2024. These measures aim to provide diverse financing options for companies and further stimulate economic growth.
“The capital market ecosystem continued its efforts to contribute to developing the financial sector and achieving the Saudi Vision 2030,” stated Mohammed El-Kuwaiz, chairman of the CMA. 
“By approving rules for foreign investment in securities and streamlining regulatory procedures, we have witnessed a significant increase in foreign investments in the capital market, reaching SR401 billion ($106.9 billion),” El-Kuwaiz added.
The Saudi Central Bank also reaffirmed its commitment to adhering to international standards and best practices to enhance the strength and stability of the financial sector. 
Initiatives such as developing digital solutions for supervising the financial sector and enabling local and international FinTechs demonstrate the Kingdom’s dedication to embracing technological advancements.
Furthermore, the Financial Academy unveiled its new strategy for 2024-2026, focusing on enhancing human capabilities in the financial sector through training programs and professional certifications. 
The academy aims to increase the number of trainees and improve the quality of its services to meet the evolving needs of the industry.
The 2023 FSDP report highlighted significant progress across sectors like fintech and digital banking. 
The Kingdom saw a surge in fintech companies, surpassing 2023 targets with 216 in operation and launching two digital banks. 
Saudi Arabia claimed the top spot in the Corporate Boards Index among G20 nations and secured second place in various indices. Foreign companies relocated headquarters to the Kingdom, deepening the capital market. 
Moody’s, Fitch, and S&P Global Ratings revised Saudi Arabia’s outlook to “Positive” and affirmed its “A1” and “A+” credit ratings, citing fiscal policy development, economic reforms, and structural improvements. 
Saudi Arabia led venture investments in the Middle East & North Africa, securing 52 percent of total investments in 2023, and allocated SR10 billion to support small and medium enterprises across economic activities and regions in the first half of the year.

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