Startup Wrap — Saudi firms continue to raise funding ahead of LEAP25 

Fasanara Capital CEO Francesco Filia (L) with Forus Founder and CEO Nosaibah Al-Rajhi. Supplied
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Updated 08 February 2025
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Startup Wrap — Saudi firms continue to raise funding ahead of LEAP25 

RIYADH: Saudi Arabia’s startup ecosystem continues to gain momentum ahead of the Kingdom’s flagship technology conference, LEAP 2025, fintech, artificial intelligence, and industrial technology companies securing major funding rounds.

Key investments include Saudi-based peer-to-peer lending platform Forus securing a $60 million credit facility from Fasanara Capital. 

The funding will enable Forus to provide over $150 million in working capital loans to Saudi small and medium-sized enterprises. 

Founded in 2019 by Nosaibah Al-Rajhi, Forus has facilitated more than $390 million in working capital financing for over 400 Saudi SMEs. 

The company aims to address financing gaps for businesses that struggle with access to traditional banking services. 

Vminds.ai raises six-figure pre-seed investment 




Founded by Ahmed Al-Mashhadi, vminds.ai is an intelligent, self-learning platform. Supplied

Saudi-based AI startup vminds.ai has closed a six-figure pre-seed funding round from undisclosed angel investors. The company plans to use the funds to support its platform’s official launch for individuals and its enterprise rollout in the third quarter of 2025. 

Founded by Ahmed Al-Mashhadi, vminds.ai is an intelligent, self-learning platform that integrates more than 150 AI tools from global companies into a unified system. The startup aims to simplify AI adoption by businesses and individuals in the region. 

Khazna closes $16m pre-series B round 




Launched in 2020 by Omar Saleh, Ahmed Wagueeh, and Fatimah El-Shenawy, Khazna focuses on serving Egypt’s underbanked population by providing access to financial services. Supplied

Egyptian fintech Khazna has secured a $16 million pre-series B funding round, with participation from new and existing investors, including SANAD Fund for MSME, anb Seed Fund, and Aljazira Capital, as well as Khwarizmi Ventures, Nclude, ICU Ventures, and Quona, Speedinvest, and Disruptech Ventures. 

Launched in 2020 by Omar Saleh, Ahmed Wagueeh, and Fatimah El-Shenawy, Khazna focuses on serving Egypt’s underbanked population by providing access to financial services such as general-purpose credit, buy now, pay later, and bill payments. 

The company plans to use the fresh funding to apply for a digital banking license in Egypt and expand into the Saudi market. 

Simplex secures $13m to build CNC factory in Riyadh 




Founded in 2013 by Ahmed Shaaban, Mohamed Mansour, and Amr Mahmoud, Simplex provides industrial manufacturing solutions across various sectors. Supplied

Egypt-based CNC machine manufacturer Simplex has raised $13 million in funding, led by Saudi Arabia’s National Industrial Development Center. 

The investment will be used to establish a factory in Riyadh dedicated to producing advanced CNC machines. 

Founded in 2013 by Ahmed Shaaban, Mohamed Mansour, and Amr Mahmoud, Simplex provides industrial manufacturing solutions across various sectors. 

The company’s expansion into Saudi Arabia aligns with the Kingdom’s efforts to localize industrial production. 

Myne raises $2m pre-seed round 




Founded in 2024 by Karim Chouman, Myne (R) is a wealth management platform offering asset tracking, real-time market integration, budgeting tools, and digital estate planning. Supplied

UAE-based fintech startup Myne has secured a $2 million pre-seed funding round led by Scene Holding, with participation from Raz Holding, Plus VC, Annex Investments, and angel investors. 

Founded in 2024 by Karim Chouman, Myne is a wealth management platform offering asset tracking, real-time market integration, budgeting tools, and digital estate planning. 

The funding will be used to scale operations, enhance the platform’s technology infrastructure, accelerate user acquisition, and expand regionally. 

Qeen.ai secures $10m seed round 




qeen.ai Founders Morteza Ibrahimi, Ahmad Khwileh, and Dina Alsamhan. Supplied

UAE-based AI startup qeen.ai has closed a $10 million seed funding round, marking one of the largest early-stage investments in the MENA region. 

The round was led by Prosus Ventures, with participation from Wamda Capital, 10x Founders, and Dara Holdings. 

Founded in 2023 by Dina Al-Samhan, Ahmad Khwileh, and Morteza Ibrahimi, qeen.ai offers AI-driven solutions for e-commerce businesses. 

The funding will support the expansion of its agentic AI platform, team growth, and customer acquisition. 

With this investment, qeen.ai has raised a total of $12.2 million, following a $2.2 million pre-seed round in June.

VISARUN.AI raises $700k in pre-seed funding 

UAE-based visa-as-a-service platform VISARUN.AI has secured $700,000 in pre-seed funding from undisclosed angel investors. 

The company plans to use the funds to enhance platform development, expand its sales team, and extend its footprint in the UAE, Saudi Arabia, Qatar, India, and China. 

Founded in 2024 by Vladimir Indjikian and Alena Iakina, VISARUN.AI streamlines visa processing by reducing manual labor by up to 70 percent. 

The platform aims to simplify and expedite visa applications for businesses and individuals. 

Rasmal Ventures secures backing from QIA 

Qatar-based venture capital firm Rasmal Ventures LLC has received funding from the Qatar Investment Authority under its $1 billion Fund of Funds program. 

The investment will support Rasmal Ventures’ inaugural fund, Rasmal Innovation Fund I LLC, which focuses on high-growth startups across fintech, B2B Software-as-a-Service, health tech, and AI. 

The fund, which launched in June with an initial $30 million from institutional investors and family offices, is targeting a $100 million close. 

Rasmal Innovation Fund I is the first VC fund to join QIA’s initiative to boost Qatar’s startup ecosystem. 

Beltone Venture Capital invests in Morocco’s LNKO 




Ali Mokhtar, CEO of Beltone Venture Capital. Supplied

Egypt-based Beltone Venture Capital, the investment arm of Beltone Holding, has invested an undisclosed amount in Moroccan eyewear startup LNKO. 

Founded in 2020 by Maha Bennani, LNKO operates a direct-to-consumer model, offering sunglasses and optical frames. 

The company claims to have served over 100,000 customers. The investment will support LNKO’s expansion across Africa. In 2021, the startup raised $335,000 from CDG Invest. 

Foundation Ventures announces first close of $25m fund 




Founded in 2018 by Mazen Nadim, Omar Barakat, and Ziyad Hamdy, Foundation Ventures focuses on early-stage and growth-stage startups. Supplied

Egypt-based venture capital firm Foundation Ventures has reached the first close of its $25 million fund, FVFII. 

The fund is backed by the Egyptian American Enterprise Fund, the Micro, Small, and Medium Enterprise Development Agency, and Onsi Sawiris. 

Founded in 2018 by Mazen Nadim, Omar Barakat, and Ziyad Hamdy, Foundation Ventures focuses on early-stage and growth-stage startups. 

The new fund aims to support Egyptian startups from their initial development to regional and global expansion, with a portion allocated for investment in African early-stage businesses. 

EasyBank secures $370k for expansion 




Founded in 2023 by Mohamed Khelifi, EasyBank provides digital banking solutions, including access to loans and other financial services. Supplied

Tunisia-based fintech EasyBank has raised $370,000 from undisclosed investors. The company plans to use the funds to expand operations across the Middle East, North Africa, and France. 

Founded in 2023 by Mohamed Khelifi, EasyBank provides digital banking solutions, including access to loans and other financial services. 

The startup aims to bridge financial inclusion gaps across emerging markets. 


Saudi Arabia issues over 80k new commercial licenses in Q2 as business activity accelerates

Updated 06 July 2025
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Saudi Arabia issues over 80k new commercial licenses in Q2 as business activity accelerates

JEDDAH: Saudi Arabia issued more than 80,000 new commercial registrations in the second quarter of 2025, pushing the total number of valid business records across the Kingdom to nearly 1.72 million, official data showed. 

The surge was driven by activity in high-growth industries, including artificial intelligence, blockchain, and big data analytics, as well as financial services, insurance, gaming, and entertainment, according to the Ministry of Commerce’s quarterly Business Sector Bulletin. 

The pickup in business activity underscores Saudi Arabia’s drive to diversify its economy under Vision 2030, with sweeping reforms aimed at boosting the private sector and reducing its reliance on oil. Through the National Transformation Program, the Kingdom is investing in infrastructure, digitalization, and regulatory improvements to attract investment and spur entrepreneurship nationwide. 

Citing Minister of Commerce Majed Al-Qasabi, the bulletin stated: “He explained that this rectification is part of a broader set of measures aimed at combating commercial concealment, which remains one of the key challenges hindering the growth of the local economy.” 

It added that the minister said the ministry has recently worked on rectifying the status of commercial registrations and updating their data to ensure compliance with regulations and to enhance market transparency. 

Riyadh accounted for the largest share of new registrations during the quarter with 28,181 licenses, followed by Makkah with 14,498, the Eastern Province with 12,985, and Qassim with 4,920. Asir, which has been gaining prominence as an investment destination, recorded 3,875 new commercial records. 

The second quarter also saw the implementation of the newly approved Commercial Register Law and Trade Names Law. These reforms have eliminated the need for separate subsidiary registrations by allowing businesses to operate under a single commercial record across the nation, regardless of their geographic location.  

The changes are intended to simplify licensing, reduce administrative burden, and improve the overall ease of doing business in the Kingdom. 
  
Women’s participation in the commercial sector continued to rise, with female entrepreneurs accounting for 49 percent of newly issued commercial records. Limited liability companies remained the dominant form of business structure, with 10,954 LLCs registered during the quarter. Partnerships and joint stock companies also showed solid activity, further diversifying the business landscape. 

Several sectors experienced strong year-on-year growth. Registrations related to cloud data storage and analytics increased by 48 percent, reaching 5,894 records, with Riyadh leading the way at 3,775. 
 
Activities related to artificial intelligence increased by 34 percent, resulting in 14,409 new records, of which 8,909 were registered in the capital. The franchise sector expanded significantly as well, with activity up 64 percent compared to the same period last year, totaling 2,863 new registrations, driven largely by the food and beverage, retail, and services segments. 
 
Investor interest from abroad also surged, with registrations by foreign and GCC investors rising by 38 percent in the second quarter to more than 70,000 new records. Of these, 38,640 registrations were made by foreign nationals and 31,488 by regional Gulf investors. The majority of this investment was directed toward non-residential construction and building development, signaling sustained demand in real estate and infrastructure. 
 
The ministry also reported 39,366 active commercial records in e-commerce by the end of the second quarter, underscoring the Kingdom’s rapid digitalization.  
 
Meanwhile, gaming, leisure, and entertainment activities continued to gain traction, with a growing number of licenses issued in these sectors. 


Saudi Arabia rolls out skill-based work permits to attract global talent

Updated 06 July 2025
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Saudi Arabia rolls out skill-based work permits to attract global talent

JEDDAH: Expatriates seeking employment in Saudi Arabia will now be assessed under a newly introduced skill-based work permit system as the Kingdom moves to streamline its labor market and attract global talent. 

The decision, issued by Minister of Human Resources and Social Development Ahmed Al-Rajhi, classifies foreign workers into three categories — high-skill, skilled, and basic — based on qualifications, experience, technical ability, wage level, and age. The system took effect for new incoming workers on July 1, while the reclassification of existing expatriates began on June 18, according to the Saudi Press Agency and a ministerial notice. 

The Kingdom’s demand for skilled professionals is growing amid a wave of giga-projects, including NEOM, the Red Sea Project, Qiddiya, and Diriyah Gate, which span sectors ranging from construction and design to technology and tourism. These developments require a high concentration of specialized foreign talent to meet tight delivery timelines and global standards. 

The move is part of a broader strategy to enhance productivity, mitigate skill mismatches, and support Saudi Arabia’s long-term economic objectives under Vision 2030. 

“The measure aims to enhance worker performance, attract global talent to transfer expertise and experience to the Saudi labor market, improve operational efficiency, benefit from international experience, and build an environment that supports innovation and the development of business models,” the SPA report stated. 

Designed to match worker capabilities with market needs, the reform introduces a unified digital evaluation mechanism via the Qiwa platform, aligned with the Unified Saudi Classification of Professions and Educational Levels. 

The new classification is expected to enhance transparency in workforce planning and help businesses access better-qualified workers while encouraging a gradual shift away from reliance on low-skilled labor. 

The move comes amid improving employment indicators. The overall unemployment rate, which includes both Saudis and expatriates, fell to a record low of 2.8 percent in the first quarter of 2025, a 0.7 percentage point decrease from the previous quarter, according to the General Authority for Statistics. Among non-Saudis, the rate declined to 0.8 percent, reflecting strong private sector demand and targeted recruitment aligned with workforce needs.

Expatriates remain a critical part of the labor market, accounting for 15.7 million people, or 44.4 percent of the total population, according to GASTAT data for 2024. Among the working-age group — 15 to 64 years — 89.9 percent of non-Saudis fall within this range, underscoring their role in the Kingdom’s productive sectors. 

The reclassification also ties into the Professional Verification Program, launched in 2021 and expanded in 2024. The initiative, currently covering 128 countries and set to expand to 160, verifies the educational and professional credentials of foreign workers in key fields, such as engineering, healthcare, and education, before they enter the Kingdom. 

Alongside labor market reforms, the government is also monitoring the financial outflows tied to foreign workers. In February alone, remittances by expatriates in Saudi Arabia totaled SR12.78 billion ($3.41 billion), according to the Saudi Central Bank, reflecting the continued economic contribution of foreign workers to the Kingdom’s economy.

Employers are urged to review their workforce composition and reclassify staff through Qiwa, while workers may submit reassessment requests if they meet the criteria for higher categories, according to the ministry’s guidance manual. A points-based system will ensure flexibility by allowing strengths in certain areas, such as hands-on experience, to offset limitations in formal education. 

The ministry stated that the full guidance manual on the work permit classification system is available on its official website, detailing implementation steps, compliance rules, and evaluation procedures. 


Saudi Aramco raises August Arab light crude OSP for Asia

Updated 06 July 2025
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Saudi Aramco raises August Arab light crude OSP for Asia

RIYADH: Saudi Aramco has raised its official selling price for its flagship Arab Light crude oil destined for Asia in August, the company confirmed in an official statement on Sunday.

The state-owned company raised the price of its benchmark oil to $2.20 per barrel above the average of Oman and Dubai crude prices.

The August price for Arab Light crude oil has risen by $1 per barrel from July, reaching its highest level since April, when it was priced $3.50 above the Oman/Dubai average.

Saudi Aramco prices its crude oil across five density-based grades: Super Light (greater than 40), Arab Extra Light (36-40), Arab Light (32-36), Arab Medium (29-32), and Arab Heavy (below 29).

The company’s monthly pricing decisions impact the cost of around 9 million barrels per day of crude exported to Asia and serve as a pricing benchmark for other major regional producers, including Iran, Kuwait, and Iraq.

Aramco also raised August prices for Arab Extra Light by $1.30 per barrel and Arab Heavy by $0.90. The price hikes follow a decision by eight OPEC+ members to increase production by 548,000 barrels per day in August, further accelerating output growth.

In the North American market, Aramco set the August OSP for Arab Light at $3.90 per barrel above the Argus Sour Crude Index.

Aramco determines its OSPs based on market feedback from refiners and an evaluation of crude oil value changes over the past month, taking into account yields and product prices.


Closing Bell: Saudi main index edges up to close at 11,315

Updated 06 July 2025
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Closing Bell: Saudi main index edges up to close at 11,315

RIYADH: Saudi Arabia’s Tadawul All Share Index closed higher on Sunday, gaining 71.28 points, or 0.63 percent, to end the session at 11,315.73.

Trading turnover for the day stood at SR4.32 billion ($1.15 billion), with 169 stocks advancing and 76 declining. The MSCI Tadawul Index also registered gains, rising 7.94 points, or 0.55 percent, to close at 1,451.40.

Meanwhile, the parallel market, Nomu, edged down by 30.41 points, or 0.11 percent, to 27,257.09, with 32 stocks in the green and 43 in the red.

ACWA Power Co. emerged as the session’s top performer, with its shares surging 7.97 percent to SR265.60. Naseej International Trading Co. followed with a 6.60 percent rise to SR106.60, while Saudi Public Transport Co. climbed 5.64 percent to SR14.79.

On the other hand, Sahara International Petrochemical Co. posted the steepest decline, falling 1.81 percent to SR19.50. Shares of Saudi Industrial Export Co. and Alistithmar AREIC Diversified REIT Fund also slipped, dropping 1.72 percent and 1.42 percent to SR2.29 and SR8.34, respectively.

Meanwhile, Almarai Co. announced a net profit of SR646.8 million for the first half of 2025, marking a 4 percent year-on-year increase. The company attributed the improved results to a 3 percent growth in revenue, alongside disciplined cost control measures, a favorable product mix, and lower funding costs.

Knowledge Economic City Co. signed a 25-year development and leasing agreement with Riyadh Schools Holding Co., a subsidiary of the Mohammed bin Salman Non-Profit Foundation, to build an educational complex in Madinah valued at SR399.3 million.

The project will include a 20,000 sq. meter facility designed to accommodate 1,800 students, with lease payments starting at SR13.7 million in the first year and increasing progressively. The initiative is expected to support Madinah’s educational development and bolster KEC’s long-term financial sustainability and urban goals.

Future Vision for Health Training Co. also announced a 24-month agreement with Aliens Zone LLC to develop a smart e-learning and training platform.

The deal, valued at over 5 percent of the company’s 2024 revenue, will cover system design, content development, and AI-driven training solutions. The platform is expected to launch in the fourth quarter of 2025 and is part of Future Vision’s broader digital transformation strategy in line with Saudi Vision 2030.


ACWA Power plans selective mergers to boost profits, secures $15.4bn in financing over 2 years

Updated 06 July 2025
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ACWA Power plans selective mergers to boost profits, secures $15.4bn in financing over 2 years

  • 77% of the rights issue was subscribed by major shareholders
  • Capital raise aims to fund new projects and expand company’s global footprint

RIYADH: Saudi Arabia’s energy and water desalination giant ACWA Power has drawn investor attention regarding its expansion strategy, following the approval of its shareholders for a SR7.1 billion ($1.8 billion) rights issue.

In an interview with Al-Eqtisadiah, Abdulhameed Al-Muhaidib, the company’s chief financial officer, outlined ACWA Power’s growth plans, financing approach, and future targets.

ACWA Power has been actively expanding its global presence, securing $500 million in new US agreements and reinforcing its position as Uzbekistan’s top energy investor with $15 billion committed to 19 projects, including 18 in renewables.

Strategic expansion and capital increase 

Al-Muhaidib said over 77 percent of the rights issue was subscribed by major shareholders, reinforcing confidence in ACWA Power’s strategy.

The capital raise aims to fund new projects and expand the company’s global footprint, particularly in renewables, water desalination, and green hydrogen. 

“This move supports our long-term strategy to triple managed assets to $250 billion by 2030,” Al-Muhaidib told Al-Eqtisadiah. The company expects annual equity contributions of $2 to $2.5 billion from 2024 to 2030, up from $1 to $1.3 billion in previous years. 

Selective mergers and global targets

ACWA Power is eyeing selective mergers and acquisitions in key markets to accelerate profitability and secure stable cash flows. “M&A opportunities allow us to fast-track earnings while maintaining financial discipline,” Al-Muhaidib said. 

The firm is actively exploring investments in Malaysia, Africa, and other Asian markets with high infrastructure demand. 

The proceeds from the rights issue will primarily fund new projects in the Kingdom and strategic international markets, including the Middle East, Central Asia, Southeast Asia, and China. 

2030 goals: renewables, water, and green hydrogen 

By 2030, ACWA Power aims to exceed 175 gigawatts in power generation capacity, up from 78.9 GW today, produce 15 million cubic meters of desalinated water daily, and generate 1 million tonnes of green hydrogen annually, with potential for an additional 1 million tonnes under new contracts. 

Balancing debt and equity 

Despite securing SR58.6 billion in project financing over the past two years, Al-Muhaidib said that the capital increase does not signal a reduction in borrowing. 

“We maintain a balanced approach, leveraging both project debt and equity to sustain growth,” he added. 

ACWA Power’s net debt-to-operating cash flow ratio stands at 6.4 times, which is deemed healthy for growth-focused firms. 

Asia expansion and China entry 

ACWA Power’s recent acquisition in China marks its broader ambitions in Asia. “China is a strategic market, and we are evaluating opportunities in Malaysia and Africa,” Al-Muhaidib said. The company has an 80-person team in China and a 1 GW renewable pipeline there. 

Rapid execution and financing success 

The SR58.6 billion in project financings reflects ACWA Power’s strong lender relationships and execution capabilities. “Our integrated model — combining development, investment, and operations — ensures timely delivery,” Al-Muhaidib added. 

With a focus on disciplined growth, ACWA Power remains committed to its 2030 targets while maintaining environmental, social and governance standards.