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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
Nour El-Shaeri 
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Startup Wrap — Saudi firms continue to raise funding ahead of LEAP25 

Updated 08 February 2025
Nour El-Shaeri 

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. 

Topics: Start-up of the Week Investment Saudi

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PepsiCo opens regional headquarters in Riyadh, unveils $8m R&D center

Updated 21 April 2025
Nour El-Shaeri
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PepsiCo opens regional headquarters in Riyadh, unveils $8m R&D center

Updated 21 April 2025
Nour El-Shaeri

RIYADH: Global beverage giant PepsiCo has opened its new Middle East regional headquarters in Riyadh’s King Abdullah Financial District, reinforcing the company’s long-term commitment to the region.

Spanning 2,800 sq. m, the state-of-the-art facility will accommodate more than 150 employees and serve as a central hub for PepsiCo’s operations across the Middle East.

“Our new RHQ in Riyadh signals our firm and long-term commitment to this region’s future and its people – through job creation, agricultural partnerships, social impact and environmental stewardship,” said Ahmed El-Sheikh, president and general manager for Middle East, North Africa, and Pakistan Foods.

The inauguration ceremony drew attendance from top PepsiCo executives, including Chairman and CEO Ramon Laguarta, alongside senior Saudi officials and business leaders.

As part of its regional growth strategy, PepsiCo also announced plans to launch a new research and development center in the Kingdom, with an investment of SR30 million ($7.99 million). The R&D hub will focus on innovation in product development and packaging tailored to regional preferences.

The facility will feature a culinary lab and an immersive sensory studio designed to refine products in alignment with local consumer tastes.

In addition to serving as a business and innovation center, the Riyadh headquarters will also house PepsiCo’s flagship social impact programs, including Tamakani and MENA Innovates, both aimed at empowering youth and fostering sustainable innovation.

PepsiCo has invested over SR9 billion in Saudi Arabia over the past eight years. In 2023 alone, the company allocated SR199 million to expand its Dammam manufacturing facility.

Today, PepsiCo operates across 86 locations in the Kingdom and employs nearly 9,000 people through direct operations and its franchise network.

Topics: SaudiVision2030 Regional Headquarters Program

Closing Bell: Saudi indices end day in the red

Updated 21 April 2025
Nour El-Shaeri
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Closing Bell: Saudi indices end day in the red

Updated 21 April 2025
Nour El-Shaeri

RIYADH: Saudi Arabia’s stock market closed lower on Monday, with the Tadawul All Share Index falling 77.94 points, or 0.67 percent, to end the session at 11,548.66.

Total trading turnover stood at SR3.5 billion ($953.3 million), as 45 stocks advanced while 195 declined.

The Kingdom’s parallel market, Nomu, also closed in the red, shedding 340.41 points, or 1.17 percent, to finish at 28,637.78.

Of the listed stocks, 29 rose while 44 declined. The MSCI Tadawul Index dipped by 8.02 points, or 0.54 percent, closing at 1,466.51.

Alistithmar Capital REIT was the session’s top performer on the main index, jumping 9.92 percent to close at SR7.98.

Saudi Printing and Packaging Co. followed closely, gaining 9.86 percent to reach SR12.70. Nice One Beauty Digital Marketing Co. also saw notable gains, rising 4.78 percent to SR38.35, while Zamil Industrial Investment Co. climbed 3.92 percent to SR38.40.

On the other end of the spectrum, Dar Alarkan Real Estate Development Co. posted the steepest decline, falling 5.51 percent to SR22.30. Eastern Province Cement Co. dropped 4.48 percent to SR34.10, and Riyadh Cables Group Co. slid 4.26 percent to SR126.

National Gypsum Co. announced a 22.03 percent year-on-year increase in revenue for the fiscal year ending December 31, 2024, reporting SR63.32 million compared to SR51.89 million the previous year. Despite the rise in sales, the company posted a net loss of SR14.72 million, reversing a profit of SR5.13 million a year earlier.

The loss was attributed to higher sales costs and a decline in other income, including a SR10.7 million fine paid to the General Authority for Competition and the absence of land compensation income that had been recorded the prior year. Shares of National Gypsum Co. dropped 1.59 percent to settle at SR19.80.

Banque Saudi Fransi reported a 16.38 percent increase in net profit for the first quarter ending March 31, 2025, reaching SR1.34 billion compared to SR1.15 billion in the same quarter of the previous year.

The bank’s total operating income rose 13.17 percent year on year to SR2.64 billion, driven by increases in special commission income and trading income.

Net income growth was supported by an 8.1 percent rise in net special commission income, while operating expenses grew by 12.16 percent. Total comprehensive income more than doubled to SR1.92 billion, up 120.85 percent from the same period last year. The bank’s share price rose 0.92 percent to SR17.50.

Riyad Bank posted a 19.39 percent year-on-year increase in net profit for the first quarter of 2025, reaching SR2.49 billion compared to SR2.07 billion in the same period last year.

Total operating income grew 10.18 percent year on year to SR4.5 billion, while total comprehensive income increased by 23.62 percent to SR2.68 billion.

The bank attributed the rise in profitability to growth in net special commission income, trading income, exchange income, and net fee and commission income.

Operating expenses fell due to lower impairment charges for credit losses and other financial assets, though this was partially offset by higher employee and premises-related costs. Despite the strong earnings, Riyad Bank’s share price slipped 0.82 percent to SR30.15.

Topics: TASI NOMU MSCI

Davos meet founder Klaus Schwab quits as WEF chair

Updated 21 April 2025
Reuters
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Davos meet founder Klaus Schwab quits as WEF chair

Updated 21 April 2025
Reuters

ZURICH: Klaus Schwab, founder of the World Economic Forum, whose annual gathering of business and political leaders in the Swiss mountain resort of Davos became a symbol of globalization, has resigned as chair of its trustees.

The Geneva-based WEF made the announcement on Monday after revealing earlier this month that the 87-year-old Schwab, who for decades has been the face of the Davos get-together, would be stepping down, without giving a firm timeline.

“Following my recent announcement, and as I enter my 88th year, I have decided to step down from the position of Chair and as a member of the Board of Trustees, with immediate effect,” Schwab said in a statement released by the WEF.

The forum did not say why he was quitting.

The WEF board said in the statement it had accepted Schwab’s resignation at an extraordinary meeting on April 20, with Vice Chairman Peter Brabeck-Letmathe serving as interim chairman while the search for a new chair began.

The German-born Schwab established the WEF in 1971 with the aim of creating a forum for policymakers and top corporate executives to tackle major global issues.

The village of Davos gradually became a fixture on the international calendar in January when political leaders, CEOs and celebrities got together in discreet, neutral Switzerland to discuss the agenda for the coming year.

Topics: World Economic Forum Davos

Saudi Arabia, Algeria deepen economic ties with new business pacts

Updated 21 April 2025
MOHAMMED AL-KINANI
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Saudi Arabia, Algeria deepen economic ties with new business pacts

Updated 21 April 2025
MOHAMMED AL-KINANI

JEDDAH: Saudi Arabia and Algeria signed a series of agreements to boost trade and investment as officials and executives from both countries convened in Algiers for a high-level forum. 

The Saudi-Algerian Business Forum, held on April 20 in the Algerian capital, featured extensive discussions on enhancing bilateral economic cooperation across sectors including tourism, agriculture, construction, and manufacturing, the Saudi Press Agency reported. 

This comes as Saudi Arabia and Algeria maintain long-standing economic and diplomatic ties, anchored by their membership in the Arab League and OPEC. Trade between the two has steadily grown, with Saudi Arabia becoming a key supplier of industrial goods, petrochemicals, and plastics to Algeria. 

In a speech at the opening of the forum, Saudi Ambassador to Algeria Abdullah bin Nasser Al-Busairi described the economic meeting as a key driver for strengthening bilateral relations, highlighting the commitment of both countries’ leaderships to deepening ties across all sectors.

He pointed out that “the forum is an opportunity to discuss joint cooperation in light of the positive indicators witnessed by trade exchange between the Kingdom and Algeria, which amounts to nearly $1 billion,” SPA reported.  

Al-Busairi highlighted the notable growth of Saudi investments in Algeria, particularly in the pharmaceutical and food industries, “calling on Saudi investors to explore the opportunities available in the Algerian market, in light of the guarantees and benefits provided by the new investment law.”  

Al-Busairi expressed his confidence that “the bilateral meetings between Saudi and Algerian businessmen will result in practical initiatives that serve the interests of both countries and enhance the level of cooperation and partnership between them,” the SPA added. 

The chairman of the Saudi-Algerian Business Council, Raed bin Ahmed Al-Mazrou, emphasized that the time has come to elevate bilateral relations, particularly in the economic sector.  

He highlighted the strong support from the leaderships of both countries for this initiative and their commitment to strengthening and advancing it. 

He noted the investment opportunities offered by the Algerian market, the long-standing Saudi experience spanning more than five decades, and the openness of the Saudi market to initiatives by Algerian investors, in order to advance and enhance cooperation between the two countries.  

Kamel Moula, president of the Algerian Council for Economic Renewal, said the forum offers a valuable platform to establish successful ventures and exchange expertise, contributing to sustainable growth in both countries. 

He pointed to promising opportunities in sectors such as food manufacturing, iron and steel, tourism and entertainment, and information and communication technology. 

Topics: Saudi Arabia Algeria

Dubai inflation eases to 2.79% in March as housing, transport costs moderate

Updated 21 April 2025
Reem Walid
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Dubai inflation eases to 2.79% in March as housing, transport costs moderate

Updated 21 April 2025
Reem Walid

RIYADH: Dubai’s annual inflation rate eased in March, hitting its lowest level since October 2024, according to official data released by the Dubai Statistics Center.

The inflation rate in the emirate slowed to 2.79 percent in March, down from 3.15 percent in February. The decline was primarily driven by a deeper deflation in food and beverage prices, which dropped by 3.34 percent year-on-year, compared to a 0.85 percent decline in the previous month.

Dubai continues to report relatively moderate inflation compared to other major cities in the region. Analysts attribute this trend to the government’s proactive measures to maintain price stability while fostering economic growth.

Despite persistent global inflationary pressures, Dubai’s economy remains resilient, supported by a diverse mix of sectors including tourism, real estate, and trade.

Looking ahead, the UAE Central Bank has forecast nationwide inflation at 2 percent for 2025 —well below the global average. Non-tradable components of the consumer basket are expected to be the main contributors to price movements in the coming year.

The March data also pointed to continued deflation in other key categories. Food and beverage prices posted a monthly deflation rate of 0.31 percent, slightly higher than the 0.21 percent recorded in February.

Clothing and footwear prices declined 2.69 percent year on year, mirroring the previous month’s figures. Meanwhile, prices in the information and communication sector saw a 1.96 percent annual drop in March, compared to a 1.95 percent decline in February.

The data also showed a continued rise in prices within several key sectors. The housing, water, electricity, gas, and other fuels category recorded a 7.16 percent increase in March, slightly down from 7.36 percent in February.

The insurance and financial services sector experienced notable inflation as well, with prices rising 5.83 percent, up from 5.20 percent the previous month.

Price increases were also observed across health, education, and personal care, social protection, and miscellaneous goods and services. Health costs climbed 3.1 percent, education rose 2.76 percent, and personal care and related services increased 2.52 percent.

For comparison, September’s figures showed no change in health and education, while personal care had risen by 1.48 percent.

The tobacco sector registered a 2.12 percent year-on-year increase, unchanged from February. Meanwhile, prices in the recreation, sport, and culture category grew 1.66 percent, though at a slower pace compared to 3.93 percent in the previous month.

Additional monthly gains were recorded in insurance and financial services, which edged up 1.47 percent in March versus 1.41 percent in February. Prices for furnishings, household equipment, and routine maintenance rose 0.36 percent, matching the previous month’s rate. The restaurants and accommodation services category saw a 0.25 percent increase, down from 0.72 percent in February.

In a separate report published in December, FOREX.com, a subsidiary of US-based StoneX Group Inc., projected strong economic resilience for the UAE in 2025.

The outlook was supported by solid consumer spending, record-high foreign direct investment, and the nation’s ongoing economic diversification efforts, despite regional challenges.

Topics: Inflation

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