Saudi fintech lite secures $3.2m in pre-seed funding

Co-founders of lite Fahad Anteet, Mohamed Faheem, and Soliman Aldukhil.
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Updated 27 February 2025
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Saudi fintech lite secures $3.2m in pre-seed funding

Saudi-based fintech startup lite has announced the successful closure of its pre-seed funding round, raising a total of $3.2 million. The round was led by Scene Holding, with participation from prominent angel investors, marking a significant milestone in lite’s journey to redefine the payments ecosystem for businesses in Saudi Arabia.

Established by three seasoned co-founders with vast experience in payments — Fahad Anteet, Mohamed Faheem, and Soliman Aldukhil — lite is on a mission to become the leading payment solutions provider in the Saudi market, offering businesses a full-fledged suite of financial services to meet all their payment needs. With a strong focus on innovation, scalability, and localization, lite is committed to driving financial inclusion and enhancing the efficiency of payment ecosystems in the Kingdom. This is in line with Saudi Vision 2030’s goals of accelerating digital transformation and promoting a less-cash society.

Currently, lite is in the process of obtaining an electronic money institution license from the Saudi Central Bank, which will enable the company to fully operate and deliver its comprehensive suite of payment solutions to businesses across the Kingdom.

“We are deeply grateful to our investors for their trust in our vision and to the Saudi Central Bank, Fintech Saudi, and key ecosystem enablers for their support in fostering fintech innovation. This funding marks a major step forward in our mission to provide businesses with seamless, secure, and scalable payment solutions tailored to the Saudi market,” said Anteet, CEO of lite. “As we work toward obtaining our EMI license, we remain committed to innovation, compliance, and localization — empowering businesses and accelerating the shift toward a digital, less-cash economy in alignment with Vision 2030.”

“We are thrilled to support lite on its journey to reshape the payments ecosystem in Saudi Arabia,” said Sultan Ghaznawi, chairman and managing director, Scene Holding “The founding team’s expertise, vision, and commitment to innovation align perfectly with our investment philosophy at Scene Holding.” 

We believe lite has the potential to drive meaningful impact in the fintech sector, empowering businesses and contributing to the Kingdom’s digital transformation goals.”


Bayn: A coastal community development that bridges Abu Dhabi and Dubai

Updated 25 April 2025
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Bayn: A coastal community development that bridges Abu Dhabi and Dubai

ORA Developers has lifted the curtain on Bayn, a visionary coastal community development where city energy meets coastal serenity without compromise.

The 4.8 million square meter master plan in Ghantoot was unveiled at an event in the presence of influential business leaders and government representatives.

Located in Ghantoot, Bayn embraces the compact-city philosophy, integrating schools, retail, sports, leisure, and wellness facilities, accessible within 15 minutes.

Featuring 1.2 km of beachfront with crystal-clear Arabian Gulf waters, lagoons, a marina and a business park, the community is crafted for those seeking a dynamic yet tranquil lifestyle.

“Our vision with Bayn is to create a destination that enhances how people experience time and space,” said Naguib Sawiris, chairman and CEO of ORA Developers.

“We are bringing together the best of both worlds: the dynamism of city living and the calm of a coastal retreat. By investing in sustainable infrastructure, walkable neighborhoods, and high-quality amenities, we’re not just building homes — we’re shaping an environment where people can truly flourish. We look forward to seeing Bayn evolve into one of the UAE’s most sought-after addresses — one that enriches every moment,” he added.

Bayn’s design is inspired by the site’s natural history.

Preliminary insights suggest that the land may have once been shaped by waterways, a concept that has influenced the master plan, reintroducing water as a defining element.

At the core of the community lies a seamless connection to water with over 7 km of waterfront living, framed by 9,000 residences, including mansions, villas, townhouses, and apartments.

The community is further activated by a marina, a beach town, a business park and multiple promenades, creating a seamless connection between land and sea.

More than 55 percent of Bayn’s land area is dedicated to open space, including one million sqm of public parks, landscaped pathways, and outdoor activity zones featuring gyms, padel courts, BBQ areas, and playgrounds.

A standout feature of Bayn is its expansive sports club, covering over 100,000 square meters.

 This facility is designed to cater to both professional athletes and families, offering a comprehensive range of sports and recreational activities.

A network of pedestrian, cycling, and running trails connects high-energy social hub such as the bustling marina promenade to quieter enclaves designed for relaxation and wellness.

Bayn is built on principles of responsible development, integrating smart, sustainable solutions at every level.

Solar-powered energy systems reduce reliance on traditional power sources.

A landscape designed with native greenery enhances the environment while supporting sustainable water use.

Smart water and waste management systems enhance environmental efficiency.

Building orientations maximize natural light and airflow, reducing cooling demands.

These elements contribute to a lower carbon footprint and an enhanced quality of life, aligning with the UAE’s long-term sustainability agenda.

Bayn is designed for seamless access to both Abu Dhabi and Dubai, with direct connectivity to Sheikh Maktoum Bin Rashid Road, Al Fayah Road,  Sheikh Zayed Road and Mohamed Bin Zayed Road — placing residents just 35 minutes from Downtown Dubai and 45 minutes from Abu Dhabi’s city center.

Future infrastructure projects, including the Etihad GCC Railway and airport expansions, further elevate Bayn’s strategic positioning, while its proximity to major developments like Palm Jebel Ali and Dubai South makes it a compelling investment destination.

The first phase of Bayn introduces 464 meticulously designed residences, spread across four gated clusters, offering 10 distinct typologies, with a selection of three to five-bedroom residences and is set for handover in 2028.

Residents of Phase 1 will enjoy a clubhouse and a curated mix of F&B and retail experiences, reinforcing Bayn’s vision of a seamlessly integrated, self-sufficient coastal destination.

With a blend of compact city principles, ecological stewardship, and strategic dual-city connectivity, Bayn is set to redefine the UAE’s waterfront real estate landscape, offering a lifestyle that balances social vibrancy with the serenity of the sea.


Majid Al-Futtaim expands lifestyle retail footprint across Saudi Arabia

Updated 24 April 2025
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Majid Al-Futtaim expands lifestyle retail footprint across Saudi Arabia

Majid Al-Futtaim, a leading shopping malls, communities, retail, and leisure pioneer across the Middle East, Africa, and Central Asia, has announced the expansion of its lifestyle retail footprint in Saudi Arabia. As part of its continued commitment to the Saudi market, the group’s lifestyle business plans to open 13 new stores in 2025 — five already launched — bringing its total store count in the Kingdom to 31.

The expansion features a mix of global lifestyle and luxury brands across Riyadh and Jeddah. This includes the launch of the first Saudi stores for Italian smart luxury brand Eleventy and luxury menswear label Corneliani, both of which debuted this month at Solitaire Mall, Riyadh. In May, Poltrona Frau — the iconic Italian luxury furniture house — will open its first store outside the UAE at Centria Mall, further reinforcing Majid Al-Futtaim’s commitment to growing its luxury presence in the Kingdom. 

Abercrombie and Fitch and lululemon also opened new stores in Solitaire Mall last month, marking an important step in their continued regional growth. The brands now operate six and nine stores respectively across the Kingdom, with new locations set to open in Jeddah later this year.

Fahed Ghanim, CEO of Majid Al-Futtaim Lifestyle, said: “Saudi Arabia continues to be a core focus for our business, and our retail expansion reflects both growing consumer demand and our confidence in the market. From fashion and wellness to home and design, our goal is to deliver more of the brands our customers love — while introducing fresh experiences through our exclusive global partnerships.”

“In a region where customers have an abundance of choice, our ambition is to curate a portfolio of global lifestyle and luxury brands that offer something truly distinctive in the Kingdom. By introducing brands like Eleventy, Corneliani, and Poltrona Frau, we are bringing new dimensions to the luxury market — combining timeless craftsmanship with modern sensibilities that resonate with the refined tastes of our customers.”

The launch of Eleventy in Solitaire Mall is part of an ambitious regional expansion for the brand with another four standalone Eleventy stores opening in key locations in 2025, including Mall of the Emirates, Marsa Al-Arab, Dubai Mall and The Grove in the UAE. Known for its commitment to sustainable practices and premium materials, Eleventy reflects the growing consumer demand for quality and subtle sophistication, all under the “Made in Italy” banner. 

Marco Baldassari, co-founder and menswear creative director at Eleventy, said: “Eleventy’s philosophy of understated elegance and commitment to sustainability resonates strongly with the sophisticated Middle Eastern consumer. We are excited to strengthen our partnership with Majid Al-Futtaim, whose visionary approach to luxury retail is shaping a new vision with a growing focus on customer needs. Together, we aim to redefine luxury retail by offering timeless craftsmanship, sustainable practices, and innovative experiences.”

Majid Al-Futtaim’s lifestyle portfolio will also welcome a new Crate and Barrel store at Sahara Mall, Riyadh, reinforcing the brand’s presence in the capital. Meanwhile, in Jeddah, five new stores will launch at Jawharat Mall, including lululemon, Hollister, Eleventy, Abercrombie and Fitch, and AllSaints — bringing some of the world’s most in-demand fashion and lifestyle brands even closer to Saudi customers.

Majid Al-Futtaim’s retail expansion in Saudi Arabia builds on a record-breaking 2024, which saw a 26 percent increase in revenue across its lifestyle portfolio and a 31 percent surge in digital sales — including a 22 percent uplift in Saudi Arabia alone. The year also saw the opening of 17 new stores across the region, five of which are in the Kingdom, as well as flagship locations for brands such as lululemon, Crate and Barrel, and CB2, alongside 27 e-commerce platforms. 


Zain KSA partners with Aamal to support productive families

Updated 23 April 2025
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Zain KSA partners with Aamal to support productive families

Zain KSA has signed a cooperation agreement with Aamal Association for Family Development, in line with its integrated environmental, social and governance strategy and as part of its ongoing efforts to empower all segments of society. This collaboration will enhance Zain KSA’s social responsibility efforts and expand the impact of its initiatives to more vulnerable communities.

This initiative aligns with Zain KSA’s broader corporate sustainability strategy and its diverse programs to empower individuals and advance community development through strategic partnerships and impactful initiatives. Through this collaboration, Zain KSA continues to drive the integration between the private and nonprofit sectors, contributing to building a sustainable development ecosystem that supports Saudi Vision 2030’s objectives, fostering a vibrant society, a thriving economy, and a brighter future for all.

Zain KSA’s collaboration with Aamal Association will support productive family projects and market their products and services locally. The initiative will help increase self-employment rates, provide an incubating environment where small family enterprises can grow and enhance their participation in the local economy. Zain KSA will also welcome Aamal Association within its main locations, providing market spaces to sell their products directly to employees and partners.

Commenting on the agreement, Abdulmohsen bin Abdulelah Abalkhail, head of talent acquisition and facility at Zain KSA, said: “At Zain KSA, we are dedicated to advancing nationwide development across all segments of society. We firmly believe in the strength of collaboration and the importance of integrating efforts with civil society organizations to achieve this goal. Our partnership with Aamal Association reflects this commitment, this time through supporting productive family projects and creating an environment where they can thrive and contribute to the local economic growth, in line with the goals of Saudi Vision 2030.”

Zain KSA received the Gold Award from the Ministry of Human Resources and Social Development at the inaugural CSR Award in recognition of its impactful sustainability and social responsibility initiatives. The accolade underscores the company’s strategy of empowering the Saudi community and advancing national, humanitarian, and social development efforts within a responsible business framework.


AI action figure trend: Kaspersky warns about data privacy

Updated 23 April 2025
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AI action figure trend: Kaspersky warns about data privacy

As the latest social media trend sees users jumping on the AI action figure craze by uploading personal information and photos to generate hyper-realistic AI dolls or action figures of themselves, Kaspersky urges individuals to be cautious about the personal information they share online.

The trend, while entertaining, raises concerns about data privacy and digital safety. Uploading images and personal information linked to the likes of nicknames, work, hobbies and family, to AI platforms may seem harmless but can inadvertently expose users to cyberthreats such as identity theft, phishing attacks, and unauthorized use of biometric data.

A Kaspersky study highlighted the paradox in users’ approach to digital privacy. While 45 percent of respondents in the Kingdom cover their webcams to maintain privacy, and 44 percent rely on incognito mode for secure browsing, a significant number still engage in risky online behaviors. Notably, 47 percent of respondents admitted to sharing personal details with unverified sources to access online games and quizzes. This is often done without considering the potential security implications.

“Participating in viral trends such as AI action figure or anime-style images inspired by Studio Ghibli can be fun, but it is essential to understand the potential risks involved,” said Brandon Muller, technical expert for the MEA region at Kaspersky. “It’s important to keep in mind that this data could be accessed by cyberattackers. By sharing detailed personal information and images, users may unknowingly provide scammers with the data needed to compromise their digital identities or create social engineering messages.”

Kaspersky offers the following recommendations to safeguard personal data:

• Review privacy policies: Before using AI-powered tools, read and understand their privacy terms to know how your data will be used and stored and whether it may be shared with third parties.

• Limit personal information sharing: Avoid uploading sensitive photos or details that could be exploited, such as addresses or financial information.

• Use generic images: If possible, use generic images or landscape photos instead of high-resolution close-ups of your face, as facial data can be used for biometric profiling.

• Be cautious with permissions: Only grant necessary permissions to apps and platforms and be wary of those requesting excessive access, such as access to your contacts or location.

• Use trusted security solutions: Protect your devices with reliable cybersecurity software, such as Kaspersky Premium, to detect and prevent potential threats.


Rotana Signs: Pioneering the future of advertising in Saudi Arabia

Updated 23 April 2025
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Rotana Signs: Pioneering the future of advertising in Saudi Arabia

Saudi Arabia is undergoing an extraordinary transformation with Vision 2030 reshaping its economic, social, urban, and technological landscapes. This bold vision has not only heightened the Kingdom’s standing but has also set global standards for progress.

As a leading force in this transformation, Rotana Signs is in pursuit of elevating the out-of-home advertising market and has begun doing so with the launch of potentially the largest digital screens in the world on the iconic Kingdom Tower and Burj Rafal tower in Riyadh.

With four striking LED facades (two per tower) and over 48,000 square meters of state-of-the-art LED technology, Rotana Signs offers advertisers an unparalleled opportunity to connect with audiences in an unforgettable way. Installed on recognized landmarks, these digital facades rise above the city skyline allowing brands to be seen from over five kilometers away. Their grandeur alone cuts through traditional advertising clutter and captures resident attention like never before.

The true power of Riyadh’s digital towers lies in their ability to captivate audiences of all backgrounds, spark user-generated content, and create viral moments. Every campaign captured and shared on social media exponentially extends its reach, helping connect brands with a digitally engaged global audience.

A prime example of this potential is Mobily’s “A Leading Network” campaign, which utilized both the northern and southern digital facades on the Kingdom Tower (30,924 square meters). Mobily became the first telco operator to fully embrace this groundbreaking advertising opportunity, demonstrating the immense creative power of these formats. 

Rotana Signs’ Deputy CEO of Sales Hasan Zaini expressed pride in supporting Mobily’s management, whose innovative approach pushed creative boundaries. Combined with the integration of a dynamic blue laser light show linking Kingdom Tower with Al-Faisaliah Tower to the south and Majdoul Tower to the north, the campaign execution showcased the limitless potential of these digital facades. 

Hisham Hendi, chief consumer marketing and sales officer at Mobily, said that this impactful and unique rollout reflects the operator’s determination over the past few years in delivering a world-class, reliable and seamless experience to their customers across the Kingdom.

Similarly, Rotana Signs is committed to reshaping the advertising landscape with revolutionary formats that create extraordinary brand experiences. By collaborating with its partners, Rotana Signs is contributing to the Kingdom’s growth and prosperity in alignment with Vision 2030 objectives within the advertising space.