More female tech startup entrepreneurs in Saudi Arabia than in Europe: Report
More female tech startup entrepreneurs in Saudi Arabia than in Europe: Report/node/2071151/business-economy
More female tech startup entrepreneurs in Saudi Arabia than in Europe: Report
Saudi Arabia issued 139,754 new commercial licenses to women in 2021, compared to 2015, when 65,912 were granted to female-owned businesses. (Reuters/File Photo)
More female tech startup entrepreneurs in Saudi Arabia than in Europe: Report
The participation rate of women in the sector was at 28 percent in the third quarter of last year
The ministry said there was a 112 percent increase in commercial registrations issued for women
Updated 27 April 2022
Arab News
LONDON: Saudi Arabia has a higher percentage of women working in the technology startup sector than in Europe, according to new research findings.
The recently published Endeavor Insight report also revealed that Saudi Arabia’s startup rates for women in tech were higher than those for men.
The participation rate of women in the sector was at 28 percent in the third quarter of last year, more than 10 percent above the European average rate, which sat at 17.5 percent in the same period.
Saudi Arabia issued 139,754 new commercial licenses to women in 2021, according to the Kingdom’s Ministry of Communications and Information Technology, a figure that marked one of the largest growth rates globally.
The ministry said the number represented a 112 percent increase in commercial registrations issued for women entrepreneurs compared to 2015, when 65,912 were granted to female-owned businesses.
The Saudi Vision 2030 framework, with its focus on private-sector investment and talent attraction and retention, had fueled the rise, the report said.
“Saudi Arabia has the potential to become a regional hub for tech entrepreneurship in the Middle East if more companies reach scale,” it added, citing progression from small companies to firms with more than 50 employees.
And having more than 50 employees reportedly helped with resilience in times of economic turmoil, the report said.
The study findings were based on interviews with 70 tech entrepreneurs and more than 340 companies and their founders between September and November, with data collected from more than 250 support organizations and investment firms working with the Kingdom’s tech community.
Lateefa Alwalaan, managing director of Endeavor Saudi Arabia, said: “We’ve witnessed firsthand at Endeavor the rapid growth of the tech ecosystem in Saudi and how valuable scaled companies are to the growth of any sector.
“It was important to us to document this growth and impact to better understand the ecosystem and to create a valuable tool to guide policymakers, venture capitalists, and other stakeholders who support founders.”
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Aramco charts future with bold investments in clean energy
Updated 5 sec ago
MOHAMMED AL-KINANI
JEDDAH: Saudi Aramco’s investment strategy reflects a pragmatic and forward-looking approach as the global energy landscape continues to evolve, experts have told Arab News.
Having reported a net income of $106.2 billion in 2024, the world’s largest and most valuable energy company remains focused on its long-term growth.
Central to this are its ambitious natural gas projects, including the Jafurah unconventional gas field and the Tanajib gas plant, which are vital to Saudi Arabia’s future energy security.
These initiatives support the Kingdom’s ongoing transition from crude oil to gas-powered electricity generation and align closely with Vision 2030’s objectives of economic diversification and environmental responsibility.
A pragmatic approach
Saudi Aramco is intensifying its natural gas development, recognizing its role as a cleaner alternative to crude oil. These efforts dovetail with the broader national strategy to reduce emissions while bolstering economic resilience.
Tamer Al-Sayed, chief financial officer at the Future Investment Initiative Institute, told Arab News that Aramco’s diversification extends to its global liquefied natural gas ventures, such as its stake in MidOcean Energy.
“Natural gas serves as a reliable bridge fuel with lower carbon intensity than crude,” he explained.
Aramco is also harnessing artificial intelligence to boost operational efficiency and reduce emissions, sharpening its competitive edge in an increasingly renewable-driven world.
“This twin strategy — scaling cleaner fuels and deploying smart technologies — ensures Aramco remains globally competitive while contributing to the Kingdom’s climate goals,” Al-Sayed said.
Tamer Al-Sayed, chief financial officer at the Future Investment Initiative Institute. Supplied
Investing in carbon capture
A cornerstone of Aramco’s decarbonization is a large-scale carbon capture and storage facility under development in Jubail. Expected to capture up to 9 million tonnes of CO2 annually, it will be among the largest of its kind globally.
Al-Sayed acknowledged the issues associated with CCS, saying: “The economics remain challenging without a robust carbon pricing mechanism.”
He emphasized that CCS is a strategic bet to allow Saudi industry to maintain market access amid tightening low-carbon regulations. There is also potential for new revenue streams through “carbon capture-as-a-service.”
“In macroeconomic terms, this is a bet on future-proofing Saudi industry,” he added, highlighting the Kingdom’s readiness to capitalize on emerging carbon markets and green trade policies.
A cleaner future
Aramco’s renewable energy investments focus heavily on solar power and hydrogen. The company is advancing the Sudair Solar PV plant and three additional projects totaling 5.5 gigawatts, aimed at greening the grid and reducing domestic oil consumption — thereby freeing hydrocarbons for export or industrial use.
In the hydrogen sector, Aramco targets producing 2.5 million tonnes of blue ammonia annually by 2030, leveraging its gas reserves and CCS infrastructure to become a leading clean energy exporter.
“This aligns with Vision 2030’s goal of developing high-value, knowledge-based industries,” Al-Sayed said.
While renewables will not replace hydrocarbons overnight, they remain a critical element of Saudi Arabia’s long-term energy diversification.
Expanding downstream
Aramco’s recent acquisitions in emerging markets underscore a strategic push into downstream operations. Its full ownership of Chile’s Esmax and a 40 percent stake in Pakistan’s Gas & Oil fuel retail network give the Saudi firm direct access to growing energy markets.
“From a Saudi economic lens, such downstream investments help reduce overreliance on crude oil exports by monetizing the full hydrocarbon value chain — from well to wheel,” Al-Sayed explained.
These moves also generate foreign revenue streams, support the Kingdom’s balance of payments, and complement broader trade diplomacy efforts.
With Pakistan’s fuel demand rising alongside its population and infrastructure growth, and Chile serving as a gateway into South America’s energy retail landscape, Aramco is positioning itself for durable growth beyond upstream activities.
“These investments also provide resilience against regional demand fluctuations, reinforcing Aramco’s strategy of maintaining a global presence in energy markets,” Al-Sayed added.
GO CEO Khalid Riaz, sitting left, and Aramco Director of International Retail Nader Douhan, sitting right, after the Saudi firm acquired a 40% equity stake in May 2024. Aramco
Recalibration for the future
In the face of rapid decarbonization, Aramco is recalibrating its long-term strategy through diversification, global investments, and adoption of future-focused technologies. The company aims to balance today’s operational realities with tomorrow’s energy goals.
“This is not just about resilience — it is about relevance,” Al-Sayed concluded, underscoring how strategic diversification and investments anchor Aramco firmly in the energy economy of the future.
Resilience amid cuts
Yaseen Ghulam, associate professor of economics and director of research at Al-Yamamah University in Riyadh, offered perspective on Aramco’s 2024 net income decline — which was 12 percent down from the $121.3 billion seen in 2023.
He attributed it to strategic oil production cuts agreed upon by OPEC+, including a 6.25 percent reduction from 2023 and a 14.28 percent cut from 2022.
“OPEC+ further plans to extend voluntary oil production curbs until September 2026, potentially causing a 0.4 million barrels per day reduction in 2025,” Ghulam said.
Despite these market constraints, he noted that Saudi Arabia’s non-oil sector has compensated for the oil-related revenue drop through higher household consumption and increased investment, driven by government diversification efforts.
He forecast non-hydrocarbon sector growth of at least 4 percent, supported by low unemployment, rising female workforce participation, and ongoing Vision 2030 progress, backed by strong fiscal buffers.
Sustainable investment
When asked about Aramco’s capital expenditures — $53.3 billion in 2024 and projected up to $58 billion in 2025 — Ghulam emphasized the company’s pivotal role in shaping global oil supply trends.
“Aramco has made a record investment and is likely to continue in artificial intelligence, manufacturing, and corporate acquisitions to improve domestic and global oil supply chains and help diversify the nation’s economy,” he said.
He further highlighted the company’s commitment to developing lower-carbon products across energy, chemical, and materials sectors, alongside its plan to leverage its low-cost, low-carbon upstream production to meet growing global demand.
He also pointed out the company’s investments in renewables through its New Energies division, saying:, “Aramco has signed an agreement to build new green hydrogen and ammonia production facilities. The company wants to produce 11 million tonnes of blue ammonia a year by 2030, with the possibility of exporting to markets in Asia and Europe.”
Supporting diversification plans
According to its 2024 annual report, Aramco’s technology initiatives aim to enhance upstream and downstream operations, expand its product portfolio, and promote sustainable growth aligned with its net-zero ambitions.
Ghulam observed that Saudi Arabia’s economy is rapidly reducing its reliance on oil revenues, thanks to infrastructure, tourism, and technology policies.
“Non-oil activities now make up 52 percent of overall economic activity, with an anticipated 65 percent by the end of the decade. Non-oil revenue in fact doubled in four years. Industries driving this growth include manufacturing, construction, communication, finance, retail trade, restaurants, hotels, and logistics and transportation,” he said.
The Kingdom is rolling out over 5,000 projects aimed at diversification, with 73 percent of new investment expected to target non-oil sectors.
Ghulam concluded that Aramco plays a critical role in supporting this transition by investing heavily in LNG, hydrogen, solar, wind, and battery materials like lithium, alongside maintaining upstream oil projects to sustain its global leadership.
Startup Wrap — Saudi capital driving SME growth amid rising AI and tech demand
Updated 16 May 2025
Nour El-Shaeri
RIYADH: Startups across the Middle East and North Africa continued to attract significant investment in the past week, with Saudi Arabia emerging as the driving force behind many of the region’s most prominent funding rounds and initiatives.
Backed by government-led strategies and private capital, the Kingdom is reinforcing its position as a regional hub for innovation and artificial intelligence-driven technologies.
Saudi Arabia-based Wyld VC has launched a $50 million early-stage venture capital fund focused exclusively on AI, becoming the first AI-native VC firm in the MENA region.
The fund is founded and led by Tala Hasan Al-Jabri and is designed to support AI founders building middleware and application-layer innovations, targeting sectors with the highest potential for industrial transformation.
“The GCC is leading the charge in catalyzing an AI revolution— through massive infrastructure investments, advanced research and model deployment, and transparent, innovation-forward regulation,” said Al-Jabri, adding: “However, the region’s greatest gap is AI talent. Wyld VC is here to fill that gap.”
Wyld VC is backed by the family office of Lawrence E. Golub, marking its first investment in the Middle East.
“Tala is a highly accomplished, talented investor, with a track record of success investing in innovative, early-stage technology companies,” said Golub.
“Her considerable investment acumen, combined with her unparalleled and comprehensive ties and network in the Gulf and the US, offer a unique investment opportunity. I am excited to be supporting Tala and Wyld on this compelling new venture,” Golub added.
WakeCap raises $28m to expand contech platform
Hassan Al-Balawi, co-founder of WakeCap. Supplied
WakeCap, a Saudi construction technology company, secured $28 million in funding during the Saudi-US Investment Forum.
The company will use the capital to enhance its construction site safety solutions, expand its presence in Saudi Arabia, and pursue international markets.
Founded in 2017 by Hassan Al-Balawi and Ishita Sood, WakeCap provides wearable technology that enables contractors and project managers to monitor site operations in real-time.
Its platform offers digital insights to improve safety, efficiency, and decision-making on large-scale construction projects.
“WakeCap’s ability to capture and act on real-time jobsite data is critical for high-performing project controls,” said Al-Balawi.
“This round fuels our next stage of growth as we expand our global footprint, increasing the value we deliver to customers through richer insights, faster reporting, and greater operational efficiency,” he added.
Kilow secures $2.5m to scale AI-powered weight management
Fahed Al-Essa, founder of Kilow. Supplied
Saudi health tech startup Kilow has raised $2.5 million in seed funding to develop its personalized, AI-powered weight management platform.
The round was led by Sanabil Venture Studio, in partnership with innovation services firm Stryber.
Founded in 2024 by Fahed Al-Essa, Kilow provides users with personalized treatment plans, medical consultations, and real-time health tracking.
The platform also integrates with smart health devices and offers at-home lab testing, enabling a comprehensive digital health experience.
The funds will be used to expand Kilow’s product capabilities and reach more users across Saudi Arabia as it aims to tackle the growing health and wellness market with AI-driven solutions.
Saudi Arabia launches Humain to spearhead AI development
Saudi Arabia has launched Humain, a state-backed AI company established under the Public Investment Fund.
Chaired by Crown Prince Mohammed bin Salman, Humain will serve as the central national entity responsible for AI development and investments, aligning with the Kingdom’s Vision 2030 agenda.
With a focus on infrastructure and model development, the company will offer next-generation data centers, advanced AI infrastructure, and cloud computing capabilities.
A key initiative will be the development of a multimodal Arabic large language model tailored to regional needs.
The launch was strategically timed to coincide with the visit of US President Donald Trump to Riyadh, reflecting the broader geopolitical importance of AI collaboration between Saudi Arabia and the US.
Google backs STV’s new AI fund for MENA startups
Saudi-based venture capital firm STV has launched a new AI-focused fund with backing from Google, aimed at supporting early-stage startups in the MENA region.
The fund will invest in companies developing application-layer AI products, localized large language models, and supporting infrastructure.
The initiative seeks to address the region’s underrepresentation in AI funding. In 2024, only 1.5 percent of total VC investment in MENA was directed toward AI startups, compared to 38 percent in the US and 13 percent in India.
The partnership brings together STV’s regional market insight with Google’s AI research and product expertise to support the development of locally relevant and globally competitive technologies.
Nawy raises $75m to scale proptech and mortgage offering
The Nawy team. Supplied
Egyptian property tech company Nawy has raised a total of $75 million in its latest funding rounds, comprising a $52 million series A equity round and $23 million in debt financing.
The equity round was led by Partech, with participation from e& Capital, March Capital, and VKAV, as well as DPI via Nclude, VentureSouq, and Shorooq.
Debt funding was provided by leading Egyptian banks to support the expansion of Nawy Now, the company’s mortgage platform.
Founded in 2019 by Mohamed Abou Ghanima, Abdel-Azim Osman, Ahmed Rafea, Aly Rafea, and Mostafa El-Beltagy, Nawy offers a full-stack real estate ecosystem including financing, fractional ownership, asset management, and business to business brokerage enablement.
Nawy claims to have achieved $1.4 billion in gross merchandise value in 2024 and reports a 50 time increase in US dollar-denominated revenue.
The company previously raised $5 million in seed funding in 2022 from the Sawiris family office.
AqlanX raises $10m for Arabic-first enterprise AI
UAE-based AI company AqlanX has raised $10 million in funding from Lakeba Group through its subsidiary DoxAI.
The investment was made under the UAE’s NextGen FDI initiative, which aims to attract high-tech foreign investment to the country.
Founded in 2025 by Demetrio Russo, AqlanX builds enterprise-grade AI solutions for automating business processes, improving operational efficiency, and transforming document management.
The company focuses on building Arabic-first AI technologies to serve local enterprises.
The funding will be used to localize and scale DoxAI’s automation products across the Middle East, as the company expands its footprint within the region’s growing AI ecosystem.
TensorWave raises $100m to expand AMD-based AI clusters
AI infrastructure startup TensorWave has raised $100 million in a funding round led by Magnetar and AMD Ventures, bringing its total raised to $146.7 million.
Other participants include Maverick Silicon, Nexus Venture Partners, and Prosperity7 Ventures, the investment arm of Saudi Aramco.
Founded in 2023 by Darrick Horton, Jeff Tatarchuk, and Piotr Tomasik, TensorWave offers AMD GPU-based cloud services optimized for AI training.
The company has already launched a large-scale training cluster featuring 8,192 AMD Instinct MI325X GPUs.
The new capital will be used to scale TensorWave’s GPU infrastructure, grow its workforce to over 100 employees, and accelerate revenue growth.
The company projects it will exceed $100 million in run-rate revenue by the end of 2025.
Arkestro secures $36m to enhance AI procurement technology
Arkestro, a predictive procurement platform, has closed a $36 million strategic funding round led by Altira Group and Aramco Ventures, with participation from NEA, KDT, and Activant.
The platform uses AI, behavioral science, and game theory to drive cost savings and improve procurement efficiency.
The company claims its platform generates an average of 18.8 percent in savings per $1 million of enterprise spend.
The funding will support the company’s global expansion and the continued development of its AI capabilities to reduce supply chain risk and enhance collaboration between procurement teams and suppliers.
Oil Updates — crude set for 2nd weekly rise on trade war truce
Updated 16 May 2025
Reuters
BEIJING/SINGAPORE: Oil prices held steady on Friday, heading for a second consecutive weekly gain due to easing US-China trade tensions though a potential return of Iranian supply limited price gains.
Brent crude futures dipped 1 cent to $64.52 a barrel by 6:26 a.m. Saudi time. US West Texas Intermediate crude futures added 2 cents to $61.64.
Both contracts fell more than 2 percent in the previous session following a selloff due to the rising prospect of an Iranian nuclear deal.
President Donald Trump said the US was nearing a nuclear deal with Iran, with Tehran “sort of” agreeing to its terms. However, a source familiar with the talks said there were still issues to resolve.
ING analysts wrote in a note that a nuclear deal lifting sanctions would ease supply risk, allowing Iran to increase oil output and find more willing buyers for its oil. That could result in additional supply of around 400,000 barrels per day, they said.
Despite the potential supply pressure, both Brent and WTI were up 1 percent so far this week, after a surge earlier in the week. Sentiment got a boost after the US and China, the world’s two biggest oil consumers and economies, agreed to a 90-day pause on their trade war during which both sides would sharply lower trade duties.
The hefty reciprocal Sino-US tariffs had raised fears of a sharp blow to global growth and oil demand.
Analysts at BMI, a unit of Fitch Solutions, maintained their forecasts for Brent to average $68 per barrel in 2025 and $71 per barrel in 2026, down from 2024’s $80 per barrel, citing the uncertainty of trade policy on the price outlook.
“While the 90-day cooling off period leaves the door open for additional progress on lowering trade barriers on both sides, the uncertainty on longer-term trade policy will limit price upside,” the analysts said in a research report.
Adding to market concerns was an expected surplus.
The International Energy Agency on Thursday hiked its 2025 global supply growth forecast by 380,000 bpd, as Saudi Arabia and other OPEC+ members unwind output cuts.
The IEA also projected a surplus for next year, despite a minor upward revision of its 2025 global oil demand forecast by 20,000 bpd.
Investors were also watching for signs of interest rate cuts by the Federal Reserve, which could bolster the economy and oil demand.
Earlier this week, data from the US Energy Information Administration showed a bigger-than-expected jump in crude stockpiles, heightening demand concerns in the world’s biggest oil consumer.
Closing Bell: Saudi main index slips to close at 11,485
Updated 15 May 2025
Reem Walid
RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Thursday, losing 46.95 points, or 0.41 percent, to close at 11,485.05.
The total trading turnover of the benchmark index was SR5.28 billion ($1.40 billion), as 61 of the stocks advanced and 179 retreated.
Similarly, the Kingdom’s parallel market Nomu lost 46.12 points, or 0.17 percent, to close at 27,841.06. This comes as 32 of the listed stocks advanced while 43 retreated.
The MSCI Tadawul Index lost 4.40 points, or 0.30 percent, to close at 1,462.76.
The best-performing stock of the day was Miahona Co., whose share price surged 10 percent to SR24.86.
Other top performers included National Gypsum Co., whose share price rose 4.90 percent to SR21 as well as Saudi Manpower Solutions Co., whose share price surged 3.09 percent to SR7.01.
Zamil Industrial Investment Co. recorded the most significant drop, falling 10 percent to SR43.20.
Arabian Contracting Services Co. also saw its stock prices fall 8.21 percent to SR125.20, while Retal Urban Development Co. also saw its share value decline 6.98 percent to SR15.72.
On the announcements front, Saudi Awwal Bank has completed the offering of its USD-denominated Additional Tier 1 Green Sukuk, valued at $650 million. According to a statement on Tadawul, the total number of sukuk issued stands at 3,250, based on a minimum denomination and total issue size at a par value of $200,000 each. The sukuk offers a return of 6.50 percent and features perpetual maturity.
Saudi Awwal Bank ended the session at SR34.40, up 1.31 percent.
Bank Albilad has announced the commencement of its offering for a USD-denominated Additional Tier 1 Capital Sukuk. According to a bourse filing, the final amount and terms of the sukuk will be determined at a later stage, subject to prevailing market conditions. The offering period runs from May 15 to May 16.
The minimum subscription is set at $200,000, with additional increments of $1,000, based on a par value of $200,000. The bank has appointed HSBC Bank plc, Albilad Capital, Goldman Sachs International, and Emirates NBD Bank PJSC as joint lead managers for the issuance.
Bank Albilad ended the session at SR27.10, up 0.19 percent.
Emaar, The Economic City has announced its interim financial results for the first three months of 2025. According to a Tadawul statement, the company reported a net loss of SR123 million in the period ending March 31, down 65 percent compared to the corresponding quarter a year earlier.
This decrease in net loss is primarily attributed to an increase in revenues, a decrease in operational expenses, and reversal of ECL provision following a reassessment compared to the recorded provision in the corresponding quarter.
Emaar, The Economic City ended the session at SR13.50, down 1.02 percent.
Zamil Industrial Investment Co. reported a net profit of SR21.8 million for the first quarter of 2025, marking a 301 percent increase compared to the same period last year, according to a bourse filing.
The sharp rise in earnings was driven by higher sales across all business segments, along with increased operating income in the air conditioning, construction, and insulation divisions. The company also benefited from improved contributions from associates and joint ventures, as well as reduced financial charges.
Saudi Arabia forges ahead in AI and tech through US partnerships
Updated 15 May 2025
MOHAMMED AL-KINANI
JEDDAH: Saudi Arabia is advancing its artificial intelligence, cybersecurity, and cloud computing capabilities through agreements signed with leading US tech firms during an investment forum in Riyadh.
Among the deals signed during the event, six agreements were inked by entities from the Kingdom with US companies, reflecting the deepening strategic and technological cooperation between the two countries.
The forum commenced on May 13 at the King Abdulaziz International Conference Center in the Saudi capital, with the participation of high-ranking officials from both countries.
It coincided with the visit of US President Donald Trump, during which the Kingdom announced the signing of agreements with the North American country valued at over $300 billion.
These agreements mark a significant step forward in Saudi Arabia’s push to build a diversified, knowledge-based economy through strategic international partnerships, according to the Saudi News Agency.
The Saudi Data and Artificial Intelligence Authority, known as SDAIA, inked four memorandums of understanding with US technology firms PureStorage, DataDirect Network, Wika.io, and Palo Alto Networks during the event.
The agreements aim to enhance the Kingdom’s data and AI infrastructure, drive innovation in emerging technologies, and strengthen cooperation in cybersecurity and technical fields, SPA reported
In a separate move, the Saudi Digital Government Authority signed an MoU with the leading US multinational technology company Oracle to expand collaboration in cloud computing, AI, and digital services.
“The partnership is expected to strengthen the Kingdom’s leadership in cloud computing and digital transformation, enhance digital awareness among government employees and the wider community, and improve the efficiency of government services provided to citizens and residents,” the authority said in a statement.
The release added that the deal represents a model of constructive collaboration and an extension of national efforts aimed at promoting digital innovation, supporting the economy, and achieving institutional excellence through the development of the digital government ecosystem.
The signing ceremony took place at the authority’s headquarters in Riyadh and was attended by Ahmed Al-Suwaiyan, governor of DGA, and Cormac Watters, executive vice president and general manager at Oracle EMEA applications.
The agreement was signed by DGA Vice Gov. Abdullah Al-Faifi and Oracle Country Leader Reham Al-Musa.
The National Center for Privatization signed a memorandum of cooperation with the Association for the Improvement of American Infrastructure to strengthen professional competencies in privatization and public-private partnerships.
Signed on the sidelines of the forum, the agreement “reflects the NCP’s efforts to expand collaboration with the US private sector and develop training programs for Saudi professionals,” SPA report noted.
Under the deal, NCP and AIAI will work together on joint events, expert exchanges, and specialized sessions aimed at promoting institutional knowledge and global best practices in the Kingdom’s privatization ecosystem.
