Startup Wrap – MENA startup ecosystem flourishes as year comes to an end

Startup Wrap – MENA startup ecosystem flourishes as year comes to an end
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Updated 24 December 2024
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Startup Wrap – MENA startup ecosystem flourishes as year comes to an end

Startup Wrap – MENA startup ecosystem flourishes as year comes to an end

RIYADH: Startups across the Middle East and North Africa region are gaining momentum, with funding rounds and expansions fueling innovation.

From artificial intelligence to fintech, health tech to media, these developments highlight the region’s growing ecosystem and investor confidence.

Aiming to boost the regional space, Saudi Venture Capital Co. has announced its investment in the $150-million Middle East Venture Fund IV, managed by Middle East Venture Partners. The fund targets technology startups with high growth potential across Saudi Arabia.

It aims to support startups from the seed stage through series A, series B, and eventual initial public offerings or exits, fostering the creation of regional tech champions. It also seeks to contribute to Saudi Arabia’s economic transformation by backing startups that impact key sectors.

“Our investment in the Middle East Venture Fund IV by MEVP supports SVC’s strategy of backing funds that invest in early-stage startups based in Saudi Arabia, aiming to foster their growth into later stages,” said Nabeel Koshak, CEO and board member at SVC.

Furthermore, SVC announced an investment for an undisclosed amount in Raed III LP, an early-stage venture capital fund managed by Raed Ventures.

The fund will target tech-enabled startups across Saudi Arabia and the wider region, primarily focusing on seed and series A stages, emphasizing fintech, enterprise software, and business-to-business Software-as-a-Services sector, predominantly in Saudi Arabia and UAE markets.

Risk intelligence platform Bureau closes $30m funding round to expand to Saudi Arabia

US-based risk intelligence and fraud detection startup Bureau completed a $30 million series B funding round to fuel its plans to expand in the Saudi market.

The round was led by Sorenson Capital with participation from PayPal Ventures and continued support from Commerce Ventures, GMO Venture Partners, Village Global, Quona Capital, and XYZ Ventures.

Bureau is a no-code identity decisioning platform that empowers businesses to prevent fraud, ensure compliance, and enhance user experiences.

The funding will accelerate Bureau’s product expansion into new use-cases, and geographical expansion to several new markets worldwide, including Saudi Arabia, to meet a significant surge in global demand.

OmniOps secures $8m to expand AI infrastructure solutions

Saudi-based OmniOps, an AI infrastructure technology provider, has raised $8 million in funding from GMS Capital Ventures.

The company, founded this year by Mohammed Al-Tassan, specializes in cloud and high-performance computing solutions for businesses of all sizes.

The investment will allow OmniOps to enhance research and development, scale operations, and advance AI infrastructure capabilities across Saudi Arabia. The company aims to deliver scalable, efficient solutions to meet the growing needs of regional industries.

This funding positions OmniOps to play a key role in Saudi Arabia’s digital transformation efforts, contributing to the development of advanced technological ecosystems.

Halo AI launches to connect brands with influencers

Saudi Arabia-based Halo AI has launched its services. Founded this year by Vito Strokov, Rami Saad, and Alex Gadalin, the AI-powered networking platform connects brands with nano- and micro-influencers who excel in specific niches.

The platform uses AI to streamline influencer marketing, offering brands access to highly targeted audiences with authentic engagement. Halo AI aims to support regional businesses in amplifying their reach through innovative marketing strategies.

Following its launch, Halo AI plans to expand its operations to the UAE and Kuwait, further solidifying its presence in the Gulf Cooperation Council market.

CredibleX raises $55m in seed round to support SMEs

UAE-based fintech startup CredibleX has secured $55 million in seed funding, comprising equity and debt.

Investors include Further Ventures for equity and debt providers such as Kilgour Williams Capital and Berkley Square Finance.

Founded in 2023 by Ahmad Malik, Anand Nagaraj, and Hassan Reda, CredibleX provides tailored financial solutions to support small and medium-sized enterprises in their daily operations. The startup aims to address the unique financial needs of SMEs in the region.

The new funds will accelerate CredibleX’s growth, expand its services, and strengthen its position as a leading fintech solution for SMEs in the Middle East.

Revibe secures $7 million Series A for refurbished electronics

UAE-based refurbished electronics marketplace Revibe has closed a $7 million series A funding round co-led by ISAI and Resonance, with participation from Kima Ventures and Edouard Mendy.

Founded in 2022 by Abdessamad Benzakour and Hamza Iraqui, Revibe specializes in providing high-quality, refurbished electronics through its B2C marketplace.

The startup has gained traction in emerging markets with its focus on affordability and sustainability and presence in Saudi Arabia, UAE, Kuwait, and South Africa.

The funds will be used to expand Revibe’s operations, enhance customer care, and invest in quality assurance as it continues to grow its market presence.

Klickl raises $25m series A to expand Web3 banking

UAE-based Web3 banking startup Klickl has raised $25 million in a Series A round led by Web3Port Foundation and Aptos Labs, with participation from Summer Ventures and others. The round values the company at $125 million.

Founded in 2017 by Michael Zhao, Klickl offers a Web3 open finance platform, enabling digital payments, banking, and crypto trading.

Its solutions are designed to facilitate seamless entry into the Web3 ecosystem for users and businesses alike.

The funding will allow Klickl to expand its Web3 banking services in MENA and emerging markets.

Quantix secures $500m asset-backed financing for lending

UAE-based fintech Quantix Technology Projects LLC, a subsidiary of Astra Tech, has raised $500 million in asset-backed securitization financing from Citi. Quantix will use the funding to support its CashNow consumer lending platform.

Founded in 2019, Astra Tech’s Ultra app integrates payments, cross-border transfers, and financing solutions, serving over 150 million users globally. Astra Tech aims to create a super app with capabilities such as digital payments and messaging.

This financing builds on Astra Tech’s previous funding success, including $490 million raised in 2022, enabling the acquisition of fintech PayBy and voice-calling app Botim.

BioSapien raises $5.5m to advance healthtech innovation

UAE-based healthtech BioSapien has raised $5.5 million in a pre-Series A funding round led by Global Ventures with participation from Dara Holdings. The funds will support clinical trials and product development.

Founded in 2018 by Khatija Ali, BioSapien offers MediChip, a 3D-printed drug delivery platform. The technology is attachable to tissues for localized treatment.

The new capital will enable patient enrollment for clinical trials in Abu Dhabi by the second quarter of 2025 and further investment in manufacturing capabilities and talent acquisition.

InvoiceQ raises $1.2 million pre-Series A to expand in GCC

Jordan-headquartered SaaS provider InvoiceQ has secured $1.2 million in pre-Series A funding from investors including Oasis 500, Orange VC, and Flat6Labs.

The company provides e-invoicing solutions and operates in Jordan and Saudi Arabia.

Co-founded in 2020 by Muhannad Tobal and others, InvoiceQ aims to streamline billing processes for enterprises while improving compliance with local regulations. The startup has been expanding its reach across the region.

The new funds will support geographic expansion into Oman, Egypt, and the UAE, as well as further development of its technology platform.

Anghami secures $55m with OSN Group taking majority stake

Lebanon-born music streaming app Anghami has raised $55 million, with $12 million coming as part of a convertible note program from OSN Group. OSN+ now holds a 55.45 percent majority stake in Anghami.

Founded in 2011 by Eddy Maroun and Elie Habib, Anghami merged with OSN+ earlier this year to create a larger media conglomerate. The company plans to use the funds to expand its content library.

The investment follows MBC Group’s acquisition of a 13.7 percent stake in Anghami earlier this year, as the streaming platform continues to strengthen its position in the media industry.

Unipal expands user base with pre-series A funding

Bahrain-born education tech startup Unipal has raised a pre-Series A investment round from Falak Angels Syndicate members.

The platform offers university students exclusive discounts on products and services.

Founded in 2020 by Ali Al-Alawi and Ali Al-Shaer, Unipal claims 160,000 users in Riyadh and 250 brand partnerships after just eight months of operation in the Saudi capital. The platform also boasts 60,000 users in Bahrain.

This investment follows a $500,000 round raised in July 2023, as Unipal continues its rapid regional growth and expansion.

ZSystems raises $1.5m to modernize traditional trade

Morocco-based marketplace ZSystems has secured $1.5 million in seed funding, led by MNF Ventures, Witamax, Cash Plus Ventures, and Kalys Ventures.

The platform empowers retailers by connecting them directly with consumers.

Founded in 2022 by Meriem Benabad and others, ZSystems focuses on revitalizing traditional trade, which accounts for 85 percent of the fast-moving consumer goods market. The company aims to drive competitiveness in underserved markets.

The funds will support ZSystems’ technology development, product expansion, and preparations for its next growth phase.

Oman Investment Authority invests in Elon Musk’s AI venture xAI

The Oman Investment Authority has acquired an undisclosed stake in xAI, Elon Musk’s artificial intelligence startup. This investment aligns with OIA’s strategy to diversify its international portfolio and support emerging technologies.

Founded in July 2023, xAI focuses on generative AI solutions, competing with leading players like OpenAI.

Earlier this month, xAI raised $6 billion in a series B round, attracting investments from Qatar Investment Authority, Kingdom Holding, and global firms like Andreessen Horowitz, bringing its valuation to $50 billion.

OIA’s latest investment in xAI complements its existing stake in SpaceX, Musk’s aerospace company.

This move reinforces the Gulf’s growing interest in cutting-edge technologies and the AI sector.

Iraq Venture Partners receives $2.7m for Iraqi entrepreneurs

Iraq Venture Partners has received $2.7 million from the Netherlands for the Orange Corners Innovation Fund. The funding will support the second phase of the initiative.

OCIF provides Iraqi entrepreneurs with technical expertise, financial backing, and access to extensive networks.


Closing Bell: Saudi main index rises to close at 10,897

Closing Bell: Saudi main index rises to close at 10,897
Updated 17 August 2025
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Closing Bell: Saudi main index rises to close at 10,897

Closing Bell: Saudi main index rises to close at 10,897
  • Parallel market Nomu added 17.42 points to close at 26,633.08
  • MSCI Tadawul Index gained 7.82 points to end at 1,409.49

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Sunday, gaining 63.80 points, or 0.59 percent, to close at 10,897.39. 

The benchmark index recorded a total trading turnover of SR3.22 billion ($858 million), with 201 stocks advancing and 54 retreating. 

The parallel market Nomu added 17.42 points, or 0.07 percent, to close at 26,633.08, as 46 listed stocks gained and 42 declined. 

The MSCI Tadawul Index gained 7.82 points, or 0.56 percent, to end at 1,409.49. 

L’azurde Co. for Jewelry was the best-performing stock of the day, rising 9.40 percent to SR13.50. 

Other top performers included Halwani Bros. Co., which rose 7.70 percent to SR47.00, and Dar Alarkan Real Estate Development Co., which advanced 5.16 percent to SR19.35. 

Tamkeen Human Resource Co. recorded the steepest drop, falling 3 percent to SR54.95. Fawaz Abdulaziz Alhokair Co. slipped 2.12 percent to SR24.90, while Naseej International Trading Co. declined 1.89 percent to SR104. 

In corporate announcements, the offering of National Signage Industrial Co. shares on the Nomu began on Aug. 17 and will run until Aug. 24. 

It covers 1.5 million shares, with a price range set between SR12 and SR15, with Yaqeen Capital Co. acting as the lead manager. 

Yaqeen Capital also announced its interim financial results for the six months ending June 30. According to a Tadawul statement, the firm reported a net profit of SR12.83 million, up 43.5 percent year on year, driven mainly by a 19 percent increase in revenues. 

Its stock closed at SR11, up 4.05 percent. 

ASG Plastic Factory Co. also published its interim results for the first half of the year, posting a net profit of SR16.5 million, down 11.23 percent from a year earlier. The decline was attributed to weaker subsidiary performance, higher operating expenses, and increased selling and marketing costs. 

The stock ended the session at SR52.10, up 4 percent. 


GCC non-oil sector adds $1.51tn to GDP, led by mining

GCC non-oil sector adds $1.51tn to GDP, led by mining
Updated 17 August 2025
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GCC non-oil sector adds $1.51tn to GDP, led by mining

GCC non-oil sector adds $1.51tn to GDP, led by mining
  • Manufacturing activities led the non-oil sector with an average contribution of 11.7 percent.
  • Financial and insurance services led with an 11.7 percent increase, followed by transportation and storage at 11.6 percent. .

RIYADH: The Gulf Cooperation Council’s gross domestic product at current prices reached $2.14 trillion in 2023, down 2.7 percent from $2.2 trillion in 2022.

Despite this moderation, the non-oil sector showed strong resilience, contributing $1.51 trillion to the bloc’s GDP and underscoring the region’s ongoing diversification efforts.

Gross national income, which reflects the total earnings of citizens and companies after taxes and transfers, stood at $1.99 trillion, down 3 percent from the previous year, according to the GCC Statistical Center, Oman News Agency reported citing the latest available data.

Meanwhile, the oil sector contributed $604 billion, highlighting the continued influence of energy price fluctuations on the region’s economy.

The non-oil sector’s share of total GDP rose to 71.5 percent in 2023 from 65 percent in 2022, growing 6.4 percent year on year. Mining and quarrying remained the largest single contributor to the GCC economy over the past five years, averaging 28.3 percent of GDP, while manufacturing activities led the non-oil sector with an average contribution of 11.7 percent.

Several non-oil industries recorded robust growth in 2023. Financial and insurance services led with an 11.7 percent increase, followed by transportation and storage at 11.6 percent. Real estate grew 8.1 percent, public administration and defense rose 7.9 percent, wholesale and retail trade expanded 7.6 percent, and education climbed 5.5 percent, demonstrating broad-based sectoral strength.

Although mining and quarrying contracted by 18.8 percent and manufacturing experienced a slight decline of 0.7 percent, other sectors and investment activity provided strong support. Exports of goods and services totaled $1.26 trillion, accounting for nearly 60 percent of GDP, while final consumption expenditure—including household, government, and nonprofit spending—rose 7.5 percent to $1.25 trillion. Gross capital formation, which covers fixed asset investments, increased 5.5 percent to $601.8 billion, signaling sustained investment momentum despite macroeconomic pressures.

Overall, 2023 highlighted the GCC’s progress toward a more diversified, resilient, and non-oil-driven economy, positioning the region for sustainable growth in the years ahead.


Egypt posts record $13bn primary surplus despite Suez Canal revenue drop

Egypt posts record $13bn primary surplus despite Suez Canal revenue drop
Updated 17 August 2025
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Egypt posts record $13bn primary surplus despite Suez Canal revenue drop

Egypt posts record $13bn primary surplus despite Suez Canal revenue drop
  • Surplus equated to 3.6% of GDP
  • Results coincided with improvements across all major economic indicators

RIYADH: Egypt posted a record primary surplus of 629 billion Egyptian pounds ($13 billion) in fiscal year 2024–2025, despite a 60 percent drop in Suez Canal revenues, the presidency said in a statement.

During a meeting with Prime Minister Mostafa Madbouly and Finance Minister Ahmed Kouchouk, President Abdel Fattah El-Sisi was briefed on the country’s preliminary fiscal performance, which showed a surplus equated to 3.6 percent of gross domestic product.

The result represents an 80 percent increase compared to the 350 billion pounds achieved during the 2023-2024 fiscal year.

The finance minister said the strong performance was delivered despite significant external shocks, most notably the sharp decline in Suez Canal revenues, which cost the budget an estimated 145 billion pounds compared with initial projections.

He added that the results coincided with improvements across all major economic indicators, particularly in private investment, industrial activity, and exports.

Presidency spokesperson Mohamed El-Shennawy said tax revenues also saw a significant increase, rising by 35.3 percent year-on-year to 2.204 trillion pounds.

This marks the highest tax revenue growth in recent years and reflects a broader expansion of Egypt’s tax base.

The finance minister said overall revenues grew by 29 percent, while primary expenditures rose by 16.3 percent.

The minister attributed the performance to a comprehensive tax reform agenda, which includes voluntary taxpayer registration, amicable dispute resolution, and the application of digital tools, including the creation of a dedicated e-commerce unit and the implementation of a tax risk management system.

Between February and August, Egypt received 401,929 requests to resolve longstanding tax disputes, along with more than 650,000 voluntarily submitted new or revised tax filings, generating 77.9 billion pounds in revenue.

Moreover, 104,129 small businesses with annual revenues below 20 million pounds applied for tax benefits under Law No. 6 of 2025.

Kouchouk highlighted the government’s social spending commitments. Over 80,000 critical medical cases were treated at state expense, and 2.3 billion pounds were allocated to cover health insurance for vulnerable citizens in various provinces.

In education, 160,000 teachers were hired for the 2024-2025 academic year to address staffing shortages, at a cost of 4 billion pounds.

A further 6.25 billion pounds was set aside for school meal programs to ensure students receive balanced nutrition and combat malnutrition.

El-Sisi stressed the importance of maintaining strict fiscal discipline to support economic recovery and development, and called for stronger public-private partnerships to achieve sustained growth and financial stability.

He also directed the continuation of efforts to generate primary surpluses and to increase allocations for the “Takaful and Karama” cash transfer welfare programs, as well as for the health and education sectors, as part of broader efforts to alleviate burdens on citizens and promote social justice.


Saudi Arabia’s holdings in US Treasuries rise to $131bn in June 

Saudi Arabia’s holdings in US Treasuries rise to $131bn in June 
Updated 17 August 2025
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Saudi Arabia’s holdings in US Treasuries rise to $131bn in June 

Saudi Arabia’s holdings in US Treasuries rise to $131bn in June 

RIYADH: Saudi Arabia increased its holdings of US Treasury securities to $130.6 billion at the end of June, up $2.9 billion, or 2.3 percent, from May, according to official data. 

The Kingdom’s holdings stood at $127.7 billion in May, compared with $133.8 billion in April and $131.6 billion in March, according to the US Treasury Department. 

The increase comes as Saudi Arabia, the world’s largest oil exporter, manages its vast foreign reserves against a backdrop of shifting oil revenues, fluctuating global interest rates and ongoing diversification efforts under Vision 2030. Treasuries remain a key tool for Riyadh to park surplus funds in liquid, low-risk assets while balancing exposure to other currencies and asset classes. 

The report added that Saudi Arabia retained 17th place among the largest holders of such instruments in June. 

Compared with June 2024, Saudi Arabia’s holdings in US Treasuries declined by 6.8 percent. 

The latest data also showed that the Kingdom is the only country in the Gulf Cooperation Council and the wider Middle East region to secure a place among the top 20 holders of US Treasury securities. 

Saudi Arabia’s holdings were split between long-term bonds worth $103.5 billion, representing 79 percent of the total, and short-term bonds amounting to $27.1 billion, or 21 percent. 

Top holders  

Japan remained the largest investor in June with holdings totaling $1.14 trillion, up 0.9 percent from May. 

The UK ranked second at $858.1 billion, marking a 6 percent increase from the previous month. 

China followed with portfolios valued at $756.4 billion, little changed from $756.3 billion in May. 

The Cayman Islands and Canada ranked fourth and fifth with $442.7 billion and $438.5 billion, respectively. Belgium held sixth with $433.4 billion, followed by Luxembourg at $404.7 billion and France at $374.9 billion. 

Ireland was ninth with $317.4 billion, while Switzerland came 10th with $300.9 billion. 

Taiwan ranked 11th at $298.1 billion. Singapore held the 12th spot with $254.4 billion, followed by Hong Kong at $242.6 billion and India at $227.4 billion. 

Saudi Arabia’s Treasury holdings are closely watched as they reflect the Kingdom’s strategy of balancing reserve diversification with strong US financial ties. Treasuries are among the world’s safest assets, and changes in Saudi positions often signal how major energy exporters deploy surplus revenues amid oil price swings and global interest rate shifts. 



 


Al-Hilal tops Middle East football brands as Saudi clubs ride star power 

Al-Hilal tops Middle East football brands as Saudi clubs ride star power 
Updated 17 August 2025
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Al-Hilal tops Middle East football brands as Saudi clubs ride star power 

Al-Hilal tops Middle East football brands as Saudi clubs ride star power 

JEDDAH: Saudi football club Al-Hilal has been ranked the Middle East’s strongest brand, as the Kingdom’s “big four” teams gain international recognition on the back of high-profile signings, according to Brand Finance. 

The Riyadh-based club earned a Brand Strength Index score of 80.8 out of 100 and an “AAA-” rating, topping regional peers. Al-Ittihad scored 76.8, Al-Nassr 75.6, and Al-Ahli 72.7, the London-based consultancy said in its annual rankings. 

Domestically, all 10 Saudi clubs studied outperformed their international ratings, with Al-Hilal achieving a home BSI of 92.1 compared with 57.9 abroad. Al-Nassr has been the standout internationally with a score of 69.5, helped by the global profile of Cristiano Ronaldo. 

Saudi Arabia has stepped up its football push with major overseas signings, record investment in the Saudi Pro League, and ambitions tied to its Vision 2030 diversification plan. The Kingdom is also preparing to host the 2034 FIFA World Cup, underscoring its bid to become a global hub for the sport. 

Andrew Campbell, managing director Middle East, Brand Finance, said: “The Middle East’s bold investment in football is beginning to yield tangible results on the global stage. Led by the Saudi Pro League, the region is rapidly expanding its commercial and sponsorship footprint while accelerating moves toward club privatization.”  

He added: “High-profile international signings continue to elevate global perceptions — not just of the league, but of the Gulf region as a rising force in world football. As the market matures, strategic investment and commercial discipline will be key drivers of sustained growth, with top club brands expected to strengthen in parallel.” 

UAE’s Al-Ain led its domestic peers with a score of 69.9, ahead of Al-Wasl at 61.7 and Shabab Al-Ahli at 60.9. 

Globally, Real Madrid and Barcelona retained their positions as the most valuable and strongest football club brands, with values of $2.1 billion and $1.9 billion, respectively. Both clubs secured “AAA+” strength ratings. 

The London-based firm pointed out that the Premier League is the world’s most valuable sports league in terms of brand value, with its top ten brands' values totaling $9.1 billion – more than 37 percent of the total value of the world’s top 50 most valuable clubs. 

The report noted that the Premier League’s uniqueness lies in how brand value is distributed across multiple clubs. Six teams — Manchester City and Liverpool at $1.6 billion each, Manchester United at $1.4 billion, Arsenal at $1.3 billion, Chelsea at $1.1 billion, and Tottenham Hotspur at $890 million — each hold substantial brand value.

“The combined value of the world’s top 50 football club brands has climbed to $24.5 billion in 2025. However, Brand Finance research reveals a growing imbalance across the game, as outside of the Premier League, brand value is increasingly concentrated among a handful of elite clubs in Europe’s top leagues, said Hugo Hensley, head of sports services, Brand Finance.  

He noted that brand is no longer a byproduct of performance but a defining driver of success. 

“As the sport becomes increasingly competitive both on the pitch and commercially, clubs and leagues must manage their brands strategically to ensure they aren’t edged out of realizing the benefits of a strong and valuable brand,” added Hensley.