Startups provide vital shot in the arm for MENA health sector

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Updated 26 July 2021
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Startups provide vital shot in the arm for MENA health sector

  • In 2020 alone, 351 digital health startups worldwide attracted a combined $13.8 billion in investment
  • Personal experience inspired some innovators to launch apps that provide culturally relevant solutions

DUBAI: The events of the past year have underscored the urgent need for quality healthcare services as well as innovative solutions. In 2020 alone, 351 digital health startups across the world attracted a combined $13.8 billion in investment, almost double the amount in either 2018 or 2019, according to an estimate by MobiHealthNews.

Among them was Dubai-headquartered Okadoc, a physician-booking platform that landed $10 million in Series A funding to expand into new GCC markets.

Vezeeta, which allows patients to find and access medical services across 50 cities, attracted $40 million in fresh capital.

Bahrain-based Saaya Health aims to bring affordable, culturally relevant mental health solutions to GCC consumers.

The move follows its significant success in the B2B space, where it has employee assistance agreements with pharmaceuticals leader Bayer and cosmetics major L’Oreal.

“Access to good-quality and culturally appropriate mental health support is rare in this market, including corporate mental health and employee assistance programs,” company founder Sarmad Ahmad said.

“There was — and sometimes still is — a stigma around the words ‘mental health.’ The coronavirus pandemic has really put our emotions in sharp focus as we have all had had time for introspection. As people look to improve their relationships, their habits, tackle stress and improve performance at work, the demand is rising for good-quality counsellors and therapists.”

Saaya Health’s services are delivered online in seven countries, with 52 therapists providing counselling in 12 languages, including Arabic, French, Pashto, Malayalam, Hausa and Swahili. With its corporate partnerships, the company offers digital mental health services to more than 700,000 individuals.

“Our long-term goal is to be an impact unicorn, serving a billion people globally. Bahrain, with its strong digital infrastructure, will serve as our base to launch a three-year plan to reach at least 5 million people across the MENA region.”




Maria Lagbes, a Filipino doctor who joined the Women Responders team, leaves the ambulance service headquarters after receiving an emergency call on July 13, 2017, in Dubai. (AFP)

The urge to help a friend can sometimes spark the idea for a new business venture. That was the case with medical device company ProvenMed, whose founders Amine Staali and Souheil Guessoum built an innovative adult urinary incontinence device that is already helping thousands of people across 10 different markets.

Over 200 million people worldwide suffer from the condition. Launched in 2019, ProvenMed’s flagship device, ActviGo, is a reusable and washable system-integrated urinary external catheter for male incontinence management. It eliminates the need for diapers and condom catheters, allowing patients to manage their condition hygienically and discreetly.

The company, based in Abu Dhabi’s HUB71, also produces non-invasive reusable male external catheters, breathable undergarments, leakproof urine collection bags and portable bidets.

ProvenMed launched an online store in 2019 to bypass coronavirus-linked distribution issues, offering worldwide delivery. A winner of August’s Dubai Smartpreneur 5.0 competition, the business now wants to expand into Asia and Europe as well as develop similar incontinence solutions for women, children with bedwetting problems, people with special needs and the military.




A doctor examines an inmate's X-ray at the medical center of Dubai's Al-Awir central prison amid the COVID-19 pandemic. (AFP file photo)

One product in development is a smart device that monitors illnesses remotely and shares data with urologists.

Jordan’s Carers is a mobile platform that enables households to find and access vetted in-home nurses, physiotherapists and childcare specialists. In the process, it creates new jobs for certified care-givers.

The app was named best healthcare solution in 2019 December’s UCAN Awards at the Sharjah Entrepreneurship Festival, a $250,000 contest that recognizes regional entrepreneurs who have created high-impact solutions for the post-COVID-19 world.

“Many people faced the same struggle — how do you trust a stranger or ascertain the right quality of care and experience?” founder Raad Al-Kalha said.

Personal experience inspired Al-Kalha to launch the app in Amman in 2018, starting with 35 care-givers and two services.

“We have expanded our offering to include nursing visits, physiotherapy and blood tests and have a network of 300 care-givers who have provided more than 28,000 hours of care, created 5,000 job opportunities, and achieved 300 percent year-on-year growth from 2019-20,” he said.


Aramco Ventures invests in Ucaneo to develop Germany’s largest direct air capture plant

Updated 11 March 2025
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Aramco Ventures invests in Ucaneo to develop Germany’s largest direct air capture plant

RIYADH: Aramco Ventures, the investment arm of Saudi Aramco, has joined a funding round for German startup Ucaneo, which is developing the country’s largest direct air capture facility. 

The backing follows Ucaneo’s €6.75 million ($7.3 million) seed round in September 2024, the company said in a statement. It did not disclose the value of its investment. 

Headquartered in Berlin, Ucaneo is focused on advancing DAC technology to remove carbon dioxide from the atmosphere efficiently and at scale. 

DAC is gaining traction as industries and governments seek scalable solutions to reduce emissions and meet global climate targets.

“Direct Air Capture, if achievable at a competitive cost, could play a crucial role in global decarbonization. Ucaneo’s approach, leveraging novel solvents and renewable energy-driven electrochemistry, has the potential to deliver a cost-effective and highly efficient solution,” said Bruce Niven, executive managing director at Aramco Ventures. 

He added: “We are excited to partner with Ucaneo’s innovative team to advance this technology toward large-scale adoption.” 

The facility, set to open in the first half of 2026, is expected to bring down DAC costs below €300 per tonne of CO2, positioning it among the most cost-competitive solutions globally, Ucaneo said. 

The company has also launched an industrial pilot capturing 30-50 tonnes of carbon dioxide annually, making it one of Germany’s largest DAC test sites. 

“We are thrilled to welcome Aramco Ventures as one of our investors. For us, it was essential to find a partner who not only supports our scaling efforts but is also deeply committed to playing a leading role in the energy transition,” said Florian Tiller, co-founder and CEO of Ucaneo. 

“Only through impactful scale and strong partnerships can innovative technology developers like Ucaneo enable the world to build a real net-zero economy,” he added. 

Aramco Ventures’ backing of Ucaneo comes just days after it led a $30 million Series A round for US-based climate tech startup Spiritus, alongside Khosla Ventures, Mitsubishi Heavy Industries America, and TDK Ventures. Spiritus aims to scale its DAC technology to curb emissions from data centers and industrial construction without stalling growth. 

The investment underscores Aramco’s increasing focus on carbon capture and emissions reduction technologies as part of its broader strategy to support the energy transition. 


GCC firms maintain financial stability despite regional tensions: Moody’s

Updated 11 March 2025
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GCC firms maintain financial stability despite regional tensions: Moody’s

RIYADH: Companies in the Gulf Cooperation Council have maintained strong credit qualities despite the economic uncertainty caused by geopolitical tensions, according to Moody’s Investors Service.

A report from the firm stated that a significant number of GCC firms continue to benefit from strong balance sheets, low leverage, and ample cash reserves, ensuring financial stability and resilience.

Outstanding debt was steady at $410 billion last year, and is likely to remain at this level in 2025, Moody’s added. 

Heightened geopolitical tensions remain the main source of near-term credit risk in the region. Sound economic and operating conditions, robust business models, effective operating execution and financial discipline, were also cited as key reasons for the stability seen by many companies.

Mikhail Shipilov, vice president and senior analyst at Moody’s Ratings, said: “This translates into good financial performance, strong credit metrics and solid liquidity, which are likely to be sustained over the next 12 months.” 

He added: “Many companies have features that mitigate geopolitical risks, which have had a limited effect so far on credit quality. These features include geographic diversification of operating assets, alternative supply routes or a focus on domestic markets.”

Many GCC companies have adopted strategic measures to mitigate risks from geopolitical uncertainties, according to the report.

Several companies have diversified their operational presence, securing stability through international markets. Alternative supply routes and a focus on domestic demand provide an additional buffer against potential disruptions, Moody’s said.

While Qatari firms remain relatively more exposed due to their asset concentration, their strong sovereign backing and liquidity reserves continue to reinforce financial resilience.

Macroeconomic conditions remain favorable for domestic-driven sectors, including real estate, telecommunications, and utilities.

Economic diversification initiatives, particularly in Saudi Arabia and the UAE, continue to drive non-hydrocarbon growth.

The UAE’s economy is forecast to have expanded by 3.8 percent in 2024, with 4.8 percent growth in 2025, supported by a buoyant real estate sector and strong foreign investment.

Saudi Arabia is set to see 3.3 percent GDP growth in 2025 and 4.8 percent in 2026, bolstered by large-scale infrastructure projects and a growing tourism sector.

Export-oriented companies, especially in the oil, gas, and petrochemical industries, continue to demonstrate resilience, according to the report.

Saudi Aramco stands out with its “immense operational scale, low production costs and downstream integration,” according to the report.

QatarEnergy benefits from vast, low-cost gas reserves and an expanding liquefied natural gas portfolio, securing its role as a major player in the energy sector.

Regional petrochemical companies leverage cost-efficient feedstock and advanced facilities to maintain a competitive edge in global markets.

The credit outlook for GCC corporates remains stable, supported by sound financial policies and government-led economic initiatives.


Saudi Arabia, South Korea sign deal to boost cooperation in space sector

Updated 11 March 2025
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Saudi Arabia, South Korea sign deal to boost cooperation in space sector

RIYADH: The Saudi Space Agency has entered into a new partnership with the Korean Aerospace Administration to boost cooperation in the space sector.

A memorandum of understanding was signed at the SSA’s headquarters in Riyadh, marking a significant step in strengthening bilateral ties between Saudi Arabia and South Korea in space exploration and technology development.

The agreement is in line with the Saudi Space Agency’s broader mission to support the Kingdom’s Vision 2030 goal of becoming a global leader in space exploration.

It also seeks to contribute to the nation’s scientific and economic growth through innovation and technological advancements in space.

The MoU comes as part of Saudi Arabia’s growing commercial space sector, which is primarily driven by the private sector.

Over 250 companies are currently operating in the country, emphasizing the strong involvement of the private sector. Additionally, more than 20 government agencies regulate and support the industry, according to recent findings by SpaceTech in Gulf.

Mohammed Al-Tamimi, CEO of the Saudi Space Agency, emphasized that the agreement reflects the Kingdom’s ongoing commitment to enhancing international cooperation in space.

He stated that the SSA values such global partnerships, viewing them as essential for advancing technological capabilities and growing the space economy. Al-Tamimi underscored that the MoU will foster collaboration by integrating the expertise of both Saudi and Korean space professionals.

The terms of the agreement outline key areas of collaboration, including the development of deep space technologies, manned flight programs, satellite launches, and payloads. The MoU also sets out to strengthen capabilities in space sciences and engineering, facilitate the exchange of knowledge, and enhance expertise in advanced space applications.

Moreover, the agreement seeks to advance space research and technical development, while fostering an environment conducive to investment in the space sector. This partnership is expected to contribute to the growth of the space economy and improve the global standing of both Saudi Arabia and South Korea.

In September, Al-Tamimi led the Saudi delegation to the fifth G20 Space Economy Leaders Meeting in Foz do Iguacu, Brazil, where he highlighted Saudi Arabia’s advancements in space exploration.

He also emphasized the Kingdom’s commitment to using space technology for sustainable development and climate change mitigation. During the meeting, he participated in discussions on innovation, entrepreneurship, and the role of space in addressing global challenges, further showcasing the Saudi Space Agency’s efforts to improve infrastructure, attract investment, and leverage space technology for sustainable progress.


Closing Bell: Saudi main index closes in red at 11,718

Updated 11 March 2025
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Closing Bell: Saudi main index closes in red at 11,718

RIYADH: Saudi Arabia’s Tadawul All Share Index continued its downward trend for the second consecutive day on Tuesday as it shed 27.67 points or 0.24 percent to close at 11,717.96. 

The total trading turnover of the benchmark index was SR7.70 billion ($2.05 billion), with 122 stocks advancing and 116 declining. 

Saudi Arabia’s parallel market Nomu also shed 268.15 points to close at 30,763.22. 

The MSCI Tadawul index declined by 0.25 percent to 1,483.35. 

The best-performing stock on the main market was Riyadh Cables Group Co. The company’s share price increased by 10 percent to SR129.80. 

The share price of Batic Investments and Logistics Co. also edged up by 6.34 percent to SR2.85.

Al-Baha Investment and Development Co. also saw its stock price rising by 5.88 percent to SR0.36. 

Conversely, the share price of Arabian Contracting Services Co. declined by 5.12 percent to SR129.80. 

On the announcements front, Mohammed Hadi Al Rasheed and Partners Co. said that its net profit for 2024 reached SR80.74 million, representing a rise of 80.58 percent compared to 2023. 

In a Tadawul statement, the company said that the rise in net profit was driven by an increase in sales and customers amid expansion in line with the company’s strategy.

Despite posting an increase in profit, the share price of Mohammed Hadi Al Rasheed and Partners Co. declined by 9.04 percent to SR142.80. 

Twareat Medical Care Co. said that its net profit witnessed a rise of 65.98 percent year on year to reach SR23.5 million. 

The healthcare firm added that its overall revenue also rose by 23.97 percent year on year in 2024, driven by improved sales strategies, new service contracts in areas like NEOM, Jubail, and Jafurah, and expanding medical services for existing clients.

Twareat Medical Care Co.’s board of directors also recommended dividends at SR0.25 per share for 2024. 

The share price of  the company edged up by 6.53 percent to SR22.50. 

Arabian Centers Co., also known as Cenomi Centers said that the firm’s net profit for 2024 stood at SR1.22 billion, representing a decline of 18.44 percent compared to 2023. 

In a Tadawul statement, Cenomi Centers revealed that its overall revenue reached SR2.34 billion in 2024, marking a year on year rise of 4.01 percent. 

It also announced that its board of directors has decided to pay a dividend of SR0.37 per share for the third quarter of 2024. 

The share price of Cenomi Centers edged up by 1.29 percent to SR20.36. 

Walaa Cooperative Insurance Co. said that it witnessed a net profit of SR64.30 million in 2024, representing a 56.55 percent decline compared to 2023. 

The insurance firm’s share price declined by 3.53 percent to SR18.04. 


Tabuk offers over 120 investment opportunities, driven by young workforce, strong demand

Updated 11 March 2025
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Tabuk offers over 120 investment opportunities, driven by young workforce, strong demand

  • Region is undergoing a major transformation, hosting some of the Kingdom’s most innovative projects and significant investments
  • It aims to become a leading tourism destination along the Red Sea

JEDDAH: Saudi Arabia’s Tabuk region offers over 120 investment opportunities across sectors, from large projects to small businesses, leveraging its young workforce and strong consumer demand, a top official said.

The region’s mayor, Hussam bin Muwafaq Al-Youssef, and local business leaders discussed important initiatives and investment opportunities in the municipal sector. The meeting, part of the “Chamber’s Diwaniya” events during Ramadan, aimed to strengthen communication, encourage dialogue, and exchange ideas.

The gathering was also attended by Imad Al-Fakhri, chairman of the Tabuk Chamber of Commerce, and members of the organization’s board of directors, according to the Saudi Press Agency.

The northwestern region is undergoing a major transformation, hosting some of the Kingdom’s most innovative projects and significant investments. It aims to become a leading tourism destination along the Red Sea.

A key driver of this change is NEOM, a futuristic urban development that merges natural wonders with cutting-edge technologies. As Saudi Arabia’s largest giga-project and a central element of Vision 2030, NEOM, along with AMAALA and the Red Sea projects, are set to fuel growth and attract substantial investment across various sectors.

During the gathering titled “Tabuk ... Your Investment Destination,” Al-Yousef discussed key regional developmental and economic projects and shed light on his mayoralty’s plans to improve quality of life and attract investments.

The mayor highlighted some of the region’s competitive advantages, such as manufacturing, agriculture, mining, energy, and tourism, which have contributed to boosting Tabuk’s investment appeal.

He discussed the area’s significant potential, particularly in the tourism sector and said the municipality is working to create an investment-friendly environment by offering a variety of flexible processes and support to investors and entrepreneurs.

Al-Youssef said Tabuk boasts valuable assets, specifically its young talent, population structure, and purchasing power, placing the region third in the Kingdom for per capita consumption.

He added the municipality has over 120 available investment prospects across different sectors, including large, medium, and small-scale projects.

He encouraged business leaders to seize the opportunities and invest in the growing sectors, particularly with the government’s ongoing support for the private sector.

Al-Fakhri praised the municipality’s efforts in creating a competitive business environment and supporting investors and commended the collaboration between the public and private sectors in driving development, attracting investments, and overcoming challenges to benefit the region and its residents.

Al-Yousef listened to attendees’ feedback on the challenges investors face in the municipal sector and received suggestions for improving the investment environment and municipal services.