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MENA startup funding grows in May as Egypt rebounds 

Early-stage funding dominated the month, accounting for $161 million. Getty
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Updated 06 June 2025
Nour El-Shaeri
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MENA startup funding grows in May as Egypt rebounds 

Updated 06 June 2025
Nour El-Shaeri

RIYADH: Startups across the Middle East and North Africa secured $289 million across 44 deals in May, marking a 25 percent rise from April and a 2 percent increase year-on-year.

While equity dominated the deal flow, debt financing represented just 9 percent of the total.

Egypt led regional fundraising with $125 million, bolstered by Nawy’s $75 million round and seven other deals totaling $50 million.  

The UAE followed with $86.7 million from 14 deals, while Saudi Arabia came third with $69 million from 15 transactions.  

Kuwait made a rare appearance in the top four, with two startups securing a combined $6 million. 

Despite the hype around artificial intelligence, fueled by a high-profile visit from US President Trump and Silicon Valley executives, funding in the sector was limited.  

AI startups attracted just $25 million across two deals, underscoring a gap between public narrative and private capital flows. 

Fintech maintained its lead among sectors, drawing $86.5 million through 14 rounds. Property technology followed, lifted by Nawy, while media technology firms raised $32 million.  

Construction technology firm WakeCap raised $28 million, one of the few notable later-stage rounds.  

Early-stage funding dominated the month, accounting for $161 million, with just one pre-series C deal recorded at $12 million. 

Business-to-business startups continued to command investor attention, raising $157 million across 29 deals.  

Hybrid startups secured $79 million, while B2C companies collected $53 million.  

The gender gap in startup funding persisted, with male-founded teams receiving 82 percent of capital, compared to 7 percent for women-led firms and 11 percent for mixed-gender teams. 

Stride Ventures doubles down on GCC with Saudi expansion 




Stride aims to triple its assets under management in the GCC by 2026. Stride

Stride Ventures, a global venture debt firm, is deepening its presence in the Gulf Cooperation Council, centering its growth strategy on Saudi Arabia.  

The firm announced the opening of a second regional office, the doubling of its local team, and the release of the inaugural Global Venture Debt Report 2025, developed in partnership with Kearney. 

The report reveals that the GCC’s venture debt market has grown at a compound annual growth rate of 54 percent—quadruple the global average—reaching $500 million in 2024 from $60 million in 2020. 

As part of its regional ambitions, Stride aims to triple its assets under management in the GCC by 2026 and is targeting $500 million in commitments over the next three to five years.  

“Saudi Arabia is shaping the future of venture capital and private credit with intention and scale,” said Fariha Javed, partner at Stride Ventures, adding: “We are seeing a new generation of founders who understand the value of non-dilutive capital to scale responsibly and an equally ambitious set of investors in the region ready to fuel their growth.”  

Javed said that Saudi Arabia is moving from being a capital source to becoming a capital magnet.

Badir Fund backs Shorooq’s Nahda Fund II to unlock SME credit 

The UAE-based Arab Fund for Economic and Social Development has committed capital to Shorooq Partners’ Nahda Fund II through its Badir Fund for small and medium-sized enterprises.  

Founded in 2017, Shorooq is known for offering structured financing to growth-stage companies.  

Recent recipients include fintech firm Abhi and self-storage platform The Box, which received $15 million and $12.5 million in debt financing, respectively.  

“This collaboration with the Badir Fund is a significant step towards empowering SMEs in the Arab region,” said Nathan Kwon, partner and credit head at Shorooq.  

“By combining our expertise in structured financing with the Badir Fund’s commitment to economic development, we can provide SMEs with the necessary resources to thrive.” Essam Al-Quorashy, secretary general of the Badir Fund.  

“This investment from the Arab Fund will unlock vital growth opportunities for small businesses, promote their growth and foster financial inclusion of underserved segments across the Arab region,” Al-Quorashy added. 

ShipBee secures $235k to digitize logistics in Qatar 




The fresh capital will fuel ShipBee’s team expansion, product development, and regional scaling. ShipBee

Doha-based logistics startup ShipBee has closed a $235,000 pre-seed round, valuing the company at $1 million.  

The funding was led by Qatar’s GrowthX, with contributions from two angel investors and $40,000 in founder capital.  

Founded in March 2024 by Tamer Raafat and Amer Azani, ShipBee provides a tech-enabled logistics platform integrating a digital marketplace, AI-powered software, mobile applications, and international express shipping. 

The funds will be used to grow the team, enhance the product, and expand regionally.  

“This funding empowers us to scale our vision of simplifying logistics through cutting-edge technology,” said Tamer Raafat, co-founder and CEO. 

“ShipBee’s vision is to build a smart logistics ecosystem in Qatar and MENA using the power of AI and new technologies.” Hamad Al-Hajri, CEO and founder of GrowthX and Snoonu.  

“ShipBee perfectly aligns with Qatar’s strategic goals by combining innovation with logistics excellence. I firmly believe ShipBee has the potential to become a leading technology-driven logistics platform, both regionally and globally,” Al-Hajri added. 

Kumulus Water raises $3.5m to scale atmospheric water tech 




Kumulus was founded by Iheb Triki and Mohamed Ali Abid. Kumulus

Kumulus Water, a startup headquartered between France and Tunisia, has secured $3.5 million in seed funding to scale its off-grid water production systems.  

The round included support from Bpifrance, through the France 2030 SGPI initiative and the Ile-de-France Region, as well as regional VCs Khalys Venture, Flat6Labs, PlusVC, and beverage company Spadel.  

Several family offices and founders from Europe and North Africa also participated. 

Co-founded by Iheb Triki and Mohamed Abid, Kumulus develops atmospheric water generators that extract drinking water from air humidity — offering infrastructure-free solutions for underserved communities.  

The new capital will fund the launch of its industrial-grade Kumulus Boks machines and expand operations across France, Spain, and Tunisia, with Saudi Arabia identified as the next market entry point. 

EightClouds closes $20m round early, eyes consumer sector growth 




EightClouds is concentrating its activities in the food, beverage, and hospitality sectors. EightClouds

UAE-based alternative investment firm EightClouds has completed its $20 million capital raise ahead of schedule, closing the round in 11 months instead of the planned 24.  

The firm plans to deploy the funds into strategic acquisitions and initiatives targeting scalable, consumer-focused brands across the Gulf. 

EightClouds, which focuses on transforming capital into economic prosperity, is concentrating its activities in the food, beverage, and hospitality sectors.  

These industries, the firm notes, are driven by evolving consumer preferences and digital innovation.  

The company’s expansion strategy will focus on the UAE and Saudi Arabia, markets it views as primed for rapid growth due to policy support and infrastructure readiness. 

Khwarizmi Ventures eyes $120m for second MENA-focused fund   

Saudi venture capital firm Khwarizmi Ventures is planning to raise up to $120 million for its second fund, aimed at supporting early-stage startups across the Middle East and North Africa.  

The fund will target investments from seed to series A stages and is expected to close by the end of 2025. 

Speaking to Alarabiya Business, managing partner Abdulaziz Al-Turki described the regional climate as a “golden opportunity” for early-stage investors.  

“The number of unicorns in MENA has grown from zero a decade ago to eight today,” he said, adding: “By 2035, that number could reach 60.”  

Khwarizmi Ventures’ strategy is designed to place capital early in companies with strong scaling potential ahead of larger funding rounds. 

Edtech startup Taawoni raises $1.6m to expand training platform 

Saudi-based education technology company Taawoni has closed a $1.6 million investment round led by M Capital and supported by undisclosed investors.  

The startup, founded in 2021 by Aliyah Al-Ghubayn, operates a platform focused on cooperative training and professional development. 

Taawoni enables collaboration between universities and employers to deliver co-op training programs that provide students nearing graduation with real-world work experience.  

The new funds will be used to drive growth and integrate more deeply into both the education and human resources technology ecosystems across the region. Expansion into new regional markets is also planned. 

Topics: startups

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

Updated 15 sec ago
Reem Walid
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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 close at 1,409.49
Updated 15 sec ago
Reem Walid

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 close 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. 

Topics: TASI Tadawul Closing Bell MSCI 30 Tadawul Index NOMU Tadawul All Share Index (TASI) Saudi Stock Exchange (Tadawul)

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

Updated 17 August 2025
Nadin Hassan
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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. .
Updated 17 August 2025
Nadin Hassan

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.

Topics: GCC GDP GCC economies Gulf Cooperation Council (GCC) gross domestic product

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

Updated 17 August 2025
Nadin Hassan
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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
Updated 17 August 2025
Nadin Hassan

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.

Topics: Egypt Egypt economy suez canal Ahmed Kouchouk Abdel Fattah El-Sisi Mostafa Madbouly

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

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

Updated 17 August 2025
Nirmal Narayanan 

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. 


 

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

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

Updated 17 August 2025
Mohammed Al-Kinani 

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. 

Topics: Saudi footbal

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