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Startup Wrap – Early-stage funding continues to capture interest

Startup Wrap – Early-stage funding continues to capture interest
Saudi investment firm Naif Al Rajhi Investment has acquired a strategic stake in Jordan-based artificial intelligence Arabic content platform Mawdoo3. (Supplied)
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Updated 30 November 2024
Nour El-Shaeri

Startup Wrap – Early-stage funding continues to capture interest

Startup Wrap – Early-stage funding continues to capture interest
Updated 30 November 2024
Nour El-Shaeri

CAIRO: Early-stage startups across the Middle East and North Africa region secure investments to drive innovation in sectors such as logistics, fintech, and climate tech.

Saudi-based Nama Ventures co-led Egypt’s Nowlun $1.7 million seed funding round along with venture capital firm A15.

The round also saw participation from Sanabil 500 Global and other angel investors.

Founded in 2021 by Moataz Khamis, Ahmed Emara, and Mahmoud Khaled, Nowlun’s platform provides businesses with access to real-time pricing across major shipping lines, enabling them to make faster and more informed decisions.

The company plans to utilize the raised capital for expansion and the development of its technology.

Mohammed Al-Zubi, founder of Nama Ventures, and Bassem Raafat, principal at A15, lauded the company’s mission and strategy.

Naif Al Rajhi acquires stake in Jordan’s Mawdoo3

Saudi investment firm Naif Al Rajhi Investment has acquired a strategic stake in Jordan-based artificial intelligence Arabic content platform Mawdoo3 for an undisclosed amount.

Founded in 2010 by Mohammad Jaber and Rami Al-Qawasmi, Mawdoo3 specializes in AI technologies and large language models tailored to the Arabic language.

The deal aligns with Naif Al Rajhi Investment’s focus on emerging sectors, while providing the Jordan-based firm with the resources to expand into the Saudi market.

Mawdoo3, which has raised $25 million over three funding rounds – including a $10 million series B in 2019 – is poised to strengthen its regional presence through this partnership.

Geidea expands SoftPos solution to Egypt after success in and UAE

Geidea, a prominent Saudi provider of digital payment solutions, is set to launch its SoftPos service in Egypt after successful rollouts in and the UAE.

The SoftPos technology enables merchants to accept secure contactless payments via smartphones, eliminating the need for traditional point-of-sale devices.

This expansion is part of Geidea’s strategy to drive digital transformation across the region by enhancing payment efficiency and accessibility for businesses of all sizes.

SoftPos allows merchants to process secure payments directly from smartphones, adhering to global data protection and transaction safety standards, the company explained.

Flat6Labs backs 10 Saudi startups in Riyadh Seed Program cycle

Flat6Labs, a seed and early-stage venture capital firm operating in the MENA region, has invested in 10 Saudi startups as part of its fourth Riyadh Seed Program cycle.

The startups span a variety of sectors, including e-commerce, logistics, Software-as-a-Service, and cybersecurity, and each received $133,000 in funding.

The initiative is supported by the Saudi Venture Capital Co., Jada Fund of Funds, and Riyadh Valley Company, with additional backing from the National Technology Development Program.

Since launching its Riyadh program in 2023, Flat6Labs has funded 41 startups, solidifying its role in fostering innovation in ’s entrepreneurial ecosystem.

Sylndr secures $7.46m to boost Egypt’s used car marketplace

Egypt-based used car marketplace Sylndr has raised $7.46 million in a capital facility to support its operations and growth.

EFG Hermes acted as the sole financial advisor for the transaction, with financing provided by EFG Corp-Solutions, Bank NXT, and EG Bank, among others.

Founded in 2021 by Amr Mazen and Omar El-Defrawy, Sylndr enables users to buy and sell used cars while offering financing solutions.

The new capital will be used to enhance customer experience, diversify inventory, and expand financing options. This follows a $12.6 million pre-seed round in 2022, led by RAED Ventures and Algebra Ventures.

Morocco’s PTS raises $500k to scale fintech solutions

Premium Technology & Services, a Morocco-based fintech startup, has secured $500,000 from BMCE Capital Investments, the private equity arm of BMCE Capital Group.

The funding will be used to advance PTS’s solutions for digitizing traditional banking cards, which are tailored to meet the evolving needs of banks and businesses.

Founded in 2020 by Samir Younes and two others, PTS plans to leverage the investment to drive innovation and scale operations to meet increasing demand in the region.

Watercycle Technologies raises $5.6m to advance MENA expansion

UK-based climate tech company Watercycle Technologies has closed a $5.6 million series A investment round led by Par Equity, alongside participation from Aer Ventures, Greater Manchester Combined Authority, and the University of Manchester Innovation Factory.

Founded in 2020 by Ahmed Abdelkarim and Sebastian Leaper, Watercycle Technologies focuses on sustainable critical mineral recovery while producing clean, drinkable water.

This investment will help the company expand its operations, with plans to extend services into the MENA region to support global Net Zero initiatives.

Iraq-based edtech Eduba acquired by a regional telecom giant

Eduba, an Iraq-based education tech startup, has been acquired by an undisclosed telecommunications conglomerate in a seven-figure deal.

Founded in 2019 by Azad Hassan, Haider Shaaban, and Raed Kadhem, Eduba began as a school management app and gained traction among private schools, securing accreditation from Iraq’s Ministry of Education.

This acquisition highlights the growing value of edtech solutions in the region and positions Eduba for further expansion under its new ownership.

Japan’s AI startup Recursive Inc. inks MoU with ’s KAIMRC

Japan-based AI startup Recursive Inc. has signed a memorandum of understanding with the King Abdullah International Medical Research Center in to jointly develop an advanced system for the early detection of tuberculosis.

The partnership, formalized during the Riyadh Global Medical Biotechnology Summit, aims to leverage Recursive’s AI expertise and KAIMRC’s medical research capabilities to improve TB screening accuracy and diagnosis speed in the Kingdom.

This collaboration, supported by the Ministry of National Guard-Health Affairs, aligns with ’s Vision 2030 goals to transform its healthcare system and improve public health.

Using chest X-ray imaging data, the AI solution will enable timely TB diagnosis and treatment, reducing mortality and transmission risks.

“We are truly honored to partner with KAIMRC on this groundbreaking initiative,” said Tiago Ramalho, CEO of Recursive Inc.

“By combining KAIMRC’s pioneering medical research with our AI expertise, we are confident we can make a meaningful impact, not only in but also in regions worldwide that face the increasing challenge of TB and other infectious diseases,” he added.

The initiative also supports ’s National Tuberculosis Program, which seeks to reduce TB mortality and incidence rates by 95 percent and 90 percent, respectively, by 2035 compared to 2015 levels.

Through this collaboration, Recursive and KAIMRC aim to create a scalable TB screening model for broader application in high-burden regions while exploring the use of AI to address other infectious diseases.

Topics: startups

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Oil Updates — Brent futures down nearly $2 after US delays decision on direct Iran involvement

Oil Updates — Brent futures down nearly $2 after US delays decision on direct Iran involvement
Updated 13 sec ago
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Oil Updates — Brent futures down nearly $2 after US delays decision on direct Iran involvement

Oil Updates — Brent futures down nearly $2 after US delays decision on direct Iran involvement
Updated 13 sec ago
Reuters

SINGAPORE: Brent crude prices pared gains from the previous session and fell nearly $2 on Friday after the White House delayed a decision on US involvement in the Israel-Iran conflict, but they were still poised for a third straight week in the black.

Brent crude futures fell $1.89, or 2.4 percent, to $76.96 a barrel by 5:55 a.m. Saudi time. On a weekly basis, it was up 3.8 percent.

The US West Texas Intermediate crude for July — which did not settle on Thursday as it was a US holiday and expires on Friday — was up 53 cents, or 0.7 percent, to $75.67.

The more liquid WTI for August rose 0.2 percent, or 17 cents to $73.67.

Prices jumped almost 3 percent on Thursday as Israel bombed nuclear targets in Iran, and Iran fired missiles and drones at Israel after hitting an Israeli hospital overnight. The week-old war between Israel and Iran showed no signs of either side backing down.

Brent futures trimmed previous session gains following the White House’s comments that President Donald Trump will decide whether the US will get involved in the Israel-Iran conflict in the next two weeks.

“Oil prices surged amid fears of increased US involvement in Israel’s conflict with Iran. However, the White House press secretary later suggested there was still time for de-escalation,” said Phil Flynn, analyst at the Price Futures Group.

Iran is the third-largest producer among members of the Organization of the Petroleum Exporting Countries, extracting about 3.3 million barrels per day of crude oil.

About 18 million to 21 million bpd of oil and oil products move through the Strait of Hormuz along Iran’s southern coast, and there is widespread concern the fighting could disrupt trade flows in a blow to supplies.

“The ‘two-week deadline’ is a tactic Trump has used in other key decisions. Often these deadlines expire without concrete action, ... which would see the crude oil price remain elevated and potentially build on recent gains,” said Tony Sycamore, analyst at IG. 

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OPEC+ has proven to be oil markets’ central bank, says Saudi energy minister

OPEC+ has proven to be oil markets’ central bank, says Saudi energy minister
Updated 19 June 2025
Nadin Hassan

OPEC+ has proven to be oil markets’ central bank, says Saudi energy minister

OPEC+ has proven to be oil markets’ central bank, says Saudi energy minister
Updated 19 June 2025
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RIYADH: OPEC+ has proven to be the “central bank” and regulator of the global oil market, providing much-needed stability, ’s energy minister said.

Speaking at the annual St. Petersburg International Economic Forum in Russia, Prince Abdulaziz bin Salman praised the alliance’s role in balancing oil markets amid global economic uncertainties.

“I would have to say that OPEC+ had proven to be an instrument that if it wasn’t invented by us and Russia and our colleagues, it should have been invented a long time ago because this is what OPEC+ had achieved in terms of bringing stability to the market and had proven that it is the central bank and the regulator of oil markets,” the energy minister said.

Prince Abdulaziz also highlighted the ongoing partnership between and Russia through the Saudi-Russian Joint Committee, noting plans for Russian Deputy Prime Minister Alexander Novak to visit the Kingdom later this year with a high-level business delegation.

“I’m looking forward to host Alexander — the co-chair of our joint committee — to this year, with the biggest, most sizable business community participation,” he said.

Prince Abdulaziz emphasized that the collaboration seeks to deepen bilateral economic ties and foster diversified investment opportunities.

“We have a lot to showcase that bonding together. It will allow us to have a much more diversified relationship, and we are, as a government, working together to provide the right environment for those who want to invest in or in Russia or in any type or form of joint venturing that we should facilitate that and ensure that the investment environment is congenial for it to happen,” he added.

The minister described the energy alliance as a flexible mechanism responsive to changing global conditions, reaffirming ’s commitment to cooperation with partners to maintain market stability.

Acknowledging the challenges facing Russia, Prince Abdulaziz noted the Kingdom’s support amid external restrictions.

“It’s been a challenging time what Russia is going through, but we have shown a great deal of understanding of the situation, and we’re trying to maneuver with the restrictions that are existing today,” he said.

“That has been the discharge of our leadership willingness to accommodate with this current situation and hopefully helping to support Russia in mitigating these exterior most daunting issues.”

On whether and Russia would compensate for any loss of Iranian crude supplies, the minister stressed that such scenarios are hypothetical and that OPEC+ decisions are collective.

“You give me a question that is not evidently seen happening, I don’t have an answer for you. Again, we only react to realities. But if anybody gives a question that is not relating to the reality today, I fail to see where we could predict things and how we would relate to it,” he said.

The minister clarified that OPEC+ consists of 22 member states and is not dominated by and Russia alone. A core group of eight countries is tasked with engaging the full membership to ensure coordinated responses to market changes.

“To respond to a hypothetical question by giving a hypothetical answer, which none of us two here have the right to speak on behalf of everybody without knowing their opinion, is too much of an ask,” he added.

He concluded by highlighting OPEC+’s reputation as a reliable and adaptive organization.

“What we know and what Alexander was saying just a while ago is that we have, as OPEC even before, an OPEC+ attending to so many circumstances since its first, it was in sequence, even inception, that we have been a reliable organization, a serious organization, an effective organization, and attentive to circumstances when they prevail,” he said.

Topics: OPEC OPEC+

Closing Bell: Saudi main index rises to close at 10,610 

Closing Bell: Saudi main index rises to close at 10,610 
Updated 19 June 2025
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Closing Bell: Saudi main index rises to close at 10,610 

Closing Bell: Saudi main index rises to close at 10,610 
Updated 19 June 2025
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RIYADH: ’s Tadawul All Share Index rose on Thursday, gaining 19.58 points, or 0.18 percent, to close at 10,610.71.   

The total trading turnover of the benchmark index was SR6.4 billion ($1.7 billion), as 116 of the stocks advanced and 115 retreated.    

The Kingdom’s parallel market Nomu lost 28.01 points, or 0.11 percent, to close at 26,175.83. This came as 35 of the listed stocks advanced while 41 retreated.    

The MSCI Tadawul Index lost 0.54 points, or 0.04 percent, to close at 1,367.14.     

The best-performing stock of the day was Alistithmar AREIC Diversified REIT Fund, whose share price surged 9.97 percent to SR7.50. 

Seera Group Holding also recorded strong gains, with its share price rising 7.99 percent to SR23.80, while Banan Real Estate Co. climbed 7.14 percent to close at SR4.50. 

Southern Province Cement Co. recorded the most significant drop, falling 5.19 percent to SR27.40. Ataa Educational Co. also saw its stock prices fall 3.43 percent to SR59.10. 

Leejam Sports Co. also saw its stock prices decline 3.01 percent to SR116.

On the announcements front, Advance International Communications and Technology said it has completed the conversion of one of its branches into an independent limited liability company under the name Innovation Passage Technology Co.

According to a statement on Tadawul, the move is part of the company’s strategy to restructure its operations by separating the wholesale business sector. The new entity will take over all wholesale functions and operations. The company stated that the transformation is not expected to have a significant financial impact and that any further updates will be announced as they arise. 

Alujain Corp. announced that its board of directors has approved the distribution of SR51.9 million in cash dividends for the second quarter of 2025.

A bourse filing revealed that the number of shares eligible for dividends is 69.2 million, with the dividend per share set at SR0.75. The dividend represents 7.5 percent of the share’s par value. 

Alujain shares closed the session up 2.74 percent at SR35.

United Cooperative Assurance Co. announced the signing of a memorandum of understanding with Arabia Insurance Cooperative Co. to evaluate a potential merger.

According to a Tadawul filing, both parties will conduct technical, financial, tax, legal, and actuarial due diligence, and will enter into non-binding discussions regarding the terms and conditions of the proposed transaction.  

United Cooperative Assurance shares closed at SR6.70, up 0.75 percent. 

Topics: Closing Bell Saudi Stock Exchange (Tadawul) Saudi exchange

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’s PIF launches company to build and run Expo 2030

’s PIF launches company to build and run Expo 2030
Updated 19 June 2025
MOHAMMED AL-KINANI

’s PIF launches company to build and run Expo 2030

’s PIF launches company to build and run Expo 2030
  • New firm to turn site into multicultural hub post-event
Updated 19 June 2025
MOHAMMED AL-KINANI

RIYADH: ’s Public Investment Fund has launched Expo 2030 Riyadh Co., a wholly owned entity tasked with developing, managing, and operating the infrastructure and programming for the Kingdom’s first World Expo.

During its development phases, the project is projected to contribute $64 billion to ’s gross domestic product and generate around 171,000 direct and indirect jobs. Once operational, it is expected to add $5.6 billion to the national economy.

According to an official release on Thursday, the newly established company will play a pivotal role not only in executing the large-scale event but also in preserving its long-term legacy.

Known as ERC, the company will fast-track operations to meet its ambitious mandate. It plans to collaborate with both local and international private sector partners to deliver on construction, cultural programming, and event management goals.

“ERC benefits from PIF’s diverse local and global ecosystem and the establishment of the company aligns with PIF’s local real estate strategy, which drives economic transformation and diversification, advancing urban innovation and enhancing quality of life, driven by the ambitious goals of Saudi Vision 2030,” said Saad Al-proud, head of PIF’s Local Real Estate Investment Division.

Covering an expansive 6 million sq. m, the Expo 2030 site will be one of the largest World Expo venues ever built. Strategically located north of Riyadh near the upcoming King Salman International Airport, it will offer direct access to major city landmarks.

Set to run from Oct. 1, 2030 to March 31, 2031, Expo 2030 Riyadh is expected to draw over 40 million visits. Following the event, ERC aims to repurpose the gated expo area into a “global village” — a multicultural destination featuring retail, food  and beverages, and premium residential offerings, all aligned with the Kingdom’s push toward sustainable tourism and innovation.

Participating nations will have the opportunity to construct permanent pavilions, enabling a lasting impact beyond the event itself and encouraging long-term investment and business ties.

PIF emphasized that the initiative reflects its broader strategy to drive economic diversification while securing sustainable financial returns.

The fund remains at the forefront of delivering ’s transformative giga-projects and real estate ventures, reshaping the national landscape and bolstering the Kingdom’s global positioning.

Riyadh secured the rights to host Expo 2030 in November 2024, winning the international vote in the first round — further solidifying its reputation as a fast-evolving capital that blends connectivity, sustainability, and high quality of life at scale.

Topics: SaudiVision2030 Riyadh Expo 2030 PIF

Syria completes first global SWIFT transfer since war

Syria completes first global SWIFT transfer since war
Updated 19 June 2025
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Syria completes first global SWIFT transfer since war

Syria completes first global SWIFT transfer since war
Updated 19 June 2025
Reuters

DAMASCUS: Syrian Arab Republic has carried out its first international bank transaction via the SWIFT system since the outbreak of its 14-year civil war, its central bank governor said on Thursday, a milestone in the country’s push to reintegrate into the global financial system.

Abdelkader Husriyeh told Reuters in Damascus that a direct commercial transaction had been carried out from a Syrian to an Italian bank on Sunday, and that transactions with US banks could begin within weeks.

“The door is now open to more such transactions,” he said.

Syrian banks were largely cut off from the world during the civil war after a crackdown by Bashar Assad on anti-government protests in 2011 led Western states to impose sanctions, including on Syria’s central bank.

Assad was ousted as president in a lightning offensive by rebels last year and Syria has since taken steps to re-establish international ties, culminating in a May meeting between interim President Ahmed Al-Sharaa and US President Donald Trump in Riyadh.

The US then significantly eased its sanctions and some in Congress are pushing for them to be totally repealed. Europe has announced the end of its economic sanctions regime.

Syria needs to make transfers with Western financial institutions in order to bring in huge sums for reconstruction and to kickstart a war-ravaged economy that has left nine out of 10 people poor, according to the UN.

Husriyeh chaired a high-level virtual meeting on Wednesday bringing together Syrian banks, several US banks and US officials, including Washington's Syria envoy Thomas Barrack.

The aim of the meeting was to accelerate the reconnection of Syria’s banking system to the global financial system and Husriyeh extended a formal invitation to US banks to re-establish correspondent banking ties.

“We have two clear targets: have US banks set up representative offices in Syria and have transactions resume between Syrian and American banks. I think the latter can happen in a matter of weeks,” Husriyeh told Reuters.

Among the banks invited to Wednesday’s conference were JP Morgan, Morgan Stanley and Citibank, though it was not immediately clear who attended.

Topics: Syria war banking sanctions

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