��’s startup ecosystem kicks off 2025 on a strong note

Zension Technologies specializes in providing warranties, device buy-back services, and subscription-based technology upgrades. (Supplied)

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Updated 12 January 2025

Nour El-Shaeri

January 11, 2025 21:43

��’s startup ecosystem kicks off 2025 on a strong note

Zension Technologies raises $30 million in a series A funding round

Updated 12 January 2025

Nour El-Shaeri

January 11, 2025 21:43

RIYADH: ��’s venture capital and startup ecosystem kicked off 2025 with fresh funding rounds as the Kingdom continues its regional dominance.

Zension Technologies raised $30 million in a series A funding round led by Wa’ed Ventures, the venture capital arm of Saudi Aramco.

The round also saw participation from Japan’s Sumitomo Corporation and regional investor Global Ventures.

Founded in 2018 by Khalid Saiduddin and Nikos Anastasiadis, Zension provides protection, extended warranty, and guaranteed buyback services for mobile devices and consumer electronics.

These services are integrated into major retailers, telecommunications companies, and original equipment manufacturers operating in the Saudi and UAE markets.

With the fresh funding, Zension aims to launch its new service, Zaam, which is set to debut in the first quarter of the year across �� and the UAE.

SVC backs $150m tech fund by Global Ventures

Saudi Venture Capital has announced its investment in Global Ventures III, an early-stage fund exceeding $150 million in size.

Managed by UAE-based Global Ventures, it will focus on investments in technology and tech-enabled sectors across ��, the Middle East and North Africa, and Sub-Saharan Africa.

Target industries include supply chain technology, agritech, enterprise software as a service, and emerging technologies such as artificial intelligence and deep tech.

“Our investment in the venture capital fund by Global Ventures is part of SVC’s Investment in Funds Program, in alignment with our strategy to catalyze venture investments by fund managers investing in Saudi-based startups, especially during their early stages,” said Nabeel Koshak, CEO and board member at SVC.

The market opportunity continues to be immense, with emerging technologies across platforms being built by exceptional founders continuing to shine through.

Noor Sweid, founder and managing partner at Global Ventures

Noor Sweid, founder and managing partner at Global Ventures, emphasized the importance of the collaboration, saying: “We are proud of our deep and continued partnership with SVC, and the investment underscores our continued deep commitment to enabling and building the ��n VC and startup ecosystem.

“The market opportunity continues to be immense, with emerging technologies across platforms being built by exceptional founders continuing to shine through.”

SVC, a subsidiary of SME Bank under ��’s National Development Fund, was established in 2018 to stimulate and sustain financing for startups and SMEs across their growth stages, from pre-seed to pre-initial public offering, through investments in funds and direct investments.

Interior design platform Revie raises $2.5m seed round

��-based interior design and renovation platform Revie has raised $2.5 million in a seed funding round led by Sanabil Venture Studio by Stryber.

Established in 2024 by Ibrahim Abu Khadra, Revie provides an end-to-end solution for residential and commercial renovations.

The platform connects customers with vetted service providers and offers a seamless experience from design to execution. With the new funding, the company plans to invest in its technology and build a scalable foundation to support long-term growth.

Vreal secures pre-seed investment for AR/VR innovations

Saudi augmented and virtual reality technology provider Vreal has raised an undisclosed pre-seed investment round from the numu Angels Investment Community.

Founded in 2022, Vreal offers e-commerce businesses the ability to convert their products into 3D models in as little as 30 seconds using its advanced scanning technology.

The startup is exploring opportunities to expand its applications to other industries, including interior design, real estate, tourism, and heritage preservation. Vreal aims to strengthen its position in �� and tap into broader markets with its innovative technology.

MilkStraw AI raises $600k pre-seed funding to expand in MENA

UAE-headquartered artificial intelligence startup MilkStraw AI has raised $600,000 in pre-seed funding. The round was led by Flat6Labs, with participation from Angel Spark, Beyond Capital, and a group of angel investors.

MilkStraw, founded by Jawad Shreim in 2024 in the US, specializes in software solutions that automate and optimize cloud infrastructure costs for businesses.

The company intends to use the funding to expand its operations across the MENA region, focusing on providing cost-saving AI tools to enterprises in the region.

Mintiply Capital partners with Fuel Venture Capital for GCC-focused SPV

UAE-based Mintiply Capital, an advisory and investment banking firm specializing in mergers and acquisitions and alternative investments, has announced an exclusive partnership with US-based venture capital firm Fuel Venture Capital.

The collaboration aims to launch a Special Purpose Vehicle targeting high-potential early-stage startups across the Gulf Cooperation Council region, with a particular focus on the UAE.

This initiative is aligned with the UAE’s strategic goal of fostering a robust startup ecosystem and driving innovation as a key pillar of economic growth.

The SPV will provide targeted funding and resources to emerging startups, supporting the development of the UAE’s entrepreneurial ecosystem and promoting sustainable economic growth.

ReNile raises $450k for agritech solutions

Egypt-based agritech startup ReNile has secured $450,000 in funding from undisclosed investors.

Founded in 2017 by Hazem El-Tawab, ReNile offers a full-stack solution for farmers that includes monitoring systems, emergency alerts, control systems, and analytics to enhance farming practices.

The company’s platform supports data-driven farming, helping users implement best-practice models to improve efficiency and yield.

MSME lending in �� grows by 22.6 percent in Q3 2024

Credit facilities extended to micro, small, and medium enterprises in �� reached SR329.23 billion ($87.8 billion) in the third quarter of 2024, marking a 22.6 percent year-on-year increase, according to data from the Saudi Central Bank.

Of the total, 94.7 percent of loans were provided by Saudi banks, while finance companies contributed the remaining 5.3 percent.

MSME lending accounted for 9.1 percent of banks’ total loan portfolios and 18.8 percent of finance companies’ portfolios.

The Saudi government has set an ambitious target for financial institutions to allocate at least 20 percent of their lending portfolios to this critical sector, as part of its Vision 2030 strategy to foster economic diversification and support business growth.

�� tops MENA venture capital rankings for second year

�� retained its position as the leading destination for venture capital in the MENA region in 2024, raising $750 million, according to a report from regional venture platform MAGNiTT.

This marks the second consecutive year the Kingdom has led regional VC rankings. �� accounted for 40 percent of the total venture capital deployed in MENA, closing 178 deals — the most of any nation in the region.

While total venture capital raised in MENA declined 29 percent year-on-year to $1.9 billion in 2024, MAGNiTT noted that funding levels remained above pre-boom levels from 2020, indicating resilience in the ecosystem.

The Middle East alone accounted for $1.5 billion of this funding, spread across 461 deals, a 10 percent annual increase.

Investor participation in the region grew 14 percent to 392 investors, and the year saw 24 exits.

However, emerging venture markets — including the Middle East, Africa, and Southeast Asia, as well as Pakistan and Turkiye — faced a sharp slowdown, with total venture funding dropping 40 percent and deal volumes falling 20 percent compared to 2023.

Both metrics also fell below 2020 levels, reflecting broader challenges in the global venture landscape.

Topics: Start-up of the Week

Closing Bell: Saudi main index ends lower at 10,899

Updated 10 August 2025

NADIN HASSAN

August 10, 2025 16:42

Closing Bell: Saudi main index ends lower at 10,899

Parallel market Nomu dropped 199.33 points to close at 26,449.38
MSCI Tadawul Index edged up 0.03% to reach 1,407.12

Updated 10 August 2025

NADIN HASSAN

August 10, 2025 16:42

RIYADH: ��’s Tadawul All Share Index declined on Sunday, losing 31.19 points, or 0.29 percent, to close at 10,899.11.

The total trading turnover of the benchmark index stood at SR3.51billion ($935.8 million), with 77 listed stocks advancing and 169 declining.

The Kingdom’s parallel market Nomu also dropped 199.33 points to close at 26,449.38

The MSCI Tadawul Index slightly edged up by 0.03 percent to reach 1,407.12.

The top performer on the main market was Red Sea International Co., whose share price rose 10 percent to SR42.24.

The share price of Tamkeen Human Resource Co. increased 7.94 percent to SR57.1.

Saudi Reinsurance Co. saw its stock price increase by 5.91 percent to SR47.66.

Jahez International Co. for Information System Technology witnessed a drop in its share price by 10 percent to SR25.02.

The company’s share price decreased following the announcement that its net profit for the second quarter fell 21.9 percent year on year to SR23.6 million, down from SR30.2 million in the same quarter last year.

In corporate announcements, Zamil Industrial Investment Co. posted a net profit of SR25.28 million in the second quarter, a 314.5 percent increase from SR6.1 million in the same quarter in 2024.

The company attributed the rise in quarterly profit to higher sales across its air conditioning, steel, and insulation sectors, which drove a 25.7 percent increase in gross profit.

This was further supported by a SR1.5 million rise in share of results from associates and joint ventures, lower financial charges by SR4.7 million, and a SR6.9 million reduction in zakat and income tax expenses.

The company’s share price closed 0.51 percent higher at SR39.80.

United International Transportation Co., known as Budget Saudi, reported a net profit of SR85.63 million in the second quarter, up 20.8 percent from SR70.87 million last year.

The company attributed the quarterly increase in profit to higher revenues driven by growth in its rental and lease fleet, improved operational efficiency, and stronger cost control measures, which boosted gross and operating margins.

The company’s share price ended 2.04 percent lower at SR72.20.

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

Egypt’s annual inflation slows to 13.9% in July

Updated 10 August 2025

NADIN HASSAN

August 10, 2025 14:28

Egypt’s annual inflation slows to 13.9% in July

Fruit, vegetable, and meat prices record steep declines
Hotels and restaurants recorded a 0.6% increase

Updated 10 August 2025

NADIN HASSAN

August 10, 2025 14:28

RIYADH: Egypt’s annual urban inflation rate eased to 13.9 percent in July, down from 14.9 percent the previous month, as falling food costs helped temper price pressures, official data showed.

Figures from the Central Agency for Public Mobilization and Statistics revealed that the monthly inflation rate declined by 0.6 percent, with the general consumer price index standing at 256.5 points.

The moderation was largely driven by significant drops in key food categories. Fruit prices plunged 11 percent, vegetables fell 7 percent, and meat and poultry were down 4.9 percent. Personal belongings also recorded a marginal decline of 0.5 percent.

However, price increases persisted in some segments. Grains and bread rose 0.4 percent, while dairy products, eggs and cheese each edged up 0.2 percent. Fish and seafood prices also gained 0.2 percent, as did beverages, coffee, tea and cocoa, while mineral water, soft drinks and natural juices climbed 0.8 percent.

Outside the food sector, inflation trends were mixed. Tobacco products saw the steepest rise at 7.8 percent. Clothing and footwear gained 0.3 percent, supported by a 0.4 percent increase in ready-made garments and a 0.2 percent rise in footwear.

FASTFACT

HIGHLIGHTS

Monthly inflation fell 0.6 percent, with the CPI at 256.5 points.

Tobacco increased 7.8 percent, while housing costs rose 0.7 percent.

Some food categories, including grains and bread, posted modest increases.

Housing costs advanced 0.7 percent, driven by a 0.8 percent increase in actual rents and a 1.7 percent rise in home maintenance expenses.

Furnishings, household equipment and routine maintenance were up 0.7 percent, home textiles rose 2.6 percent, glassware and tableware 0.6 percent, and gardening and household tools 1.2 percent.

Healthcare prices climbed 0.3 percent, reflecting a 0.6 percent increase in outpatient services and a 1.1 percent jump in hospital fees.

Transportation costs edged higher by 0.1 percent, boosted by a 0.2 percent increase in vehicle purchases and a 0.3 percent rise in private transport expenses.

Communication services rose 0.6 percent, while recreation and culture gained 0.3 percent, supported by higher spending on cultural and entertainment activities and organized tourist trips.

Hotels and restaurants recorded a 0.6 percent increase, with ready meals up 0.5 percent and hotel services up 1.5 percent. Miscellaneous goods and services grew 0.7 percent, led by a 1.2 percent rise in personal care items.

Topics: Egypt Egypt economy Central Agency for Public Mobilization and Statistics (CAPMAS)

Saudi ports post 12% rise in July container volumes

Updated 10 August 2025

Nour El-Shaeri

August 10, 2025 13:51

Saudi ports post 12% rise in July container volumes

Increases reflect expansion of trade exchange with global markets
Maritime traffic expanded 11.27% to 1,017 ships from 914 ships last year

Updated 10 August 2025

Nour El-Shaeri

August 10, 2025 13:51

RIYADH: ��’s ports handled 722,502 twenty-foot equivalent units in July, marking a 12.01 percent year-on-year increase as infrastructure upgrades and expanded logistics services boosted throughput.

According to the Saudi Ports Authority, also known as Mawani, the gain was led by a 35.34 percent jump in transshipment volumes to 175,666 TEUs, while export containers climbed 12.86 percent to 275,098 TEUs. Imports recorded a modest 0.10 percent rise to 271,738 TEUs.

The July performance follows strong growth in May, when Saudi ports handled 720,684 TEUs, up 13 percent year on year.

The uptick in activity supports the goals of ��’s National Transport and Logistics Strategy, which aims to position the Kingdom as a global logistics hub under Vision 2030.

In a release, Mawani stated: “These increases reflect the expansion of trade exchange with global markets, the stimulation of sectors related to maritime transport, the enhancement of supply chain efficiency, the growth of maritime activity, the support of the Kingdom’s food security, the expansion of economic activity, and the creation of jobs.”

| records a 12.01% increase in handled containers, a 35.34% rise in transshipment, and a 12.86% growth in exported containers during July 2025 compared to the same month last year.
— مـوانـئ | MAWANI (@MawaniKSA)

Total cargo tonnage, comprising general cargo, dry and liquid bulk, grew 2.81 percent to 21.1 million tonnes from 20.6 million tonnes a year earlier. General cargo reached 461,958 tonnes, dry bulk 4 million tonnes, and liquid bulk 16.6 million tonnes.

Livestock imports climbed 13.18 percent to 582,708 head. The number of ships calling at Saudi ports rose 11.27 percent to 1,017, passenger traffic grew 41.70 percent to 73,953, while vehicle volumes fell 22.66 percent to 69,969 units.

Maritime traffic expanded by 11.27 percent to 1,017 ships from 914 ships last year. Passenger numbers climbed 41.70 percent to 73,953 compared to 52,191 a year earlier, while vehicle volumes fell 22.66 percent to 69,969 units.

In August, Mawani signed an SR500 million ($133.2 million) contract with Petrotank to establish an integrated marine bunkering hub at King Fahad Industrial Port in Yanbu, a project aimed at enhancing fuel storage and bunkering capacity, attracting more vessels, and boosting the competitiveness of Saudi ports.

Spanning 110,700 sq. meters and operating under a 20-year lease, the facility will boost fuel and oil storage capacity, increase vessel traffic, and strengthen the Kingdom’s competitiveness in global shipping.

Topics: Mawani Saudi ports Saudi ports Saudi Ports Authority (Mawani)

Deflation to shape global outlook despite inflation risks, QNB says

Updated 10 August 2025

Miguel Hadchity

August 10, 2025 13:10

Deflation to shape global outlook despite inflation risks, QNB says

Bank says global economy has entered new phase characterized by structural fluctuations
Shifts in prices of key goods and services remain among most closely monitored macroeconomic indicators

Updated 10 August 2025

Miguel Hadchity

August 10, 2025 13:10

RIYADH: Long-term deflationary forces are set to dominate global trends, interrupted by brief inflation surges triggered by geopolitical and structural shocks, Qatar National Bank has warned.

In its weekly report, carried by the Qatar News Agency, the bank said the new macroeconomic phase will be defined by structural fluctuations, not a purely inflationary or deflationary environment, with prices periodically jolted by supply disruptions and policy shifts.

The assessment comes as the International Monetary Fund forecasts global inflation to ease to 4.2 percent this year and 3.6 percent in 2026, even as major economies send mixed signals, with US consumer prices rising 2.7 percent year on year in June and China’s consumer price index edging up to 0.1 percent after months of decline.

“The bank pointed out that the global economy is no longer stable in a purely inflationary or contractionary environment, but has entered a new phase characterized by structural fluctuations,” QNA reported.

It said shifts in the prices of key goods and services remain among the most closely monitored macroeconomic indicators, alongside economic growth rates, as they directly impact purchasing power, consumer confidence, investment decisions, and monetary policy.

Inflation vs. deflation

While moderate inflation is considered normal and even necessary for economic growth, QNB said excessive inflation or sharp deflation can lead to structural imbalances and long-term economic disruptions.

The report cited the “Great Moderation” in advanced economies as an example of stable growth under controlled inflation. However, it cautioned that central banks’ aggressive monetary tightening in response to inflation can also trigger recessions or financial stress.

QNB’s report said some geopolitical development could have deflationary consequences by reducing efficiency and demand, under certain conditions. QNA

On the other hand, deflation — a sustained drop in price levels — often signals deeper structural weaknesses, such as weak demand, financial deleveraging, or demographic decline. While falling prices may seem beneficial at first glance, QNB said they can reduce consumption, delay investment, increase real debt burdens, and trap economies in a low-growth cycle.

Japan’s “Lost Decade” was cited as a prime example of deflation’s damaging long-term effects, with other major economies facing similar challenges after the 2007-08 financial crisis.

Post-pandemic uncertainty

The report said the post-COVID-19 era, combined with supply shocks, led to unusually high inflation, but economists remain divided on whether inflation or deflation will dominate in the medium to long term.

QNA said “some analysts highlight that one of the main reasons why inflation is returning to the fore as a source of economic concern lies in the disintegration of many structural factors that supported the Great Moderation.”

Rising geopolitical fragmentation has disrupted global trade, while supply chain reconfigurations, green transition costs, and demographic pressures could keep inflation structurally higher.

Others believe technology-driven deflationary forces will prevail. Innovations in automation, artificial intelligence, and digital services continue to reduce costs, offsetting inflationary pressures.

A July report by Morgan Stanley said the ongoing AI wave continues to dominate global markets, with significant investments projected in data centers.

The report forecasted that global data center spending would reach $2.9 trillion by 2028, covering hardware such as chips and servers, and infrastructure, including construction and maintenance.

QNB also said some geopolitical developments, including trade fragmentation, could have deflationary consequences by reducing efficiency and demand, under certain conditions.

Topics: QNB Qatar National Bank Inflation

Saudi industrial output jumps 7.9% in June on manufacturing gains

Updated 10 August 2025

Nirmal Narayanan

August 10, 2025 13:11

Saudi industrial output jumps 7.9% in June on manufacturing gains

Mining and quarrying, which include crude oil production, increased 6% annually
Index of oil activities advanced 7.7% year on year in June

Updated 10 August 2025

Nirmal Narayanan

August 10, 2025 13:11

RIYADH: ��’s industrial production climbed 7.9 percent year on year to 111.9 in June, driven by a sharp rebound in manufacturing and higher crude output, official data showed.

Figures from the General Authority for Statistics also revealed a 1.6 percent month-on-month rise in the Industrial Production Index, underscoring momentum in the Kingdom’s non-oil economy.

The IPI, which measures changes in industrial output across mining, manufacturing, utilities, and waste management, is a key indicator for ��’s Vision 2030 diversification drive.

The June IPI figure, reflecting continued growth in the manufacturing sector, affirms ��’s progress in its economic diversification efforts aimed at reducing its decades-long reliance on crude revenues.

In its latest report, GASTAT stated: “Preliminary results indicate a 7.9 percent increase in the IPI in June 2025 compared to the same month of the previous year, supported by the rise in mining and quarrying activity, manufacturing activity, electricity, gas, steam, and air conditioning supply activity and water supply, sewerage and waste management and remediation activities.”

Mining and quarrying — which include crude oil production — increased 6 percent annually as Saudi output rose to 9.36 million barrels per day, up from 8.83 million bpd in June 2024.

GASTAT publishes Industrial Production Index for June 2025
— الهيئة العامة للإحصاء (@Stats_Saudi)

The authority revealed that the sub-index for manufacturing activities rose 11.1 percent year on year in June, supported by an increase in the manufacture of coke and refined petroleum products, which jumped 15.3 percent, and the production of chemicals and chemical products, which rose 18.7 percent.

In May, a separate report released by GASTAT revealed that the Kingdom’s gross domestic product grew 2.7 percent year on year in the first quarter, driven by strong non-oil activity.

Commenting on the GDP figures, ��’s Minister of Economy and Planning, Faisal Al-Ibrahim, who also chairs GASTAT’s board, said at the time that the contribution of non-oil activities to the Kingdom’s economic output reached 53.2 percent — an increase of 5.7 percent from previous estimates.

The sub-index of electricity, gas, steam, and air-conditioning supply activity increased 5.6 percent in June, compared to the same month in 2024.

The authority added that the sub-index of water supply, sewerage, waste management, and remediation operations increased 6.9 percent year on year in June.

Overall, the index of oil activities advanced 7.7 percent year on year in June, while the index of non-oil activities rose 8.6 percent during the same period.

On a monthly basis, manufacturing activity in �� increased 1.4 percent, supported by growth in the production of coke and refined petroleum products, which rose 1.7 percent.

Compared to May, mining and quarrying activities in the Kingdom also increased 1.9 percent in June.

Overall, the index of oil activities increased 1.9 percent in June from May, while non-oil activities expanded 1.1 percent during the same period.

The Industrial Production Index measures changes in industrial output based on the International Standard Industrial Classification framework, covering mining, manufacturing, utilities, and waste management sectors.

S&P Global data show the Kingdom’s non-oil private sector remained robust in July, with its Purchasing Managers’ Index at 56.3, outpacing the UAE at 52.9, Kuwait at 53.5, and Qatar at 51.4.

Topics: ipi GASTAT manufacturing

��

��’s startup ecosystem kicks off 2025 on a strong note

��’s startup ecosystem kicks off 2025 on a strong note

Egypt’s Connect Money gets ready to land in ��

Saudi Venture Capital invests in VC fund by Global Ventures

Closing Bell: Saudi main index ends lower at 10,899

Closing Bell: Saudi main index ends lower at 10,899

Closing Bell: Saudi main index closes in red at 10,930

Closing Bell: Saudi main index closes in green at 10,946

Egypt’s annual inflation slows to 13.9% in July

Egypt’s annual inflation slows to 13.9% in July

FASTFACT

HIGHLIGHTS

Egypt’s exports increase 4.6% in May to $4.25bn

Kuwait, Qatar, UAE maintain non-oil growth momentum; Egypt shows recovery signs while Lebanon struggles

Saudi ports post 12% rise in July container volumes

Saudi ports post 12% rise in July container volumes

Saudi Mawani, Petrotank to establish $133m integrated ship refueling center in Yanbu

Saudi ports post 13% rise in container volume in May: Mawani

Deflation to shape global outlook despite inflation risks, QNB says

Deflation to shape global outlook despite inflation risks, QNB says

ASEAN economies in stable state against external shocks, QNB says

Global trade to recover in coming quarters: QNB

Saudi industrial output jumps 7.9% in June on manufacturing gains

Saudi industrial output jumps 7.9% in June on manufacturing gains

Saudi non-oil exports climb 6% to $8.29bn: GASTAT

Saudi industrial output rises 1.5% in May on mining, manufacturing gains: GASTAT

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��’s startup ecosystem kicks off 2025 on a strong note

��’s startup ecosystem kicks off 2025 on a strong note