��’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 market opens week in green at 11,528

Updated 05 October 2025

NOUR El-SHAERI

October 05, 2025 16:33

Closing Bell: Saudi main market opens week in green at 11,528

Updated 05 October 2025

NOUR El-SHAERI

October 05, 2025 16:33

RIYADH: The Saudi Exchange ended Sunday’s session higher, with the Tadawul All Share Index rising 0.29 percent to close at 11,528.59 points, gaining 32.87 points.

Total trading volume reached 248.78 million shares, with a turnover of SR4.30 billion ($1.15 billion). Market breadth was positive, with 176 gainers against 79 decliners.

The MSCI Tadawul 30 Index edged up 0.15 percent to 1,501.95 points, while the parallel market Nomu increased 0.67 percent to close at 25,475.72 points.

Obeikan Glass Co. led the gainers, climbing 7.72 percent to SR36.00. National Shipping Co. of �� followed with a 5.66 percent rise to SR29.86, while Sport Clubs Co. gained 5.17 percent to SR11.19.

Al Khaleej Training and Education Co. added 5.06 percent to SR27.84, and Amlak International for Real Estate Finance Co. rose 4.75 percent to SR12.79.

Among the day’s top decliners, Sumou Real Estate Co. dropped 2.58 percent to SR39.20, and Northern Region Cement Co. slipped 2.18 percent to SR8.06.

Saudi Reinsurance Co. fell 2.01 percent to SR47.74, Naseej International Trading Co. was down 2.00 percent to SR88, and Derayah Financial Co. decreased 1.76 percent to SR30.20.

On the announcements front, Shmoh AlMadi Co. said its board of directors approved the distribution of cash dividends amounting to SR4.7 million for the first half of the 2025 fiscal year.

The dividend represents SR0.50 per share, or 10 percent of the share’s nominal value. Eligibility will be for shareholders owning shares at the end of trading on Oct. 12, with distribution scheduled for Oct. 22 through the Securities Depository Center Co.

The company’s shares closed at SR13.20, rising 9.73 percent.

Meanwhile, Atlas Elevators General Trading and Contracting Co. announced its board of directors approved cash dividends totaling SR2.9 million for the first half of fiscal year 2025.

The payout amounts to SR0.50 per share, or 8.47 percent of the share’s nominal value. Eligible shareholders are those registered at the end of trading on Oct. 9, with distribution starting Oct. 21 via Edaa.

Atlas Elevators shares ended at SR16.75, down 0.30 percent.

Topics: stock shares TASI Tadawul

�� to serve as regional HQ for fintech growth, says Paymentology CEO

Updated 05 October 2025

Nirmal Narayanan

October 05, 2025 14:43

�� to serve as regional HQ for fintech growth, says Paymentology CEO

Updated 05 October 2025

Nirmal Narayanan

October 05, 2025 14:43

RIYADH: �� is emerging as a key fintech hub in the Middle East, prompting the UK-based card issuing and payment processing firm Paymentology to formalize its operations in Riyadh.

The company plans to designate its Saudi office as its regional headquarters, CEO Jeff Parker said.

Speaking to Asharq at the Money20/20 Middle East conference in September, Parker said the move reflects Paymentology’s long-term commitment to the Kingdom. The company has obtained commercial registration in Riyadh to expand its on-the-ground presence.

�� has set ambitious fintech targets under its Vision 2030 agenda, aiming to increase the share of cashless transactions to 70 percent by 2025.

The Kingdom’s payments landscape is undergoing rapid transformation, with the Saudi Central Bank, also known as SAMA, reporting that electronic payments accounted for 79 percent of total retail transactions in 2024, up from 70 percent in 2023.

“We have been active in �� for about four years. But to cement and take advantage of the opportunity, we need a physical presence. So, very excited to say that we have registered now as a Saudi company,” Parker said.

He added that the Saudi market is evolving and clearly digitalizing rapidly. “The trend toward digitalization and financial inclusion is really going to continue,” he said, noting that the company considers �� its regional headquarters. He said the next step is to start building a team and that Paymentology wants to hire a leader for the region.

Parker also highlighted Paymentology’s confidence in its growth prospects in the Kingdom, citing the opportunities in the fintech sector and the country’s growing population.

During the event, Paymentology signed a memorandum of understanding with Saudi-based remittance and digital payments provider Enjaz.

“We signed a strategic partnership with Enjaaz. We think that is a great opportunity for us, very much aligned with Vision 2030 and providing financial inclusion for the region,” said Parker.

In a separate statement, Bassam AlEidy, CEO of Enjaz, said the collaboration represents “a major step in shaping the future of payments in ��, delivering innovation that is inclusive, dynamic, and tailored to the needs of our market.”

He added: “At Enjaz, our focus has always been on giving our customers speed, convenience, and security, whether they are transferring money abroad or making everyday payments. By collaborating with Paymentology, we can now extend our card services that expand choice and enhance financial freedom.”

Topics: fintch Saudi money money

Oman’s GDP grows 0.6% in Q2 as non-oil sectors offset oil decline

Updated 05 October 2025

Nour El-Shaeri

October 05, 2025 14:01

Oman’s GDP grows 0.6% in Q2 as non-oil sectors offset oil decline

Updated 05 October 2025

Nour El-Shaeri

October 05, 2025 14:01

RIYADH: Oman’s gross domestic product at current prices grew by 0.6 percent in the second quarter of 2025, reaching 10.17 billion Omani rials ($26.4 billion) compared to 10.10 billion rials during the same period in 2024.

According to preliminary data released by the National Centre for Statistics and Information, this growth was largely driven by a 4 percent increase in non-oil activities, which rose to 7.05 billion rials from 6.78 billion a year earlier.

At constant prices, Oman’s economy showed firmer underlying momentum. GDP at constant prices reached 9.4 billion rials, a 2.1 percent increase, with total non-petroleum activities up 4.1 percent year on year and petroleum activities edging higher by 0.5 percent.

The economic expansion was supported by robust performance in the services sector, which climbed 7 percent to 4.85 billion rials, and in agriculture and fisheries, which saw a 9.8 percent increase to 310.3 million rials.

This modest GDP growth aligns with the continued expansion of Oman’s Islamic finance sector. According to the Central Bank of Oman, total assets of Islamic banks and windows reached 9.1 billion rials by the end of July, accounting for 19.7 percent of the total banking sector assets and marking a 16.8 percent increase compared to the same period last year.

Financing provided by Islamic institutions rose by 12.5 percent to 7.2 billion rials, with deposits also growing by 16.1 percent to 7.2 billion rials, reflecting strong liquidity and lending activity in the sector.

In terms of the GDP performance, the decline in oil activities was offset by a significant surge in natural gas output, which recorded a 40.7 percent increase in added value, reaching 803.6 million rials in the second quarter of the year compared to 570.9 million rials in the same quarter of 2024.

Topics: Oman economy GDP

Kuwait, Qatar non-oil economies expand as Egypt’s private sector contracts: S&P Global

Updated 05 October 2025

Nirmal Narayanan

October 05, 2025 13:33

Kuwait, Qatar non-oil economies expand as Egypt’s private sector contracts: S&P Global

Updated 05 October 2025

Nirmal Narayanan

October 05, 2025 13:33

RIYADH: The non-oil private sectors of Kuwait and Qatar continued to expand in September, though at a softer pace, while Egypt saw business conditions weaken amid a sharper fall in new orders, an economy tracker showed.

According to S&P Global’s latest Purchasing Managers’ Index survey, Kuwait’s PMI eased to 52.2 from 53 in August, and Qatar’s headline reading slipped to 51.5 from 51.9, both remaining comfortably above the neutral 50 mark that separates growth from contraction.

Egypt’s PMI, however, declined to 48.8 from 49.2, signaling a renewed deterioration in non-oil activity.

The steady momentum in Kuwait’s non-oil business activity mirrors the broader trend across the Gulf Cooperation Council, where economies are pushing to diversify and reduce reliance on oil revenues.

The report noted that Kuwait’s non-oil private sector remained in expansionary territory as the third quarter drew to a close, though growth showed signs of softening.

“Although there were further signs of a growth slowdown in Kuwait’s non-oil private sector in September, rates of expansion remained solid, so there is little cause for alarm at this stage,” said Andrew Harker, economics director at S&P Global Market Intelligence.

He added: “Indeed, firms remain confident that their pipeline of work will be sufficient to keep output rising over the coming year.”

Companies reporting higher orders attributed the growth to promotional efforts and competitive pricing strategies, while advertising helped secure new business.

Driven by cost considerations, firms increased staffing only marginally in September despite growing output requirements. As a result, outstanding business accumulated for the twelfth consecutive month, at the same pace as in August.

“Nevertheless, the slowdown in growth is unlikely to improve the hiring situation, with firms remaining reluctant to commit to material increases in employment despite a sustained build-up of outstanding business,” said Harker.

Looking ahead, non-oil firms in Kuwait expressed optimism supported by competitive pricing, new product development, and strong customer service.

Qatar maintains steady growth

Qatar’s non-energy sector posted a sustained improvement in business conditions in September, rounding off its strongest quarter of 2025 so far.

The country’s PMI edged down slightly to 51.5 from 51.9 in August, indicating moderate growth, according to S&P Global.

“Qatar’s non-energy private sector continued to report an overall improvement in business conditions in September. Moreover, the headline PMI trended at 51.6 over the third quarter as a whole, signalling a slightly stronger performance than 51.1 in the first quarter and 51.2 in the second quarter of 2025,” said Trevor Balchin, economics director at S&P Global Market Intelligence.

The rate of job creation among Qatari non-energy firms eased in September compared to August but remained among the strongest in the survey’s history, as companies continued hiring to meet workloads and boost capacity.

S&P Global added that output in Qatar’s non-energy private sector rose in September, marking the fourth expansion in the past six months.

“The overall improvement in business conditions was underpinned by growth of employment, output and inventories in September, while lower new orders and shorter suppliers’ delivery times weighed on the headline figure,” said Balchin.

Firms continued to raise wages strongly in September, with inflation remaining among the highest in the survey’s history.

Looking ahead, business confidence among non-oil firms was supported by expectations of growth in the real estate sector, increased demand from a rising expatriate population, marketing drives, and ongoing investment and development activity.

Egypt loses momentum

In Egypt, the PMI fell to a three-month low of 48.8 in September from 49.2 in August, as incoming new orders dropped at the fastest pace in five months.

S&P Global noted that while operating conditions in Egypt’s non-oil private sector continued to worsen, the overall downturn was modest, helped by easing input cost pressures.

“The latest survey data pointed to a further decline in operating conditions across Egypt’s non-oil economy; however, the downturn remained less steep than the survey trend and modest overall,” said David Owen, senior economist at S&P Global Market Intelligence.

He added: “Although companies are struggling to gain new work amid challenging market conditions as a whole, they can take some comfort from a softening of input cost pressures, driven by the pound’s strengthening against the US dollar over recent months.”

Survey panellists attributed the drop in sales and new orders to subdued economic conditions, higher prices, and rising wage pressures.

The reduction in sales coincided with stalled employment growth and weaker business confidence, with nearly all surveyed firms reporting no change in their workforce in September.

Prices charged by non-oil businesses rose for the fifth consecutive month, although the pace of inflation eased slightly from August.

“The pace of inflation was moderate but eased slightly from August. Price rises were mainly carried out in order to pass higher costs through to customers, according to respondents,” said S&P Global.

Topics: PMI Kuwait Qatar Egypt

�� opens October ‘Sah’ Sukuk offering 4.83% return

Updated 05 October 2025

Mohammed Al-Kinani

October 05, 2025 12:44

�� opens October ‘Sah’ Sukuk offering 4.83% return

Updated 05 October 2025

Mohammed Al-Kinani

October 05, 2025 12:44

JEDDAH: �� has opened subscriptions for its October issuance of the government-backed “Sah” savings sukuk, offering investors an annual return of 4.83 percent, slightly lower than the 4.88 percent offered in September.

The subscription window runs from 10 a.m. on Oct. 5 to 3 p.m. on Oct. 7, according to the National Debt Management Center. Allocation is scheduled for Oct. 14, while redemption will take place between Oct. 19 and 21, with payments disbursed on Oct. 26.

The sukuk initiative is part of the 2025 issuance calendar managed by the Ministry of Finance’s National Debt Management Center and is designed to strengthen the domestic savings market and broaden financial inclusion.

Launched under the Financial Sector Development Program — a core element of Vision 2030 — Sah aims to raise the national savings rate to 10 percent by 2030, up from about 6 percent currently. The initiative reflects the Kingdom’s ongoing efforts to provide Shariah-compliant investment opportunities for individual investors.

With a minimum subscription of SR1,000 ($266) and a maximum of SR200,000 per individual, the offering forms part of the NDMC’s strategy to expand the domestic sukuk program, enhance financial inclusion, and diversify investment opportunities for the public.

The sukuk, denominated in Saudi riyals, carries a one-year maturity and offers fixed returns paid at redemption. Subscriptions are available exclusively to Saudi nationals aged 18 and above through approved investment platforms, including SNB Capital, Aljazira Capital, Alinma Investment, SAB Invest, and Al-Rajhi Capital.

In mid-September, the NDMC announced the completion of investor subscriptions for that month’s issuance, with a total allocation of SR8.036 billion.

According to a statement from the center at that time, the issuance was divided into five tranches: the first tranche amounted to SR1.240 billion maturing in 2027. The second tranche totaled SR1.053 billion with a maturity in 2029, while the third amounted to SR795 million and will mature in 2032.

The fourth tranche totaled SR1.271 billion and will mature in 2036, and the fifth tranche amounted to SR3.677 billion with maturity in 2039.

Unlike conventional bonds, the sukuk’s returns are structured to comply with Shariah principles. Designed as a secure, low-risk savings instrument, it carries no fees and offers easy redemption, with returns aligned to prevailing market benchmarks.

Topics: Sukuk sah

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

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

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Closing Bell: Saudi main market opens week in green at 11,528

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Closing Bell: Saudi main index closes in green at 11,529

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

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

�� to serve as regional HQ for fintech growth, says Paymentology CEO

�� opens October ‘Sah’ Sukuk offering 4.83% return