��’s startup ecosystem LEAPs once again

Launched by Abdelrahman Sherief, Ahmed Ismail, Ismail Omar, and Mohammed El-Horishy, Taager helps entrepreneurs start and scale online businesses. (Supplied)

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Updated 15 February 2025

Nour El-Shaeri

February 15, 2025 21:48

��’s startup ecosystem LEAPs once again

LEAP 2025 boosts KSA’s role as a regional hub for fintech, e-commerce

Updated 15 February 2025

Nour El-Shaeri

February 15, 2025 21:48

RIYADH: ��’s LEAP 2025 tech conference, held from Feb. 9 to 12, showcased the Kingdom’s growing startup ecosystem, with multiple funding rounds, acquisitions, and expansion plans announced during the event.

The conference, a key platform for innovation and investment, further cemented ��’s role as a regional hub for fintech, e-commerce, logistics, and emerging technologies.

��-based contech startup BRKZ used the forum to announce the completion of a $17 million series A extension, which includes $8 million raised in March 2023 and $1 million in venture debt.

Investors in the round included Capifly, along with existing backers BECO Capital, Aramco’s Waed, and 9900 Capital, as well as Better Tomorrow Ventures, RZM Investment, and Class 5 Global.

MISY Ventures, Knollwood Investment Advisory, and Fluent Ventures are also among the supporters. Founded in 2023 by Ibrahim Manna, BRKZ is a B2B construction technology platform that connects suppliers and buyers while offering various delivery and payment options. The latest funding brings BRKZ’s total capital raised to $22.5 million.

Tabby doubles valuation to $3.3bn with a $160m round

��-based fintech Tabby has secured $160 million in a series E funding round at a $3.3 billion valuation.

The round was led by existing investors Blue Pool Capital and Hassana Investment Company, with additional participation from STV and Wellington Management.

Founded in 2019 in the UAE by Hosam Arab, Tabby operates as a buy now, pay later platform, handling $10 billion in annualized transaction volumes.

Saudi-based fintech startup RasMal has closed a $4.8 million pre-series A investment round, led by Syndicate Element Holding Group. (Supplied)

The new funds will be used to accelerate the company’s expansion in financial services, including digital spending accounts, payments, cards, and money management tools.

The latest investment also strengthens Tabby’s planned initial public offering. The company had previously raised $200 million in a series D round in October 2023.

Buildnow closes $9.7m to expand SME-focused construction financing

��-based Buildnow has raised $9.7 million in a funding round led by STV and Arbah Capital, with additional financing coming from a mix of debt and equity.

Founded in 2022 by Hisham Al-Saleh, Rahat Dewan, and Abdulla Sheikh, Buildnow is a build now, pay later platform that supplies construction materials on flexible credit terms while paying small and medium enterprise suppliers upfront in cash.

The new capital will be used to scale its operations in the construction and building sector. In March last year, the company closed a $9.4 million seed round, comprising $6.5 million in equity and $2.9 million in debt financing.

Taager raises $6.75 million to expand social e-commerce in MENA

Social e-commerce platform Taager, which was founded in Egypt and is now headquartered in ��, has secured $6.75 million in a pre-series B round led by Norrsken22.

Launched in 2019 by Abdelrahman Sherief, Ahmed Ismail, Ismail Omar, and Mohammed El-Horishy, Taager helps entrepreneurs start and scale online businesses by offering product sourcing, storage, shipping, and customer payment solutions.

Operating in ��, Egypt, the UAE, and Iraq, the company aims to further expand across the Middle East with its new funding.

In 2021, Taager raised $6.4 million in a seed round led by 4DX Ventures, Raed Ventures, and other investors.

RasMal raises $4.8m to enhance digital cap table management

Saudi-based fintech startup RasMal has closed a $4.8 million pre-series A investment round, led by Syndicate Element Holding Group.

Founded in 2019 by Basil Al-Kuraya and Nasser Al-Tamimi, RasMal offers digital solutions for private companies to automate cap table management, fundraising, and equity transfers.

The company also supports investors and private funds in streamlining investment processes. The new funding will be used to introduce new tools and services to further enhance fundraising and equity management for its clients.

Waad Investment secures backing from Oman’s ITHCA Group

Saudi-based Waad Investment has announced an investment from ITHCA Group, an entity created by Oman Investment Authority in 2019.

The deal aims to strengthen telecom, IT, and venture capital collaboration between Saudi and Omani companies, supporting the Kingdom’s Vision 2030 and the sultanate’s Vision 2040.

PIESHIP secures $2.1m seed round for logistics expansion

Logistics startup PIESHIP raised $2.1 million in a seed round led by Nama Ventures, with participation from SEEDRA Ventures and angel investors.

Founded in �� in 2023 by Nasser Al-Harthi, Musaed Al-Amri, and Mohammed Mohsen, PIESHIP provides warehouse management solutions, last-mile delivery services, and logistics technology.

The investment will support the company’s growth in the Saudi market. The startup previously secured an undisclosed pre-seed investment from Nama Ventures and SEEDRA Ventures.

LAHINT raises $1m to expand automated government services

LAHINT, a Saudi-based e-services platform, has raised $1 million in a pre-seed funding round from undisclosed investors.

Founded in 2023 by Ahmed Saber and Mohamed Ibrahim, LAHINT provides automated government services for both individuals and businesses.

The company plans to expand its service offerings and introduce AI-powered eligibility consultations. Last year, LAHINT raised $267,000 in an earlier pre-seed round.

Mush Social acquires Pubbles to expand virtual communities

Social media platform Mush Social has acquired Pubbles, a social media app operating in the Kingdom, to enhance its user base and digital presence.

Founded in �� in 2022 by Abdulhadi Al-Asmi, Mush Social enables users to earn points and own virtual assets through its interactive map feature.

Pubbles, launched in 2020, specializes in virtual communities and interactive technologies. In November 2024, Mush Social secured a $1.2 million pre-seed round led by Nifal Consulting.

Salla acquires Sweply, rebrands it as Salla Ads

Saudi e-commerce Software-as-a-Service provider Salla has acquired Sweply, a digital advertising platform, as part of its strategy to integrate advertising solutions into its ecosystem.

Founded in 2016 by Nawaf Hariri and Salman Butt, Salla enables merchants to set up online stores quickly.

Sweply, launched in 2021 by Ebrahim Saeed and Wael Hassan, specializes in automated digital advertising.

Following the acquisition, Sweply will be rebranded as “Salla Ads.” In March, Salla raised $130 million in a pre-IPO round led by Investcorp, Sanabil Investment, and STV.

Foodics acquires UK-based Solo Venture, invests in three startups

��-based Foodics has acquired UK-based Solo Venture, a provider of self-ordering kiosks and online ordering solutions, as part of its strategy to enhance its restaurant and payments technology ecosystem.

Founded in 2014 by Ahmad Al-Zaini and Mosab Al-Othmani, Foodics offers a point-of-sale and restaurant management platform for dine-in restaurants, food trucks, and cloud kitchens.

Alongside the acquisition, Foodics has invested in Norma, a Greek AI-powered data analytics firm; Add, an accounting system for small businesses; and Arzaq Plus, a supply chain platform using AI and smart logistics to optimize sourcing and reduce waste.

Foodics also plans to introduce a buy now, pay later feature for restaurant bills, improving cash flow management.

Unipal raises pre-series A funding to expand in ��

Bahrain-born education tech startup Unipal has closed its pre-series A funding round, led by Plus VC with participation from Al Jazira Capital, RZM Investments, Falak Angels, and Doha Tech Angels.

Founded in 2020 by Ali Al-Alawi and Ali Al-Shaer, Unipal provides discounts and special offers to university students via its platform.

The funding will support Unipal’s expansion into Jeddah, Madinah, Dammam, and Khobar and the launch of its new AI-driven app.

T2 acquires majority stake in fintech platform Moola

Saudi tech services provider T2 has acquired a majority stake in Moola, a Saudi expense management platform, to enter the fintech sector.

Founded in 2022 by Waseem Hammoud, Moola provides corporate business cards and financial automation tools. T2 serves over 12,000 clients with software and business intelligence solutions.

Raenest secures $11m series A for African expansion

Raenest, a multi-currency accounts platform for African businesses, has closed an $11 million series A led by QED Investors, with backing from Norrsken22, Ventures Platform, P1 Ventures, and Seedstars.

The funding will help Raenest expand in Nigeria, Kenya, the US, and Egypt, while growing Geegpay, its payment solution for Africa’s gig economy.

MENA startup funding reaches $863m in January

The MENA startup ecosystem raised $863 million in January, across 63 funding rounds, though $768 million came from debt financing. When excluding debt, the investment level was similar to January 2024, according to Wamda’s monthly report.

�� dominated regional funding, securing $839.5 million across 21 deals, with Lendo and Forus debt rounds accounting for $750 million.

The UAE followed with $14.6 million across 15 deals, while Egyptian startups raised $6 million from seven transactions. Other MENA countries collectively raised less than $2.5 million.

The fintech sector led with $776.6 million across 11 deals, largely due to Lendo and Forus’ financings. Property tech attracted $38.7 million, while e-commerce startups secured $30 million across five rounds.

Topics: Start-up of the Week LEAP 2025 Startup ecosystem

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

Updated 18 sec ago

Nour El-Shaeri

October 05, 2025 14:01

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

Updated 18 sec ago

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 24 min 40 sec ago

Nirmal Narayanan

October 05, 2025 13:33

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

Updated 24 min 40 sec ago

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

��’s non-oil growth hits 6-month high as PMI climbs to 57.8

Updated 05 October 2025

Nirmal Narayanan

October 05, 2025 11:15

��’s non-oil growth hits 6-month high as PMI climbs to 57.8

Updated 05 October 2025

Nirmal Narayanan

October 05, 2025 11:15

RIYADH: ��’s non-oil sector surged in September, with the Riyad Bank Purchasing Managers’ Index hitting 57.8 — the strongest reading since March, according to S&P Global.

The headline index, up from 56.4 in August, signaled the fastest improvement in private-sector conditions in six months as business activity and new work inflows accelerated.

Any PMI reading above 50.0 indicates expansion, while below 50 signals contraction.

��’s PMI also outpaced regional peers in September, with the UAE and Kuwait recording 54.2 and 52.2, respectively. The robust performance underscores the Kingdom’s continued success in diversifying its economy away from hydrocarbons under its Vision 2030 blueprint.

Naif Al-Ghaith, chief economist at Riyad Bank, said: “Business conditions across ��’s non-oil private sector improved in September, with the Riyad Bank PMI rising to 57.8. The improvement marked the strongest performance since March, reflecting faster output growth and increased demand.”

He added: “New business inflows rose more sharply, supported by both domestic and export orders.”

Non-oil private firms, which participated in the survey, attributed the rise in new orders to successful advertising campaigns and stronger demand from the Gulf Cooperation Council region.

Strong market conditions, new customer acquisitions, and competitive pricing also played a crucial role in driving new order growth, which led to a rise in new work from international clients for the second consecutive month.

According to the report, around 27 percent of survey respondents reported expansion in business activity, compared to 1 percent who noted a decline.

The report further said that employment growth remained strong in September, driven by higher demand and the need to manage workloads efficiently.

“Employment continued to expand, with firms adding staff to manage higher workloads and strengthen sales teams. Although hiring growth eased slightly, the overall pace of recruitment remained historically strong and helped ease capacity pressures, leaving backlogs broadly stable,” said Al-Ghaith.

Regarding the future outlook, non-oil business firms showed greater optimism, due to expectations of higher demand, increased sales enquiries, successful marketing efforts and new client acquisitions.

The report added that input cost inflation remained stronger than the series trend, driven by rising wage pressures, suppliers passing on higher costs and inflation more broadly.

Selling charges also increased in September, but the rate of increase moderated to its lowest in four months, as some firms tempered prices in a bid to stay competitive.

“Overall, September’s survey highlights a resilient private sector that is navigating cost pressures while benefiting from firm demand and steady hiring. With input inflation easing and selling charges kept modest, the economy appears well-positioned as it enters the final quarter of 2025,” concluded Al-Ghaith.

The PMI survey data were collected from around 400 private sector companies across the manufacturing, construction, and wholesale sectors, as well as retail and services.

Topics: PMI Saudi S&P Global non-oil

AlUla Development Co. reimagines resort’s cultural legacy

Updated 04 October 2025

MOHAMMED AL-KINANI

October 04, 2025 22:29

AlUla Development Co. reimagines resort’s cultural legacy

UDC emerging as a key force in shaping a new tourism model grounded in cultural preservation

Updated 04 October 2025

MOHAMMED AL-KINANI

October 04, 2025 22:29

JEDDAH: As �� accelerates efforts to diversify its economy beyond oil, AlUla Development Co. is emerging as a key force in shaping a new tourism model grounded in cultural preservation, sustainability, and community empowerment.

Launched in January 2023 as a wholly owned entity of the Public Investment Fund, UDC was established to lead the development and management of AlUla’s built environment in line with the Royal Commission for AlUla’s vision.

Its mandate includes master planning and delivering tourism, hospitality, residential, and commercial assets that celebrate the region’s heritage while supporting long-term economic growth.

Tasked with transforming AlUla into a world-class destination, UDC works closely with the RCU and private sector partners to implement strategic projects that balance development with cultural authenticity.

From strategy to execution

UDC’s progress on the ground is reflected in several completed projects, including Habitas AlUla, Banyan Tree AlUla, and Cloud7 Residence, as well as Caravan by Habitas and the iconic Maraya Concert Hall — all currently operational and enhancing the region’s tourism offering.

The company is also expanding its portfolio through strategic partnerships. Among them is a 250-key Autograph Collection hotel by Marriott, designed under the “NUMAJ” concept and aiming for LEED Gold certification.

Through adaptive reuse of heritage structures, construction of eco-luxury resorts, and establishment of vibrant commercial hubs, UDC is anchoring AlUla’s rise as both a national treasure and a global cultural tourism hub.

Among the company’s signature developments is the Dar Tantora hotel, which blends traditional mud-brick architecture with modern luxury — a hallmark of UDC’s commitment to authentic, site-sensitive design. The company is also overseeing several infrastructure projects aimed at improving accessibility, environmental sustainability, and service delivery across AlUla’s tourism zones.

Heritage-led tourism drives economic growth

Speaking to Arab News, Yaseen Ghulam, associate professor of economics and director of research at the Riyadh-based Al-Yamamah University, said: “AlUla Development Co.’s role in preserving heritage and promoting cultural tourism of AlUla is similar to Machu Picchu, Peru, the Great Barrier Reef, Australia, and Rome, Italy, each with their unique attractions, revenue generation, and economic impact, showcasing the importance of heritage preservation and cultural tourism in these regions.”

More specifically, he added, AlUla aims to become a prominent center for heritage, culture, and tourism and is in fact a key component of ��’s Vision 2030 strategy, aiming to diversify the local economy and establish the region as a global tourism hub by contributing $31.9 billion to the Kingdom’s gross domestic product by 2035.

The professor noted that AlUla has been included among the top five Saudi cities in the prestigious IMD World Smart City Index that measures the competitiveness of the city to attract tourists.

“As a result, AlUla is thriving in the Kingdom’s entertainment sector, which is expected to create 450,000 jobs and contribute 4.2 percent to the GDP by 2030.”

He added that in 2024 alone, AlUla hosted 85 projects, including films, TV series, commercials, and music videos, across various mediums. “The export potential of Podaxis pistillaris, a local plant valued for its ecological, nutritional, and cultural significance, is being explored.” Ghulam said.

“AlUla also has over 3,000 beehives managed by 28 beekeepers, producing over 12 tonnes of honey annually. The region’s citrus harvest has established it as a top agritourism destination and supports economic diversification.” he added.

Balancing growth with preservation

Despite these advancements, Ghulam noted that the rapid commercialization of heritage sites carries risks. “Tourism and heritage development can benefit the local economy but also has drawbacks like overcrowding and cleanliness issues. Rome in Italy is attracting a significant negative media attraction in this regard,” he explained.

To address this, the Kingdom and UDC are balancing preservation with economic benefits for long-term sustainability.

UDC is also leveraging advanced technologies to enrich visitor experiences while protecting heritage assets. “UDC and Kingdom are also promoting experiential tourism by integrating advanced technologies like artificial intelligence, virtual reality, and augmented reality,” Ghulam added. “AR experiences bring site history to life through smartphones or wearable smart glasses.”

More importantly, he added, strategic alignment between public and private sectors is helping UDC and Kingdom focus on diversifying tourism offerings, reducing seasonality, and developing workforce.

AlUla’s rising investor appeal

As a gateway to AlUla’s sustainable development, UDC offers local and international investors a rare opportunity to engage in heritage-driven tourism and support ��’s Vision 2030, with projects spanning hotels, villas, and penthouses, as well as modern low-rise apartments, offices, retail, warehouses, and supporting infrastructure.

Zahoor Ahmed, vice president at MIE Group and global foreign direct investment and mega-project development expert, told Arab News that AlUla is attractive primarily because it offers something genuinely unique within this region and the heritage experiences that cannot be replicated elsewhere.

Modern technologies like AI can help preserve heritage sites. These efforts ensure AlUla stays relevant not just now, but for decades to come.

Zahoor Ahmed, vice president at MIE Group

“We are talking about sites like Hegra, which is ��’s first UNESCO World Heritage Site. Investors are seeking long term authenticity that will fuel global cultural demand. Tourists today seek experiences deeply rooted in history and culture, and AlUla provides exactly that.” Ahmed added.

The project development expert also pointed to the institutional support backing AlUla’s growth. “There is significant government backing. Just recently, at the Future Investment Initiative, the Royal Commission for AlUla presented plans outlining billions of dollars of public-private investment opportunities. This kind of clarity and scale give investors’ confidence.” he said.

He added that there is also strategic collaboration with international partners, such as the UK National Archives, further boosting AlUla’s global credibility and appeal.

AlUla’s inclusion in the IMD Smart Cities Index, he added, highlights how heritage and technology are working hand in hand. “Modern technologies like AI can help preserve heritage sites. These efforts ensure AlUla stays relevant not just now, but for decades to come,” he said.

Community, culture, and careful design

As UDC accelerates infrastructure development in AlUla, it remains committed to ensuring that growth does not come at the expense of heritage and identity — a key concern for investors and cultural experts alike.

“Maintaining authenticity as the Kingdom’s infrastructure grows requires thoughtful balance and inclusion,” Ahmed noted, adding: “The single most important factor, in my opinion, is community and cultural involvement that attracts a wider global tourism base.”

He cited community initiatives as a success story: “The Royal Commission for AlUla has actively involved local communities by training hundreds of local youths to become heritage guides and hospitality specialists. This ensures that AlUla’s cultural narratives are genuinely expressed by the community itself.”

Ahmed also emphasized the importance of sensitive infrastructure development, citing Dar Tantora hotel as “exactly the type of respectful development that maintains AlUla’s authentic feel.”

He underlined the necessity of regulation and oversight, emphasizing that clear regulations by the RCU are guiding development to ensure that modern infrastructure respects archaeological integrity. “By consistently reinforcing this careful balance, AlUla can expand without compromising the very essence of its heritage.” Ahmed said.

A model for economic diversification

Looking ahead, Ghulam believes AlUla offers a viable model for the Kingdom’s broader goals.

“The Royal Commission for AlUla is enhancing AlUla’s economic, investment, and tourist potential through comprehensive regeneration, integrated partnerships, and inclusive sustainable development,” he said.

Under the AlUla Sustainability Charter, he added, the RCU is focusing on revitalizing the built environment, empowering communities, and promoting light-touch tourism.

“It has established partnerships with organizations in France, China, Italy, the UK, and the US, thus expanding its global network. More importantly, AlUla has been named the Best Cultural Tourism Project in the Middle East.” he said.

As for future policies, Ghulam said governments can play a pivotal role in advancing sustainability by implementing policies and incentives — such as carbon pricing, green bonds, ecosystem service payments, and regulatory frameworks — that encourage private sector participation in conservation efforts and align economic growth with environmental priorities.

Topics: AlUla Development Co Royal Commission for AlUla Public Investment Fund

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��’s startup ecosystem LEAPs once again

��’s startup ecosystem LEAPs once again

Startup Wrap — Saudi firms continue to raise funding ahead of LEAP25

Startup of the Week – Egypt’s Qara targets �� following $2.6m funding round

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

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

Oman’s Islamic finance sector to top $40bn amid regulatory reforms, sukuk growth: Fitch

Oman and Egypt sign MoU to cooperate in civil aviation

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

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

��’s non-oil growth hits 6-month high as PMI climbs to 57.8

Qatar, Kuwait, UAE see steady June PMI growth; Lebanon slows decline

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

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

Saudi Aramco launches dollar sukuk with $200k minimum as debt push widens

�� raises $5.5bn in international sukuk issuance

��’s non-oil growth hits 6-month high as PMI climbs to 57.8

��’s non-oil growth hits 6-month high as PMI climbs to 57.8

Saudi non-oil sector activity accelerates as PMI climbs to 56.4

��’s non-oil growth stays strong despite softer July PMI

AlUla Development Co. reimagines resort’s cultural legacy

AlUla Development Co. reimagines resort’s cultural legacy

PIF’s AlUla Development Co. and Six Senses to open luxury hotel in 2027

PIF’s AlUla Development Co. launches operation to support sustainable development

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��������’s startup ecosystem LEAPs once again

��������’s startup ecosystem LEAPs once again

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

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��’s startup ecosystem LEAPs once again

��’s startup ecosystem LEAPs once again

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

��’s non-oil growth hits 6-month high as PMI climbs to 57.8