BASRA: Iraq has invited energy companies and investors to bid to build and finance the first phase of a pipeline that will eventually connect the southern city of Basra with Jordan’s Red Sea port of Aqaba.
The State Company for Oil Projects (SCOP), an oil ministry arm overseeing the project, said the first phase includes the engineering, procurement, construction and financing of oil and gas pipelines linking the Basra fields to a connecting energy station near the city of Najaf.
The initial section of the Basra-Aqaba pipeline was planned to pass through the Haditha pumping station in Anbar province, but the presence of Daesh militants in the desert area forced the oil ministry to change plans.
The pipeline will still pass through Anbar, but it will not go as far north as Haditha. By limiting the first stage to Najaf, the ministry is also delaying construction in Anbar itself.
Initial phase
SCOP manager Nihad Moussa said the closing date for bids is Dec. 25 and a bidding round is expected to be held in the first quarter of 2017.
The planned 350km pipeline will have capacity to ship 2.25 million barrels per day (bpd) and will have a parallel gas pipeline, Moussa said.
The project’s chief engineer Akram Shafeeq said that work on the initial phase of the export project should start in 2018 and end in 2020.
A proposed payments schedule was discussed with interested companies in Basra on Saturday, Shafeeq said, adding that investments would be recouped within five years of the project’s completion.
In 2013 Iraq pre-qualified 12 companies and joint ventures to build an $18 billion export pipeline to Jordan, but the project was delayed by terrorists’ takeover of territory in the west of the country where the pipeline will be laid.
Iraqi security forces have driven Daesh from several cities and towns in the western Anbar province, which borders Jordan, but the militants still hold some territory.
The plan is to export 1 million bpd of Iraqi crude to Jordan, of which 150,000 bpd will supply Jordan’s Zarqa refinery, with the remainder exported through the port of Aqaba.
Iraq invites bids to build oil export pipeline to Jordan
Iraq invites bids to build oil export pipeline to Jordan
Will Trump strike gold with wealthy Arabs through new residency program?
- New $5 million “gold card” visa scheme makes the US a competitive destination for high-net-worth individuals from the region
- Analysts say Saudi and Gulf investors could be key participants, given their history of investing in US real estate and technology
RIYADH: US President Donald Trump’s $5 million “gold card” visa is expected to draw wealthy Arab investors seeking economic stability, US market access, and residency prestige, experts say.
With Gulf nations, including Saudi Arabia, successfully running their own golden visa programs, Trump’s initiative positions the US as a competitive destination for high-net-worth individuals from the region, offering them a gateway to business expansion, real estate investment, and financial security.
Salman Al-Ansari, a geopolitical analyst and former investor in the US, told Arab News that the initiative could strengthen economic ties between the US and the Arab world, particularly Saudi Arabia, while driving investments into key industries.
“Saudi investors have always been keen on expanding into the US market, particularly in sectors like technology, real estate, and energy. A more accessible visa process could encourage even greater collaboration and economic integration between both countries,” Al-Ansari said.
The new initiative will replace the existing EB-5 visa program, which was established in 1990, and is expected to help reduce the national deficit. The EB-5 program grants foreign investors a green card for investing around $1 million in a US business that creates or sustains at least 10 full-time jobs for local workers.
Trump said the initiative will not only bring in revenue but will also lead to job creation as wealthy individuals establish businesses and expand existing ventures on US soil.
“A lot of people are going to want to be in this country, and they’ll be able to work and provide jobs and build companies,” Trump said in the Oval Office announcement. “It’ll be people with money.”
Trump told reporters that investors could come to the US, obtain a green card through the president’s initiative, and contribute financially, with the generated funds helping to reduce the national deficit.
Despite growing global competition, the US remains a uniquely attractive destination for investors. Julien Hawari, founder and CEO of UAE-based content monetization platform Million, explained to Arab News what sets the US apart from similar visa programs worldwide.
“The speed, depth, and range of opportunities are exceptional. I believe the USA under a Trump administration could become even more attractive, with a significant number of decision-makers coming from the private sector — people like (Elon) Musk, for example,” Hawari said.
Trump described the program as a “green card-plus” and a path to citizenship. He expressed confidence in its appeal, calling it a “treasured” opportunity and noting that sales were expected to begin within about two weeks.
Secretary of Commerce Howard Lutnick, standing alongside Trump during the announcement, said: “Rather than having the EB-5 program, which was full of nonsense and fraud, we are replacing it with a program that is simple, straightforward, and brings in direct financial benefits.”
For some, this marks a strategic shift in US immigration policy. Al-Ansari sees this as an extension of Trump’s “America First” strategy.
“President Trump has been constant in his ‘America First’ approach, and I see his golden visa initiative as a case of quality over quantity,” he said.
“The US has always been a magnet for immigrants, and this policy ensures that those entering contribute meaningfully to the economy. It aligns with the American ethos — rewarding entrepreneurship, talent, and investment.”
The Trump administration’s gold card initiative represents a major shift in US immigration policy, focusing on direct financial investment rather than traditional employment-based or family-sponsored immigration.
Many countries, including Portugal, Canada, and Australia, offer similar programs, but the high price tag of the US gold card positions it as a premier option for the global elite.
Hawari noted that the success of golden visa programs in other regions, such as the Gulf Cooperation Council, may provide insight into how the US initiative could play out. “Look at the GCC — they have done a phenomenal job,” he said.
“Over the past decade, the number of companies and ultra-high-net-worth individuals moving to the region has been incredible. This shift has had a massive impact on their economy and overall transformation, from real estate to investments and beyond.”
Hawari explained that the US program “could have a similar effect.” However, he noted that the GCC’s success means the US program will face strong competition as one of several options. “I think people will end up choosing between these two, as they are now the most attractive destinations,” he added.
Al-Ansari noted: “Saudi Arabia, where I’m from, has launched a similar initiative called the Golden Residency. It has successfully attracted thousands of individuals who have contributed to the Saudi economy, and it continues to thrive.”
He added that bureaucratic hurdles had previously made obtaining a business visa challenging and suggested that the new program could simplify the process, potentially attracting more high-value investments into the American market.
However, he expressed his concern about the linkage between the golden visa and the green card. “I’m not sure if investors, including myself, would want permanent residency, as it comes with tax obligations on all global income under the FATCA (Foreign Account Tax Compliance Act) law. It would be more attractive if the golden visa were a standalone option, rather than bundled with a green card,” he said.
If structured correctly, the initiative could lead to a wave of high-net-worth individuals moving their businesses and assets to the US, benefiting key metropolitan areas and industries.
Al-Ansari said sectors like tourism, manufacturing, and services were likely to benefit. Hawari echoed this sentiment, pointing out that specific sectors stand to gain significantly from an influx of high-net-worth individuals.
“If you look at the GCC, almost every industry benefited. Maybe manufacturing didn’t benefit as much, along with some sectors that require longer-term investment. But overall, most industries saw a positive impact — and I expect the same in the US, with real estate, technology, hospitality, and finance likely leading the way,” he said.
Saudi Arabia introduced its permanent residency scheme, commonly known as the Saudi Green Card, in 2019 as part of its Vision 2030 plan. The program offers permanent residency for SR800,000 ($213,000) or an annually renewable residency for SR100,000. It aims to attract skilled expatriates and investors, boosting economic diversification and increasing the private sector’s contribution to gross domestic product.
Similarly, the UAE launched its Golden Visa in 2019, offering renewable 5 to 10-year residency permits for investors, entrepreneurs, and professionals in fields such as science, technology, and healthcare. The visa allows holders to live, work, and study in the UAE without a national sponsor and grants them the ability to sponsor family members
Qatar has also taken steps to attract investors by liberalizing its property market and expanding foreign ownership opportunities through its Investment Residence Program. These measures have particularly benefited the real estate sector, which experienced a boost leading up to the 2022 FIFA World Cup.
Across the GCC, these programs are strategically designed to drive foreign investments, strengthen key economic sectors such as real estate, hospitality, and services, and support long-term sustainable development.
Similarly, the newly unveiled US “gold card” program aims to attract high-net-worth individuals by offering a pathway to residency in exchange for investment.
As details emerge in the coming weeks, the initiative is expected to draw attention, particularly its potential to bring substantial foreign capital into the US economy and real estate market while bolstering key industries.
‘Rescue, reform and rebuild’: Can Lebanon’s new govt save the economy?
- Lebanon needs sustainable economic growth strategy focused on key sectors like technology, services, and exports
RIYADH: With a new president and a fresh cabinet, Lebanon stands at a pivotal moment. Can this government reverse economic collapse and restore trust?
The financial crisis, ongoing since 2019, has caused an $80 billion banking sector deficit, while debt restructuring remains stalled by political disputes.
The national currency has seen a 90 percent drop in value since 2019, and an International Monetary Fund delegation in May found Lebanon’s economic reforms insufficient to warrant financial aid, leading to an overreliance on foreign reserves.
Nawaf Salam, appointed prime minister in January, used his first speech after securing the role to pledge to “rescue, reform and rebuild” Lebanon, alongside the leadership of President Joseph Aoun.
Both are facing mounting pressure to enact deep structural reforms, Fadi Nicholas Nassar, senior fellow at the Middle East Institute and director of the Institute for Social Justice and Conflict Resolution at the Lebanese American University told Arab News: “The country is emerging from financial collapse, the lingering trauma of the Beirut port blast, and over a year of war, yet time is not on its side. Trust, though quickly lost, is not so easily restored.”
Jassem Ajaka, a Lebanese economist and professor, argues that full transparency and an independent audit of Lebanon’s financial sector and public finances are fundamental first steps. “We have not had such an audit since 2003, which is unacceptable. Without this, it is impossible to fairly distribute losses,” he told Arab News.
“Lebanon’s ability to secure economic aid and investments is deeply tied to the shifting geopolitical landscape,” said Ralph Baydoun, founder and director of research and strategic communications firm InflueAnswers.
Baydoun explained that Lebanon must implement decisive reforms to regain international trust and reintegrate into the global financial system.
Key priorities include robust anti-money laundering measures to escape the Financial Action Task Force blacklist grey list, an independent audit of the Banque du Liban and commercial banks for transparency, and a clear framework for distributing financial losses.
He further added that the country needs a sustainable economic growth strategy focused on key sectors like technology, services, and exports.
One early positive sign came when Salam vowed to end sectarian quotas in financial appointments, a longstanding governance issue.
The financial burden on depositors
Lebanese banks had placed the majority of their funds with the central bank, whose financial engineering schemes propped up government spending and an unsustainable currency peg. Disagreements over how to distribute financial losses have fueled political deadlock.
Ajaka suggested deep restructuring of the banking sector, including mergers based on economic benefits and asset sales where necessary. “This restructuring should prioritize both depositors’ interests and the Lebanese economy. However, we must first determine the financial status of each bank before deciding the best course of action,” he said.
Depositors continue to bear losses while those responsible remain unpunished, Farida said. In 2023, the adviser proposed an alternative recovery roadmap outlining a phased approach to restoring depositors’ savings while holding financial elites accountable for the economic collapse.
The plan prioritizes an immediate payout to small depositors, funded by a comprehensive audit of bank reserves and the recovery of excessive interest payments and illicitly transferred funds. Larger deposits would be gradually restored through a combination of bank bail-ins and legal actions against those responsible for mismanaging Lebanon’s banking sector.
Lebanon’s ability to secure economic aid and investments is deeply tied to the shifting geopolitical landscape.
Ralph Baydoun, founder and director of InflueAnswers
Commenting on the reduction in the potential payouts for depositors, Farida said: “The more time we wait, the less this number is. I expect this number to be going down with time. Unless there is a complete audit, we can’t really tell the exact number.”
Unlike past government proposals, Farida’s plan rejects the use of public assets to cover banking losses, aiming instead to shield state resources from further depletion. However, with deposit values eroding daily, he warns that delays in implementation will make full recovery increasingly difficult.
The Depositors’ Union welcomed reform pledges but stressed accountability, rejecting any plan shifting banking losses to public assets. It called for fair restructuring that prioritizes depositors’ rights and holds banks accountable.
“Accountability is the key for any reform plan. There cannot be a regain of the trust in the system, in the public sector or in banking sector, if the ones who were responsible for this crisis were not held accountable,” Mohammad Farida, the economic adviser to the Depositors’ Union in Lebanon, told Arab News.
One of the greatest obstacles to reform was Hezbollah’s influence over the state. The group’s political and military entrenchment continued for years to deter international investment and prevented Lebanon from fully reintegrating into the regional economy.
The damage cannot be undone by words alone. Only material deliverables can restore trust — locally, regionally, and globally.
Fadi Nicholas Nassar, senior fellow at the Middle East Institute
For Lebanon to emerge from its crisis, Nassar argued, major structural changes are needed. “Restoring full sovereignty means dismantling Hezbollah, not just managing around it. Governance must shift from patronage to competence, with ministries staffed by professionals, not cronies. Basic services like electricity cannot remain luxuries,” he said.
Baydoun argued that Hezbollah is now in a more precarious position than in previous years due to financial strains from war and a decline in Iranian support.
He explained to Arab News that Lebanon’s ties with Iran and Hezbollah have long restricted Western and Gulf financial support.
Baydoun highlighted that the diminishing influence of Iran’s regional network and the weakening of the Assad regime in Syria have created an opportunity for Lebanon to move closer to Western spheres of influence and regain donor confidence.
The economic crisis deepened as the humanitarian situation worsened. The World Bank estimated Hezbollah-Israel war damages at $8.5 billion, with the economy shrinking 10 percent in 2024 — its fifth year of contraction, totaling over 34 percent of the gross domestic product. Over 875,000 were displaced, and key sectors faced billions in losses.
“The estimated $10 billion required for reconstruction in Lebanon will likely come from international donors, primarily the GCC (Gulf Cooperation Council), rather than from Iran,” Baydoun added.
On Jan. 29, President Aoun reaffirmed Lebanon’s commitment to reforms, stating that the new government’s priority is drafting necessary legislation. In a meeting with World Bank official Osman Dion, Aoun said: “The first task of the new government is to immediately begin drafting the necessary legislation for this purpose.”
Accountability is the key for any reform plan. There cannot be a regain of the trust in the system, in the public sector or in banking sector, if the ones who were responsible for this crisis were not held accountable.
Mohammad Farida, economic adviser to the Depositors’ Union in Lebanon
Nassar said that Lebanon’s new government has only one way to prove its legitimacy – by delivering results.
“The damage cannot be undone by words alone. Only material deliverables can restore trust — locally, regionally, and globally,” he said.
Moody’s has projected that economic activity could begin to recover later this year, contingent on political stability and the implementation of reforms. Yet, Lebanon’s road to recovery is far from guaranteed. International donors — including the Gulf ones — remain skeptical, demanding real action rather than political rhetoric.
“Attracting foreign direct investments requires two key conditions: Lebanon must implement ceasefire agreements with Israel and establish an independent judiciary to combat corruption,” Ajaka stated. He added that Lebanon’s high return on investment potential could make it a key regional player if these conditions are met.
Saudi Arabia’s Foreign Minister Faisal bin Farhan underscored this sentiment during a visit to the country on Jan. 23, saying: “We will need to see real action, real reform, and a commitment to a Lebanon that is looking to the future, not to the past.”
Baydoun explained that Lebanon’s exclusion from key regional trade routes, including China’s Belt and Road Initiative and the Iraq-Syria-Turkiye-Europe corridor, stems from both political instability and shifting regional alliances.
To avoid further marginalization, he noted, Lebanon must actively lobby for integration and position itself as a strategic trade hub. The Beirut Port explosion accelerated its economic sidelining, making its reconstruction — aligned with regional trade networks— a priority. “If Lebanon does not proactively position itself as an indispensable part of one of these networks, it risks permanent exclusion from the evolving global supply chain,” Baydoun added.
The energy sector and economic recovery
Addressing the financial crisis, energy policy expert and Middle East and North Africa director of the Natural Resource Governance Institute, Laury Haytayan, said: “There is a need to encourage the private sector to invest in the renewable energy sector to go beyond the individual initiatives.”
Lebanon’s offshore gas has often been seen as an economic game-changer, but Haytayan warned against unrealistic expectations, saying that the nation lacks active hydrocarbon discoveries, making energy wealth an unreliable recovery catalyst.
The energy expert dismissed the notion of using the country’s underdeveloped oil and gas sector as a bargaining chip in negotiations with international stakeholders, while stressing the need to restructure Lebanon’s electricity sector rather than relying on oil and gas for short-term recovery.
Haytayan urged regulatory reforms, including appointing the long-awaited electricity regulator and enforcing the 23-year-old electricity law mandating Electricite Du Liban’s unbundling and private sector involvement. She questioned whether the new minister would push for privatization, a move which Ajaka argued is crucial for state-owned enterprises, particularly in the electricity sector.
“Lebanon has spent over $50 billion on electricity with no results. Justice must investigate these expenditures,” he said, citing the UK’s deregulation success as a potential model for Lebanon.
Looking at regional energy developments, Haytayan was clear that Lebanon cannot be measured against leading Gulf states, saying: “There is no country in the Middle East and North Africa that could be compared to Saudi Arabia and the UAE when it comes to technical and financial capacities.”
Baydoun argued that the Gulf’s dominance in energy does not hinder Lebanon’s potential but rather offers a strategic advantage. While the GCC exports to Asia, Lebanon — if it begins oil and gas production — could target European markets, avoiding direct competition. He added that Lebanon should leverage the GCC for technical expertise and investment.
The economic adviser to the Depositors’ Union adviser Farida said the primary challenge in implementing reforms and resolving Lebanon’s economic crisis lies in the need for legislative updates, including new laws requiring parliamentary approval, stressing that any plan must first gain parliamentary backing to have a real chance of success.
He said: “It’s still premature to judge whether this administration will be able to actually produce a new comprehensive plan for the financial gap in the banking sector and the overall crisis in the public sector and the administration.”
Riyadh leads Saudi real estate surge with 18% rise in office rents
- Jeddah and Dammam also witnessed a rise of 10% and 12% year on year over the same period
RIYADH: The real estate market in Riyadh is experiencing significant growth, with average rents for office spaces rising 18 percent year on year in the fourth quarter of 2024, according to an analysis.
In its latest report, real estate services firm CBRE said that average rates in Jeddah and Dammam also witnessed a rise of 10 percent and 12 percent year on year over the same period.
The rapid increase in average rents for office space in Riyadh signifies the city’s expanding economic activity, driven by both a thriving private sector and ongoing government initiatives aimed at positioning the capital as a global business and investment hub.
It also underscores the progress of Saudi Arabia’s growing real estate sector which is expected to reach a market value of $101.62 billion in 2029, with an anticipated compound annual growth rate of 8 percent from 2024.
“The high occupancy rates across the capital’s prime office districts reflect the strong prevailing demand, driven by the Kingdom’s thriving non-oil economy which is a key component of the government’s Vision 2030 diversification strategy,” said CBRE.
It added: “Despite the rapidly rising rents, global occupiers and investors remain attracted to the Kingdom, as reflected in the continuation of the RHQ (regional headquarters) license growth through the fourth quarter of 2024.”
In January, Saudi Arabia’s Investment Minister Khalid Al-Falih said that 571 international companies have opened Middle East bases in the Kingdom — exceeding the original target of 500 firms by 2030.
The regional headquarters program provides benefits for international firms, including a 30-year exemption from corporate income tax and withholding tax on headquarters’ activities for companies, as well as discounts and support services.
“Saudi’s real estate market continues to benefit from the country’s strong non-oil sector and wider investment environment, driven by the highly successful RHQ initiative which continues to see the setup of new regional headquarter offices, supporting growth not only in the commercial market but across the wider economy,” said Matthew Green, CBRE’s head of research for the Middle East and North Africa region.
In February, a report released by property consultancy Sakan revealed that Saudi Arabia’s real estate market continued its rapid expansion in 2024, with transactions surging 47 percent year on year to $75.7 billion.
Residential sector
According to CBRE, Saudi Arabia’s residential market is expected to experience significant growth over the next few years, driven by a strong economic foundation and a rapidly growing population.
The report added that positive demographics and increasing demand for new homes, particularly in Riyadh, Jeddah, and Dammam, are some other factors that will propel the growth of the residential real estate segment in the Kingdom.
“This demand is driving prices and rental rates higher, a trend that is expected to continue, with the value of new residential mortgages in the Kingdom rising 17 percent year on year in 2024,” said CBRE.
The real estate consultancy added that average property prices in Riyadh’s residential sector saw an annual increase of 6 percent.
In Riyadh, the villa market has seen steady growth, with average prices now approaching SR6,000 ($1,599.82) per sq. meter, while apartment prices currently stand at SR5,200 per sq. meter
In Jeddah, apartment values are slightly lower, averaging approximately SR4,000 per sq. meter, while villa values are notably higher, reaching nearly SR5,700 per sq. meter.
Saudi’s real estate market continues to benefit from the country’s strong non-oil sector and wider investment environment, driven by the highly successful RHQ initiative which continues to see the set-up of new regional headquarter offices.
Matthew Green, CBRE’s head of research for the MENA region
In January, a report released by the General Authority for Statistics revealed that Saudi Arabia’s property sector maintained its growth trajectory in the fourth quarter of 2024, with the Kingdom’s real estate price index increasing by 3.6 percent year on year.
According to GASTAT, this rise was largely attributed to a 2.5 percent year-on-year increase in residential land plot prices in the fourth quarter, which accounted for 45.7 percent of the index. Apartment prices rose by 2.9 percent, while villa prices saw a sharper uptick of 6.5 percent.
The Real Estate Price Index, a key statistical tool, measures changes in property prices in Saudi Arabia based on transaction data across the Kingdom.
In February, another report released by Knight Frank said that residential transaction values in Saudi Arabia surged 35 percent over the past five years to reach SR164.8 billion.
The findings fall in line with the Kingdom’s Vision 2030 goal to reach a 70 percent homeownership rate by 2030. It also aligns well with Saudi Arabia’s commitment to supporting access to affordable, quality housing for all citizens.
According to the latest official data from the Housing Program — an initiative under Vision 2030 — Saudi family home ownership reached 63.74 percent in 2023.
In its latest report, Saudi Central Bank revealed that banks in the Kingdom issued SR91.1 billion in new residential mortgages to individuals in 2024, representing a 17 percent rise compared to the previous year.
Hospitality industry
According to CBRE, average daily rates among hotels in Saudi Arabia increased by 2.1 percent year on year in December, resulting in a relatively stable revenue per available room, rising by 0.3 percent.
While the long-term prospects for Saudi’s tourism industry are promising, the recent surge in new hotel supply has led to a slight decline in occupancy rates, down 1.7 percent year on year in the final month of 2024.
In Riyadh, average daily rates increased by 14.6 percent year on year in December, while occupancy edged up by 0.7 percent.
Average daily rates in Jeddah saw an annual decrease of 26.7 percent over the month, while occupancy rates dropped by 14.5 percent during the same period.
Regarding future outlook, CBRE said: “With room growth expected to accelerate in the coming 12-24 months, hotels are likely to experience heightened competition, particularly in markets like Jeddah and Makkah where a significant volume of new keys are expected to complete.”
Retail sector
CBRE said that Saudi Arabia’s point of sales data reflected the country’s strong underlying fundamentals and year-on-year growth in the Kingdom’s retail market in 2024, up around 9 percent from 2023.
The real estate services firm added that several major shopping centers are expected to be completed in the coming years, which will help to change the landscape of the Kingdom’s retail market.
“Whilst market dynamics have been improving, with rising rental rates and occupancy rates in recent quarters, the quantum of new space expected in the medium term may shift the dynamic back in the tenant’s favor,” said CBRE.
It added: “For Riyadh, upcoming retail centers include Solitaire Mall which is already close to completion. The 25 Mall Complex and Al Hamara Entertainment Complex is anticipated to be delivered by the end of 2025, while Jawharat Riyadh is expected to open by early 2026. It will be followed by the opening of Avenue Malls in early 2027. Together these centers combined will deliver over 600,000 sq. meters of gross leasable areas to the market.”
Funding surges as MENA startups gain momentum
- Recent funding rounds highlight region’s growing investor appeal
RIYADH: Startups across the Middle East and North Africa region continue to attract significant investment, with fintech, cybersecurity and artificial intelligence-driven ventures leading the charge.
Recent funding rounds and acquisitions highlight the region’s growing appeal to investors, particularly in Saudi Arabia, the UAE and Egypt.
Saudi Arabia-based cybersecurity firm CQR raised $3 million in a funding round led by Shorooq. Founded in 2023 by Naser Al-Dossary, the company provides AI-driven, product-based cybersecurity solutions for businesses.
“Cyber threats in OT (operational technology) environments are evolving rapidly and traditional security models are no longer enough,” Al-Dossary said.
“At CQR, we are reengineering cybersecurity for industrial operations — building innovative, product-driven solutions that make OT security accessible, efficient and highly scalable.”
The investment will enable the company to scale operations and enhance its AI capabilities.
Al Madinah Angels launched to boost entrepreneurship in Saudi Arabia
A group of investors has launched Al Madinah Angels to support startups as part of Al Madinah Ventures Initiatives.
The network is a collaboration between Value Makers Studio, Madinah Chamber and Numu Angels.
It aims to help founders turn ideas into viable ventures and contribute to the region’s economic growth.
This follows the launch of Al Madinah Ventures late last year, a $10 million investment fund initiated by VMS in collaboration with the Economic Development Center and the Madinah Chamber of Commerce.
DHL eCommerce acquires Saudi logistics company AJEX
DHL eCommerce, the logistics arm of DHL Group, has acquired Saudi-based parcel logistics company AJEX for an undisclosed amount.
Founded in 2021 and backed by Ajlan & Bros Holding, AJEX offers express distribution, e-commerce services and freight solutions across Saudi Arabia, the UAE and Bahrain, as well as the US, UK, Turkiye, South Africa and China.
Flow48 raises $69m series A to expand in Saudi Arabia, UAE
UAE-based fintech Flow48 has secured $69 million in a series A funding round comprising debt and equity.
The round was led by Breega, with participation from 212, Speedinvest, Daphni, Endeavor Catalyst, Evolution Ventures and Plus VC.
Founded in 2022 by Idriss Al-Rifai, Flow48 provides small- and medium-sized enterprises with upfront financing by transforming future revenues into immediate capital.
The funding will support its expansion in Saudi Arabia and the UAE. In November 2023, the company closed a $25 million pre-series A round.
At CQR, we are reengineering cybersecurity for industrial operations — building innovative, product-driven solutions that make OT security accessible, efficient and highly scalable.
Naser Al-Dossary, CQR cofounder and CEO
Pinewood.AI acquires Seez in $46.2m deal
UK-based automotive intelligence platform Pinewood.AI has agreed to acquire UAE-founded autotech company Seez for $46.2 million in cash and shares.
The share component is expected to increase over the next three years.
Established in 2016 by Tarek Kabrit and his nephew Andrew Kabrit, Seez provides car dealerships and original equipment manufacturers with software solutions to enhance customer experience and sales.
Last year, the company raised $4.2 million and has since expanded to 16 markets, including Mexico and Australia.
Omnispay secures $1.5m seed round to enhance SME financial solutions
UAE-based fintech omnispay has raised $1.5 million in a seed funding round led by Mercatus Capital Pte., with participation from regional and international investors.
Founded in 2022 by Simanta Das, Vimal Kumar and Praveen Kiran, omnispay provides an all-in-one platform for small- and medium-sized enterprises to manage cash flow through collection, payment and lending services.
The company claims to have signed up more than 1,600 businesses with strong month-on-month growth.
Disrupt.com commits $100m to AI-first startups
UAE-based venture builder Disrupt.com has pledged $100 million to fund AI-first technology ventures globally.
Founded by Aaqib Gadit, Uzair Gadit and Umair Gadit, the firm will focus on AI, cybersecurity, Web 3.0, automotive technology and retail innovation.
To date, Disrupt.com has deployed more than $40 million across its portfolio, including investments in early- and growth-stage companies, as well as an exit valued at $350 million.
Journify raises $4m to expand customer data solutions
UAE-based software as a service provider Journify has secured $4 million in funding led by Silicon Badia, with participation from RZM and other investors.
Founded in 2023 by Taoufik El-Jamali and Amine Chouki, Journify helps businesses maximize the value of their customer data. The investment will support its expansion efforts.
Fawry invests $1.6m in three Egyptian fintech startups
Egypt-based fintech giant Fawry has invested $1.6 million to acquire a 56.6 percent equity stake in Virtual CFO and 51 percent stakes in both Dirac Systems and Code Zone. Founded in 2008, Fawry is Egypt’s largest e-payment platform, providing electronic bill payments, mobile top-ups and business services.
These investments align with its strategy to expand its business solutions ecosystem, Fawry Business.
Egypt’s fintech sector sees 5.5x growth in 5 years
Egypt’s fintech sector has grown 5.5 times over the past five years, driven by digital payments, lending and business to business marketplaces, according to a report by Entlaq, in collaboration with the Netherlands Enterprise Agency and the Dutch Embassy in Egypt.
Government initiatives and the Fintech & Innovation Strategy have accelerated financial inclusion and digital transformation.
However, regulatory complexities, digital literacy gaps and cybersecurity risks remain key challenges.
Basata increases stake in Jordan’s MadfoatCom to 25 percent
Egypt-based fintech Basata has raised its stake in Jordanian e-payment firm MadfoatCom to 25 percent.
The acquisition is part of Basata’s strategy to enhance digital financial inclusion and strengthen Jordan’s digital payments infrastructure.
Basata, formerly known as Ebtikar, was formed in 2009 through the merger of Masary and Bee and specializes in bill payments, mobile money and supply chain solutions.
MadfoatCom, founded in 2011 by Nasser Saleh, provides an online, real-time bill presentment and payment system.
Lola raises $1.3m to expand food tech business in GCC
Bahrain-based food tech startup Lola has secured $1.3 million in a pre-seed funding round from Plus VC, Vision Ventures and angel investors.
Founded in 2023 by Othman Janahi, Lola provides customizable cake ordering services in Bahrain and Saudi Arabia.
The investment will support its expansion into Saudi Arabia and the wider Gulf Cooperation Council region.
Lillia secures $1.7m grant to expand AI-powered health tech platform
Qatar-based health tech startup Lillia has raised a $1.7 million grant from the Qatar Research, Development and Innovation Council.
Founded in 2020 by Sujit Chakrabarty, Lillia was created through the 2024 merger of Qatar-based Droobi Health LLC and India-based Smit.fit.
Its AI-powered platform helps healthcare providers, insurers, corporations and public sector entities manage chronic diseases.
Lillia plans to expand across MENA and Southeast Asia in the next two years.
Cashfree Payments secures $53m to expand in MENA
India-based payments solutions provider Cashfree Payments has raised $53 million in a funding round led by South Korean digital entertainment company KRAFTON, with participation from Apis Partners.
The investment will support Cashfree’s expansion in the UAE and the broader MENA region, strengthening its position in the digital payments market.
Cashfree currently operates in the Middle East through a strategic partnership with UAE-based payments firm Telr, which it invested in three years ago.
With the new funding, the company aims to scale its offerings to businesses across the region, leveraging its expertise in India’s fintech sector, where it processes $80 billion in annual transactions.
Hong Kong conglomerate plans to invest $1 billion in Pakistan to upgrade port infrastructure
- The development comes amid Pakistan’s efforts to boost trade and seek international partnerships to expand its maritime activities
- Hutchison Ports investment is expected to generate at least $4 billion in revenue over the next 25 years through royalty, rent and taxes
KARACHI: Hutchison Ports, a subsidiary of Hong Kong conglomerate CK Hutchison Holdings Limited, plans to invest $1 billion in Pakistan to improve its port infrastructure, the Pakistani finance ministry said on Thursday.
The statement came after a delegation of Hutchison Ports, led by its Middle East & Africa Managing Director Andy Tsoi, met Pakistan Finance Minister Muhammad Aurangzeb and briefed him about the firm’s 25-year presence in Pakistan.
Hutchison Ports has been operating two terminals, HPKICT and HPSAPT, in Pakistan and has contributed more than Rs225 billion ($804 million) in government revenues and provided employment to a workforce of 5,000 individuals, according to the port operator.
During the meeting with Aurangzeb, Hutchison Ports delegates presented their upcoming investment plan, aimed at upgrading their existing terminals to enhance operational efficiency, logistics connectivity, and automation.
“The investment includes infrastructure development, road improvements to facilitate efficient cargo movement, modernization of HPKICT into a cutting-edge automated terminal, and the development of a 52-hectare logistics park to enhance trade connectivity,” the Pakistani finance ministry said.
“The delegation highlighted that their investment is expected to generate at least USD 4 billion in revenue over the next 25 years through royalty, rent, and tax contributions.”
The automation upgrades will include remote quay cranes, electric trucks and digitalized gate operations, alongside training programs for maritime professionals in port operations, management and artificial intelligence (AI) applications, according to the statement.
Finance Minister Aurangzeb appreciated Hutchison Ports’ commitment to Pakistan’s maritime sector and acknowledged their significant role in boosting trade and economic activity.
“He reaffirmed the government’s support for strategic investments that contribute to Pakistan’s economic growth and infrastructure development,” the finance ministry said.
The development comes amid Pakistan’s efforts to boost trade and seek international partnerships to expand its maritime activities.
On January 22, South Korean shipping company, HMM, launched the India North Europe Express (INX) weekly shipping service in Pakistan, providing the South Asian country direct access to Europe.
The service, launched in collaboration with Ocean Network Express (ONE) container liner and Pakistan’s United Marine Agencies (UMA), will ensure timely and efficient delivery of Pakistani goods to the destined European ports and beyond, according to HMM.
Prior to that, Dubai-based logistics giant DP World, in collaboration with Pakistan’s National Logistics Corporation, launched in Jan. a feeder service to transport shipping containers from Dubai to Karachi, Pakistani state media reported. Pakistani officials and DP World have also finalized terms for a freight corridor project from Karachi Port to the Pipri Marshalling yard in southern Pakistan.
Pakistan is currently on a tricky path to economic recovery since avoiding a default in June 2023. The South Asian country last year secured a new $7 billion loan from the International Monetary Fund (IMF) and has been actively pursuing trade and investment opportunities to put the economy back on track.
