Etihad to loan pilots to competing UAE airline Emirates

In this Thursday, Dec. 18, 2014, file photo, an Emirati man takes a selfie in front of a new Etihad Airways A380 in Abu Dhabi, United Arab Emirates. (AP/Kamran Jebreili, File)
Updated 24 June 2018
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Etihad to loan pilots to competing UAE airline Emirates

  • Etihad Airways has told its pilots they can join rival Emirates on a temporary basis for two years
  • The agreement is also likely to help Emirates, where a pilot shortage forced it to cancel some flights this summer

DUBAI: Etihad Airways has told its pilots they can join rival Emirates on a temporary basis for two years, according to an internal Etihad email seen by Reuters, as the downsizing of the Abu Dhabi carrier’s operations helps fill a pilot shortage for Dubai’s Emirates.
Etihad, which last week reported a $1.5 billion annual loss, has been overhauling its business since 2016, replacing its top executive, dropping unprofitable routes and shrinking its fleet.
The agreement is also likely to help Emirates, where a pilot shortage forced it to cancel some flights this summer. Management had said the shortage was a short-term issue.
In the email, Etihad said pilots who join Emirates on a two-year secondment would be placed on a leave of absence, retain seniority at Etihad, and receive their salary and full benefits from the Dubai airline.
Pilots were asked in the email to register a non-binding expression of interest and told that Emirates’ recruitment team would meet with pilots at Etihad’s offices.
Two sources separately told Reuters that Etihad had emailed staff announcing the agreement with Emirates.
An Etihad spokesman told Reuters secondment programs were common practice among airlines, enabling the effective management of pilot resources.
“This is something Etihad Airways has done for several years with partner airlines around the world,” the spokesman said.
An Emirates spokeswoman told Reuters the airline was “working with Etihad on a secondment program for some of their pilots.”
It was not immediately clear how many pilots would be offered temporary employment at Emirates and the email stated that any pilots applying for the secondment would need to complete Emirates’ training program.
Etihad employs 2,200 pilots, according to the airline spokesman. Reuters reported in January that Etihad had offered up to 18 months unpaid leave to pilots.
Emirates and Etihad have been exploring closer ties and signed a security pact in January, the first agreement between the United Arab Emirates (UAE) based airlines. Emirates has since said that a closer relationship was not about a merger.
Emirates and Etihad, backed by their state owners, have competed developing global networks from their respective hubs in Dubai and Abu Dhabi that are just 128 kilometers apart.
Emirates is owned by the government of Dubai, and Etihad is owned by the government of Abu Dhabi.


Saudi PIF enters ‘post-trillion’ era with pivot from scale to substance 

Updated 6 sec ago
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Saudi PIF enters ‘post-trillion’ era with pivot from scale to substance 

RIYADH: Saudi Arabia’s Public Investment Fund has surpassed $1 trillion in assets, marking a global milestone — but the organization is now pivoting from rapid expansion to a focus on solvency, strategic discipline, and sustainable long-term returns. 

According to Global SWF, the sovereign wealth fund, which recently announced an 18 percent increase in assets under management to SR4.32 trillion ($1.15 trillion) in 2024, is now prioritizing “solvency over scale” and “substance over show.” 

This evolution reflects a broader recalibration of Vision 2030’s investment engine, one that balances domestic megaproject ambitions with liquidity concerns, geopolitical outreach, and disciplined asset rotation. 

While PIF’s top-line revenues surged 25 percent to SR413 billion, net profit fell sharply, down 60 percent to SR26 billion, as rising interest rates, impairments, and project delays eroded returns. 

The decline signals a new reality for one of the world’s most ambitious sovereign investors: returns must be restructured, debt must be optimized, and capital must be deployed with precision. 

To address these challenges, PIF has undertaken a series of strategic shifts. According to Global SWF, these include tighter performance management, a growing reliance on commercial paper and sukuk for short-term funding, and a renewed focus on mature, revenue-generating assets. 

Notably, net profits at AviLease, a PIF-owned aviation leasing firm, increased by 350 percent, while holdings in Uber overtook those in Lucid in PIF’s US public equity portfolio, reflecting a pivot to more resilient assets. 

Meanwhile, PIF’s role is increasingly geopolitical. The fund has been instrumental in securing major international partnerships, including anchoring investment platforms with BlackRock, Goldman Sachs, and Brookfield, as well as government-to-government deals with China, India, France, and the US. 

According to Global SWF, India’s proposal of a 10-year tax holiday and sweeping capital gains exemptions aims to unlock over $100 billion in PIF-led inward investment, underlining its strategic importance. 

PIF’s fiscal and institutional maturity is also earning global recognition. In July, the fund scored a perfect 100 percent in the 2025 Global SWF Governance, Sustainability, and Resilience Scoreboard. 

The ranking, which evaluates 200 sovereign investors globally, placed PIF among just nine funds worldwide and ranked it the highest in the Europe, the Middle East, and Africa region to meet all governance and transparency benchmarks. According to Global SWF, PIF’s strong showing reflects solid progress in disclosures, leadership accountability, and commitment to ESG. 

That commitment is especially evident in the fund’s ESG and green finance activities. In 2024, PIF launched a 100-year green bond as part of its sustainable finance framework, offering a rare long-term issuance that combines ESG impact with Shariah compliance. This approach is helping the fund attract diverse investor interest while aligning capital with climate goals. 

In parallel, the fund is building the Kingdom’s digital and artificial intelligence backbone. In May, it launched HUMAIN, a national AI company tasked with advancing Saudi Arabia’s position in sovereign AI capabilities. 

According to a PIF official statement, HUMAIN aims to invest in foundational models, develop Arabic-language datasets, and partner with global tech leaders, such as NVIDIA. The firm will serve as a vehicle for sovereign AI infrastructure and localization, supporting economic diversification and national security objectives. 

This evolving strategic posture comes at a critical moment for Saudi Arabia’s foreign direct investment ambitions. While cumulative investments remain below Vision 2030 targets, the latest figures from the General Authority for Statistics show that the volume of foreign direct investment inflows reached SR24 billion in the first quarter of this year, marking a 24 percent increase compared to the same period in 2024. 

The figure reflects resilience despite global uncertainties, with PIF expected to play a leading role in accelerating capital deployment and crowding in private investors. 

The fund is also rebalancing its internal structure. As Global SWF noted, several giga-projects, including NEOM’s “The Line,” have been downsized. While originally envisioned as a $1.5 trillion smart city housing 1.5 million people by 2030, current projections suggest that just 300,000 residents and 2.4 km of development will be completed within that timeframe. Accordingly, PIF has trimmed budgets for several large-scale ventures by 20 to 60 percent for 2025. 

Yet this recalibration is not a retreat. It signals a transition to what Global SWF describes as “precision finance,” which uses strategic levers such as commercial paper, asset recycling, co-investments, and sovereign partnerships to preserve liquidity and reduce fiscal strain. 

The fund’s ability to blend long-term Eurobonds with short-term sukuk and CP issuance demonstrates a growing sophistication in liability management, which is rare among sovereign wealth funds. 

As PIF deepens its international exposure, its dual role as both an investor and a policy instrument is becoming increasingly evident. According to Global SWF, the fund’s presence in Paris, its alignment with Trump-era Gulf deals, and its expanding memorandum of understanding with Asian markets reveal an increasingly geopolitical deployment of capital. 

Ultimately, the question facing PIF is not whether it can scale — it already has. The real test is whether it can steer Vision 2030 through a period of rising global interest rates, shifting capital flows, and mounting domestic expectations. If PIF can tighten execution, manage costs, and deliver returns across cycles, it may well redefine the playbook for state-driven transformation. 

As 2025 unfolds, the fund’s performance will be closely watched, not only for its financial metrics but for what it reveals about the sustainability of Vision 2030’s ambitions. 


OPEC+ to raise output by 548,000 bpd in August as market outlook improves

Updated 22 min 8 sec ago
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OPEC+ to raise output by 548,000 bpd in August as market outlook improves

RIYADH: Eight members of the OPEC+ alliance of oil exporting nations say they will boost oil production by 548,000 barrels per day in August in a move that could further reduce gas prices this year.

The decision came after a virtual meeting on July 5, where the group — comprising Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman — reviewed global market conditions and cited a steady economic outlook and low oil inventories as reasons for the increase.

The planned output hike is part of a broader, gradual return of 2.2 million barrels per day of voluntary cuts announced in December 2024. Under that agreement, the eight producers began easing their curbs in April 2025, with the August increase representing the equivalent of four scheduled monthly increments.

OPEC+ emphasized that the gradual ramp-up remains flexible and could be paused or reversed if market conditions warrant. This adaptive approach, the group said, aims to safeguard oil market stability amid evolving global dynamics.

In addition to the production increase, the eight countries reaffirmed their commitment to full compliance with the alliance’s Declaration of Cooperation. They also pledged to compensate for any overproduction since January 2024, with oversight provided by the Joint Ministerial Monitoring Committee.

Monthly meetings will continue to assess supply, demand, and conformity. The next gathering is scheduled for Aug. 3, when members will decide on production levels for September.


Saudi Arabia’s $2.5tn mineral reserves fuel industrial push

Updated 06 July 2025
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Saudi Arabia’s $2.5tn mineral reserves fuel industrial push

  • Mining sector projected to boost its GDP contribution from $17 billion in 2024 to $75 billion by 2030

JEDDAH: Saudi Arabia is accelerating the development of its mining sector as a central pillar of economic diversification, with the Kingdom’s mineral wealth now estimated at SR9.4 trillion ($2.5 trillion). 

The surge in value is driven by discoveries of rare earth elements, base metals, gold, phosphate, and titanium — a strong, lightweight metal with high-value applications in aviation and turbine manufacturing. 

A major catalyst for this growth is the Northern Borders region, home to SR4.6 trillion in resources and a key hub for phosphate production. Developments in Waad Al-Shamal have helped position the Kingdom among the world’s top phosphate exporters. 

In alignment with Vision 2030 and the National Industrial Development and Logistics Program, the mining sector is projected to boost its contribution to gross domestic product from $17 billion in 2024 to $75 billion by 2030. It generated $400 million in revenue in 2023 and is now backed by a $100 billion investment plan targeting critical minerals by 2035. 

Speaking to Arab News, Saurabh Priyadarshi, a geologist and adviser for mining and metals at Geoxplorers Consulting Services, highlighted that Saudi Arabia’s substantial reserves of gold, copper, phosphate, rare earth elements, and lithium position it as a potential global leader in the industry.

“Saudi Arabia can foresee itself becoming a key player in the global minerals supply chain. Calling these minerals critical is a different matter altogether,” he said. 

Priyadarshi added that one of the strongest diversification drivers is rising global demand for battery metals and industrial minerals that power electric vehicles and renewable energy infrastructure. 

“As global markets push toward decarbonization, Saudi Arabia, too, can and should leverage its $2.5 trillion mineral resource base to power the next phase of industrial growth,” Priyadarshi said. 

Saudi Arabia is also prioritizing domestic resources and talent, promoting public-private partnerships, and adopting Fourth Industrial Revolution technologies to drive sustainable, long-term growth. 

Minerals central to 2030 plan 

Mansour Ahmed, an independent economic adviser, described mineral development as a strategic cornerstone of Vision 2030. He said Saudi Arabia’s untapped reserves are “critical to the global energy transition.” 

Ahmed stressed that growing the sector would expand non-oil GDP, generate employment, and drive regional development. He highlighted the importance of mining cities and downstream hubs “to maximize local value and build integrated, resilient supply chains.” 

Both Priyadarshi and Ahmed noted Saudi Arabia’s alignment of mining with advanced manufacturing and innovation. 

Priyadarshi pointed to Ras Al-Khair’s aluminum smelter and the planned battery chemicals complex in Yanbu, developed in partnership with EV Metals Group, as examples of the Kingdom’s industrial leap forward. 

Investments in automated mining technologies, AI-driven exploration, and ESG-focused practices reflect Saudi Arabia’s ambitions to become a global hub for sustainable resource extraction.

Saurabh Priyadarshi, geologist and adviser for mining and metals at Geoxplorers Consulting Services

Saudi Arabia has also secured lithium processing capabilities, becoming the first Middle Eastern country to establish a battery materials supply pipeline. 

“The government is leveraging its Public Investment Fund to finance mining and battery production, ensuring long-term supply chain resilience,” Priyadarshi said. 

He also cited strategic global moves, such as acquiring stakes in Vale’s base metals division and developing domestic copper smelting, as reinforcing the Kingdom’s ambitions in critical minerals. 

According to the Vision 2030 Annual Report for 2024, mining has been prioritized as a key sector for economic diversification. The report highlights significant reforms introduced to support this strategic shift, including the Comprehensive Mining Strategy and the Mining Investment Law — both designed to create a more attractive and transparent regulatory environment. 

Institutional support was reinforced through the establishment of the Ministry of Industry and Mineral Resources. Furthermore, the Saudi Geological Survey and the National Geological Database were launched to strengthen geological mapping and resource assessment capabilities. 

New entities such as Manara Minerals, the Mining Fund, and the Nuthree Exploration Incubator were also created to stimulate investment, innovation, and entrepreneurship in the sector.

ESG and AI integration 

Priyadarshi emphasized that sustainability is integral to this transformation, with AI-driven exploration minimizing environmental impact, automation improving productivity and energy efficiency, and blockchain tools ensuring compliance with ethical, environmental, social, and governance standards. 

Saudi Arabia is also investing heavily in renewables to power its industrial base. Priyadarshi pointed to the Kingdom’s $235 billion commitment to solar, wind, and hydrogen, including NEOM’s $5 billion green hydrogen facility and a $35 billion phosphate and bauxite processing expansion at Ras Al-Khair. 

Ras Al-Khair Industrial City is home to Maaden’s phosphate and ammonia plants, aluminum smelters, and steel
production facilities such as Hadeed — showcasing the Kingdom’s ability not only to extract, but also to process and add value to its mineral resources. The city is rapidly emerging as a strategic node in global supply chains. 

Priyadarshi noted that the Kingdom’s strategy extends beyond resource extraction. He underscored the importance of integrating mining with downstream industries such as aluminum smelting, phosphate processing, and electric vehicle battery production to reinforce supply chains and develop high-value sectors that move beyond the export of raw minerals. 

“Investments in automated mining technologies, AI-driven exploration, and ESG-focused practices reflect Saudi Arabia’s ambitions to become a global hub for sustainable resource extraction,” he said. 

When asked about the most strategically important minerals for the Kingdom, Ahmed identified phosphate, rare earth elements, and gold as critical. 

He explained that phosphate is essential for food security and serves as a key driver of industrial exports, while rare earth elements such as neodymium, praseodymium, and dysprosium are vital for manufacturing EVs, wind turbines, defense technologies, and high-tech electronics — making them central to future-proofing the clean energy economy. 

“Gold continues to hold significant financial value and remains an important mineral for the Kingdom. Copper and bauxite closely follow, given their growing importance in global electrification,” Ahmed added. 

Global rankings 

According to the Vision 2030 report, Saudi Arabia has achieved top international rankings in the mining sector. 

The Kingdom secured first place for mining investment growth, as reported by MineHutte and the Mining Journal. It also ranks among the top 10 countries for mining financial policies and holds the second position globally for efficient license issuance — taking approximately 90 days to issue a mining license. 

The report adds that Saudi Arabia’s advanced legislative framework has attracted significant interest, with 290 local and international companies operating in the sector as of 2024. 

The National Geological Database has dramatically expanded its coverage from just 1.7 percent in 2021 to 51 percent by last year, enabling better resource identification. 

Investor confidence remains high, with 30 proposals submitted for the Kingdom’s largest-ever mining tender in 2024, covering valuable mineral sites containing gold, silver, copper, and zinc.


Scent economy rises as Gulf fragrances shape identity and status

Updated 05 July 2025
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Scent economy rises as Gulf fragrances shape identity and status

  • Demand for high-end artisanal fragrances and the rise of online commerce are reshaping the market

RIYADH: In the Gulf, fragrance and its various perfume notes are increasingly seen not just as personal accessories but as symbols of identity, refinement, and wealth.

From morning rituals with oud to intricate perfume layering before gatherings, the scent economy is booming across the Gulf Cooperation Council region. This regional passion has fueled a multi-billion-riyal industry, deeply rooted in tradition, yet continually evolving through innovation.

According to a recent report by Research and Markets, Saudi Arabia’s perfume market is projected to grow from $2.12 billion in 2023 to $3.57 billion by 2033, registering a compound annual growth rate of 5.94 percent.

Demand for high-end and artisanal fragrances, greater ecological awareness, and the rise of online commerce are reshaping the market.

From ritual to refinement

In the Gulf, fragrance is more than just an aesthetic choice; it’s a cultural expression, often beginning with the application of Royal Cambodian oud, followed by the practice of layering complementary scents.

Both Rasasi and Lattafa Perfumes, major fragrance brands across the GCC, emphasize how deep-rooted traditions are central to the region’s distinctive scent profile.

“Scent is deeply embedded in the cultural and spiritual fabric of the Gulf. Unlike Western fragrance preferences that often lean toward freshness or minimalism, the GCC palette is bold, sensual, and opulent — driven by heritage ingredients like oud, amber, rose, and saffron,” said Talha Kalsekar, head of marketing at Rasasi Perfumes.

He added: “These are not seasonal indulgences but part of daily rituals — from welcoming guests to post-shower layering. It’s also a multi-sensory form of expression: to wear scent is to project dignity, refinement, and often, status.” 

Consumers in the GCC are no longer just buying scents — they’re curating olfactory wardrobes. They understand ingredients, appreciate craftsmanship, and are willing to spend more on exclusive blends.

Talha Kalsekar, head of marketing at Rasasi Perfumes

Echoing this, Fragrance Development Head at Lattafa Perfumes, Abdul Rahim Shaikh, said: “Scent in Gulf culture is symbolic, it signals pride, hospitality, and self-respect. Certain notes like oud, musk, rose, and amber aren’t just popular, they are integral to religious, social, and even business rituals.”

This cultural resonance influences both the composition and consumption of perfumes. From layering of oils, sprays, and incense to the use of oud, musk, rose, and saffron, these ingredients are not trends, but mainstays.

The modern customer

Both brands are experiencing a shift in their customer base, now engaging with a more informed and expressive clientele, one that values storytelling, sustainability, and personalization just as much as the quality of the scent itself.

“Consumers in the GCC are no longer just buying scents — they’re curating olfactory wardrobes. They understand ingredients, appreciate craftsmanship, and are willing to spend more on exclusive blends, limited editions, and artisanal formats,” Kalsekar said.

Lattafa highlighted this evolution as well: “They are looking for emotional connection and long-lasting quality ... The preference leans toward intense, long-lasting, and layered compositions.”

This growing discernment has given rise to gender-neutral perfumes, higher concentrations such as extrait de parfum, and niche storytelling, especially popular among younger demographics.

This is also evident in the rise of demand for full-scent experiences, including body oils, hair mists, and incense-inspired aromas.

Tech meets tradition

Innovation is a defining trait of the evolving fragrance economy. Both Rasasi and Lattafa are integrating artificial intelligence to personalize experiences and streamline product development.

“We’re actively exploring the intersection of scent and technology. While our roots are artisanal, we recognize the value of AI in streamlining formulation processes, especially for large-scale testing and trend forecasting,” said Kalsekar.

He added: “We’re also experimenting with in-store scent personalization tools — allowing customers to co-create their fragrances.”

Lattafa is also blending AI modeling with traditional craftsmanship. “While we remain deeply committed to the artistry of perfumery, we’re exploring the role of AI and personalization to enhance consumer experience. We’re currently working on tech integrations that allow for better digital scent discovery and curated recommendations across our e-commerce platforms,” Shaikh said.

Although AI can be a tool for personalizing scent creation, Shaikh emphasized that it will not replace intuition and tradition.

The digital dimension

With Saudi Arabia’s population becoming increasingly digital-savvy, brands are investing heavily in online infrastructure to align with changing shopping behaviors.

Social media and e-commerce platforms now serve as essential tools for storytelling, customer engagement, and market expansion.

In parallel with these digital shifts, Beautyworld Saudi Arabia, the largest trade fair for the aesthetics industry in the nation held in Riyadh in April, offered a tangible platform for brands to establish a physical presence in the Kingdom. 

The event also included several business matchmaking sessions and panel discussions, enabling regional and international fragrance brands to network, explore distribution deals, and assess market entry strategies for Saudi Arabia’s growing luxury sector.

Fragrance World Perfumes, for example, used its debut at the 2024 edition of the event not just as a launchpad, but as a bridge between its global digital identity and on-the-ground consumer engagement.

Operating in over 125 countries, the UAE-based manufacturer leveraged the gathering to showcase multiple fragrance lines and reinforce its commitment to the Kingdom’s growing beauty and luxury sectors.

Lattafa, in particular, is capitalizing on social media virality, citing how fragrances like Khamrah have gained traction on platforms such as TikTok and Instagram. Shaikh noted that fragrance today is not only worn but also seen and shared, becoming both a visual and cultural phenomenon.

Rasasi also views digital and physical retail as intertwined.

“Physical retail remains essential — it’s where the emotional connection to scent is first made. So we see online and offline not as competitors, but as complementary chapters of the same brand experience,” said Kalsekar.

Luxury, loyalty and local pride

Saudi Arabia is facing intense competition from both global and regional players in the industry.

While brands like Chanel and Dior retain their prestige, homegrown names like Abdul Samad Al-Qurashi and Arabian Oud dominate through cultural connection.

A half tola, or around 6 milliliters, of Royal Cambodian oud from Arabian Oud costs SR600 ($160). 

To remain competitive, physical retail continues to adapt. Ghawali, the Chalhoub Group’s fragrance brand, launched a flagship store in Riyadh’s Nakheel Mall in January 2023, blending modern design with traditional elements and preparing to unveil a Saudi-inspired fragrance collection.

Further emphasizing cultural continuity, the “Perfumes of the East” exhibition held in May 2024 under the patronage of Prince Badr bin Farhan, displayed over 200 artifacts at the National Museum in Riyadh. The show celebrated the Arab world’s enduring relationship with fragrance.

Fragrance outlook

The Eau de Parfum segment is forecasted to dominate due to its longevity and intensity, qualities valued in the region.

Fragrance demand is expected to continue growing, driven primarily by the youth market, primarily comprising urban consumers aged 20 to 40, with women leading the way in consumption.

Import duties and high costs remain barriers, but these challenges have led to a rise in regional manufacturing and increased interest in niche local offerings.


Saudi Arabia crowns new technology unicorn

Updated 05 July 2025
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Saudi Arabia crowns new technology unicorn

  • Q-commerce startup Ninja valued at $1.5bn following $250m funding

RIYADH: Saudi Arabia and the wider Middle East and North Africa region have witnessed a surge of startup funding rounds in recent weeks, underscoring the Kingdom’s pivotal role in driving technology investment and digital transformation across diverse sectors. 

Saudi-based quick-commerce startup Ninja has raised $250 million in a funding round led by Riyad Capital, lifting its valuation to $1.5 billion and marking its emergence as the country’s latest technology unicorn. 

Founded in 2022 by Saud Al Qahtani and Canberk Donmez, Ninja delivers groceries and daily essentials across Saudi Arabia, Bahrain, Qatar, and Kuwait, reflecting the region’s growing appetite for fast, tech-enabled consumer services. 

The fresh capital will enable the company to scale logistics capabilities, expand into new geographies, and lay the groundwork for a planned public listing on the Saudi Exchange by 2027. 

The transaction highlights Riyad Capital’s role as a prominent institutional investor in MENA startups, as well as Saudi Arabia’s rising stature as a venture capital hub as it diversifies its economy under Vision 2030.

PetroApp secures $50m to digitize fuel and fleet management

PetroApp, Saudi Arabia’s digital fuel and fleet management platform, has raised $50 million in a funding round led by Jadwa Investment through its GCC Diversified Private Equity Fund, with participation from Bunat Ventures. 

Established in 2018 by Abdulaziz Al-Senan, PetroApp operates a cashless system designed to streamline corporate and government fleet payments while reducing fraud. 

The platform also offers value-added vehicle services such as oil changes, car washes, and tire replacements. 

Established in 2018 by Abdulaziz Al-Senan, PetroApp runs a cashless system designed to streamline corporate and government fleet payments. (Supplied)

The capital injection will support PetroApp’s retail launch within Saudi Arabia, accelerate its international expansion plans, and further develop its proprietary technology infrastructure. 

Tariq Al-Sudairy, managing director and CEO of Jadwa Investment, said: “PetroApp presents a compelling investment opportunity, supported by a robust technology infrastructure and strong network effects.” 

Abdulaziz Al-Senan, co-founder and CEO of PetroApp, described the partnership as a critical milestone, adding: “We are excited to embark on this partnership at a pivotal stage in PetroApp’s journey. Jadwa’s institutional expertise will be critical in strengthening our foundation, accelerating growth, and expanding our leadership in Saudi Arabia and beyond.”

Flawless raises $1.5m to expand AI-powered career guidance 

Saudi Arabia-based Flawless has secured $1.5 million in pre-seed funding from a group of unnamed angel investors with an emphasis on early-stage innovation. 

Founded by Shaimaa Al-Ghamdi, the platform combines generative artificial intelligence with principles of social psychology to deliver personalized career guidance to users seeking better-informed professional decisions. 

Flawless evolved from a personal blog launched in 2023 to a fully operational digital business in 2024, targeting a gap in the market for data-driven career support solutions. 

Al-Ghamdi said: “What began as a passion project is now a data-driven platform helping thousands make smarter career decisions.” 

She added: “This funding validates our approach and gives us the fuel to scale responsibly and impactfully.” 

The investment will be allocated to scaling the company’s technology infrastructure, refining its product offering, and recruiting new talent to grow operations.

Byzanlink raises $1m to build blockchain-based financial infrastructure 

Dubai-based Byzanlink, a real-world asset tokenization platform, has closed a $1 million private funding round backed by Outlier Ventures, NTDP Saudi Arabia, Smart IT Frame, Sensei Capital, and several angel investors. 

Founded in 2024 by Anbu Kannappan, the startup operates from Dubai Multi Commodities Centre and is focused on building infrastructure to tokenize traditional financial assets for both institutional and retail investors. 

What began as a passion project is now a data-driven platform helping thousands make smarter career decisions.

Shaimaa Al-Ghamdi, Flawless founder

The company aims to improve market access, transparency, and operational efficiency through blockchain technology. 

Byzanlink plans to allocate the proceeds toward product development, expanding integrations with ecosystem partners, and reinforcing compliance with evolving regulatory frameworks. 

Kannappan said: “Support from such a diverse and forward-thinking group of partners is a strong signal for what we’re building. We believe the next generation of financial infrastructure will be powered by transparency, automation, and access. We’re committed to building that foundation.” 

Idea-L secures $1m to scale venture creation platform

UAE-based idea-L has raised a $1 million pre-seed round from a group of undisclosed angel investors to advance its AI and Web3-powered venture creation platform. 

Founded in 2024 by Peter Goodwin, Daniel Muller, and Mark Hill, idea-L is designed to help entrepreneurs transform early-stage concepts into investor-ready businesses through automation and digital collaboration tools. 

The funding will be used primarily for technical hiring, platform enhancements, and the launch of new products intended to streamline venture creation workflows. 

The company aims to position itself as a key enabler in the UAE’s growing startup ecosystem by combining generative AI and tokenized ownership structures.

InstaBank secures $15m to drive digital banking in Iraq 

InstaBank, officially operating as Al-Fawr Digital Bank, has raised $15 million in funding to support the rollout and growth of its digital banking services in Iraq. 

UAE-based EQIQ, a venture capital fund and venture builder, contributed $3 million as part of the round, which aims to transform Iraq’s underdeveloped banking sector. 

Founded in 2025 by Hussain Qaragholi, InstaBank plans to use AI-powered tools and customer-centric design to deliver accessible, scalable financial services. 

The digital bank will play a central role in EQIQ’s broader fintech strategy, which integrates banking, logistics, and social commerce solutions to accelerate financial inclusion across Iraq. 

The investment underscores the rising investor interest in digitizing the country’s financial infrastructure and tapping into its large unbanked population. 

EQIQ views InstaBank as a strategic asset to drive economic participation and modernize financial ecosystems.

AgriCash raises seed funding to scale AI-powered agri-fintech platform 

Egypt-based agri-fintech platform AgriCash has secured an undisclosed amount of seed funding in a round led by Alex Angels, with participation from regional investors. 

Founded in 2024 by Diaa Youssef and Mostafa El-Sehli, AgriCash offers farmers a digital platform combining financing solutions, AI-driven agronomic insights, crop insurance, and access to input markets. 

The funding will help AgriCash expand its operations across Egypt and into neighboring markets, strengthen its AI infrastructure, and finalize integrations with insurance and banking partners. 

The company’s flagship buy now, pay later model provides farmers with interest-free access to agricultural and livestock supplies for up to 12 months, with credit ceilings of up to 3 million Egyptian pounds ($60,777). 

AgriCash aims to achieve 500 million Egyptian pounds in business volume by 2025 and plans to launch livestock financing in 2026 to consolidate its position as an end-to-end agri-finance platform serving smallholder farmers and commercial producers.