JEDDAH: Saudi Arabia has given $84.7 billion in foreign aid to 79 countries between 1996-2018, according to Dr. Abdullah Al-Rabeeah, general supervisor of the King Salman Humanitarian Aid and Relief Center (KSRelief).
Al-Rabeeah highlighted Saudi Arabia’s contributions to international humanitarian and relief work, and said that the Kingdom had saved millions of people from conflicts and crises, regardless of their religion or ethnicity.
Al-Rabeeah was speaking during a seminar on the Kingdom’s humanitarian efforts at the University of Warsaw on Saturday, in the presence of Saudi Ambassador to Poland Mohammed Madani, Ambassador of Yemen to Poland Mervat Majali, and officials of the Foreign Ministry of Poland.
The royal decree establishing KSRelief was issued on May 13, 2015. Since then, it has carried out 482 projects in 42 countries worth $924,553,000. About 86 percent of the projects have been allocated to Yemen with a value of $659,271,000.
Al-Rabeeah said that the center implemented 206 projects for women worth $341,481,000, as well as 171 projects for children worth $504,962,000.
He added that the Kingdom had taken in 561,911 Yemeni refugees, 283,449 Syrian refugees and 249,669 refugees from Myanmar, the equivalent of 5.36 percent of the population of Saudi Arabia, putting it in second place internationally in terms of the number of refugees accepted.
Al-Rabeeah said that total Saudi assistance to Yemen since 2015 had reached $11.18 billion, noting that KSRelief has carried out 294 projects in Yemen in partnership with 80 UN and international and local NGOs.
Al-Rabeeah said that the response of KSRelief to the appeal by the World Health Organization (WHO) and UNICEF for $66.7 million to combat the cholera epidemic in Yemen, as well as the projects allocated by KSRelief for women in Yemen from 2015 to date, amounted to 132 projects valued at $281,457,000. There have been 136 projects for children worth $469,867,000.
He highlighted that the Saudi project for mine clearance in Yemen, “Masam,” had been conducted by more than 400 people working in 32 teams within Yemeni territory during the preparation phase, and five specialized teams for rapid intervention, benefiting 9 million beneficiaries.
The costs of the project amounted to $40 million in the governorates of Marib, Aden, Taiz and Sanaa. More than 1 million land mines had been planted in Yemen, more than the number planted in World War II, he said.
Al-Rabeeah said that KSRelief was running a program to rehabilitate Yemeni children recruited by the Houthi militias, who use them as human shields. KSRelief is rehabilitating and providing care for 2,000 children through social, psychological, cultural and sports programs.
KSA grants $84.7bn in aid to 79 countries: KSRelief chief
KSA grants $84.7bn in aid to 79 countries: KSRelief chief
- Al-Rabeeah said that KSRelief was running a program to rehabilitate Yemeni children recruited by the Houthi militias
Saudi finance firms lending surges to $26bn in 2024
- Finance sector is evolving rapidly, with the emergence of fintech-driven players complementing traditional non-bank lenders
RIYADH: Credit provided by finance companies in Saudi Arabia rose to SR96.26 billion ($25.67 billion) in 2024, marking a 13.6 percent increase compared to the previous year, according to the latest figures from the Saudi Central Bank.
Personal finance led the way, accounting for 29 percent of total lending, or SR27.6 billion. Auto financing followed closely at 26 percent (SR25.16 billion), while residential real estate loans comprised 24.27 percent, amounting to SR23.36 billion.
Although it represents a smaller share of total lending, credit card finance recorded the most significant growth, surging 52.4 percent year on year to SR1.92 billion.
Commercial real estate financing also saw robust expansion, rising 20 percent to SR4.92 billion. Auto and personal loans maintained solid momentum, growing by 18.8 percent and 18.6 percent, respectively.
The retail segment — including personal, auto, housing, and credit card financing — continued to dominate the portfolios of finance companies in 2024. Lending to micro, small, and medium-sized enterprises also played a key role, representing approximately 19 percent of total credit. This is nearly double the share of MSME lending seen among traditional banks.
In contrast, financing for large corporations remained limited, as major firms continued to rely on bank loans or capital markets to meet their funding needs.
Profitability in the sector also improved markedly according to SAMA data. Net income rose by 72.13 percent to SR2.86 billion, while return on assets increased from 2.59 percent in 2023 to 4.13 percent in 2024. Return on equity reached 9.58 percent, up from 6.97 percent the previous year.
Together, these trends indicate growing confidence in the sector, increased borrower demand, and improved cost management — factors that position finance companies for further expansion, particularly in underserved and fintech-driven lending segments.
In recent years, finance companies in Saudi Arabia have played an increasingly important role in expanding credit access, particularly for underserved segments such as SMEs and individuals outside the traditional banking network.
The expansion of finance companies in Saudi Arabia has been bolstered by regulatory reforms aimed at promoting financial inclusion and boosting competition. A significant milestone came in January 2023, when SAMA amended Article 8 of the Implementing Regulation of the Finance Companies Control Law, lowering the minimum paid-up capital requirement for firms focused on financing SMEs to SR50 million. The move was intended to attract investors and encourage the launch of specialized finance firms serving the SME sector.
In a further push to support fintech innovation aligned with the Kingdom’s Vision 2030, SAMA also set a minimum capital threshold of SR5 million for Buy-Now-Pay-Later providers.
These policy changes have led to a noticeable uptick in market participation. By the end of 2024, SAMA had licensed 62 finance companies operating across various segments, including personal finance, mortgage lending, leasing, and fintech-based services.
Despite representing just 3.26 percent of total lending in Saudi Arabia — compared to SR2.96 trillion in bank loans — finance companies are playing an increasingly vital role in the Kingdom’s financial ecosystem.
Unlike commercial banks, which benefit from extensive deposit bases and corporate lending capacity, finance companies are non-deposit-taking institutions that often serve niche or underserved markets.
Interest rates offered by finance companies typically exceed those of traditional banks, reflecting differences in funding sources and borrower risk profiles. While banks draw from low-cost deposits and operate with greater economies of scale, finance companies depend on equity, interbank loans, or capital markets for funding.
As a result, their annual percentage rates tend to be higher, especially when serving higher-risk customer segments.
Fintech expands footprint
Saudi Arabia’s finance sector is evolving rapidly, with the emergence of fintech-driven players complementing traditional non-bank lenders.
Among the most notable additions to the landscape are debt-based crowdfunding platforms, which are regulated by SAMA under the finance companies’ framework.
Unlike conventional finance companies such as Nayifat or Bidaya, which lend directly using their own capital and assume full credit risk, these platforms act as intermediaries.
They connect retail or institutional investors with borrowers — often micro and small enterprises — allowing investors to fund loans directly. The platforms themselves earn fees for facilitating the transactions, while the credit risk is borne by the investors, not retained on the platform’s balance sheet.
This innovative model is helping to bridge financing gaps for SMEs and underserved communities, in line with the Vision 2030 objective of expanding financial access and economic participation.
In a related move that highlights the sector’s momentum, Tamara Finance Co. became the latest company to receive SAMA licensing in March, bringing the total number of licensed finance companies in the Kingdom to 65.
The company was approved to offer consumer finance and BNPL services, further reinforcing SAMA’s commitment to fostering financial innovation.
Tamara, Saudi Arabia’s first fintech unicorn, achieved a $1 billion valuation in 2023 following a $340 million Series C funding round. Its rise coincides with a sharp increase in BNPL adoption across the Kingdom.
A 2024 report by rival platform Tabby revealed that 77 percent of Saudi consumers now use BNPL services — often for essential expenses such as education, healthcare, and insurance — challenging the perception that BNPL is primarily for discretionary spending. These developments underscore SAMA’s broader strategy to diversify credit sources, enhance consumer access to financing, and drive the shift toward a digital, cashless economy under Vision 2030.
Rajasthan unleash Suryavanshi, 14, as youngest IPL player but lose thriller
- Suryavanshi stole the limelight after belting his first ball for six in a much-awaited debut after he was bought for $130,500
JAIPUR: Vaibhav Suryavanshi made an explosive 34 off 20 balls as he became the youngest player in IPL history aged just 14 on Saturday but finished on the losing side as Lucknow Super Giants beat Rajasthan Royals by two runs.
In the first match of the day, England’s Jos Buttler smashed an unbeaten 97 to power Gujarat Titans to the top of the IPL table with a seven-wicket win over Delhi Capitals in Ahmedabad’s intense heat.
But it was the evening game that drew eyeballs after Rajasthan turned to Suryavanshi as their impact substitute and he opened the batting alongside India star Yashasvi Jaiswal following Lucknow’s 180-5.
Suryavanshi stole the limelight after belting his first ball for six in a much-awaited debut after he was bought for $130,500 in the November auction when he was still just 13.
Jaiswal and Suryavanshi, who hit three sixes and two fours in an electrifying knock, put on 85 for the first wicket before the youngster was stumped by Rishabh Pant off the bowling of South Africa international Aiden Markram.
Stand-in captain Riyan Parag came in and made 39 but Rajasthan lost their way as he departed shortly after Jaiswal fell for 74.
Avesh Khan dismissed both in the 18th over to turn the match on its head and Rajasthan finished on 178-5 after the Lucknow fast bowler defended nine off the last over to pull off a stunning victory for his team in Jaipur.
“These kind of matches build character,” Lucknow skipper Pant said after his team moved up to fourth in the 10-team table. “It was an amazing win. As a team, this is going to take us to a different level.”
Shimron Hetmyer scored 12 before he fell to Avesh on the third ball of the 20th over and despite David Miller dropping a catch in the deep, Avesh held his nerve with his yorkers and disciplined bowling to return figures of 3-37.
Avesh’s heroics took some of the attention away from Suryavanshi, who was handed his chance after Rajasthan skipper Sanju Samson was ruled out due to injury.
He was added as an impact player for the match and then replaced medium-pace bowler Sandeep Sharma in the chase.
The baby-faced Suryavanshi, called “Boss Baby” — a popular animated film — by the TV commentators, impressed in batting with Jaiswal, who recorded his third straight half-century, but their efforts ultimately came in a losing cause.
Earlier, Markram’s 66 and a 50 by impact player Ayush Badoni helped Lucknow set a target of 181 after they elected to bat first.
In the afternoon match, Gujarat rode on Buttler’s 54-ball knock laced with 11 fours and four sixes to achieve their target of 204 with four balls to spare at the world’s biggest cricket stadium.
Wicketkeeper-batsman Buttler and impact substitute Sherfane Rutherford, a left-hand West Indies batter who hit 43, put on a key stand of 119 to steer Gujarat to their fifth win in seven matches and top of the standings
Rutherford fell in the 19th over. Delhi’s left-arm quick Mitchell Starc needed to defend 10 off the final six balls but the left-handed Rahul Tewatia finished off with a six and four.
Buttler, who hit his third half-century of the season, was left three short of a hundred that would have put him level with Virat Kohli’s record eight IPL tons.
Gujarat, who won the IPL in their debut season in 2022, elected to field first on a hot afternoon as the temperature soared above 40 degrees Celsius (104 degrees Fahrenheit).
“I think it (heat) takes you by the surprise how draining it is,” said player of the match Buttler.
“I certainly felt that while batting, cramping up and stuff. But that’s part of the game to be fit and be able to perform under pressure in the heat.”
Delhi reached 203-8 but the total could have been more had it not been for four wickets by Gujarat pace bowler Prasidh Krishna, who now leads this season’s bowling chart with 14 scalps.
AI-powered telemedicine reshapes Saudi healthcare landscape
- Kingdom is accelerating the deployment of AI technologies, fundamentally reshaping how healthcare is delivered
RIYADH: Saudi Arabia is fast positioning itself as a regional pioneer in artificial intelligence-driven healthcare, harnessing telemedicine and digital innovations to modernize its medical infrastructure and widen access to care —particularly in remote and underserved regions.
Guided by its ambitious Vision 2030 agenda and bolstered by rising investments in digital health, the Kingdom is accelerating the deployment of AI technologies, fundamentally reshaping how healthcare is delivered, managed, and experienced.
Vikas Kharbanda, partner and healthcare sector lead at Arthur D. Little Middle East, told Arab News that AI-driven telemedicine is allowing providers to move from reactive care to proactive health management, which is particularly important in remote areas where “physical infrastructure is difficult and costly to develop and operate.”
Historically, access to healthcare across the Arab world has been uneven, with rural populations often lacking access to specialized services. In Saudi Arabia, however, AI-enabled platforms are helping bridge these gaps by facilitating remote consultations, optimizing clinical workflows, and supporting early detection of disease.
One of the Kingdom’s flagship initiatives is the Seha Virtual Hospital, a fully digital facility that leverages AI for diagnostics and links medical specialists across various locations for real-time consultations. Kharbanda described Seha Virtual Hospital as “a starting point of showcasing the full spectrum capabilities of what is possible with the convergence of digital capabilities into the healthcare environment.”
“With rapidly emerging capabilities for virtual consultations, e-ICU, digital prescriptions and dispensing workflows, AI-enabled diagnoses augmentation the program is starting to demonstrate the potential of what a virtual care delivery model can potentially achieve and the value it can create for a health system,” he said.
Kharbanda added that the hospital “has created a platform from which individual capabilities can be picked and diffused in the whole health system — commercializing the infrastructure capabilities from the public sector into the private sector could help diffuse these capabilities very rapidly into the whole system.”
Another initiative is Nala, a digital platform that began using AI in 2022 to offer personalized care recommendations based on individual data. Nala integrates with wearables to monitor vital signs and flag potential health risks. In 2023, it was acquired by Integrative Health, a network of AI-led urgent care centers in the Kingdom.
Tech-enabled outreach
Telemedicine remains a cornerstone of Saudi Arabia’s digital health strategy. Virtual consultations are helping to ease the burden on hospitals and clinics by enabling patients to connect with healthcare professionals remotely—eliminating the need for travel and streamlining access to specialized care.
“Telemedicine could be a major enabler for access and AI capabilities, especially focused on health risk assessments, enabling remote diagnosis, triaging capabilities and potentially bringing together the financing and care delivery model in a more systematic fashion could fundamentally shift the way health and care is managed today in the market,” Kharbanda added.
Telemedicine could be a major enabler for access and AI capabilities, especially focused on health risk assessments, enabling remote diagnosis, triaging capabilities and potentially bringing together the financing and care delivery model in a more systematic fashion.
Vikas Kharbanda, partner and healthcare sector lead at Arthur D. Little Middle East
High smartphone penetration and widespread internet access have supported the uptake of these tools. Babylon Health, in partnership with Saudi Telecom Co., offers an AI-based app for symptom checking and consultations, while local platform Cura provides similar services with remote diagnosis and digital prescriptions.
AI: the game changer
Artificial intelligence is also being deployed to support clinical decision-making, personalize treatment plans, and deliver predictive insights that can improve patient care. Hospitals across Saudi Arabia are increasingly incorporating machine learning to optimize operations and enhance health outcomes.
According to a report by GlobalData, AI-powered monitoring systems are now in use in many healthcare facilities across the Kingdom. These systems utilize real-time analytics and sensor technologies to boost patient safety and alleviate staffing pressures—offering a glimpse into how smart technology is reshaping the day-to-day realities of clinical care.
“Most responsible AI-powered telemedicine solutions are developed as clinically assistive tools,” said Hannah Gibson, director of UK and global partners at Visiba. “Triage in-person consultations may not always be necessary and if they are, should be more efficient.”
Still, the development of benchmarking tools to evaluate AI systems remains limited. “It takes a significant amount of time and resources for companies to create reliable benchmarking tests for research and development purposes,” said James Tapscott, senior manager of innovation and legal technology at Addleshaw Goddard.
He referenced findings from a report by Addleshaw Goddard, which showed that specific AI-powered retrieval techniques boosted the accuracy of commercial contract reviews from 74 percent to an average of 95 percent. Highlighting broader applications of artificial intelligence, he noted that in certain scenarios, AI models can deliver more concise responses than human counterparts—without compromising on accuracy.
“When it comes to telemedicine, it may be that a more concise, easily understandable answer is preferred … it may be surprising to your readers to see how well these models perform compared to humans,” Tapscott added. Kellie Blyth, partner in commercial at Addleshaw Goddard, said image analysis is one of the most common applications. “The most prevalent use of AI we are seeing in the market is to analyze medical images such as X-rays, MRIs, and CT scans. Many of these solutions can detect anomalies and diseases with an extraordinarily high degree of accuracy, often at earlier stages than previously thought possible.”
Kharbanda said AI could help improve efficiency in outpatient consultations by at least 20 percent, while also easing bottlenecks in emergency and surgical departments.
Investment trends
Saudi Arabia’s digital health sector is experiencing rapid expansion, driven by both public and private investments. A study by BlueWeave Consulting estimated the country’s digital health market size at $3.2 billion in 2024, with projections indicating a compound annual growth rate of 21.3 percent through 2031, reaching $13.3 billion.
Kharbanda said there is a shift in investment focus toward “AI-driven diagnostics, augmented care delivery, and supporting the provider-payer system in understanding health risks and funding structures to optimize health outcomes.”
The most prevalent use of AI we are seeing in the market is to analyze medical images such as X-rays, MRIs, and CT scans. Many of these solutions can detect anomalies and diseases with an extraordinarily high degree of accuracy, often at earlier stages than previously thought possible.
Kellie Blyth, partner in commercial at Addleshaw Goddard, said image analysis is one of the most common applications
Tapscott noted that semi-autonomous AI, also known as agentic AI, could become more common in lower-risk areas such as elder care, offering adaptive solutions that help reduce costs and increase efficiency.
Blyth pointed to the need for regulatory clarity, particularly around ethical use. She said frameworks should address “algorithm vigilance,” which involves regular monitoring to minimize bias and ensure safe use in clinical settings.
Looking ahead
Saudi Arabia’s digital health strategy continues to evolve, with future developments likely to include greater use of wearables, predictive modeling, and AI-assisted diagnostics.
Blyth said a major step forward will be the national biobank overseen by the King Abdullah International Medical Research Center. “The real advances in telemedicine will come at the state level with the establishment of the national biobank,” she said, which will serve as a valuable resource of clinical data from the Saudi population.
This will be further supported by computing infrastructure investments made through the Saudi Company for AI.
Gibson said triage systems powered by AI could soon become a regular feature across healthcare facilities, helping to direct patients to the appropriate level of care from the beginning.
As adoption grows, Saudi Arabia is developing a healthcare model that blends digital access with AI-backed insights, aimed at improving outcomes and supporting a more resilient health system.
Israeli PM says to return hostages without giving in to ‘Hamas dictates’
- “I believe we can bring our hostages home without surrendering to Hamas’s dictates,” Netanyahu said
- “We are at a critical stage of the campaign, and at this point, we need patience”
JERUSALEM: Israel’s Prime Minister Benjamin Netanyahu vowed Saturday to bring home the remaining hostages in Gaza without yielding to Hamas’ demands, insisting the military campaign in the Palestinian territory had reached a “critical stage.”
“I believe we can bring our hostages home without surrendering to Hamas’s dictates,” Netanyahu said, in his first comments since Hamas, seeking a permanent end to the Gaza war, rejected a new truce proposal from Israel.
“We are at a critical stage of the campaign, and at this point, we need patience and determination to win.”
The remarks drew a swift rebuttal from an Israeli campaign group representing the hostages’ families, which accused Netanyahu of having “no plan” for securing the captives’ freedom.
“There is one clear, feasible, and urgent solution that can be achieved now: reach a deal that will bring everyone home — even if it means stopping the fighting,” Hostages and Missing Families Forum said in a statement.
Netanyahu, however, insisted that ending the war now would embolden the country’s enemies.
“Ending the war under these surrender conditions would send a message to all of Israel’s enemies: that abducting Israelis can bring Israel to its knees. It would prove that terrorism pays — and that message would endanger the entire free world,” he said.
Hamas, Netanyahu said, was “demanding the end of the war and the continuation of its rule,” as well as a full Israeli withdrawal, “which would enable Hamas to rearm and plan more attacks against us.”
“If we commit to ending the war, we will not be able to resume fighting in Gaza,” he said.
“So I ask you — did our soldiers fight in vain? Did our heroes fall and suffer for nothing?“
MENA startup funding drops 76% in March
- Decline reflects broader economic uncertainty stemming from ongoing US trade tensions
RIYADH: Startup investment in the Middle East and North Africa region fell sharply in March, with total funding declining 76 percent month on month to $127.5 million across 28 deals, down from $530 million in February.
The decline — observed even after excluding debt financing from both months — reflects broader economic uncertainty stemming from ongoing US trade tensions with global partners.
These geopolitical developments have impacted key regional economies, contributing to a 50 percent year-on-year drop in both the volume and value of investments, according to Wamda’s monthly report.
February’s funding surge was largely driven by major startup events, including Saudi Arabia’s flagship LEAP conference.
UAE tops regional funding
The UAE retained its lead in regional startup funding, securing $104.4 million across 14 transactions. Egypt ranked second with $11.6 million from four deals, followed by Saudi Arabia, which raised $8 million through five startups.
Despite the March slowdown, the first quarter saw robust activity, with MENA startups raising $1.5 billion — marking a 244 percent increase compared to the same period in 2024.
Fintech leads Q1 surge, SaaS absent for 2nd month
Fintech remained the dominant sector, attracting $82.5 million across 10 deals in March alone. The sector accounted for over $1 billion in the first quarter funding across 36 startups, cementing its role as a top investment magnet since 2021.
Healthtech and artificial intelligence followed, raising $16 million and $14 million respectively. In contrast, software-as-a-service, or SaaS, startups failed to secure funding for the second consecutive month.
Early-stage companies captured 70 percent of March funding, amounting to $58 million, while later-stage firms raised $46 million, including three Series B rounds.
Debt financing also declined sharply, comprising just 12.5 percent of total monthly funding. Business-to-business startups continued to attract the bulk of investor attention, raising $97 million, while business-to-consumer ventures brought in $24 million.
Gender funding gap widens; investor caution rises
No female-founded startups received funding in March — a significant setback for gender equity in the region’s entrepreneurial landscape.
Male-founded ventures secured $113 million, with the remainder going to mixed-gender founding teams.
The broader investment slowdown is expected to prompt increased investor caution, with a tilt toward later-stage startups that have demonstrated resilience amid macroeconomic headwinds, Wamda noted.
Sectors tied to global trade — such as logistics, mobility, and e-commerce — may face continued challenges as new alliances and shifting energy dynamics reshape the global economic order. However, adaptable startups could benefit from emerging opportunities, the report added.
Sadq raises $1.5m to expand digital signature platform
Saudi Arabia-based Sadq, a digital signature and document authentication platform, has raised $1.5 million in a pre-Series A round led by X by Unifonic Fund. Other investors, including strategic backer Unifonic, also participated.
Founded in 2022 by Abdullah Al-Lahuo and Salem Al-Badawi, Sadq offers legally compliant digital solutions for secure document management and plans to use the funding to expand its presence across Saudi institutions.
TruBuild secures $1m to fuel AI-powered contech expansion
Saudi construction tech startup TruBuild has raised $1 million in a seed round led by Wa’ed Ventures and Dar Ventures, with support from Plug & Play Ventures, OQAL, Taz Investment, and several angel investors.
Founded in 2023 by Bisrat Degefa and Sari Sabban, TruBuild uses AI to reduce inefficiencies and improve collaboration in construction projects. The funding will support product development and expansion within and beyond Saudi Arabia.
Seesaw acquires Little Thinking Minds
US-based edtech company Seesaw has acquired Jordan’s Little Thinking Minds for an undisclosed sum.
Founded in 2004 by Lamia Tabbaa and Rama Kayyali, Little Thinking Minds specializes in Arabic literacy tools and is one of the region’s prominent female-founded edtech startups.
Seesaw, established in 2007, develops AI-powered learning tools and digital curricula. The acquisition will integrate Seesaw’s interactive tech with Little Thinking Minds’ Arabic language expertise.
Dubizzle Group acquires Property Monitor
Dubai-based classifieds platform Dubizzle Group has acquired UAE’s Property Monitor, a real estate analytics firm, for an undisclosed amount.
Founded in 2014, Property Monitor provides valuation and market intelligence services for real estate stakeholders. The acquisition supports Dubizzle’s strategy to expand offerings across its platforms Bayut and dubizzle. It follows Dubizzle’s February acquisition of Egypt’s online car marketplace Hatla2ee.
DPI takes over Egypt’s Nclude fintech fund management
UK-based private equity firm Development Partners International has assumed management of Egypt’s fintech fund Nclude, previously overseen by Global Ventures.
Launched in 2022, Nclude closed a $110 million round that September and has invested $28 million across nine startups, including Partment, Khazna, and Paymob.
DPI will advise through a dedicated Egypt-based team. With nearly $850 million invested in Egypt over the past decade, the firm brings significant experience in supporting digital transformation.
AIREV receives strategic backing from Venturewave Capital
UAE-based artificial intelligence firm AIREV has secured investment from Ireland’s Venturewave Capital to accelerate the growth of its AI operating system ‘On-Demand.’
The capital will enable AIREV to expand beyond the UAE and Ireland and explore new markets. The investment reinforces its ambition to scale as a leading AI player in the Gulf.
The investment reinforces AIREV’s position to scale as an AI company in the Gulf region.
viAct raises $7.3m Series A to advance industrial AI
Hong Kong-based AI startup viAct has closed a $7.3 million Series A round led by Venturewave Capital, with participation from Singtel Innov8, Korea Investment Partners, and the PolyU Entrepreneurship Investment Fund.
The firm develops AI models for hazard prediction and workforce safety in high-risk sectors. viAct plans to expand its presence in the Middle East, especially Saudi Arabia, and grow its engineering and sustainability teams globally.
