Search form

You are here

  • Home
  • UAE startups grab lion’s share of regional funding


UAE startups grab lion’s share of regional funding

The UAE metaverse startup Numi raised $20 million in funding from Venom Ventures Fund. Founded in 2021, Numi aims to build a global entertainment ecosystem of virtual reality users, influencers and creators. (Supplied)
Short Url

https://arab.news/j39jg

Updated 20 January 2023
Nour El-Shaeri
Follow

UAE startups grab lion’s share of regional funding

  • Tabby will utilize its funding to grow its product offering and expand current products into new markets
Updated 20 January 2023
Nour El-Shaeri

CAIRO: The UAE’s leading fintech startup Tabby raised $58 million in a series C funding round from international investors valuing the company at $660 million.

Established in 2019, Tabby provides users with buy now, pay later options to facilitate a financially friendly shopping experience online and offline.

In an exclusive interview with Arab News, Hosam Arab, CEO and founder of Tabby, said that the company will utilize its funding to grow its product offering and expand current products into new markets.

“We’re looking to expand our Tabby Card offering to other operating markets outside of the UAE. We’re also building toward consumer financial products to help people do more with their money,” he said.

The Tabby virtual card is a Visa card that allows shoppers to split their purchases into four payments at select in-store locations.




“We’re excited to grow with an incredible set of investors who believe in the opportunity to create a healthier relationship with money for consumers,” said Hosam Arab, Tabby CEO and founder. (Supplied)

Tabby managed to issue over 150,000 cards in six months with in-stores currently contributing 10 percent of total sales.

The company’s virtual card will apparently be launched soon in Saudi Arabia as 85 percent of its sales volume is happening in the Kingdom.

In September 2022, Abdulaziz Saja, general manager of Tabby Saudi Arabia, told Arab News that the company was planning to launch the virtual card in the Kingdom after witnessing the product’s success in the UAE.

“Tabby will continue to lead the generational shift towards fair and transparent financial products in the Middle East and North Africa region with every new product matching customer needs,” Arab stated.

The company works with over 10,000 brands including nine out of the 10 largest retail groups in the MENA region. It recently launched its services with noon, one of the region’s largest e-commerce marketplaces.

The funding round saw participation from Sequoia Capital India, STV, Mubadala Investment Capital, Arbor Ventures, Endeavor Catalyst, and PayPal Ventures as its first investment in the Gulf Cooperation Council region.

HIGHLIGHTS

• Tabby virtual card is a Visa card that allows shoppers to split their purchases into four payments at select in-store locations.

• Tabby managed to issue over 150,000 cards in six months with in-stores currently contributing 10 percent of total sales.

“We’re excited to grow with an incredible set of investors who believe in the opportunity to create a healthier relationship with money for consumers in a region that’s ripe for change,” Arab stated.

The company operates in the UAE, Saudi Arabia, Kuwait and recently expanded to Egypt with plans to expand further and cover the rest of the GCC region.

Last year, Tabby managed to attract more than 3 million active shoppers on its platform and grew its revenue by five times over the previous year.

One Moto secures $150m to fuel UK expansion

The UAE’s electric mobility startup and last-mile delivery service provider One Moto secured $150 million from an undisclosed investor in the UK to scale operations into the country.

Founded in 2019, the company aims to become a one-stop platform for electric vehicles aimed at last-mile deliveries with presence in China, Sri Lanka, Ethiopia and Nepal.

“With the support of the finance deal, we expect to deploy up to 30,000 vehicles across the UK in H1 2023. This harnesses our conversations with UK Trade & Investment to open the first European assembly plant,” Adam Ridgawy, CEO of One Moto, said in a statement.

The company will utilize its funding round to expand to the UK to help tackle the decarbonization challenges from last-mile delivery.

Alaan raises $4.5m for regional expansion

The UAE-based B2B fintech startup Alaan secured $4.5 million in a pre-series A funding round by Presight Capital and Y Combinator to fuel regional expansion.

Founded in 2020, the company offers a platform for businesses to issue physical and virtual cards to manage business expenses, transactions, subscriptions, vendor payments, government services and in-store purchases.

The company plans to utilize its funding to grow its presence in the UAE and expand into new GCC markets in addition to enhancing its product offering.

“With the new funds, we are excited to further enhance our offering and expand our reach in new markets as we continue to help businesses improve their efficiency, productivity and employee experience through Alaan,” said Parthi Duraisamy, CEO and co-founder of Alaan.

The company, which currently has over 100 businesses in the UAE benefiting more than 5,000 employees, averaged a monthly growth of 500 percent in 2022.

Metaverse startup Numi secures $20m in funding   

The UAE metaverse startup Numi raised $20 million in funding from Venom Ventures Fund, a $1 billion venture capital fund targeting blockchain and Web3 projects.

Founded in 2021, Numi aims to build a global entertainment ecosystem of virtual reality users, influencers and creators.

The company plans to release a minigame experience with a variety of special rewards named Visual Novel in 2023. Venom became the first blockchain to fall under the jurisdiction of a regulatory body after it obtained a formal license to issue utility tokens from the Abu Dhabi Global Market.

Flyby closes a $1m seed round

Emirati last-mile startup Flyby raised $1 million in a seed funding round led by Silicon Valley’s FHS Capital and London’s VN2 Capital.

Founded in 2022, the company provides clients with smart delivery boxes infused with tracking and road safety technology in addition to digital ad spaces.




Flyby provides clients with smart delivery boxes infused with tracking and road safety technology. (Supplied)

The company will utilize its funding to deploy a fleet of Flyby smart boxes in Dubai along with scaling and developing its technological aspect.

Flyby’s smart delivery box contains a series of embedded sensors, with live telemetry data including GPS position, speed, acceleration and tilt allowing the measuring and monitoring of driver behavior.

EV charging companies partner to fuel industry

The UAE-based electric vehicle charging company Regeny partnered with its California counterpart EvGateway to deliver EV charging solutions for a rising industry.

The partnership is set to deploy 10,000 EV charging stations throughout the UAE by 2030 ranging from alternate current and direct current fast-charging hardware to charging management technology.

The UAE is expected to have around 42,000 EVs on the road by 2030 and is among the top 10 countries that are geared towards electric mobility with 44 percent of the residents willing to shift to EVs, according to the press release.

Topics: startups

Related

Business & Economy
UAE fintech Tabby raises $58m in series C funding round to expand its product offering  
Corporate News
Alaan launches UAE’s first business cashback card

World Economic Forum adds Aramco facility to its Global Lighthouse Network

Updated 15 January 2025
Arab News
Follow

World Economic Forum adds Aramco facility to its Global Lighthouse Network

  • The network recognizes industrial sites that use advanced technologies to boost performance, operations and sustainability
  • North Ghawar Oil Producing Complex is the 5th Aramco facility to earn a place in the network
Updated 15 January 2025
Arab News

LONDON: The World Economic Forum has added Aramco’s North Ghawar Oil Producing Complex to its prestigious Global Lighthouse Network.

It is the fifth Aramco facility to earn a place in the network. The company said the addition honors its efforts to enhance operational and environmental performance.

Nasir K. Al-Naimi, the company’s upstream president, described the achievement as testament to the company’s focus on innovation and operational excellence.

“It validates our journey towards a truly digital and lower-carbon-emissions future, where technology empowers us to optimize our processes, reduce our environmental impact, and deliver exceptional value to our customers and shareholders.”

The Global Lighthouse Network, established by the forum in 2018 in collaboration with management consultancy McKinsey & Company, recognizes industrial facilities worldwide that have leveraged Fourth Industrial Revolution technologies to achieve measurable improvements in financial performance, operations and sustainability, and reduce environmental impacts.

The Aramco facility was one of 17 industrial sites worldwide added to the network on Tuesday. It now comprises 189 facilities worldwide, and Aramco is the only energy company represented by more than three facilities. The North Ghawar site is located in Al-Ahsa Governorate in the Eastern Province.

Topics: North Ghawar Oil Producing Complex Aramco Global Lighthouse Network World Economic Forum

Related

Business & Economy
Saudi Aramco secures $9bn in deals on first day of iktva forum
Business & Economy
Saudi Aramco increases February oil prices for Asia

Four Seasons Beirut to reopen in 2026 after reconstruction

Updated 14 January 2025
MOHAMMED AL-KINANI
Follow

Four Seasons Beirut to reopen in 2026 after reconstruction

Updated 14 January 2025
MOHAMMED AL-KINANI

JEDDAH: The Four Seasons Hotel in Beirut is set to reopen in the first quarter of 2026 after undergoing a comprehensive rehabilitation, according to a statement from Kingdom Holding Co.

“On the occasion of a new era for Lebanon, and under the leadership of His Excellency President Joseph Aoun, I am pleased to announce that the Four Seasons Hotel, Beirut, which Kingdom Holding built, will be entirely reconstructed and refurnished by Kingdom Beirut S.A.L and will reopen to the public in Q1 of 2026,” Prince Alwaleed bin Talal, chairman of KHC, wrote on his X account on Tuesday.

Prince Alwaleed further noted that the hotel, located adjacent to Beirut’s Zaitunay Bay marina, would be upgraded to the highest international standards. The revamp is expected to position the property as one of the premier urban resorts worldwide.

The timing of the announcement follows recent diplomatic developments, including a call from Saudi Crown Prince Mohammed bin Salman to congratulate Lebanon’s new president, with an invitation to visit the Kingdom.

The Four Seasons Beirut was severely damaged in the 2020 Beirut Port explosion, which devastated much of downtown Beirut, an area once popular with Gulf tourists.

The region has since been affected by geopolitical tensions, including Hezbollah’s involvement in the Syrian war and its support for Houthis in Yemen.

Four Seasons, one of the world’s leading luxury hotel chains, has been privately owned by KHC and Cascade Investment, the investment vehicle controlled by Bill Gates, since 2007. Both KHC and Cascade own 47.5 percent stakes in the company, with the remaining 5 percent held by Triple Holdings, which represents Four Seasons’ founder, Isadore Sharp, according to KHC’s website.

KHC’s relationship with Four Seasons dates back to 1994, when the company first recognized the brand’s potential and invested in a minority stake through a private equity deal.

Topics: KHC Four Seasons hospitality

Saudi Arabia, Pakistan to announce major collaborations in mining, minister reveals

Updated 14 January 2025
Reem Walid
Follow

Saudi Arabia, Pakistan to announce major collaborations in mining, minister reveals

Updated 14 January 2025
Reem Walid

RIYADH: Saudi Arabia and Pakistan are set to announce major collaborations in the mining sector, with a particular focus on copper and gold assets, according to a top official.

Speaking to Arab News on the first day of the Future Minerals Forum 2025, taking place in Riyadh from Jan. 14 to 16, the South Asian country’s Minister for Petroleum Musadik Malik explained that the two nations are also exploring collaboration prospects in additional sectors including energy, food security, and industrial.

This falls in line with Pakistan seeking to strengthen trade and investment ties with the Kingdom, whose leadership reaffirmed its commitment this year to expedite a $5 billion investment package for the country.

“Well, we are hoping and expecting the year 2025 to be a year of big announcements, particularly between the Kingdom of Saudi Arabia and Pakistan. As you know, we are in advanced stages of conversations about a very large asset, and we have done all the homework that was needed. We’ve done the commercial due diligence, we’ve done the legal deed due diligence. We’ve done the financial due diligence. Both sides have come up with valuation frameworks,” Malik said.

“In mining, it’s going to be the mining assets, particularly the copper mining assets, copper and gold mining assets. So, we are very hopeful about that,” he added.

The senator said the valuation ranges are in place, and both teams are now empowered to negotiate.

“Right now, we are under non-disclosure, so I can’t give you the details, but suffice to say that we are expecting very big announcements very soon,” Malik said.

“In the industrial areas, as you know, there are about $2 billion worth of commercial MoUs (memorandums of understandings) and contracts already signed between the Saudi companies and Pakistani companies, and many of them have become the actual contracts, and the trade has started. So, that’s a big chunk of commercial activity as well as industrialization activity,” he added.

“We also have ongoing conversations about very large energy projects, in terms of refineries and so on and so forth. So, it depends upon whether it’s food security. We have things going on, whether it’s commercial trade, there are things going on, whether there’s industrial activity and investments there are things going on,” the senator said.

Malik went on to highlight the benefits of the ministerial roundtable held at the Future Minerals Forum, which saw participation from 89 countries.

“I think the most interesting and intriguing part of this ministerial roundtable is that everyone is focused on the future. We’re not just talking about right now. It’s almost like we’re sitting together and writing the history of future. That’s what we are trying to do,” he said.

“We are thinking not just about where the assets are, but we are also thinking about where how these assets are going to create value and we are not only limited to creating value, but we are also thinking about value capture. So, from asset to value creation to value capture, everything is getting discussed, and it’s getting discussed in a manner which ensures sustainability of mining,” he added.

The senator also highlighted the growing focus on sustainable mining, communities, the circular economy, and how resource-rich countries are positioning themselves to participate in downstream activities, capture value, and navigate the geopolitics and emerging industrial policies shaping the future.

“All of those very healthy discussions are taking place right now. But if you talk about the end game, the end game is to ensure that there’s a sustainable world, that the world is carbon neutral,” Malik said.

Topics: Future Minerals Forum FMF Saudi-Pakistan ties Mining

Related

Special
Business & Economy
Saudi-Finland ties hold ‘almost unlimited potential,’ says Finnish minister
Business & Economy
Saudi Arabia champions global collaboration and innovation at Future Minerals Forum

Saudi-Finland ties hold ‘almost unlimited potential,’ says Finnish minister

Updated 14 January 2025
Nadin Hassan
Nirmal Narayanan
Follow

Saudi-Finland ties hold ‘almost unlimited potential,’ says Finnish minister

Updated 14 January 2025
Nadin Hassan Nirmal Narayanan

RIYADH: Mining presents significant opportunities for collaboration between Saudi Arabia and Finland, a senior Finnish minister stated, emphasizing the “almost unlimited potential” of their bilateral relationship.

In an interview with Arab News on the sidelines of the Future Minerals Forum in Riyadh on Jan.14, Wille Rydman, Finland’s minister for economic affairs, highlighted that Saudi Arabia’s partnership with Finnish companies could play a key role in achieving sustainability within the Kingdom's mineral sector.

Saudi Arabia already enjoys a robust relationship with Finland in the energy sector. In October 2024, the two countries signed a memorandum of understanding to accelerate collaboration in areas such as clean power technologies, stable electricity systems, and climate change mitigation solutions.

“I think that there is almost unlimited potential in our bilateral trade relations. As we are now meeting here in the Future Minerals Forum, the focus is heavily on the mining industry. And I think that’s one of the arenas where our countries can cooperate even deeper in the future,” Rydman said.

He added: “Finnish companies are very known for their sustainability, their ability for doing (a) sustainable mining industry. I’m very confident that they can also give a lot of know-how and business potential for Saudi Arabia’s mineral sector.”

Rydman further emphasized that Finnish collaboration in the mining sector would assist Saudi Arabia in meeting its energy transition targets. Strengthening the industry, he noted, is essential for achieving these goals, as minerals are crucial for the electrification of societies.

“It’s been globally very well recognized how important a role critical raw materials are playing in the future energy transition, and how important it is to maintain those critical supply and value chains when it comes to minerals and mining industry,” the minister explained.

He also pointed out that Saudi Arabia’s Vision 2030, which includes objectives like responsible mining and the use of green energy, presents valuable opportunities for Finnish companies to operate within the Kingdom.

“The aims and targets that Saudi Arabia has put for itself are actually kind of targets and aims where Finnish companies have been succeeding very well, especially when it comes to the mining industry, responsible mining, green energy, green and clean transition. And that’s why I think that Finnish companies entering Saudi Arabian markets can help Saudi Arabia to reach those targets,” Rydman said.

The minister also extended an invitation to Saudi investors to explore opportunities in Finland.

Topics: Future Minerals Forum

ACWA Power expands in China with $312m in renewable energy deals

Updated 14 January 2025
Nour El-Shaeri
Follow

ACWA Power expands in China with $312m in renewable energy deals

Updated 14 January 2025
Nour El-Shaeri

RIYADH: Saudi Arabia’s ACWA Power has solidified its position in China’s renewable energy sector with two major agreements valued at $312 million.

These agreements mark a significant step in the company’s global expansion strategy and underscore its commitment to driving the country’s clean energy transition.

The deals include a 132-megawatt solar photovoltaic portfolio in Guangdong province and a 200-megawatt wind energy project, according to a company statement. Both projects are central to ACWA Power's broader strategy in China, which was launched in 2023 to support the nation’s renewable energy goals.

Marco Arcelli, CEO of ACWA Power, expressed enthusiasm about the developments: “This is a significant milestone for ACWA Power in China, establishing our operational presence in renewable energy and water desalination. We are committed to working alongside our Chinese partners to contribute to the country's clean energy and water transition.”

Arcelli further emphasized the company’s long-term vision: “We are not only investing in renewable energy projects but also in Chinese expertise and building enduring relationships within the country.”

The solar project, ACWA Power’s first collaboration at the asset level with its long-term supply chain partner Sungrow Renewables, will span three separate sites in Guangdong. Additionally, the wind energy agreement, which was signed with Mingyang Smart Energy Group — a leading wind turbine manufacturer — opens the door for joint investments in China’s rapidly expanding wind sector.

ACWA Power’s formal entry into China’s renewable energy market was announced in December 2024, with the company planning to develop projects exceeding 1 gigawatt across multiple provinces.

Mohammad Abunayyan, founder and chairman of ACWA Power’s board of directors, commented: “Our entry into China’s renewable energy market represents a key milestone in our global strategy for a sustainable future. Our growth is not just about adding megawatts; it’s about forging lasting partnerships that accelerate the energy transition and create a cleaner, more prosperous world for future generations.”

These projects are part of an initial phase that will see ACWA Power expand its portfolio to more than 1 gigawatt of capacity in China. This move aligns with the company’s long-term ambition to triple its assets under management to approximately $250 billion globally by 2030.

Topics: ACWA Power China renewables

Latest updates

Muslim World League supports UNICEF on children’s needs in Pakistan, Chad, Afghanistan
‘All options exhausted,’ army chief tells political leaders on militant attacks from Afghanistan
‘Not for the poor’: Indonesians in capital face housing, commute woes
Pakistan expects $40 billion as World Bank announces decade-long development framework
Dense fog over Indian capital delays flights, trains

Search form

Print Edition
Read pdf version Subscribe now
© 2025 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement.