Saudi firms eye investment at Iraqi real estate exhibition
Saudi firms eye investment at Iraqi real estate exhibition/node/2295821/business-economy
Saudi firms eye investment at Iraqi real estate exhibition
The annual exhibition is considered one of the largest gatherings of companies specializing in building and construction materials in the Middle East and North Africa region. (Shutterstock)
Saudi firms eye investment at Iraqi real estate exhibition
Updated 01 May 2023
Arab News
RIYADH: Top Saudi companies are in Baghdad to attract investment for the Kingdom’s construction sector at the Iraq International Real Estate Investment 2023 Exhibition being held between May 1 and 4.
The visit is also an opportunity for the delegation to promote the “Made in Saudi Arabia” program in the region, reported the Saudi Press Agency.
According to the report, the Saudi pavilion comprises 18 construction and real estate companies, besides representation from the Saudi Export Development Authority and the Ministry of Investment.
The annual exhibition is considered one of the largest gatherings of companies specializing in building and construction materials in the Middle East and North Africa region.
The SPA report added that Saudi firms are participating in the event to promote national goods and services and penetrate the Iraqi market, seen as one of the most promising opportunities in the region.
The event is also expected to reveal insights into the latest trends in real estate, construction, pricing and realty investments.
The Saudi participation in the exhibition extends its growing economic relations with Iraq.
The Kingdom’s non-oil exports to Iraq reached SR14.8 billion ($3.95 billion) during the past five years, with the building materials sector recording the highest export volume of SR4.42 billion.
The bilateral trade relationship between the countries also received a major boost following the establishment of the Saudi-Iraqi Coordination Council in 2017, as it opened up significant investment avenues in various fields, including commerce, agriculture and industry.
The Saudi export authority has been working to enhance and facilitate the process of trade exchange between both countries as they cater to one of the most important regional markets.
It is promoting Saudi companies and providing them access to more promising markets in line with the plans to diversify the economy and sources of income in accordance with the objectives of the Kingdom’s Vision 2030 initiative.
MENA startup funding grows in May as Egypt rebounds
Updated 6 sec ago
Nour El-Shaeri
RIYADH: Startups across the Middle East and North Africa secured $289 million across 44 deals in May, marking a 25 percent rise from April and a 2 percent increase year-on-year.
While equity dominated the deal flow, debt financing represented just 9 percent of the total.
Egypt led regional fundraising with $125 million, bolstered by Nawy’s $75 million round and seven other deals totaling $50 million.
The UAE followed with $86.7 million from 14 deals, while Saudi Arabia came third with $69 million from 15 transactions.
Kuwait made a rare appearance in the top four, with two startups securing a combined $6 million.
Despite the hype around artificial intelligence, fueled by a high-profile visit from US President Trump and Silicon Valley executives, funding in the sector was limited.
AI startups attracted just $25 million across two deals, underscoring a gap between public narrative and private capital flows.
Fintech maintained its lead among sectors, drawing $86.5 million through 14 rounds. Property technology followed, lifted by Nawy, while media technology firms raised $32 million.
Construction technology firm WakeCap raised $28 million, one of the few notable later-stage rounds.
Early-stage funding dominated the month, accounting for $161 million, with just one pre-series C deal recorded at $12 million.
Business-to-business startups continued to command investor attention, raising $157 million across 29 deals.
The gender gap in startup funding persisted, with male-founded teams receiving 82 percent of capital, compared to 7 percent for women-led firms and 11 percent for mixed-gender teams.
Stride Ventures doubles down on GCC with Saudi expansion
Stride aims to triple its assets under management in the GCC by 2026. Stride
Stride Ventures, a global venture debt firm, is deepening its presence in the Gulf Cooperation Council, centering its growth strategy on Saudi Arabia.
The firm announced the opening of a second regional office, the doubling of its local team, and the release of the inaugural Global Venture Debt Report 2025, developed in partnership with Kearney.
The report reveals that the GCC’s venture debt market has grown at a compound annual growth rate of 54 percent—quadruple the global average—reaching $500 million in 2024 from $60 million in 2020.
As part of its regional ambitions, Stride aims to triple its assets under management in the GCC by 2026 and is targeting $500 million in commitments over the next three to five years.
“Saudi Arabia is shaping the future of venture capital and private credit with intention and scale,” said Fariha Javed, partner at Stride Ventures, adding: “We are seeing a new generation of founders who understand the value of non-dilutive capital to scale responsibly and an equally ambitious set of investors in the region ready to fuel their growth.”
Javed said that Saudi Arabia is moving from being a capital source to becoming a capital magnet.
Badir Fund backs Shorooq’s Nahda Fund II to unlock SME credit
The UAE-based Arab Fund for Economic and Social Development has committed capital to Shorooq Partners’ Nahda Fund II through its Badir Fund for small and medium-sized enterprises.
Founded in 2017, Shorooq is known for offering structured financing to growth-stage companies.
Recent recipients include fintech firm Abhi and self-storage platform The Box, which received $15 million and $12.5 million in debt financing, respectively.
“This collaboration with the Badir Fund is a significant step towards empowering SMEs in the Arab region,” said Nathan Kwon, partner and credit head at Shorooq.
“By combining our expertise in structured financing with the Badir Fund’s commitment to economic development, we can provide SMEs with the necessary resources to thrive.” Essam Al-Quorashy, secretary general of the Badir Fund.
“This investment from the Arab Fund will unlock vital growth opportunities for small businesses, promote their growth and foster financial inclusion of underserved segments across the Arab region,” Al-Quorashy added.
ShipBee secures $235k to digitize logistics in Qatar
The fresh capital will fuel ShipBee’s team expansion, product development, and regional scaling. ShipBee
Doha-based logistics startup ShipBee has closed a $235,000 pre-seed round, valuing the company at $1 million.
The funding was led by Qatar’s GrowthX, with contributions from two angel investors and $40,000 in founder capital.
Founded in March 2024 by Tamer Raafat and Amer Azani, ShipBee provides a tech-enabled logistics platform integrating a digital marketplace, AI-powered software, mobile applications, and international express shipping.
The funds will be used to grow the team, enhance the product, and expand regionally.
“This funding empowers us to scale our vision of simplifying logistics through cutting-edge technology,” said Tamer Raafat, co-founder and CEO.
“ShipBee’s vision is to build a smart logistics ecosystem in Qatar and MENA using the power of AI and new technologies.” Hamad Al-Hajri, CEO and founder of GrowthX and Snoonu.
“ShipBee perfectly aligns with Qatar’s strategic goals by combining innovation with logistics excellence. I firmly believe ShipBee has the potential to become a leading technology-driven logistics platform, both regionally and globally,” Al-Hajri added.
Kumulus Water raises $3.5m to scale atmospheric water tech
Kumulus was founded by Iheb Triki and Mohamed Ali Abid. Kumulus
Kumulus Water, a startup headquartered between France and Tunisia, has secured $3.5 million in seed funding to scale its off-grid water production systems.
The round included support from Bpifrance, through the France 2030 SGPI initiative and the Ile-de-France Region, as well as regional VCs Khalys Venture, Flat6Labs, PlusVC, and beverage company Spadel.
Several family offices and founders from Europe and North Africa also participated.
Co-founded by Iheb Triki and Mohamed Abid, Kumulus develops atmospheric water generators that extract drinking water from air humidity — offering infrastructure-free solutions for underserved communities.
The new capital will fund the launch of its industrial-grade Kumulus Boks machines and expand operations across France, Spain, and Tunisia, with Saudi Arabia identified as the next market entry point.
EightClouds is concentrating its activities in the food, beverage, and hospitality sectors. EightClouds
UAE-based alternative investment firm EightClouds has completed its $20 million capital raise ahead of schedule, closing the round in 11 months instead of the planned 24.
The firm plans to deploy the funds into strategic acquisitions and initiatives targeting scalable, consumer-focused brands across the Gulf.
EightClouds, which focuses on transforming capital into economic prosperity, is concentrating its activities in the food, beverage, and hospitality sectors.
These industries, the firm notes, are driven by evolving consumer preferences and digital innovation.
The company’s expansion strategy will focus on the UAE and Saudi Arabia, markets it views as primed for rapid growth due to policy support and infrastructure readiness.
Khwarizmi Ventures eyes $120m for second MENA-focused fund
Saudi venture capital firm Khwarizmi Ventures is planning to raise up to $120 million for its second fund, aimed at supporting early-stage startups across the Middle East and North Africa.
The fund will target investments from seed to series A stages and is expected to close by the end of 2025.
Speaking to Alarabiya Business, managing partner Abdulaziz Al-Turki described the regional climate as a “golden opportunity” for early-stage investors.
“The number of unicorns in MENA has grown from zero a decade ago to eight today,” he said, adding: “By 2035, that number could reach 60.”
Khwarizmi Ventures’ strategy is designed to place capital early in companies with strong scaling potential ahead of larger funding rounds.
Edtech startup Taawoni raises $1.6m to expand training platform
Saudi-based education technology company Taawoni has closed a $1.6 million investment round led by M Capital and supported by undisclosed investors.
The startup, founded in 2021 by Aliyah Al-Ghubayn, operates a platform focused on cooperative training and professional development.
Taawoni enables collaboration between universities and employers to deliver co-op training programs that provide students nearing graduation with real-world work experience.
The new funds will be used to drive growth and integrate more deeply into both the education and human resources technology ecosystems across the region. Expansion into new regional markets is also planned.
Oil Updates — prices heading for rebound this week as US-China trade talks resume
Updated 06 June 2025
Reuters
SINGAPORE: Oil prices slipped on Friday but were on track for their first weekly gain in three weeks after US President Donald Trump and Chinese leader Xi Jinping resumed trade talks, raising hopes for growth and stronger demand in the world’s two largest economies.
Brent crude futures fell 19 cents, or 0.3 percent, to $65.15 a barrel as of 7:41 a.m. Saudi time. US West Texas Intermediate crude gave up 20 cents, also 0.3 percent, to $63.17, after gaining around 50 cents on Thursday.
On a weekly basis, both benchmarks were on track to settle higher after falling for two straight weeks. Brent has advanced 2.1 percent this week, while WTI is trading 4 percent higher.
China’s official Xinhua news agency said trade talks between Xi and Trump took place at Washington’s request. Trump said the call had led to a “very positive conclusion,” adding the US was “in very good shape with China and the trade deal.”
Canada also continued trade talks with the US, with Prime Minister Mark Carney in direct contact with Trump, according to Industry Minister Melanie Joly.
The oil market continued to swing with news on tariff negotiations and data showing how trade uncertainty and the impact of the US levies are flowing through into the global economy.
“The potential for increased US sanctions in Venezuela to limit crude exports and the potential for Israeli strike on Iranian infrastructure add to upside risks for prices,” analysts at BMI, a Fitch affiliate, said in a note on Friday.
“But both weaker demand for oil and increased production from both OPEC+ and non-OPEC producers will add to downside price pressures in the coming quarters.”
Top exporter Saudi Arabia cut its July crude prices for Asia to near two-month lows. That was a smaller price reduction than expected after OPEC+ agreed to ramp up output by 411,000 barrels per day in July.
Saudi Arabia, UAE lead global office quality fit-out investments: JLL
Updated 05 June 2025
Nirmal Narayanan
RIYADH: Saudi Arabia and the UAE are leading global investments in high-end office fit-outs, averaging over $2,400 per sq. meter, well above the global benchmark of $1,830, according to a new report.
An analysis by real estate advisory firm JLL, based on data from 25 countries, found that companies in both Gulf countries are prioritizing workspace upgrades as part of broader return-to-office strategies.
In the Middle East and Africa, corporate sentiment remains focused on targeted investments in design and functionality to support hybrid working models and enhance employee productivity.
The report added that initiatives in Saudi Arabia such as the regional headquarters program are playing a crucial role in driving demand for Grade A office spaces in the Kingdom. It offers incentives such as a 30-year corporate income tax exemption and withholding tax relief, alongside regulatory support for multinationals operating in the Kingdom.
Maroun Deeb, head of project and development services for Saudi Arabia and Bahrain at JLL, said: “The general optimism toward investing in workspaces is likely to continue throughout 2025 as growth-oriented corporations invest in office fit-outs to support their hybrid workplace policies.”
He added: “Targeted investments to enhance employee experience will see an increased focus on workplace design, innovative technology solutions, and refurbishment opportunities amid growing interest in healthier, energy-efficient workspaces.”
According to the analysis, companies in Saudi Arabia and the UAE are investing more on fit-outs to enhance workplace experience and employee performance.
The report added that Saudi Arabia and the UAE are among the premium global markets for quality fit-out investments on par with London, New York and Sydney.
JLL analyzed data from 25 countries and found that sustainability is a key driver in many relocation strategies and office fit-outs.
Some 68 percent of organizations globally plan to increase investment in sustainability performance in the next five years.
In the Middle East and Africa region, the sentiment is strongest in Saudi Arabia and the UAE, where 78 percent of corporate real estate leaders aim to enhance value through sustainability.
The report, however, added that organizations in the region face challenges in meeting sustainability requirements due to limited suitable stock and high costs of upgrading older buildings.
JLL added that early planning and integration of sustainability targets in relocation strategies and fit-out projects is crucial to address challenges.
“Offices that embrace innovative technologies and sustainable design principles and have higher levels of green certification command a premium, especially in Dubai,” said Gary Tracey, head of project and development services UAE at JLL.
He added: “Investments to improve sustainability will mitigate future operational expenses, remaining highly attractive to tenants seeking modern, efficient workplaces.”
The report further said that supply chain disruptions in 2024 disproportionately affected the office market in the Middle East and North Africa, tightening project timeframes and escalating pricing.
“From environmental and smart building systems to adaptive workspaces and settings, supply chain engagement is critical in managing costs and allowing for innovation in future-focused workspaces,” said JLL.
The report added that mechanical and electrical services now account for a higher proportion of office spend as stricter environmental and sustainability standards require more complex systems.
With 39 percent spending on M&E services, Cairo ranks among the top cities globally for average proportion of costs per sq. meter for such services, followed by Dubai at 30 percent and Riyadh at 29 percent.
In April, in a separate analysis, JLL said that the global office sector is rebounding as companies scale back hybrid employment options, increasing demand for workspaces.
In that report, JLL revealed that 59 percent of organizations globally are increasing investments in design and fit-outs.
Saudi Arabia and Syria explore investment cooperation in bid to boost economic integration
Updated 05 June 2025
Nour El-Shaeri
RIYADH: Saudi Arabia and Syria are set to advance economic cooperation following a virtual meeting between the Kingdom’s Minister of Investment Khalid Al-Falih and the Middle Eastern country’s Minister of Economy and Industry Mohammad Al-Shaar.
The two sides reviewed prospects for investment partnerships and discussed opportunities to expand collaboration in both public and private sectors, according to a report by the Saudi Press Agency.
The discussions focused on promoting high-quality investments across productive and service industries, with the goal of supporting Syria’s economic development and enhancing regional financial integration.
The meeting also examined ways to build a favorable environment for cross-border investments that can contribute to long-term stability.
Syria is undertaking significant efforts to revive its economy following years of conflict. The transitional government, led by President Ahmed Al-Sharaa, has initiated reforms, including the privatization of state enterprises, the lifting of import restrictions, and the encouragement of foreign investment.
Notable developments encompass a $7 billion energy infrastructure agreement with a Qatari-led consortium, the reopening of the Damascus Securities Exchange, and a $300 million fiber-optic project involving Gulf telecom firms.
“Al-Falih emphasized the importance of creating an enabling environment for expanding regional investment partnerships,” SPA said.
He added that Saudi Arabia is keen to assist in stabilizing and developing the Syrian economy, which he described as essential for serving mutual interests and promoting regional economic prosperity.
Additionally, the Kingdom and Qatar have pledged financial support for Syrian public sector salaries in May.
These initiatives, alongside the easing of Western sanctions, aim to stabilize the economy and attract international investment.
The talks are part of broader Saudi efforts to expand its global investment footprint and strengthen economic ties across regions.
In May, Saudi Foreign Minister Prince Faisal bin Farhan visited Damascus, where he met Al-Sharaa and pledged Saudi-Qatari support for Syria’s public sector, with a particular focus on energy and infrastructure investments.
The Kingdom has also ramped up high-level international engagements this year. Minister of Finance Mohammed Al-Jadaan participated in the Saudi-US Investment Forum in Riyadh in May to discuss cross-border investment opportunities.
In April, Al-Jadaan met with Pakistan’s Finance Minister Muhammad Aurangzeb in Washington to deepen financial and economic cooperation.
Additionally, Minister of Economy and Planning Faisal Alibrahim signed a memorandum of understanding with Spain on May 22 to promote trade diversification and new investment opportunities.
Alibrahim also represented Saudi Arabia at the World Government Summit in Dubai in February to advance Vision 2030 partnerships.
Saudi Arabia’s Port of NEOM installs 1st automated cranes, targets 2026 launch
Updated 05 June 2025
MIGUEL HADCHITY
RIYADH: Saudi Arabia’s $500-billion giga-project NEOM has installed the Kingdom’s first fully automated, remote-controlled cranes at its Red Sea port as it moves ahead with plans to begin operations in 2026.
The delivery of next-generation ship-to-shore and electric rubber-tyred gantry cranes marks a key milestone in the development of Terminal 1, which will accommodate the world’s largest container ships. NEOM is aiming to position the facility as a global logistics hub connecting Asia, Europe, and Africa.
The facility supports Saudi Arabia’s Vision 2030 by contributing to economic diversification through enhanced trade, logistics, and industrial capabilities. As global supply chains shift toward resilience and efficiency, NEOM’s strategic Red Sea location positions it as a vital link between Asia, Europe, and Africa.
Sean Kelly, managing director of Port of NEOM, said: “The arrival of our first automated cranes marks a tangible milestone as we lay the foundations for an advanced, future-ready port.”
He added: “We’re not only accelerating industrial growth in northwest Saudi Arabia, but we’re also setting a new benchmark for performance, efficiency, innovation and establishing a vital trade gateway for the Kingdom and the region beyond.”
The new cranes will enable high-efficiency operations while allowing remote control from ergonomic workstations.
Infrastructure developments, including a 900-meter quay wall and an 18.5-meter-deep channel, ensure the port can handle the largest vessels transiting the Suez Canal. Terminal 1 will also feature horizontal transport automation, boosting logistics capacity and regional industrial growth.
Alongside infrastructure upgrades, the port is investing in local talent development. A specialized program is training Saudi workers, including women, for high-tech roles such as remote crane operations. Ten participants from Saudi Arabia’s Tabuk region are currently in a two-year program combining technical training and mentorship.
Trainee Hajjer Alatawi said: “This experience has shown me that port logistics is far more complex than just moving cargo; it’s about teamwork, precision and responsibility. Seeing more Saudi women entering this space gives me hope for a future where industries are defined by skills, not gender.”
The press release added that by empowering Saudi workers with high-tech skills, “Port of NEOM is supporting NEOM’s vision of being a catalyst for a sustainable, diverse and innovative ecosystem that enables regional economic resilience and advances the goals of Saudi Vision 2030.”
