Startup Wrap – Saudi Arabia, Egypt, and UAE startups lead this week’s activity 

Founded in 2021 by Manar Al-Kassar and Ahmed Soliman, Kaso operates as a business-to- business food and beverage marketplace tailored for restaurants. (Supplied)
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Updated 15 July 2023
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Startup Wrap – Saudi Arabia, Egypt, and UAE startups lead this week’s activity 

CAIRO: Saudi Arabia’s venture capital landscape is witnessing a dynamic transformation, fueled by a surge of innovation and a rapidly evolving entrepreneurial ecosystem.  

With a booming economy and a strong commitment to diversify beyond oil, the Kingdom has become a hotbed for startup activity and investment opportunities. 

One example of this is Saudi Arabia-based food technology company Kaso, which successfully raised $10.5 million in a recent seed funding round.  

The funding came from a range of prominent investors, including Dubai-based Spade Ventures, Saudi Arabia’s Hala Ventures and Seedra Ventures, Oman-based Cyfr Capital, Jersey’s BY Venture Partners, San Francisco’s Pioneer Fund, and Singapore’s Vulpes Ventures.  

Notably, regional family offices and investors from Saudi Arabia also participated, along with previous investors Global Founders Capital from Germany and Singapore’s MSA Novo, both of whom led Kaso’s initial $2.1 million seed round in 2021, alongside Silicon Valley-based Y Combinator. 

Founded in 2021 by Manar Al-Kassar and Ahmed Soliman, Kaso operates as a business-to-business food and beverage marketplace tailored for restaurants.  

The platform not only facilitates food and beverage transactions but also provides integrated payment solutions and credit facilities for participating restaurants. 

With the new funding, Kaso aims to further expand its operations and enhance its technology infrastructure.  

The company plans to invest in scaling its platform, improving user experience, and expanding its network of partner restaurants.  

“It is very encouraging to see strong regional and international investors joining us, especially considering the challenges some start-ups currently face in the fundraising market,” said Al-Kassar. 

The additional capital will also support Kaso’s mission to streamline the food industry’s supply chain processes, promote digital transformation, and facilitate growth opportunities for restaurants in Saudi Arabia and beyond.  

“Our platform has already made a significant impact in reducing inefficiencies in the industry and we are confident that we can continue to make strides towards a more sustainable future,” said Soliman. 

UAE’s Alma Health secures $10m in a series A funding round 

UAE-based healthtech startup Alma Health has successfully raised $10 million in a series A funding round. 

It was co-led by Knuru Capital and Hambro Perks Oryx Fund, with participation from e& capital, S3 Ventures, Pinnacle Capital, and Khwarizmi Ventures. 

Founded in 2021 by Tariq Seksek and Khaldoon Bushnaq, Alma Health specializes in direct-to-patient digital healthcare solutions, specifically catering to individuals managing chronic conditions with presence in the UAE, Egypt and Saudi Arabia. 

The newly secured funding will play a pivotal role in fueling Alma Health’s growth strategy, with a strong emphasis on expanding its operations within the Saudi Arabian market.  

“Alma Health is truly blessed to have touched and improved the lives of many people living with chronic conditions in the Middle East and North Africa region," Alma Health co-founder Seksek said in a statement to Forbes Middle East. 

The company plans to capitalize on the funding to accelerate its market penetration, enter new geographical markets, and continue recruiting top-tier talent to support its ambitious expansion plans. 

Alma Health’s innovative approach to health care, centered around enhancing access and convenience for patients with chronic conditions, has positioned the company as a key player in the rapidly evolving healthtech sector. 

Agthia aims to fuel the F&B sector with a $54m VC fund 

Agthia Group PJSC, a leading UAE-based food and beverage company, has made a significant move in the venture capital space by launching Agthia Ventures, a $54 million venture capital fund.  

This corporate venture capital fund, jointly funded by Agthia Group and its parent company ADQ, aims to bolster Agthia’s innovation capabilities and forge mutually beneficial partnerships with startups, as the company strives for profitable growth in new and existing markets. 

“Innovation is the lifeblood of Agthia Group and plays a vital role in our strategic vision of being a leading food and beverage company in the MENA region and beyond by 2025,” Alan Smith, CEO at Agthia Group, commented. 

To ensure the impact of Agthia Ventures, the fund will be co-managed with Touchdown Ventures, a renowned firm with extensive experience in establishing and operating customized CVC programs for reputable corporate entities.  

Touchdown Ventures has a proven track record of over 100 venture investments to date. 

Agthia Ventures aims to adopt a stage-agnostic approach, meaning it is open to investing at various stages of a startup’s growth journey.  

The fund will primarily focus on startups operating in the snacks and beverages sector, functional water and hydration, alternative proteins, sustainability solutions in farming and packaging, e-commerce solutions for the food and beverage industry, and other enhancements that align with Agthia’s value chain. 

By investing in innovative startups, Agthia aims to enhance its product offerings, explore new markets, and strengthen its position as a leader in the food and beverage industry. 

UAE’s Nuwa Capital leads US-based Mascotte Health’s $1.2m pre-seed round 

UAE-based venture capital firm Nuwa Capital has taken the lead in a pre-seed funding round of $1.2 million for US-based startup Mascotte Health.  

The round also saw participation from angel investors associated with major companies like Uber, Turo, and Airbnb. 

Mascotte Health, founded by Bora Hamamcioglu, specializes in providing tech-enabled support infrastructure solutions to veterinary clinics.  

By offering virtual triage and enhancing customer experience, the company enables clinics to optimize their revenues without the need to increase their workforce. 

With the fresh capital infusion, Mascotte Health plans to expand the range of services it offers.  

Egypt’s EXITS MENA receives investment from US-based Practical VC 

Egypt’s EXITS MENA, a merger and acquisition advisory firm and investment platform, received an undisclosed funding amount from US-based venture capital Practical VC. 

EXITS MENA was founded in 2022 by Mohamed Aboul Naga, Ahella El Saban, and Ayman El Tanbouly, and has facilitated six deals with a combined value of over $10 million. 

Egypt-based fintech Menthum holds pre-seed funding round 

Egypt-based fintech company Menthum benefitted from a pre-seed funding round held by Acasia Ventures with participation from A15 and other angel investors. 

Founded in 2021 by Himanshu Shrimali and Ismail Sarhank, Menthum is a digital savings platform that enables individuals and companies to invest in safe treasury bills through a money market fund. 

The funding will go towards expanding Menthum’s team, customer acquisition, brand building and developing the company’s tech infrastructure. 


Oil Updates — crude inches up, but uncertainty over sanctions impact caps gains

Updated 12 sec ago
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Oil Updates — crude inches up, but uncertainty over sanctions impact caps gains

SINGAPORE: Oil prices rose on Wednesday trimming losses from the previous day, as the focus turned back to potential supply disruptions from sanctions on Russian tankers, though gains were capped as the market awaited more clarity on their impact.

Brent crude futures edged up 11 cents, or 0.1 percent, to $80.03 a barrel by 8:15 a.m. Saudi time, after dropping 1.4 percent in the previous session. US West Texas Intermediate crude climbed 23 cents, or 0.3 percent, to $77.73 a barrel after a 1.6 percent decline.

Prices slipped on Tuesday after the US Energy Information Administration predicted oil would come under pressure over the next two years as supply would outpace demand.

“The dominant driver has been all about the Russian oil sanctions lately, compounded by a streak of stronger US economic data,” said Yeap Jun Rong, market strategist at IG.

“The key question remains on how much Russian supply will be lost in the global market and whether alternative measures can offset the shortfall,” said Yeap, adding that in the near term oil may give up some of its sharp gains from the past week.

The market also found some support on Wednesday from a drop in crude stockpiles in the US, the world’s biggest oil consumer, reported by the American Petroleum Institute late on Tuesday.

“Oil prices are trading firmer in early morning trading in Asia today after API numbers showed that US crude oil inventories fell more than expected over the last week,” said ING analysts.

The analysts added that while crude oil stocks in the country’s flagship storage hub Cushing, Oklahoma, increased by 600,000 barrels, inventories were still historically low. Cushing in the delivery location for WTI futures contracts.

The API reported US crude oil stocks fell by 2.6 million barrels in the week ended Jan. 10, according to market sources citing the API figures. They added that gasoline inventories rose by 5.4 million barrels while distillate stocks climbed by 4.88 million barrels.

A Reuters poll showed analysts expected US crude oil stockpiles fell by about 1 million barrels in the week to Jan. 10. Stockpile data from the Energy Information Administration, the statistical arm of the US Department of Energy, is due at 6:30 p.m. Saudi time.

On Tuesday, the EIA trimmed its outlook for global demand in 2025 to 104.1 million barrels per day, while expecting supply of oil and liquid fuel to average 104.4 million bpd.

It predicted Brent prices would fall 8 percent to average $74 a barrel in 2025, then fall further to $66 a barrel in 2026, while WTI would average $70 in 2025 and fall to $62 next year.


World Economic Forum adds Aramco facility to its Global Lighthouse Network

Updated 15 January 2025
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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

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.


Four Seasons Beirut to reopen in 2026 after reconstruction

Updated 14 January 2025
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Four Seasons Beirut to reopen in 2026 after reconstruction

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.


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

Updated 14 January 2025
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Saudi Arabia, Pakistan to announce major collaborations in mining, minister reveals

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.


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

Updated 33 min 8 sec ago
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Saudi-Finland ties hold ‘almost unlimited potential,’ says Finnish minister

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.