Rent now, pay later firms secure investment deals

Founded in 2020, Ruya Partners is a dedicated private credit institution aimed at offering financing solutions to private enterprises in emerging markets. (Supplied)
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Updated 29 October 2023
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Rent now, pay later firms secure investment deals

  • Deals signal burgeoning momentum in region’s venture capital arena

RIYADH: Startups in the Middle East and North Africa region are consistently securing investment deals, signaling a burgeoning momentum in the region’s startup and venture capital arena.

Among the recent funding agreement, Saudi proptech firm Ejari benefited from a $1 million pre-seed funding round by Sanabil 500 MENA and Hambro Perks’ Oryx Fund, which also saw participation from various angel investors.  
Launched in 2022 by Yazeed Al-Shamsi, Fahad Al-Bedah, Mohammed Al-Khelewy, and Khalid Al-Munif, Ejari offers a rent now, pay later service tailored for the residential sector in Saudi Arabia.  
“Our vision is to democratize access to the real estate market with our solution, empowering and enabling tenants to change their rental bill from a large yearly expense into a manageable monthly one,” Al-Shamsi said.
The service caters to a growing demand for more versatile payment alternatives within the country’s rental market. The newly acquired funds are set to bolster Ejari’s RNPL offerings and facilitate its foray into a broader range of proptech services.

Saudi Venture Capital invests $10m in Ruya Private Capital I LP
Saudi Venture Capital has invested $10 million in Ruya Private Capital I LP, a private credit fund managed by Ruya Partners.  
Established in 2020 by Omar Al-Yawer, Mirza Beg, and Rashid Siddiqi, Ruya Partners is a dedicated private credit institution aimed at offering financing solutions to private enterprises in emerging markets.  
 With the fresh infusion of funds, the firm intends to channel capital into private debt instruments, primarily targeting small and medium-sized enterprises.  
“We are honored to have received this commitment of capital and trust from SVC and look forward to a successful partnership together,” stated Al-Yawer.
The fund will concentrate its efforts on mid-market entities, encompassing late-stage venture capital-backed companies, both within Saudi Arabia and the wider region.

UAE’s proptech Nomad Homes secures $20m in a series A round
UAE’s proptech firm Nomad Homes has secured $20 million in a series A extension round spearheaded by Acrew Capital.  
Established in 2019 by Damien Drap, Dan Piehler, and Helen Chen, Nomad Homes operates as a software-augmented marketplace catering to the residential real estate sector in Europe and the Middle East.  




Founded in 2019, Nomad Homes operates as a software-augmented marketplace catering to the residential real estate sector in Europe and the Middle East. (Supplied)

The new funding will bolster the company’s growth trajectory, enhancing its artificial intelligence-driven co-pilot feature for prospective buyers.  
Additionally, the capital will also support the launch of their exclusive offering, Nomad Homes Private Client.
“Buyers deserve expert representation just like sellers do; having one agent represent both buyers and sellers is just not fair,” says Chen, Nomad Homes CEO.
Nomad Homes Private Client is a service for clients purchasing a single property or a portfolio of assets worth over 10 million dirhams ($2.7 million).

Emirati proptech Keyper raises $6.5m in a seed round  
Another Emirati proptech startup, Keyper, has successfully raised $6.5 million in a seed funding round spearheaded by Access Bridge Ventures and Vivium Holdings, which also saw contributions from venture capital firm MEVP, Jabbar Internet Group, several real estate stalwarts, and a consortium of angel investors.  
Conceived by Omar Abu Innab and Walid Shihabi in 2022, Keyper presents a property management platform enabling tenants to oversee expenses and make online payments, while investors gain curated real estate portfolios bolstered by data-infused insights.  
“This seed funding significantly accelerates our growth trajectory, empowering us to deliver a seamless, transparent, and data-driven real estate experience for all stakeholders,” Abu Innab said.  
Since its inception, Keyper has amassed 2,100 freehold residential units in Dubai, with valuation surpassing 4.5 billion dirhams and onboarding 800 landlords, the company claimed.  
In May, Keyper unveiled its rent now, pay later service, aimed at financially supporting Dubai’s populace. The new capital influx is anticipated to turbocharge Keyper’s endeavors in rent facilitation and property management advancement.

Egypt’s eCommerce Boost launches ‘Expand to Saudi Arabia’ master class series
One of the largest e-commerce communities in the MENA region, eCommerce Boost, has announced the launch of a series of master classes aimed to support companies to expand to the Saudi market.
Founded by digital strategist Sherif Makhlouf, the firm aims to support the fast-growing online retailing ecosystem with actionable strategies and practical knowledge.




Sherif Makhlouf, founder of eCommerce Boost. (Supplied)

The series of masterclasses will aim to provide MENA ecommerce businesses with an understanding of the Saudi consumer and competitive landscape as well as marketing strategies and tech solutions specific to the Saudi market.
“The Saudi market is an extremely attractive market  but difficult to crack if you don’t approach it correctly, and that is why we have launched the Saudi expansion Masterclass series to bridge this knowledge gap and bring more MENA e-commerce founders into the Saudi market,” Makhlouf said.
The first master class is scheduled to take place on Oct. 31, with more sessions set to be unveiled.

EV startup Neo Mobility raises $10m in a seed funding round
Neo Mobility, an electric vehicle last-mile startup based in the UAE, has successfully secured $10 million in a seed funding round from Delta Corp Holdings, Pyse Sustainability Fund, and a group of angel investors.  
Launched in 2020 by innovators Abhishek Shah and Anish Garg, Neo Mobility is dedicated to providing eco-friendly last-mile logistics services through its all-electric fleet.  
With this fresh influx of capital, the startup is gearing up to expand its EV fleet to 5,000 two-wheeler and four-wheeler vehicles by 2025.

UAE’s Democrance secures an undisclosed round from Wa’ed Ventures
The UAE-based insurance technology company Democrance has secured funding from Wa’ed, Saudi Aramco’s venture capital division, to fast-track its foray into the Saudi market.  
Founded in 2015 by Alberto Pérez, Damian Dimmich, and Michele Grosso, Democrance offers insurers a white-label Software-as-a-Service solution to bolster their digital services, streamlining sales and distribution.
Already operating in 15 countries across the Middle East, Africa, South-East Asia, and Latin America, the firm previously garnered support from Global Ventures in 2021 for expansion endeavors.

UAE’s Belong raises $1.5m in a pre-series A
UAE’s Belong, a city-centric social app previously known as ASKWHO, has secured $1.5 million in its pre-series A financing round, taking its cumulative fundraising to $3.5 million.  
Established in 2019 by Michael Askew and Matthew Gaziano, the platform fosters connections among urban inhabitants.  
With the fresh capital, Belong aims to enhance its services and broaden its reach in cities such as Dubai, San Francisco, and New York.


OPEC+ moves to set 2027 production baselines

Updated 28 May 2025
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OPEC+ moves to set 2027 production baselines

RIYADH: OPEC+ announced on Wednesday that it will establish a framework to determine new oil production baselines for 2027, marking a significant step in its long-term planning, said an official statement.

The alliance — comprising the Organization of the Petroleum Exporting Countries and partners including Russia—has been negotiating revised production baselines for several years. These baselines serve as reference points from which member states adjust their output levels.

According to the statement issued following the group’s meeting, said it had tasked the OPEC Secretariat with developing a mechanism to assess each country’s maximum production capacity. These assessments will form the basis for 2027 production targets across all member nations.

Since 2022, the group has implemented three tiers of output cuts. Two remain in place through the end of 2026, while the third is being gradually phased out by eight participating countries. No changes were made to the group’s current production policy at Wednesday’s session.

Due to the sensitive nature of the discussions, all sources spoke on condition of anonymity.

The 2027 baselines, once finalized, are expected to guide production policy after the current round of cuts expires.

Oil prices, which dipped below $60 per barrel in April—the lowest level in four years—following OPEC+’s decision to accelerate May output and amid trade tensions triggered by US tariffs, have since rebounded to around $65.


Saudi Arabia launches advanced manufacturing center to boost industrial innovation

Updated 28 May 2025
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Saudi Arabia launches advanced manufacturing center to boost industrial innovation

JEDDAH: Saudi Arabia has launched the Advanced Manufacturing and Production Center, a key initiative aimed at accelerating the Kingdom’s industrial transformation through the adoption of advanced technologies and sustainable practices.

Unveiled on May 28, the center is set to play a central role in promoting efficiency, flexibility, and growth within the manufacturing sector. It will utilize technologies associated with the Fourth Industrial Revolution to localize production and enhance Saudi Arabia’s competitiveness on the global stage.

The initiative also supports strategic industries while aligning with the objectives of Saudi Vision 2030, the country’s long-term plan to diversify its economy. A major focus is encouraging private sector collaboration to speed up the integration of emerging technologies into industrial operations.

The launch supports the National Industrial Strategy, introduced in October 2022, which aims to increase the number of factories in the Kingdom to approximately 36,000 by 2035. The strategy is designed to attract investment, scale up local production, and strengthen non-oil exports.

The Ministry of Industry and Mineral Resources is overseeing several projects to advance the Kingdom’s industrial and logistical infrastructure, positioning Saudi Arabia as a key player in global manufacturing and trade.

“Adopting the latest industrial technologies raises the efficiency of our industrial sector and enhances its competitiveness regionally and globally,” said Khalil bin Ibrahim bin Salamah, deputy minister of industry and mineral resources for industrial affairs, in a post shared by the ministry on X.

In an accompanying video, the ministry reiterated the center’s significance in meeting national goals: “The Advanced Manufacturing and Production Center opens doors to industrial investment opportunities and stimulates the sector to adopt new manufacturing technologies within industrial facilities.”

The center is supported by several initiatives and programs, including the Future Factories Program, which aims to modernize 4,000 factories across the Kingdom. The FFP focuses on integrating advanced manufacturing systems to boost efficiency and build more resilient supply chains—particularly in critical sectors such as food and petrochemicals.

According to its official website, the center serves as a hub for industrial innovation, providing consultancy services, training, and technological solutions. It is dedicated to fostering sustainability and competitiveness across the manufacturing sector.

Through these efforts, the center is expected to significantly contribute to Saudi Arabia’s Vision 2030 goals by localizing high-tech capabilities, attracting investment, and advancing the industrial sector’s role in the nation’s economic diversification.


Closing Bell: Saudi main index rises to close at 11,052

Updated 28 May 2025
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Closing Bell: Saudi main index rises to close at 11,052

RIYADH: Saudi Arabia’s Tadawul All Share Index advanced on Wednesday, closing higher by 127.58 points, or 1.17 percent, to reach 11,052.76, reflecting broad market optimism.

Trading activity remained robust, with a total turnover of SR4.57 billion ($1.21 billion). Of the listed stocks, 202 posted gains while 44 declined.

The Kingdom’s parallel market, Nomu, also recorded gains, rising 340.91 points, or 1.28 percent, to close at 26,932.95. The market saw 48 advancing stocks against 34 decliners.

Meanwhile, the MSCI Tadawul 30 Index climbed 15.12 points, or 1.08 percent, ending the session at 1,413.70.

Fawaz Abdulaziz Alhokair Co. emerged as the session’s top performer, with its share price jumping 5.77 percent to SR16.50.

Ataa Educational Co. and Kingdom Holding Co. followed closely, gaining 5.46 percent and 5.22 percent to close at SR61.80 and SR8.66, respectively.

On the downside, United Carton Industries Co. registered the steepest decline, falling 4.87 percent to SR46.85. Banan Real Estate Co. dropped 2.4 percent to SR4.48, while Nama Chemicals Co. slipped 1.78 percent to SR27.55.

On the announcements front, Saudi AZM for Communication and Information Technology Co. disclosed it has submitted a request to transfer its listing to the main market.

Additionally, the initial public offering for Flynas Co. began on May 28 and will conclude on June 1. The offering is priced at SR80 per share, with a retail tranche comprising 10.25 million shares. According to a statement, BSF Capital is the lead manager.

Alkathiri Holding Co. announced that its subsidiary has signed a 50-year lease agreement valued at SR143 million with the Asir Region Municipality to develop a commercial and hospitality project in the city of Abha.

According to a statement published on the Saudi stock exchange, the project will feature a four-star hotel with a capacity of 180 keys, alongside retail and entertainment facilities. The development aims to boost tourism and enhance commercial services in the Asir region.

The lease will officially begin upon the land handover by the Investment Committee of the Asir Region Municipality.

Shares of Alkathiri Holding closed Wednesday’s trading session at SR2.06, marking a 1.96 percent gain.

In a separate disclosure, Mufeed Co. announced that its board of directors has recommended to the ordinary general assembly the transfer of its statutory reserve balance — totaling SR3.49 million, as reported in the financial statements for the year ended Dec. 31, 2024 —to retained earnings.


Saudi Arabia’s Asir region revitalizes 95% of stalled projects

Updated 28 May 2025
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Saudi Arabia’s Asir region revitalizes 95% of stalled projects

  • Asir is a vast region in the Kingdom with a population exceeding 2 million people
  • Interest from global players seeking early opportunities in the region’s evolving landscape has grown

ABHA: Saudi Arabia’s Asir region has successfully revitalized 95 percent of its previously delayed project, an important milestone that is strengthening investor confidence as the region moves forward with SR29 billion ($7.73 billion) worth of initiatives across various sectors.

In an interview with Arab News, Hashim Al-Dabbagh, CEO of Asir Region Development Authority, stated that a dedicated committee, chaired by Asir Gov. Prince Turki bin Talal, was formed several years ago to tackle long-standing investment challenges that had stalled progress in the region.

“The total number of cases that have been brought to this committee to address has been 63, all brought to the table,” Al-Dabbagh said.

He continued: “Of these 63 cases that have been brought to this committee to address and to solve, 60 cases have been solved, and three are in the pipeline right now, and they’re working on them, and they’re going to solve them relatively soon.”

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Of the 60 resolved, 57 were concluded with outcomes that satisfied investors, reflecting a resolution rate of nearly 95 percent.

“This committee and the work that they have done has created some very positive vibes across the investment ecosystem in Saudi Arabia, which you sense in this forum because there are some very large investors that are coming to Asir, some coming back to Asir which had not been interested in this region in the past,” Al-Dabbagh said.

The board operates in collaboration with various public and private entities, including ASDA, the Ministry of Investment, the Ministry of Tourism, the Tourism Development Fund, and King Khalid University, ensuring a unified approach to accelerating investor activity in the region.

This resolution mechanism plays a key role in supporting the region’s development strategy, which focuses on unlocking investment potential across various sectors.

“First of all, we have a strategy that drives everything that we are doing,” Al-Dabbagh said.

He added: “The strategy has been approved by the center of government, and it says that Asir should be a year-round preeminent destination, so already we know that we need to focus on the tourism sector and complementary and adjacent sectors to the tourism sector. That’s one, and that gives us a lot of momentum in working with the government ecosystem and the private sector.”

Al-Dabbagh emphasized that Asir is more than just a tourism destination, noting that it is a vast region in the Kingdom with a population exceeding 2 million people.

“Within the Asir Development Authority, we have a whole department called Economic Development Department, and they are working diligently this year on sectoral studies across the board.”

He added: “This includes, obviously, tourism-related sectors, but also other ones, so just as an example, we are looking at sports, we are looking at construction. We’re looking at fisheries and agriculture. We’re looking at renewable energy. We’re looking at mining among other sectors.”

The authority is also aligning its economic strategy with educational institutions to ensure the region’s workforce is equipped to meet the demands of upcoming sectors.

“We are working closely with King Khalid University, the TVTC (Technical and Vocational Training Corp.), Bishop University, and other educational institutions to align the strategies and to make sure that their graduates are able to find jobs in the opportunities that are going to be realized as we realize this strategy,” he said.

On attracting investments, Al-Dabbagh stated: “What I call the investment ecosystem in Asir, it’s the framework that we use to assess investments, is comprised of three components. The first component is the Invest in Asir committee, and that’s headed by Prince Turki in his capacity as the chairman of the Aseer Development Authority and includes all the public and private sectors.”

He explained that the region offers a compelling opportunity for early movers due to its untapped potential, strategic government backing, and the ability to enter key sectors before they reach full maturity, providing investors with a critical advantage in shaping long-term development.

“Asir relative to those mature, tourism destinations, offers relatively less mature areas, so when they’re coming in, they’re coming in early and they’re going to have a ... not a first mover advantage, but an early mover advantage compared to people that are going to see this place for five years or 10 years down the road when all these incumbents are already on the ground.”

Attracting FDIs

Foreign direct investment is also gaining momentum in Asir, with growing interest from global players seeking early opportunities in the region’s evolving landscape.

“One of the speakers in today’s forum was Fatih (who is managing partner of FTG Development), and they are looking at an investment worth billions in Asir. That is just one example, and foreign direct investors, they look for successful local investors to partner with,” Al-Dabbagh said.

He concluded: “Our doors are open. We’re very happy to meet with the investors from anywhere.”


EU lifts economic sanctions on Syria

Updated 28 May 2025
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EU lifts economic sanctions on Syria

BRUSSELS: The European Union lifted economic sanctions on Syria on Wednesday in an effort to support the country’s transition and recovery after the toppling of former president Bashar Assad.
The move follows a political agreement reached last week by EU foreign ministers to lift the sanctions.
The EU will keep sanctions related to Assad’s government and restrictions based on security grounds, while also introducing new sanctions against individuals and entities connected to a wave of violence in March, the Council said.
“The Council will continue monitoring developments on the ground and stands ready to introduce further restrictive measures against human rights violators and those fueling instability in Syria,” it added.