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Startup Wrap — regional venture landscape kicks off 2024 with a flurry of deals

Clinicy founders. Supplied
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Updated 14 January 2024
Nour El-Shaeri
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Startup Wrap — regional venture landscape kicks off 2024 with a flurry of deals

Updated 14 January 2024
Nour El-Shaeri

CAIRO: Startups in the Middle East and North Africa are leaving no stone unturned at the beginning of 2024, with a flurry of deals in the second week of the year.

Saudi health tech startup Clinicy has secured substantial investment through a seven-figure Series A funding round, led by Middle East Venture Partners and structured by Gate Capital.

The exact amount remains undisclosed. However, the deal, with the participation of additional investors, is noted as one of the largest in the history of the Kingdom’s health tech sector, as per the company’s press release.

Established in 2017 by Prince Mohammed Al-Faisal, Abdullah Al-Obaid, and Saud Al-Obaid, Clinicy is a Saudi-based tech startup specializing in digital solutions for medical institution management.

Speaking about the impact of this funding, Al-Faisal said: “Clinicy is already making a real, tangible impact on redefining healthcare in Saudi Arabia, enhancing digital experiences for one million patients across the Kingdom.”

He added that the latest investment “underpins our vision to deepen the quality of engagement with medical institutions and patients, ensuring that our technology makes healthcare more accessible, efficient, and user-friendly.”

The capital will be utilized to further Clinicy’s expansion plans across the Saudi market, which is valued at SR7.2 billion ($1.9 billion), according to the press note.

The company’s services aim to address critical issues in the healthcare sector, such as high patient “no-show” rates and administrative inefficiencies, which, the release added, cost over SR3 billion annually.

The company claims that its solutions have led to a 75 percent reduction in missed appointments among its clients.

Saudi AI startup Intella partners with US counterpart

Saudi Arabia’s artificial intelligence startup Intella partnered with US-based Deepgram to build one of the most inclusive AI-powered speech-to-text products in the market.

Founded in 2021 by Nour Taher and Omar Mansour, Intella is a deeptech company that offers AI transcription models for the Arabic market, covering over 25 dialects and sub-dialects with an average accuracy rate of 95.7 percent.

Moreover, Deepgram is a US-based company that utilizes AI to transcribe over 30 languages with a high accuracy rate.

Saudi e-gaming startup Rize.gg raises $430k

Saudi Arabia-based e-gaming startup Rize.gg has successfully completed a pre-seed funding round, securing $430,000 led by a group of angel investors.

Established in 2022 by founder Anmar Alharbi, Rize.gg offers a platform designed to cater to gamers’ needs by providing comprehensive tools for team building, live streaming, and organizing gaming tournaments, making it a one-stop solution for the gaming community.

The newly acquired funds are set to be strategically utilized for the development and enhancement of the Rize.gg platform. This includes expanding its user base and introducing new features aimed at enriching the overall gaming experience.

UAE’s Cargoz raises seed round for Saudi expansion

The UAE-based logistics solutions provider Cargoz has successfully concluded a seed funding round, securing an undisclosed amount.

The funding was led by Saudi-based Nama Ventures and saw participation from RAZ Holding, Innovest Properties, as well as various regional family offices and angel investors.

Established in 2022 by Premlal Pullisserry and Lijo Antony, Cargoz specializes in connecting small and medium-sized enterprises in need of warehousing space with companies that have surplus capacity.

This approach is tailored to optimize logistics efficiency for SMEs. The fresh influx of capital from the seed funding round is poised to play a crucial role in Cargoz’s growth strategy.

The company plans to utilize these funds to launch its operations in Saudi Arabia in the first quarter of 2024.

Saudi logistics firm Nawel raises $1m in seed funding round

Nawel, a logistics firm based in Saudi Arabia, has raised SR3.75 million in a seed funding round led by NOMD Holdings.

Founded in 2022 by Mohamed Balsharaf and Nawaf Al-Shalani, Nawel transforms underutilized spaces in warehouses and retail outlets into efficient storage points and distribution centers.

This strategy proves particularly advantageous for the e-commerce sector, enabling companies to strategically store products and expedite shipping, ultimately enhancing the customer experience.

“This funding round marks a pivotal moment for Nawel, and we look forward to Nomad Holdings becoming a strategic partner on our journey,” said Balsharaf.

Mohammed Al-Khushail, chairman of NOMD Holdings, echoed these sentiments, stating, “We believe that Nawel has the capability to make a significant impact on the future of supply chain management in the region.”

Nawel specializes in establishing delivery centers that operate as parcel sorting hubs, facilitating faster and more cost-effective delivery services. 

This innovation aims to support the rapidly expanding e-commerce industry by ensuring the swift delivery of fast-moving and promotional items.

With this fresh injection of funds, Nawel aims to expedite its expansion, extend its network, strengthen its infrastructure, and advance the development of its unified warehouse management system.

These enhancements are focused on streamlining business operations and enhancing the overall customer experience.

UAE’s Lokalee ink $5.6m in pre-series A

Dubai-based travel tech startup Lokalee has successfully raised $5.6 million in a pre-series A funding round.

This financial infusion was led by Crown Private Fund, with additional investments from three strategic investors with expertise in the hotel and technology sectors.

Founded in 2019 by Samir Abi Frem, Lokalee operates as a business to business platform, enabling hotel guests to browse and book accommodations and various amenities.

The freshly secured funds are earmarked for further development of the Lokalee platform to enhance its offerings and capabilities and to accelerate the company’s expansion into European markets.

Kuwait’s ed tech Baims acquires Egypt’s Orcas

Kuwait-based educational technology company Baims has announced the acquisition of its Egyptian counterpart, Orcas.

Baims, established in 2017 by Bader Al-Rasheed and Yousef Al-Husaini, specializes in offering online pre-recorded courses targeted at university and high school students in Saudi Arabia, Kuwait, Bahrain, and Jordan.

This strategic acquisition will enable Baims to expand its educational offerings by integrating Orcas’ personalized tutoring services into its existing platform.

Orcas, launched in 2019 by Hossam Taher and Amira El-Gharib, is known for providing customized learning experiences to  primary and secondary students, known as K-12,  attending international schools.

UAE’s fintech Maalexi secures $3m


Maalexi founders Azam Pasha and Rohit Majhi. Supplied

Maalexi founders Azam Pasha and Rohit Majhi. Supplied

UAE-based fintech company Maalexi, which focuses on the agriculture sector, has successfully secured $3 million in a pre-series A funding round.

This investment was led by Global Ventures and saw participation from existing investors Rockstart and Ankurit Capital.

Founded in 2021 by Azam Pasha and Rohit Majhi, Maalexi specializes in offering advanced risk management tools.

These include digital contracts, AI-powered inspections, and blockchain-authenticated documentation, which the company asserts lead to increased revenues for customers, improved bankability, and more sustainable business practices.

The recently acquired funds are earmarked for further development of Maalexi’s technology platform and to expand customer acquisition efforts within the UAE and Saudi Arabia.

Topics: startups Clinicy Intella Rize.gg Cargoz Nawel Lokalee

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Half of Saudi transport budget to fund rail expansion for mining, industry: minister

Updated 5 sec ago
Nour El-Shaeri
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Half of Saudi transport budget to fund rail expansion for mining, industry: minister

Updated 5 sec ago
Nour El-Shaeri

RIYADH: Saudi Arabia plans to allocate half of its government spending in the transport and logistics sector to rail infrastructure, with a primary focus on bolstering the minerals and industrial sectors, according to Saleh Al-Jasser, the Kingdom’s minister of transport and logistics services.

Speaking at the Future Minerals Forum in Riyadh, Al-Jasser underscored the strength of Saudi Arabia’s infrastructure and ongoing investments in transport systems. “Our roads, for example, are the most connected network globally,” he stated.

Saudi Arabia’s expansive rail network, which spans 5,500 km, plays an integral role in the logistics and mining sectors. Al-Jasser pointed out that over the past year, more than 25 million tonnes of cargo, primarily minerals, were transported via the Kingdom's rail system.

“About 50 percent of our government funding in transport and logistics will be directed to rail, and that is largely to support industry and minerals,” he added.

In addition to rail advancements, Saudi ports have seen a significant uptick in international connectivity, with the number of international liners visiting Saudi ports rising from 53 to 115 over the past three years.

Al-Jasser emphasized the importance of logistics in the mining sector, noting that efficient transportation of raw materials is crucial for linking mines to processing facilities and facilitating global trade through rail, ports, and supply chains.

During another panel discussion at the event, Sarah Jones, UK minister for industry, stressed the need for a clear strategy to ensure a stable supply of critical minerals amid growing global uncertainty.

Jones outlined a three-pronged approach that includes identifying industrial priorities, leveraging financial mechanisms such as the National Wealth Fund and UK Export Finance to attract private investment, and fostering global partnerships.

“The plan is to work collectively,” Jones said, underlining the importance of collaboration with international allies to drive progress.

Finland’s Minister of Economic Affairs Wille Rydman also addressed the issue of diversifying supply chains for critical raw materials. He linked this need to both geopolitical stability and the ongoing clean energy transition.

“There will be no clean transition without electrification of our societies,” Rydman stated, stressing the crucial role of critical materials in supporting electrification. He also cautioned against over-reliance on single providers, noting that “If we are too dependent on single providers, that creates tensions that are not welcomed in this world.”

Rydman praised international forums like the Future Minerals Forum for fostering important discussions on supply chain resilience.

Pakistan’s Minister of Petroleum and Water Resources Musadik Malik.

Pakistan’s Minister of Petroleum and Water Resources Musadik Malik voiced concerns about the potential rise of “green barriers” in global trade that could marginalize developing nations.

He highlighted a significant disparity in green financing, with 75 percent concentrated in a few developed countries, while regions such as Africa, Central Asia, and South Asia remain largely excluded.

Malik warned that without equitable financing, resource-rich but developing nations may struggle to comply with green policies. “These countries would not be able to cross (this hurdle), and therefore they will naturally gravitate toward blocks, which would further polarize the world,” he said.

He urged global stakeholders to address these disparities to avoid exacerbating existing trade imbalances.

Topics: Future Minerals Forum logistics minerals

Mitsubishi Power highlights power generation tech in Saudi Arabia

Updated 15 min 16 sec ago
Arab News Japan
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Mitsubishi Power highlights power generation tech in Saudi Arabia

Updated 15 min 16 sec ago
Arab News Japan

RIYADH: Mitsubishi Power, a brand of Mitsubishi Heavy Industries, reaffirmed its commitment to Saudi Arabia at the Saudi Aramco In-Kingdom Total Value Add Forum in Dammam, where it participated as a platinum sponsor.

The company highlighted its contributions to power generation technology, localization and sustainability, aligning with Saudi Vision 2030.

In August, Mitsubishi Power took on a major project in Saudi Arabia by providing advanced M501JAC gas turbines for a new power plant at the Saudi Aramco Total Refining and Petrochemical Company facility in Jubail. These turbines generate electricity efficiently and are ready to use hydrogen as fuel in the future.

The power plant will produce 475 megawatts of electricity and steam for industrial use. The site will also include one of the Gulf’s biggest machines for turning oil and gas into materials used to make everyday products, such as plastics.

“Mitsubishi Power is honored to bring our industry-leading and best-in-class Japanese technology solutions and services to the Kingdom to power its bold and ambitious vision,” said Adel Al-Juraid, CEO of Mitsubishi Power Saudi Arabia. “The Kingdom is moving forward at a rapid pace to establish itself as a vital sustainable energy hub, and we will be alongside it, building on our long and successful heritage to support its power needs.”

Supporting localization efforts, the company will assemble its JAC gas turbines, which can blend hydrogen with natural gas, at its Dammam facility. The turbines, with a combined efficiency rate exceeding 64 percent, align with Saudi Arabia’s industrial growth and sustainability goals.

“At Mitsubishi Power, we are proud to contribute to Saudi Vision 2030 by harnessing the talent of young Saudis, both male and female, and empowering them with skills to shape the future of Saudi Arabia’s energy industry,” Al-Juraid said.

“With the localization of our assembly operations for our cutting-edge gas turbines, this year marks a new chapter in our 60-year journey of partnership with the Kingdom. We remain committed to supporting a clean and sustainable energy future for decades to come,” he added.

At IKTVA, the company displayed advanced technologies, including hydrogen-fueled turbines, reflecting its commitment to Saudi Vision 2030 and the Saudi Green Initiative.

Topics: Mitsubishi Power iktva (In-Kingdom Total Value Add) forum

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Strong Middle East representation as World Economic Forum unveils annual meeting agenda

Updated 15 January 2025
GABRIELE MALVISI
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Strong Middle East representation as World Economic Forum unveils annual meeting agenda

  • Leaders from Israel, Iran, Syria and Palestine to be key speakers at event, which will address ongoing conflicts in the region and explore its future prospects
  • US President-elect Donald Trump set to appear; organizers highlight growing presence of Global South and tout ‘parity’ among developing and developed countries
Updated 15 January 2025
GABRIELE MALVISI

LONDON: The Middle East will have a significant presence at the annual meeting of the World Economic Forum next week, reflecting the growing influence of emerging markets, the organization said on Tuesday.

Mirek Dusek, the forum’s managing director, said he was “pleased” with the increase in the number of representatives from emerging markets expected to attend the event. He added that the “proportion is growing this year. We’re seeing particularly strong numbers, for example, from the Middle East, also from South Asia.”

Nearly 3,000 people from more than 130 countries, including 900 business leaders, are expected to attend the annual meeting, which will take place in Davos, Switzerland, from Jan. 20 to 25.

The forum has faced repeated criticism from some for being an elite gathering focused on the traditional major powers and big business, but Dusek highlighted the growing presence of leaders from the Global South. He said participation among developing nations was now “on parity” with that of developed countries.

The theme of this year’s meeting is “Collaboration for the Intelligent Age” and it will address “five distinct but interconnected thematic priorities,” the forum said, reflecting its efforts to navigate a complex geopolitical and economic landscape.

“(The agenda) is linked, first and foremost, to this deep sense of being on the cusp of a new era for the world economy, or at least in transition to a new situation for the world economy,” Dusek said.

Key discussions will consider the transformative effects of rapid technological advances, including developments in artificial intelligence, as well as the challenges arising from geopolitical fragmentation and the need to foster global collaboration during what Dusek described as a “key time for the world economy.”

The forum will also address issues such as economic growth, trade and investment, exploring “new sources of growth in this global economy.” It will examine how the public and private sectors can invest in the development of human capital and create quality jobs to help build modern and resilient societies.

The forum’s president and CEO, Borge Brende, said: “It is our 55th annual meeting taking place in Davos, and it is happening against the most complicated geopolitical backdrop in generations. But still, in the fragmented and partly polarized world, there are still areas where we can collaborate.”

The Middle East is expected to play a pivotal role in the discussions, as the forum addresses ongoing conflicts in the region and its future prospects.

Syria’s foreign minister, Asaad Hassan Al-Shaibani, is scheduled to present his country’s plans for the future after the fall of the Assad regime in December after its 52-year rule.

The humanitarian crisis in Gaza will also feature prominently in discussions, alongside efforts to rebuild trust and promote reconciliation in the region. Israeli President Isaac Herzog, Palestinian Prime Minister Mohammed Mustafa, Iranian Vice President Mohammed Reza Aref, and the UN’s special envoy for Yemen, Hans Grundberg, are among the key speakers who will address the issues.

“We were very close (to a full-scale conflict) between Israel and Iran, and I don’t think we’re out of the woods yet,” said Brende, as he expressed hope that the forum will serve as a platform “for peace, reconciliation, and addressing humanitarian suffering.”

Rebuilding trust between institutions and efforts to address climate change are other longstanding priorities for forum, and organizers said these will remain central to the discussions.

Amid concerns that such topics have been “losing ground” amid other political and economic challenges, Gim Huay Neo, the forum’s managing director, reiterated its focus on finding and implementing tangible solutions.

“There will be multiple dialogs that will be really focused around tangible action that companies and governments can take to support the net-zero, nature-positive transition pathways and, more importantly, how they can work together to build partnerships that can enable and empower the action in a faster and much more skilled manner,” she said.

In a surprise announcement, Brende said US President-elect Trump, whose inauguration coincides with the opening day of the forum, would participate via a digital address. He is expected to outline his administration’s plans for implementing its policies, in particular his pledge to end the war in Ukraine.

Ukrainian President Volodymyr Zelensky will also deliver a special address and take part in a question-and-answer session.

In total, 60 heads of state and government will take part in the event, including European Commission President Ursula von der Leyen and Chinese Vice Premier Ding Xuexiang.

Topics: WEF 2025 World Economic Forum

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Saudi Arabia to offer 5k sq. km of mining exploration opportunities in 2025: Alkhorayef

Updated 15 January 2025
Nirmal Narayanan
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Saudi Arabia to offer 5k sq. km of mining exploration opportunities in 2025: Alkhorayef

Updated 15 January 2025
Nirmal Narayanan

RIYADH: Saudi Arabia is promoting upcoming exploration opportunities across 5,000 sq. km mineralized belts in 2025 as the Kingdom continues its steadfast growth in the mining sector, according to a minister. 

Speaking at the Future Minerals Forum in Riyadh on Jan. 15, Saudi Arabia’s Minister of Industry and Mineral Resources Bandar Alkhorayef said that the Kingdom’s mining sector is the fastest growing globally, with a mineral potential estimated at $2.5 trillion. 

This allocation of new exploration sites to tap mineral wealth is part of Saudi Arabia’s efforts to establish mining as the third pillar of the Kingdom’s industrial economy. 

Earlier this month, Saudi Arabia allocated five sites for establishing mining complexes in the Makkah and Asir regions as part of the nation’s strategy to attract quality investments, enhance transparency, and support local communities.

“Guided by our Vision 2030, Saudi Arabia’s mining sector has become the fastest growing globally, with a mineral potential estimated at $2.5 trillion. Our focus on regulatory frameworks, innovation, and infrastructure development has helped the Kingdom to become the top-tier destination for mining investment and exploration,” said Alkhorayef. 

He added: “This year also, we are promoting upcoming exploration opportunities across 5,000 sq. km of promising mineralized belts. Our exploration incentives program, launched only last year, is already giving results with six companies receiving funding.” 

Alkhorayef said that Saudi Arabia has also launched the Mining Innovation Studio aimed at turning Riyadh into a global hub for the industry and accelerating cutting-edge technologies.

“This is just one step toward realizing Riyadh’s vision of becoming the Silicon Valley of mining,” added the minister. 

During the speech, Alkhorayef said that events like FMF are crucial to elevating the mining sector and ensuring sustainable growth of the industry. 

Highlighting the progress of the forum, the Saudi minister added that the FMF has evolved and grown, with the number of attendees increasing from 3,500 in 2022 to over 20,000 in 2025. 

“Within a few years, we could make FMF the most prominent international platform for minerals around the world, contributing to forming the future of the sector and achieving sustainable growth,” said Alkhorayef. 

He added: “This year, under the theme, ‘The Year of Impact,’ we gather with a shared commitment to tackle some of the most pressing challenges of our times; ensuring a sustainable energy transition, addressing critical mineral shortage, and fostering economic prosperity for all.” 

During the talk, the minister added that this year’s FMF will also witness the launch of the first-ever regional leadership roundtable focussing on Africa, Central Asia, and Latin America to create a “powerful global minerals impact.”

He further said the forum will also witness several debates featuring industry leaders tackling issues such as resource depletion, sustainability, and stakeholder engagement. 

“Future Minerals Forum 2025 is promising to be a catalyst for actionable solutions and transformative change,” said Alkhorayef. 

Topics: Future Minerals Forum Minister of Industry and Mineral Resources Bandar Alkhorayef Mining

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Saudi Arabia’s annual inflation rate rises by 1.7% in 2024: GASTAT

Updated 15 January 2025
Nirmal Narayanan
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Saudi Arabia’s annual inflation rate rises by 1.7% in 2024: GASTAT

  • Inflation rate remained among the lowest in the Middle East and globally,nflation rate remained among the lowest in the Middle East and globally
  • GASTAT highlighted a 0.8 percent year-on-year increase in food and beverage prices in 2024
Updated 15 January 2025
Nirmal Narayanan

RIYADH: Consumer prices in Saudi Arabia increased by 1.7 percent in 2024, driven primarily by higher housing costs, data from the General Authority for Statistics revealed. 

House rents surged by 10.6 percent year on year, significantly contributing to the overall inflationary pressure. The broader category of housing, water, electricity, gas, and other fuels saw a collective price increase of 8.8 percent, further intensifying the cost of living for households.

Despite the uptick, Saudi Arabia’s inflation rate remained among the lowest in both the Middle East and globally. This reflects the Kingdom’s ongoing efforts to ensure economic resilience and mitigate the impacts of global price pressures.

The actual inflation rate for 2024 was lower than projections made by the World Bank in October, which had forecasted a 2.1 percent increase for the year and a slight rise to 2.3 percent in 2025. Both figures were below the Gulf Cooperation Council average.

GASTAT’s latest report also detailed several other shifts in consumer prices. Food and beverage prices saw a moderate 0.8 percent increase, while restaurant and hotel costs rose by 2 percent. Educational expenses rose by 1.3 percent, further reflecting price trends across various sectors.

Meanwhile, several categories experienced price declines. Clothing and footwear prices fell by 3.4 percent, driven by a 5.8 percent drop in ready-made clothing. Similarly, the cost of furnishings and household equipment decreased by 3.4 percent, and transport costs fell by 2.4 percent.

The entertainment and culture sector also saw a price reduction of 1.3 percent, largely due to a 5.9 percent decrease in audiovisual equipment prices, underscoring the nuanced shifts in consumer price indices across different areas

In a separate report, GASTAT confirmed that Saudi Arabia’s inflation rate remained stable at 1.9 percent in December 2024, compared to the same month in 2023.

House rents continued to exert significant pressure, increasing by 10.6 percent year on year in December. Villa rents rose by 9.9 percent during the same period, further underscoring the housing sector’s impact on inflation. According to GASTAT, the housing sector accounted for 25.5 percent of the inflationary weight in December, highlighting its dominant role in shaping overall price trends.

The broader housing, water, electricity, gas, and other fuels category saw an 8.9 percent year-on-year increase in December, reinforcing the sector’s central role in driving inflation.

Food and beverage prices rose 0.8 percent, with meat and poultry prices seeing a notable 2.8 percent increase. Personal goods and services expenses grew by 2.2 percent, driven by a 20.2 percent surge in prices for jewelry, watches, and precious antiques. Education costs also increased by 1.1 percent, primarily due to a 1.8 percent rise in intermediate and secondary education fees.

On the other hand, prices for furnishings and home equipment fell by 2.8 percent, while clothing and footwear costs declined by 2.2 percent. Transportation expenses decreased by 2.5 percent, primarily due to a 3.9 percent reduction in vehicle purchase prices.

Topics: Saudi Arabia Saudi General Statistics Authority (GASTAT)

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