Saudi Arabia’s private sector-led economic growth beyond Vision 2030 target, says minister
Updated 06 February 2024
Nadin Hassan
RIYADH: Saudi Arabia’s booming private sector will drive the economy beyond the Vision 2030 target of SR6.4 trillion ($1.7 trillion), according to the investment minister.
Speaking during a panel discussion at the second edition of the Public Investment Fund’s Private Sector Forum, Khalid Al-Falih noted that 65 percent of the Kingdom’s gross domestic product will come from non-government-backed sources by the end of the decade – up to four times more than the contribution before the economic diversification strategy was announced in 2016.
The minister used his appearance at the event to underscore that the private sector is the main focus of Vision 2030 as it seeks to move Saudi Arabia away from a dependence on oil revenues.
Al-Falih said the economy will grow from SR2.6 trillion, adding: “So 65 percent of SR6.4 trillion is about three to four times the contribution of the private sector before the vision in terms of quantity, size and type.”
The Private Sector Forum is being held at the King Abdulaziz International Convention Center in Riyadh from Feb. 6-7.
This event aims to foster partnerships between PIF, its portfolio companies and the private sector, as the sovereign wealth fund seeks to increase local content through its portfolio companies to 60 percent by the end of 2025.
Representatives from over 80 PIF portfolio companies are set to attend, as well as government ministers and CEOs.
“There is no international meeting held to attract international investments or to discover investment opportunities unless we include 50-200 representatives of the private sector,” said Al-Falih, adding: “We provide all the aspects required by the private sector through open doors and continuous and methodical dialogue, not just through passing meetings.”
Additionally, he mentioned that the volume of investments targeted during Vision 2030 amounted to SR12.4 trillion, with the amount in the contracting sector alone totaling SR1.8 trillion.
“There is something urgent for the private sector to prepare, prepare, raise its capabilities, and enter into global partnerships,” Al-Falih said.
Furthermore, he stated that incentive packages were introduced in several sectors.
“We have special economic zones that will be the largest in the region and will reach the level of global competition. We will compete with Shenzhen and the economic zones on the Red Sea and the Arabian Gulf, including Ras Al-Khair region, which embraces the shipbuilding and metallurgical industries,” the minister said.
He also flagged how a budget exceeding SR10 billion was allocated to delegate a work team in the industrial sector, where 1,900 commodities were placed in the priorities of the Saudization program.
“Now we are working on international partnerships to provide logistical storage centers,” Al-Falih added.
The minister revealed that there will be an announcement about IT projects during the next LEAP conference set for Riyadh from March 4-7.
Saudi unemployment rate drops to 2.8% in Q1: GASTAT
Updated 6 sec ago
Nadin Hassan
RIYADH: Saudi Arabia’s overall unemployment rate dropped to 2.8 percent in the first quarter of 2025, down 0.7 percentage points from the previous quarter, official data showed.
According to figures released by the General Authority for Statistics, the jobless rate also declined by 0.7 points year on year. The labor force participation rate for both Saudis and non-Saudis increased to 68.2 percent, marking a rise of 1.8 points from the previous quarter and 2.2 points from the same period last year.
The Kingdom’s strengthening labor market aligns with Vision 2030, the nation’s strategic roadmap focused on creating job opportunities for citizens and driving economic growth. Curbing joblessness remains a core pillar of the broader socio-economic reform agenda.
In its latest release, GASTAT stated: “The employment-to-population ratio for Saudis increased by 0.5 percentage points compared to the fourth quarter of 2024, reaching 48.0 percent, and increased by 0.5 percentage points compared to the first quarter of 2024.”
Among Saudi nationals, the jobless rate fell to 6.3 percent in the first quarter — a 0.7-point drop from the earlier quarter and 1.3 points lower year on year. Participation in the workforce among Saudis edged up to 51.3 percent, a quarterly improvement of 0.2 points.
To support job seekers and streamline employment efforts, the Kingdom continues to promote digital platforms such as Jadarat, a unified national system for connecting Saudis to job opportunities.
The share of Saudi women engaged in the labor force rose to 36.3 percent in the first quarter, up 0.3 percentage points from the preceding quarter.
“Additionally, the employment to population ratio of Saudi females increased by 0.7 percentage points, reaching 32.5 percent. At the same time, the unemployment rate of Saudi females decreased by 1.4 percentage points, recording 10.5 percent, compared to the previous quarter of 2024,” GASTAT added.
Among Saudi men, participation in economic activity increased slightly to 66.4 percent, while their unemployment rate declined by 0.3 percentage points to 4.0 percent.
GASTAT’s report also revealed that 94.8 percent of unemployed Saudis are open to working in the private sector. Of these, 76.1 percent of women and 86.3 percent of men expressed willingness to work at least eight hours a day.
Additionally, 58.7 percent of Saudi women seeking employment and 40.4 percent of their male counterparts expressed willingness to commute for one hour or more to reach their workplace.
Alongside the survey findings, GASTAT also published register-based labor market statistics for the same timeframe.
The number of Saudis registered with the General Organization for Social Insurance and the Civil Service rose to 2.92 million in the first quarter of 2025, up from 2.89 million in the previous quarter. Of these, 2.42 million were employed in the private sector and 492,620 in the public sector.
Meanwhile, the total number of registered workers in the Kingdom — including Saudis and non-Saudis — increased to 12.8 million, compared to 12.4 million in the fourth quarter of 2024.
Saudi Arabia eyes untapped opportunities in Mauritania, Morocco
Updated 12 min 44 sec ago
MOHAMMED AL-KINANI
JEDDAH: Saudi Arabia is strengthening its trade and investment ties with Africa as more than 30 top investors and officials visit Mauritania and Morocco to explore opportunities across multiple sectors.
The delegation, led by the Federation of Saudi Chambers, began an official visit to Northwest Africa on June 29. The agenda includes meetings to highlight investment incentives, assess the business climate, and identify partnership opportunities in key economic sectors, according to the Saudi Press Agency.
The mission aims to promote the Kingdom’s investment prospects and foster collaboration between Saudi companies and their African counterparts, thereby advancing trade and economic cooperation.
This initiative is part of the FSC’s broader efforts to enhance international economic ties and align with Saudi Arabia’s Vision 2030 strategy, which focuses on diversifying the Kingdom’s economic base and expanding global partnerships. It also reflects Riyadh’s growing interest in deepening commercial engagement with African nations.
“Both sides hope that this visit will open new horizons for trade and investment relations,” SPA reported, noting that trade with Mauritania reached SR119 million ($32.13 million), with Saudi exports accounting for 99 percent.
Trade with Morocco totaled SR5 billion, with 13 percent of this amount representing imports, signaling untapped investment opportunities that the visit aims to uncover.
Led by FSC Chairman Hassan Moejeb Al-Huwaizi, the delegation will hold talks with Mauritanian officials and business leaders in Nouakchott. The two-day mission aims to strengthen bilateral economic ties and foster strategic partnerships across various sectors.
A joint Saudi-Mauritanian business forum will be held to explore cooperation opportunities, featuring participation from the Ministry of Industry and Mineral Resources, the Ministry of Investment, the General Authority of Foreign Trade, and the Saudi Fund for Development.
Saudi exports currently dominate the trade balance with Mauritania, while imports remain limited at around SR100,000. Mauritania is Saudi Arabia’s 88th largest export destination and 196th in terms of imports.
Key Saudi exports to Mauritania include metals, rubber products, dairy and animal-based goods, and machinery. Imports from the West African country primarily consist of fish and shellfish, tea and spices, textiles and unstitched garments, as well as medical and optical instruments.
Trade volume with Morocco stands at SR5 billion, with imports making up 13 percent.
In 2024, Riyadh and Rabat signed a cooperation agreement between their chambers of commerce aimed at deepening economic ties. The pact facilitates financial collaboration, information exchange, joint events, trade delegations, and dispute resolution, all designed to promote stronger business partnerships.
With this African outreach, the FSC continues its international expansion efforts, having recently completed trade missions to 17 countries as part of its Vision 2030-driven strategy to open new markets and boost trade and investment.
Growing Saudi film industry driving job creation, economic growth
Over 630 cinema screens opened across 60 locations in 2024, with ambitions to exceed 1,000 by 2030
Updated 28 June 2025
Reem Walid
RIYADH: Since lifting the cinema ban in 2018, Saudi Arabia has rapidly transformed its film industry into a key engine of job creation and economic diversification.
By 2024, the Kingdom had opened over 630 cinema screens across 60 locations, with ambitions to exceed 1,000 by 2030.
This expansion is expected to create over 7,000 direct and indirect jobs, contributing to a broader entertainment ecosystem projected to generate around 450,000 employment opportunities and push the sector’s gross domestic product contribution to 4.2 percent by the end of the decade.
Building an industry
To date, more than SR3.5 billion ($933 million) has been invested in cinema infrastructure, content services, and technology by local and international players.
According to Shahid Khan, partner and global head of media, entertainment, sports, and culture at Arthur D. Little Middle East, these investments have extended beyond major cities into developing regions, promoting more inclusive economic growth.
“A notable example is Muvi Cinemas, the first Saudi-owned cinema brand and current market leader, which has rapidly expanded to establish itself as the market leader. It has employed hundreds of Saudis and actively invested in workforce localization through training programs aimed at building local capabilities in cinema operations and management,” Khan said.
He added that box office revenues have held steady at SR900 million annually for the past three years, with food and beverage sales contributing over SR500 million each year — strengthening the sector’s role in Saudi Arabia’s non-oil revenue diversification. Khan also pointed to the positive spillover into local film production, supported by regulatory incentives from the Film Commission, which is laying the groundwork for sustainable, locally driven industry growth.
Films produced in these locations help showcase the Kingdom’s unique natural and historical assets, sparking interest among global audiences and encouraging tourism.
Abeer Al-Husseini, partner at Fragomen
According to Abeer Al-Husseini, partner at Fragomen, the establishment of entities like the Film Commission and the General Entertainment Authority, alongside the development of advanced studios, has opened up new opportunities in creative, technical, and support roles. She noted that this momentum is also fueling demand for film and media education.
“Event management, hospitality and cultural tourism have similarly benefited, particularly around major film festivals and heritage venues. Incentives like the Cash Rebate Incentive Program, which offers up to 40 percent in non-refundable grants, draw in international productions and further drive job creation,” Al-Husseini said.
She added that Saudization is making steady progress, with full nationalization in cinema sales and supervisory roles and 50 percent in technical jobs, placing Saudi talent at the center of the sector’s growth.
Al-Husseini also emphasized the broader impact of cultural initiatives such as the Red Sea International Film Festival, which supports global filmmakers while boosting local tourism and ancillary sectors including entertainment, food, media, and digital content.
Vision 2030 and a cinematic future
Saudi Arabia is positioning itself as an international production hub by capitalizing on a combination of geographic diversity, government incentives, and growing infrastructure.
From Arthur D. Little’s standpoint, initiatives such as Film AlUla have played a crucial role since 2020, attracting over 120 productions to the region, including international titles like Kandahar and Norah.
“Meanwhile, NEOM has become a cornerstone of Saudi Arabia’s emerging media industry. Over the past two years, the region has reportedly produced more than 35 projects spanning various formats, genres, and production scales,” said Khan, adding: T”his includes high-profile projects like the Apple TV+ series Foundation and the international blockbuster Desert Warrior, which employed hundreds of Saudis in areas such as set design, catering, security, and logistics.”
He noted that these projects are helping build a skilled local workforce, with government cash rebates and infrastructure investment creating the foundations for a world-class production ecosystem. The country’s target of producing 100 feature films by 2030 is also expected to unlock opportunities across tourism and hospitality.
FASTFACTS
• This expansion is expected to create over 7,000 direct and indirect jobs, contributing to a broader entertainment ecosystem projected to generate around 450,000 employment opportunities and push the sector’s gross domestic product contribution to 4.2 percent by the end of the decade.
• While meeting Saudization requirements will remain a key challenge as demand for skilled workers rises, the influx of international talent presents valuable opportunities for collaboration, training, and upskilling the local workforce.
“A compelling example of this potential can be seen in Australia, where Mission Impossible: 2 significantly boosted tourism — contributing to approximately 200 percent increase in visitors to the film location within a few years. Similarly, Saudi Arabia’s cinematic exposure is poised to elevate the Kingdom’s profile on the global stage, attracting tourists, stimulating local economies, and advancing the goals of Vision 2030,” he said.
Al-Husseini underscored the role of AlUla and NEOM in promoting the Kingdom’s unique cultural and futuristic offerings, both critical to advancing Vision 2030. “Films produced in these locations help showcase the Kingdom’s unique natural and historical assets, sparking interest among global audiences and encouraging tourism. This boost in tourism supports local businesses in hospitality, retail and transport,” she said.
Looking ahead, Arthur D. Little’s Khan said that by 2025, the Saudi film sector is expected to create thousands of new jobs across related industries, supported by generous incentives such as a 40 percent production rebate and dedicated funding programs. University-level film and media programs are also helping nurture the next generation of local talent.
“Tourism will see strong gains as well. AlUla and NEOM’s media zone is expected to draw hundreds of thousands of creative professionals and visitors annually once fully operational,” he said.
Khan highlighted key opportunities in developing Arabic-language content, forming public-private partnerships to support talent pipelines and infrastructure, and exporting Saudi films to neighboring Gulf Cooperation Council, African, and Asian markets. However, he noted the need to address challenges such as building a skilled workforce, navigating cultural sensitivities, and adapting to shifts toward digital streaming platforms.
Al-Husseini emphasized that Saudi Arabia’s film industry is on course to boost employment and growth, with infrastructure investments — like AlHisn Studios — strengthening its capacity for large-scale productions.
“Partnerships with global production companies are on the rise, as seen in the MBS Group’s recent agreement to manage and operate AlUla Studios. At the same time, training programs and workshops are being rolled out to develop local talent while attracting international professionals, supporting long-term industry sustainability,” she said.
She concluded that while meeting Saudization requirements will remain a key challenge as demand for skilled workers rises, the influx of international talent presents valuable opportunities for collaboration, training, and upskilling the local workforce.
Battery cost drops and govt drive help Kingdom achieve EV goals
Global battery market is advancing rapidly as demand rises sharply and prices continue to decline
Updated 28 June 2025
Nirmal Narayanan
RIYADH: A rapid decline in battery prices and critical mineral costs, along with effective government initiatives, are expected to help Saudi Arabia achieve its goal of electrifying 30 percent of vehicles in Riyadh by 2030, according to experts.
Speaking to Arab News, Joseph Salem, partner and travel, transportation and hospitality practice lead at Arthur D. Little, Middle East, said that the Kingdom needs to deploy at least 1.5 million electric vehicles by 2030 to meet this stipulated target.
Known for its oil wealth, Saudi Arabia has been leading the region’s energy transition and is now focused on developing a comprehensive EV ecosystem.
As a part of this strategy, the nation has invested in US-based EV manufacturer Lucid through the Kingdom’s sovereign wealth fund, as well as creating its homegrown electric vehicle brand Ceer, which is expected to roll out vehicles by 2026.
“Battery cost reduction serves as a key enabler for Saudi Arabia to achieve its EV adoption targets and build a competitive regional automotive industry, reinforced by the broader global trend of declining battery prices. It will also be driven by both the government’s push and pull from the market,” said Salem.
He added: “Saudi Arabia’s $9 billion investment across the EV value chain, with Ceer launching vehicles by 2026 and a partnership with Lucid Motors to produce 155,000 EVs per year, underscores its commitment to becoming a regional EV manufacturing hub, reducing production costs and enhancing affordable EV availability.”
The Kingdom is also expanding its EV infrastructure, aiming to have 5,000 fast chargers nationwide by 2030, making adoption more practical for consumers.
The crucial cost factor
In March, a report released by the International Energy Agency said that the global battery market is advancing rapidly as demand rises sharply and prices continue to decline.
The IEA further stated that electric car sales increased by 25 percent year on year in 2024 to reach 17 million, while the average price of a battery pack for an electric car dropped below $100 per kilowatt-hour, a key threshold for competing on cost with conventional models.
“The ongoing reduction in EV battery costs is already making certain electric vehicle segments cost-competitive with internal combustion engines,” said Christopher Decker, partner, energy and natural resources at Oliver Wyman – India, Middle East and Africa.
He added: “This growing affordability will help lay the foundation for EV infrastructure in Saudi Arabia, which is essential for scaling up and ultimately decarbonizing the broader light-vehicle fleet.”
Battery cost reduction serves as a key enabler for Saudi Arabia to achieve its EV adoption targets.
Joseph Salem, partner and travel, transportation and hospitality practice lead at Arthur D. Little, Middle East
Paul Sullivan, an energy and environment expert at Johns Hopkins University in Maryland, US, said that the Kingdom could advance its technical capabilities to make EVs more popular and affordable. “Saudi Arabia lives in its own auto market but also the world auto market. It must adjust to both. But it has the benefit of large cash flows and stocks to invest in new technologies and industries,” said Sullivan.
Citing a Goldman Sachs study, Arthur D. Little’s Salem said that battery costs fell by over 85 percent in lithium pricing from 2022 to 2024, reducing global EV costs and helping automakers close the price gap with ICE vehicles.
Hel added that battery pack prices are expected to drop nearly 50 percent by 2026, making EVs’ total cost of ownership comparable to ICE vehicles in select major markets, including Saudi Arabia.
“With battery prices projected to reach $80 per kWh by 2026, EVs are becoming more affordable, making them increasingly attractive to Saudi consumers, where price is a key factor for a sizeable section of the customer base,” added Salem.
Advancing innovation
Experts who spoke to Arab News also praised recent innovations in Saudi Arabia, including a new lithium extraction technique developed by King Abdullah University of Science and Technology.
In January, researchers at KAUST presented their innovative technology in a study published in the Journal of Science, which describes a method for direct lithium extraction from brine in oilfields and seawater.
Lithium, a critical mineral for batteries, is present in these sources at very low concentrations, making it difficult to extract in useful quantities.
However, this new technology makes this otherwise inaccessible element extractable on an industrial scale. The technology was demonstrated on a pilot test 100,000 times larger than that of a university laboratory, and its cost was competitive relative to standard lithium mining extraction techniques.
“KAUST’s new lithium-extraction technique could reduce costs for Saudi as well as other battery makers. This last bit will happen when this lithium extracting technology spreads outside of Saudi Arabia or other similar methods are used across the world,” said Johns Hopkins University’s Sullivan.
He added: “The lithium and battery industries are looking for ways to cut costs. This will drive more invention and research. Things can move quickly. A company and a country cannot rest on its victories in a quickly changing and uncertain world. This invention must be exploited quickly before it becomes obsolete by other inventions.”
Decker said that KAUST’s development of the new lithium extraction technique is a promising step toward integrating Saudi Arabia’s mining sector into the global lithium value chain.
Salem praised KAUST’s innovative efforts, noting that the breakthrough could extract up to 10,000 times more lithium from oilfield brine and seawater. This would reduce reliance on global markets and help secure a stable, cost-effective supply for domestic battery production and EV manufacturing.
The Arthur D. Little official further added that this new technology could open up potential lithium export opportunities and position the Kingdom as a global hub for critical battery materials, driving economic diversification.
“This innovation aligns with Saudi Arabia’s industrial strategy to localize the entire battery value chain — from critical minerals to EVs — and to build a new high-tech export sector,” said Salem.
Geographical shifts
According to the IEA, China produces over three-quarters of all batteries sold globally.
The energy think tank added that batteries in China were reported to be priced lower than in Europe and North America by over 30 percent and 20 percent, respectively.
Declining battery prices in recent years are a major reason why many EVs in China are now cheaper than their conventional counterparts.
However, Sullivan said that this Chinese dominance in the battery industry will not last forever, as other regions are also embracing methods to effectively manufacture batteries in a cost-effective manner.
“China may dominate for some time, but it will likely not have such a large share of the overall battery market forever. The US and the EU are putting significant efforts into developing their battery industries. For example, India may be a battery giant in the future. Japan and South Korea also want to build greater battery industries and markets,” said Sullivan.
He added: “Every industry must deal with and respond to threats of substitution, supplier power, buyer power, and threats of new entry. Saudi Arabia could play these five forces for success in the future. Economics and business do not stand still for long.”
Salem said that the Kingdom’s lithium extraction technology, if combined with the right ecosystem, could offer a chance to reduce reliance on China for selected components and materials, strengthening local supply chains.
“China’s policy shift is a wake-up call — it exposes global vulnerabilities but also creates a window for Saudi Arabia to assert strategic autonomy and emerge as a regional battery and EV manufacturing hub,” said Salem.
In early 2025, China’s Ministry of Commerce proposed new export restrictions targeting critical battery technologies, including lithium extraction and cathode material production. These measures would require government approval for technology exports and thus have intensified global concern over dependence risks.
Commenting on China’s dominance in the battery market, Decker noted that heavy geographic concentration in any critical supply chain raises concerns about resilience and long-term sustainability.
“Localization and diversification are becoming strategic priorities for many countries looking to build more independent and secure clean energy ecosystems. China will continue to play a central role in the battery industry, given its dominance in both processing capacity and control over key raw materials,” said Decker.
He added: “Collaboration, innovation, and transparent supply chain practices will be crucial to ensure global progress in the energy transition.”
Startups expand into new verticals as regional innovation gains momentum
Updated 28 June 2025
Nour El-Shaeri
RIYADH: Startups across the Middle East and North Africa are attracting fresh capital, forging strategic partnerships, and expanding into new verticals as regional innovation gains momentum.
Saudi Arabia-based automotive services platform Morni has received new investment from STV via its recently launched $100 million NICE fund.
The funding amount remains undisclosed but is expected to support Morni’s expansion beyond roadside assistance into a broader automotive services ecosystem.
The company now operates in auctions, insurance third-party administration, garages, and parts recycling.
Founded in 2015 by Salman Al-Suhaibaney, Morni positions itself as a technology-driven mobility platform at the center of Saudi Arabia’s automotive digital transformation.
Valu lists on Egyptian Exchange
Valu, a buy now, pay later fintech platform founded in 2017 and operating under EFG Hermes Holding, has officially listed its shares on the Egyptian Exchange.
The listing was achieved via a non-public, in-kind dividend distribution of 20.49 percent of Valu’s share capital by EFG Holding to its shareholders.
Amazon has acquired a 3.95 percent stake in Valu at 6.041 Egyptian pounds per share, while EFG Finance Holding retains a 67 percent ownership post-listing.
Valu now operates in both Egypt and Saudi Arabia and claims to have captured a 25 percent share of Egypt’s consumer finance market.
In 2024, Valu reported a 66.5 percent growth in issuances, significantly outpacing the broader market’s 31.2 percent growth rate.
AppliedAI raises $55m in series A round
UK-founded and UAE-based AppliedAI has raised $55 million in an oversubscribed series A round led by G42, Bessemer Venture Partners, and strategic partner e&.
Middle East Venture Partners also participated in the round, which will support the company’s global expansion and deepen its reach across the MENA region.
Founded in 2021 by Moataz Khamis, Mahmoud Khaled, and Ahmed Emara, Nowlun provides an online freight forwarding platform that lets users compare and book shipping services. (Supplied)
AppliedAI, founded in 2021 by Arya Bolurfrushan and relocated to the UAE in 2022, uses artificial intelligence to automate the processing of medical billing records and insurance claims — an area typically reliant on slower, manual outsourcing methods.
The new capital injection follows a $42 million raise in 2022 from G42 and the Al Maktoum family.
The company now plans to strengthen its product offerings and increase partnerships within the UAE’s emerging AI ecosystem.
Nowlun raises $600k to embed AI in logistics
Egyptian logistics startup Nowlun has secured a $600,000 seed round extension led by Ingressive Capital, raising its total funding to $2.3 million.
The Cairo-based company provides an online freight forwarding platform that lets users compare and book shipping services tailored to their needs.
Founded in 2021 by Moataz Khamis, Mahmoud Khaled, and Ahmed Emara, Nowlun plans to use the funds to scale its AI-powered Smart Logistics Assistant, expand operations across Egypt and Saudi Arabia, and improve decision-making in the region’s fragmented shipping industry.
“This is more than just funding; it’s a strategic push to embed AI at the core of logistics,” said CEO Moataz Khamis.
“We’re building your smart Logistics Assistant — a tool that puts decades of industry expertise in the palm of your hand, helping you make faster, smarter shipping decisions every day.”
Roomz.rent raises pre-seed funding
Egyptian startup Roomz.rent has closed a pre-seed funding round led by Qora71, Hub71’s angel syndicate, with participation from other regional angel investors.
Founded in 2024 by Ahmed Mandour and Yasser Al-Sarrag, Roomz.rent provides AI-powered room and flatmate matching services for furnished rentals on flexible leases.
The new capital will be used to scale operations in Egypt, enhance the platform’s technical capabilities, and expand into new urban centers across the MENA region.
The company aims to establish a leading regional co-living brand focused on convenience and compatibility.
Related secures $8m in new funding
UAE-based loyalty and rewards company Related has raised $8 million in new funding from Saudi investment firm Equivator.
Founded in 2014 by Rabih Farhat, Related offers loyalty programs and a digital rewards infrastructure across sectors including telecom, banking, retail, utilities, and entertainment.
The investment will be used to roll out AI- and blockchain-based solutions, improve gamification tools, and support expansion into the Saudi market and other territories.
Additionally, Related will launch the “Related Loyalty & Fintech Authority,” a regional forum aimed at advancing policy and knowledge in the loyalty sector.
“We are thrilled to welcome Equivator as a strategic partner on our journey to redefine loyalty and engagement in the region,” said Farhat, CEO of Related, adding: “This partnership is more than a transaction; it’s a transformation, a joint mission to reshape the future of fintech-powered loyalty solutions in line with the Kingdom’s innovation agenda.”
Netaj launches Iraq-focused venture studio Nawat
Iraq-based innovation platform Netaj has launched Nawat, a venture capital studio providing a structured six-month program for 40 early-stage startups.
Nawat includes three tracks — ideation, minimum viable product, and early-stage — accompanied by bootcamps, mentorship, and access to capital.
The studio offers hybrid investments combining in-kind support of $10,000–$25,000 and direct capital of $25,000–$250,000 via convertible notes or equity.
Nawat expects to back five to 10 high-potential companies with the aim of building scalable, investor-ready businesses capable of regional growth.
Aria Ventures commits $1m to early-stage deep tech
Cairo-based venture studio Aria Ventures has launched a $1 million investment initiative to support early-stage deep tech startups in Egypt over 2025–2026, with plans to increase this to $4 million over four years.
The studio focuses on startups in AI, robotics, biotechnology, and other science-intensive sectors.
Aria Ventures’ approach involves end-to-end company building — offering support from ideation to product development, infrastructure, legal, and commercialization.
This is complemented by strategic capital deployment aimed at turning pioneering research into scalable, investor-ready businesses.
The studio recently introduced the DeepTecher competition to identify high-potential innovations that can be developed into viable companies.
Winners will receive investment and access to Aria’s venture-building resources.
Talenteo raises undisclosed investment to expand in Francophone Africa
Algerian human resources tech startup Talenteo has secured an undisclosed six-figure investment from Tunisia-based 216 Capital.
Founded in 2022 by Tarik Metnani and Louai Djaffer, Talenteo provides HR and payroll management software tailored to African SMEs and mid-sized companies.
The new funding will be used to support Talenteo’s entry into Tunisia, accelerate product development, and facilitate expansion across Francophone Africa.
The company aims to offer comprehensive HR solutions for a region often underserved by enterprise-grade platforms.
