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Startup Wrap – Regional venture capital activity flourishes in first week of Ramadan

The agreement was signed by Nabeel Koshak, CEO and board member of SVC, and Muhannad Qubbaj, founding partner of Olive Rock Partners, in the presence of key officials from both organizations. SPA
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Updated 17 March 2024
Nour El-Shaeri
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Startup Wrap – Regional venture capital activity flourishes in first week of Ramadan

Updated 17 March 2024
Nour El-Shaeri

CAIRO: Startups across the Middle East and North Africa experienced a surge in funding, bucking the trend of the typically slower business pace during the holy month.  

Contrary to expectations, the region’s venture landscape saw an impressive array of deals, indicating robust activity and investor confidence across various sectors in the first week of Ramadan. 

The Kingdom’s government investment vehicle Saudi Venture Capital Co. announced a $30 million investment in Olive Rock Partners Fund I.  

The investment aligns with SVC’s strategy to develop and sustain financing for startups and small and medium-sized enterprises in strategic sectors. 

Focused on mid-market buyouts that are demographically driven, geographically advantaged, and technologically enabled, Olive Rock Partners Fund I is a regional private equity fund aiming to boost the ecosystem. 

The agreement was signed by Nabeel Koshak, CEO and board member of SVC, and Muhannad Qubbaj, founding partner of Olive Rock Partners, in the presence of key officials from both organizations.  

“The investment in Olive Rock Partners Fund I is part of SVC’s Investment in Funds Program, which is a continuation of the company’s series of investments and an implementation of its strategy related to developing and sustaining financing for startups and SMEs, especially in strategic sectors,” Koshak said. 

Qubbaj expressed gratitude for SVC’s trust and highlighted the partnership’s potential to fuel growth in the SME space and enhance the direct investment landscape in Saudi Arabia. 

Established in 2018 as a subsidiary of the SME Bank, part of the National Development Fund, SVC is committed to stimulating and sustaining financing for startups and SMEs from pre-seed to pre-initial public offering stages through investments in funds and direct investments in startups and SMEs.  

Mitgo Group acquires UAE’s Embedded 

Mitgo Group, a Germany-based marketing technology provider, has expanded its portfolio by acquiring UAE-based Embedded, a finance platform.  

Established in 2022 by Alexander Bachmann, Mitgo Group aims to enhance its service offerings in the affiliate market with this acquisition.  

Embedded, founded in 2023 by Oleg Chanchikov, specializes in integrating financial services within other businesses, aligning well with Mitgo’s strategic direction. 

The acquisition enables Mitgo Group to diversify its solutions, providing clients with innovative financial services embedded directly into their platforms.  

This move is expected to strengthen Mitgo’s position in the market, offering more comprehensive services to its customers in the affiliate marketing sector. 

UAE’s traveltech Seeru raises pre-seed round 

UAE-based traveltech startup Seeru has successfully raised a pre-seed funding round led by US-based venture studio Nabtah Ventures.  

Co-founders Abd Elmohaimen Mansi and Abdullah Mancy launched Seeru to streamline the travel planning process for various stakeholders, including individual travelers and agencies.  

The platform aims to eliminate the complexities associated with organizing trips, offering a comprehensive solution to enhance the travel experience. 

With the injection of fresh capital, Seeru is poised to accelerate its product development efforts and broaden its reach in the global market.   

Kuwait’s Mojo raises seven-figure seed round 

Kuwait-based social commerce platform Mojo has secured a seven-figure seed investment led by Joa Capital and Emkan Capital, with additional support from Plus VC, Atyab Al Marshoud, Wahed Invest, and other angel investors.  

Founded in 2022 by Abdulaziz Al-Bahar and Nadia Al-Hamad, Mojo provides a platform where users can explore, review, and recommend beauty, skincare, and wellness products. 

The funding will be instrumental in enhancing Mojo’s technology stack, attracting top-tier talent, and expanding its market presence, particularly in Saudi Arabia.   

Saudi-based Grintafy receives investment from Chiliz  

Saudi Arabia-based sportstech Grintafy has received an investment from Chiliz, bolstering its position as a leading football talent discovery platform.  

Founded in 2019 by Majdi Allulu, Grintafy connects aspiring footballers with professional opportunities, leveraging technology to scout and showcase talent across the Middle East and Europe. 

The partnership with Chiliz will enable Grintafy to accelerate its adoption of web3 technologies and expand its reach in the international sports arena.  

Chiliz, known for its expertise in blockchain and sports engagement, will provide Grintafy with the technological infrastructure and ecosystem support to enhance its offerings and drive growth. 

Grintafy’s collaboration with Chiliz marks a significant step forward in its mission to revolutionize football talent discovery.  

By integrating cutting-edge technology and expanding its global footprint, Grintafy is poised to unlock new opportunities for players and clubs alike, contributing to the development of the sport on a global scale. 

Egypt’s 30Med secures pre-seed round  

Egypt-based business to business healthtech 30Med has raised pre-seed funding from anonymous angel investors, marking a key milestone in its mission to connect pharmaceutical companies with medical professionals.  

Founded in 2023 by Ayman Ragab, 30Med offers an innovative platform that facilitates the exchange of knowledge and information about new medicines through interactive videos and events.  

The investment will enable 30Med to enhance its platform, expanding its reach within the medical community and further bridging the gap between pharmaceutical firms and healthcare providers.   

Morocco’s ORA Technologies secures $1.5m in a seed round 

ORA Technologies, based in Morocco, has secured $1.5 million in seed funding to drive the growth of its superapp.  

Founded in 2023 by Omar Alami, ORA integrates various features, including peer-to-peer transactions, e-commerce, and social networking, into a single platform.  

ORA also secured a partnership with M2T, a subsidiary of Banque Centrale Populaire, which paves the way for the imminent launch of ORA’s digital wallet. 

The funding will accelerate ORA’s expansion plans, enhancing its suite of services and expanding its user base.

Topics: #startup Startup Wrap Saudi Venture Capital Co. Olive Rock Partners Fund I Mitgo Group Embedded Seeru Mojo Grintafy 30Med ORA Technologies

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Saudi crude output up 1.21% to hit 8.92m bpd: JODI 

Updated 8 sec ago
Dayan Abou Tine 
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Saudi crude output up 1.21% to hit 8.92m bpd: JODI 

Updated 8 sec ago
Dayan Abou Tine 

RIYADH: Saudi Arabia’s crude oil production rose to 8.92 million barrels per day in November, a 1.21 percent annual increase according to the latest release from the Joint Organizations Data Initiative. 

The report showed a 2.05 percent drop in crude exports, which fell to 6.21 million bpd, although this figure marks the highest level in eight months. 

Refinery crude exports surged 36 percent year on year to 1.14 million bpd in November but declined by 18.65 percent compared to October. 

Key refined products included diesel, motor gasoline, aviation gasoline, and fuel oil.

Diesel exports accounted for 38 percent of refined product shipments, while motor and aviation gasoline made up 24 percent, and fuel oil comprised 11 percent. 

Notably, motor and aviation shipments rose 63 percent annually to 272,000 bpd in November. Diesel exports also increased by 27 percent reaching 439,000 bpd. 

Saudi Arabia’s refinery output reached 2.35 million bpd, a 13 percent year-on-year increase, with diesel representing 40 percent of total refined products, followed by motor and aviation gasoline at 25 percent and fuel oil at 19 percent. 

Domestic demand for refinery products increased by 210,000 bpd year on year, reaching 2.56 million bpd. 

OPEC+ has decided to delay the start of oil output increases by three months until April, and extend the full unwinding of cuts by a year, now set to finish by the end of 2026. 

This decision was made in response to weak global demand and rising production from countries outside the group. OPEC+, which controls around half of the world’s oil production, had initially planned to begin unwinding cuts in October 2024, but delays were caused by global demand slowdowns and growing non-OPEC+ output. 

Direct crude usage 

Saudi Arabia’s direct crude oil burn fell by 119,000 bpd in November to 382,000 bpd, a 24 percent year-on-year decline and a 5.5 percent increase from October. 

The annual reduction can be attributed to the global shift toward cleaner energy sources, such as natural gas, renewables, and electricity, which are gradually replacing crude oil in sectors like power generation and shipping. 

Additionally, improved energy efficiency and stricter environmental regulations have led to further reductions in crude oil use. 

By 2030, the Saudi government plans to phase out the use of crude oil, fuel oil, and diesel in power generation, replacing them with natural gas and renewable energy sources. 

This transition is a key component of the Kingdom’s Vision 2030 initiative, aimed at diversifying its energy mix and reducing dependence on oil, both domestically and in global markets. 

As Saudi Arabia moves toward this objective, natural gas demand is anticipated to rise sharply, driving increased investments in the natural gas supply chain, including exploration and infrastructure development. 

Topics: Oil Saudi oil jodi Oil production

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Ogero resumes telecom expansion in Lebanon, boosting connectivity and major upgrades

Updated 18 min 27 sec ago
MIGUEL HADCHITY 
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Ogero resumes telecom expansion in Lebanon, boosting connectivity and major upgrades

  • Ogero connected 221,000 households to fiber-optic Internet in 2024 and plans to add 406,000 new subscribers this year
  • It is is also upgrading from Wi-Fi 5, currently used at Beirut Rafic Hariri International Airport, to Wi-Fi 7
Updated 18 min 27 sec ago
MIGUEL HADCHITY 

RIYADH: Lebanon’s state-owned telecom company Ogero is working to restore and expand the country’s connectivity after experiencing damages due to the Israeli conflict.

The clashes have significantly disrupted Lebanon’s telecom infrastructure, impeding connectivity and slowing the nation’s digital advancement.

Ogero’s Chairman and Director General Imad Kreidieh announced in a live broadcast that the company’s expansion plans will resume, supported by funding from multiple donors.

According to Kreidieh, Ogero connected 221,000 households to fiber-optic Internet in 2024 and plans to add 406,000 new subscribers to the network this year.

The company is also upgrading from Wi-Fi 5, currently used at Beirut Rafic Hariri International Airport, to Wi-Fi 7. The upgrade will provide speeds of up to 3,500 megabits per second with ultra-low latency of 2— 4 milliseconds. 

The network’s backhaul capacity is being upgraded from 20 gigabits per second to 40 Gbps to support enhanced connectivity, according to Kreidieh.

Ogero is also expanding its LTE infrastructure, increasing the number of stations from 97 to 219 by the end of 2025 and 390 by 2026, which translates to better and wider coverage nationwide. 

The LTE-Advanced capacity will be quadrupled from 10 Gbps to 40 Gbps to enhance performance and service quality.

The top official also said that Ogero will build 215 new stations in the southern and Baalbek regions, which were heavily damaged by Israeli strikes, over the next 24 months, allowing users to regain connectivity.

In a move toward sustainability, Ogero is also implementing solar energy solutions for 358 sites, with a 4-megawatt production capacity and 463 kiloampere-hours storage capacity. The $9.6 million project is expected to generate $8.5 million in annual savings, according to Kreidieh.

Ogero serves as the core of the Ministry of Telecommunications, providing essential infrastructure for all telecom networks, including mobile operators, data service providers, and Internet service providers.

Topics: Ogero Lebanon telecommunications

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Up to 40 Canadian firms eyeing investment in Saudi Arabia’s healthcare sector

Updated 22 January 2025
REEM WALID 
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Up to 40 Canadian firms eyeing investment in Saudi Arabia’s healthcare sector

Updated 22 January 2025
REEM WALID 

RIYADH: Up to 40 Canadian firms are eying investment in Saudi Arabia’s healthcare sector amid efforts to strengthen economic ties between the countries.

The interest was highlighted at a healthcare event organized by the Federation of Saudi Chambers at its headquarters in Riyadh, which showcased various investment opportunities within the sector, the Saudi Press Agency reported.

This aligns with Saudi Arabia’s objective to boost private sector participation in healthcare to 25 percent by 2030, reflecting the rapid growth and expansion of the industry, along with attractive investment incentives. It also underscores the Kingdom’s broader efforts to strengthen ties with Canada, highlighted by the restoration of diplomatic relations in May 2023 after a five-year hiatus.

During the gathering, Chairman of the Saudi-Canadian Business Council Mohammed bin Nasser Al-Duleim highlighted the body’s pivotal role in boosting trade relations and fostering investment between the Kingdom and the North American country.

Al-Duleim also provided an overview of Vision 2030 initiatives and talked up the incentives and support offered by Saudi Arabia to foreign investors.

The Ambassador of Canada to the Kingdom Jean-Philippe Linteau commended the efforts to strengthen economic ties between countries. 

He emphasized the joint business council’s contributions and highlighted the strong interest of Canadian firms in Saudi Arabia’s healthcare sector.

In December, economic cooperation was the focus of a high-level meeting between a senior Saudi official and the Canadian ambassador, reflecting the ongoing progress in relations between the two nations.

The Kingdom’s Minister of Economy and Planning Faisal Al-Ibrahim held talks with Linteau at his department’s headquarters in Riyadh, SPA said at the time. 

Since normalizing relations, Canada is keen to build a “great relationship” with the Kingdom, Linteau said during an interview with Arab News in February. 

His commets came a month after Saudi Arabia and Canada agreed to re-exchange trade delegations, aiming to improve economic relations and increase trade and investment volumes. 

Hassan Al-Huwaizi, president of the Saudi Chambers of Commerce, emphasized at the time that establishing a joint business council would provide a platform for business leaders to promote activities and engage in partnerships, facilitating continuous interaction and information exchange about market opportunities.

In 2022, Saudi exports to Canada stood at $2.5 billion, with imports valued at $959 million, according to online data visualization and distribution platform Observatory of Economic Complexity.

Topics: Federation of Saudi Chambers Healthcare saudi-canada

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Saudi Arabia, Palestine to boost trade with formation of new business council

Updated 22 January 2025
Nirmal Narayanan
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Saudi Arabia, Palestine to boost trade with formation of new business council

  • Formation of the Saudi-Palestinian Business Council represents a significant step in strengthening economic ties
  • It comes two after a ceasefire deal came into effect between Israel and Hamas
Updated 22 January 2025
Nirmal Narayanan

RIYADH: Saudi Arabia and Palestine have agreed to form a business council to boost bilateral trade and promote investments between both nations. 

The agreement to form the first Saudi-Palestinian Business Council was made during a meeting between Hassan Al-Huwaizi, chairman of the Federation of Saudi Chambers, and Mazen Ghanem, Palestinian ambassador to the Kingdom, in Riyadh, the Saudi Press Agency reported. 

The formation of the Saudi-Palestinian Business Council represents a significant step in strengthening economic ties, particularly as trade between the two countries continues to grow. 

In the third quarter of 2024, the Kingdom’s overall exports to Palestine stood at SR118.3 million ($31.53 million), representing a 35 percent rise compared to the previous three months, according to data from the General Authority for Statistics. 

Saudi Arabia also imported Palestinian goods worth SR4 million in the third quarter of 2024.

During the meeting, Al-Huwaizi stressed the need to empower Palestinian business owners to invest in Saudi Arabia and market products from the West Asian nation in the Kingdom’s market. 

He also reaffirmed the federation’s support for holding exhibitions and conferences to introduce and market Palestinian products in the Kingdom. 

The new agreement comes just two after a ceasefire deal came into effect between Israel and Hamas, allowing some displaced residents to return to their homes. 

To stabilize the economy, the Palestine Monetary Authority issued new instructions to banks to ease the burden of accumulated installments on borrowers in Gaza and the West Bank during the war period. 

The authority also instructed banks to stop collecting installments in Gaza until the end of June, with the possibility of scheduling and postponing it further. 

Other instructions from the monetary authority include reducing interest rates on new loans and stopping the collection of commissions and late fees. 

Earlier this month, Palestinian President Mahmoud Abbas met with Nayef bin Bandar Al-Sudairi, the Saudi ambassador to Palestine, and honored him with the Star of Al-Quds medal, a top-rated decoration provided by the state. 

During the meeting, Abbas extended his greetings to King Salman and Crown Prince Mohammed bin Salman and thanked Saudi Arabia for the support offered to the Palestinian people and their cause. 

Abbas also praised Al-Sudairi’s efforts to strengthen the friendly relations between Palestine and the Kingdom.

Topics: Saudi Arabia Palestine

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Saudi Arabia, Gulf region ‘well positioned’ to take lead on global energy transition, says S&P executive

Updated 22 January 2025
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Saudi Arabia, Gulf region ‘well positioned’ to take lead on global energy transition, says S&P executive

  • Under President Donald Trump’s renewed leadership, energy policy in the US is expected to shift toward an emphasis on increasing crude and gas production
Updated 22 January 2025
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DAVOS: The Middle East, particularly Saudi Arabia, is poised to play a pivotal role in the global energy transition, according to Mark Eramo, co-president of S&P Global Commodity Insights. 

Speaking to Arab News at the annual meeting of the World Economic Forum in Davos, Eramo highlighted the region’s growing renewable energy capabilities and its potential to balance traditional energy demands with advancing sustainability goals.

“The renewable energy capabilities in the Middle East are primed to be part of the energy transition and will also continue to support what we would now call traditional energy as it’s needed,” Eramo said.

He emphasized the ongoing importance of energy affordability and security, noting their priority for governments worldwide. 

Eramo said Saudi Arabia, with its growing investments in the renewable energy sector, as well as ammonia production for hydrogen, is poised to emerge as a worldwide leader, adding: “The Kingdom is really positioned well to be an energy transition provider and take a global leadership role in that.”

With this in mind, Eramo highlighted S&P’s significant footprint in the Middle East and said the organization was in the process of expanding its presence in the region, something he said he was “excited about.”

He continued: “I manage S&P Global Commodity Insights and watch closely what is happening in Saudi Arabia and the region is near and dear to the work that we do. It’s a fundamental part of what we’re doing, whether it be downstream chemicals or just fundamental oil and gas and renewable energy. So, our plan is to increase our footprint in the region and be there.” 

Eramo also reflected on the global energy outlook, touching on the implications of potential US policy shifts. 

Under President Donald Trump’s renewed leadership, energy policy in the US is expected to shift toward an emphasis on increasing crude and gas production and expanding export terminal capacity, something which was paused under the administration of Joe Biden.

Citing that Trump this week declared an “energy emergency” in the US, Eramo said that the new administration’s focus on lower energy prices would aim to curb inflation and prioritize security.

Globally, he also noted the varied and pragmatic approach to the pace of energy transition, shaped by differing regional priorities. 

“There are challenges in Europe, Asia Pacific, and South Asia. Each country, whether it’s China or India, will respond differently,” he said. 

“It’s not about whether energy transition is over but understanding that it’s been going on for decades, driven by carbon emission reductions and fuel efficiency advancements,” he added.

Eramo acknowledged the historical resilience of energy players in navigating geopolitical uncertainties, especially in the Middle East in the past two years. 

“I think there’s a long history of geopolitical turmoil in different parts of the world, and I think the major players in energy supply, including in the Middle East, have always found a way to work with their partners — whether in Europe, APAC (Asia-Pacific) or in the Americas — to navigate those waters and respond accordingly,” he said.

 

Topics: WEF 2025

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