Search form

You are here

  • Home
  • Saudi ecosystem sees seeds rounds and dedicated funds


Saudi ecosystem sees seeds rounds and dedicated funds

Founded last year by Lawrence Ong and Christina Khalife, Arable aims to boost sustainable farming by operating hydroponic farming systems. (Supplied)
Short Url

https://arab.news/4w8d2

Updated 26 January 2025
Nour El-Shaeri
Follow

Saudi ecosystem sees seeds rounds and dedicated funds

  • Local firms secure sizable funding rounds and venture capitals announce dedicated funds
Updated 26 January 2025
Nour El-Shaeri

RIYADH: Saudi Arabia’s startup ecosystem has seen notable activity across multiple industries with local firms securing sizable funding rounds and venture capitals announcing dedicated funds. 

Domestic property technology firm Rize secured a $35 million series A investment funding round led by Raed Ventures, with participation from Nama Ventures, Hala Ventures, JOA Capital, Aqar Platform, and SEEDRA Ventures. 

“This investment represents a major turning point in our journey and reflects the investors’ confidence in our vision to develop the leasing sector,” said Ibrahim Balilah, CEO of Rize. 

Founded in 2021 by Balilah and Mohammed Al-Fraihi, Rize offers an innovative solution to eliminate bulky, one-time rental payments in Saudi Arabia. 

Adopting a rent now, pay later model, Rize offers tenants to pay their rent in flexible monthly installments as opposed to the nation’s standard of one-time payments on a year’s rent. 

This converts a single full payment to 12 monthly installments for tenants, while property owners get the full annual rent upfront. 

Speaking to Arab News in March, Balilah explained that this model has garnered significant interest with the company getting around SR330 million ($88 million) in requests at the time. 

Such an innovative solution requires large capital sums, meaning the company aims to utilize the series A round to accelerate its growth in Riyadh, as well as Jeddah and Dammam. 

“We have worked hard to develop our internal technologies to enable the automation process and make the rental experience smoother. This investment round is a significant step to enhance our technologies and accelerate the company’s growth,” said Al-Fraihi, chief technology officer at Rize. 

Omar Al-Majdouie, co-founder at Raed Ventures, stated: “We believe in Rize’s ability to bring about a transformative change in the real estate leasing sector, not only by offering innovative services but also by enabling digital transformation in this important field.” 

Mohammed Alzubi, founder and managing partner of Nama Ventures said: “Since our investment in Rize’s seed round, we were confident that it had the potential to be a leader in providing rent now, pay later solutions in the Kingdom. We are proud of the remarkable achievements Rize has made so far, and are excited to continue supporting them in this new round.” 

Agritech Arable closes $2.55m in seed round 

Saudi Arabia’s agriculture technology sector also saw a notable funding round with Arable, closing $2.55 million in a seed investment. 

Founded last year by Lawrence Ong and Christina Khalife, Arable aims to boost sustainable farming in the Kingdom’s harsh climate by designing and operating hydroponic farming systems. These systems are ideal for dry landscapes, which occupy most of the Middle East region, as they can produce yields while saving up to 90 percent water. 

“Saudi Arabia offers an unparalleled ecosystem for startups like Arable to thrive. Thanks to the support of organizations such as the Ministry of Environment, Water, and Agriculture, the Ministry of Investment, the National Technology Development Program, and the General Authority of SMEs, we’ve been able to scale rapidly and bring innovation directly into the Kingdom,” said Ong, CEO of Arable. The funding round attracted both institutional and private investors, with 90 percent of the capital coming from foreign investors. The funds will be allocated within Saudi Arabia to help advance the country’s agricultural sector, the company stated in a press release. 

The company also claimed that 80 percent of the components needed to create its systems can be sourced or manufactured locally. 

Saudi Arabia’s Willow closes pre-seed round 

Digital transformation is taking shape in all corners of the Kingdom with Willow, a startup that offers laundry booking services through its app, closing a pre-seed investment round for an undisclosed amount. 

Founded in 2024 by Mohammed Al-Marri and Wijdan Al-otaibi, the company is leveraging technology to create a digital, seamless laundry experience through pickups and deliveries. Willow will further utilize the funding to cement its digital infrastructure and expand its customer base. 

SVC, Jada back US-based VC firm 500 Global’s new fund 

US-based venture capital firm 500 Global launched its new Middle East and North Africa-focused fund with backing from Saudi Arabia’s top limited partners. 

The fund saw support from Saudi Venture Capital Co., a subsidiary of the Small and Medium Enterprises Bank, which is part of the Kingdom’s National Development Fund, and Jada Funds of Fund, a Public Investment Fund company. 

Labeled 500 MENA L.P, it will primarily invest in startups with proven product-market fit — a key milestone in any business journey that demonstrates a specific solution has found and satisfied a strong market demand. 

MoneyHash secures $5.2m pre-series A  

US-based Egyptian fintech MoneyHash has raised $5.2 million in pre-series A funding. The round was led by Flourish Ventures, with participation from Vision Ventures, Arab Bank’s Xelerate, Emurgo Kepple Ventures, Jason Gardner, and existing investors, including COTU, RZM Investment, and Github founder Tom Preston-Werner. 

This follows a $4.5 million seed round in early 2024 co-led by COTU Ventures and Sukna Ventures. 

Founded in 2020 by Nader Abdelrazik, Mustafa Eid, and Anisha Sekar, MoneyHash provides a payment orchestration and operating system to address technological challenges faced by enterprise merchants. 

The newly raised funds will be used to accelerate its market penetration across the MEA region. 

Talent 360 secures six-figure funding  

Egypt-based human resources tech startup Talent 360 has closed a six-figure investment round led by Saudi Arabia’s C.STAR. 

The funding will support the company’s expansion efforts in Saudi Arabia, which it entered in mid-2024. 

Founded in 2017 by Heba Ayad and Mohamed Said, Talent 360 offers talent management, business training, and 360-degree organizational solutions tailored to business needs. 

Eyouth and EDT&Partners launch $6m skills program 

Egypt-based education tech Eyouth has partnered with Singapore-based education consultancy EDT&Partners to launch a $6 million program aimed at equipping 1 million youth in Africa and the Middle East with digital skills. 

The initiative will focus on critical areas like AI, coding, and data analysis, as well as digital marketing, and modern pedagogies. 

The program will combine Eyouth’s skills development platform with EDT’s AI-driven educational tools to provide training for youth aged 15 to 35 across the region. 

This partnership represents a significant step toward addressing digital skill gaps in emerging markets. 

Pluto raises $4.1 million pre-series A  

UAE-based fintech Pluto has secured $4.1 million in a pre-series A funding round led by a mix of existing and new investors, including Rhino Ventures, Born Capital, Goanna Capital, Evolution VC, Freesearch VC, and Tiferes VC. 

Founded in 2021 by Mohammed Ridwan, Mohammed Aziz, and Nayeem Zen, Pluto helps businesses streamline spending management through virtual and physical cards with customizable spend controls. 

The funding will support Pluto’s expansion in Saudi Arabia and the Gulf Cooperation Council region, as well as solidify the growth of its newly launched product, Pluto Connect. 

Pluto previously raised $6 million in a seed round in 2022, led by Global Founders Capital. 

DataQueue secures undisclosed funding  

The Netherlands and Palestine-based AI-training startup DataQueue has raised an undisclosed funding round from Ibtikar Fund and Flat6Labs Jordan Seed Fund. 

Founded in 2021 by Bashir Alsaifi, DataQueue specializes in providing annotated and labeled data for AI model training. 

The startup aims to position itself as a global AI partner for businesses by leveraging its expertise in data training and annotation. 

This marks its second funding round after raising an undisclosed amount from the Ibtikar Fund in August 2023. 

Sampo AI raises $750k  

Oman-based Software-as-a-Service provider Sampo AI has closed a $750,000 pre-seed funding round co-led by Omantel Innovation Labs and Waad VC, with additional participation from Hexnture and a group of Saudi angel investors. 

Founded in July by Saif Al-Essai and Khalifa Manaa, Sampo AI offers an advanced platform that helps e-commerce businesses optimize pricing strategies using data-driven insights, user behavior analysis, and A/B testing. 

The funding will drive Sampo AI’s expansion plans in Saudi Arabia and the UAE.

Topics: Start-up of the Week Startup ecosystem

Related

Business & Economy
MENA startup funding ends year on the rise
Business & Economy
Saudi Arabia’s startup ecosystem kicks off 2025 on a strong note

PepsiCo opens regional headquarters in Riyadh, unveils $8m R&D center

Updated 6 sec ago
Nour El-Shaeri
Follow

PepsiCo opens regional headquarters in Riyadh, unveils $8m R&D center

Updated 6 sec ago
Nour El-Shaeri

RIYADH: Global beverage giant PepsiCo has opened its new Middle East regional headquarters in Riyadh’s King Abdullah Financial District, reinforcing the company’s long-term commitment to the region.

Spanning 2,800 sq. m, the state-of-the-art facility will accommodate more than 150 employees and serve as a central hub for PepsiCo’s operations across the Middle East.

“Our new RHQ in Riyadh signals our firm and long-term commitment to this region’s future and its people – through job creation, agricultural partnerships, social impact and environmental stewardship,” said Ahmed El-Sheikh, president and general manager for Middle East, North Africa, and Pakistan Foods.

The inauguration ceremony drew attendance from top PepsiCo executives, including Chairman and CEO Ramon Laguarta, alongside senior Saudi officials and business leaders.

As part of its regional growth strategy, PepsiCo also announced plans to launch a new research and development center in the Kingdom, with an investment of SR30 million ($7.99 million). The R&D hub will focus on innovation in product development and packaging tailored to regional preferences.

The facility will feature a culinary lab and an immersive sensory studio designed to refine products in alignment with local consumer tastes.

In addition to serving as a business and innovation center, the Riyadh headquarters will also house PepsiCo’s flagship social impact programs, including Tamakani and MENA Innovates, both aimed at empowering youth and fostering sustainable innovation.

PepsiCo has invested over SR9 billion in Saudi Arabia over the past eight years. In 2023 alone, the company allocated SR199 million to expand its Dammam manufacturing facility.

Today, PepsiCo operates across 86 locations in the Kingdom and employs nearly 9,000 people through direct operations and its franchise network.

Topics: SaudiVision2030 Regional Headquarters Program

Closing Bell: Saudi indices end day in the red

Updated 21 April 2025
Nour El-Shaeri
Follow

Closing Bell: Saudi indices end day in the red

Updated 21 April 2025
Nour El-Shaeri

RIYADH: Saudi Arabia’s stock market closed lower on Monday, with the Tadawul All Share Index falling 77.94 points, or 0.67 percent, to end the session at 11,548.66.

Total trading turnover stood at SR3.5 billion ($953.3 million), as 45 stocks advanced while 195 declined.

The Kingdom’s parallel market, Nomu, also closed in the red, shedding 340.41 points, or 1.17 percent, to finish at 28,637.78.

Of the listed stocks, 29 rose while 44 declined. The MSCI Tadawul Index dipped by 8.02 points, or 0.54 percent, closing at 1,466.51.

Alistithmar Capital REIT was the session’s top performer on the main index, jumping 9.92 percent to close at SR7.98.

Saudi Printing and Packaging Co. followed closely, gaining 9.86 percent to reach SR12.70. Nice One Beauty Digital Marketing Co. also saw notable gains, rising 4.78 percent to SR38.35, while Zamil Industrial Investment Co. climbed 3.92 percent to SR38.40.

On the other end of the spectrum, Dar Alarkan Real Estate Development Co. posted the steepest decline, falling 5.51 percent to SR22.30. Eastern Province Cement Co. dropped 4.48 percent to SR34.10, and Riyadh Cables Group Co. slid 4.26 percent to SR126.

National Gypsum Co. announced a 22.03 percent year-on-year increase in revenue for the fiscal year ending December 31, 2024, reporting SR63.32 million compared to SR51.89 million the previous year. Despite the rise in sales, the company posted a net loss of SR14.72 million, reversing a profit of SR5.13 million a year earlier.

The loss was attributed to higher sales costs and a decline in other income, including a SR10.7 million fine paid to the General Authority for Competition and the absence of land compensation income that had been recorded the prior year. Shares of National Gypsum Co. dropped 1.59 percent to settle at SR19.80.

Banque Saudi Fransi reported a 16.38 percent increase in net profit for the first quarter ending March 31, 2025, reaching SR1.34 billion compared to SR1.15 billion in the same quarter of the previous year.

The bank’s total operating income rose 13.17 percent year on year to SR2.64 billion, driven by increases in special commission income and trading income.

Net income growth was supported by an 8.1 percent rise in net special commission income, while operating expenses grew by 12.16 percent. Total comprehensive income more than doubled to SR1.92 billion, up 120.85 percent from the same period last year. The bank’s share price rose 0.92 percent to SR17.50.

Riyad Bank posted a 19.39 percent year-on-year increase in net profit for the first quarter of 2025, reaching SR2.49 billion compared to SR2.07 billion in the same period last year.

Total operating income grew 10.18 percent year on year to SR4.5 billion, while total comprehensive income increased by 23.62 percent to SR2.68 billion.

The bank attributed the rise in profitability to growth in net special commission income, trading income, exchange income, and net fee and commission income.

Operating expenses fell due to lower impairment charges for credit losses and other financial assets, though this was partially offset by higher employee and premises-related costs. Despite the strong earnings, Riyad Bank’s share price slipped 0.82 percent to SR30.15.

Topics: TASI NOMU MSCI

Davos meet founder Klaus Schwab quits as WEF chair

Updated 21 April 2025
Reuters
Follow

Davos meet founder Klaus Schwab quits as WEF chair

Updated 21 April 2025
Reuters

ZURICH: Klaus Schwab, founder of the World Economic Forum, whose annual gathering of business and political leaders in the Swiss mountain resort of Davos became a symbol of globalization, has resigned as chair of its trustees.

The Geneva-based WEF made the announcement on Monday after revealing earlier this month that the 87-year-old Schwab, who for decades has been the face of the Davos get-together, would be stepping down, without giving a firm timeline.

“Following my recent announcement, and as I enter my 88th year, I have decided to step down from the position of Chair and as a member of the Board of Trustees, with immediate effect,” Schwab said in a statement released by the WEF.

The forum did not say why he was quitting.

The WEF board said in the statement it had accepted Schwab’s resignation at an extraordinary meeting on April 20, with Vice Chairman Peter Brabeck-Letmathe serving as interim chairman while the search for a new chair began.

The German-born Schwab established the WEF in 1971 with the aim of creating a forum for policymakers and top corporate executives to tackle major global issues.

The village of Davos gradually became a fixture on the international calendar in January when political leaders, CEOs and celebrities got together in discreet, neutral Switzerland to discuss the agenda for the coming year.

Topics: World Economic Forum Davos

Saudi Arabia, Algeria deepen economic ties with new business pacts

Updated 21 April 2025
MOHAMMED AL-KINANI
Follow

Saudi Arabia, Algeria deepen economic ties with new business pacts

Updated 21 April 2025
MOHAMMED AL-KINANI

JEDDAH: Saudi Arabia and Algeria signed a series of agreements to boost trade and investment as officials and executives from both countries convened in Algiers for a high-level forum. 

The Saudi-Algerian Business Forum, held on April 20 in the Algerian capital, featured extensive discussions on enhancing bilateral economic cooperation across sectors including tourism, agriculture, construction, and manufacturing, the Saudi Press Agency reported. 

This comes as Saudi Arabia and Algeria maintain long-standing economic and diplomatic ties, anchored by their membership in the Arab League and OPEC. Trade between the two has steadily grown, with Saudi Arabia becoming a key supplier of industrial goods, petrochemicals, and plastics to Algeria. 

In a speech at the opening of the forum, Saudi Ambassador to Algeria Abdullah bin Nasser Al-Busairi described the economic meeting as a key driver for strengthening bilateral relations, highlighting the commitment of both countries’ leaderships to deepening ties across all sectors.

He pointed out that “the forum is an opportunity to discuss joint cooperation in light of the positive indicators witnessed by trade exchange between the Kingdom and Algeria, which amounts to nearly $1 billion,” SPA reported.  

Al-Busairi highlighted the notable growth of Saudi investments in Algeria, particularly in the pharmaceutical and food industries, “calling on Saudi investors to explore the opportunities available in the Algerian market, in light of the guarantees and benefits provided by the new investment law.”  

Al-Busairi expressed his confidence that “the bilateral meetings between Saudi and Algerian businessmen will result in practical initiatives that serve the interests of both countries and enhance the level of cooperation and partnership between them,” the SPA added. 

The chairman of the Saudi-Algerian Business Council, Raed bin Ahmed Al-Mazrou, emphasized that the time has come to elevate bilateral relations, particularly in the economic sector.  

He highlighted the strong support from the leaderships of both countries for this initiative and their commitment to strengthening and advancing it. 

He noted the investment opportunities offered by the Algerian market, the long-standing Saudi experience spanning more than five decades, and the openness of the Saudi market to initiatives by Algerian investors, in order to advance and enhance cooperation between the two countries.  

Kamel Moula, president of the Algerian Council for Economic Renewal, said the forum offers a valuable platform to establish successful ventures and exchange expertise, contributing to sustainable growth in both countries. 

He pointed to promising opportunities in sectors such as food manufacturing, iron and steel, tourism and entertainment, and information and communication technology. 

Topics: Saudi Arabia Algeria

Dubai inflation eases to 2.79% in March as housing, transport costs moderate

Updated 21 April 2025
Reem Walid
Follow

Dubai inflation eases to 2.79% in March as housing, transport costs moderate

Updated 21 April 2025
Reem Walid

RIYADH: Dubai’s annual inflation rate eased in March, hitting its lowest level since October 2024, according to official data released by the Dubai Statistics Center.

The inflation rate in the emirate slowed to 2.79 percent in March, down from 3.15 percent in February. The decline was primarily driven by a deeper deflation in food and beverage prices, which dropped by 3.34 percent year-on-year, compared to a 0.85 percent decline in the previous month.

Dubai continues to report relatively moderate inflation compared to other major cities in the region. Analysts attribute this trend to the government’s proactive measures to maintain price stability while fostering economic growth.

Despite persistent global inflationary pressures, Dubai’s economy remains resilient, supported by a diverse mix of sectors including tourism, real estate, and trade.

Looking ahead, the UAE Central Bank has forecast nationwide inflation at 2 percent for 2025 —well below the global average. Non-tradable components of the consumer basket are expected to be the main contributors to price movements in the coming year.

The March data also pointed to continued deflation in other key categories. Food and beverage prices posted a monthly deflation rate of 0.31 percent, slightly higher than the 0.21 percent recorded in February.

Clothing and footwear prices declined 2.69 percent year on year, mirroring the previous month’s figures. Meanwhile, prices in the information and communication sector saw a 1.96 percent annual drop in March, compared to a 1.95 percent decline in February.

The data also showed a continued rise in prices within several key sectors. The housing, water, electricity, gas, and other fuels category recorded a 7.16 percent increase in March, slightly down from 7.36 percent in February.

The insurance and financial services sector experienced notable inflation as well, with prices rising 5.83 percent, up from 5.20 percent the previous month.

Price increases were also observed across health, education, and personal care, social protection, and miscellaneous goods and services. Health costs climbed 3.1 percent, education rose 2.76 percent, and personal care and related services increased 2.52 percent.

For comparison, September’s figures showed no change in health and education, while personal care had risen by 1.48 percent.

The tobacco sector registered a 2.12 percent year-on-year increase, unchanged from February. Meanwhile, prices in the recreation, sport, and culture category grew 1.66 percent, though at a slower pace compared to 3.93 percent in the previous month.

Additional monthly gains were recorded in insurance and financial services, which edged up 1.47 percent in March versus 1.41 percent in February. Prices for furnishings, household equipment, and routine maintenance rose 0.36 percent, matching the previous month’s rate. The restaurants and accommodation services category saw a 0.25 percent increase, down from 0.72 percent in February.

In a separate report published in December, FOREX.com, a subsidiary of US-based StoneX Group Inc., projected strong economic resilience for the UAE in 2025.

The outlook was supported by solid consumer spending, record-high foreign direct investment, and the nation’s ongoing economic diversification efforts, despite regional challenges.

Topics: Inflation

Latest updates

Pakistani religious parties announce Gaza rally at Lahore’s Iconic Minar-e-Pakistan
Who might succeed Pope Francis? Nine possible candidates
Free ambulance service in southern Pakistan delivers babies, and hope, onboard 
Pakistan says Saudi Arabia has granted additional 10,000 slots for private Hajj scheme
Confident Peshawar Zalmi face Karachi Kings in PSL X clash tonight

Search form

Print Edition
Read pdf version Subscribe now
© 2025 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement.