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

OPEC+ moves to set 2027 production baselines

Updated 28 May 2025
Arab News
Follow

OPEC+ moves to set 2027 production baselines

Updated 28 May 2025
Arab News

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

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

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

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

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

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

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

Topics: OPEC OPEC+

Saudi Arabia launches advanced manufacturing center to boost industrial innovation

Updated 28 May 2025
MOHAMMED AL-KINANI
Follow

Saudi Arabia launches advanced manufacturing center to boost industrial innovation

Updated 28 May 2025
MOHAMMED AL-KINANI

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

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

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

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

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

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

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

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

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

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

Topics: SaudiVision2030 Industries

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

Updated 28 May 2025
Reem Walid
Follow

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

Updated 28 May 2025
Reem Walid

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Topics: TASI NOMU MSCI

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

Updated 28 May 2025
Nadin Hassan
Follow

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

  • Asir is a vast region in the Kingdom with a population exceeding 2 million people
  • Interest from global players seeking early opportunities in the region’s evolving landscape has grown
Updated 28 May 2025
Nadin Hassan

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

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

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

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

0 seconds of 57 secondsVolume 90%
Press shift question mark to access a list of keyboard shortcuts
00:00
00:57
00:57
 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Attracting FDIs

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

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

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

Topics: Asir Investment video

Related

Business & Economy
Saudi Arabia increases wage support to 50% for tourism sector jobs

Business & Economy
Human-centered travel takes priority in Saudi Arabia’s tourism vision, says minister

EU lifts economic sanctions on Syria

Updated 28 May 2025
Reuters
Follow

EU lifts economic sanctions on Syria

Updated 28 May 2025
Reuters

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

Topics: Syria European Union (EU)

Related

Business & Economy
New currency in the works, says Syrian economy minister
Business & Economy
Syria to re-open stock market starting June 2, finance minister says

Latest updates

Early voting starts for South Korea election triggered by martial law
Thai and Cambodian soldiers clash briefly in a disputed border area, killing one
Violent Pakistan storms trigger floods, landslides killing 10
Pakistan, Iran agree to increase number of flights for pilgrims
Ancient Saudi city of Qurh a historic stop for pilgrim and trade caravans 

Search form

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