Search form

You are here

  • Home
  • MENA startups secure new investments, acquisitions across fintech, AI and e-commerce


MENA startups secure new investments, acquisitions across fintech, AI and e-commerce

Qme, an Egypt-based B2B SaaS startup, has raised $3 million in a seed funding round led by AHOY and a group of angel investors from the GCC. Supplied
Short Url

https://arab.news/p9aed

Updated 23 February 2025
NOUR EL-SHAERI   
Follow

MENA startups secure new investments, acquisitions across fintech, AI and e-commerce

Updated 23 February 2025
NOUR EL-SHAERI   

RIYADH: Startups across the Middle East and North Africa continue to attract significant investment, with funding rounds and acquisitions shaping the region’s growing tech ecosystem.  
From artificial intelligence infrastructure and fintech to automotive SaaS and second-hand fashion, companies are securing capital to expand operations, enhance technology, and enter new markets. 
Among the latest developments, UK-based AI cloud infrastructure provider Ori has secured a strategic investment from Wa’ed Ventures, the venture capital arm of Saudi Aramco, as it prepares for expansion in the Middle East. 
The financial terms of the investment were not disclosed. The deal follows Ori’s recent deployment of Nvidia’s H200 chips, positioning the company as a key AI infrastructure provider in the UK, the Middle East, and beyond. 
Ori, which enables large-scale AI model training and deployment, currently operates in over 20 locations across North America and Europe.  




Mahdi Yahya, CEO of Ori. Supplied

With the backing of Wa’ed Ventures, Ori plans to localize its operations in Saudi Arabia, launching a regional subsidiary in Riyadh to support the country’s Vision 2030 initiative. 
Wa’ed Ventures, a $500 million fund investing in advanced technology startups, has expanded its focus internationally since 2022 to support companies that can localize their technologies in Saudi Arabia.  
The fund has previously invested in AI chipmaker Rebellions and real estate fintech firm Stake.  
Ori recently raised £140 million ($176.8 million) and is preparing for a larger funding round in 2025. 
It partners with global technology firms, including Nvidia, Supermicro, and Dell, and is backed by investors such as Telefonica, NextEra Energy, and Episode 1 Ventures. 
Dubizzle acquires Egypt’s Hatla2ee 
UAE-based online classifieds platform Dubizzle Group has acquired Hatla2ee, an Egyptian online car marketplace, for an undisclosed amount. 
The acquisition strengthens Dubizzle Group’s regional presence by integrating its technology and resources into Hatla2ee’s platform. 
Founded in 2016 by Samy Swellam, Hatla2ee provides a marketplace for buying and selling new and used cars in Egypt.  
Dubizzle Group, established in 2005, operates multiple classified platforms, including Dubizzle, Bayut, and Drive Arabia.  
The acquisition follows Dubizzle Group’s purchase of UAE-based automotive media platform Drive Arabia in May 2024. 
MANSA raises $10m for cross-border payments 
MANSA, a fintech firm specializing in cross-border payments, has secured $10 million in funding to enhance its liquidity solutions.  
The funding includes a $3 million pre-seed round led by Tether and co-led by Polymorphic Capital, with participation from Octerra Capital, Faculty Group, and Trive Digital.  
MANSA also raised $7 million in liquidity funding from corporate investors, quantitative funds, and alternative investment firms. 




Mansa Co-Founders. Supplied

The company, co-founded by Mouloukou Sanoh and Nkiru Uwaje, leverages stablecoins to streamline liquidity management for payment providers in emerging and developed markets.  
Since launching in August, MANSA has facilitated $27 million in transactions, with on-chain volume surging 574 percent from August to January 2025. 
The new funding will support the company’s expansion into Latin America and Southeast Asia. 
Egypt’s Qme raises $3m for AI business solutions 
Qme, an Egypt-based B2B SaaS startup, has raised $3 million in a seed funding round led by AHOY and a group of angel investors from the Gulf Cooperation Council. 
Founded in 2022 by Maged Negm, Qme provides AI-driven digital infrastructure for businesses, integrating booking, queuing, analytics, and payment solutions.  
The investment will be used to enhance the company’s technology, expand its market presence, and strengthen partnerships. 
UAE fintech Blum secures $5m in seed funding 
Blum, a UAE-based decentralized exchange, has raised $5 million in a pre-seed and seed funding round led by gumi Cryptos Capital, Spartan, No Limit Holdings, YZi Labs, and OKX Ventures. 
Founded in 2024 by Gleb Kostarev and Vladimir Smerkis, Blum offers token trading through gamification within a Telegram mini-app.  
The funding will support the platform’s infrastructure development, trading enhancements, and expansion across multiple blockchain networks. 
Tunisia’s Dabchy raises pre-Series A funding 
Dabchy, a Tunisia-based peer-to-peer fashion marketplace, has raised an undisclosed amount in a pre-Series A funding round led by Janngo Capital and angel investors. 
Founded in 2016 by Ameni Mansouri, Ghazi Ketata, and Oussama Mahjoub, Dabchy provides an e-commerce marketplace for second-hand fashion.  
The funding will support the startup’s expansion into Egypt, broaden its product offerings, and improve its platform. 
The Box secures $12.5m for storage expansion 
The Box, a UAE-based self-storage services provider, has secured $12.5 million in debt financing led by Shorooq Partners. 
Founded in 2007 by Wadih Haddad, The Box offers personal storage, record management, and moving services.  
The new capital will enable the company to expand its storage facilities and develop flagship locations. 
Palm Ventures closes $30m early-stage fund 
Palm Ventures, a MENA-focused investment firm, has closed a $30 million fund to support early-stage startups in the region, with a portion allocated to US-based AI ventures. 
Founded in 2014, Palm Ventures has backed 40 startups and collaborated with government entities to drive innovation.  
Between 2020 and 2024, the firm invested in 20 MENA and US-based AI startups. 
The new fund will target AI, fintech, and business solutions, supporting digital transformation in the region. 
Pinewood acquires 90.9 percent of Seez for $42m 
Pinewood Technologies PLC has acquired a 90.9 percent stake in UAE-based automotive SaaS platform Seez for approximately $42 million.  
The transaction, expected to close by March 19, 2025, will be funded through a mix of cash payments and newly issued shares. 
Seez specializes in AI and machine learning solutions for the automotive sector, including e-commerce and omnichannel products.  
Pinewood, which provides automotive intelligence solutions, aims to leverage Seez’s technology to enhance its agency management systems while reducing reliance on third-party AI licenses.  
The companies anticipate the acquisition will be earnings-accretive by fiscal year 2026. 
Oman Investment Authority partners with Golden Gate 
Oman Investment Authority has partnered with Singapore-based venture capital firm Golden Gate Ventures to strengthen Oman’s startup landscape. 
Through its technology arm, Innovation Development Oman, OIA has become a limited partner in Golden Gate Ventures’ new $100 million fund, which marks the firm’s first major venture capital initiative in the MENA region. 
The partnership aims to attract foreign investment into Oman’s technology sector while providing startups with funding, expertise, and market access. 
Golden Gate Ventures, which has backed around 100 companies since 2011 — including nine unicorns — views Oman as a promising innovation hub. 
Algerie Telecom launches $11m AI startup fund 
Algeria’s state-owned telecom company, Algerie Telecom, has announced an $11 million investment fund to support startups in artificial intelligence, cybersecurity, and robotics.  
The initiative was unveiled at the third edition of Algeria’s CTO Forum as part of the country’s national AI and digital transformation strategy. 
The investment will support the establishment of 20,000 startups, alongside efforts to develop AI-focused universities, incubators, and a nationwide expansion of digital infrastructure aimed at strengthening Algeria’s technological ecosystem. 

Topics: startups

Related

Business & Economy
Startup of the Week — KSA’s Quantum to scale its ad tech platform following $7m funding round
Business & Economy
Saudi Arabia’s startup ecosystem LEAPs once again

Syria to sign deal to import electricity from Turkiye, minister says

Updated 10 sec ago
Reuters
Follow

Syria to sign deal to import electricity from Turkiye, minister says

Updated 10 sec ago
Reuters

CAIRO: Syria is set to sign a deal to import electricity from Turkiye through a 400-kilovolt transmission line between the two countries “soon,” the Syrian state news agency cited the country’s energy minister as saying on Sunday.
Syria is also working on establishing a natural gas pipeline connecting the Turkish border town of Kilis and Syria’s northern city of Aleppo, minister Mohamed Al-Bashir said.
“The pipeline will allow the supply of 6 million cubic meters of gas per day to power plants in Syria which will contribute in improving the country’s energy situation,” he added.
Syria has suffered from severe power shortages. On separate occasions, the country said it was working with partners including Gulf states, in the energy and electricity sectors.

Topics: Fall of Assad Syria Turkiye

Related

Middle-East
UN envoy condemns intense wave of Israeli airstrikes on Syria
World
Terminally ill Syrian woman permitted to enter UK after govt U-turn

OPEC+ members to raise oil output by 411,000 bpd in June

Updated 15 min 21 sec ago
Nadin Hassan
Follow

OPEC+ members to raise oil output by 411,000 bpd in June

Updated 15 min 21 sec ago
Nadin Hassan

RIYADH: Eight OPEC+ member states, including Saudi Arabia, have agreed to raise oil production by 411,000 barrels per day in June as part of a gradual rollback of voluntary output cuts, the group has announced.

The decision was reached following a virtual meeting on May 3 and builds on an agreement made on Dec. 5 to gradually and flexibly restore 2.2 million bpd of voluntary cuts starting April 1, the Saudi Press Agency reported.

The June increase is equivalent to three monthly increments and reflects improving market conditions, including declining oil inventories.

The meeting included the Kingdom, Russia, and Iraq, as well as the UAE, Kuwait, Kazakhstan, Algeria, and Oman, all of whom had previously announced additional voluntary reductions in April and November 2023.

In a joint statement, the countries emphasized that the planned increases remain subject to change or temporary suspension depending on market developments, allowing the group to retain flexibility in supporting price and market stability, according to SPA.

The members also reiterated their full commitment to the Declaration of Cooperation, including the additional voluntary cuts agreed during the 53rd meeting of the Joint Ministerial Monitoring Committee held on April 3, 2024.

The statement affirmed that participating countries are determined to fully compensate for any excess production recorded since January 2024.

OPEC+ said it would hold monthly meetings to track market conditions, compliance levels, and progress of the compensation plan. The next meeting is scheduled for June 1 to set production targets for July.

Topics: OPEC+ oil output quotas

Saudi Arabia opens May round of Sah savings sukuk with 4.66% return

Updated 19 min 45 sec ago
Nadin Hassan 
Follow

Saudi Arabia opens May round of Sah savings sukuk with 4.66% return

Updated 19 min 45 sec ago
Nadin Hassan 

RIYADH: Saudi Arabia launched the May issuance of its Sah savings sukuk, offering retail investors a fixed return of 4.66 percent as the government continues to push savings participation. 

The sukuk, part of the country’s broader local bond program, is issued by the Ministry of Finance and managed by the National Debt Management Center. It is available for subscription from May 4 at 10:00 a.m. until May 6 at 3:00 p.m. local time, the NDMC said in a statement. 

As part of the Vision 2030 Financial Sector Development Program, the initiative aims to boost personal savings by encouraging regular fiscal habits, expanding product access, and promoting financial literacy to support future goal planning. 

The offering, denominated in riyals, also supports the goal of raising the national savings rate from 6 percent to 10 percent by the decade’s end. 

The sukuk carries a one-year maturity and can be purchased in increments of SR1,000 ($266), with a cumulative cap of SR200,000 per individual across all program issuances.  

Allocation is scheduled for May 13, with redemption occurring between May 18 and 20. Payments will be disbursed on May 25.   

The Sah sukuk is accessible through digital platforms operated by SNB Capital, Al Rajhi Capital, and AlJazira Capital, as well as Alinma Investment and SAB Invest. 

The May issuance of the Sah savings product follows the fourth round issued in April, which offered a 4.88 percent return under the Ijarah sukuk structure. Available through the digital platforms of approved financial institutions, the bonds featured a one-year savings term with fixed returns payable at maturity. The minimum subscription was SR1,000, with a maximum cumulative limit of SR200,000 per user across all issuances during the program period.

Sah is Saudi Arabia’s first Shariah-compliant savings instrument for individuals. Structured under the Ijarah model — where returns are derived from leasing-based assets — the product is designed to offer a low-risk, fixed-income alternative with no fees and exemption from Zakat.  

Returns are paid upon maturity, with early redemptions allowed during set windows but without profit entitlement. 

NDMC CEO Hani Al-Madini said in March that Sah that the sukuk serves as a catalyst for private sector cooperation and participation in developing and launching various savings products tailored to diverse demographics. These initiatives could involve partnerships with banks, fund managers, financial technology companies, and more.  

In late February, the NDMC confirmed it would continue using the Ijarah format for future issuances to provide accessible, low-risk savings solutions. 

Topics: sah Sukuk

Related

Business & Economy
Saudi Arabia launches April round of Sah savings bonds with 4.88% return  

Saudi fintech startup Nqoodlet secures $3m in seed funding

Updated 39 min 4 sec ago
Nour El-Shaeri
Follow

Saudi fintech startup Nqoodlet secures $3m in seed funding

Updated 39 min 4 sec ago
Nour El-Shaeri

RIYADH: Saudi fintech firm Nqoodlet has announced the successful closure of a $3 million seed funding round aimed at accelerating its mission to streamline financial operations for small and medium-sized enterprises.

The round was led by Waad Investments, with participation from Omantel, Sanabil 500 Investment, OQAL, Seed Holding, and a group of strategic investors.

Founded by Mohamed Milyani and Yara Ghouth, Nqoodlet offers an integrated digital platform that includes smart corporate cards, real-time expense tracking, and financial automation tools. The startup is focused on transforming financial management for SMEs across Saudi Arabia and the wider Gulf Cooperation Council region.

According to the company, more than 600 SMEs have already adopted the platform, resulting in reported gains such as an 80 percent improvement in process efficiency and average annual cost savings of SR200,000 ($53,330) per business.

“This funding gives us the rocket fuel to scale faster, go deeper with banks, and bring financial clarity to thousands of businesses who deserve better,” said Milyani.

Yaser Al-Ghamdi, chief investment officer at Waad Investment, said the firm backed Nqoodlet because “they are not just building a product — they are building an entirely new future for financial technology.” 

With the new capital, Nqoodlet plans to enhance its technology infrastructure, launch open banking integrations, develop automated tax solutions, and expand strategic partnerships within the regional fintech ecosystem.

“This isn’t just a funding round. It’s a statement: GCC is ready for the next generation of fintech,” said Ghouth.

Topics: fintech funds

Saudi insurance firm Al-Etihad retains Moody’s A3 rating with stable outlook 

Updated 53 min 53 sec ago
   MIGUEL HADCHITY 
Follow

Saudi insurance firm Al-Etihad retains Moody’s A3 rating with stable outlook 

Updated 53 min 53 sec ago
   MIGUEL HADCHITY 

RIYADH: Saudi-based Al-Etihad Cooperative Insurance Co. has retained its A3 financial strength rating from Moody’s, reflecting the firm’s strong market position and disciplined underwriting. 

Moody’s cited several key strengths supporting the rating, including Al-Etihad’s solid market position as the Kingdom’s eighth-largest insurer, its conservative investment strategy — where high-risk assets represent just 28.2 percent of equity — and its strong capital adequacy.  

The agency also highlighted the company’s five-year average return on capital of 7.7 percent and a healthy combined ratio of 95.2 percent. 

“However, these strengths are partially offset by Al-Etihad’s concentration to the Saudi insurance market which has an elevated level of competition, as well as Al-Etihad’s concentration to motor and medical insurance, which are the Saudi insurance market’s most competitive lines of business,” Moody’s said. 

This marks the second consecutive A3 rating for Al-Etihad since August, when Moody’s initially assigned the grade, citing similar strengths such as asset quality and profitability. At the time, the agency emphasized the insurer’s ability to navigate competitive pressures while maintaining financial resilience. 

Al-Etihad, a mid-tier property and casualty insurer, offers a range of commercial and personal insurance products. The A3 rating places the company in the upper-medium grade category, indicating low credit risk and a strong capacity to meet its financial obligations. In its August update, Moody’s also affirmed Al-Etihad’s Governance Issuer Profile Score of G-2, reflecting its conservative risk management practices and experienced leadership.  

The insurer’s 2023 financial performance further strengthened its standing, with net profits surging 639 percent year-on-year to SR93.89 million ($25.02 million), driven by increased revenues in the motor insurance segment. 

Looking ahead, Al-Etihad’s ability to sustain profitability while effectively managing market risks will be critical to maintaining its current rating. 

Moody’s review did not incorporate explicit support from Al-Etihad’s largest shareholder, Kuwait’s Al Ahleia Insurance, but acknowledged governance benefits from the partnership. The agency’s following assessment will evaluate any material changes in the company’s credit profile. 

For now, the stable outlook signals confidence in Al-Etihad’s strategic direction, even as it faces sector-specific challenges in Saudi Arabia’s evolving insurance landscape. 

The Kingdom’s insurance sector has experienced robust growth, with revenues surging 16.9 percent year on year in the third quarter of 2024, driven by strong demand for motor, medical, and property insurance.  

According to a KPMG report, this expansion is fueled by Vision 2030-driven regulatory reforms, including mandatory health coverage and stricter auto insurance requirements.  

The sector’s net profit before zakat and tax jumped 25.9 percent to SR3.90 billion, while total assets grew 20 percent to SR84.91 billion, reflecting deepening market maturity.  

The Insurance Authority’s 2023 establishment and adoption of IFRS 17/9 standards have further strengthened governance and transparency. 

With S&P Global projecting 10-15 percent revenue growth in 2025, the sector remains a key pillar of Saudi Arabia’s economic diversification. 

Topics: Moody's Insurance

Related

Business & Economy
Saudi insurance firm Al-Etihad receives A3 rating from Moody’s  
Business & Economy
Saudi insurance industry thrives with 16.9% revenue growth

Latest updates

Gunmen kidnap five policemen in southwestern Pakistan
Five policemen kidnapped in southwestern Pakistan
In tit-for-tat move, Pakistan bans Indian ships from its ports
‘We don’t care’: Weddings go on in Pakistan’s Kashmir border 
Two dead, 31 injured in Croatia bus crash

Search form

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