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Startup Wrap — Early-stage regional startups garner most funding

Startup Wrap — Early-stage regional startups garner most funding
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Startup Wrap — Early-stage regional startups garner most funding
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Updated 01 October 2024
NOUR EL-SHAERI   

Startup Wrap — Early-stage regional startups garner most funding

Startup Wrap — Early-stage regional startups garner most funding
Updated 01 October 2024
NOUR EL-SHAERI   

RIYADH: Several startups across the Middle East and North Africa have secured significant investments, showcasing the region’s growing entrepreneurial ecosystem. 
From proptech and fintech to edtech and automotive, early-stage startups are focusing on expansion and technological innovation in both local and international markets. 
Ƶn proptech startup Darent has closed an undisclosed seed funding round, led by Al Tawuniya Insurance. 
The round also saw participation from the Morgan Stanley Inclusive Ventures Lab and BIM Ventures. 
Founded in 2021 by Hanin Al-Subaie, Darent offers a property management tool for rental properties, connecting owners and tenants through its platform. 
“We are deeply thankful to our partners for their immense trust. This funding round is a significant step toward achieving our vision of revolutionizing the vacation rental sector by effectively enhancing the tourist experience and delivering pioneering solutions that elevate the quality of the tourism sector in the Kingdom,” Al-Subaie said. 
The company intends to use the new funding to enhance its artificial intelligence technology and support marketing efforts. This follows a $1 million pre-seed round raised in 2022, led by Watheeq Proptech Venture. 

Seez raises $4.2m to fuel US expansion  
UAE-based automotive software-as-a-solutions startup Seez secured $4.2 million from a group of international investors. 
Established in 2015 by Tarek Kabrit and Andrew Kabrit, Seez provides software solutions to car dealerships and original equipment manufacturers to enhance customer experience and drive sales. 
“As pioneers in bringing AI technology to the automotive sector, this investment underscores our commitment to innovation and disrupting the status quo. We’re excited to capitalize on our momentum, develop our product offerings, and push the boundaries of automotive solutions,” Tarek, the company’s CEO, said. 
The latest investment will be used to further its expansion into the US market. 
“Through this phase of expansion, we have secured key partnerships and achieved tremendous success in markets like the UK, Australia, Denmark, South Africa, New Zealand, Mexico, and the GCC region,” Tarek added.  
UmrahCash secures $500k from Adaverse 
Saudi-based fintech UmrahCash has received a $500,000 investment from Adaverse. 
Founded in 2024 by William Phelps, UmrahCash enables pilgrims to access Saudi Riyals in Makkah, Madinah, and Jeddah, allowing payments to be made in their home countries, with the currency provided upon arrival in the Kingdom. 
In 2023, Ƶ experienced a significant increase in international Umrah pilgrims, welcoming 26 million performers, an 8.7 percent rise from the previous year. 
Out of the total, 13 million were international pilgrims, marking a 61.8 percent increase and surpassing the previous record of 8.5 million in 2019. Many of these pilgrims came from emerging markets. 
The new funding will support UmrahCash’s expansion within the Kingdom.  
Sultan Ventures acquires Egypt’s Acasia Group  
US-based venture capital firm Sultan Ventures has acquired Egyptian angel investment syndicate and incubator Acasia Group for an undisclosed amount. 
Founded as Cairo Angels in 2011, Acacia Group is known for empowering Egyptian and regional entrepreneurs. 
Sultan Ventures, established in 2009, specializes in early-stage investment and startup ecosystem development. 
“What began 14 years ago as a grassroots initiative under Cairo Angels has grown into a regional leader, operating across every aspect of the venture continuum in the Middle East and Africa. The acquisition by Sultan Ventures enables Acasia to scale faster and tackle the region’s biggest challenges, amplifying impact and scaling early-stage ventures and deep-tech commercialization,” said Hossam Allam, chairman of Acasia Group. 
The acquisition will extend Sultan Ventures’ reach into the Middle East and Africa region. Notably, Acasia Ventures will remain separate from this deal following a prior separation agreement. 
SETTLE raises $2m in pre-seed funding  
Egyptian fintech startup SETTLE has raised $2 million in a pre-seed funding round led by Shorooq Partners, with support from El Sewedy Capital Holding, Acasia Ventures, and Plus VC. 
Launched in 2023 by Kamil Sayour and Mostafa Mobarak, SETTLE is a business-to-business payment platform designed to modernize financial operations for enterprises. 
“We are deeply familiar with the challenges and potential for the B2B financial services market in Egypt. SETTLE is prepared to enhance that market by automating financial workflows for businesses of all sizes. With the backing of strategic investors, we are now positioned to scale quickly and efficiently,” Mobarak said. 
The funding will accelerate SETTLE’s global expansion and enhance its platform’s capabilities.  
LabLabee secures $3.4m in Seed funding 
Algerian edtech company LabLabee closed a $3.4 million seed funding round, led by Reach Capital and supported by Classera, Brighteye Ventures, and e& capital. 
Founded in 2021 by Samir Tahraoui and Mahfoud Mebarek, LabLabee offers practical, hands-on learning experiences in cutting-edge network technologies. 
The investment will support LabLabee’s expansion into the US market, hiring new talent, and developing new technologies.  
Plain Tiger attracts investment from COREangelsMEA 
UAE-based B2B marketplace Plain Tiger secured an undisclosed investment from COREangelsMEA, part of COREangels International. 
Founded in 2021 by Alexandra Polson and Oliver Baillie, Plain Tiger connects hotels with eco-friendly suppliers, aiming to save time and reduce environmental impact. 
The company will use the investment to further develop its platform and expand its presence in the Middle East, focusing on the Saudi market. Earlier this year, Plain Tiger received additional funding from AngelSpark.  
Farid raises $250k pre-seed round 
Egyptian edtech startup Farid has raised $250,000 in a pre-seed funding round from Saudi businesswoman Amal Al-Ajlan. 
Founded in 2024 by Mahmoud Hussein, Farid provides a platform focusing on character education and mental health support for children and youth aged 3 to 18. 
The funding will be used to develop the platform and support Farid’s expansion into Ƶ and the UAE.  

Topics: startups Startup of the Week Startup Wrap

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Closing Bell: Saudi main index slips to close at 11,892

Closing Bell: Saudi main index slips to close at 11,892
Updated 25 December 2024
REEM WALID 

Closing Bell: Saudi main index slips to close at 11,892

Closing Bell: Saudi main index slips to close at 11,892
  • Parallel market Nomu gained 86.66 points, or 0.28%, to close at 31,007.06
  • MSCI Tadawul Index lost 3.16 points, or 0.21%, to close at 1,493.74
Updated 25 December 2024
REEM WALID 

RIYADH: Ƶ’s Tadawul All Share Index slipped on Wednesday, losing 21.63 points, or 0.18 percent, to close at 11,892.32.

The total trading turnover of the benchmark index was SR2.79 billion ($746 million), as 132 of the stocks advanced and 86 retreated. 

The Kingdom’s parallel market Nomu gained 86.66 points, or 0.28 percent, to close at 31,007.06. This comes as 49 of the listed stocks advanced, while 29 retreated. 

The MSCI Tadawul Index lost 3.16 points, or 0.21 percent, to close at 1,493.74. 

The best-performing stock of the day was Al-Baha Investment and Development Co., whose share price surged 8.33 percent to SR0.52. 

Other top performers included Red Sea International Co., whose share price rose 6.32 percent to SR60.60 and Saudi Industrial Development Co., whose share price surged 5.07 percent to SR30.05.

MBC Group Co. recorded the biggest drop, falling 3.31 percent to SR52.50.

Bawan Co. also saw its stock prices fall 3.05 percent to SR54.10.

Savola Group saw its stock prices drop 2.97 percent to SR35.90.

On the announcements front, Ƶn Mining Co., also known as Ma’aden, has announced ‎acquiring a full stake of Mosaic Phosphate in Waad Al-Shamal Phosphate Co. 

According to a Tadawul statement, the financial impact of the acquisition will be reflected in the company’s consolidated financial statements for the year ending Dec.31.

Ma’aden ended the session at SR49.20, up 0.61 percent.

Kingdom Holding Co. has announced the acquisition of an additional stake in xAI, with a total investment of SR 1.5 billion, as part of xAI’s Series C funding round. 

A bourse filing revealed that the transaction comes after KHC’s previous investment of the same amount in xAI during its Series B funding round. 

The move falls in line with KHC’s strategic collaboration with Elon Musk, and also follows its strategic stake in X, formerly known as Twitter, held since 2015. xAI is an artificial intelligence firm established by Elon Musk and a team of top-notch engineers to build AI to further accelerate human scientific discovery as a whole.

KHC ended the session at SR9.35, up 0.88 percent.

Bank Al-Jazira has announced its intention to issue Additional Tier 1 Sukuk under its SR 5 billion Additional Tier 1 Capital Sukuk Issuance Program by way of private placement in Ƶ. 

According to a Tadawul statement, the bank has mandated Al-Jazira Capital, Al-Rajhi Capital and HSBC Ƶ as joint lead managers and dealers for the potential offer. The filing further revealed that the purpose of the offer is to bolster the capital base of the bank, thereby backing its financial and strategic needs.

Bank Al-Jazira ended the session at SR18.64, up 0.21 percent.

Methanol Chemicals Co. has announced the approval of the Ministry of Energy’s request to renew the allocation of the required feedstock to produce several specialized petrochemical products. 

A bourse filing revealed that this follows the company’s Industrial Plot Allocation Agreement with Jubail and Yanbu Industrial Cities Services Co. in the PlasChem Park in Jubail (2) to establish and operate a Choline Chloride and Methyl Diethanolamine Methane plant.

Methanol Chemicals Co. ended the session at SR18.70, down 0.32 percent.

View United Real Estate Development Co. has signed a memorandum of understanding with Watheeq Capital to establish real estate funds to enhance investment opportunities.

According to a Tadawul statement, it will be valid from the date of its signature for one year, and will not be automatically renewed except by a written agreement signed between the two parties.

View United Real Estate Development Co. ended the session at SR68.50, down 0.70 percent.

Topics: Ƶ Closing Bell TASI Tadawul MSCI Tadawul Index NOMU Saudi stock market Saudi Stock Exchange (Tadawul) Tadawul All Share Index (TASI)

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MODON inks $453m in private sector deals to expand Saudi industrial cities

MODON inks $453m in private sector deals to expand Saudi industrial cities
Updated 25 December 2024
Mohammed Al-Kinani 

MODON inks $453m in private sector deals to expand Saudi industrial cities

MODON inks $453m in private sector deals to expand Saudi industrial cities
Updated 25 December 2024
Mohammed Al-Kinani 

JEDDAH: Saudi industrial cities are set for further growth as the sector's authority revealed it has signed 23 development contracts with the private sector, valued at over SR1.7 billion ($453 million). 

The agreements, announced by the Saudi Authority for Industrial Cities and Technology Zones, or MODON, encompass a wide range of projects aimed at boosting industrial capabilities.  

These include the expansion of industrial cities, the construction of ready-made factories, the enhancement of MODON’s safety and security systems, and initiatives aligned with the National Industry Strategy.  

Additionally, the projects will address water and irrigation needs, improve water treatment facilities, upgrade electricity services, and expand road networks. 

MODON’s latest contracts highlight the growing role of the private sector in supporting Ƶ’s ambitious Vision 2030 goals, which emphasize economic diversification, local production, and the creation of an attractive environment for both domestic and foreign investment.  

The projects are expected to enhance the competitiveness of Saudi industrial cities, foster greater investment, and improve operational efficiency for businesses. 

The agreements will also contribute to regional development, improve environmental sustainability, and promote vegetation growth, MODON stated in a post on its X account. 

The development of these projects is in line with Ƶ’s broader efforts to build a dynamic and innovative economy. 

This move follows a previous round of agreements in July, when MODON signed nine contracts valued at SR1 billion to enhance infrastructure and service facilities across various industrial hubs. Key initiatives from that round included the development of infrastructure in Makkah’s and Jeddah’s industrial cities and the installation of 132-kilovolt overhead power lines in Tabuk’s industrial city. 

Looking ahead, MODON plans further expansion with projects that will improve electrical services, such as the construction of 115-kV overhead power lines in Hafr Al-Batin’s industrial city. The authority is also focusing on enhancing infrastructure networks for the first and second phases of Dammam’s Third Industrial City. 

Since its establishment in 2001, MODON has overseen the development of 36 industrial cities and is responsible for managing both operational and under-construction industrial lands across the Kingdom.  

In the first quarter of 2024, MODON attracted SR3.4 billion in private sector investments, signed 142 new industrial contracts, and registered a total of 6,758 factories. 

As part of its commitment to sustainable growth, MODON also planted over 576,000 trees and finalized 335 logistics contracts, underscoring its broader environmental and economic development objectives.

Topics: MODON idustrial sector

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2.25m freelancers in Ƶ join national economy

2.25m freelancers in Ƶ join national economy
Updated 25 December 2024
MOHAMMED AL-KINANI

2.25m freelancers in Ƶ join national economy

2.25m freelancers in Ƶ join national economy
  • The 25— 34 age group is particularly active in freelancing
  • 62% of freelancers hold bachelor’s degrees
Updated 25 December 2024
MOHAMMED AL-KINANI

JEDDAH: Freelancing is emerging as a key contributor to Ƶ’s economy, with over 2.25 million individuals registered on the freelance platform by September.

This growth reflects the rising popularity of flexible work, supported by the Ministry of Human Resources and Social Development’s launch of the “Future Work” company in 2019 to enhance the freelancing ecosystem by promoting modern workstyles, including remote work and flexible-hour freelancing.

The company’s mission is to create more job opportunities, empower Saudi talent, and develop a labor market that complements traditional employment while aligning with global trends, according to the Saudi Press Agency.

Freelancers make a notable contribution to Ƶ’s economy. In 2023, the sector contributed SR72.5 billion ($19 billion) to the gross domestic product, representing 2 percent of the Kingdom’s total output. This highlights its role in diversifying income sources and strengthening the national economy.

The initiative, along with other efforts, has contributed to reducing the Kingdom’s unemployment rates. Ƶ has revised its unemployment target to 5 percent by 2030, down from the previous goal of 7 percent, as part of Vision 2030’s ambitions.

The progress was highlighted by Minister of Human Resources and Social Development Ahmed Al-Rajhi during a panel discussion at the Budget Forum 2024 in November, where he detailed the Kingdom’s strides in improving employment figures. Al-Rajhi said that the unemployment rate among Saudis was 12.8 percent in 2018, and it has recently dropped to 7.1 percent.

The Ministry of Human Resources and Social Development issues freelance certificates to individuals specializing in specific fields, enabling them to work independently in activities approved by the ministry through the official freelance portal.

A recent report from Future Work highlights the sector’s rapid development and its alignment with Vision 2030. The report also emphasizes the diverse nature of freelance activities, with trade and retail leading at 38 percent, followed by industry at 13 percent and business services at 11 percent. The diversity demonstrates the sector’s adaptability to meet various economic needs.

Freelancing accommodates individuals with different educational backgrounds. According to the report, 62 percent of freelancers hold bachelor’s degrees, while 31 percent have high school diplomas or less, and 7 percent possess higher degrees.

Technology plays a pivotal role in the sector’s growth, with digital platforms becoming indispensable for freelancers, especially in fields like technology, information, and finance. These tools enhance productivity and connectivity, fostering sustainability and success in freelance careers.

Geographically, the Riyadh region accounts for the largest share of freelancers at 27 percent, followed by Makkah at 22 percent, and the Eastern Province at 14 percent.

The 25— 34 age group is particularly active in freelancing, reflecting the younger generation’s growing interest in this flexible career path.

The report said that 3.2 million women have expressed interest in joining the freelance market, underscoring the effectiveness of initiatives aimed at enabling women to balance professional and personal commitments.

Government programs like Reef, the Social Development Bank, and the Human Resources Development Fund further support freelancers by fostering an environment conducive to their growth and success, SPA reported.

Topics: Ƶ freelancers Saudi freelance workforce Saudi Ministry of Human Resources and Social Development (HRSD) Saudi employment

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Ƶ’s food & beverage sales drive $3.14bn in consumer spending

Ƶ’s food & beverage sales drive $3.14bn in consumer spending
Updated 25 December 2024
Nour El-Shaeri  

Ƶ’s food & beverage sales drive $3.14bn in consumer spending

Ƶ’s food & beverage sales drive $3.14bn in consumer spending
  • Restaurants and cafes topped the list with SR1.69 billion in transactions: SAMA data
Updated 25 December 2024
Nour El-Shaeri  

RIYADH: Ƶ’s consumer spending reached SR11.8 billion ($3.14 billion) in the week of Dec. 15 to Dec. 21, with the food and beverage sectors continuing to lead in sales, official data showed. 

Despite an overall decline of 8.1 percent from the previous week, key sectors, especially dining and food, showed consistent performance, according to data from the Saudi Central Bank, also known as SAMA.  

The restaurants and cafes sector topped the list with SR1.69 billion in transactions, despite a 13.9 percent weekly dip. Food and beverage spending followed closely, settling at SR1.69 billion as well, reflecting a 9 percent decrease. These categories, however, maintained their dominance in consumer expenditure. 

The overall decrease in consumer spending is attributed to the timing of salary disbursements, traditionally paid on the 27th of each month, which typically leads to lower spending in the preceding weeks.  

Additionally, the winter holiday season, during which many expatriates travel home, further influenced the dip in domestic spending. 

Other sectors saw more moderate drops. The value of clothing and footwear transactions fell by 5.2 percent to SR864.15 million, while construction and building materials recorded a small 0.9 percent decline, totaling SR355 million.  

The electronics and electric devices sector saw an 8.7 percent weekly decrease in value, while gas stations and health-related sales also experienced declines of 9.4 percent and 7.3 percent, respectively. 

Jewelry sales recorded a 14.4 percent drop in transaction volumes, with a slight 3.9 percent decrease in value. Miscellaneous goods and services saw a 9.1 percent reduction in sales, totaling SR1.4 billion. 

Regional breakdown  

Regionally, Riyadh remained the largest market with a POS value of SR4.2 billion, although this represented a 6 percent decrease compared to the previous week.  

Jeddah saw a 7.5 percent drop to SR1.6 billion, while Dammam recorded a slight 3.6 percent decline to SR617.5 million. 

Among smaller cities, Hail experienced the largest decrease, with spending down 14.8 percent to SR169.6 million, and a 12.2 percent reduction in transaction volumes. Makkah recorded a 4.4 percent decline in value, settling at SR502.8 million, while Tabuk saw a 12.8 percent decrease in transaction value to SR210.4 million. 

Despite the seasonal slowdown, the food and beverage sectors continue to drive the market, maintaining a steady pace as consumer behavior shifts with the winter season. 

Topics: SAMA point of sales

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Ƶ leverages project management to achieve Vision 2030 milestones

Ƶ leverages project management to achieve Vision 2030 milestones
Updated 25 December 2024
MANAL AL-BARAKATI

Ƶ leverages project management to achieve Vision 2030 milestones

Ƶ leverages project management to achieve Vision 2030 milestones
Updated 25 December 2024
MANAL AL-BARAKATI

RIYADH: In Ƶ’s pursuit of the ambitious goals set out in Vision 2030, project management has emerged as a key enabler, ensuring that planning aligns seamlessly with execution to achieve transformative outcomes.

This vital discipline is playing a crucial role in turning visionary ideas into reality, as highlighted during a prominent forum held on Tuesday.

The event emphasized the central role of project management in realizing Vision 2030, a comprehensive framework launched in 2016 by Crown Prince Mohammed bin Salman.

The vision aims to diversify the economy and reduce the Kingdom’s dependence on oil. Currently, over 5,000 projects, valued at $5 trillion, are underway, signaling Ƶ's substantial progress in reshaping both its economic and social landscapes.

“Project management is the bridge where vision meets ambition, converting plans into tangible results,” said Badr Burshaid, chairman of the Global Project Management Forum.

He also pointed to the Kingdom's significant investment in human capital, particularly through initiatives such as the Human Capability Development Program, which has placed Ƶ among the top 10 nations globally in equipping professionals with essential business skills.

The forum highlighted the importance of strategic execution in driving economic transformation.

Badr Al-Dulami, deputy minister of transport and logistics services for roads affairs, described project management as the “pulse of transformation,” underscoring its role in fostering competitiveness and innovation.

“This summit is not just an event but a platform for uniting expertise and driving collaboration,” Al-Dulami said.

During the forum, excellence awards were presented to pioneering projects that exemplify Vision 2030’s focus on innovation, sustainability, and impactful outcomes.

Al-Dulami noted that these awards serve as an invitation to explore new horizons of creativity while staying aligned with national objectives.

Ƶ’s success under Vision 2030 is evident across several key sectors. With 87 percent of initiatives either completed or on track, the Kingdom has made significant strides in improving its business environment, generating employment, and advancing major projects like NEOM and the Red Sea Project.

These achievements not only demonstrate Ƶ’s strategic capabilities but also highlight its leadership in executing large-scale initiatives.

In closing, Burshaid urged participants to harness the insights and momentum gained from the forum to ensure continued progress.

“The seeds planted today will grow into achievements that inspire future generations,” he said, encouraging stakeholders to prioritize innovation and collaboration as Ƶ moves forward.

With project management at the heart of Vision 2030, Ƶ is setting a global benchmark for strategic execution and sustainable development, solidifying its role as a leader in transformative growth.

Topics: project management SaudiVision2030

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