Egyptian startups secure funding to boost expansion to Saudi Arabia following a period of stagnation 

Egyptian startups secure funding to boost expansion to Saudi Arabia following a period of stagnation 
Ten Egyptian startups have received awards from the VMS Bridge program, aimed at enhancing connections between Egypt and Saudi Arabia’s entrepreneurial ecosystems. (AFP)
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Updated 01 October 2024
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Egyptian startups secure funding to boost expansion to Saudi Arabia following a period of stagnation 

Egyptian startups secure funding to boost expansion to Saudi Arabia following a period of stagnation 

CAIRO: Startups in Egypt have started to gain momentum with several ventures securing funding to boost expansion efforts to the Kingdom. 

Following a period of startup funding stagnation, Egyptian founders have made their way back to the regional venture capital space with a flurry of investment deals and expansion strategies already in place. 

Egyptian fintech startup Waffarha has secured a seven-figure seed round from Value Makers Studio to expand its footprint.  

Founded in 2012 by Tarek Magdy, the platform offers significant discounts, with daily deals ranging from 50 percent to 90 percent.  

The new capital will enable Waffarha to enhance its technology, recruit talent, and expand into Saudi Arabia and additional markets.   

Moreover, in 2018, Fawry for Banking Technology and Electronic Payments, one of Egypt’s largest financial institutions, acquired a share of 30 percent of the company. 

The company claims to boast a network of over 1,000 merchants and over 3,000 stores that cater to more than 5 million customers, without any subscription fees.  

Over the last 12 years, Waffarha claims to have emerged as a top-tier lifestyle website and mobile app.  

Egyptian HRtech startup Bluworks secures $1m in pre-seed funding 

 Bluworks, an HR and Software-as-a-Service solutions provider based in Egypt, has raised $1 million in pre-seed funding led by Khawarizmi Ventures and included Camel Ventures, Acasia Ventures, and angel investors.  

Founded in 2022 by Farah Osman, Hussein Wahdan, and Nour Ahmadein, Bluworks aims to optimize costs for businesses through data-driven decision-making.  




Founded in 2022 by Farah Osman, Hussein Wahdan, and Nour Ahmadein, Bluworks aims to optimize costs for businesses through data-driven decision-making. (Supplied)

“With so many HR softwares on the market, not one is built to manage blue-collar workers,” Wahdan said.  

“Since the process of managing this type of workforce is so manual, errors frequently occur, leading to penalties and deducted salaries with no oversight from the workers, causing them to leave and ultimately contributing to high turnover rates,” he added. 

“Currently, companies can spend about 7-10 days just closing their payroll accounts, but with Bluworks, this time can be cut down to one day - all while leveraging data and insights on their workforce,” he stated. 

The company aims to utilize the funding to support its product development goals, expand its presence, and grow its team.   

Egypt-based fintech Bokra closes $4.6m pre-seed funding round  

Bokra, an emerging fintech startup from Egypt, has secured $4.6 million in pre-seed funding, led by DisrupTech Ventures and SS Capital.  

Founded in 2023 by Ayman El-Sawy, Bokra offers diversified investment solutions for retail and SME investors.  

The funds will support the launch of the Bokra app, expansion of its investment products, and scaling operations across the Middle East and North Africa region.   

“We are dedicated to accelerating financial inclusion and elevating investment awareness across MENA,” El-Sawy said. 

“In a region where financial needs and aspirations are ever-changing, Bokra is poised to become the preferred investment platform for both individuals and small and medium-sized enterprises looking to diversify their fractional ownership portfolio in a simple, trackable and informed way,” he added. 




Bokra, an emerging fintech startup from Egypt, has secured $4.6 million in pre-seed funding, led by DisrupTech Ventures and SS Capital. (Supplied)

Egyptian startups win big in Saudi-Egyptian program 

Ten Egyptian startups have received awards from the VMS Bridge program, aimed at enhancing connections between Egypt and Saudi Arabia’s entrepreneurial ecosystems.  

Winners included Amanleek, Farhy, Sprints, Career180, and Jamaykaa, which will explore investment opportunities during a 4-day visit to the Kingdom.

Other winners, Notchnco and Neqabty, received free company licenses in Saudi Arabia, and AgriCash, ReNile, and ICareer won access to Arweqah’s training programs.   

Jordan-based healthtech startup Arab Therapy secures $1m seed funding 

Arab Therapy, a Jordan-based mental health platform, has raised $1 million in seed funding, led by Flat6Labs and Vision Health Pioneers, with participation from international angel investors. 

Founded in 2021 by Tareq Dalbah, Omar Koudsi, and Hekmat Al-Hasi, Arab Therapy connects users with licensed mental health professionals.  

The investment will facilitate the company’s market expansion and the initiation of business to business sales operations. 

TVM Capital Healthcare invests $17m in Neurocare Group AG 

TVM Capital Healthcare, based in the UAE, has invested $17 million into Neurocare Group AG, a Munich-headquartered healthtech specializing in personalized mental healthcare.  

The investment will support Neurocare’s expansion plans in the US and Saudi Arabia and fund the development of new hardware and software innovations, enhancing their clinical solutions. 

UAE-based logistics startup Shorages secures $1m for expansion 

Shorages, a UAE-based logistics startup, has raised $1 million in a pre-series A funding round led by Joa Capital’s S3 Ventures Fund.  

Founded in 2019 by Rayan Osseiran, the company provides fulfillment solutions in the UAE and Saudi Arabia for e-commerce platforms.  

The company aims to utilize the funding to help expand its warehouse operations across the Gulf region. 

UAE e-commerce startup WEE secures $12m in funding 

UAE-based e-commerce startup WEE has concluded a $12 million pre-series A funding round, facilitated by SIG Investment.  

Founded in 2021 by Anastasia Kim, Oleg Dashkevich, and Sergey Kolikov, WEE is an online marketplace that offers below 15-minutes delivery services.  

The investment will be used to spearhead WEE’s logistics capabilities, accelerate growth, and expand its team. 

Turkish fintech app Midas closes $45m funding round to boost MENA expansion 

Turkish fintech app Midas closed a $45 million funding round by Portage, a global investment platform, supported by International Finance Corporation, Spark Capital and Earlybird Digital East Fund. 

Founded by Egem Eraslan, the company allows users in Turkiye to invest in Turkish and US equities. 




Founded by Egem Eraslan, Midas allows users in Turkiye to invest in Turkish and US equities. (Supplied)

The startup is aimed at Turkiye’s retail investor market and claims to have more than 2 million users. The company claims to charge significantly lower transaction and commission fees for Turkish customers who want to invest in US or Turkish stocks. 

Midas has plans to expand beyond Turkiye, and aims to target countries in the MENA region, according to a report by TechCrunch. 

Midas also plans to use the new funding to roll out three new products in cryptocurrency trading, mutual funds and savings accounts.  

UAE’s Maalexi signs agreement with Etihad Credit Insurance 

Maalexi, a UAE-based risk management platform focused on SME agri-businesses, has entered into a strategic credit insurance agreement with Etihad Credit Insurance, the UAE’s federal export credit company.  

This collaboration will enable Maalexi to utilize ECI’s extensive trade credit solutions and services, enhancing the competitiveness of regional SMEs in the food and agriculture trade sectors, both locally and internationally.  

The partnership aims to reduce market entry barriers, support Maalexi’s goal of increasing SME participation in the cross-border trade of agricultural produce, and contribute to food security in the UAE. 
 


Saudi economic success being driven by ‘key North Star, not egos,’ says finance minister at WEF

Saudi economic success being driven by ‘key North Star, not egos,’ says finance minister at WEF
Updated 53 min 56 sec ago
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Saudi economic success being driven by ‘key North Star, not egos,’ says finance minister at WEF

Saudi economic success being driven by ‘key North Star, not egos,’ says finance minister at WEF
  • Mohammed Al-Jadaan highlights Kingdom’s shift from short-term budgets to longer-term fiscal planning, ensuring clear priorities and disciplined spending
  • Transformation driven by clear decisions and significant investments led to strong economic performance, adds economic planning chief Faisal Al-Ibrahim

DAVOS: Saudi Finance Minister Mohammed Al-Jadaan on Thursday said that the Kingdom’s economic planners were being driven by their “North Star” and not egos as they look to maintain growth in the economy.

Speaking on a panel about the Saudi economy at the annual meeting of the World Economic Forum, Al-Jadaan highlighted Saudi Arabia’s shift from short-term budgets to longer-term fiscal planning, ensuring clear priorities and disciplined spending.

He said that there was flexibility and a readiness within the government to adapt plans based on global circumstances. “I’ve said this repeatedly, we don’t have egos. We are willing to change depending on circumstances and we will continue to do that. We will prioritize what matters,” he said.

“Our key North Star is what is driving us, and the tools can change, the means can change. It’s really that North Star that we are looking forward to,” he said.

He emphasized the progress and resilience of Saudi Arabia’s economy under Vision 2030, noting that the plan had mobilized the entire nation — government, businesses, right down to citizens — toward clear, long-term goals.

He attributed this success to visionary leadership, tough decision-making and consistent execution, adding that this approach could be a universal “recipe” for unlocking global potential.

On the Saudi-US relationship, Al-Jadaan highlighted its strategic importance over the past eight decades, emphasizing that Saudi Arabia had maintained strong economic, diplomatic and security ties with Washington, regardless of the administration in power, whether Republican or Democrat.

He described the partnership as a “win-win situation” that remained vital and was likely to endure into the foreseeable future.

Al-Jadaan was joined on the panel by Saudi Minister of Economy and Planning Faisal Al-Ibrahim, who attributed the Kingdom’s strong economic performance to a first wave of transformation driven by clear, courageous decisions and significant investments, not only financially but also in terms of effort and planning.

Looking ahead, Al-Ibrahim stressed that the next phase of Vision 2030 would focus on addressing more complex challenges, particularly in enabling the private sector.

He emphasized the goal of increasing the private sector’s contribution to 65 percent of GDP by fostering collaboration, co-developing opportunities and creating an environment where private enterprises could take the lead in driving economic growth.

Key priorities include enhancing institutional capabilities, ensuring policy clarity and predictability, and addressing barriers to innovation-driven entrepreneurship, he said.

Al-Ibrahim also underlined the government’s commitment to working closely with the private sector, noting that ministers and their teams often worked long hours to respond to and engage with private enterprises. This collaborative approach, he said, was deeply embedded in the country’s Vision 2030 blueprint for economic transformation.

IMF Chief Kristalina Georgieva, who was also on the panel, praised Saudi Arabia’s transformation efforts, highlighting the country’s ability to create an appealing environment for business and tourism.

She commended its forward-thinking approach in engaging the private sector to diversify experiences and attract repeat visitors. Referring to her visit to AlUla, she said: “I didn’t know what to expect, but I came out thinking it was great we decided to open our regional office in Riyadh.”

Georgieva also noted Saudi Arabia’s strategic planning to host global events and foster economic growth. She described the country as a “good example of transformation” that others could look to for inspiration in creating dynamic, sustainable growth through proactive planning and investment.
 


Lebanon’s inflation rate drops to 45% in 2024, marking a return to double-digit figures

Lebanon’s inflation rate drops to 45% in 2024, marking a return to double-digit figures
Updated 23 January 2025
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Lebanon’s inflation rate drops to 45% in 2024, marking a return to double-digit figures

Lebanon’s inflation rate drops to 45% in 2024, marking a return to double-digit figures
  • Monthly inflation also increased by 2.38% in December, marking the third consecutive monthly rise
  • Key contributors included miscellaneous goods and services, which rose 39.69% annually

RIYADH: Lebanon’s economic landscape showed signs of stabilization in 2024, with inflation rates returning to double-digit levels after three years of hyperinflation that had exceeded 200 percent.

The annual inflation rate stood at 45.24 percent last year, a substantial drop from the staggering 221.3 percent recorded in 2023, according to data from the Central Administration of Statistics.

Lebanon has endured prolonged economic instability, with the Lebanese lira losing 90 percent of its value since the crisis began in 2019. The drop in inflation aligns with the International Monetary Fund’s October forecast, which projected inflation in the Middle East and North Africa region to ease to 3.3 percent in 2024.

Last year represented a period of relative calm in terms of price volatility. Monthly inflation indices revealed a deceleration in price growth. The index for December reached 30,936.02, compared to 30,147.41 in November, showing a modest increase compared to the unpredictable fluctuations of prior years.

The slowdown in inflation is largely due to the stabilization of the Lebanese lira, driven by Banque du Liban’s monetary policies since 2023. By the spring of last year, the exchange rate had settled at around 89,500 Lebanese liras per dollar, following a sharp rise from 40,000 to 140,000 earlier in 2023.

This stability helped bring annual inflation below 100 percent in April, reaching 18.1 percent by December, though the same month’s inflation rose slightly from November’s 15.38 percent.

Monthly inflation also increased by 2.38 percent in December, marking the third consecutive monthly rise, following 2.02 percent in October and 2.30 percent in November. 

Key contributors to inflation in December included miscellaneous goods and services, which rose 39.69 percent annually, education fees at 31.27 percent, and health care at 22.93 percent. Only communications and furniture saw price declines at 2.99 percent and 1.99 percent, respectively.

Lebanon’s state-owned telecom firm, Ogero, said it is working to restore and expand its connectivity. The firm’s Chairman and Director General Imad Kreidieh announced in a live broadcast on Jan. 21 that the company’s expansion plans will resume, supported by funding from multiple donors.

North Lebanon recorded the highest monthly increase in December at 3.79 percent, followed by Beirut and Nabatieh at 3.59 percent, and South Lebanon at 2.97 percent.

The drop in inflation offers some relief to the Lebanese people, but with the election of former army commander Joseph Aoun as president on Jan. 9 and the appointment of the Chief Judge of the International Court of Justice, Nawaf Salam, as prime minister on Jan. 13, the need for comprehensive reform remains urgent.

The political breakthrough has also sparked a rally in Lebanon’s government bonds, which have nearly tripled in value since September. The election of Aoun, following 12 failed attempts to choose a president, has raised hopes that Lebanon might finally address its economic challenges. 

Most of the country’s international bonds, in default since 2020, rallied further after Aoun’s election, rising by nearly 0.9 cents on the dollar to around 16 cents — a modest recovery that underscores investor optimism despite Lebanon’s ongoing struggles.


Saudi Arabia’s Kingdom Holding terminates $1.8bn fund deal with Sumou, JEC

Saudi Arabia’s Kingdom Holding terminates $1.8bn fund deal with Sumou, JEC
Updated 23 January 2025
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Saudi Arabia’s Kingdom Holding terminates $1.8bn fund deal with Sumou, JEC

Saudi Arabia’s Kingdom Holding terminates $1.8bn fund deal with Sumou, JEC

JEDDAH: Saudi-based conglomerate Kingdom Holding Co. has confirmed the termination of its SR6.8 billion ($1.8 billion) fund agreement with Sumou Holding Co. and Jeddah Economic Co., following a mutual decision by all parties.

In a filing with the Tadawul stock exchange, KHC said the move, effective Jan. 23, imposes no obligations on any party, adding that this decision was reached as the primary purpose of the fund is no longer applicable.

Progress continues on the fund’s main asset, Jeddah Tower, with the Saudi Binladin Group reinstated and work resuming at an accelerated pace. Technical and consulting teams are now in place and have commenced on-site operations.

The release added that the Alinma Jeddah Economic City Fund, fully owned by JEC – an associate firm – remains operational, saying that KHC continues to support the project’s development.

In July, the three firms signed an agreement to establish a new fund to acquire the Alinma Jeddah Economic Fund, whose investors would include the three companies, with KHC owning 40 percent of the new fund.

In a Tadawul announcement, KHC said last year that the financial impact of the agreement would be disclosed once JEC completed updating its accounting records.

The latest announcement said the concrete was poured for the 64th floor of the tower in the presence of the partners, headed by Prince Alwaleed bin Talal, KHC’s chairman of the board of directors.

It added that the partners were giving their utmost attention and oversight to this global symbol, which aligns with Saudi Vision 2030.

Jeddah Economic City aims to showcase its pioneering ambitions through the Jeddah Tower, envisioned as a new wonder of the world and a symbol of Jeddah’s renaissance. The tower also reflects the city’s rich commercial heritage spanning thousands of years, according to the company’s website.

Set to stand over 1 km. tall, the tower will be the centerpiece of the Jeddah Tower Waterfront District.


Qatar strengthens fiscal position with $245m budget surplus in Q4 

Qatar strengthens fiscal position with $245m budget surplus in Q4 
Updated 23 January 2025
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Qatar strengthens fiscal position with $245m budget surplus in Q4 

Qatar strengthens fiscal position with $245m budget surplus in Q4 

RIYADH: Qatar recorded a budget surplus of 900 million Qatari riyals ($245.6 million) in the fourth quarter of 2024, up from 100 million riyals in the previous quarter. 

The Ministry of Finance stated on its X account that the surplus will be used to reduce public debt. It added that total expenditures for the quarter stood at 47.8 billion riyals, a 12 percent year-on-year decline, while revenues totaled 48.7 billion riyals, reflecting a 12.5 percent drop. 

The health, municipal and environment, general secretariat, and energy sectors ranked as the top-performing areas during the quarter, according to the Sector Performance Index.  

Qatar’s fiscal performance aligns with other Gulf Cooperation Council nations, such as Oman, which recorded a 6.2 percent budget surplus in 2024. This reflects the International Monetary Fund’s December review, which highlighted the region’s resilience amid oil production cuts, supported by diversification efforts and economic reforms. 

“For the second consecutive year, and in line with Qatar’s continued dedication to developing health and education, allocations for the two sectors have increased, with both amounting to 20 percent of the total new budget,” the ministry said. 

Government tenders and auctions during the quarter were valued at 6.4 billion riyals, while contracts with local companies totaled 4.8 billion riyals, a 36.8 percent decline compared to the same period in 2023. 

The 2024 state budget prioritized significant investments in healthcare, with 11 percent of total expenditures allocated to the sector. Key projects include the development of the National Cancer Hospital, a specialized psychiatric hospital, and upgrades to existing healthcare facilities. 

In the third quarter of 2024, Qatar’s budget surplus declined by 97.4 percent compared to the second quarter. Total revenues for that period were 51.3 billion riyals, driven by oil and gas revenues of 42.3 billion riyals, which fell 25.4 percent year on year due to fluctuating market conditions. 

Non-oil revenues, however, showed strong growth, rising 76.8 percent year on year from a lower base. 

Expenditures totaled 51.2 billion riyals in the third quarter, a 2.8 percent increase compared to the same quarter in 2023, with notable spending on salaries, wages, and minor capital expenditures. 

The government prioritized debt reduction during the period, in line with its fiscal strategy. Public debt stood at 332.4 billion riyals, equivalent to 38.6 percent of nominal gross domestic product. 


Saudia sets new heights in 2024, flying 20m international passengers with 16% growth

Saudia sets new heights in 2024, flying 20m international passengers with 16% growth
Updated 23 January 2025
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Saudia sets new heights in 2024, flying 20m international passengers with 16% growth

Saudia sets new heights in 2024, flying 20m international passengers with 16% growth
  • Saudia reported an 18% increase in transit guests compared to the previous year, surpassing 9.3 million passengers
  • It carried 35 million guests throughout 2024, reflecting a 15% year-on-year increase

JEDDAH: Saudi Arabia’s national flag carrier Saudia reported a 16 percent year-on-year rise in its international passenger numbers in 2024, reaching 20 million, highlighting its growth and operational success.

Saudia also reported an 18 percent increase in transit guests compared to the previous year, surpassing 9.3 million passengers, according to its performance report statement, released on Jan. 23.

The growth reflects the carrier’s efforts to strengthen global connections to the Kingdom, supporting the ambitious goals of Saudi Vision 2030 in tourism, entertainment, sports, and the Muslim Hajj and Umrah pilgrimages.

According to the International Air Transport Association, the Middle East’s air travel market continued its strong recovery in November, with passenger demand increasing by 8.9 percent compared to the same month in 2023.

While this growth was robust, it was slightly ahead of the global trend, which saw an 8.1 percent increase in total passenger demand.

 

The region’s performance was part of a broader international trend, where the Middle East, alongside Europe and Asia-Pacific, led the way in demand growth. However, airlines in the region continue to face challenges in aircraft supply, preventing them from fully meeting growing demand and improving their services, IATA said in a statement released earlier this month.

Major international markets in the Middle East experienced a notable increase in traffic demand, driven by the strong performance of the region’s largest aviation hubs, despite some countries facing challenges from geopolitical conflicts, according to IATA.

Ibrahim Al-Omar, the director general of Saudia Group, said that success in the competitive aviation industry requires a continuously evolving strategy, adding that the airline remains committed to achieving sustainable operational excellence while upholding the highest international standards.

“This remarkable growth is a testament to the dedication and hard work of Saudia’s employees and the strategic optimization of our aircraft fleet to deliver exceptional service. We have also made significant strides in enhancing our services and enriching the overall guest experience,” he said.

In its report, Saudia said that it carried 35 million guests throughout 2024, reflecting a 15 percent year-on-year increase.

The airline reported operating 193,000 scheduled and additional flights last year, reflecting a 10 percent increase from the year before, adding that it also achieved an 8.5 percent rise in flight hours, totaling over 581,000, while maintaining an on-time performance rate of 89.1 percent, marking a 2.7 percent improvement.

The company’s customer satisfaction metric showed a 32.7 score, reflecting a 4.5 percent increase compared to 2023, according to the statement.

Saudia said it saw a notable increase in guest engagement through modern technologies as part of its ongoing digital transformation. It noted a 40 percent rise in usage of the Saudia app, while the Government Digital Wallet, GovClick, drove an impressive 324 percent growth in digital service adoption.

The company’s futuristic plans include strengthening its operational model, particularly during peak travel seasons, by expanding its fleet, increasing seat capacity, and broadening its global network.

With a current fleet of 147 aircraft, the airline aims to add 118 new planes in the coming years as part of its growth strategy.