PIF’s New Murabba Development Co. unveils design of new multi-use stadium
Updated 16 July 2024
Arab News
RIYADH: A new 45,000-capacity stadium is set to enhance Saudi Arabia’s sports and entertainment landscape as New Murabba Development Co. unveiled its design as part of its mixed-use project.
In a post on X, formerly known as Twitter, the Riyadh-based company owned by the Kingdom’s Public Investment Fund announced that the facility in its upcoming real estate development in the capital’s northwest would feature flexible and multi-use spaces, allowing it to host a variety of sporting events and entertainment activities.
This initiative aligns with the Kingdom’s ambitions to establish itself as the premier cultural, tourist, entertainment, and sports destination in the Middle East and North Africa region.
“The New Murabba Stadium contributes to demonstrating the extent of the efforts being made to make the Kingdom a leading global center by providing the best sports and entertainment experiences,” the company said in its X post.
“The stadium is distinguished by its design that combines the local character inspired by the acacia tree, one of the main natural landmarks in Wadi Hanifah,” the post added.
In addition to the stadium, the project will feature a museum, a technology and design university, an immersive theater, and over 80 entertainment and cultural venues upon completion, anticipated by the end of 2032.
“The New Murabba Stadium embodies our commitment to transforming Riyadh into a global destination for sports and entertainment,” said Michael Dyke, the CEO of the company.
“The stadium will not only be a world-class venue for sporting events but also a vibrant community hub that enhances the quality of life for residents and visitors alike,” he added.
The New Murabba project, spanning 19 sq. km., will offer over 25 million sq. m. of floor area, 104,000 residential units, 9,000 hotel rooms, 980,000 sq. m. of retail space, and 1.4 million sq. m. of office space.
In February 2023, Saudi Crown Prince Mohammed bin Salman announced the launch of New Murabba Development Co., aimed at transforming downtown Riyadh with a unique mix of residential, commercial, and entertainment offerings.
In May, the Public Investment Fund-owned firm also hosted the New Murabba Partnership Forum at the InterContinental Riyadh.
The event brought together a diverse group of vendors and partners to explore the extensive opportunities within this groundbreaking destination, poised to become the most transformative downtown area in Riyadh, according to a previous press statement.
Kuwait authorizes Investment Authority to borrow abroad, central bank to borrow domestically
Law allows the government to issue financial instruments with maturities of up to 50 years
Updated 31 sec ago
Reuters
KUWAIT CITY: Kuwait’s minister of finance has authorized the country’s Investment Authority to carry out foreign borrowing operations and the Central Bank of Kuwait to conduct domestic borrowing operations on behalf of the ministry.
In March, Kuwait issued a decree law on public debt that outlined a framework for managing public borrowing, as the country prepares to return to global debt markets for the first time in eight years.
The law allows the government to issue financial instruments with maturities of up to 50 years and sets a ceiling for public debt at 30 billion Kuwaiti dinars ($97.9 billion), or its equivalent, in major convertible foreign currencies, said a statement on the official gazette.
Article 1 of the decision, signed by Finance Minister Noura Al-Fusam, authorizes the Central Bank of Kuwait, on behalf of the Ministry of Finance and “in coordination and consultation” with it, to carry out borrowing operations in Kuwaiti dinars or major convertible foreign currencies within the state “in accordance with recognized financial instruments and methods.”
Article 2 authorizes the Kuwait Investment Authority, on behalf of the Ministry of Finance and “in coordination and consultation” with it, to carry out borrowing operations in major convertible foreign currencies in global markets “in accordance with recognized financial instruments and methods.”
Pakistan allocates 2,000MW for bitcoin mining, AI data centers in digital transformation push
Pakistan offers a strategic location in the world for data flow and digital infrastructure as a digital bridge between Asia, Europe, and the Middle East
The country is positioning itself as a sovereign economy that can accumulate digital assets, export digital services, and lead in technological transformation
KARACHI: The Pakistani government has allocated 2,000 megawatts (MW) of electricity in the first phase of a national initiative to power bitcoin mining and Artificial Intelligence (AI) data centers, the finance ministry announced on Sunday, in a push to transform Pakistan into a global leader in digital innovation.
The initiative is spearheaded by the Pakistan Crypto Council (PCC), a government-backed body under the Ministry of Finance, as part of a broader strategy to monetize surplus electricity, create high-tech jobs, attract billions of dollars in foreign direct investment.
Pakistan is uniquely positioned, both geographically and economically, to become a global hub for data centers, and offers the most strategic location in the world for data flow and digital infrastructure as a bridge between Asia, Europe, and the Middle East.
Pakistan’s combination of surplus power, geographic advantage, advanced subsea cable connectivity, renewable energy potential, and a large, digitally engaged population creates a compelling case for becoming a regional epicenter of Web3, AI, and digital innovation.
“This strategic allocation marks a pivotal moment in Pakistan’s digital transformation journey, unlocking economic potential by turning excess energy into innovation, investment, and international revenue,” Finance Minister Muhammad Aurangzeb was quoted as saying by his ministry.
Since the inception of the PCC, there has been tremendous interest from global bitcoin miners and data infrastructure companies, and several international firms have already visited Pakistan for exploratory discussions, according to the finance ministry. Following this landmark announcement, more global players are expected to visit in the coming weeks.
It said Pakistan’s underutilized power generation capacity is now being repurposed into a high-value digital asset.
“AI data centers and Bitcoin mining operations, known for their consistent and heavy energy usage, provide an ideal use case for this surplus,” the ministry said. ‘Redirecting idle energy, especially from plants operating below capacity, allows Pakistan to convert a long-standing financial liability into a sustainable, revenue-generating opportunity.”
PCC CEO Bilal bin Saqib emphasized the transformative nature of this initiative, saying Pakistan could become a global crypto and AI powerhouse with proper regulation, transparency, and international collaboration.
“This energy-backed digital transformation not only unlocks high-value investment but enables the government to generate foreign exchange in USD through bitcoin mining,” he said.
“Additionally, as regulations evolve, Pakistan can accumulate bitcoin directly into a national wallet, marking a monumental shift from selling power in Pakistani Rupees (PKR) to leveraging digital assets for economic stability.”
In April, Pakistan introduced its first-ever policy framework to regulate virtual assets and service providers, aligning with compliance and financial integrity guidelines of the global Financial Action Task Force (FATF). The move followed the establishment of the PCC in March to create a legal framework for cryptocurrency trading in a bid to lure international investment.
With the right incentives, strategic investments, and collaborative partnerships, Pakistan is positioning itself not only as a destination for global digital infrastructure but also as a sovereign economy that can accumulate digital assets, export digital services, and lead in the next generation of technological transformation.
“By offering stable and affordable energy, Pakistan presents a highly competitive environment compared to regional counterparts like India and Singapore, where rising power costs and land scarcity limit scalability,” the finance ministry said.
“Pakistan’s strategic advantage is further underscored by the global context: while AI data center demand has soared to over 100GW, global supply remains around 15GW. This massive shortfall creates an unprecedented opportunity for countries like Pakistan with surplus power, land, and an emerging regulatory framework.”
Pakistan’s digital connectivity has also been significantly strengthened by the landing of the world’s largest submarine Internet cable. The Africa-2 Cable Project, a 45,000-kilometer global network connecting 33 countries through 46 landing stations, has now landed in Pakistan. This milestone enhances Pakistan’s Internet bandwidth, latency, and resilience through redundant fiber routes — key for ensuring high availability and operational continuity for AI data centers.
With a population of over 250 million and more than 40 million crypto users, Pakistan holds immense potential as a regional leader in digital services, according to the finance ministry.
Establishing local AI data centers will not only address growing concerns around data sovereignty but will also enhance cybersecurity, improve digital service delivery, and empower national capabilities in AI and cloud infrastructure. These centers are expected to create thousands of direct and indirect jobs, catalyzing the development of a skilled workforce in engineering, IT, and data sciences.
“This announcement marks only the first phase of a broader, multi-stage digital infrastructure rollout. Future developments are expected to include renewable energy-powered facilities — leveraging Pakistan’s immense wind (50,000 MW potential in the Gharo-Keti Bandar corridor), solar, and hydropower resources — strategic international partnerships with leading blockchain and AI companies, and the establishment of fintech and innovation hubs,” the ministry said.
“These efforts will be complemented by proposed incentives such as tax holidays, customs duty exemptions on equipment, and reduced taxes for AI infrastructure developers.”
Riyadh positions itself as a global arbitration hub
The Saudi Center for Commercial Arbitration, established in 2016, plays a pivotal role in this transformation
Updated 24 May 2025
Reem Walid
RIYADH: Saudi Arabia is rapidly positioning Riyadh as a global hub for arbitration, leveraging comprehensive legal reforms, technological advancements, and strategic initiatives aligned with its Vision 2030 economic diversification agenda.
The Kingdom’s concerted efforts to modernize its arbitration infrastructure have resulted in a notable increase in the enforcement of arbitral awards.
Since the enactment of the Arbitration Law in 2012, Saudi enforcement courts have processed approximately 35,000 enforcement applications, with the total value of awards exceeding $6.16 billion.
In 2023 alone, the value of locally enforced arbitral awards reached nearly $800 million, with rulings involving foreign stakeholders totaling around $400 million, as noted by Saudi Justice Minister Walid Al-Samaani at the Third Saudi Commercial Arbitration Conference, held last year.
Karim Youssef, founder and executive chairman of Youssef + Partners, emphasized the strategic nature of Riyadh’s emergence as an arbitration hub. Speaking to Arab News, he said: “Riyadh’s rise is closely tied to Saudi Vision 2030, which emphasizes legal reform, transparency, and modernization.”
He added: “The government’s push for a more attractive business environment includes strengthening the rule of law and legal infrastructure, encouraging foreign direct investment, and creating confidence in dispute resolution systems for both local and international investors.”
The Saudi Center for Commercial Arbitration, established in 2016, plays a pivotal role in this transformation. “Saudi’s rise comes through a focused approach, involving strong judicial openness to arbitration and the regulator benchmarking its conduct against international minimum standards,” said Youssef.
He pointed out that the SCCA saw its caseload increase by a factor of 80 by 2021, a testament to the rapid development and effectiveness of the reforms.
The introduction of the 2023 SCCA Arbitration Rules further aligns Saudi Arabia’s arbitration framework with global best practices. These rules incorporate the use of technology to streamline proceedings, enhance speed, control costs, and facilitate more direct communication between parties and the arbitral tribunal.
Notably, they allow parties to attend hearings remotely, particularly for preliminary and procedural hearings, and enable the engagement of foreign lawyers and counsels, reinforcing Saudi Arabia’s commitment to accommodating international legal practices.
Embracing digital tools
Speaking to Arab News, Beirut-based attorney Jihad Chidiac highlighted the significance of these reforms, stating that “notable changes include the 2023 rules of the Saudi Center for Commercial Arbitration, which introduce the use of technology to streamline proceedings, enhance speed, control costs, and facilitate more direct communication between parties and the arbitral tribunal.”
He added that these rules allow arbitrations to be conducted in languages other than Arabic and permit the appointment of multinational arbitrators from any jurisdiction, crucial given Riyadh’s strategic position between Asia, Europe, and Africa.
The Kingdom is positioning itself as a major arbitration hub, attracting global firms and experts seeking a modern, high-tech environment.
Jihad Chidiac, Beirut-based attorney
The Saudi government’s commitment to enhancing the arbitration infrastructure is further evidenced by the modernization of arbitration laws to align with international standards, such as the 2012 Arbitration Law based on the UN Commission on International Trade Law, or UNCITRAL Model Law.
This comprehensive legal infrastructure, along with Alternative Dispute Resolution-friendly courts, makes Riyadh a credible and competitive venue for international dispute resolution, attracting global commercial and investment disputes.
Global partnerships
Chidiac explained that “the establishment of the SCCA and the introduction of the 2023 SCCA Arbitration Rules further align with global best practices, drawing from renowned frameworks like the London Court of International Arbitration and the International Chamber of Commerce.”
These reforms enhance Riyadh’s appeal as a trusted center for arbitration, fostering confidence among international businesses and institutions.
The Kingdom’s dedication to global dispute resolution is also demonstrated by its accession to international treaties like the New York Convention and the formation of strategic partnerships with major arbitration institutions.
In November 2022, the SCCA expanded its operations by opening its first office outside Saudi Arabia at the Dubai International Financial Center, operating under the name “SCCA Dubai” and providing arbitration and mediation services in the UAE, positioning Riyadh as a key player in global dispute resolution services.
Developing local expertise
Looking ahead, continuous and systematic application of key initiatives is essential for Riyadh to solidify its position as a global arbitration hub.
Youssef emphasized the importance of ongoing support from the Ministry of Justice and the government, continued integration and implementation of Vision 2030, and alignment with international legal norms.
He added: “The SCCA is maturing into a competitive institution, with international standard rules and a growing caseload.”
Youssef suggested that this collective uniqueness can transform the region into a global hotspot for arbitration activity, enhancing its appeal and competitiveness on the international stage.
FASTFACTS
Riyadh’s emergence as a leading arbitration hub represents a significant and transformative shift for legal professionals, businesses, and investors across the Middle East.
Since the enactment of the Arbitration Law in 2012, Saudi enforcement courts have processed approximately 35,000 enforcement applications, with the total value of awards exceeding $6.16 billion.
Chidiac pointed out that one of the major trends in international arbitration, which Saudi Arabia has already embraced, is the increasing use of digital tools like online dispute resolution platforms and AI-powered arbitration solutions.
With initiatives like Saudi Vision 2030 driving tech-driven innovation, Chidiac added, “the Kingdom is positioning itself as a major arbitration hub, attracting global firms and experts seeking a modern, high-tech environment.”
Riyadh’s emergence as a leading arbitration hub represents a significant and transformative shift for legal professionals, businesses, and investors across the Middle East.
Youssef justified that with the establishment of the SCCA and the modernization of legislative infrastructure in line with international arbitration practices, Riyadh offers an efficient arbitral institution that incentivizes businesses and investors to select the city as the seat for their disputes.
This, in turn, increases demand for legal practitioners skilled in handling cross-border disputes, creating high-value professional opportunities.
The growing volume of cases, particularly driven by ongoing reforms, reflects an expansion in legal services and professional development, fostering a more predictable and stable legal environment that is attractive to foreign investors.
Chidiac concluded by saying that Saudi Arabia’s hosting of major global events like the Future Investment Initiative and the Global Saudi Investment Forum boosts its international business profile, reinforcing its role as a key hub for arbitration, which ensures efficient and predictable resolution of business disputes.
As Saudi Arabia continues to implement its Vision 2030 objectives, Riyadh’s positioning as a global arbitration hub is expected to strengthen further, offering a robust and modern legal framework that appeals to international investors and legal professionals alike.
Sky-high architecture shows Kingdom’s business ambitions
Influx of more than 180 multinational headquarters is generating strong demand for premium towers
Updated 24 May 2025
Nadin Hassan
RIYADH: Skyscrapers are transforming Riyadh’s skyline, signaling a bold shift in the capital’s urban and economic ambitions. From finance to high-end living, vertical development is accelerating, drawing comparisons to global cities such as New York.
Riyadh’s skyline is rapidly evolving, with high-rises, luxury towers, and smart skyscrapers rising from the King Abdullah Financial District to North Riyadh.
This vertical sprint isn’t just aesthetic, it’s strategic. Vision 2030, economic diversification plan, is at the heart of this real estate evolution. It seeks to double Riyadh’s population and rebrand it as one of the world’s top 10 global city economies.
Verticality is the new normal
According to the Real Estate and Municipalities Lead Partner at PwC Middle East Imad Shahrouri, Riyadh’s upward push is “a natural response” to the city’s transformational ambitions.
“We’re seeing landmark real estate initiatives unlock new mixed-use districts, while the influx of more than 180 multinational headquarters is generating strong demand for premium commercial and residential towers,” he told Arab News.
According to a report by Knight Frank, Riyadh’s population is projected to grow from 7 million in 2022 to 9.6 million by 2030.
To accommodate this change, the city will need approximately 305,000 new housing units for Saudi nationals between 2024 and 2034.
The growth is fueled by a compound annual rate of 4.1 percent, and Riyadh’s expatriate population is expected to swell to 5.5 million by 2030.
Much of this demand stems from the Kingdom’s need for skilled workers to manage giga-projects, new headquarters, and infrastructure rollouts.
These figures underscore just how essential vertical development has become. Riyadh isn’t just planning up — it has to build up to meet the city’s rapidly evolving demographic and economic realities.
Developers are building vertically to capitalize on land and offer walkable, integrated live-work-play spaces that align with global urban trends.
Imad Shahrouri, Real Estate and Municipalities Lead Partner at PwC Middle East
Shahrouri said: “These developments aren’t happening in isolation; they’re supported by significant investment in public transit and metro infrastructure, which is accelerating the shift toward more connected, transit-oriented urban nodes.”
In a city where land prices are soaring and lifestyle expectations are shifting, vertical living is more than a trend, it’s financially viable.
The appeal is not just in height but also in smart density. Developers are building vertically to capitalize on land and offer walkable, integrated live-work-play spaces that align with global urban trends, Shahrouri explained.
High-rise hype and high-stakes investing
Luxury towers are fast becoming Riyadh’s new skyline signature, and investors are taking notice.
From branded residences to environmental, social, and governance-compliant office towers, high-spec developments are increasingly viewed as strategic plays in a maturing market.
“We’re also seeing a shift in tenant expectations,” Shahrouri said.
He added: “Corporates are moving away from older stock in favor of smart, flexible spaces that support hybrid work models and sustainability goals. This is accelerating interest from institutional investors and REITs, who are drawn not just by the potential returns but by a maturing, more transparent market environment.”
Shahrouri cautions that valuation volatility in speculative zones and execution risks, like supply chain disruptions or limited contractor capacity, are factors investors must watch closely. Still, with robust local partnerships and regulatory alignment, the upside potential remains high.
A shift in the mindset
Arthur Neron-Bancel, principal at Oliver Wyman’s Government and Public Institutions practice, calls Riyadh’s vertical growth a reflection of deeper socio-economic shifts.
“There is a global trend toward higher-density mixed-use urban developments offering integrated ‘live-work-play’ environments. Both Saudis and expatriates now expect spaces that align with international standards,” Neron-Bancel told Arab News.
He continued: “Demographic shifts among Saudis, such as smaller family sizes and later marriages, along with increased migration to Riyadh from other cities, contribute to increased demand for apartments or townhouses.”
Neron-Bancel noted that skilled expatriates, drawn by major government-led initiatives, are contributing to rising demand for new residential formats such as executive housing and apartments.
With projects like Expo 2030 and the 2034 FIFA World Cup on the horizon, he said, investors are expecting that demand to remain strong for several years.
Beyond just demographic drivers, he noted the regulatory and structural shifts behind Riyadh’s vertical real estate momentum.
“Recent regulatory reforms, primarily driven by the Royal Commission for Riyadh City, Real Estate General Authority, and Riyadh Amanah, have played a significant role in facilitating high-rise mixed-use developments,” he said.
Neron-Bancel added that key initiatives include the Wafi program for off-plan sales to aid developer financing, the Strata law supporting shared ownership and homeowner associations, and the Ejar program standardizing rental markets.
That strategy includes stronger investor protections, clearer permitting pathways, and a deliberate push toward mixed-use verticality.
Architectural shift
Vertical expansion is prompting new questions around urban identity, density, and the kinds of spaces cities should create for people to live, work, and thrive.
For some, this transformation signals a redefinition of what it means to be a modern capital.
Sachin Kerur, managing partner at international law firm Reed Smith, believes Riyadh’s new skyline is as much a cultural transformation as it is an architectural one.
The higher density of development creates higher commercial and residential rental values with enhanced capital appreciation.
Sachin Kerur, mmanaging partner at Reed Smith
“There is a shift in the country’s urban development strategy, which is being seen best in Riyadh. Vertical development is gaining more attention than ever,” Kerur told Arab News.
He added: “The higher density of development creates higher commercial and residential rental values with enhanced capital appreciation. This is driving the appetite for the supply side as investors start to queue for opportunities.”
Kerur explained that the demand side is also being driven by a young demographic wanting modern, affordable and hassle-free accommodation providing the lifestyle opportunities enjoyed in other major cities in the GCC.
Kerur believes Riyadh’s real estate boom is a symptom of the Kingdom’s infrastructure ambitions, a key ingredient of Vision 2030.
The focus on vertical expansion signals the end of so-called urban sprawl, which is not seen as economically, or environmentally, attractive.
“There is definitely more dialogue in the Kingdom between government, developers, planning professionals, and architects. Urban sprawl is definitely old news,” he said, adding: “Cities are not judged well on the breadth of their horizontal limits. Today, building up creates better asset yields, reduces footprint and improves the living environment of a city.”
While Kerur acknowledges cultural hesitations, he remains optimistic.
“What Riyadh can now do is to aggregate the best in architectural and engineering talent and practice to create the next generation of innovative vertical living,” he added.
Kerur said that the sustainability advantages of Riyadh’s vertical shift will be considerable, particularly through the adoption of modern building materials and design approaches.
However, he noted that urban planners and developers will also need to account for cultural preferences and social attitudes toward high-rise living, which may still be unfamiliar or uncomfortable for many Saudis.
Even so, with a predominantly young population and fast-moving social change, he expects that more young Saudis, along with the growing expatriate community, will gradually embrace this new urban lifestyle.
Identity and investment
Kerur believes it is “absolutely essential” for Riyadh to have best-of-class, innovative and attractive vertical working and living space — a very clear expectation from the market and users.
When people can live, work, and socialize within the same area — often within the same building or neighborhood — it creates a more efficient, convenient, and productive environment.
This is especially important in cities that aspire to be global business hubs. Commuting long distances for meetings, meals, or leisure activities wastes time, adds stress, and contributes to traffic congestion.
In contrast, compact, mixed-use developments reduce the need for constant travel, helping professionals and residents make the most of their time.
MENA tech startups close significant funding rounds
Strategic investments boost investor confidence in startup landscape
Updated 24 May 2025
Nour El-Shaeri
RIYADH: A series of significant funding rounds and strategic investments have bolstered the Middle East and North Africa tech and startup landscape recently, with a focus on expanding regional ecosystems and scaling innovative solutions.
Among the notable developments, Aramco’s Wa’ed Ventures co-led a $19 million series B extension investment in US-based Graphiant, alongside stc Group’s Tali Ventures.
This investment is part of a broader $102 million series B round that also includes Sequoia Capital, Two Bear Capital, and IAG Capital Partners.
Founded in 2020 by Khalid Raza, Graphiant provides a Network-as-a-Service platform designed to deliver secure and high-performance enterprise connectivity across hybrid and multi-cloud environments.
As part of the funding agreement, Graphiant will establish its regional headquarters in Riyadh to support Saudi Arabia’s ambition to become a global technology hub.
Anas Al-Gahtani, acting CEO of Wa’ed Ventures, said: “By enabling enterprises to deploy secure, high-performance connectivity across multi-cloud and hybrid environments, Graphiant is solving foundational challenges for digital transformation.”
VUZ secures $12m pre-series C to expand immersive media platform globally
Saudi Arabia-based immersive media platform VUZ has raised $12 million in a pre-series C funding round, with the International Finance Corporation — part of the World Bank Group — joining as a strategic investor.
The round also included participation from Al Jazira Capital, Crosswork VC Success Fund, existing investors, and several Saudi family offices, bringing VUZ’s total funding to over $35 million.
Founded in the UAE in 2017 by Khaled Zaatarah, VUZ offers immersive live content across extended reality, virtual reality, augmented reality, and AI-powered streaming.
Founded in 2020 by Ahmad Hammouda and Seif Amr, Thndr enables users to invest in stocks, bonds, and funds through mobile platforms. (Supplied)
The new capital will support VUZ’s global expansion across Saudi Arabia, the UAE, Africa, Asia, and the US, while enhancing its AI-driven streaming technologies and live spatial experiences. The company previously closed a $20 million series B round in October 2022.
Saudi spacetech SARsatX raises $2.6m seed funding to scale satellite development
Saudi Arabian spacetech startup SARsatX has raised $2.6 million in a seed round led by TONOMUS, with participation from Wa’ed Ventures, Access Bridge Ventures, and KAUST Innovation Ventures.
Founded in 2019 by Ahmed Al-Zubairi and Muhannad Al-Mutiry as a spin-off from King Abdullah University of Science and Technology’s TAQADAM Accelerator, SARsatX designs and builds small satellites equipped with synthetic aperture radar technology.
The satellites provide Earth observation data used in applications such as deforestation monitoring, oil leakage detection, disaster management, and border security.
The company intends to use the funds to accelerate technology development and scale satellite deployment.
Saudi e-commerce app Ziadah closes seed round
Ziadah, a Saudi Arabia-based e-commerce platform, has closed a seed funding round from an undisclosed angel investor.
Founded in 2024 by Ali Al-Dahnin and Mahmoud Omar, Ziadah offers online stores behavior-driven marketing tools aimed at increasing sales.
The company plans to use the investment to enhance customer engagement features and expand its services to more merchants across the region.
Egypt’s Thndr raises $15.7m to expand digital investment platform across MENA
Thndr, a Cairo-based digital investment platform, announced a $15.7 million funding round led by Prosus, with participation from Y Combinator, BECO Capital, Endeavor Catalyst, and others.
Founded in 2020 by Ahmad Hammouda and Seif Amr, Thndr enables users to invest in stocks, bonds, and funds through a mobile platform with low commissions.
We’re building a product, network, and monetization model that’s hyper-local, with the infrastr- ucture to scale globally.
Khaled Zaatarah, VUZ founder and CEO
The new funds will support regional expansion focusing on the UAE and Saudi Arabia.
Hammouda said: “We believe the time is now to build the region’s leading investment-first money app.”
Sylndr secures $15.7m series A to accelerate Egypt used-car platform growth
Cairo-based Sylndr, a used-car platform, has raised $15.7 million in a series A round led by DPI Venture Capital through the Nclude Fund. Other investors include Algebra Ventures, Nuwa Capital, and Raed Ventures. Sylndr facilitates vehicle buying, selling, and financing.
Founded in 2021 by Omar El-Defrawy, the company will use the funds to expand across Egypt, improve pricing intelligence, inventory, fintech capabilities, and strengthen partnerships with dealers and lenders.
El-Defrawy said: “This round allows us to scale nationally and expand our product offering.”
UAE’s Tarjama secures $15m series A to scale Arabic AI ecosystem
Tarjama, a UAE-based language technology company, has closed a $15 million series A funding round led by Global Ventures, with participation from Wamda Capital, TA Ventures, and Phaze Capital,as well as Golden Gate Ventures and Endeavor Catalyst.
Founded in 2009 by Nour Al-Hassan, Tarjama serves over 700 clients globally with solutions across more than 50 languages and 22 Arabic dialects.
The company recently launched Pronoia V2, an Arabic-first large language model that it claims outperforms GPT-4o and Cohere in Arabic tasks.
Al-Hassan said: “Arabic has been underserved by AI for too long. Our flagship product, Pronoia, changes that — it is far faster, more secure, and cost-effective.”
Kuwait’s Circle raises $6m series A for regional q-commerce expansion
Circle, a Kuwait-based quick-commerce startup, has raised $6 million in series A funding from unnamed investors.
Founded in 2020 by Altaf Al-Thekair, Circle offers delivery of groceries and daily essentials within 20 minutes through its app and network of dark stores and fulfillment centers.
The company intends to use the funding to support regional expansion plans targeting key MENA markets by early 2026.
CEO Al-Thekair stated: “Securing this funding is a major milestone that propels us toward our vision of reshaping quick commerce in the MENA region.”
EFG Finance approves acquisition of B2B platform Fatura by MaxAB-Wasoko
EFG Finance, part of EFG Holding, has approved the acquisition of its B2B platform Fatura by MaxAB-Wasoko, a regional retail and supply chain super app.
EFG becomes a major shareholder in MaxAB-Wasoko and gains a board seat.
Fatura operates an asset-light marketplace with 626 wholesalers across 16 cities, expanding MaxAB’s product and logistics capabilities.
The acquisition is expected to contribute 25 percent of Egypt’s revenue by year-end and accelerate MaxAB-Wasoko’s pan-African expansion.
Egyptian fintech ElGameya raises seven-figure round to expand savings app
ElGameya, an Egyptian fintech, has raised a seven-figure US dollar investment round led by AYADY for Investment and Development, with participation from Jedar Capital, Cubit Ventures, and others.
Founded in 2020 by Ahmed Abdeen, the company offers a mobile app enabling users to join customizable savings circles with secure transactions,
The funding will be used to scale ElGameya’s reach and develop new products targeting underserved communities.
Abu Dhabi-based EQIQ doubles fund size to $30m
EQIQ, a venture capital fund and venture builder focused on Iraq, is doubling its fund size from $15 million to $30 million to increase investments in the e-commerce, logistics, and fintech sectors.
Founded by Mohamed Al-Hakim and Said Rahmani, EQIQ has deployed $8.5 million across five startups, including three co-built ventures.
The fund is backed by local and regional investors and aims to create a technology ecosystem to serve millions in Iraq.
Standard Chartered’s SC Ventures partners with DIFC
SC Ventures, the innovation and venture arm of Standard Chartered, has partnered with Dubai International Financial Centre Innovation Hub to launch the National Venture Studio in the city.
The initiative utilizes SC Ventures’ Venture Building-as-a-Service model to support startup development through ideation, prototyping, founder matching, and scaling.
Participants will also have access to co-hosted events, research, and ecosystem-building programs within DIFC.
