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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   
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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   
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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. 
Saudi Arabian 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, Saudi Arabia 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 Saudi Arabia and the UAE.  

Topics: startups Startup of the Week Startup Wrap

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Saudi oil giant Aramco launches first branded gas station in Pakistan

Saudi oil giant Aramco launches first branded gas station in Pakistan
Updated 30 October 2024
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Saudi oil giant Aramco launches first branded gas station in Pakistan

Saudi oil giant Aramco launches first branded gas station in Pakistan
Updated 30 October 2024
NAIMAT KHAN Aamir Saeed

KARACHI/ISLAMABAD: Saudi oil giant, Aramco, on Tuesday unveiled its first branded retail gas station in Pakistan in the eastern city of Lahore, months after its acquisition of a 40 percent stake in Gas & Oil Pakistan Ltd. petroleum company.

Aramco is a global integrated energy and chemicals company that produces approximately one in every eight barrels of the world’s oil supply. GO, one of Pakistan’s largest retail and storage companies, is involved in the procurement, storage, sale and marketing of petroleum products and lubricants.

The Aramco-branded stations in Pakistan will offer branded premium fuel, high-quality lubricants, professional automotive services and modern convenience stores to provide a seamless customer experience, according to a statement shared by Corporate and Marketing Communications, which handles Go and Aramco’s public relations in Pakistan.

“This is another milestone in Aramco’s downstream growth story, as we launch the first Aramco station in Pakistan — a market with significant growth potential,” Yasser M. Mufti, Aramco executive vice president of products and customers, was quoted as saying by the CMC.

“Our values of excellence, innovation and community partnerships sit at the heart of what we do, and will act as our guide as we leverage our extensive global refinery systems to ensure reliable supplies to customers while introducing our complementary world class retail offerings.”

Together with GO, which has a network of over 1,200 fuel retail stations in Pakistan, Aramco plans to expand its retail network and establish a presence in the fast-growing Pakistani economy.

“We are confident that this partnership will deliver exceptional value to customers,” Mufti said.

Khalid Riaz, the GO chief executive officer, echoed the sentiment, saying the first Aramco-branded gas station in Lahore was a testament to their commitment to excellence and innovation.

“Together with Aramco, we aim to elevate the retail fuel landscape in Pakistan, setting new benchmarks for quality, service, and customer satisfaction,” he said.

Pakistan and Saudi Arabia enjoy strong trade, defense and cultural ties. The Kingdom is home to over 2.7 million Pakistani expatriates and serves as the top source of remittances to the cash-strapped South Asian nation.

In February 2019, Pakistan and Saudi Arabia inked investment deals totaling $21 billion during a visit by Saudi Crown Prince Mohammed bin Salman to Islamabad. The agreements included about $10 billion for an Aramco oil refinery and $1 billion for a petrochemical complex at the strategic Gwadar Port in Pakistan’s Balochistan province.

Both countries have been working in recent months to increase bilateral trade and investment, and the Kingdom this year reaffirmed its commitment to expedite an investment package worth $5 billion for Pakistan.

Topics: Pakistan Go CMC

Saudi-Pakistan business deals enhanced to $2.8bn, says Al-Falih

Saudi-Pakistan business deals enhanced to $2.8bn, says Al-Falih
Updated 30 October 2024
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Saudi-Pakistan business deals enhanced to $2.8bn, says Al-Falih

Saudi-Pakistan business deals enhanced to $2.8bn, says Al-Falih
Updated 30 October 2024
Arab News Pakistan

ISLAMABAD: Saudi Minister for Investment Khalid Al-Falih said on Wednesday $2.2 billion in agreements and memorandums of understanding signed between Saudi and Pakistani businesses earlier this month had been enhanced to $2.8 billion.

The business-to-business collaborations were signed on Oct. 10 during Al-Falih’s visit to Islamabad with a delegation of top investors and entrepreneurs from the Kingdom.

Pakistani Prime Minister Shehbaz Sharif is currently on a two-day visit to Riyadh where he attended the Future Investment Initiative forum on Tuesday and also held a bilateral meeting with Saudi Crown Prince Mohammed bin Salman who earlier this year reaffirmed the Kingdom’s commitment to expedite a $5 billion investment package for Pakistan.

“When we came to Pakistan, we concluded in three days 27 MoUs valued at $2.2 billion,” Al-Falih said in a televised press talk with Sharif. 

“And I mentioned during that time at various events that this was only the beginning. To prove that, here we are two or three weeks later, and I would like that that number has increased from 27 MoUs and agreements to 34 MoUs.

“So, we have been able to add another seven, almost two per week. And I think more importantly, the value of those agreements has also increased to $2.8 billion.”

The Saudi minister said five agreements signed during his trip to Pakistan were already operational and had resulted in exports from the South Asian state to the Kingdom. Al-Falih said Saudi Arabia would also absorb a greater and more qualified Pakistani workforce, especially in the health sector, in the foreseeable future.

“Remittances back to Pakistan will be on the rise,” the official said. “The first results will be seen in the next few weeks.”

Al-Falih said Saudi Arabia would also seek help from Pakistani technology firms to transform the way digital artificial intelligence was used for business and the economy.

Sharif thanked the Saudi government, especially Crown Prince Mohammed, for helping Pakistan secure a $7 billion International Monetary Fund program last month by helping Islamabad meet its external financing needs.

The PM added that he planned to return to Saudi Arabia next month for more discussions on bilateral engagements.

“Together we are marching forward, together we are strengthening our brotherly relations,” he said.

The Pakistani PM’s visit takes place at a time when Islamabad is seeking to strengthen trade and investment ties with friendly nations, particularly the Kingdom, which has promised a $5 billion investment package that cash-strapped Pakistan desperately needs to shore up its dwindling foreign reserves and fight a chronic balance of payment crisis.

Topics: Saudi Arabia Pakistan trade

Saudi Arabia emerges as a key destination for global finance, says top banker

Saudi Arabia emerges as a key destination for global finance, says top banker
Updated 30 October 2024
Reina Takla
Miguel Hadchity
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Saudi Arabia emerges as a key destination for global finance, says top banker

Saudi Arabia emerges as a key destination for global finance, says top banker
Updated 30 October 2024
Reina Takla Miguel Hadchity

RIYADH: Saudi Arabia is emerging as a hub for global finance and investment, according to a Standard Chartered Bank official.

In an interview with Arab News at the Future Investment Initiative in Riyadh, Rola Abu Manneh, CEO of Standard Chartered Bank for the Middle East, UAE, and Pakistan, emphasized the significance of FII as a platform uniting key financial players. She mentioned that attendance has grown from 7,000 in 2023 to around 9,000 in 2024.

“You could see it’s able to attract the fund managers, the bankers, the credit agencies, as well as the Saudi ink. It’s a platform where you meet all the Saudi ink. You learn about what investment Saudi requires. What are their plans in terms of expansion,” she said.

Discussing the Kingdom’s infrastructure and growth initiatives, Abu Manneh highlighted the appeal for contractors, banks, and export credit agencies to collaborate on significant projects like the Red Sea initiative.

“This is where you would have the contractors, the ECAs, and the banks coming in together to put facilities in place,” she added.

Saudi Arabia’s Public Investment Fund and Aramco are also generating interest from equity and debt investors worldwide, driven by their expansion and monetization strategies. “From that angle, there’s opportunity for everybody for equity, for the investments as well as for the debt,” Abu Manneh explained.

She stressed the need for Saudi entities to diversify their funding sources, especially as the Kingdom develops its infrastructure. “It’s very important for them, the Saudi ink, to diversify their funding base and not rely only on the debt capital market,” she explained.

Abu Manneh noted that China has shown significant interest in Saudi projects. “China is looking to come and invest in the Saudi markets,” she said, adding that Chinese companies and banks are keen to establish a presence in the Kingdom.

The bank is pursuing its digital transformation to adapt to changing customer expectations, with substantial investments in AI (artificial intelligence) and digitization. “Because if we don’t do this, frankly, all banks will just disappear,” Abu Manneh remarked.

She added that while AI could enhance customer service and documentation processes, it won't fully replace human interaction, particularly in private banking.

Topics: FII8

Saudi Arabia launches digital platform to aid ocean health monitoring

Saudi Arabia launches digital platform to aid ocean health monitoring
Updated 30 October 2024
Nadin Hassan
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Saudi Arabia launches digital platform to aid ocean health monitoring

Saudi Arabia launches digital platform to aid ocean health monitoring
Updated 30 October 2024
Nadin Hassan

RIYADH: Saudi Arabia has unveiled Ocean Central, a first-of-its-kind digital platform offering a view of marine health to aid global regeneration efforts. 

The platform, revealed at the Future Investment Initiative by the Kingdom’s Ambassador to the US Princess Reema bint Bandar, was developed in partnership with Wave to integrate data, design, storytelling, and strategy into accessible insights. 

Ocean Central allows users worldwide to understand health trends of the sea, identify data gaps, and work toward comprehensive restoration.

Princess Reema highlighted the need for shared understanding and collaboration to achieve ambitious ocean regeneration goals. 

“Countries are setting ambitious targets to regenerate a thriving ocean, but what’s been missing is a clear view of the journey,” she said. 

The ambassador continued: “By working together and leveraging data, Ocean Central will act as a catalyst for ocean regeneration by highlighting successful initiatives, identifying gaps in ocean data, and building a shared understanding of the ocean.”

The platform aligns with global objectives, integrating targets from the UN Sustainable Development Goals, the Kunming-Montreal Global Biodiversity Framework, and the 2015 Paris Agreement, to track both 2030 and 2050 milestones toward a regenerated ocean. 

It facilitates the collection and analysis of data on marine biodiversity, coastal preservation, and other key areas to drive informed action.

Princess Reema called for global collaboration, urging individuals, scientific communities, and industries to unite in the endeavor. 

“Together, we can build a collective understanding of ocean health and ensure a thriving ocean by 2050.” she said.

In a panel discussion alongside Red Sea Global CEO John Pagano, Princess Reema said: “We all know that the health of our planet and our oceans and our ecosystems are all connected to our well-being.”

She said the ocean-related industries generate over $2.5 trillion economic value per year globally, supporting the livelihoods of 3 billion people in industries that include seafood, port construction, and coastal tourism.

The Saudi envoy reiterated that economies can grow “but not at the expense of the ocean,” adding that “the investment in the blue economy has a trifecta of positive impact.”

 She added: “This collaboration of well-being and economic investment in coastal communities really can be considered as part of the toolkit that can restore the damage that has been done to oceans. You don't have to have it separated. It's all one and the same.”

Pagano emphasized: “I think we've taken our oceans far too for far too long, for granted.”

 

Topics: FII8

Riyadh Air orders 60 next-generation Airbus A321 aircraft

Riyadh Air orders 60 next-generation Airbus A321 aircraft
Updated 30 October 2024
Nirmal Narayanan
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Riyadh Air orders 60 next-generation Airbus A321 aircraft

Riyadh Air orders 60 next-generation Airbus A321 aircraft
  • Strengthening the operations of Riyadh Air is crucial for Saudi Arabia as the Kingdom is evolving itself as a global tourism destination
  • New order will also support the airline’s long-term goal of creating 200,000 jobs and delivering enhanced connectivity
Updated 30 October 2024
Nirmal Narayanan

RIYADH: Saudi Arabia’s Riyadh Air, a subsidiary of the Public Investment Fund, has signed an agreement to purchase 60 Airbus A321neo single-aisle aircraft, as it plans to commence its operations in 2025. 

According to a press statement, the deal was signed by Tony Douglas, CEO of Riyadh Air, and Christian Scherer, CEO of Commercial Aircraft of Airbus, at the 8th Future Investment Initiative in the Kingdom’s capital city.  

Strengthening the operations of Riyadh Air is crucial for Saudi Arabia as the Kingdom is evolving as a global tourism destination, aligned with the economic diversification goals outlined in the Vision 2030 program. 

In September, the airline launched its first non-commercial flight from Riyadh’s King Khalid International Airport as part of the certification process.

Last year, the airlines had ordered 39 Boeing 787 Dreamliners with options for 33 more, thus bringing the estimated fleet capacity to 132.

The Airbus A321neo airliner is widely considered the most sustainable and efficient aircraft in the aviation industry. AN/Abdulrahman bin Shalhuob

“We are pleased to embark on another key milestone in Riyadh Air’s journey with the carrier’s second major fleet order, this time in partnership with Airbus,” said Yasir Al-Rumayyan, governor of PIF and chairman of Riyadh Air. 

He added: “This deal underlines the airline’s ambitious intentions in advance of next year’s launch as it builds a comprehensive international network and establishes Riyadh as a major strategic global aviation hub.”

The Airbus A321neo airliner is widely considered the most sustainable and efficient aircraft in the aviation industry, and it is expected to fulfill Riyadh Air’s ambition to cover 100 destinations worldwide by the end of this decade, the press statement said. 

Riyadh Air added that the new order will also support the airline’s long-term goal of creating 200,000 jobs and delivering enhanced connectivity to Riyadh to the world. 

“This order will not only enable us to support economic growth in the aviation industry, it will also ensure Riyadh Air operates one of the most sustainable fleets in the industry and be instrumental in helping Saudi Arabia achieve its net-zero emissions goals,” said the CEO of Riyadh Air. 

Douglas added: “This deal strongly reinforces the positive economic impact of Saudi Arabia’s newest airline on both a global and local scale and helps facilitate the fast-growing local aviation ecosystem.” 

The chief of Commercial Aircraft at Airbus said that the latest generation A321neo aircraft will bring exceptional efficiency to Riyadh Air’s operations and comfort to its passengers. 

“We look forward to working together to support the incredible growth of Saudi aviation,” added Scherer. 

Topics: FII8 Riyadh Air

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