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Startup Wrap – Saudi VCs pour capital into ventures through strategic investments  

Startup Wrap – Saudi VCs pour capital into ventures through strategic investments  
This week's FII8 witnessed numerous deals that boosted the startup landscape. Shutterstock
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Updated 01 November 2024
Nour El-Shaeri 
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Startup Wrap – Saudi VCs pour capital into ventures through strategic investments  

Startup Wrap – Saudi VCs pour capital into ventures through strategic investments  
Updated 01 November 2024
Nour El-Shaeri 
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RIYADH: Saudi venture capital firms are fueling regional innovation through substantial investments and new initiatives. 

Aramco Ventures led New York-based industrial internet-of-things monitoring and communications startup Andium’s $21.7 million series B funding round. 

Existing backers, including Climate Investment, Intrepid Financial Partners, and individual investors such as former Citadel Chief Investment Officer Thomas Miglis, also participated. The investment brings Andium’s total funding to over $40 million, following its $15 million series A round in 2021. 

The newly secured funds will enable Andium to accelerate its global expansion, scale operations in oil and gas regions in the US and the Middle East, reduce technology costs, and bolster its research and development initiatives. 

Wa’ed Ventures allocates $100m for early-stage AI investments 

Saudi Aramco’s $500-million financial capital arm Wa’ed Ventures has earmarked $100 million for early-stage artificial intelligence investments. This initiative is part of efforts to position Saudi Arabia as a global leader in the technology, aligning with the Kingdom’s strategic development goals. 

The deployment of the fund will be overseen by an advisory board comprising experts from prominent global institutions such as Meta, the Massachusetts Institute of Technology, Oxford University, and Amazon. 

A report by PwC projects that artificial intelligence could contribute $135 billion to Saudi Arabia’s economy by 2030, amounting to 12 percent of the country’s gross domestic product.

Wa’ed Ventures has recently invested in Korea’s Rebellions and US-based AiXplain as part of its investment strategy. 

Beta Lab launches with $300m to foster deeptech innovation 




Beta Lab launched at FII8 in Riyadh. X/@BetalabSA

Saudi Arabia’s new deeptech venture studio, Beta Lab, launched with $300 million in capital at the Future Investment Initiative. 

The outfit aims to bolster startups and promote cross-border innovation between the Middle East and Southeast Asia. 

This strategic initiative is backed by the Saudi Ministry of Investment, the Research, Development, and Innovation Authority, the Hong Kong Science and Technology Parks Corporation, and MDI Ventures by Telkom Indonesia.  

Beta Lab is expected to catalyze growth in the deep tech sector through significant investments and collaborative partnerships.   

Tharawat Green Exchange secures $450k for sustainability initiatives 

Saudi Arabia-based Web3 provider Tharawat Green Exchange has raised $450,000 from Adaverse, a fund dedicated to Web3 and blockchain investments.  

Founded in 2023 by Yakeen Al-Zaki, Hassan Al-Redha, and Yasser Al-Obaidan, Tharawat Green Exchange focuses on leveraging blockchain technology for environmental sustainability, aligning with Saudi Vision 2030. 

The capital will support infrastructure and blockchain development, enhance sales and marketing, and help secure Vera certification for Tharawat Green Exchange’s carbon credits. 

BIM Capital established to boost Middle East investment




BIM Ventures and SBI Holding announced the establishment of BIM Capital during the FII8 conference in Riyadh. Supplied

Saudi-based BIM Ventures and Japan’s SBI Holding have launched BIM Capital, a joint venture to stimulate investment opportunities in Saudi Arabia and the wider Middle East.  

The new organization will focus on private equity, venture capital, debt funds, and real estate investments.

With a target of drawing more than $200 million in foreign direct investment, BIM Capital aims to manage assets worth over $2 billion.  

The joint venture seeks to leverage both firms’ expertise to accelerate regional growth and innovation. 

ARKTECH raises $1m in pre-seed funding 

Saudi proptech company ARKTECH has successfully closed a $1 million pre-seed investment round, led by Core Vision Investment.  

Established in 2023 by Waheed Al-Jassas, ARKTECH specializes in utility contract trading to enhance real estate investment returns. 

The funding will strengthen the company’s leadership in the property technology sector and support the development of new tech-enabled investment solutions. 

Nabt secures $1.5m seed round for B2B marketplace 

Saudi foodtech startup Nabt has raised $1.5 million in a seed funding round led by Merak Capital, with additional backing from angel investors.  

Launched in 2022 by Abdullah Al-Otaibi, Nabt runs a business-to-business marketplace that directly connects farmers with businesses. 

The funding will be used to accelerate product development and expand Nabt’s market presence.  

The company is part of the Sunbolah FoodTech Accelerator, an initiative by Saudi Arabia’s Ministry of Environment, Water, and Agriculture to promote innovation in the agricultural sector. 

ISSF invests $5m in Rua Growth Fund 




ISSF CEO Mohammed Al Muhtaseb, and Turki Aljoaib, managing partner of Rua Growth Fund. ISSF

Jordan’s Innovative Startups and Small and Medium Enterprises Fund has invested $5 million in Rua Growth I LP, a $45-million Saudi Arabia-based venture capital fund focused on early-stage investments in e-commerce, financial technology, enterprise solutions, and software as a service. 

This investment aims to leverage Jordan’s robust startup ecosystem and foster innovation, enhancing the competitive edge of local startups in regional markets. 

Tadarab expands into Saudi Arabia amid rising demand 

Kuwait-based education technology platform Tadarab has expanded operations into Saudi Arabia as part of its strategy to address the growing need for online education solutions in the region.  

Founded in 2016 by Zaid Al-Luhaib and Salma Al-Yassin, Tadarab offers courses that support personal and professional development across the Middle East and North Africa region. 

The expansion aims to tailor Tadarab’s educational solutions to meet the diverse demands of Saudi learners, benefiting both individuals and corporate clients. 

Pass secures $2.7m to expand into Egypt and Saudi Arabia 

Qatar-based delivery service app Pass has raised $2.7 million in a pre-series A funding round from undisclosed investors.  

Initially launched by the UK’s Peyk in 2020 and later acquired by local entrepreneur Bashar Jaber in 2023, the newly acquired funding will support Pass’s expansion into Egypt and Saudi Arabia and facilitate the development of new products to enhance its market position. 

Colis.ma closes $300k pre-seed funding 

Morocco’s logistics startup Colis.ma has secured $300,000 in pre-seed funding from Witamax.  

Founded in 2022 by Issam Darui, Colis.ma focuses on cross-border logistics services for individuals and small and medium-sized enterprises, aiming to bridge African and European markets.   

The funds will be used to strengthen Colis.ma’s operations in Morocco’s five largest regions and expand into six major European countries, with plans for further growth into West Africa. 

Pargo expands into Egypt with $4m funding 

South African e-commerce logistics startup Pargo has entered the Egyptian market after raising $4 million from 3Capital Ventures, Endeavor, SAAD Investment Holdings, and UW Ventures.  

Launched in 2014 by Derk Hoekert and Lars Veul, Pargo provides innovative delivery solutions tailored for the e-commerce sector. 

The expansion includes the rollout of collection and return service points across Egypt to support e-commerce growth.

Topics: Startup Wrap startups Aramco Ventures Wa’ed Ventures

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70% of Saudi employers say technological literacy is increasingly important skill, report finds

70% of Saudi employers say technological literacy is increasingly important skill, report finds
Updated 09 January 2025
Zaira Lakhpatwala
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70% of Saudi employers say technological literacy is increasingly important skill, report finds

70% of Saudi employers say technological literacy is increasingly important skill, report finds
  • World Economic Forum predicts net gain of 78m jobs by 2030, as half of employers globally plan to reshape businesses to benefit from technology-related opportunities
  • However, largest job growth is expected to be among frontline roles such as farm workers, delivery drivers and construction workers
Updated 09 January 2025
Zaira Lakhpatwala

DUBAI: Macroeconomic conditions, geopolitical tensions and advancements in technology are among the factors shaping the global workforce, as the World Economic Forum projects 170 million jobs will be created worldwide by 2030.

The latest edition of the forum’s “Future of Jobs” report also predicted the displacement of 92 million jobs, leaving a net gain of 78 million over the next five years.

The largest job growth is expected to be among frontline roles such as farm workers, delivery drivers and construction workers. The WEF also expects increased demand for healthcare and educational professionals, and in the fields of artificial intelligence and energy, particularly renewable energy and environmental engineering.

The report said skills gaps are the leading barrier to business transformation. Nearly 40 percent of skills required for jobs are set to change and 63 percent of employers cited this as a key challenge they face.

Half of employers globally said they planned to reshape their business to benefit from technology-related opportunities and this will be reflected in the job market, with 77 percent of employers intending to upskill their employees.

Despite this growing demand for technological skills, human skills, such as creative and analytical thinking and agility, will remain essential, the WEF said.

However, 41 percent of employers said they plan to reduce workforce size because AI is capable of automating some tasks, with cashiers, administrative assistants and secretaries expected to see the largest declines in the next five years.

Companies in the Middle East and North Africa region are more positive about the availability of talent for recruitment by 2030 than their global peers, the report found, with 46 percent of regional employers expecting the hiring outlook to improve.

“The big trends creating new jobs globally — such as increasing digitalization, adoption of artificial intelligence and the transition away from a carbon-heavy economy — are the same ones driving economic transformation across the Middle East,” Till Leopold, the WEF’s head of work, wages and job creation, told Arab News.

Employers in the region, most notably in Saudi Arabia and the UAE, are also planning to accelerate the process of automation. For example, the proportion of work tasks expected to be mostly automated through the use of technology is projected to reach 45 percent by 2030 in the Kingdom and 43 percent in the UAE, both well above the global average of 34 percent.

As companies invest more in the latest technology, more 70 percent of employers in Saudi Arabia and 87 percent in the UAE identified technological literacy as a skill on the rise, along with growing demand for skills in networks and cybersecurity, and AI and big data.

The report stressed the need for “urgent and collective action across government, business and education” as employment continues to evolve, with key priorities including efforts to bridge skills gaps, invest in reskilling and upskilling initiatives, and enable easy access to the fastest-growing jobs and skills development.

“It is essential that public- and private-sector leaders work together to ensure people across the region are equipped with the right skills to benefit from these opportunities, including technology literacy, resilience and creative thinking,” said Leopold.

Topics: future of jobs Saudi workforce

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Saudi Arabia’s Hafr Al-Batin forum seals $4.5bn in investments

Saudi Arabia’s Hafr Al-Batin forum seals $4.5bn in investments
Updated 08 January 2025
Nour El-Shaeri
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Saudi Arabia’s Hafr Al-Batin forum seals $4.5bn in investments

Saudi Arabia’s Hafr Al-Batin forum seals $4.5bn in investments
Updated 08 January 2025
Nour El-Shaeri

RIYADH: The Hafr Al-Batin Investment Forum 2025, held in Saudi Arabia’s Eastern Province, concluded with the signing of seven agreements totaling SR17 billion ($4.5 billion) across key sectors, underscoring the region’s growing economic potential.

The event, organized by the Hafr Al-Batin Chamber of Commerce in collaboration with the Federation of Saudi Chambers and hosted at the University of Hafr Al-Batin, aimed to position the province as a competitive hub for both local and international investors, in alignment with Saudi Arabia’s Vision 2030.

The forum was inaugurated by Eastern Province Gov. Prince Saud bin Nayef Al-Saud, who emphasized the province’s strategic advantages for investors.

He highlighted Hafr Al-Batin’s competitive investment landscape, noting its diversified economic opportunities and advantageous location, making it an ideal destination for investors looking to capitalize on sustainable growth prospects.

He also underscored the region’s infrastructure developments, which are critical for attracting investment and creating job opportunities for Saudi nationals.

The agreements signed during the forum marked a significant milestone in Hafr Al-Batin’s economic development, with the forum serving as an important platform for showcasing the region’s investment opportunities.

These agreements are expected to contribute to the province’s growing role in the Kingdom’s economic agenda, aligning with Vision 2030’s objectives of economic diversification and job creation. The event also highlighted Hafr Al-Batin’s efforts to attract foreign capital and foster local content within its industries.

In conjunction with the forum, the Eastern Province Development Authority launched a master plan for Hafr Al-Batin aimed at attracting SR47 billion in private sector investments. This plan is projected to contribute SR11 billion to Saudi Arabia’s gross domestic product and create more than 60,000 job opportunities for local residents.

One of the key announcements at the forum was the unveiling of the Middle East’s largest livestock city, a SR9 billion project designed to support Saudi Arabia’s goals of achieving self-sufficiency in livestock production and enhancing food security.

The city, backed by the Hafr Al-Batin Livestock and Marketing Association, will be developed on an expansive 11 million sq. meter site. Once operational, the project is expected to meet 30 percent of Saudi Arabia’s demand for red meat while generating over 13,000 jobs.

It will include state-of-the-art livestock farms, fodder production plants, a veterinary hospital, and advanced meat processing facilities. Sustainability will be a core feature, with the city powered by renewable energy, generating 15 billion kilowatt-hours of green electricity annually, producing 140,000 liters of milk per day, and 100 tonnes of fodder per hour. The facility will also feature an automated abattoir spanning 170,000 sq. meters, contributing 1.5 million sq. meters of leather production each year.

The forum drew a wide range of participants, including Prince Abdulrahman bin Abdullah bin Faisal, governor of Hafr Al-Batin, as well as high-ranking officials, business leaders, and investors from across the globe. The event was designed to showcase the province’s investment potential in sectors such as agriculture, livestock, healthcare, logistics, and infrastructure—critical areas for the region’s economic transformation.

Hassan Al-Huwaizi, chairman of the Federation of Saudi Chambers, emphasized the forum’s importance in advancing the Kingdom’s economic goals.

He pointed to the growth of Saudi Arabia’s trade and commerce ecosystem, driven in large part by Vision 2030’s transformative strategies, and highlighted the role of the Hafr Al-Batin Investment Forum as a vital platform for introducing the region’s opportunities to both national and international investors.

Sulaiman Al-Aqil, chairman of the Hafr Al-Batin Chamber of Commerce, described the forum as a pivotal moment in the province’s economic evolution.

The event featured participation from 24 government and private entities from 12 countries, four panel discussions with 19 speakers, and the release of a comprehensive economic study on Hafr Al-Batin’s investment potential.

With these agreements and initiatives, the forum not only highlighted the region’s expanding role in Saudi Arabia’s economic future but also reaffirmed the Kingdom’s commitment to becoming a leading global investment hub in line with Vision 2030’s objectives.

Topics: Hair Al-Batin Investment forum

PIF invests $200m in new Saudi ETF by State Street Global Advisers 

PIF invests $200m in new Saudi ETF by State Street Global Advisers 
Updated 08 January 2025
Miguel Hadchity
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PIF invests $200m in new Saudi ETF by State Street Global Advisers 

PIF invests $200m in new Saudi ETF by State Street Global Advisers 
Updated 08 January 2025
Miguel Hadchity

RIYADH: Saudi Arabia’s Public Investment Fund has invested $200 million in the newly launched SPDR J.P. Morgan Saudi Arabia Aggregate Bond UCITS exchange-traded fund. 

In a press release, State Street Global Advisers, the US-based asset manager behind the ETF, called it the first fixed-income UCITS ETF focused on the Kingdom to launch in Europe.

This move comes as global investors look to capitalize on Saudi Arabia’s growing bond market, supported by economic and infrastructure developments under Vision 2030. 

The ETF launch further underscores PIF’s strategy to enhance international access to Saudi Arabia’s diversified market and attract foreign investment. PIF’s portfolio also includes investments in ETFs listed in Hong Kong, Shanghai, Shenzhen, and Tokyo. 

“PIF’s investment into the first internationally listed fixed-income Saudi ETF further deepens the Saudi market, while attracting investors and strengthening cross-geography partnerships, increasing international investment in Saudi Arabia,” said Yazeed Al-Humied, deputy governor and head of Middle East and North Africe Investments at PIF. 

Undertakings for Collective Investment in Transferable Securities, or UCITS, are EU regulations that establish a standardized framework for investment funds marketed and sold to investors within the economic bloc.

Listed on the London Stock Exchange and Deutsche Börse’s Xetra in Frankfurt, the new fund tracks the J.P. Morgan Saudi Arabia Aggregate Index. This index provides exposure to the Kingdom’s financial instruments, including liquid dollar- and SR-denominated government and quasi-government bonds, as well as sukuk bonds. 

“We are delighted to see such significant early-stage commitment from PIF into the SPDR J.P. Morgan Saudi Arabia Aggregate Bond UCITS ETF, a first of its kind in the industry. The creation of this fund sprung from our ambition to provide investors a compelling and innovative opportunity,” said Yie-Hsin Hung, CEO of State Street Global Advisers. 

The ETF is accessible to investors in several European countries, including Austria, Denmark, and Finland, as well as France, Germany, and Italy. It is also available in Luxembourg, the Netherlands, and Norway, as well as Spain, Sweden, and the UK. 

State Street Global Advisers, the asset management business of State Street Corp., has served governments, institutions, and financial advisers for over four decades, managing $4.73 trillion in assets.
 
The SPDR ETF range spans international and domestic asset classes, providing investors with flexible options aligned to diverse strategies. 

Topics: PIF exchange-traded funds London Stock Exchange (LSE)

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Closing Bell: Saudi main index slides to close at 12,088

Closing Bell: Saudi main index slides to close at 12,088
Updated 08 January 2025
Reem Walid
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Closing Bell: Saudi main index slides to close at 12,088

Closing Bell: Saudi main index slides to close at 12,088
Updated 08 January 2025
Reem Walid

RIYADH:  Saudi Arabia’s Tadawul All Share Index edged lower on Wednesday, dropping by 24.55 points, or 0.20 percent, to close at 12,088.74. The benchmark index saw a trading turnover of SR7 billion ($1.86 billion), with 127 stocks advancing and 112 declining.

The Kingdom’s parallel market, Nomu, also experienced a slight decline, falling by 32.97 points, or 0.11 percent, to settle at 30,776.15. Of the stocks listed on Nomu, 41 advanced while 42 retreated.

The MSCI Tadawul Index dropped 7.53 points, or 0.50 percent, to close at 1,506.86.

Among the top performers of the day was Nice One Beauty Digital Marketing Co., which made its debut on the main market on Jan. 8. The company’s share price surged by 30 percent, reaching SR45.50.

Other notable gainers included Al-Mawarid Manpower Co., which saw its stock rise 7.82 percent to SR135.20, and Al-Baha Investment and Development Co., which saw its share price climb 6.98 percent.

On the downside, National Co. for Learning and Education recorded the largest drop, falling 4.24 percent to SR185.20. Almoosa Health Co. also saw a decline of 3.84 percent, ending the session at SR140.40, while Alinma Retail REIT Fund Yanbu saw a 3.45 percent drop to SR4.76.

On the announcements front, Nice One Beauty Digital Marketing Co. revealed it is offering 34.65 million shares at SR35 each. SNB Capital is serving as the lead manager for the offering.

United Electronics Co. announced its estimated financial results for the year ending Dec. 31, 2024. The company reported a net profit of SR534.53 million, marking a 36.8 percent increase compared to 2023. The growth was driven by higher revenues and improved gross profits, thanks to a better sales mix and expansion in the consumer finance sector, despite an increase in selling, distribution, and administrative expenses. Extra’s stock ended the day at SR95.60, up 2.13 percent.

United International Holding Co. also posted its financial results for the period ending Dec. 31, 2024. The company recorded a net profit of SR222.38 million, a 4.8 percent increase over the previous year. This growth was attributed to higher credit loss provisions and increased selling, general, and administrative expenses. The company’s shares closed at SR187.80, down 2.60 percent.

Meanwhile, the Kingdom’s Capital Market Authority announced that Rawasi Albina Investment Co. is planning to issue up to SR500 million in debt instruments. The company's stock finished the session at SR4.35, down 1.15 percent.

Topics: TASI NOMU MSCI

Saudi Arabia dominates MENA VC landscape, securing $750m in 2024

Saudi Arabia dominates MENA VC landscape, securing $750m in 2024
Updated 08 January 2025
Nour El-Shaeri
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Saudi Arabia dominates MENA VC landscape, securing $750m in 2024

Saudi Arabia dominates MENA VC landscape, securing $750m in 2024
Updated 08 January 2025
Nour El-Shaeri

RIYADH: Saudi Arabia has retained its position as the top destination for venture capital funding in the Middle East and North Africa region, raising $750 million in 2024, according to a new report.  

This marks the second consecutive year the Kingdom has topped the regional VC rankings.  

Data from regional venture platform MAGNiTT showed that Saudi Arabia accounted for 40 percent of the total VC capital deployed in MENA in 2024, with a 16 percent year-on-year increase in deal flow.  

The Kingdom closed 178 deals, the most of any MENA nation, reflecting strong investor confidence and a thriving startup ecosystem. 

The largest deal in the region was secured by Saudi-based e-commerce enablement platform Salla, which raised $130 million. 

The UAE ranked second in regional funding with $613 million raised, while leading in deal volume with 188 transactions and 12 exits.  

Emerging venture markets snapshot  

MENA startups collectively raised $1.9 billion in 2024, reflecting a 29 percent decline compared to 2023.   

Despite the drop, MAGNiTT noted that “funding levels in 2024 were still higher than 2020 levels, prior to the 2021 and 2022 boom years, signaling continued growth in the venture space.”  

The Middle East accounted for $1.5 billion of the funding, spread across 461 deals — a 10 percent annual increase. Total investor participation in the region grew by 14 percent, reaching 392 investors, while exits totaled 24.  

Venture capital performance in emerging venture markets — which include the Middle East, Africa, Southeast Asia, Pakistan, and Turkiye — slowed significantly in 2024.   

Total VC funding in these regions fell by 40 percent, with deal volumes dropping 20 percent compared to 2023. Both metrics also dipped below 2020 levels.  

Southeast Asia led among EVMs with $5.6 billion raised across 564 deals, while Africa recorded the weakest performance, raising $1.07 billion through 294 deals.  

Mega deals and early-stage activity  

Global VC trends, such as reduced late-stage funding, were reflected in EVMs. Mega deals — valued at $100 million or more — declined for the third consecutive year, falling 56 percent compared to 2023.   

The first quarter of 2024 saw the lowest mega deal funding since the fourth quarter of 2019, with late-stage investments hardest hit.  

However, early-stage activity showed resilience. The focus on seed and pre-series A funding increased, with $1 million to $5 million ticket sizes rising by 5 percentage points year on year.  

According to MAGNiTT, this emphasis on early-stage investments is critical for sustaining future deal flow growth.  

Philip Bahoshy, CEO of MAGNiTT, highlighted a potential recovery in the venture market. “In 2024, we witnessed a decline in funding across EVMs driven by reduced late-stage investment activity. However, the positive development is that 2024 also saw a gradual decline in interest rates, both in mature markets like the US and Emerging Markets,” he said.  

“We anticipate these rate cuts to begin boosting capital availability within the next 6-9 months, paving the way for a stronger funding environment in 2025,” Bahoshy added.  

The Middle East increased its share of deal transactions across EVMs to 35 percent in 2024, an 8-percentage-point rise.   

Southeast Asia captured the largest share at 43 percent, while Africa’s share dropped to its lowest level in five years, at 22 percent. 

Topics: VC MENA investments deals

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