RIYADH: Technology companies connected to the Middle East attracted new capital and completed strategic transactions this week, with activity spanning artificial intelligence, advertising infrastructure, trade finance and food delivery.
Aramco acquires 49% of Humain
Saudi Aramco completed the acquisition of a 49 percent stake in Saudi AI company Humain through a wholly owned subsidiary, while the Public Investment Fund retained 51 percent.
Aramco will contribute approximately SR9.9 billion ($2.64 billion) in cash during 2026, alongside AI, computing and digital assets. Both shareholders will also provide technology capabilities and personnel.
Launched by the Public Investment Fund in May 2025, Humain develops data centres, high-performance computing infrastructure, cloud platforms, advanced AI models and applications for individual industries.
The company plans to develop 3 gigawatts of AI data-centre capacity by 2030. Aramco expects to use Humain’s infrastructure and services to expand AI applications across its industrial operations.
Aramco said it had generated $11.3 billion in realized value from technology since 2023, with AI accounting for a significant portion. The transaction will consolidate additional AI assets within Humain.
Humain’s model portfolio includes ALLaM, a multimodal Arabic large language model. The company is also developing advanced computing capacity intended to serve regional and international demand.
Humain adds CNTXT to expand enterprise AI services
In a separate deal Humain brought Riyadh-based AI and cloud technology company CNTXT into its operations. The financial terms and ownership structure of the transaction were not disclosed.
CNTXT, founded in 2022, provides cloud transformation, data analytics, and AI to public- and private-sector organizations, as well as cybersecurity, enterprise integration and managed technology services.
The transaction will add CNTXT’s proprietary products, workforce, enterprise expertise and customer relationships to Humain's platform, expanding its reach beyond infrastructure and advanced models into corporate technology implementation.
Humain said the combined platform will support customers throughout the AI adoption process, including strategy, infrastructure, deployment, integration, cybersecurity, ongoing operations and technical support.
CNTXT’s staff, products and client relationships will become part of Humian’s wider operation. The integration is intended to strengthen services for organizations deploying cloud, data and AI systems at scale.
The combination also adds an application and services layer to Humain’s existing computing, infrastructure, models and cybersecurity offering for government and corporate customers.
Oman’s mamun raises $3m seed round
Omani fintech mamun raised $3 million in a seed round led by Phaze Ventures through its Oman Fund, with participation from UAE-based Jasoor Ventures.
Founded in 2019 by Saleh Al-Tamami, Mohammed Al-Tamami and Ahmed Al-Issaei, the company operates a Shariah-compliant platform connecting businesses with investors for trade and working-capital financing.
The Financial Services Authority of Oman licenses mamun under its crowdfunding framework. Its AI-powered underwriting assesses businesses, buyers, contracts, shipping documents and trading histories when evaluating proposed transactions.
Headquartered in Muscat, the company also maintains entities in Abu Dhabi and Hong Kong. Around 40 percent of its trade-finance settlements are processed through Hong Kong-based institutions and businesses.
Mamun will use the funding to expand its trade-origination and underwriting capabilities, increasing the volume of cross-border transactions it can finance along the Greater Bay Area–Oman–UAE trade corridor.
Oman’s non-oil exports rose about 10 percent during the first seven months of 2026, while re-exports increased 13.6 percent, according to figures cited by the company.
Journify secures $12m series A
Advertising technology startup Journify raised $12 million in a series A round led by Al Mada Ventures and co-led by existing investor Silicon Badia.
Shorooq and Bunat Ventures increased their investments, while Du Ventures and Oraseya Capital joined the round. Journify said the financing valued the business at four times its previous level.
Taoufik El-Jamali, Amine Chouki and Omar Al-Shoubaki founded the company in 2022. It is headquartered in San Francisco, with regional offices in Dubai and Riyadh.
Journify connects customer interactions and sales data across online and offline channels, providing advertising platforms with purchase, registration and in-store sales information. The company serves more than 100 businesses.
The startup reported more than fivefold revenue growth since Silicon Badia’s initial investment. It plans to use the capital for US and European expansion and stronger AI-based advertising-data monitoring.
Customers include Saudi retailer Jarir Bookstore and e-commerce company Baytonia.
Journify’s system connects advertising platforms including Google, Meta, TikTok, Snap and Amazon Ads with verified customer outcomes.
Percent Labs closes Syrian seed round
Syrian food technology startup Percent Labs closed an undisclosed seed round at a valuation exceeding $1 million, with backing from Syrian angel investors based outside the country.
Khaled Al-Hosini, Soubhi Bakri and Jawad Shebli founded the company in 2025. Percent Labs develops delivery-focused food brands through shared cloud-kitchen infrastructure.
The model combines product development, marketing and centralized kitchen operations, allowing several food businesses to share production facilities instead of maintaining separate restaurants.
Percent Labs currently processes more than 10,000 orders per month. It also uses AI e to analyze operational data and support decisions across its portfolio of food brands.
The capital will support additional production capacity, new products and further brand launches.
Percent Labs aims to exceed 40,000 monthly orders within 18 months, about four times its current volume.
Its shared-infrastructure approach is designed to reduce operating expenses and allow new brands to launch without the capital costs associated with establishing separate restaurant locations.
