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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   

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   

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. 
Ƶn 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, Ƶ 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 Ƶ and the UAE.  

Topics: startups Startup of the Week Startup Wrap

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Closing Bell: Saudi main index ends lower at 10,899

Closing Bell: Saudi main index ends lower at 10,899
Updated 10 August 2025
NADIN HASSAN  

Closing Bell: Saudi main index ends lower at 10,899

Closing Bell: Saudi main index ends lower at 10,899
  • Parallel market Nomu dropped 199.33 points to close at 26,449.38
  • MSCI Tadawul Index edged up 0.03% to reach 1,407.12
Updated 10 August 2025
NADIN HASSAN  

RIYADH: Ƶ’s Tadawul All Share Index declined on Sunday, losing 31.19 points, or 0.29 percent, to close at 10,899.11. 

The total trading turnover of the benchmark index stood at SR3.51billion ($935.8 million), with 77 listed stocks advancing and 169 declining. 

The Kingdom’s parallel market Nomu also dropped 199.33 points to close at 26,449.38 

The MSCI Tadawul Index slightly edged up by 0.03 percent to reach 1,407.12. 

The top performer on the main market was Red Sea International Co., whose share price rose 10 percent to SR42.24. 

The share price of Tamkeen Human Resource Co. increased 7.94 percent to SR57.1. 

Saudi Reinsurance Co. saw its stock price increase by 5.91 percent to SR47.66. 

Jahez International Co. for Information System Technology witnessed a drop in its share price by 10 percent to SR25.02. 

The company’s share price decreased following the announcement that its net profit for the second quarter fell 21.9 percent year on year to SR23.6 million, down from SR30.2 million in the same quarter last year. 

In corporate announcements, Zamil Industrial Investment Co. posted a net profit of SR25.28 million in the second quarter, a 314.5 percent increase from SR6.1 million in the same quarter in 2024. 

The company attributed the rise in quarterly profit to higher sales across its air conditioning, steel, and insulation sectors, which drove a 25.7 percent increase in gross profit.

This was further supported by a SR1.5 million rise in share of results from associates and joint ventures, lower financial charges by SR4.7 million, and a SR6.9 million reduction in zakat and income tax expenses. 

The company’s share price closed 0.51 percent higher at SR39.80. 

United International Transportation Co., known as Budget Saudi, reported a net profit of SR85.63 million in the second quarter, up 20.8 percent from SR70.87 million last year. 

The company attributed the quarterly increase in profit to higher revenues driven by growth in its rental and lease fleet, improved operational efficiency, and stronger cost control measures, which boosted gross and operating margins. 

The company’s share price ended 2.04 percent lower at SR72.20. 

Topics: Tadawul TASI NOMU MSCI 30 Tadawul Index Closing Bell Tadawul All Share Index (TASI) Saudi Stock Exchange (Tadawul)

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Egypt’s annual inflation slows to 13.9% in July

Egypt’s annual inflation slows to 13.9% in July
Updated 10 August 2025
NADIN HASSAN  

Egypt’s annual inflation slows to 13.9% in July

Egypt’s annual inflation slows to 13.9% in July
  • Fruit, vegetable, and meat prices record steep declines
  • Hotels and restaurants recorded a 0.6% increase
Updated 10 August 2025
NADIN HASSAN  

RIYADH: Egypt’s annual urban inflation rate eased to 13.9 percent in July, down from 14.9 percent the previous month, as falling food costs helped temper price pressures, official data showed.

Figures from the Central Agency for Public Mobilization and Statistics revealed that the monthly inflation rate declined by 0.6 percent, with the general consumer price index standing at 256.5 points.

The moderation was largely driven by significant drops in key food categories. Fruit prices plunged 11 percent, vegetables fell 7 percent, and meat and poultry were down 4.9 percent. Personal belongings also recorded a marginal decline of 0.5 percent.

However, price increases persisted in some segments. Grains and bread rose 0.4 percent, while dairy products, eggs and cheese each edged up 0.2 percent. Fish and seafood prices also gained 0.2 percent, as did beverages, coffee, tea and cocoa, while mineral water, soft drinks and natural juices climbed 0.8 percent.

Outside the food sector, inflation trends were mixed. Tobacco products saw the steepest rise at 7.8 percent. Clothing and footwear gained 0.3 percent, supported by a 0.4 percent increase in ready-made garments and a 0.2 percent rise in footwear.

FASTFACT

HIGHLIGHTS

Monthly inflation fell 0.6 percent, with the CPI at 256.5 points.

Tobacco increased 7.8 percent, while housing costs rose 0.7 percent.

Some food categories, including grains and bread, posted modest increases.

Housing costs advanced 0.7 percent, driven by a 0.8 percent increase in actual rents and a 1.7 percent rise in home maintenance expenses. 

Furnishings, household equipment and routine maintenance were up 0.7 percent, home textiles rose 2.6 percent, glassware and tableware 0.6 percent, and gardening and household tools 1.2 percent.

Healthcare prices climbed 0.3 percent, reflecting a 0.6 percent increase in outpatient services and a 1.1 percent jump in hospital fees. 

Transportation costs edged higher by 0.1 percent, boosted by a 0.2 percent increase in vehicle purchases and a 0.3 percent rise in private transport expenses.

Communication services rose 0.6 percent, while recreation and culture gained 0.3 percent, supported by higher spending on cultural and entertainment activities and organized tourist trips.

Hotels and restaurants recorded a 0.6 percent increase, with ready meals up 0.5 percent and hotel services up 1.5 percent. Miscellaneous goods and services grew 0.7 percent, led by a 1.2 percent rise in personal care items.

Topics: Egypt Egypt economy Central Agency for Public Mobilization and Statistics (CAPMAS)

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Saudi ports post 12% rise in July container volumes  

Saudi ports post 12% rise in July container volumes  
Updated 10 August 2025
Nour El-Shaeri  

Saudi ports post 12% rise in July container volumes  

Saudi ports post 12% rise in July container volumes  
  • Increases reflect expansion of trade exchange with global markets
  • Maritime traffic expanded 11.27% to 1,017 ships from 914 ships last year
Updated 10 August 2025
Nour El-Shaeri  

RIYADH: Ƶ’s ports handled 722,502 twenty-foot equivalent units in July, marking a 12.01 percent year-on-year increase as infrastructure upgrades and expanded logistics services boosted throughput. 

According to the Saudi Ports Authority, also known as Mawani, the gain was led by a 35.34 percent jump in transshipment volumes to 175,666 TEUs, while export containers climbed 12.86 percent to 275,098 TEUs. Imports recorded a modest 0.10 percent rise to 271,738 TEUs. 

The July performance follows strong growth in May, when Saudi ports handled 720,684 TEUs, up 13 percent year on year.  

The uptick in activity supports the goals of Ƶ’s National Transport and Logistics Strategy, which aims to position the Kingdom as a global logistics hub under Vision 2030. 

In a release, Mawani stated: “These increases reflect the expansion of trade exchange with global markets, the stimulation of sectors related to maritime transport, the enhancement of supply chain efficiency, the growth of maritime activity, the support of the Kingdom’s food security, the expansion of economic activity, and the creation of jobs.”   

Total cargo tonnage, comprising general cargo, dry and liquid bulk, grew 2.81 percent to 21.1 million tonnes from 20.6 million tonnes a year earlier. General cargo reached 461,958 tonnes, dry bulk 4 million tonnes, and liquid bulk 16.6 million tonnes.  

Livestock imports climbed 13.18 percent to 582,708 head. The number of ships calling at Saudi ports rose 11.27 percent to 1,017, passenger traffic grew 41.70 percent to 73,953, while vehicle volumes fell 22.66 percent to 69,969 units.  

Maritime traffic expanded by 11.27 percent to 1,017 ships from 914 ships last year. Passenger numbers climbed 41.70 percent to 73,953 compared to 52,191 a year earlier, while vehicle volumes fell 22.66 percent to 69,969 units.  

In August, Mawani signed an SR500 million ($133.2 million) contract with Petrotank to establish an integrated marine bunkering hub at King Fahad Industrial Port in Yanbu, a project aimed at enhancing fuel storage and bunkering capacity, attracting more vessels, and boosting the competitiveness of Saudi ports.  

Spanning 110,700 sq. meters and operating under a 20-year lease, the facility will boost fuel and oil storage capacity, increase vessel traffic, and strengthen the Kingdom’s competitiveness in global shipping. 

Topics: Mawani Saudi ports Saudi ports Saudi Ports Authority (Mawani)

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Deflation to shape global outlook despite inflation risks, QNB says

Deflation to shape global outlook despite inflation risks, QNB says
Updated 10 August 2025
Miguel Hadchity

Deflation to shape global outlook despite inflation risks, QNB says

Deflation to shape global outlook despite inflation risks, QNB says
  • Bank says global economy has entered new phase characterized by structural fluctuations
  • Shifts in prices of key goods and services remain among most closely monitored macroeconomic indicators
Updated 10 August 2025
Miguel Hadchity

RIYADH: Long-term deflationary forces are set to dominate global trends, interrupted by brief inflation surges triggered by geopolitical and structural shocks, Qatar National Bank has warned. 

In its weekly report, carried by the Qatar News Agency, the bank said the new macroeconomic phase will be defined by structural fluctuations, not a purely inflationary or deflationary environment, with prices periodically jolted by supply disruptions and policy shifts. 

The assessment comes as the International Monetary Fund forecasts global inflation to ease to 4.2 percent this year and 3.6 percent in 2026, even as major economies send mixed signals, with US consumer prices rising 2.7 percent year on year in June and China’s consumer price index edging up to 0.1 percent after months of decline. 

“The bank pointed out that the global economy is no longer stable in a purely inflationary or contractionary environment, but has entered a new phase characterized by structural fluctuations,” QNA reported. 

It said shifts in the prices of key goods and services remain among the most closely monitored macroeconomic indicators, alongside economic growth rates, as they directly impact purchasing power, consumer confidence, investment decisions, and monetary policy.  

Inflation vs. deflation 

While moderate inflation is considered normal and even necessary for economic growth, QNB said excessive inflation or sharp deflation can lead to structural imbalances and long-term economic disruptions. 

The report cited the “Great Moderation” in advanced economies as an example of stable growth under controlled inflation. However, it cautioned that central banks’ aggressive monetary tightening in response to inflation can also trigger recessions or financial stress.  

QNB’s report said some geopolitical development could have deflationary consequences by reducing efficiency and demand, under certain conditions. QNA

On the other hand, deflation — a sustained drop in price levels — often signals deeper structural weaknesses, such as weak demand, financial deleveraging, or demographic decline. While falling prices may seem beneficial at first glance, QNB said they can reduce consumption, delay investment, increase real debt burdens, and trap economies in a low-growth cycle. 

Japan’s “Lost Decade” was cited as a prime example of deflation’s damaging long-term effects, with other major economies facing similar challenges after the 2007-08 financial crisis.  

Post-pandemic uncertainty 

The report said the post-COVID-19 era, combined with supply shocks, led to unusually high inflation, but economists remain divided on whether inflation or deflation will dominate in the medium to long term.  

QNA said “some analysts highlight that one of the main reasons why inflation is returning to the fore as a source of economic concern lies in the disintegration of many structural factors that supported the Great Moderation.” 

Rising geopolitical fragmentation has disrupted global trade, while supply chain reconfigurations, green transition costs, and demographic pressures could keep inflation structurally higher.  

Others believe technology-driven deflationary forces will prevail. Innovations in automation, artificial intelligence, and digital services continue to reduce costs, offsetting inflationary pressures. 

A July report by Morgan Stanley said the ongoing AI wave continues to dominate global markets, with significant investments projected in data centers. 

The report forecasted that global data center spending would reach $2.9 trillion by 2028, covering hardware such as chips and servers, and infrastructure, including construction and maintenance. 

QNB also said some geopolitical developments, including trade fragmentation, could have deflationary consequences by reducing efficiency and demand, under certain conditions.

Topics: QNB Qatar National Bank Inflation

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Saudi industrial output jumps 7.9% in June on manufacturing gains

Saudi industrial output jumps 7.9% in June on manufacturing gains
Updated 10 August 2025
Nirmal Narayanan  

Saudi industrial output jumps 7.9% in June on manufacturing gains

Saudi industrial output jumps 7.9% in June on manufacturing gains
  • Mining and quarrying, which include crude oil production, increased 6% annually
  • Index of oil activities advanced 7.7% year on year in June
Updated 10 August 2025
Nirmal Narayanan  

RIYADH: Ƶ’s industrial production climbed 7.9 percent year on year to 111.9 in June, driven by a sharp rebound in manufacturing and higher crude output, official data showed. 

Figures from the General Authority for Statistics also revealed a 1.6 percent month-on-month rise in the Industrial Production Index, underscoring momentum in the Kingdom’s non-oil economy. 

The IPI, which measures changes in industrial output across mining, manufacturing, utilities, and waste management, is a key indicator for Ƶ’s Vision 2030 diversification drive. 

The June IPI figure, reflecting continued growth in the manufacturing sector, affirms Ƶ’s progress in its economic diversification efforts aimed at reducing its decades-long reliance on crude revenues. 

In its latest report, GASTAT stated: “Preliminary results indicate a 7.9 percent increase in the IPI in June 2025 compared to the same month of the previous year, supported by the rise in mining and quarrying activity, manufacturing activity, electricity, gas, steam, and air conditioning supply activity and water supply, sewerage and waste management and remediation activities.”   

Mining and quarrying — which include crude oil production — increased 6 percent annually as Saudi output rose to 9.36 million barrels per day, up from 8.83 million bpd in June 2024.  

The authority revealed that the sub-index for manufacturing activities rose 11.1 percent year on year in June, supported by an increase in the manufacture of coke and refined petroleum products, which jumped 15.3 percent, and the production of chemicals and chemical products, which rose 18.7 percent. 

In May, a separate report released by GASTAT revealed that the Kingdom’s gross domestic product grew 2.7 percent year on year in the first quarter, driven by strong non-oil activity. 

Commenting on the GDP figures, Ƶ’s Minister of Economy and Planning, Faisal Al-Ibrahim, who also chairs GASTAT’s board, said at the time that the contribution of non-oil activities to the Kingdom’s economic output reached 53.2 percent — an increase of 5.7 percent from previous estimates. 

The sub-index of electricity, gas, steam, and air-conditioning supply activity increased 5.6 percent in June, compared to the same month in 2024. 

The authority added that the sub-index of water supply, sewerage, waste management, and remediation operations increased 6.9 percent year on year in June. 

Overall, the index of oil activities advanced 7.7 percent year on year in June, while the index of non-oil activities rose 8.6 percent during the same period. 

On a monthly basis, manufacturing activity in Ƶ increased 1.4 percent, supported by growth in the production of coke and refined petroleum products, which rose 1.7 percent. 

Compared to May, mining and quarrying activities in the Kingdom also increased 1.9 percent in June. 

Overall, the index of oil activities increased 1.9 percent in June from May, while non-oil activities expanded 1.1 percent during the same period. 

The Industrial Production Index measures changes in industrial output based on the International Standard Industrial Classification framework, covering mining, manufacturing, utilities, and waste management sectors. 

S&P Global data show the Kingdom’s non-oil private sector remained robust in July, with its Purchasing Managers’ Index at 56.3, outpacing the UAE at 52.9, Kuwait at 53.5, and Qatar at 51.4. 

Topics: ipi GASTAT manufacturing

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