Consumers in 蹤獲弝け dial up electronics spending, latest POS data reveals
Consumers in 蹤獲弝け dial up electronics spending, latest POS data reveals/node/2572703/business-economy
Consumers in 蹤獲弝け dial up electronics spending, latest POS data reveals
The weekly point-of-sale bulletin has been released by SAMA. Shutterstock
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Updated 20 November 2024
Miguel Hadchity
Consumers in 蹤獲弝け dial up electronics spending, latest POS data reveals
Updated 20 November 2024
Miguel Hadchity
RIYADH:Consumers in 蹤獲弝け spent SR247.2 million ($65.8 million) on electronics from Sept. 15 to 21, reflecting an 18.3 percent rise compared to the previous week, according to central bank data.
The weekly point-of-sale bulletin released by SAMA revealed that spending in the hotels sector also rose, reaching SR292.4 million, marking an 18.2 percent weekly increase.
These two sectors experienced the highest and second-highest growth, respectively.
Restaurants and cafe sector accounted for the largest share of the POS at SR1.77 billion, followed by food and beverages at SR1.67 billion and miscellaneous goods and services at 1.45 billion.
Spending in the top three categories accounted for SR4.9 billion of this weeks total value.
The overall value of POS transactions dipped for the third week in a row, dropping by 1.9 percent compared to the previous seven days to reach SR11.9 billion.
The latest figures showed that spending in the education sector continued to lead the decline, recording the highest decrease at 23 percent, with total transactions reaching SR127.1 million.
This sector has been experiencing falls for over a month after surging for four consecutive weeks, coinciding with the start of the academic year on Aug. 18.
During the first week of September, spending on public utilities saw the second-largest drop at 10.2 percent to SR49.1 million.
Spending on food and beverages recorded the third most significant dip, with a 9.5 percent negative change.
Expenditure on jewelry recorded the smallest decline at 0.2 percent, reaching SR237.5 million.
Geographically, Riyadh dominated POS transactions, representing 34.6 percent of the total, with spending in the capital reaching SR4.1 billion a 2.3 percent decrease from the previous week.
Jeddah followed with a 0.6 percent rise to SR1.71 billion, accounting for 14.3 percent of the total, and Dammam came in third at SR614.8 million, down 0.9 percent.
Tabuk saw thelargest decreasein spending, down 6.5 percent to SR215.5 million. Hail and Abha also experienced downticks, with expenditure dipping 4.7 percent and 1.4 percent to SR180.2 million and SR151.2 million, respectively.
In terms of the number of transactions, Tabuk recorded the highest drop at 8.6 percent, reaching 4.2 million transactions. Abha recorded the smallest decrease at 4.7 percent, reaching 3 million transactions.
Lean Technologies poised to capitalize on open finance boom
Future plans include deeper regulatory engagement, potential IPO
Updated 03 August 2025
Nour El-Shaeri
RIYADH: Lean Technologies is gearing up to seize new opportunities as 蹤獲弝け and the UAE roll out major regulatory reforms poised to transform the regions financial services landscape.
With the introduction of payment initiation services and open finance frameworks expected over the next 18 months, the company is entering a pivotal stage in its efforts to build the digital infrastructure underpinning financial innovation across the Gulf.
Were heads down right now focused on the rollout of the two regulatory updates, said Hisham Al-Falih, CEO of Lean Technologies, in an interview with Arab News.
These are both massive opportunities weve been waiting for since the beginning, he said, referring to the upcoming rollout of open finance in the UAE and payment initiation services in 蹤獲弝け.
FASTFACT
The company collaborates closely with regulators and financial institutions to provide secure, compliant connectivity that supports a variety of applications from onboarding and credit scoring to payment processing and account verification.
Founded in 2019, Lean Technologies set out to bridge critical infrastructure gaps that had long stifled fintech innovation across the region.
Al-Falih, who returned to 蹤獲弝け after several years in Silicon Valley, was struck by the lack of digital financial services in a market marked by high mobile penetration, a youthful population, and a growing venture capital ecosystem.
There was a big gap in the market when it came to accessing consumer data and accessing cutting-edge payment capabilities, he said.
Leans core offering enables businesses to access consumer-authorized bank data and real-time payment services within a fully regulated framework.
The company collaborates closely with regulators and financial institutions to provide secure, compliant connectivity that supports a variety of applications from onboarding and credit scoring to payment processing and account verification.
Since its inception, Lean has partnered with over 300 enterprise clients and financial institutions across the UAE and 蹤獲弝け.
It currently handles more than $2 billion in transaction volume and projects reaching $2 billion in annualized volume in the UAE alone by the end of the year.
Leans momentum was further strengthened by a high-profile funding round in 2023, bringing its total capital raised to over $100 million since inception. The latest round included a $67.5 million investment led by global investors such as Sequoia Capital, General Catalyst, and Bain Capital Ventures.
Hisham Al-Falih, CEO of Lean Technologies. (Supplied)
Although Al-Falih did not disclose Leans valuation or confirm unicorn status, he emphasized that the company is very well funded for the foreseeable future and remains focused on execution rather than fundraising.
Future plans include deeper regulatory engagement, product innovation, and long-term preparation for a potential IPO.
We want to do whats right for our stakeholders, Al-Falih said.
One of Leans immediate priorities is guiding clients through upcoming regulatory changes in 蹤獲弝け and the UAE.
These regulatory shifts extend regulated access beyond traditional bank accounts to encompass a wider range of financial data, including loans, insurance, and investments.
Al-Falih explained that while open banking provides third parties with secure, user-consented access to bank account data, open finance broadens this access to include additional financial products such as investments, loans, savings, and insurance.
He described this as a natural progression from open banking, which has already enabled consumers to safely share banking data with third-party providers.
The advantages of this expanded data access are already evident. Leans platform supports clients across diverse sectors including lending, e-commerce, trading, and insurance.
For instance, buy now, pay later provider Tabby integrated Leans platform to reduce customer application times from days to minutes, enhancing credit decisions through real-time bank data access.
Talabat utilized Lean to automate vendor payouts and customer refunds, boosting operational efficiency.
Capital.com employed Leans account verification tools to cut onboarding drop-off rates by 30 percent and reduce transaction costs by 20 percent.
These are companies that are benefiting from our underwriting capabilities, our onboarding flows, and our payment capabilities, Al-Falih said.
Lean also serves an advisory role within the regulatory ecosystem, actively collaborating with financial authorities across the Gulf to offer technical insights and ensure alignment with evolving compliance frameworks.
Weve been working closely with central banks and associated parties in the ecosystem to provide our feedback, he said.
The company holds a license from the Financial Services Regulatory Authority at Abu Dhabi Global Market and is preparing for direct oversight by the Central Bank of the UAE.
Lean is also System and Organization Controls 2 compliant and has made significant investments in cybersecurity infrastructure to safeguard its platform.
SOC 2 is a compliance standard developed by the American Institute of CPAs that focuses on the security of a service organizations systems and controls related to handling customer data.
We have invested literally millions of dollars in our cybersecurity posture and maturity, Al-Falih noted. This is a responsibility that end users are endowing on us, and we dont take that lightly.
Despite strong uptake among enterprise clients, Al-Falih acknowledged that open banking remains relatively unfamiliar to the general public. Sometimes we mistake terminology with adoption, he said.
The CEO noted that open banking is often embedded in everyday digital experiences such as bank transfers, wallet top-ups, and online onboarding even if consumers are unaware of the infrastructure behind it.汽rust, he added, remains crucial to user adoption.
Lean has observed that consumers are more likely to opt in to open banking services when these are offered through well-known, established brands.
The highest conversion comes from merchants that are already a trusted brand, he said.
While user interface design and clear communication play a role in driving adoption, Al-Falih emphasized that technical performance and strong security credentials are ultimately the most critical factors.
Looking ahead, Lean is exploring the convergence of artificial intelligence and digital assets as a new frontier for innovation.汽he company sees promising use cases for generative AI in helping consumers better manage their finances, as well as for stablecoin technologies that could lower transaction costs and improve the speed of digital payments.
Al-Falih pointed to the rise of agentic AI autonomous systems capable of making decisions on behalf of users as a potential game-changer in personal finance. Such tools, he said, could one day optimize account activity in real time based on an individuals risk profile and financial goals.
While Lean has not yet announced specific products in this space, Al-Falih confirmed that the company is actively exploring how to integrate these technologies into its platform to deliver greater long-term value to users.
Despite the companys progress, Al-Falih emphasized that Leans mission is far from complete.
We dont feel anywhere near like the mission is complete, he said. Theres still a very long way ahead of us.
Pop Marts Labubu powers emotional spending boom in Saudi retail sector
From Furbies to Pokemon, pop culture fads have long been the source of moral panic, with Pop Marts Labubu the latest target
Experts say fears reflect collective anxiety and the power of suggestion, while social media may be amplifying the panic
Updated 03 August 2025
Nadin Hassan
RIYADH: A surge in emotionally driven micro-purchases is reshaping retail trends in 蹤獲弝け, with collectibles like Pop Marts Labubu dolls emerging as cultural icons and commercial successes amid the Kingdoms Vision 2030 transformation.
The global phenomenon of Labubu a mischievous character created by artist Kasing Lung and popularized by Hong Kong-listed Pop Mart has taken hold in the Kingdom and across the Middle East.
These SR300 ($80) to SR400 dolls, distributed through Blind Box formats that conceal which design a buyer will get, feed on psychological urgency and scarcity elements that have translated into real profits and fast-rising cultural capital.
Once niche, these figures are now clipped to luxury handbags and styled as part of fashion-forward outfits, becoming status accessories across demographics.
Driven by social media trends and psychological triggers like fear of missing out, demand for Labubu dolls and other limited-edition collectibles is reshaping how young, tech-savvy consumers engage with retail.
Pop Mart Chairman and CEO Wang Ning. (Supplied)
Business Boom
In 2024, Pop Mart reported revenue of 13.03 billion Chinese yuan ($1.81 billion), a 106.9 percent jump from the previous year, propelled largely by Labubu sales.
In the companys latest financial report, Pop Mart Chairman and CEO Wang Ning said: The global phenomenon of Labubu last year propelled the revenue of The Monsters beyond 3 billion yuan, while SKULLPANDAs Temperature series emerged as the most successful designer toy collection in history.
This explosive growth wasnt by chance. Pop Marts global expansion strategy, coupled with its direct-to-consumer model and experiential retail approach, played a crucial role. The year 2024 has also been dubbed the Plush Year, Ning said.
He added: For the first time, we have categorized our retail business into four major segments: figure toys, plush, MEGA, and other IP-related products. Among them, revenue from plush increased by 1,289 percent year-on-year, accounting for 21.7 percent of our total revenue and delivering the breakout hit and biggest surprise of the year.
Today, Pop Mart boasts more than 13 IP brands generating over 100 million yuan each annually, with flagship stores in cultural hubs such as London and Paris.
Driven by social media trends and psychological triggers like fear of missing out, demand for Labubu dolls and other limited-edition collectibles is reshaping how young, tech-savvy consumers engage with retail. (Getty Images)
Emotional spending
Behind the numbers lies a powerful behavioral-finance story. Vijay Valecha, chief investment officer at Century Financial, says Pop Marts success reflects the rise of emotional spending in an era of uncertainty.
Spending on rare collectibles is propelled by a combination of emotional spending, fear of missing out, societal influences, and various cognitive biases rooted in the principles of behavioral finance, Valecha told Arab News.
He noted that the timing couldnt be more favorable. These small, impulsive purchases are fueled by feelings of FOMO, exclusivity, and the thrill of surprise, he added, explaining why even modest toys can command premium prices.
Echoing this sentiment, Pop Marts use of the Blind Box format where buyers dont know which design theyll receive adds a layer of gamification, increasing emotional engagement.
Saudi and Gulf consumers are also following the emotional micro-spending trends seen in Asia. This can be evidenced by the rapid adoption of the viral Labubu collectible doll in the region, Valecha said.
Vijay_Valecha, chief investment officer of Century Financial. (Supplied)
Local retail shift
This wave of consumer psychology has gained serious traction across the Gulf. In 蹤獲弝け, Labubu dolls are sold on platforms such as Noon.com and Amazon.sa, priced between SR99 and SR399.
Offline, events such as Riyadh Season have featured Labubu-themed installations, elevating the character to a pop-cultural symbol.
Valecha linked this demand directly to broader national trends. This evolving trend is entirely consistent with 蹤獲弝けs Vision 2030, which seeks to strengthen both its cultural and entertainment industries while advancing digital innovation, he said.
With a growing population of tech-savvy youth and one of the highest smartphone penetration rates globally, the Kingdom provides fertile ground for trends like viral collectibles to flourish and evolve into full-scale economic drivers.
A similar narrative is playing out in the UAE, where platforms like Careem deliver Labubu dolls in under 20 minutes for 305 dirhams ($83).
In the UAE, too, Labubu dolls have taken the country by storm, with their rising demand making them more challenging to find in stores. The dolls are available in physical stores located in Bluewaters, Dubai Mall, Mall of the Emirates, and Madkicks, Valecha added, emphasizing the regions appetite for rapid, experience-based consumption.
According to Pop Marts report, the company established Pop Mart Middle East Trading L.L.C. in the UAE in August 2024, with a registered capital of 2.5 million dirhams.
Fad or future?
Still, questions linger about the sustainability of such emotionally charged trends.
The popularity of Labubu dolls is primarily driven by social media hype from major influencers and psychological behaviors like herd mentality, FOMO, and instant gratification, which outweigh broader economic factors, Valecha said.
And while the model has so far defied economic slowdowns, he cautioned against over-optimism. The viral collectible boom has been building momentum long before these headwinds materialized. While economic caution may affect some buyers, popularity can be linked to cultural and emotional drivers rather than a defensive budget strategy.
Retailers in the Kingdom are responding rapidly. Riyadhs Center Mall has hosted Labubu-themed pop-ups, while SGFR Riyadh regularly restocks new collections.
Platforms like Desertcart and other e-commerce players are helping local consumers access global Labubu releases with ease.
More importantly, local brands are beginning to mirror Pop Marts playbook timed drops, influencer-driven buzz, and exclusivity all aimed at converting one-time buyers into loyal fans. The convergence of commerce, culture, and emotion is redefining how value is created in modern retail.
Beyond the collectible
The Labubu effect ultimately demonstrates how intangible triggers nostalgia, community, and emotional gratification can drive tangible economic results. Pop Marts multi-pronged strategy of IP storytelling, retail innovation, and psychological engagement positions it as a textbook case of emotional commerce.
We firmly believe in IPs transcendent power to overcome linguistic barriers and transcend temporal cycles, Wang said. These efforts have rapidly enhanced the global recognition of the Pop Mart brand and our IPs.
Whether its business model can withstand broader economic pressures remains to be seen. But in a region where culture is becoming commerce, the Labubu phenomenon proves that even the smallest products can yield the biggest stories.
IsDB drives development across over 2 percent of worlds countries
Jeddah-based organization founded in 1974 is recognized as a global leader in Islamic finance
Updated 03 August 2025
MOHAMMED AL-KINANI
JEDDAH: A year after marking its 50th anniversary, the Islamic Development Bank remains at the forefront of global development finance, recognized for its distinctive model that blends Shariah finance principles with strategic investments.
Established in August 1974 and commencing operations in October the following year in 蹤獲弝け, the IsDB has grown into a distinctive institution within the global development landscape, championing ethics, equity, and solidarity among its 57 member countries and impacting one in five people worldwide.
The bank was founded through a visionary initiative led by Saudi King Faisal bin Abdulaziz and other Islamic leaders to foster development cooperation among member states of the Organization of Islamic Cooperation and enhance the wellbeing of Muslim communities.
Financial strength
The IsDB is recognized as one of the worlds most active multilateral development banks and a global leader in Islamic finance. It boasts prestigious AAA credit ratings by Moodys, S&P, and Fitch reflecting its strong financial stability and low risk.
With a subscribed capital of $76 billion, the bank is well-positioned to support large-scale development projects and foster economic growth across its member countries.
FASTFACTS
Established in August 1974 in 蹤獲弝け, the IsDB has grown into a distinctive institution within the global development landscape, championing ethics, equity, and solidarity among its 57 member countries and impacting one in five people worldwide.
蹤獲弝けs enduring support remains crucial as the IsDB charts its strategic future, committed to tackling todays challenges and strengthening solidarity throughout the Muslim world.
The Jeddah-based organization has evolved into a group of five institutions representing member states across four continents, with total approvals exceeding $182 billion for more than 12,000 development projects, as of April 2024.
Built on strong partnerships and trusted governance, the bank continues to promote sustainable socioeconomic development. 蹤獲弝けs enduring support remains crucial as the IsDB charts its strategic future, committed to tackling todays challenges and strengthening solidarity throughout the Muslim world.
Among its strongest partnerships is with Turkiye, a founding member that has received nearly $13 billion in IsDB approvals across 545 projects. In April 2024, both sides launched a new $6.3 billion framework to boost sustainability, productivity, Islamic finance, and digital transformation, reaffirming the banks long-term commitment to Turkiyes development.
Speaking to Arab News, Abdulmohsen Al-Alshiekh, assistant professor and board member of the Saudi Economic Association, said over the past five decades, the IsDB has played a critical role as a development catalyst across the Islamic world.
He added that its effectiveness can be assessed on several fronts, including Infrastructure development, human capital investment, Shariah-compliant financing, crisis response, and South-South cooperation.
IsDB has financed thousands of projects in transport, energy, water, and urban development, significantly improving connectivity and public services across its member countries, Al-Alshiekh said.
Abdulmohsen Al-Alshiekh, assistant professor and board member of the Saudi Economic Association. (Supplied)
He added that through scholarship programs, capacity-building initiatives, and education sector support, IsDB has contributed to advancing education, vocational training, and knowledge economies in low- and middle-income member states.
As for the banks Islamic law financing compliance, Al-Alshiekh said that one of IsDBs unique strengths is its adherence to Islamic finance principles. By promoting risk-sharing and asset-backed investments, it has provided an alternative to interest-based lending and contributed to the growth of the Islamic finance industry globally, he added.
Crisis response
Al-Alshiekh said the bank has shown agility in responding to global crises, including the COVID-19 pandemic, by mobilizing special funds, providing concessional financing, and supporting resilience and recovery efforts in vulnerable member countries.
He added that the bank continues to foster cooperation among member states through trade finance, investment insurance, and technology transfer initiatives, reinforcing its role as a key platform for intra-OIC economic collaboration.
Development reach
Al-Alshiekh noted that countries across sub-Saharan Africa, the MENA region, South Asia, and Southeast Asia have benefited from IsDBs interventions, underscoring several priority sectors including infrastructure, education, health, agriculture, and trade.
These investments have helped close infrastructure gaps and improve regional integration, especially in landlocked and low-income countries, he added.
On education and health, the assistant professor said the IsDB has funded scholarships, technical training, hospitals, and pandemic response. It has also supported irrigation, rural development, and agribusiness in sub-Saharan Africa and South Asia to fight poverty and boost food security.
IsDB has funded health programs in many countries across sub-Saharan Africa, the MENA region, South Asia, and Southeast Asia . (Supplied)
Countries such as Senegal, Niger, Nigeria, and Sudan have received substantial support in infrastructure, agriculture, and education, he said.
Countries recovering from conflict or facing economic challenges, such as Yemen, Egypt, Morocco, and Tunisia, have received significant assistance, while Bangladesh, Pakistan, Indonesia, and the Maldives have also benefited from a mix of infrastructure, health, and education investments, Al-Alshiekh added.
Unequal model
Unlike conventional multilateral development banks, all the banks financial transactions comply with Islamic principles.
One of IsDBs unique strengths is its adherence to Islamic finance principles, Alalshiekh said By promoting risk-sharing and asset-backed investments, it has provided an alternative to interest-based lending and contributed to the growth of the Islamic finance industry globally.
Youssef Saidi, a research fellow at the Economic Research Forum, emphasized the importance of distinguishing the IsDBs model from that of conventional multilateral development banks.
To understand the unique contributions of the IsDB, it is essential to examine how its development model contrasts with those of the conventional multilateral development banks, which often focus on standardized approaches that may not fully address the unique needs of developing countries, potentially limiting their effectiveness in fostering sustainable growth, Saidi told Arab News.
Youssef Saidi, research fellow at the Economic Research Forum. (Supplied)
He added that the IsDB focuses on Islamic finance principles, socio-economic development, and innovative approaches to financing and project implementation.
These characteristics emphasize the importance of adaptability and responsiveness to the specific needs of member countries, which is essential for effective development financing, he said.
He noted that this adaptability allows the IsDB to forge partnerships that boost funding and enhance project delivery, similar to other multilateral development banks.
Future priorities
As the global development landscape becomes increasingly complex, both Saidi and Al-Alshiekh agree that the IsDB must recalibrate its strategic focus to address emerging challenges.
The challenges facing the IsDB include addressing governance issues, ensuring effective resource allocation, and adapting to the evolving needs of its member countries to enhance development outcomes, Saidi said.
To maintain its relevance, the IsDB must navigate challenges such as regional disparities in development, ensuring equitable resource allocation, and fostering innovation in Islamic finance practices, he also said.
Looking ahead, Al-Alshiekh said the IsDB is expected to broaden its role in key areas such as climate action through green sukuk, private sector partnerships focused on small and medium enterprises, fintech, digital infrastructure and e-governance, and support for fragile regions via stabilization funds and humanitarian-development-peace frameworks.
Enduring values
While the IsDB shares several features with conventional development banks, including alignment with the UN Sustainable Development Goals, it remains rooted in a distinct ethos.
Unlike conventional MDBs, IsDB operates entirely on Islamic finance principles. This means it avoids interest-bearing loans and instead uses instruments like Murabaha, or cost-plus sale, ijara, or leasing, and istisnaa, or construction financing, as well as sukuk, Al-Alshiekh explained.
He added that the IsDBs approach is value-based, emphasizing ethical finance, social justice, and equitable growth that aligns with Islamic principles. This contrasts with the often secular and market-oriented frameworks of conventional MDBs.
Governance is another differentiator. IsDBs governance model is rooted in the OIC (Organization of Islamic Cooperation), with its members being exclusively Islamic countries, he said.
This allows for a greater cultural and strategic alignment among its stakeholders, while conventional MDBs tend to have a broader, more diverse global membership, he noted.
Al-Alshiekh also underlined the principle of solidarity that guides the banks resource allocation.
The IsDB emphasizes Islamic solidarity, often prioritizing needs-based resource allocation and South-South cooperation, in contrast to performance-based lending criteria or conditionalities common in conventional MDBs, he said.
Gold set for 3rd weekly loss amid stronger dollar, reduced Fed rate cut hopes
Updated 01 August 2025
Reuters
BENGALURU: Gold prices held steady on Friday, but were poised for a third consecutive weekly loss pressured by a stronger dollar and diminished expectations for US rate cuts, while uncertainty from US tariffs on trading partners offered support.
Spot gold was steady at $3,293.56 per ounce, as of 12:34 p.m. Saudi time. Bullion is down 1.4 percent so far this week.
US gold futures edged down 0.1 percent to $3,344.60.
The dollar index hit its highest level since May 29, making gold more expensive for other currency holders.
Gold remains weighed by reduced bets for Fed rate cuts for the rest of 2025. This weeks US GDP, weekly jobless claims, and PCE figures also shored up the Feds reluctance to commit to a rate cut, said Han Tan, chief market analyst at Nemo.Money.
Fed held rates steady in the 4.25 percent to 4.5 percent range on Wednesday and dampened expectations for a September rate cut.
US President Donald Trump slapped steep tariffs on exports from dozens of trading partners, including Canada, Brazil, India and Taiwan, pressing ahead with his plans to reorder the global economy ahead of a Friday trade deal deadline.
The precious metal should, however, remain supported amid the still-uncertain impact from US tariffs on global economic growth, Tan said.
US inflation increased in June as tariffs on imports started raising the cost of some goods.
Focus now shifts to US jobs data, due later on Friday, as investors assess the Federal Reserves policy trajectory, with July job growth expected to have slowed and the unemployment rate projected to rise to 4.2 percent.
Gold, often considered a safe-haven asset during economic uncertainties, tends to perform well in a low-interest-rate environment.
Physical gold demand in key Asian markets improved slightly this week as a pullback in prices sparked buying interest, though volatility kept some buyers cautious.
Spot silver fell 0.8 percent to $36.46 per ounce, platinum lost 1.7 percent at $1,268.45 and palladium was down 0.5 percent to $1,185.19. All three metals were headed for weekly losses.
RIYADH: 蹤獲弝けs startup ecosystem continues to gain momentum, with a surge of early- and growth-stage investments across technology-driven sectors including AI, food tech, logistics, and sports.
Kamco Invest has announced it acquired a stake in Foodics, a fast-growing restaurant technology and payments platform based in 蹤獲弝け.
The transaction, completed in the fourth quarter of 2024 but only now made public, aligns with Kamco Invests strategy to back high-growth, tech-enabled businesses in the Middle East and North Africa, particularly those with initial public offering potential.
Founded in 2014, Foodics serves over 33,000 restaurants with an annual gross merchandise value of over $10 billion in 2024.
The cloud-based platform offers an integrated solution for restaurant operators to manage orders, operations, finances, and access to capital through a single interface.
Kamco Invest Director of Private Equity Dalal Al-Shaya said: We are proud to back a regional tech champion like Foodics. Its scale, innovation, and strong investor base signal an exciting growth trajectory.
The company is targeting a public listing on Tadawul within the next two to three years.
Foodics most recent $170 million funding round was led by Prosus and Sanabil Investments, a fund owned by the Public Investment Fund, with participation from Sequoia Capital India, STV, Raed Ventures, and Endeavor Catalyst.
Calo raises $39m in series B extension to fuel global growth
The Calo team. Supplied
Saudi food tech startup Calo has secured a $39 million series B extension led by AlJazira Capital, bringing its total series B funding to $64 million.
The latest round follows a $25 million tranche closed in December 2024 and was oversubscribed beyond the originally targeted $50 million due to strong investor interest.
Proceeds from the round will support Calos international expansion, continued product development, and integration of recently acquired UK-based meal subscription companies.
Calo, which delivered more than 10 million meals in 2024, reports high-growth, nine-figure annualized revenue and claims to be the worlds fastest-growing meal subscription service.
CEO Ahmed Al-Rawi said: Were living in an interesting time where AI is transforming our lives, and were excited to be investing in cutting-edge innovation to explore how Calo can use AI to influence the future of how we discover and eat healthy food.
The company acquired Fresh Fitness Food and Detox Kitchen to enter the European market and has since integrated both into its operations and technology stack.
Calo says it operates more than 10 physical locations across the GCC, including hospital-based outlets, and has launched operations in the UK and Oman.
Its customer base spans 蹤獲弝け, the UAE, and Bahrain, as well as Qatar, and Kuwait, with over 5,000 customers already on the waiting list in Oman, the company claimed.
In the first half of 2025, Calo said it achieved over 50 percent year-on-year growth, bolstered by a localization strategy that included the appointment of General Managers in each regional market.
Calo recently partnered with Armah Sports Co. to explore co-located retail outlets and wellness collaborations.
Armahs founder, Fahad Al-Hagbani, has joined Calos board as an independent member. Calo remains headquartered in Riyadh and is planning for an IPO in 蹤獲弝け.
Flex League closes seed round to build unified racquet sports platform
Flex League currently serves nearly 10,000 players. flexibleleague.com
Flex League, a Saudi sports-tech company focused on padel and tennis, has raised a six-digit dollar seed round led by the Professional Tennis Academy and PAD-L Group.
The new capital will be used to develop a court booking system, support expansion into new Saudi cities and across the MENA region, and grow its team across engineering, product, and operations.
The platform currently serves nearly 10,000 players and allows users to join competitive leagues, book courts, and track match results.
It also offers court operators tools to manage tournaments and engage local sports communities.
CEO Ibrahim Akeel said: With this investment, were creating a unified platform where players can compete, connect, and now book courts all in one app.
The company aims to drive deeper engagement in the regions growing racquet sports ecosystem by blending digital matchmaking with physical play.
Sawt secures $1m to advance Arabic voice AI customer support
Sawt, a Saudi startup focused on Arabic-native voice AI systems, has closed a $1 million pre-seed round led by T2 and STV.
The funding will be used to enhance its proprietary models, scale its technical infrastructure, and grow its team as it prepares to serve millions of voice interactions.
The platform enables businesses to conduct customer support, bookings, and sales through AI voice agents that operate 24/7 with natural and intelligent responses.
In just two months since its launch, Sawt claims it served dozens of businesses and processed hundreds of thousands of calls.
Co-founder and CEO Abdulmalik Al-Saeed said: Were proud to contribute to this movement by building Arabic voice technology from the ground up, right here in the Kingdom.
STV General Partner Ahmad Al-Naimi added: Sawt exemplifies a new wave of Saudi AI-native ventures. With a strong tech edge and commercial momentum, theyre poised to lead the $800 million to $1.2 billion GCC AI call center automation market.
Abdulkarim Al-Jarba, CEO of T2, noted that the investment supports T2s strategy to deliver advanced technology solutions across its network.
OmniOps unveils platform to deliver sovereign AI inference services
Supplied
OmniOps has launched Bunyan, the Kingdoms first sovereign Inference-as-a-Service platform.
The announcement follows a strategic meeting with the Minister of Communications and Information Technology, Abdullah Al-Swaha.
The platform supports AI applications in text, vision, and speech, with a focus on data sovereignty and enterprise-grade compliance.
CEO Mohammed Al-Tassan said: Bunyan delivers unprecedented performance improvements that revolutionize how organizations deploy and scale AI applications.
He added that the platform has demonstrated efficiency gains, including a doubling of inference speed, over 50 percent reduction in energy use, and at least 40 percent lower latency.
Bunyan provides an end-to-end infrastructure stack with model deployment tools, support for NVIDIA and Groq hardware, and access to both public and private models.
It enables organizations to build AI-driven applications such as natural language chatbots, document summarization tools, and systems for rapid insight extraction from unstructured data.
Olivery secures seed funding from Ibtikar Fund and Flat6Labs Mashreq
Olivery, a B2B Software-as-a-Service company focused on digitising logistics operations, has raised seed funding from Ibtikar Fund and Flat6Labs Mashreq Seed Fund.
The platform allows logistics providers and merchants to manage order creation, routing, delivery, and customer engagement through a no-code/low-code interface.
Since its founding in 2020, Olivery has scaled to serve over 200 active clients across nine countries.
The company plans to use the new funding to expand regionally and roll out AI-driven features including predictive routing, automated data entry, and proactive customer support.
CEO Ram Merei said: Together with Ibtikar and Flat6Labs, were delivering technology that allows national couriers and independent merchants alike to operate with the speed, transparency, and reliability that modern commerce demands.
Ibtikars Managing Partner Habib Hazzan stated: Their platform is not only scalable and robust its thoughtfully designed for the realities of local markets.
Rasha Manna, general manager of Flat6Labs Mashreq Seed Fund, noted that the firm has backed Olivery from its earliest stages and remains committed to supporting its expansion.
Mataa closes seed round to expand Libyas e-commerce infrastructure
Mataa, a Libya-based e-commerce platform, has completed its first seed investment round with backing from Libyan business angels.
The funding will be used to strengthen Mataas logistics network, expand its warehouse capacity, and onboard new suppliers and product categories.
Founder and CEO Ibrahim Shuwehdi stated that the round reflects growing investor confidence in Libyas entrepreneurial potential and geographic advantage.
The company supports merchants in reaching over 6 million internet users and offers Facebook integration for easier product listing and reduced advertising costs.
This round is not just a financial boost but a signal to the wider ecosystem to encourage more venture investment in Libyan startups and SMEs, Shuwehdi said.
Mataa is also looking to recruit experienced regional talent to support its long-term strategy.
