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Startup wrap — Saudi firms commit investment in regional funds, sportstech sees notable activity

Startup wrap — Saudi firms commit investment in regional funds, sportstech sees notable activity
Saudi-based cyber artificial intelligence startup SpiderSilk inked a memorandum of understanding with stc Group’s Sirar. (Supplied)
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Updated 07 December 2024
Nour El-Shaeri

Startup wrap — Saudi firms commit investment in regional funds, sportstech sees notable activity

Startup wrap — Saudi firms commit investment in regional funds, sportstech sees notable activity
Updated 07 December 2024
Nour El-Shaeri

RIYADH: Ƶ’s startup ecosystem continues to thrive, with significant investment across private equity, sportstech and digital platforms.

Jada Fund of Funds has announced an investment in Jadwa GCC Private Equity Fund I, managed by Jadwa Investment. The Riyadh-based fund is targeting SR1.5 billion ($399.2 million) in commitments, with a hard cap of SR2 billion.

The fund will invest in companies across the Gulf Cooperation Council, with a particular focus on Ƶ. This marks Jadwa’s first regional blind pool fund, following a track record of 16 single-asset funds launched since 2007.

The agreement was signed in Riyadh by Bandr Al-Homaly, CEO of Jada Fund of Funds, and Tariq Al-Sudairy, CEO of Jadwa Investment. The partnership aims to further strengthen regional private equity investment activity.




CaptionJada Fund of Funds has announced an investment in Jadwa GCC Private Equity Fund I. (Supplied)

“Backing Jadwa’s first regional blind pool fund demonstrates our commitment to supporting the evolving private equity space led by pioneering investment firms, with the aim to broaden the Kingdom’s private equity ecosystem and contribute to its economic diversification,” Al-Homaly said.

“We are excited to partner with Jada Fund of Funds and to contribute to the development of the private equity ecosystem in Ƶ through our blind pool fund, the GCC Private Equity Fund I. This investment will provide the capital necessary to grow businesses and enable their contribution to the Kingdom’s economic transformation,” Al-Sudairy said.

SVC backs Aliph Fund I

Saudi Venture Capital Co. has invested in Aliph Fund I, a growth-focused private equity fund managed by UAE-based Aliph Capital. The fund, founded in 2021, has a target size of $250 million.

Aliph Fund I focuses on mid-market companies across Ƶ and the wider GCC. Its strategy emphasizes value creation through active ownership and enabling technology adoption to enhance business operations and growth potential.

“We are honored to welcome SVC as an investor in Aliph Fund I. The GCC’s SMEs represent fantastic opportunities to create investor value and drive economic growth, particularly when supported by active, hands-on management with a clear strategy of digitization and technology enablement,” Huda Al-Lawati, founder and CEO of Aliph Capital, said.

This investment aligns with SVC’s commitment to supporting private equity funds that drive growth across the GCC. Specific details about the investment amount were not disclosed.

“Our investment in the private equity fund by Aliph Capital is part of SVC’s Investment in Funds Program, in alignment with our strategy to support funds that invest in Saudi-based SMEs with growth potential,” Nabeel Koshak, CEO of SVC, said.

Saudi fintech Mala secures investment from Nuwa Capital

Ƶ’s business-to-business buy now, pay later platform Mala has secured an undisclosed investment from venture capital firm Nuwa Capital.

Founded in 2024 by Musaab Al-Hakami, Mala offers business financing for the procurement landscape with its BNPL platform.

Khaled Talhouni, managing partner of Nuwa Capital, revealed that the market’s persistent problem and opportunity, as well as Al-Hakami’s experience, were the main reasons behind the investment.

Grintafy secures investment from Adaverse

Grintafy, a Saudi sportstech platform, has secured an undisclosed investment from Adaverse to accelerate its transformation to Web3. The company was founded in 2019 by Majdi Al-Lulu.

The platform connects football talent to opportunities with prominent teams in the Middle East and Europe. Grintafy is leveraging emerging technologies to enhance its talent discovery and recruitment processes.

This funding follows Grintafy’s previous financial support, including a $2.1 million bridge round in 2022 from Aramco’s Wa’ed. In March, the company also received backing from Chiliz to support its growth.

Koora Break secures funding from Rio Ferdinand’s TFG

Saudi sports platform Koora Break has received a multi-million-dollar investment from the Ferdinand Group, owned by former footballer Rio Ferdinand. TFG has acquired a minority stake in the company.

Founded in 2022 by Bader Al-Hammad, Koora Break is a sports network catering to the Middle East and North Africa region. The platform claims to attract 800 million visitors per month with its extensive football-related content.

Koora Break plans to use the investment to expand into European and Asian markets. Its multilingual content strategy will include offerings in both Arabic and English to broaden its global reach.

SpiderSilk inks MoU with stc Group’s Sirar

Saudi-based cyber artificial intelligence startup SpiderSilk inked a memorandum of understanding with stc Group’s Sirar.

The MoU will enable SpiderSilk to package its flagship product, Resonance, with some of Sirar’s services.

The agreement will also strengthen SpiderSilk’s Saudi market presence.

Aliph Capital invests in SANIPEX GROUP

UAE-based private equity firm Aliph Capital has acquired a 25 percent stake in SANIPEX GROUP, a lifestyle product supplier. The value of the transaction was not disclosed.

Founded in 1995 by Daryl Barker, SANIPEX GROUP provides premium bathroom, kitchen, lighting and outdoor solutions. Its customer base spans retail, corporate and trade clients across the GCC and international markets.

The investment follows Aliph Capital’s recent commitment from SVC to its Aliph Fund I. The deal underscores Aliph’s focus on mid-market companies in the region.

Playgama raises $3m for gametech innovation

UAE-based gametech startup Playgama has raised $3 million in a funding round led by The Open Platform and s16vc. Other investors include FJ Labs, The Games Fund, and TON Ventures.

Playgama, founded in 2023 by Dmitry Kachmar, operates an HTML5 games portal offering titles for all age groups. The platform simplifies monetization for developers and supports web gaming innovation.

The funding will enable Playgama to enhance its developer tools, introduce advanced analytics, and integrate fintech solutions. The company aims to drive growth in the web gaming sector.

Enakl raises $1.4m pre-seed funding

Morocco-based mobility startup Enakl has raised $1.4 million in a pre-seed funding round. The round was led by Catalyst Fund, with support from Renew Capital, Digital Africa, and Station F.

Enakl, founded in 2023 by Samir Bennani and Charles Pommarede, offers sustainable urban mobility solutions. The company is focused on collective transport tailored for emerging markets.

The funding will support Enakl’s expansion in Casablanca and further development of its AI-driven technology. Enakl aims to optimize transport routes and deepen its impact in underserved urban areas.

Abikhdmh expands with close to $800k funding

Saudi platform Abikhdmh has raised $798,545 to broaden its range of digital services. The app facilitates access to government services such as document issuance for businesses and citizens.

The funding will enable Abikhdmh to add new services, including flight reservations, business assistance, and employment solutions. The platform’s growth reflects increased demand for digital transformation in Ƶ.

Abikhdmh’s expansion aligns with Saudi Vision 2030, which emphasizes digital innovation to enhance public and private sector services. The app is positioned to play a key role in modernizing service delivery in the Kingdom.

Topics: startups

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Oil Updates — prices rise as US-EU deal boosts trade optimism

Oil Updates — prices rise as US-EU deal boosts trade optimism
Updated 28 July 2025
Reuters

Oil Updates — prices rise as US-EU deal boosts trade optimism

Oil Updates — prices rise as US-EU deal boosts trade optimism
  • US, EU avert trade war with 15% tariff deal
  • US, China to resume tariff talks in bid to extend truce
  • OPEC+ panel likely to keep oil policy steady, sources say
Updated 28 July 2025
Reuters

SINGAPORE: Oil prices rose on Monday after the US clinched a trade deal with the EU and may extend a tariff pause with China, relieving concerns that higher levies could have hurt economic activity and limited fuel demand.

Brent crude futures inched up 61 cents, or 0.89 percent, to $69.05 a barrel by 8:47 a.m. Saudi time, while US West Texas Intermediate crude stood at $65.75 a barrel, up 59 cents, or 0.91 percent.

The US-European Union trade deal and a possible extension in the US-China tariff pause are supporting global financial markets and oil prices, IG markets analyst Tony Sycamore said.

“With the risk of a prolonged trade war and the importance of the August tariff deadlines being steadily defused, markets have responded positively,” he added in a note.

Sunday’s US-EU framework trade pact sets an import tariff of 15 percent on most EU goods, half the threatened rate. The deal averted a bigger trade war between two allies that account for almost one-third of global trade and could crimp fuel demand.

Also set for Monday is a meeting in Stockholm of senior US and Chinese negotiators aiming to extend before an Aug. 12 deadline a truce holding off sharply higher tariffs.

Oil prices settled on Friday at their lowest in three weeks, weighed down by global trade concerns and expectations of more oil supply from Venezuela.

State-run oil company PDVSA is readying to resume work at its joint ventures under terms similar to Biden-era licenses, once US President Donald Trump reinstates authorizations for its partners to operate and export oil under swaps, company sources said.

Though prices were up slightly on Monday, gains were limited by the prospect of OPEC+ further easing supply curbs.

A market monitoring panel of the Organization of the Petroleum Exporting Countries and their allies is set to meet at 1200 GMT on Monday.

It is unlikely to recommend altering existing plans by eight members to raise oil output by 548,000 barrels per day in August, four OPEC+ delegates said last week, though another source said it was too early to say.

ING expects OPEC+ will at least complete the full return of 2.2 million barrels per day of the additional voluntary supply cuts by the end of September.

That would work out to a supply hike in September of at least 280,000 barrels per day. However, there is clearly room for a more aggressive hike.

The producer group is keen to recover market share while summer demand is helping to absorb the extra barrels.

JP Morgan analysts said global oil demand rose by 600,000 bpd in July on year, while global oil stocks rose 1.6 million bpd.

In the Middle East, Yemen’s Houthis said on Sunday they would target ships of companies that do business with Israeli ports, regardless of nationality, in what they called a fourth phase of military operations against Israel over the Gaza conflict.

Topics: Oil Updates  oil prices

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Closing Bell: Saudi main index rises to close at 10,956

Closing Bell: Saudi main index rises to close at 10,956
Updated 27 July 2025
Reem Walid

Closing Bell: Saudi main index rises to close at 10,956

Closing Bell: Saudi main index rises to close at 10,956
Updated 27 July 2025
Reem Walid

RIYADH: Ƶ’s Tadawul All Share Index rose on Sunday, gaining 10.42 points, or 0.10 percent, to close at 10,956.22.

Total trading turnover of the benchmark index reached SR3.46 billion ($924 million), with 145 stocks advancing and 97 declining.

Similarly, the Kingdom’s parallel market Nomu climbed 92.76 points, or 0.34 percent, to close at 26,991.01, as 47 stocks advanced while 39 retreated.

The MSCI Tadawul Index also posted gains, adding 1.89 points, or 0.13 percent, to finish at 1,409.96.

The top performer of the day was Tourism Enterprise Co., with its share price surging 9.91 percent to close at SR1.22.

Other notable gainers included BAAN Holding Group Co., which rose 9.63 percent to SR2.39, and Raydan Food Co., which advanced 6.67 percent to SR14.24.

On the downside, Buruj Cooperative Insurance Co. recorded the biggest loss, falling 4.11 percent to SR18.20. 

Fawaz Abdulaziz Alhokair Co. dropped 3.03 percent to SR29.46, while Saudia Dairy and Foodstuff Co. declined 2.84 percent to SR266.40.

In corporate disclosures, the National Agricultural Development Co. reported its consolidated financial results for the six-month period ending June 30. According to a Tadawul statement, the company posted a net profit of SR218.6 million, up 2.5 percent year on year. 

The increase was attributed to higher revenue and treasury income, along with changes in cost of sales, selling and marketing expenses, impairment losses, financing costs, and other income and expenses.

NADEC shares ended the session at SR21.02, down 0.81 percent.

Meanwhile, Yanbu National Petrochemical Co. announced a net profit of SR58.2 million for the first half of the year, marking an 82 percent year-on-year decline.

The drop was primarily due to lower average selling prices across all products and higher input costs, despite increased sales volumes and stable operational performance.

Yanbu shares rose 2.88 percent, closing at SR29.42.

Sabic Agri-Nutrients Co. also released its interim financial results, reporting a net profit of SR2.04 billion for the first half of the year, reflecting a 32.2 percent increase compared to the same period last year. 

The growth was driven by a 22 percent rise in sales, along with an increase in share of results from associates and joint ventures.

However, the rise was partially offset by higher costs of goods sold, mainly due to increased feedstock prices.

SABIC Agri-Nutrients Co. shares closed at SR117, up 2.15 percent.

Topics: TASI NOMU MSCI

GCC economy grows 1.5% to $588bn in Q4 2024 on non-oil expansion

GCC economy grows 1.5% to $588bn in Q4 2024 on non-oil expansion
Updated 27 July 2025
Nadin Hassan

GCC economy grows 1.5% to $588bn in Q4 2024 on non-oil expansion

GCC economy grows 1.5% to $588bn in Q4 2024 on non-oil expansion
  • Qatar recorded the highest real GDP growth at 4.5%
  • UAE followed at 3.6% and Ƶ at 2.8%
Updated 27 July 2025
Nadin Hassan

RIYADH: The Gulf Cooperation Council’s economy grew 1.5 percent year on year in the fourth quarter of 2024, reaching $587.8 billion, driven by a surge in non-oil activity, official data showed. 

According to the GCC Statistical Center, the increase from $579 billion in the fourth quarter of 2023 highlights the region’s ongoing shift toward diversification, with non-oil sectors contributing 77.9 percent of total output, while oil accounted for 22.1 percent. 

Among non-oil sectors, manufacturing contributed 12.5 percent, wholesale and retail trade 9.9 percent, construction 8.3 percent, and public administration and defense 7.5 percent. Finance and insurance made up 7 percent, real estate 5.7 percent, and other activities a combined 27 percent. 

The region’s economic shift is driven by national reform plans, including Ƶ’s Vision 2030, the UAE’s Economic Vision 2030, Oman’s Vision 2040, and Qatar’s National Vision 2030, aimed at reducing reliance on oil by expanding sectors like tourism, logistics, finance, and technology, and boosting private sector and foreign investment. 

The statistical center said: “This report on the quarterly GDP estimates in the GCC countries is issued based on the data made available by the member states, with a reference of May 2025.” 

At the real GDP level, the GCC economy grew 2.4 percent in the fourth quarter of 2024, with non-oil GDP expanding by 3.7 percent, while oil GDP contracted by 0.9 percent, reflecting voluntary OPEC+ production cuts. 

Among member states, Qatar recorded the highest real GDP growth at 4.5 percent, followed by the UAE at 3.6 percent and Ƶ at 2.8 percent, the report showed. 

The region also maintained stable price levels, with overall inflation averaging 2.1 percent across the bloc during the quarter. Qatar and Oman registered the lowest inflation rates at 1.1 percent and 1.5 percent, respectively, while Bahrain recorded the highest at 3.3 percent. 

In its latest update, the Institute of Chartered Accountants in England and Wales, in collaboration with Oxford Economics, raised its 2025 GCC growth forecast to 4.4 percent, up from a prior estimate of 4 percent, citing stronger oil output and resilient non-oil sector activity. 

The International Monetary Fund projects the GCC economy to expand by 3 percent in 2025, led by Ƶ and the UAE, and supported by sustained infrastructure investment and policy reforms. 

Topics: Gulf Cooperation Council (GCC) GCC economies

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Jeddah port receives LNG-powered MV BYD HEFEI 

Jeddah port receives LNG-powered MV BYD HEFEI 
Updated 27 July 2025
Nour El-Shaeri

Jeddah port receives LNG-powered MV BYD HEFEI 

Jeddah port receives LNG-powered MV BYD HEFEI 
Updated 27 July 2025
Nour El-Shaeri

RIYADH: Jeddah Islamic Port has received the motor vessel BYD HEFEI, a dual-fuel roll-on/roll-off carrier with a 7,000-unit capacity for vehicles and heavy equipment. 

The vessel’s arrival at the Red Sea Gateway Terminal reflects the port’s readiness to handle next-generation maritime traffic and supports the Kingdom’s broader push to enhance supply chain efficiency under Vision 2030. 

Operated at the RSGT — Ƶ’s first Build-Operate-Transfer terminal, partly owned by the Public Investment Fund and global logistics firm DP World — the MV BYD HEFEI highlights the Kingdom’s ongoing efforts to modernize terminals and advance sustainability initiatives.

The ship is powered by eco-friendly dual-fuel technology and is designed to meet the latest environmental and operational efficiency standards. 

“This reflects the port’s readiness to accommodate various types of vessels and highlights its advanced operational capabilities,” according to the Saudi Ports Authority, also known as Mawani. 

Strategically positioned near global shipping lanes, Jeddah Islamic Port handles over 65 percent of Ƶ’s seaborne imports, playing a central role in the Kingdom’s National Transport and Logistics Strategy. 

The integration of liquefied natural gas-powered vessels aligns with the NTLS goals and the Saudi Green Initiative, which aim to reduce emissions and promote clean energy in the transportation sector. 

As ports across the UAE, Oman, and major global hubs like Singapore and Rotterdam invest in similar capabilities, Jeddah’s adoption of dual-fuel infrastructure bolsters its regional competitiveness and positions it firmly in the worldwide shift toward sustainable maritime logistics. 

As part of its strategic efforts to strengthen maritime connectivity and diversify trade routes, Mawani has significantly expanded shipping services at Jeddah Islamic Port in 2025. 

Among the newly added services is FRS1, operated by CSTAR LINE, which connects Jeddah to Chinese ports — Ningbo, Shanghai, and Nansha — as well as Aqaba in Jordan and Ain Sokhna in Egypt, with a capacity of up to 2,000 twenty-foot equivalent units. 

In addition, the LRX service by CMA CGM began operations in July, linking Jeddah with key ports in the Levant and Eastern Mediterranean, including Latakia, Iskenderun, Mersin, and Beirut, with a TEU capacity of 2,826. 

Earlier in the year, the IM2 service, jointly operated by Emirates Line and Wan Hai, was introduced, connecting Jeddah to Mundra, Alexandria, and Mersin, with capacity for 2,800 TEUs. 

Sea Lead launched its RESIN service in June 2025, facilitating trade between Jeddah and Nhava Sheva, Ain Sokhna, Djibouti, and Jebel Ali, with a handling capacity of 1,000 TEUs. 

Meanwhile, CMA CGM’s MEDEX service now connects Jeddah to 12 ports across the Middle East, South Asia, and Europe, including Abu Dhabi, Karachi, Colombo, and Piraeus, as well as Malta, Genoa, Fos, Barcelona, and Valencia. 

These service expansions underscore Jeddah Islamic Port’s role as a growing transshipment and trade hub. 

In 2024, the terminal, considered the busiest on the Red Sea and a critical gateway for Ƶ’s trade, handled 5.58 million containers, marking a 12.6 percent year-over-year increase and positioning it 32nd globally by container volume. 

Topics: logistics

Ƶ sees record 144% rise in new mining exploration licenses in H1

Ƶ sees record 144% rise in new mining exploration licenses in H1
Updated 27 July 2025
Reem Walid

Ƶ sees record 144% rise in new mining exploration licenses in H1

Ƶ sees record 144% rise in new mining exploration licenses in H1
  • Total volume of investments in licenses exceeds SR134 million
  • Total number of mining and small-mine exploitation licenses currently active stands at 239
Updated 27 July 2025
Reem Walid

RIYADH: Ƶ issued a record number of new mining exploration licenses in the first half of 2025, marking a 144 percent year-on-year rise, official data showed. 

A total of 22 licenses were issued during the period, up from just nine in the same period last year, reflecting growing investor interest and the government’s push to build a more competitive and attractive mining sector, according to a statement from the Ministry of Industry and Mineral Resources. 

The rise aligns with the rapid growth of the Kingdom’s mining industry, a central pillar in its Vision 2030 diversification strategy. Ƶ aims to increase the sector’s contribution to gross domestic product from $17 billion to $75 billion by 2035. The effort is backed by plans to accelerate exploration and development of the Kingdom’s estimated mineral wealth, valued at over SR9.4 trillion ($2.5 trillion). 

“The official spokesman for the Ministry of Industry and Mineral Resources, Jarrah bin Mohammed Al-Jarrah, explained that the number of companies investing in the new mining exploitation licenses issued during the first half of this year reached 23 mining companies, including 16 companies obtaining mining licenses for the first time,” the ministry said.

It added: “The total volume of investments in these licenses exceeds SR134 million, and they cover an area of 47 sq. km.” 

The ministry’s spokesperson said the projects covered by these licenses are expected to produce approximately 7.86 million tonnes annually of various mineral ores, including salt, clay, silica sand, low-grade iron ore, feldspar, and gypsum. 

Al-Jarrah also said the total number of mining and small-mine exploitation licenses currently active in the Kingdom stands at 239. These include 32 Category A licenses for strategic minerals such as gold, copper, phosphate, and bauxite, and 207 Category B licenses for industrial minerals, including silica sand, gypsum, limestone, salt, and clay. 

Earlier in July, Vice Minister of Industry and Mineral Resources Khalid Al-Mudaifer told Asharq Business that the Kingdom’s mining reforms have helped attract $32 billion in investments across projects involving iron, phosphate, aluminum, and copper. He added that this accounts for nearly one-third of Ƶ’s target to attract $100 billion in mining investments by 2030. 

The vice minister said mineral exploration spending in the Kingdom has quadrupled since 2018, reaching $100 per sq. km, with an annual growth rate of 32 percent, significantly above the global average of 6 to 8 percent. 

Al-Mudaifer also said mineral exploration spending in the Kingdom has quadrupled since 2018, now reaching $100 per sq. km — an annual growth rate of 32 percent, significantly outpacing the global average of 6 to 8 percent. 

Topics: Ƶ Saudi mining

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