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Startup Wrap — Saudi firms continue to raise funding ahead of LEAP25 

Startup Wrap — Saudi firms continue to raise funding ahead of LEAP25 
Fasanara Capital CEO Francesco Filia (L) with Forus Founder and CEO Nosaibah Al-Rajhi. Supplied
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Updated 08 February 2025
Nour El-Shaeri 

Startup Wrap — Saudi firms continue to raise funding ahead of LEAP25 

Startup Wrap — Saudi firms continue to raise funding ahead of LEAP25 
Updated 08 February 2025
Nour El-Shaeri 

RIYADH: Ƶ’s startup ecosystem continues to gain momentum ahead of the Kingdom’s flagship technology conference, LEAP 2025, fintech, artificial intelligence, and industrial technology companies securing major funding rounds.

Key investments include Saudi-based peer-to-peer lending platform Forus securing a $60 million credit facility from Fasanara Capital. 

The funding will enable Forus to provide over $150 million in working capital loans to Saudi small and medium-sized enterprises. 

Founded in 2019 by Nosaibah Al-Rajhi, Forus has facilitated more than $390 million in working capital financing for over 400 Saudi SMEs. 

The company aims to address financing gaps for businesses that struggle with access to traditional banking services. 

Vminds.ai raises six-figure pre-seed investment 




Founded by Ahmed Al-Mashhadi, vminds.ai is an intelligent, self-learning platform. Supplied

Saudi-based AI startup vminds.ai has closed a six-figure pre-seed funding round from undisclosed angel investors. The company plans to use the funds to support its platform’s official launch for individuals and its enterprise rollout in the third quarter of 2025. 

Founded by Ahmed Al-Mashhadi, vminds.ai is an intelligent, self-learning platform that integrates more than 150 AI tools from global companies into a unified system. The startup aims to simplify AI adoption by businesses and individuals in the region. 

Khazna closes $16m pre-series B round 




Launched in 2020 by Omar Saleh, Ahmed Wagueeh, and Fatimah El-Shenawy, Khazna focuses on serving Egypt’s underbanked population by providing access to financial services. Supplied

Egyptian fintech Khazna has secured a $16 million pre-series B funding round, with participation from new and existing investors, including SANAD Fund for MSME, anb Seed Fund, and Aljazira Capital, as well as Khwarizmi Ventures, Nclude, ICU Ventures, and Quona, Speedinvest, and Disruptech Ventures. 

Launched in 2020 by Omar Saleh, Ahmed Wagueeh, and Fatimah El-Shenawy, Khazna focuses on serving Egypt’s underbanked population by providing access to financial services such as general-purpose credit, buy now, pay later, and bill payments. 

The company plans to use the fresh funding to apply for a digital banking license in Egypt and expand into the Saudi market. 

Simplex secures $13m to build CNC factory in Riyadh 




Founded in 2013 by Ahmed Shaaban, Mohamed Mansour, and Amr Mahmoud, Simplex provides industrial manufacturing solutions across various sectors. Supplied

Egypt-based CNC machine manufacturer Simplex has raised $13 million in funding, led by Ƶ’s National Industrial Development Center. 

The investment will be used to establish a factory in Riyadh dedicated to producing advanced CNC machines. 

Founded in 2013 by Ahmed Shaaban, Mohamed Mansour, and Amr Mahmoud, Simplex provides industrial manufacturing solutions across various sectors. 

The company’s expansion into Ƶ aligns with the Kingdom’s efforts to localize industrial production. 

Myne raises $2m pre-seed round 




Founded in 2024 by Karim Chouman, Myne (R) is a wealth management platform offering asset tracking, real-time market integration, budgeting tools, and digital estate planning. Supplied

UAE-based fintech startup Myne has secured a $2 million pre-seed funding round led by Scene Holding, with participation from Raz Holding, Plus VC, Annex Investments, and angel investors. 

Founded in 2024 by Karim Chouman, Myne is a wealth management platform offering asset tracking, real-time market integration, budgeting tools, and digital estate planning. 

The funding will be used to scale operations, enhance the platform’s technology infrastructure, accelerate user acquisition, and expand regionally. 

Qeen.ai secures $10m seed round 




qeen.ai Founders Morteza Ibrahimi, Ahmad Khwileh, and Dina Alsamhan. Supplied

UAE-based AI startup qeen.ai has closed a $10 million seed funding round, marking one of the largest early-stage investments in the MENA region. 

The round was led by Prosus Ventures, with participation from Wamda Capital, 10x Founders, and Dara Holdings. 

Founded in 2023 by Dina Al-Samhan, Ahmad Khwileh, and Morteza Ibrahimi, qeen.ai offers AI-driven solutions for e-commerce businesses. 

The funding will support the expansion of its agentic AI platform, team growth, and customer acquisition. 

With this investment, qeen.ai has raised a total of $12.2 million, following a $2.2 million pre-seed round in June.

VISARUN.AI raises $700k in pre-seed funding 

UAE-based visa-as-a-service platform VISARUN.AI has secured $700,000 in pre-seed funding from undisclosed angel investors. 

The company plans to use the funds to enhance platform development, expand its sales team, and extend its footprint in the UAE, Ƶ, Qatar, India, and China. 

Founded in 2024 by Vladimir Indjikian and Alena Iakina, VISARUN.AI streamlines visa processing by reducing manual labor by up to 70 percent. 

The platform aims to simplify and expedite visa applications for businesses and individuals. 

Rasmal Ventures secures backing from QIA 

Qatar-based venture capital firm Rasmal Ventures LLC has received funding from the Qatar Investment Authority under its $1 billion Fund of Funds program. 

The investment will support Rasmal Ventures’ inaugural fund, Rasmal Innovation Fund I LLC, which focuses on high-growth startups across fintech, B2B Software-as-a-Service, health tech, and AI. 

The fund, which launched in June with an initial $30 million from institutional investors and family offices, is targeting a $100 million close. 

Rasmal Innovation Fund I is the first VC fund to join QIA’s initiative to boost Qatar’s startup ecosystem. 

Beltone Venture Capital invests in Morocco’s LNKO 




Ali Mokhtar, CEO of Beltone Venture Capital. Supplied

Egypt-based Beltone Venture Capital, the investment arm of Beltone Holding, has invested an undisclosed amount in Moroccan eyewear startup LNKO. 

Founded in 2020 by Maha Bennani, LNKO operates a direct-to-consumer model, offering sunglasses and optical frames. 

The company claims to have served over 100,000 customers. The investment will support LNKO’s expansion across Africa. In 2021, the startup raised $335,000 from CDG Invest. 

Foundation Ventures announces first close of $25m fund 




Founded in 2018 by Mazen Nadim, Omar Barakat, and Ziyad Hamdy, Foundation Ventures focuses on early-stage and growth-stage startups. Supplied

Egypt-based venture capital firm Foundation Ventures has reached the first close of its $25 million fund, FVFII. 

The fund is backed by the Egyptian American Enterprise Fund, the Micro, Small, and Medium Enterprise Development Agency, and Onsi Sawiris. 

Founded in 2018 by Mazen Nadim, Omar Barakat, and Ziyad Hamdy, Foundation Ventures focuses on early-stage and growth-stage startups. 

The new fund aims to support Egyptian startups from their initial development to regional and global expansion, with a portion allocated for investment in African early-stage businesses. 

EasyBank secures $370k for expansion 




Founded in 2023 by Mohamed Khelifi, EasyBank provides digital banking solutions, including access to loans and other financial services. Supplied

Tunisia-based fintech EasyBank has raised $370,000 from undisclosed investors. The company plans to use the funds to expand operations across the Middle East, North Africa, and France. 

Founded in 2023 by Mohamed Khelifi, EasyBank provides digital banking solutions, including access to loans and other financial services. 

The startup aims to bridge financial inclusion gaps across emerging markets. 

Topics: Start-up of the Week Investment Saudi

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Oil Updates — prices steady as market awaits inventory data, US-Russia meeting

Oil Updates — prices steady as market awaits inventory data, US-Russia meeting
Updated 12 sec ago
Reuters

Oil Updates — prices steady as market awaits inventory data, US-Russia meeting

Oil Updates — prices steady as market awaits inventory data, US-Russia meeting
Updated 12 sec ago
Reuters

SINGAPORE: Oil prices were little changed on Wednesday as investors awaited US inventory data, while eyeing an upcoming meeting between US President Donald Trump and Russian President Vladimir Putin.

Brent crude futures dipped 3 cents, or 0.05 percent, to $66.09 a barrel at 9:11 a.m. Saudi time, while US West Texas Intermediate crude futures edged down 8 cents, or 0.13 percent, at $63.09. Both contracts settled lower on Tuesday.

Trump and Putin are due to meet in Alaska on Friday to discuss ending Russia’s war in Ukraine that has shaken oil markets since February 2022.

Oil investors are in a “wait-and-see mode” ahead of the meeting, said ING commodity strategists.

“The outcome could remove some of the sanction risk hanging over the market,” the ING strategists added.

Investors also awaited further cues after an industry report showed US crude stockpiles climbed last week.

Crude inventories in the United States, the world’s biggest oil consumer, rose by 1.52 million barrels last week, market sources said, citing American Petroleum Institute figures on Tuesday. Gasoline inventories dropped while distillate inventories gained slightly.

Should the US Energy Information Administration data later on Wednesday also show a decline, it could indicate that consumption during the summer driving season has peaked and refiners are easing back their runs. The driving season typically runs from the Memorial Day holiday at the end of May to the Labor Day holiday in early September.

Analysts polled by Reuters expect the EIA report to show crude inventories fell by about 300,000 barrels last week. Outlooks issued by OPEC and the EIA on Tuesday pointed to increased production this year, which also weighed on prices. But both expect output in the US, the world’s largest producer, to decline in 2026, while other regions will increase oil and natural gas production.

US crude production will hit a record 13.41 million barrels per day in 2025 due to increases in well productivity, though lower oil prices will prompt output to fall in 2026, the EIA forecast in a monthly report.

The Organization of the Petroleum Exporting Countries’ monthly report said global oil demand will rise by 1.38 million bpd in 2026, up 100,000 bpd from the previous forecast. Its 2025 projection was left unchanged.

The White House on Tuesday tempered the expectations for a quick Russia-Ukraine ceasefire deal, which may lead investors to reconsider an end to the war soon and any easing of sanctions on Russian supply, which had been supporting prices.

“Trump downplayed expectations of his meeting with President Putin ... However, expectations of additional sanctions on Russian crude continue to fall,” ANZ senior commodity strategist Daniel Hynes wrote in a note. 

Topics: Oil Updates  oil prices

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Closing Bell: Saudi main index closes in red at 10,770

Closing Bell: Saudi main index closes in red at 10,770
Updated 12 August 2025
Nirmal Narayanan

Closing Bell: Saudi main index closes in red at 10,770

Closing Bell: Saudi main index closes in red at 10,770
  • Parallel market Nomu lost 91.69 points to close at 26,144.11
  • MSCI Tadawul Index edged down 0.26% to 1,391.13
Updated 12 August 2025
Nirmal Narayanan

RIYADH: Ƶ’s Tadawul All Share Index slipped on Tuesday, shedding 21.98 points, or 0.20 percent, to close at 10,769.66. 

The total trading turnover on the main index reached SR4.08 billion ($1.09 billion), with 94 stocks advancing and 159 declining. 

The Kingdom’s parallel market Nomu also fell, losing 91.69 points to close at 26,144.11, while the MSCI Tadawul Index edged down 0.26 percent to 1,391.13. 

The best-performing stock on the main market was Red Sea International Co., whose share price jumped 9.96 percent to SR45.72. BAAN Holding Group Co. rose 4.98 percent to SR2.32, while Astra Industrial Group gained 4.71 percent to SR149. 

The share price of Methanol Chemicals Co. dropped by 9.92 percent to SR10.62. 

On the announcements front, Saudi Electricity Co. reported a net profit attributable to common shares of SR1.86 billion after deducting profit attributable to Mudaraba instruments for the second quarter, up 113 percent from SR0.87 billion a year earlier. 

The company’s net profit before Mudaraba payments stood at SR6.25 billion, compared to SR5.24 billion in the same quarter of 2024, reflecting a 19.26 percent increase. 

The utility’s share price slipped 0.61 percent to SR14.61. 

First Milling Co. announced it had completed the acquisition of a 100 percent stake in Jeddah-based Al Manar Feed Co. in a deal valued at SR77 million. In a Tadawul filing, the company said the acquisition aligns with its strategy to boost feed production capacity. 

With the purchase, First Milling Co. will add a daily production capacity of 450 tonnes in the feed segment, bringing its total feed output to 1,350 tonnes per day. 

The company’s share price rose 0.28 percent to SR53.20. 

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

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OPEC projects global oil demand to rise by 1.38m bpd in 2026

OPEC projects global oil demand to rise by 1.38m bpd in 2026
Updated 12 August 2025
Reuters

OPEC projects global oil demand to rise by 1.38m bpd in 2026

OPEC projects global oil demand to rise by 1.38m bpd in 2026
  • Supply growth from producers outside OPEC+ is trimmed, signaling a tighter market outlook
Updated 12 August 2025
Reuters

LONDON: OPEC on Tuesday raised its forecast for global oil demand next year and trimmed its forecast for growth in supply from the US and other producers outside the wider OPEC+ group, pointing to a tighter market outlook.

The outlook for higher demand and a drop in supply growth from outside OPEC+ would make it easier for OPEC+ to proceed with its plan to pump more barrels to regain market share after years of cuts aimed at supporting the market.

World oil demand will rise by 1.38 million barrels per day in 2026, the Organization of the Petroleum Exporting Countries said in a monthly report, up 100,000 bpd from the previous forecast. This year’s expectation was left unchanged.

In the report, OPEC also increased its forecast for world economic growth slightly this year to 3 percent as President Donald Trump’s administration signs some trade deals and the economies of India, China and Brazil outperform expectations.

“Economic data at the start of the second half of 2025 further confirm the resilience of global growth, despite persistent uncertainties related to US-centered trade tensions and broader geopolitical risks,” OPEC said in the report.

Oil supply from countries outside the Declaration of Cooperation — the formal name for OPEC+ — will rise by about 630,000 bpd in 2026, OPEC said, down from last month’s forecast of 730,000 bpd.

OPEC's report said it now expects US output of tight oil, another term for shale, to decline by 100,000 bpd in 2026, versus last month’s outlook for flat output year on year.

“The 2026 forecast assumes sustained capital discipline, additional drilling and completion efficiency gains, weaker momentum in drilling activities and increased associated gas production in key shale oil regions,” OPEC said.

OPEC’s report also showed that in July, OPEC+ raised crude output by 335,000 bpd, a further increase reflecting its decisions this year to increase output quotas.

Topics: OPEC OPEC+ Shale Outlook

Cost excellence key to unlock potential of Ƶ’s mining sector: Alvarez and Marsal

Cost excellence key to unlock potential of Ƶ’s mining sector: Alvarez and Marsal
Updated 12 August 2025
Nirmal Narayanan

Cost excellence key to unlock potential of Ƶ’s mining sector: Alvarez and Marsal

Cost excellence key to unlock potential of Ƶ’s mining sector: Alvarez and Marsal
  • Kingdom’s mining and minerals industry is poised for sustainable long-term growth
  • It has already laid strong foundations in the sector
Updated 12 August 2025
Nirmal Narayanan

RIYADH: Mining firms operating in Ƶ should implement disciplined financial planning, transparency, and cost ownership in their operating model to reap long-term benefits, according to an analysis. 

In its latest report, professional services firm Alvarez and Marsal said the Kingdom’s mining and minerals industry is poised for sustainable long-term growth with committed investments worth SR246 billion ($65.55 billion) supporting the sector. 

The study was released just days after the Kingdom’s ranking on the Mining Investment Attractiveness Index jumped from 104th in 2013 to 23rd in 2024, cementing the nation’s status as the world’s fastest-rising power in the exploration industry, according to Canadian public policy think tank Fraser Institute.

As a part of its economic diversification efforts, Ƶ is accelerating the development of its mining sector, with the Kingdom’s mineral wealth now estimated at SR9.4 trillion ($2.5 trillion).

Commenting on the latest report, Alexander Shvets, managing director, infrastructure and capital projects – metals and mining at Alvarez and Marsal Middle East, said: “Ƶ’s mining sector is now central to the Kingdom’s economic transformation.” 

He added: “Building on this momentum with embedded cost visibility and performance tracking will help operators to achieve global competitiveness and long-term value creation.” 

According to Alvarez and Marsal, adopting structured financial frameworks can help mining companies seize emerging opportunities and ensure operational excellence as the sector matures. 

“Control is not just a finance function — it’s an operational discipline. In mining, where complexity and capital intensity are high, real-time cost visibility and team capability are what turn strategy into measurable results,” said Renat Akimbitov, managing director, infrastructure and capital projects – metals and mining at Alvarez and Marsal Middle East. 

The report said Ƶ has already laid strong foundations in the sector, with the establishment of institutions such as the Saudi Geological Survey, creating a dynamic and investor-friendly environment.

In March, the Kingdom also launched a new incentive package to attract foreign direct investments into the nation’s mining sector. 

At that time, the Saudi Press Agency reported that the Kingdom’s Ministry of Investment is collaborating closely with the Ministry of Industry and Mineral Resources through an exploration enablement program aimed at simplifying investments in the mineral exploration industry. 

Alvarez and Marsal outlined a strategy for mining and industrial companies to strengthen financial resilience by implementing activity-based budgeting, which links finance directly to operational drivers for greater accuracy and agility.

The report also underscored the vitality of empowering business leaders with digital dashboards to manage costs dynamically, as well as conducting structured cost review meetings to ensure accountability through regular performance tracking. 

Alvarez and Marsal further highlighted the importance of cost-capability building and said that equipping teams with practical tools and training is essential to foster a cost-conscious culture within the organization. 

Topics: Alvarez and Marsal (A&M) Ƶ Saudi mining

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Ƶ’s mining sector jumps to 23rd globally in Fraser Institute index  

Ƶ’s mining sector jumps to 23rd globally in Fraser Institute index  
Updated 12 August 2025
  Nour El-Shaeri

Ƶ’s mining sector jumps to 23rd globally in Fraser Institute index  

Ƶ’s mining sector jumps to 23rd globally in Fraser Institute index  
Updated 12 August 2025
  Nour El-Shaeri

RIYADH: Ƶ’s mining sector has leapt 81 places over the past decade to rank 23rd globally in the Fraser Institute’s Investment Attractiveness Index, underscoring the Kingdom’s rapid emergence as a global mining contender. 
The rise from 104th place in 2013 marks one of the steepest climbs recorded by the Canadian think tank and puts Ƶ ahead of several established mining destinations in Asia and Latin America.  
The Fraser Institute credited the surge to sweeping regulatory reforms, strategic investment, and accelerated exploration activity.
These improvements reflect investor confidence in a stable regulatory environment and the vast untapped mineral wealth supported by large-scale geological surveys, new discoveries, and competitive mining licensing rounds. The rise aligns with the rapid growth of Ƶ’s mining industry, a key pillar of the Kingdom’s Vision 2030 diversification strategy.   
Commenting on the Fraser Institute’s 2024 report, Vice Minister of Industry and Mineral Resources for Mining Affairs Khalid Al-Mudaifer said: “It reflects the structural transformation of the Saudi mining sector in line with the targets of Vision 2030.” 
He added: “Our focus remains on maximizing the economic value of our mineral resources, creating jobs for citizens, and localizing supply chains.”  
The vice minister said mining is no longer a traditional sector; rather, “it has become a key driver of industrial and economic growth, and we are committed to building on this momentum to ensure sustainable success.” 
The Kingdom also ranked 20th globally in the Policy Perception Index, up from 82nd a decade ago, and 24th in the Best Practices Mineral Potential Index, rising from 58th. 
This comes as Ƶ issued a record number of new mining exploration licenses in the first half of 2025, registering a 144 percent increase year on year, official data showed.   
The Ministry of Industry and Mineral Resources reported that 22 licenses were granted during the period, up from nine in the same period a year earlier, underscoring rising investor interest and the government’s drive to build a more competitive and attractive mining sector.  
Commenting on Ƶ’s significant jump in the rankings, Minister of Industry and Mineral Resources Bandar Alkhorayef described the progress as “unprecedented positive results that align with the Kingdom’s rise as a global mining power, reflecting the impact of reforms to enhance competitiveness in the mining investment environment, which have increased global investor confidence.”   
“We are proud of this progress and will continue to develop the mining sector to maximize its role in diversifying our economy in line with Vision 2030 targets,” he added. 


The Fraser Institute highlighted the Kingdom’s broad regulatory transformation, covering areas such as security of tenure, taxation, environmental legislation, infrastructure, and community engagement, which enabled Ƶ to rank in the top quartile of the index for the first time.  
The report also noted investors had no concerns regarding political stability — one of the Kingdom’s key strengths — and commended the Mining Exploration Enablement Program for reducing investment risks and boosting early-stage project confidence.  
Data from the report showed marked improvements between 2013 and 2024, including a 305.8 percent increase in the clarity and effectiveness of mining administration, from 17 percent to 69 percent, ranking 11th globally.   
The clarity of land use for mining activities rose by 82.2 percent, from 45 percent to 82 percent, placing the Kingdom 7th globally.  
The effectiveness of labor regulations improved by 102.2 percent, from 45 percent to 91 percent, while the quality of geological databases saw an 81.8 percent increase, from 33 percent to 60 percent.    
The Fraser Institute’s Annual Survey of Mining Companies is considered one of the most trusted global benchmarks for evaluating mining investment environments and is widely used by investors, governments, and financial institutions to assess opportunities in the sector.

Topics: Saudi Mining Investment

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