Ƶ

MENA startups secure new investments, acquisitions across fintech, AI and e-commerce

MENA startups secure new investments, acquisitions across fintech, AI and e-commerce
Qme, an Egypt-based B2B SaaS startup, has raised $3 million in a seed funding round led by AHOY and a group of angel investors from the GCC. Supplied
Short Url
Updated 23 February 2025

MENA startups secure new investments, acquisitions across fintech, AI and e-commerce

MENA startups secure new investments, acquisitions across fintech, AI and e-commerce

RIYADH: Startups across the Middle East and North Africa continue to attract significant investment, with funding rounds and acquisitions shaping the region’s growing tech ecosystem.  
From artificial intelligence infrastructure and fintech to automotive SaaS and second-hand fashion, companies are securing capital to expand operations, enhance technology, and enter new markets. 
Among the latest developments, UK-based AI cloud infrastructure provider Ori has secured a strategic investment from Wa’ed Ventures, the venture capital arm of Saudi Aramco, as it prepares for expansion in the Middle East. 
The financial terms of the investment were not disclosed. The deal follows Ori’s recent deployment of Nvidia’s H200 chips, positioning the company as a key AI infrastructure provider in the UK, the Middle East, and beyond. 
Ori, which enables large-scale AI model training and deployment, currently operates in over 20 locations across North America and Europe.  




Mahdi Yahya, CEO of Ori. Supplied

With the backing of Wa’ed Ventures, Ori plans to localize its operations in Ƶ, launching a regional subsidiary in Riyadh to support the country’s Vision 2030 initiative. 
Wa’ed Ventures, a $500 million fund investing in advanced technology startups, has expanded its focus internationally since 2022 to support companies that can localize their technologies in Ƶ.  
The fund has previously invested in AI chipmaker Rebellions and real estate fintech firm Stake.  
Ori recently raised £140 million ($176.8 million) and is preparing for a larger funding round in 2025. 
It partners with global technology firms, including Nvidia, Supermicro, and Dell, and is backed by investors such as Telefonica, NextEra Energy, and Episode 1 Ventures. 
Dubizzle acquires Egypt’s Hatla2ee 
UAE-based online classifieds platform Dubizzle Group has acquired Hatla2ee, an Egyptian online car marketplace, for an undisclosed amount. 
The acquisition strengthens Dubizzle Group’s regional presence by integrating its technology and resources into Hatla2ee’s platform. 
Founded in 2016 by Samy Swellam, Hatla2ee provides a marketplace for buying and selling new and used cars in Egypt.  
Dubizzle Group, established in 2005, operates multiple classified platforms, including Dubizzle, Bayut, and Drive Arabia.  
The acquisition follows Dubizzle Group’s purchase of UAE-based automotive media platform Drive Arabia in May 2024. 
MANSA raises $10m for cross-border payments 
MANSA, a fintech firm specializing in cross-border payments, has secured $10 million in funding to enhance its liquidity solutions.  
The funding includes a $3 million pre-seed round led by Tether and co-led by Polymorphic Capital, with participation from Octerra Capital, Faculty Group, and Trive Digital.  
MANSA also raised $7 million in liquidity funding from corporate investors, quantitative funds, and alternative investment firms. 




Mansa Co-Founders. Supplied

The company, co-founded by Mouloukou Sanoh and Nkiru Uwaje, leverages stablecoins to streamline liquidity management for payment providers in emerging and developed markets.  
Since launching in August, MANSA has facilitated $27 million in transactions, with on-chain volume surging 574 percent from August to January 2025. 
The new funding will support the company’s expansion into Latin America and Southeast Asia. 
Egypt’s Qme raises $3m for AI business solutions 
Qme, an Egypt-based B2B SaaS startup, has raised $3 million in a seed funding round led by AHOY and a group of angel investors from the Gulf Cooperation Council. 
Founded in 2022 by Maged Negm, Qme provides AI-driven digital infrastructure for businesses, integrating booking, queuing, analytics, and payment solutions.  
The investment will be used to enhance the company’s technology, expand its market presence, and strengthen partnerships. 
UAE fintech Blum secures $5m in seed funding 
Blum, a UAE-based decentralized exchange, has raised $5 million in a pre-seed and seed funding round led by gumi Cryptos Capital, Spartan, No Limit Holdings, YZi Labs, and OKX Ventures. 
Founded in 2024 by Gleb Kostarev and Vladimir Smerkis, Blum offers token trading through gamification within a Telegram mini-app.  
The funding will support the platform’s infrastructure development, trading enhancements, and expansion across multiple blockchain networks. 
Tunisia’s Dabchy raises pre-Series A funding 
Dabchy, a Tunisia-based peer-to-peer fashion marketplace, has raised an undisclosed amount in a pre-Series A funding round led by Janngo Capital and angel investors. 
Founded in 2016 by Ameni Mansouri, Ghazi Ketata, and Oussama Mahjoub, Dabchy provides an e-commerce marketplace for second-hand fashion.  
The funding will support the startup’s expansion into Egypt, broaden its product offerings, and improve its platform. 
The Box secures $12.5m for storage expansion 
The Box, a UAE-based self-storage services provider, has secured $12.5 million in debt financing led by Shorooq Partners. 
Founded in 2007 by Wadih Haddad, The Box offers personal storage, record management, and moving services.  
The new capital will enable the company to expand its storage facilities and develop flagship locations. 
Palm Ventures closes $30m early-stage fund 
Palm Ventures, a MENA-focused investment firm, has closed a $30 million fund to support early-stage startups in the region, with a portion allocated to US-based AI ventures. 
Founded in 2014, Palm Ventures has backed 40 startups and collaborated with government entities to drive innovation.  
Between 2020 and 2024, the firm invested in 20 MENA and US-based AI startups. 
The new fund will target AI, fintech, and business solutions, supporting digital transformation in the region. 
Pinewood acquires 90.9 percent of Seez for $42m 
Pinewood Technologies PLC has acquired a 90.9 percent stake in UAE-based automotive SaaS platform Seez for approximately $42 million.  
The transaction, expected to close by March 19, 2025, will be funded through a mix of cash payments and newly issued shares. 
Seez specializes in AI and machine learning solutions for the automotive sector, including e-commerce and omnichannel products.  
Pinewood, which provides automotive intelligence solutions, aims to leverage Seez’s technology to enhance its agency management systems while reducing reliance on third-party AI licenses.  
The companies anticipate the acquisition will be earnings-accretive by fiscal year 2026. 
Oman Investment Authority partners with Golden Gate 
Oman Investment Authority has partnered with Singapore-based venture capital firm Golden Gate Ventures to strengthen Oman’s startup landscape. 
Through its technology arm, Innovation Development Oman, OIA has become a limited partner in Golden Gate Ventures’ new $100 million fund, which marks the firm’s first major venture capital initiative in the MENA region. 
The partnership aims to attract foreign investment into Oman’s technology sector while providing startups with funding, expertise, and market access. 
Golden Gate Ventures, which has backed around 100 companies since 2011 — including nine unicorns — views Oman as a promising innovation hub. 
Algerie Telecom launches $11m AI startup fund 
Algeria’s state-owned telecom company, Algerie Telecom, has announced an $11 million investment fund to support startups in artificial intelligence, cybersecurity, and robotics.  
The initiative was unveiled at the third edition of Algeria’s CTO Forum as part of the country’s national AI and digital transformation strategy. 
The investment will support the establishment of 20,000 startups, alongside efforts to develop AI-focused universities, incubators, and a nationwide expansion of digital infrastructure aimed at strengthening Algeria’s technological ecosystem. 


SME lending in Ƶ surges past $112bn

SME lending in Ƶ surges past $112bn
Updated 22 October 2025

SME lending in Ƶ surges past $112bn

SME lending in Ƶ surges past $112bn

RIYADH: Lending to small, medium, and micro enterprises in Ƶ reached a record SR420.7 billion ($112.18 billion) by the end of the second quarter of 2025, up 37 percent from the same period last year, official data showed.

This represents an increase of more than SR113.3 billion compared with the second quarter of 2024, when SME facilities stood at SR307.4 billion, the Saudi Press Agency reported, citing data from the Saudi Central Bank, also known as SAMA.

On a quarterly basis, SAMA’s monthly statistical bulletin for August reported that lending increased 10 percent from SR383.2 billion at the end of the first quarter, adding SR37.5 billion in new credit.

It also aligns with Vision 2030’s target to increase SME contributions to gross domestic product from 30 percent to 35 percent. With more than 1.8 million SMEs operating in the Kingdom, supporting this sector financially is not just a policy goal but a macroeconomic necessity.

“The bulletin indicated that the facilities provided by the banking sector amounted to SR402.1 billion, constituting about 96 percent of the total facilities, while the facilities provided by the financing companies sector amounted to SR18.6 billion,” the SPA report stated. 

Medium-sized enterprises received the largest share of bank lending, securing SR198.9 billion, about 49 percent of total banking facilities. Small enterprises, meanwhile, dominated the financing companies’ portfolio, with SR8.5 billion, representing 46 percent of that sector’s total.

Overall, medium enterprises led total SME facilities with SR206.4 billion, representing 49 percent, followed by small enterprises at SR154.2 billion, or 37 percent, and micro enterprises at SR60.1 billion, accounting for 14 percent.

According to the General Authority for Small and Medium Enterprises, medium enterprises are defined as those with revenues between SR40 million and SR200 million or 50–249 employees.

Small enterprises have revenues of SR3 million to SR40 million, or six to 49 employees, while micro enterprises generate less than SR3 million or employ one to five people.


OPEC sees global oil demand rising to 123m bpd by 2050: Secretary-General

OPEC sees global oil demand rising to 123m bpd by 2050: Secretary-General
Updated 22 October 2025

OPEC sees global oil demand rising to 123m bpd by 2050: Secretary-General

OPEC sees global oil demand rising to 123m bpd by 2050: Secretary-General

JEDDAH: Global demand for oil is expected to reach around 123 million barrels per day by 2050, with the crude maintaining the largest share of the global energy mix at nearly 30 percent, OPEC Secretary-General Haitham Al-Ghais said.

Speaking at a conference in Kuwait on Oct. 22, Al-Ghais said demand for all types of fuel will continue to rise through 2050 and beyond, driven by population growth, economic expansion, rising urbanization, and the emergence of new energy-intensive industries, the Saudi Press Agency reported.

Al-Ghais added that meeting this projected demand will require massive investments estimated at about $18.2 trillion by 2050.

 


Closing Bell: Saudi main index ends in green at 11,585 

Closing Bell: Saudi main index ends in green at 11,585 
Updated 22 October 2025

Closing Bell: Saudi main index ends in green at 11,585 

Closing Bell: Saudi main index ends in green at 11,585 

RIYADH: Ƶ’s Tadawul All Share Index rose on Wednesday, gaining 40.10 points, or 0.35 percent, to close at 11,585.90. 

The total trading turnover of the benchmark index was SR5.35 billion ($1.42 billion), as 91 of the listed stocks advanced, while only 163 retreated. 

The MSCI Tadawul Index also increased, up 3.47 points, or 0.23 percent, to close at 1,510.94. 

The Kingdom’s parallel market Nomu lost 36.98 points, or 0.15 percent, to close at 25,035.14. This comes as 39 of the listed stocks advanced, while 40 retreated. 

The best-performing stock was CHUBB Arabia Cooperative Insurance Co., with its share price surging 9.91 percent to SR32.84. 

Other top performers included LIVA Insurance Co., which saw its share price rise by 4.57 percent to SR13.50, and Ƶn Oil Co., which saw a 3.75 percent increase to SR25.98.

On the downside, Canadian Medical Center Co. saw the largest drop, with its share falling 8.84 percent to SR8.25. 

Tourism Enterprise Co. fell 8.43 percent to SR15.75, while Naseej International Trading Co. dropped 7.04 percent to SR62.70. 

On the announcements front, the Saudi Investment Bank released its interim financial results for the first nine months of the year. 

Net profit reached SR518.4 million, up 0.11 percent year on year and 1.15 percent compared with the previous quarter. The bank attributed the modest annual increase to a decline in total operating expenses. 

In a statement on Tadawul, the bank said that total operating income had decreased by 3 percent, mainly due to a drop in net special commission income and fair value through the statement of income, partially offset by higher exchange income and fee income from banking services. 

SAIB’s shares traded 1.94 percent lower on the main market to reach SR13.67. 


Egypt’s labor reforms aim to attract Qatari investment 

Egypt’s labor reforms aim to attract Qatari investment 
Updated 22 October 2025

Egypt’s labor reforms aim to attract Qatari investment 

Egypt’s labor reforms aim to attract Qatari investment 

JEDDAH: Egypt and Qatar are set to deepen economic ties, with the North African country’s recent labor law reforms aimed at attracting Gulf investment and improving the business environment. 

Egypt’s Minister of Labor, Mohamed Abdel Aziz Gibran, met in Cairo with Mohamed bin Ahmed Al-Obaidli, a board member of the Qatar Chamber, to discuss boosting bilateral economic cooperation and encouraging Qatari investors to enter the Egyptian market.

The two sides also reviewed Egypt’s labor law and discussed ways to tackle challenges facing investors in the country’s labor market, according to the Qatar News Agency.

In mid-April, the two countries agreed to pursue a package of $7.5 billion in direct Qatari investments. The move comes as Egypt steps up efforts to secure funding from Gulf neighbors and other foreign partners to address high foreign debt and a large budget deficit. 

“During the discussions, HE the Minister reviewed the latest amendments to the Egyptian Labor Law, which include the establishment of an emergency fund to support workers and struggling companies, as well as the creation of an entity dedicated to training and upgrading workers’ skills,” QNA reported. 

It added that the Egyptian official said the new law seeks to create a more favorable work environment and promote a stable, secure climate for investors in Egypt. 

The meeting also reviewed the outcomes of Gibran’s recent visit to Qatar, during which he met with representatives of the Qatari private sector. 

“The visit resulted in positive understandings aimed at strengthening cooperation in the fields of labor, training, and employment,” the QNA report added. 

Al-Obaidli praised the strong fraternal ties between the countries, emphasizing the Qatar Chamber’s commitment to broadening cooperation across economic, commercial, and investment sectors. 

Egypt enacted Labor Law No. 14 of 2025, which took effect on Sept. 1, fully replacing previous labor legislation. 

The law introduces a wide range of reforms designed to modernize labor relations, enhance workers’ rights, and align with international labor standards.

It requires employers to provide annual salary increments, recognizes modern work arrangements such as remote work, part-time roles, flexible hours, and job sharing, and obliges them to contribute to a workforce training fund. 

The law also updates notice periods for resignations, extends maternity and paternity leave provisions, allows longer childcare leave, and regulates annual leave entitlements, including special provisions for disabled employees. 


Gulf sovereign funds fuel global M&A boom, driving deal value to $3.5tn 

Gulf sovereign funds fuel global M&A boom, driving deal value to $3.5tn 
Updated 22 October 2025

Gulf sovereign funds fuel global M&A boom, driving deal value to $3.5tn 

Gulf sovereign funds fuel global M&A boom, driving deal value to $3.5tn 

RIYADH: Sovereign wealth funds from the Middle East and Asia are driving a resurgence in global mergers and acquisitions, with deal volumes surpassing $3.5 trillion since the start of the year, Asharq Business reported. 

The surge marks a 34 percent increase over the previous year, putting 2025 on track to be the strongest year for M&A since 2021. The third quarter alone saw over $1.3 trillion in deals, driven by a number of mega-transactions, according to data compiled by Bloomberg. 

The flurry of activity has been led by mega-deals involving some of the world’s deepest-pocketed state-backed funds. 

On Oct. 21, Blackstone Inc. and TPG Inc. agreed to acquire medical device maker Hologic Inc. for up to $18.3 billion, including debt. The deal features the Abu Dhabi Investment Authority and Singapore’s sovereign wealth fund GIC Pte as minority investors. 

In a separate transaction last week, BlackRock Inc. partnered with MGX, an AI firm backed by Abu Dhabi’s Mubadala Investment Co., in a $40 billion deal to acquire Aligned Data Centers. 

The week prior, Carlyle Group Inc. entered a partnership with the Qatar Investment Authority to purchase the coatings unit of BASF SE in a deal that valued the unit at €7.7 billion ($8.9 billion). 

In a landmark transaction in September, Ƶ’s Public Investment Fund, chaired by Crown Prince Mohammed bin Salman, completed the acquisition of video game giant Electronic Arts Inc. to take it private. This leveraged buyout, valued at $55 billion, stands as the largest of its kind in history. 

Beyond participating with private equity, sovereign wealth funds are aggressively expanding their in-house investment teams to execute more direct investments. This strategy allows them to capture profits without paying fees to Wall Street banks. 

They have also become major backers of private equity funds, successfully negotiating privileges that grant them co-investment rights alongside these funds in exchange for their substantial capital commitments. 

Heavy tech and AI focus 

The technology sector has been a particular focus for these funds. In August, ADIA supported Thoma Bravo’s acquisition of HR software provider Dayforce Inc. for nearly $12 billion. 

MGX, backed by the Abu Dhabi government and overseen by Sheikh Tahnoon bin Zayed Al Nahyan, has invested in OpenAI at a $500 billion valuation. It has also supported Elon Musk’s xAI venture and plans to contribute to the “Stargate” project announced by US President Donald Trump. 

Meanwhile, Singapore’s GIC and the Qatar Investment Authority have both invested substantial capital in OpenAI’s competitor, Anthropic. 

Wall Street sees deals continuing

Senior investment bankers anticipate that the M&A wave will persist. Goldman Sachs has predicted that deal activity will accelerate by year-end, with 2026 potentially setting a new record for the M&A market. 

Sovereign funds continue to hunt for new opportunities. For instance, the asset management arm of Mubadala is reportedly considering a bid for outdoor advertising company Clear Channel Outdoor Holdings Inc., which has a market value of approximately $930 million. 

Their investment interests are also expanding beyond direct acquisitions. Qatar Investment Authority recently participated in an over $2 billion funding round for a new company founded by Hollywood super-agent Ari Emanuel, alongside other investors like Apollo Global Management and Ares Management.