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Startup Wrap – Saudi VCs pour capital into ventures through strategic investments  

Startup Wrap – Saudi VCs pour capital into ventures through strategic investments  
This week's FII8 witnessed numerous deals that boosted the startup landscape. Shutterstock
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Updated 01 November 2024

Startup Wrap – Saudi VCs pour capital into ventures through strategic investments  

Startup Wrap – Saudi VCs pour capital into ventures through strategic investments  

RIYADH: Saudi venture capital firms are fueling regional innovation through substantial investments and new initiatives. 

Aramco Ventures led New York-based industrial internet-of-things monitoring and communications startup Andium’s $21.7 million series B funding round. 

Existing backers, including Climate Investment, Intrepid Financial Partners, and individual investors such as former Citadel Chief Investment Officer Thomas Miglis, also participated. The investment brings Andium’s total funding to over $40 million, following its $15 million series A round in 2021. 

The newly secured funds will enable Andium to accelerate its global expansion, scale operations in oil and gas regions in the US and the Middle East, reduce technology costs, and bolster its research and development initiatives. 

Wa’ed Ventures allocates $100m for early-stage AI investments 

Saudi Aramco’s $500-million financial capital arm Wa’ed Ventures has earmarked $100 million for early-stage artificial intelligence investments. This initiative is part of efforts to position ֱ as a global leader in the technology, aligning with the Kingdom’s strategic development goals. 

The deployment of the fund will be overseen by an advisory board comprising experts from prominent global institutions such as Meta, the Massachusetts Institute of Technology, Oxford University, and Amazon. 

A report by PwC projects that artificial intelligence could contribute $135 billion to ֱ’s economy by 2030, amounting to 12 percent of the country’s gross domestic product.

Wa’ed Ventures has recently invested in Korea’s Rebellions and US-based AiXplain as part of its investment strategy. 

Beta Lab launches with $300m to foster deeptech innovation 




Beta Lab launched at FII8 in Riyadh. X/@BetalabSA

ֱ’s new deeptech venture studio, Beta Lab, launched with $300 million in capital at the Future Investment Initiative. 

The outfit aims to bolster startups and promote cross-border innovation between the Middle East and Southeast Asia. 

This strategic initiative is backed by the Saudi Ministry of Investment, the Research, Development, and Innovation Authority, the Hong Kong Science and Technology Parks Corporation, and MDI Ventures by Telkom Indonesia.  

Beta Lab is expected to catalyze growth in the deep tech sector through significant investments and collaborative partnerships.   

Tharawat Green Exchange secures $450k for sustainability initiatives 

ֱ-based Web3 provider Tharawat Green Exchange has raised $450,000 from Adaverse, a fund dedicated to Web3 and blockchain investments.  

Founded in 2023 by Yakeen Al-Zaki, Hassan Al-Redha, and Yasser Al-Obaidan, Tharawat Green Exchange focuses on leveraging blockchain technology for environmental sustainability, aligning with Saudi Vision 2030. 

The capital will support infrastructure and blockchain development, enhance sales and marketing, and help secure Vera certification for Tharawat Green Exchange’s carbon credits. 

BIM Capital established to boost Middle East investment




BIM Ventures and SBI Holding announced the establishment of BIM Capital during the FII8 conference in Riyadh. Supplied

Saudi-based BIM Ventures and Japan’s SBI Holding have launched BIM Capital, a joint venture to stimulate investment opportunities in ֱ and the wider Middle East.  

The new organization will focus on private equity, venture capital, debt funds, and real estate investments.

With a target of drawing more than $200 million in foreign direct investment, BIM Capital aims to manage assets worth over $2 billion.  

The joint venture seeks to leverage both firms’ expertise to accelerate regional growth and innovation. 

ARKTECH raises $1m in pre-seed funding 

Saudi proptech company ARKTECH has successfully closed a $1 million pre-seed investment round, led by Core Vision Investment.  

Established in 2023 by Waheed Al-Jassas, ARKTECH specializes in utility contract trading to enhance real estate investment returns. 

The funding will strengthen the company’s leadership in the property technology sector and support the development of new tech-enabled investment solutions. 

Nabt secures $1.5m seed round for B2B marketplace 

Saudi foodtech startup Nabt has raised $1.5 million in a seed funding round led by Merak Capital, with additional backing from angel investors.  

Launched in 2022 by Abdullah Al-Otaibi, Nabt runs a business-to-business marketplace that directly connects farmers with businesses. 

The funding will be used to accelerate product development and expand Nabt’s market presence.  

The company is part of the Sunbolah FoodTech Accelerator, an initiative by ֱ’s Ministry of Environment, Water, and Agriculture to promote innovation in the agricultural sector. 

ISSF invests $5m in Rua Growth Fund 




ISSF CEO Mohammed Al Muhtaseb, and Turki Aljoaib, managing partner of Rua Growth Fund. ISSF

Jordan’s Innovative Startups and Small and Medium Enterprises Fund has invested $5 million in Rua Growth I LP, a $45-million ֱ-based venture capital fund focused on early-stage investments in e-commerce, financial technology, enterprise solutions, and software as a service. 

This investment aims to leverage Jordan’s robust startup ecosystem and foster innovation, enhancing the competitive edge of local startups in regional markets. 

Tadarab expands into ֱ amid rising demand 

Kuwait-based education technology platform Tadarab has expanded operations into ֱ as part of its strategy to address the growing need for online education solutions in the region.  

Founded in 2016 by Zaid Al-Luhaib and Salma Al-Yassin, Tadarab offers courses that support personal and professional development across the Middle East and North Africa region. 

The expansion aims to tailor Tadarab’s educational solutions to meet the diverse demands of Saudi learners, benefiting both individuals and corporate clients. 

Pass secures $2.7m to expand into Egypt and ֱ 

Qatar-based delivery service app Pass has raised $2.7 million in a pre-series A funding round from undisclosed investors.  

Initially launched by the UK’s Peyk in 2020 and later acquired by local entrepreneur Bashar Jaber in 2023, the newly acquired funding will support Pass’s expansion into Egypt and ֱ and facilitate the development of new products to enhance its market position. 

Colis.ma closes $300k pre-seed funding 

Morocco’s logistics startup Colis.ma has secured $300,000 in pre-seed funding from Witamax.  

Founded in 2022 by Issam Darui, Colis.ma focuses on cross-border logistics services for individuals and small and medium-sized enterprises, aiming to bridge African and European markets.   

The funds will be used to strengthen Colis.ma’s operations in Morocco’s five largest regions and expand into six major European countries, with plans for further growth into West Africa. 

Pargo expands into Egypt with $4m funding 

South African e-commerce logistics startup Pargo has entered the Egyptian market after raising $4 million from 3Capital Ventures, Endeavor, SAAD Investment Holdings, and UW Ventures.  

Launched in 2014 by Derk Hoekert and Lars Veul, Pargo provides innovative delivery solutions tailored for the e-commerce sector. 

The expansion includes the rollout of collection and return service points across Egypt to support e-commerce growth.


Arab entrepreneurs convene at UK’s House of Lords to strengthen MENA ties 

Arab entrepreneurs convene at UK’s House of Lords to strengthen MENA ties 
Updated 10 sec ago

Arab entrepreneurs convene at UK’s House of Lords to strengthen MENA ties 

Arab entrepreneurs convene at UK’s House of Lords to strengthen MENA ties 

RIYADH: Economic and cultural ties between the UK and the Middle East and North Africa region are set to receive a boost following a high-level event hosted by the Arab Entrepreneurs Board at the House of Lords in London.  

Held on July 22, the first-of-its-kind gathering brought together business leaders, diplomats, and policymakers to highlight the role of Arab entrepreneurship in advancing cross-border collaboration and innovation. It marked the second major initiative by the board this year, following the Arab Women Awards in April. 

Lord Dominic Johnson, who delivered a powerful keynote highlighting the critical role of entrepreneurship in building resilient, inclusive economies. Supplied

Opening the event, Lord Dominic Johnson underscored the importance of entrepreneurship in fostering inclusive and resilient economies. Other key speakers included Bandar Reda, secretary-general of the Arab British Chamber of Commerce, and Faisal Abbas, editor-in-chief of Arab News, both of whom spoke on the need to deepen UK–MENA engagement across strategic, economic and cultural spheres. 

Wael Al-Zein, founder and CEO of the Arab Entrepreneurs Board, and Asma Ounnas, co-founder and chief strategy officer, led the evening’s discussions, focusing on how Arab entrepreneurs can act as a bridge between markets and communities. 

“This gathering was not just symbolic — it was strategic,” said Asma Ounnas. “We are reshaping the narrative around Arab enterprise by putting collaboration, creativity, and global ambition at the heart of our work.” 

A cultural exhibition featuring signed lithographs by King Charles III and Prince Khaled Al-Faisal — commemorating 25 years since their tribute to ֱ’s Asir Mountains — was part of the program. Guests also received signed copies of Anecdotes of an Arab Anglophile, reflecting ongoing UK–Arab cultural engagement. 

The guest list included representatives from NEOM, Binghatti, and BMG Financial Group. Also in attendance were executives from The Ritz London, Aston Martin, and Harrods, along with delegates from Hill House Interiors, Luxury Magazine, and Bicester Village. Diplomatic envoys, members of the House of Lords, and officials from the London Chamber of Commerce and Industry and the British Chambers of Commerce were also present. 

“We were deeply inspired by the energy in the room — from startups to sovereign-level projects,” said Wael Al-Zein. “This is just the beginning of a movement that connects ideas with capital, and vision with execution.” 

The Arab Entrepreneurs Board announced upcoming initiatives, including further awards, summits, and strategic partnerships, along with the launch of a London-based communications division to enhance global visibility for Arab entrepreneurs. 

The Arab Entrepreneurs Board is a membership-based platform supporting Arab entrepreneurs through global partnerships, policy engagement, and strategic networking. It focuses on promoting innovation and long-term economic development in the Arab world. 


ֱ’s high-end dining scene fuels culinary and cultural revival

ֱ’s high-end dining scene fuels culinary and cultural revival
Updated 27 July 2025

ֱ’s high-end dining scene fuels culinary and cultural revival

ֱ’s high-end dining scene fuels culinary and cultural revival
  • Saudi food service market is projected to grow from $30.12 billion in 2025 to $44.67 billion by 2030

 

RIYADH: ֱ’s culinary heritage is deeply rooted in its diverse landscapes, climates, and tribal traditions — further shaped by centuries of global trade. 

Yet both locally and internationally, exposure to authentic Saudi cuisine has long remained limited to a few convenient, accessible formats.

That’s changing, not just in taste but in structure. In July, the Saudi government issued a formal regulatory framework for luxury restaurants, officially classifying fine dining as a distinct category with its own licensing code — requiring on-table service only, the elimination of cashier counters, and a curated, limited number of branded outlets per city.

Each establishment must feature a visible beverage prep station, maintain distinct employee-only rest areas, and meet strict kitchen zoning rules that separate raw, cooked, and served foods to minimize contamination.

By formalizing standards for luxury restaurants, the government aims to elevate service consistency, improve operational quality, and ensure a premium guest experience across the Kingdom.

The new framework will not only protect consumers but also encourage global investment by giving restaurateurs a clear, streamlined path to enter ֱ’s high-end dining market.

It reflects the broader goals of Vision 2030: to boost tourism, foster entrepreneurship, and position Saudi cities as regional lifestyle destinations.

The Saudi foodservice market is projected to grow from $30.12 billion in 2025 to $44.67 billion by 2030, at a compound annual growth rate of 8.2 percent, according to Mordor Intelligence, a market research firm.

Under Vision 2030, ֱ is positioning itself as a global culinary destination — supporting local entrepreneurship and attracting international ventures — while reshaping its food and hospitality landscape.

Economic ripple effects 

The rise of high-end dining in ֱ is generating widespread economic ripple effects, starting with job creation across multiple sectors.

According to Elena Caron, corporate services director at Fragomen, demand is growing not only for chefs and service staff, but also for professionals in logistics, supply chain, and technology.

“At the same time, restaurants and hospitality groups must navigate a more complex regulatory environment. Complying with labor laws, meeting Saudization quotas, securing commercial licenses and following foreign investment rules are all essential to ensure legal compliance and long-term business sustainability,” Caron said.

She added that supply chain and food safety standards are also evolving, particularly with the growing emphasis on local sourcing.

“As partnerships with Saudi farms and producers expand, restaurants are expected to meet rigorous food handling and traceability requirements in line with Saudi Food and Drug Authority’s regulations,” she said.

“In this environment, compliance isn’t optional — it’s essential to protect brand integrity and maintain consumer trust.”

Ahmad Al-Zaini, CEO and co-founder of cloud-based restaurant management and point-of-sale platform Foodics, noted that demand for skilled talent is rising across service, logistics, and food production, while the expansion of premium dining is also increasing the need for upscale real estate, smart kitchens, and efficient service systems.

“At Foodics, we’ve seen a clear uptick in demand from premium and fine dining establishments that want operational clarity, advanced analytics, seamless integrations and customer experiences,” he said. 

“These businesses are anchors for the recently unlocked premium lifestyles in the Kingdom, and they play a role in attracting a new category of sophisticated investors, operators, and entrepreneurs.”

Alexander Sysoev, founder of international restaurant guide GreatList, an international restaurant guide, described fine dining as a powerful catalyst — driving demand for luxury real estate, elevating local production standards, and generating diverse employment opportunities across the culinary value chain.

“The real shift is cultural,” Sysoev said. “It raises expectations across industries — from education and sourcing to hospitality. Restaurants are no longer just places to eat — they’re becoming part of a national economic strategy.”

Patrick Samaha, partner at Kearney Middle East and Africa, said the Kingdom’s F&B sector grew 15 percent in 2025, creating hundreds of jobs through major restaurant openings in Riyadh and Jeddah.

“This momentum is also reshaping the real estate landscape,” he said, adding: “Premium F&B demand in districts like King Abdullah Financial District and Jeddah’s Corniche surged 20 percent in 2025, prompting developers to integrate signature dining into luxury mixed-use projects.” 

Vision 2030’s culinary impact 

Fine dining has become a core pillar of ֱ’s economic transformation under Vision 2030, with government support attracting top global chefs, brands, and investors.

According to Caron, a new generation of Saudi culinary entrepreneurs is rising.

“Vision 2030 has empowered them to launch dining concepts that reflect local culture while meeting global standards,” she said.

Al-Zaini added that global brands are expanding into ֱ to tap new audiences, which in turn is raising service standards and fostering competition across the value chain.

“This has led to a rise in homegrown restaurateurs investing in premium concepts, training local talent, and demanding more reliable infrastructure for their operations,” he said.

Sysoev agreed, emphasizing that ֱ is emerging as a high-potential culinary market.

“For local entrepreneurs, it brings legitimacy, infrastructure, and — most importantly — a sense of momentum,” he said. “They no longer need to prove that fine dining is possible. Now, they’re proving they can lead.” 

Samaha noted that recent reforms and giga-projects have fast-tracked international investment, with brands like COYA and Le Petit Chef entering the market. In the first half of 2025 alone, seven major openings were recorded.

“Vision 2030 is cultivating local talent, despite the influx of international brands and concepts,” he said, adding: “Initiatives like the Culinary Incubator and Human Capability Development Program trained over 4,500 Saudis in hospitality and culinary arts in 2025, enabling a new generation of entrepreneurs to emerge.” 

He added that distinctly Saudi fine dining concepts are now emerging — blending local heritage with global techniques to redefine the Kingdom’s culinary identity.

Riyadh and Jeddah lead the way

Looking ahead, industry leaders agree that Riyadh and Jeddah will remain at the forefront of ֱ’s fine dining evolution.

Al-Zaini pointed to the Kingdom’s tech-savvy, affluent youth as key drivers of demand for globally inspired yet locally grounded dining experiences.

“This creates the perfect opportunity for restaurateurs to experiment with the plethora of technologies at their disposal today, from interactive culinary displays to personalized dishes, and gastronomical explorations with local ingredients from the Kingdom’s vast agricultural landscape,” he said.

Sysoev noted that while AI can optimize menus and personalize service, true value lies in originality and cultural context.

He projected that soon ֱ will not be copying Western models — it will be crafting its own.

“That means a stronger focus on local ingredients, sustainability, and chef-driven concepts with a distinct point of view. Cities like Riyadh and Jeddah don’t need to follow the hype — their power will come from building identity. That’s how they’ll stand out on the global culinary map,” Sysoev said.

According to Samaha, three key trends are shaping the future of fine dining in the Kingdom: innovation, sustainability, and cultural storytelling.

He said restaurants are using AI and smart tech to personalize guest experiences. Sustainability is now central, with zero-waste kitchens, local sourcing, and green initiatives like AlUla’s solar-powered Desert Bloom project.

“Third, fine dining in the Kingdom is evolving into a platform for cultural expression. Events like Layali Diriyah and the Riyadh Food Art Festival position cuisine as a medium for storytelling, identity, and destination branding,” he said.

As ֱ reimagines its tourism and lifestyle sectors, fine dining is no longer just about food — it is a strategic lever for economic diversification, cultural diplomacy, and global identity.
 


Startup Wrap: ֱ leads MENA startup funding in H1 with $1.34bn raised

Startup Wrap: ֱ leads MENA startup funding in H1 with $1.34bn raised
Updated 27 July 2025

Startup Wrap: ֱ leads MENA startup funding in H1 with $1.34bn raised

Startup Wrap: ֱ leads MENA startup funding in H1 with $1.34bn raised
  • Regional firms secure $2.1 billion through 334 deals in the first half of 2025

RIYADH: ֱ emerged as the Middle East and North Africa’s top-funded startup market in the first half of 2025, securing approximately 64 percent of the region’s total capital.

Investments in the Kingdom surged to $1.34 billion, representing a 342 percent increase compared to the same period in 2024, according to a report by Wamda and Digital Digest.

This performance, supported by sovereign wealth backing, targeted government incentives, and strong domestic venture activity, solidified ֱ’s dominance amid a broader regional funding rebound.

The Kingdom’s fintech sector accounted for the bulk of capital, raising $969 million across 20 transactions.

Construction tech and property tech followed with $48 million and $39 million, respectively.

Activity was led by local firms such as STV, Wa’ed Ventures, and Raed Ventures, with international participation also emerging — most notably JPMorgan’s involvement in a debt round raised by Saudi fintech Lendo.

Across the broader region, MENA startups raised $2.1 billion through 334 deals in the first half of 2025, up 134 percent from the same period in 2024.

Debt financing played a critical role in this growth, contributing $930 million — about 44 percent of the total.

Excluding debt, the year-on-year growth stood at 53 percent, indicating improved but more tempered equity market conditions.

The second quarter closed with $583.4 million invested across 149 deals, outperforming the same period of 2024 despite a slower June.

Fintech remained the region’s top-funded sector, securing $170 million in the second quarter, followed by property tech with $77 million and travel tech with $40 million.

The UAE recorded $541 million in investments across 114 deals in the first half, reflecting an 18 percent increase over the previous year.

Fintech led with $265.8 million, followed by insurance tech with $55 million, and Web3 and AI with $44.7 million each.

Debt made up 19 percent of total UAE deal volume, suggesting a comparatively robust equity environment.

Eight female-led startups in the UAE raised $17.6 million, while mixed-gender teams attracted $91.7 million.

In Egypt, startup funding climbed 106 percent to reach $179 million across 52 deals, despite sustained macroeconomic pressure and rising external debt.

Property tech led with $75 million, followed by fintech with $85.3 million and e-commerce with $24.8 million.

Female-founded startups raised $425,000, while mixed-gender teams secured $23 million.

Mid-stage investments dominated by capital volume, with $161 million allocated across 10 Series A rounds in the second quarter.

However, early-stage startups — defined as pre-seed to Series A — continued to account for the majority of transactions, capturing $568 million in the first half. Later-stage companies secured $431.7 million.

Fintech sustained its leadership across MENA in the first half, attracting 62 percent of total capital through 77 deals.

Venture studios ranked second, driven by a major investment in iMena Group, while property tech came third with $119 million raised across 16 startups.

Business-to-business models accounted for 70 percent of total first half funding, securing $1.5 billion across 197 transactions. Business-to-consumer and hybrid models attracted the remainder.

Despite record-breaking funding levels, gender disparities persisted. Startups led solely by men received nearly 89 percent of first half capital.

Female-founded ventures raised $84.5 million across 27 deals, while mixed-gender teams garnered $150 million through 48 deals.

ZabonEx raises $100k to optimize food supply chains in Oman

Oman-based predictive analytics startup ZabonEx has raised $100,000 in pre-seed funding, led by Future Fund Oman and ITHCA Group.

Founded in 2023 by Hatim Moosa and Almuhannad Al-Balushi, ZabonEx offers a B2B Software-as-a-Service platform that delivers real-time, customer-level demand forecasting for the food and beverage sector.

The funding will support enhancements to ZabonEx’s predictive engine, the expansion of its tech team, and the development of strategic partnerships within Oman’s food supply chain.

The startup is also building onboarding tools tailored to the local market as it prepares for regional expansion.

Qlub raises $30m to drive international growth

UAE-based fintech Qlub has raised $30 million in a new funding round to support its global expansion efforts.

The round was co-led by Shorooq Partners and Cherry Ventures, with participation from e&, Mubadala Investments, and Legend Capital.

Qlub founders Eyad Al-Kassar, left, and Mahmoud Fouz. (Supplied)

Qlub, founded in 2021 by Eyad Al-Kassar and Mahmoud Fouz, offers a contactless dining payment platform allowing diners to view menus, order, and pay via smartphone.

The new funds will be used to expand into additional markets, enhance analytics capabilities, and improve integration with hospitality systems.

According to the company, clients have reported 300 percent more tips, 80 percent faster checkouts, and substantial labor cost savings.

Lime launches in Egypt to address education finance needs

Lime Consumer Finance, a subsidiary of First Abu Dhabi Bank Group, has launched operations in Egypt with a focus on education financing.

Licensed by the Financial Regulatory Authority, Lime aims to provide accessible and transparent financial solutions for Egyptian families.

The platform supports payments across a network of nurseries, schools, and universities and offers installment plans of up to 12 months for amounts up to 1 million Egyptian pounds.

With over 30 percent of Egypt’s population under 15, the company positions education as a strategic entry point for broader financial services.

Flend secures $3m to bridge SME funding gap in Egypt

Egyptian fintech Flend has raised $3 million in seed funding through a mix of equity and debt. 

Founded by Ahmed Zaki, Nehal Helmy, and Saif Edeen El- Bendari, Flend provides fully digital short-term working capital loans to SMEs. (Supplied)

The equity round was led by Egypt Ventures, with participation from Camel Ventures, Sukna Ventures, Plus VC, Banque Misr, and prominent family offices. Debt financing was provided by MSMEDA and local banks.

Founded by Ahmed Zaki, Nehal Helmy, and Saif Edeen El-Bendari, Flend provides fully digital short-term working capital loans to SMEs, with direct integration into over 20 supply chain platforms.

The company plans to deploy 1 billion Egyptian pounds in loans over the next year while expanding its team, partnerships, and technical infrastructure.

Journify doubles valuation following strategic investment

UAE-based Journify has secured new strategic investment from Shorooq Partners, Bunat Ventures, and Plug and Play, doubling its valuation and achieving fivefold revenue growth within six months.

The startup was founded in 2023 by Taoufik El-Jamali, Amine Chouki, and Omar Al-Shoubaki.

Journify provides an AI-powered data activation platform that helps Gulf Cooperation Council brands leverage first-party data across major ad platforms.

The company plans to use the funding to advance its AI roadmap, scale hiring across key departments, and expand further into the GCC market.

SafaQat secures investment to advance AI-driven procurement in Oman

Oman-based digital procurement platform SafaQat has received funding from the Oman Future Fund and Idrak Group.

Founded in 2020 by four brothers, the startup digitises the tendering process and is supported by the SME Development Authority.

SafaQat intends to enhance its AI infrastructure, improve the user experience, and expand into government procurement and new markets with the latest investment.
 


ֱ accelerates AI push with HUMAIN at the helm

ֱ accelerates AI push with HUMAIN at the helm
Updated 27 July 2025

ֱ accelerates AI push with HUMAIN at the helm

ֱ accelerates AI push with HUMAIN at the helm
  • Kingdom positioning itself as hub for advanced AI applications across the Middle East and beyond

JEDDAH: ֱ is ramping up its artificial intelligence ambitions with the launch of HUMAIN, a flagship initiative backed by the Public Investment Fund, as part of its broader drive to become a global AI powerhouse.

With more than $40 billion earmarked for AI-related investments under Vision 2030, the Kingdom is scaling up infrastructure, forging global tech partnerships, and positioning itself as a hub for advanced AI applications across the Middle East and beyond.

“Artificial intelligence has become a strategic priority for the Kingdom of ֱ as it aligns strongly with the country’s economic transformation goals and enhances governance,” Youssef Saidi, an economic expert and research fellow at the Economic Research Forum, told Arab News.

He added that the Kingdom’s AI strategy aims to position the country as a global AI leader by the end of the decade.

“ֱ is leveraging AI to drive innovation and economic growth across various sectors, including healthcare, finance, and logistics, helping the country’s transition into a knowledge-based economy. ֱ is investing heavily in AI research and development to become a regional leader in this field,” he added.

HUMAIN launch

Wholly owned by PIF, HUMAIN was launched in May by Crown Prince Mohammed bin Salman to develop advanced Arabic language models and establish ֱ as a global leader in AI infrastructure and innovation.

The initiative  is expected to support local innovation, develop intellectual property, and attract top global AI talent and investment.

“HUMAIN is due to offer one of the world’s most powerful multimodal Arabic language models, advanced AI tools, and next-generation data centers,” said Saidi.

He added: “HUMAIN is expected to contribute to ֱ’s AI ecosystem by fostering human-centered AI innovation, encouraging the design of AI systems that are ethical, inclusive, transparent, and accountable.”

The company aims to enhance human capabilities, improve quality of life, and address real-world challenges relevant to Saudi society. Its focus spans strategic sectors including energy, healthcare, manufacturing, and financial services.

Building talent

To ensure long-term sustainability of its AI sector, ֱ is also prioritizing talent development and creating an attractive environment for global expertise.

Speaking to Arab News, Yaseen Ghulam, associate professor of economics and director of research at Riyadh-based Al-Yamamah University, said the Kingdom aims to train 20,000 data and AI experts by 2030 through investor-friendly regulations and public-private partnerships.

He cited initiatives such as the ATHKA AI Olympiad and Elevate AI training program as key contributors to public education and skills development. “Microsoft, Huawei, Accenture, Atomcamp, and Oracle are also establishing AI academy programs,” Ghulam added.

He added that the Kingdom is gaining global traction as a destination for skilled professionals, noting that it ranks third globally in AI hiring growth, with women leading in skills penetration.

“The country pays AI experts 20 percent more than the world average, along with additional incentives,” said Ghulam.

Tech partnerships

ֱ’s AI ambitions are being bolstered by collaborations with global tech giants, particularly in semiconductors and advanced computing.

“NVIDIA and AMD, two major players in the graphics processing unit market, are playing a key role in ֱ’s AI infrastructure development,” said Saidi.

​​He noted that NVIDIA is partnering with the Kingdom to build AI factories powered by its Grace Blackwell supercomputers, with a projected capacity of 500 megawatts. “The partnership between ֱ and NVIDIA aims to establish hyperscale AI data centers, enabling ֱ to train and deploy sovereign AI models at scale,” the research fellow added.

NVIDIA is also working with the Saudi Data and Artificial Intelligence Authority to train thousands of developers in accelerated computing and AI.

Saidi highlighted the key role of global tech giants like California-based semiconductor firm Advanced Micro Devices in supporting ֱ’s AI ecosystem and driving its digital transformation agenda.

“AMD is investing up to $10 billion to deploy 500 megawatts of AI compute capacity over the next five years and collaborating with Saudi organizations to develop AI enterprise platforms, supporting digital transformation across industries,” he said, adding that the NVIDIA and AMD investments will have a great benefit in developing human capital and shaping the future of AI-driven activities in Gulf Cooperation Council countries.

Strategic edge

Ghulam pointed to several factors that position the Kingdom as a strong global AI contender, including its recognition as the world leader in government strategy in the sector in the 2024 Global AI Index.

“The country has a significant advantage in hosting data centers and training AI models due to its strategic location, financial might, excess energy, expanding private sector, and digitization push,” he said.

The Kingdom is home to over 240 AI-focused businesses and has seen a fivefold increase in its AI patent portfolio since 2019. Heavy investment in digital infrastructure is also enhancing global connectivity and AI dataset capabilities.

Ghulam added that ֱ has one of the strongest AI-related physical infrastructure footprints in the region, with 10 supercomputers and the highest number of colocation data centers in the Middle East.

“The Arabic language AI models that are to be developed by HUMAIN are expected to serve more than 450 million people worldwide who speak Arabic around the world,” said Ghulam.

With foundational work well underway, Ghulam said the Kingdom has set an ambitious benchmark for the years ahead.

“ֱ aims to become one of the top 15 AI prepared countries by 2030, investing heavily in energy, data centers, semiconductors, and connectivity,” he said.

He added that the Kingdom’s public AI spending commitments — both current and projected — surpass those of the US and China.

“HUMAIN plans to build 1.9 gigawatts of data center capacity by 2030 and collaborate with NVIDIA to ship cutting-edge GPUs to ֱ,” he concluded.
 


Gold falls on firmer US dollar and rising trade optimism

Gold falls on firmer US dollar and rising trade optimism
Updated 25 July 2025

Gold falls on firmer US dollar and rising trade optimism

Gold falls on firmer US dollar and rising trade optimism

BENGALURU: Gold prices fell on Friday, pressured by a recovery in the US dollar and optimism over progress in trade talks between the US and the EU.

Spot gold was down 0.7 percent at $3,343.0 per ounce by 1:50 p.m. Saudi time. US gold futures fell 0.9 percent to $3,344.50.

The US dollar index rebounded from more than a two-week low, making bullion more expensive for overseas buyers, while benchmark 10-year US Treasury yields rose.

A resurgence in risk appetite driven by optimism over potential tariff negotiations, and better-than-expected jobless claims reinforcing the view that the US Federal Reserve is unlikely to cut rates, is pressuring gold, said Ricardo Evangelista, senior analyst at brokerage firm ActivTrades.

“There is an element of uncertainty that still lingers ... with a strong support around $3,300, I see the potential for gold prices to rise should new episodes of volatility be triggered,” he said.

The European Commission said on Thursday a negotiated trade solution with the US is within reach — while EU members voted to approve counter-tariffs on €93 billion euros ($109 billion) of US goods in case the talks collapse.

Data showed the number of Americans filing new applications for jobless benefits fell to a three-month low last week, pointing to stable labor market conditions.

Meanwhile, President Donald Trump pressed Fed Chair Jerome Powell to lower interest rates in a tense visit to the US central bank on Thursday, less than a week before the next rate-setting meeting where policymakers are expected to hold interest rates steady.

Markets are pricing in a potential rate cut in September.

Gold typically performs well during periods of uncertainty and in low-interest-rate environments.

Elsewhere, spot silver fell 0.5 percent to $38.90 per ounce, but was on track for a weekly gain, up about 1.9 percent so far. Platinum lost 0.6 percent to $1,400.02 and palladium slipped 0.7 percent to $1,219.20.