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Startup Wrap – Saudi VC space continues to play pivotal role in SMEs growth as Biban 24 delivers deals

Startup Wrap – Saudi VC space continues to play pivotal role in SMEs growth as Biban 24 delivers deals
º£½ÇÖ±²¥â€™s signature startup event Biban 24 saw deals worth more than $5 billion signed to support SMEs. SPA
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Updated 08 November 2024

Startup Wrap – Saudi VC space continues to play pivotal role in SMEs growth as Biban 24 delivers deals

Startup Wrap – Saudi VC space continues to play pivotal role in SMEs growth as Biban 24 delivers deals

RIYADH: º£½ÇÖ±²¥â€™s venture capital ecosystem continues to boost the regional startup space, with one company plowing $20 million into the early stage-focused Booster IV fund.

Saudi Venture Capital Co. announced it was pouring the money into the fund, which is managed by Beco Capital and focuses on investments across the Gulf region.

Booster IV aims to support high-growth or disruptive startups, targeting companies from the seed stage up to series A. 

The fund’s investment strategy spans various sectors with a strong emphasis on º£½ÇÖ±²¥ and the broader Gulf region, and currently oversees $495 million in assets across four funds.

“Our investment in Booster IV, managed by Beco Capital, aligns with our fund investment program and our strategy to support funds that back early stage startups in º£½ÇÖ±²¥,†said Nabeel Koshak, CEO and board member of SVC.

Established in 2018, SVC is a subsidiary of the SME Bank, part of º£½ÇÖ±²¥â€™s National Development Fund.

The company is dedicated to stimulating and sustaining financing for startups and small and medium-sized enterprises, supporting them from the pre-seed stage up to pre-IPO through funding and co-investments in high-potential startups.

Saudi’s BIM Ventures and Japan’s SBI Holdings launch $2bn-targeted BIM Capital




Supplied.

º£½ÇÖ±²¥-based venture studio BIM Ventures and Japan’s SBI Holdings have launched a joint venture aiming to drive growth across º£½ÇÖ±²¥ and the broader Middle East.

BIM Capital’s investment strategy spans private equity, venture capital, debt funds, and real estate development, with a target of attracting over $200 million in foreign direct investment and managing assets exceeding $2 billion.

The firm will leverage its expertise to identify high-growth sectors, with a particular emphasis on technology ventures, emerging industries, and real estate development, offering investors access to innovative, transformative opportunities.

Mush Social raises $1.2m in pre-seed funding led by Nifal Consulting

Saudi-based Mush Social has closed a $1.2 million pre-seed funding round led by Nifal Consulting, with support from Nahr Al-Jazeera Holding and angel investors.

Founded in 2022 by Abdulhadi Al-Asmi, Mush Social operates a social platform where users can earn points and own virtual assets through its interactive map feature, potentially monetizing their online interactions.

The funds will support the development of advanced technologies to enhance user value from their engagements on the platform.

Ayen acquires Egyptian contech Elmawkaa in seven-figure deal




The deal will see Ayen integrate Elmawkaa’s construction materials marketplace into its property evaluation platform. Supplied

Saudi property tech company Ayen has acquired Egyptian construction technology firm Elmawkaa in a seven-figure Saudi riyal transaction.

Founded in 2018 by Abdulrahman Al-Mulqi, Ali Al-Mohsen, and Aymen Al-Sarory, Ayen provides data-driven property evaluation solutions.

The acquisition will integrate Elmawkaa’s construction materials marketplace into Ayen’s platform, strengthening its market position across the Gulf Cooperation Council region.

Elmawkaa, established in 2017, offers a digital marketplace for competitive quotations on building materials, aimed at streamlining procurement for construction companies.

Aramco Ventures backs IOTA Software’s $10.4m series A2 round

Aramco Ventures has joined a $10.4 million Series A2 funding round for IOTA Software, a cloud-native platform for industrial performance optimization, led by Altira Group with participation from Oxy Technology Ventures and Second Avenue Partners.

The funds will enable IOTA to expand its engineering, product, and customer success teams, enhance its technology infrastructure, and strengthen marketing efforts. IOTA’s platform aggregates business and operations data to aid decision-making across industrial sectors.

Warburg AI secures $250k in seed funding for financial AI solutions

UAE-based Warburg AI has raised $250,000 in seed funding from undisclosed investors.

Founded in 2024 by Ben Pfeffer, Lancelot De Briey, and Madiyar Ismagulov, Warburg AI develops adaptive artificial intelligence and machine learning tools for financial institutions, with a focus on algorithmic trading, real-time risk management, and asset optimization.

The capital will be directed toward product development and expansion of its customer solutions team.

Brands.io raises seed funding to expand AI-focused domain services

UAE’s Brands.io, an AI-driven domain name provider, has raised an undisclosed amount in seed funding from unnamed investors.

Founded in 2024 by Chetan Gera, Brands.io offers customized domain names tailored for AI companies. 

The investment will fuel platform development, add technical features, and support the company’s expansion into Europe, the Middle East, and Africa, with a strong focus on strengthening its GCC presence.

NorthLadder raises $10m in series B for expansion in pre-owned electronics market




NorthLadder aims to capitalize on the increasing demand in the expanding pre-owned smartphone market. Supplied

UAE-based NorthLadder, a trade-in platform for pre-owned electronics, has raised $10 million in a Series B funding round led by stc Group’s corporate venture capital arm, tali ventures, with additional contributions from the Dutch Founders Fund and Crescent Ventures.

Founded in 2021 by Mihin Shah and Sandeep Shetty, NorthLadder offers a secure platform for reselling pre-owned devices, addressing growing demand in this sector.

With the new capital, NorthLadder plans to enhance its technology and expand its presence, particularly in Europe.

CE-Ventures co-leads $10m funding round for CrossBridge Bio’s cancer therapies

UAE-based CE-Ventures, the corporate venture capital arm of Crescent Enterprises, has co-led a $10 million funding round for CrossBridge Bio, a Houston-based biotech firm focused on developing dual-payload antibody drug conjugates for targeted cancer treatments.

The round also included participation from TMC Venture Fund, Portal Innovations, Alexandria Ventures, and several pre-seed investors.

The investment will support the advancement of CrossBridge Bio’s lead candidate, CBB-120, which targets solid tumors.

Additionally, the funding will enable the company to expand its pipeline of dual-payload ADCs and further develop its proprietary linker technology, which it claims could bring a new level of precision to cancer therapy.

º£½ÇÖ±²¥â€™s signature startup event Biban 24 sees deals to support SMEs

Biban 24, º£½ÇÖ±²¥â€™s premier event for startups and SMEs, saw over $5 billion in agreements and financing initiatives signed during the first three days.

Organized by the General Authority for Small and Medium Enterprises, or Monsha’at, the Riyadh-based forum secured more than 40 agreements and numerous financing portfolios aimed at bolstering º£½ÇÖ±²¥â€™s SME sector in alignment with Vision 2030 goals.

These deals, amounting to more than SR18 billion ($4.79 billion) on the first day, SR1.35 billion on the second,  and SR580 million on day three,  included partnerships with leading Saudi banks, international memoranda of understanding, and investment opportunities designed to enhance access to funding and expand support networks for SMEs.

The event, themed “A Global Destination for Opportunities,†underscores Monsha’at’s commitment to creating a conducive environment for SMEs to thrive, positioning them as key drivers of economic diversification.


Closing Bell: Saudi main index rises to close at 10,983

Closing Bell: Saudi main index rises to close at 10,983
Updated 23 July 2025

Closing Bell: Saudi main index rises to close at 10,983

Closing Bell: Saudi main index rises to close at 10,983

RIYADH: º£½ÇÖ±²¥â€™s Tadawul All Share Index rose on Wednesday, gaining 140.73 points, or 1.30 percent, to close at 10,983.93.

The total trading turnover of the benchmark index was SR5.34 billion ($1.42 billion), as 207 of the stocks advanced and 46 retreated.  

Similarly, the Kingdom’s parallel market Nomu gained 38.14 points, or 0.14 percent, to close at 26,778.15. This comes as 43 of the listed stocks advanced while 35 retreated.  

The MSCI Tadawul Index gained 21.53 points, or 1.55 percent, to close at 1,411.73.  

The best-performing stock of the day was Sport Clubs Co., whose share price surged 18.60 percent to SR11.03. 

Other top performers included Middle East Specialized Cables Co., whose share price rose 7.56 percent to SR33.56, as well as Tourism Enterprise Co., whose share price surged 5.88 percent to SR1.08.

SICO Saudi REIT Fund recorded the most significant drop, falling 5.13 percent to SR4.07.

Obeikan Glass Co. also saw its stock price fall 3.22 percent to SR38.84.

Saudi Azm for Communication and Information Technology Co. also saw its stock prices decline 3.21 percent to SR26.50.

On the announcements front, Bank Albilad has announced its interim financial results for the period ending on June 30. According to a Tadawul statement, the firm recorded a net profit of SR1.46 billion during the first six months of the year, reflecting an 11.5 percent rise compared to the same period a year earlier. This climb is primarily attributed to a 9 percent increase in net income, driven by a rise in total operating income.

Dividend income, net gain on fair value through statement of income instruments, and other operating income have decreased. Total operating expenses increased by 7 percent, primarily driven by higher general and administrative costs, salaries and employee benefits, as well as depreciation and amortization. Despite this, there was a decline in net impairment charges for expected credit losses.

Bank Albilad ended the session at SR25.78, up 3.20 percent.

The Saudi Investment Bank has also announced its interim financial results for the first half of the year.

A bourse filing revealed that the company recorded a net profit of SR 1.01 billion for the period ending June 30, up 9.3 percent year over year.

This jump is primarily linked to an increase in total operating income. The Saudi Investment Bank ended the session at SR14.05, up 1.28 percent.

Yanbu Cement Co. also announced its condensed consolidated financial results for the six-month period ending on June 30.

According to a Tadawul statement, the firm recorded a net profit of SR51.5 million during the first half of 2025, reflecting a 47.4 percent decrease compared to the same period a year earlier.

The drop in net profit for the current period compared to last year is mainly due to lower domestic sales revenues driven by a decline in average selling prices, reduced margins from export sales, higher financing costs, and increased general and administrative expenses.

Yanbu Cement Co. ended the session at SR18.32, down 0.05 percent.


º£½ÇÖ±²¥ launches AI readiness index to accelerate government tech transformation

º£½ÇÖ±²¥ launches AI readiness index to accelerate government tech transformation
Updated 23 July 2025

º£½ÇÖ±²¥ launches AI readiness index to accelerate government tech transformation

º£½ÇÖ±²¥ launches AI readiness index to accelerate government tech transformation
  • AI is projected to contribute $235.2 billion to GDP
  • More than 180 representatives participated in the first measurement cycle

RIYADH: Saudi government agencies are set to advance artificial intelligence adoption through a new index that measures readiness and supports the development of innovative, data-driven solutions across key sectors. 

The National Artificial Intelligence Index, inaugurated by the Saudi Data and Artificial Intelligence Authority, is designed to assess the maturity of AI implementation across government entities. 

More than 180 representatives participated in the first measurement cycle, which also aims to provide tailored recommendations and track progress regularly, according to the Saudi Press Agency. 

The initiative supports broader government targets, including ranking among the top 15 countries globally in AI, top 10 in the Open Data Index, and top 20 in data and AI-related publications under the National Strategy for Data and Artificial Intelligence. 

AI is projected to contribute $235.2 billion, or 12.4 percent, to º£½ÇÖ±²¥â€™s gross domestic product by 2030, according to estimates by PwC. 

“The index aims to unify government efforts and national priorities in the field of AI and provide the enabling capabilities to enable government agencies to adopt and develop effective and sustainable AI products and solutions that contribute to achieving the goals of Saudi Vision 2030,†SPA said. 

It added: “The index is based on three main pillars, seven main axes, and 23 sub-fields to ensure a comprehensive measurement of government agencies’ AI readiness.†

This forms part of SDAIA’s broader mandate as the Kingdom’s national authority for data and AI development and regulation. It is intended to strengthen institutional performance and drive public-sector innovation. 

The newly launched index also provides results reflecting the maturity of AI adoption within government agencies, along with the necessary support to enhance their capabilities and further develop innovative solutions that sustain national efforts and expand their impact in priority sectors. 

As part of its continuous efforts to improve institutional excellence, SDAIA was recently awarded two international accreditation certificates by the Global Excellence Assembly, a body that specializes in developing and evaluating institutional excellence models.

The recognition highlights SDAIA’s alignment with international best practices in the design and governance of award models, as well as the transparency and impartiality of its evaluation and selection processes.

SDAIA is also engaging the public to shape the future of digital services. The authority earlier this month launched an electronic consultation to gather public opinion on the Ehsan National Platform for Charitable Work, inviting citizens and residents to share their views on which service is most in need of improvement.


DGCX reports 30% rise in trade volumes in H1 2025

DGCX reports 30% rise in trade volumes in H1 2025
Updated 23 July 2025

DGCX reports 30% rise in trade volumes in H1 2025

DGCX reports 30% rise in trade volumes in H1 2025
  • Growth attributed to heightened demand for hedging instruments
  • DGCX saw 1.56 million contracts traded with a notional value exceeding $37 billion in 2024

RIYADH: The Dubai Gold and Commodities Exchange witnessed 1 million contracts traded during the first half of this year, representing a 30 percent rise in average daily volumes compared to the same period in 2024.

In a press statement, DGCX attributed the growth to heightened demand for hedging instruments amid global market volatility, with gold contracts and Indian Rupee Quanto products leading the uptick in trading activity. 

According to the report, DGCX’s Shariah-compliant Gold Spot Contract led this growth, with value of trades reaching $46.8 million in the first six months, marking a significant 199.84 percent year-on-year rise. 

Established in 2005 and owned by the Dubai Multi Commodities Center, DGCX plays a pivotal role in Dubai’s status as one of the world’s largest gold trading hubs. 

With over 1,500 member companies operating in the gold and precious metals sector within DMCC, the exchange complements the international district’s broader offering in physical and financial trading infrastructure. 

“DGCX has seen exceptional momentum in the first half of the year, with nearly $47 million traded through our spot gold contract alone,†said Ahmed Bin Sulayem, chairman and CEO of DGCX. 

The statement further said that INR Quanto futures contract, a synthetic contract that enables global market participants to hedge Indian rupee exposure against the US dollar without requiring access to the underlying Indian markets, also continued to attract strong trading interest. 

“This performance not only places DGCX firmly on course to surpass its 2024 results but reinforces its role as a critical pillar in the region’s financial infrastructure,†said Sulayem. 

He added: “As global market conditions grow more complex, the exchange’s rising adoption by Shariah-based investors, bullion traders, and institutional participants alike highlights the growing demand and broad appeal for sophisticated, secure, and transparent hedging tools – a position we expect will get stronger.†

The statement added that DGCX saw 1.56 million contracts traded with a notional value exceeding $37 billion in 2024, and the exchange is well on track to surpass that figure in 2025. 

In May, DGCX announced its acceptance to join the Arab Federation of Capital Markets’ Business Development Committee. 

In a statement at the time, DGCX said that the appointment reflects the exchange’s expertise in regulatory oversight, risk management, and product innovation, reinforcing its position as a leading regional player in derivatives trading and financial market infrastructure.

The AFCM, established in 1978 as the principal body for Arab stock exchanges, plays a critical role in enhancing collaboration and standardising best practices across the region. 


º£½ÇÖ±²¥ announces $5bn in Syria investments

º£½ÇÖ±²¥ announces $5bn in Syria investments
Updated 46 min 41 sec ago

º£½ÇÖ±²¥ announces $5bn in Syria investments

º£½ÇÖ±²¥ announces $5bn in Syria investments

RIYADH: A Saudi delegation visiting Damascus on Wednesday announced investment and partnership deals valued at $5 billion to help rebuild war-battered Syria.

The delegation of some 150 investors and representatives of the Saudi public and private sectors, led by Investment Minister Khalid Al-Falih, attended a forum in Damascus.

“The announced investments, valued at SR19 billion (about $5 billion), span vital and strategic sectors, including real estate, infrastructure, communications and IT, transportation and logistics, industry, tourism, energy, trade†and more, AFP reported citing a statement from the Investment Ministry.

Investment Minister Khalid Al-Falih alongside Syrian Economy Minister Mohammad Nidal Al-Shaar

On Tuesday, the ministry had said the Damascus forum aimed to “explore cooperation opportunities and sign agreements that enhance sustainable development and serve the interests of the two brotherly peoplesâ€.

The Saudi delegation’s visit underscores the Kingdom’s growing support for Syria’s economic recovery and reconstruction efforts.

As part of the visit, Al-Falih and Syrian Economy Minister Mohammed Nidal Al-Shaar inaugurated the Fayhaa White Cement Factory in Adra Industrial City, the first of its kind in Syria.

Cementing relations

º£½ÇÖ±²¥â€™s Al-Falih and Syria’s Al-Shaar at the launch of the Fayhaa White Cement Factory. SANA

Backed by a $20 million investment from º£½ÇÖ±²¥â€™s Northern Region Cement Co., the plant is set to produce high-grade white cement while creating 130 direct jobs and more than 1,000 indirect employment opportunities.

“The launch of this project reflects our commitment to Syria’s reconstruction and to opening new avenues for regional investment,†said Obaid Al-Sobiei, CEO of Northern Region Cement.

The Kingdom will also fund the construction of Al-Jawhara Tower, a 32-storey skyscraper in the center of the Syrian capital, Damascus.

Spanning 25,000 sq. meters with an estimated cost exceeding $100 million, the project marks one of the most significant Saudi investments in Syria.

Obaid Al-Sobiei, CEO of the Kingdom’s Northern Region Cement Co, speaking at the launch. SANA

In April, º£½ÇÖ±²¥ and Qatar announced a joint initiative to settle Syria’s $15 million debt to the World Bank as part of broader efforts to support the financial recovery of the war-torn nation.

Last month, Al-Falih conducted a virtual meeting with Syrian Economy Minister Mohammad Al-Shaar, and discussed opportunities for collaboration in both public and private sectors.

The Syrian government this month also amended the country’s investment law, in a move that is expected to support more domestic and foreign investment.

During a visit by a Saudi delegation last week, Al-Shaar said that the new law provides an attractive legal environment that promotes the entry of capital, SANA reported.

The law will support the investment process and enhance the role of the private sector in reconstruction and economic development, the minister added. 

Surge in Saudi-Syrian trade figures signals renewed ties

According to official data from º£½ÇÖ±²¥â€™s General Authority for Statistics, Syria was the Kingdom’s 53rd largest export destination in April, with non-oil exports rising by 153.3  percent year on year to reach SR81.9 million.

These exports are composed primarily of plastics and rubber products, making up 33 percent, 26 percent plant products, and 14 percent prepared foodstuffs, beverages, and tobacco.

The remaining exports comprise a variety of chemical products, articles made from stone, cement, ceramics, and glass, reflecting the expanding diversity of trade flows.

On the import side, Syria ranked 60th among countries supplying goods to º£½ÇÖ±²¥, with imports totaling SR78.5 million in April, representing a sharp 149.7 percent year-over-year increase.

The bulk of these shipments consists of animal and plant products, edible oils and fats, and processed food and beverages, indicating Syria’s agricultural and agri-food sector’s growing relevance to the Saudi market.

This recent growth in trade volumes follows the rapid evolution of political dynamics between Riyadh and Damascus. In May 2024, the Kingdom formally reopened its embassy in Syria after a 12-year rupture following the outbreak of the Syrian conflict in 2011.

º£½ÇÖ±²¥ does not export oil to the country primarily because of the comprehensive sanctions regime imposed on the Syrian government following the outbreak of the civil war in 2011.

While Syria once produced and exported substantial quantities of oil, the war and sanctions effectively eliminated its export capacity after late 2011.

Today, production remains constrained, and Syria relies heavily on imports, particularly from Iran, to meet its domestic demand.

The trade figures reported by GASTAT, while still modest in comparison to the Kingdom’s broader trade profile, are significant in light of where bilateral relations stood just two years ago.

The tripling of trade volumes year on year, both in exports to and imports from Syria, illustrates how quickly economic engagement can rebound when backed by political will.

Before the Syrian conflict erupted in 2011, the country enjoyed strong business ties with º£½ÇÖ±²¥, with bilateral trade peaking at approximately $1.3 billion in 2010, marking the Kingdom as one of Syria’s most significant trading partners before the war began, according to a 2023 article by the Christian Science Monitor.

World Bank data from the World Integrated Trade Solution confirms that Syria exported goods worth $543 million to º£½ÇÖ±²¥ in 2010, underscoring the depth of their commercial ties at that time.

Saudi exports to Syria primarily included oil derivatives, petrochemicals, plant oils, and dates, while Syria exported fruits, vegetables, livestock, textiles, and furniture to the Kingdom.

The two countries were founding members of the Greater Arab Free Trade Area, facilitating reduced tariffs and cross-border trade.

Saudi investors also held over $700 million in joint projects within Syria by the late 1990s. These ties collapsed following the war, sanctions, and diplomatic breaks. With recent normalization and high-level visits, both nations are now reviving their economic relationship on the foundation of this previously robust partnership.


Saudi POS value holds above $3bn for 4th consecutive week

Saudi POS value holds above $3bn for 4th consecutive week
Updated 23 July 2025

Saudi POS value holds above $3bn for 4th consecutive week

Saudi POS value holds above $3bn for 4th consecutive week

RIYADH: Hotel spending in º£½ÇÖ±²¥ surged by 2.1 percent in the week ending July 19, driving total point-of-sale transactions to SR12.19 billion ($3.25 billion), even as most other sectors saw declines. 

Total POS value remained above the $3 billion mark for the fourth consecutive week despite a 7.1 percent weekly drop, underscoring the resilience of consumer activity across the Kingdom, according to data from the Saudi Central Bank, also known as SAMA. 

The hotel sector recorded SR287.44 million in transaction value, with the number of transactions slipping 2.1 percent to 822,000, while overall POS transactions across all sectors declined 4.8 percent to 212.73 million. 

According to SAMA’s bulletin, the clothing and footwear sector saw the largest decrease, dropping by 13 percent to SR719.45 million. Spending on communications ranked next, dropping 12.5 percent to SR102.94 million. 

Restaurants and cafes — the sector with the biggest share of total POS value — recorded a 6.9 percent decrease to SR1.79 billion, while the food and beverages sector saw a 6.6 percent decrease, totaling SR1.73 billion and claiming the second-biggest share of this week’s POS. Spending on miscellaneous goods and services ranked third despite a 9.9 percent decline to SR1.36 billion. 

The top three categories accounted for approximately 39.9 percent of the week’s total spending, amounting to SR4.88 billion. 

The smallest decline was seen in spending on building materials which decreased by 0.2 percent to SR330.02 million, followed by expenditure on transportation which saw a 0.6 percent dip to SR718.02 million. 

The health sector saw a decrease of 8.1 percent to SR740.27 million, while the furniture sector declined by 3.7 percent to SR265.57 million. 

Spending on jewelry dipped by 11.7 percent to SR269.61 million, followed by a 9.9 percent decrease in spending on recreation and culture. 

Geographically, Riyadh dominated POS transactions, with expenses in the capital reaching SR4.20 billion, a 6 percent decrease from the previous week.  

Jeddah followed closely with a 7.2 percent dip to SR1.76 billion, while Dammam ranked third, down 6.9 percent to SR582.99 million. 

Abha saw the smallest decrease, inching down 1.1 percent to SR207.48 million, followed by Makkah with a 4.5 percent decrease to SR507.03 million.  

Hail recorded 3.69 million deals in transaction volume, down 7.6 percent from the previous week, while Tabuk reached 4.16 million transactions, dropping 9.1 percent.