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Startups of the Year: Zid and Salla revolutionize ֱ’s e-commerce landscape 

Startups of the Year: Zid and Salla revolutionize ֱ’s e-commerce landscape 
Saudi startups drove innovation in the online retail sector in 2024. Shutterstock
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Updated 01 January 2025

Startups of the Year: Zid and Salla revolutionize ֱ’s e-commerce landscape 

Startups of the Year: Zid and Salla revolutionize ֱ’s e-commerce landscape 
  • Zid platform allows merchants to manage e-commerce stores, social media sales, and physical outlets from a single dashboard
  • Salla has cemented its position as a major player in the Kingdom’s rapidly growing digital economy

RIYADH: E-commerce in ֱ witnessed a landmark year in 2024, with startups Zid and Salla leading the charge to reshape the Kingdom's — and region’s — digital economy.  

These two firms have empowered merchants, enhanced digital infrastructure, and set the stage for exponential growth in ֱ’s online retail sector. 

Zid: Where commerce meets innovation 

For Zid, a Riyadh-based e-commerce enabler, the introduction of its “Total Commerce” vision at Ripple 2024 marked a defining moment in its scale-up journey.  

In an interview with Arab News, Sultan Al-Asmi, CEO and co-founder of Zid, described the launch as a milestone that “wasn’t just a product launch; it was the unveiling of a unified ecosystem designed to redefine how merchants in ֱ — and eventually the region — conduct business.”  

The platform allows merchants to manage e-commerce stores, social media sales, and physical outlets from a single dashboard.  

He further emphasized Zid’s partnerships with platforms like Amazon, Snapchat, TikTok, and Meta, as well as its integration of artificial intelligence-powered tools, which are designed to “future-proof commerce in the Kingdom and across the region.”  

Al-Asmi said: “ֱ’s e-commerce landscape is expanding rapidly, but logistical inefficiencies remain a significant barrier, especially for small and medium-sized businesses looking to scale globally.”

To address these challenges, Zid introduced a unified logistics dashboard to simplify inventory management and shipment tracking.  

The company also launched flexible financing options to help merchants manage shipping costs and expand their reach.  

“By integrating platforms like TikTok Shop and Amazon Marketplace and introducing AI-powered marketing tools, we’ve provided our merchants with innovative solutions to adapt to these changes and positioned them to capitalize on opportunities to drive sustainable growth,” Al-Asmi added.   




Sultan Al-Asmi, CEO and co-founder of Zid. Supplied

The co-founder said that 2024 has been a year of exponential growth for Zid as the company transitions from “start-up to scale-up.”

Zid’s efforts have resulted in exponential growth. In 2024, its merchant base increased by over 30 percent, surpassing 12,000 active users, while the stock-keeping units on its platform exceeded 4 million.  

The company also processed billions of transactions, providing valuable insights into Saudi commerce.  

Al-Asmi highlighted the tangible impact of Zid’s solutions, stating, “Merchants on our platform have consistently increased both average basket sizes and conversion rates by 50 percent, reflecting the effectiveness of our solutions in driving larger transactions compared to our competitors,” he said. 

“Additionally, our merchants experienced a 25 percent year on year growth in GMV (Gross Merchandise Value) and significant growth in the average number of orders per merchant, reinforcing Zid’s role as a reliable growth partner,” Al-Asmi added, going on to say that merchants who participated in Zid’s “10x” program saw their revenues grow tenfold. 

In addition to its technical innovations, Zid credits its internal culture for its success. “At Zid, our culture is rooted in collaboration, resilience, and a relentless focus on merchant success,” said Al-Asmi.  

He noted that the company’s leadership team draws on years of experience in Software-as-a-Service, retail, e-commerce, and technology, which has enabled the team to tackle complex challenges.  

As Zid looks ahead to 2025, the company is focused on deepening its impact in ֱ while expanding its regional presence across the Gulf Cooperation Council.  

Al-Asmi shared the company’s priorities for the coming year, stating, “Our priorities include further enhancing the Total Commerce ecosystem by introducing advanced AI capabilities, expanding Zid Financing to make capital more accessible to merchants, and driving adoption of cross-border commerce solutions.”  

He emphasized that cross-border commerce represents a significant growth opportunity for Saudi merchants.  

“GCC consumers have a deep appreciation for Saudi products due to their exceptional quality, cultural relevance, and value,” Al Asmi said, highlighting Zid’s efforts to strengthen logistics infrastructure and integrate platforms like Trendyol and Noon to its marketplace suite, which already includes Amazon Marketplace. 

Al-Asmi underscored that sustaining momentum requires both innovation and collaboration. 

“We plan to strengthen our existing collaboration with global platforms like Snapchat, Google, Meta, and TikTok while continuing to invest in local talent and infrastructure,” he explained. 

“Our goal is to create an environment where every merchant can compete and win, regardless of size,” Al-Asmi stated. “With the groundwork laid this year, we are confident that Zid is well-positioned to lead the next chapter of commerce innovation in the region.” 

The company has raised $59 million in funding to date, with its latest series B round garnering $50 million in 2021. 

Salla: Empowering Saudi e-commerce growth 

Salla, one of ֱ’s leading e-commerce enablement platforms, has cemented its position as a major player in the Kingdom’s rapidly growing digital economy through a series of high-profile partnerships and strategic milestones in 2024.  

From securing substantial pre-initial public offering funding to integrating advanced tools for merchants and expanding digital payment solutions, Salla continues to shape the future of online business in the region. 

In one of the year’s most notable announcements, Salla closed a $130 million pre-IPO investment round led by Investcorp, with participation from Sanabil Investment, a company owned by the Public Investment Fund, and STV, an existing shareholder.  

“We are deeply grateful for the trust and investment from Investcorp and Sanabil in Salla, which reflects their confidence in our vision and our platform’s potential,” said Nawaf Hariri, CEO and co-founder of Salla.  

The funds are expected to fuel the company’s growth as it supports over 80,000 active merchants across the region. Hariri emphasized Salla’s commitment to “empowering individuals, SMEs, and enterprises to start and expand their businesses both within and beyond ֱ.” 

Salla’s platform has already enabled over $7 billion in e-commerce sales since 2020 and is tapping into ֱ’s $20 billion e-commerce market, which is projected to grow by more than 25 percent annually.  




Nawaf Hariri, CEO and co-founder of Salla. Supplied

With a proprietary SaaS solution, Salla allows merchants to launch fully digitalized and automated online stores within hours, integrating payment solutions, logistics, and a suite of over 400 applications to support businesses throughout their lifecycle. 

The company also strengthened its technology offering through a partnership with Adjust, a global analytics and measurement firm. This integration allows Salla merchants to access advanced app analytics tools, enabling them to optimize campaign performance and scale their businesses.  

Amin Fadul, VP of Product at Salla, highlighted the benefits of this collaboration: “By leveraging Adjust’s powerful analytics and attribution tools, our users will have access to deeper insights into customer behavior, allowing them to make data-driven decisions that enhance their marketing strategies and drive growth.”  

Adjust’s features, such as customer journey tracking, deep linking, and smart recommendations, complement Salla’s native mobile app maker to help merchants expand their mobile commerce capabilities. 

Further enhancing its ecosystem, Salla partnered with STC Bank, ֱ’s first licensed digital bank, to integrate it as a payment option across more than 80,000 online stores powered by Salla.  

This partnership offers merchants and their customers secure and convenient digital payment options directly through STC Bank accounts. By streamlining payment processes, the collaboration aims to boost digital payments and support the Kingdom’s broader digital transformation goals.  

“This integration is expected to contribute to a more seamless shopping experience for online customers while reinforcing Salla’s role as a leader in the Saudi e-commerce market,” STC Bank said in its announcement.


Oil Updates — Crude falls as Trump’s 50-day deadline for Russia eases supply fears

Oil Updates — Crude falls as Trump’s 50-day deadline for Russia eases supply fears
Updated 15 July 2025

Oil Updates — Crude falls as Trump’s 50-day deadline for Russia eases supply fears

Oil Updates — Crude falls as Trump’s 50-day deadline for Russia eases supply fears

LONDON : Oil prices fell on Tuesday after US President Donald Trump’s lengthy 50-day deadline for Russia to end the Ukraine war and avoid sanctions eased immediate supply concerns.

Brent crude futures fell 12 cents, or 0.2 percent, to $69.09 a barrel by 09:10 a.m. Saudi time, while US West Texas Intermediate crude futures fell 16 cents, also 0.2 percent, to $66.82. Both contracts settled more than $1 lower in the previous session.

“Trump’s milder stance on sanctions over Russian oil eased fears of a supply crunch while his tariff plan continues to mount economic pressures,” said Priyanka Sachdeva, senior market analyst at Phillip Nova.

Oil prices had climbed on the potential sanctions, but later gave up their gains as the 50-day deadline raised hopes that sanctions could be avoided, and traders dwelled on whether the US would actually impose steep tariffs on countries continuing to trade with Russia.

If Trump does follow through and the proposed sanctions are implemented, “it would drastically change the outlook for the oil market,” analysts at ING said in a note on Tuesday.

“China, India and Turkiye are the largest buyers of Russian crude oil. They would need to weigh the benefits of buying discounted Russian crude oil against the cost of their exports to the US,” the ING note said.

Trump announced new weapons for Ukraine on Monday, and had said on Saturday he would impose a 30 percent tariff on most imports from the European Union and Mexico from August 1, adding to similar warnings for other countries.

Tariffs risk slowing down economic growth, which could sap global fuel demand and drag oil prices lower.

China’s economy slowed in the second quarter, data showed on Tuesday, with markets bracing for a weaker second half as exports lose momentum, prices continue to fall, and consumer confidence remains low.

Tony Sycamore, an analyst at IG, said economic growth in China came in above consensus, largely due to strong fiscal support and the front-loading of production and exports for the US to beat tariffs.

“Economic data released today was concerning. Today’s tepid Chinese data has direct implications for commodities including iron ore and crude oil,” he said.

Elsewhere, oil demand is set to stay “very strong” through the third quarter, keeping the market balanced in the near term, the Organization of Petroleum Exporting Countries’ secretary general said, according to a Russian media report. 


Closing Bell: Saudi main index closes in red at 11,213 

Closing Bell: Saudi main index closes in red at 11,213 
Updated 14 July 2025

Closing Bell: Saudi main index closes in red at 11,213 

Closing Bell: Saudi main index closes in red at 11,213 

RIYADH: ֱ’s Tadawul All Share Index closed lower on Monday, falling 39.31 points, or 0.35 percent, to end the day at 11,213.59.

The total trading turnover on the benchmark index reached SR4.54 billion ($1.21 billion), with 60 stocks advancing and 190 declining.  

The MSCI Tadawul 30 Index also retreated, shedding 5.46 points, or 0.38 percent, to close at 1,436.97. 

The Kingdom’s parallel market Nomu declined by 80.73 points, or 0.29 percent, closing at 27,356.89. Of the listed stocks, 22 advanced while 56 retreated.  

The best-performing stock was Alistithmar AREIC Diversified REIT Fund, with its share price rising by 9.91 percent to SR9.43. 

Other top performers included Saudi Industrial Investment Group, which saw its share price rise by 4.56 percent to SR17.42, and Al Hassan Ghazi Ibrahim Shaker Co., which saw a 4.48 percent increase to SR29.40. 

On the downside, Emaar The Economic City posted the steepest drop of the day, falling 4.12 percent to SR13.73.  

Naseej International Trading Co. fell 4.03 percent to SR102.50, and MBC Group Co. dropped 3.79 percent to SR34.02. 

On the announcements front, Jarir Marketing Co. reported estimated net profits of SR197.2 million for the first half of 2025, marking a 15.2 percent increase from the same period last year. 

In a statement on Tadawul, the company attributed the estimated increase to a 4.5 percent rise in gross profit, driven by higher sales of after-sales services along with improved profit margins and an increase in other income. 

Jarir’s shares gained 1.27 percent, closing at SR12.79.

Advanced Petrochemical Co. also announced its estimated financial results for the same period. The firm’s net profits were estimated to reach SR82 million, up by 95.2 percent from the same period last year. 

The company said that the increase was driven by an 8 percent rise in net revenues, lower propane and purchased propylene prices. 

Advanced Petrochemical Co. also announced the completion of construction and successful operational launch of its Propane Dehydrogenation plant, capable of producing 843,000 tonnes of propylene annually, along with two PolyPropylene plants operated by Advanced Polyolefins Industry Co. with a combined capacity of 800,000 tonnes per year. 

The facilities, located in Jubail Industrial City, mark a significant milestone in the company’s expansion in the petrochemical sector, according to a statement. 

APOC, a joint venture between Advanced Global Investment Co. and SK Gas Petrochemical Pte., will begin contributing to Advanced Petrochemical Co.’s consolidated financial results starting in the third quarter of 2025. 

Advanced Petrochemical shares closed 0.32 percent higher at SR31.48. 


Italian firm Webuild secures $600m contract as Diriyah project gains pace

Italian firm Webuild secures $600m contract as Diriyah project gains pace
Updated 14 July 2025

Italian firm Webuild secures $600m contract as Diriyah project gains pace

Italian firm Webuild secures $600m contract as Diriyah project gains pace

JEDDAH: ֱ’s Diriyah Square project has awarded a $600 million contract to Italian construction firm Webuild, marking a major step forward for the Kingdom’s heritage-driven development.

The contract, awarded to a subsidiary of the Italian group — Salini ֱ — covers the construction of 70 buildings and public spaces within the mixed-use development, which forms part of the broader Diriyah master plan. 

With this latest award, Webuild’s total involvement in the sit, known as the City of Earth, now stands at roughly $2 billion, the company said in a statement. 

Diriyah Square is a central component of Diriyah Co.’s strategy to transform the historic district into a commercial, residential, and cultural hub. 

The project is one of five giga-projects backed by ֱ’s Public Investment Fund, aimed at reshaping the Kingdom’s economy and tourism offering under the Vision 2030 plan. 

Diriyah will contribute approximately SR70 billion ($18.6 billion) directly to the Kingdom’s gross domestic product, create nearly 180,000 jobs and will be home to an estimated 100,000 people. 

Diriyah Co.’s group CEO Jerry Inzerillo said: “Diriyah Square is one of our most exciting, anticipated and prestigious districts, and we are extremely pleased to have signed with Salini to deliver it, bringing their immense global experience to the table.”

He added that this marks another important milestone in their development journey, paving the way for Diriyah Square’s retail spaces to welcome a diverse range of visitors — from nearby residential communities and surrounding office hubs to the millions who visit each year.

The contract covers Package 3 Finishing and mechanical, electrical, and plumbing, delivering a pedestrian-friendly environment in traditional Najdi style across 365,000 sq. meters. Webuild is also working on the 10,500-space underground parking facility, awarded in 2022 and currently 55 percent complete, alongside structural packages 3, 6, and 7. 

According to Diriyah Co., the project aims to create a retail district showcasing 400 brands across retail, leisure, and dining.  

In a statement released by Webuild, CEO Pietro Salini said: “We are proud to be able to contribute to a project of such symbolic and strategic value for ֱ. Our presence in the Kingdom will be further strengthened by work that will have a positive impact on the area as well as the local community.” 

He added that the company has operated in ֱ since 1966 and has completed more than 90 projects.

“We continue to support the country to develop some of the most challenging infrastructure projects in the world, especially in sectors such as civil buildings, sustainable mobility, and desalination,” Salini said. 


BYD plans major Saudi expansion following Tesla’s market entry

BYD plans major Saudi expansion following Tesla’s market entry
Updated 14 July 2025

BYD plans major Saudi expansion following Tesla’s market entry

BYD plans major Saudi expansion following Tesla’s market entry

RIYADH: Chinese electric vehicle giant BYD Co. is aiming to triple its presence in ֱ after Tesla Inc.’s recent market entry, the firm’s managing director for the Kingdom has announced.

Currently operating three showrooms, BYD plans to expand to 10 locations by late 2026, according to Jerome Saigot. 

The expansion comes after Tesla entered the Saudi market in April with a Riyadh showroom, joining BYD and fellow Chinese firm Geely.

The development aligns with ֱ’s broader strategy to establish itself as a regional EV hub, targeting 30 percent EV adoption by 2030 as part of its Vision 2030 economic diversification plan.

“Saudi is a complex market. You need to go fast. You need to think big,” Saigot said in an interview with Bloomberg, adding: “We are not here to stay at 5 (thousand) or 10,000 cars a year.” 

ֱ’s Public Investment Fund has been aggressively investing in the EV sector, backing Lucid Motors, launching its brand, Ceer, and supporting charging infrastructure development. 

However, EVs still account for just over 1 percent of total car sales, as high costs, limited charging infrastructure, and extreme weather remain challenges, Bloomberg reported, citing data from PwC.

Saigot told Bloomberg that Tesla’s presence in the Kingdom was a positive development, helping to boost consumer awareness of EVs.

“The more Tesla communicates on marketing, the better it is for us,” said Saigot, who started at BYD in April after serving in previous roles at Nissan Motor Co. and Great Wall Motor Co.

BYD has been closing the gap with Tesla globally, outselling the US automaker in Europe for the first time in April. 

The Kingdom’s push toward electric mobility is gaining momentum, with Tesla’s recent market entry seen as a potential catalyst for faster adoption. Alessandro Tricamo, partner at Oliver Wyman, told Arab News in an interview earlier this month that nearly half of Saudis are now considering an EV purchase. 

“Tesla’s entry into the Saudi market is potentially a significant win-win situation,” he said, pointing to the brand’s appeal in a car-centric market and the company’s need to expand beyond declining Western sales. 

Also in an interview earlier this month, Taline Vahanian of Marsh UAE warned of risks for the sector, including battery degradation in extreme heat and costly insurance premiums, which could slow adoption.


Saudi PIF rises to 4th among sovereign wealth funds as assets surpass $1tn 

Saudi PIF rises to 4th among sovereign wealth funds as assets surpass $1tn 
Updated 14 July 2025

Saudi PIF rises to 4th among sovereign wealth funds as assets surpass $1tn 

Saudi PIF rises to 4th among sovereign wealth funds as assets surpass $1tn 

RIYADH: ֱ’s Public Investment Fund has rise one place to 4th globally among sovereign wealth bodies, with assets surpassing $1 trillion, according to Global SWF’s July rankings.

PIF now ranks behind only Norway’s Government Pension Fund Global and two Chinese entities — the State Administration of Foreign Exchange and the China Investment Corporation — and surpasses the Abu Dhabi Investment Authority and the Kuwait Investment Authority.

The new ranking underscores PIF’s growing influence in global capital markets. 

Crown Prince Mohammed bin Salman has mandated the fund to grow its assets to $2 trillion by 2030, while generating long-term returns and supporting economic diversification. 

PIF’s assets under management climbed to $1.15 trillion in 2024, up from approximately $925 billion the previous year. However, net profit declined during the period due to rising operational costs, interest expenses, and asset write-downs linked to project delays and revisions, according to Global SWF. 

In response, the fund has shifted its strategy and is now prioritizing liquidity through short-term sukuk and commercial paper, while focusing on scalable, revenue-generating assets over high-cost mega-projects. This repositioning also includes increased investments in AI infrastructure, ETF platforms, and co-investments with global asset managers. 

Underscoring its international ambitions, PIF has invested about $200 million in a prime Manhattan real estate project with Related Companies, Bloomberg reported in July.

The fund plans to acquire a two-thirds stake in the 625 Madison Avenue site, where a 1,200-foot tower is under consideration, just steps from Central Park. 

The move builds on PIF’s earlier ties with Related, including a 2020 debt investment, and reflects its appetite for high-profile, long-horizon real estate in strategic global cities. 

Internationally, the fund holds stakes in prominent companies such as Lucid Motors, Nintendo, Uber, and BlackRock, and remains active across sectors including technology, mobility, and renewable energy, as well as gaming and sports. 

According to Global SWF, PIF is moving away from a strategy centered on rapid capital deployment, toward a more disciplined approach focused on financial sustainability, cost control, and delivering measurable returns.