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MENA startups heat up with fresh capital across fintech, AI, and gaming

MENA startups heat up with fresh capital across fintech, AI, and gaming
Khalid Ashmawy Founder of Munify. (Photo by Nour El-Shaeri)
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Updated 13 sec ago
Nour El-Shaeri

MENA startups heat up with fresh capital across fintech, AI, and gaming

MENA startups heat up with fresh capital across fintech, AI, and gaming
  • Intella, a Saudi-headquartered AI startup originally founded in Egypt, has raised $12.5 million in a Series A round led by Prosus
  • Co-founded in 2021 by Nour Al-Taher and Omar Mansour, Intella develops AI models tailored to Arabic dialects
Updated 13 sec ago
Nour El-Shaeri

RIYADH: Startups across the Middle East and North Africa are raising fresh funding to scale operations, enter new markets, and develop innovative products, signaling strong investor interest in sectors including fintech, AI, gaming, e-commerce, and proptech.
Intella, a Saudi-headquartered AI startup originally founded in Egypt, has raised $12.5 million in a Series A round led by Prosus, with participation from 500 Global, Wa’ed Ventures, Hala Ventures, Idrisi Ventures, and HearstLab.
The latest round brings Intella’s total funding to $16.9 million.
Co-founded in 2021 by Nour Al-Taher and Omar Mansour, Intella develops AI models tailored to Arabic dialects, offering transcription, analytics, and customer engagement tools.
The funding will support both regional expansion and product development.
“From day one, our vision has been to bridge the gap between global AI advancements and the Arabic-speaking world,” said Al-Taher.
“This funding from Prosus, a powerhouse investor with deep operational expertise, is a testament to the technology we’ve built and the market leadership we’ve established.”
Sheba Joy gets $293k pre-seed
ֱ-based mobile gaming studio Sheba Joy has secured $293,000 in pre-seed funding, led by Merak Capital. Founded in 2021 by Ebrahim Al-Hussam and Faisal Aidaros, the company recently moved its headquarters from Dubai to Riyadh, while maintaining offices in Dubai and a creative hub in India.
The studio has already published two titles and plans to launch four additional games in 2025.
The new capital will support production scale-up, hiring, and development of games that align with ֱ’s Vision 2030.
“With Merak Capital’s support, we are scaling our operations in Riyadh to deliver world-class titles that can compete internationally and contribute to ֱ’s vision of becoming a global gaming powerhouse,” said Al-Hussam, CEO of Sheba Joy.
Seraya secures $1.8m seed
UAE-based proptech startup Seraya has raised $1.8 million in seed funding through a mix of equity and debt, bringing its total funding to $2.15 million.
The round was led by a Saudi family office and Germany’s DLL.
Founded in 2024 by Pepijn Haima and Ibrahim Shami, Seraya offers design-focused, fully serviced apartments targeting the premium wellness travel segment.
The startup plans to expand its portfolio to 50 units by the end of 2025. “We’re building something intentional,” said Haima.
“Seraya is designed for the modern traveler, people seeking calm, comfort, and care while on the move. Our model gives us total control, from the materials we use to the experience we deliver,” Haima added.
“That’s how we’ve scaled profitably, and how we’ll build a global brand for premium serviced accommodation.”
Munify raises $3m
Egypt-based fintech Munify has raised a $3 million seed round led by Y Combinator, with participation from BYLD and Digital Currency Group.
The company, founded in 2024 by Khalid Ashmawy, provides low-cost money transfers to Egypt, along with services such as US bank account opening, debit card issuance, and foreign exchange hedging.
The funding will accelerate product development, compliance infrastructure, and expansion into new markets.
“Remittance flows are one of the most critical financial lifelines for Egypt, yet millions still face costly, slow, and fragmented services,” said Ashmawy.
“We’re building the infrastructure to make global banking and payments radically more accessible for Egyptians, wherever they live.”
WheelsOn secures funds
UAE-based car rental startup WheelsOn has raised $12.5 million in a mix of equity and debt funding.
The round includes $2.2 million in equity from MENA-focused private investors, $6.5 million for fleet expansion, and $4 million in bank financing.
Founded in 2023 by Nikolay Melnichuk, Adlet Shagirov, and Maxim Olivson, WheelsOn operates a fully digital, deposit-free car rental platform.
The company plans to invest in fleet growth, AI-powered features such as dynamic pricing and personalized recommendations, and contactless rental technologies.
“Our mission is to rethink car rentals by offering full transparency, digital convenience, and a product that puts users in control,” said Olivson, chief product officer.
Addvocate.AI wins 216 Capital backing
Tunisia- and France-based Addvocate.AI has secured a strategic investment from VC firm 216 Capital to scale its AI-driven sales performance platform.
Founded in 2024 by Ridha Mami and Sofyan Chekir, the company offers a “Sales Performance OS” that acts as a digital copilot for sales teams, enhancing productivity with AI-native tools, behavioral nudges, and data insights.
Addvocate.AI aims to address pipeline stagnation, which affects up to half of sales opportunities globally.
With this investment, the company will accelerate product development and pursue international expansion.
“With the support of 216 Capital, we are equipped to stay ahead, breaking through the limits of traditional CRM and delivering a solution built for impact, not for data entry,” said Mami.
Justyol secures $1m
Morocco-based fashion e-commerce platform Justyol has secured a $1 million funding package comprising $400,000 in equity from an angel investor and $600,000 in inventory financing from Turkish firm Danis Group.
Founded in 2022 by Ahmed Badran, Ahmed Rashed, and Anas Ahmed, Justyol connects Turkish fashion brands to MENA markets.
The new capital will support expansion in Morocco, deepen market presence, and prepare for a future series A round.

Basata plans $7m regional expansion
Egypt’s Basata Holding for Financial Payments has announced plans to invest $7 million in 2026 to strengthen its market position and drive regional growth.
The company is currently evaluating acquisition targets, with decisions expected before year-end.
Basata is also preparing to launch new investment services in collaboration with affiliated entities, subject to regulatory approvals.
Through its stake in Jordan’s Madfoatcom, the firm aims to enter ֱ before year end, with further expansion plans into Morocco and Kurdistan.
Formed through the 2009 merger of Masary and Bee, Basata, formerly Ebtikar, specializes in e-payment solutions, including bill payments, mobile money, and supply chain services.
QIA joins Anthropic’s $13bn Series F
Qatar Investment Authority has joined Anthropic’s $13 billion series F funding round, alongside prominent investors including ICONIQ, Fidelity, and Lightspeed Venture Partners.
The funding will support Anthropic’s enterprise-scale capabilities, expand international operations, and accelerate its research into AI safety.
Founded in 2021, Anthropic is the developer of Claude, a family of AI models designed to prioritize reliability, interpretability, and steerability.
The company’s stated mission is to build safe and aligned AI systems for large-scale commercial and institutional use.

Topics: startups AI Munify Khalid Ashmawy Intella

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Tadawul defies global IPO slump as Saudi listings thrive

Tadawul defies global IPO slump as Saudi listings thrive
Updated 05 September 2025
Nadin Hassan

Tadawul defies global IPO slump as Saudi listings thrive

Tadawul defies global IPO slump as Saudi listings thrive
  • While traditional financial centers struggle, the Kingdom continues to attract listings, underscoring a potential shift in how and where global capital is deployed
Updated 05 September 2025
Nadin Hassan

RIYADH: The Saudi Exchange is proving resilient amid a global initial public offerings downturn, highlighting the strength and dynamism of its diverse issuer base. 

While traditional financial centers struggle, the Kingdom continues to attract listings, underscoring a potential shift in how and where global capital is deployed.

Across the US, Europe, and much of Asia, 2025 has seen subdued IPO activity, affected by volatile macroeconomic indicators, persistent inflation, and shifting investor sentiment. Could ֱ’s divergence signal a broader reshaping of investor priorities and market leadership?

Equity markets showed early signs of recovery in the first quarter, but geopolitical tensions and tariff shocks in April disrupted momentum, prompting issuers to delay offerings and adopt a cautious stance, according to Haitham Aljabry, capital markets consulting partner at PwC Middle East.

In contrast, the Saudi Exchange is charting its own path. As of August 2025, 33 new listings have been completed across its main market, Nomu – parallel market, and sukuk and bonds market, bringing the total number of listed securities to more than 460.

“The Saudi Exchange’s resilience amid the global IPO slowdown underscores the strength and dynamism of our diverse issuer base,” Nasser Alajaji, chief of listing at the Saudi Exchange, told Arab News.

Alajaji added: “Recent listings from new sectors such as aviation and e-commerce have further deepened market breadth and enhanced its appeal.” 

Caption

He highlighted the launch of the Kingdom’s first ESG-focused exchange-traded fund and two corporate sukuk as signs of ongoing innovation aligned with the Financial Sector Development Program under Vision 2030.

“Global IPO activity paused, as some companies chose to delay their IPO processes due to the level of uncertainty associated with the various tariff announcements,” Aljabry explained. “However, the gradual reopening of selective IPO markets is now underway, with sentiment largely tied to macroeconomic and geopolitical stability.”

Aljabry said ֱ’s sustained IPO performance reflects strong macroeconomic management, regulatory clarity, and ongoing reforms across sectors. The government’s commitment to economic diversification through megaprojects such as Neom and the Red Sea is bolstering investor confidence and stimulating activity across industries. Capital inflows have also remained consistent in 2025, supported by a stable riyal-dollar peg and ֱ’s status as a regional safe haven amid wider geopolitical instability.

Structural advantages boosting Tadawul’s appeal
Tadawul offers structural advantages that distinguish it from global peers.

“Tadawul is the largest stock exchange in the MENA region by market capitalization. Its high free-float requirement ensures liquidity, and Tadawul’s inclusion and weighting in MSCI EM and FTSE indices boosts demand from passive global funds,” Ibrahim Soumrany, partner at Gibson Dunn in Riyadh, noted.

Soumrany also cited strong valuation premiums, robust institutional demand, and consistent oversubscription levels in retail tranches, with new listings often leaving individual investors with as few as ten shares. Additional drivers include state asset privatizations, Public Investment Fund divestments, and IPOs by large family conglomerates seeking succession planning and liquidity.

“The level of capital inflow into the Saudi market since the beginning of the year suggests that investors, both local and international, continue to view the Kingdom as a stable and growth-oriented investment destination, even as global capital markets remain cautious,” Aljabry said.

Regulatory momentum
Saudi capital markets benefit from a deepening institutional investor base and growing digital engagement, particularly among younger retail investors accessing equities via trading apps.

“The Saudi capital market continues to play a pivotal role in driving economic diversification and attracting global capital,” Alajaji said. “We continue to observe steady IPO activity across all our platforms… Investor demand remains robust, supported by a favorable regulatory environment and active participation from both institutional and retail investors.”

According to Aljabry, IPOs in ֱ during 2025 have predominantly involved well-established or strategically significant companies aligned with Vision 2030, appealing to long-term investors. Despite fluctuations in crude oil prices, the Kingdom has attracted significant capital inflows, reflecting confidence in its long-term growth strategy and stable economic management.

In terms of liquidity and market-making, Saudi capital markets stand out. Soumrany emphasized that market-making regulations support tighter bid-ask spreads and consistent trading activity, enhancing the investor experience and reducing market volatility.

Further contributing to market dynamism is the growing role of Qualified Foreign Investors. As of August, over 4,400 QFIs were registered with the Saudi Exchange, highlighting rising international institutional interest, Alajaji told Arab News.

The evolution of environmental, social and governance and sustainability-linked products is also adding new dimensions to the market. Alajaji noted that the introduction of new asset classes and sustainability-driven instruments reflects the exchange’s commitment to long-term innovation.

Retail investor enthusiasm remains a key pillar. Soumrany noted: “High oversubscription levels in retail tranches. Retail investors are unlikely to receive more than 10 shares due to high oversubscription levels.” 

Some IPOs have been so oversubscribed that retail investors received only a fraction of their applications, demonstrating grassroots engagement in Saudi capital markets.

Outlook
Looking ahead, Aljabry believes the momentum of Saudi IPOs is unlikely to slow. With a predictable pipeline shaped by PIF exits, state divestments, and family business listings, the exchange is well-positioned to maintain its upward trajectory.

The alignment between economic diversification objectives and capital market development ensures that listings will continue to be both strategic and impactful. Soumrany said this alignment results in IPOs that are not only financially attractive but integral to the broader national transformation.

Tadawul’s strength amid global weakness underscores its evolution into a leading regional financial hub. As global investors seek resilient, growth-oriented markets, ֱ is increasingly viewed as a compelling alternative to traditional financial centers. With robust infrastructure, regulatory foresight, and strategic positioning, the Kingdom is not just weathering the global IPO slump — it is defining a new benchmark for emerging-market exchanges.
 

Topics: Tadawul

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Saudi-Jordanian forum targets stronger private sector ties 

Saudi-Jordanian forum targets stronger private sector ties 
Updated 04 September 2025
Nadin Hassan

Saudi-Jordanian forum targets stronger private sector ties 

Saudi-Jordanian forum targets stronger private sector ties 
Updated 04 September 2025
Nadin Hassan

RIYADH: Private sector cooperation between ֱ and Jordan is set to strengthen as more than 250 business leaders and officials convened in Amman for a business forum. 

Organized by the Federation of Saudi Chambers and the Jordan Chamber of Commerce, the Saudi-Jordanian Business opened on Sept. 3 with the aim of developing a joint economic vision and unlocking new trade and investment opportunities, the Saudi Press Agency reported. 

The Saudi delegation, led by Federation Chairman Hassan Al-Huwaizi, included prominent business figures, investors, and officials from the ministries of economy and planning, industry and mineral resources, investment, and the General Authority for Foreign Trade. 

This comes as trade between the two countries continues to grow, with Jordanian exports to ֱ reaching 612 million Jordanian dinars ($863 million) in the first half of 2025, up from 513 million dinars a year earlier. Imports from the Kingdom also rose to 1.4 billion dinars, compared with 1.3 billion dinars in the same period of 2024. 

Al-Huwaizi highlighted that the forum’s role in stimulating economic initiatives and creating new investment opportunities in the region, noting that this year’s edition aims to mark a qualitative shift in relations between the Saudi and Jordanian private sectors, the SPA report stated. 

Jordanian Industry, Trade and Supply Minister Yarub Qudah said economic relations between the two countries should be translated into practical partnerships that serve mutual interests.  

He added that Jordan’s trade with ֱ is nearly on par with its trade with the US. 

Referring to Jordan’s free trade agreements with the EU, US and Canada, Qudah said joint efforts between Jordanian and Saudi businesses could maximize their benefits, the Jordan News Agency, Petra, reported.  

He also underscored the need to tap new regional and global markets, pointing to reconstruction in Syria as a key opportunity for direct cooperation. 

Jordanian Investment Minister Tareq Abughazaleh highlighted the importance of joint sectoral committees in easing business operations and stimulating capital flows.  

Jordan Chamber of Commerce Chairman Khalil Al-Haj Tawfiq praised ֱ’s support for Jordan’s economy, noting that Saudi investments in the kingdom have surpassed $15 billion. 

On the sidelines, the Saudi-Jordanian Joint Business Council held a meeting to explore ways to deepen trade ties.  

Jordan Industrial Estates Co. invited Saudi investors to benefit from incentives across nine industrial cities, which host 975 firms with investments exceeding 3.5 billion Jordanian dinars. The zones currently house 16 Saudi projects worth 133 million dinars. 

The forum also featured presentations from the Saudi side on investment opportunities under Vision 2030, covering entry procedures and institutional support for foreign investors.

Topics: ֱ Jordan forum Investment

Bahrain’s non-oil re-exports rise 3% in July, led by UAE

Bahrain’s non-oil re-exports rise 3% in July, led by UAE
Updated 04 September 2025
Reem Walid

Bahrain’s non-oil re-exports rise 3% in July, led by UAE

Bahrain’s non-oil re-exports rise 3% in July, led by UAE
Updated 04 September 2025
Reem Walid

RIYADH: Bahrain’s non-oil re-exports grew 3 percent year on year in July to 63 million Bahraini dinars ($166 million), driven by strong demand from the UAE, which accounted for 35 percent of the total.

ֱ followed with 21 percent, and Singapore with 13 percent, according to data from the Information and eGovernment Authority cited by the Bahrain News Agency.

Key re-exported items included four-wheel drive vehicles valued at 7 million dinars, gas turbine parts at 4.8 million dinars, and jet turbine engines at 4.5 million dinars.

Analysts note that Bahrain’s expanding logistics sector, along with its strategic location, continues to support growth in re-export activity.

While non-oil exports of national origin dipped slightly by 1 percent to 333 million dinars in July, the country’s trade outlook remains positive. ֱ led as the top destination for national exports at 24 percent, followed by the US at 12 percent and the UAE at 9 percent.

Raw aluminum alloys topped the list of national exports at 93 million dinars (28 percent), followed by agglomerated iron ores and concentrates at 44 million dinars (13 percent) and non-alloy aluminum wires at 19 million dinars (6 percent).

Imports grew 17 percent to 544 million dinars, led by China (13 percent), Brazil (10 percent), and Australia (9 percent). The most imported goods included non-agglomerated iron ores and concentrates, aluminum oxide, and aircraft engine parts.

Despite a trade deficit of 148 million dinars in July, up from 66 million a year earlier, Bahrain’s economy is set for growth.

The World Bank forecasts GDP growth of 3.5 percent in 2025, up from 3 percent in 2024, driven by completion of BAPCO refinery upgrades and stronger non-oil activity in infrastructure, logistics, fintech, and tourism under Economic Vision 2030. Growth is projected to average 2.9 percent in 2026-27, supported by continued non-oil expansion and the Sitra refinery upgrade.

Overall, Bahrain’s non-oil trade, particularly re-exports, continues to demonstrate resilience and diversification, reflecting the Kingdom’s strategic efforts to expand its economic base beyond hydrocarbons.

Topics: Bahrain GDP trade

Closing Bell: Saudi main market ends week in green 

Closing Bell: Saudi main market ends week in green 
Updated 04 September 2025
Nour El-Shaeri

Closing Bell: Saudi main market ends week in green 

Closing Bell: Saudi main market ends week in green 
Updated 04 September 2025
Nour El-Shaeri

RIYADH: ֱ’s Tadawul All Share Index closed Thursday’s trading session on a positive note, rising 36.51 points, or 0.34 percent, to 10,655.61. 
Trading turnover totaled SR3.24 billion ($864 million) with 153.19 million shares changing hands, as 123 stocks advanced and 117 declined. 
The MSCI Tadawul 30 Index also climbed, adding 6.24 points, or 0.45 percent, to 1,381.79.
In contrast, the parallel Nomu market edged down 113.44 points, or 0.44 percent, closing at 25,559.59, with 40 gainers and 48 losers. 
Leading the gains, Thimar Development Holding Co. rose 6.01 percent to SR45.50, while Saudi Fisheries Co. rose 4.21 percent to SR87.90. 
Al-Andalus Property Co., Cenomi Retail, and Saudi Enaya Cooperative Insurance Co. advanced 3.90 percent, 3.88 percent, and 2.86 percent, respectively. 
On the downside, Marketing Home Group for Trading Co. fell 5.66 percent to SR73.30, followed by Taiba Investments Co. down 4.37 percent and Alahli REIT 1 sliding 2.74 percent.
On the announcements front, Dr. Soliman Abdel Kader Fakeeh Hospital Co. secured two Islamic credit facilities totaling SR720 million to support operations and growth, including SR570 million with Saudi National Bank and SR150 million with Saudi Awwal Bank. Shares of Fakeeh Care closed slightly higher at SR39.86.
Ataa Educational Co. reported a 31 percent rise in net profit to SR82.8 million for the year ending July 31, 2025, up from SR63.4 million the previous year. 
Revenue grew 0.63 percent to SR640.7 million, while operational profit increased 6.57 percent to SR147.7 million, driven by higher student enrollment, increased non-recurring revenues, and a significant reduction in losses from discontinued operations. Shares of Ataa rose 1.46 percent to SR62.45.

Topics: Tadawul tais shares stock

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ֱ’s FDI inflows rise 24% to $31.72bn

ֱ’s FDI inflows rise 24% to $31.72bn
Updated 04 September 2025
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ֱ’s FDI inflows rise 24% to $31.72bn

ֱ’s FDI inflows rise 24% to $31.72bn
  • Manufacturing was biggest recipient, drawing SR35.12 billion
  • Wholesale and retail trade, including motor vehicle repair, attracted SR18 billion
Updated 04 September 2025
Nirmal Narayanan

RIYADH: Foreign direct investment inflows into ֱ rose 24 percent in 2024 to SR119 billion ($31.7 billion), even as global FDI slowed, official data showed. 

According to the General Authority for Statistics, manufacturing was the biggest recipient, drawing SR35.12 billion and accounting for 29 percent of total inflows. 

Under Vision 2030, the Kingdom aims to attract $100 billion in FDI annually by the end of the decade as part of efforts to diversify away from crude revenues. 

Commenting on the latest performance, Investment Minister Khalid Al-Falih said: “The results of foreign direct investment in the Kingdom for 2024 come against the backdrop of global economic challenges and a slowdown in the growth rates of global direct investment flows internationally, which reflects the Kingdom’s ability to face all economic challenges,” according to the Saudi Press Agency. 

In an X post, the Ministry of Investment said inflows in 2024 surpassed the National Investment Strategy’s annual target of SR109 billion. It added that ֱ has exceeded its FDI goals for four consecutive years, with annual targets set to climb from SR140 billion in 2025 to SR388 billion by 2030. 

Wholesale and retail trade, including motor vehicle repair, attracted SR18 billion, or 15 percent, followed by construction at SR17.51 billion, and financial and insurance activities at SR16.19 billion. Professional, scientific and technical activities accounted for SR9.81 billion. 

The information and communication sector received SR6.34 billion, while mining and quarrying drew SR5.15 billion. Transportation and storage attracted SR5.06 billion, followed by administrative and support services at SR1.58 billion, and accommodation and food services at SR1.10 billion. 

According to GASTAT, FDI outflows surged to SR39 billion in 2024 from SR10 billion a year earlier. Net inflows fell 6 percent to SR80 billion. The Kingdom’s FDI stock reached SR977 billion at year-end, up 9 percent from 2023. 

By stock volume, the UAE led with SR161 billion in 2024, followed by Luxembourg with SR101 billion, and France with SR69 billion. 

ֱ attracted SR18.38 billion in new inflows from the UAE, SR14.94 billion from Germany, and SR14.65 billion from the US. In terms of net inflows, the US ranked first with SR11 billion, followed by the UAE with SR9 billion. 

Topics: ֱ Foreign Direct Investment (FDI) Saudi FDIs General Authority for Statistics (GASTAT)

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