Oman’s GDP grows 0.6% in Q2 as non-oil sectors offset oil decline
Oman’s GDP grows 0.6% in Q2 as non-oil sectors offset oil decline /node/2617842/business-economy
Oman’s GDP grows 0.6% in Q2 as non-oil sectors offset oil decline
According to preliminary data released by the National Centre for Statistics and Information, this growth was largely driven by a 4 percent increase in non-oil activities, which rose to 7.05 billion rials from 6.78 billion a year earlier. Shutterstock
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Nour El-Shaeri
Oman’s GDP grows 0.6% in Q2 as non-oil sectors offset oil decline
Updated 12 sec ago
Nour El-Shaeri
RIYADH: Oman’s gross domestic product at current prices grew by 0.6 percent in the second quarter of 2025, reaching 10.17 billion Omani rials ($26.4 billion) compared to 10.10 billion rials during the same period in 2024.
According to preliminary data released by the National Centre for Statistics and Information, this growth was largely driven by a 4 percent increase in non-oil activities, which rose to 7.05 billion rials from 6.78 billion a year earlier.
At constant prices, Oman’s economy showed firmer underlying momentum. GDP at constant prices reached 9.4 billion rials, a 2.1 percent increase, with total non-petroleum activities up 4.1 percent year on year and petroleum activities edging higher by 0.5 percent.
The economic expansion was supported by robust performance in the services sector, which climbed 7 percent to 4.85 billion rials, and in agriculture and fisheries, which saw a 9.8 percent increase to 310.3 million rials.
This modest GDP growth aligns with the continued expansion of Oman’s Islamic finance sector. According to the Central Bank of Oman, total assets of Islamic banks and windows reached 9.1 billion rials by the end of July, accounting for 19.7 percent of the total banking sector assets and marking a 16.8 percent increase compared to the same period last year.
Financing provided by Islamic institutions rose by 12.5 percent to 7.2 billion rials, with deposits also growing by 16.1 percent to 7.2 billion rials, reflecting strong liquidity and lending activity in the sector.
In terms of the GDP performance, the decline in oil activities was offset by a significant surge in natural gas output, which recorded a 40.7 percent increase in added value, reaching 803.6 million rials in the second quarter of the year compared to 570.9 million rials in the same quarter of 2024.
Kuwait, Qatar non-oil economies expand as Egypt’s private sector contracts: S&P Global
Updated 5 sec ago
Nirmal Narayanan
RIYADH: The non-oil private sectors of Kuwait and Qatar continued to expand in September, though at a softer pace, while Egypt saw business conditions weaken amid a sharper fall in new orders, an economy tracker showed.
According to S&P Global’s latest Purchasing Managers’ Index survey, Kuwait’s PMI eased to 52.2 from 53 in August, and Qatar’s headline reading slipped to 51.5 from 51.9, both remaining comfortably above the neutral 50 mark that separates growth from contraction.
Egypt’s PMI, however, declined to 48.8 from 49.2, signaling a renewed deterioration in non-oil activity.
The steady momentum in Kuwait’s non-oil business activity mirrors the broader trend across the Gulf Cooperation Council, where economies are pushing to diversify and reduce reliance on oil revenues.
The report noted that Kuwait’s non-oil private sector remained in expansionary territory as the third quarter drew to a close, though growth showed signs of softening.
“Although there were further signs of a growth slowdown in Kuwait’s non-oil private sector in September, rates of expansion remained solid, so there is little cause for alarm at this stage,” said Andrew Harker, economics director at S&P Global Market Intelligence.
He added: “Indeed, firms remain confident that their pipeline of work will be sufficient to keep output rising over the coming year.”
Companies reporting higher orders attributed the growth to promotional efforts and competitive pricing strategies, while advertising helped secure new business.
Driven by cost considerations, firms increased staffing only marginally in September despite growing output requirements. As a result, outstanding business accumulated for the twelfth consecutive month, at the same pace as in August.
“Nevertheless, the slowdown in growth is unlikely to improve the hiring situation, with firms remaining reluctant to commit to material increases in employment despite a sustained build-up of outstanding business,” said Harker.
Looking ahead, non-oil firms in Kuwait expressed optimism supported by competitive pricing, new product development, and strong customer service.
Qatar maintains steady growth
Qatar’s non-energy sector posted a sustained improvement in business conditions in September, rounding off its strongest quarter of 2025 so far.
The country’s PMI edged down slightly to 51.5 from 51.9 in August, indicating moderate growth, according to S&P Global.
“Qatar’s non-energy private sector continued to report an overall improvement in business conditions in September. Moreover, the headline PMI trended at 51.6 over the third quarter as a whole, signalling a slightly stronger performance than 51.1 in the first quarter and 51.2 in the second quarter of 2025,” said Trevor Balchin, economics director at S&P Global Market Intelligence.
The rate of job creation among Qatari non-energy firms eased in September compared to August but remained among the strongest in the survey’s history, as companies continued hiring to meet workloads and boost capacity.
S&P Global added that output in Qatar’s non-energy private sector rose in September, marking the fourth expansion in the past six months.
“The overall improvement in business conditions was underpinned by growth of employment, output and inventories in September, while lower new orders and shorter suppliers’ delivery times weighed on the headline figure,” said Balchin.
Firms continued to raise wages strongly in September, with inflation remaining among the highest in the survey’s history.
Looking ahead, business confidence among non-oil firms was supported by expectations of growth in the real estate sector, increased demand from a rising expatriate population, marketing drives, and ongoing investment and development activity.
Egypt loses momentum
In Egypt, the PMI fell to a three-month low of 48.8 in September from 49.2 in August, as incoming new orders dropped at the fastest pace in five months.
S&P Global noted that while operating conditions in Egypt’s non-oil private sector continued to worsen, the overall downturn was modest, helped by easing input cost pressures.
“The latest survey data pointed to a further decline in operating conditions across Egypt’s non-oil economy; however, the downturn remained less steep than the survey trend and modest overall,” said David Owen, senior economist at S&P Global Market Intelligence.
He added: “Although companies are struggling to gain new work amid challenging market conditions as a whole, they can take some comfort from a softening of input cost pressures, driven by the pound’s strengthening against the US dollar over recent months.”
Survey panellists attributed the drop in sales and new orders to subdued economic conditions, higher prices, and rising wage pressures.
The reduction in sales coincided with stalled employment growth and weaker business confidence, with nearly all surveyed firms reporting no change in their workforce in September.
Prices charged by non-oil businesses rose for the fifth consecutive month, although the pace of inflation eased slightly from August.
“The pace of inflation was moderate but eased slightly from August. Price rises were mainly carried out in order to pass higher costs through to customers, according to respondents,” said S&P Global.
JEDDAH: ֱ has opened subscriptions for its October issuance of the government-backed “Sah” savings sukuk, offering investors an annual return of 4.83 percent, slightly lower than the 4.88 percent offered in September.
The subscription window runs from 10 a.m. on Oct. 5 to 3 p.m. on Oct. 7, according to the National Debt Management Center. Allocation is scheduled for Oct. 14, while redemption will take place between Oct. 19 and 21, with payments disbursed on Oct. 26.
The sukuk initiative is part of the 2025 issuance calendar managed by the Ministry of Finance’s National Debt Management Center and is designed to strengthen the domestic savings market and broaden financial inclusion.
Launched under the Financial Sector Development Program — a core element of Vision 2030 — Sah aims to raise the national savings rate to 10 percent by 2030, up from about 6 percent currently. The initiative reflects the Kingdom’s ongoing efforts to provide Shariah-compliant investment opportunities for individual investors.
With a minimum subscription of SR1,000 ($266) and a maximum of SR200,000 per individual, the offering forms part of the NDMC’s strategy to expand the domestic sukuk program, enhance financial inclusion, and diversify investment opportunities for the public.
The sukuk, denominated in Saudi riyals, carries a one-year maturity and offers fixed returns paid at redemption. Subscriptions are available exclusively to Saudi nationals aged 18 and above through approved investment platforms, including SNB Capital, Aljazira Capital, Alinma Investment, SAB Invest, and Al-Rajhi Capital.
In mid-September, the NDMC announced the completion of investor subscriptions for that month’s issuance, with a total allocation of SR8.036 billion.
According to a statement from the center at that time, the issuance was divided into five tranches: the first tranche amounted to SR1.240 billion maturing in 2027. The second tranche totaled SR1.053 billion with a maturity in 2029, while the third amounted to SR795 million and will mature in 2032.
The fourth tranche totaled SR1.271 billion and will mature in 2036, and the fifth tranche amounted to SR3.677 billion with maturity in 2039.
Unlike conventional bonds, the sukuk’s returns are structured to comply with Shariah principles. Designed as a secure, low-risk savings instrument, it carries no fees and offers easy redemption, with returns aligned to prevailing market benchmarks.
ֱ’s non-oil growth hits 6-month high as PMI climbs to 57.8
Updated 05 October 2025
Nirmal Narayanan
RIYADH: ֱ’s non-oil sector surged in September, with the Riyad Bank Purchasing Managers’ Index hitting 57.8 — the strongest reading since March, according to S&P Global.
The headline index, up from 56.4 in August, signaled the fastest improvement in private-sector conditions in six months as business activity and new work inflows accelerated.
Any PMI reading above 50.0 indicates expansion, while below 50 signals contraction.
ֱ’s PMI also outpaced regional peers in September, with the UAE and Kuwait recording 54.2 and 52.2, respectively. The robust performance underscores the Kingdom’s continued success in diversifying its economy away from hydrocarbons under its Vision 2030 blueprint.
Naif Al-Ghaith, chief economist at Riyad Bank, said: “Business conditions across ֱ’s non-oil private sector improved in September, with the Riyad Bank PMI rising to 57.8. The improvement marked the strongest performance since March, reflecting faster output growth and increased demand.”
He added: “New business inflows rose more sharply, supported by both domestic and export orders.”
Non-oil private firms, which participated in the survey, attributed the rise in new orders to successful advertising campaigns and stronger demand from the Gulf Cooperation Council region.
Strong market conditions, new customer acquisitions, and competitive pricing also played a crucial role in driving new order growth, which led to a rise in new work from international clients for the second consecutive month.
According to the report, around 27 percent of survey respondents reported expansion in business activity, compared to 1 percent who noted a decline.
The report further said that employment growth remained strong in September, driven by higher demand and the need to manage workloads efficiently.
“Employment continued to expand, with firms adding staff to manage higher workloads and strengthen sales teams. Although hiring growth eased slightly, the overall pace of recruitment remained historically strong and helped ease capacity pressures, leaving backlogs broadly stable,” said Al-Ghaith.
Regarding the future outlook, non-oil business firms showed greater optimism, due to expectations of higher demand, increased sales enquiries, successful marketing efforts and new client acquisitions.
The report added that input cost inflation remained stronger than the series trend, driven by rising wage pressures, suppliers passing on higher costs and inflation more broadly.
Selling charges also increased in September, but the rate of increase moderated to its lowest in four months, as some firms tempered prices in a bid to stay competitive.
“Overall, September’s survey highlights a resilient private sector that is navigating cost pressures while benefiting from firm demand and steady hiring. With input inflation easing and selling charges kept modest, the economy appears well-positioned as it enters the final quarter of 2025,” concluded Al-Ghaith.
The PMI survey data were collected from around 400 private sector companies across the manufacturing, construction, and wholesale sectors, as well as retail and services.
AlUla Development Co. reimagines resort’s cultural legacy
UDC emerging as a key force in shaping a new tourism model grounded in cultural preservation
Updated 04 October 2025
MOHAMMED AL-KINANI
JEDDAH: As ֱ accelerates efforts to diversify its economy beyond oil, AlUla Development Co. is emerging as a key force in shaping a new tourism model grounded in cultural preservation, sustainability, and community empowerment.
Launched in January 2023 as a wholly owned entity of the Public Investment Fund, UDC was established to lead the development and management of AlUla’s built environment in line with the Royal Commission for AlUla’s vision.
Its mandate includes master planning and delivering tourism, hospitality, residential, and commercial assets that celebrate the region’s heritage while supporting long-term economic growth.
Tasked with transforming AlUla into a world-class destination, UDC works closely with the RCU and private sector partners to implement strategic projects that balance development with cultural authenticity.
From strategy to execution
UDC’s progress on the ground is reflected in several completed projects, including Habitas AlUla, Banyan Tree AlUla, and Cloud7 Residence, as well as Caravan by Habitas and the iconic Maraya Concert Hall — all currently operational and enhancing the region’s tourism offering.
The company is also expanding its portfolio through strategic partnerships. Among them is a 250-key Autograph Collection hotel by Marriott, designed under the “NUMAJ” concept and aiming for LEED Gold certification.
Through adaptive reuse of heritage structures, construction of eco-luxury resorts, and establishment of vibrant commercial hubs, UDC is anchoring AlUla’s rise as both a national treasure and a global cultural tourism hub.
Among the company’s signature developments is the Dar Tantora hotel, which blends traditional mud-brick architecture with modern luxury — a hallmark of UDC’s commitment to authentic, site-sensitive design. The company is also overseeing several infrastructure projects aimed at improving accessibility, environmental sustainability, and service delivery across AlUla’s tourism zones.
Heritage-led tourism drives economic growth
Speaking to Arab News, Yaseen Ghulam, associate professor of economics and director of research at the Riyadh-based Al-Yamamah University, said: “AlUla Development Co.’s role in preserving heritage and promoting cultural tourism of AlUla is similar to Machu Picchu, Peru, the Great Barrier Reef, Australia, and Rome, Italy, each with their unique attractions, revenue generation, and economic impact, showcasing the importance of heritage preservation and cultural tourism in these regions.”
More specifically, he added, AlUla aims to become a prominent center for heritage, culture, and tourism and is in fact a key component of ֱ’s Vision 2030 strategy, aiming to diversify the local economy and establish the region as a global tourism hub by contributing $31.9 billion to the Kingdom’s gross domestic product by 2035.
The professor noted that AlUla has been included among the top five Saudi cities in the prestigious IMD World Smart City Index that measures the competitiveness of the city to attract tourists.
“As a result, AlUla is thriving in the Kingdom’s entertainment sector, which is expected to create 450,000 jobs and contribute 4.2 percent to the GDP by 2030.”
He added that in 2024 alone, AlUla hosted 85 projects, including films, TV series, commercials, and music videos, across various mediums. “The export potential of Podaxis pistillaris, a local plant valued for its ecological, nutritional, and cultural significance, is being explored.” Ghulam said.
“AlUla also has over 3,000 beehives managed by 28 beekeepers, producing over 12 tonnes of honey annually. The region’s citrus harvest has established it as a top agritourism destination and supports economic diversification.” he added.
Balancing growth with preservation
Despite these advancements, Ghulam noted that the rapid commercialization of heritage sites carries risks. “Tourism and heritage development can benefit the local economy but also has drawbacks like overcrowding and cleanliness issues. Rome in Italy is attracting a significant negative media attraction in this regard,” he explained.
To address this, the Kingdom and UDC are balancing preservation with economic benefits for long-term sustainability.
UDC is also leveraging advanced technologies to enrich visitor experiences while protecting heritage assets. “UDC and Kingdom are also promoting experiential tourism by integrating advanced technologies like artificial intelligence, virtual reality, and augmented reality,” Ghulam added. “AR experiences bring site history to life through smartphones or wearable smart glasses.”
More importantly, he added, strategic alignment between public and private sectors is helping UDC and Kingdom focus on diversifying tourism offerings, reducing seasonality, and developing workforce.
AlUla’s rising investor appeal
As a gateway to AlUla’s sustainable development, UDC offers local and international investors a rare opportunity to engage in heritage-driven tourism and support ֱ’s Vision 2030, with projects spanning hotels, villas, and penthouses, as well as modern low-rise apartments, offices, retail, warehouses, and supporting infrastructure.
Zahoor Ahmed, vice president at MIE Group and global foreign direct investment and mega-project development expert, told Arab News that AlUla is attractive primarily because it offers something genuinely unique within this region and the heritage experiences that cannot be replicated elsewhere.
Modern technologies like AI can help preserve heritage sites. These efforts ensure AlUla stays relevant not just now, but for decades to come.
Zahoor Ahmed, vice president at MIE Group
“We are talking about sites like Hegra, which is ֱ’s first UNESCO World Heritage Site. Investors are seeking long term authenticity that will fuel global cultural demand. Tourists today seek experiences deeply rooted in history and culture, and AlUla provides exactly that.” Ahmed added.
The project development expert also pointed to the institutional support backing AlUla’s growth. “There is significant government backing. Just recently, at the Future Investment Initiative, the Royal Commission for AlUla presented plans outlining billions of dollars of public-private investment opportunities. This kind of clarity and scale give investors’ confidence.” he said.
He added that there is also strategic collaboration with international partners, such as the UK National Archives, further boosting AlUla’s global credibility and appeal.
AlUla’s inclusion in the IMD Smart Cities Index, he added, highlights how heritage and technology are working hand in hand. “Modern technologies like AI can help preserve heritage sites. These efforts ensure AlUla stays relevant not just now, but for decades to come,” he said.
Community, culture, and careful design
As UDC accelerates infrastructure development in AlUla, it remains committed to ensuring that growth does not come at the expense of heritage and identity — a key concern for investors and cultural experts alike.
“Maintaining authenticity as the Kingdom’s infrastructure grows requires thoughtful balance and inclusion,” Ahmed noted, adding: “The single most important factor, in my opinion, is community and cultural involvement that attracts a wider global tourism base.”
He cited community initiatives as a success story: “The Royal Commission for AlUla has actively involved local communities by training hundreds of local youths to become heritage guides and hospitality specialists. This ensures that AlUla’s cultural narratives are genuinely expressed by the community itself.”
Ahmed also emphasized the importance of sensitive infrastructure development, citing Dar Tantora hotel as “exactly the type of respectful development that maintains AlUla’s authentic feel.”
He underlined the necessity of regulation and oversight, emphasizing that clear regulations by the RCU are guiding development to ensure that modern infrastructure respects archaeological integrity. “By consistently reinforcing this careful balance, AlUla can expand without compromising the very essence of its heritage.” Ahmed said.
A model for economic diversification
Looking ahead, Ghulam believes AlUla offers a viable model for the Kingdom’s broader goals.
“The Royal Commission for AlUla is enhancing AlUla’s economic, investment, and tourist potential through comprehensive regeneration, integrated partnerships, and inclusive sustainable development,” he said.
Under the AlUla Sustainability Charter, he added, the RCU is focusing on revitalizing the built environment, empowering communities, and promoting light-touch tourism.
“It has established partnerships with organizations in France, China, Italy, the UK, and the US, thus expanding its global network. More importantly, AlUla has been named the Best Cultural Tourism Project in the Middle East.” he said.
As for future policies, Ghulam said governments can play a pivotal role in advancing sustainability by implementing policies and incentives — such as carbon pricing, green bonds, ecosystem service payments, and regulatory frameworks — that encourage private sector participation in conservation efforts and align economic growth with environmental priorities.
Gulf SMEs fuel million-dollar bets, fintech deals heat up
New deals underscore growing capital flows and innovation momentum
Updated 04 October 2025
Nour El-Shaeri
RIYADH: Startups and investors across the Middle East and North Africa announced a wave of new deals this week, spanning artificial intelligence, fintech, property tech, agricultural tech and venture funding, underscoring growing capital flows and innovation momentum.
ֱ-based Sukna Capital has partnered with Partners for Growth to launch a $50 million specialty lending initiative for high-growth tech companies and SMEs across ֱ and the wider MENA region.
The Sukna SFDF, the Kingdom’s first open-ended direct lending fund, will offer Shariah-compliant non-dilutive financing including working capital lines, term loans and contract financing.
The fund aims to help founders preserve equity while scaling, supporting Vision 2030 by expanding institutional-quality credit access.
Wa’ed Ventures portfolio company Rebellions secures $250m funding
South Korea’s Rebellions has raised $250 million in a series C round at a $1.4 billion valuation.
The round was backed by Arm, Samsung Ventures, Pegatron VC, and Korea Development Bank, as well as Korelya Capital and Lion X Ventures.
Founded in 2024 by Ali Mohsen and Mohamed Al-Khabbaz, DOO provides AI-powered customer support tailored to regional languages. (Supplied)
The deal builds on earlier investment from ֱ’s Wa’ed Ventures, which led a $15 million series B extension in July 2024, marking its first investment in MENA.
Rebellions has since established a Saudi subsidiary in Riyadh and deployed its first-generation AI chips in the Kingdom, alongside Japan and the US.
Sadq raises $1m pre-series A extension
ֱ-based Sadq has closed a $1 million pre-series A extension led by Impact46. Founded in 2022 by Abdullah Allahuo and Salem Al-Badawi, Sadq offers a digital signature and document authentication platform designed to comply with Saudi legal standards.
The funding will support product development, security enhancements and market expansion.
Last April, the company raised $1.5 million in a pre-series A round led by X by Unifonic Fund.
Tadawulcom Real Estate secures $400k seed round
ֱ-based Tadawulcom Real Estate has raised $400,000 in a seed round led by an angel investor.
The proptech Software-as-a-Service platform enables brokers, companies and individual users to build custom websites, manage listings, contracts and payments, and integrate with government and commercial systems.
The new capital will support the rollout of analytics tools, interactive mapping features and expansion in ֱ and the broader regional proptech market.
DOO raises $1.7m to expand AI-powered customer support platform
ֱ-headquartered DOO has raised $1.7 million in a round led by Merak Capital, with participation from Plus VC and other strategic investors.
Founded in 2024 by Ali Mohsen and Mohamed Al-Khabbaz, DOO provides AI-powered customer support tailored to regional languages across WhatsApp, Instagram, websites and apps.
The platform already serves over 50 enterprises across telecom, airlines, banking and e-commerce.
The new funds will accelerate product development, enhance integrations with customer relationship management systems and support expansion across ֱ and the GCC.
Epic Padel raises $10m seed round to expand US operations
US-based Epic Padel has closed an oversubscribed $10 million seed round led by NowaisWorld and Stryde Ventures, with participation from 305 Ventures, High Water Venture Partners, and Lane Holdings, as well as Off Court Ventures, Silverback Capital and several professional athletes.
Founded in 2023 by Maryam Al-Muslehi and Hala Sarkis, Epic Padel is building a vertically integrated platform combining club operations, investments and tech infrastructure.
The capital will fund the launch of four to six new clubs across the US, including Virginia and Utah.
BECO Capital closes $370m across new early and growth funds
UAE-based BECO Capital has secured $370 million across two new funds, comprising the $120 million BECO Fund IV for early-stage investments and a $250 million growth fund for scale-ups from series B to pre-IPO.
Founded in 2012, BECO has backed companies including Careem, Property Finder and Kitopi.
The new vehicles expand BECO’s assets under management to more than $820 million, positioning the firm to bridge the region’s growth-stage capital gap and provide long-term support from pre-seed through IPO.
Sabika raises six-figure funding to expand Shariah-compliant gold platform
Egypt-based Sabika, a digital investment platform for gold and silver, has raised a six-figure US dollar investment led by M-Empire Angels.
Founded in 2022 by Ibrahim Anwar and Mohammed Darwish, the platform offers Shariah-compliant, asset-backed investment options designed to provide secure and transparent wealth protection.
The new funding will support product enhancements, AI-driven features and Sabika’s expansion into ֱ in 2025.
Founded in 2022 by Ibrahim Anwar and Mohammed Darwish, Sabika offers Shariah-compliant, asset-backed investment options. (Supplied)
Careem takes minority stake in car rental platform Swapp
Careem has acquired a minority stake in UAE-based Swapp, a digital car rental and subscription platform.
Swapp has been integrated into the Careem Everything App since 2022 as Careem Car Rental, offering users online registration and car delivery within 24 hours.
The investment will support the rollout of new features including instant KYC, one-hour delivery, real-time tracking and lease-to-own options. Swapp plans to expand its regional footprint and launch multi-month rental packages.
Aydi raises $7.5m seed round for AI-powered agri tech platform
UAE-based agri tech startup Aydi has raised $7.5 million in a seed round from COTU Ventures, Daltex and Nuwa Capital, with participation from Magrabi Agriculture and Foundation Ventures.
Founded in 2022 by Hassan Fayed, Aydi provides a field operating system combining satellite monitoring, predictive analytics and conversational AI.
Its AI-powered agronomy assistant, Orth, helps farmers detect crop issues early and improve yields by more than 20 percent. The funds will support the global rollout of Orth.
Iliad Partners secures second closing of $50m venture fund
UAE-based venture capital firm Iliad Partners has announced the second closing of its $50 million fund.
The round saw Eurobank, National Bank of Greece and Piraeus Bank join as limited partners, marking their first VC commitments in MENA.
The new capital nearly doubles Iliad’s assets under management, with plans to accelerate early-stage investments in ֱ and the UAE.
Tokinvest raises $3.2m pre-seed to expand tokenization platform
UAE-based Tokinvest, a regulated marketplace for real-world asset tokenization, has raised $3.2 million in a pre-seed round backed by Triliv Holdings, Exponential Science and other investors.
Founded in 2024 by Scott Thiel and Matthew Blom, Tokinvest offers tokens representing rights to assets, issued under Dubai’s Virtual Assets Regulatory Authority framework.
The company holds the first multi-asset issuance license from VARA. The capital will fund growth, regulatory expansion and new asset-class onboarding.
Climaty AI raises $2m to scale AI-powered marketing tech platform
India-founded and UAE-based Climaty AI has raised $2 million in early-stage funding led by Turbostart, with participation from angel investors.
Founded in 2024 by Neel Pandya, the company is developing an agentic AI-powered marketing ecosystem that automates campaign planning, content creation and measurement while reducing the carbon footprint of digital advertising.
The fresh capital will support expansion across APAC, EMEA, the UK and North America.
UPFRONT secures $10m pre-seed to address SMB cash flow gap
UAE-based fintech UPFRONT has raised $10 million in pre-seed funding, a mix of equity and debt, co-led by Palm Ventures and SABAH.fund.
Founded in May by Anas Qudah, Abdullah Al-Ghadouni and Mahmoud Abdel-Fattah, the startup is building a financial operating system for SMBs integrating accounting software, real-time analytics and payment automation.
With operations in the UAE and expansion plans for ֱ, the funding will support product development and scaling to address the region’s $250 billion SMB funding gap.
Monsha’at to host Biban Forum 2025 in Riyadh
ֱ’s Small and Medium Enterprises General Authority will host Biban Forum 2025 from Nov. 5 to 8 at Riyadh Front Exhibition and Conference Center.
The event, themed “Global Destination for Opportunities,” is expected to attract more than 140,000 visitors from over 150 countries.
The four-day program will feature workshops, panel discussions, exhibitions and deal signings to support the SME and startup ecosystem.
