LEAP’s final day sees multiple deals, announcements  

 As many as 1,800 exhibitors, 170,000 attendees and 1,100 expert speakers, over 30 public sector entities attended the gathering in Riyadh. SPA
As many as 1,800 exhibitors, 170,000 attendees and 1,100 expert speakers, over 30 public sector entities attended the gathering in Riyadh. SPA
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Updated 12 March 2024
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LEAP’s final day sees multiple deals, announcements  

LEAP’s final day sees multiple deals, announcements  

RIYADH: After three days of significant announcements, the LEAP conference saw major deals signed in artificial intelligence and innovation localization during its concluding sessions.  

Inaugurating the final day of the event, Ahmed Al-Suwaiyan, governor of the Digital Government Authority, pointed out that the LEAP has surpassed its previous editions, with agreements worth more than $12 billion being inked. 

Among them, the Saudi Data and Artificial Intelligence Authority, or SDAIA, signed three memorandums of understanding, including one with Samsung Electronics Co., focusing on the localization of digital technologies and innovations. 

The collaboration will also potentially involve integrating Tawakkalna, the Saudi citizen’s digital companion system, into all Samsung devices in the Kingdom. Additionally, it encompasses providing training services and workshops on the latest technologies used in the field of mobile application development. 

The authority also signed an agreement with PwC Middle East, with the aim of conducting pioneering research and experiments on the latest AI tools and large language models specifically designed for the Arabic language.  

In an effort to establish an advanced virtual laboratory for AI and a center for Generative AI experiments, the agreement aims to leverage GenAi to enhance SDAIA’s operations and capabilities. This includes organizing ideation workshops and proposing use cases for adopting advanced GenAi tools. 

In another boost to localization, the authority’s final agreement was with tech giant Intel. The partnership aims to build national capabilities in AI by providing programs to equip university students with knowledge and skills needed to utilize AI in various professional fields.

Demonstrating Saudi Arabia’s leadership in AI, and to address the worldwide shortage of semiconductors, King Abdulaziz City for Science and Technology, known as KACST, signed two strategic partnerships on the sidelines of the event. 

The agreements seek to establish a center of excellence in AI technologies and develop the semiconductor industry in the Kingdom.

In the field of localization of emerging technologies, the body inked a deal with Sense Time Middle East and Africa to establish a joint center of excellence in both generative and general AI.

The center will implement research activities, develop generative and general AI projects and train human capabilities, as well as deploy market research and development products and design training programs.

Meanwhile, in order to serve the localization of the semiconductor industry – which has been gaining prominence with the launch of the Saudi Semiconductor Program – the body signed an agreement with CDT International. 

This partnership seeks to establish a joint vision and action plan to support achieving the goals of the SSP, enhancing the Kingdom’s capabilities in the field of microchip manufacturing, and qualifying human cadres.

Also, following Saudi Arabia’s focus on localization, global telecommunications giant Huawei signed an MoU with King Khalid University to develop digital skills in the Kingdom.

The agreement, relying on the programs of the Huawei ICT Academy, aims to provide the university with the latest technologies to contribute to developing students and enhancing their abilities.

This comes as a testament to the important role that technical skills play in achieving digital transformation, which is one of the main components of Saudi’s Vision 2030.

Continuing the streak of major global players utilizing the LEAP platform, Hewlett Packard Enterprise also announced the introduction of HPE “Saudi-made” servers, following the opening of its new production facility in Riyadh.

HPE, in cooperation with Al Fanar, will produce thousands of servers annually from the HPE ProLiant computing portfolio, with the participation of the Ministry of Communications and Information Technology, the Ministry of Investment, and the Saudi Export Development Authority.

This comes as part the growing demand to produce technology that provides security and reliability.

On this occasion, Haytham Al-Ohali, the vice minister of communications and information technology, noted that this cooperative effort is an important step in highlighting the role of Saudi Arabia as a global leader in the field of technology manufacturing and a catalyst for the digital economy in the Kingdom.

Also on the sidelines of LEAP, TAWAL, one of Saudi Arabia’s leading providers of ICT infrastructure, signed an agreement to rent spaces in the holy sites for the construction and operation of telecommunications towers with Kidana Development Co.

The agreement includes renting 340 zones in the holy sites in order to provide advanced solutions to telecommunications service providers and enable them to accelerate the spread of technologies.

It takes into account aspects of visual identity, sustainability and raising digital performance.

This includes the enablement of future projects, such as the 5G network and the Internet of Things to further support the digital transformation program of the Kingdom’s Vision 2030.

In addition, it aims to enable communications service providers, government and private entities to develop communications networks, by providing a reliable, cost-effective digital infrastructure and operational efficiency.


Startup Wrap — MENA startups raise $2.3bn in 2024 as deal volume grows

Startup Wrap — MENA startups raise $2.3bn in 2024 as deal volume grows
Updated 31 January 2025
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Startup Wrap — MENA startups raise $2.3bn in 2024 as deal volume grows

Startup Wrap — MENA startups raise $2.3bn in 2024 as deal volume grows

RIYADH: Startup funding deals across the Middle East and North Africa saw an annual increase of 3.5 percent in 2024, with 610 agreements recorded across the region.

According to a report from Wamada, fintech remained the dominant sector, attracting 30 percent of total funding, or $700 million. 

Software-as-a-service saw strong traction in Saudi Arabia, while Web 3.0 saw $256.8 million and e-commerce also gained momentum with $253 million in funding. 

Despite the strong showing in these sectors, the overall funding value across the startup ecosystem of $2.3 billion represented a 42 percent year-on-year drop.

When excluding debt financing, the decline stood at just 11 percent.

The UAE led with $1.1 billion raised across 207 deals, followed by Saudi Arabia at $700 million from 186 deals, and Egypt securing $334 million across 84 deals. 

Oman ranked fourth with $41.5 million, while Morocco and Tunisia led in North Africa, raising $20.8 million and $13.1 million, respectively. Emerging ecosystems in Jordan, Qatar, and Lebanon also showed modest growth. 

Early-stage startups accounted for over $1.2 billion in investments, while later-stage and pre-IPO rounds saw limited activity. Female-founded startups raised $27.6 million, or 1.2 percent of total funding, with mixed-gender founding teams securing $192 million. 

Ebana secures $2.66m to expand fintech solutions 

Saudi-based fintech startup Ebana has raised $2.66 million in a pre-series A round led by Esnad Legal Consulting and Business Governance. 

Founded in 2020 by Ali Al-Shareef, Ebana provides digital services and technical infrastructure for corporate governance affairs. 

The newly raised capital will be used to enhance Ebana’s investor relations tools, expand its fintech solutions, and strengthen its services for both public and private enterprises. 

Nabeeh secures investment from Ibtikar Fund to grow user base 

Saudi-based e-services platform Nabeeh has raised an undisclosed investment from Ibtikar Fund. 

Originally founded in Palestine in 2021 by Saber Samara and Fawaz Samara, Nabeeh provides an online platform for booking housekeeping, maintenance, and renovation services. 

“Property owners and businesses often struggle with unreliable maintenance and cleaning providers and a lack of transparency. Nabeeh bridges this gap by offering seamless, tech-enabled solutions that prioritize quality, speed, and trust,” Samara said. 

With this funding, Nabeeh plans to double its user base, expand its business-to-business portfolio, and introduce new platform features. 

Silkhaus raises growth funding to expand into Saudi Arabia 

Silkhaus leadership team — left to right: Ankit Shah, co-founder and chief financial officer, Sabine El Najjar, KSA managing director and vice president commercial, Aahan Bhojani, CEO and co-founder, and Peter May, vice president.

UAE-based proptech startup Silkhaus has closed a seven-figure growth funding round led by Nuwa Capital and Oraseya Capital, with participation from Impulse International, Yuj Ventures, Nordstar, and other investors. 

Founded in 2021 by Aahan Bhojani, Silkhaus operates a marketplace for short-term rentals across the UAE. 

The new funding will support its expansion into Saudi Arabia, where it is now open for bookings. This follows a multi-million-dollar pre-Series A round secured last year by Partners for Growth. 

“With the support of our investors and team, we are excited to scale our operations in the UAE and Saudi Arabia, offering innovative solutions to property owners and premium experiences to guests. The short-term rental economy of the GCC (Gulf Cooperation Council) is experiencing a significant growth surge, and we are proud to be leading this growth,” Bhojani said. 

UpLevel raises pre-seed funding to enhance corporate coaching 

Saudi-based education tech startup UpLevel has closed an undisclosed pre-seed funding round backed by a group of angel investors. 

Founded in 2024 by Idris Al-Shayea and Hamad Al-Luhaidan, UpLevel connects companies with professional coaches to enhance employee performance.  

The fresh funding will help UpLevel scale its operations and further develop its coaching network for corporate clients. 

BioSapien extends pre-Series A round to $7m 

The BioSapien team. Supplied

UAE-based health tech startup BioSapien has extended its pre-Series A round to $7 million, with new participation from Golden Gate Ventures, marking the first deployment of its MENA-focused fund. 

Founded in 2018 by Khatija Ali, BioSapien is developing MediChip, a 3D-printed, slow-release drug delivery platform designed to attach to tissue with minimal systemic side effects. 

The extension follows the company’s $5.5 million pre-series A round in December, led by Global Ventures and joined by Dara Holdings. 

Retailhub raises funding to expand SaaS platform 

UAE-based retail SaaS provider Retailhub has secured an undisclosed investment from Angelspark. 

Founded in 2022 by Daniel Alimov and Roman Tikhonov, Retailhub provides an automated platform that synchronizes stock updates from point-of-sale systems to aggregators and consolidates orders into a single application. 

The new funding will enable Retailhub to enhance its platform capabilities, strengthen partnerships, and scale operations within the UAE and beyond. 

Maalexi secures $3m debt financing from Citi 

UAE-based agriculture fintech startup Maalexi has secured a $3 million debt financing facility from Citi to expand its sourcing operations. 

Founded in 2021 by Azam Pasha and Rohit Majhi, Maalexi provides a risk management platform that enables small food and agribusinesses to access cross-border trade. 

The facility will help build a technology-enabled supply chain linking origin markets to the UAE. This follows a $1 million venture debt round secured in July from Stride Ventures. 

Fincart.io raises pre-seed funding to expand logistics platform 

Egypt-based logistics startup Fincart.io has raised an undisclosed pre-seed funding round led by Plus VC, with participation from Plug and Play, Orbit Startups, Jedar Capital, and other regional investors. 

Founded in 2023 by Mostafa El-Masry and Nihal Ali, Fincart.io provides e-commerce retailers with access to a marketplace of delivery providers and an operations dashboard. 

The new funds will support platform improvements, courier network growth, and expansion into the African and Middle Eastern markets. 

Dsquares acquires majority stake in Prepit 

Egypt-based loyalty solutions provider Dsquares has acquired a majority stake in Prepit, an Egyptian B2B SaaS loyalty platform, for an undisclosed amount. 

Founded in 2012 by Ayman Essawy, Marwan Kenawy, and Momtaz Moussa, Dsquares specializes in B2B loyalty programs for industries such as banking, telecom, fast-moving consumer goods, and retail. 

Prepit, founded in 2022 by Karim Hussein and Tarek Afia, provides AI-driven tools to streamline food and beverage operations. 

The acquisition strengthens Dsquares’ presence in the loyalty sector across key Middle Eastern markets, including Saudi Arabia, Egypt, and the UAE.


Oil Updates — crude set for weekly decline as Trump tariff threat looms large

Oil Updates — crude set for weekly decline as Trump tariff threat looms large
Updated 9 min 40 sec ago
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Oil Updates — crude set for weekly decline as Trump tariff threat looms large

Oil Updates — crude set for weekly decline as Trump tariff threat looms large

LONDON: Oil prices were steady on Friday but on course for weekly declines as markets waited to see if US President Donald Trump will follow through on his threat to impose tariffs on Mexico and Canada on Saturday.

Brent crude futures for March, which expire on Friday, were down 9 cents at $76.78 a barrel by 5:20 p.m. Saudi time. US West Texas Intermediate crude declined 2 cents to $72.71.

For the week, the Brent and WTI benchmarks were set for declines of 2.2 percent and 2.6 percent respectively.

Oil came under pressure from the potential negative economic impact of US tariffs against Canada, Mexico and China, said PVM analyst Tamas Varga, adding that potential dollar appreciation as a result of tariffs also weighed on oil.

Trump has threatened to impose a 25 percent tariff on Canadian and Mexican exports to the US if those two countries do not clamp down on shipments of fentanyl and on illegal migration across US borders.

Canada and Mexico are the two largest crude oil exporters to the US, but it is unclear if oil would be included among the tariffs. Trump said on Thursday he would soon decide whether to exclude Canadian and Mexican oil imports from the tariffs.

Tariffs would likely result in large US refinery run cuts, said Energy Aspects analyst Livia Gallarati.

“Our base case has been that, if tariffs are announced, they will include a grace period for negotiations and that oil is likely eventually to be carved out from any tariffs,” Gallarati added.

The market is also awaiting the OPEC+ meeting scheduled for Monday.

Kazakhstan’s energy minister said on Wednesday that the group is set to discuss Trump’s plans to raise US oil production and take a joint stance on the matter at next week’s OPEC+ meeting.

“OPEC will likely comply with the US demand to increase production to avoid Trump’s ire. And they might announce a gradual unwinding of voluntary cuts, if not from April, then from the second half of the year,”


Saudi Arabian Military Industries appoints new CEO

Saudi Arabian Military Industries appoints new CEO
Updated 30 January 2025
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Saudi Arabian Military Industries appoints new CEO

Saudi Arabian Military Industries appoints new CEO

RIYADH: The Saudi Arabian Military Industries has announced the appointment of Thamer M. Al-Muhid as its new chief executive officer, effective Feb. 1, according to a statement released on Thursday.

The decision was confirmed during a meeting of SAMI’s board of directors, chaired by Saudi Defense Minister Prince Khalid bin Salman.

With over 30 years of global leadership experience, Al-Muhid brings extensive expertise in driving organizational transformation, operational excellence, and international expansion.

The newly appointed CEO of SAMI, Thamer M. Al-Muhid. Supplied

His diverse background encompasses strategic initiatives, mergers and acquisitions, research and development, and forging key international partnerships—all of which equip him to lead SAMI into a new phase of growth and innovation.

Before his appointment, Al-Muhid served as group CEO and managing director of Saudi Chemical Co. Holding, and has held senior leadership roles at prominent organizations such as SABIC, Almarai, and the Ministry of Commerce and Industry.

Replacing Walid Abu Khaled, Al-Muhid will oversee the company’s efforts to advance cutting-edge technologies, produce world-class defense products, and strengthen strategic partnerships.

His leadership is expected to expedite Public Investment Fund-owned SAMI’s progress toward achieving its ambitious objectives, including localizing 50 percent of the Kingdom’s defense spending and fostering national talent in the defense sector.

This appointment underscores SAMI’s ongoing commitment to positioning Saudi Arabia as a global leader in defense manufacturing and innovation.


Saudi crowdfunding platform Lendo secures $690m warehouse facility led by J.P. Morgan

Saudi crowdfunding platform Lendo secures $690m warehouse facility led by J.P. Morgan
Updated 30 January 2025
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Saudi crowdfunding platform Lendo secures $690m warehouse facility led by J.P. Morgan

Saudi crowdfunding platform Lendo secures $690m warehouse facility led by J.P. Morgan

RIYADH: Lendo, a debt crowdfunding platform in Saudi Arabia, has secured a SR2.6 billion ($690 million) warehouse facility, with J.P. Morgan serving as the lead arranger.

According to an official statement, the facility will support increased job creation within the Kingdom, underscoring Lendo’s commitment to fostering domestic economic growth and employment opportunities.

Endorsed by Fintech Saudi, this achievement highlights the rapid expansion of Saudi Arabia’s fintech sector and signals the substantial potential for small and medium-sized enterprise financing within the economy, it added.

The initiative also aligns with Saudi Vision 2030, which aims to raise SME lending from 4 percent in 2018 to 20 percent by 2030.

“This landmark facility represents a transformative moment for Lendo and the Saudi fintech ecosystem,” said Osama Alraee, CEO and co-founder of Lendo.

“The strong backing from global financial institutions such as J.P. Morgan validates our innovative approach to SME financing and positions us to significantly expand our impact in the Saudi market. This facility will accelerate our mission of driving SME growth while contributing to the Kingdom’s Vision 2030 goals.”

The statement said the facility will be strategically allocated to enhance Lendo’s lending capacity, introduce innovative financial products, and broaden the company’s coverage of SMEs across the Kingdom.

George Deves, co-head of Northern European Asset-Backed Securities at J.P. Morgan, remarked: “We are pleased to collaborate with Lendo on this landmark transaction. A robust and rapidly expanding SME sector is crucial to the local economy, and this financing will contribute to the strategic goal of boosting SME lending in Saudi Arabia.”

Moreover, the deal underscores the growing confidence of international investors in the Kingdom’s fintech sector, particularly in the strength of its regulatory framework.

Lendo has successfully completed two rounds of investment to date, with its most recent Series B funding round, raising $28 million, led by Sanabil Investments, a wholly owned subsidiary of Saudi Arabia’s Public Investment Fund.


Saudi Arabia’s flyadeal joins IATA, boosting Kingdom’s aviation growth

Saudi Arabia’s flyadeal joins IATA, boosting Kingdom’s aviation growth
Updated 30 January 2025
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Saudi Arabia’s flyadeal joins IATA, boosting Kingdom’s aviation growth

Saudi Arabia’s flyadeal joins IATA, boosting Kingdom’s aviation growth

JEDDAH: Saudi Arabia’s low-cost carrier, flyadeal, has joined the International Air Transport Association, marking a significant step in its regional and global expansion while supporting the Kingdom’s growing aviation sector.

On Jan. 29, flyadeal’s management welcomed an IATA delegation, led by Kamil Al-Awadhi, the regional vice president for Africa and the Middle East, to celebrate the milestone at the airline’s headquarters in Jeddah.

In November, flyadeal earned IATA’s Operational Safety Audit certification, the highest safety accreditation in the airline industry.

This thorough evaluation examines an airline’s operational safety, ensuring it adheres to the most rigorous standards, covering areas like aircraft engineering, maintenance, flight operations, cabin services, ground handling, cargo, and security.

Saudi Arabia is investing heavily in its aviation sector as part of the Vision 2030 initiative, which seeks to diversify the economy beyond fossil fuels, boost the private sector, and enhance global connectivity.

The country aims to accommodate 330 million passengers by 2030, serve over 250 destinations, and transport 4.5 million tonnes of air cargo.

Steven Greenway, CEO of flyadeal, expressed his pride in joining IATA, an association that has long represented the airline industry with a unified voice.

“Since our founding in 2017, our growth has been rapid, with operational safety as a top priority. Becoming an IATA member was a natural next step for us,” he said.

Greenway also highlighted flyadeal’s new position alongside Saudia, the full-service airline that has been a longstanding IATA member.

“As Saudia and IATA celebrate their 80th anniversaries this year, we are proud to be part of this milestone,” he added.

Al-Awadhi also celebrated the addition of flyadeal to IATA, noting that their membership reflects the airline’s significant role in Saudi Arabia’s aviation expansion.

“Saudi Arabia has made remarkable strides in developing a world-class aviation sector,” he said. “flyadeal’s inclusion further demonstrates the Kingdom’s commitment to enhancing connectivity and fostering sustainable industry growth.”

He also praised the government’s ambitious vision for aviation and reaffirmed IATA’s commitment to supporting Saudi Arabia’s strategy to grow a thriving aviation industry that benefits travelers, businesses, and the economy.

flyadeal, which plans to carry more than 75,000 pilgrims on dedicated international charters during this year’s Hajj season, operates from key hubs in Riyadh, Jeddah, and Dammam.

It offers nearly 30 year-round and seasonal destinations within Saudi Arabia, as well as select cities in the Middle East, Europe, and North Africa.

The airline’s fleet includes 36 Airbus A320 aircraft, and it plans to significantly expand its network over the next 12 months as part of a major international growth initiative.