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Startup Wrap – Early-stage funding continues to capture interest

Startup Wrap – Early-stage funding continues to capture interest
Saudi investment firm Naif Al Rajhi Investment has acquired a strategic stake in Jordan-based artificial intelligence Arabic content platform Mawdoo3. (Supplied)
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Updated 30 November 2024
Nour El-Shaeri
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Startup Wrap – Early-stage funding continues to capture interest

Startup Wrap – Early-stage funding continues to capture interest
Updated 30 November 2024
Nour El-Shaeri
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CAIRO: Early-stage startups across the Middle East and North Africa region secure investments to drive innovation in sectors such as logistics, fintech, and climate tech.

Saudi-based Nama Ventures co-led Egypt’s Nowlun $1.7 million seed funding round along with venture capital firm A15.

The round also saw participation from Sanabil 500 Global and other angel investors.

Founded in 2021 by Moataz Khamis, Ahmed Emara, and Mahmoud Khaled, Nowlun’s platform provides businesses with access to real-time pricing across major shipping lines, enabling them to make faster and more informed decisions.

The company plans to utilize the raised capital for expansion and the development of its technology.

Mohammed Al-Zubi, founder of Nama Ventures, and Bassem Raafat, principal at A15, lauded the company’s mission and strategy.

Naif Al Rajhi acquires stake in Jordan’s Mawdoo3

Saudi investment firm Naif Al Rajhi Investment has acquired a strategic stake in Jordan-based artificial intelligence Arabic content platform Mawdoo3 for an undisclosed amount.

Founded in 2010 by Mohammad Jaber and Rami Al-Qawasmi, Mawdoo3 specializes in AI technologies and large language models tailored to the Arabic language.

The deal aligns with Naif Al Rajhi Investment’s focus on emerging sectors, while providing the Jordan-based firm with the resources to expand into the Saudi market.

Mawdoo3, which has raised $25 million over three funding rounds – including a $10 million series B in 2019 – is poised to strengthen its regional presence through this partnership.

Geidea expands SoftPos solution to Egypt after success in Saudi Arabia and UAE

Geidea, a prominent Saudi provider of digital payment solutions, is set to launch its SoftPos service in Egypt after successful rollouts in Saudi Arabia and the UAE.

The SoftPos technology enables merchants to accept secure contactless payments via smartphones, eliminating the need for traditional point-of-sale devices.

This expansion is part of Geidea’s strategy to drive digital transformation across the region by enhancing payment efficiency and accessibility for businesses of all sizes.

SoftPos allows merchants to process secure payments directly from smartphones, adhering to global data protection and transaction safety standards, the company explained.

Flat6Labs backs 10 Saudi startups in Riyadh Seed Program cycle

Flat6Labs, a seed and early-stage venture capital firm operating in the MENA region, has invested in 10 Saudi startups as part of its fourth Riyadh Seed Program cycle.

The startups span a variety of sectors, including e-commerce, logistics, Software-as-a-Service, and cybersecurity, and each received $133,000 in funding.

The initiative is supported by the Saudi Venture Capital Co., Jada Fund of Funds, and Riyadh Valley Company, with additional backing from the National Technology Development Program.

Since launching its Riyadh program in 2023, Flat6Labs has funded 41 startups, solidifying its role in fostering innovation in Saudi Arabia’s entrepreneurial ecosystem.

Sylndr secures $7.46m to boost Egypt’s used car marketplace

Egypt-based used car marketplace Sylndr has raised $7.46 million in a capital facility to support its operations and growth.

EFG Hermes acted as the sole financial advisor for the transaction, with financing provided by EFG Corp-Solutions, Bank NXT, and EG Bank, among others.

Founded in 2021 by Amr Mazen and Omar El-Defrawy, Sylndr enables users to buy and sell used cars while offering financing solutions.

The new capital will be used to enhance customer experience, diversify inventory, and expand financing options. This follows a $12.6 million pre-seed round in 2022, led by RAED Ventures and Algebra Ventures.

Morocco’s PTS raises $500k to scale fintech solutions

Premium Technology & Services, a Morocco-based fintech startup, has secured $500,000 from BMCE Capital Investments, the private equity arm of BMCE Capital Group.

The funding will be used to advance PTS’s solutions for digitizing traditional banking cards, which are tailored to meet the evolving needs of banks and businesses.

Founded in 2020 by Samir Younes and two others, PTS plans to leverage the investment to drive innovation and scale operations to meet increasing demand in the region.

Watercycle Technologies raises $5.6m to advance MENA expansion

UK-based climate tech company Watercycle Technologies has closed a $5.6 million series A investment round led by Par Equity, alongside participation from Aer Ventures, Greater Manchester Combined Authority, and the University of Manchester Innovation Factory.

Founded in 2020 by Ahmed Abdelkarim and Sebastian Leaper, Watercycle Technologies focuses on sustainable critical mineral recovery while producing clean, drinkable water.

This investment will help the company expand its operations, with plans to extend services into the MENA region to support global Net Zero initiatives.

Iraq-based edtech Eduba acquired by a regional telecom giant

Eduba, an Iraq-based education tech startup, has been acquired by an undisclosed telecommunications conglomerate in a seven-figure deal.

Founded in 2019 by Azad Hassan, Haider Shaaban, and Raed Kadhem, Eduba began as a school management app and gained traction among private schools, securing accreditation from Iraq’s Ministry of Education.

This acquisition highlights the growing value of edtech solutions in the region and positions Eduba for further expansion under its new ownership.

Japan’s AI startup Recursive Inc. inks MoU with Saudi Arabia’s KAIMRC

Japan-based AI startup Recursive Inc. has signed a memorandum of understanding with the King Abdullah International Medical Research Center in Saudi Arabia to jointly develop an advanced system for the early detection of tuberculosis.

The partnership, formalized during the Riyadh Global Medical Biotechnology Summit, aims to leverage Recursive’s AI expertise and KAIMRC’s medical research capabilities to improve TB screening accuracy and diagnosis speed in the Kingdom.

This collaboration, supported by the Ministry of National Guard-Health Affairs, aligns with Saudi Arabia’s Vision 2030 goals to transform its healthcare system and improve public health.

Using chest X-ray imaging data, the AI solution will enable timely TB diagnosis and treatment, reducing mortality and transmission risks.

“We are truly honored to partner with KAIMRC on this groundbreaking initiative,” said Tiago Ramalho, CEO of Recursive Inc.

“By combining KAIMRC’s pioneering medical research with our AI expertise, we are confident we can make a meaningful impact, not only in Saudi Arabia but also in regions worldwide that face the increasing challenge of TB and other infectious diseases,” he added.

The initiative also supports Saudi Arabia’s National Tuberculosis Program, which seeks to reduce TB mortality and incidence rates by 95 percent and 90 percent, respectively, by 2035 compared to 2015 levels.

Through this collaboration, Recursive and KAIMRC aim to create a scalable TB screening model for broader application in high-burden regions while exploring the use of AI to address other infectious diseases.

Topics: startups

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Saudi Arabia launches February ‘Sah’ savings with 4.94% return

Saudi Arabia launches February ‘Sah’ savings with 4.94% return
Updated 17 sec ago
MOHAMMED AL-KINANI
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Saudi Arabia launches February ‘Sah’ savings with 4.94% return

Saudi Arabia launches February ‘Sah’ savings with 4.94% return
  • Minimum subscription amount is SR1,000 and the maximum total issuance per user during the program period is SR200,000
  • Kingdom aims to raise savings rate among residents from 6% to the international benchmark of 10% by 2030
Updated 17 sec ago
MOHAMMED AL-KINANI

JEDDAH: Saudi Arabia has launched the second round of its subscription-based savings product, Sah, for 2025, offering a competitive return of 4.94 percent for February.

Issued by the Ministry of Finance and organized by the National Debt Management Center, the Sah bonds are the Kingdom’s first savings product designed specifically for individuals. 

Structured within the local bond program and denominated in Saudi riyals, Sah offers attractive returns to promote financial stability and growth among citizens.

The product aligns with the Financial Sector Development Program under Saudi Vision 2030, which aims to raise the savings rate among residents from 6 percent to the international benchmark of 10 percent by the end of the decade.

The Shariah-compliant, government-backed sukuk began at 10:00 a.m. Saudi time on Feb. 2 and will remain open until 3:00 p.m. on Feb. 4. Redemption amounts are expected to be paid within a year, as announced by the NDMC on X.

Sah offers fee-free, low-risk returns and is available through the digital platforms of various approved financial institutions. The bonds are issued monthly based on the issuance schedule, with a one-year savings period, fixed returns, and profits paid out at the bond’s maturity.

The minimum subscription amount is SR1,000 ($266), corresponding to the value of one bond, while the maximum total issuance per user during the program period is SR200,000. Returns are paid monthly per the issuance calendar.

The savings period lasts one year with a fixed return, and accrued profits are disbursed at the bond’s maturity. Future returns will be influenced by market conditions on a month-to-month basis.

The product is available to Saudi nationals aged 18 and older, who must open an account with either SNB Capital, Aljazira Capital, Alinma Investment, SAB Invest, or Al-Rajhi Capital.

Last month, NDMC announced the closure of the year’s first issuance with a total amount allocated of SR3.724 billion. It was divided into four tranches, with the first valued at SR1.255 billion to mature in 2029 and the second worth SR1.405 billion, maturing in 2032. The third tranche totaled SR1.036 billion to mature in 2036, while the fourth amounted to SR28 million and matures in 2039.

The initial 2025 issuance concluded on Jan. 7, offering a competitive return of 4.95 percent over its three-day subscription period.

Topics: Saudi Arabia sah bonds Financial Sector Development Program

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Saudi stc Group tops MENA telecom operators with $57.7bn market cap

Saudi stc Group tops MENA telecom operators with $57.7bn market cap
Updated 5 min 27 sec ago
Nirmal Narayanan
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Saudi stc Group tops MENA telecom operators with $57.7bn market cap

Saudi stc Group tops MENA telecom operators with $57.7bn market cap
Updated 5 min 27 sec ago
Nirmal Narayanan

RIYADH: Saudi Arabia’s stc Group has emerged as the largest listed telecom operator in the Middle East and North Africa, with a market capitalization of $57.7 billion as of Jan. 28, according to a Forbes analysis.

The ranking places stc ahead of UAE’s e&, the Kingdom’s Etihad Etisalat, also known as Mobily, Qatar’s Ooredoo Group, and UAE’s Emirates Integrated Telecommunications Co., which round out the top five telecom firms in the region by market value. 

The combined capitalization of these five companies stood at $132 billion, representing 84.7 percent of the total market value of the 16 publicly listed telecom operators in the region.

stc’s share price rose 2 percent year on year to SR43.3 ($11.6) as of Jan. 28. On Feb. 2, the stock gained 0.34 percent to trade at SR43.65 as of 12:30 p.m. Saudi time. The company posted a net profit of SR11.23 billion in the first nine months of 2024, marking a 2 percent increase from the same period a year earlier, according to Saudi Exchange data.

The group’s financial arm, STC Bank, recently secured a non-objection certificate from the Saudi Central Bank to commence operations, becoming the first licensed digital financial institution in Saudi Arabia. The approval aligns with the regulator’s push for digital transformation and enhanced competition in the banking sector while ensuring financial stability.

Forbes noted that stc’s Saudi mobile subscriber base grew 7.9 percent year on year in the first nine months of 2024, reaching 27.6 million, while fixed-line subscribers rose 2.3 percent to 5.7 million. In contrast, stc Kuwait saw its mobile subscriber base decline 4.2 percent to 2.3 million by the end of the third quarter.

Saudi Arabia’s Public Investment Fund holds a 62 percent stake in stc Group.

Among regional rivals, e& holds the second-largest market capitalization at $41.1 billion, while Mobily ranks third at $12 billion. Mobily’s stock price climbed 14.5 percent year on year to SR58.4 as of Jan. 28, with net profit surging 43 percent to SR2.12 billion for the first nine months of 2024. The company’s subscriber base also expanded 1.5 percent to 11.7 million.

Ooredoo Group ranks fourth with an $11.4 billion market capitalization, followed by Emirates Integrated Telecommunications at $9.8 billion.

Topics: STC mobile

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Oman trade surplus grows 2% in November to reach $18.5bn  

Oman trade surplus grows 2% in November to reach $18.5bn  
Updated 19 min 39 sec ago
Nour El-Shaeri  
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Oman trade surplus grows 2% in November to reach $18.5bn  

Oman trade surplus grows 2% in November to reach $18.5bn  
Updated 19 min 39 sec ago
Nour El-Shaeri  

RIYADH: Oman’s trade surplus rose 2 percent year on year by the end of November, reaching 7.14 billion Omani rials ($18.5 billion), up from 6.99 billion rials in the same period of 2023. 

The increase, driven largely by a surge in oil and gas exports, saw total merchandise exports grow 7.7 percent year on year to 22.23 billion rials, while imports rose 10.6 percent to 15.09 billion rials, according to preliminary data from the National Center for Statistics and Information. 

Oil and gas exports surged 19.7 percent to 14.99 billion rials, compared to 12.53 billion rials in the same period of 2023.   

Crude oil exports rose 2.5 percent to 9.13 billion rials, while refined oil exports saw a sharp increase of 174.9 percent to 3.57 billion rials. Liquefied natural gas exports, however, declined slightly by 1.1 percent to 2.30 billion rials.  

The UAE was Oman’s top trade partner in non-oil exports, with trade reaching 935 million rials, an 8.1 percent increase from November 2023.   

The UAE also remained the leading destination for re-exports from Oman at 526 million rials and was the top exporter to Oman, supplying 3.60 billion rials worth of goods.  

Saudi Arabia ranked second in non-oil exports from Oman, totaling 764 million rials, followed by South Korea with 611 million rials.   

Iran was the second-largest re-export destination at 335 million rials, followed by Kuwait at 110 million rials.   

Among exporters to Oman, China ranked second with 1.62 billion rials, followed by Kuwait at 1.49 billion rials.  

Oman’s trade surplus is part of a regional trend as the Gulf Cooperation Council continues to play a significant role in global trade.   

The latest data shows that the GCC achieved a total trade volume of $1.5 trillion, securing its position as the world’s sixth-largest trader and accounting for 3.4 percent of global trade in 2023.  

Oman’s non-oil merchandise exports declined by 16.6 percent to 5.64 billion rials in November, down from 6.77 billion rials a year earlier. Mineral products remained the largest category within non-oil exports at 1.62 billion rials, despite a 35.2 percent drop.   

Base metals and related products fell 1.1 percent to 1.20 billion rials, while plastics and rubber products grew 10.1 percent to 896 million rials.   

Exports of chemical industry products dropped 22 percent to 725 million rials, and live animals and animal products declined 12.3 percent to 320 million rials.  

Re-exports from Oman grew 18.3 percent to 1.59 billion rials. Transport equipment re-exports rose 2.1 percent to 385 million rials, while electrical machinery and equipment fell 4.1 percent to 346 million rials.   

Re-exported food, beverages, and liquids increased by 30.2 percent to 168 million Omani rials, and mineral product re-exports climbed 43.1 percent to 119 million Omani rials. However, re-exports of live animals and animal products declined 13.3 percent to 89 million rials.  

On the import side, mineral products accounted for the largest share, totaling 4.21 billion rials, up 9.5 percent.   

Imports of electrical machinery and equipment grew 26 percent to 2.61 billion rials, while base metals and related products declined 1.2 percent to 1.45 billion rials.   

Chemical industry imports rose 2.7 percent to 1.40 billion rials, and transport equipment imports increased by 13.1 percent to 1.35 billion rials. Other imported products totaled 4.07 billion rials.  

Oman’s crude oil exports totaled approximately 308.42 million barrels by the end of December, with an average price per barrel of $81.2.  

Oil exports accounted for 84.9 percent of the country’s total oil production, which stood at 363.29 million barrels for the year.   

However, total oil exports saw a slight decline of 0.6 percent compared to December 2023, when Oman exported 310.33 million barrels.   

This decrease aligned with a 5.1 percent drop in overall oil production, which fell from 382.77 million barrels in the previous year.    

Topics: Oman trading exports

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Saudi brokerage firm Derayah Financial sets IPO price range at up to $8 per share

Saudi brokerage firm Derayah Financial sets IPO price range at up to $8 per share
Updated 43 min 53 sec ago
Nirmal Narayanan
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Saudi brokerage firm Derayah Financial sets IPO price range at up to $8 per share

Saudi brokerage firm Derayah Financial sets IPO price range at up to $8 per share
  • Offering comprises 49.95 million shares — equivalent to 20% of the company’s issued share capital
  • It is expected to raise between SR1.35 billion and SR1.50 billion
Updated 43 min 53 sec ago
Nirmal Narayanan

RIYADH: Saudi Arabia’s independent digital investment platform Derayah Financial Co. has set the price range for its initial public offering at SR27 ($7.20) to SR30 per share, valuing the company at up to SR7.49 billion. 

The institutional book-building period will run from Feb. 2— 9, with the final offer price determined thereafter, the company said in a statement. 

The offering, comprising 49.95 million shares — equivalent to 20 percent of the company’s issued share capital — is expected to raise between SR1.35 billion and SR1.50 billion. 

Derayah Financial’s planned IPO aligns with Saudi Arabia’s broader push to develop its fintech sector, which has seen significant growth in recent years. 

The Financial Sector Development Program aims to boost fintech’s economic contribution, enhance financial inclusion, and drive innovation in digital financial services. 

The IPO consists of a partial sale by existing shareholders, with the proceeds distributed among them. The Public Investment Fund-backed company said it would not receive any funds from the offering. 

The shares will be listed on the Saudi Exchange following regulatory approvals. According to the release, current shareholders will retain an 80 percent stake in the company post-listing, with a 24-month lock-up period applying to at least 60 percent of the stock held by major stakeholders, including executives and board members. 

The company said the offering is open to institutional investors, including qualified foreign institutions, investment funds, and Gulf Cooperation Council-based investors. 

It added that up to 10 percent of the offering, or 4.94 million shares, will be allocated to individual investors, with the remainder reserved for institutional buyers. If retail demand is strong, the institutional allocation could be reduced to 90 percent of the total offering. 

Retail subscription is scheduled to open on Feb. 20 and close on Feb. 22, with final share allocation set for Feb. 27, the release added. 

Derayah Financial is among the leading independent firms in brokerage revenues and holds the third-largest market share in Saudi Arabia’s digital investment sector, with assets under management totaling SR15.1 billion as of June 30. 

Saudi Arabia has seen a surge in IPO activity in recent years, leading the GCC region by raising $4.1 billion across 42 offerings, according to a report from the Kuwait Financial Center, also known as Markaz. 

The report also said that IPO proceeds in the GCC increased by 23 percent compared to 2023, reaching a total of $13.2 billion across 53 public offerings last year.

Topics: initial public offerings (IPOs) Saudi Arabia Derayah Financial Co. IPO

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Startup of the Week – Egypt’s Qara targets Saudi Arabia following $2.6m funding round

Startup of the Week – Egypt’s Qara targets Saudi Arabia following $2.6m funding round
Updated 02 February 2025
Nour El-Shaeri
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Startup of the Week – Egypt’s Qara targets Saudi Arabia following $2.6m funding round

Startup of the Week – Egypt’s Qara targets Saudi Arabia following $2.6m funding round
Updated 02 February 2025
Nour El-Shaeri

RIYADH: Egypt-based supply chain technology company Qara is preparing to expand into Saudi Arabia, leveraging a $2.6 million funding round to support its entry into the Kingdom.

The investment will be used to build a local team, implement its technology solutions, and address key challenges in supply chain traceability and product authentication for businesses in the Saudi market.

“This funding round will be helping us accelerate our expansion into Saudi Arabia, a key market for Qara,” said Hassan Abouzeed, founder and CEO of Qara, in an interview with Arab News.

“With this investment, we can scale our operations quickly, set up our local team, and implement our technology solutions. It enables us to deploy our platform, which focuses on supply chain traceability and product authentication, to businesses in Saudi Arabia, helping them address key challenges related to counterfeiting, transparency, and customer loyalty,” Abouzeed added.

Qara’s decision to expand into Saudi Arabia has been significantly supported by the Kingdom’s National Technology Development Program’s Relocate Initiative.

It offers critical incentives, such as financial support, access to local partners, and assistance in navigating regulations, Abouzeed explained.

“The NTDP’s Relocate Initiative has been instrumental in facilitating our smooth entry into Saudi Arabia. The ease of setting up operations and receiving guidance on navigating local regulations was a huge advantage for us,” he said.

“Moreover, Saudi Arabia’s emphasis on becoming a regional tech hub made it an ideal destination for Qara’s next phase of growth. The incentives from the Relocate Initiative, combined with the country’s strategic alignment with Vision 2030, provided a perfect ecosystem for us to expand and bring our solutions to the market,” he added.

Saudi Arabia’s broader emphasis on digital transformation and its Vision 2030 strategy also played a central role in Qara’s plans.

Abouzeed said: “The Kingdom is open to new innovations, and businesses are increasingly adopting digital solutions to improve efficiency, transparency, and security — areas where Qara’s platform can make a big impact.”

The company’s platform provides tools to combat counterfeiting and enhance visibility.

“Our platform is a comprehensive digital ecosystem that allows producers to authenticate and trace their products throughout the supply chain down to the end consumer,” said Abouzeed.

He noted that the platform has been particularly effective in the Middle East and Africa, where fragmented supply chains often face challenges related to counterfeiting and lack of visibility.

“With Qara, businesses can secure their products with unique digital identities, monitor their distribution in real-time, and foster deeper relationships with customers and distribution parties, ensuring brand integrity and driving growth,” he claimed.

“What truly differentiates us is our ability to not only authenticate and trace products but also establish a direct connection between producers and consumers. As Saudi Arabia’s logistics sector grows, Qara’s solutions will play a critical role in supporting this transformation,” he added.

With the funding secured, the company’s immediate priorities include building a local team and establishing partnerships in Saudi Arabia.

“We’ll also work on forging strategic partnerships with key players in complementary industries. We already started with a loyalty program partner, Walaplus, to expand our points redemption network for Saudi customers,” Abouzeed said.

He added that hiring local talent will be critical to success in the country, and the firm will focus on recruiting professionals who understand the local market, the culture, and the business landscape.

“We already started with hires in sales and product teams, and currently, we are prioritizing roles in our tech team, as these will help us deliver our solutions effectively,” Abouzeed said.

Qara also has ambitious revenue goals for its first year of operations in Saudi Arabia, he revealed, adding: “We are targeting that our business in Saudi Arabia will contribute to 15–20 percent of our overall business by the end of year one.”

In terms of industry focus, Qara sees strong demand for its solutions in sectors where product authenticity and traceability are critical.

“We see significant demand for Qara’s solutions in industries such as pharmaceuticals, construction materials, and consumer goods,” Abouzeed said.

“Additionally, with the government’s focus on Vision 2030, we believe that sectors like food security and electronics will also experience a growing demand for digital solutions that enhance product traceability and consumer trust.”

Beyond Saudi Arabia, Qara plans to expand into other Gulf Cooperation Council countries once its operations in the Kingdom are established — with the UAE and Qatar highlighted as having a high demand for innovative supply chain solutions

“We also see opportunities in Kuwait and Oman, where businesses are increasingly adopting digital technologies to improve their operations and protect their brands,” Abouzeed said.

The funding round, while successful, was not without challenges, particularly in the current economic climate with the global uncertainties and shifting market conditions, the CEO revealed.

“What helped us most was that we’ve been profitable since inception, while maintaining a growth of two to three times annually, which demonstrated our ability to build a sustainable and profitable business model even in challenging market conditions,” he said.

Topics: Start-up of the Week investment. Saudi

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Oman trade surplus grows 2% in November to reach $18.5bn  
Oman trade surplus grows 2% in November to reach $18.5bn  

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