Saudi fintech lite secures $3.2m in pre-seed funding

stc Group, the region’s leading digital enabler, has announced a strategic collaboration with Cohere, a secure enterprise AI company, to transform the AI landscape in the Middle East and beyond. This collaboration is set to redefine stc’s AI-driven operations, enhance customer engagement, and unlock new digital growth opportunities through state-of-the-art AI solutions.
Under the collaboration, stc will leverage Cohere’s cutting-edge AI capabilities to develop transformative products as part of its internal gen AI initiative. The joint effort will focus on key AI-powered innovations, including stc’s AI-powered language model and the Digital Co-Workers Foundry, designed to optimize business efficiency and deliver a superior digital experience for customers.

As part of the efforts, stc will work with Cohere to develop North for Telecom, a customized version of Cohere’s North, a secure AI workspace platform announced earlier this year. North for Telecom will be tailored to address the unique needs of the sector, providing intelligent automation, enhanced conversational experiences, and real-time data insights. Meanwhile, the Digital Co-Workers Foundry will introduce AI-driven virtual assistants designed to streamline workflows, boost productivity, and support stc’s workforce with intelligent automation solutions.

“As a leader in digital transformation, stc continues to invest in advanced AI technologies that will shape the future of our industry. Our collaboration with Cohere represents a significant milestone in our AI journey, reinforcing our vision to harness AI-driven intelligence, enhance operational capabilities, and introduce innovative AI solutions that create tangible value,” said Haithem Mohammed Alfaraj, group chief technology officer at stc Group.
Motaz Alangari, group chief investment officer at stc Group, added: “stc Group strategically invests in pioneering companies that unlock access to transformative technologies, new business models, and enhanced revenue streams. This collaboration aligns with tali ventures, stc’s corporate venture capital arm, which plays a key role in fostering technological advancement and investing in next-generation innovations that complement stc’s digital ecosystem.”
“Cohere is a global leader in secure enterprise AI, and our investment in this collaboration facilitates access to enterprise-grade AI solutions, positioning stc to maximize AI’s potential across its product and service offerings.”
Cohere will bring its expertise in enterprise AI models and applications to stc’s ecosystem, ensuring faster adoption and optimization of AI capabilities across stc’s digital infrastructure.
“It’s been great working closely with stc’s team,” said Aidan Gomez, Cohere’s co-founder and CEO. “I’m really excited to bring our secure AI technology to enhance its role as a digital enabler. We look forward to collaborating with stc and integrating Cohere’s enterprise AI solutions to lift grunt work off the backs of their employees so they can focus more on the areas of their jobs where they can add real value.”
This collaboration underscores stc’s commitment to being at the forefront of AI-driven innovation, fostering a digital-first economy, and shaping the future of intelligent technology in Saudi Arabia and beyond.

Intertek, a leading Total Quality Assurance provider to industries worldwide, has opened its regional headquarters in Riyadh. This new hub will play a key role in supporting Intertek’s expanding portfolio of services and solidifying its commitment to customers in the region, as well as highlighting Intertek’s role in achieving the goals of Saudi Arabia’s Vision 2030. 

Intertek’s own vision focuses on innovation, sustainability, and industry diversification. With the Kingdom reducing its reliance on oil by fostering growth in key sectors such as manufacturing, renewable energy, tourism, and technology, Intertek aims to stand as a trusted partner in this transformation. With a strong legacy in the oil and gas sector, Intertek continues to support the industry’s evolution while leveraging its expertise to help businesses across all sectors meet the highest quality and safety standards. Through its comprehensive assurance, testing, inspection, and certification solutions, Intertek enables organizations to innovate, expand, and contribute to the Kingdom’s diversified economy. Intertek’s sustainability solutions, including environmental audits and renewable energy certifications, also align with Saudi Arabia’s commitment to a greener future, driving economic growth and environmental responsibility. 

Saudi Arabia’s Vision 2030 is focused on building state-of-the-art infrastructure, and Intertek’s services in construction material testing, inspection, and certification help ensure that these projects meet global safety and quality standards. Intertek also empowers local talent by investing in capacity-building and professional development programs, fostering the growth of Saudi talent in the quality and assurance fields. Through these efforts, the company is helping Saudi businesses thrive in the global marketplace, furthering the Kingdom’s ambition to become a leading global economic hub, while upholding excellence in the oil and gas industry. 

Hanna Jabbour, Intertek vice president, industry services, MENAWA, SSA, and South-East Asia, said: “Intertek has been operating in Saudi Arabia for more than 30 years, and we are proud to play a vital role in supporting the country’s infrastructure development and global competitiveness. The opening of our regional headquarters marks a significant long-term investment and commitment to the Saudi market, reflecting the Kingdom’s ambition to create a sustainable and thriving economy by 2030 and beyond.”

Steven Owens, Intertek managing director, MENAP, said: “Our portfolio of complementary services and expertise has always been closely connected to the evolving needs of our customers. The new headquarters location will enable our teams to collaborate more efficiently and effectively while providing a local foundation on which to support the broader region.” 

Present at the regional headquarters opening ceremony in Riyadh were Jabbour; Owens; Ross McCluskey, Intertek executive vice president Europe, Middle East and Africa and government and trade services; Bertrand Mallet, EVP, Intertek industry services; a senior adviser from the Ministry of Investment; UK embassy representatives; and several government officials.