Author: Mahdeehassan

Khazna, a leading financial super app that offers easy-to-use, technology-driven financial services to underserved segments, announces closing a $16 million pre-Series B funding round. The round saw participation from new and existing investors, including SANAD Fund for MSME, anb Seed Fund (managed by anb Capital), Aljazira Capital (the investment arm of Bank Aljazira of Saudi Arabia), Khwarizmi Ventures, Nclude (the fintech fund set up by Egypt’s largest national banks), ICU Ventures, Quona, Speedinvest and Disruptech Ventures. This round of funding underscores investor confidence in Khazna’s world-class team, innovative business model, and significant potential to transform the digital banking industry across…

Today, Meta announced the expansion of its AI assistant, Meta AI, to the Middle East and North Africa, empowering users in the region with a tool to learn, create and connect to the things and people they care about most. The feature is gradually rolling out across the region, with full accessibility already available in key markets including the United Arab Emirates, Saudi Arabia, Egypt, Morocco, and Iraq. Conveniently located across Meta’s family of apps—Facebook, Instagram, WhatsApp and Messenger—Meta AI is easily accessible through its blue circle icon within Meta’s apps and requires no prior registration. It can also be…

Saudi Arabia’s MSME finance ecosystem at the heart of economic diversification and financial inclusion efforts Saudi Arabia, February 2025: The pivotal role of Saudi Arabia’s finance ecosystem for micro, small, and medium-sized enterprises (MSMEs) in advancing the Kingdom’s economic diversification and financial inclusion objectives is explored in a new report released by Oxford Business Group (OBG), in collaboration with the Kafalah programme. Titled, “MSME Empowerment in Saudi Arabia,” the report examines the country’s strategic efforts to drive the growth of MSMEs by improving access to finance and fostering entrepreneurship. It highlights how the Kingdom is leveraging tailored financial solutions to…

Abu Dhabi, February 4, 2025 – Smpl Fund I, a $10 million venture capital fund launched by Smpl Holdings, has announced a strategic investment of $250,000 in multiple AI and technology companies within the Qora71 portfolio. Smpl Fund I, which focuses on supporting AI and tech startups across the MENA region and beyond, provides seed capital alongside hands-on strategic support to accelerate the growth of innovative companies. Qora71, a venture investor syndicate and a member of the Hub71 Angel Program, offers accredited investors the opportunity to invest on a deal-by-deal basis, without minimum commitments or fees. The syndicate’s portfolio includes…

MilkStraw AI, a pioneer in intelligent cloud cost optimisation software, today announced it has raised $600,000 in pre-seed funding. The round was led by Flat6Labs, with participation from Angel Spark, Beyond Capital, and notable angel investors. The funding will accelerate MilkStraw AI’s mission to transform how fast-growing companies manage and optimize their cloud infrastructure costs. MilkStraw AI’s platform addresses a critical challenge facing modern businesses: the complexity and inefficiency of cloud cost management. Since its launch in April 2024, the company has attracted hundreds of clients, including prominent regional technology companies such as Magnitt, Voltlines, Netwatch, Floranow, MakanE, and IdenTV.…

The Eco-friendly ride option supported by the TGA will enable customers to contribute to carbon removal efforts through MEWA’s tree-planting initiatives powered by the Sedrah Program. Riyadh, Saudi Arabia – January 2025 – CarbonSifr, a pioneering climate-tech company and a participant in the inaugural Sedrah Program under MEWA (Ministry of Environment ,Water and Agriculture) and Careem Rides, focused on facilitating everyday reliable and convenient commuting options for the region through the Careem app, are announcing the launch of Careem’s Eco-friendly ride option in Saudi Arabia with support from the Transport General Authority (TGA) and MEWA’s Sedrah Program. Eco-friendly rides, launched…

Wa’ed Ventures, the $500 million venture capital arm of Aramco, announced leading the $5 million investment in YNMO, a Saudi company revolutionising the educational and rehabilitative technology for children, including those with disabilities. The funding round also included participation from Qatar Development Bank (QDB) and Nour Nouf Ventures, a fund focused on impact-driven startups. With this investment, Ynmo plans to expand its services and introduce new features aimed at improving support for children with disabilities and enhancing their access to early childhood services. The company also aims to strengthen its partnerships with governmental, educational, and rehabilitative institutions across the Gulf…

PLATMA, the AI Business Automation Platform that transforms natural language into functional workflows and business processes, has announced the successful completion of its pre-seed funding round, securing $2.2 million at a valuation of $20 million. The company also unveiled its plans to enter the Middle East and North Africa (MENA) market, marking a significant step in introducing low-/no-code solutions to this rapidly growing region. With a strong foothold in the UAE, home to its fastest-growing office, PLATMA is already supporting a range of local businesses across the MENA region. The platform was recognised as the Best AI Startup at the…

Naif Al Rajhi Investment announced its acquisition of a strategic stake (value undisclosed) in Mawdoo3, a company specialising in artificial intelligence (AI) technologies and large language models (LLMs) with a focus on the Arabic language. Strategic Investment to Boost AI Innovation This acquisition marks a strategic step by Naif Al Rajhi Investment to capitalise on emerging sectors, such as: Artificial intelligence: developing innovative tech solutions tailored to Arabic-speaking users. Arabic Data: Driving innovation in linguistic tools and data processing. Mawdoo3 plans to leverage this investment to achieve its goals of: Expanding its tech offerings. Accelerating digital transformation in the region.…

Ras Al Khaimah, United Arab Emirates: Ras Al Khaimah has achieved a milestone in its journey to becoming a leading destination to live, work and explore, by securing the top position in a survey of the world’s best expat destinations, conducted by InterNations, the largest global expatriate network. The Emirate secured number one spot out of 53 cities in the Expat Essentials Index, conducted by InterNations as part of its 2024 Expat Insider report. The Index is based on four categories: Admin (how easy it is to get a visa, deal with local bureaucracy, open a bank account); Housing (affordability of housing, ease of…