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Saudi Arabia's startup ecosystem is thriving, with five startups achieving unicorn status and 35 more on the verge, driven by government initiatives under Vision 2030. Key programs like the Tomooh Program and the Billion-Dollar Companies Incentive Program are facilitating access to funding, mentorship, and international market opportunities, reinforcing the nation's position as a regional innovation hub.
Saudi Arabia's startup ecosystem is thriving, with five startups achieving unicorn status and 35 more poised to follow, driven by government initiatives under Vision 2030. Key sectors include AI, fintech, and tourism, supported by programs like Tomooh and the Billion-Dollar Companies Incentive Program, which enhance access to funding and market expansion. These efforts aim to diversify the economy and bolster the nation's global competitiveness.
Saudi Arabia's startup ecosystem is thriving, with five startups achieving unicorn status and 35 more on the verge, driven by government initiatives under Vision 2030. Key programs like the Tomooh Program and the Billion-Dollar Companies Incentive Program are facilitating access to funding, mentorship, and international market opportunities, particularly in AI, fintech, and tourism. This growth reflects a commitment to diversifying the economy and enhancing the entrepreneurial landscape.
PayTabs Group has acquired a majority stake in PayTabs Egypt, enhancing its position in the fintech sector and supporting Egypt's digital payments transformation. This strategic move aims to boost financial inclusion and streamline operations, aligning with the government's cashless society goals under Vision 2030. Meanwhile, Kuwait's Motery has raised seed funding to expand its online car buying and financing platform, further solidifying its role in the region's automotive market.
PayTabs Group has acquired a majority stake in PayTabs Egypt, enhancing its position in the fintech sector and supporting Egypt's digital payments transformation. This strategic move aims to boost financial inclusion and streamline operations, aligning with the government's cashless society goals under Vision 2030. Meanwhile, Kuwait's Motery has raised seed funding to expand its online car buying and financing platform, further solidifying its role in the region's automotive market.
AmCham Kuwait, in partnership with DHL Express and other strategic allies, launched the "Kuwait 4SMEs" initiative with the event "Scaling Locally, Expanding Globally." This forum provided SMEs and startups with strategies and insights for local growth and global expansion, featuring expert presentations and a panel discussion on essential growth strategies.The initiative, aligned with Kuwait's Vision 2035, will continue through 2025, offering resources and networking opportunities while addressing topics like digital transformation and sustainable business practices.
Ajras secures funding to enhance its position in Saudi Arabia's rapidly growing proptech sector, projected to reach $109 billion by 2030. Meanwhile, ORA Technologies raises $1.9 million to expand its digital payment and food delivery services in Morocco, aiming to drive financial inclusion. Talabat acquires InstaShop for $32 million, strengthening its grocery and retail presence across MENA.
Startup Bahrain has partnered with Reboot Coding Institute to enhance technical skills among entrepreneurs, aiming to strengthen Bahrain's digital economy. This collaboration will provide workshops and mentorship, equipping startup teams with essential coding expertise to foster innovation and competitiveness in the tech sector.
Fawry, an Egyptian e-payments platform, has partnered with Kuwait's Ottu to enhance online payment solutions in Egypt. This collaboration integrates Fawry’s network with Ottu’s Online Payment Management System, providing businesses with secure and efficient payment options. The partnership aims to drive innovation and support market expansion beyond the GCC.
GCC countries saw a 1.7% inflation rise in October 2024, driven mainly by a 6.4% increase in housing costs. Other contributors included a 3% rise in goods and services and a 1.7% uptick in restaurant and hotel prices, while transportation costs fell by 3.6%. Kuwait led the region with a 2.4% inflation rate, surpassing the EU's 2.3%.
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Saudi Arabia's startup ecosystem thrives with new unicorns and funding initiatives
19:05 11.03.2025
Saudi Arabia boosts startup growth with innovative funding and support programs
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