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Madinah's economy surged in Q1 2025, with construction employment at 24% and trade at 20%, reflecting strong diversification. The region's GDP grew by 2.8% to SR57.6 billion, supported by 213 development projects worth over SR210 billion, expected to create over 119,000 jobs.
Startups in the MENA region are gaining momentum, with significant funding and acquisitions highlighting the innovation ecosystem. Notable developments include UAE's Tech Universal Ventures acquiring FixSquad and ELVA11, while fintech startup Stitch raised $10 million, and Qashio secured $19.8 million to expand into Saudi Arabia. Additionally, COREangels MEA launched a $10 million fund for early-stage fintech startups, and BirdEye and Gainz also reported successful funding rounds to support their growth.
Saudi Arabia is on track to attract $100 billion in foreign direct investments by 2030, focusing on high-growth sectors like mining, entertainment, and technology. The Kingdom's Vision 2030 aims to diversify its economy, supported by regulatory reforms and incentives that enhance transparency and ease investment processes. With significant untapped resources and strategic infrastructure, Saudi Arabia is positioning itself as a global hub for mining and innovation, drawing international interest and investment.
Saudi Arabia's non-oil exports surged to SR80.72 billion in Q1 2025, with the UAE as the top destination at SR21.32 billion, reflecting a 33.91% increase. Imports also rose by 7.3% to SR222.73 billion, driven by machinery and electrical equipment. Overall merchandise exports declined by 3.2% due to a drop in oil exports.
Saudi edtech startup Taawoni has secured USD 1.6 million in funding, led by M Capital, to enhance its platform that connects universities and employers for co-op training programs. The investment will facilitate regional expansion and deeper integration into the education and HR tech ecosystems across the MENA region. Founded in 2021, Taawoni aims to streamline internship processes and align talent development with Saudi Arabia's labor market needs through AI-powered mentorship tools.
Matcha is rapidly gaining popularity in the Middle East, particularly in Dubai, Abu Dhabi, and Riyadh, where specialty cafes are blending it with traditional beverages like karak chai. Driven by health-conscious millennials and a booming wellness culture, the matcha market in the region is projected to grow significantly, despite challenges in supply and cultural competition with established coffee traditions. As Japan faces production shortages due to soaring global demand, local businesses are encouraged to foster direct relationships with tea growers to ensure quality and availability.
STC Bank has received the Fast Track Growth award at the Temenos Forward Awards in Madrid, recognizing its rapid user growth since becoming a fully licensed digital bank three months ago. Transitioning from a digital wallet, the bank offers features like instant money transfers and competitive remittance rates, allowing users to open accounts in under two minutes. With support from Temenos Core, STC Bank is enhancing its digital lending and deposit solutions, aiming to redefine banking standards in the Kingdom and the GCC region.
Matcha, once exclusive to Japanese tea ceremonies, is gaining traction in the Middle East, driven by health-conscious millennials and a vibrant cafe culture. While it offers a gentler energy boost compared to coffee, its earthy flavor may challenge traditional preferences. The region's matcha market is projected to grow significantly, aligning with Saudi Arabia's Vision 2030 initiative to diversify its economy and embrace innovative food and beverage trends.
Saudi Arabia is on track to attract $100 billion in foreign direct investments by 2030, focusing on high-growth sectors like mining and entertainment as part of its Vision 2030 economic diversification program. The Kingdom's updated investment law and ongoing regulatory reforms are enhancing its appeal to international investors, particularly in the mining sector, which boasts $2.5 trillion in untapped resources. With strategic initiatives and infrastructure development, Saudi Arabia aims to position itself as a global hub for mining and other emerging industries.
The recent lifting of Western sanctions on Syria has sparked cautious optimism among Syrians, signaling potential economic recovery and improved living conditions. Professionals like graphic designers, who have faced immense challenges under sanctions, now envision a future with better access to technology and financial systems. However, significant hurdles remain, including a crippled banking system and the need for comprehensive reforms to fully realize these opportunities.
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