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Startups in the MENA region are gaining momentum, with significant funding and strategic acquisitions highlighting the innovation ecosystem. Notable developments include Stitch raising $10 million for its API-driven platform, Qashio securing $19.8 million for expansion into Saudi Arabia, and Tech Universal Ventures acquiring FixSquad and ELVA11 to enhance digital infrastructure. Additionally, COREangels MEA launched a $10 million fund for early-stage fintech startups, while M&A activity surged by 31% in Q1, driven by the UAE and the tech sector.
From June 9-13, France will host the third United Nations Ocean Conference, gathering over 100 heads of state and thousands of stakeholders to address the urgent need for ocean conservation and sustainable use. With alarming statistics on plastic pollution and overfishing, the conference aims to establish the "Nice Ocean Agreements" and promote the BBNJ Agreement to enhance governance and financing for marine resources. Saudi Arabia's commitment to sustainable practices and biodiversity protection will be crucial in this global effort to safeguard our oceans for future generations.
Saudi Arabia's imports rose 7.3% year-on-year to SR222.73 billion in Q1 2025, with machinery and electrical equipment leading at SR57.40 billion. Non-oil exports also increased by 13.4% to SR80.72 billion, driven by strong demand from the UAE, China, and India, aligning with Vision 2030 goals for economic diversification.
[Bloomberg]
In April, Japan imported 27.10 million barrels of Saudi oil, accounting for 36.3% of its total crude imports of 74.77 million barrels. The Arab nations contributed significantly, with the UAE supplying 34 million barrels, while Japan's imports from Iran and Russia remain banned, leading to sourcing from the USA and other countries.
Saudi Aramco has issued a new prospectus for its sukuk program, indicating plans to enter the debt markets again after raising $5 billion from a bond sale. The company is responding to economic challenges and declining profits, with expectations of a significant dividend cut this year. Meanwhile, Japan's tourism sector faces a decline in domestic travel, attributed to a shrinking population and rising costs, despite a record influx of international visitors.
Scaler has appointed Abhinav Vijayvargiya as its new CFO, succeeding Tapan Jindal. With 14 years of finance leadership experience, including roles at Swiggy and Khatabook, Vijayvargiya's expertise aligns with Scaler's focus on sustainable growth amid a shifting edtech landscape. The company has also acquired four startups to enhance its technical offerings, reflecting a strategic move to strengthen its position in the competitive market.
Hong Kong has launched Asia’s first ETF tracking Saudi sovereign sukuk, the Premia BOCHK Saudi Arabia Government Sukuk ETF, listed on the Hong Kong Stock Exchange. This initiative, approved by the Securities and Futures Commission, aims to enhance financial cooperation between East Asia and the Middle East, coinciding with the Capital Markets Forum focused on boosting cross-border investment.The ETF, managed by Premia Partners, includes riyal- and US dollar-denominated sukuk and offers quarterly distributions with a fee cap of 0.35%. The launch reflects Saudi Arabia's commitment to elevating its capital markets globally, aligning with its Vision 2030 strategy to attract foreign investment.
Saudi Arabia is actively promoting investment opportunities for Chinese investors in sectors like infrastructure, tourism, and industry, as highlighted by Finance Minister Mohammed Al-Jadaan. The two nations are enhancing economic ties, with Saudi exports to China reaching SR44.91 billion in the first quarter, while 57 agreements worth over SR14 billion were signed during the Saudi-Chinese Business Forum in May. Al-Jadaan emphasized the importance of financial integration and innovation to foster mutual prosperity and sustainable development.
In 2024/2025, six Arab countries, including five from the GCC, ranked among the world's top startup ecosystems, reflecting a surge in entrepreneurship amid regional challenges. The UAE leads globally for the fourth year with a score of 7.1, followed by Saudi Arabia (4th globally, 6.3), Bahrain (7th, 5.8), Oman (8th, 5.7), Qatar (11th, 5.6), and Jordan (18th, 5.0). These nations are enhancing their entrepreneurial landscapes through strategic reforms and initiatives, attracting significant investment in sectors like fintech and e-commerce.
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mena startups attract investment and expand through strategic acquisitions and funding rounds
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