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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.
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%.
Foras, an Abu Dhabi-based investment firm, has acquired a 36% stake in Beban, a licensed crowdfunding platform in Bahrain, to enhance access to capital for MENA startups. This partnership aims to bridge the funding gap for SMEs and leverage innovative Sharia-compliant crowdfunding solutions, with Beban having already secured over $250,000 from over 5,000 investors. The collaboration is expected to drive growth and innovation in the region's entrepreneurial ecosystem.
Ninja, a Saudi quick commerce startup founded by Ebrahim Al-Jassim, is in discussions to raise funds at a valuation exceeding $1 billion, with the round potentially closing this month, led by Riyad Capital. Launched in 2022, Ninja has become the largest grocery delivery service in Saudi Arabia and has expanded to Bahrain, Qatar, and Kuwait, recently adding food delivery to its offerings. The company aims for a public listing by 2027 after raising $30 million in a seed round last December at a valuation of $180–200 million.
Kuwait-based delivery platform talabat has acquired 100% of Instashop from Delivery Hero SE for $32 million, finalizing the deal in March 2025. Instashop, founded in 2015 and operating in several MENA countries, reported a gross merchandise volume of $631 million in 2024, marking a 16% increase from the previous year. The acquisition will enhance talabat’s grocery and retail offerings while allowing Instashop to maintain its brand independence.
Mrkoon is enhancing industrial supply chains and promoting the circular economy, positioning itself for growth in sustainable waste management across the MENA region following a recent funding round. Meanwhile, Saudi-based Ninja Express is in talks to secure over $1 billion in funding, aiming for an IPO by 2027, while UAE's Klaim has raised $26 million to expand healthcare payment solutions, enhancing efficiency for providers in the region. Additionally, Qatar has launched a Startup Business Development Grant to support early-stage startups, fostering innovation and economic diversification aligned with its Vision 2030 goals.
Talabat has acquired InstaShop for $32 million, enhancing its grocery and retail division while allowing InstaShop to operate independently. This strategic move aims to improve logistics, customer experience, and market presence in the MENA region's quick-commerce sector. Both companies will leverage their strengths to drive innovation and growth in online grocery delivery.
Mrkoon is experiencing rapid growth with a 15% month-over-month revenue increase, attracting further investment from A Ventures, which has doubled its stake due to the startup's 20-fold expansion and strong market potential. As Mrkoon prepares to enter the GCC market, focusing on Saudi Arabia and the UAE, it aims to capitalize on the $150 billion scrap and surplus materials market, enhancing its technology and operations with A Ventures' support. In other developments, Saudi-based Ninja is in talks to secure over $1 billion in funding, aiming for an IPO by 2027, while Foras has acquired a 36% stake in Beban Crowdfunding to boost startup funding in the MENA region.
UBS has lowered its price target for EOG Resources from $165 to $160 while maintaining a buy recommendation, as the company reported mixed Q4 2024 results with earnings per share of $2.74 but revenue of $5.6 billion falling short of expectations. Despite production shortfalls and rising costs, EOG's strong financial position, commitment to shareholder returns, and strategic investments in international expansion are seen as positive indicators for future growth. The company plans to keep its capital expenditure at $6.2 billion for 2025, targeting production growth of 3% for oil and 6% for total production.
MENA startups are attracting significant investment, with notable funding rounds in Saudi Arabia, the UAE, and Egypt. Key highlights include CQR's $3 million for AI-driven cybersecurity, Flow48's $69 million for fintech expansion, and Fawry's $1.6 million investment in Egyptian fintech firms. The region's fintech sector has seen a 5.5x growth over five years, driven by digital transformation initiatives.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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