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Saudi budget airline flynas plans to sell a 30% stake in an IPO on the Tadawul stock exchange, aiming to capitalize on growing investor interest in Gulf aviation. This move aligns with Saudi Arabia's Vision 2030 goals to diversify the economy and boost tourism, as the airline targets a fleet expansion to 160 aircraft by 2030. Flynas, profitable since 2015 (excluding 2020), reported SAR 6.3 billion in revenues for 2023, marking a 32% increase year-on-year.
Saudi Arabia's domestic tourism is booming, with a 45% increase in flight bookings during Eid Al-Fitr, driven by improved infrastructure and affordable travel options. The focus is shifting towards immersive cultural experiences and family-oriented activities, as new destinations gain popularity alongside major cities. Investments in tourism infrastructure are set to double accommodation capacity by 2030, enhancing the appeal of local exploration.
The MENA startup ecosystem is gaining momentum in Q1 2025, highlighted by significant funding and strategic acquisitions across various sectors. Nayla Finance raised $4 million to enhance SME lending in Saudi Arabia, while Epik Foods acquired Sauce Capital for $15 million, creating a major F&B operator. Additionally, NKN Media secured $9.5 million for global expansion, and EHC Investment fully acquired Al-Fanar Gas Group, strengthening its position in the UAE energy sector.
Southeast Asia's tech scene faces challenges as startup funding declines for the third consecutive year, with only a few deals reported this week. Notable funding includes India's Apna Mart raising $25 million, while M&As feature Dubdub.ai's acquisition by Observe AI. Despite setbacks, there is optimism for continued innovation and problem-solving in the region.
E-commerce in the MENA region is undergoing a significant transformation driven by Ramadan and Eid gifting, with gift orders surging over 150% during Ramadan 2025. Mobile devices now dominate transactions, and platforms are enhancing logistics and personalisation to meet year-round consumer expectations. The shift towards cross-border demand and smarter inventory strategies is reshaping the digital retail landscape, making Ramadan a critical period for innovation and engagement.
Orascom Construction plans to reduce its projects in Egypt to a third by 2026, focusing on international expansion, particularly in the UAE and Saudi Arabia. CEO Osama Bishai emphasized the company's preference for foreign-funded projects and noted improvements in dues collection from government entities, despite ongoing local challenges. The firm is already engaged in significant projects abroad, including power plant expansions in Saudi Arabia and seawater treatment facilities in the UAE.
The Arab African International Bank plans to open a branch in Saudi Arabia, aiming to support the growing influx of Egyptian investments in the Kingdom. With regulatory approval from Egypt secured, the bank is seeking permission from Saudi authorities to cater to the financing needs of large-scale projects, which have attracted significant Egyptian investors. Currently, there are 6,830 Egyptian companies operating in Saudi Arabia, with investments totaling USD 18.7 billion.
Nayla Finance, a Saudi fintech platform, has secured $4 million in seed funding to enhance digital lending for micro and small businesses. The investment, led by Sanabil Venture Studio, will be complemented by an additional $2.7 million in debt financing to expand its loan portfolio.Utilizing AI-driven credit assessments and alternative data sources, Nayla simplifies the loan application process for SMEs, enabling them to access up to SAR 100,000 quickly. This initiative aims to boost financial inclusion and support the growth of small businesses in Saudi Arabia.
UAE-based fintech startup Klaim has raised $26 million to enhance healthcare payment processes, including $10 million in Series A equity and $16 million in debt financing. Founded in 2019, Klaim's AI-driven platform aims to resolve delayed insurance claim payments, allowing providers to receive funds within 24 hours. With this funding, the company plans to expand in the MENA region, particularly in Saudi Arabia and Oman, while strengthening partnerships across the healthcare sector.
Shares of Umm Al Qura for Development & Construction Co. surged 30% to 19.50 riyals (US$5.20) on their debut on the Riyadh exchange, following an IPO price of 15 riyals (US$4) per share, valuing the company at approximately US$5.75 billion. The US$523 million IPO attracted significant interest, with institutional orders reaching US$126 billion. Supported by Saudi Arabia’s sovereign wealth fund, Umm Al Qura is involved in a major development project in Mecca valued at around US$27 billion.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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