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Ajras, a Saudi proptech startup founded in 2022 by Muath Aljubailan, has raised $1.5 million in a pre-Series A funding round led by Veda Holding. The company specializes in innovative financing solutions for rent payments, particularly in the commercial and industrial sectors, and has launched a "Rent Now, Pay Later" option. Previously, Ajras secured SAR 105.05 million (USD 28 million) in seed funding in November 2023.
Saudi e-commerce platform Aya has raised USD 1.6M in a seed funding round led by Khwarizmi Ventures, with participation from other investors. The startup aims to unify the fragmented modest fashion industry, focusing on the Abaya market, and plans to use the funds for product development, market expansion, and enhancing customer experience. Co-founder Munira Al Kadi emphasized the investment as validation of their vision to disrupt a traditional market.
Saudi Arabia's economy grew by 1.3% year-on-year in Q4 2024, driven by a 4.3% increase in non-oil activities and a 2.6% rise in government sectors, despite a 4.5% decline in oil activities. The IMF has revised the 2024 GDP growth forecast to 1.5% due to ongoing oil production cuts and regional conflicts, but projects a rebound to 4.6% in 2025. The government anticipates a fiscal deficit of SAR 101 billion ($26.88 billion) for 2025, linked to investments in Vision 2030 initiatives aimed at economic diversification.
Saudi Arabia's money supply surged by 9% in 2024, reaching SAR 2.92 trillion, driven by a SAR 236.12 billion annual increase. Demand deposits comprised 49.3% of this total, while the growth in liquidity supports the Kingdom's economic expansion and Vision 2030 diversification initiatives.
Saudi Arabia's ecommerce sales via Mada cards surged to 20.87 billion riyal (US$5.56 billion) in January, marking a 44.64% year-on-year increase. The number of transactions rose by 33.65% to 111.42 million, while retail sales at point-of-sale terminals reached 58.21 billion riyal (US$15.5 billion), an 8.19% increase. Notably, jewelry sales experienced the highest growth, rising 24.71% to 1.19 billion riyal (US$317 million).
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%.
Klaim, a Dubai-based healthcare payment acceleration company, has raised $10 million in Series A funding and an additional $16 million for regional expansion and improved cash flow for medical providers. Founded in 2019, Klaim utilizes AI and data analytics to enhance insurance claim processing in the MENA region. The new capital will facilitate its growth in the UAE and entry into Saudi Arabia and Oman, alongside a partnership with Tharawat Tuwaiq Financial Company to launch a healthcare financing fund valued at SAR 60 million.
Saudi e-commerce platform Aya has raised $1.6 million in Seed funding to transform the modest fashion market, focusing on the fragmented Abaya sector. Co-founders Munira Al Kadi and Abdulrahman Al Ammar aim to unify the industry by leveraging real-time insights to predict trends and connect local manufacturers with consumer demand. The investment will accelerate product development and enhance customer experience.
Saudi Arabia's e-commerce sales surged 44.64% year-on-year in January, reaching SR20.87 billion ($5.56 billion), driven by increased consumer spending and the adoption of contactless payment technologies. Transaction volumes rose 33.65% to 111.42 million, reflecting a shift towards digital payments, particularly through Mada cards. Physical retail sales also grew, with a notable increase in spending on jewelry and clothing, as consumers capitalized on year-end bonuses and promotions.
Saudi Arabia has unveiled a new symbol for the riyal, blending Arabic calligraphy with modern design, aimed at enhancing global recognition and investor confidence. This strategic move aligns with the Kingdom's Vision 2030 economic transformation, signaling a commitment to financial modernization and stability in a volatile global market. The symbol is expected to streamline transactions and bolster the riyal's presence in international trade and digital finance.
Saudi Riyal
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Ajras secures 1.5 million dollars to enhance rent payment solutions
02:12 11.03.2025
Saudi startup Aya secures 1.6 million dollars to innovate modest fashion industry
13:15 10.03.2025
Saudi Arabia's economy grows 1.3 percent amid oil production cuts
07:36 10.03.2025
Saudi Arabia's money supply grows 9 percent to 2.92 trillion SAR in 2024
07:29 10.03.2025
Saudi ecommerce sales via Mada cards rise 45 percent in January
07:10 10.03.2025
gcc inflation rises 1.7 percent in october driven by housing costs
06:36 10.03.2025
klaim secures 10 million dollars in series a funding for healthcare expansion
06:32 10.03.2025
saudi startup aya raises 1.6 million to transform modest fashion industry
06:12 10.03.2025
Saudi Arabia's e-commerce sales surge 45 percent in January 2023
15:39 09.03.2025
saudi arabia unveils new riyal symbol to enhance global financial presence
05:17 09.03.2025
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