Qomel board recommends 20,000 share buyback to retain as treasury
In a statement to Tadawul, the bank said the share buyback will be funded through its own resources.
The move is still subject to the approval of the next extraordinary general meeting (EGM).
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Arab News
2 hours ago
- Arab News
MENA startup funding rises 1,411% mom to $783m
RIYADH: Startup investment across the Middle East and North Africa accelerated sharply in July, with total funding reaching $783 million across 57 deals. The rise marks a 1,411 percent increase from June and more than double the amount raised in July 2024, positioning the third quarter of 2025 for robust regional growth, according to Wamda's monthly report. The increase was driven primarily by two megadeals, highlighting sustained investor appetite for later-stage, high-growth opportunities. Saudi Arabia led regional funding activity, securing $396.5 million across 16 deals, while the UAE followed with $359 million raised in 22 startups. The Kingdom's performance was boosted by three major rounds, including Q-commerce platform Ninja's $250 million raise led by Riyad Capital, propelling it to unicorn status, foodtech startup Calo's $39 million series B extension, and SaaS provider Lucidya's $30 million series B. The funding landscape saw notable shifts among emerging ecosystems. Iraq claimed third place with a single $15 million transaction for InstaBank, moving ahead of the traditional heavyweight Egypt. Morocco followed in fourth, propelled by Ora Technologies' $7.5 million round. Egypt, once consistently in the top three, dropped to fifth place, recording just $4 million in funding across seven startups. Analysts cite macroeconomic headwinds, including currency instability, as contributing factors to Egypt's diminished share. By sector, deeptech overtook fintech for the first time in several months, drawing $250.3 million from four deals. E-commerce matched deeptech in total funding, also raising $250 million, driven by Ninja's record-setting round. Software-as-a-service startups came third, attracting $89 million across 12 deals, while fintech dropped to fourth, with $61 million raised in 11 transactions. 'The shift reflects a growing appetite for IP-heavy, innovation-led ventures and scalable consumer platforms, even as fintech funding cools,' the report stated. Two megadeals — Ninja and XPANCEO — accounted for 56 percent of total funding in July, skewing the overall numbers toward large-scale capital deployments. Series A rounds were notably strong, raising $267 million across three startups. Later-stage deals accounted for $158 million, while 26 early-stage companies raised a combined $36 million. Debt financing represented only 2 percent of the total, reaffirming the continued dominance of equity-based funding in the region. Our vision is to make high-impact technology radically accessible for agents everywhere. Fouad Bekkar, founder and CEO of The investment landscape also saw renewed interest in consumer-focused business models. Business-to-consumer startups captured $534 million in funding, reversing a trend from earlier this year when enterprise solutions and B2B ventures attracted more capital. Business-to-business startups raised $202.4 million across 32 deals, with the remainder distributed among direct-to-consumer and hybrid models. However, the gender gap in venture funding persisted. Startups led exclusively by male founders raised $774.5 million across 43 deals. Mixed-gender founding teams secured $5.8 million, while female-led ventures attracted just $3 million from eight deals. Despite increased visibility of women in entrepreneurship, funding distributions remain uneven, suggesting that systemic barriers continue to limit capital access for women-led startups. With seven months remaining in the calendar year, MENA startup funding has already surpassed the full-year total for 2024. The momentum reflects the region's ongoing transition from nascent to mature innovation ecosystems, with capital flows expanding beyond traditional markets into emerging hubs. The sustained activity signals confidence from global and regional investors alike. 'With Saudi Arabia and the UAE drawing record-breaking rounds, and emerging markets like Iraq and Morocco making surprise appearances in the top rankings, investor interest is diversifying beyond traditional hubs,' the report added. raises $2m pre-seed round A proptech company focused on streamlining lead generation and conversion for real estate professionals, has raised $2 million in a pre-seed funding round. The investment was led by Salica Oryx Fund, managed by Salica Investments and based in Abu Dhabi Global Market, with participation from EQ2 Ventures and strategic angel investors. Founded as Coralytics and recently rebranded to the company uses artificial intelligence to simplify real estate sales workflows. 'Real estate agents globally are underserved by fragmented, outdated sales tools. Through our mission is to simplify growth with AI that just works,' said Fouad Bekkar, founder and CEO of 'This funding gives us the firepower to further accelerate product innovation and expand into key growth markets,' Bekkar added. The capital will support the company's product development roadmap, including engineering hires and advanced AI features. The Kingdom's performance was boosted by three major rounds, including Q-commerce platform Ninja's $250 million raise led by Riyad Capital, foodtech startup Calo's $39 million series B extension, and SaaS provider Lucidya's $30 million series B. will also consolidate its position in the UAE, establish new operations in Saudi Arabia, and launch pilot programs in France and the US. 'Salica Oryx Fund is delighted to be an early supporter and investor in It represents a significant advancement in real estate marketing technology, offering an AI-powered platform that fundamentally transforms how properties are marketed and presented online,' said Ivo Detelinov, general partner at Salica Oryx Fund. Patrick Thiriet, CEO of EQ2 Ventures, added, 'AI is about to leapfrog productivity across many industries where professionals still use ill-adapted legacy software products to run their business. The property market is one of those verticals, with real estate agents spending too much time on non-productive tasks.' international growth strategy is reinforced by a go-to-market partnership with SNPI, France's largest real estate union, representing over 14,800 agencies. In North America, the company has secured its first US-based multiple listing service partner, with pilots expected to launch shortly. Breadfast secures $10m to expand operations Egypt's quick-commerce grocery delivery platform Breadfast has raised $10 million as part of its Series B2 round. The investment was led by the European Bank for Reconstruction and Development, with participation from Novastar Ventures. Founded in 2017, Breadfast has evolved from a bakery delivery service into a full-scale on-demand grocery and household goods provider. The new funding places its valuation between $382 million and $400 million. The company will use the capital to expand fulfilment centres in Cairo, Giza, Alexandria, and Mansoura, with plans to enter additional Egyptian cities. It is also investing in Breadfast Pay, a fintech extension offering digital savings, withdrawals, and branded payment cards. The fintech unit supports the company's ambition to develop a broader super-app experience, integrating commerce and financial services to boost customer engagement and retention. Impact46 invests $6.66m in five MENA gaming studios Saudi Arabia-based venture capital firm Impact46 has invested more than SR25 million ($6.66m) in five gaming studios — Fahy, NJD Games, Game Cooks, Starvania, and Alpaka — as part of its SR150 million Gaming Fund launched in March 2024. The studios span mobile, PC, console, and hybrid-casual gaming, reflecting the growing creative and technical capabilities of the MENA region's gaming ecosystem. 'We see gaming as more than a sector; it's a language of youth, culture, and creation,' said Basmah Al-Sinaidi, managing partner at Impact46. 'Through these investments, we're backing builders who aren't just launching games but creating the infrastructure, stories, and platforms that define the next era of content in the region.' Fahy and NJD Games are focused on mobile titles developed in Saudi Arabia. Game Cooks, now headquartered in Riyadh, has produced over 22 titles across VR, PC, and mobile platforms and has won multiple international awards. Starvania specialises in fantasy PC and console games, while Alpaka develops hybrid-casual mobile games in the action genre. These investments follow earlier backing of Spoilz, which develops culturally inspired mobile games, and Spekter Games, a publisher building games for chat-based platforms with Web3 layers. Together, the portfolio illustrates Impact46's commitment to fostering a homegrown gaming ecosystem. The initiative aligns with Vision 2030 and Saudi Arabia's National Gaming and Esports Strategy, which aims to position the Kingdom as a global gaming leader. Key enablers include the Saudi Esports Federation, CODE, and the Esports World Cup Foundation. Perle raises $9m seed round UAE-based startup Perle, which is building a decentralized AI training data platform, has closed a $9 million seed funding round led by Framework Ventures. The funding will support the launch of Perle Labs, a crypto-native ecosystem aimed at enhancing how humans contribute to AI model training. Perle uses blockchain infrastructure to provide transparent payments, on-chain attribution, and verifiable work histories for contributors. 'As AI models grow more sophisticated, their success hinges on how well they handle the long tail of data inputs — those rare, ambiguous, or context-specific scenarios,' said Ahmed Rashad, CEO of Perle. 'By decentralizing this process, we can unlock global participation, reduce bias, and dramatically improve model performance.' The company's platform supports the full AI development lifecycle, including multimodal data collection, reinforcement learning from human feedback, and assistant fine-tuning. It combines human expertise with adaptive workflows to accelerate the accuracy and scale of training data. Perle is targeting developers and companies seeking more robust, transparent, and scalable AI data pipelines, with a long-term vision to decentralize the AI supply chain and empower global contributors.
Arab News
a day ago
- Arab News
International tourists visiting Kingdom set to reach 70% of total
Saudi tourism is competing with itself, breaking its own records every year in both the number of local and international tourists and in tourism revenues. The number of tourists reached 115.9 million in 2024, with revenues estimated at SR283 billion ($75.5 billion). Both figures represent an unprecedented leap in Saudi travel history. Foreign tourists from outside the Kingdom reached 29.7 million, spending about SR169 billion ($45 billion). Between 2016 and 2024 the number of these tourists increased by 69 percent. Saudi Arabia plans to invest about $800 billion in tourism by 2030, aiming to host 150 million visitors over the next five years, with 70 percent of them being international tourists. Evidence of its rapid progress is seen in the International Air Transport Association's Air Connectivity Index, in which the Kingdom jumped from 27th to 13th place globally. Since 2021, Saudi Arabia has been implementing its Air Connectivity Program to link its cities with 250 destinations worldwide. Remarkably, the Kingdom's tourism journey spans less than five years, making its achievements nothing short of extraordinary. In this short time, Saudi Arabia has overtaken long-established Arab tourism leaders, notably Egypt with its ancient pharaonic heritage, iconic landmarks and decades of tourism expertise. In Fitch's 2023 global tourism revenue rankings, Egypt trailed behind the Saudi giant, despite the fact that Saudi tourist visas were only introduced in 2019. According to the Passport Index, Egypt allows citizens of 119 countries to enter with or without a visa, while Saudi Arabia extends such access to only 66 countries. Yet this significant gap in visa accessibility has not stopped the Kingdom from surpassing its neighbor. Madinah has been named one of the top 100 global tourist destinations, and the enchanting city of AlUla was the first tourist destination in the Middle East accredited by the National Destination scheme. All these achievements confirm the strength of Saudi Arabia in the tourism sector, especially compared with other Arab and Middle Eastern countries. In addition to the above, hosting the 2034 World Cup is expected to have a major impact on Saudi tourism, similar to Qatar's experience with the tournament in 2022. According to a Bloomberg report, Qatar's World Cup contributed to a 58 percent year-on-year increase in tourist numbers in the country in 2023, not to mention the astronomical numbers during the tournament itself. For this reason, Saudi Arabia is currently working on marketing its tourist destinations ahead of Expo 2030 and the World Cup. Evidence of this includes hosting the first Middle East office of the World Tourism Organization in Riyadh, and signing a deal with in 2024 to publicize Saudi destinations in the Chinese, Indian and European markets. A direct result of this was the arrival of 150,000 Chinese tourists that same year, with the number expected to increase to 5 million annually in the coming years. The Saudi Tourism Authority is making significant efforts in this regard, such as opening 16 offices in major cities like London, Paris, Beijing and Shanghai. It is also marketing Saudi tourism projects using the 'Saudi Spirit' branding which was displayed in a number of cities across the world, including on a large building in New York's Times Square. Bodies attempting to correct misconceptions about the Kingdom, especially among international tourists, include the efforts of the Public Prosecution and the Ministry of Health. The Public Prosecution, for example, has established a dedicated Tourism Prosecution Office at domestic and international airports, as well as at its main headquarters. This office assists travelers who encounter legal issues, ensuring their cases are processed swiftly — making them feel valued as guests in the Kingdom. The Ministry of Health has also introduced the Mawid app, allowing tourists to book appointments at the nearest healthcare center at minimal financial cost. Tourism accounts for 10 percent of the global economy — about $11 trillion — and a similar percentage of the world's workforce, or about 300 million jobs. Saudi Arabia needs to capture a larger share of the pie and aims to break the trillion-riyal revenue barrier. It has created 200,000 jobs so far, with a target of 800,000 by 2030, and I hope it will be possible to exceed 1 million jobs before this date. These are all achievable aspirations, as the Kingdom's vision, led by its architect Crown Prince Mohammed bin Salman, knows no 'impossible,' and can lead Saudis to a world of prominence in tourism and beyond. • Dr. Bader bin Saud is a columnist for Al-Riyadh newspaper, a media and knowledge management researcher, an expert and university professor in crowd management and strategic planning, and the former deputy commander of the special forces for Hajj and Umrah in Saudi Arabia. X: @BaderbinSaud.
Arab News
a day ago
- Arab News
Tea is brewing a comeback in Saudi society
RIYADH: For years, tea has been a symbol of hospitality and social bonding in Saudi Arabia society but often coming second in popularity to coffee. No longer. Tea is making a strong comeback, with lovers of the brew, and businesses, blending tradition with modern sensibilities. Abdulaziz Alarifi, a partner at Dreamy Visions marketing agency, told Arab News: 'In the past, tea was served as a welcome drink, after dinner, or even at a party. Nowadays, it has a larger market and improved quality.' Nowadays Saudis are changing how they consume tea. Many people are looking for convenience while on the go, and prefer to drink it cold, with almost every coffee shop catering to this demand. (Photos/Haifa Alshammari) Alarifi says that tea is now being evaluated on source and quality of leaves, rather than just brand name. 'We are talking about Saudi companies that have started supplying tea and there is competition in this market between them,' he said. As lifestyles in the country change, people's preferences have changed as well. Our preference has always been for hot tea, but iced tea is a new target for the market. I believe it will take up significant space in the coming years. Bader Hathal Aamer Ahmad, who is a server at a tea house in Diriyah's Alsamhania area, said: 'Arabic tea and coffee have been staples since ancient times. These categories (cold tea drinks) are new inventions introduced to generations already accustomed to these beverages.' He added: 'I mean a different generation than the one before. For example, in the past, tea and coffee were served hot; now there are two types of tea, cold and hot, such as for karak tea.' Ahmad said in the past tea was served warm and infused with aromatic spices including mint and saffron, alongside Saudi coffee, during family gatherings. Nowadays Saudis are changing how they consume tea. Many people are looking for convenience while on the go, and prefer to drink it cold, with almost every coffee shop catering to this demand. Photos/Haifa Alshammari Small glass cups of mixed black tea with mint were also enjoyed hot during weddings and celebrations. However, nowadays Saudis are changing how they consume tea. Many people are looking for convenience while on the go, and prefer to drink it cold, with almost every coffee shop catering to this demand. Popular flavors include iced black tea with lemon, green tea with tropical fruits, and iced hibiscus tea with sparkling water and lemon. Alarifi added: 'In the past, tea consumption — whether at home or at work — was low. Now, it has increased significantly. People drink tea at work, at home, and in cafes. Consumption has become much higher.' According to the Visit Saudi website, Saudi Arabia 'is among the 20 largest tea-consuming countries in the world, with each person consuming nearly 900 grams annually, on average.' What is more interesting is that instead of the small glass cups, these new takes on tea are served in bottles or takeaway cups, which are available in cafes, convenience stores, and drive-thru locations. Bader Hathal, a local who enjoys a good cup with friends, told Arab News: 'I believe this is a unique and remarkable shift for tea and tea lovers, as it offers a delicious flavor in a new style that we, as Saudis, aren't used to.' 'Our preference has always been for hot tea, but iced tea is a new target for the market. And I believe it will take up significant space in the coming years, especially when it comes to beverage offerings, with iced tea being one of the most prominent.' The rising popularity of tea houses in cities including Riyadh and Jeddah shows a growing appreciation for the drink. Rana Alzamil, a Riyadh resident, told Arab News: 'In my family, tea is more of a tradition and custom than just a drink we enjoy. 'Afternoon tea was one of the rituals the family made sure to gather for. It was usually served as either mint tea or black tea, accompanied by cake or biscuits.' She added: 'With time and the changing of generations, we've come to enjoy tea whether hot, like we used to, or cold with different flavors. And each time, it brings back family memories.' 'One of the new cold flavors I enjoy is hibiscus tea with berries, as well as iced ginger tea with lemon and mint, especially in summer.'
