Empowering Growth: How Apex Group is Redefining Financial Services in the Middle East

Sep 15, 2025

Kholoud Hussein 

 

As the Middle East continues to experience transformative economic growth, driven by diversification initiatives and rapid advancements in financial services, global companies like Apex Group are playing a critical role in shaping the region's future. With its extensive expertise and a global presence spanning over 112 offices worldwide, Apex Group has emerged as a trusted partner for businesses seeking tailored financial solutions.

 

In an exclusive interview with Sharikat Mubasher, Christiane El Habre, the Regional Managing Director - Middle East, discusses Apex Group's strategic focus on supporting economic transformation in the GCC, particularly in Saudi Arabia, a key market under Vision 2030. El Habre elaborates on the company’s efforts to empower the private sector, streamline regulatory processes, and integrate innovative solutions that drive sustainable growth across the region.

 

The following interview offers a deep dive into how Apex Group combines its global reach with localized expertise to redefine the financial services landscape, creating long-term value for clients while supporting the region's ambitious economic goals.

 

With Apex Group's extensive global presence, how does the MENA region fit into the company’s broader growth strategy, particularly in terms of expanding services and building regional partnerships?

Apex Group has operated in the Middle East since 2006, offering unmatched local expertise and global reach. The Company has over 120 professionals on the ground in the region, providing end-to-end financial solutions to clients in the UAE, Bahrain, and Saudi Arabia.             
 

Apex Group has strategic partnerships with key regional players, such as Mubadala, supporting our delivery of tailored, one-stop solutions – covering the full value chain and supporting clients’ capital-raising goals.      
 

These capabilities support the region's rapid growth and evolving market demands; as the Middle East becomes a global nexus for asset managers.  

Our focus remains on driving regional partnerships while contributing to developing the financial ecosystem across the MENA region.           

 

Saudi Arabia is rapidly emerging as a business hub in the GCC. What are Apex Group’s primary objectives and strategies for strengthening its presence in the Kingdom, and what unique opportunities does the market present?           

Enhancing Apex Group’s presence in Saudi Arabia is core to our Middle East growth strategy. We opened our Saudi office in 2024, with a plan to increase our in-country presence over the next year.

Apex Group’s capabilities – providing tailored financial solutions to sovereign wealth funds, family offices, and mid-sized enterprises – will be invaluable in supporting the Kingdom’s ambitious Vision 2030 goals.      

For our clients, Vision 2030’s goals of driving economic diversification, private sector development, and infrastructure spending, open significant opportunities to create value via private equity, venture capital, and impact-driven investments.    
 

Given the economic diversification goals under Saudi Vision 2030 and similar initiatives across the GCC, how does Apex Group’s cross-jurisdictional service model support these transformations?

Apex Group’s cross-jurisdictional service model enables clients to seamlessly manage operations across the GCC and beyond. By combining local expertise with global capabilities, we help clients navigate complex regulatory environments and achieve their asset management and/or capital-raising objectives. 

Our comprehensive service offerings — from fund administration and corporate management to capital markets and transactions support — empower asset managers to actively engage with the Vision 2030 agenda; fostering innovation, diversification, and growth.    

Apex Group prides itself on global reach and local service. How does this approach translate into operational efficiency and value creation for clients in Saudi Arabia and the MENA region?

Our global reach ensures clients can access a vast network of resources, while our local teams deliver solutions tailored to regional needs – while remaining cognisant of differing regulatory approaches across markets.        


This hybrid approach allows Apex Group to offer operational efficiencies, reduce complexity, and enhance value for clients. Across the Middle East, our hands-on local teams work closely with clients to provide solutions aligned with their strategic goals and supported by a global infrastructure offering scalability and innovation.           

What role does Apex Group play in strengthening the financial infrastructure across the GCC? Are there specific services or innovations you are introducing to meet the region’s evolving financial and regulatory needs?         

Apex Group plays an active, collaborative role in the GCC’s evolving regulatory landscape. We work closely and continuously engage with regulators to foster a positive business environment for asset managers and portfolio companies. We are an active member of the Middle East Investment Association, advocating for industry interests and working toward shared goals.     

At an individual level, Apex Group is committed to nurturing the financial leaders of tomorrow; partnering with universities to create internship opportunities, building pathways for young professionals to enter the industry and thrive.     
 

This talent pipeline is critical for the long-term success and viability of asset managers operating in the region.    

How does Apex Group plan to support the growth of private sector enterprises in Saudi Arabia and the GCC, particularly mid-sized and family-owned businesses looking to scale or internationalize?

Apex Group has considerable experience in helping clients access international markets and expand to meet business goals.   

For asset managers, we are adept at helping them navigate regulatory complexity, raise capital, and engage with prospective investors – critical items for successful international expansion.

Mid-sized and family-owned businesses benefit from our corporate management and back-office function expertise. Specifically, we enable business leaders to concentrate on growing their business while we manage HR, accounting, or bookkeeping functions – reducing risk exposure, enhancing controls, and improving service quality.

 

Apex Group’s turnkey solution, Apex BASE, supports efficient expansion support for fast-growing businesses – helping them understand regulatory requirements, jurisdictional complexity, and noncompliance risks.

 

The MENA region has diverse economic landscapes and regulatory frameworks. How does Apex Group customize its offerings to cater to the specific needs of clients across different jurisdictions in the region?    

Apex Group has a deep understanding of MENA’s diverse regulatory landscapes; accumulated via consistent, collaborative discussions with regional regulators. 

This insight allows us to offer customized solutions addressing each jurisdiction’s specific needs; so, clients can seamlessly operate across markets and achieve business goals.         

In each jurisdiction, our on-the-ground teams play invaluable roles in helping clients understand regulatory requirements, while encouraging positive regulatory evolutions when needed. This helps cement MENA’s growing status as a global hub for asset managers and investors.

 

How is Apex Group leveraging technology and digital innovation to enhance its services in the MENA region, particularly in Saudi Arabia, where digital transformation is a national priority?

 

Technology is at the core of Apex Group’s service delivery. Our proprietary cross-asset platform streamlines fund administration, investor relations, and compliance processes, ensuring efficiency and transparency for clients. 

 

In Saudi Arabia, where digital transformation is a key national goal, we are introducing innovative solutions leveraging AI and data analytics - to enhance decision-making and operational efficiency. 

Sustainability is increasingly becoming a focus in the GCC. What steps is Apex Group taking to integrate ESG (Environmental, Social, Governance) considerations into its services for clients in Saudi Arabia and the broader MENA region?

 

ESG has been a key consideration for Apex Group for over 15 years. Our dedicated ESG brand, Holtara, supports clients across the full investment lifecycle, from fundraising to exit.

 

Specifically, we advise and enable clients to understand the evolving ESG landscape – including in the GCC – giving them the ability to conduct informed ESG assessments; drawing on a proven methodology and industry-leading sustainability experts.

 

These capabilities enable clients to incorporate ESG into their operations, and their portfolio companies – aligning closely with the GCC’s broader push to responsible investment and sustainable growth.

 

What are Apex Group’s long-term plans for further growth and investment in the MENA region? Are there specific sectors or markets within the GCC that you view as key drivers for the company’s expansion?

 

Apex Group’s long-term strategy in the MENA region focuses on expanding our presence in high-growth markets such as Saudi Arabia and the UAE. Key sectors include private equity, venture capital, and real assets; aligning with regional diversification and private sector growth goals.   
            
Our commitment to building strong regional partnerships, leveraging technology, and investing in local talent ensures we will remain a key player in the GCC’s evolving financial landscape.

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Why companies freeze hiring and how it affects their people

Noha Gad

 

Companies increasingly turn to cost-control measures to safeguard their financial stability. Among the most common and visible of these measures is the hiring freeze. While often presented as a temporary, strategic pause, a hiring freeze carries significant implications for employees, job seekers, and the organization’s long-term growth trajectory.

A hiring freeze is a business decision that sounds simple on paper but ripples through every corner of an organization. At its core, it is a temporary pause on bringing new people on board, no new roles, no backfills for departing employees, and often a hard stop on most recruitment activity. Companies often take this decision when they need to tighten budgets, navigate economic uncertainty, or reevaluate their workforce strategy without resorting to layoffs.

For current employees, a hiring freeze can feel like a mixed signal: there is short-term reassurance that jobs are safe, but also the creeping reality of heavier workloads, stalled promotions, and growing anxiety about the company’s future. For job seekers, it can mean suddenly stalled offers or roles that vanish midway through the interview process. And for leadership, it’s a balancing act between preserving cash and protecting morale, productivity, and long-term talent pipelines.

 

Why do companies implement a hiring freeze? 

Leaders may implement a hiring freeze to protect company finances and keep the business operational. They may also freeze new hires if the organization is plateauing or declining. There are a few other reasons why a halt in hiring may be necessary:

  • Budget deficit: If the process of hiring and paying new employees has the potential to cause overspending, leaders may halt recruitment. They may decide to delay hiring candidates until they improve the business's financial situation. 
  • Emerging liquidity issues: Liquid assets are a type of capital businesses have, such as cash balances and bank deposits. If an employer is uncertain whether a company is maintaining enough liquid assets, it might stop hiring efforts.
  • Upcoming layoffs: Layoffs are the discharge of temporary or permanent employees due to a lack of work or money available. Company leaders may implement a hiring freeze to save funds, preserve the fiscal stability of the business, and avoid layoffs.
  • Changes in market conditions: The shifts in market conditions can have a notable impact on revenue generation and overall profitability. Thus, leaders may implement a hiring freeze to counter the impacts of these changing conditions.

A hiring freeze may have an impact on current employees, as they might be responsible for completing additional tasks and working longer hours to keep a business operational. Professionals can overcome the challenge of a hiring freeze by:

  • Strengthening professional relationships with peers to position themselves as a valuable team member.
  • Seeking leadership opportunities, as a hiring freeze may leave certain positions open, including leadership positions.
  • Maintaining a positive mindset and attitude to be able to develop a positive reputation among colleagues and supervisors.  

 

Pros and cons

Although the hiring freeze delivers immediate financial relief, it sets off a chain of operational and cultural side effects that can last well beyond the freeze itself. Potential benefits include:

  • Immediate cost control: Halting new hires quickly reduces cash outflow without the legal, financial, and reputational costs of layoffs.
  • Preserving institutional knowledge: Because existing employees keep their jobs, a freeze avoids severance costs and the loss of expertise that come with mass redundancies.
  • Signaling fiscal discipline to investors and lenders: A freeze can be read as a proactive, responsible move to protect the balance sheet and extend runway.
  • Flexibility and reversibility: Unlike layoffs, a hiring freeze can be lifted relatively quickly when conditions improve, allowing the company to resume growth without rebuilding from scratch.

 

Key risks and downside include:

  • Increased workload and burnout: Vacant roles and natural attrition mean remaining staff absorb extra responsibilities, which can reduce performance, quality, and customer service over time.
  • Retention risks: Employees may interpret a freeze as a warning sign of deeper trouble, leading to disengagement or voluntary turnover.
  • Talent pipeline damage: Prolonged freezes can harm the employer brand, making it harder to attract top candidates later and causing promising prospects to drop out of the funnel.
  • Management challenges: Leaders may avoid addressing poor performance because removing an underperformer would leave a gap that can’t be filled, quietly lowering team standards.

To sum up, a hiring freeze can be a necessary, short-term response to financial pressure, but it is not a cost-free solution. While it buys time and preserves jobs in the near term, the hidden costs accumulate in heavier workloads, strained morale, stalled growth, and a weakened talent pipeline.

The Algorithm Isn't the Strategist: Ahmad Abu Zannad on Culture, AI in Marketing

Ghada Ismail

 

Ahmad Abu Zannad is an advertising strategist and author of AdEntity, a new book arguing that advertising did more than sell products over the past century; it helped build modern identity itself, turning ancient human signals like status, belonging, and ambition into a shared language understood across cultures. The book’s central warning is that this role is now shifting to algorithms, which Abu Zannad argues are moving beyond shaping what we buy to shaping who we become.

In the first installment of Sharikat Mubasher’s interview with Abu Zannad, we explore the deeper forces shaping brand-building today: how culture actually works (and how startups misread it), what has really changed as advertising has moved from the TV era to the age of AI, and why an obsession with algorithms and data can quietly replace understanding people with merely measuring them.

 

Your book looks at how advertising became deeply connected to culture and technology. How can startups use culture to build brands that people genuinely connect with?

“I would start by changing one word in the question. I don’t think startups should use culture. I think they should understand it.

Culture is not putting a local celebrity in an advertisement, borrowing a dialect, or adding familiar symbols to a campaign. Those are expressions of culture. Culture itself is much deeper. It is the shared understanding of what success looks like, what generosity means, what makes somebody trustworthy, what feels prestigious, what feels embarrassing, what belongs and what does not.

And beneath culture sit very old human motivations.

People everywhere want belonging, recognition, security, status, love and hope. But cultures give those motivations different expressions. Ambition in Riyadh does not necessarily look exactly like ambition in London or Tokyo. The human motivation may travel; its cultural meaning changes.

And when I say culture, I don’t only mean national culture. Internet culture, youth culture, creator culture and subcultures are cultures too.

Look at Dollar Shave Club. They entered shaving against companies with enormous budgets and decades of category authority. They couldn’t outspend Gillette, so they understood something happening culturally: people were increasingly suspicious of over-engineered products, corporate language and inflated prices. Their famous low-budget 2012 launch film spoke in the irreverent language of internet culture and generated 12,000 new subscribers immediately after launch.

Or look at Liquid Death. They entered perhaps the ultimate commodity, water, and behaved nothing like a water brand. They borrowed the visual codes, humour and attitude of punk, heavy metal and energy-drink culture: tall cans, a skull, “Murder Your Thirst,” absurd entertainment. The founder has explicitly described the ambition as building an entertainment company that monetizes through beverages.

PRIME did something different again. Logan Paul and KSI entered one of the world’s most competitive beverage categories with something Coca-Cola and Pepsi could not simply manufacture overnight: an existing cultural relationship with millions of people. The product launched in 2022 out of creator culture, turning two former rivals into partners and their audiences into an extraordinary distribution network for attention.

None of these companies began with the advantages traditionally needed to enter such categories. What they possessed was cultural capital before they possessed category power.

That is where I think startups have an interesting advantage over very large companies. They may have less money, but they are often much closer to the tension they are trying to solve. The founder may have lived the frustration, spoken the language of the community and understood a behaviour long before somebody turned it into a market-research chart.

So I would tell a startup: don’t begin by asking, “How do we make our brand culturally relevant?”

Ask: What is already alive in culture that nobody in our category is seeing… and what legitimate role can our product play inside it?

Because if you cannot outspend the category, you may still be able to out-understand it culturally.

The best brands do not impose themselves on culture. They find something already alive within it… and become useful enough, meaningful enough and distinctive enough to belong there.”

 

From the traditional advertising era to today’s AI-driven landscape, what has changed most about how brands earn consumers’ attention, and what has remained the same?

“I think the biggest change is that we have moved from an age of persuasion to an age increasingly shaped by selection.

In the traditional advertising era, a brand would buy access to an audience through television, newspapers, magazines or outdoor, and then the creative idea had to do the difficult part: make people notice, remember, feel something and perhaps change their behaviour.

There was still a human author in the middle of that process. A strategist, a writer, a creative director, a filmmaker. Someone was making a judgement about people and culture and saying: I think this idea will matter.

Today, the system is very different.

The algorithm increasingly decides what reaches you, how often you see it, what disappears, what gets amplified and what comes next. And AI is accelerating this dramatically. We can now create hundreds or thousands of variations, personalize them, test them in real time and optimize continuously around whatever generates a measurable response.

So the machinery of attention has changed enormously.

But the strange thing is that the human being underneath it has changed very little.

We still want many of the things our grandparents wanted: belonging, recognition, status, love, security, hope, companionship, achievement. This is one of the central arguments in AdEntity. Advertising did not invent these desires. At its best, it understood them, translated them through culture and gave them contemporary symbols, products and stories.

A diamond could become a signal of commitment. A car could become a signal of achievement or freedom. A sports brand could turn effort into a story of personal transcendence.

The technology changed. The human motives did not.

And I think that distinction matters enormously now because AI creates a temptation to confuse response with meaning.

An algorithm can learn that outrage keeps me watching. It can learn which image makes me click, which headline makes me pause and which version converts 3% better. But a reaction is not necessarily a relationship. And attention is not necessarily admiration.

This is where I worry about the direction of advertising. We are becoming extraordinarily good at optimizing the signal while sometimes forgetting to ask whether the signal means anything.

The old advertising industry could certainly produce terrible work, but its greatest work tried to create something people would voluntarily carry into culture: a line, a story, an aspiration, a piece of music, an image, sometimes even a new way of seeing themselves.

The danger today is that we settle for something much smaller simply because we can measure it more precisely. So if I had to put the whole transition in one sentence:

The old challenge was, “How do I persuade you?” The new power is increasingly, “What will the system keep showing you?”

That is an extraordinary technological shift. But brands should remember that behind every data point is still a very old human animal trying to belong, aspire, love, achieve and make sense of the world. The screen keeps changing. The human being behind the screen changes far more slowly.”

 

Has advertising become too obsessed with algorithms and data at the expense of understanding people? What can startups learn from that?

“Yes, but I would be careful with the criticism because I am not against data, algorithms or AI. Quite the opposite. I think they are extraordinary tools.

The problem begins when we confuse efficiency with intelligence.

Years ago, in Adman vs. Chomsky, I challenged Noam Chomsky’s description of advertising as an industry whose prime task is to ensure that “uninformed consumers make irrational choices.” I still disagree with that as a definition of advertising. Human beings were irrational long before the first advertising agency existed. Behavioural economics has simply helped us understand some of the shortcuts through which people navigate a complicated world.

But there is a danger today that we take those cognitive biases; scarcity, social proof, loss aversion, immediacy, outrage, fear of missing out… and hand them to an algorithm whose only instruction is: find what produces a response and do more of it.

Then AI allows us to generate another hundred versions, test them faster, target them more precisely and optimize them continuously.

We should ask ourselves: is that progress?

Or have we simply become better at doing mediocre advertising faster, cheaper and more intrusively?

That, to me, is the misuse of the algorithm. Because there is another possibility.

Look at Sleep or Die, a young sleep brand that looked at an entire category filled with lavender colours, peaceful bedrooms and soft wellness language and basically said: this is not what insomnia feels like. The brand called exhausted customers “zombies,” used provocative cigarette-style packaging and built an entire irreverent world around the seriousness of sleep. One unconventional product post on LinkedIn reportedly reached more than 180,000 people, and around 4,000 people joined the waitlist before launch.

The algorithm did not come up with that idea. It discovered that people found the idea interesting.

And Dubai gave us an even more extraordinary example.

FIX Dessert Chocolatier did not begin with a dashboard saying, “Pistachio content has a high completion rate.” Sarah Hamouda began with a craving and created something genuinely different: chocolate, pistachio, tahini, and the crunch of knafeh. Then a creator filmed herself breaking the bar open. You could see the green filling, hear the crack and crunch, and almost experience the texture through the screen.

That video eventually exceeded 120 million views, and FIX reportedly received more than 30,000 orders after it took off. The phenomenon became so large that “Dubai chocolate” became a global food category, copied by some of the world’s biggest confectionery companies.

Again, the algorithm did not invent Dubai Chocolate. It recognized that human beings could not stop looking at it.

Crumbl is another useful example. Its weekly rotating cookie drops created anticipation and FOMO before TikTok amplified them; on the platform, its campaign reached 22 million people and grew followers by 1,500% in two months. The interesting part is that the platform was amplifying an existing behavioral idea, the weekly drop, not substituting for one.

And that is what I think startups should learn. Don’t ask AI to compensate for the absence of an idea. Don’t use behavioral science merely to locate the next vulnerability you can press.

Understand people first. Create something distinctive enough to deserve attention. Then let the algorithm do what it is exceptionally good at: find the people for whom that idea resonates and help it travel.

The algorithm should be an amplifier, not the strategist. And perhaps that is the simplest way I can put it: AI should help great ideas travel faster. It should not merely help mediocre ideas become cheaper.”

How Arabic voice AI drives digital transformation in Saudi Arabia

Noha Gad

 

Saudi Arabia is ramping up investment in artificial intelligence (AI) and digital infrastructure, led by the Public Investment Fund (PIF), as the Kingdom seeks to attract technology capital and build domestic AI capabilities. Driven by Saudi Vision 2030, technology in the Kingdom has evolved from an operational tool into an innovative national industry, establishing a competitive digital ecosystem that attracts significant domestic and international capital.

Marking 2026 as the Year of Artificial Intelligence underscores the Kingdom’s commitment, following achievements by 2025 in which Saudi Arabia ranked first globally in digital governance and cybersecurity indicators, and third in AI models. 

Voice AI is emerging as one of Saudi Arabia’s most visible and practical AI applications, moving from pilots in 2024–2025 to scaled deployments across government, banking, healthcare, and customer experience in 2026.

A report released by Markets and Markets anticipated the Saudi AI voice market to grow with a compound annual growth rate (CAGR) of 32.3% to reach $149.05 million in 2030. This growth was mainly driven by growing demand for secure authentication methods across vital sectors.

Key cities such as Riyadh, Jeddah, and Dammam dominate the market thanks to their status as major economic and technological hubs. The concentration of financial institutions, telecom companies, and government agencies in these cities fosters a conducive environment for the growth of AI voice biometrics solutions.

The Saudi voice AI market is segmented into various types, notably speaker verification, speaker identification, voice authentication, voice analysis, and others. Each sub-segment plays a crucial role in addressing specific needs within the voice biometrics landscape.

Speaker Verification

This sub-segment currently dominates the market because of its widespread application in secure access control systems, particularly in banking and financial services. Organizations are increasingly adopting this technology to authenticate users based on their unique voice patterns, which enhances security while providing a seamless user experience. The growing trend of remote banking and digital services has also accelerated the demand for speaker verification solutions, making it a preferred choice among enterprises.

Speaker Identification

This technology is used to determine which known person from an enrolled pool is speaking, without the user first stating their identity. Most enterprises and contact centers in Saudi Arabia use this technology to automatically tag callers or meeting participants with their profiles in CRM or HR systems, thereby streamlining routing and supporting fraud‑detection workflows by matching suspicious voices against databases of known bad actors.

Voice Authentication

This term refers to the practical use of voice biometrics as the authentication mechanism, effectively turning a person’s voice into a “password” for accessing accounts, applications, or services. It serves as a key enabler of digital transformation in Saudi financial services and public‑sector channels, allowing banks, fintechs, and government agencies to replace cumbersome security questions with seamless voice‑based login and transaction approval.

Voice analysis 

This biometric encompasses a broader set of techniques that extract insights from speech without necessarily identifying the speaker. This allows Saudi banks, telecommunication companies, and government to use voice analysis to monitor customer satisfaction, flag potentially fraudulent or high‑risk interactions, optimize agent scripts, and improve overall service quality.

 

Arabic voice AI across vital sectors

Arabic Voice AI in Saudi Arabia is moving from isolated pilots to core infrastructure across government, financial services, healthcare, and customer‑facing industries, driven by Vision 2030. What ties these efforts together is more than just Arabic support; it is the use of smart, bilingual agents that can understand local dialects, operate on sovereign or in‑Kingdom infrastructure, meet Personal Data Protection Law (PDPL) and sectoral compliance rules, and integrate with existing CRM, core banking, and e‑government systems.

In government and public services, Arabic voice AI appears in hotlines, ministry contact centers, and digital‑government channels, handling FAQs, appointment booking, status checks, and basic transactions in Saudi dialects.

Also, financial institutions are among the most advanced users of Arabic Voice AI, deploying bilingual voice agents for onboarding, account servicing, payment reminders, collections, and handling complaints in line with consumer‑protection and conduct rules. Typical use cases include instant balance and mini‑statement queries, card blocking/unblocking, instalment and due‑date reminders, cheque‑book or PIN requests, and automated follow‑ups on failed payments, all delivered in natural Saudi dialect rather than translated scripts. 

In the healthcare sector, Arabic voice AI is adopted by several hospitals, clinic groups, labs, and telehealth platforms across the Kingdom for non‑clinical workflows, including appointment scheduling, rescheduling, reminders, insurance verification, and patient communication via phone and WhatsApp. Some providers are piloting clinical documentation tools, such as AI scribes, that listen to doctor–patient conversations and auto‑generate notes in Arabic, reducing administrative burden while keeping diagnosis and treatment decisions with clinicians. 

Beyond regulated sectors, Arabic voice AI is being embedded in retail, e‑commerce, real estate, and hospitality to automate high‑volume inbound and outbound calls in natural Arabic. Use cases include outbound payment reminders for BNPL and credit products, insurance renewal calls, lead qualification for property projects, and post‑visit follow‑ups for malls, resorts, and giga‑projects.

 

Key Voice AI companies in Saudi Arabia

Several AI-powered companies in Saudi Arabia are developing and scaling AI models to better understand the Arabic language, particularly the Saudi dialect, helping organizations integrate Arabic voice AI agents to streamline their operations and support their business growth. Key examples are:

  • Nabrah. A Saudi-built platform that combines autonomous voice agents with a full studio for text‑to‑speech, speech‑to‑text, and voice cloning, all tuned for realistic Saudi Arabic. Its “Nabrah Agents” product automates inbound and outbound calls for lead qualification, support, appointment booking, order confirmation, and surveys, with 24/7 operation, multilingual support, and seamless handoff to human agents when needed. 
  • Lahjati. An all‑in‑one Arabic voice AI platform for content creation, with more than 600 professional voices, supporting more than 192 Arabic dialects and performance styles. Its core tools include high‑quality text‑to‑speech for voice‑overs, audiobooks, ads, and e‑learning; speech‑to‑text with up to 99% accuracy for Arabic dialects; and custom voice design to create brand‑specific avatars.
  • Mawj. A leading AI voice agent platform in Saudi Arabia that focuses on enterprise reliability and large‑scale call automation. It handles sales, renewals, inquiries, surveys, ticket creation, verifications, order intake, and bookings across calls, WhatsApp, and other digital channels.
  • Tzamun. A key provider of AI call‑center and voice‑agent solutions designed for Saudi businesses seeking to automate high‑volume phone interactions, while staying aligned with local regulations and customer expectations.

Challenges:

Even as adoption accelerates, Arabic Voice AI in Saudi Arabia still faces a set of practical, technical, and regulatory hurdles that shape how fast and how deeply it can be embedded in everyday services.

Ibrahim Jabarin, CEO of Hamsa, an AI company specializing in developing advanced models that understand the Arabic language and dialects, stated in an exclusive interview with Sharikat Mubasher that the Arabic voice AI market in the Kingdom faces five main challenges: the limited availability of high-quality voice data; the high cost of graphics processing units (GPUs) and sovereign infrastructure; the scarcity of specialists in deep learning and speech processing technologies; securing significant investment to develop models; and long procurement cycles and preference for global suppliers, along with the absence of unified Arab references to measure model performance.

In addition, regulatory and compliance complexity is a key pitfall facing Arabic voice AI in Saudi Arabia. Requirements around multi‑factor authentication, call recording retention, auditability, data residency, and cross‑border transfers can constrain architecture choices, pushing many companies toward on‑premise or in‑Kingdom cloud deployments and more conservative rollout plans.

User trust and acceptance are another challenge facing this innovative industry as customers and employees remain cautious about fully automated voice interactions, especially for sensitive topics like finance, health, or government services. Building trust requires transparent disclosure that the caller is an AI, clear options to reach a human, and consistent, natural‑sounding Arabic.

 Finally, Saudi Arabia’s ambitious AI agenda is finding one of its most tangible expressions in voice. From government hotlines and bank call centers to hospital appointment lines and retail customer service, Arabic voice AI is moving from pilot projects to everyday infrastructure, powered by local platforms that understand Saudi dialects and operate within the Kingdom’s regulatory boundaries.

The growth in Arabic voice AI in the Kingdom reflects more than a technological shift; it signals a change in how citizens, residents, and customers interact with institutions through natural, bilingual conversations instead of rigid menus and forms. 

The way Saudi Arabia navigates key challenges facing the market, either through investing in local data, talent, and sovereign infrastructure, or through clear, human‑centered design, will determine whether Voice AI becomes a background utility or a defining feature of the Kingdom’s digital identity in the post‑2030 era.

What Is a Zombie Fund?

Ghada Ismail

 

Some investment funds just die quietly. They stop making new deals, their investment period comes to an end, and investors expect their money to be returned. But sometimes, the fund does not quite disappear. It keeps holding companies, waiting for the right moment to sell, while years continue to pass.

This is where the term “zombie fund” comes in.

A zombie fund is generally a private equity, venture capital, or similar investment fund that has reached or passed the end of its intended investment period but continues to exist because it still holds investments that have not been sold or exited. Instead of raising new capital and actively building a portfolio, the fund manager mainly focuses on managing existing assets and eventually returning whatever value can be recovered to investors.

 

Why Are Zombie Funds Created?

Most private investment funds operate on a defined timeline. A typical fund may spend its first few years identifying and investing in companies before entering a later period focused on managing and exiting those investments.

The problem begins when some portfolio companies cannot be sold within the expected timeframe.

For example, a private equity fund may have invested in a company expecting to sell it after several years. If market conditions deteriorate, valuations fall, or the company struggles to find a buyer, selling the investment may no longer make financial sense. The fund may therefore extend its holding period.

If this happens across several investments, the fund can remain active long after its original investment strategy has effectively ended.

 

How Does a Zombie Fund Work?

A zombie fund typically does not have the same level of activity as a new or actively investing fund. Its manager is primarily concerned with overseeing existing portfolio companies, making necessary decisions, and looking for opportunities to exit those investments.

The fund may still generate returns for investors, but capital is generally being returned gradually rather than being deployed into a new generation of investments.

For fund managers, this can create a difficult situation. Managing an older portfolio requires time and resources, while the management fees generated by the remaining assets may become less attractive as the fund shrinks.

For investors, meanwhile, capital can remain tied up for longer than originally expected.

 

Why Do Zombie Funds Matter?

Zombie funds can become particularly important during periods of weak investment activity or challenging exit markets.

When valuations decline or buyers become more cautious, private-market investors may struggle to sell portfolio companies at attractive prices. Rather than accepting a significant loss, a fund manager may decide to wait for market conditions to improve.

This can protect the potential value of an investment, but it can also delay the return of capital to investors.

A large number of aging funds can also affect the broader private equity ecosystem. Capital that remains locked in older investments cannot easily be recycled into new opportunities. This may reduce the ability of investors to commit capital to emerging companies and new fund managers.

 

Wrapping Things Up…

A zombie fund sits in an unusual space between life and closure. It is still legally and financially active, but its original investment mission has largely run its course.

For investors, understanding zombie funds is important because they highlight one of the less visible realities of private markets: investing does not end when the money is deployed. Exits, valuations, market conditions, and the timing of returns can keep capital tied up for years beyond expectations.

Ultimately, a zombie fund is not defined simply by its age. It is defined by what happens after its active investment life is supposed to have ended. In a market where patience can sometimes unlock value, staying alive may be strategic. But when there is no clear path to an exit or value creation, the same longevity can become a burden.

The Growth Flywheel: How Startups Turn Growth into More Growth

Kholoud Hussein 

 

Startup growth is often described as a linear process: build a product, acquire customers, generate revenue, raise capital, hire more people, and expand. But some of the most powerful startups grow differently. Instead of treating growth as a sequence of separate steps, they create a system in which each achievement strengthens the next. This is the idea behind the growth flywheel.

A flywheel is a self-reinforcing cycle. The more momentum it gains, the easier it becomes to keep moving. In a startup, this means using customers, data, product improvements, technology, talent, and capital to create a continuous loop of growth.

The concept differs from a traditional growth funnel. A funnel describes how potential customers move from awareness to purchase and retention. A flywheel focuses on what happens after those interactions: how each customer, transaction or improvement creates an advantage that helps attract the next customer.

How the startup flywheel works

Consider a software startup. It launches a product and attracts its first group of customers. Those customers provide revenue, but they also generate something equally valuable: feedback.

The startup uses that feedback to improve the product, making it more useful and easier to adopt. A better product can increase customer satisfaction, retention and referrals, helping the company attract more customers. More customers generate more revenue and more feedback, allowing the company to continue improving.

The cycle then repeats:

More customers → more feedback and data → better product → stronger customer value → more customers.

The important point is that growth is no longer simply an outcome. Growth becomes an input into future growth.

Why this matters for startups

This model is particularly important for startups because they typically operate with limited resources. They cannot always compete with established companies through larger marketing budgets, bigger sales teams or stronger brand recognition.

A flywheel can provide another source of advantage: compounding momentum.

For example, a marketplace can become more valuable as it attracts more buyers and sellers. More sellers create greater choice, which attracts more buyers; more buyers increase the opportunity for sellers, encouraging more suppliers to join.

Similarly, a fintech startup may use transaction data to improve its products and risk assessment. A SaaS company can use customer behavior to refine its software. A platform can benefit from network effects as each additional user increases its value to others.

Different businesses have different flywheels, but the principle is consistent: the business should become stronger because it is growing.

Beyond customers: Talent and capital

The flywheel can extend beyond the product itself.

As a startup grows, it can attract stronger talent, build relationships with larger customers and gain access to additional capital. Experienced employees may eventually become founders themselves, while successful investors can reinvest returns into new companies.

This creates a broader ecosystem in which one company's growth can contribute to future entrepreneurial activity.

Capital, however, should be viewed as fuel rather than the flywheel itself. Funding can accelerate hiring, product development, and expansion, but it cannot substitute for customer demand or a sustainable business model. If growth depends entirely on continuously raising more money, the flywheel has not necessarily been created.

Building a sustainable flywheel

The strongest startup flywheels are built around genuine value creation.

Companies need to identify what becomes more valuable as they scale. It could be customer data, network effects, brand recognition, distribution, technology, operational efficiency, or accumulated expertise.

The objective is not simply to grow faster. It is to build a business in which growth creates the conditions for further growth.

That is what makes the flywheel powerful. A startup stops relying exclusively on constant external inputs and begins generating its own momentum—turning customers into data, data into better products, products into stronger demand, and stronger demand into the next stage of growth.