Kholoud Hussein 

Wealth management in Saudi Arabia is undergoing a significant transformation, driven by artificial intelligence (AI). With Vision 2030’s emphasis on financial empowerment and the growth of individual wealth, AI has become a cornerstone of this evolution, enabling smarter investment strategies, personalized advisory services, and more inclusive access to financial tools. By leveraging AI, wealth managers in the Kingdom are enhancing decision-making and reshaping the industry to cater to a digital-first generation.

In this fourth blog of our series, we explore how AI is revolutionizing wealth management in Saudi Arabia, setting the stage for our next discussion on AI in fraud detection and cybersecurity.

1. The Role of AI in Modern Wealth Management

AI redefines wealth management by integrating data analysis, automation, and predictive modeling into decision-making processes. In Saudi Arabia, where demand for innovative financial solutions is rising, AI has become a critical enabler of growth and efficiency.

Key Applications of AI in Wealth Management

Personalized Investment Strategies: AI-driven platforms analyze an individual’s financial history, goals, and risk appetite to create tailored investment portfolios.

Predictive Analytics for Market Trends: Machine learning models evaluate historical and real-time data to predict market movements, allowing wealth managers to make informed decisions.

Robo-Advisors: AI-powered advisors are democratizing access to wealth management services, particularly appealing to tech-savvy younger generations.

2. Enhancing Decision-Making Through AI

Smarter Portfolio Management

AI tools help wealth managers optimize portfolios by identifying the best asset allocation strategies based on real-time market conditions. These systems can evaluate thousands of scenarios within seconds, enabling data-driven decisions.

Improved Risk Management

AI enables wealth managers to assess risks more effectively by analyzing complex datasets, including geopolitical events, macroeconomic indicators, and client-specific risks.

3. Expanding Access to Wealth Management

Traditionally, wealth management services were reserved for high-net-worth individuals (HNWIs). AI is breaking this barrier by offering affordable, scalable solutions to a broader audience.

Robo-Advisors for the Mass Market: Platforms like robo-advisors provide automated investment services, offering low-cost options for Saudi Arabia’s growing middle class.

Financial Education Tools: AI chatbots and tools guide users through investment basics, fostering financial literacy and inclusion.

4. Challenges and Opportunities in AI-Driven Wealth Management

Challenges:

• Data Privacy: Safeguarding sensitive financial information remains a top priority.
• Adoption Barriers: Traditional wealth managers may resist adopting AI tools due to unfamiliarity or perceived complexity.
• Regulatory Hurdles: Ensuring AI systems comply with local financial regulations is crucial for long-term success.

Opportunities:

AI Integration with ESG Investing: AI can evaluate environmental, social, and governance (ESG) criteria, allowing wealth managers to align portfolios with sustainability goals.

Enhanced Client Engagement: AI tools can deliver hyper-personalized experiences, fostering stronger relationships between wealth managers and clients.

The Future of Wealth Management in Saudi Arabia

The integration of AI into wealth management is not just a trend—it is the future. With a tech-savvy population and government support, Saudi Arabia is well-positioned to become a leader in AI-driven wealth management. Institutions that embrace these technologies will gain a competitive edge, offering smarter, faster, and more accessible solutions.

As wealth managers focus on innovation, the next frontier lies in addressing security challenges. With the increasing reliance on digital platforms, the risk of cyber threats and fraud has risen. In our next blog, we will explore how AI is revolutionizing fraud detection and strengthening cybersecurity in Saudi Arabia’s financial services sector.

Finally, AI is transforming wealth management in Saudi Arabia by enhancing decision-making, personalizing services, and expanding access to financial tools. These advancements not only empower individuals but also support Vision 2030’s goal of creating a robust, inclusive financial ecosystem.

Stay tuned as we delve into the critical role AI plays in safeguarding the financial sector through advanced fraud detection and cybersecurity measures in the next installment of our series.

Noha Gad 

The education technology (edtech) sector in Saudi Arabia is undergoing a remarkable transformation, closely aligned with Vision 2030’s digital transformation goal. Recognizing the critical role of technology in enhancing educational outcomes, the Saudi government has implemented various initiatives and policies to attract local and international investors.

Key players in the edtech industry such as Noon Academy, Nokhbah Academy, Sprints, and others launched their operations in the Kingdom, backed by the government’s efforts to modernize the education system by supporting innovative solutions such as online learning platforms, virtual classrooms, and adaptive learning technologies.

Sprints, a leading Egyptian edtech company with a strong presence in Saudi Arabia, leverages artificial intelligence (AI) to redefine the future of education in the Middle East and North Africa (MENA) region, ultimately bridging the tech talent gap in the region by preparing qualified talent for the labor market with a guaranteed hiring program.

Sharikat Mubasher had an interview with Sprints’ Co-founder and Chief Strategy Officer Bassam Sharkawy, a passionate entrepreneur with over 13 years of experience in the software industry, to learn more about the company’s pivotal role in revolutionizing the edtech sector, regional and global expansions, and its future plans.

First, how do Sprints’ services revolutionize the edtech industry and transform the tech talent landscape? 

A key unique characteristic of Sprints is our AI-powered platform that creates a real working environment simulation. Our learners do not just study - they work in teams, have daily meetings, and use actual task management systems. We have implemented AI coaching that acts as senior mentors, and we even have AI-simulated customers sending emails to help develop practical skills. What really sets us apart is our social learning approach - while typical MOOCs see only 5-10% completion rates, our social learning methods boost this to 80-90%.

Secondly, it is the fact that employment is in our DNA. We started with guaranteed hiring boot camps, evolving into an outstaffing service that connects global clients with high-performing African teams. With over 100,000 tech professionals on our platform, we offer a win-win:

• For employers, we deliver reliable teams while managing all legal, tax, and payroll complexities, making the process seamless and hassle-free.
• For talent, it means global projects, competitive salaries, job stability, and benefits like medical insurance.

In March, Sprints raised $3mn in a bridge round to expand into 10 new markets. Can you share more about the company’s plans to broaden business in the GCC region?

We are already active in Egypt, Saudi Arabia, Oman, and Jordan, where we collaborate with governments and private entities to equip the next generation with essential tech skills, including AI, cybersecurity, digital marketing, and more.

In the UAE, for instance, we partnered with the Abdulla Al Ghurair Foundation to train 130 Emirati cybersecurity engineers. Building on the success of this program, we plan to scale it up to 1,000 engineers by 2025. 

What are the company’s global expansion plans? 

We are proud to have clients in six countries that are tech leaders, including the US, Canada, Germany, Ireland, Switzerland, and New Zealand. Next year, we will open a new funding round tackling 20 countries.

Sprints aspires to educate 1 billion learners in 10 years. How will the company achieve this goal?

We are 100% committed to this ambitious goal of educating 1 billion learners in 10 years and plan to achieve that through AI, automation, and personalized learning. We are creating adaptive learning experiences where everyone has their own individualized journey that takes them up, depending on their level. The key is that no two learners follow the same path - each person's experience is tailored to their pace, style, and capabilities.

Through social learning, we are motivating people to complete their courses, which has dramatically improved our completion rates from the typical 5-10% seen in traditional online courses to 80-90%. AI is revolutionizing the way we learn, and it is going to continue doing that for the next decade.

What makes our approach particularly powerful is our focus on matching learners with global employers. This is not just about education; it is about creating real career opportunities. By combining AI-powered learning with actual job placement, we are creating a sustainable ecosystem that can truly scale to reach our billion-learner goal.

In your opinion, what does MENA’s edtech sector need to thrive? and how Sprints tackles tech-workforce challenges?

The MENA region's edtech sector faces unique challenges, particularly in North Africa. The fundamental issue is purchasing power as many talented individuals cannot access high-quality education. While government support exists, it needs to be dramatically scaled to meet the growing demand for tech talent.

What is exciting is how we are tackling these challenges head-on. We are bridging the critical gap between education and employment through a multi-faceted approach. First, we are actively collaborating with governments across Africa to create supportive frameworks. Second, we are working with companies to increase their confidence in outsourcing to local talent. And third, we are opening up global remote work opportunities that previously seemed out of reach.

One of our proudest achievements is our focus on female talent development. This is not just about equality; it is about unlocking the full potential of our region. By bringing more women into tech, we are not only addressing the talent shortage but also creating new sources of foreign currency income through IT exports. 

Kholoud Hussein 

Islamic finance, rooted in Sharia-compliant principles, is a cornerstone of Saudi Arabia’s financial ecosystem and a critical driver of the global Islamic economy. As the Kingdom embraces digital transformation under Vision 2030, artificial intelligence (AI) is emerging as a transformative force in Islamic finance. By streamlining operations, enhancing compliance, and fostering innovation, AI is redefining how financial institutions navigate ethical frameworks to deliver efficient and compliant financial solutions.

This third blog in our series explores the intersection of AI and Islamic finance in Saudi Arabia, highlighting how technology aligns with Sharia principles to unlock new opportunities.

The Role of AI in Transforming Islamic Finance

1. Automating Compliance with Sharia Principles

One of the most significant challenges in Islamic finance is ensuring that financial products and services adhere to Sharia law. AI simplifies and accelerates this process by automating compliance checks.

• Smart Contracts: AI and blockchain-based smart contracts ensure transparency and compliance by executing financial agreements automatically when all conditions meet Sharia requirements.
• Natural Language Processing (NLP): AI-powered NLP tools analyze contracts and legal documents to ensure they align with Islamic guidelines, reducing the time and cost of manual reviews.
• Regulatory Reporting: AI systems streamline the process of documenting and reporting compliance with Sharia standards to regulators, enhancing trust and efficiency.

Example:
A Saudi financial institution implemented an AI-driven compliance tool to evaluate Sukuk (Islamic bonds), ensuring they met ethical requirements while reducing approval times by 30%.

2. Enhancing Sukuk Issuance and Management

Saudi Arabia is a global leader in the issuance of Sukuk, a vital instrument in Islamic finance. AI is playing a pivotal role in optimizing this process.

• Risk Assessment: Machine learning models evaluate market conditions and issuer creditworthiness, offering real-time insights to structure Sukuk offerings effectively.
• Investor Matching: AI algorithms match Sukuk issuers with investors based on risk tolerance, investment goals, and ethical preferences, streamlining the fundraising process.
• Lifecycle Management: AI-powered platforms monitor Sukuk's performance, ensuring timely repayments and compliance throughout the lifecycle of the bond.

3. Personalizing Financial Products

AI enables Islamic banks in Saudi Arabia to deliver highly personalized financial products that meet customer needs while adhering to Sharia principles.

• Robo-Advisors: AI-driven robo-advisors provide tailored investment recommendations for Islamic portfolios, ensuring ethical compliance while maximizing returns.
• Data-Driven Insights: AI analyzes customer preferences and behavior to design custom savings accounts, home financing options, and Halal investment opportunities.

Real-World Impact:
A leading Saudi Islamic bank integrated AI into its product design process, creating personalized investment portfolios that increased customer satisfaction by 40%.

Challenges in Integrating AI with Islamic Finance

1. Ethical Dilemmas

AI applications must operate within strict ethical guidelines to ensure alignment with Islamic principles, avoiding activities like speculation (Gharar) or interest (Riba).

2. Lack of Standardization

While AI systems excel in automation, the lack of universal Sharia standards can create challenges for global implementation.

3. Data Privacy Concerns

AI relies on vast amounts of data, raising concerns about customer privacy and compliance with local regulations in Saudi Arabia.

Opportunities for Growth

1. Expanding Financial Inclusion

AI-driven platforms can bring Islamic financial services to underbanked populations in Saudi Arabia, including rural communities and small businesses.

2. Supporting ESG Goals

AI tools can evaluate investments' environmental, social, and governance (ESG) impact, enabling Islamic financial institutions to align with sustainable development goals while remaining compliant with Sharia law.

3. Accelerating Innovation

By reducing costs and improving efficiency, AI empowers Islamic financial institutions to innovate and compete in a rapidly evolving global market.

AI’s Alignment with Vision 2030

The integration of AI into Islamic finance aligns perfectly with Saudi Arabia’s Vision 2030 goals:

• Economic Diversification: AI enables the Islamic finance sector to expand beyond traditional markets, driving growth and innovation.
• Digital Transformation: Advanced AI systems modernize Islamic banking operations, making them more competitive globally.
• Empowering Women and Youth: AI-driven platforms democratize access to financial services, supporting inclusivity across demographics.

Looking Ahead

The future of Islamic finance in Saudi Arabia is intertwined with technology. As AI continues to evolve, its role in enhancing Sharia compliance, streamlining processes, and delivering personalized products will only grow. For Saudi financial institutions, adopting AI strengthens their competitive edge and reinforces their commitment to ethical and inclusive growth.

To conclude, AI is redefining the boundaries of what’s possible in Islamic finance, enabling Saudi Arabia to maintain its leadership in this sector while meeting the demands of a digital-first economy. By blending technology with tradition, the Kingdom is setting a global benchmark for innovation in ethical finance.

Stay tuned as we continue our journey into the transformative power of AI across Saudi Arabia’s financial ecosystem in the next installment of this series.

Ghada Ismail 

Welcome back to the ‘Building Bridges: A Startup's Guide to Partnerships at Every Stage’ series. In the previous installment, we explored the foundational partnerships essential for startups in their pre-launch phase. Today, we dive into the seed stage, a pivotal moment in a startup's journey when the focus shifts to securing funding, building a market presence, and assembling a scalable team. Partnerships during this phase can either propel a startup toward its next big milestone or lead to missed opportunities.

The Seed Stage: A Crucial Growth Phase

At the seed stage, startups transition from idea validation to actual execution. This phase typically involves:

Securing initial capital.

Establishing a product-market fit.

Laying the groundwork for scalable operations.

For all these goals, partnerships play a central role. Whether through financial backing, strategic insights, or operational support, the right alliances can accelerate growth and de-risk early challenges.

Key Partnerships to Cultivate at the Seed Stage

Angel Investors

These early-stage backers bring more than just funding; they offer industry knowledge, mentorship, and valuable connections.

Why they matter: Angel investors often have vested interests in the startup’s success and can provide tailored guidance that goes beyond financial support.

Venture Capital (VC) Firms

While traditionally associated with later stages, some VCs specialize in seed funding. Partnering with such firms not only brings financial resources but also credibility.

Why they matter: Their expertise and networks open doors to new markets, advisors, and even future funding rounds.

Early Adopter Customers

Collaborating with initial users or clients who are passionate about your product can provide critical feedback and validate your market assumptions.

Why they matter: They help refine your offering, build case studies, and establish early revenue streams.

Talent Partners

Building a strong team is imperative at this stage. Recruitment agencies, universities, or even freelance platforms can be vital allies in identifying the right talent.

Why they matter: A capable team ensures smoother scaling and higher efficiency.

Service Providers

Specialized partners for marketing, product development, or legal services can help streamline operations without the need for full-time hires.

Why they matter: They provide expertise at a fraction of the cost, enabling startups to allocate resources effectively.

What to Look for in Seed-Stage Partners

Aligned Vision: Ensure your partners believe in your product and share your goals for growth.

Credibility: Reputation matters, especially when securing investors or service providers. Conduct due diligence to assess their track record.

Mutual Value: A good partnership is a two-way street. Look for collaborators who can benefit as much as you from the relationship.

Tips for Forming Effective Seed-Stage Partnerships

Leverage Networks: Use incubators, accelerators, and personal connections to identify potential partners.

Communicate Clearly: Define roles, expectations, and outcomes at the outset to avoid conflicts.

Measure Progress: Establish metrics to evaluate the success of the partnership periodically.

To wrap things up, the seed stage is where dreams begin to materialize. Strategic alliances during this phase can provide the momentum your startup needs to break into the market and scale efficiently.

In the next installment, we’ll explore partnerships critical for scaling up and managing rapid growth. Stay tuned for insights into navigating the challenges of expansion!

Kholoud Hussein 

The Kingdom of Saudi Arabia (KSA) is at the forefront of a technological revolution, with artificial intelligence (AI) playing a pivotal role in transforming its financial services landscape. Guided by Vision 2030 and the National Strategy for Data and AI (NSDAI), Saudi Arabia is harnessing the power of AI to drive innovation, enhance operational efficiency, and deliver exceptional customer experiences in the financial sector.

This blog marks the beginning of a series exploring the profound impact of AI on various dimensions of financial services in Saudi Arabia, delving into its applications, challenges, and future potential.

Saudi Arabia’s Commitment to AI in Finance

As part of Vision 2030, Saudi Arabia has set ambitious goals to diversify its economy, reduce reliance on oil revenues, and build a thriving digital economy. Central to this transformation is the integration of AI and advanced technologies across industries, particularly in the financial sector. The Saudi Arabian Monetary Authority (SAMA) and other regulators are fostering an ecosystem where financial institutions can leverage AI to deliver smarter, faster, and more inclusive services.

The financial services industry in KSA is experiencing unprecedented growth, with AI being a key enabler in areas such as:

• Operational efficiency: Automating back-office processes to save time and costs.
• Customer personalization: Delivering tailored solutions based on predictive analytics.
• Fraud prevention: Detecting anomalies and preventing cyber threats in real-time.
• Risk management: Enhancing credit scoring, loan approvals, and portfolio management.

AI-Driven Transformation: Key Areas in Focus

1. Banking

Saudi banks are leveraging AI to reimagine customer experiences. AI-powered chatbots and virtual assistants are now commonplace, providing 24/7 support and reducing customer service costs. Predictive analytics are also helping banks anticipate customer needs, offer personalized financial products, and improve satisfaction.

For example, some leading Saudi banks employ machine learning algorithms for dynamic risk assessments, ensuring accurate credit scoring and fraud detection, thus bolstering trust and security in digital banking.

2. Islamic Finance

Saudi Arabia, being the largest market for Islamic finance, is uniquely positioned to benefit from AI advancements while adhering to Sharia-compliant principles. AI is streamlining the creation and management of Islamic financial products, automating compliance checks, and facilitating Sukuk issuance. By combining ethical frameworks with advanced technology, AI is unlocking new opportunities in this growing sector.

3. Wealth Management

AI is democratizing wealth management in Saudi Arabia, making advisory services accessible to a broader audience. Robo-advisors are gaining traction, providing data-driven investment recommendations tailored to individual risk profiles. This is particularly beneficial for the Kingdom’s younger, tech-savvy population, which is driving demand for digital financial solutions.

The AI Advantage: Why It Matters for KSA’s Financial Sector

The adoption of AI offers several transformative benefits:

• Enhanced Efficiency: Automating routine processes frees up resources for higher-value tasks.
• Better Decision-Making: AI analyzes vast datasets to provide actionable insights, supporting more informed decisions.
• Stronger Security: Advanced AI systems detect and mitigate fraud and cybersecurity threats proactively.
• Customer-Centric Services: Personalization ensures that customers receive solutions tailored to their unique needs and preferences.

Challenges and Opportunities

While the potential of AI in Saudi Arabia’s financial services is immense, the journey is not without challenges:

• Regulatory Compliance: Ensuring AI systems align with KSA’s financial and ethical guidelines.
• Data Privacy: Protecting sensitive customer data while enabling AI-driven insights.
• Workforce Transition: Reskilling employees to work alongside AI technologies.

However, these challenges are being addressed through robust policy frameworks, investments in AI infrastructure, and collaborative efforts between public and private sectors.

A Glimpse Ahead

Saudi Arabia is positioning itself as a regional leader in AI-driven financial innovation. As more institutions adopt AI, the financial ecosystem will continue to evolve, offering faster, more secure, and inclusive services to consumers and businesses alike.

Finally, AI is not just a technology; it is a transformative force reshaping the financial landscape of Saudi Arabia. With Vision 2030 as a guiding framework, the Kingdom is unlocking the full potential of AI to create a thriving, future-ready financial sector that serves as a model for the MENA region and beyond.

Stay tuned for the next blog in this series, where we dive deeper into AI’s role in banking innovation in Saudi Arabia.

Ghada Ismail

Starting a business is like planting a seed. The initial stages determine whether it will grow into a thriving tree or wither away. For startups, partnerships are the fertile soil that nourishes the idea, helping it germinate into something meaningful. In this series, we’ll explore how startups can make the right partnership decisions at every stage of their journey, from inception to maturity. In this first installment, let’s delve into the pre-launch phase and the strategic partnerships that can set the stage for success.

Laying the Foundation: Choosing Strategic Partners for Pre-Launch Success

Why Pre-Launch Partnerships Matter

Before a startup officially launches, it operates in a delicate stage where the focus is on refining the idea, building a prototype, and validating the concept. At this point, resources are scarce, and every decision carries significant weight. The right partnerships during this phase can provide the expertise, guidance, and resources a startup needs to move forward confidently.

Types of Strategic Partners for Pre-Launch Startups

Incubators and Accelerators

These organizations are often the first stop for pre-launch startups. Incubators provide long-term support, including workspace, mentorship, and networking opportunities. Accelerators, on the other hand, offer intensive short-term programs aimed at preparing startups for funding or market entry.

Why it matters: They connect startups with experienced mentors and potential investors while offering a structured approach to growth.

Mentors and Advisors

Individual mentors bring industry-specific expertise, a wealth of experience, and sometimes access to a wider network. Advisors often come on board with a vested interest in the startup’s success, offering insights into product development, market trends, and operational challenges.

Why it matters: They help avoid common pitfalls and guide strategic decision-making.

Co-Founders or Key Team Members

A strong founding team can be the most critical partnership of all. Whether it’s a technical co-founder, a marketing guru, or a financial strategist, finding the right person to share the startup’s vision is vital.

Why it matters: A complementary skill set within the founding team lays a solid groundwork for growth.

Early Adopters and Testers

While they may not be traditional partners, early adopters provide invaluable feedback that can shape your product before launch. Partnering with individuals or small groups willing to test your prototype ensures you’re building something the market truly needs.

Why it matters: Validates your product concept, reducing the risk of failure post-launch.

How to Choose the Right Partner

Define Your Needs: Start by identifying the gaps in your current capabilities. Do you lack technical expertise, market insights, or operational know-how?

Research Thoroughly: Evaluate potential partners’ track records, their alignment with your vision, and their ability to add tangible value.

Communicate Openly: Ensure clear communication about expectations, roles, and responsibilities from the outset.

Closing Thoughts

The pre-launch stage is all about setting the foundation for success, and partnerships play a critical role in this journey. Whether through incubators, mentors, or co-founders, the right alliances can transform your startup from a fledgling idea into a promising business.

In the next installment, we’ll explore how startups can build partnerships that fuel growth during the seed stage. Stay tuned!

Ghada Ismail

Securing capital for any startup can be one of the most common challenges in the world of business everywhere, however, in the rapidly evolving entrepreneurial landscape of Saudi Arabia, attracting funds for your startup is no longer just a dream—it's an achievable reality. 

With a robust support system bolstered by government initiatives and a burgeoning network of investors, entrepreneurs are well-positioned to access the capital they need to thrive, yet for some entrepreneurs, navigating the fundraising process can still feel daunting. Whether you're a budding entrepreneur looking for seed funding or an established startup seeking venture capital, understanding the intricacies of the funding landscape is crucial. This mini-guide will walk you through the essential steps to conduct a successful fundraising campaign, helping you unlock the doors to financial support and propel your business toward success.

1. Understand the Funding Landscape

Saudi Arabia offers various funding options, including venture capital, angel investors, crowdfunding, and government grants. Organizations like Monsha'at, the Small and Medium Enterprises General Authority, provide crucial resources and support for startups seeking funding, with a landscape that will help you identify which funding sources align best with your business model.

2. Develop a Strong Business Plan

A well-structured business plan is essential. It should detail your startup's vision, target market, , and financial projections. Investors are keen on understanding how their money will be utilized and the expected return on investment. Ensure your plan is data-driven and well-tailored to the interests of your potential investors.

3. Create an Engaging Pitch Deck

Your pitch deck is your opportunity to make a compelling first impression. It should highlight the problem your startup solves, your innovative solution, and your market strategy. Use visuals and concise data to support your narrative. Remember to practice your pitch so you can deliver it confidently and answer questions effectively.

4. Build Meaningful Connections

Networking is a cornerstone of the fundraising process in Saudi Arabia's entrepreneurial ecosystem. Attend industry events, such as Biban 2024, and local meetups to connect with potential investors, mentors, and fellow entrepreneurs. These gatherings provide an invaluable opportunity to share experiences, exchange ideas, and create lasting relationships.

5. Choose the Right Funding Option

Consider your startup’s stage and funding needs. Early-stage startups might look for seed funding from angel investors, while later stages could attract venture capitalists for Series A rounds. Crowdfunding is also gaining traction in Saudi Arabia an alternative avenue for raising capital by appealing directly to the public.

6. Prepare for Due Diligence

Once you catch an investor’s interest, prepare for a thorough due diligence process. Investors will review your financial records, legal documents, and overall business health. Being transparent and organized during this phase can strengthen trust and potentially lead to smoother negotiations.

To wrap things up, embarking on a fundraising journey for your startup in Saudi Arabia is not just about securing financial backing; it’s an opportunity to connect with a vibrant ecosystem that celebrates innovation and entrepreneurship. By strategically navigating the funding landscape, crafting an engaging narrative, and building authentic relationships, you can turn your vision into reality. Remember, every pitch is a stepping stone toward not only finding investors but also fostering valuable partnerships that can propel your startup forward. As you prepare to take this crucial step, embrace the process with confidence, knowing that the support of the Kingdom’s evolving entrepreneurial environment is with you. Your next chapter of growth awaits—seize the opportunity and unlock the potential that lies ahead!

Noha Gad

Saudi Arabia has emerged as a burgeoning hub for financial technology (fintech) in the Middle East in recent years, driven by Vision 2030's ambitious goals of diversifying the national economy and modernizing the financial sector. With a rapidly growing digital infrastructure and a youthful population eager to embrace digital solutions, the Kingdom positioned itself as a leader in fintech innovation. 

At the forefront of this transformation is UmrahCash, a pioneering fintech company specializing in streamlining financial services for pilgrims, notably those coming from emerging markets, and businesses in the Umrah sector.

Sharikat Mubasher held an interview with Founder William Phelps to discuss how UmrahCash streamlines and eases the spiritual journeys of Hajj and Umrah for travelers from developing countries, and know more about the company’s future plans and the challenges it faces to grow and expand into new markets.

What are the services that UmrahCash provides to enhance pilgrims' experience in the Kingdom?

For many pilgrims, particularly those from emerging markets, it is extremely difficult to access foreign currency. Local capital controls, FX scarcity, and infrastructural issues in their home countries make it almost impossible for them to raise money and pay for their trips to Saudi Arabia. UmrahCash addresses this issue by providing direct and easy access to Saudi Riyals for pilgrims upon arrival to the Kingdom. We collect local currency abroad, credit their virtual wallets on the UmrahCash app, and allow them to cash out their balance in Riyals with our agents in Mecca, Medina, and Jeddah. This process is transparent, cost-effective, and secure. There is no risk of middlemen, volatile currency rates, or transporting large volumes of physical cash; the entire exchange process is handled within the UmrahCash platform. This way, we allow travelers to focus on the spiritual obligations of their pilgrimage, rather than worrying about how they will pay for it.

What are UmrahCash’s plans to expand its presence in the region? And how the recently secured $500,000 investment could fuel these plans?

Given the complexity and sensitivity surrounding Hajj and Umrah, we are expanding slowly and purposefully. A large part of our implementation surrounds financial infrastructure to ensure we’re well-placed to serve pilgrims at every level of society in ways that are comfortable and consistent with their levels of technological and financial exposure. As a result, we’re dedicating a significant portion of our recent investment to accruing licensing, technology, and infrastructure in a number of key markets. Whether mobile money, bank accounts, or virtual wallets, our vision is to consolidate a comprehensive range of solutions in one centralized platform for as many Muslims as possible.

Who are the customers that UmrahCash targets? 

Our main aim is to reduce the financial barriers associated with pilgrimage. Hence, our target market is pilgrims from emerging markets specifically those countries with capital controls, FX scarcity, and infrastructural issues preventing easy access to currency abroad. We are beginning with West Africa as our key region of focus, but view South and South East Asia as markets for expansion in the future. Ultimately, UmrahCash is designed for travelers with all levels of capital, financial, and technological knowledge; it is inclusive and welcomes all whose journeys are made easier by its infrastructure. 

Do you plan to raise more funds within the upcoming period?

Our recent investment positions us well to grow and scale over the next 6 months. As a cash flow-driven business with a lean operational structure, we can remain dynamic as we grow. With this in mind, we are looking to open a new round towards the end of the year and are keen to connect with interested investors as early as possible.

How could UmrahCash contribute to realizing Saudi Arabia’s goal of welcoming 30 million Umrah visitors annually by 2030?

In recent years, Saudi Arabia has done an excellent job of making pilgrimage as accessible as possible to Muslims around the world. Whether through direct engagement with national Hajj bodies or more general solutions such as the Nusuk app, the efforts of the Ministry of Hajj and Umrah are highly commendable. However, issues outside of the Kingdom continue to present barriers to pilgrims, namely local economic conditions and infrastructural problems. UmrahCash bridges this gap, building on the work of Saudi authorities at home whilst cutting through those local issues abroad. In doing so, we are directly making pilgrimage more accessible, allowing more Muslims to realize their ambition of visiting Mecca and Medina with fewer restrictions. 

What are the key challenges facing UmrahCash to grow in the Saudi market?

We are hopeful that we will be able to engage with and work alongside the Saudi government as our platform continues to grow. Regulation is fundamental in a business such as ours, whether viewed from the perspective of Hajj and Umrah or simply finance. It is extremely important we are able to develop alongside and under the purview of the authorities. In this respect we are hopeful, Saudi Arabia has taken great strides in clarifying large parts of its regulatory framework in a number of sectors. 

We expect finance and fintech to continue in this trend, particularly with respect to opportunities for non-residents to access financial technology. This lies at the heart of UmrahCash’s mission, and it is as much a challenge as it is an exciting opportunity.

Kholoud Hussein 

As the world increasingly focuses on sustainability, the concept of a circular economy—a system where resources are reused, recycled, and repurposed to minimize waste—has gained prominence. Through its ambitious Vision 2030, Saudi Arabia is actively pursuing sustainable economic growth by integrating cutting-edge technologies into its business ecosystem. In this effort, artificial intelligence (AI) is emerging as a powerful tool in supporting circular economy models. Saudi startups are at the forefront of leveraging AI to drive innovations that support resource efficiency, waste reduction, and environmental sustainability.

The Importance of the Circular Economy in Saudi Arabia

The circular economy contrasts with the traditional linear economy, which follows a "take-make-dispose" model that leads to significant waste and environmental degradation. By contrast, the circular economy emphasizes keeping resources in use for as long as possible, extracting maximum value, and regenerating products at the end of their life cycle. This model is essential for Saudi Arabia as it seeks to reduce its reliance on oil and shift towards a more diversified and sustainable economy.

Saudi Arabia is undergoing an unprecedented transformation, with NEOM, The Red Sea Project, and other mega-projects setting ambitious sustainability goals. These initiatives are pushing the Kingdom to explore innovative solutions to achieve zero waste and carbon neutrality targets. According to the World Bank’s 2024 report on sustainability in the MENA region, Saudi Arabia's transition to a circular economy could save the country billions in resource extraction costs and significantly reduce its environmental footprint.

AI: A Key Enabler of the Circular Economy

Artificial intelligence is playing a critical role in advancing circular economy models in Saudi Arabia. By automating processes, improving resource efficiency, and enabling smarter decision-making, AI technologies are helping businesses optimize their use of materials, reduce waste, and minimize environmental impact. AI-driven systems can analyze data on a large scale, helping companies identify inefficiencies in their supply chains, predict future resource needs, and create innovative solutions for reusing materials.

Hala Al-Tuwaijri, the CEO of the Saudi Green Initiative, recently remarked in an interview with Saudi Gazette, "AI will be an indispensable tool in driving sustainability efforts across the Kingdom. Whether it's optimizing energy use, managing waste more effectively, or creating new recycling technologies, AI enables us to make smarter, greener decisions."

Saudi Startups Leading the Circular Economy Revolution with AI

Several Saudi startups are making significant strides in integrating AI into circular economy solutions, offering innovative technologies that support the sustainability goals of Vision 2030.

Sadeem, a Riyadh-based environmental tech startup, is using AI-powered sensors to optimize water and waste management systems. Founded in 2017, Sadeem developed a platform that monitors wastewater systems in real-time, helping cities and businesses reduce water wastage. The platform collects and analyzes data to predict potential failures in water systems, allowing for proactive maintenance and preventing leaks that lead to massive water loss.

By utilizing machine learning algorithms, Sadeem is also able to identify patterns in water usage and waste generation, enabling cities to optimize resource allocation. As Dr. Ahmed Al-Kahtani, CTO of Sadeem, noted in a recent interview, "Our AI solutions are not only making water management more efficient but are also contributing to broader sustainability goals by reducing waste and conserving precious natural resources."

Another innovative startup is the Plastic Bank Saudi Arabia that is driving circular economy solutions is Plastic Bank Saudi Arabia, which uses AI to track plastic waste across the Kingdom. Plastic Bank operates a blockchain-based marketplace where waste collectors can trade recyclable plastics for digital tokens. These tokens are then exchanged for essential goods, creating an incentive for waste collection and recycling.

Plastic Bank employs AI algorithms to track plastic waste collection data, identify recycling bottlenecks, and optimize waste management routes. This AI-driven approach has led to a 25% increase in plastic recycling rates in areas where the startup operates. According to 2024 statistics from the Saudi Ministry of Environment, Water, and Agriculture, the Kingdom produces over 3 million tons of plastic waste annually, much of which could be recycled if more efficient systems like Plastic Bank's were implemented.

David Katz, founder of Plastic Bank, stated during an interview at the World Economic Forum in 2024, "By combining AI with blockchain, we are creating a transparent, scalable model for managing plastic waste. Our goal is to turn plastic into a currency that benefits local communities and helps build a circular economy."

Naqaa Solutions, a Jeddah-based startup, focuses on sustainable waste management by leveraging AI-powered robotics for sorting waste materials more efficiently. The company has developed an automated system that uses computer vision and AI algorithms to sort recyclable materials from general waste, significantly reducing the amount of waste that ends up in landfills. This solution is particularly valuable for Saudi Arabia, where urbanization is leading to increasing waste production.

According to Naqaa's CEO, Fahad Al-Mutairi, "Our AI-driven sorting systems have increased recycling efficiency by 40%. We believe that smart waste management is essential for achieving the goals of Vision 2030, especially as the Kingdom moves towards building sustainable cities."

Naqaa has already partnered with local municipalities and large-scale industrial players to deploy its AI-driven sorting technology, contributing to the development of zero-waste cities in Saudi Arabia.

AI and Sustainable Supply Chains: A Perfect Match for the Circular Economy

One of the most significant ways AI is advancing the circular economy is through the optimization of supply chains. In traditional linear supply chains, materials are used once and then discarded. However, in a circular economy, materials must be continuously reused, recycled, or repurposed. AI can help by improving resource tracking, predicting demand more accurately, and identifying opportunities to reuse materials.

Predictive Maintenance and Resource Efficiency

AI's ability to monitor systems in real time and predict failures before they happen is transforming industries that rely heavily on machinery and equipment. For instance, AI-based predictive maintenance tools can analyze the performance of industrial equipment, allowing businesses to reduce downtime and extend the life of machinery. This reduces the need for new materials and resources, making the entire production process more sustainable.

Aramco, Saudi Arabia's oil giant, has already begun integrating AI for predictive maintenance in its supply chains, reducing resource consumption and minimizing waste. By applying similar technologies to the manufacturing sector, Saudi startups can extend the life of products and create more sustainable supply chains that align with circular economy principles.

Circular Economy Opportunities in Saudi Arabia’s Mega Projects

Mega projects such as NEOM, The Red Sea Project, and the Green Riyadh Initiative are setting high standards for sustainability. These projects are incorporating circular economy principles from the planning stages, and AI is playing a key role in ensuring these ambitions are met.

For example, NEOM has set a target of generating 100% renewable energy and zero-waste cities. AI systems are being deployed to manage energy consumption, optimize construction materials, and monitor environmental impact. The Red Sea Project is also integrating AI into its waste management systems to ensure all waste is recycled or repurposed, contributing to the project's carbon neutrality goals.

Mansour Al-Maimani, head of sustainability at the Red Sea Development Company, recently highlighted the importance of AI: "The circular economy cannot exist without innovation, and AI is the backbone of that innovation. In projects like The Red Sea, AI enables us to make real-time decisions that reduce waste, optimize energy, and create long-term sustainability."

Overcoming Challenges: The Role of AI in Regulatory and Market Integration

While AI holds great promise for supporting the circular economy, challenges remain. The integration of AI technologies requires significant data infrastructure, a highly skilled workforce, and clear regulatory frameworks. Many startups face challenges in accessing the data needed to develop effective AI models and in navigating the complexities of Saudi Arabia’s regulatory environment.

However, the Saudi government is taking steps to address these challenges. In 2024, the Saudi Data and AI Authority (SDAIA) launched new initiatives to support startups by providing access to government data and offering grants to develop AI solutions in the sustainability sector. Additionally, SDAIA is working on establishing ethical guidelines for the use of AI in industries like waste management and resource efficiency, ensuring that AI technologies are deployed responsibly.

AI as a Catalyst for the Circular Economy

As Saudi Arabia moves towards achieving its Vision 2030 sustainability goals, AI-powered startups are playing a crucial role in driving the transition to a circular economy. From waste management and recycling to resource efficiency and predictive maintenance, AI is enabling businesses to rethink how they use materials and optimize processes for a greener future.

With continued support from the government, investment in data infrastructure, and the innovation-driven efforts of Saudi startups, AI will be a key catalyst in building a sustainable, circular economy that not only benefits the Kingdom but serves as a model for the broader region.

William Phelps

In 2023, Saudi Arabia welcomed a record-breaking 13.5 million pilgrims for both Umrah and Hajj. This was the best attended year of pilgrimage to date, reflecting the Kingdom’s ambitious Vision 2030 goals of expanding the capacity of Hajj and Umrah whilst enhancing the experience of religious visitors. 

Despite the Government’s inspiring work in this regard, however, there still remain significant financial challenges for many pilgrims from emerging markets. These issues threaten the very essence of Hajj and Umrah – spiritual equality. 

Providing swift and streamlined solutions is a fantastic opportunity to add and support the modernization of pilgrimage. As I appreciate both the significance of and the challenges associated with the journey to Mecca. The financial barriers associated with emerging markets are not limited to their business and trade with Europe and North America: they are also acutely felt in Hajj and Umrah. Pilgrims from emerging markets often encounter financial obstacles that pilgrims from wealthier nations rarely face.

In 2024, almost 100,000 Nigerian pilgrims participated in Hajj, joining millions of Muslims worldwide in the sacred observance of Arafah Day. However, Nigerian pilgrims must navigate a complicated web of currency exchange issues. Due to limited access to foreign currency in Nigeria, most pilgrims resort to buying U.S. dollars in cash before travelling, only to sell them again upon arrival in Saudi Arabia at a significant loss. This process is not only stressful and cumbersome but also introduces security risks, not to mention the financial burden. Carrying large sums of cash while abroad detracts from what should be a peaceful, spiritual experience. 

Further, digital banking platforms like Revolut, Wise, or Monzo - widely used in Europe and the U.S. - are not accessible in many emerging markets. This further exacerbates the financial divide, forcing pilgrims to navigate their journey with additional stress; their focus should be entirely on their faith.

In my experience working with Nigerian pilgrims, I have seen the frustration this financial exclusion causes. For those fortunate enough to save and plan for a core tenet of their faith, it is a tragedy to think of it as marred by financial challenges and stress.

Pilgrims from countries like Pakistan, Bangladesh, and other emerging markets face similar challenges. This isn’t just an inconvenience - it risks creating a two-tiered pilgrimage experience, where the quality of a pilgrim’s journey is dictated by their financial means and country of origin.

Establishing “UmrahCash” to Bridge the Financial Divide

These challenges inspired me to launch UmrahCash, based between Jeddah and Kano in northern Nigeria. Our mission is to ensure that every pilgrim, regardless of their financial background, has access to the capital they need in a safe, secure, and seamless way. UmrahCash is not just another fintech app; it is designed to address the unique needs of pilgrims from emerging markets. Our platform caters to individuals with varying levels of financial and technological literacy, ensuring that both the banked and unbanked can participate in pilgrimage without financial stress.

With UmrahCash, we’ve simplified currency exchange, allowing pilgrims to convert their home currency directly to Saudi Riyals, eliminating the need to carry large amounts of cash. Starting in northern Nigeria, we’ve built a vetted network of agents who offer local language support and personalized assistance. Most importantly, we’ve created a platform that fosters trust and transparency, removing the risks associated with existing currency exchange methods.

Our goal is to empower pilgrims from emerging markets with the financial tools they need to focus on their spiritual journey, free from the worries of financial management. As such, we leveraged cutting-edge technology on the backend to streamline currency exchange and ensure that all financial transactions are secure, and efficient. We paired this with an easy-to-use front-end app that is accessible to users of all technical skill levels and backgrounds. 

A Path Forward for All Pilgrims

The significant growth in international Umrah pilgrims - 26.9 million in total in 2023, with the majority hailing from emerging markets - underscores the urgent need for inclusive financial solutions. Saudi Arabia’s Vision 2030 has laid the groundwork for innovation, with over $1.3 billion invested in developing infrastructure at the holy sites. But while infrastructure development is crucial, it’s only part of the solution. We must also address the financial barriers that prevent many pilgrims from fully engaging in their spiritual journey.

At UmrahCash, we believe that Umrah should be a unifying experience for all Muslims and are committed to bridging this financial divide, ensuring that all pilgrims, no matter their country of origin or economic status, can participate in the sacred journey to Mecca with peace of mind and spiritual fulfillment.

William Phelps is the founder of the “UmrahCash” application. 

Shaimaa Ibrahim 

As Saudi Arabia continues its journey to become a global fintech hub in line with Vision 2030, several foreign fintech companies have set up their regional headquarters in the Kingdom, taking advantage of the various incentives offered by the regulatory environment in Saudi Arabia. Among these companies is “Payer Max”, which is committed to supporting the digital transformation journey in the Kingdom, and contributing to the growth of its fintech ecosystem.

In September, Pyramex was officially granted a Payment Gateway Technology Service Provider (PTSP) license by Saudi Payments, on behalf of the Saudi Central Bank (SAMA). This license allows the company to provide comprehensive payment gateway services to merchants across the Kingdom.

PayMax is a fintech company with a strong focus on emerging markets, committed to providing professional global payment solutions in an all-inclusive manner. This extensive network supports over 600 payment methods and over 70 transaction currencies. Headquartered in Singapore, it has over ten regional offices.

In this regard, Sharikat Mubasher interviewed Nouf Bin Salamah, Business Development Manager at PayerMax, to discuss the company’s strategy to support the fintech sector, especially concerning financial inclusion and economic diversification in the Kingdom, in addition to highlighting the most prominent strategic factors that Saudi Arabia possesses, which would attract foreign companies to establish their regional headquarters in the Kingdom.

What are the most prominent agreements you have related to supporting the development of financial technology?

PayerMax is the first Asian fintech company to set up a regional headquarters in MENA, in Saudi Arabia. Additionally, PayerMax is also among the first companies selected for the National Technology Development Program (NTDP) Relocate initiative initiated by the Ministry of Communications and Information Technology (MCIT) in Saudi Arabia. We're actively exploring collaborations with various Saudi ministries and entities to contribute to Vision 2030. And we are committed to supporting the government's goal of financial inclusion for all citizens. We can collaborate with authorities to offer inclusive financial products and services that reach the underbanked population by leveraging our proven experience in emerging markets. Meanwhile, PayerMax supports the establishment of transparent and robust regulatory systems to support the growth of emerging innovations and technologies.

We support business growth and expand globally with digital payment solutions. And these include different industries like games, social, e-commerce, etc. 

How do you see the transformation and development in financial technology?

Financial technology (FinTech) is undergoing a rapid and transformative phase, driven by advancements in technology, changing consumer preferences, and regulatory shifts. We can expect to see a further shift towards digital financial services, with a focus on personalization and tailored solutions based on individual needs and preferences. Financial services will be increasingly embedded into non-financial platforms, providing a seamless and convenient experience for consumers. This trend will blur the lines between traditional financial institutions and FinTech companies.

We see immense potential in the Saudi FinTech market. The focus on innovation and Vision 2030 creates a favorable environment for FinTech companies like PayerMax. Initiatives like the RHQ program and the NTDP Relocate initiative demonstrate the government's commitment to fostering a vibrant FinTech ecosystem.

What are Payermax's plans to contribute to achieving the Kingdom's goals related to financial inclusion and economic diversification?

PayerMax is actively working to increase access to financial services, particularly for underserved populations. By providing innovative payment solutions and facilitating seamless transactions, we are breaking down barriers to financial inclusion. This aligns with the Kingdom's goal of creating a more inclusive and equitable financial system. 

PayerMax’s focus on enabling cross-border transactions and supporting SMEs, combined with our commitment to promoting digital payments and innovation, is directly contributing to Saudi Arabia’s efforts to diversify its economy and drive digital transformation.

Why did Payermax choose the regional headquarters for its offices in the Kingdom of Saudi Arabia?

Since the launch of Vision 2030. Saudi Arabia has become an attractive destination for international companies. Our objective is to be an active contributor to the Kingdom's vision which is achieving 70% of non-cash transactions by 2030.

The RHQ program, a joint initiative by the Ministry of Investment and the Royal Commission for Riyadh City, is designed to enable and facilitate the ambitious growth plans of participating organizations in the region. It is also a valuable initiative that simplifies expansion for multinational companies. 

We see a positive and evolving environment for entrepreneurship in the KSA. The government's focus on technology and innovation creates fertile ground for new businesses and entrepreneurs from all over the world. 

PayerMax is very optimistic about the future of the Saudi fintech sector, highlighting the growing demand for digital payment solutions. PayerMax's selection as the first Asian fintech company for the program highlights the Kingdom's commitment to fostering a diverse and innovative business ecosystem.

Kholoud Hussein 

As Saudi Arabia seeks to diversify its economy and align with Vision 2030, the intersection of artificial intelligence (AI) and sustainability in the e-commerce sector is gaining significant attention. With e-commerce rapidly expanding, there’s an urgent need for businesses to adopt greener practices that minimize environmental impact. AI offers innovative solutions to help Saudi e-commerce companies achieve sustainability goals while enhancing operational efficiency.

One of the primary ways AI contributes to sustainability is through supply chain optimization. By analyzing vast amounts of data, AI can predict demand more accurately, reducing overproduction and waste. This lowers costs and minimizes excess inventory, which can lead to unsold products ending up in landfills. Companies can leverage AI-driven analytics to streamline logistics, ensuring that products are delivered efficiently and with a smaller carbon footprint.

Another significant aspect is energy management. AI technologies can monitor energy consumption in real time, identifying areas for improvement in warehouses and fulfillment centers. By optimizing energy usage, e-commerce businesses can significantly reduce their operational costs and environmental impact, aligning with the Kingdom’s commitment to sustainability.

Furthermore, AI can enhance customer engagement by promoting eco-friendly products and practices. Through personalized recommendations, e-commerce platforms can encourage consumers to choose sustainable options, such as products made from recycled materials or items with minimal packaging. This shift in consumer behavior not only fosters a culture of sustainability but also helps businesses cater to the growing demand for green products.

In conclusion, integrating AI into Saudi e-commerce operations offers a pathway to sustainability. By optimizing supply chains, managing energy consumption, and promoting eco-friendly products, e-commerce companies can contribute to a greener future while thriving in a competitive market. As Saudi Arabia continues its journey toward sustainability, AI will play a pivotal role in shaping a more responsible e-commerce landscape.