Noha Gad

The retail sector in Saudi Arabia is undergoing robust growth, driven by a digitally savvy young population, increasing consumer confidence, and shifting spending habits. According to a report published by the IMARC Group, the size of the e-commerce market in Saudi Arabia is projected to grow to $708.7 billion in 2033, showing a compound annual growth rate (CAGR) of 12.8% from 2025 to 2033. Additionally, experts anticipate that 75% of retail spending will come from Saudi youth by 2035. They also expected the Saudi e-commerce sector to grow significantly, with one in four retail transactions happening online.

The adoption of retail technology (retail tech) stands at the heart of this revolution. Saudi retailers rapidly embrace artificial intelligence (AI) for personalized marketing and demand forecasting, Internet of Things (IoT) solutions for smart inventory management, biometric authentication, mobile wallets, and other seamless payment options.

The retail tech market in Saudi Arabia is expected to achieve revenue of $7.2 billion by 2033, with a CAGR of 32.8% from 2025 to 2033, according to recent figures by the Grand View Horizon.

Digital transformation in the Saudi retail sector

Saudi Arabia is one of the most connected markets in the region, which fuels widespread adoption of digital retail technologies, driven by government initiative under Vision 2030 and evolving consumer expectations. Emerging technologies play a crucial role in revolutionizing the retail industry in Saudi Arabia. Most of the retail tech companies in Saudi Arabia harness AI for predictive analytics, personalized marketing, automated customer service through chatbots, and demand forecasting, ultimately enhancing operational efficiency and creating tailored shopping experiences. Also, IoT technologies are becoming integral, with smart shelves, digital signage, and interactive displays improving real-time inventory management and product visibility. 

Software-as-a-service (SaaS) solutions could support digital sales growth by enabling small and medium enterprises (SMEs) to digitize their operations, manage logistics, and accept online payments. Additionally, the rollout of 5G networks significantly enabled seamless integration of online and offline retail experiences, supporting omnichannel strategies that blend physical and digital interactions for consumers.

Together, these developments are transforming the retail industry in Saudi Arabia into a digitally empowered, consumer-centric ecosystem. 

The rise of B2B marketplaces

Business-to-Business (B2B) marketplaces in Saudi Arabia are rapidly emerging as vital platforms that transform traditional wholesale and procurement ecosystems. This transformation was driven by several factors, notably the integration of credit-scoring and invoice financing modules, the adoption of compliance tools, and the high penetration of mobile wallets.

The Saudi market encompasses key B2B marketplaces, such as Sary, one of the largest online B2B marketplaces for wholesale purchases; Ordo, a pioneering B2B platform focusing on the FMCG market; Lawazem, a one-stop shop for businesses to procure products directly from a network of suppliers; Farmi, a B2B online platform that connects Saudi farmers and SMEs to source and sell local farm products; Retailo, the leading B2B digital distribution company; and BRKZ, the pioneering B2B marketplace for building materials.

The ongoing rise of B2B marketplaces plays a pivotal role in transforming wholesale trade in the Kingdom, fostering increased efficiency, access to broader supplier networks, and enabling a more modern, digitally connected retail supply chain ecosystem.

Successful B2B marketplaces share several features that drive procurement efficiency, enhance buyer-supplier interactions, and support business growth. This includes:

• Leveraging AI and cloud-based technologies to automate sourcing, ordering, invoicing, and fulfillment processes, thereby reducing manual errors and improving order accuracy.
• Integrating with ERP and inventory management systems to enable real-time product availability, dynamic pricing, and personalized catalogues tailored to meet buyers’ needs.
• Embedding credit scoring algorithms to assess buyer creditworthiness instantly.
• Adhering to Saudi data protection and commercial regulations to secure document vaults and digital contract management features.
• Adopting mobile wallets and biometric authentication to enhance payment security and convenience. 

The rise of B2B marketplaces is pivotal to reducing supply chain fragmentation and procurement complexities in the Kingdom, as they streamline fragmented traditional supply chain networks by centralizing their interactions and automating procurement processes.

By enhancing transparency through verified supplier networks, B2B marketplaces mitigate risks associated with dealing with unknown vendors, ensuring product quality and contractual adherence, in addition to boosting confidence among buyers and sellers.

Additionally, B2B platforms incorporate ESG standards by promoting suppliers who follow sustainable practices and prioritize eco-friendly products; meanwhile, digital tools enable assessment of carbon footprints and resource efficiencies within supply chains.

Despite all these benefits, the B2B retail sector in Saudi Arabia still faces fragmented supplier bases characterized by inconsistent service levels and regional disparities. Compliance with evolving regulatory standards, such as data privacy laws and commercial auditing requirements, adds complexity for both platforms and users.

Ongoing investments are essential to sustain growth and scalability. Investments are crucial to upgrading digital infrastructure, including cloud computing, AI, and cybersecurity, ultimately enhancing platform capabilities to support advanced analytics and omnichannel integration. This will improve operational efficiency, reduce downtime, and increase adaptability to future market disruptions.

The future of B2B marketplaces in Saudi Arabia is promising, propelled by accelerating e-commerce growth and supportive government initiatives. This transformation will be triggered by key trends: the continued expansion of B2B marketplaces that convert fragmented wholesale supply chains into streamlined, automated ecosystems; the increasing importance of embedded financial services; enhanced digital payment integration; supply chain and logistics innovations; and the integration of ESG standards and sustainable procurement practices.

Eventually, the Saudi retail sector is at the forefront of a transformative journey fueled by rapid digital adoption and innovative B2B marketplaces. Sophisticated retail tech solutions are reshaping the traditional retail landscape into a dynamic, digitally native ecosystem. By addressing long-standing challenges such as supply chain fragmentation, compliance, and payment inefficiencies, digital transformation and modern B2B platforms are enhancing transparency, trust, and operational agility. 

Noha Gad

Emerging technologies, particularly artificial intelligence (AI), significantly transform the healthcare sector globally by improving diagnostics, treatment precision, patient monitoring, and healthcare delivery. Saudi Arabia is one of the leading countries that harnesses these technologies to modernize its healthcare system and increase accessibility. 

The Kingdom invests heavily in digital healthcare to improve efficiency and patient outcomes, potentially unlocking as much as $27 billion by 2030. This includes advancements in telemedicine, electronic health records, and other digital health technologies.

The Saudi Vision 2030 emphasizes the importance of privatization and Public-Private Partnerships (PPPs) in driving healthcare transformation. By fostering collaboration, these approaches contribute to achieving the digital health goals outlined in Saudi Arabia's ambitious vision for the future.

The Saudi healthcare sector is witnessing unprecedented privatization, with over 290 hospitals and 2,300 health institutions transitioning into private operations. By 2030, private sector involvement is expected to grow from 25% to 35%, unlocking fresh capital inflows and efficiency improvements, according to recent insights into the Saudi healthcare market by Eurogroup Consulting.

Digital transformation continues to accelerate in Saudi Arabia, with $1.5 billion invested in telemedicine, AI-driven diagnostics, and electronic health records (EHR). These innovations are reshaping healthcare accessibility, allowing remote consultations to flourish and minimizing hospital congestion. AI-powered automation also optimizes treatment plans, improving patient outcomes and reducing administrative burdens. 

Additionally, the mental health market in the Kingdom is undergoing a remarkable transformation, triggered by a mix of government reforms, social awareness, and growing private investment. According to Eurogroup Consulting, the mental health market in Saudi Arabia is projected to reach $8.9 billion by 2033, with a compound annual growth rate (CAGR) of 5.23% from 2025 to 2033. This growth reflects a broader shift in the Kingdom’s healthcare priorities, where mental wellness is increasingly seen as fundamental to social stability and productivity.

Telemedicine innovations in Saudi Arabia

Telemedicine emerged as a vital component in transforming healthcare delivery across Saudi Arabia, enabling patients to access medical care remotely through digital platforms. This technology breaks down geographical barriers, bringing expert consultations and continuous care to rural and underserved regions, which traditionally struggled with limited healthcare infrastructure.

The COVID-19 pandemic accelerated telemedicine adoption by mandating remote care solutions to reduce infection risks while maintaining healthcare access. This surge highlighted telemedicine’s potential to alleviate hospital overcrowding, enhance patient convenience, and reduce healthcare costs.

A recent report released by Ken Research showed that the Saudi telemedicine market is valued at $1.2 billion, driven by the increasing adoption of digital health solutions, rising healthcare costs, and the need for accessible medical services, especially in remote areas. It highlighted that Riyadh, Jeddah, and Dammam dominate the telemedicine market due to their advanced healthcare infrastructure, high population density, and significant investment in health technology. 

Another report by Grand View Horizon anticipated the telemedicine market in the Kingdom to reach a projected revenue of $ 2.3 million by 2030, showing a CAGR of 18.4% between 2025 to 2030.

AI-driven telemedicine platforms in Saudi Arabia integrate AI into telehealth to enable proactive health management, optimize clinical workflows, and support early disease detection. Seha Virtual Hospital, launched by the Ministry of Health (MoH) as part of the Health Sector Transformation Program (HSTP), is a notable example. Being the first virtual hospital in the Middle East, Seha offers a full spectrum of telehealth services, including emergency and critical consultations, specialized clinics, multidisciplinary committees, supportive medical services, and home care services, empowering the best health consultants and practitioners in micro and rare specialties using the latest medical technologies.

Another example is Sanar, an MoH-licensed medical platform that offers comprehensive medical services including telemedicine consultations and home medical services. Other key players in the Saudi telemedicine sector include Cura, Vezeeta, MedIQ, Altibbi, Labayh, and more.

Overall, telemedicine innovations in Saudi Arabia focus on combining AI capabilities with digital platforms to offer accessible, efficient, and patient-centric healthcare, ultimately cementing the Kingdom’s position as a regional leader in AI-powered telemedicine and digital health solutions.

AI-driven diagnostics

In recent years, AI has redefined various sectors, notably healthcare. One of the most promising applications of AI is in diagnostics, where it enhances the accuracy and speed of identifying health conditions. In Saudi Arabia, AI diagnostics contribute to advancing the medical field, becoming a cornerstone of Vision 2030’s goals of diversifying the economy and improving public well-being through high-tech healthcare solutions.

With Saudi Arabia pledging massive investments in AI to improve its healthcare services, the AI diagnostics market in the Kingdom is projected to reach $204.9 million by 2030, marking a CAGR of 36.5%.

A recent study by Research and Markets indicated a favorable view of AI in healthcare among respondents in Saudi Arabia, with many disagreeing that AI diminishes the value of the medical profession. Half of the respondents either agreed or strongly agreed that AI contributes to reducing errors in medical practice.   

AI diagnostics analyze medical data more consistently and accurately to address human errors in diagnosis, which may lead to misdiagnosis, delayed treatment, or even unnecessary procedures. 

AI systems can operate tirelessly and remain unaffected by fatigue or cognitive biases, which can affect even the most skilled healthcare professionals.

AI and robotics are expected to contribute over $135 billion to the national economy by 2030. AI diagnostics are vital to this transformation, aligning with the Kingdom’s strategic goals to diversify away from oil dependence and develop knowledge-based industries. 

Although AI diagnostics offers many advantages, they come with several challenges. One of the major challenges is that implementing these technologies requires substantial investments in infrastructure, including high-performance computing systems and secure data networks.

Specialized training is also required to help health care professionals work effectively alongside AI systems, while patients and providers alike must adapt to this new approach to medical care. 

Key players in the AI diagnostics sector in Saudi Arabia include SDM, a health tech startup specializing in AI-driven diagnostics for various and chronic diseases, and Nuxera AI, a Saudi-headquartered AI company that empowers doctors and healthcare providers by streamlining workflows, reducing administrative burdens, and enhancing patient care.  Another example is the Amplify AI company, which integrates AI into thermal imaging to enable fast, accessible, and objective diabetic foot screening. 

Mental health solutions and digital well-being tools

The Saudi mental health market is witnessing a remarkable transformation, driven by a mix of government reforms, social awareness, and growing private investment. With mental health services being considered as a vital part of national well-being, the market is anticipated to hit $8.9 billion by 2033, showing a CAGR of 5.23% from 2025 to 2033. This growth reflects the shift in the Saudi healthcare priorities, where mental wellness is increasingly seen as fundamental to social stability and productivity.

The Saudi government made significant reforms to drive this transformation and modernize the healthcare sector by integrating mental health into primary care systems, ensuring accessibility and reducing stigma. This approach promoted new regulations, awareness campaigns, and funding programs aimed at promoting mental well-being as part of the country’s holistic health agenda.

The MoH launched the ‘Innovate for your health’ initiative, in partnership with the Digital Government Authority, to raise community awareness about the importance of mental health and to improve the quality of life among youth and society as a whole.

Additionally, digital well-being tools, such as applications and interactive platforms, were designed to monitor and improve mental health by reducing digital addiction and associated risks such as anxiety and loneliness.

O7 Therapy is another notable example of mental health platforms in Saudi Arabia. it offers a network of over 180 qualified Arabic-speaking therapists, benefitting people across 110 countries. Since its inception, the platform has provided more than 60,000 therapy hours. It helps users to find the right therapist whose approach aligns with the user’s needs and preferences.

In conclusion, Saudi Arabia’s healthcare sector is witnessing a significant transformation, backed by emerging technologies and strategic reforms under Vision 2030. The Kingdom’s heavy investments in AI, telemedicine, and digital health platforms are revolutionizing healthcare delivery by enhancing diagnostics, improving treatment precision, enabling remote access, and optimizing patient outcomes. Privatization and PPPs are pivotal in this transformation, attracting fresh capital and fostering innovation that aligns with the Kingdom’s goal of becoming a regional leader in advanced healthcare. 

Kholoud Hussein

As Saudi Arabia accelerates its journey toward Vision 2030, fintech innovation has emerged as a critical driver in reshaping access to capital, democratizing investment, and strengthening the Kingdom’s financial sector. With sukuk issuance reaching record levels and digital platforms reducing barriers for both corporates and individual investors, the ecosystem for Islamic finance is undergoing a profound transformation.

Within this evolving landscape, Tarmeez Capital has positioned itself as a frontrunner. Licensed by the Capital Market Authority and founded in 2022, the Saudi fintech is redefining how businesses—from large corporates to SMEs—secure financing. By leveraging technology to issue sukuk faster, more transparently, and in full compliance with Shariah principles, Tarmeez Capital bridges a critical gap in the Kingdom’s corporate debt market.

In this exclusive interview with Sharikat Mubasher, Nasser Al-Saadoun, Founder and CEO of Tarmeez Capital, sheds light on its business model, the impact it is making on companies and investors, and its role in enabling Saudi Arabia’s ambition to become a global hub for Islamic and sustainable finance.

Please can you give us an overview of Tarmeez Capital. What is your business model, and when was it founded? 

We are a Saudi-based fintech company licensed by the Capital Market Authority (CMA), reshaping access to finance in Saudi Arabia through fast, inclusive, and fully Shariah-compliant solutions. We founded Tarmeez Capital in 2022 with a clear purpose: to close the financing gap facing many businesses by connecting growing companies with the capital they need to thrive. We issue sukuk to fund enterprises across the Kingdom and operate a pioneering, people-first digital platform that seamlessly enables purpose-driven investors to participate in these issuances. 

Our technology enables sukuk issuance up to seven times faster than traditional channels, allowing companies to secure funding in as little as 10 days with repayment terms up to 10 years. We have facilitated over SAR 2 billion in lending programs, achieved a 459 percent increase in sukuk issuances over the last 15 months, and built a community of over 180,000 retail and institutional investors.

Which type of companies does Tarmeez Capital provide Islamic financing to? How do you select your portfolio to lend to? 

Tarmeez Capital supports companies across sectors, from established corporates like Red Bull Mobile and Red Sea International to SMEs. Our portfolio selection is guided by rigorous credit screening powered by AI-driven data analytics, our Shariah committee’s oversight, and a focus on businesses that contribute to Vision 2030 goals. We have a zero percent default rate, reflecting our robust due diligence and the quality of our portfolio.

What are the benefits for your users (companies seeking financing & institutional investors)? 

Traditional sukuk issuance often takes months and is limited to large corporations. With Tarmeez Capital, companies of all sizes can receive tailored, fast, and ethical capital - allowing them to seize growth opportunities. This year, Red Sea International, for example, used our sukuk offering to avoid costly project delays with rapid funding that kept engineers and factory teams on schedule. 

Through our digital platform, our investor community can gain access to transparent, Shariah-compliant returns of around 13.5 percent annually, compared to 7.3 percent for real estate and 8.5 percent for stocks. Our real-time digital dashboards and low minimum investments enable anyone to support transformative projects with ethical impact.

How does Tarmeez Capital position itself within Saudi Arabia’s rapidly evolving corporate debt landscape, especially under Vision 2030?

We bridge a critical gap by digitizing sukuk issuance for companies of different sizes. There is a clear demand in the Kingdom for fast, digital, and value-driven funding. Our seamless digital process positions us perfectly amongst Saudi Arabia, tech-savvy population. We focus on advancing funding for sectors such as healthcare, logistics, and education, etc.– all of which are aligned with Vision 2030. Our business model also supports SMEs, which are projected to contribute 35 percent of total GDP by 2030.  

What role do fintechs such as Tarmeez Capital play in broadening access to capital markets and investment opportunities? 

Fintechs like Tarmeez Capital make Shariah-compliant finance accessible to more Saudi businesses and individual investors alike. Our digital investment platform has been built to reduce the cost, complexity, and friction traditionally associated with debt capital markets. Our focus on creating a streamlined, user-friendly experience has contributed to the impressive growth of our investor community to date, a trend that we anticipate continuing.

Our platform empowers investors to invest small amounts into sukuk that back local companies. For example, people can now support projects like RASF’s Deem townhouses or Qudra’s solar rollout. This democratization of capital fuels entrepreneurship, spreads wealth creation, and reinforces Saudi Arabia’s Financial Sector Development goals.

Saudi Arabia is rapidly positioning itself as a global hub for Islamic finance, driven by accelerating sukuk issuance. How do you see this sector expanding in the next 5 – 10 years, and what role will Tarmeez Capital have? 

We expect Saudi Arabia’s sukuk market to continue its rapid growth. Global sukuk issuances reached USD 199 billion in 2023 and show no sign of slowing. Tarmeez Capital will play a central role in this transformation by making Shariah-compliant financing faster, more accessible, and more transparent for corporates and investors alike. Our tech-driven scalability and proven track record, including the lowest default rate among comparable private debt platforms in Saudi, position us as a national leader and partner of choice as the sector matures.

More broadly, we see Islamic finance moving firmly into the mainstream. Younger investors are seeking ethical, impact-oriented investments that reflect their values while delivering competitive returns. Islamic finance, built on principles of justice, risk-sharing, transparency, and social responsibility, is perfectly aligned with this shift. Unlike conventional debt, it prohibits interest (Riba) and emphasizes asset-backed, productive investment, making it inherently transparent, value-driven, and sustainable.

Saudi Arabia is set to become a global hub for Islamic and sustainable finance, issuing billions in ESG-linked sukuk and leveraging its Vision 2030 ambitions for inclusive, long-term growth. Platforms like Tarmeez enable everyday citizens to invest ethically, help finance the development of their communities, and support a self-sustaining ecosystem that benefits everyone.

In a region where regulatory dynamics are evolving quickly, especially for technology, how do you assess and manage regulatory risk?

Compliance is incredibly important. Our independent Shariah committee and close partnership with the Capital Market Authority help ensure we always meet the highest standards. Beyond regulation, we also use data and advanced AI to monitor the health of every investment, so that we can detect potential risks early and manage them carefully. This thorough approach allows us to grow sustainably and responsibly.

Many startups struggle to scale beyond the early-growth phase. Are there any patterns you have observed that block Saudi startups from becoming regional or global players?

A recurring challenge is facilitating access to capital that matches the vast ambitions of our most exciting startups. Too often, high-potential companies are held back by the rigidity of traditional lending. However, fintechs such as Tarmeez Capital enable companies to grow with the speed and flexibility they need to succeed regionally and globally.

Looking ahead over the next 3 - 5 years, what role do you see Tarmeez Capital playing in shaping the MENA innovation ecosystem?

We see ourselves becoming a vital catalyst for Shariah-compliant investing and capital raising in the region, and expanding our platform’s reach through smarter infrastructure, new products, and better user experiences. Our ambition is to continue to support founders in securing funding quickly and ethically, unlocking new ventures and supporting economic growth. 

We aim to grow Tarmeez Capital’s investor community, creating a powerful and self-sustaining cycle of growth, opportunity, and shared success. 

Finally, what advice would you give to Saudi companies that are looking for alternative forms of financing? 

Our advice is simple. Explore forms of accessing finance outside of the conventional channels. Innovative, Shariah-compliant solutions like Tarmeez Capital offer speed, flexibility, and alignment with your values. Whether you are rolling out solar power across commercial properties like Qudra Energy or delivering affordable homes like RASF Real Estate, this is your moment to embrace a new path to financing that will help you grow and contribute to the future of the Kingdom. Choosing providers who understand the local market and comply fully with Islamic principles will ensure financing that is both responsible and sustainable, setting businesses on a path to long-term success.

Throughout the discussion, Tarmeez Capital emphasized its mission of making Shariah-compliant financing faster, more inclusive, and more impactful for both businesses and investors. By digitizing sukuk issuance, expanding access to ethical investment opportunities, and ensuring robust compliance, the company is reshaping the role of fintech in Saudi Arabia’s financial sector. As the Kingdom positions itself as a global hub for Islamic finance, Tarmeez Capital aims to serve as both a catalyst and partner—empowering companies to grow responsibly while giving investors the tools to align financial returns with ethical values.

Noha Gad 

Loyalty and reward programs in the Europe, the Middle East, and Africa (EMEA) region are evolving rapidly, triggered by shifting consumer expectations for hyper-personalized, seamless, and engaging experiences. As businesses seek to deepen customer relationships amid increasing digitalization and competitive markets, loyalty platforms go beyond simple points systems to deliver meaningful value that resonates with today’s diverse consumers.

Dsquares transforms the loyalty sector by offering an end-to-end B2B loyalty and rewards solutions that cover the entire program lifecycle. This comprehensive approach, combined with deep regional expertise, enables Dsquares to create truly personalized, impactful loyalty programs that drive business growth and customer retention.

In this regard, Sharikat Mubasher interviewed with CEO Marwan Kenawy to dive deep into Dsquares’ innovative approach and diverse offerings, and to discover key trends and challenges in the loyalty and rewards realm across the region. 

First, can you tell us more about Dsquares’ offerings and how it differentiates itself from other loyalty and rewards companies in the region?

Dsquares is an end-to-end B2B loyalty and rewards solutions provider established in 2012 and serving clients in over 16 countries. We are trusted by Fortune 500, multinationals, and global giants as we offer end-to-end tailored loyalty solutions to drive business growth.

By end-to-end, we mean that we do not just offer software; rather, we manage the entire lifecycle of a loyalty program, giving our clients the flexibility and peace of mind to focus on their business and leave the customer acquisition and retention to us. Our offerings include: 

• Strategic commercial planning: from strategy building and market analysis to program design and performance.
• Technology and solutions: our modular technology covering traditional loyalty mechanics, customer engagement solutions, short and long-term loyalty campaigns, rewarding solutions, and advanced data and analytics solutions. All running on Dsquares AI engine.
• Field operations: from on-ground execution and program setup and management to anomaly detection and quality control.
• Merchant management: with an extensive network of over 25,000 merchants and brands across the MENA region, we manage the end-to-end relationship for our clients, from onboarding to enablement, to legal, to payments.
• Customer success management: where we have dedicated account managers working with our clients to ensure program optimization, providing timely analysis on enhancements to ensure our clients get the best program.

What makes us different is our end-to-end capabilities. We provide a fully managed service and own deep regional expertise and presence, with a team of certified experts. This is crucial for designing effective programs leveraging our unmatched understanding of local markets, consumer behavior, and business cultures, in addition to our extensive and diverse merchant network, which is the biggest in the region. There is a saying that “a loyalty program is only as good as its redemption options”. Well, we make it simple, effective, and diverse, catering to every persona and making sure our clients’ customers get rewarded from the brands they love. 

How does Dsquares harness AI and data analytics capabilities to transform the loyalty and rewards industry?

At Dsquares, we leverage AI and data analytics as the core engine of our technology for all our solutions. We use it to transform loyalty programs from simple transactions to smart systems that foster and grow customer relationships by personalizing their experience and journey, proving ROI, all while ethically acquiring zero-party data. 

Some of the use cases where we stand out are:

• Prescriptive analytics: leveraging C-cubed, our campaign management system, we are able to analyze customers’ behavior and predict what they might do, while recommending the actions to take. For example, detecting that a high-value customer has a high percentage of churning, our solution flags this and prescribes the right actions to take, which could be an offer from their favorite brand, a trigger of a challenge, or a surprise experience. 
• Dynamic loyalty: where every message, reward, offer, or challenge is customized per individual, not per segment. Making it a truly hyper-personalized experience for all customers, directly addressing the modern consumer’s expectation to be recognized as an individual. An example here is the work we have done with ExxonMobil for their traders program. Leveraging Dynamic loyalty, we combined tiered rewards, KPI-based challenges, and gamification tied to purchasing specific products (SKUs), driving targeted growth and a 2x increase in monthly engagement. 

We are using AI to ethically acquire zero-party data. We do this by using analytics to design engagement strategies that customers willingly opt into, solving the data privacy challenge. 

An example here is a short-term loyalty campaign we ran for Pepsi in Saudi Arabia. They are the official sponsor for the Saudi League, and they wanted to push sales and gather data about their customer. Only, they had to earn the privilege to get this data. So, we built a gamification strategy to engage Saudi league fans and reward them instantly by completing personalized challenges upon buying Pepsi cans. Fans eagerly shared their data to make use of the surprises they were getting.

What are the key challenges businesses face when implementing loyalty programs, and how does Dsquares tackle them?

Based on our experience, businesses often encounter these four major challenges. Our entire business model is designed to overcome these challenges as an expert partner.

     -Complexity of End-to-end management
Many companies underestimate the effort required to run a loyalty program. It is not just an app or a points system; it involves strategy, technology, merchant acquisition, operations, and continuous optimization. 
As mentioned before, this is our core differentiator. We provide a fully managed, end-to-end model, allowing our clients to focus on their core business while we manage the entire loyalty journey on their behalf.

     -Creating real value and personalized experiences for customers
One of the most common challenges we have seen is programs that offer little to no value for their customers or those that are similar or redundant to their competitors. Customers are expecting brands they love to offer them programs that recognize them as individuals and give them hyper-personalized, relevant experiences.
Our engagement solutions, including AI-powered personalization and Dynamic loyalty, gamification, and experiential rewards, as well as our extensive merchant network and our smart campaign engine, help us build value for our customers. By understanding their preferences and behavior, we can predict their needs, offer personalized recommendations, incorporate engaging connections, and offer rewards based on their individual interests. This helps build emotional connections with the brand.

     -Data Silos and Proving ROI
To date, many businesses see loyalty as a “nice to have”. However, when implemented correctly, loyalty solutions can play a significant role in every business strategy. Businesses also have their customer data locked in separate systems. Without a unified view, it is impossible to truly understand the customer or prove the financial impact of the loyalty program. 
With our Dsquares AI engine at the core of all our solutions, we built an analysis platform that builds a 360-degree view of the client, integrating data from every touchpoint, from acquisition, retention, engagement, and supports the integration with key data sources. This breaks down the silos, which is not only essential for effective personalization but also helps create value for brands.
In addition, we have the live reporting tools to estimate, measure, and report on the program's financial performance. This directly links loyalty activities to business outcomes like increased customer lifetime value (CLV), reduced acquisition costs, and protected revenue, satisfying CFOs and proving clear ROI.

     -Acquiring zero-party data and building trust
The increase in data privacy regulations, the rise of Web 3.0, and the different law requirements per country are all challenges facing any business, and without data, it is hard to grow a business. Brands need their customers to willingly share their data and preferences in order to grow. And this is where Dsquares can help through value exchange and loyalty. As mentioned before, building the right strategy that delivers unique value to customers makes them want to share their data. We help clients design programs and campaigns that offer personalization and valuable experiences that customers are incentivized to share their data, making loyalty programs a strategic asset for building direct, trusted customer relationships.

What are the biggest opportunities and key trends that could reshape the loyalty and rewards market in Saudi Arabia and the wider GCC region?

The loyalty landscape in the region is being fundamentally reshaped by a shift in buyer behavior, placing customer-centricity at the core of all key trends. 

     -The rise of zero-party data as a strategic asset
Brands need reliable, consented customer data to make informed decisions and personalize their customers’ experiences. The new data privacy rules are making it a challenge. 
Opportunity: positioning loyalty programs as the primary value-exchange mechanism for acquiring zero-party data. Customers will be more willing to share their preferences, interests, and behaviors in exchange for a more personalized and rewarding brand experience.

     -Hyper-personalized experiences 
This is about delivering a unique, relevant experience to every single customer in real time. 
Opportunity: Loyalty engagement solutions can act as the central hub, unifying touchpoints, treating customers as individuals, not segments, providing seamless omnichannel experiences, and recommending the actions to take next. This ensures a consistent loyalty experience whether a customer shops online, in-store, or through an app. This 360-degree customer view is invaluable for brands.

     -Rise of partnerships and coalition loyalty
This is a key trend, and we have seen brands creating ecosystems of value through strategic partnerships. These partnerships can add value for both the brand and the customer, and this is a trend that will continue to grow over the coming years. In the GCC, the market has been shifting to a mindset where businesses collaborate in loyalty to compete more effectively in a crowded market.
Opportunity: Partnerships help address modern consumers who have diverse loyalties and do not want to be locked into one brand silo. They also increase the value of the program and combat the digital clutter, which is a rising challenge for marketers globally. It also opens more value for zero-party data, enabling all partners to build richer, more holistic views of their shared customers.

     -Shift from transactional to experiential loyalty
GCC consumers are increasingly looking for value beyond discounts. They are looking for brands that understand their lifestyle and create memorable experiences, whether by unique recognition, status, exclusive access to events, or even meeting their favorite celebrity. 
Opportunity: offering experiential and emotional loyalty, through tiered programs with VIP status offering exclusive benefits, gamification to create engaging challenges and rewards, unique experiences like meet and greets, event tickets, limited edition products, or private shopping.

     -Alignment with national economic visions
Most of the GCC countries have their national agendas, such as the Saudi Vision 2030, with the focus on diversifying the economy, increasing digital transformation, and boosting tourism.
Opportunity: loyalty programs are actually the perfect tool to support these goals by:

1. Driving financial inclusion by incentivizing digital payments. An example is a project we had with Egypt Post, where citizens were rewarded for digitizing their payment experience. The more you spend digitally, the less you withdraw, the more you get rewarded. This helped in banking adoption, specifically in the rural areas.
2. Boosting tourism and entertainment through creating destination-based loyalty solutions and campaigns that reward tourists for spending across hotels, excursions, and retail, and drive people to visit the country through value-based campaigns.

How does Dsquares plan to scale its technology infrastructure to support future growth?

When it comes to scaling our technology, we are building on our Modular, Intelligent, Automated, API-First architecture, driven by our AI-powered engine. 

Our modular approach helps us to scale by easily adding features, services, or entire modules without disrupting the entire system. This enables us to quickly adapt to markets and new market demands.

Our API-driven approach makes it easy to integrate with a vast array of partner systems, scaling our solutions to fit every client’s needs. We give the flexibility to our clients to have their technology hosted online, on premises, or as a hybrid model. 

We are deeply investing in AI and automation. This helps us manage complexity intelligently. Also, we automate our core functions from automated personalization, anomaly and fraud detection, and operational efficiency, which thereby allow us to protect the ecosystem as it grows, leverage AI to prescribe the right triggers making campaigns efficient at scale, and reduce operational overhead.

Dsquares relies on building a robust data infrastructure that integrates data from countless sources and becomes more valuable with scale, in addition to providing deeper insights while helping to train our AI models, ultimately making their predictive and prescriptive analytics even more accurate. 

We are investing in next-generation tools such as advanced gamification and real-time campaign management to ensure the platform can support the future of engagement, which we see will be more immersive and data-driven.

Additionally, we plan to maintain quality, performance, and security, and obtain the required enterprise-grade certifications.

How do loyalty and rewards contribute to enhancing the digital economy in countries where Dsquares operates?

First, they contribute to driving financial inclusion and digital payment adoption. In many of Dsquares' markets, a significant portion of the population is unbanked or underbanked. Loyalty programs act as a powerful incentive to bring these users into the formal digital economy. For instance, programs linked to financial and banking services, like Egypt Post, reward citizens for any digital transaction they perform with rewards from merchants that link to their lifestyle. Similarly, programs linked to telecom services, like Vodafone, enable users to earn points for using a mobile wallet, paying a bill online, or sending money digitally, making these behaviors habitual. As a result, loyalty and reward programs contribute to reducing reliance on cash, moving them to use digital wallets, credit cards, and applications, in addition to increasing the volume of formal digital transactions. They also help central banks and governments achieve their financial inclusion targets. 

Second, these programs play a pivotal role in supporting and digitizing Small and Medium Enterprises (SMEs) through strategic partnerships. Acquiring customers and competing with larger brands are key challenges for SMEs. So, being part of a large loyalty merchant network or a coalition loyalty program managed by a company like Dsquares gives them instant access to a vast customer base. For example, local restaurants or boutiques can become a redemption partner in major loyalty programs of banks and other industries. This can help in driving foot traffic and sales from high-value customers they would not normally reach, and encourage cooperation rather than competition between local and large brands. 

Third, loyalty and reward programs help SMEs digitize their operations by using points as a currency, enabling them to grow in alignment with the economic diversification goals in many countries. Such programs can also increase flexibility for consumers and foster engagement across different sectors, where SMEs are collaborating with major brands, banks, telcos, oil and gas companies, and more. 

Finally, coalition loyalty programs can heavily promote tourism in GCC countries by attracting and rewarding tourists. Tourists can earn a unified loyalty currency for spending on flights, hotels, attractions, and retail within the country. This will eventually encourage longer stays and higher spending, and boost the digital tourism economy by creating a seamless, rewarding digital experience for visitors.

Noha Gad 

Saudi Arabia’s startup ecosystem is witnessing dynamic growth, moving beyond its traditional focus on oil, energy, and large-scale infrastructure. With a youthful population eager to innovate and a government that supports business startups, the Kingdom has become a fertile environment for emerging businesses in specialized sectors that address local, regional, and global challenges. This expansion reflects a broader shift toward using technology and innovation to build new industries and create jobs.

The focus on specialized innovations is closely connected to the ambitious Saudi Vision 2030, which focuses on sustainability, economic diversification, and building a knowledge-based economy. This national blueprint aims to reduce reliance on oil revenues and prepare for future economic changes by nurturing startups that develop groundbreaking solutions in areas such as agriculture and desert farming, waste management, and urban infrastructure. These niche innovations will contribute directly to the Kingdom’s sustainability goals, promoting resource efficiency, environmental protection, and enhanced urban living conditions. 

In this feature, we will explore three vibrant and strategically important sectors where Saudi startups are gaining traction: desert farming, waste management, and urban mobility.

Desert Farming 

Agriculture in Saudi Arabia faces multiple challenges due to the Kingdom’s arid desert climate characterized by limited water resources, high temperatures, and sandy, nutrient-poor soils. These difficult conditions make food production dependent on imports a persistent issue, driving an urgent need for innovative agricultural technologies that can sustainably increase local food production while conserving scarce water resources. 

Several Saudi companies and startups are pioneering solutions in desert farming using advanced technologies, such as hydroponics, aeroponics, AI-powered irrigation, and soil enhancement, to optimize water usage, improve crop yields, and enable farming in harsh desert environments. 

   Key Players

        *Saudi Desert Control. As a leader in sustainable land transformation, the company uses the Liquid Natural Clay (LNC) technology to transform arid land into fertile soil within just seven hours by combining natural minerals and clays with water. This innovation contributes to improving water retention, boosting plant health and crop yields, and reducing operational costs by 30% for new farmland establishments.

        *Iyri (formerly RedSea). This sustainable AgriClimate Tech company targets advancing commercial farming for low to mid-tech farmers in hot climates. Its patented, proprietary technologies reduce water and energy consumption by up to 90%. Iyris’ award-winning technology, SecondSky, is deployed in multiple greenhouse coverings and shade nets to minimize the stress and impact of near-infrared heat radiation on plants while allowing the spectrum of light that plants need for photosynthesis. This revolutionary innovation helps deliver more resilient, productive, and profitable crops in regions where climate change and excessive heat limit sustainable, productive growth. Additionally, iryis has developed plant genetics via a novel hybridization process that has the potential to breed resiliency to salinity, heat, and drought across a broad range of crops, ensuring stress-resistant, dependable food production.

       *Arable. This startup specializes in custom hydroponic systems tailored for Saudi Arabia’s desert climate. It uses advanced hydroponic technology to cultivate premium vegetables and herbs that are fresher, tastier, and longer-lasting than imported alternatives, using less water and reducing environmental impact.

       *Saudi Arabian Hydroponic Company (Zarei). Based in Al-Khobar, Zarei specializes in modern techniques of cultivation without soil (hydroponics) and the establishment of agricultural greenhouses using sophisticated modern techniques. Hydroponics relies on water in a closed cycle, saving more than 90% of water consumption compared to traditional agriculture methods.

       *GreenMast. This Riyadh-based agri-business company aims to revolutionize the farming model in the GCC region, leveraging fully-controlled high-tech hydroponics greenhouses. It offers various services to transform the farming sector, including greenhouse management and consultancy.

Waste Management

Saudi Arabia’s Vision 2030 focuses on transforming the Kingdom’s environmental practices, accelerating the circular economy, and setting global benchmarks in recycling and resource recovery. With aspirations to divert 85% of industrial waste from landfills by 2035, this national blueprint targets increasing municipal waste recycling rates through advanced technologies and integrated systems. The Kingdom’s sustainability goals also include accelerating the adoption of waste-to-energy solutions to reduce reliance on landfills and investing in infrastructure, partnerships, and innovations to support the circular economy.

A recent report released by the Mordor Intelligence stated that the waste management market in Saudi Arabia is expected to jump to $37.7 billion by 2030 from $25.8 billion in 2025, with a robust compound annual growth rate (CAGR) of 7.85%. the report also anticipated construction mega-projects, mandatory source segregation beginning in 2025, and carbon-credit eligibility for waste-to-energy facilities to increase the revenue base across collection, recycling, and recovery services after 2027.

Several Saudi companies and startups are driving innovation in the waste recycling sector to meet the Kingdom’s need for advanced and sustainable waste management solutions.

  Key Players

• Edama. As the organic waste recycling KAUST startup, Edama develops innovative organic waste recycling facilities to optimize the recovery and transformation of organic waste into innovative agricultural products.
• The Saudi Investment Recycling Company (SIRC). SIRC was launched by the Public Investment Fund (PIF) to develop, own, operate, and finance various activities across all waste types to establish recycling capacities in the Kingdom and build a circular economy for a sustainable future. It targets meeting the objectives of Vision 2030 and the revised Waste Management National Regulatory Framework through its subsidiary network, which includes:

              *Municipal Solid Waste Recycling Company (Yadoum), which focuses on developing progressive and sustainable solutions in the realm of municipal solid waste.

              *Akam Recycling Company for Environmental Services (Akam), a leading provider of environmental services and waste treatment activities. It plans to invest over SAR 160 million as part of its commitment to creating a sustainable future for the Kingdom.

              *Metal Recycling Company for Environmental Services (ELECTA), which focuses on managing the waste of electrical and electronic equipment, as well as metal scraps. 

              *Oil Management Company (Azyat), a pioneering provider of sustainable lubricant waste management solutions.

              *Medical Waste Treatment Company (Wazeen), a trailblazer in redefining how hazardous medical waste is managed and treated.

              *Global Environmental Management Services (REVIVA), a dedicated execution arm in the realm of industrial hazardous waste treatments.

Additionally, the public-private partnerships (PPPs) unlocked substantial investment toward collection, sorting, and waste-to-energy plants, ensuring scalable and bankable operations aligned with regulatory frameworks. Environmentally, these startups and initiatives significantly contribute to minimizing landfill dependency, greenhouse gas emissions, and pollution.

Urban Mobility Innovations

Saudi Arabia is taking confident steps towards redefining its urban mobility landscape by embracing sustainable practices that align with the Vision 2030 framework, aiming to reduce its carbon footprint, enhance the quality of urban life, and create a more sustainable future for its growing population.

A cornerstone initiative in the Kingdom’s sustainability mobility agenda is the development of electric vehicle (EV) infrastructure through building numerous EV charging stations across major cities to support the adoption of electric cars.

Saudi Arabia invested heavily in projects like the Riyadh Metro and Jeddah Metro to elevate public transportation networks. These projects are expected to reduce air pollution in urban areas.

To further advance sustainable mobility practices, Saudi Arabia adopted smart traffic management systems that utilize AI and big data analytics to optimize traffic flow, reduce congestion, and lower emissions. It also deployed autonomous vehicles to enhance mobility while minimizing environmental impact. These self-driving cars can operate more efficiently than human-driven cars, leading to reduced fuel consumption and lower emissions.

Moreover, the Kingdom integrated solar-powered buses and hybrid vehicles into the public transport fleet not only to decrease the carbon footprint but also to provide a sustainable and cost-effective alternative to traditional fuels.

Finally, niche startups in Saudi Arabia are strategically vital for the Kingdom’s sustainable development and economic transformation. By pioneering innovative solutions in desert farming, waste management, and urban mobility, these startups directly address environmental challenges while supporting diversified economic growth in line with Vision 2030. As government support, venture capital, and regulatory reforms strengthen, the outlook for continued innovation in these sectors is highly promising, reinforcing Saudi Arabia’s position as a regional leader in sustainable entrepreneurship.

Noha Gad

The Saudi fintech sector is rapidly evolving, driven by the Saudi Vision 2030 agenda, which emphasizes digital transformation, financial inclusion, and economic diversification. With a tech-savvy young population and supportive regulatory reforms, Saudi Arabia has become a fertile ground for innovative fintech solutions that integrate technology with customer-centric services.

Among the pioneering players shaping this dynamic ecosystem is Madkhol, a Shariah-compliant fintech company specializing in financial planning and wealth management. Focused on expanding financial inclusion among younger generations, Madkhol offers innovative technology-based financial solutions with a commitment to financial wellness. 

In this interview, Sharikat Mubasher speaks with Saad Bin Atyan, Co-founder and CEO of Madkhol, to explore the company’s innovative approach, diverse product offerings, and future growth plans, as well as insights into its recently launched ‘Ratibi+’ program.

What are the key services that distinguish Madkhol from traditional fintech and investment companies in Saudi Arabia? 
Madkhol stands out by bridging fintech innovation with human-centered solutions. Unlike traditional players, we focus not only on investment returns but also on financial wellness and employee loyalty. Our services integrate robo-advisory, Sharia-compliant portfolios, and employee-focused products like Ratibi+, giving us a unique position at the intersection of wealth management and workforce engagement.

How does Madkhol utilize AI and robo-advisory solutions to empower investors in Saudi Arabia and beyond?
Our AI-powered robo-advisory analyzes market trends, personal preferences, and risk profiles to build tailored portfolios. This ensures that every investor, from a first-time saver to a high-net-worth client, receives guidance at scale. AI also enables us to automate rebalancing, forecast scenarios, and provide personalized insights in real time, making wealth management more inclusive and accessible.

Earlier this year, Madkhol raised $2.2 million in a seed round to develop its AI-powered solutions. What are the company’s plans to expand its product portfolio and market reach?

The seed round enabled us to accelerate the development of our AI-powered solutions and expand our product portfolio. Our focus is twofold: first, to strengthen Ratibi+ as the leading employee investment and loyalty program in Saudi Arabia, and second, to roll out advanced robo-advisory services for individuals and institutions across the region. Market-wise, we are targeting strategic partnerships with corporates, banks, and HR tech platforms to scale our reach.

Can you tell us more about the Ratibi+ program and how it benefits both employees and companies?
Ratibi+ is our flagship product designed to redefine employee compensation. It allows employees to save and invest directly from their salaries, while employers can offer matching contributions with vesting periods. For employees, this creates financial security and long-term growth; for companies, it reduces turnover, strengthens loyalty, and positions them as forward-thinking employers.

How do you see the role of AI in advancing wealth management and enhancing the investment environment? 
AI is transforming wealth management from a service for the few into a tool for the many. It enhances accuracy in portfolio design, ensures continuous monitoring, and democratizes access to financial insights. In the Saudi context, AI supports Vision 2030 by fostering a culture of savings and investment, ultimately creating a more resilient and inclusive financial ecosystem.

How did participating in Money 20/20 Middle East help Madkhol gain exposure to global fintech trends and innovations?
Money 20/20 Middle East gave us an invaluable platform to connect with global fintech leaders, discover cutting-edge trends, and showcase Ratibi+ on an international stage. It reinforced our belief that Saudi fintech can compete globally while addressing unique local needs.

In your opinion, how do events like Money 20/20 contribute to shaping the fintech ecosystem in Saudi Arabia and the wider region?
Events like Money 20/20 act as catalysts; they bring together investors, innovators, and regulators in one place. For Saudi Arabia and the region, this accelerates knowledge exchange, fosters partnerships, and highlights how fintech can play a key role in achieving Vision 2030’s economic diversification goals.

What are the biggest challenges facing fintech startups in Saudi Arabia, and how does Madkhol address these challenges? 
The main challenges are building trust, navigating regulation, and achieving scale. Madkhol addresses these by ensuring Sharia-compliant products, working closely with regulators, and focusing on partnerships with corporates and banks to reach mass adoption. Trust, compliance, and collaboration are the pillars of our approach.

Kholoud Hussein 

In today’s rapidly transforming digital economy, artificial intelligence has emerged as both a disruptor and an enabler, redefining how industries operate and compete. Nowhere is this transformation more visible than in the financial services sector, where AI is powering new models of efficiency, personalization, and compliance. With global investment in AI accelerating, and financial institutions seeking tools that balance innovation with trust, the conversation around AI’s role has never been more critical.

Against this backdrop, Saudi Arabia is positioning itself as a global hub for AI and digital transformation under Vision 2030, investing billions to cultivate expertise, infrastructure, and sustainable innovation. The Kingdom’s ambitious agenda has created fertile ground for technology leaders to collaborate with regulators, enterprises, and entrepreneurs in building a robust digital economy.

It is in this context that Sharikat Mubasher sat down exclusively with Tomas Skoumal, Chairman & Co-founder of Dyna.Ai, to discuss how the company’s Agentic AI Suite and enterprise solutions are reshaping the financial landscape. In this interview, Skoumal outlines Dyna.Ai’s competitive edge, the challenges it helps financial institutions overcome, and the company’s role in supporting Saudi Arabia’s transformation into a regional AI powerhouse.

Dyna.Ai positions itself as a leader in AI-as-a-Service, with solutions already reshaping finance and beyond. How do you define your unique edge in such a competitive and fast-moving AI market?

Our edge is the ability to combine deep financial services experience with modern AI solutions that are enterprise-ready and built for measurable business outcomes. In the financial services sector, technology adoption isn’t about deploying the most recent innovation, but it’s about delivering results such as improving customer engagement, reducing operational risk, and generating new revenue streams.

Our flagship Agentic AI Suite and our Enterprise Solutions Suite for financial services provide multi-modal, multi-channel engagement with 95%+ accuracy and sub-200 millisecond response times. Products like VoiceGPT and AvatarGPT power AI employees that enable our customers to scale hyper-personalization, multilingual support, and real-time interactions in banking and insurance workflows. It is this combination of advanced platform capabilities and practical industry integration, underpinned by industry-leading security, that sets us apart.

AI is becoming central to financial services worldwide. From your perspective, what specific challenges in banking and fintech is Dyna.Ai solving most effectively today?

Banks and fintechs are being tested across a few major priorities: personalizing customer services at scale, managing risk in real time, and remaining compliant within complex regulatory environments. Our AI copilots and digital agents redefine personalized engagement, while other enterprise solutions like E-KYC solutions address the core needs of Saudi Arabia’s $39.9 billion fintech market, which is projected to reach $125 billion by 2034.

With 75% of Saudi financial transactions already digital and job postings in AI growing 54% annually, our Agent Studio enables institutions not only to deploy AI but to train their own AI teams and build long-term capabilities. These solutions help financial institutions stay ahead of customer expectations while enhancing trust, compliance, and efficiency.

Your expertise spans advanced AI models, human-AI interaction, and big data analytics. How are you combining these capabilities to deliver solutions that are both cutting-edge and practical for clients?

We see the future of finance requiring systems that can communicate with human fluency and operate with the precision of advanced data analytics. Our approach integrates commercial LLMs with our proprietary Dyna LLM through the Agent Studio platform, giving banks the flexibility to meet local regulatory requirements while setting new global standards. Our suite of highly tailored Agentic AI products, with culturally adapted capabilities, allows for intuitive engagement in culturally relevant ways. Add to this data-rich applications like fraud prevention and AI-driven decision engines, and the result is a suite of tools that are cutting-edge yet embedded in clear business cases such as Shariah-compliant products, compliance monitoring, and customer service.

Saudi Arabia is investing heavily in AI and digital transformation under Vision 2030. How do you see Dyna.Ai contributing to this national agenda, and what opportunities excite you most in the Kingdom?

Saudi Arabia plans to train 20,000 AI specialists by 2030 and has pledged $20 billion in AI investments. With 66 of Vision 2030’s 96 goals tied to data and AI, this is one of the world’s most ambitious transformations. Dyna.Ai directly supports these efforts through our Agentic AI Suite, including Agent Studio, VoiceGPT, and AvatarGPT. Our Saudi office and growing local team reflect our commitment to long-term capability building. As we grow our partnerships across industries, including banking, fintechs, government, telecommunications, etc, we are excited to provide enterprise-ready tools that not only scale operations but also build indigenous AI expertise, ultimately positioning Saudi Arabia as a regional AI hub.

The global debate around AI often touches on trust, ethics, and transparency. How is Dyna.Ai addressing these concerns to ensure clients can scale AI responsibly?

Responsible AI is fundamental to our mission. From the start, we designed the Agentic AI Suite with guardrails such as transparency, explainability, and compliance monitoring. Governance features allow clients to understand, audit, and control how AI-driven decisions are made, whether in lending, fraud detection, or customer engagement. For example, our AI employee products provide explainable interactions in Arabic and other languages. We work closely with regulators to ensure our solutions meet both global and Saudi standards. This commitment builds the trust needed for sustainable scaling across the financial services ecosystem.

As you participate in Money 20/20 Saudi Arabia, what do you hope to achieve from this gathering of global financial leaders, and how does it align with your growth ambitions in the region?

Money20/20 allows us to show, not just tell. Through live demonstrations of the Agentic AI Suite, including real-time Arabic engagements, we want financial leaders to witness the business impact of AI in action. With Saudi fintech projected to reach $125 billion by 2034 and AI expected to add $320 billion to the MENA economy by 2030, we see this event as a chance to build strategic partnerships that align with the Kingdom’s economic trajectory. Our presence at the event is about reinforcing our commitment to Vision 2030 and partnering with Saudi banks, insurers, and fintechs to innovate at scale.

As Tomas Skoumal highlights, Dyna.Ai is not just deploying advanced technology but building trust and long-term capability in financial services. Through its Agentic AI Suite, the company is enabling hyper-personalized engagement, compliance-driven innovation, and scalable digital solutions that align closely with Saudi Arabia’s Vision 2030. With its growing local presence and commitment to responsible AI, Dyna.Ai positions itself as a strategic partner in turning the Kingdom’s AI ambitions into reality.

Kholoud Hussein 

Greenfield foreign direct investment (FDI) is no longer episodic, it’s compounding. In the first half of 2025 alone, investors announced 203 greenfield projects worth $9.34 billion, a 30% year-on-year jump in project count that underscores Saudi Arabia’s evolving appeal as a platform for new capacity, plants, data centers, and service hubs rather than mere capital transfers or acquisitions. Riyadh leads by a wide margin—100 projects and $2.3 billion—with Dammam (21 projects; $1.28 billion) and Jeddah (13 projects; $1.22 billion) emerging as secondary magnets in a multi-city investment map that policy planners have sought to build since Vision 2030’s launch. 

Why greenfield—and why now?

Three policy levers have altered investor behavior. First, regulatory reforms—commercial courts, a modernized civil transactions law, and faster company formation—are gradually reducing transaction friction and legal uncertainty. The Regional Headquarters (RHQ) program adds a powerful demand-side nudge: multinationals that want to win government business now need a Saudi RHQ, helping seed executive talent, procurement, and shared services in the Kingdom. As Investment Minister Khalid Al-Falih noted earlier this year, nearly 600 global firms have committed to an RHQ in Saudi Arabia, well ahead of the original 2030 target. 

Second, the Premium Residency framework—expanded in 2024–2025—simplifies long-term settlement for skilled professionals, investors, and founders, including dedicated tracks for entrepreneurs and investors. That matters in greenfield projects where expatriate leadership and specialist technicians must relocate to design, commission, and operate new assets. Applications crossed 40,000 between January 2024 and July 2025, a leading indicator of human-capital inflows tied to investment. 

Third, sectoral strategy has become more “bankable.” Industrial policy in advanced manufacturing, logistics, clean energy, and digital infrastructure is translating into investible pipelines. The Ministry of Industry and Mineral Resources reports 1,346 new industrial licenses in 2024, channeling SR50 billion ($13.3bn) of fresh commitments and bringing private investment in industrial cities to SR1.9 trillion—a base that foreign manufacturers can plug into for suppliers, utilities, and land. 

The city map: Riyadh ascendant, co-anchors emerge

Riyadh’s dominance in greenfield projects is not accidental. The capital now bundles market access, procurement proximity, and talent density. The once-quiet King Abdullah Financial District (KAFD) is filling with global names—HSBC, Accenture, Goldman Sachs, Morgan Stanley—turning the skyline into substance and giving CFOs and general counsels a neighborhood to recruit from. As one recent analysis put it, regulatory reforms have improved the legal framework even as investors continue to ask for greater clarity across agencies. 

But the geography is widening. Dammam channels industrial and energy logistics through the Eastern Province’s ports and suppliers, while Jeddah—with its Red Sea connectivity—pulls in logistics, tourism, and consumer projects. The distribution of project counts and capital across these cities—Riyadh 100; Dammam 21; Jeddah 13—confirms a multi-node investment story rather than a single-city bet. 

Greenfield meets startups

The most important complement to greenfield FDI is the startup engine that services, localizes, and extends foreign projects. Saudi venture activity rebounded sharply in 2025: by mid-year, the Kingdom posted a 116% YoY jump in capital deployed and a 31% rise in deal count, matching the UAE for the first time in H1 deal volume. This matters because international manufacturers and digital operators increasingly source innovation from local SaaS vendors, AI integrators, and robotics startups orbiting their plants and offices. 

Policy alignment is visible in the Entrepreneur License and the RHQ rules. The entrepreneur track allows qualified foreign founders to set up 100% foreign-owned startups—often as service providers to greenfield entrants—while the RHQ push draws corporate venture arms and innovation budgets into Riyadh. By mid-2025, 550 foreign startups had been licensed under the entrepreneur scheme—up 118% year-on-year—with 364 incubators and accelerators licensed nationwide to help scale them. A founder of a European industrial-AI firm now opening in Dammam put it succinctly at a private investor roundtable: “Our Saudi entity exists because our customers’ Saudi plants now exist”—a network effect where greenfield begets startup formation and vice versa. 

Where the projects are going

The sector distribution of H1-2025 greenfield announcements tracks three structural themes:

1) Advanced industry and clean tech. With new industrial licenses and utility corridors in place, manufacturers are building for the GCC and wider MENAT region. Chinese-Saudi ties have deepened beyond crude: from 2021 to Oct-2024, China became the top source of greenfield FDI into Saudi Arabia—$21.6 billion—mostly in clean technologies. Expect more battery materials, solar components, and grid-adjacent electronics as localization ratios rise. 

2) Digital infrastructure and AI services. RHQ mandates bring CIOs and CTOs closer to Saudi demand centers, driving data center builds, cloud points of presence, and AI integration work. The transition of KAFD from a real-estate project to a functioning financial and advisory hub puts more dealmakers and systems integrators within walking distance—important for multi-year transformation programs.

3) Logistics and tourism. Red Sea assets and the Kingdom’s burgeoning visitor economy are catalyzing warehousing, freight forwarding, and destination infrastructure. Greenfield FDI is attractive in these sub-sectors because global operators can standardize formats and import operating playbooks while training local teams to scale.

Interactions with executives reveal a pattern. One European mobility CEO whose firm is commissioning a Riyadh assembly facility noted privately that the “RHQ rule changed our cost-benefit analysis—being here is now the default”, adding that proximity to large government buyers reduced bid risk. That sentiment echoes broader coverage that the RHQ rule has become a decisive factor in competitive positioning for contracts. 

A US manufacturing executive added that talent visas and premium residency eased the relocation of commissioning engineers—“We used to rotate teams; now we can plant them”—crediting the expanded residency categories for compressing timelines. The sustained influx of premium residency applicants in 2024–2025 supports that operational angle. 

Startups as force multipliers

For foreign investors, the Saudi startup scene is a force multiplier, not a sideshow. Corporate innovation managers are now writing local checks to automate back-office functions, deploy industrial IoT, and stand up Arabic-first AI copilots. The rebound in Saudi venture funding in H1 2025 (+116% YoY) provides foreign companies with a denser supplier ecosystem for software and services, reducing vendor concentration risk and enabling pilots to scale faster. 

Policy has synchronized on the supply side too. The Entrepreneur License enables 100% foreign-owned tech startups with incubator endorsements or IP/patent credentials—critical for specialist vendors that prefer full control over code and export rights. As that cohort scales—550 foreign startups licensed by mid-2025—large greenfield investors can source more of their localization roadmaps domestically. 

Headwinds

Investors are not naïve about risks. Execution complexity on giga-projects, uneven agency coordination, and cost inflation remain top of mind. Reporting in late 2024 and 2025 highlighted delays and scope resets at mega-developments, prompting some boardrooms to stage capital in tranches tied to off-take, permitting, or infrastructure milestones. Officials have framed signature projects like NEOM as “generational investments,” signaling tolerance for long runways while trying to avoid over-promising short-term outcomes. 

At the same time, ministers have emphasized macro resilience and non-oil momentum to reassure investors during bouts of geopolitical noise or commodity volatility. In late-2024 remarks, the investment minister argued that non-oil activity has maintained a 4–5% trend since 2017, even as the IMF adjusted near-term growth forecasts due to oil market management. That narrative—stability plus reform—is part of why greenfield decisions are continuing rather than pausing. 

What to expect next 

Deal flow broadens beyond Riyadh. Riyadh will remain the anchor, but Dammam and Jeddah should capture rising shares in energy-adjacent manufacturing and logistics/tourism, respectively. The H1-2025 distribution offers a baseline for the next two years as supply chains are rerouted closer to demand and ports. 

Premium Residency and RHQ continue to clip friction. With tens of thousands of residency applications and ~600 RHQs already committed, the soft infrastructure for talent mobility and corporate governance is maturing. Each additional RHQ is effectively a funnel for supplier mandates and local procurement that greenfield operators can tap. 

Startups become embedded vendors. The 118% annual jump in licensed foreign startups and the 116% YoY leap in H1-2025 venture funding are not cosmetic. They are the early signs of a procurement market where Saudi-based SaaS, AI, and Industry 4.0 firms are preferred partners for localization and Arabic-first adaptation. Expect corporate venture capital and joint labs to proliferate inside KAFD and nearby innovation districts. 

Greenfield spreads into services. Not all greenfield is smokestacks. Banks, insurers, and professional services are standing up operating centers and shared-services hubs to serve the GCC, anchored by RHQ mandates and deepening local client rosters. The visible “re-tenanting” of KAFD is one barometer of that pivot. 

A founder’s lens

For founders—Saudi and foreign—the opportunity is unusually bidirectional. Greenfield projects create demand-side certainty for B2B startups: quality assurance, maintenance, workflow automation, Arabic NLP, ESG reporting, and workforce upskilling. The entrepreneur pathway enables foreign technologists to establish Saudi-based entities directly; accelerators and incubators—364 licensed as of mid-2025—can mitigate the risks associated with the first year by providing customer introductions and guidance on product-market fit. In turn, startups make foreign factories and service hubs more competitive regionally, helping parent companies justify additional waves of capex. 

One Riyadh-based industrial AI founder described the flywheel candidly: “We built for a single multinational plant; six months later we were in four facilities across two cities.” That is what Greenfield looks like when it works: physical assets anchoring software demand, and software compressing time-to-productivity for physical assets.

Finally, Saudi Arabia’s greenfield story is not simply about large checks; it is about institution-building that converts checks into capacity, jobs, and exportable know-how. The 203 projects in H1-2025 document momentum; the RHQ numbers document commitment; the startup licensing and venture rebound document optionality. Together, they form the scaffolding of a non-oil economy that investors and founders can model around.

Challenges remain—predictability, inter-agency clarity, and global macro headwinds—but the direction of travel is unmistakable. As one policymaker put it on stage in Riyadh late last year, the Kingdom is “resilient and investable” even as it manages near-term oil and fiscal variables. For greenfield investors and the startups that orbit them, the actionable question is no longer if Saudi Arabia fits the strategy. It’s where—Riyadh, Dammam, Jeddah—and how fast.

Kholoud Hussein 

Saudi Arabia’s startup magnetism is no longer a hypothesis; it’s measurable. In the first half of 2025, Saudi Arabia outperformed the wider MENA venture market, with startup funding up 116% year-on-year and deal activity matching that of the UAE for the first time, according to MAGNiTT’s H1 report. The financing tide is mirrored by regulatory throughput: the Ministry of Investment (MISA) issued 14,321 investment licenses in 2024—up nearly 68% year-on-year—signaling that more companies (including early-stage entrants) are choosing to plant a flag in the Kingdom. 

Perhaps the clearest indicator for founders themselves is the “Entrepreneur License”—a dedicated path for foreign startups. By mid-2025, 550 foreign startups had been licensed under this regime, a 118% jump versus mid-2024, per Monsha’at. That momentum sits alongside other founder-friendly gateways—from 100% foreign ownership in many sectors to the introduction of a Startup Visa category in 2025—lowering the friction of entry and signaling policy continuity. 

Capital as a calling card

Capital formation is a necessary condition for cross-border startup expansion, and Saudi has been deliberate in putting capital on the table. At LEAP 2025, authorities announced $14.9 billion in AI and digital deals and commitments, an umbrella under which global and regional startups can commercialize at speed. One emblematic example: U.S. AI-chip startup Groq secured a $1.5 billion commitment tied to expanding AI inference infrastructure in the Kingdom and scaling delivery from a new Dammam data center. “It’s an honor for Groq to be supporting the Kingdom’s 2030 vision,” CEO Jonathan Ross said of the partnership. 

Saudi Arabia’s broader risk capital picture is improving as well. Across MENA in H1 2025, startups raised about $2.1 billion through 334 deals—a 134% year-on-year rise—with Saudi Arabia leading the region’s funding totals, even when excluding debt. On the private-equity side, the Kingdom captured 45% of MENA’s H1 2025 PE transactions, pointing to late-stage depth that reduces exit anxiety for international founders considering relocation or market entry. 

Policy that travels well

For foreign founders, regulatory clarity matters as much as capital. Saudi’s investment regime has shifted from “if” to “how”—codifying 100% foreign ownership in many activities and streamlining licensing under MISA’s ISIC-based framework. The results show up in the pipeline: MISA’s quarterly updates highlight a brisk cadence of new permits; in Q4 2024 alone, 4,615 licenses were issued, nearly 60% more than the same quarter a year earlier. 

Two adjacent policy levers also matter for founders: premium residency and regional headquarters (RHQ). Applications for Saudi’s premium residency surpassed 40,000 between early 2024 and mid-2025, broadening the talent funnel for executives and technical leaders that foreign startups need to recruit locally. Meanwhile, the RHQ program continues to pull decision-making centers into Riyadh, with 34 additional RHQ licenses granted in Q2 2025—building a critical mass of buyers, partners, and procurement teams inside the Kingdom. 

Wide open sector doors

• AI and data infrastructure. The Groq transaction is not an outlier; it’s a signal. The Kingdom has positioned itself as an AI build-site—from hyperscale data centers to model development capacity—backed by new national champions like HUMAIN and a dense pipeline of digital infrastructure. For international AI startups, the implication is straightforward: Saudi is willing to co-invest in critical plumbing if the commercial payoff is local.

• Industrial and advanced manufacturing. Beyond software, Saudi Arabia keeps issuing industrial permits at a pace—1,346 in 2024 alone, with SR50 billion ($13.3 billion) in fresh investment—creating a market for foreign startups that sell enabling tech (vision systems, robotics, supply-chain AI, maintenance analytics) to local manufacturers. 

• Proptech and urban services. A wave of foreign proptechs is eyeing Saudi Arabia’s fast-digitizing real-estate market. UAE-born Huspy, for instance, has publicly prioritized Saudi in its expansion roadmap, citing regulatory modernization and demand for transaction-speed tools for brokers and agents. “Saudi Arabia is undergoing a major transformation in real estate… Our goal is to partner with local professionals and give them tools that help them close deals faster,” CEO Jad Antoun said, noting the company’s near-term entry plans into Riyadh. 
• Tourism and consumer platforms. With regions like Aseer receiving focused development to diversify beyond the megacity narrative, B2C and B2B2C startups in traveltech, creator-led commerce, and experience marketplaces can find “white space” beyond Tier-1 cities—valuable for foreign firms seeking first-mover brand equity. 

What foreign founders say

The confidence narrative is not just macro headlines; it’s founder-level calculus. Groq’s Ross frames Saudi as a co-builder in the AI stack, not merely a customer, emphasizing alignment with Vision 2030’s production goals rather than transactional procurement. Huspy’s Antoun points to a practical wedge: digitizing an industry that still has offline bottlenecks, using a partnership model with local professionals to localize workflows rather than impose a foreign UX. Venture investors echo this pull; as one regional funder told AGBI, Saudi Arabia is “one of the few countries in the world where you can actually see the growth,” with VC deals on track to cross $1 billion and potentially scale tenfold by 2030.

Friction points that matter

No market is turnkey, and international founders should assess Saudi Arabia’s specifics with the same rigor they would apply to the U.S., India, or the EU.

• Regulatory sequencing: While entry has eased, startups still need the right license stack (commercial registration, sectoral approvals, and—where applicable—sandbox permissions) and must align their activity with MISA’s ISIC classifications. This is navigable, but it requires a sequencing plan and local counsel. 
• Localization beyond language: Winning tends to hinge on product-market fit, not translation alone. Antoun’s comments on local agent workflows in Saudi real estate illustrate the point: foreign startups that embed local process logic (payment rails, KYC norms, fulfillment SLAs) grow faster and face less churn. 
• Talent immigration and leadership depth: New visa channels—including the Startup Visa and premium residency—reduce friction, but founders should still time senior hires around licensing milestones and RHQ decisions to avoid costly lag between strategy and presence. 
• Enterprise sales cycles: In sectors where government or large enterprises are anchor customers (such as health, education, utilities, and petrochemicals), procurement is structured, security review-heavy, and relationship-intensive. The upside is that once inside, retention can be exceptional; the downside is that proof-of-value must be unambiguous. LEAP’s deal flow shows that the door is open, but readiness is on the founder. 

The geography of opportunity

Saudi’s market is not one city: it is a set of distinct demand nodes—Riyadh for headquarters and B2B sales; Eastern Province for energy, data centers, and industrial tech; Jeddah for logistics and commerce; and fast-developing regions like Aseer for tourism, environmental tech, and outdoor economy platforms. The Dammam data center build tied to Groq underscores why East Coast proximity can be strategic for AI infrastructure and industrial IoT startups. 

RHQ policy compounds this geography. As more multinationals and unicorns set up regional headquarters in Riyadh, foreign startups get closer to procurement teams that control multi-country budgets—meaning a Saudi entry can be a GCC springboard, not a single-market detour. 

Signals in the numbers

The velocity of new company formation and licensing is widening the aperture for cross-border startups:

• Licenses: 14,321 total investment licenses in 2024; +67.7% YoY. 
• Foreign startup licenses: 550 by mid-2025; +118% YoY. 
• Industrial base: 1,346 industrial licenses in 2024; SR50B new investment; >44,000 expected new jobs. 
• Venture flow: Saudi H1 2025 startup funding +116% YoY; deal count at record H1 levels. 
• AI anchor deals: $14.9B in AI/digital commitments announced at LEAP 2025; Groq’s $1.5B Saudi commitment. 

These are not vanity metrics; they translate into contract velocity, partner density, and hiring pipelines that a seed-to-Series-B founder can actually use.

How foreign startups are entering

1) Direct incorporation with Entrepreneur License: Best for startups with product clarity and near-term revenue paths. It allows 100% ownership and straightforward compliance if your activity fits the ISIC mapping. 

2) JV or distribution through sector leaders: In sales-heavy verticals (fintech infrastructure, insuretech, defense-grade cyber, industrial AI), foreign startups often partner with a local incumbent to pass procurement gates faster while building their own entity for future scale.

3) RHQ plus operating subsidiary: For scaleups serving GCC-wide customers, anchoring leadership in Riyadh while operating tech teams in multiple cities can shorten enterprise sales cycles and centralize government engagement. The rising number of RHQ licenses signals this pattern is gaining steam.

The founder’s checklist

• Proof of local value: Be explicit about what you enable: faster approvals for banks, lower downtime in factories, shorter closing cycles for agents. Saudi customers buy outcomes, not roadmaps. (Huspy’s focus on broker productivity is illustrative.) 
• Compliance by design: Build KSA-specific workflows into the product (Arabic interfaces, e-invoicing, ZATCA rules, data residency where needed) rather than layering them as post-sale custom work.
• Talent stack: Budget early for a bilingual customer success lead and a regulatory ops specialist; they will pay for themselves by compressing the time from POC to MSA. Startup and premium residency visas expand this hiring universe. 
• Capital partnerships: Treat local funds and corporate venture arms as design partners, not just check-writers. The Groq-Aramco Digital alignment shows how strategic capital can unlock infrastructure and demand simultaneously.  

What success looks like

A sustainable Saudi play for a foreign startup usually has four features: 

(1) local problem definition (not copy-pasted from another geography

(2) embedded compliance and language support

(3) a domestic revenue base that can survive currency or geopolitical shocks elsewhere

(4) partnerships that make a Saudi presence a GCC (and eventually global) revenue engine. 

The policy regime makes this viable; the capital base makes it scalable; the customer appetite makes it repeatable.

The numbers suggest the window is open. MAGNiTT’s H1 2025 data shows Saudi’s venture engine running hotter than regional peers. MISA’s licensing pipeline continues to swell, and specialized channels—entrepreneur licensing, new visa categories, RHQ—shrink the “distance” between a foreign founder and their first Saudi purchase order. On the ground, founders are already speaking a language of execution: Groq’s Jonathan Ross emphasizes co-building, while Huspy’s Jad Antoun talks about fixing specific frictions with local partners. 

Finally, Saudi Arabia has moved from being a promising market to a working market for international startups. For founders who can anchor locally, localize deeply, and partner intelligently, the Kingdom is not just another expansion pin on the map—it’s a growth core.

Kholoud Hussein

In the high-velocity world of startups, where ideas can fade as quickly as they emerge, the early choices founders make often determine their long-term trajectory. In Saudi Arabia, those decisions now carry even greater weight. The Kingdom’s startup scene is no longer in its infancy; it is a carefully constructed ecosystem, shaped by deliberate policy, abundant early-stage capital, and an increasingly competitive talent pool.

At the heart of that ecosystem lies a question that has become pivotal for founders: Should you build your company within the slower, methodical environment of an incubator, or the intense, sprint-driven atmosphere of an accelerator?

This is not merely a matter of preference — it’s a matter of strategic fit, one that could mean the difference between scaling into a regional leader or stalling after the first funding round.

A Market in Motion

Venture capital activity in Saudi Arabia has been climbing at an unprecedented pace. The Kingdom led the MENA region in funding during the first half of 2025, securing roughly $860 million, a staggering 116% jump from the previous year. This surge has been driven by both sovereign wealth–backed initiatives and a more robust private investment landscape.

Behind the scenes, institutions like Monsha’at, the Small and Medium Enterprises General Authority, have been building the scaffolding to support this growth. Their accelerator programs, alongside other state-led initiatives, are designed to connect founders not only to funding but also to the mentorship and regulatory guidance that can make or break an early-stage venture.

As one senior official at Monsha’at said: “We are not just funding startups; we are trying to engineer a complete landscape where ventures can overcome early barriers and scale sustainably.”

Two Models, Two Mindsets

The choice between an incubator and an accelerator is not arbitrary — it’s rooted in the very DNA of how a startup plans to grow.

Incubators are the long game. They provide the time and resources to refine an idea, test a prototype, and navigate complex challenges like intellectual property filings or sector-specific regulations. For deep-tech founders in areas like AI, clean energy, or medtech, where timelines are measured in years rather than months, this slower burn can be the only viable path. The incubators linked to KAUST, for example, have been instrumental in transforming research projects into investable companies.

Accelerators, in contrast, thrive on urgency. They are built for startups that already have a minimum viable product (MVP) and are ready to push aggressively into the market. These programs compress months of networking, customer acquisition, and fundraising into an intense 3–6 month sprint. The Misk Accelerator, which has helped more than 200 startups, exemplifies this approach. Founders emerge not only with sharper business models but also with investor introductions that could take years to cultivate on their own.

One fintech founder described the experience, stating: “The mentor network and direct introductions to regulators were worth more than the seed funding itself.”

The Reality of Performance

If you look purely at early-stage momentum, accelerators seem to have the edge. MAGNiTT’s data shows a high conversion rate from accelerator graduation to seed funding in Saudi Arabia, especially in sectors like fintech and SaaS. Demo days, with their packed rooms of angel investors and VC representatives, offer unmatched visibility.

But incubators deliver a different kind of value — one that can be harder to measure in the short term. They may not produce as many pitch-ready companies in a single year, but the ones they do graduate often have stronger intellectual property, deeper product differentiation, and more strategic corporate partnerships.

Still, both models face the same systemic challenge: a scarcity of growth-stage capital. Founders often talk about the “Series B gap” — a chasm between the seed and early Series A rounds, which accelerators help secure, and the multi-million-dollar checks needed to truly scale. As one accelerator alumnus put it: “We had every investor’s attention at demo day. Twelve months later, when we needed $10 million to expand, the room was empty.”

Sector-Specific Choices

Not every industry benefits equally from each model.

In fintech and consumer applications, accelerators often provide the fastest route to market, offering regulatory coaching — especially with SAMA’s sandbox programs — and direct connections to potential enterprise clients. One fintech founder credited their accelerator with “fast-tracking conversations with two major banks,” which would have been nearly impossible without a warm introduction.

For AI, clean technology, and advanced manufacturing, incubation is often the smarter bet. These sectors require lab access, patient capital, and technical validation before commercial scaling is even possible. Healthtech startups, for example, may need years to secure regulatory approvals, making a short accelerator sprint premature.

Building the Missing Link

The truth is, the most effective ecosystems don’t force a binary choice between incubation and acceleration — they create a seamless pipeline from one to the other.

Saudi Arabia has made progress here. Monsha’at’s national programs aim to link incubation, acceleration, and funding into one continuous journey. Private programs like Flat6Labs are experimenting with follow-on funds to keep supporting graduates beyond their initial sprint.

Yet, the gap in Series B and growth-stage funding remains a pressing concern. Without institutional investors willing to write larger checks, promising startups risk plateauing just as they hit their stride. This is where policy incentives — co-investment schemes, risk guarantees, and targeted sector funds — could be game changers.

Guidance for Founders and Policymakers

For founders, the rule is simple: match the program to your stage and sector, not to its brand name. If you’re still iterating on your product, consider joining an incubator that can provide you with the time and technical expertise you need. If you’re ready to enter the market, choose an accelerator with the right network and investor connections. And always check the post-program pipeline — a strong alumni network and follow-on funding support can be just as important as the initial experience.

For policymakers, the priority should be integration. That means ensuring that incubators feed accelerators, accelerators feed growth funds, and that all of it aligns with the Kingdom’s broader industrial strategy. As one ecosystem leader put it: “A startup’s journey is not a series of disconnected steps; it’s a continuous build-up. If we break that chain, we waste both capital and talent.”

The Road Ahead

Saudi Arabia has the rare advantage of building its startup ecosystem in an era when the playbooks from Silicon Valley, Singapore, and Dubai are already written. It can borrow the best ideas and avoid the pitfalls.

The incubator–accelerator debate isn’t about which model will “win.” It’s about how each can be deployed strategically to create a balanced, high-output pipeline. Accelerators will continue to drive early visibility and investor access; incubators will remain critical for deep, defensible innovation.

If these two models are aligned — and backed by a stronger growth capital market — the Kingdom could see not just more startups, but more scale-ups that can hold their own on the global stage. 

Noha Gad 

The food and beverage (F&B) sector represents a key pillar in Saudi Arabia’s journey towards economic diversification and sustainable growth. This promising industry has witnessed a significant expansion with technology being a catalyst for seismic changes in the sector amid shifting market dynamics and evolving consumer demands.

A recent report by AstroLabs, the leading business expansion platform in MENA, revealed that the market value of the Saudi F&B industry reached $45 billion in 2024, presenting lucrative business opportunities across its segments and subsegments. The same report anticipated consumer spending on food services to rise by 6% annually over the next five years, while the food delivery market is projected to surge to $14.9 billion by 2028.

Technology has profoundly transformed every stage of the food value chain, from using advanced agricultural technologies that enhance farming and enable controlled environment agriculture, to shaping how food is accessed, prepared, and enjoyed. Integrating IoT and blockchain also enhanced supply chain transparency, food safety, and traceability, building greater consumer trust and reducing inefficiencies throughout the sector.

This synergy between tradition and modernity not only preserves Saudi Arabia’s culinary heritage but also ensures that technology remains at the heart of future growth, delivering resilient, sustainable, and world-class food systems for generations to come.

Another report by the global business consulting firm, Grand View Research, unveiled that the food technology (foodtech) market in Saudi Arabia is expected to reach $10.2 million by 2030, marking a compound annual growth rate (CAGR) of 10.5%.

Additionally, the latest report by the Saudi Central Bank (SAMA) highlighted that the point-of-sale (PoS) sales in the F&B sector surpassed SAR 165.7 billion during the second quarter (Q2) of 2025, backed by a humble increase in the number of transactions, which reached over 2.7 billion.

Critical things to consider for establishing a strong presence in the Saudi F&B sector

• Testing the market first and prioritizing omnichannel retail. Companies that aspire to expand into Saudi Arabia must test their products in the market before making large investments. Also, omnichannel retail involving online and offline sales has become an important mainstay in the Saudi retail sector, while the growth of younger consumers has resulted in a shift from traditional trade to modern trade. 
• Obtaining Halal certifications and forging partnerships with local players. Halal certification is necessary for food brands to gain a foothold in this market. They need to ensure compliance with Saudi Food and Drug Authority (SFDA) regulations.
• Utilizing logistics and temperature-controlled delivery hubs to ensure products remain fresh.

The Saudi foodtech landscape is bustling with innovations and investment, with several startups leading the charge, notably Nana, the dark store grocery delivery startup and a key player in the digital shopping solutions sector; Foodics, the leading cloud-based technology and payments platform for restaurants; iyris, the innovative agriclimate tech company specializing in advancing commercial farming; Mr. Mandoob, a state-of-the-art delivery platform that connects consumers with various dark stores, and more. 

Key innovations that transform the F&B sector in Saudi Arabia 

Cloud Kitchens 

The cloud kitchen business is transforming the food service industry in Saudi Arabia, providing a unique blend of convenience and innovation to meet the evolving demands of consumers. Cloud kitchens, or virtual kitchens, operate exclusively for delivery orders without dine-in options, offering a cost-effective alternative to traditional restaurants. This model allows food entrepreneurs and established restaurant chains to launch multiple brands from a single kitchen space.

The boom in the cloud kitchen industry was driven by high demand for delivery services, notably during the COVID-19 pandemic, lower operational costs, flexible operations, and the emergence of e-commerce and delivery platforms, such as Jahez, HungerStation, and Talabat.

According to a survey conducted by Qoot, a subsidiary of management consulting firm Mukatafa, 44% of respondents believe that cloud kitchen businesses have lower operational costs than a normal restaurant. However, 56% said they saw fewer sales than a normal restaurant business, with only 17% reporting more sales.

The cloud kitchen market in Saudi Arabia is expected to hit $335.7 million by 2030, growing at a CAGR of 7.7% from 2021 to 2030, as stated by Al Taasis, a leading business incorporation and on-the-ground corporate solutions specialist.

Over the next five years, Saudi Arabia is anticipated to become one of the leading markets for cloud kitchens in the region, backed by urbanization, government support for entrepreneurship, and a growing appetite for digital services.

Establishing a cloud kitchen business offers various advantages, including the flexibility in menu changes, reduced financial burden, operational efficiency, and direct access to customer insights.

Subscription Meal Services

The subscription meal services industry in Saudi Arabia is gaining momentum as consumers increasingly seek convenient, healthy, and personalized dining options. This service offers customers the ability to subscribe to meal plans that deliver ready-to-eat or easy-to-prepare meals regularly, catering to varying dietary needs and preferences. 

The rising awareness of nutrition and wellness, urban lifestyles that limit time for cooking, and the integration of digital platforms that enhance user experience have accelerated the growth of subscription meal services in the Kingdom.

The ‘KSA Subscription-based Meals Market Research’ report, published by MarkNtel, stated that the subscription-based meals market in Saudi Arabia reached $254 million in 2024, and is expected to hit $383.5 million by 2030, with a CAGR of around 7.11% during 2025-2030.

Figures released by the global data and business intelligence platform, Statista, revealed that revenue in the Saudi meal delivery market is projected to surpass $10 billion in 2025 to reach $11.7 billion by 2030.

Calo is one of the key players that revolutionizes personalized meal subscriptions in Saudi Arabia. In 2024, it delivered 10 million meals across the GCC, reinforcing growing demand for data-driven, personalized nutrition.  

Other Saudi subscription meals platforms, such as Freshhouse, Right Bite, and Dailymealz, allow users to update their meal plans, pause or skip deliveries, and provide feedback, creating a highly user-centric experience. They provide consumers flexibility in meal selections, customizable menus, and streamlined delivery schedules, making it easier for them to maintain consistent healthy eating habits.  

AI-Powered Food Applications

Technology is a game-changer in the online food delivery market in Saudi Arabia. Platforms invest heavily in new tools that make things easier for users and run their operations better. They also utilize artificial intelligence (AI) and data to tailor their services, predict consumer preferences, and find the best routes for delivery. A recent report published by IMARC Group stated that the online food delivery market in Saudi Arabia is expected to record $5.71 billion by 2033, marking a CAGR of 13.6 during 2025-2033.

The AI-powered food applications in Saudi Arabia operate within a rapidly growing multi-billion-dollar online food delivery market, backed by high-tech infrastructure, a high internet penetration rate (99%), a large base of digital consumers, and heavy use of AI for personalization, logistics, and operational efficiency

Finally, the emergence of a digital food landscape has created opportunities for new delivery systems. The ongoing digitization of the food delivery space reflects a dynamic scene with potential shifts and increased business activities, contributing to the development of the Saudi tech sector and the realization of Vision 2030’s objective of localizing 85% of its food industry by 2030. 

Ghada Ismail

CellSave Arabia is a leading provider of advanced stem cell preservation services in the Gulf region, offering families the opportunity to safeguard their future health through secure, high-quality cord blood and tissue banking. Known for its cutting-edge proprietary technology, internationally accredited standards, and patient-centered care model, CellSave Arabia has built a reputation for excellence in regenerative medicine. The company’s mission is rooted in making stem cell preservation accessible, reliable, and scientifically robust, empowering families with potentially life-saving options for generations to come.

In this exclusive interview, Sarah Al-Hajali, CEO of CellSave Arabia, discusses the company’s pioneering journey, its upcoming expansion into Saudi Arabia, and how the company is aligning with Vision 2030 to make stem cell preservation more accessible to Saudi families. She also opens up about navigating cultural sensitivities, forging research partnerships, and how AI is shaping the future of stem cell logistics in the region.

CellSave Arabia was the first private stem cell lab in the GCC back in 2005. What were the earliest challenges you faced pioneering this space, and how did you build trust in such a novel field?

CellSave Arabia was established in 2005 as the first and largest private stem cell laboratory in the GCC. At the time, stem cell preservation was a new and unfamiliar concept in the region, and we faced several key challenges in introducing it.

One major challenge was raising awareness among both healthcare professionals and the public. Many expecting parents had never heard of cord blood and tissue banking and were uncertain about its benefits, safety, and scientific validity. Educating families—especially mothers—about how stem cells could potentially treat conditions like cancer or autoimmune diseases required dedicated outreach and communication. Also, there was a common misconception that it was too expensive. 

At CellSave, our goal has always been to make this valuable service accessible to everyone. That’s why we introduced flexible payment plans to make it more affordable for all families.

As pioneers in the field, establishing credibility was critical. With no regional benchmarks to follow, we set high standards from the start, investing in international accreditations such as AABB and FDA accreditations, world-class facilities, and clinical partnerships. This, combined with transparent communication and strong collaboration with hospitals and OBGYNs, helped us earn the trust of families across the region.

Our journey has always been guided by a commitment to care, quality, and ethical responsibility, which remain at the heart of everything we do.

In 2015, we launched My Pregnancy Arabia, a non-profit initiative supporting pregnant women through education and community building. What started in the UAE has now expanded regionally, with our first successful event in Qatar held in April 2025, marking a new chapter in our mission to empower and support women throughout their pregnancy journey. Additionally, we’re excited to be expanding into Saudi Arabia soon. As part of this growth, we’ll be organizing educational events aimed at raising awareness about the benefits of stem cell banking. These events will help inform both healthcare professionals and expecting parents about the science, process, and long-term value of cord blood and tissue preservation.

Saudi Arabia is undergoing rapid healthcare transformation under Vision 2030. What makes the Kingdom a strategic priority for CellSave Arabia’s next phase of expansion?

Saudi Arabia’s healthcare transformation under Vision 2030 presents a tremendous opportunity for innovation, investment, and improved patient care. For CellSave Arabia, the Kingdom is a natural and strategic priority for our next phase of expansion.

The government’s commitment to enhancing healthcare infrastructure, embracing advanced medical technologies, and prioritizing preventive care aligns perfectly with our mission to offer life-saving, future-oriented solutions like stem cell preservation. As awareness continues to grow among healthcare professionals and families, and with an increasing focus on high-quality maternal and pediatric care, the Kingdom presents a strong opportunity and readiness for the services we provide.

Moreover, Vision 2030 emphasizes not only excellence in care but also health equity and accessibility, and that is at the heart of our next step. As we expand into Saudi Arabia, our goal is to make stem cell preservation more accessible to all families, especially those with medical histories that include conditions like cardiovascular disease, diabetes, and other inherited or chronic health concerns. We are working on expanding our footprint beyond major cities, partnering with both public and private healthcare institutions, and tailoring our offerings to meet the unique needs of Saudi families.

In short, Saudi Arabia offers the perfect environment for growth, innovation, and meaningful impact—values that have always defined CellSave Arabia’s journey.

As a GCC-based company, how do local cultural, regulatory, or healthcare dynamics influence your operations compared to global peers?

Culturally, there's a strong emphasis on family, trust, and religious values, which means we must approach awareness and education with sensitivity and respect. Many families initially had concerns about whether cord blood banking might conflict with their beliefs. Through open dialogue with scholars, we’ve clarified that the practice is not only legal but also aligned with their ethics, as it involves preserving cells from the umbilical cord—something that would otherwise be discarded—and can potentially save lives in the future. This understanding has been essential in building trust and making families feel confident and comfortable with their decision. At CellSave Arabia, we’ve taken great care to ensure our services are fully in line with cultural and religious principles, and we continue to work closely with both the medical and community sectors to educate, build trust, and provide reassurance to the families we serve.

As part of our commitment to supporting families, CellSave also offers a transplant assistance cash-back service of around SAR 15,000 if the stored cord blood is released for therapy within the first five years. This added support reflects our mission to not only preserve potential but also to stand by our clients during critical moments, reinforcing the long-term value and impact of stem cell banking.

On the regulatory side, we must comply with strict local healthcare laws and licensing requirements, which can vary from country to country within the GCC. This requires close collaboration with health authorities to ensure our processes meet all standards—especially in areas like data privacy, biological material handling, and clinical safety.

Additionally, the healthcare landscape in the GCC is unique, with a strong mix of public and private sector involvement, and a growing focus on preventive care and medical innovation. This dynamic environment allows us to work closely with both government and private hospitals, tailoring our services to meet local needs while still maintaining international standards.

Are you currently working with, or planning to partner with, any Saudi hospitals, universities, or health institutions to expand stem cell services or research efforts?

Yes, we are currently working on expanding our presence into Saudi Arabia and actively exploring partnerships with leading hospitals, universities, and healthcare institutions across the Kingdom. Our goal is to bring world-class stem cell preservation services closer to Saudi families, while also contributing to the country’s broader goals for healthcare innovation under Vision 2030.

We are in discussions with several public and private sector hospitals to integrate our services into their maternity and pediatric care offerings. At the same time, we’re looking to collaborate with universities and research centers to support stem cell research, clinical applications, and medical education in this field.

These partnerships will play a key role in ensuring that stem cell services are not only available, but also trusted, regulated, and aligned with the local medical and ethical landscape. Our expansion into Saudi Arabia is not just about business growth—it's about contributing meaningfully to a healthier future for families across the Kingdom.

How is CellSave Arabia currently using AI in its operations, from logistics and lab automation to quality assurance, especially as it scales in Saudi Arabia?

As we prepare to expand into new markets like Saudi Arabia, we are focused on adopting technologies that can help optimize operations, improve accuracy, and support scalability.

Currently, AI is being utilized in several valuable ways within our operations. For example, an AI-driven monitoring system is used in the lab to assess sample quality inside cryo dewars. This system continuously checks key markers and provides alerts and recommended actions if any values fall outside the acceptable range.

Also, AI plays a critical role in evaluating the condition of the sample upon receiving it. It verifies all essential metrics to ensure the sample has been transported under optimal conditions. If any of these criteria are not met, automated notifications are immediately sent to both the lab and the parents to prompt timely action.

AI offers exciting potential in enhancing sample tracking, environmental monitoring, and data-driven decision-making—all critical elements in stem cell preservation. We also see opportunities in using AI to support personalized client communication and operational efficiency, allowing us to deliver even more reliable and responsive services.

As innovation continues to shape the future of healthcare in the region, our goal is to remain at the forefront by thoughtfully integrating the right technologies to support our mission of safety, trust, and long-term value for families.

As Saudi consumers become more digitally engaged and expect healthcare experiences that are fast, convenient, and tech-enabled, how is CellSave Arabia evolving its service model to meet these rising expectations?

At CellSave Arabia, we understand that today’s families value speed, convenience, and clarity—especially when making important decisions like stem cell preservation.

We have digital tools and systems in place that allow us to respond to client inquiries more efficiently, provide quicker consultations, and offer real-time guidance throughout the enrollment and collection process. CellSave Arabia utilizes AI agents that can respond to expectant families 24/7 without the need for human interaction—handling everything from education to clients’ requests for documentation or sample health checks. Because each family has unique needs, these AI agents can also recommend the best services tailored to individual circumstances by referring to patients’ medical histories and other relevant information.

Our goal is to ensure that every interaction—whether online or in person—is simple, informative, and timely, in line with the modern expectations of Saudi families and the Kingdom’s broader vision for digital health transformation.

Does CellSave Arabia see Saudi Arabia as a future R&D hub for stem cell therapies, particularly given the government's investment in biotech and innovation?

With the Kingdom’s strong commitment to biotechnology and innovation, Saudi Arabia is well positioned to become a center of excellence for research and development in stem cell therapies. At CellSave Arabia, we are actively exploring strategic partnerships with universities, hospitals, and biotech organizations to contribute to this growing scientific ecosystem. These collaborations enable us to support advancements in regenerative medicine. For instance, in osteoarthritis, they can aid in repairing damaged cartilage and alleviating joint pain, while in ovarian rejuvenation, they provide new hope for restoring fertility and hormonal health. Additionally, stem cells are being investigated for their potential to regenerate heart tissue after cardiac injury, support recovery from neurodegenerative diseases like Parkinson’s and Alzheimer’s, and improve immune system function. Their ability to promote healing and restore damaged tissues also holds promise for enhancing overall health and wellbeing, paving the way for more personalized and effective medical treatments.

These advances directly support Saudi Arabia’s Vision 2030 goal to raise the average life expectancy to 80 years by 2030. By integrating cutting-edge regenerative treatments into healthcare strategies, we can contribute to extending healthy, active years of life, improving quality of life for the population, and reducing the burden of age-related diseases.