Noha Gad

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

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

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

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

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

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

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

Who are the customers that UmrahCash targets? 

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

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

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

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

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

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

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

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

Kholoud Hussein 

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

The Importance of the Circular Economy in Saudi Arabia

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

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

AI: A Key Enabler of the Circular Economy

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

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

Saudi Startups Leading the Circular Economy Revolution with AI

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

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

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

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

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

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

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

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

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

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

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

Predictive Maintenance and Resource Efficiency

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

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

Circular Economy Opportunities in Saudi Arabia’s Mega Projects

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

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

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

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

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

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

AI as a Catalyst for the Circular Economy

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

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

William Phelps

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

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

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

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

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

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

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

Establishing “UmrahCash” to Bridge the Financial Divide

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

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

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

A Path Forward for All Pilgrims

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

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

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

Shaimaa Ibrahim 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kholoud Hussein 

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

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

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

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

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

Ghada Ismail

In recent years, Saudi Arabia has emerged as a significant player in the global gaming and e-sports industry, a development driven by a blend of economic diversification strategies, youthful demographics, and robust governmental support. As part of its Vision 2030 initiative, the Kingdom aims to reduce its dependency on oil revenues by fostering sectors like entertainment and technology. The gaming industry, in particular, has become a focal point in this transformative agenda.

Demographics and Market Potential

Saudi Arabia boasts a youthful population, with over 60% of its citizens under the age of 30. This demographic is increasingly tech-savvy and engaged in digital entertainment, providing a fertile ground for the gaming industry to flourish. According to a report by Newzoo, the Middle East and North Africa (MENA) gaming market was valued at approximately $1 billion in 2022, with Saudi Arabia contributing significantly to this growth. The Kingdom is home to about 25 million gamers, which represents one of the highest per capita gaming rates globally.

Government Support and Investment

The Saudi government has recognized the economic potential of the gaming sector and has actively sought to promote its growth. The establishment of the Saudi E-sports Federation (SEF) in 2019 exemplifies this commitment. The SEF aims to cultivate a robust e-sports ecosystem, organizing competitions, and promoting local talent. Furthermore, the Kingdom has invested heavily in various gaming initiatives, including partnerships with leading global game developers and e-sports organizations.

In 2021, the Public Investment Fund (PIF) announced its plan to invest $3.3 billion in gaming companies over the following years. This investment aims to foster local talent and establish Saudi Arabia as a global hub for gaming development and e-sports events. Such strategic investments are set to bolster the industry’s infrastructure, including gaming studios, event venues, and training facilities.

Infrastructure Development

To facilitate the growth of the gaming sector, Saudi Arabia is also focusing on infrastructure development. The NEOM project, a futuristic city being built in the northwestern part of the Kingdom, is envisioned as a tech-driven urban environment that will include dedicated spaces for gaming and digital entertainment. This initiative reflects a broader trend of integrating gaming into lifestyle and culture, making it accessible and appealing to a wide audience.

Additionally, the Kingdom is hosting several gaming expos and conventions, such as the annual Gamers8 festival. This event has rapidly gained prominence, attracting international gamers, developers, and enthusiasts, creating a vibrant community and fostering knowledge exchange before being replaced by the E-sports World Cup.

In October 2023, Saudi Arabia announced the inaugural E-sports World Cup as the successor of Gamers8, the Saudi E-sports Federation's previously existing e-sports festival, set to take place in Riyadh. 

The 2024 E-sports World Cup (EWC) was the first edition of the E-sports World Cup, an annual international e-sports tournament series run by the E-sports World Cup Foundation (funded by Saudi Arabia's Public Investment Fund). The event took place in Riyadh, Saudi Arabia, from July 3 to August 25, 2024, and featured 23 events in 22 different video game titles. It had the largest combined prize pool in e-sports history at over US$60 million, encompassing individual tournament prize pools, rewards for teams that qualify for EWC events, most valuable player awards, and the Club Championship, a cross-game competition that aggregates the individual game results of all participating organizations (known as "clubs" to the EWC) to crown a Club Champion. 

Cultural Acceptance and Community Engagement

Historically, gaming in Saudi Arabia faced cultural scrutiny. However, a significant shift has occurred in recent years, with gaming increasingly being accepted as a legitimate form of entertainment and social engagement. The younger generation is leveraging online gaming platforms to connect with peers, fostering community and collaboration.

The government's focus on digital entertainment is also evident in its efforts to promote a balanced approach to gaming, emphasizing responsible play while encouraging competitive engagement. Initiatives aimed at educating parents and young players about healthy gaming habits are becoming more common, reflecting a broader societal acceptance of gaming as a mainstream activity.

Local Game Development

Beyond consumption, Saudi Arabia is positioning itself as a center for game development. Local companies are emerging, and many are gaining recognition for their innovative titles. For example, studios like Saeed Games and Mikado Games are developing games that resonate with local culture and values while appealing to a global audience. The government is providing support through funding and resources, allowing these companies to flourish and contribute to the Kingdom's economic diversification objectives.

Moreover, in 2023, Saudi Arabia launched its first game development accelerator program, aimed at nurturing budding developers and fostering creativity. This initiative reflects a growing awareness of the importance of local content creation in the gaming ecosystem, enhancing cultural representation and storytelling in games.

E-Sports: Competitive and Commercial Growth

The e-sports sector became a vital component of the gaming industry in Saudi Arabia, characterized by rapid growth in both participation and viewership. Major tournaments are attracting large audiences, both in-person and online, with platforms like Twitch and YouTube gaining traction among local gamers. 

The SEF has been instrumental in organizing high-profile events that draw international attention, such as the Gamers Without Borders charity tournament, which not only showcases local talent but also reinforces Saudi Arabia's commitment to global community engagement.

Moreover, the commercial potential of e-sports is increasingly recognized by brands and sponsors. Companies are leveraging the popularity of e-sports to connect with younger consumers, investing in sponsorship deals, advertising campaigns, and product placements. This trend reflects a broader shift in marketing strategies, as brands seek to engage with the digitally native youth demographic.

Challenges Ahead

Despite the promising landscape, the gaming and e-sports industry in Saudi Arabia faces several challenges. Regulatory hurdles, particularly around online gaming and content creation, remain a concern for developers and players alike. Navigating these regulations while fostering innovation will be crucial for the sector's sustained growth.

Furthermore, competition from established gaming markets, such as North America and Asia, presents a challenge for Saudi Arabia as it strives to carve out its niche. To compete effectively, local developers must prioritize quality, innovation, and user experience, while also building a supportive community for gamers and developers.

Wrapping it up, the gaming and e-sports industry in Saudi Arabia is on an upward trajectory, bolstered by demographic advantages, government support, and a rapidly evolving cultural landscape. As the Kingdom continues to invest in this sector, it is well-positioned to become a regional powerhouse in gaming and a key player on the global stage. The success of this endeavor will not only contribute to economic diversification but will also reshape the entertainment landscape, creating new opportunities for creativity and community engagement. As the gaming industry matures, it will be fascinating to observe how Saudi Arabia balances tradition with innovation in this digital age.

Kholoud Hussein 

As Saudi Arabia pivots toward a more sustainable future under Vision 2030, green tech startups are emerging as key players in the country’s economic and environmental transformation. These startups are addressing critical issues such as renewable energy, sustainable agriculture, and waste management, all while positioning Saudi Arabia as a hub for green innovation.

Here are some of the most promising green tech startups to watch:

1. Desert Technologies: Desert Technologies is pioneering solar energy solutions tailored to the region’s harsh desert climate. Specializing in the manufacturing and deployment of solar panels, they’re helping Saudi Arabia achieve its goal of generating 50% of its energy from renewable sources by 2030. Their projects extend across the Middle East and Africa, making them a key player in the region’s green energy shift.

2. Naqaa Solutions: Naqaa Solutions is revolutionizing waste management in Saudi Arabia by offering sustainable recycling and waste disposal services. Their innovative solutions focus on turning waste into energy and other byproducts, helping to reduce the Kingdom’s carbon footprint while promoting eco-friendly business practices.

3. SecondSky: Developed by iyris, SecondSky uses nanotechnology to create agricultural covers that block heat radiation, reducing farm energy and water consumption. This technology improves crop yields while extending growing seasons, making it essential for tackling food security challenges in the region’s extreme climate.

4. Greenzie: As electric vehicles (EVs) become more popular, Greenzie is developing the infrastructure needed to support EV adoption in Saudi Arabia. Their focus on EV charging stations and green mobility solutions aligns with the Kingdom’s efforts to reduce transportation emissions.

These startups are crucial to the success of Vision 2030, Saudi Arabia's long-term strategic plan to diversify the economy and reduce reliance on oil by investing in sustainable technologies. By developing renewable energy solutions, promoting waste management, and enhancing agricultural sustainability, these companies directly contribute to the Kingdom's ambitious goals of reducing carbon emissions and increasing environmental resilience. Their innovations not only address local challenges but also create scalable solutions that can be applied across the region, aligning with Saudi Arabia’s goal of becoming a leader in green technology.

The potential for other companies to enter the green tech space is significant. Saudi Arabia’s commitment to sustainability and the growing demand for eco-friendly solutions provide fertile ground for new entrants. Sectors like water conservation, energy efficiency, and sustainable construction are still emerging, offering opportunities for both local entrepreneurs and international companies to collaborate. As government support continues through initiatives like the Saudi Green Initiative and the expansion of venture capital for sustainability-focused startups, the stage is set for more innovative companies to join the scene and further accelerate the Kingdom’s green transformation.

Kholoud Hussein 

Starting a business in Saudi Arabia offers vast opportunities, especially with the country’s rapid economic transformation under Vision 2030. As part of this plan, the Kingdom has made significant strides to encourage entrepreneurship, making it easier for startups to launch and grow. However, navigating the regulatory environment can still be challenging for startups, especially for those unfamiliar with local business practices and legal frameworks. Here’s what startups need to know about regulations in Saudi Arabia.

Business Registration and Legal Structures

The first step in launching a startup in Saudi Arabia is choosing the right legal structure. Options include a limited liability company (LLC), joint stock company (JSC), or a branch of a foreign company. LLCs are the most popular among startups, offering flexibility and limited liability to the shareholders.

The Ministry of Commerce and Investment (MCI) handles the registration process, and startups must ensure compliance with Saudi Arabia's Foreign Investment Law if they are foreign-owned. The Saudi Arabian General Investment Authority (SAGIA) oversees foreign investment and offers guidance to international startups on obtaining the necessary licenses and approvals.

Intellectual Property Protection

For startups focused on technology and innovation, intellectual property (IP) protection is crucial. Saudi Arabia has modernized its IP laws in recent years, and startups can register patents, trademarks, and copyrights with the Saudi Authority for Intellectual Property (SAIP). Having clear IP rights helps startups safeguard their innovations and avoid disputes.

Labor Laws and Saudization

Hiring employees in Saudi Arabia requires an understanding of local labor laws and regulations. The Kingdom has implemented the Nitaqat program, which mandates that companies employ a certain percentage of Saudi nationals, depending on the size and industry of the company. Compliance with Saudization is essential for startups to avoid penalties and remain eligible for certain government incentives.

Startups must also comply with Saudi Arabia’s Labor Law, which governs employee contracts, working hours, and benefits, ensuring that employees are treated fairly and their rights are protected.

Taxation and Zakat

Saudi Arabia has no personal income tax, but businesses, including startups, must pay corporate tax or Zakat, depending on ownership. Saudi-owned businesses are subject to Zakat, which is 2.5% of their assessable income. Foreign-owned businesses are subject to corporate income tax, which is set at 20%. Startups also need to account for Value Added Tax (VAT), currently set at 15%, applicable on most goods and services.

Compliance with Regulatory Authorities

Startups in sectors such as FinTech, e-commerce, or healthcare need to ensure they meet the specific requirements of their respective regulatory bodies. For instance, FinTech startups must comply with the Saudi Arabian Monetary Authority (SAMA) regulations, while e-commerce businesses need to follow E-commerce Law guidelines. It's important for startups to work closely with these regulatory bodies to stay compliant.

Finally, navigating Saudi Arabia’s regulatory environment may seem complex, but the Kingdom has made significant efforts to simplify business regulations and encourage entrepreneurship. By understanding the local legal structures, compliance requirements, and sector-specific regulations, startups can effectively launch and scale in one of the Middle East’s most promising markets. Whether you are a local entrepreneur or an international startup entering Saudi Arabia, staying informed about the regulatory environment is key to long-term success.

Kholoud Hussein 

Saudi Arabia, long known for its oil wealth, is undergoing a profound transformation, with sustainability at the core of its economic diversification efforts. As part of Vision 2030, the Kingdom aims to reduce its reliance on fossil fuels and invest in renewable energy and green technologies. A growing number of Saudi startups are emerging as leaders in the Green Tech revolution, driving innovation in sustainability, renewable energy, and eco-friendly solutions.

Government Support for Green Tech

The Saudi government has played a pivotal role in fostering this shift. Through Vision 2030, the Kingdom has committed to environmental sustainability, clean energy projects, and carbon reduction. Government initiatives such as the Saudi Green Initiative and the Middle East Green Initiative are setting ambitious goals to reduce carbon emissions and increase renewable energy production.

Startups are seizing this opportunity by innovating in areas like solar energy, waste management, sustainable agriculture, and electric mobility. These ventures are not only helping Saudi Arabia transition to a greener economy but are also contributing to the global fight against climate change.

Key Green Tech Startups in Saudi Arabia

Among the standout startups is Desert Technologies, a solar energy firm that is pioneering clean energy solutions across the Middle East and Africa. The company specializes in manufacturing and deploying solar panels, creating energy solutions that are tailored to the region’s harsh desert climate. Desert Technologies is helping Saudi Arabia reach its goal of producing 50% of its energy from renewable sources by 2030.

Another prominent player is Naqaa Solutions, a startup focused on waste management and recycling. By offering eco-friendly waste disposal and recycling services, Naqaa is helping businesses and municipalities reduce their environmental impact. Their innovative approach includes converting waste into energy and other useful byproducts, making waste management more efficient and sustainable.

Greenzie, another Saudi startup, is focusing on electric mobility solutions. With the growing emphasis on reducing emissions from transportation, Greenzie develops electric vehicle (EV) charging stations and works to promote the adoption of electric vehicles in the Kingdom. This aligns with Saudi Arabia’s plan to promote green transportation and reduce reliance on fossil fuels.

The Future of Green Tech in Saudi Arabia

Saudi startups are increasingly positioning themselves at the forefront of the Green Tech revolution, not just within the Kingdom, but on the global stage. With strong government backing, investor interest, and a growing demand for sustainable solutions, Saudi Arabia’s Green Tech sector is set for substantial growth in the coming years.

These startups are more than just pioneers of technology—they are catalysts for change in the Kingdom’s energy landscape. As Saudi Arabia transitions toward a greener future, these innovative companies are demonstrating how the country can balance economic growth with environmental responsibility, leading the way for the Green Tech revolution across the Middle East.

Mohamed Gamal

Saudi Arabia is gearing up to host the inaugural 24 Fintech Summit from 3 to 5 September at the Riyadh Front Exhibition & Conference Center, offering a golden chance for fintech startups to connect with investors and gain knowledge from industry leaders.

The summit is expected to be one of the key events gathering entrepreneurs, investors, and experts in the fintech landscape to nurture innovation and empower startups to thrive and grow.

How can startups capitalize on 24 Fintech?

1. Investment and funding opportunities. Being attended by several investors and venture capital (VC) funds, the summit will enable startups to showcase their offerings in front of numerous potential investors. It represents a significant milestone in startups’ journey to secure new funding and forge strategic partnerships that boost their growth.
2. Networking and collaboration. 24 Fintech brings together entrepreneurs, seasoned experts, and government officials from around the world, offering a dynamic space for startups to broaden their networks. Such networks are fundamental to sharing knowledge, finding new partners, and exploring potential cooperation opportunities.
3. Learning from experts. The summit will include discussion sessions and workshops led by seasoned fintech experts, enabling startups to discover the latest trends and technologies that can boost their business.
4. Demo showcases. 24 Fintech Summit will be an ideal platform for startups to spotlight their innovations and offerings to attract potential investors and partners. Additionally, it will help startups reach new clients, increase brand awareness, and tap into new markets.
5. Expanding in the Saudi market. The summit will be an ideal chance for startups to tap into or expand in the Saudi market, backed by government support and the Kingdom’s focus on enhancing the contribution of the fintech industry to the national economy.

The 24 Fintech event represents a significant milestone in the startups’ journeys toward growth. By exploring funding opportunities, building networks, and leveraging leaders’ expertise, startups can consolidate their positions in the market and contribute to driving innovation in this dynamic sector.

Key topics

The 24 Fintech Summit will uncover several topics related to the fintech industry, such as artificial intelligence and machine learning in financial operations, cybersecurity and big data, embedded finance, and the evolution of open banking.

This diversification will provide startups with brand-new ideas to develop their offerings and services, in line with the latest industry trends.

24 Fintech is not just a stage; it is a comprehensive platform that aims to drive innovation through collaboration and investment and empower startups to scale and thrive. This three-day event will enable startups to forge invaluable connections with industry leaders, explore the latest trends, and secure the funding they need to grow.

Translation: Noha Gad