**RIYADH**: The economic landscape of the Middle East and North Africa (MENA) is witnessing a significant surge in startup investments, particularly fueled by Saudi Arabia’s strategic initiatives. In the past week, dozens of innovative ventures have attracted substantial funding, positioning the Kingdom as a formidable player in the region’s technological evolution.
The Kingdom’s strategy is both government-driven and supported by private capital, reinforcing its aspirations to become a hub for innovation and artificial intelligence (AI). Saudi Arabia is setting the stage for a transformational era, particularly in industries ripe for digital disruption.
One notable development comes from **Wyld VC**, which recently launched a $50 million early-stage venture capital fund dedicated solely to AI startups. This makes it the first AI-native VC firm in the MENA region. Managed by **Tala Hasan Al-Jabri**, the fund aims to nurture founders who are innovating in middleware and application-layer technologies, particularly in sectors poised for significant industrial changes.
Al-Jabri emphasized, “The **GCC** is leading the charge in catalyzing an AI revolution—through massive infrastructure investments, advanced research and model deployment, and transparent, innovation-forward regulation.” She also pointed out the critical challenge facing the region: a lack of AI talent. **Wyld VC** aims to bridge that gap, fueling the growth of a skilled workforce in this essential field.
Interestingly, Wyld VC secured backing from the family office of **Lawrence E. Golub**, marking its first investment in the Middle East. Golub praised Al-Jabri’s track record and expertise, expressing excitement about being part of this transformative initiative.
In another significant move, **WakeCap**, a Saudi construction technology firm, has raised $28 million during the **Saudi-US Investment Forum**. This influx of capital is set to bolster its innovative construction site safety solutions and expand its footprint both locally and internationally.
Founded in 2017 by **Hassan Al-Balawi** and **Ishita Sood**, WakeCap utilizes wearable technology to empower contractors and project managers with real-time site operations monitoring. The platform enhances site safety, efficiency, and decision-making processes—critical elements in today’s fast-paced construction environment.
“WakeCap’s ability to capture and act on real-time jobsite data is critical for high-performing project controls,” remarked Al-Balawi. The recent funding will accelerate their growth trajectory and improve service delivery for their clients.
Meanwhile, health tech startup **Kilow** has made headlines by securing $2.5 million in seed funding for its innovative, personalized weight management platform powered by AI. The round, co-led by **Sanabil Venture Studio** and **Stryber**, aims to expand Kilow’s capabilities in the growing wellness market.
Founded in 2024 by **Fahed Al-Essa**, Kilow offers personalized treatment plans, medical consultations, and real-time health tracking. Its integration with smart health devices ensures a holistic digital health experience, making it easier for users to manage their health effectively.
In a bold move to spearhead AI development, Saudi Arabia has officially launched **Humain**, a state-backed AI entity under the **Public Investment Fund**. Chaired by **Crown Prince Mohammed bin Salman**, Humain’s mission aligns closely with the Kingdom’s Vision 2030 agenda, focusing on infrastructure and model development to enhance the nation’s AI capabilities.
Humain aims to become a central entity for AI investments while also developing a multimodal Arabic large language model tailored specifically for regional requirements. Its launch, strategically timed alongside US President **Donald Trump**’s visit to Riyadh, signals the importance of international collaboration in AI advancement.
**Google** has also thrown its support behind the burgeoning AI ecosystem in the MENA region by backing a new fund launched by **STV**, a Saudi-based venture capital firm. This fund aims to hone in on early-stage startups focused on application-layer AI products and other localized solutions.
In the broader context, MENA startups have received a mere 1.5 percent of total VC investment towards AI, compared to 38 percent in the US. The collaboration between STV and Google seeks to rectify this imbalance by marrying regional market insights with global expertise in AI development.
On the real estate front, Egyptian proptech firm **Nawy** has made headlines by raising a total of $75 million in its latest funding rounds. This encompasses a $52 million Series A equity round and an additional $23 million in debt financing to support the company’s mortgage platform and overall growth.
Founded in 2019 by a team including **Mohamed Abou Ghanima** and **Abdel-Azim Osman**, Nawy introduces a full-stack real estate ecosystem that encompasses various services; from financing to asset management. Its impressive reported growth of 50 times in USD revenue showcases the demand for its innovative solutions.
**AqlanX**, based in the UAE, is another notable player, having raised $10 million from **Lakeba Group** through its subsidiary **DoxAI**. Focused on Arabic-first enterprise AI solutions, AqlanX aims to localize its automation products while catering to the growing needs of local businesses in the region’s dynamic market.
The startup **TensorWave** has made waves by securing $100 million in funding to enhance its AI infrastructure. Led by **Magnetar** and **AMD Ventures**, TensorWave focuses on offering cloud services optimized for AI training, leveraging cutting-edge AMD GPU technology.
Finally, **Arkestro**, a predictive procurement platform, has closed a $36 million strategic funding round to bolster its AI-enhanced procurement solutions. This funding will be pivotal in driving global expansion and enhancing AI capabilities to streamline procurement processes across various sectors.
