Largest price hike was recorded in miscellaneous manufactured goods category, which rose by 11%
Mineral fuels and related materials saw a significant decrease of 22.2%
Updated 12 January 2025
Reem Walid
RIYADH: Oman’s general index of import prices saw an increase of 1.1 percent in the third quarter of 2024 compared to the same period in 2023, according to data from the National Center for Statistics and Information.
The largest price hike was observed in the miscellaneous manufactured goods category, which rose by 11 percent. This was followed by beverages and tobacco (up 6.7 percent), and food and live animals (up 5.7 percent).
Other notable increases included machinery and transport equipment (5.3 percent), chemicals and related materials (4.3 percent), raw materials (4.3 percent), manufactured goods primarily categorized by material (1.6 percent), and vegetable and animal oils, fats, and waxes (0.9 percent).
In contrast, the category of mineral fuels and related materials saw a significant decrease of 22.2 percent.
This increase in import prices aligns with Oman’s overall rise in imports, which grew by 10.8 percent, reaching 8 billion Omani rials ($20.8 billion) by June 2024, up from 7.2 billion rials in the same period of 2023.
Additionally, the general index of import prices declined by 4.8 percent when compared to the second quarter of 2024. This drop was largely due to decreases in the prices of beverages and tobacco (-22.4 percent), mineral fuels and related materials (-11.6 percent), and chemicals and related materials (-10.8 percent).
The miscellaneous manufactured goods category also saw a reduction of 10.2 percent, while machinery and transport equipment dropped by 3.9 percent. However, the raw materials category saw a 32 percent increase, vegetable and animal oils, fats, and waxes rose by 9.2 percent, and food and live animals increased by 3.5 percent.
Lending trend
Oman’s banking sector experienced a 4.2 percent year-on-year growth in the total balance of credit granted by the end of November 2024, reaching 32.2 billion rials.
According to the Central Bank of Oman, credit to the private sector grew by 5.1 percent, totaling 26.8 billion rials during the same period. This growth reflects the central role of the banking sector in providing credit within the Omani economy, especially given the limited access the private sector has to debt capital markets. In 2022, private sector credit represented 55.4 percent of the country’s gross domestic product, a trend consistent with data from the International Monetary Fund.
Further breakdowns of the credit data revealed that the largest share (45.3 percent) of the private sector credit went to individuals, followed closely by non-financial companies at 45.1 percent. The remaining 9.6 percent was divided between financial firms (6.1 percent) and other sectors (3.5 percent).
In terms of deposits, the total balance in Omani banks grew by 10.8 percent, reaching 31.5 billion rials by the end of November. Of this, private sector deposits increased by 9.2 percent, amounting to 20.6 billion rials.
The breakdown of private sector deposits revealed that the individual sector held the largest share at 49.7 percent, followed by the non-financial corporate sector at 30.6 percent, and the financial corporate sector at 17.1 percent. Other sectors accounted for 2.6 percent.
Fitch affirms Saudi Arabia rating at ‘A+’; outlook stable
Updated 01 February 2025
Arab News
RIYADH: Fitch Ratings has affirmed Saudi Arabia’s Long-Term Foreign-Currency Issuer Default Rating at ‘A+’ with a Stable Outlook, the agency said on Friday.
Fitch indicated the rating reflects the Kingdoms strong fiscal and external balance sheets. It said: “government debt/GDP and sovereign net foreign assets considerably stronger than both the ‘A’ and ‘AA’ medians, and significant fiscal buffers in the form of deposits and other public sector assets”.
The agency also noted the Kingdom’s reform program, Saudi Vision 2030, has diversified economic activity in one of the Middle East strongest economies.
And there is positive outlook for growth this year.
“Headline economic growth is set to rebound in 2025 after being held back by cuts to oil production agreed by OPEC+,” a note by the agency said.
In addition Fitch also said that the Kingdom now faces less geopolitical risk.
“Saudi Arabia is exposed to geopolitical risks, but Fitch judges that these have lessened recently, given the dynamics of the regional conflicts.”
Startup Wrap — MENA startups raise $2.3bn in 2024 as deal volume grows
Updated 31 January 2025
Nour El-Shaeri
RIYADH: Startup funding deals across the Middle East and North Africa saw an annual increase of 3.5 percent in 2024, with 610 agreements recorded across the region.
According to a report from Wamada, fintech remained the dominant sector, attracting 30 percent of total funding, or $700 million.
Software-as-a-service saw strong traction in Saudi Arabia, while Web 3.0 saw $256.8 million and e-commerce also gained momentum with $253 million in funding.
Despite the strong showing in these sectors, the overall funding value across the startup ecosystem of $2.3 billion represented a 42 percent year-on-year drop.
When excluding debt financing, the decline stood at just 11 percent.
The UAE led with $1.1 billion raised across 207 deals, followed by Saudi Arabia at $700 million from 186 deals, and Egypt securing $334 million across 84 deals.
Oman ranked fourth with $41.5 million, while Morocco and Tunisia led in North Africa, raising $20.8 million and $13.1 million, respectively. Emerging ecosystems in Jordan, Qatar, and Lebanon also showed modest growth.
Early-stage startups accounted for over $1.2 billion in investments, while later-stage and pre-IPO rounds saw limited activity. Female-founded startups raised $27.6 million, or 1.2 percent of total funding, with mixed-gender founding teams securing $192 million.
Ebana secures $2.66m to expand fintech solutions
Saudi-based fintech startup Ebana has raised $2.66 million in a pre-series A round led by Esnad Legal Consulting and Business Governance.
Founded in 2020 by Ali Al-Shareef, Ebana provides digital services and technical infrastructure for corporate governance affairs.
The newly raised capital will be used to enhance Ebana’s investor relations tools, expand its fintech solutions, and strengthen its services for both public and private enterprises.
Nabeeh secures investment from Ibtikar Fund to grow user base
Saudi-based e-services platform Nabeeh has raised an undisclosed investment from Ibtikar Fund.
Originally founded in Palestine in 2021 by Saber Samara and Fawaz Samara, Nabeeh provides an online platform for booking housekeeping, maintenance, and renovation services.
“Property owners and businesses often struggle with unreliable maintenance and cleaning providers and a lack of transparency. Nabeeh bridges this gap by offering seamless, tech-enabled solutions that prioritize quality, speed, and trust,” Samara said.
With this funding, Nabeeh plans to double its user base, expand its business-to-business portfolio, and introduce new platform features.
Silkhaus raises growth funding to expand into Saudi Arabia
Silkhaus leadership team — left to right: Ankit Shah, co-founder and chief financial officer, Sabine El Najjar, KSA managing director and vice president commercial, Aahan Bhojani, CEO and co-founder, and Peter May, vice president.
UAE-based proptech startup Silkhaus has closed a seven-figure growth funding round led by Nuwa Capital and Oraseya Capital, with participation from Impulse International, Yuj Ventures, Nordstar, and other investors.
Founded in 2021 by Aahan Bhojani, Silkhaus operates a marketplace for short-term rentals across the UAE.
The new funding will support its expansion into Saudi Arabia, where it is now open for bookings. This follows a multi-million-dollar pre-Series A round secured last year by Partners for Growth.
“With the support of our investors and team, we are excited to scale our operations in the UAE and Saudi Arabia, offering innovative solutions to property owners and premium experiences to guests. The short-term rental economy of the GCC (Gulf Cooperation Council) is experiencing a significant growth surge, and we are proud to be leading this growth,” Bhojani said.
UpLevel raises pre-seed funding to enhance corporate coaching
Saudi-based education tech startup UpLevel has closed an undisclosed pre-seed funding round backed by a group of angel investors.
Founded in 2024 by Idris Al-Shayea and Hamad Al-Luhaidan, UpLevel connects companies with professional coaches to enhance employee performance.
The fresh funding will help UpLevel scale its operations and further develop its coaching network for corporate clients.
BioSapien extends pre-Series A round to $7m
The BioSapien team. Supplied
UAE-based health tech startup BioSapien has extended its pre-Series A round to $7 million, with new participation from Golden Gate Ventures, marking the first deployment of its MENA-focused fund.
Founded in 2018 by Khatija Ali, BioSapien is developing MediChip, a 3D-printed, slow-release drug delivery platform designed to attach to tissue with minimal systemic side effects.
The extension follows the company’s $5.5 million pre-series A round in December, led by Global Ventures and joined by Dara Holdings.
Retailhub raises funding to expand SaaS platform
UAE-based retail SaaS provider Retailhub has secured an undisclosed investment from Angelspark.
Founded in 2022 by Daniel Alimov and Roman Tikhonov, Retailhub provides an automated platform that synchronizes stock updates from point-of-sale systems to aggregators and consolidates orders into a single application.
The new funding will enable Retailhub to enhance its platform capabilities, strengthen partnerships, and scale operations within the UAE and beyond.
Maalexi secures $3m debt financing from Citi
UAE-based agriculture fintech startup Maalexi has secured a $3 million debt financing facility from Citi to expand its sourcing operations.
Founded in 2021 by Azam Pasha and Rohit Majhi, Maalexi provides a risk management platform that enables small food and agribusinesses to access cross-border trade.
The facility will help build a technology-enabled supply chain linking origin markets to the UAE. This follows a $1 million venture debt round secured in July from Stride Ventures.
Fincart.io raises pre-seed funding to expand logistics platform
Egypt-based logistics startup Fincart.io has raised an undisclosed pre-seed funding round led by Plus VC, with participation from Plug and Play, Orbit Startups, Jedar Capital, and other regional investors.
Founded in 2023 by Mostafa El-Masry and Nihal Ali, Fincart.io provides e-commerce retailers with access to a marketplace of delivery providers and an operations dashboard.
The new funds will support platform improvements, courier network growth, and expansion into the African and Middle Eastern markets.
Dsquares acquires majority stake in Prepit
Egypt-based loyalty solutions provider Dsquares has acquired a majority stake in Prepit, an Egyptian B2B SaaS loyalty platform, for an undisclosed amount.
Founded in 2012 by Ayman Essawy, Marwan Kenawy, and Momtaz Moussa, Dsquares specializes in B2B loyalty programs for industries such as banking, telecom, fast-moving consumer goods, and retail.
Prepit, founded in 2022 by Karim Hussein and Tarek Afia, provides AI-driven tools to streamline food and beverage operations.
The acquisition strengthens Dsquares’ presence in the loyalty sector across key Middle Eastern markets, including Saudi Arabia, Egypt, and the UAE.
Oil Updates — crude set for weekly decline as Trump tariff threat looms large
Updated 31 January 2025
Reuters
LONDON: Oil prices were steady on Friday but on course for weekly declines as markets waited to see if US President Donald Trump will follow through on his threat to impose tariffs on Mexico and Canada on Saturday.
Brent crude futures for March, which expire on Friday, were down 9 cents at $76.78 a barrel by 5:20 p.m. Saudi time. US West Texas Intermediate crude declined 2 cents to $72.71.
For the week, the Brent and WTI benchmarks were set for declines of 2.2 percent and 2.6 percent respectively.
Oil came under pressure from the potential negative economic impact of US tariffs against Canada, Mexico and China, said PVM analyst Tamas Varga, adding that potential dollar appreciation as a result of tariffs also weighed on oil.
Trump has threatened to impose a 25 percent tariff on Canadian and Mexican exports to the US if those two countries do not clamp down on shipments of fentanyl and on illegal migration across US borders.
Canada and Mexico are the two largest crude oil exporters to the US, but it is unclear if oil would be included among the tariffs. Trump said on Thursday he would soon decide whether to exclude Canadian and Mexican oil imports from the tariffs.
Tariffs would likely result in large US refinery run cuts, said Energy Aspects analyst Livia Gallarati.
“Our base case has been that, if tariffs are announced, they will include a grace period for negotiations and that oil is likely eventually to be carved out from any tariffs,” Gallarati added.
The market is also awaiting the OPEC+ meeting scheduled for Monday.
Kazakhstan’s energy minister said on Wednesday that the group is set to discuss Trump’s plans to raise US oil production and take a joint stance on the matter at next week’s OPEC+ meeting.
“OPEC will likely comply with the US demand to increase production to avoid Trump’s ire. And they might announce a gradual unwinding of voluntary cuts, if not from April, then from the second half of the year,”
Saudi Arabian Military Industries appoints new CEO
Updated 30 January 2025
MOHAMMED AL-KINANI
RIYADH: The Saudi Arabian Military Industries has announced the appointment of Thamer M. Al-Muhid as its new chief executive officer, effective Feb. 1, according to a statement released on Thursday.
The decision was confirmed during a meeting of SAMI’s board of directors, chaired by Saudi Defense Minister Prince Khalid bin Salman.
With over 30 years of global leadership experience, Al-Muhid brings extensive expertise in driving organizational transformation, operational excellence, and international expansion.
The newly appointed CEO of SAMI, Thamer M. Al-Muhid. Supplied
His diverse background encompasses strategic initiatives, mergers and acquisitions, research and development, and forging key international partnerships—all of which equip him to lead SAMI into a new phase of growth and innovation.
Before his appointment, Al-Muhid served as group CEO and managing director of Saudi Chemical Co. Holding, and has held senior leadership roles at prominent organizations such as SABIC, Almarai, and the Ministry of Commerce and Industry.
Replacing Walid Abu Khaled, Al-Muhid will oversee the company’s efforts to advance cutting-edge technologies, produce world-class defense products, and strengthen strategic partnerships.
His leadership is expected to expedite Public Investment Fund-owned SAMI’s progress toward achieving its ambitious objectives, including localizing 50 percent of the Kingdom’s defense spending and fostering national talent in the defense sector.
This appointment underscores SAMI’s ongoing commitment to positioning Saudi Arabia as a global leader in defense manufacturing and innovation.
Saudi crowdfunding platform Lendo secures $690m warehouse facility led by J.P. Morgan
Updated 30 January 2025
Arab News
RIYADH: Lendo, a debt crowdfunding platform in Saudi Arabia, has secured a SR2.6 billion ($690 million) warehouse facility, with J.P. Morgan serving as the lead arranger.
According to an official statement, the facility will support increased job creation within the Kingdom, underscoring Lendo’s commitment to fostering domestic economic growth and employment opportunities.
Endorsed by Fintech Saudi, this achievement highlights the rapid expansion of Saudi Arabia’s fintech sector and signals the substantial potential for small and medium-sized enterprise financing within the economy, it added.
The initiative also aligns with Saudi Vision 2030, which aims to raise SME lending from 4 percent in 2018 to 20 percent by 2030.
“This landmark facility represents a transformative moment for Lendo and the Saudi fintech ecosystem,” said Osama Alraee, CEO and co-founder of Lendo.
“The strong backing from global financial institutions such as J.P. Morgan validates our innovative approach to SME financing and positions us to significantly expand our impact in the Saudi market. This facility will accelerate our mission of driving SME growth while contributing to the Kingdom’s Vision 2030 goals.”
The statement said the facility will be strategically allocated to enhance Lendo’s lending capacity, introduce innovative financial products, and broaden the company’s coverage of SMEs across the Kingdom.
George Deves, co-head of Northern European Asset-Backed Securities at J.P. Morgan, remarked: “We are pleased to collaborate with Lendo on this landmark transaction. A robust and rapidly expanding SME sector is crucial to the local economy, and this financing will contribute to the strategic goal of boosting SME lending in Saudi Arabia.”
Moreover, the deal underscores the growing confidence of international investors in the Kingdom’s fintech sector, particularly in the strength of its regulatory framework.
Lendo has successfully completed two rounds of investment to date, with its most recent Series B funding round, raising $28 million, led by Sanabil Investments, a wholly owned subsidiary of Saudi Arabia’s Public Investment Fund.
