Saudi Arabia’s Public Investment Fund (PIF) has sold Thiqah Business Services to Elm for 3.4 billion Saudi riyals ($907 million). This sale is part of PIF’s strategy to strengthen reserves and focus on local investments in anticipation of Saudi Arabia’s economic transformation under the Vision 2030 plan.
Arcapita, in partnership with Parkway Venture Capital, is investing in a high-growth AI portfolio focused on robotics, quantum computing, and generative AI. The portfolio includes Figure AI and SandboxAQ, aiming to provide exposure to early-stage businesses shaping the future of AI technology, a market expected to grow significantly by 2030.
SeamlessHR, a Nigerian HR tech company, has raised $9 million in a Series-A extension round from the Gates Foundation and Helios Digital Ventures. The funds will support the company’s expansion across Africa and potential acquisitions. This brings the total funding raised by SeamlessHR to about $25 million.
Sequence Ventures plans to launch a $50 million “Africa Deep Tech” fund by 2026, focusing on emerging technologies in sectors like healthcare, agriculture, and climate. They aim to close their EGP 500 million “SV Deep Tech Investment” fund by Q1 this year, targeting 20 deals over two years.
Power International Holding has acquired a 100% stake in Mobile Telecom-Service (MTS) from Kazakhtelecom, enhancing its position in Kazakhstan’s growing telecom sector. The acquisition includes prominent brands Altel and Tele2, reinforcing MTS’s role in providing 5G connectivity and digital services in the country.
Lenovo and Alat, a Saudi PIF company, have completed a $2 billion investment deal, establishing a regional headquarters and sustainable manufacturing facility in Saudi Arabia. This partnership will enhance Lenovo’s presence in the Middle East and Africa, support job creation, and align with Saudi Arabia’s Vision 2030 goals.
Orange Jordan has partnered with Dar Aldawa to provide mobile and internet solutions, enhancing the pharmaceutical company’s operational efficiency. The collaboration includes high-speed internet and mobile lines, aiming to optimize communication and resource management. This partnership reinforces Orange Jordan’s commitment to driving digital transformation in various sectors.
In 2024, Algeria’s FGAR funded 386 SMEs with a total of USD 427 million, creating over 8,000 jobs. The fund provided loans and financial guarantees across various sectors and regions, supporting business growth. Additionally, it recently expanded loan offerings to include both investment and operating loans.
Zension Technologies has raised $30 million in Series A funding, led by Wa’ed Ventures and Sumitomo Corporation. The investment will support Zaam, a subscription-based model for tech devices, offering flexibility and sustainability by promoting a circular economy. Zension aims to reduce e-waste while providing affordable tech upgrades to consumers.
Wa’ed Ventures and Sumitomo have invested $30 million in Zension Technologies, a Riyadh-based startup offering a tech subscription model. The new funding will help launch Zaam, a platform for tech subscriptions in the UAE and Saudi Arabia, aiming to extend device lifespans and reduce e-waste in the region.
