Ninja, a Saudi-based quick commerce firm, is in talks for a funding round at a valuation over $1 billion, with Riyad Capital leading the deal. The company, preparing for an IPO by 2027, operates in multiple Gulf countries and aims to expand further within the region’s growing e-commerce market.
Huawei Tech Investment Saudi Arabia has partnered with Jahez Group to integrate Jahez, Blu STORE, and PIK apps into HUAWEI AppGallery. This collaboration enhances digital services for millions of customers across Saudi Arabia, offering food delivery, e-commerce, and sports merchandise apps, aligning with Saudi Arabia’s Vision 2030 digital transformation goals.
Saudi Arabia’s Alat has acquired a 15% stake in TK Elevator and launched a €160 million ($166.62 million) joint venture to manufacture elevators and escalators locally. The JV will be headquartered in Saudi Arabia, supporting the kingdom’s vision to become a global leader in electronics and advanced industries.
Salam has partnered with CDNetworks to enhance internet services in Saudi Arabia, focusing on ultra-low latency and high-speed solutions. The collaboration aims to meet the growing demand for digital services, including gaming and video streaming, with a robust digital ecosystem and improved connectivity across industries in the Kingdom.
Saudi Arabia, Indonesia, Malaysia, and the UAE account for more than half of the global Islamic fintech firms. The market, valued at $161 billion in 2023/24, is projected to grow to $306 billion by 2028. Saudi Arabia leads as the dominant hub, with challenges like capital access impacting growth.
Telenor IoT has partnered with stc to provide IoT connectivity management services in Saudi Arabia. The collaboration will enable seamless connectivity for customers in the Kingdom, including manufacturers in the transportation sector. This partnership supports Saudi Arabia’s Vision 2030 and the growing demand for connected devices and services.
Zain KSA and Dell Technologies have partnered to transform the cloud ecosystem in Saudi Arabia. Through this collaboration, Zain will leverage Dell’s expertise to offer automated cloud services, empowering businesses to seamlessly manage their cloud services and driving digital transformation across the region.
Al Moammar Information Systems Co. (MIS) sold its entire investment in OpenAI for $8.4 million, earning a profit of $3.4 million. The sale follows other strategic moves in AI and digital infrastructure, including partnerships and contracts in Saudi Arabia. MIS’s 2024 profits saw a 356% increase.
Salla has acquired Sweply, a digital advertising platform, and will rebrand it as “Salla Ads.” This integration will allow merchants to manage digital marketing campaigns directly from their Salla dashboards, with access to AI-powered targeting and analytics. The service is expected to launch in Q2 2025.
Aramco’s venture arm, Wa’ed Ventures, has invested in UK-based AI cloud start-up Ori. This investment, aimed at establishing a subsidiary in Riyadh, underscores Saudi Arabia’s growing focus on advancing AI. Ori, which supplies AI infrastructure and uses Nvidia’s H200 chips, has also been backed by Telefonica and NextEra Energy.
