Weekly Market Highlights

7th of May 2026

Khwarizmi Ventures launched Fund II with a $70M+ first close to back seed and Series A startups across the GCC. The Saudi VC plans to write $1–5M initial checks with follow-on capacity, building on a portfolio of 30+ startups. The new vehicle strengthens KSA-origin capital pools for early-stage founders regionally.

Madeed raised USD 925,000 in additional pre-seed funding to build a preventive, data-driven health platform in Saudi Arabia. The round included SEEDRA Ventures and Unity Investment Partners, supporting product development and go-to-market for proactive healthcare.

CredibleX closed a Series A led by Mubadala Investment Company as part of a broader $15M equity raise, with participation from Further Ventures. The UAE-based fintech provides tailored financial services for SMEs’ daily operations and will use the capital to scale its offering. The deal underscores sovereign-backed interest in SME fintech infrastructure.

Siin raised a new funding round led by VentureSouq and Shift Group, bringing its total capital to US$3 million. The KSA-based company will use the funds to accelerate regional expansion across key Gulf markets and strengthen its seller ecosystem.

Metafare secured $1M in its first funding round from Harmonics Ventures and family offices to advance its VR- and AI-powered digital wellness experiences. The Saudi healthtech will focus on product development, AI personalization, and regional expansion. The raise highlights growing momentum in immersive health and wellness in KSA.

Emirates Growth Fund launched the National Champions Program alongside the Ministry of Industry and Advanced Technology and the Ministry of Economy and Tourism to identify and scale leading industrial SMEs in the UAE. The fund also signed a strategic industrial resilience agreement, signaling deeper public–private collaboration to build national champions.

Yuno partnered with Tabby to enable interest-free BNPL at checkout for merchants in Saudi Arabia and the UAE. Leveraging Tabby’s 25 million users and US$17 billion in annualized transaction volume, the integration aims to boost merchant conversions and average order values in both markets.

Foodics launched its “Forward Together” initiative to offer flexible payment terms for F&B operators across the UAE, Egypt, Jordan, and other GCC markets. The Saudi restaurant tech platform aims to ease adoption of POS and management solutions for SMEs, supporting cash flow and growth during operating headwinds.

TerraPay and Cooperative Bank of Oromia launched blockchain-based settlement for euro-denominated inward remittances to Ethiopia, leveraging Quantoz Payments for digital euro rails. The deployment targets greater speed and transparency for cross-border transfers in a market receiving over US$5 billion annually in remittances.

MENA startup ecosystem funding rebounded to $150M across 27 deals in April 2026, up 211% month-on-month after March’s slump. Activity remains down 42% year-on-year, and notably half the capital came via debt financing, signaling ongoing caution. The mix suggests selective deployment with growing appetite for structured financing.

Oraseya Capital was named the UAE’s most active investor for the second year in a row after completing 25 investments in 2025, and ranked third most active across MENA. The milestone underscores Oraseya’s growing role in seeding early-stage deal flow in the UAE and signals sustained appetite for venture deployment in the local ecosystem.

Geidea launched a dual-card routing capability with UnionPay International across the Middle East and Africa to improve flexibility and acceptance for dual-network cards. The upgrade intelligently routes eligible transactions to boost approval rates and enhance the cardholder experience.

RiFD partnered with Kingsbury & Partners to scale securitisation and structured finance solutions in Saudi Arabia. RiFD’s technology platform will serve as the core infrastructure for aggregating, analyzing, and executing transactions while Kingsbury contributes structuring and execution expertise. The collaboration aims to deepen capital market infrastructure for real-economy credit in KSA.

Solvytix Venture Studio launched in Egypt to build and support new technology startups. The new arm will provide company-building support, capital access, and go-to-market enablement for early-stage founders, strengthening Egypt’s venture studio and incubation infrastructure.

First Abu Dhabi Bank (FAB) is expanding its collaboration with Temenos to modernize its core banking and payments platform for Islamic banking operations in Saudi Arabia. The initiative supports alignment with KSA regulatory requirements and strengthens FAB’s Sharia-compliant digital capabilities.

Qatar Fintech Hub opened applications for its Wave 8 Fintech Pre-Acceleration Program running June–September 2026, aimed at MVP-stage startups. The hybrid program focuses on solution validation and regulatory readiness, expanding the pipeline of fintechs entering the Qatari market.

Innovation City launched a blockchain-native digital business identity system for companies registered in its Ras Al Khaimah free zone, built on IOPn’s OPN Chain. The system replaces traditional licenses with cryptographically verifiable identities, streamlining onboarding and compliance for web3-oriented firms.

Abu Dhabi Securities Exchange (ADX) hosted the region’s first ETF initial offering, cross-listing the KraneShares Wahed Alternative Income Index ETF from the U.S. The listing introduces the first Shariah-compliant alternative income ETF on the exchange, broadening Islamic investment options for regional investors.

Valu was among six firms granted new fintech approvals by Egypt’s FRA spanning trading, custody, SME financing, and insurance. The regulatory expansion broadens technology’s role in Egypt’s financial system and could catalyze product launches and partnerships among licensed players.

UAE government announced USD 49 billion in industrial procurement opportunities to localize over 5,000 products as part of its industrial strategy. The demand-side push is designed to benefit local manufacturers and industrial SMEs, creating pathways for scale and import substitution.

UAE Ministry of Industry and Advanced Technology (MoIAT) secured AED 18 billion in financing commitments for the industrial sector from Mashreq Bank (AED 10B), Dubai Islamic Bank (AED 2B), and Emirates Development Bank (AED 6B). The capital aims to bolster manufacturing competitiveness and localization, expanding credit access for industrial firms and suppliers.

Man Group submitted an application for an ADGM Category 3A license as it moves to establish an Abu Dhabi hub. The alternative investment firm’s expansion brings a major institutional player into the UAE, deepening the region’s asset management and fintech ecosystem.

Capital Group will open its first Middle East office in Abu Dhabi Global Market (ADGM), pending regulatory approval. The new UAE hub signals the firm’s regional expansion and could facilitate greater institutional capital allocation into GCC markets.

Zest ADGM, the FSRA-regulated entity of Zest Equity, appointed Zeid Barghouti as Senior Executive Officer to lead UAE operations and MENA expansion. The leadership move aims to scale the firm’s private market infrastructure for secondary liquidity and digital securities.

Sharjah surpassed AED 1.6 billion in industrial investment across 31 projects in 2025, spotlighting new opportunities in manufacturing and exports to over 120 countries. The growth underlines the emirate’s expanding industrial base and export-oriented strategy, beneficial for supply-chain and industrial SMEs.