Saudi Arabia Emerges as Global Hub for Billion-Dollar Startups

A glimpse of Fintech 24 conference in Riyadh (SPA) 
A glimpse of Fintech 24 conference in Riyadh (SPA) 
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Saudi Arabia Emerges as Global Hub for Billion-Dollar Startups

A glimpse of Fintech 24 conference in Riyadh (SPA) 
A glimpse of Fintech 24 conference in Riyadh (SPA) 

Saudi Arabia is rapidly establishing itself as a global center for billion-dollar startups, known as “unicorns,” by cultivating an innovation-driven environment. These high-growth companies - private ventures valued at over $1 billion - have become a symbol of success in the world of entrepreneurship.

The rise of unicorns in the Kingdom reflects a combination of supportive regulations, government backing, and strong investor appetite. Sectors such as artificial intelligence, fintech, e-commerce, and logistics are at the forefront of this transformation.

Among the most notable Saudi success stories are STC Pay, Tabby, Tamara, and the fast-growing delivery firm Ninja. STC Pay became the first fintech company licensed by the Saudi Central Bank and now leads the digital wallet market in the Middle East and North Africa. Tabby, also licensed by the central bank, offers buy-now-pay-later services and has earned both Sharia compliance and global security certifications.

Tamara, founded in Riyadh in 2020, joined the unicorn club in late 2023. The company provides deferred payment solutions and has expanded across the Gulf region. Most recently, Ninja secured $250 million in funding led by Riyad Capital, valuing the three-year-old startup at $1.5 billion. An initial public offering is targeted by 2027, according to Bloomberg.

Investment in Saudi startups has surged, with nearly $400 million raised in the first quarter of this year alone, data firm Magnitt reported.

Silvina Moschini, co-founder of Unicoin and CEO of Unicorn Hunters, described Vision 2030 as a decisive turning point.

“It opened markets, diversified the economy beyond oil, and placed entrepreneurship at the heart of Saudi growth,” she told Asharq Al-Awsat.

She emphasized that government investments in digital infrastructure and the Public Investment Fund have created fertile ground for ambitious ideas to scale.

“Investors are drawn to fast-growing markets with strong state support, and Saudi Arabia offers exactly that,” she said.

While fintech and e-commerce have led the way, Moschini noted that the next wave of growth will likely come from artificial intelligence, cybersecurity, clean energy, digital health, and creative industries such as gaming and media - sectors closely aligned with Vision 2030 priorities.

She stressed that reaching unicorn status is only the beginning. “The real challenge is sustaining growth and competing globally,” she noted, underscoring the importance of international partnerships and regional expansion.

 

 

 



Iraq Says International Firms in Kurdistan Obliged to Transfer Crude Under Deal

A handout picture released by Iraq's Prime Minister's Media Office on January 2, 2025, shows a partial view of the oil refinery of Baiji north of Baghdad, during the inauguration ceremony of the fourth and fifth units. (Iraqi Prime Minister's Media Office / AFP)
A handout picture released by Iraq's Prime Minister's Media Office on January 2, 2025, shows a partial view of the oil refinery of Baiji north of Baghdad, during the inauguration ceremony of the fourth and fifth units. (Iraqi Prime Minister's Media Office / AFP)
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Iraq Says International Firms in Kurdistan Obliged to Transfer Crude Under Deal

A handout picture released by Iraq's Prime Minister's Media Office on January 2, 2025, shows a partial view of the oil refinery of Baiji north of Baghdad, during the inauguration ceremony of the fourth and fifth units. (Iraqi Prime Minister's Media Office / AFP)
A handout picture released by Iraq's Prime Minister's Media Office on January 2, 2025, shows a partial view of the oil refinery of Baiji north of Baghdad, during the inauguration ceremony of the fourth and fifth units. (Iraqi Prime Minister's Media Office / AFP)

Iraq’s state oil marketer SOMO said on Sunday international producers in Kurdistan were still obliged to send it their crude under a September export agreement, after Norway's DNO said it would not take part in the agreement. 

SOMO said its statement was in response to a Reuters report in ‌September which ‌quoted DNO as ‌saying ⁠it would ‌sell directly to the Kurdish region and had no immediate plans to ship through the Iraq-Türkiye pipeline. 

The September deal between Iraq's oil ministry, Kurdistan's ministry of natural resources and producing companies stipulated that SOMO ⁠will export crude from Kurdish oil fields through ‌the Türkiye pipeline. 

At the ‍time, DNO - the ‍largest international oil producer active in ‍Kurdistan - welcomed the deal but did not sign it, saying it wanted more clarity on how outstanding debts would be paid. 

It said it would continue to sell directly to the semi-autonomous region of ⁠Kurdistan. 

SOMO said on Sunday the Kurdistan ministry of natural resources had reaffirmed its commitment to the deal "under which all international companies engaged in extraction and production in the region's fields are required to deliver the quantities of crude oil they produce in the region to SOMO, except for the quantities allocated ‌for local consumption in the region." 


How 2025 Decisions Redrew the Future of Riyadh’s Real Estate Market

Construction is seen at a real estate project in Riyadh. (SPA)
Construction is seen at a real estate project in Riyadh. (SPA)
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How 2025 Decisions Redrew the Future of Riyadh’s Real Estate Market

Construction is seen at a real estate project in Riyadh. (SPA)
Construction is seen at a real estate project in Riyadh. (SPA)

The Saudi capital underwent an unprecedented structural shift in its real estate market in 2025, driven by a forward-looking agenda led by Prince Mohammed bin Salman, Crown Prince and Prime Minister. Far from incremental regulation, the year’s measures amounted to a deep corrective overhaul aimed at dismantling long-standing distortions, breaking land hoarding, expanding affordable housing supply, and firmly rebalancing landlord-tenant relations.

Together, the decisions ended years of speculation fueled by artificial scarcity and pushed the market toward maturity, one grounded in real demand, fair pricing, and transparency.

Observers dubbed 2025 a “white revolution” for Saudi real estate. The reforms severed the link between property and short-term speculation, restoring housing as a sustainable residential and investment product. Below is a detailed outline of the most significant of these historic decisions:

1- Unlocking land, boosting supply

In March, authorities lifted restrictions on sale, subdivision, development permits, and planning approvals for 81 million square meters north of Riyadh. A similar decision in October freed another 33.24 million square meters to the west.

The Royal Commission for Riyadh City was also mandated to deliver 10,000 - 40,000 fully serviced plots annually at subsidized prices capped at SAR 1,500 per square meter, curbing price manipulation and offering real alternatives for citizens.

2- Rent controls and contractual fairness

To stabilize households and businesses, the government froze annual rent increases for residential and commercial leases in Riyadh for five years starting in September. Enforced through the upgraded “Ejar” platform, the move halted arbitrary hikes while aligning growth with residents’ quality of life.

3- Tougher fees

An improved White Land Tax took effect in August, extending beyond vacant plots to include unoccupied built properties. Annual fees rose to as much as 10% of land value for parcels of 5,000 square meters or more within urban limits, raising the cost of land hoarding and incentivizing prompt development.

4- Investment openness and digital governance

A revised foreign ownership regime allowed non-Saudis - individuals and companies - to own property in designated zones under strict criteria, injecting international liquidity. Transparency was reinforced by the launch of the “Real Estate Balance” platform, providing real-time price indicators based on actual transactions and curbing phantom pricing.

5- Quality and urban standards

Policy shifted from quantity to quality with mandatory application of the Saudi Building Code and sustainability standards for all new developments, ensuring long-term operational value and preventing low-quality sprawl.

Structural shift

Sector specialists told Asharq Al-Awsat the measures represent a qualitative leap in market management, moving Riyadh from a scarcity and speculation-led cycle to a balanced market governed by genuine demand, efficient land use, disciplined contracts, and transparent indicators.

Khaled Al-Mobid, CEO of Menassat Realty Co., said the reforms were timely and corrective after years of rapid price escalation. He noted early positives: slowing price growth, a return to realistic negotiations, increased supply in some districts, and better-quality offerings focused on intrinsic value rather than quick appreciation.

Abdullah Al-Moussa, a real estate expert and broker, described the steps as addressing root causes, not symptoms.

He observed a behavioral shift, especially in northern Riyadh, from “hold and wait” to reassessment, alongside calmer price momentum, renewed interest in actual development, and clearer rental dynamics.

Saqr Al-Zahrani, another market expert, told Asharq Al-Awsat that the reforms tackled structural imbalances by breaking artificial scarcity created by undeveloped land banks.

Opening vast tracts north and west and introducing market-wide indicators restored “organized abundance,” aligning prices with real demand and purchasing power without heavy-handed intervention, he remarked.

He added that recent months have seen weaker demand for raw land and stalled auctions, contrasted with rising interest in off-plan sales and partnerships with developers.

Banks, too, have reprioritized toward projects with operational viability, lifting overall supply quality despite a temporary slowdown in some transactions.

Consumers, meanwhile, are showing greater patience and interest in self-build options, signaling a maturing market awareness.

Outlook

Experts expect the effects to continue through 2027, delivering broad price stability with limited corrections in overheated locations rather than sharp declines.

Homeownership, especially among young buyers, is projected to rise as capital shifts from land speculation to long-term development.

The 2025 decisions were not short-term fixes but the launch of a new social and economic trajectory for Riyadh’s property market, redefining real estate as a housing service and value-adding investment, not a speculative vessel.

As Riyadh advances toward becoming one of the world’s ten largest city economies, its real estate reset offers a model for aligning regulation with quality of life, transparency, and sustainable growth.


Deal to Export Oil from Kurdish Region to Continue with No Issues, Kurdish Rudaw Reports

A staff at an oilfield holds the flag of Kurdistan. (X)
A staff at an oilfield holds the flag of Kurdistan. (X)
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Deal to Export Oil from Kurdish Region to Continue with No Issues, Kurdish Rudaw Reports

A staff at an oilfield holds the flag of Kurdistan. (X)
A staff at an oilfield holds the flag of Kurdistan. (X)

Kurdistan broadcaster Rudaw quoted the ​vice president of Iraq's state oil company SOMO as saying ‌on Saturday that ‌the ‌oil ⁠export ​deal ‌between Baghdad and Erbil is set to be renewed with ⁠out issues, Reuters reported.

In September, ‌Iraq restarted ‍the ‍export of ‍oil from its Kurdish region to Türkiye after ​an interruption of more ⁠than two years following a deal between Baghdad and the Kurdish regional government.