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Softbank, Sanabil Inject $125 Million in SMEs

Unifonic said it will continue its growth after the recent investment to expand internationally (Asharq Al-Awsat)
Unifonic said it will continue its growth after the recent investment to expand internationally (Asharq Al-Awsat)
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Softbank, Sanabil Inject $125 Million in SMEs

Unifonic said it will continue its growth after the recent investment to expand internationally (Asharq Al-Awsat)
Unifonic said it will continue its growth after the recent investment to expand internationally (Asharq Al-Awsat)

Saudi Arabia-based engagement platform Unifonic announced its half a billion Saudi riyal ($125 million) Series B funding round, led by SoftBank Vision Fund 2 and Sanabil Investments.

Less than three years after raising the largest Series A funding round in the Middle East at the time, Unifonic has quadrupled in size.

Unifonic plans to continue this growth trajectory and will be accelerating product development and hiring to expand into new markets around the globe whilst bolstering its leading market share across the Middle East.

“At Unifonic our mission has always been to empower organizations to engage and communicate seamlessly with their customers," highlighted Ahmed Hamdan, founder and CEO at Unifonic.

"Our team is our anchor and together we aim to continue this journey and serve our clients in the best ways possible.”

Managing Partner for SoftBank Investment Advisers Faisal Rehman said, “Our investment team on the ground in Riyadh has followed Unifonic for some time and we have witnessed first-hand the company’s progress in establishing significant market leadership in the Kingdom of Saudi Arabia."

"We look forward to supporting the Unifonic team in scaling the platform across the Middle East and other emerging markets.”

A spokesperson for Sanabil Investments added: “Unifonic is poised to play a significant role in accelerating digital transformation initiatives for public and private enterprise in the Middle East. And so, we wanted to be a part of their journey, resulting in one of our largest investments in high growth, a high-impact technology company in Saudi Arabia."

"We believe we can play a significant part in strengthening their strategic position and supporting their future international growth while aligning with the country’s vision of fostering innovation.”

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Arab Automotive Sector Attracts $25 Billion in Foreign Investments Over 22 Years

 A parking lot in Saudi Arabia (Asharq Al-Awsat)
 A parking lot in Saudi Arabia (Asharq Al-Awsat)
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Arab Automotive Sector Attracts $25 Billion in Foreign Investments Over 22 Years

 A parking lot in Saudi Arabia (Asharq Al-Awsat)
 A parking lot in Saudi Arabia (Asharq Al-Awsat)

The Arab Investment and Export Credit Guarantee Corporation (Dhaman) announced that the automotive sector in Arab countries has attracted 184 foreign projects, with a cumulative investment exceeding $25 billion and creating over 102,000 jobs from 2003 to October 2024.
Kuwait-based Dhaman explained, in its fourth sector report for 2024 issued on Sunday, that five Arab countries; Saudi Arabia, Morocco, UAE, Algeria, and Egypt accounted for 79% of the total projects in the automotive sector.
These projects represent an investment cost of more than $22 billion, with a share of 89% of the total sectoral investment, and have created over 91,000 jobs, with a share of 89% of the total.
The report focuses on four key aspects; the development and future of vehicle sales until 2028, foreign trade in vehicles and their components for 2023, in addition to foreign projects in the automotive sector, and assessing investment and business risks related to car sales activity in 2024.
China topped the list of investors in the Arab region, implementing 27 projects between 2003 and 2024, with an investment cost of nearly $8 billion and creating about 20,000 new jobs.
The report highlighted that the top 10 companies in the sector accounted for 41% of the new projects, with a share of 67% of total capital investments, and 58% of the new jobs created.
Japan's Nissan topped the number of new projects reaching 18 projects, with a share of 10% of the total.
However, the Chinese company Human Horizon Group topped in investment value, contributing $5.6 billion with a share of 22% of the total.
Meanwhile, the French company Renault topped in job creation, generating approximately 15,000 positions, with a share of 15% of the total jobs created in the sector.
The report also ranked investment incentives and risks in 16 Arab countries based on Fitch ratings, with Gulf Cooperation Council (GCC) countries leading the list.
Vehicle sales in the Arab region (16 countries) are expected to grow by over 5%, exceeding 2.3 million units by the end of 2024, with a share of 2.4% of global vehicle sales. This figure is expected to reach 3 million units by 2028.
Saudi Arabia, the UAE, Algeria, Morocco, and Kuwait collectively account for approximately 75% of total regional sales.
Private Cars
Private car sales in 12 Arab countries are forecasted to exceed 1.8 million units by the end of 2024, marking a 4.5% rise compared to 2023. Saudi Arabia leads this category with a 45% share of the market. The region's sales are expected to surpass 2.2 million vehicles by 2028, according to Fitch ratings.
The report indicated an increase in the regional vehicle fleet index, reaching an average of 307 vehicles per 1,000 inhabitants by the end of 2024, up by nine points.
This figure is expected to further rise to 353 vehicles per 1,000 inhabitants by 2028, with Libya and many GCC countries exceeding the regional average.
Arab foreign trade in road vehicles and their components increased by 23% in 2023, reaching $126 billion.
This growth was driven by a 29% rise in exports, totaling $29 billion, (bolstered by vehicle re-export activities valued at $14 billion in the GCC separately).
Imports increased by 21%, reaching $97 billion, with 82% of the total trade concentrated in five countries: the UAE, Saudi Arabia, Morocco, Iraq, and Kuwait, collectively accounting for $103 billion.
Japan topped the largest exporter of vehicles and components to the Arab region, recording exports valued at $17 billion, representing 17% of the total. Iraq emerged as the largest importer from the region, accounting for $10 billion 34% of total imports.
Personnel transport vehicles topped Arab imports of vehicles and components in 2023, valued at $63 billion, exceeding 65% of total imports. Vehicle parts and accessories followed, valued at $14 billion, contributing 14% to total imports.