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.”



Oil Edges Higher after EU New Sanctions on Russia

A view shows oil pump jacks outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer/File Photo
A view shows oil pump jacks outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer/File Photo
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Oil Edges Higher after EU New Sanctions on Russia

A view shows oil pump jacks outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer/File Photo
A view shows oil pump jacks outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer/File Photo

Oil prices edged higher on Friday, heading for a small weekly loss, as investors weighed new European Union sanctions against Russia.

Brent crude futures climbed 50 cents, or 0.72%, to $70.02 a barrel as of 0912 GMT, US West Texas Intermediate crude futures gained 61 cents, or 0.9%, to $68.15 a barrel.

At those levels, the contracts were headed for a marginal weekly loss of 0.5% and 0.4% respectively, Reuters reported.

Investors mulled the potential impact on global oil balances of the EU's agreement on an 18th sanctions package against Russia over its war in Ukraine, which includes measures aimed at dealing further blows to Russia's oil and energy industries.

Its latest sanctions package will lower the G7's price cap for buying Russian crude oil to $47.6 per barrel, diplomats told Reuters.

"Neither the price cap for Russian oil nor adding shadow fleet tankers on a sanction list managed to disrupt Russian oil exports so far, so the market remains sceptical of the impact of the latest sanctions," UBS analyst Giovanni Staunovo said.

Investors are awaiting news from the US on possible further sanctions, after President Donald Trump earlier this week threatened sanctions on buyers of Russian exports unless Moscow agrees a peace deal in 50 days.

"Ultimately, it is now a matter of waiting for possible major changes in US sanctions and tariff policy," Commerzbank analysts said in a note.

Four days of drone attacks on oilfields in Iraqi Kurdistan that shut down half the region's output have supported prices, pushing both contracts up by $1 on Thursday.

The attacks "are bound to take their toll as the region’s output has been slashed from 280,000 bpd to around 130,000 barrels per day," said PVM analyst Tamas Varga.

Officials pointed to Iran-backed militias as the likely source of attacks this week on the region's oilfields, although no group has claimed responsibility.

Despite the attack, Iraq's federal government said on Thursday that Iraqi Kurdistan will resume oil exports through a pipeline to Türkiye after a two-year halt.