Saudi Arabia-based re-commerce marketplace Soum has successfully raised $18 million in a Series A funding round, with Jahez leading the investment and participation from Isometry Capital, Khwarizmi Ventures, Alrajhi Partners, and Outliers Venture Capital. Founded in 2021 by Fahad Al Hassan, Fahad Albassam, and Bader Almubarak, Soum serves as a platform for SMEs and individuals to sell their secondhand products.

The latest funding will enable Soum to expedite its regional expansion plans and diversify beyond its core vertical of secondhand electronics. The company aims to broaden its offerings to include products ranging from collectibles to automobiles, tapping into a combined market worth $40 billion.

Since its inception, Soum has experienced remarkable growth, with sales increasing by 40 times and maintaining exceptional unit economics and customer satisfaction scores. The platform has facilitated transactions to and from over 150 Saudi cities, establishing a unified national marketplace for buying, selling, and discovering products with trust and convenience. The Soum app, launched less than two years ago, has garnered over 4 million downloads in the Kingdom of Saudi Arabia and is gaining traction in the United Arab Emirates.

Fahad Alhassan, Co-Founder & CEO of Soum, expressed the company's vision to be the go-to marketplace for buying and selling anything online with convenience and trust. The successful funding round reflects the dedication of the entire team and signifies the commencement of the next phase of growth, aligning with the mission to revolutionize online buying and selling.

Soum acts as a trusted intermediary for each transaction, alleviating the challenges faced by buyers and sellers in the MENA region when navigating spam-infested classified platforms. This approach ensures a seamless and secure transaction experience for all parties involved.

Abdulaziz Alhouti, Chief Investment Officer of Jahez, commended the remarkable achievements of the Soum team, emphasizing their dedication to innovation and customer satisfaction. The investment reflects confidence in Soum's potential to redefine the e-commerce landscape in the Middle East.

With the Series A funding as a catalyst, Soum is poised for continued growth, aiming to set new standards in innovation, customer satisfaction, and market impact in the Middle East. The Soum mobile app is available on the Apple App Store and Google Play Store, offering a seamless platform for buying and selling secondhand products with convenience and trust.

Source: News

Saudi Arabia-based fintech company Tameed has successfully secured a substantial $15 million in a Series A funding round, with Alromaih Investments leading the investment. Established in 2019 by Mohammed Al Alshaikh and Mohammed Alomayyer, Tameed specializes in providing SMEs with P2P Shariah-compliant financing options for their government contract purchases through its digital platform.

The infusion of new capital will enable Tameed to expedite its expansion and cater to the growing demand for its digital lending products. The company, which obtained its operating license from the Saudi Central Bank (SAMA) in January 2023, has been operating within SAMA’s FinTech SandBox. Tameed has facilitated SME funding exceeding SAR 400 million, serving investors and borrowers through a mobile app with 50,000 downloads, and achieving a growth rate exceeding 400%.

Tameed's commitment to providing transparent pricing and swift loan processing, completed within three business days through a fully digitalized process, has earned the trust of its clients. The company's focus on efficiency in processing and customization of services translates into tailored products aimed at supporting SMEs in fulfilling their purchase order commitments.

Mr. Mohammed Alomayyer, the CEO and co-founder of Tameed, expressed optimism about the Kingdom’s economic growth and emphasized Tameed's dedication to meeting the needs of SMEs by offering innovative funding products. He highlighted the addition of performance bond financing for projects to serve a wider range of SMEs and support their effective participation in major projects.

Mr. Omar Alromaih, the CEO of Investments at Alromaih Group, underscored the belief in the opportunity and the sector, expressing anticipation for Tameed's continued growth and expansion of investment and funding opportunities to address the financing needs of SMEs and bridge the funding gaps created by Vision 2030 programs and projects.

Furthermore, Alromaih Group's strategy focuses on diversifying investment tools and risk mitigation through acquisitions, transactions, and investment rounds into the FinTech Division, recognized as one of the most promising and targeted sectors in the Kingdom’s Vision 2030.

Mr. Mohammed Al Alshaikh, the co-founder of Tameed, emphasized that the funding round will facilitate the company's growth to serve investors and SMEs requiring funding while innovating on the best technologies and products. He highlighted the recent launch of an Auto-Invest product designed to enable busy investors to engage in short-term funding opportunities based on pre-configured investment preferences.

Source: News

Along these lines, the Expo 2023 Doha Organising Committee announced that the event has welcomed over two million visitors in less than 3 months.

Over the last three months, Expo 2023 Doha has established itself as a major destination in Qatar and the region, attracting visitors from all over the world and offering them a unique combination of environmental, cultural, and entertainment experiences, and reaffirming Qatar's commitment to sustainability and preserving the environment for future generations.

Along these lines, the Expo 2023 Doha Organising Committee announced that the event has welcomed over two million visitors in less than 3 months. This significant turnout is a testament to the global appeal of Expo 2023 Doha and Qatar's growing stature as a global hub for cultural exchange, innovation, and international collaboration in the areas of sustainability, environmental stewardship, and the fight against climate change.

“This significant turnout is a testament to the global appeal of Expo 2023 Doha and Qatar's growing stature as a global hub for cultural exchange, innovation, and international collaboration in the areas of sustainability, environmental stewardship and the fight against climate change,” the statement by the Organising Committee said.

The activities and exhibits at Expo 2023 Doha encompass a variety of themes, such as green innovation, traditional and modern agricultural techniques, sustainability strategies and best practices in horticulture and sustainable agriculture as well as activities designed specifically for families and children.

These have attracted thousands of visitors who enjoyed an unparalleled experience in the beautiful Al Bidda Park. The Organising Committee also ensured to offer programs that suit all tastes, which allowed visitors of all backgrounds, nationalities, and ages to discover enriching content that enlightens and inspires them to contemplate their potential role in building a greener and more sustainable future for our planet.

As far as global participation is concerned, the Organising Committee is proud to announce that nearly 80 countries and organisations have inaugurated their pavilions at Expo 2023 Doha, which is a major milestone given the importance of pavilions in highlighting each country’s culture and innovation and taking visitors on a magical journey involving beautiful landscapes, local agricultural practices and notable produce and handicrafts, which helps raise the public’s awareness and encourages community members to work towards a better future for all mankind.

“As we celebrate Expo 2023 Doha welcoming over two million visitors, we reaffirm our commitment to offering an enriching experience to all visitors that includes learning, engagement and celebrating our cultural and environmental diversity,” Haifa al-Otaibi, Director of Public Relations and Communication at Expo 2023 Doha, said.

“We continue to drive awareness of the Expo’s main themes: modern agriculture, technology and innovation, environmental awareness, and sustainability, given their pivotal role in the global journey of change where Qatar plays a leading role. In addition, and as part of our efforts to offer a comprehensive experience to all Expo visitors, we’ve ensured to organize activities and events for visitors of all ages and backgrounds in order to offer them the experience of a lifetime,” al-Otaibi added.

Source: Zawya

International investors no longer have to visit a Saudi embassy to get a visa to travel to the Kingdom after the process for applying for the permit was moved online.

The government have introduced the second phase of the “Investor Visitor” e-visa service, expanding its coverage from nearly 60 nations to include all countries worldwide, as reported by the Saudi Press Agency.

This e-visa can be used for multiple entries and has a validity period of up to one year. Some beneficiaries may receive access immediately, enabling them to explore investment opportunities in the Kingdom directly.

This service is part of the Kingdoms’s ongoing efforts to align with the Vision 2030 initiative, with a focus on improving the investment environment and facilitating the start of business activities.

Mohammed Abahussain, deputy of Integrated Investors Services at the Ministry of Investment, explained that the visa is designed to provide international prospects and employees of foreign entities the opportunity to apply for an electronic visitor visa through the ministry’s platform.

It will manage the application process and digitally issue the authorization through the unified national visa platform of the Ministry of Foreign Affairs, eliminating the need for physical visits to Saudi missions abroad for biometric data collection.

This expansion includes individuals from countries listed on the “Invest in Saudi Arabia” platform, those holding valid tourist or business visas from the US, the UK, or Schengen countries, and those with permanent residency in the US, the UK, or EU countries.

Additionally, individuals holding valid residency for a minimum of three months in the Gulf Cooperation Council countries and entities licensed by the Ministry of Investment for three immediate visas per year can also benefit.  

The Kingdom has seen a surge of over 135 percent in foreign investment licenses, reaching 2,192 permits during the third quarter of 2023 as part of a push to attract global businesses to set up operations in the Kingdom.

According to the Ministry of Investment, this is an increase of 1,261 licenses compared to the same period in 2022, excluding permits issued under the “Tasattur” anti-concealment campaign.

In the second quarter of 2023, the direct foreign investment balance in the Kingdom increased by 0.6 percent compared to the previous quarter, as shown in the ministry’s report for November 2023.

Total fixed capital formation experienced a 7 percent increase in the second quarter of 2023 annually, attributed to growth in both government and non-government sectors by 3.5 percent and 7.6 percent, respectively, during the same period.

The report also revealed that the capital of newly licensed factories in 2023 grew by 215 percent in the second quarter due to efforts to enhance industrial competitiveness, boost local content value, and support locally manufactured products.

Meanwhile, foreign trade experienced a 3.1 percent decline in the third quarter of 2023 annually, leading to a 55.4 percent decrease in the trade balance during the same period. This was mainly a result of a 31.8 percent decrease in total exports.

The data also indicated that government revenues reached approximately SR258.5 billion ($68.93 billion) in the third quarter of 2023, marking a 14.4 percent decrease on an annual basis, while government expenses totaled around SR294.3 billion in the third quarter, representing a 2.3 percent increase on an annual basis.

Source: Saudi Press Agency

The vibrant startup scene in the Middle East and North Africa (Mena) reached new heights in November 2023, as a historic wave of funding washed over the region. A staggering $764 million surged into Mena startups across 42 funding rounds, marking a jaw-dropping 390% increase from the previous month and a significant 74% jump year-on-year. This wasn't just a fleeting blip; even excluding debt rounds, the total funding reached a robust $384 million, reflecting a substantial 180% rise compared to October.

Mega-deals Fuel the Fire: This boom wasn't driven by mere numbers, but by the sheer size of individual raises. Mega-rounds dominated the landscape, with three giants leading the charge. Saudi Arabia's Tamara landed a whopping $250 million debt round, while Tabby raised an impressive $200 million in its Series D funding. Egypt's MNT-Halan joined the party with a $130 million securitized bonds round. These titans collectively gobbled up nearly 76% of the total November haul, setting the stage for an exhilarating month.

Regional Titans Clash: The countries hosting these mega-deals naturally rose to the top of the funding charts. Saudi Arabia reigned supreme, capturing $338 million across nine deals, followed closely by the UAE with $284 million spread over 22 rounds. Egypt secured a respectable third place with $130.5 million from five rounds. Startups in Kuwait, Morocco, Oman, and Tunisia shared the remaining spoils.

Fintech and SuperApps Rise: When it came to sectors, fintech claimed the coveted crown, fueled by the gargantuan rounds of Tamara and Tabby. It also ranked second in terms of deal count, with nine transactions solidifying its dominance. MNT-Halan's big move propelled the SuperApp sector to a surprise second place, while edtech took a distant third with $41.4 million, largely thanks to a single Saudi Arabian-based transaction. Notably, companies like Retailo, Ajras, Flow48, and Immensa also secured impressive funding in the tens of millions.

Global Eyes on MENA: The November boom wasn't solely a regional affair. Out of the 42 deals, 10 attracted direct global investment, with U.S.-based investors making significant contributions. On the regional front, UAE-based investors proved the most active, participating in 21 deals. Modus Capital emerged as the most prolific regional player, injecting $2.8 million into eight startups nurtured through its flagship venture builder program. Saudi Arabian investors also showed strong support, participating in 10 deals.

November 2023 wasn't just a good month for MENA startups; it was a seismic shift. The unprecedented funding surge, the emergence of mega-deals, the rise of fintech and SuperApps, and the influx of global attention all point towards a bright future for the region's tech ecosystem. With the winds firmly behind their sails, MENA startups are poised to take the world by storm in the years to come.

The final month of 2023 witnessed a remarkable transformation in the MENA investment landscape, fueled by a powerful wave of debt financing. Sixty startups across the region raised a staggering $1.15 billion, shattering previous records and marking a monumental 825% increase year-on-year. This surge wasn't just a momentary blip; it represented a significant 55% jump compared to November.

However, the story takes a fascinating twist when we dissect the numbers. A whopping $700 million of this total, an amount in itself larger than any previous monthly haul, is attributed to a single debt round raised by UAE-founded fintech giant Tabby, now headquartered in Saudi Arabia. Excluding this behemoth, the total funding stands at a still respectable $456 million, reflecting a healthy 18% rise month-on-month and an impressive 253% surge compared to the same period in 2022.

While the overall funding for 2023 remained relatively flat compared to 2022 at $3.9 billion, driven by a decrease in deal count and value when excluding debt, the year witnessed a dramatic shift towards alternative financing methods. 2023 saw a staggering 256% increase in the amount of debt raised compared to the previous year, highlighting a new trend in investor appetite.

December itself saw a bustling deal-making scene, with 60 transactions registered, up from 49 in November. This increase was mainly fueled by a notable rise in grants, concentrated in hubs like the UAE, Saudi Arabia, and Lebanon, and the graduation of startups from esteemed accelerator programs like Sanabil 500 and Techstars Riyadh.

Saudi Arabia retained its crown as the top destination for VC funding, riding the wave of mega-deals by Tabby and Tamara. Egypt followed at a distance, while the UAE saw a significant increase in deal volume despite a lower total value. Interestingly, cleantech emerged as the second-highest recipient of funding after fintech, fueled by initiatives like Soum's re-commerce platform and Zeroe's AI-powered carbon management solutions.

A worrying trend, however, remained the stark gender disparity in funding. Early-stage deals dominated the landscape, with accelerators playing a crucial role, but a staggering 99.1% of the funding went to male-led startups. Mixed founding teams and female-founded ventures continue to struggle for a larger share of the pie.

The month also saw several exciting developments beyond funding rounds. Four acquisitions and mergers marked a spirit of consolidation, while cleantech initiatives took center stage following COP28 in the UAE. Major players like PepsiCo, SABIC, and AstroLabs launched accelerator programs, Investcorp unveiled a $750 million climate tech fund, and The Dubai Future District Fund pledged substantial investments in carbon-reducing technologies.

Seventeen startups remained enigmatic, choosing not to disclose their funding amounts. For these ventures, a conservative estimate of $100,000 was assigned, demonstrating the potential for even greater growth within the undisclosed segment.

In conclusion, December 2023 wasn't just about numbers; it was about a paradigm shift. Debt financing emerged as a game-changer, cleantech gained momentum, and regional collaboration flourished. While challenges like gender disparity persist, the overall picture is one of immense optimism and boundless potential for the MENA startup ecosystem. The year may have ended, but the journey towards a transformative future has just begun.

UAE-based Modus Capital has announced the launch of eight new startups as part of its venture builder programme, investing $2.8 million across these newly-launched ventures.

These startups include JamaliBox, MDBX, Monet, Oscar, Seva, Sindbad, Stornest, and Your Social Smile.

Modus operates a network of venture builders anchored by a $50 million Venture Builder Fund with programmes located in Abu Dhabi, Riyadh, and Cairo.

The Modus’ venture-building approach involves a nine-month programme designed to empower established and new founders through financial and non-financial offerings, including mentorship and access to networking opportunities, among other resources.

Press release

Modus, the Venture Platform comprising VC funds, Venture Builders, and a Corporate Innovation arm in MENA, has announced the successful build and launch of eight startups from its Venture Builder (VB) programs in 2023, investing a total of $2.8M across these emerging companies.

The platform's venture building approach involves a nine-month program designed to empower founders to collaborate with Modus’ operational experts in co-building ideas into fully operational and investable companies. Throughout their participation, founders test and validate ideas, gain access to unparalleled tech support and strategic mentorship, while developing MVPs ready for the market.

Modus operates a network of venture builders anchored by a $50M Venture Builder Fund with programs located across the MENA region in Abu Dhabi, Riyadh, and Cairo. Each location has its own robust venture building frameworks, strategic goals, and serves as regional ecosystems for startups to build out scalable ideas and products, network and knowledge-share with fellow entrepreneurs, and ultimately drive innovation.

Startups across Modus’ VBs benefit from an investment, which includes a combination of capital and in-kind services. From supplementing product, marketing, engineering, design, research, and strategy teams to a dedicated budget for growth initiatives and market validation, Modus provides essential resources to ensure its startups have the best chance of success.

The eight startups built and launched are:

JamaliBox: A monthly beauty box subscription service that delivers curated beauty, skincare, and hair care products across the UAE.

MDBX: A Healthtech merging chronic condition care and medication management with a digital pharmacy linked to robotics.  

Monet: A revenue-based financing platform that allows companies to transform their revenue streams into upfront capital, instantly and without dilution.

Oscar: A tailored, automated sustainable procurement tool for the MENA region, considering local culture, business practices, and sensitivities.

Seva: An app that is designed to imitate and simplify the creation of the KHDA process in a user-friendly, digital setting.

Sinbad: A KYC solution for Umrah and emerging markets, giving suppliers the ability to view key data about their pilgrims through its AI-powered verifications.

Stornest: A digital tool that helps individuals plan and store their legacy information and documents to which designated beneficiaries get access in case of an untimely passing.

Your Social Smile: A dental digital marketing tool that modernizes dental experiences and helps improve communication and set procedural expectations between doctors and patients.

Awad Makkawi, Director of Venture Building at Modus said, “The growth of the startups in our VBs is a testament to the collaborative efforts between our founders and venture building experts. With the foundation set, I’m confident that their missions and products will resonate with customers and potential investors, paving the way for further success and funding.”

Modus will remain committed to supporting each startup, particularly with introductions to its network and facilitating access to follow-on investment opportunities from Modus’ VC fund and other investors.

In 2024, Modus is targeting the launch of 6-8 companies, leveraging a pre-existing pipeline of ideas and entrepreneurs in its venture builders. The platform is also welcoming new applications. Modus’ venture builders are nine month tailored programs.

Source: Mouds

Lebanon-based agritech Dooda Solutions is set to receive a $100,000 grant after being named the winner of this year’s PepsiCo Greenhouse Accelerator: Mena Sustainability Edition.

Founded in 2018 by Nada Ghanem, Dooda Solutions, specialises in producing premium-grade vermicompost, and organic fertilisers on a commercial scale. Its nutrient-rich vermicompost enhances soil fertility and improves crop productivity.

The six-month-long programme is held in partnership with the UAE Ministry of Climate Change and Environment (MOCCAE) and Food Tech Valley (FTV).

Press release

PepsiCo has announced Lebanon-based startup Dooda Solutions as the winner of the second iteration of its Greenhouse Accelerator Program: MENA Sustainability Edition, in partnership with the UAE Ministry of Climate Change and Environment (MOCCAE) and Food Tech Valley (FTV). Dooda Solutions was selected from over 180 applicants, following a rigorous multi-stage selection process and six-months of mentorship, and will receive a $100,000 grant, along with a host of other benefits, to scale their sustainable agricultural solution and grow their business.

Dooda Solutions, a woman-led earthworm farm, specialises in producing premium-grade vermicompost (organic fertilisers) at commercial scale. Its nutrient-rich vermicompost restores soil health by improving its structure, increasing nutrient availability, and enhancing microbial activity. In the program’s final stages, the team demonstrated a truly innovative and scalable solution with a commitment to pushing the boundaries of sustainable agriculture innovations.

The winner was announced at the closing ceremony held at Museum of the Future, following pitches and a product showcase by each startup. The event drew participation from His Excellency Eng. Mohammed Mousa Alameeri, Assistant Undersecretary for the Food Diversity Sector at the Ministry of Climate Change and Environment, and Lāth Carlson, Executive Director of Museum of the Future. The expert judging panel comprised His Royal Highness Prince Khaled bin Alwaleed bin Talal Al Saud, Founder and CEO of KBW Ventures; Sheikh Dr. Majid Al Qassimi, Founder & Partner of Soma Mater Management Consultancies; Wael Ismail, Vice President for Corporate Affairs at PepsiCo Africa, Middle East and South Asia; Alanoud Al Hashmi, CEO of SDG GLOBAL & Futurist; and George Shenouda, Africa Lead, Development and Investment at Masdar.

The program this year focused on sustainable agriculture in line with PepsiCo’s sustainability strategy, pep+ (PepsiCo Positive). The AgriTech industry in MENA has attracted around $250 million in funding in 2022, instilling confidence in regional start-ups and their innovation potential for sustainable agriculture.

The Greenhouse Accelerator Program has created new growth opportunities in this space, helping the startup ecosystem flourish.

“At the heart of our nation’s priorities lies the commitment to food security and sustainable agriculture. As we prepare to host the 28th United Nations Climate Change Conference, Conference of the Parties (COP28), later this month, we recognise the significance of addressing global challenges through innovation and collaboration. We are prioritising the acceleration of efforts to achieve the objectives of the UAE’s National Food Security Strategy 2051 through partnerships and solutions that bring a paradigm shift in the agricultural sector and food systems.

One such initiative is the Greenhouse Accelerator Program as it provides a stage for entrepreneurs and startups to shed light on their pioneering solutions, driving the cause of sustainability, while fostering innovation. I commend all participants for bringing forth their innovative solutions, and PepsiCo, Food Tech Valley, and all partners involved for their dedication to this initiative.

I’m confident that together, we will enhance the resilience and sustainability of the food sector – paving the way for a more sustainable future for all,” said His Excellency Eng. Mohammed Mousa Alameeri, Assistant Undersecretary for the Food Diversity Sector – Ministry of Climate Change and Environment.

“Building on the success of the first edition of our MENA Greenhouse Accelerator, this year marked a significant step towards accelerating progress in sustainable agriculture in the region. As part of our commitments to achieve net-zero emissions by 2040 and become net water positive by 2030, we are actively facilitating innovation to drive tangible change at scale. At PepsiCo, we are dedicated to supporting innovators and entrepreneurs who are at the forefront of sustainable solutions. By providing them with a wealth of resources and offering them a platform to showcase their solutions on global stages, such as at COP28, we want to help them thrive.

We’re excited about Dooda Solution’s potential to transform the regional agriculture sector and look forward to creating more opportunities for other promising startups that will have a lasting positive impact on society,” said Aamer Sheikh, CEO at PepsiCo Middle East.

“It is a huge honour to be recognised by PepsiCo’s Greenhouse Accelerator Program: MENA Sustainability Edition. This journey has been transformative, providing our business with invaluable insights, mentorship, and tools to refine and scale our sustainable agriculture solution.

The program’s extensive reach and network have helped us connect with like-minded entrepreneurs, potential partners, and investors who share our vision for sustainable agriculture, not only accelerating our growth but also reinforcing our commitment to driving sustainable change in the MENA region. We are excited about the journey ahead and remain committed to scaling our operations effectively to provide sustainable solutions to all,” said Nada Ghanem, Founder and Managing Director at Dooda Solutions.

All start-ups that participated in the program received an initial grant of $20,000 and one-on-one mentorship from PepsiCo and external partners over a six month span, who guided them on everything from research and development to business models, marketing, and fundraising.

In addition, six companies selected from both cohorts of the Greenhouse Accelerator Program: MENA Sustainability Edition will be featured in a dedicated showcase at COP28 in Dubai. The move will expand the growing businesses opportunities for growth and strengthen the program’s legacy.

Source: Wamda

The World Bank anticipated increase in the UAE's current account balance to 12.4% in 2023 and 11.8% in 2024

RIYADH: The World Bank has projected a 3.4% growth in the real Gross Domestic Product (GDP) of the UAE by the year 2023, with expectations of further increase to 3.7% in 2024.

According to the recently published World Bank Gulf Economic Update (GEU) report, the Bank anticipated the UAE's non-oil GDP growth to reach 4.5% in 2023, driven by strong performances in the tourism, real estate, construction, transportation, and manufacturing sectors, along with increased capital expenditure. Meanwhile, the oil GDP is expected to grow by 0.7% in 2023, rising to 3.6% in 2024.

The World Bank anticipated increase in the UAE's current account balance to 12.4% in 2023 and 11.8% in 2024. The UAE is expected to achieve a surplus in the fiscal balance by 5.2% in 2023 and 4.6% in 2024.

According to the report, the Gulf Cooperation Council (GCC) region is estimated to grow by 1% in 2023 before picking up again to 3.6 and 3.7% in 2024 and 2025, respectively. This growth compensated for by the non-oil sectors, which are expected to grow by 3.9% in 2023 and 3.4% in the medium term supported by sustained private consumption, strategic fixed investments, and accommodative fiscal policy.

Khaled Alhmoud, Senior Economist at the World Bank, said that the diversification and the development of non-oil sectors has a positive impact on the creation of employment opportunities across sectors and geographic regions within the GCC.

“GCC countries have witnessed a remarkable increase in female labour force participation,” said Johannes Koettl, Senior Economist at the World Bank. “Saudi Arabia’s achievements in advancing women’s economic empowerment in just a few years is impressive and offers lessons for the MENA region and the world.”

According to the report, the Saudi private sector workforce has grown steadily, reaching 2.6 million in early 2023. Additionally, the labour force participation of Saudi women more than doubled in a span of six years, from 17.4% in early 2017 to 36% in the first quarter of 2023.

Source: zawya

The comprehensive study, spanning 19 markets worldwide, delves into the preferences and behaviors of consumers in the KSA, providing valuable insights into their outlook compared to their global counterparts

JEDDAH — In a positive spot in the world, Saudi Arabia radiates an optimistic glow, as a remarkable 71% of its population expresses confidence in the future. Surpassing the global average of 43%, this buoyant consumer sentiment unfolds in the latest Toluna Global Consumer Barometer.

The comprehensive study, spanning 19 markets worldwide, delves into the preferences and behaviors of consumers in the KSA, providing valuable insights into their outlook compared to their global counterparts.

The research indicates that a substantial 64% of KSA residents report heightened satisfaction with their current life and a greater sense of optimism about their future, surpassing the global average of 45%.

However, a noteworthy 25% of residents express concerns over personal financial security, attributing them to prevailing global and economic circumstances.

In response to economic uncertainties, KSA residents are taking proactive steps in financial planning. Notably, 29% plan to reduce spending on books and magazines, recognizing the abundance of online resources.

Similarly, 28% intend to cut back on luxury product or service expenses, while 24% will trim their entertainment and subscription budgets.

Additionally, 22% are opting to dine out less, 22% will curtail leisure activities and hobbies, 19% plan to spend less on vacation holidays, and 20% will refrain from buying new cars.

Looking ahead, the study sheds light on anticipated grocery shopping behavior in the next three months. Key drivers for KSA consumers include price, health, product availability, and quality.

Moreover, 45% of shoppers plan to reduce unnecessary purchases, and 39% will compare prices online and offline.

Other strategies include shopping more often to avoid waste and secure the best deals (31%), visiting more stores in search of value (28%), shopping less often but in bulk (30%), switching to cheaper brands (26%), and adjusting the number of snacks purchased (28%).

Georges Akkaoui, enterprise account director & office leader MEA at Toluna, commented on the findings, stating, "These findings reflect the current economic sentiment and consumer behavior in the KSA.

“Amidst positive signals, consumers are seeking value and reliability in their choices. Brands prioritizing quality, affordability, and sustainability will resonate most with today's savvy shoppers."

The study also outlines anticipated spending behavior in the coming quarter, with 26% planning to allocate more towards groceries, 19% towards mobile phones, 26% towards vitamins and minerals, 23% towards food takeaway, 19% towards sports and fitness, 18% towards life insurance, private health insurance (19%), and gaming (15%).

Source: Zawya