Kholoud Hussein 

For decades, Saudi Arabia was viewed primarily through the lens of hydrocarbons. Today, it is increasingly positioning itself as a capital provider and policy driver in the global climate finance landscape. The shift is neither rhetorical nor symbolic. It is structural, anchored in fiscal capacity, sovereign strategy, and a deliberate attempt to align energy transition goals with long-term economic diversification.

At the center of this transformation stands the Public Investment Fund (PIF), supported by national policy under Saudi Vision 2030. Together, they are shaping how capital flows into renewable energy, carbon management, sustainable infrastructure, and climate-aligned technologies both domestically and internationally.

The scale of ambition is significant. What is emerging is not simply an environmental strategy, but a financial architecture designed to mobilize and deploy climate-linked capital at scale.

From Energy Producer to Climate Capital Allocator

Saudi Arabia’s climate finance trajectory is closely tied to its economic diversification agenda. Under Vision 2030, the Kingdom aims to generate 50 percent of its electricity from renewable sources by 2030. Achieving that target requires not only infrastructure but structured financing mechanisms capable of attracting domestic and international investors.

PIF, whose assets under management exceed $700 billion according to its most recent annual disclosures, has increasingly embedded sustainability criteria into its investment strategy. In 2022, the fund established a Green Finance Framework aligned with international standards, enabling it to issue green bonds and sukuk dedicated to environmentally sustainable projects.

Since entering the green debt market, PIF has raised billions of dollars earmarked for renewable energy, sustainable water management, clean transportation, and green buildings. These issuances signal to global markets that Saudi Arabia intends to participate in climate finance not merely as a policy beneficiary, but as an issuer and allocator of capital.

Saudi Finance Minister Mohammed Al-Jadaan has repeatedly emphasized that economic diversification and sustainability are intertwined. The transition to a greener economy, he has noted in international forums, represents a structural growth opportunity rather than a constraint.

The Saudi Green Initiative and Capital Deployment

The Saudi Green Initiative provides the policy umbrella for much of the Kingdom’s climate finance activity. Announced in 2021, the initiative includes commitments to reduce carbon emissions, expand renewable energy capacity, and plant billions of trees across the region.

Saudi Arabia has pledged to achieve net-zero emissions by 2060 through a circular carbon economy approach, which integrates carbon reduction, reuse, recycling, and removal. This model allows the Kingdom to invest simultaneously in renewables, carbon capture, and hydrogen technologies.

Recent government disclosures estimate that Saudi Arabia plans to invest more than $180 billion toward sustainable development and climate-related projects by 2030. This includes renewable power generation, grid expansion, energy efficiency upgrades, and emerging technologies such as carbon capture and green hydrogen.

Energy Minister Prince Abdulaziz bin Salman has consistently framed the transition as pragmatic and investment-led, emphasizing that emissions reduction and energy security must advance together.

Hydrogen, Renewables, and the Scale of Investment

One of the most capital-intensive components of Saudi Arabia’s climate finance deployment is green hydrogen. The PIF-backed NEOM Green Hydrogen Company is developing what is projected to become one of the world’s largest green hydrogen production facilities. The project carries an estimated investment value of approximately $8.4 billion and is expected to produce up to 600 tons of carbon-free hydrogen per day upon completion.

Beyond hydrogen, Saudi Arabia has awarded contracts for multiple gigawatts of solar and wind projects under the National Renewable Energy Program. Renewable energy investments alone are projected to exceed $50 billion over the next decade as the Kingdom scales toward its 2030 electricity targets.

Battery storage is also expanding rapidly. As renewable penetration increases, large-scale storage projects are being deployed to stabilize the grid and manage intermittency. These systems require sophisticated financing structures, creating space for blended finance models that combine sovereign backing with private capital participation.

Financial Markets and Green Instruments

Climate finance in Saudi Arabia is not confined to sovereign spending. Domestic banks are increasingly offering sustainability-linked loans and green sukuk to fund clean energy, sustainable real estate, and energy efficiency projects.

The Saudi Exchange has strengthened ESG disclosure requirements, encouraging listed firms to align with global reporting standards. Institutional investors, both domestic and international, are now integrating climate risk assessments into portfolio strategies.

This evolution is critical. Climate finance, to scale effectively, must move beyond public expenditure and become embedded in mainstream financial markets. Saudi Arabia appears intent on building that ecosystem.

The Startup Ecosystem: Innovation Within the Climate Economy

While sovereign funds provide scale, startups provide agility. Saudi Arabia’s expanding climate finance architecture is generating opportunity for early-stage companies operating in emissions tracking, energy optimization, sustainable mobility, and resource efficiency.

CarbonSifr is one example. The company offers carbon accounting platforms that allow businesses to measure and manage their emissions footprint. As regulatory and investor scrutiny increases, demand for credible emissions data is growing.

Similarly, NOMADD focuses on digital energy performance solutions, helping industrial clients optimize energy consumption and reduce waste. These efficiency gains translate directly into emissions reductions and cost savings.

Other startups are working in water management, smart grid analytics, and AI-driven infrastructure optimization. As Saudi Arabia expands renewable capacity and sustainable urban development projects, demand for these technologies is expected to rise.

Venture capital flows into the Kingdom have grown steadily in recent years, and climate tech is emerging as a distinct vertical. The combination of sovereign backing, regulatory clarity, and market scale gives Saudi startups operating in climate-related sectors strong growth potential over the coming decade.

Market Outlook and Investment Projections

Saudi Arabia’s climate finance trajectory is no longer speculative. It is measurable, multi-layered, and accelerating.

Independent market estimates project that the Kingdom’s renewable energy sector alone could exceed $12 billion annually within the next decade, driven by large-scale deployments of solar, wind, and battery storage. When hydrogen, carbon capture, grid modernization, water sustainability, green construction, and energy efficiency upgrades are included, cumulative climate-aligned investments could reasonably surpass $200 billion by the early 2030s.

However, the composition of this investment is what matters most.

1. Utility-Scale Renewables: Scale With Secondary Markets

Saudi Arabia’s target of generating 50 percent of electricity from renewables by 2030 implies adding tens of gigawatts of capacity over the coming years. Utility-scale solar projects remain the backbone of deployment, supported by wind farms in strategically viable regions.

Projected capital allocation in this segment over the next decade is expected to exceed $50–70 billion, including grid integration and storage infrastructure.

While large developers and sovereign-backed entities dominate project execution, this scale creates secondary markets that startups can serve, including:

• Asset performance monitoring
• AI-based solar yield forecasting
• Predictive maintenance platforms
• Drone-based inspection systems
• Grid balancing software

As renewable penetration increases, grid complexity rises. Startups specializing in optimization algorithms, demand forecasting, and distributed energy management systems are well-positioned to scale alongside infrastructure expansion.

2. Hydrogen and Industrial Decarbonization: High Capital, High Complexity

Green hydrogen represents one of the most capital-intensive pillars of Saudi Arabia’s climate strategy. Beyond the estimated $8.4 billion investment in the NEOM hydrogen facility, additional projects are expected across industrial clusters.

Hydrogen production is only the beginning. The broader ecosystem includes:

• Electrolyzer manufacturing
• Storage and transport solutions
• Export logistics
• Industrial conversion systems
• Carbon capture integration

This complexity creates a fertile environment for startups developing niche technologies such as efficiency optimization software for electrolysis, hydrogen-compatible materials, or digital tracking systems for carbon intensity certification.

Industrial decarbonization more broadly — including cement, steel, petrochemicals, and refining — presents another major investment wave. As Saudi industries face global pressure to reduce embedded carbon in exports, climate-tech startups offering emissions analytics, carbon capture enhancements, and process optimization tools may see sustained demand.

3. Carbon Markets and ESG Infrastructure

Saudi Arabia’s circular carbon economy framework signals growing interest in carbon management mechanisms. As voluntary carbon markets develop regionally, capital deployment is expected in:

• Carbon credit verification platforms
• Blockchain-based tracking systems
• Measurement, reporting, and verification (MRV) software
• Nature-based carbon offset initiatives

Startups in this space could fill credibility and transparency gaps. Companies like CarbonSifr illustrate the early-stage development of emissions tracking infrastructure. As regulatory clarity increases, growth in this segment could accelerate significantly.

Estimates suggest that carbon market-related financial flows in the region could reach several billion dollars annually by the early 2030s, depending on global carbon pricing developments.

4. Grid Modernization and Energy Storage

Battery storage installations are expected to expand rapidly as renewable penetration rises. Large-scale storage deployments require integrated software systems for load management, arbitrage optimization, and resilience planning.

This segment alone could attract tens of billions of dollars in capital over the next decade, particularly as smart grid systems evolve.

Startups can compete in:

• Battery lifecycle analytics
• Storage performance optimization
• AI-powered grid dispatch tools
• Vehicle-to-grid integration systems
• Microgrid design for industrial zones

These technologies are capital-light relative to infrastructure projects but critical to performance outcomes, making them attractive to venture investors.

5. Sustainable Urban Development and Green Construction

Saudi Arabia’s large-scale urban projects under Vision 2030 integrate sustainability requirements into design and construction. Green buildings, water efficiency systems, district cooling technologies, and smart mobility infrastructure are expected to drive billions in additional climate-aligned investment.

This area opens opportunities for startups developing:

• Smart building management systems
• Water reuse and efficiency technologies
• Low-carbon construction materials
• Digital twins for urban sustainability planning

As regulatory standards tighten and global investors assess ESG metrics, sustainable construction technologies are likely to experience strong demand growth.

Where the Gaps Remain

Despite strong capital deployment, several structural gaps present an opportunity:

1. Localized Climate Data Infrastructure
   Saudi-specific emissions baselines, climate risk analytics, and industrial carbon intensity datasets remain underdeveloped. Startups can build localized intelligence platforms tailored to regional industries.
2. SME Decarbonization Solutions
   Large corporations may access sustainability consultants and global software platforms, but small and medium enterprises often lack affordable tools. Scalable, subscription-based emissions tracking and energy optimization tools could fill this gap.
3. Climate Insurance and Risk Modeling
   As infrastructure investments grow, demand for climate risk assessment and parametric insurance products will increase. Fintech-climate hybrids could emerge in this space.
4. Talent and Technical Advisory Platforms
   Climate finance requires specialized skills in carbon accounting, green bond structuring, and sustainability reporting. Digital marketplaces connecting experts to projects may gain traction.

Growth Potential: From Niche to Core Sector

Saudi Arabia’s startup ecosystem has matured rapidly, with venture capital investment reaching record levels in recent years. As climate finance frameworks become institutionalized, climate-tech could evolve from a niche vertical into a core investment category.

Over the next decade, climate-aligned startups in Saudi Arabia could see compound annual growth rates exceeding 25–35 percent in segments such as energy analytics, carbon accounting, and grid software.

The advantage for Saudi-based startups lies in proximity. They operate within a market undergoing rapid regulatory change, sovereign-backed capital deployment, and infrastructure expansion. That alignment reduces market entry barriers and shortens sales cycles relative to markets where policy support is uncertain.

A Capital Cycle in Motion

What distinguishes Saudi Arabia’s climate finance strategy is not just the scale of funding, but its integration across sovereign funds, public markets, private banks, and venture capital channels.

If current trajectories hold, by the early 2030s, Saudi Arabia could rank among the leading emerging-market hubs for climate capital deployment, particularly in hydrogen, solar, and industrial decarbonization.

For startups, the message is clear. The next decade will not be defined solely by infrastructure construction. It will be shaped by the digital systems, analytics tools, efficiency platforms, and financial innovations that make that infrastructure viable and profitable.

In that environment, climate finance is not just about funding projects. It is about building an ecosystem — and startups may prove to be some of its most agile architects.

From Oil Capital to Climate Capital

Saudi Arabia’s role in climate finance is not defined by rhetoric but by capital allocation. The Kingdom is leveraging its fiscal strength to influence the direction of energy investment, support technological innovation, and reshape its economic identity.

The transformation remains complex. Balancing hydrocarbon revenues with decarbonization goals requires disciplined policy coordination and sustained financial commitment. Yet the trajectory suggests that Saudi Arabia is moving deliberately toward embedding climate considerations into sovereign strategy, capital markets, and private-sector development.

If successfully executed, this approach could redefine the Kingdom’s global positioning. Rather than being seen solely as an energy exporter, Saudi Arabia may increasingly be recognized as a climate capital allocator, shaping how emerging markets finance their transition.

In an era when capital determines the pace of decarbonization, that shift may prove to be one of the most consequential chapters in the Kingdom’s economic evolution.

Kholoud Hussein 

In the startup world, speed has always mattered. But over the past decade, the definition of speed has changed. It no longer means launching fast and scaling recklessly. It means learning fast. That shift in mindset sits at the heart of what is known as the lean startup.

The lean startup approach, popularized by entrepreneur and author Eric Ries in his book The Lean Startup, challenges traditional business planning. Instead of spending years developing a product in isolation and then bringing it to market, the lean model encourages founders to build quickly, test early, and adapt continuously.

At its core, a lean startup is a method for reducing risk. It is not about being cheap. It is about being efficient with time, capital, and effort.

The Problem with Traditional Startup Thinking

Historically, startups followed a predictable script. Write a detailed business plan. Raise capital. Build a full-featured product. Launch. Market aggressively. Hope customers respond.

The flaw in this sequence is simple: it assumes the founders already know what customers want. In reality, many early-stage assumptions are wrong. Markets shift. Customer behavior surprises. Product features that seemed essential often prove irrelevant.

When companies discover these mismatches too late, the cost is high. Resources are exhausted. Investors lose confidence. The company collapses under the weight of untested assumptions.

The lean startup framework was designed to prevent that outcome.

The Build–Measure–Learn Loop

The lean methodology revolves around one continuous cycle: build, measure, learn.

First, build a minimum viable product (MVP). This is not a prototype for internal discussion. It is a basic, usable version of the product that allows real customers to interact with it. The goal is not perfection. The goal is feedback.

Second, measure how customers respond. Do they use the product as expected? Do they return? Are they willing to pay? Which features matter most?

Third, learn from the data. If assumptions prove incorrect, the company pivots. If evidence supports the hypothesis, the company iterates and improves.

This loop continues until the business finds product–market fit, the point where demand becomes consistent and measurable.

Validated Learning Over Vanity Metrics

A defining characteristic of lean startups is their focus on validated learning. Growth in social media followers or website traffic may look impressive, but those metrics do not always reflect real demand or sustainable revenue.

Lean startups concentrate on actionable metrics: customer acquisition cost, lifetime value, retention rate, and conversion rate. These numbers provide insight into whether the business model works at scale.

By grounding decisions in data rather than optimism, founders reduce uncertainty and avoid expensive missteps.

Capital Efficiency as Strategy

The lean approach also reshaped how startups think about capital. Instead of raising large amounts of funding to execute a fixed plan, lean startups treat capital as fuel for experimentation.

Small, controlled tests replace large, irreversible bets. Marketing campaigns are piloted before expansion. Features are released incrementally rather than all at once. Hiring follows traction, not projections.

This discipline often extends the runway, the amount of time a startup can operate before running out of cash. More runway means more opportunities to refine the model and reach profitability.

The Pivot: A Strategic Reset

One of the most misunderstood elements of lean startups is the pivot. A pivot is not a failure. It is a structured course correction based on evidence.

Some of the most successful companies began with entirely different ideas. What distinguishes lean startups is their willingness to change direction early, before resources are depleted.

A pivot might involve targeting a new customer segment, altering the pricing model, or simplifying the product offering. The decision is not emotional. It is data-driven.

Why Lean Still Matters

More than a decade after its introduction, the lean startup methodology remains central to modern entrepreneurship. In a business environment defined by uncertainty, speed alone is not enough. Precision matters. Adaptability matters.

Lean startups succeed not because they avoid failure, but because they fail intelligently and early. They treat uncertainty as a variable to manage rather than a threat to fear.

In an era where capital markets fluctuate and competition intensifies, the lean mindset offers something valuable: a structured way to build companies grounded in evidence, discipline, and continuous learning.

For founders navigating today’s volatile markets, that may be the most sustainable advantage of all.

Noha Gad

Saudi Arabia’s total agricultural imports recorded 18,762 thousand tons in 2024. Since the launch of Vision 2030, the Kingdom has pursued an ambitious strategy to reduce reliance on imported products by enhancing local production and providing high-quality alternatives, particularly in the fresh produce market.

At the forefront of this shift is Grove, a Riyadh-based agricultural technology startup. Positioning itself as a consumer brand, Grove leverages technology to create a demand-driven supply chain that connects farms directly to markets and households while minimizing waste and maximizing quality.

In an exclusive interview with Co-founder Mohammed Bin Ghannam, Sharikat Mubasher delved into how Grove is revolutionizing the fresh produce sector in Saudi Arabia, the key challenges it addresses, and its plans for market expansion. Ghannam also shared his vision for the future of the market both within the Kingdom and globally, outlining the key trends set to define its trajectory.

Grove describes itself as a consumer brand connecting farms, markets, and households. Can you walk us through how Grove's technology and operations enable this coordination?

At its core, Grove is solving a flavor and variety problem created by how traditional supply chains are designed. Because the system is optimized for predictability, shelf-life, and intermediaries, not end-consumer taste, farmers are pushed toward limited varieties and harvest timing that prioritizes transport and handling over ripeness. The result is a product that is often picked too early, travels too long, and reaches households with muted flavor and inconsistent eating quality.

Grove's technology changes that by turning real consumer demand into farm-level decisions through what we call a grade-to-channel system. We start by analyzing multi-channel demand, what people buy through our app, what retailers need, and what B2B clients order, then translate that into precise production planning at the farm level. This means farmers know what to plant, when to harvest, and which quality standards to meet before the season even starts.

On the operations side, we have built an integrated system that handles everything from harvest planning and quality grading to cold-chain logistics and last-mile delivery. Our software generates accurate harvest schedules days in advance based on real-time demand, and our routing algorithms ensure each grade is directed to the best-fit outlet based on quality specs and customer requirements.

What makes this work is vertical coordination. We are not a marketplace that just connects buyers and sellers. We operate as one extended system where farms, logistics partners, and sales channels share data and processes. This allows coordinated decisions across the entire chain, from soil to doorstep, so supply is shaped by real consumer demand instead of intermediary convenience.

What are the main challenges facing the fresh-produce market in Saudi Arabia, and how does Grove address them?

The biggest challenge is structural, not operational. The traditional supply chain was designed to move volume through intermediaries, not to deliver quality to consumers. This creates four major problems.

First, there is a massive quality gap. Most produce is harvested too early to survive the long journey through wholesale markets and distribution centers. Tomatoes arrive firm but flavorless. Strawberries are red but lack sweetness. Consumers pay premium prices but receive mediocre products optimized for travel, not taste.

Second, variety is extremely limited. The assortment on supermarket shelves does not match how people actually cook or eat. Generic varieties dominate because they fit standard supply chain flows, reflecting what intermediaries are comfortable managing rather than what kitchens actually need. What is surprising is that almost all imported products have local alternatives that are often far superior, closer to consumers, fresher, and in many cases cheaper to produce. But farmers do not know this, and even if they did, wholesale market brokers will not risk pushing new products into the market.

Third, there is zero transparency. Information about origin, handling, and farming practices is minimal. Without transparency, consumers cannot verify that their produce is safe or grown responsibly. They are forced to trust a system that has no accountability.

Fourth, food waste is massive; up to 30% of fresh produce is wasted in the traditional chain. When consumers purchase produce days after harvest, a significant portion of its usable lifetime has already elapsed. The result is spoilage in refrigerators, a hidden cost that makes cheap produce expensive.

Grove addresses these challenges through our demand-driven operating model. We partner directly with farmers through our Agri-Marketing service, which handles sales planning, coordinated planting and harvest, certified quality standards, cold-chain logistics, and guaranteed market access. This allows farmers to prioritize quality over volume because they know their entire harvest will be absorbed across appropriate channels.

For consumers, this means fresher, riper produce with full traceability. Our direct pathway eliminates premature harvesting, ripens fully, and reaches customers faster. We also solve the variety problem by moving the "what should be farmed" decision downstream, giving end consumers agency and input. That demand signal flows back upstream to farmers, giving them confidence that expanding into local alternatives will have commercial success.

The results speak for themselves. Our repeat-purchase rate is nearly 48%, and our food waste remains under 5%. These metrics prove that prioritizing quality and aligning with farmers aren't just idealistic goals, they lead to superior commercial performance.

How does Grove's unique demand-driven approach position the company to meet the rising demand for premium, organic, and specialty produce?

The traditional supply chain cannot meet premium demand effectively because it is built for volume and commoditized pricing. Grove starts from actual consumer demand and works backward to production planning. When we see demand for organic strawberries or specialty herbs, we translate that signal directly to farmers with clear guidance and guaranteed market access.

Our multi-channel structure de-risks farmer adoption. Premium grades go to our DTC channel at quality-aligned prices, while lower grades move through wholesale at fair value. This blended economics gives farmers confidence to invest in quality and specialization.

How does Grove contribute to reducing food waste in line with Vision 2030's food security objective?

Grove contributes to reducing food waste at three levels. At production, our grade-to-channel system helps ensure full harvest absorption; every kilogram finds its optimal market. At distribution, we harvest to order based on real-time demand, keeping our operational waste under 5% versus industry averages of 20-30%. At consumption, our produce arrives with a more usable lifetime intact, and we've designed packaging for smaller households and modern lifestyles.

Beyond operations, we are working to strengthen local production by proving Saudi farms can produce high-quality alternatives to imports. Our partnerships span the Kingdom, from Tabuk to Al-Hasa, Al-Jouf to Al-Qassim, contributing to a more resilient domestic supply chain that reduces import dependence. As part of the broader ecosystem, when we reduce waste, we are helping increase supply while optimizing the use of Saudi Arabia's rich agricultural resources, contributing to the Kingdom's vision for sustainable food security.

Grove recently closed a $5 million seed round. How will this new capital accelerate the company's growth strategy?

This is Grove's first institutional funding since we began operations in mid-2024, led by Outliers VC. The capital will be deployed across three priorities: deepening farm integration and partnerships, scaling logistics and fulfillment infrastructure, including cold-chain and regional fulfillment centers, and investing in technology systems that coordinate production planning, harvest scheduling, and demand forecasting.

Does Grove's long-term expansion plan include entering into regional and international markets?

Our current focus is on expanding within Saudi Arabia. We serve Riyadh today and are progressing toward additional cities across the Kingdom.

Finally, how do you see the future of the fresh-produce sector in Saudi Arabia, and what are the key trends that will reshape it?

The fresh-produce sector in Saudi Arabia is at an inflection point. Several converging trends are reshaping the market, and companies that understand and adapt to these trends will define the future of the industry.

The first trend is changing consumer behavior. Families are smaller, live in smaller homes, and work longer hours relative to previous generations. This has pushed fruit and vegetable consumption slightly out of diets, not because people don't want fresh produce, but because they have less time to cook, less time to visit central markets for better selection, and they need smaller quantities that don't match traditional market buying sizes. The future belongs to companies that can make fresh produce more convenient, more accessible, and better suited to modern lifestyles.

The second trend is rising quality expectations. Consumers are becoming more health-conscious, more informed, and more willing to pay for quality, traceability, and sustainability. They want to know where their food comes from, how it was grown, and whether it's safe. The traditional opacity of supply chains won't be acceptable in the future. Transparency and trust will become competitive advantages, not just nice-to-haves.

The third trend is technology adoption. Agriculture has historically been resistant to change, but that's shifting. Farmers are increasingly open to data-driven decision-making, precision agriculture, and partnerships that reduce risk and improve outcomes. The companies that can provide farmers with actionable insights, guaranteed market access, and operational support will win farmer loyalty and secure a reliable supply.

The fourth trend is sustainability and food security, driven by Vision 2030. The government is investing heavily in local agriculture, water efficiency, and reducing food waste. Companies that align with these national priorities, by strengthening local production, reducing waste, and building resilient supply chains, will benefit from policy support and consumer preference.

The fifth trend is consolidation and vertical integration. The fragmented, intermediary-heavy supply chains of the past are inefficient and unsustainable. The future will see more vertically coordinated systems where technology enables direct connections between farms and consumers, cutting out unnecessary intermediaries and reallocating value to the people who actually create it, farmers and consumers.

At Grove, we are building for this future. We are not just a produce delivery company. We are building the infrastructure for a demand-driven, tech-orchestrated agricultural system that aligns the incentives of farmers, consumers, and the market. We believe that is the future of fresh produce, not just in Saudi Arabia, but globally.

The companies that will succeed in this future are those that solve real structural problems, not just offer incremental improvements. That is what Grove is doing. 

Kholoud Hussein 

In the sands of the Arabian Peninsula, a quiet but consequential transformation is underway. For decades, Saudi Arabia’s economic identity was anchored almost entirely to oil. Today, that identity is being deliberately reshaped. At the center of this shift is the Public Investment Fund (PIF), the Kingdom’s sovereign wealth fund, which has become a primary engine for renewable energy expansion and technology-driven innovation.

What distinguishes Saudi Arabia’s transition is not only its scale, but its speed and coordination. Renewable energy, once peripheral to national planning, is now a strategic pillar under Vision 2030, the Kingdom’s long-term economic diversification program. PIF’s role has evolved accordingly, from a financial steward of national wealth to an active architect of future industries.

A Strategic Push Toward Renewables

Saudi Arabia has set an ambitious target: 50 percent of its electricity generation to come from renewable sources by 2030. This goal reflects both environmental necessity and economic pragmatism. The Kingdom’s vast solar and wind potential offers a natural advantage, while rising global demand for clean energy positions renewables as a growth sector rather than a concession.

Progress is already visible. Through the National Renewable Energy Program (NREP), Saudi Arabia has awarded contracts for more than 4.5 gigawatts of solar and wind capacity, representing investments totaling more than 9 billion Saudi riyals. Utility-scale solar parks and wind farms are being developed across multiple regions, laying the foundation for a diversified energy mix.

PIF has been instrumental in this rollout. Through its stake in ACWA Power and partnerships with international developers, the fund is helping deliver large-scale renewable projects while also driving local value creation. Recent joint ventures backed by PIF aim to localize the manufacturing of solar panels, wind turbine components, and related equipment, reducing dependence on imports and strengthening domestic supply chains.

Beyond power generation, Saudi Arabia is placing a major bet on green hydrogen. The PIF-backed NEOM Green Hydrogen Company is developing what is expected to be the world’s largest green hydrogen facility, powered entirely by renewable energy. The project positions the Kingdom as a future exporter of clean fuels, extending its energy leadership beyond oil and gas.

Financing the Energy Transition

Delivering projects of this scale requires not only ambition, but financial innovation. PIF has established a Green Finance Framework aligned with international sustainability standards, enabling it to raise capital specifically for environmentally responsible investments.

Since entering the green bond market, PIF has issued debt instruments whose proceeds are earmarked for renewable energy, clean transportation, and sustainable infrastructure. These issuances serve a dual purpose. They attract global investors seeking climate-aligned assets while embedding environmental criteria into the Kingdom’s broader financial strategy.

This approach reflects a shift in Saudi Arabia's view of capital markets. Sustainability is no longer treated as a reputational exercise, but as a mechanism for long-term value creation and economic resilience.

Technology as a Force Multiplier

Renewable energy capacity alone does not guarantee efficiency or reliability. Technology is what turns infrastructure into a functioning system, capable of balancing supply and demand, managing intermittency, and delivering power at scale.

Here, Saudi Arabia’s broader push into digital transformation intersects directly with its energy ambitions. PIF has emphasized the integration of artificial intelligence, automation, and data analytics across its portfolio companies. In its latest reporting, the fund highlighted dozens of digital initiatives launched to improve operational performance and decision-making.

These efforts create demand for specialized technologies, from grid optimization software to predictive maintenance systems. As renewable capacity expands, the complexity of managing power flows increases, opening the door for innovation well beyond traditional energy engineering.

The Startup Layer

While PIF-backed megaprojects dominate public attention, much of the system-level innovation is emerging from startups. These companies are not competing with large utilities or developers. Instead, they operate at the operational edge of the energy transition, supplying tools and services that enable efficiency, transparency, and scalability.

Energy efficiency and sustainability software is one such area. Startups like NOMADD are developing digital platforms that help organizations monitor energy use, identify inefficiencies, and improve performance. As Saudi companies face increasing pressure to meet ESG standards and disclose emissions data, demand for such solutions is growing rapidly.

Water and energy management represent another critical intersection. In a country where water scarcity is a structural challenge, startups such as H2O Innovation Arabia are delivering smart water treatment and management solutions that reduce energy consumption across industrial and municipal systems. This capability becomes even more important as hydrogen production and large-scale cooling systems expand.

Distributed solar is also gaining momentum. Companies like Green Watt focus on designing, installing, and monitoring solar systems for commercial and industrial clients. These solutions complement utility-scale projects by allowing businesses to reduce energy costs, lower emissions, and improve resilience without waiting for grid-level changes.

Climate-tech startups are emerging to address compliance and measurement. CarbonSifr, for example, provides carbon accounting and emissions management tools that help organizations quantify and reduce their environmental footprint. As Saudi Arabia advances toward net-zero goals, such platforms are becoming essential for energy-intensive sectors navigating regulatory and investor scrutiny.

On the technical front, startups such as Amiralab Energy Solutions are applying AI-driven analytics to power generation and grid performance. Predictive maintenance and asset optimization tools help operators manage the variability of renewable energy while reducing downtime and operating costs.

Together, these startups form a connective layer between national strategy and on-the-ground execution. They bring speed, specialization, and experimentation into an ecosystem otherwise dominated by large-scale infrastructure.

Policy Intent and Official Signals

Saudi officials have been explicit about the strategic intent behind this approach. The goal is not only to deploy renewable energy, but to build an integrated ecosystem that supports technology transfer, localization, and private-sector growth.

“These agreements are part of PIF’s efforts to adopt the latest technologies in renewable energy and increase local content in energy projects,” said Yazeed Al-Hamid, Vice Governor and Head of MENA Investments at PIF, in a recent statement. “They contribute to making the Kingdom a global center for renewable energy technology.”

Such messaging sends a clear signal to startups and investors alike. Participation in Saudi Arabia’s energy transition is not limited to large international players. There is room — and intent — to cultivate local innovation.

Market Potential and Growth Outlook

The commercial opportunity is substantial. Independent market research projects Saudi Arabia’s renewable energy market — including generation, storage, and supporting technologies — to grow from under $1 billion today to more than $12 billion by the early 2030s, representing one of the fastest growth rates globally.

Battery storage is a particularly dynamic segment. Saudi Arabia installed nearly 3 gigawatts of grid-scale battery capacity in a single year, reflecting the growing need to balance solar and wind output. This expansion creates opportunities for startups focused on storage optimization, energy management software, and modular systems for industrial users.

Beyond energy, the transition is expected to generate hundreds of thousands of jobs across construction, manufacturing, technology, and services. For a country with a young population, this alignment between sustainability and employment is politically and economically significant.

Challenges on the Road Ahead

Despite the momentum, challenges remain. Renewable penetration, while growing, still lags behind global leaders. Startups entering the sector must navigate regulatory complexity, long procurement cycles, and competition from established multinationals.

There is also the broader question of execution. Delivering projects on time, integrating new technologies, and maintaining cost discipline will determine whether ambition translates into lasting impact.

Yet the direction of travel is clear. By anchoring its energy transition in both capital and innovation, Saudi Arabia is attempting something few countries have done at this scale: reengineering an energy economy while building entirely new industries alongside it.

A New Energy Narrative

Saudi Arabia’s renewable energy push is not about replacing oil overnight. It is about expanding the country’s economic base and future-proofing its role in a changing global energy system.

Through PIF, the Kingdom is deploying capital, shaping markets, and creating space for startups to grow. The result is an ecosystem where megaprojects and small innovators coexist, each reinforcing the other.

In that sense, Saudi Arabia’s energy transition is not just a shift in power generation. It is a redefinition of how a resource-rich nation prepares for a low-carbon future — and who gets to help build it.

Ghada Ismail

Every startup commences its journey with an idea. Some ideas are clever. Some are perfectly timed. A few even feel like they could change an industry. But here’s the reality most founders discover pretty quickly: having a good idea isn’t the hard part anymore.

The hard part is keeping that idea yours.

In today’s crowded startup world, once you build something valuable, others will notice. Competitors copy. Bigger players move faster. Well-funded companies enter your space. That’s when one uncomfortable question shows up:

What stops someone else from doing this better?

That question is all about ‘Defensibility’.

What Defensibility Actually Means

Defensibility is your startup’s ability to hold its ground over time. It’s not about being first to market. And it’s definitely not about having the flashiest product.

It’s about being hard to replace.

A defensible startup gets stronger as it grows. More customers make the product better. More usage creates smarter systems. Deeper integrations make it painful to switch away. Over time, competitors don’t just have to match your product; they have to overcome everything you’ve already built.

The Defensibility Traps Founders Fall Into

Many founders believe their startup is defensible because they have:

• A great product
• Strong execution
• Early traction
• A compelling brand story

All of these help. None of them are enough on their own.

Great products get copied. Execution advantages don’t last forever. Early traction attracts competition. Brand takes years—and serious money—to truly protect you. These things help you get started, but they don’t guarantee survival.

Real defensibility usually sits below the surface.

Where Real Defensibility Comes From

One of the strongest forms of defensibility is network effects. When your product becomes more valuable as more people use it, new competitors face a tough uphill climb. Marketplaces, payment platforms, and collaboration tools often benefit from this.

Another is data, but only the right kind. Startups that collect unique, hard-to-replicate data can improve their product in ways others can’t. This matters a lot in AI-driven businesses, but only if the data truly improves outcomes and isn’t easily available elsewhere.

Switching costs also matter. If your product becomes deeply embedded in how customers work—through workflows, integrations, or processes—leaving becomes expensive and risky. This is common in B2B software, fintech platforms, and enterprise tools.

In regulated industries, compliance and licensing can become a strong shield. Fintech, healthtech, and infrastructure startups often spend years navigating approvals. That effort alone can discourage competitors from entering the space.

Finally, scale can protect you. If growing larger significantly lowers your costs or improves your margins, latecomers struggle to compete without burning cash.

Defensibility Is Built Over Time

A common myth is that startups must be defensible from day one. That’s rarely true.

Early on, speed matters more than protection. Learning fast, serving customers, and refining the product should come first. Defensibility grows as you accumulate trust, users, data, partnerships, and credibility.

Your Market Choice Matters More Than You Think

Some markets make defensibility easier. Others fight you every step of the way.

If you’re operating in a space with low switching costs, no network effects, and endless substitutes, you’ll need near-perfect execution just to survive. On the other hand, markets tied to infrastructure, regulation, or ecosystems give you more room to build long-term advantages.

While a good market won’t guarantee success, a bad one can make defensibility almost impossible.

Defensibility Is a Founder Mindset

Defensibility isn’t just about technology. It’s about how founders think.

Strong founders constantly ask:
What gets stronger as we grow?
What becomes harder for competitors over time?
Where does our leverage come from?
What would a well-funded rival struggle to copy?

These questions shape everything, starting from product decisions to pricing, partnerships, and hiring.

To Wrap Things Up…

Defensibility doesn’t mean being unbeatable. It means being harder to beat every year.

In a world where money moves fast and ideas spread even faster, the startups that last aren’t always the first or the loudest. They’re the ones quietly building advantages that stack over time.

So here’s the question every founder should sit with:

If your startup disappeared tomorrow, how easy would it be for someone else to replace it?

If that question makes you uneasy, that’s a good thing. It means you know where the real work needs to begin.

Noha Gad

Companies in the world of business grow through careful planning and friendly agreements. Leaders talk about partnership, shared goals, and future success. Yet there exists a more aggressive path to growth, where such collaboration is not welcome, and the fight for control is direct and fierce. This path is defined by a direct and forceful attempt to seize control against the clear wishes of the existing leadership.

This action is known as a hostile takeover. It happens when a company tries to buy another company against the wishes of its leaders, unlike friendly takeovers, where both companies agree. The buyer ignores the management and appeals directly to the company's owners and shareholders. It is a high-stakes contest that can change companies, industries, and careers.

What is a hostile takeover?

A hostile takeover happens when an entity takes control of a company against the wishes of the company's management. The company being acquired in a hostile takeover is called the target company, while the one executing the takeover is called the acquirer. 

This strategy requires the entity to acquire and control more than 50% of the company’s voting shares, allowing the new majority shareholders to control the acquired business. Key parties of a hostile takeover are: the buyer, the company or group that wants control; the target company, the firm being bought, whose leaders resist with plans and lawsuits; the shareholders; the owners who hold shares; and the regulators, government bodies that check for fair play and market rules.

How does it work?

A hostile takeover follows set steps in which the buyer acts with care and speed. These steps are:

       * Selecting and reviewing the target. The buyer chooses a company, then checks the share price, debt, and profits. The worth of the target company must be more than its market value.

       * Buying shares. The buyer starts with small purchases, using brokers to stay hidden.

       * Making a public offer. In this step, the buyer goes public, files with the regulations, and offers cash for shares.

       * Raising funds. The buyer can raise money through multiple options, including its own cash reserves, issuing new shares, securing loans, or partnering with banks and investors.

       * Proxy fight (if needed). If the offer does not succeed, the buyer launches a proxy fight by seeking shareholder votes to elect new board members, which allows changes to company rules that favor the takeover.

       * Securing approvals. In this step, regulators review and approve the deal to ensure compliance with antitrust laws and market protections.

       * Taking control. By securing over 50% of shares, the buyer can assume control, appoint new leadership, and complete the acquisition.

Defense strategies against hostile takeovers

Companies can follow different strategies to prevent unwanted hostile takeovers. These strategies are:

       -Differential Voting Rights (DVRs). Through this strategy, the company can establish stock with differential voting rights (DVRs), where some shares carry greater voting power than others. This makes it more difficult to generate the votes needed for a hostile takeover if management owns a large portion of shares.

       -Employee Stock Ownership Program (ESOP). The ESOP involves using a tax-qualified plan in which employees own a substantial interest in the company. Employees can be more likely to vote with management.

       -Crown Jewel. In this defense strategy, a provision of the company’s bylaws requires the sale of the most valuable assets if there is a hostile takeover, thereby making it less attractive as a takeover opportunity.

       - Poison Pill (officially known as a shareholder rights plan). This tactic allows existing shareholders to buy newly-issued stock at a discount if one shareholder has bought more than a stipulated percentage of the stock, resulting in a dilution of the ownership interest of the acquiring company. There are two types of poison pill defenses: the flip-in and flip-over. A flip-in allows existing shareholders to buy new stock at a discount if someone accumulates a specified number of shares of the target company, while the flip-over strategy allows the target company's shareholders to purchase the acquiring company's stock at a deeply discounted price if the takeover goes through.

Hostile takeovers produce both positive effects and serious issues for companies, shareholders, and markets, often sparking debate about their overall value. They unlock higher value for shareholders by offering premiums on shares that reflect the company's true worth, while driving better operations through new leadership that cuts waste and boosts efficiency in areas like fintech innovation. On the other side, they carry risks such as job losses when the buyer reduces staff to lower costs and a focus on short-term gains that ignores long-term growth plans. Some view hostile takeovers as healthy competition that rewards strong owners, whereas others see them as predatory actions that harm workers and stable businesses.

Finally, the path of the hostile takeover presents a different and more confrontational alternative. This process, defined by the direct acquisition of a target company against the expressed wishes of its leadership, unfolds as a high-stakes contest for control, fundamentally reshaping organizations and markets. These takeovers can serve as a powerful instrument of market discipline; however, they carry significant negative consequences.

Ultimately, hostile takeovers embody the tension between the aggressive pursuit of opportunity and the principles of corporate autonomy and strategic continuity. While it can act as a catalyst for positive change and value creation, it also represents a potentially disruptive and predatory force.

Kholoud Hussein 

In the world of startups, few concepts are as feared or as misunderstood as the “Death Valley Curve.” The term sounds dramatic, but it describes a very real and common phase in a young company’s life. Many promising startups do not fail because their ideas are bad. They fail because they cannot survive this critical stretch between early promise and sustainable growth.

The Death Valley Curve refers to the period when a startup’s expenses consistently exceed its revenues, often for longer than expected. On a financial graph, cash flow dips deep into negative territory before it has a chance to recover. If the company runs out of cash before reaching profitability or securing new funding, the journey ends there.

This phase usually appears after initial product development and early market entry. Founders may have validated an idea, built a minimum viable product, and even signed their first customers. But revenues remain modest, while costs rise sharply. Salaries, marketing spend, infrastructure, compliance, and customer acquisition all add pressure. At the same time, investor enthusiasm may cool if growth is slower than projected.

The danger of the Death Valley Curve lies in its timing. Startups often enter it with confidence, assuming revenue growth will accelerate quickly. In reality, sales cycles are longer, customer acquisition costs are higher, and operational complexity increases faster than planned. The result is a widening gap between cash coming in and cash going out.

Avoiding the Death Valley Curve entirely is rare. Managing it successfully is the real goal.

One of the most effective ways startups can reduce risk is by maintaining disciplined cash management from day one. This means knowing exactly how long the company’s runway is and regularly updating that forecast. Founders should be able to answer a simple question at any time: how many months can we operate if no new revenue or funding arrives? Startups that track this closely can make early adjustments rather than react in crisis mode.

Another critical strategy is pacing growth deliberately. Many startups fail not because they grow too slowly, but because they grow too fast. Hiring aggressively, expanding into multiple markets, or building features before demand is proven can push costs higher without increasing revenue. Smart startups focus on the few activities that directly support customer acquisition and retention, and delay everything else.

Customer validation also plays a central role in surviving this phase. Startups that listen closely to users and adapt quickly are more likely to reach product-market fit before cash runs out. This often means saying no to custom requests that do not scale, refining pricing models early, and ensuring the product solves a real, recurring problem. Revenue quality matters as much as revenue volume.

Access to capital is another factor, but it should not be the only safety net. Relying on future funding rounds without demonstrating progress is risky, especially during tighter market conditions. Investors increasingly look for evidence of traction, efficient use of capital, and a clear path to sustainability. Startups that can show improving unit economics are in a much stronger position to raise funds in the Valley.

Finally, leadership mindset matters. Founders who acknowledge the Death Valley Curve as a normal phase are better prepared to handle it. This includes transparent communication with teams, realistic goal setting, and the willingness to make hard decisions early. Cutting costs or pivoting strategy is far easier when done proactively rather than under pressure.

The Death Valley Curve is not a sign of failure. It is a test. Startups that survive it do so by combining financial discipline, focused execution, and constant learning. Those that emerge on the other side are often stronger, more resilient, and better equipped for long-term success.

Ghada Ismail

Mining is no longer a background industry in Saudi Arabia’s economic story. As the Kingdom works to reduce its dependence on oil, mining has moved to the forefront of its diversification agenda. Under Vision 2030, the sector is being positioned as the third pillar of Saudi Arabia’s industrial economy, standing alongside oil and petrochemicals. According to the Ministry of Industry and Mineral Resources, the Kingdom’s untapped mineral wealth is valued at more than SAR 9.3 trillion, including gold, copper, phosphate, bauxite, rare earth elements, and other critical minerals that are increasingly essential to the global energy transition and advanced manufacturing.

This push comes at a moment when global demand for minerals is accelerating, driven by renewable energy technologies, electric vehicles, and the digital infrastructure powering modern economies. Saudi Arabia sees an opportunity to establish itself as a major global mining hub. But turning geological potential into long-term value is not straightforward. Mining in harsh desert environments, often far from major population centers, is capital-intensive and operationally complex. Staying competitive requires smarter, safer, and more sustainable ways of working.

This is where artificial intelligence is beginning to change the game.

Across the mining value chain, AI is emerging as a powerful enabler, spanning early-stage exploration to daily operations, safety management, and environmental monitoring. By embedding AI into mining processes, Saudi companies are improving productivity, cutting costs, and making faster, better-informed decisions. At the same time, this shift is opening the door to a broader innovation ecosystem, drawing in startups, research institutions, and technology providers eager to help shape the future of mining in the Kingdom.

AI in Exploration and Operations

Mineral exploration has always been a high-risk, high-cost endeavor. Traditional methods rely on years of geological surveys, drilling campaigns, and lab analysis, often with no guarantee of a viable discovery. AI is helping tilt the odds.

Machine learning models can now process vast volumes of data—satellite images, geophysical surveys, and decades of historical records—to identify patterns that would be nearly impossible for humans to detect. These systems can flag promising areas for exploration with greater accuracy, allowing companies to focus their investments where the likelihood of success is highest and avoid unnecessary drilling.

Saudi Arabian Mining Company (Ma’aden), the Kingdom’s flagship mining firm, has been actively exploring AI-driven tools to enhance exploration and resource modeling. By integrating advanced analytics into its workflows, Ma’aden has improved its ability to assess ore quality, estimate reserves, and shorten exploration timelines, making investment decisions more efficient and data-driven.

Once a mine is operational, AI continues to deliver value. Autonomous equipment and robotics are increasingly taking on tasks that were once labor-intensive and dangerous. Self-driving haul trucks, AI-assisted drilling systems, and automated processing plants are enabling more consistent, around-the-clock operations with reduced human exposure to risk.

Downtime is another costly challenge in mining. AI-powered predictive maintenance systems help address this by continuously monitoring equipment performance through sensors and real-time data feeds. Instead of reacting to breakdowns after they happen, operators can anticipate failures, schedule maintenance in advance, and extend the life of critical machinery. The result is lower operating costs and more reliable production.

Back in 2023, a notable initiative in this context is Ma’aden’s partnership with OffWorld, which develops AI-driven swarm robotic systems for autonomous mining tasks. These robots can perform repetitive or hazardous operations with minimal human intervention, enhancing safety and operational precision while enabling fully automated mining workflows in the Kingdom.

AI is also transforming ore processing and refining. Intelligent systems can adjust processing parameters on the fly based on the composition of incoming ore, improving recovery rates while reducing waste. For Saudi Arabia, where maximizing the value of each extracted resource is central to long-term sustainability, these efficiencies are particularly important.

AI in Safety and Sustainability

Mining will always carry inherent risks, but AI is helping make worksites safer and more controlled. Advanced monitoring systems now allow operators to oversee conditions across vast and often remote mining sites in real time.

AI-powered cameras, drones, and computer vision tools can detect structural weaknesses, monitor equipment behavior, and flag unsafe practices before they escalate into serious incidents. Video analytics, for example, can identify whether workers are complying with safety protocols, helping reduce accidents without relying solely on manual supervision.

Automation also plays a role in safety. Remote-controlled and autonomous machinery reduces the need for workers to operate in high-risk environments such as deep underground tunnels or extreme heat zones. This not only lowers accident rates but also improves precision and operational consistency.

Environmental sustainability is another area where AI is making a tangible impact. Mining can place heavy demands on water, energy, and land resources, especially in arid regions like Saudi Arabia. AI-driven systems help companies monitor and manage these impacts more effectively.

Water optimization tools analyze usage patterns in processing plants and recommend ways to reduce consumption without compromising output. Energy management systems adjust power usage in response to operational needs, cutting waste and lowering emissions. Satellite imagery and drone-based monitoring enable companies to track land rehabilitation efforts, detect pollution risks early, and ensure compliance with environmental regulations.

These capabilities align closely with Saudi Arabia’s broader sustainability ambitions and its goal of setting higher standards for responsible mining.

Industry Ecosystem and Opportunities

The rise of AI in Saudi mining is not just benefiting large corporations. It is also creating space for startups, technology firms, and research institutions to play a meaningful role.

Lithium Infinity (Lihytech), for example, a Saudi mining tech company, is developing advanced lithium extraction solutions, targeting minerals essential for batteries and the global energy transition. While AI is not yet native to their operations, these technologies are highly compatible with AI-driven optimization and automation.

Incubated by King Abdullah University of Science and Technology (KAUST), Lihytech represents a growing ecosystem where innovation meets industrial needs. With government programs supporting AI adoption and workforce development, startups like Lihytech have a chance to bridge technology gaps and accelerate the Kingdom’s journey toward smart mining.

Opportunities are emerging in areas such as geological data analytics, drone-based surveying, autonomous systems, and digital twins—virtual replicas of mining operations that allow companies to simulate scenarios, test improvements, and optimize workflows without disrupting live operations.

Challenges Are Still Ahead

At the same time, where the field is rich in opportunities, challenges remain. One of the biggest is data fragmentation, with geological and operational information often spread across disconnected systems. Startups specializing in data integration and AI compatibility could play a key role in bridging these gaps.

Workforce readiness is another hurdle. As mining becomes more data-driven, demand is growing for skills in AI, automation, and digital systems. Training platforms, simulation tools, and AI-enabled upskilling solutions will be essential to preparing the next generation of mining professionals.

Government support is helping accelerate this transition. The Ministry of Industry and Mineral Resources has been actively promoting digital transformation across the sector, while programs under Vision 2030 aim to localize mining technologies and encourage collaboration between miners and tech providers. Initiatives such as the Saudi Geological Survey’s National Geological Database are improving access to critical mining and geological data, enabling researchers, investors, and industry players to make more informed decisions. The National Industrial Development and Logistics Program (NIDLP) is supporting the sector by fostering innovation, local technology adoption, and integration across industrial value chains. Meanwhile, the Kingdom’s National Strategy for Data and AI, led by SDAIA, provides a strong framework for adopting AI technologies across industrial sectors, including mining, helping drive digital transformation and long-term competitiveness under Vision 2030.

Recent Industry Milestone
The sector’s momentum was highlighted at the fifth Future Minerals Forum, held in Riyadh in January 2026, which drew over 21,500 participants from governments, investors, and technical experts worldwide. The forum, themed “Dawn of a Global Cause,” showcased Saudi Arabia’s growing role as a hub for responsible mineral development and innovation. Over the course of the event, participants signed 132 agreements and memoranda of understanding worth approximately USD 26.6 billion, covering exploration, financing, R&D, innovation, and sustainability initiatives. Key recommendations emphasized accelerating the adoption of advanced technologies, strengthening regulatory frameworks, expanding investment incentives, and fostering global collaboration to secure resilient and sustainable mineral supply chains. The forum’s outcomes underline the Kingdom’s commitment to both technological innovation and long-term sustainability in mining.

Conclusion

Artificial intelligence is rapidly reshaping Saudi Arabia’s mining sector, changing how minerals are discovered, extracted, and processed. By improving exploration accuracy, streamlining operations, enhancing safety, and strengthening environmental stewardship, AI is helping the industry overcome long-standing challenges.

Beyond operational gains, AI is also catalyzing a broader innovation ecosystem, creating new opportunities for startups, technology providers, and research institutions to contribute to the Kingdom’s mining ambitions. Backed by government support and growing private sector investment, Saudi Arabia is steadily building a smarter, more resilient mining industry.

As global competition for critical minerals intensifies, the Kingdom’s AI-driven approach offers a compelling model for sustainable and technology-led resource development. By combining vast mineral resources with advanced digital capabilities, Saudi Arabia is not just diversifying its economy but also redefining what modern mining can look like in the decades ahead.

Noha Gad

Commerce worldwide is entering a new era where artificial intelligence (AI) agents not only assist but also act. Agentic commerce represents a fundamental shift from manual clicks to autonomous, goal-driven systems that can reason, plan, and transact on behalf of users. Unlike traditional automation, AI agents operate through a complete cognitive cycle: possessing goals, memory, and specific instructions, offering enormous potential for companies to transform their operations as never before. Agentic AI represents a sophisticated framework with tools and protocols that enable intelligent systems to interact seamlessly with other systems, agents, and humans. 

In Saudi Arabia, the e-commerce sector is booming. According to recent figures by the Saudi Central Bank (SAMA), online spending via Mada cards surged to SAR 90.9 billion in the fourth quarter (Q4) of 2025. This growth is driven by a young, tech- savvy population and extensive Internet access. In recent years, the retail experience has been transformed by the move from cash to digital payments. The emergence of agentic commerce in Saudi Arabia will bring an era of hyper-personalized, automated shopping experience, where AI agents can anticipate needs, show the best choices, restock essentials, and manage purchases in real time.

“Agentic commerce could be highly rewarding for retailers ready to seize its opportunities and efficiencies. Merchants that act now will put themselves in a strong position to prosper,” said Rob Cameron, Global Head of Visa Acceptance Solutions. In his recent article, Cameron highlighted the Kingdom’s efforts to embrace new shopping ways. In 2024, non-cash retail transactions in the Kingdom reached 79%, surpassing Vision 2030’s target of 70%. He emphasized that Saudi residents are likely adopt agentic commerce with the same enthusiasm, highlighting that the challenge for merchants will not just be to deliver the goods, but to do so in ways that keep both human and silicon shoppers coming back.

How it works

Saudi Arabia views agentic AI as a booster for the national economy, as SDAIA’s ALLaM model and HUMAIN localizing tech for different industries, notably e-commerce. Agentic commerce in the Kingdom centers on AI agents autonomously managing shopping, payments, and supply chains, triggered by Vision 2030's digital economy goals and high non-cash transaction rates. AI agents execute full shopping journeys, from need anticipation and deal negotiation to payments, shifting from shopper-led to agent-led processes with human oversight at key points such as approvals. For merchants, those agents enable hyper-personalization, restocking, fraud detection, and back-office tasks, such as invoicing, ultimately bolstering customer engagement via chatbots and recommendations. 

Saudi Arabia is an ideal proving ground for agent-driven cross-border commerce, thanks to a combination of national payment strategies, digital infrastructure readiness, and regulatory ambition, represented in fintech sandboxes. 

Unlike traditional e-commerce, where shoppers manually execute every step, agentic commerce transforms the shopping process into agent-led execution, where AI agents handle tasks autonomously on the user's behalf, according to predefined instructions, only waiting for human approvals on final steps like payment or substitutions. Additionally, agentic systems elevate AI to proactive autonomy, using shopper constraints to add items to carts, negotiate deals, or resolve issues, such as out-of-stock swaps, adapting in real-time via APIs. 

Agentic commerce could be highly rewarding for Saudi retailers across several key areas:

• Double revenue and conversion growth. AI agents can boost cart conversions and reduce cancellations through proactive interventions like real-time guidance and deal negotiations.
• Enhance operational efficiency. By automating inventory management, dynamic pricing, and catalog updates, AI agents minimize manual effort and enable real-time decisions, ultimately cutting inventory costs.
• Improve customer experience. Hyper-personalization at scale fosters loyalty by anticipating needs, guiding multi-channel journeys, and handling post-purchase support, shortening decision cycles.
• Prevent fraud and reduce risks. Real-time fraud detection via agent verification and cryptographic checks secures payments, while backend agents manage settlements.

Challenges and Concerns

The path to implementing agentic commerce in Saudi Arabia presents distinct challenges that must be carefully addressed for successful adoption:

• Regulatory and compliance hurdles. Retailers face challenges in encoding SAMA and Zakat, Tax and Customs Authority (ZATCA) regulations into AI agents to ensure autonomous transactions comply with local payment rules, such as Mada authentication, without human intervention. Data sovereignty demands under SDAIA guidelines require agents to process Arabic data locally, complicating cross-border remittances flow; thus, merchants must adapt application programming interface (APIs) for agentic access, as traditional sites risk invisibility to AI shoppers scanning for real-time pricing and stock.
• Technical integration and adoption barriers. Legacy systems hinder agent integration, with many Saudi small and medium-sized enterprises (SMEs) lacking open APIs for dynamic pricing or inventory. Additionally, reskilling the human workforce could be a major challenge for merchants transitioning from manual e-commerce to overseeing autonomous systems. 
• Consumer trust. Successful adoption of agentic commerce in Saudi Arabia hinges on overcoming key barriers to consumer trust, which stem from privacy risks, accountability gaps, and a lack of transparency. These issues require specific, proactive mitigations.
• Privacy concerns. Autonomous agents require extensive user data, raising fears about compliance with the SDAIA's Personal Data Protection Law and general data security.
• Accountability gaps. Errors in agent-led transactions create ambiguity over liability, demanding updates to frameworks to address non-human actors.
• Transparency and bias. A lack of clarity in AI decisions, coupled with risks of cultural bias in Arabic-language models, fails to meet the expectations of mobile-savvy Saudi consumers accustomed to manual control.

The question is not whether agentic commerce will arrive in Saudi Arabia, but whether it will become the defining force of the Kingdom's next economic chapter. The foundations are certainly strong: a booming digital payments infrastructure, a strategic national vision actively promoting technological adoption, and a young, mobile-first population eager for innovation. The potential rewards for Saudi retailers are transformative, enabling doubled conversion rates, streamlined operations, and an unprecedented hyper-personalized customer experience that builds lasting loyalty. 

The future of agentic commerce in Saudi Arabia hinges on navigating critical challenges: regulatory integration, technical interoperability, and, above all, building robust consumer trust.

Ultimately, the trajectory of agentic commerce in the Kingdom will be decided by a strategic collaboration between retailers, regulators, and technologists to build an agentic future that is not only efficient and profitable but also secure, trustworthy, and authentically aligned with Saudi consumer values. 

Ghada Ismail

In startup fundraising, cash is important, but momentum is everything. That’s why the first serious “yes” in a funding round tends to carry a significant weight. This is the investor everyone talks about, references in meetings, and quietly relies on to unlock the rest of the round. That investor is known as the ‘Anchor’.

An anchor investor is usually the first major backer to commit money to a round. But their role goes far beyond the size of their check. By stepping in early, they help shape how the round is perceived, how fast it moves, and how confident other investors feel jumping in. In many cases, their commitment is the moment a fundraising round shifts from theoretical to real.

What an Anchor Investor Actually Does

It’s easy to assume the anchor investor is simply whoever wires money first. In reality, they often play a much more active role. Anchors frequently help set expectations around valuation, influence how the round is structured, and sometimes even guide early governance decisions.

Once a credible anchor is on board, conversations with other investors tend to change overnight. Instead of asking whether the startup is worth backing, they start asking how much room is left in the round—and how quickly they need to move.

Why Anchor Investors Matter to Startups

Fundraising isn’t just about numbers on a spreadsheet. It’s about confidence. For early-stage startups, an anchor investor provides validation at a time when there may not yet be enough data, revenue, or scale to speak for itself.

That early vote of confidence can shorten fundraising cycles, reduce back-and-forth, and give founders more leverage at the table. Just as importantly, it saves time, allowing founders to focus on building rather than endlessly pitching.

And the value doesn’t stop at capital. Strong anchor investors often help founders sharpen their story, challenge assumptions, and make key introductions. Over time, many become trusted partners rather than distant names on a cap table.

What Anchor Investors Look For

Because anchor investors move first, they also take on more risk. That’s why they tend to be selective. At early stages, they’re often betting less on perfect metrics and more on the people behind the company. A capable founding team, a real problem worth solving, early signs of traction, and a believable growth story usually matter more than polished dashboards.

Equally important is alignment. Anchor investors want to believe in where the company is headed and feel comfortable backing that vision, not just now, but over multiple rounds.

Is an Anchor Investor Always Necessary?

Not every startup needs an anchor investor to raise capital. Some early rounds come together through angels, friends of the founders, or small checks that add up organically. But as rounds get bigger—particularly at Seed and Series A—having an anchor becomes increasingly helpful.

For founders, the key lesson is simple: an anchor investor isn’t about prestige or name-dropping. It’s about trust. The right anchor doesn’t just help you close a round, but helps create the momentum that carries your startup forward.

Noha Gad

Saudi Arabia’s agricultural sector contributed $31.5 billion to the Kingdom's gross domestic product (GDP) in 2024, triggered by rising production and initiatives that strengthened food self-sufficiency. According to recent official data from the Ministry of Environment, Water, and Agriculture, total agricultural and food production exceeded 16 million tons in 2024, reflecting progress toward building resilient, sustainable food systems.

Despite almost 90% of the country being desert, Saudi Arabia is undergoing a remarkable transformation, actively expanding domestic crop production and reducing reliance on imports, cultivating a future where fresh, locally-grown produce is a cornerstone of its economy and food security. This shift is central to the ambitious goals of Saudi Vision 2030, which prioritizes self-sufficiency and economic diversification.

Historically dependent on imports to meet its population's needs, the Kingdom now views its fresh produce sector as a strategic priority. According to figures published by the General Authority for Statistics (GASTAT), total imports of crops in the Kingdom reached 18.7 million in 2024, an increase of 10.8% compared to 2023. Additionally, the cultivated area of open-field vegetables reached 89,700 hectares, with a production volume of 2.7 million tons in 2024, marking an increase of 8.4% compared to 2023. 

Evolving landscape of Saudi fresh produce

The structure of Saudi Arabia's fresh produce market is experiencing a fundamental change, transitioning from a model of heavy import reliance to one of strategic local empowerment. For many years, the majority of fruits and vegetables consumed within the Kingdom were imported from global sources. Guided by the objectives of the National Agriculture Strategy, this sector is shifting as substantial public and private investments target a significant increase in domestic production capacity.

Saudi Arabia is emerging as a surprising leader in advanced agricultural technologies, moving decisively beyond water-intensive practices toward a model defined by precision, control, and data-driven intelligence. From vast, climate-controlled greenhouses to sophisticated vertical farms, the nation is redefining what is possible in desert agriculture. At the heart of this agricultural revolution is the strategic adoption of cutting-edge technologies. Innovations in controlled environments, automation, and water conservation are building a resilient foundation for growth. Crucially, Artificial Intelligence (AI) is now being deployed as the central nervous system of this modern sector, optimizing every aspect from seed to harvest.

Key technologies bolstering the industry

Today, the Saudi fresh produce sector is enabled by various advanced technologies that contribute to creating optimal growing conditions while conserving water resources. These technologies include:

• Controlled Environment Agriculture (CEA). Structures such as high-tech greenhouses and indoor vertical farms use automated systems to precisely manage temperature, humidity, light, and carbon dioxide levels. Within them, advanced irrigation and fertigation systems, such as automated drip networks, deliver water and nutrients directly to plant roots. This method eliminates waste and provides crops with an ideal, consistent climate year-round, independent of the harsh external desert conditions.
• Smart water management. Systems employing sophisticated sensor networks can monitor real-time soil and plant moisture data. Also, advanced wastewater treatment and recycling technologies are becoming standard, ensuring that every drop is used multiple times within a closed-loop system to maximize conservation.
• Automation and Robotics. They play a pivotal role in increasing the scale and precision of farming operations. From automated seeding and planting robots to autonomous drones that scout fields for pests, technology is handling repetitive and labor-intensive tasks. Additionally, post-harvest, automated optical sorters and packing lines use sensors to grade produce by size, color, and quality at high speed.

Main applications of AI in the fresh produce industry

Along with the previously mentioned technologies, AI emerged as the central intelligence that optimizes them all. By processing vast amounts of data from sensors, drones, and satellites, AI algorithms generate actionable insights, moving the sector from reactive management to proactive decision-making. Key applications of AI include:

• Predictive analytics and precision farming. AI models analyze historical climate data, real-time sensor readings, and plant physiology to forecast optimal growing conditions. AI-powered computer vision by drones and cameras captures detailed imagery, which AI software scans to detect early signs of disease, pest infestation, or nutrient deficiencies.
• Smart automation and resource optimization. Machine learning algorithms dynamically adjust irrigation schedules and nutrient delivery in real-time based on plant needs and evaporative demand, achieving unprecedented water and fertilizer efficiency. 
• Supply chain and post-harvest processes. AI can predict market demand fluctuations, helping to align harvest schedules with pricing trends and reduce waste. In packing facilities, AI-powered vision systems perform consistent, high-speed grading and sorting, ensuring only produce meeting strict quality standards proceeds.

Despite significant technological progress, the growth of Saudi Arabia's high-tech fresh produce sector faces different challenges. The initial capital investment required for advanced greenhouses, AI systems, and automation remains substantial, potentially limiting access for smaller-scale farmers. Additionally, the energy demands of controlled environment agriculture, particularly for cooling and lighting, present an ongoing operational cost and sustainability consideration. Success also depends on developing a skilled local workforce with expertise in data science, agronomy, and tech maintenance, requiring continued investment in specialized education and training programs.

Finally, Saudi Arabia’s fresh produce sector reflects a broader national transformation under Vision 2030. By strategically deploying controlled-environment agriculture, precision water management, and intelligent automation, the Kingdom has turned its agricultural challenges into a catalyst for innovation. Harnessing cutting-edge technology and forward-thinking policy will enable the Kingdom to secure its food future while contributing to a more sustainable and innovative model of agriculture.

Ghada Ismail

In Saudi Arabia, where digital adoption is accelerating at record speed and competition across retail, food, fintech, and lifestyle services is intensifying, loyalty is no longer about occasional discounts or plastic cards tucked into a wallet. It is becoming a strategic, data‑driven layer that sits at the heart of how brands engage, retain, and grow their customer base.

Today’s digital loyalty platforms are reshaping the relationship between brands and customers in the Kingdom. Built for mobile-first consumers and powered by real-time data, these platforms move beyond transactional rewards to create ongoing, personalized engagement. From coalition loyalty wallets and restaurant‑focused aggregators to fintech‑embedded cashback systems, Saudi startups are redefining what loyalty looks like in a digitally native economy.

Loyalty in a Cashless, Mobile‑First Economy

Saudi Arabia’s push toward a cashless society under Vision 2030 has created fertile ground for loyalty innovation. As digital payments, e-commerce, and app-based services become part of everyday life, consumers expect seamless experiences across touchpoints, including how they earn and redeem rewards. Loyalty has shifted from being a marketing afterthought to a core product feature, closely tied to payments, data analytics, and customer experience design.

Market research indicates that the Saudi loyalty programs sector is expanding rapidly, driven by increased smartphone penetration, widespread adoption of digital wallets, and rising demand for personalized offers. Brands are recognizing that acquiring new customers is expensive, while retaining existing ones through meaningful engagement delivers far greater long-term value. In this environment, digital loyalty platforms act as connective tissue, linking brands and customers through continuous, value-based interactions.

From Fragmented Programs to Unified Loyalty Ecosystems

One of the long-standing pain points for consumers has been fragmentation. Customers often find themselves juggling multiple loyalty apps, cards, and point systems, many of which offer limited value or cumbersome redemption processes. Saudi startup WalaOne emerged to tackle this problem by introducing a coalition‑based digital loyalty wallet that aggregates rewards from multiple merchants into a single platform.

Rather than forcing users to manage separate programs, WalaOne allows customers to earn and store points from a wide network of participating brands in one place. These points can then be redeemed across different categories, including retail, dining, travel, and services. For consumers, the value lies in simplicity and flexibility. For merchants, the benefit is access to a broader ecosystem that encourages cross‑brand engagement and repeat spending.

What makes this model particularly relevant to Saudi Arabia is its scalability. Small and medium-sized businesses, which often lack the resources to build proprietary loyalty systems, can plug into an existing network and immediately offer competitive rewards. Strategic partnerships with payment infrastructure providers have further strengthened this approach, enabling loyalty features to be embedded directly into checkout and payment flows rather than treated as standalone programs.

Reinventing Restaurant Loyalty Through Aggregation

The food and beverage sector is one of the most competitive in the Saudi market, especially in urban centers such as Riyadh and Jeddah. Despite this, a relatively small percentage of restaurants operate structured loyalty programs, often due to cost, technical complexity, or lack of data insights. This gap has opened the door for startups like Mithu, which is focused on building a unified loyalty platform tailored specifically for restaurants and cafes.

Mithu’s proposition is built around aggregation and engagement. Instead of individual restaurants running isolated programs, customers use a single app to collect rewards across multiple dining venues. The platform incorporates gamification elements and personalized offers, encouraging users to return more frequently and explore new brands within the network.

For restaurant operators, Mithu offers more than just a loyalty tool. It provides access to customer behavior data, enabling businesses to understand visit frequency, spending patterns, and preferences. This insight allows restaurants to design smarter promotions and reward structures that go beyond blanket discounts. In a sector where margins are tight and competition is fierce, data-driven loyalty can become a powerful lever for sustainable growth.

Aviation Loyalty Goes Digital: AlFursan as a National Ecosystem

Beyond retail and fintech, Saudi Arabia’s aviation sector offers one of the most mature examples of how loyalty programs can evolve into full-fledged digital ecosystems. Saudia’s AlFursan loyalty program stands out as a benchmark in the local market, illustrating how loyalty can extend far beyond frequent-flyer miles.

Originally designed to reward air travel, AlFursan has expanded into a multi-partner, lifestyle-driven platform that allows members to earn and redeem miles across a wide network of partners, including hotels, car rental companies, retail brands, banks, and telecom operators. This shift has effectively positioned AlFursan as a coalition loyalty program that connects travel with everyday spending.

Crucially, AlFursan’s digital-first approach reflects changing consumer expectations. Members manage their accounts, track miles, and redeem rewards through digital channels, while partnerships with banks and payment providers enable miles to be earned through card spending rather than flights alone. This integration transforms loyalty from an occasional travel perk into a continuous engagement tool that remains relevant even when customers are not flying.

From a strategic perspective, AlFursan demonstrates how loyalty programs can serve as national-scale engagement platforms. By anchoring the ecosystem around a trusted national carrier, the program reinforces brand affinity while driving value across multiple sectors. For Saudi consumers, this means loyalty that aligns with lifestyle and mobility. For partner brands, it offers access to a highly engaged customer base with strong spending power. For customers, rewards feel effortless, earned automatically as part of daily spending. For merchants, fintech-linked loyalty programs drive higher transaction volumes and repeat visits without requiring separate systems.

This convergence of payments and loyalty is particularly powerful in a market like Saudi Arabia, where regulators and policymakers are actively encouraging digital financial adoption. As fintech platforms collect richer transaction data, they can personalize offers with greater precision, matching rewards to individual spending habits and preferences.

Data, Personalization, and the Experience Economy

At the core of modern loyalty platforms lies data. Saudi consumers are increasingly receptive to personalized experiences, provided they deliver clear value and respect privacy expectations. Digital loyalty platforms analyze transaction histories, visit frequency, and engagement patterns to tailor rewards that feel relevant rather than generic.

This shift reflects a broader move toward the experience economy. Instead of simply offering points or discounts, brands are using loyalty platforms to unlock exclusive access, priority services, and curated experiences. Whether it is early access to product launches, special dining events, or premium customer support, loyalty is becoming a way to deepen emotional connections rather than just incentivize purchases.

Cross‑sector partnerships are also gaining momentum. Coalition programs that link retail, travel, entertainment, and financial services allow loyalty points to travel with customers across different aspects of their lifestyle. This interconnected approach increases the perceived value of rewards and encourages customers to remain within a broader brand ecosystem.

Challenges Facing Digital Loyalty Platforms

Despite strong momentum, digital loyalty platforms in Saudi Arabia face several challenges. Data privacy and cybersecurity remain top priorities, particularly as platforms integrate with payment systems and collect sensitive customer information. Building trust is essential, and platforms must demonstrate transparency in how data is used and protected.

Another challenge lies in differentiation. As more brands adopt digital loyalty tools, customers may experience fatigue if programs fail to offer genuine value. Platforms must continuously innovate, using insights and technology to keep engagement fresh and meaningful. For merchants, aligning loyalty strategies with broader business objectives — rather than treating them as isolated marketing campaigns — is critical to long-term success.

Regulatory compliance also plays a role. As loyalty platforms intersect with fintech, data governance, and consumer protection frameworks, startups must navigate a complex regulatory landscape while scaling their solutions.

Loyalty as Strategic Infrastructure

What is increasingly clear is that loyalty in Saudi Arabia is evolving into strategic infrastructure rather than a tactical add-on. Digital loyalty platforms sit at the intersection of commerce, payments, and customer experience, shaping how brands interact with consumers over time. For startups, this presents a significant opportunity to build scalable, platform-driven businesses that serve both sides of the market.

As competition intensifies across sectors, brands that invest in thoughtful, data-driven loyalty strategies will be better positioned to retain customers and increase lifetime value. Platforms that succeed will be those that simplify experiences, respect consumer trust, and continuously adapt to changing expectations.

Conclusion

Digital loyalty platforms are redefining the rules of engagement in Saudi Arabia’s rapidly digitizing economy. Through unified wallets, sector-specific aggregators, and fintech‑embedded rewards, startups are transforming loyalty from a passive benefit into an active relationship-building tool.

For consumers, the future of loyalty promises simplicity, relevance, and real value. For brands, it offers deeper insight, stronger retention, and a more sustainable path to growth. As Saudi Arabia continues its journey toward a fully digital economy, loyalty platforms will play a central role in connecting brands and customers, not through points alone but through experiences that keep them coming back.