Noha Gad

The dynamic process of establishing a new business venture involves a blend of creativity, risk-taking, and vision to create value and drive economic growth. Entrepreneurs often seek to disrupt existing markets by introducing brand-new solutions, and their efforts can lead to significant social and technological advancements. This mindset involves identifying opportunities, leading change, and managing risks to build sustainable enterprises that can scale and influence industries over time.

The growing interest in solo business ventures and startups is reshaping the entrepreneurial landscape as more individuals choose to launch businesses on their own, triggered by the desire for autonomy, flexibility, and direct control over their work and income. This surge reflects an ideal shift where people prefer manageable, passion-driven enterprises that they can operate independently rather than large, complex organizations. Hence, the solopreneur model emerged as an emphasis on self-reliance, direct responsibility, and often a lifestyle-oriented approach to business.

What is a solopreneur?

A solopreneur is an individual who owns, manages, and runs their business independently without the support of co-founders, partners, or full-time employees. They typically start their ventures with personal funds and maintain tight control over every aspect of operations, favoring stability and manageable growth.

Key characteristics of a solopreneur include versatility, as they perform multiple roles themselves; high accountability, as they are responsible for all decisions and outcomes; and resourcefulness, often working with limited resources and finding cost-effective solutions to sustain their business.

Unlike traditional business owners who build teams, solopreneurs typically operate on a smaller scale, focusing on manageable business models that align with their skills and lifestyle preferences.

Solopreneur vs. Entrepreneurs

Key differences between solopreneurs and entrepreneurs include their approach to business structure, growth goals, risk, and control.

*Business structure

Solopreneurs: act as both the founder and the employee who handles every aspect of the business. 

Entrepreneurs: focus on building and managing teams. They delegate responsibilities, hire specialists, and create systems that allow the business to operate independently.

*Growth goals

Solopreneurs: seek sustainable, manageable businesses that support their lifestyle and financial independence. They prioritize steady income and control over rapid growth

Entrepreneurs: aim for scale and long-term expansion, targeting market dominance, multiple revenue streams, and sometimes preparing for acquisitions or an eventual exit.

*Funding

Solopreneurs: They typically self-fund their ventures, bearing lower financial risk as their operations are smaller and less complex.

Entrepreneurs: They require substantial capital investment to cover payroll, infrastructure, and growth initiatives.

*Control

Solopreneurs: maintain complete control over every business decision

Entrepreneurs: share control with partners, investors, and employees by delegating authority to manage complex business functions.

*Business focus

Solopreneurs: focus on a single product or niche, maintaining simplicity and direct client relationships.

Entrepreneurs: handle multiple projects, markets, or product lines.

Pros and cons of being a solopreneur

Being a solopreneur comes with several notable advantages and disadvantages. Understanding these can help individuals decide if this path aligns with their personal goals, skills, and lifestyle preferences.

Pros:

• Full creative control over business vision, brand, and decision.
• Flexibility to set schedules and work from anywhere, supporting better work-life balance.
• Low overhead costs as the is no need to pay salaries or office rent.
• Ability to adapt rapidly to market changes and make quick decisions.
• Retain all profits.

Cons:

• High workload as they handle every aspect of the business. 
• Limited expertise outside core skills.
• Risk of isolation and loneliness due to lack of team interaction and collaboration.
• Bearing full financial and operational risks.

There are many factors that individuals must consider to decide which bath is right. This includes: personal goals and ambitions, risk tolerance, desire for control versus collaboration, and lifestyle preferences. Individuals who seek complete autonomy and manageable, lifestyle-friendly businesses may prefer solopreneurship, while those driven by growth, innovation, and building sizable enterprises with multiple stakeholders may find entrepreneurship more suitable. 

Finally, both solopreneurs and entrepreneurs play pivotal roles in the business ecosystem, and understanding their differences empowers you to forge a fulfilling and impactful journey in the world of business.

Mohamed Ramzy

Amid the rapid digital transformation sweeping across the food and beverage sector (F&B), technology companies play a vital role in supporting entrepreneurs and enhancing operational efficiency.

Among the most prominent of these companies is Foodics, a key player in the markets where it operates. The company maintains direct offices in five main markets—Saudi Arabia, the UAE, Egypt, Kuwait, and Jordan, while its advanced technological solutions reach over 30 countries worldwide.

Through its integrated restaurant and café management systems, Foodics has significantly contributed to improving efficiency, optimizing performance, and enabling restaurant owners to expand and grow their businesses.

In this interview, Bilal Zahran, Regional General Manager of Foodics for Egypt and the UAE, speaks with Sharikat Mubasher about the company’s expansion plans in Egypt and across the region, explaining how Foodics’ mission goes beyond providing digital solutions to focus on empowering entrepreneurs and small and medium enterprises (SMEs) to manage their operations more efficiently.

What are the main services and solutions you offer to entrepreneurs and startups in the restaurant sector?

The company provides numerous solutions and products that serve startups in the restaurant and café industry and facilitate their business operations.

We offer an integrated point-of-sale (POS) system specifically designed for restaurants, in addition to accounting applications and solutions tailored to their needs.

Recently, we launched the Foodics BI business intelligence tool, which represents a major leap in this field. It enables restaurant owners to analyze their data with greater insight, understand customer behavior, accurately track daily performance, and predict future trends. This translates into well-informed decisions that enhance operational efficiency and support long-term growth. Simply, this tool turns data into a true source of power for any business.

How do your solutions specifically empower small and medium enterprises?

We focus on simplifying operational processes for SME owners. Our solutions help them manage sales, inventory, and data effectively, reducing administrative burdens and opening doors for expansion.

We also provide customized training programs to ensure our tools are used in the simplest and most efficient way possible.

Today, more than 33,500 active restaurant branches worldwide use Foodics technologies as of the end of the first half of 2025, with the total value of transactions processed through the Foodics platform exceeding $6 billion.

What distinguishes Foodics’ solutions from others available in the market?

What sets us apart is that we do not merely provide technological tools; we deliver comprehensive and user-friendly solutions that address the diverse needs of restaurants and cafés, both large and small.

We focus especially on empowering small and medium enterprises with practical solutions that grant them a sustainable competitive advantage and help them manage their businesses with high efficiency.

You mentioned that technology is no longer an option but a necessity. How does Foodics translate this vision into tangible support for entrepreneurs?

We translate this vision by developing integrated solutions that cover all aspects of operational processes, while offering continuous support channels to help clients keep pace with rapid changes.

We do not merely offer a product, but we offer a strategic partnership that accompanies entrepreneurs on their journey of digital transformation and growth.

To what extent can artificial intelligence enhance the efficiency of entrepreneurs in this sector?

Artificial intelligence has become a fundamental component capable of improving the customer experience through smart recommendations, optimizing costs by managing resources more precisely, and forecasting consumption patterns to meet demand.

These capabilities empower entrepreneurs to make faster decisions and deliver more competitive and sustainable services.

What are Foodics’ expansion plans for the coming phase?

We are working to strengthen our presence in the Egyptian market strategically and thoughtfully, by launching advanced technological solutions that directly address the needs of the fast-growing restaurant and café sector.

Our efforts focus on offering more integrated products that help entrepreneurs manage sales, inventory, and customer experiences, while introducing business intelligence and advanced analytics tools.

For us, Egypt is not merely an important market; it is a central hub within our regional strategy.

How do you assess the Egyptian market’s response to Foodics’ solutions compared to other markets?

The response in Egypt has been exceptionally strong. We have witnessed great enthusiasm from entrepreneurs and restaurant owners to adopt our digital solutions.

The Egyptian market is characterized by digital readiness and high growth rates, along with a growing awareness of the importance of technology as a fundamental tool for continuity and expansion.

Compared with other markets, Egypt is more flexible and adaptive to new solutions, making it a promising and ideal market for expansion.

How do you view Egypt’s future position on the regional and global technology map?

Egypt possesses all the necessary ingredients to become a regional hub for technology and innovation, starting from its infrastructure, through its human capital, to its strategic geographic location.

If these assets are optimally utilized, the country can achieve a prominent global position in the near future.

When expanding regionally, what are the main challenges you face, and how do you overcome them?

The key challenges lie in the differences in digital infrastructure, regulations, and market needs, as what works effectively in one country may not be as suitable in another.

We overcome this by gaining deep local market insight, engaging directly with customers, and developing flexible, adaptable solutions.

We also build strategic partnerships with key stakeholders in each market, which helps us deliver practical, relevant solutions and enhances our ability to succeed and sustain growth.

How does Foodics balance meeting current market needs with shaping the future?

We follow a dual strategy: First, addressing daily market needs through practical and efficient solutions.
Second, continuously investing in innovation, artificial intelligence, and advanced analytics to ensure our clients’ readiness for the future and their ability to compete in a rapidly changing environment.

In conclusion, Foodics believes that innovation and partnerships are the foundation for building a more efficient and sustainable future for the food and beverage sector, an approach that reinforces Egypt’s role as a regional hub for technology and innovation.

Translated by: Ghada Ismail

Noha Gad

The retail sector in Saudi Arabia is undergoing robust growth, driven by a digitally savvy young population, increasing consumer confidence, and shifting spending habits. According to a report published by the IMARC Group, the size of the e-commerce market in Saudi Arabia is projected to grow to $708.7 billion in 2033, showing a compound annual growth rate (CAGR) of 12.8% from 2025 to 2033. Additionally, experts anticipate that 75% of retail spending will come from Saudi youth by 2035. They also expected the Saudi e-commerce sector to grow significantly, with one in four retail transactions happening online.

The adoption of retail technology (retail tech) stands at the heart of this revolution. Saudi retailers rapidly embrace artificial intelligence (AI) for personalized marketing and demand forecasting, Internet of Things (IoT) solutions for smart inventory management, biometric authentication, mobile wallets, and other seamless payment options.

The retail tech market in Saudi Arabia is expected to achieve revenue of $7.2 billion by 2033, with a CAGR of 32.8% from 2025 to 2033, according to recent figures by the Grand View Horizon.

Digital transformation in the Saudi retail sector

Saudi Arabia is one of the most connected markets in the region, which fuels widespread adoption of digital retail technologies, driven by government initiative under Vision 2030 and evolving consumer expectations. Emerging technologies play a crucial role in revolutionizing the retail industry in Saudi Arabia. Most of the retail tech companies in Saudi Arabia harness AI for predictive analytics, personalized marketing, automated customer service through chatbots, and demand forecasting, ultimately enhancing operational efficiency and creating tailored shopping experiences. Also, IoT technologies are becoming integral, with smart shelves, digital signage, and interactive displays improving real-time inventory management and product visibility. 

Software-as-a-service (SaaS) solutions could support digital sales growth by enabling small and medium enterprises (SMEs) to digitize their operations, manage logistics, and accept online payments. Additionally, the rollout of 5G networks significantly enabled seamless integration of online and offline retail experiences, supporting omnichannel strategies that blend physical and digital interactions for consumers.

Together, these developments are transforming the retail industry in Saudi Arabia into a digitally empowered, consumer-centric ecosystem. 

The rise of B2B marketplaces

Business-to-Business (B2B) marketplaces in Saudi Arabia are rapidly emerging as vital platforms that transform traditional wholesale and procurement ecosystems. This transformation was driven by several factors, notably the integration of credit-scoring and invoice financing modules, the adoption of compliance tools, and the high penetration of mobile wallets.

The Saudi market encompasses key B2B marketplaces, such as Sary, one of the largest online B2B marketplaces for wholesale purchases; Ordo, a pioneering B2B platform focusing on the FMCG market; Lawazem, a one-stop shop for businesses to procure products directly from a network of suppliers; Farmi, a B2B online platform that connects Saudi farmers and SMEs to source and sell local farm products; Retailo, the leading B2B digital distribution company; and BRKZ, the pioneering B2B marketplace for building materials.

The ongoing rise of B2B marketplaces plays a pivotal role in transforming wholesale trade in the Kingdom, fostering increased efficiency, access to broader supplier networks, and enabling a more modern, digitally connected retail supply chain ecosystem.

Successful B2B marketplaces share several features that drive procurement efficiency, enhance buyer-supplier interactions, and support business growth. This includes:

• Leveraging AI and cloud-based technologies to automate sourcing, ordering, invoicing, and fulfillment processes, thereby reducing manual errors and improving order accuracy.
• Integrating with ERP and inventory management systems to enable real-time product availability, dynamic pricing, and personalized catalogues tailored to meet buyers’ needs.
• Embedding credit scoring algorithms to assess buyer creditworthiness instantly.
• Adhering to Saudi data protection and commercial regulations to secure document vaults and digital contract management features.
• Adopting mobile wallets and biometric authentication to enhance payment security and convenience. 

The rise of B2B marketplaces is pivotal to reducing supply chain fragmentation and procurement complexities in the Kingdom, as they streamline fragmented traditional supply chain networks by centralizing their interactions and automating procurement processes.

By enhancing transparency through verified supplier networks, B2B marketplaces mitigate risks associated with dealing with unknown vendors, ensuring product quality and contractual adherence, in addition to boosting confidence among buyers and sellers.

Additionally, B2B platforms incorporate ESG standards by promoting suppliers who follow sustainable practices and prioritize eco-friendly products; meanwhile, digital tools enable assessment of carbon footprints and resource efficiencies within supply chains.

Despite all these benefits, the B2B retail sector in Saudi Arabia still faces fragmented supplier bases characterized by inconsistent service levels and regional disparities. Compliance with evolving regulatory standards, such as data privacy laws and commercial auditing requirements, adds complexity for both platforms and users.

Ongoing investments are essential to sustain growth and scalability. Investments are crucial to upgrading digital infrastructure, including cloud computing, AI, and cybersecurity, ultimately enhancing platform capabilities to support advanced analytics and omnichannel integration. This will improve operational efficiency, reduce downtime, and increase adaptability to future market disruptions.

The future of B2B marketplaces in Saudi Arabia is promising, propelled by accelerating e-commerce growth and supportive government initiatives. This transformation will be triggered by key trends: the continued expansion of B2B marketplaces that convert fragmented wholesale supply chains into streamlined, automated ecosystems; the increasing importance of embedded financial services; enhanced digital payment integration; supply chain and logistics innovations; and the integration of ESG standards and sustainable procurement practices.

Eventually, the Saudi retail sector is at the forefront of a transformative journey fueled by rapid digital adoption and innovative B2B marketplaces. Sophisticated retail tech solutions are reshaping the traditional retail landscape into a dynamic, digitally native ecosystem. By addressing long-standing challenges such as supply chain fragmentation, compliance, and payment inefficiencies, digital transformation and modern B2B platforms are enhancing transparency, trust, and operational agility. 

Ghada Ismail

Among the countless metrics startups track, few reveal as much about real customer sentiment as the Net Promoter Score (NPS). Unlike vanity metrics such as downloads, sign-ups, or even short-term revenue spikes, NPS goes deeper as it measures trust, satisfaction, and advocacy.

For early-stage founders, that distinction matters. You can buy installs or clicks, but you can’t buy genuine loyalty. NPS tells you whether customers are simply using your product or genuinely believing in it. It shows if your startup is building transactional relationships or further creating a community of promoters who will spread the word for free.

At its core, NPS helps answer a fundamental startup question: “Do people care enough about what we’re building to tell others about it?” The answer can shape everything from product decisions and customer experience to your long-term growth strategy.

How NPS Works

The Net Promoter Score is based on a simple question:

“On a scale of 0 to 10, how likely are you to recommend our product or service to a friend or colleague?”

Responses are divided into three categories:

• Promoters (9–10): Loyal fans who love your product and actively recommend it.
• Passives (7–8): Satisfied customers, but not passionate enough to promote it.
• Detractors (0–6): Unhappy users who are more likely to churn or leave negative feedback.

Your NPS is the percentage of promoters minus the percentage of detractors. Scores range from –100 to +100. Anything above 0 means more love than hate, and +50 or higher is considered excellent.

Why NPS Matters for Startups

For startups, every customer interaction counts. You don’t have the luxury of a massive brand reputation, where your users are your reputation. That’s why NPS is so valuable: it gives you an early pulse on customer satisfaction and helps you understand whether your product is delivering real value.

Here’s why it matters:

• Validates Product-Market Fit: A consistently low NPS might mean your product isn’t resonating deeply enough, even if usage looks good on paper.
• Guides Improvement: Feedback from detractors points directly to what’s breaking or frustrating users.
• Builds Investor Confidence: A strong NPS signals a loyal customer base, something investors see as a sign of growth stability.
• Drives Organic Growth: Promoters become advocates. In early stages, word-of-mouth marketing can make or break a startup.

When to Start Measuring NPS

The best time to start is as early as possible, even with just a few dozen users. Early NPS surveys can uncover insights that analytics tools can’t.

Ask yourself:

• Are customers finding real value in what we offer?
• What’s stopping them from recommending us?
• Are we creating promoters or passive users?

By tracking NPS early, startups can spot issues before they scale and ensure they’re building loyalty alongside growth.

How to Use NPS Effectively

To get the most out of NPS, make it part of your product’s rhythm, not just an occasional survey.

Here’s how:

• Time it right: Send the NPS survey after meaningful interactions, completing onboarding, using a key feature, or receiving customer support.
• Ask a follow-up question: “What’s the main reason for your score?” The qualitative feedback is often more valuable than the number itself.
• Act quickly: Reach out to detractors, thank promoters, and turn feedback into action.
• Monitor trends: The direction of your NPS over time matters more than a single snapshot.

What’s a Good NPS for a Startup?

There’s no universal benchmark, but here’s a rough guide:

• Above 0: You’re moving in the right direction.
• Above 30: Customers are happy and loyal.
• Above 50: Your product inspires genuine advocacy.

Remember that context matters. A young startup in a competitive market may score lower initially, but a steadily improving NPS indicates strong product and customer experience growth.

Turning NPS into a Growth Engine

NPS isn’t just a feedback tool; it’s a growth signal. When you consistently measure how customers feel and act on their input, you build a brand that listens, adapts, and earns loyalty. Over time, those promoters become your most powerful marketing channel.

In a world where attention is expensive and trust is rare, NPS helps startups focus on what truly drives retention and referrals: happy customers who believe in your mission.

Because in the end, your most valuable growth strategy isn’t ads, funnels, or virality, it’s a product people love enough to talk about.

Kholoud Hussein

As Saudi Arabia’s fintech sector accelerates, the region’s funding scene is changing fast. Founders are increasingly turning to growth debt—minimally dilutive capital that fuels expansion while preserving ownership. 

In this interview, Armineh Baghoomian, Managing Director, Head of EMEA, and Co-Head of Global Fintech at Partners for Growth (PFG), shares her perspective on how growth debt is transforming the GCC’s startup landscape, why Saudi Arabia is emerging as a key market, and how smarter financing models are empowering founders to scale with confidence.

In today’s uncertain macroeconomic and political climate, why are we seeing more GCC founders and investors – particularly in capital-intensive sectors like fintech – turning to growth debt as an alternative to equity? How do you think this trend will reshape the region’s funding landscape?

Founders and investors in the GCC are taking a more strategic view of capital structure. While venture equity continues to mature, there’s growing recognition that growth debt plays a complementary role – especially in capital-intensive sectors like fintech, where businesses need to scale quickly and efficiently.

There is growing recognition that a diversified funding ecosystem – where equity and debt complement each other – creates economic resilience and safeguards the future of innovation, aligning neatly with national diversification agendas. Growth debt plays a critical role in this mix.

Across the region, founders and investors increasingly appreciate that debt, when paired with disciplined governance and strong unit economics, can accelerate a company’s growth journey. Growth debt can be used to finance working capital, customer acquisition, or infrastructure build-out with minimum equity dilution – with benefits for all parties in the deal.

Over time, the rise of growth debt will reshape the regional funding landscape by broadening the capital toolkit available to founders. We’ll see more blended capital stacks, more nuanced conversations around risk allocation, and a more mature ecosystem overall. In many ways, the GCC is well positioned to leapfrog traditional financing trajectories, moving quickly toward a model where equity and growth debt sit side-by-side to fuel innovation and growth.

Saudi Arabia is quickly positioning itself as a leading fintech hub in the Middle East. From your perspective, what opportunities and challenges stand out for credit partners like PFG in supporting transformative companies in the Kingdom?

Saudi Arabia’s fintech evolution is among the most dynamic globally. With the ambitious Vision 2030 strategy creating the regulatory framework for digital transformation, the Kingdom is laying the groundwork for a truly world-class fintech ecosystem. For credit partners, this moment presents compelling opportunities.

In Saudi Arabia, we’re seeing a powerful convergence between a young, digitally native population, a government that is not only supportive but actively accelerating financial innovation, and a resultant flow of capital into sectors that are capital-intensive and highly scalable. This combination creates fertile ground for transformative fintech businesses – whether operating in payments, digital lending, or infrastructure – that can grow rapidly and have meaningful regional impact. For PFG, the ability to deploy growth capital into these businesses means we can help founders scale confidently without compromising long-term ownership or vision.

Fintech is inherently a heavily regulated industry, and in a market that is evolving as quickly as Saudi Arabia’s, these frameworks are still maturing. That means lenders must be thoughtful in underwriting risk, ensuring that business models are both sustainable and aligned with long-term policy goals. Additionally, because many Saudi fintechs are scaling for the first time in a market of this magnitude, there is a heightened need for governance, financial discipline, and strategic capital structuring.

For PFG, the opportunity lies in being more than just a capital provider. Rather, we are a long-term partner to visionary founders – helping them balance growth with sustainability and navigate the complexities of a rapidly changing market.

Growth debt often sparks debate about risk, especially when applied to ambitious startups seeking rapid scale. How does PFG approach balancing its support for founders’ growth ambitions with the need to maintain financial resilience and risk management across your portfolio?

We see growth debt as a strategic partner to equity. Our role is to structure capital in a way that empowers founders to pursue growth without jeopardizing the resilience of their businesses.

We look closely at companies’ fundamentals – strong unit economics, predictable revenue models, and clear visibility on cash flows. We believe in the founders we invest in and work alongside them to structure flexibility into facilities. This is particularly important in the GCC, where markets are evolving rapidly.

Fundamentally, we think about portfolio resilience in terms of partnership. At PFG, growth debt is not transactional; it is relational. By aligning with management teams who share our commitment to discipline and transparency, we’re able to provide capital that supports expansion while safeguarding the interests of both our portfolio companies and our investors.

In the GCC, this balanced approach is especially powerful: it allows founders to scale with confidence – building businesses that are durable as well as ambitious. As the region’s funding landscape continues to mature, founders will increasingly appreciate that growth debt, when structured responsibly, can be a catalyst for sustainable growth.

Given that you co-lead PFG’s global fintech and asset-backed credit strategy across multiple regions, how does the Middle East compare to Europe and Africa in terms of fintech maturity and appetite for non-dilutive financing?

What stands out most is how quickly the region, especially the GCC, is maturing. The combination of ambitious government agendas, a young, tech-savvy population, and evolving regulatory frameworks is accelerating fintech adoption at a pace we don’t see elsewhere.

At the same time, founders and investors in the region are increasingly sophisticated in their approach to capital. There is a healthy appetite for non-dilutive financing to work alongside equity in powering innovative, tech-driven companies.

Founders are eager to embrace global best practices, but they are also charting their own course – building businesses with high growth potential and strong institutional support, making it easier to scale. For PFG, this all means the GCC represents both a fast-growing and increasingly sophisticated market.

We're at an inflection point: the GCC is rapidly moving toward the maturity of Europe, but with the entrepreneurial energy and growth trajectory that, in many ways, resembles Africa’s leapfrogging story. That combination makes it one of the most exciting geographies for us to support with flexible, non-dilutive capital.

Without revealing sensitive details, could you share an example or two where PFG’s structured credit solutions enabled a company to scale effectively while preserving equity? What lessons from those experiences might resonate most with GCC founders?

Perhaps the most well-known example is Tabby, the Middle East’s leading provider of Buy Now, Pay Later (BNPL) solutions. We were confident from the outset that Tabby would become the regional powerhouse it is today. They had the vision, they had the ambition – but to achieve scale, Tabby needed the right kind of capital. That’s where PFG came in.

Specifically, Tabby needed a bespoke financing structure that would allow the company to scale its business in a complex market. By leveraging Tabby’s high-quality receivables, PFG enabled the company to accelerate its merchant network expansion and introduce new product offerings.

The impact was clear. Tabby experienced 900% quarter-over-quarter growth in FY2022 and raised over US$70 million in funding, boosting its valuation by a meaningful multiple and cementing its status as one of the GCC’s most valuable startups.

For GCC founders, the most relevant lesson from our deals in the region is the value of balance: scaling aggressively while preserving control. Similarly, it reinforces the importance of matching the right kind of capital to the right stage of growth, rather than defaulting to equity. In a region where many businesses are founder-led and highly conscious of dilution, this approach resonates strongly. It’s all about building sustainably, retaining control, and maximizing long-term value creation.

Looking ahead, as Saudi Arabia and the wider GCC pursue diversification under Vision 2030 and other regional strategies, how do you see the role of non-dilutive financing evolving? And what role do you expect PFG to play in shaping that future?

As GCC economies continue to diversify, entire sectors – from fintech and healthtech to logistics and proptech – are scaling at a pace we haven’t seen before. With that scale comes the need for more sophisticated capital solutions. Private debt will play an increasingly central role, not as a substitute for equity but as a strategic complement to it.

What’s unique about the GCC is that this is all happening in real time. Governments are laying down the infrastructure, investors are increasingly sophisticated, and founders are embracing global best practices. Growth debt, as a form of non-dilutive financing, enhances this trajectory by offering flexibility, disciplined growth, and helping to create businesses built for the long-term, not just the next funding round.

PFG’s role is twofold. First, to bring our global experience – having supported high-growth companies across other global regions for over 20 years – and adapt that expertise to the GCC’s unique dynamics. Second, to act as true partners to founders: structuring credit that supports ambition while instilling the financial resilience that will define the region’s most successful companies.

We will continue to support ambitious founders and help to shape a more mature, balanced funding ecosystem that underpins Vision 2030 and wider regional economic diversification goals.

Noha Gad

The global digital payments landscape is witnessing a remarkable transformation in recent years, revolutionizing the way consumers and businesses transact. Recent reports by Statista anticipated the total transaction value in the digital payments market to hit $38.07 trillion by 2030, with a CAGR of 13.6% between 2025 and 2030. Mobile Point-of-Sale (PoS) payments, which represent the largest share in the digital payments market, are projected to achieve a total transaction value of $12.56 trillion in 2025.

The transformation in the digital payment market mirrors the growing preference for faster, frictionless payment methods, supported by innovations in AI for fraud detection and the integration of payment technologies into everyday life. 

Within this transformative digital payment environment, invisible payments emerged as the next significant leap, allowing purchases to be billed automatically based on user behavior or context. 

What are invisible payments?

Invisible payments refer to transactions that happen seamlessly in the background, without requiring consumers to physically interact with a payment terminal or even consciously initiate the payment. They are designed to eliminate the traditional manual steps involved in making payments, such as clicking, entering card details, or scanning QR codes, leveraging emerging technologies, such as the Internet of Things (IoT) sensors, AI, biometrics, and pre-registered payment accounts.

These payments offer consumers a frictionless experience, enabling them to enjoy services or purchase products without explicit payment actions at the point of sale (PoS).

How do invisible payments work?

Invisible payments are enabled through cutting-edge technology that links the user's payment method with specific triggers, such as location, biometric authentication, or device sensors. This swift process includes: 

• Setup and registration. Consumers register their payment details once, often during account creation on the service platform or application.
• Contextual triggers. Once set up, the system activates based on contextual cues such as entering a store, picking items, or starting a ride. Then, sensors, cameras, and IoT devices detect user actions or presence, while AI algorithms analyze this data in real time.
• Authentication methods. Biometric authentication or device-based authentication is often used to confirm the user’s identity with high confidence.
• Automatic billing. The system automatically processes the payment in the background, charging the user's pre-registered account without any further manual input.​
• Confirmation and sending receipts. A digital receipt is sent post-transaction, providing transparency while maintaining the seamless experience

Benefits of invisible payments

Invisible payments offer several benefits for both consumers and businesses, ultimately enhancing the payment experience through seamless technology integration. For consumers, invisible payments offer:

-Convenience and speed. By eliminating manual entry of payment details and physical actions, invisible payments allow consumers to pay effortlessly, speeding up checkouts in retail, ride-sharing, and online shopping environments.

-Enhanced customer experience. This type of payment enables customers to enjoy a hassle-free shopping experience.

-Improved security. Invisible payments safeguard transactions and minimize errors and fraud risks by leveraging biometrics, encryption, tokenization, and automated fraud detection.

For businesses, invisible payments offer:

-Faster payments and improved cash flow. These payments enable businesses to receive funds quickly and manage cash flow more effectively.

-Enhanced operational efficiency. Automation reduces the manual workload around payment processing and invoicing, saving time and resources.​

-Robust relationships with suppliers. Faster and accurate payments strengthen trust and partnerships with suppliers.

By integrating with IoT devices, mobile applications, and wearables, invisible payments are expected to expand their reach, enabling innovations beyond subscriptions or retail checkout. This transformation will significantly redefine the way consumers interact with commerce in everyday life, making payments a fully automated and invisible part of the experience.

Technological advancements will play a crucial role in shaping the future of invisible payments. For instance, AI-powered payment orchestration will optimize authorization in real-time, enhancing approval rates and reducing friction during checkout, while biometric authentication, such as facial recognition and fingerprints, will replace passwords and PINs, offering faster, safer payments.

Finally, invisible payments are anticipated to support a borderless financial ecosystem, making cross-border transactions as seamless as domestic ones, backed by the rise of Central Bank Digital Currencies (CBDCs) and regulatory advancements.

Manish Pant, Executive Vice President of International Operations at Schneider Electric

Manish Pant, Executive Vice President of International Operations at Schneider Electric, affirmed in exclusive statements to Sharikat Mubasher that the company’s global presence spans more than 100 countries and includes a workforce of approximately 150,000 employees. He stated that Schneider Electric’s mission is to create a positive impact by empowering individuals and organizations to achieve the optimum use of energy and resources, linking economic growth with sustainability.

Pant revealed that the company’s global revenues reached €19.3 billion during the first half of this year, adding that Schneider Electric allocates around 5% of its annual revenues to research and development to strengthen its innovation capabilities and ensure the sustainability of its solutions.

He emphasized that the Saudi market has been one of the company’s key strategic markets for over 44 years, noting that the Kingdom is taking confident strides toward a more sustainable future through resource diversification, accelerated digital transformation, and adoption of cutting-edge technologies. Pant highlighted that Saudi Arabia aims to generate 50% of its electricity needs from renewable sources by 2030 as part of the Saudi Green Initiative, alongside major investments in carbon emission reduction, energy efficiency, afforestation, and smart cities — all of which are reshaping the Kingdom’s energy landscape to become more flexible and efficient.

Pant remarked that Schneider Electric is proud to be a strategic partner of the Kingdom on this journey, providing advanced digital services, AI-powered data centers, smart building systems, and climate-friendly industrial solutions that reduce emissions and enhance resource efficiency, enabling industries, cities, and households to achieve higher levels of sustainability.

He also revealed ambitious expansion plans for the company in Saudi Arabia, which currently serves more than 8,000 clients through a range of assets and industrial facilities. These include the Dammam factory spanning 15,000 square meters, a preparation facility in Dammam, the Riyadh factory covering 13,450 square meters, and another preparation facility in Riyadh. The company will also open a new factory at King Salman Energy Park (SPARK), covering 20,000 square meters, scheduled for inauguration in the coming period to serve both Saudi Arabia and the wider Gulf region.

Pant noted that the new factory has obtained the LEED (Leadership in Energy and Environmental Design) certification, achieving a 34% reduction in carbon emissions and energy savings of up to 33%.

He further stated that Schneider Electric operates a 7,000-square-meter distribution center in Riyadh serving more than 200 local partners, as well as a research, development, and innovation center in Dhahran Techno Valley (DTV) in collaboration with Aramco. The company also has four legal entities in the Kingdom, with a localization rate exceeding 40%, and a regional training academy for the Middle East and Africa based in Riyadh.

Pant added that Schneider Electric has invested more than €50 million in its expansion plans in Saudi Arabia over the past five years and currently employs 700 people in the Kingdom. He highlighted that eight new products have recently earned the “Made in Saudi” mark, bringing the total number of locally manufactured products to over 20, with plans to increase production lines to 32 by 2030. The company also aims to export up to 20% of local production to regional markets, reinforcing Saudi Arabia’s position as a central industrial hub.

Regarding the Schneider Electric Innovation Summit, held recently in Riyadh in its second edition, Pant said the event serves as a leading platform to showcase the latest solutions in electric mobility, resilient infrastructure, smart buildings, advanced industries, and water resources management. He noted that hosting the summit again in Riyadh reflects the Kingdom’s leadership in energy transition, digital innovation, and sustainable development.

Pant added that the summit highlights innovation and digitalization as key drivers of Saudi Arabia’s goals for economic diversification, industrial growth, and global competitiveness. He concluded by affirming that technology and innovation are two core pillars of Schneider Electric’s strategy in Saudi Arabia and globally. Integrating AI- and IoT-based digital solutions, he said, enables the Kingdom to build more efficient and sustainable systems across cities, industries, and homes alike. Pant noted that the company’s achievements in Saudi Arabia have strengthened its standing as one of the world’s most globally integrated yet locally rooted companies. Saudi experiences, he added, contribute to developing globally scalable solutions and position the Kingdom as a role model to follow for innovation and sustainability.

Noha Gad

The rapid growth of e-commerce urged retailers to deliver faster, cheaper, and more reliable services to meet customers’ preferences for same-day or even two-hour deliveries. Traditional fulfillment models, relying on large regional warehouses, often struggle to meet urban delivery expectations due to long transit times and high last-mile costs, which can account for up to 53% of total shipping expenses.  

This shift has driven the adoption of localized fulfillment strategies, with Micro-fulfillment centers (MFCs) emerging as a scalable solution to bridge the gap between supply and demand in high-density markets.

MFCs integrate directly with e-commerce platforms, allowing real-time inventory synchronization and seamless order processing. They play a pivotal role in optimizing e-commerce operations by enabling proximity-based fulfillment. By storing high-turnover inventory in urban micro-hubs, retailers can drastically reduce delivery times, often to less than 24 hours, while improving order accuracy through automation.

These compact, automated centers, typically ranging from 3,000 to 10,000 square feet, revolutionize modern logistics as they bring inventory closer to urban consumers and enable faster deliveries and more efficient supply chains. MFCs were developed to meet rising consumer demand for same-day or next-day delivery, utilizing automation and real-time inventory systems to process orders with speed and precision, making them a cornerstone of agile e-commerce fulfillment.

How MFCs work

The primary objective of an MFC is to optimize last-mile delivery, the most expensive and time-sensitive segment of the supply chain, by reducing the distance between inventory and end customers. 

Micro-fulfillment centers integrate three essential components: advanced management software, automated physical infrastructure, and streamlined packing operations. The software layer processes incoming online orders in real time, synchronizing with e-commerce platforms and inventory systems to ensure accuracy and speed. Meanwhile, the physical infrastructure leverages robotics, automated storage and retrieval systems (AS/RS), and conveyor networks to retrieve items with minimal human intervention, significantly reducing labor costs and error rates. Once ready, items are transferred to packing stations where staff or automated systems prepare them for dispatch, often within hours of order placement.

These centers can operate as standalone facilities or be embedded within existing retail stores, enabling omnichannel fulfillment strategies such as ship-from-store, buy-online-pickup-in-store (BOPIS), and curbside pickup.

Types of micro-fulfillment centers 

There are three primary types of MFCs: standalone, store-integrated, and dark stores. Standalone MFCs are independent, compact logistics facilities typically ranging from 3,000 to 10,000 square feet. These centers focus exclusively on processing online orders for rapid last-mile delivery. They are often built in repurposed industrial spaces, basements, or standalone urban lots and can be deployed within months due to minimal construction requirements. They are effective for e-commerce businesses seeking to scale delivery speed without relying on existing retail footprints.

Store-integrated micro-fulfillment centers are embedded within active retail or grocery stores, typically in backrooms, basements, or underutilized floor space, allowing simultaneous in-store shopping and online order fulfillment. This type leverages the store’s proximity to customers to reduce shipping costs and accelerate delivery times, often enabling curbside pickup, BOPIS, and local delivery within hours. This model also improves inventory turnover by dynamically allocating stock between in-store sales and online fulfillment, reducing overstock and shrinkage.

Additionally, dark stores are retail locations that have been converted into fully automated, customer-inaccessible fulfillment centers dedicated exclusively to processing online orders. Unlike store-integrated MFCs, dark stores do not serve walk-in customers; they serve fulfillment staff or robots that pick items from shelves and pack them for home delivery or pickup. 

Dark stores are particularly prevalent in grocery and fast-moving consumer goods (FMCG) sectors, where demand for rapid delivery is high.

How MFCs boost the e-commerce industry

Retailers of all sizes leverage micro-fulfillment centers to stay competitive as they offer a wide range of benefits, including: 

-Faster delivery times.

-Improved customer satisfaction.

-Lower delivery and inventory costs.

-Space optimization.

-Omnichannel integration.

The future of MFCs is shaped by rapid urbanization and the growing need for hyper-local fulfilment solutions, fueled by advancements in robotics, AI-driven inventory management, and automation technologies. Thus, these centers are no longer a futuristic concept but a strategic necessity in the evolving landscape of e-commerce and urban logistics. 

MFCs offer a scalable, efficient solution to meet consumers’ demand for same-day and even same-hour delivery by bringing inventory closer to end customers through compact, automated hubs located in or near cities.

Finally, MFCs represent a transformative shift in how goods are stored, picked, and delivered. As technology advances and urban density increases, MFCs will become an operational imperative for businesses aiming to meet rising customer expectations for speed, convenience, and sustainability in the digital age.

Ghada Ismail

For years, the startup scene has been obsessed with unicorns; those rare, billion-dollar companies that symbolize hypergrowth, massive funding rounds, and meteoric success. But as markets mature and the realities of sustainable business sink in, many in the global startup ecosystem are beginning to ask: Do we really need more unicorns, or something entirely different?

Across the Middle East, and particularly in Saudi Arabia, the answer increasingly leans toward a new breed of companies: camels and zebras. These startups may not dazzle with billion-dollar valuations, but they embody traits that could prove far more valuable in the long run: resilience, sustainability, and social purpose.

From Unicorns to Camels and Zebras

The “unicorn” was once the ultimate prize: a company valued at over $1 billion, fueled by venture capital, and celebrated for its speed of growth. But this obsession often came at a cost. Many unicorns prioritized expansion over profitability, and when market conditions shifted, they found themselves struggling to stay afloat.

The global downturn in tech valuations and the funding scene exposed over time how fragile many of these high-growth models were. Meanwhile, startups that operated with leaner models, focused on cash flow, and adapted to uncertainty—the so-called camels—proved more resilient.

The term “camel startup,” first popularized in the Middle East and North Africa, captures a distinctly regional mindset. Just as camels survive harsh desert conditions, these startups are designed to withstand economic volatility. They grow steadily, conserve cash, and adapt intelligently to changing markets.

Zebras, on the other hand, represent a different kind of strength. Coined by a group of women entrepreneurs in Silicon Valley, “zebra startups” pursue profit and purpose simultaneously. They are black and white, symbolizing balance. In emerging economies like Saudi Arabia, this philosophy is resonating strongly, particularly among founders tackling social, environmental, or inclusion-driven challenges.

The Saudi Context: Vision 2030 and the Shift in Startup Mindset

Saudi Arabia’s startup ecosystem is evolving rapidly. Over the past few years, the Kingdom has transformed into one of the MENA region’s fastest-growing entrepreneurship hubs, with total venture funding reaching new highs annually. Yet as the market matures, there’s a visible shift in what founders, investors, and policymakers value.

Under Vision 2030, the Kingdom’s economic diversification plan, sustainability, innovation, and resilience are central pillars. This aligns closely with the camel and zebra mindset. Saudi startups are no longer just chasing valuations; instead, they’re building business models that can endure challenges, create jobs, and contribute to national priorities such as fintech innovation, food security, clean energy, and women’s empowerment.

Venture capital firms, too, are evolving. While early-stage funding remains strong, there’s greater scrutiny over unit economics, profitability, and long-term impact. Investors are asking tougher questions, not only about how fast startups can grow, but how well they can sustain that growth.

Camels in the Desert: Startups That Endure

In Saudi Arabia and the wider Gulf, the camel metaphor feels especially apt. Startups like Jahez, Tamara, and Foodics exemplify the camel mindset. Each grew deliberately, balancing rapid market capture with clear revenue models.

Jahez, for instance, built a profitable food-delivery platform long before its IPO, expanding carefully across the Kingdom instead of burning cash on regional domination. Tamara, one of Saudi’s leading buy-now-pay-later players, achieved remarkable growth but stayed focused on regulatory compliance and operational sustainability—traits that make it more of a camel than a traditional unicorn.

Similarly, Foodics navigated funding rounds and expansion by maintaining profitability as a core discipline. These companies may still reach unicorn valuations, but their success rests on fundamentals rather than hype.

This approach is especially relevant in Saudi Arabia’s macroeconomic environment. While government support and investor interest remain strong, startups that can survive without constant external funding are better positioned for long-term success.

The Rise of Zebras: Purpose Meets Profit

The zebra philosophy—building companies that are both profitable and purposeful—is also taking root in the Kingdom. A growing number of Saudi startups are tackling societal challenges, from financial inclusion to healthcare access, while maintaining sound business models.

Take Nana, which has expanded access to online grocery delivery not just in major cities but in smaller regions, improving supply chain efficiency and consumer convenience. Another example is Labayh. Founded in 2018, Labayh provides mental health and therapy services in Arabic, offering one-on-one therapy sessions, webinars, support groups, and self-assessment tools. It also acquired the UAE meditation app Nafas, adding over 300 audio clips for meditation and stress relief, to expand its wellbeing portfolio. 

These companies demonstrate that profitability and social impact can go hand in hand. They are building trust with customers, generating real economic value, and aligning with national goals such as improving the quality of life and fostering digital innovation.

Why the World Needs More Camels and Zebras

Globally, the call for more sustainable startup models is growing louder. As capital markets tighten, founders can no longer rely solely on fundraising cycles to survive. The camel and zebra frameworks encourage startups to focus on cash discipline, real impact, and steady growth; values that are not only good for business but for economies at large.

In emerging markets like Saudi Arabia, these models carry even more importance. Economies in transformation need startups that can withstand uncertainty, employ locals, and create solutions tailored to regional challenges. Unicorns might bring attention, but camels and zebras bring stability.

Moreover, these models align perfectly with Saudi Arabia’s evolving venture ecosystem. Initiatives by entities such as Monsha’at, SDAIA, RAED Ventures, and STV are increasingly supporting startups that solve real problems rather than chase inflated valuations.

The Investor Perspective: Quality Over Hype

Investors across MENA are beginning to recalibrate their expectations. The new question isn’t “Who will be the next unicorn?” but “Who will survive the next downturn?”

Funds like IMPACT46 and Wa’ed Ventures have emphasized the importance of sustainable scaling and solid governance. International investors entering Saudi Arabia are also adjusting their lenses, preferring startups with clear profitability paths, diversified customer bases, and mission-driven growth.

This shift in mindset could redefine how success is measured in the Saudi startup scene. Valuation alone is no longer enough; longevity, local relevance, and measurable impact are becoming the new metrics of excellence.

A Cultural Shift in Entrepreneurship

The rise of camels and zebras also reflects a deeper cultural transformation among Saudi entrepreneurs. A new generation of founders, many educated abroad but rooted locally, is questioning the “growth at all costs” narrative.

They are more aware of the risks associated with overfunding, more focused on building sustainable ecosystems, and more open to collaboration rather than competition. Many are exploring hybrid funding models—mixing venture capital with grants, government programs, and non-dilutive financing—to maintain control and flexibility.

This mindset aligns with broader societal changes under Vision 2030, which emphasizes entrepreneurship as a driver of economic and social progress, not merely personal wealth.

Toward a More Balanced Future

The world may always celebrate unicorns as they capture imagination and headlines. But in Saudi Arabia’s context, the future likely belongs to the camels and zebras: startups that combine endurance with empathy, profitability with purpose.

As global markets grow more volatile and sustainability becomes a non-negotiable standard, these models will define the next era of entrepreneurship in the Kingdom and beyond.

Saudi Arabia’s journey from an oil-driven economy to a diversified, innovation-powered one will depend not on a few billion-dollar valuations, but on thousands of resilient, responsible, and adaptive startups.

And that’s where the real magic lies, not in chasing mythical creatures, but in nurturing the ones that thrive in the real world.

Noha Gad 

Loyalty and reward programs in the Europe, the Middle East, and Africa (EMEA) region are evolving rapidly, triggered by shifting consumer expectations for hyper-personalized, seamless, and engaging experiences. As businesses seek to deepen customer relationships amid increasing digitalization and competitive markets, loyalty platforms go beyond simple points systems to deliver meaningful value that resonates with today’s diverse consumers.

Dsquares transforms the loyalty sector by offering an end-to-end B2B loyalty and rewards solutions that cover the entire program lifecycle. This comprehensive approach, combined with deep regional expertise, enables Dsquares to create truly personalized, impactful loyalty programs that drive business growth and customer retention.

In this regard, Sharikat Mubasher interviewed with CEO Marwan Kenawy to dive deep into Dsquares’ innovative approach and diverse offerings, and to discover key trends and challenges in the loyalty and rewards realm across the region. 

First, can you tell us more about Dsquares’ offerings and how it differentiates itself from other loyalty and rewards companies in the region?

Dsquares is an end-to-end B2B loyalty and rewards solutions provider established in 2012 and serving clients in over 16 countries. We are trusted by Fortune 500, multinationals, and global giants as we offer end-to-end tailored loyalty solutions to drive business growth.

By end-to-end, we mean that we do not just offer software; rather, we manage the entire lifecycle of a loyalty program, giving our clients the flexibility and peace of mind to focus on their business and leave the customer acquisition and retention to us. Our offerings include: 

• Strategic commercial planning: from strategy building and market analysis to program design and performance.
• Technology and solutions: our modular technology covering traditional loyalty mechanics, customer engagement solutions, short and long-term loyalty campaigns, rewarding solutions, and advanced data and analytics solutions. All running on Dsquares AI engine.
• Field operations: from on-ground execution and program setup and management to anomaly detection and quality control.
• Merchant management: with an extensive network of over 25,000 merchants and brands across the MENA region, we manage the end-to-end relationship for our clients, from onboarding to enablement, to legal, to payments.
• Customer success management: where we have dedicated account managers working with our clients to ensure program optimization, providing timely analysis on enhancements to ensure our clients get the best program.

What makes us different is our end-to-end capabilities. We provide a fully managed service and own deep regional expertise and presence, with a team of certified experts. This is crucial for designing effective programs leveraging our unmatched understanding of local markets, consumer behavior, and business cultures, in addition to our extensive and diverse merchant network, which is the biggest in the region. There is a saying that “a loyalty program is only as good as its redemption options”. Well, we make it simple, effective, and diverse, catering to every persona and making sure our clients’ customers get rewarded from the brands they love. 

How does Dsquares harness AI and data analytics capabilities to transform the loyalty and rewards industry?

At Dsquares, we leverage AI and data analytics as the core engine of our technology for all our solutions. We use it to transform loyalty programs from simple transactions to smart systems that foster and grow customer relationships by personalizing their experience and journey, proving ROI, all while ethically acquiring zero-party data. 

Some of the use cases where we stand out are:

• Prescriptive analytics: leveraging C-cubed, our campaign management system, we are able to analyze customers’ behavior and predict what they might do, while recommending the actions to take. For example, detecting that a high-value customer has a high percentage of churning, our solution flags this and prescribes the right actions to take, which could be an offer from their favorite brand, a trigger of a challenge, or a surprise experience. 
• Dynamic loyalty: where every message, reward, offer, or challenge is customized per individual, not per segment. Making it a truly hyper-personalized experience for all customers, directly addressing the modern consumer’s expectation to be recognized as an individual. An example here is the work we have done with ExxonMobil for their traders program. Leveraging Dynamic loyalty, we combined tiered rewards, KPI-based challenges, and gamification tied to purchasing specific products (SKUs), driving targeted growth and a 2x increase in monthly engagement. 

We are using AI to ethically acquire zero-party data. We do this by using analytics to design engagement strategies that customers willingly opt into, solving the data privacy challenge. 

An example here is a short-term loyalty campaign we ran for Pepsi in Saudi Arabia. They are the official sponsor for the Saudi League, and they wanted to push sales and gather data about their customer. Only, they had to earn the privilege to get this data. So, we built a gamification strategy to engage Saudi league fans and reward them instantly by completing personalized challenges upon buying Pepsi cans. Fans eagerly shared their data to make use of the surprises they were getting.

What are the key challenges businesses face when implementing loyalty programs, and how does Dsquares tackle them?

Based on our experience, businesses often encounter these four major challenges. Our entire business model is designed to overcome these challenges as an expert partner.

     -Complexity of End-to-end management
Many companies underestimate the effort required to run a loyalty program. It is not just an app or a points system; it involves strategy, technology, merchant acquisition, operations, and continuous optimization. 
As mentioned before, this is our core differentiator. We provide a fully managed, end-to-end model, allowing our clients to focus on their core business while we manage the entire loyalty journey on their behalf.

     -Creating real value and personalized experiences for customers
One of the most common challenges we have seen is programs that offer little to no value for their customers or those that are similar or redundant to their competitors. Customers are expecting brands they love to offer them programs that recognize them as individuals and give them hyper-personalized, relevant experiences.
Our engagement solutions, including AI-powered personalization and Dynamic loyalty, gamification, and experiential rewards, as well as our extensive merchant network and our smart campaign engine, help us build value for our customers. By understanding their preferences and behavior, we can predict their needs, offer personalized recommendations, incorporate engaging connections, and offer rewards based on their individual interests. This helps build emotional connections with the brand.

     -Data Silos and Proving ROI
To date, many businesses see loyalty as a “nice to have”. However, when implemented correctly, loyalty solutions can play a significant role in every business strategy. Businesses also have their customer data locked in separate systems. Without a unified view, it is impossible to truly understand the customer or prove the financial impact of the loyalty program. 
With our Dsquares AI engine at the core of all our solutions, we built an analysis platform that builds a 360-degree view of the client, integrating data from every touchpoint, from acquisition, retention, engagement, and supports the integration with key data sources. This breaks down the silos, which is not only essential for effective personalization but also helps create value for brands.
In addition, we have the live reporting tools to estimate, measure, and report on the program's financial performance. This directly links loyalty activities to business outcomes like increased customer lifetime value (CLV), reduced acquisition costs, and protected revenue, satisfying CFOs and proving clear ROI.

     -Acquiring zero-party data and building trust
The increase in data privacy regulations, the rise of Web 3.0, and the different law requirements per country are all challenges facing any business, and without data, it is hard to grow a business. Brands need their customers to willingly share their data and preferences in order to grow. And this is where Dsquares can help through value exchange and loyalty. As mentioned before, building the right strategy that delivers unique value to customers makes them want to share their data. We help clients design programs and campaigns that offer personalization and valuable experiences that customers are incentivized to share their data, making loyalty programs a strategic asset for building direct, trusted customer relationships.

What are the biggest opportunities and key trends that could reshape the loyalty and rewards market in Saudi Arabia and the wider GCC region?

The loyalty landscape in the region is being fundamentally reshaped by a shift in buyer behavior, placing customer-centricity at the core of all key trends. 

     -The rise of zero-party data as a strategic asset
Brands need reliable, consented customer data to make informed decisions and personalize their customers’ experiences. The new data privacy rules are making it a challenge. 
Opportunity: positioning loyalty programs as the primary value-exchange mechanism for acquiring zero-party data. Customers will be more willing to share their preferences, interests, and behaviors in exchange for a more personalized and rewarding brand experience.

     -Hyper-personalized experiences 
This is about delivering a unique, relevant experience to every single customer in real time. 
Opportunity: Loyalty engagement solutions can act as the central hub, unifying touchpoints, treating customers as individuals, not segments, providing seamless omnichannel experiences, and recommending the actions to take next. This ensures a consistent loyalty experience whether a customer shops online, in-store, or through an app. This 360-degree customer view is invaluable for brands.

     -Rise of partnerships and coalition loyalty
This is a key trend, and we have seen brands creating ecosystems of value through strategic partnerships. These partnerships can add value for both the brand and the customer, and this is a trend that will continue to grow over the coming years. In the GCC, the market has been shifting to a mindset where businesses collaborate in loyalty to compete more effectively in a crowded market.
Opportunity: Partnerships help address modern consumers who have diverse loyalties and do not want to be locked into one brand silo. They also increase the value of the program and combat the digital clutter, which is a rising challenge for marketers globally. It also opens more value for zero-party data, enabling all partners to build richer, more holistic views of their shared customers.

     -Shift from transactional to experiential loyalty
GCC consumers are increasingly looking for value beyond discounts. They are looking for brands that understand their lifestyle and create memorable experiences, whether by unique recognition, status, exclusive access to events, or even meeting their favorite celebrity. 
Opportunity: offering experiential and emotional loyalty, through tiered programs with VIP status offering exclusive benefits, gamification to create engaging challenges and rewards, unique experiences like meet and greets, event tickets, limited edition products, or private shopping.

     -Alignment with national economic visions
Most of the GCC countries have their national agendas, such as the Saudi Vision 2030, with the focus on diversifying the economy, increasing digital transformation, and boosting tourism.
Opportunity: loyalty programs are actually the perfect tool to support these goals by:

1. Driving financial inclusion by incentivizing digital payments. An example is a project we had with Egypt Post, where citizens were rewarded for digitizing their payment experience. The more you spend digitally, the less you withdraw, the more you get rewarded. This helped in banking adoption, specifically in the rural areas.
2. Boosting tourism and entertainment through creating destination-based loyalty solutions and campaigns that reward tourists for spending across hotels, excursions, and retail, and drive people to visit the country through value-based campaigns.

How does Dsquares plan to scale its technology infrastructure to support future growth?

When it comes to scaling our technology, we are building on our Modular, Intelligent, Automated, API-First architecture, driven by our AI-powered engine. 

Our modular approach helps us to scale by easily adding features, services, or entire modules without disrupting the entire system. This enables us to quickly adapt to markets and new market demands.

Our API-driven approach makes it easy to integrate with a vast array of partner systems, scaling our solutions to fit every client’s needs. We give the flexibility to our clients to have their technology hosted online, on premises, or as a hybrid model. 

We are deeply investing in AI and automation. This helps us manage complexity intelligently. Also, we automate our core functions from automated personalization, anomaly and fraud detection, and operational efficiency, which thereby allow us to protect the ecosystem as it grows, leverage AI to prescribe the right triggers making campaigns efficient at scale, and reduce operational overhead.

Dsquares relies on building a robust data infrastructure that integrates data from countless sources and becomes more valuable with scale, in addition to providing deeper insights while helping to train our AI models, ultimately making their predictive and prescriptive analytics even more accurate. 

We are investing in next-generation tools such as advanced gamification and real-time campaign management to ensure the platform can support the future of engagement, which we see will be more immersive and data-driven.

Additionally, we plan to maintain quality, performance, and security, and obtain the required enterprise-grade certifications.

How do loyalty and rewards contribute to enhancing the digital economy in countries where Dsquares operates?

First, they contribute to driving financial inclusion and digital payment adoption. In many of Dsquares' markets, a significant portion of the population is unbanked or underbanked. Loyalty programs act as a powerful incentive to bring these users into the formal digital economy. For instance, programs linked to financial and banking services, like Egypt Post, reward citizens for any digital transaction they perform with rewards from merchants that link to their lifestyle. Similarly, programs linked to telecom services, like Vodafone, enable users to earn points for using a mobile wallet, paying a bill online, or sending money digitally, making these behaviors habitual. As a result, loyalty and reward programs contribute to reducing reliance on cash, moving them to use digital wallets, credit cards, and applications, in addition to increasing the volume of formal digital transactions. They also help central banks and governments achieve their financial inclusion targets. 

Second, these programs play a pivotal role in supporting and digitizing Small and Medium Enterprises (SMEs) through strategic partnerships. Acquiring customers and competing with larger brands are key challenges for SMEs. So, being part of a large loyalty merchant network or a coalition loyalty program managed by a company like Dsquares gives them instant access to a vast customer base. For example, local restaurants or boutiques can become a redemption partner in major loyalty programs of banks and other industries. This can help in driving foot traffic and sales from high-value customers they would not normally reach, and encourage cooperation rather than competition between local and large brands. 

Third, loyalty and reward programs help SMEs digitize their operations by using points as a currency, enabling them to grow in alignment with the economic diversification goals in many countries. Such programs can also increase flexibility for consumers and foster engagement across different sectors, where SMEs are collaborating with major brands, banks, telcos, oil and gas companies, and more. 

Finally, coalition loyalty programs can heavily promote tourism in GCC countries by attracting and rewarding tourists. Tourists can earn a unified loyalty currency for spending on flights, hotels, attractions, and retail within the country. This will eventually encourage longer stays and higher spending, and boost the digital tourism economy by creating a seamless, rewarding digital experience for visitors.

Noha Gad 

Saudi Arabia’s startup ecosystem is witnessing dynamic growth, moving beyond its traditional focus on oil, energy, and large-scale infrastructure. With a youthful population eager to innovate and a government that supports business startups, the Kingdom has become a fertile environment for emerging businesses in specialized sectors that address local, regional, and global challenges. This expansion reflects a broader shift toward using technology and innovation to build new industries and create jobs.

The focus on specialized innovations is closely connected to the ambitious Saudi Vision 2030, which focuses on sustainability, economic diversification, and building a knowledge-based economy. This national blueprint aims to reduce reliance on oil revenues and prepare for future economic changes by nurturing startups that develop groundbreaking solutions in areas such as agriculture and desert farming, waste management, and urban infrastructure. These niche innovations will contribute directly to the Kingdom’s sustainability goals, promoting resource efficiency, environmental protection, and enhanced urban living conditions. 

In this feature, we will explore three vibrant and strategically important sectors where Saudi startups are gaining traction: desert farming, waste management, and urban mobility.

Desert Farming 

Agriculture in Saudi Arabia faces multiple challenges due to the Kingdom’s arid desert climate characterized by limited water resources, high temperatures, and sandy, nutrient-poor soils. These difficult conditions make food production dependent on imports a persistent issue, driving an urgent need for innovative agricultural technologies that can sustainably increase local food production while conserving scarce water resources. 

Several Saudi companies and startups are pioneering solutions in desert farming using advanced technologies, such as hydroponics, aeroponics, AI-powered irrigation, and soil enhancement, to optimize water usage, improve crop yields, and enable farming in harsh desert environments. 

   Key Players

        *Saudi Desert Control. As a leader in sustainable land transformation, the company uses the Liquid Natural Clay (LNC) technology to transform arid land into fertile soil within just seven hours by combining natural minerals and clays with water. This innovation contributes to improving water retention, boosting plant health and crop yields, and reducing operational costs by 30% for new farmland establishments.

        *Iyri (formerly RedSea). This sustainable AgriClimate Tech company targets advancing commercial farming for low to mid-tech farmers in hot climates. Its patented, proprietary technologies reduce water and energy consumption by up to 90%. Iyris’ award-winning technology, SecondSky, is deployed in multiple greenhouse coverings and shade nets to minimize the stress and impact of near-infrared heat radiation on plants while allowing the spectrum of light that plants need for photosynthesis. This revolutionary innovation helps deliver more resilient, productive, and profitable crops in regions where climate change and excessive heat limit sustainable, productive growth. Additionally, iryis has developed plant genetics via a novel hybridization process that has the potential to breed resiliency to salinity, heat, and drought across a broad range of crops, ensuring stress-resistant, dependable food production.

       *Arable. This startup specializes in custom hydroponic systems tailored for Saudi Arabia’s desert climate. It uses advanced hydroponic technology to cultivate premium vegetables and herbs that are fresher, tastier, and longer-lasting than imported alternatives, using less water and reducing environmental impact.

       *Saudi Arabian Hydroponic Company (Zarei). Based in Al-Khobar, Zarei specializes in modern techniques of cultivation without soil (hydroponics) and the establishment of agricultural greenhouses using sophisticated modern techniques. Hydroponics relies on water in a closed cycle, saving more than 90% of water consumption compared to traditional agriculture methods.

       *GreenMast. This Riyadh-based agri-business company aims to revolutionize the farming model in the GCC region, leveraging fully-controlled high-tech hydroponics greenhouses. It offers various services to transform the farming sector, including greenhouse management and consultancy.

Waste Management

Saudi Arabia’s Vision 2030 focuses on transforming the Kingdom’s environmental practices, accelerating the circular economy, and setting global benchmarks in recycling and resource recovery. With aspirations to divert 85% of industrial waste from landfills by 2035, this national blueprint targets increasing municipal waste recycling rates through advanced technologies and integrated systems. The Kingdom’s sustainability goals also include accelerating the adoption of waste-to-energy solutions to reduce reliance on landfills and investing in infrastructure, partnerships, and innovations to support the circular economy.

A recent report released by the Mordor Intelligence stated that the waste management market in Saudi Arabia is expected to jump to $37.7 billion by 2030 from $25.8 billion in 2025, with a robust compound annual growth rate (CAGR) of 7.85%. the report also anticipated construction mega-projects, mandatory source segregation beginning in 2025, and carbon-credit eligibility for waste-to-energy facilities to increase the revenue base across collection, recycling, and recovery services after 2027.

Several Saudi companies and startups are driving innovation in the waste recycling sector to meet the Kingdom’s need for advanced and sustainable waste management solutions.

  Key Players

• Edama. As the organic waste recycling KAUST startup, Edama develops innovative organic waste recycling facilities to optimize the recovery and transformation of organic waste into innovative agricultural products.
• The Saudi Investment Recycling Company (SIRC). SIRC was launched by the Public Investment Fund (PIF) to develop, own, operate, and finance various activities across all waste types to establish recycling capacities in the Kingdom and build a circular economy for a sustainable future. It targets meeting the objectives of Vision 2030 and the revised Waste Management National Regulatory Framework through its subsidiary network, which includes:

              *Municipal Solid Waste Recycling Company (Yadoum), which focuses on developing progressive and sustainable solutions in the realm of municipal solid waste.

              *Akam Recycling Company for Environmental Services (Akam), a leading provider of environmental services and waste treatment activities. It plans to invest over SAR 160 million as part of its commitment to creating a sustainable future for the Kingdom.

              *Metal Recycling Company for Environmental Services (ELECTA), which focuses on managing the waste of electrical and electronic equipment, as well as metal scraps. 

              *Oil Management Company (Azyat), a pioneering provider of sustainable lubricant waste management solutions.

              *Medical Waste Treatment Company (Wazeen), a trailblazer in redefining how hazardous medical waste is managed and treated.

              *Global Environmental Management Services (REVIVA), a dedicated execution arm in the realm of industrial hazardous waste treatments.

Additionally, the public-private partnerships (PPPs) unlocked substantial investment toward collection, sorting, and waste-to-energy plants, ensuring scalable and bankable operations aligned with regulatory frameworks. Environmentally, these startups and initiatives significantly contribute to minimizing landfill dependency, greenhouse gas emissions, and pollution.

Urban Mobility Innovations

Saudi Arabia is taking confident steps towards redefining its urban mobility landscape by embracing sustainable practices that align with the Vision 2030 framework, aiming to reduce its carbon footprint, enhance the quality of urban life, and create a more sustainable future for its growing population.

A cornerstone initiative in the Kingdom’s sustainability mobility agenda is the development of electric vehicle (EV) infrastructure through building numerous EV charging stations across major cities to support the adoption of electric cars.

Saudi Arabia invested heavily in projects like the Riyadh Metro and Jeddah Metro to elevate public transportation networks. These projects are expected to reduce air pollution in urban areas.

To further advance sustainable mobility practices, Saudi Arabia adopted smart traffic management systems that utilize AI and big data analytics to optimize traffic flow, reduce congestion, and lower emissions. It also deployed autonomous vehicles to enhance mobility while minimizing environmental impact. These self-driving cars can operate more efficiently than human-driven cars, leading to reduced fuel consumption and lower emissions.

Moreover, the Kingdom integrated solar-powered buses and hybrid vehicles into the public transport fleet not only to decrease the carbon footprint but also to provide a sustainable and cost-effective alternative to traditional fuels.

Finally, niche startups in Saudi Arabia are strategically vital for the Kingdom’s sustainable development and economic transformation. By pioneering innovative solutions in desert farming, waste management, and urban mobility, these startups directly address environmental challenges while supporting diversified economic growth in line with Vision 2030. As government support, venture capital, and regulatory reforms strengthen, the outlook for continued innovation in these sectors is highly promising, reinforcing Saudi Arabia’s position as a regional leader in sustainable entrepreneurship.

Ghada Ismail

Saudi Arabia’s fintech story reads like a tale of two kingdoms. In Riyadh and Jeddah, cash feels almost antique; it’s only a matter of phone taps, QR codes flash, and money moves in seconds. Yet a few hundred kilometers away, in Tabuk’s rugged northwest or Najran’s mountain valleys, daily commerce often sounds like the rustle of paper bills and the scratch of a pen across a ledger. The country’s financial future is unfolding at two different speeds.

It isn’t infrastructure that draws the line. Mobile penetration tops 95 percent, 5G towers rise even in sparsely populated stretches, and e-payments already dominate national retail transactions. The gap is more subtle: culture, trust, and the rhythms of rural life. Convincing a farmer in Al-Jawf to swap cash for code demands more than bandwidth; it calls for products that fit local habits, clear value that outweighs tradition, and a level of human connection that an app alone can’t supply.

Saudi Arabia has the digital highway; the challenge is building the entry points. Whether fintech can cross that last mile will determine if the Kingdom’s financial revolution remains an urban triumph or becomes a truly nationwide transformation.

Infrastructure: A Kingdom Already Wired

From an infrastructure perspective, Saudi Arabia is well-positioned. Internet penetration is extremely high (estimates are over 95%), mobile device ownership is widespread, and 4G/5G networks are expanding into previously marginal areas. These foundations matter: without reliable connectivity and devices, fintech is impossible. Already, electronic payments account for a large and growing share of retail transactions. The requisite backbone is largely in place.

Urban Comfort vs. Rural Reality

Still, real comfort with fintech is uneven. In Riyadh, merchants often expect digital payments; in remote towns, cash remains king. Limited bank branch presence in outlying areas means residents may need to travel far for physical banking. Older generations or those with less exposure to digital tools are often wary of apps because of perceived complexity, security risk, or distrust of unseen financial entities. Small businesses in remote regions may lack formal accounting or consistent electricity or internet service, undermining the good infrastructure in theory.

Simpler Fintech for Seniors: An Overlooked Opportunity

When designing fintech for broader inclusion, startups should think about older adults—not just young, tech-savvy users. For many seniors, a confusing interface or too many steps can be as big a barrier as a lack of connectivity. Startups that build apps designed with simplicity in mind—large readable text, simple menus, voice instructions, minimal jargon, offline support, and even human assistance options—could unlock fintech adoption among older generations in remote areas.

Such apps might include:

• Simplified banking apps with fewer screens and more guidance.
• “Lite” or basic versions of wallets that avoid overwhelming options.
• Remote or agent-assisted onboarding, so elders who are less comfortable with tech can get help.
• Voice or audio assistance in Arabic, possibly even local dialects.
• Clear, transparent fees so there is no distrust arising from surprise costs.

Some relevant observations:

• Al Rajhi Bank’s app is praised for being user-friendly and for continuous improvements. But it is still a general-purpose banking app, not specifically tailored to seniors.
• STC Pay and others provide digital wallets with simple features like QR payments, bill payments, etc. These features could serve seniors well if designed with accessibility in mind. But I saw no specific senior-oriented version. 
• In lists of “budgeting” or “open banking” apps, ease of use is often mentioned, but not specifically accommodations for low digital literacy or elderly users

This suggests a gap in the market: there is room for fintech startups in Saudi Arabia that explicitly build for the last mile of inclusion—older adults in remote towns. The right design could make a big difference in whether fintech isn’t just available, but also usable for all.

Vision 2030’s Digital Mandate

Saudi Arabia’s Vision 2030, together with the Financial Sector Development Program and the national Fintech Strategy, explicitly aims to make financial services more inclusive. Regulatory reforms—such as digital-banking licenses, open banking, and upgraded payment systems—are meant to lower barriers for innovators. Central bank policies and government incentives are pushing toward universal access, financial literacy initiatives, and infrastructure investment. These provide an enabling environment for fintech expansion—but regulatory support alone does not ensure adoption.

Business Models Built for the Last Mile

For fintechs to succeed beyond major cities, they must adapt business models to the realities of rural and remote regions. One promising route is agent networks: local shops or service points that act as touchpoints for users who prefer or need human interaction. Another is partnering with telecom companies, which already have reach and existing trust in many small towns. Retail chains, post offices, or municipality kiosks could also serve as infrastructure hubs. Products may need to be cheaper, simpler, and require minimal digital literacy to use.

Winning Hearts, Not Just Downloads

Building adoption is as much a question of trust and culture as tech and regulation. Transparent pricing, clear value, local language support, and human customer service are essential. For someone who has never used a fintech app, a failed transaction or confusing fee can be discouraging. Financial education programs tailored for rural communities, delivered through trusted local groups, can help. Even hybrid models—digital onboarding followed by in-person support—may work better than fully remote approaches in many small towns.

The Credit Gap: Data as Collateral

One area where fintech can make a big difference is credit access. Many small business owners outside big cities lack formal financial histories or audited accounts. Traditional lenders often reject their loan applications. Fintechs that use alternative data—mobile money flows, POS history, utility payments—can build credit profiles and offer small, short-term business loans or inventory financing. That could unlock productivity in sectors like agriculture, small retail, regional logistics, and crafts.

Public–Private Partnerships in Action

There are clear roles for both the state and private sector. Government subsidies or guarantees can de-risk fintech pilot projects in areas where margins are thin. Regulators can provide frameworks that balance innovation with consumer protection, especially for users less experienced with financial services. Banks with branch networks can collaborate with fintech startups to extend service reach. Telecommunications companies can help with distribution and customer chains. Examples include STC (Saudi Telecom Company), Mobily, and Zain.

The idea is that these companies already have:

• Extensive physical presence through stores and service centers, even in remote towns.
• Trusted customer relationships with millions of subscribers.
• Existing billing and payment systems that can be integrated with fintech services.

Because of this reach, telecom companies can help distribute fintech products, handle customer sign-ups or cash-in/cash-out services, and support outreach in areas where banks or fintech startups have little presence.

Operations on the Ground

Fintech’s promise often runs into operational hurdles. Reliable power and internet are not uniformly guaranteed in remote areas. Cash-in and cash-out logistics are tricky: even if payments are done digitally, someone often needs to handle cash for daily expenses. Merchant acceptance is uneven, especially among small stores with thin margins. Fintech systems need to integrate smoothly with existing business workflows—if reconciliation is difficult, or if the app doesn’t handle local languages or dialects, adoption drops.

Measuring Real Impact

Success should be measured with more than download counts or the number of transactions. Key metrics include how fintech reduces time and cost for small businesses, increases savings or access to credit, reduces reliance on informal systems, improves incomes, and raises financial inclusion. Pilot programs should track outcomes over months or years, comparing communities with and without these services, and gather feedback to refine products.

From Connectivity to Inclusion

In the end, fintech in Saudi Arabia has moved closer than ever to being able to serve the Kingdom fully, from Tabuk to Najran. The infrastructure, regulation, and technology are largely in place. But for fintech to truly reach remote regions, providers must adapt: offering services in culturally relevant ways, building trust through human touchpoints, designing affordable and useful products, and partnering with existing local networks.

If they succeed, the result won’t just be more people using fintech apps; it will be a more inclusive economy in which rural and remote areas share more fully in the gains of digital finance. Vision 2030’s promise is big; now the test is whether fintech can land softly and stick across every valley, desert, and mountain of the Kingdom.