UK-based NayaOne enters Saudi fintech market
NayaOne launched the Kingdom's first fully Saudi-hosted platform, allowing banks, insurers, and fintechs to design, test, and introduce products in weeks.
This supports the Saudi Vision 2030's goal of creating a digitally advanced and inclusive financial ecosystem.
Backed by the UK's Department for Business and Trade (DBT), this launch provides Saudi institutions access to the local tech ecosystem as well as the wider NayaOne ecosystem globally.
This expansion marks a milestone in UK-Saudi fintech collaboration, bridging British innovation with Saudi market momentum.
Karan Jain, Founder and CEO of NayaOne, commented: 'Hosting our platform inside the Kingdom removes data-sovereignty friction and lets institutions move from idea to execution in weeks.'
Baroness Gustafsson, UK Minister for Investment, said: 'The UK is home to some of the best tech businesses in the world, so I'm delighted that NayaOne will help boost financial innovation in KSA, reflecting the strength of UK-Saudi collaboration in digital and financial innovation.
Gustafsson added: 'Our upcoming modern Industrial Strategy will be international from the start, working and deepening our partnerships with countries like Saudi Arabia to support our economic growth.'
Commenting on NayaOne's expansion, Alex Nicholls, Director of Expansion at AstroLabs, mentioned: 'NayaOne's expansion will accelerate the development of a new subset of products that meet the demands of a fast-moving market and support financial inclusion.'
Nicholls noted: 'With its newly launched hub in Riyadh, NayaOne is uniquely positioned to deliver a greater impact by fostering closer partnerships with leading FIs and fintech innovators in Saudi Arabia, making it a powerful catalyst for innovation within the local financial services and banking sector.'
Saudi Arabia's fintech market recorded remarkable growth over recent years, supported by government initiatives, regulatory support, and increasing needs for financial services. Hence, fintech is expected to reach a market value of $87 billion in 2029, up from $64 billion in 2024.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
an hour ago
- Zawya
Mideast Stocks: Gulf bourses end mixed on US tariff uncertainty
Stock markets in the Gulf ended mixed on Wednesday as investors monitored global trade developments ahead of the United States' potential re-imposition of sweeping tariffs on July 9. President Donald Trump said on Tuesday he was not thinking of extending the July 9 deadline for countries to negotiate trade deals with the U.S., and continued to express doubt that an agreement could be reached with Japan. Saudi Arabia's benchmark index edged 0.1% higher, after two consecutive sessions of losses, helped by 1.7% rise in Saudi Arabian Mining Company. The cautious mood dominating the region contributed to mixed sector performances, said Joseph Dahrieh, managing principal at Tickmill. "Investors are awaiting further developments to gain more clarity, while low oil prices continue to pose a risk, despite a positive economic outlook," he said. Among gainers, oil giant Saudi Aramco rose 0.8%. Oil futures edged up as Iran suspended cooperation with the U.N. nuclear watchdog and markets weighed expectations of more supply from major producers next month, while the U.S. dollar softened further. Dubai's main share index dropped 0.4%, hit by a 1.3% fall in toll operator Salik Company. Separately, Dubai commuters may soon have a new way to beat traffic, as Joby Aviation successfully completed the first test flight of its fully-electric air taxi in the emirate this week - a significant step toward the city's goal of integrating airborne transport into its mobility network as early as next year. In Abu Dhabi, the index eased 0.1%, while the Qatari index closed flat. A report on Tuesday suggested that the U.S. labour market stayed resilient in May, sharpening the focus on U.S. nonfarm payrolls figures due on Thursday as investors try to gauge when the Federal Reserve is likely to cut interest rates next. Fed Chair Jerome Powell on Tuesday reiterated the U.S. central bank's plans to "wait and learn more" before lowering rates. Outside the Gulf, Egypt's blue-chip index added 0.4%, with Talaat Moustafa Holding rising 0.9%. SAUDI ARABIA rose 0.1% to 11,130 Abu Dhabi fell 0.1% to 9,920 Dubai dropped 0.4% to 5,669 QATAR finished flat at 10,699 EGYPT added 0.4% to 32,820 BAHRAIN was up 0.3% to 1,950 OMAN added 0.3% to 4,525 KUWAIT declined 0.6% to 9,083 (Reporting by Ateeq Shariff in Bengaluru. Editing by Mark Potter)
Zawya
4 hours ago
- Zawya
ITFC wins Global Trade Review Best Deals of 2024 for Türkiye earthquake response financing
JEDDAH, Saudi Arabia -- The International Islamic Trade Finance Corporation (ITFC) ( a member of the Islamic Development Bank (IsDB) Group, has been recognized with a GTR (Global Trade Review) Best Deals of 2024 for its innovative US$150 million Murabaha financing facility, to support Türkiye's post-earthquake economic recovery. Executed in close partnership with the Ministry of Treasury and Finance of the Republic of Türkiye, the Industrial Development Bank of Türkiye (TSKB), and the Development and Investment Bank of Türkiye (TKYB), this landmark Shariah-compliant financing was the first Islamic trade finance facility designed for post-disaster recovery. The financing was developed in response to the devastating earthquakes that struck Türkiye in February 2023, resulting in an estimated US$100 billion in damages and disrupting over 220,000 businesses. The facility delivered working capital support and laid the foundation for sustainable economic revival in key sectors including food security, agriculture, and trade. Commenting on the award, Nazeem Noordali, Chief Operating Officer, ITFC highlighted, 'This award is a testament to our continued commitment to support trade-driven resilience. By partnering with Türkiye's public sector and key development banks, we have introduced an Islamic finance solution that strengthens recovery and supports long-term trade sustainability.' Ms. Sedef Aydaş Head of Department the Republic of Türkiye Ministry of Treasury and Finance, stated that ITFC is one of the first financing organizations showing its willingness to support Türkiye's post-earthquake economic recovery and added that: 'We as Ministry of Treasury and Finance are delighted and thankful to receive GTR Best Deal of 2024 with the first transactions with ITFC for its financing support to Türkiye regarding food security, agriculture and SME trade financing in the earthquake region. I hope the deals we had with ITFC will be one of the landmark projects for future transactions in various areas.' The project has also accelerated the adoption of Islamic trade finance solutions in Türkiye's public sector. TSKB and TKYB utilized the opportunity to develop new Shariah-compliant frameworks with strategic impact across other sectors like renewable energy, climate resilience, employment and inclusive development. It also opened new avenues for Islamic financing in Türkiye's public sector, paving the way for future Murabaha based financing from international players. Commenting on the award, Ms. Meral Murathan, Executive Vice President & Sustainability Leader of TSKB, said: 'As Türkiye's first privately-owned development and investment bank, we have been committed to supporting sustainable and inclusive development for the past 75 years. In the aftermath of the February 2023 earthquake, we placed the sustainable redevelopment of the affected regions at the core of our mission. The US$ 150 million Murabaha-based agreement we signed with ITFC in August 2024 marks the first cooperation between TSKB and ITFC. We are pleased to have structured this partnership to support trade-driven recovery and resilience in the earthquake-impacted areas by addressing the urgent needs of local businesses.' The award was presented at the GTR Best Deals 2024 ceremony, where ITFC representative alongside officials from the Ministry of Treasury and Finance of the Republic of Türkiye and TSKB. İbrahim H. Oztop, the CEO of the Development and Investment Bank of Türkiye commented 'We are very pleased to be involved in this transaction, executed in collaboration with ITFC, our partner institution. This financing not only represents a step forward in strengthening our corporate financing structure but also helps us to achieve our strategic goals. We consider this award as a recognition of our institution's vision and mission on an international level.' This recognition reinforces ITFC's leadership in Islamic trade finance solutions and its contribution to achieving SDG 8 (Decent Work & Economic Growth) and SDG 9 (Industry, Innovation & Infrastructure). Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC). Contact Us: E-mail: ITFC@ Social Media: Twitter: Facebook: LinkedIn: About the International Trade Finance Corporation (ITFC): The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving the socioeconomic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided more than US$83 billion of financing to OIC member countries, making it the leading provider of trade solutions for member countries' needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools, enabling them to successfully compete in the global market. SOURCE: International Islamic Trade Finance Corporation (ITFC)
Zawya
4 hours ago
- Zawya
Ruya Partners completes SAR 206mln private credit investment in innovative fiber production plant in Saudi Arabia
Abu Dhabi, United Arab Emirates: Ruya Partners, an Abu Dhabi Global Market based private credit fund manager, has announced the successful closing of a USD 55 million (SAR 206 million) private credit investment to fund the development of an innovative hygiene nonwoven fiber production plant in Yanbu, Kingdom of Saudi Arabia. The investment was completed as part of a consortium with a fund managed by a leading regional financial institution. This investment marks a significant step in advancing the region's production capabilities in nonwoven materials, addressing the growing demand within the hygiene sector and contributing to the Kingdom's broader vision of industrial diversification and sustainable economic growth, aligned with the ambitious Saudi Vision 2030. The investment will support the construction of a state-of-the-art staple fiber production facility owned by the Al Shair Group. The plant will be a raw material supplier to United Saudi Company (USC), the only dry-laid hygiene nonwoven manufacturer in Saudi Arabia and wholly owned by the Al Shair Group. The construction of this facility will result in the culmination of a strategically important vertical integration of Al Shair's nonwoven operations, enabling the whole supply chain and all related value-add to be brought into Saudia Arabia. Located adjacent to USC, the facility and USC will both benefit from competitive production and transportation costs, as well as efficient supply chain logistics and increased security of raw material supplies. Upon commencing operations, which are anticipated within a two-year timeline, the plant will have an initial production capacity of 30,000 metric tonnes. Plans are already in place to expand this capacity to 50,000 metric tonnes during a subsequent phase of development, thereby fostering increased production efficiencies and effectively meeting the region's growing market demand. Mr. Mirza Beg, Partner and Co-Chief Investment Officer of Ruya Partners, said: 'Our collaboration with the Al Shair Group is another example of Ruya Partners' track record of supporting essential growth sectors in Saudi Arabia. This project showcases our dedication to financing impactful initiatives that foster economic resilience and innovation while contributing to enhancing the quality of life. We firmly believe that this hygiene nonwoven fiber production plant will play a pivotal role in meeting the increasing regional demand and strengthening Saudi Arabia's position in this vital market.' Dr. Talal Al Shair, Founder and Executive Chairman of Al Shair Group, emphasized the strategic importance of this upstream integrated project, stating: 'We are proud to have Ruya Partners and the consortium join us as investors in this project, which represents a key milestone in strengthening Saudi Arabia's industrial base. The new facility will not only enhance local production capacity for hygiene nonwoven fibers but also support the Kingdom's strategic goal of industrial diversification, integration and support the circular economy under Vision 2030. We look forward to contributing to the sector's growth and creating long-term value for the market.' "This latest investment marks a meaningful milestone as Ruya Private Capital Fund I's fifth deployment and the fourth financing supporting Saudi Arabia's corporate growth. We are proud to back a project that contributes directly to Vision 2030 through localized production, vertical integration, and supply chain resilience. This collaboration highlights our continued commitment to providing strategic capital to transformative companies that are powering the Kingdom's economic diversification." Added Omar AlYawer, Partner & Chief Capital Formation Officer of Ruya Partners. Ruya Partners is an Abu Dhabi Global Market based independent private credit investment fund manager that provides bespoke funding solutions to private sector companies in developing markets. Ruya Partners works with business owners, family offices, financial sponsors and management teams to develop a deep understanding of their businesses and create tailored financing solutions that are structured to fit the companies' strategic and business plan needs, thereby delivering flexible, value-added capital through a partnership approach. Through the private credit fund it manages, Ruya Partner's funding solutions are typically utilized by companies for capital expenditures, growth, expansion, long-term working capital liquidity, acquisitions, balance sheet recapitalization and shareholder base rationalization, among other needs. For more information on Ruya Partners, visit Al Shair Group is a diversified Saudi conglomerate with a strong presence in petrochemicals, fiber-reinforced polymers, and industrial manufacturing. The Group operates globally across industries such as nonwoven fabrics, fiberglass, recycling, gold refining, and HDPE pipes. Committed to innovation and sustainability, Al Shair Group actively supports Saudi Arabia's Vision 2030 by enhancing local production capacity and contributing to economic diversification. For more information, visit About Al Shair Group Al Shair Group is a diversified Saudi conglomerate with a strong presence in petrochemicals, fiber-reinforced polymers, and industrial manufacturing. The Group operates globally across industries such as nonwoven fabrics, fiberglass, recycling, gold refining, and HDPE pipes. Committed to innovation, sustainability, and industrial excellence, Al Shair Group actively supports Saudi Arabia's Vision 2030 by enhancing local production capacity and contributing to economic diversification. The Group's integrated approach and investment in advanced technologies continue to position it as a leader in key industrial sectors both within the Kingdom and internationally. For more information, visit: About Ruya Partners Limited Ruya Partners Limited is an independent private credit fund manager that provides bespoke funding solutions to private sector companies in developing markets. Ruya Partners is regulated by the ADGM Financial Services Regulatory Authority to manage a collective investment fund which is classified as a Private Credit Fund. The transaction referred to herein was executed by a private credit fund managed by Ruya Partners Limited. The Fund's investor base includes Sovereign Wealth Funds, SWF-backed and public pension funds, and other institutional investors. For more information on Ruya Partners, visit Media Contacts: Ruya Partners Limited Omar Alyawer Partner Email: omar@ Website:
