Latest news with #Saudi-built
CairoScene
01-07-2025
- Business
- CairoScene
Nearpay Becomes First Saudi Payments Fintech to Expand Into the US
Nearpay has entered the United States, the company's first expansion beyond Saudi Arabia, as it seeks to scale its contactless-payments tech and compete in the world's largest card market. Jul 01, 2025 Saudi-based payments infrastructure company Nearpay has officially launched operations in the United States, becoming the first Saudi fintech to establish a presence in the American market. The move is being led by co-founder Ali Mroueh with technical oversight from partner Hamzah Al Ghamdi. Nearpay plans to bring its 'tap-to-phone' technology - software that turns any smartphone into a contactless point-of-sale - into a market where more than 80% of in-store card payments are already contactless. 'Our goal is to deliver the highest local and global technological value,' co-founder Mohammad Aleban said on X, adding that the company will leverage its Saudi-built tech stack to meet US demand for streamlined, hardware-light payment solutions. Nearpay's expansion follows a string of regional milestones: the company processed over 40 million transactions in 2024 and secured Payment Card Industry (PCI CPoC) certification, allowing merchants to accept Visa, Mastercard, and American Express payments without traditional terminals. In December 2023, Nearpay raised $14 million in a series A funding round led by Sanabil Investments. By entering the US, Nearpay joins a competitive field that includes Square and SoftPOS providers like Stripe Terminal and Fiserv's Clover. Management says the company will target small retailers and service businesses looking to cut hardware costs while adding multi-currency acceptance. Nearpay's US launch underscores a broader trend of Gulf fintechs looking to export home-grown solutions. It also aligns with Saudi Arabia's Vision 2030 goal of boosting non-oil exports and positioning local tech champions on the global stage.
Hans India
13-05-2025
- Business
- Hans India
Trump Secures $600 Billion Saudi Investment Deal to Boost U.S. Economy, Defense, and Technology
Former President Donald J. Trump has announced a groundbreaking $600 billion investment commitment from Saudi Arabia into the United States, signaling a significant deepening of economic, defense, and technological ties between the two nations. Unveiled during Trump's visit to Riyadh, the historic package includes agreements across multiple sectors—ranging from AI, infrastructure, and energy to defense and healthcare. The White House described the series of deals as "transformative," calling them a cornerstone of a new era in U.S.-Saudi strategic partnership. Key Agreements Include: $142 billion in defense sales: The largest arms deal in U.S. history, involving over a dozen U.S. defense firms providing advanced warfighting systems, training, and services to Saudi Arabia. $20 billion investment by Saudi firm DataVolt in U.S.-based AI data centers and energy infrastructure. $80 billion in tech investments led by companies such as Google, Oracle, AMD, and Uber, jointly committed to innovation in both countries. $2 billion in infrastructure contracts awarded to U.S. firms like AECOM, Jacobs, and Hill International for projects including King Salman International Airport and Qiddiya City. $14.2 billion in U.S. energy exports from GE Vernova, and $4.8 billion in aviation contracts with Boeing for new 737-8 aircraft. $5.8 billion in healthcare investment, including a new IV fluid plant in Michigan. Three investment funds totaling $14 billion focused on energy, aerospace, and sports, designed to drive U.S. innovation and job creation. Strategic Cooperation Expands The deal comes amid a broader push to solidify U.S.-Saudi cooperation across critical areas. Agreements were also signed between: U.S. Department of Energy and Saudi ministries to develop shared energy and mining initiatives. NASA and the Saudi Space Agency, launching a Saudi-built CubeSat aboard the Artemis II mission. The Smithsonian Institution and Saudi cultural authorities, focusing on research and conservation, including a new Arabian leopard exhibit in Washington, D.C. Economic Impact Saudi Arabia's direct investment in the U.S. totaled $9.5 billion in 2023, and bilateral goods trade in 2024 reached $25.9 billion. The newly announced investments are expected to dramatically boost these figures, supporting long-term job creation and innovation in the United States. Trump called the deal a continuation of his 'America First' trade and investment agenda, highlighting his administration's role in securing "the largest set of commercial agreements ever signed between the U.S. and Saudi Arabia." A Legacy of Deal-Making The announcement builds on Trump's 2017 deals with Saudi Arabia and follows a recently concluded U.S.-UK trade agreement. It reflects Trump's ongoing effort to position the U.S. as a global economic leader through high-value bilateral partnerships. 'This is a new golden era for U.S.-Saudi relations,' a senior administration official said. 'This deal isn't just about numbers—it's about securing a shared future of prosperity, innovation, and stability.'
CairoScene
11-04-2025
- Business
- CairoScene
Saudi Tech Firm Yalla Plus Launches Arabic-Language AI Platform
Yalla AI debuts as a Saudi-built generative platform for content creation, business intelligence, and linguistic insight, tailored for Arabic-speaking users. Apr 11, 2025 Saudi tech firm Yalla Plus has officially launched Yalla AI, a locally developed artificial intelligence platform tailored to the linguistic and cultural needs of Arabic-speaking markets. Entirely built and trained within Saudi Arabia, the platform is positioned as a regional alternative to global AI models—one that prioritises Arabic fluency, cultural nuance, and business adaptability. Developed in alignment with Saudi Arabia's Vision 2030 agenda to accelerate digital transformation, Yalla AI offers a suite of tools designed to serve both individual users and enterprises across the Middle East and North Africa. The chat-based platform supports content generation, natural language processing, business analytics, and multilingual communication, with a strong emphasis on accuracy in Modern Standard Arabic and regional dialects—a feature often missing from major AI providers. What sets Yalla AI apart is its integration with Yalla Plus's existing point-of-sale and retail management systems, making it an immediate asset for businesses in sectors like hospitality, F&B, and retail. Features include automated reporting, sales forecasting, and resource planning, allowing businesses to embed AI tools into their everyday operations without the need for extensive technical knowledge. According to Yalla Plus, the platform also includes tools for data visualisation, keyword clustering for SEO, and customer sentiment analysis—key capabilities for a market increasingly focused on digitisation and customer experience.
