Skip to content Skip to Search
Skip navigation

Facebook’s Meta signs partnership to support Saudi tech startups

Facebook-owner Meta has partnered with the region's largest venture capital fund to support Sausi startups

Meta, the company formerly known as Facebook, has announced a new partnership with Riyadh-based STV (Saudi Technology Ventures), the Middle East’s largest venture capital fund, to support the growth of technology startups in the kingdom.

Founded in 2018 by Abdulrahman Tarabzouni, STV has capital of over $500 million and it’s portfolio of investments includes regional household names such as ride-hailing app Careem, buy-now-pay-later provider Tabby, restaurant management platform Foodics and ‘the Uber of trucks’ Trukker.

As part of the partnership, Meta will use its existing platforms, including Facebook and Instagram, to help Saudi startups market and grow their businesses.

“As a priority market for Meta, we’re keen on growing the wider tech ecosystem in the country by building important capabilities and skills for business communities through our marketing and platform solutions. Through this new partnership with STV, we are fully committed to furthering our investment in Saudi Arabia and the MENA tech ecosystem by building technical capabilities for SMB [small and medium business] owners, upskilling entrepreneurs, and supporting marketers and developers,” Fares Akkad, Regional Director for the Middle East and North Africa at Meta, was quoted as saying in a press release.

The partnership is part of the Saudi government’s wider drive to support small businesses in the kingdom and stimulate an environment of entrepreneurship. Data compiled by Wamda, the largest early-stage investment fund in the Middle East, found that Saudi Arabia was currently enjoying triple digit growth in investment into startups.

“Saudi Arabia’s pace of growth when it comes to its startup ecosystem has been astonishing. From January to April this year, startups in the country have raised over $500 million, that’s a growth rate of 145 percent compared to the same period last year,” Triska Hamid, editorial director at Wamda, told AGBI.

“Investors in Saudi have also become the region’s most active and will likely remain this way until they begin to feel the effects of the crashes in the global markets,” she added.

Latest articles

FILE PHOTO: United Arab Emirates Minister of State for Foreign Trade Thani Al Zeyoudi gestures during an interview with Reuters in Dubai, United Arab Emirates, June 30, 2022. REUTERS/Abdel Hadi Ramahi/File Photo

UAE and Kenya complete Cepa negotiations

The UAE and Kenya have completed negotiations on a comprehensive economic partnership agreement (Cepa) between the two countries. It is the 12th Cepa deal secured by the UAE and its third in Africa, after agreements were signed last year with Mauritius and the Republic of the Congo (Congo-Brazzaville). “The UAE-Kenya Cepa will not only boost […]

Adnoc has bid for German polymer manufacturer Covestro but its offers €55 and €57 per share were rejected

Adnoc faces hurdles in completing ambitious European deals

Abu Dhabi state oil company Adnoc is facing challenges to a duo of major European deals it is trying to get over the finish line, according to media reports. Talks with Austrian energy group OMV have been put on hold to allow parties to navigate a series of disagreements, the Financial Times reported on Friday. […]

A worker at a phosphate production plant in Metlaoui, Tunisia. Phosphate accounts for 15% of Tunisia's exports

Saudi Arabia loans $55m for Tunisian rail renewal

Saudi Arabia has signed a $55 million loan deal with Tunisia to finance the renewal of the North African country’s rail network.  The railway is used to transport phosphate, a sector that makes up around 4 percent of Tunisia’s GDP and 15 percent of the country’s exports. Tunisia plans to produce eight million tonnes by […]

Visitors enjoy the Karnak Temples; the government hopes to entice 30 million tourists to Egypt a year by 2030 tourism egypt

Egypt tourism up 5% in early 2024 despite Gaza conflict

The number of tourists visiting Egypt increased by five percent year on year in the first 40 days of 2024, according to Egypt’s tourism minister, Ahmed Issa. The announcement came after reports in January that visitor numbers for the whole of 2023 reached a record high of 14.9 million, just shy of the 15 million […]