MENA startups draw $113M in fresh capital amid fintech, HR tech and Shariah‑compliant fund growth

Context Across the Middle East and North Africa, venture activity has risen as investors seek exposure to fast‑growing technology firms. Sectors such as digital finance, workforce management and artificial intelligence have attracted the largest checks. Recent months also saw activity in proptech, insurtech and mobility, showing a broadening of interest beyond traditional hubs. Analysts note that the region’s improving regulatory frameworks and growing talent pool are further encouraging cross‑border deals.

Key Facts – Arib Arib, a Saudi digital financing marketplace, raised $23.5 million from Merak Capital. The round combined equity and Shariah‑compliant Murabaha financing, allowing the platform to upgrade its technology stack and expand its lending product suite. The company said the funds will support new product development and geographic reach.

Key Facts – RemotePass RemotePass, a UAE‑based workforce platform that handles payroll and contractor payments in more than 150 countries, secured $17.4 million in Series B funding. The round was led by EBRD Venture Capital, with participation from global and regional investors. The startup plans to enter Europe and the United States while investing in AI‑driven compliance and automation tools.

Key Facts – Manara Ventures In Jordan, the Jordan Capital and Investment Fund launched Manara Ventures, a $70.5 million Shariah‑compliant growth fund. The fund targets more than 20 technology startups, offering individual investments between $750,000 and $3 million. Its goal is to help portfolio companies scale regionally and pursue international expansion.

Additional Market Moves Other notable rounds included a six‑figure investment for Tunisia’s EYST Technology to scale its instant‑claims insurance platform. Swedish sports tech firm PlayReplay raised $12 million to bring its AI‑powered racquet‑sports analytics to Saudi Arabia, the UAE, Qatar and Egypt. Egyptian mobility startup ARRW obtained $4 million to grow its ride‑hailing network, while UAE proptech eVoost AI secured $2.2 million to expand its AI‑driven property sales platform across Europe, the Gulf and the United States.

What It Means The concentration of capital in fintech and HR tech reflects investor belief that these sectors can deliver scalable, cross‑border solutions. The launch of a large Shariah‑compliant fund indicates growing demand for financing structures that align with Islamic principles, potentially unlocking more local‑sourced capital. Meanwhile, the spread of investments into AI, proptech and insurtech shows that backers are diversifying bets across the technology stack. Regulators in Saudi Arabia and the UAE have introduced sandbox initiatives that ease compliance for fintech and AI experiments, supporting the current fundraising momentum.

What to Watch Next Observers should monitor whether the newly funded startups meet their expansion milestones, particularly RemotePass’s entry into North American and European markets. The performance of Manara Ventures’ first cohort will also signal the viability of dedicated Shariah‑compliant growth vehicles in the region.