Plus VC Plans 40 Startup Deals in 2026 as Saudi Venture Scene Grows - Bloomberg
Early-stage investor Plus VC plans to fund more than three dozen startups in 2026, with a view toward deals in Saudi Arabia as the country cements its position as a regional venture capital hub.
The firm, which has backed more than 250 startups across 15 countries in the Middle East and North Africa, expects to increase capital deployment to about $10 million from $4.5 million this year, according to Hasan Haider, founder and managing partner.
It will focus on sectors including construction technology and food-waste platforms, and plans to push deeper into areas like fintech. Plus VC also intends to raise money from external investors for its next fund in 2026, Haider added, without offering further details.
“A lot more deals are taking place in the Saudi market and actually, in terms of amounts of funding, Saudi is now taking over the most out of anywhere else in the region,” he said in an interview.
Startups in the Middle East raised a record $1.2 billion last quarter as they benefit from continued sovereign support and increasing interest from international investors. They also hit a fundraising high on a nine-month basis, with the kingdom leading in deal count.
Plus VC has backed Saudi startups including foodtech company Calo, which is looking to list in the local market by 2027. It also recently joined a round for Strataphy, a cooling solutions firm.
The venture investor sees the kingdom benefiting in the years ahead as more funding becomes available for later-stage growth companies, increasing the likelihood for eventual exits.
Wednesday, 3 December 2025
Most Gulf bourses in black on oil, US rate cut bets | Reuters
Most Gulf bourses in black on oil, US rate cut bets | Reuters
Most stock markets in the Gulf ended higher on Wednesday, amid rising crude prices, as investors look to U.S. economic data this week that could influence the Federal Reserve's monetary policy moves.
Oil prices, a catalyst for Gulf financial markets, climbed more than 1% after Russia said talks with U.S. officials in Moscow failed to reach a compromise on a potential Ukraine peace deal that could have eased sanctions on its oil sector.
Saudi Arabia's benchmark index (.TASI), opens new tab rose 0.4%, with Etihad Etisalat Company (7020.SE), opens new tab advancing 2.1%, while Saudi Aramco Base Oil Company (2223.SE), opens new tab surged 10% to 93.95 riyals after HSBC lifted its price target to 115 riyals from 107 riyals.
The kingdom approved its state budget for 2026 on Tuesday, forecasting a narrower fiscal deficit of 165 billion riyals ($44 billion), or about 3.3% of gross domestic product, as it shifts spending to priority sectors such as industry and logistics in a push to increase non-oil revenue.
The Qatari index (.QSI), opens new tab gained 0.5%, with the Qatar Islamic Bank (QISB.QA), opens new tab finishing 1.2% higher.
Dubai's main share index (.DFMGI), opens new tab - which traded after a two-session break - advanced 1.2%, with top lender Emirates NBD (ENBD.DU), opens new tab gaining 3.5%.
In Abu Dhabi, the index (.FTFADGI), opens new tab was up 0.7%.
Stock markets in the United Arab Emirates resumed trading after a two-day hiatus for its National Day celebrations.
Investors are closely watching upcoming releases, including Wednesday's November ADP private payrolls report and Friday's delayed September Personal Consumption Expenditures (PCE) Index — the Federal Reserve's preferred measure of inflation.
Monetary policy shifts in the U.S. have a significant impact on Gulf markets, where most currencies are pegged to the dollar.
U.S. rate futures are now assigning an 88% probability of a Federal Reserve rate cut at next week's meeting, up from 85% a week earlier, CME's FedWatch Tool shows.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab jumped 1.8%, hitting all-time high, with Commercial International Bank (COMI.CA), opens new tab rising 1.8%.
Egypt's non-oil private sector recorded its fastest growth in five years in November, driven by sharp increases in output and new orders, a business survey showed on Wednesday.
Most stock markets in the Gulf ended higher on Wednesday, amid rising crude prices, as investors look to U.S. economic data this week that could influence the Federal Reserve's monetary policy moves.
Oil prices, a catalyst for Gulf financial markets, climbed more than 1% after Russia said talks with U.S. officials in Moscow failed to reach a compromise on a potential Ukraine peace deal that could have eased sanctions on its oil sector.
Saudi Arabia's benchmark index (.TASI), opens new tab rose 0.4%, with Etihad Etisalat Company (7020.SE), opens new tab advancing 2.1%, while Saudi Aramco Base Oil Company (2223.SE), opens new tab surged 10% to 93.95 riyals after HSBC lifted its price target to 115 riyals from 107 riyals.
The kingdom approved its state budget for 2026 on Tuesday, forecasting a narrower fiscal deficit of 165 billion riyals ($44 billion), or about 3.3% of gross domestic product, as it shifts spending to priority sectors such as industry and logistics in a push to increase non-oil revenue.
The Qatari index (.QSI), opens new tab gained 0.5%, with the Qatar Islamic Bank (QISB.QA), opens new tab finishing 1.2% higher.
Dubai's main share index (.DFMGI), opens new tab - which traded after a two-session break - advanced 1.2%, with top lender Emirates NBD (ENBD.DU), opens new tab gaining 3.5%.
In Abu Dhabi, the index (.FTFADGI), opens new tab was up 0.7%.
Stock markets in the United Arab Emirates resumed trading after a two-day hiatus for its National Day celebrations.
Investors are closely watching upcoming releases, including Wednesday's November ADP private payrolls report and Friday's delayed September Personal Consumption Expenditures (PCE) Index — the Federal Reserve's preferred measure of inflation.
Monetary policy shifts in the U.S. have a significant impact on Gulf markets, where most currencies are pegged to the dollar.
U.S. rate futures are now assigning an 88% probability of a Federal Reserve rate cut at next week's meeting, up from 85% a week earlier, CME's FedWatch Tool shows.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab jumped 1.8%, hitting all-time high, with Commercial International Bank (COMI.CA), opens new tab rising 1.8%.
Egypt's non-oil private sector recorded its fastest growth in five years in November, driven by sharp increases in output and new orders, a business survey showed on Wednesday.
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