Newera joins AI startup funding wave

Riyadh-based Newera.ai raised USD 2.1 mn (SAR 8 mn) in a pre-seed funding round led by Embark, with participation from unnamed angel investors, it said in a press release. The startup — founded by Abdulrhman Alsuliman (LinkedIn) — will use the funding to “scale Newera.ai’s AI-driven solutions locally, strengthen its research and development capabilities, and launch products tailored specifically to the Saudi market,” the company said.

Newera.ai is the latest to join the AI startup galore: More than a few AI-driven startups raised funding this year, including cybersecurity firm Cognna, regtech outfit Stamp, customer support startup DOO, and digital health firm Kilow.

EEC wraps up capital optimization plan

Emaar the Economic City (EEC) completed all elements of its SAR 8.7 bn capital optimization plan, first disclosed in September 2024, it said in a disclosure to Tadawul on Thursday. The plan included rescheduling banking facilities, securing a new shareholder loan, and reducing capital to offset accumulated losses, followed by increasing capital through debt conversion.

EEC listed new shares issued as part of its capital increase through debt conversion, following approval at a general assembly meeting last week, it said in a separate disclosure. The shares were issued to the Public Investment Fund in exchange for outstanding debt.

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