Rime raises seed round, five-year pipe duties, Riyadh Air expands Asia network

Rime bags over USD 2 mn in seed round

Saudi-based AI startup Rime secured over USD 2 mn in a seed funding round led by Seedra Ventures, with participation from Athlah Investment, Unity Invest Partners, and several angel investors, according to a press release. The company previously ran a pre-seed round also led by Seedra.

Where will the money go? The funding will support Rime’s expansion in Saudi Arabia, accelerate development of its proprietary technology platform, and enable enterprises to build scalable AI applications.

About the company: Founded in 2024 by Mohammed Almarshidi (LinkedIn) and Arif Alotaibi (LinkedIn), the company provides AI tools for businesses operating physical sites, using cameras and sensors to analyze activity and make real-time decisions. Its platform is used across 2k sites in the GCC, mainly by retail and service companies, to improve operations and reduce losses.

Saudi imposes five-year pipe duties

Five-year trade measure: Saudi Arabia imposed final anti-dumping duties ranging from 16.96% to 29.94% on imports of ductile cast iron pipes from India. The five-year measures (pdf) took effect on 4 August.

Infrastructure focus: The measures cover ductile iron pipes with diameters from 100 mm to 1k mm and technical classes from K9 and C Class to C40, used in water distribution, stormwater drainage, wastewater, irrigation, and firefighting networks.

Industry reaction: Saudi Arabian Amiantit expects the decision to have “a positive impact on the company's sales of [ductile iron pipes] during the coming periods.”

Industry protection: This decision follows the conclusion of an anti-dumping investigation launched last year following a complaint filed by the local industry.

Riyadh Air expands Asia network

Riyadh Air is expanding its Asian destinations following yesterday’s inaugural flight to Mumbai, with daily services from Riyadh to Islamabad set to begin on 14 August, Lahore on 18 August, and Manila on 9 September, state news agency SPA reports.

REMEMBER- Riyadh Air has added more routes, including Kuala Lumpur, Madrid, Malaga, Dubai, and Cairo, to support its goal of serving more than 100 destinations by 2030.

Sabic completes ETP business sale

Non-core exit: Saudi Basic Industry Corporation (Sabic) completed the divestment of its Engineering Thermoplastics (ETP) business in the Americas and Europe to Mutares after fulfilling the closing conditions, including regulatory approvals and carve-out activities, it said in a Tadawul filing.

Why it matters: The sale advances Sabic’s portfolio overhaul by shedding a loss-making business that incurred operating losses of SAR 1.9 bn in 2025 and SAR 648 mn in 1H 2026. The company expects the divestment to cut losses, lift returns on capital, and enhance long-term shareholder value.