15/07/2025 04:51 AST
Saudi Arabia is rapidly establishing itself as a global center for billion-dollar startups, known as "unicorns," by cultivating an innovation-driven environment. These high-growth companies - private ventures valued at over $1 billion - have become a symbol of success in the world of entrepreneurship.
The rise of unicorns in the Kingdom reflects a combination of supportive regulations, government backing, and strong investor appetite. Sectors such as artificial intelligence, fintech, e-commerce, and logistics are at the forefront of this transformation.
Among the most notable Saudi success stories are STC Pay, Tabby, Tamara, and the fast-growing delivery firm Ninja. STC Pay became the first fintech company licensed by the Saudi Central Bank and now leads the digital wallet market in the Middle East and North Africa. Tabby, also licensed by the central bank, offers buy-now-pay-later services and has earned both Sharia compliance and global security certifications.
Tamara, founded in Riyadh in 2020, joined the unicorn club in late 2023. The company provides deferred payment solutions and has expanded across the Gulf region. Most recently, Ninja secured $250 million in funding led by Riyad Capital, valuing the three-year-old startup at $1.5 billion. An initial public offering is targeted by 2027, according to Bloomberg.
Investment in Saudi startups has surged, with nearly $400 million raised in the first quarter of this year alone, data firm Magnitt reported.
Silvina Moschini, co-founder of Unicoin and CEO of Unicorn Hunters, described Vision 2030 as a decisive turning point.
"It opened markets, diversified the economy beyond oil, and placed entrepreneurship at the heart of Saudi growth," she told Asharq Al-Awsat.
She emphasized that government investments in digital infrastructure and the Public Investment Fund have created fertile ground for ambitious ideas to scale.
"Investors are drawn to fast-growing markets with strong state support, and Saudi Arabia offers exactly that," she said.
While fintech and e-commerce have led the way, Moschini noted that the next wave of growth will likely come from artificial intelligence, cybersecurity, clean energy, digital health, and creative industries such as gaming and media - sectors closely aligned with Vision 2030 priorities.
She stressed that reaching unicorn status is only the beginning. "The real challenge is sustaining growth and competing globally," she noted, underscoring the importance of international partnerships and regional expansion.
Saudi Gazette
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