The Saudi ICT sector recorded notable funding rounds, major corporate acquisitions, and key regulatory advancements during the third week of September 2026. These developments reflect continuous progress across fintech, artificial intelligence, and digital communications infrastructure.
Funding in the Saudi ICT sector
Saudi fintech company BARQ closed a Series A funding round of $329.5 million at a valuation of $1.85 billion, according to Asharq Al-Awsat. This transaction strengthens the capitalization of the company as it scales its financial services operations.
In addition, Saudi corporate travel platform FlyAkeed secured SAR 94.3 million in growth funding, as reported by Wamda. The financing structure combines direct equity investment with Murabaha sukuk financing to support enterprise platform expansion.
Major Deals and Strategic Contracts
Payment solutions provider PayTabs completed the acquisition of Amazon Payment Services’ MENA operations for an amount exceeding $100 million, reported Wamda. The acquisition expands the regional footprint of PayTabs in digital payment processing.
Meanwhile, Saudi Arabia’s Minister of Communications and Information Technology, Abdullah Alswaha, held a meeting with Amazon Web Services CEO Matt Garman. The two sides agreed to accelerate artificial intelligence infrastructure expansion, scale computing capabilities in Saudi Arabia, and advance the dedicated AI Zone development, according to X @McitGovSa and an additional statement on X @McitGovSa.
Regulatory Milestones and Policy Frameworks
The Saudi Central Bank (SAMA) reported that fintech investments in Saudi Arabia surpassed $8 billion, with 371 fintech companies operating by the end of August 2026, according to Asharq Al-Awsat. Consequently, SAMA confirmed it is studying the rollout of a direct payment service via bank accounts to provide new payment alternatives for merchants and consumers, reported Okaz.
In AI governance, SDAIA co-chairs the Global Network of AI Regulators (GNAIS) and took part in a panel discussion on international governance cooperation during the Digital Government Forum, according to X @SDAIA_SA. Furthermore, Saudi Arabia co-hosted an event on AI policy tools alongside the OECD and the Global Partnership on AI at the GFEAI forum, as noted by X @SDAIA_SA. SDAIA also formally designated Riyadh as a global AI hub under the 2026 AI Year program, reported on X @SDAIA_SA.
New Platform Launches and Sector Programs
The GFEAI forum launched an AI event in Riyadh at the Ritz-Carlton running from 15 to 17 September 2026 to present regional AI initiatives, according to X @SDAIA_SA. Separately, Sema introduced an updated version of its Mulam platform to clarify credit rating factors for consumers, as covered by Okaz.
SDAIA introduced professional badges in data and artificial intelligence to certify technical credentials for engineers and data scientists, per X @SDAIA_SA. In enterprise growth, BARQ became Saudi Arabia’s ninth technology unicorn after reaching a valuation above $1 billion, according to X @McitGovSa. Finally, CST partnered with the International Telecommunication Union to organize the Global Space Communications and Sustainability event under ministerial patronage, as detailed by X @CST_KSA.
