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Saudi corporate travel platform FlyAkeed has secured SAR 94.3 million ($25.15 million) in growth funding, combining an equity investment led by PIF-owned Sanabil Investments with a Murabaha sukuk financing led by Artal Capital.
Artal also participated in the equity round alongside stc Group’s corporate venture arm Tali Ventures and Aljazira Capital. FlyAkeed has not disclosed how the SAR 94.3 million is split between equity and sukuk financing.
The deal brings back two of FlyAkeed’s existing investors. Sanabil co-led the company’s $15.2 million Series A with Elm in 2023, with Artal and Al Rajhi Partners also participating.
The new financing will primarily support Travel Now, Pay Later, a deferred-payment product that allows companies to book employee travel upfront and settle their spending later through a consolidated invoice. FlyAkeed also plans to invest in its AI and analytics products and expand further across Saudi Arabia and the GCC.
It adds a financing layer to what has until now largely been a corporate travel management business. FlyAkeed brings flight, hotel and ground transport bookings into a single platform, while allowing companies to set travel policies, automate approvals and track spending.
Founded by Bassam Almohammadi in Riyadh in 2015, the company says it now serves more than 150 corporate clients, including PIF, Maaden, Golf Saudi and National Housing Company.
FlyAkeed has continued adding large Saudi accounts around this week’s LEAP conference. The Saudi Pro League selected the company to manage its business travel, while SALIC signed an agreement to move its corporate travel management onto FlyAkeed’s platform.
The expansion comes as corporate travel spending in Saudi Arabia continues to grow. The market reached an estimated $10.9 billion in 2025 and is expected to reach $18.5 billion by 2034, according to IMARC Group.
The deferred-payment product gives FlyAkeed another way to capture that spending beyond booking and travel-management fees, while the sukuk financing provides a separate pool of capital alongside the company’s new equity.
“Large enterprises don’t just want better software; they want better payment terms,” Almohammadi said.
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