01
+1.5M
End-users
Across Saudi Arabia and the Middle East
Investment memo · August 2024
The case for Resal — building MENA's loyalty + digital value backbone.
A one-page investment thesis: why Resal is building the infrastructure to store, send, and redeem points, prepaid cards, and vouchers — and why we are positioned to be the region’s leading operator.
August 2024
Today by the numbers
Operational metrics that prove the model.
02
+1,000
Brands
Running their programmes on the platform
03
+SAR 400M
Transaction value
Processed through the platform
04
+700M
Loyalty points
Processed on the infrastructure
Vision and executive summary.
Resal is a Saudi company that has been building, since 2018, infrastructure to store, send, manage, and exchange loyalty points, prepaid cards, and vouchers across airlines, telecoms, NGOs, retailers, and cafes — a programmable, auditable layer of digital value.
The thesis in short: the loyalty and prepaid space in the Middle East is fragmented, locally regulated, and lacks unified infrastructure. Resal is building that layer — an integrated SaaS stack that lets any business issue digital value and loyalty programmes in weeks, not years. The model is built on real revenue, not capital burn.
The flywheel
How the network loop works.
Network effect
Three pillars feeding each other.
Business buyers fund campaigns. Consumers earn and spend. Merchants gain customers. Each side strengthens the other — that's why the platform compounds.
The flywheel
Three pillars. One platform.
Resal connects businesses, merchants, and consumers in a single value-exchange loop — each side reinforcing the other, every point logged in an auditable ledger.
Business
Employee incentives, customer rewards, NGO disbursements, expense reimbursement — all delivered on a programmable digital-value layer with central admin and full audit trail.
Merchant
A complete SaaS stack for issuing digital prepaid cards, gift cards, and loyalty programmes — with native POS integrations, analytics, and a marketplace of 1,000+ partner brands.
Consumer
The Resal wallet aggregates loyalty points across partners and lets consumers redeem them as real digital cash — turning fragmented rewards into unified purchasing power, in one app.
Market opportunity
A multi-trillion dollar market in real motion.
01
$2.5T
Global market
Loyalty & rewards by 2027
02
$11B
Saudi Arabia
Prepaid market by 2027
03
$20B
Middle East
Closed-loop system by 2027
04
10.3%
CAGR
For the global market annually
Why now — growth drivers.
Seven structural drivers are pulling regional growth forward right now — and amplifying the advantage of the local operator with the infrastructure already in place:
- Acceleration of digital and contactless payments — the Saudi and Gulf consumer’s shift to digital wallets and QR payments has lifted demand for unified digital-value infrastructure.
- eCommerce growth — digital expansion of marketplaces and merchants creates organic demand for gift cards, points, and loyalty as both an acquisition channel and a repeat-purchase engine.
- Corporate incentive programmes — businesses are adopting digital rewards to replace cash bonuses and physical gifts, with instant delivery and a full audit trail.
- Fragmented loyalty consolidation — consumers carry dozens of disconnected programmes, and the market is asking for a unified layer to store and redeem points — exactly what Resal is building.
- Retailer gift-card collaborations — major brands are launching digital gift cards as a new revenue channel and need a trusted, locally compliant issuer.
- Government tourism initiatives — Vision 2030 investment in entertainment, tourism, and culture creates demand for experience cards, vouchers, and travel-loyalty programmes.
- Embedded finance growth — the shift from traditional programmes to programmable financial products (redeemable points, instant settlement) places Resal at the core infrastructure of that experience.
Resal operates within the Saudi Personal Data Protection Law (PDPL) and ISO 27001 framework. Resal does not hold a Saudi Central Bank (SAMA) licence — its closed-loop loyalty, voucher, and gift-card model does not require one under the current regulatory framework.