MENA’s Digital News, Week #41

A weekly round up of the top headlines from the digital sector in MENA, covering startups, corporate and the public sector.


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Kamal Mugahid, former Innovation lead @ du and Currently founder of SuperNode

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Investments & Acquisitions

COLNN, Egypt based school management Saas, raises seed round of $100k from Edventures http://bit.ly/2Y5GZ5k 

AlgoDriven, Dubai-based automotive data platform, raises $625k in pre series A funding from Oman Technology Fund, Dubai-DTEC Ventures, 500 Falcons, and Social Capital http://bit.ly/2Sgpxpj / http://bit.ly/2keMnkH

FineDine, Turkish SaaS management platform for F&B and hospitality, have secured investment from Savour Ventures (undisclosed amount) http://bit.ly/2YMZGYF 

Cryptyd, Alexandria-based mobile game development studio, raises pre-series A funding from Cairo Angels and Alexandria Angles http://bit.ly/30AmBXy 

Loay Academy, Bahrain-based online classes and accreditation platform, raises ~$1.1M from undisclosed investors (AR) http://bit.ly/30FtTJH 

Weego, Moroccan mobility startup, join’s Cape Town’s Startupbootcamp AfriTech accelerator http://bit.ly/30zrUXw

Capital Investment LLC, AbuDhabi, joins series F round (announced in May) with an additional $10M invested into Grofers, India’s grocery delivery startup. The round was led by Softbank Vision Fund and valued at $200M http://bit.ly/2Y6xXVJ 

Sector News

Careem launches Careem Now (food delivery) in Amman, Jordan http://bit.ly/2Y2Y3Zz 

Oasis500, Jordan, launches second investment fund: “Oasis Venture II Fund”, joined by the King Abdullah Fund for Development (KAFD), the Innovative Start-ups and SMEs Fund (ISSF) and Arab Bank http://bit.ly/2YTQoKj

Al Baraka Islamic Bank, Bahrain, launches a “Global API Marketplace” inviting startups to tap into their system http://bit.ly/30BAZij (regionally, Jordan’s Arab Bank (Aug 2018) and UAE’s EmiratesNBD (Nov 2018) have launched such offerings) 

Dubai Multi Commodities Centre Free Zone (DMCC) registered companies will now be able to establish a presence & operation in mainland Dubai under a facilitated DED license http://bit.ly/2JQM4VU

Abu Dhabi Global Market (ADGM) has issued a new regulatory framework for robo-advisors, “digital investment managers”, operating in ADGM http://bit.ly/2XTHb3m 

Khalifa University of Science and Technology, Abu Dhabi, announces establishment of the Artificial Intelligence and Intelligent Systems Institute (AI Institute) http://bit.ly/2JyhIsm (Jordan’s Princess Sumaya University also launched a Bachelor in Data Science and Artificial Intelligence (AR) last month)

UAE’s Ministry of Economy announced amended fees and fines prices for over 110 services including: Trademark registration, issuing and renewal of work permits and alteration of labor contracts, as well as labor transfer costs, “sale, merger and acquisition of foreign companies”, among others http://bit.ly/2XKeSJF (AR) http://bit.ly/2SbYGe8 (Full list should be available in the official gazette next month)

Saudi’s Ministry of Commerce and Investment issued new eCommerce Law last week, no official translation is available yet, but here’s a trusted unofficial one: http://bit.ly/2xIViOy

Long Read

Magnitt publishes “MENA Venture Investment Summary” report for H1 2019 http://bit.ly/2Gemp8E 


Published by

Racha

A passionate geek and believer in the power of entrepreneurship. I work to create inspiring dialogues for people to learn and flourish. I have spent the last 6 years traveling around MENA (and abroad) building and conducting conferences, competitions, challenges and conversations.