MENA’s Digital News, Week #42

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

Investments & Acquisitions

SOS Credit, Casablanca-based fintech startup, has received an undisclosed investment from the SEAF Morocco Growth Fund (SMGF) http://bit.ly/2Y9hgFb

CODED, Coding education platform, raises $1.3M Pre-series A funding led by KISP, and joined by 500 startups, Sijam Ventures, Sirdab Lab, Sharq Capital and Abdullah Al-Zabin http://bit.ly/2GoYGmo 

Zid, Saudi-based eCommerce infrastructure provider, raises $2M led by Elm Ventures and joined by Arzan VC & MSA Capital http://bit.ly/32Mk9PJ

PushBots, Saas add-ons provider for startups, sells two SaaS API products to Apilayer from Austria for undisclosed amount http://bit.ly/2GqeQfh

Mubadala Ventures, joins investors in funding InCountry, US based data-residency startup, in a series A round of $15M https://tcrn.ch/2XVlwI9 

Sector News

Swvl, Egypt’s on-demand shuttle service, expands into Pakistan’s Lahore http://bit.ly/2Y9O05b

Huobi and CASHU, crypto-payment platforms, announce partnership and expansion to North Africa http://bit.ly/2GiRKHe 

Careem launches new service in Dubai in joint-venture with the Road and Transportation Authority (RTA) called ‘Hala’ which further integrates RTA Taxis into Careem’s app http://bit.ly/32ALZOJ (the partnership was announced in Dec, 2018)

Property Finder and the Dubai Land Department (DLD) sign a partnership to launch an official sales and rental price index for Dubai available through Data Finder platform, and Mo’asher http://bit.ly/2SyLqQR

Iflix, Mayalsian VOD service, halts operations in the Middle East. They had just closed a $50M investment round. https://tcrn.ch/2yfGV4h 

BIGO, Singapore holding company of IMO messenger and BIGO Live, to establish an office in Jordan (BIGO Live is a popular live streaming platform in SEA) http://bit.ly/2MdR2Ps 

SoftBank Vision Fund II has commitments from Apple, Goldman Sachs Group, and Kazakhstan’s government https://on.wsj.com/2YwXVSJ 

UAE x China

SenseTime, Chinese AI startup, to open an EMEA R&D center in Abu Dhabi http://bit.ly/2GvB0g5 

Jollypay, online payment arm of China’s Jollychic, receives license to operate in the UAE http://bit.ly/2M3lhse (Alipay, Alibaba’s payment service, has been operating in the UAE since 2018) 

Fang, China’s #1 real-estate platform, launches in the UAE http://bit.ly/2Y2blBO

Didi, China’s leading ride-hailing service, signed a joint-venture with Symphony Investors and other unnamed investors to establish a regional presence http://bit.ly/2OaulOP 

Neolix, Chinese autonomous vehicle company, signs agreement with Noon.com to trial their vehicles in Saudi Arabia and UAE http://bit.ly/2Z7C691 

Further Readings (Economic)

CooperFitch publishes salary guide for Saudi Arabia (AR) http://bit.ly/32MDzE0 

Lebanon issues New Commercial Law to improve ease-of-business, clauses are very positive for startups. Unofficial english translation is here: http://bit.ly/2Z2k5ZS and full draft (much longer) in official gazette here (AR) http://bit.ly/2SpE5D4 

Worldbank releases new report “Promoting a New Economy for the Middle East and North Africa” http://bit.ly/30SgP3L 

Investcorp, Bahrain-based “alternative investment manager”, announces a $142M for its Private Equity Fund for India http://bit.ly/2SEmUxR 

AJ Capital and Investment LLC (AJCI), Al Jallaf Family Office, acquires a 51% stake in Kenyan micro-insurer, Insurance For All (IFA) Ltd http://bit.ly/2OhHu8Q

Long Reads

Saudi authorities issue a “Fintech Access Guide” that includes: regulations and frameworks for companies that wish to setup or expand into the kingdom http://bit.ly/2MhJriI 

IBM’s Cost of Data Breach Report is out and MENA (UAE & Saudi as per their research) remain the second highest regions for average cost of breaches for entities at $5.97M! The average cost per breached record in MENA is $173. Full Report here: https://ibm.co/2YiJxx7 and a more interactive cost calculator can be found on their website here: https://ibm.co/2YahdZF 

Visa’s eCommerce in the UAE Report on the state and projections of eCommerce in the UAE. Market is estimated at $8.3B in 2018 and growing 23% annually, UAE consumers spend per transaction is one of the highest globally at $100+ per transaction http://bit.ly/2YqClyS

Global Innovation Index (GII) 2019 is out, MENA countries don’t rank very high globally, but are on par in some categories. Excerpt is 20 pages, Full report is 400+, pick your weekend read! both can be found here http://bit.ly/2M9QVnX 


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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.