MENA’s Digital News, Week #27

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

Investments & Acquisitions

Brimore, egypt’s manufacturer to consumer platform, raises $800k from Algebra Ventures and Endure Capital, with participation from 500 Startups, Flat6Labs, and some angel investors http://bit.ly/2FI3Mcd 

Social Champ, Pakistani media planning solution, raises $100k from Oman’s OTF Wadi (2nd investment into Pakistan this year) http://bit.ly/2OHEAqe

Forward Delivery, Dubai based last mile delivery, raises $2.6M in a pre-series A from multiple investors including Saudi-based Al Rajhi “family members” http://bit.ly/2HNdP3b

Property Finder increases stake in Turkish property platform Zingat to 40% http://bit.ly/2CPt9s9 

Sector News

Google Assistant launches in Arabic [AR] http://bit.ly/2I2fwJo 

Egyptian Competitive Authority (ECA) launches review into Uber-Careem acquisition deal http://bit.ly/2uAoO7v 

Sarwa launches “Halal and Socially Responsible Investing (SRI)” investment portfolios http://bit.ly/2uDk40Y

Bahrain’s Al Salam Bank and Arab Financial Services (AFS), launch a digital pay-roll solution for unbanked blue-collar workers in Bahrain http://bit.ly/2Vnodld

Aramex Builds Integration with WhatsApp Business Solution via Nexmo APIs https://prn.to/2uLIKEA

Zoho launches Zoho One for startups in Saudi Arabia http://bit.ly/2ONUgsa

Long Reads

Fintech in Francophone Africa (including Morocco, Tunisia, Algeria) http://bit.ly/2UnL1nP 

Cleantech in MENA by Arzan VC http://bit.ly/2WBNKYc 

BECO Capital‘s Investment Periodic Table http://bit.ly/2OPMTjT

Magnitt’s Startup Ecosystem in the Arab World WEF Report http://bit.ly/2UqsO9g


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MENA’s Digital News, Week #23

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

In this week’s edition: A clarification on the “Further readings” section, and an announcement that you could for now join a whatsapp group (admin posting only) for the daily headlines – right here

Investments & Acquisitions

Rain, Bahraini crypto exchange, raises investment from Vision Ventures http://bit.ly/2EcsWir (Rain was incubated at the Central Bank of Bahrain)

Eunimart Multichannel, “AI-powered” cross-border e-commerce platform, raised bridge funding from UAE-based digital services company TMT Connekt http://bit.ly/2SoTP82 

Trella, Cairo trucking marketplace, raises $600k led by Algebra Ventures http://bit.ly/2SlBLvu 

ServiceMarket.com raises $4M from Emaar & AddVenture in Series B Funding http://bit.ly/2SkK5LL 

Nana Direct, Saudi grocery delivery startup, raises $6M from MEVP, Impact 46 and SVC (twitter) http://bit.ly/2Tm8lBM

JustClean, Kuwait’s on-demand laundry, raise $8M from Faith Capital http://bit.ly/2SoT9j0 

Jumla Club, Kuwait’s B2B F&B platform, “seven-figure pre-Series A” funding from GCC based individual investors http://bit.ly/2IyPIXh 

Emaar buys remaining 49% of website Namshi (previously acquired 51% before launching Noon.com) https://reut.rs/2GNjENq 

EMPG, parent company of Bayut, acquires Rocket Internet’s Lamdui Bangladesh http://bit.ly/2SZMe50 

Sector News (sectioned)

Investment Landscape

MEVP announces $125M regional fund (twitter) http://bit.ly/2H6Z3mT

Equinox Gold Announces $130 Million Strategic Investment by Mubadala Investment Company https://prn.to/2Srr5LA 

Speed@BDD, Beirut based accelerator, raised funding for the next three years of acceleration and decrease equity-stake from startups to 5% http://bit.ly/2T1fUhR 

Etihad Airways and the Department of Culture & Tourism – Abu Dhabi Partner with Plug and Play ADGM https://prn.to/2EiQHW4 

Fintech

Central Bank of Bahrain issues final rules on Crypto-asset services and Crypto-asset exchanges http://bit.ly/2VmOJLo 

Wahed Invest has received an associate membership approval from the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), a global standard for sharia-compliant financial operations http://bit.ly/2BWRtYt 

Emaar denies that it will be accepting crypto-payment for real-estate http://bit.ly/2EvKTtJ 

According to SAMA “2.3B transactions over the last year alone (through SAMA supported payment gateways), with a total financial value exceeding SR50T” http://bit.ly/2BRwg2d

Al Rajhi Bank, Saudi-based Islamic bank, appoints Temenos to “power” digital transformation http://bit.ly/2ICZfwf

Telecom

Turkcell, Turkish Telecom, Introduces Blockchain ID Management Product http://bit.ly/2SumR5V 

Etisalat partners with Huawei to deploy Next Generation Modular Data Center http://bit.ly/2SwjLOO & with Ericsson for 5G network http://bit.ly/2ToRVZi (bridging China and the US)

Zain (KSA) partners with Huawei for new video streaming service http://bit.ly/2BYaytl 

Further Readings: The Bigger Economic Picture

This segment usually focuses on things beyond tech. As I’m seeing increasing big moves in the region that may help facilitate startup growth and economic stability

Warner Music Group is in talks to buy a large minority stake in Rotana Music (who invested in Deezer and empowered their growth into MENA) https://on.wsj.com/2T9AnBm

Abdul Latif Jameel Land and Al Muhaidib Group form JV facilities management company in Saudi http://bit.ly/2tJIo0Q

Jumeirah Group unveils new luxury hospitality project in China’s Zhujiang New Town Central Business District http://bit.ly/2Vlw3vc 

Acwa Power, Saudi-based and PIF backed, signed an agreement with the Egyptian Government for an electricity plant with capacity of 2,250MW in Luxor, with total investments estimated at $2.5B (the company will also finalize three projects, valued at $200M and with a total capacity of 160MW, at Benban Solar Park in Aswan by the end of June) http://bit.ly/2ExnpUQ 

BlackRock and KKR are acquiring a 40% stake in UAE’s ADNOC Oil pipelines http://bit.ly/2NqYYLG, ADNOC distribution also just inaugurated first service station in Saudi http://bit.ly/2Szu1Gf

Emirates NBD will complete the takeover of Turkey’s DenizBank in the first half of this year http://bit.ly/2tLF3OO


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MENA’s Digital News, Week #13

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

Investments & Acquisitions

Ajeer, Saudi based handy services app, raises $540k (2M SAR) https://goo.gl/UnnWk3 

Saudi based Maharah Human Resources Company acquires stake in Bloovo, UAE-based algorithm-based online recruitment platform https://goo.gl/WRw17h

Expensya

Expensya, Tunisian SaaS for expense management, raises $4.5M from French investors ISAI and Seventure Partners https://goo.gl/wGSsG7 

Quiqup, London-based last-mile delivery, raises £5M to expand into the GCC https://goo.gl/BWDRTp 

French refreshments leader Pernod Ricard will invest in African online retailer Jumia.com https://goo.gl/5Y4kQc

Kuwait’s Agility in talks with banks to raise ~$800M https://goo.gl/9q8b83

Sector News

Investor News

BIAC x VentureSouq teams

The Business Incubators and Accelerators Company (BIAC), a KACST subsidiary, has joined forces with VentureSouq (VSQ) to launch a new investment services vertical within BIAC that is designed to bridge the funding gaps for startups in Saudi https://goo.gl/LE4Fpk 

UAE’s Ministry of Finance launched Mohammed Bin Rashid Innovation Fund (MBRIF) Accelerator. MBRIF has been active since 2016 https://goo.gl/BvQmgq 

Egypt’s Commercial International Bank launches CVentures, a corporate venture capital (CVC) to invest in finTech startups in the Middle East & Africa https://goo.gl/Y89oSy 

Saudi Aramco signed an agreement with Saudi Information Technology Company to form a joint venture that will invest in tech companies https://goo.gl/GA8Tv2 

Service Launches and Expansions

Zain launches Amazon Prime Video in Kuwait https://goo.gl/oAhuyE 

Careem launches a new food delivery service; revamped from the Roundmenu acquisition in February https://goo.gl/TiK2As 

Aramex launches a CrowdShipping Solution, Aramex Fleet, in Saudi https://goo.gl/zJHGEQ 

WaystoCap, Morocco-based B2B eCmmerce, expands operations into Burkina Faso and Togo https://goo.gl/se463T

Souq.com opens new fulfillment center in Dubai https://goo.gl/41uZxv 

Adform, global adtech company, opens Dubai office https://goo.gl/fjbx6m

Fintech and Crypto

Monami, UAE fintech startup, launches Know Your Customer (KYC) verification solutions https://goo.gl/zeDwCf

UAE’s Network International, announced it will integrate Google Pay into it’s payment network https://goo.gl/g9g6Ee

Emirates NBD Now Supports Fitbit Pay and Garmin Pay https://goo.gl/2E5AGC 

FundedByMe granted approval to start operating in Dubai and will become the United Arab Emirates first DFSA regulated and DIFC incorporated Equity Crowdfunding Platform https://goo.gl/fxAf73 

UAE Exchange, to launch cross-border remittance to Asia via Ripple https://goo.gl/RGPHSb 

Locus Chain, Singapore, to will launch a Digital Asset Exchange Platform in Dubai https://goo.gl/MmhGyQ

VeChain Tech, Chinese Blockchain-as-a-service provider, launches in MENA via BIOS Middle East, a managed cloud solutions provider https://goo.gl/ptMLKq

The Central Bank of Bahrain (CBB) has issued the draft rules on Crypto-asset Platform Operators (CPO) for consultation https://goo.gl/GGoegX

Further Readings

Schengen Nationals can now travel to Saudi Arabia with an eVisa https://goo.gl/gmJ638

UAE diplomats explore investment and partnership opportunities in Utah, USA https://goo.gl/UmwDQK and Vietnam https://goo.gl/HSVXMX

High-speed rail planned between Fujairah, UAE and Mumbai, India to exchange water, oil and passengers https://goo.gl/eS839z

UAE’s Shuaa Capital, financial services group, acquires Kuwait’s Amwal International Investment Company (Amwal) https://goo.gl/MAja5b

Egypt’s Central Bank Vice Governor states that Egyptian banks have issued 12M digital wallets to date https://goo.gl/Vd89v3 

Long Reads

Chinese travelers to GCC will increase 81% by 2022 says Arabian Travel Market’s “GCC Source Market: China” Report https://goo.gl/4GCH4h
The report can be found here: https://goo.gl/nAK37e and if you’re in the hospitality and travel space, I recommend you check out other reports by Colliers International as well https://goo.gl/E2w92w

What came first: piracy or intellectual property? 

I have a bone to pick with the copyright holders (music publishers, book publishers, movie studios, you name it!) in regards to their constant cry about content piracy in emerging markets. 

Lack of services and antiquated copyright laws in emerging markets is the problem, not piracy.

I got into eBooks a few years ago while living in Lebanon, and with no access to a US/EU issued credit card, I was stuck with the whatever iOS had to spare of eBooks to Lebanon (and MENA as whole) which is: the Bible, the Quran, Anna Karenina, and a few Shakespeares. Quite dismal. I could not pay for eBooks or acquire them in any legal way.

Kindle’s, MENA stores didn’t (and still don’t) carry the endless selections available to users in the US/EU. Using a VPN and an international credit card is also not a guarantee; I have had friends’ revoked their books that they have paid for because of continuous access to Kindle through a Lebanese IP.

Book 2 of Jojo Moyes’s Me Before You Trilogy is not available in MENA, but books 1 & 3 are… go figure.

Audible.com; even though I have a paid premium subscription, I currently can’t listen to the second book of a trilogy, but can listen to the first and the third (go figure!). Among other books that are just simply not there.

You cannot not serve a market (or sometimes blatantly ignore it) and expect people to sit around and wait for a miracle. If the content is there and inaccessible – those that can and want will find a way of acquiring, those that want and cant will find someone whom can acquire it for them, even for some extra cash. 

Instead of publishing article after article about “rise of piracy” and “piracy in emerging markets”, maybe hiring some market managers that care a tad bit about the markets they serve more than their pay checks, and have the sympathy (or relationship) to the local markets that allow them to develop the right market strategies, would be a better course of action.

Better prices, access and service may be your saving grace, because frankly, if you don’t care about your consumers, why should they care that you’re not making money in return?

To make things worse, EU’s tightening regulations on copyrighted material is simply suffocating the internet culture. (Yes, Article 13 doesn’t exactly “ban memes” but it’s vague enough that conglomerates can abuse it for censorship). Read more on Article 13 & 11 on Wired.

*rant over*

Have a blessed festive week


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