MENA’s Digital News, Week #49

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

Investments & Acquisitions

Teacherly, UAE-based edtech platform, raises funding from Shorooq Partners http://bit.ly/2kD8BNF

UPayments, Kuwait-based epayment provider, raises seed funding from Angel Investors http://bit.ly/2kGzDnm

Wahed Invest (Wahed), raises a “multi-million dollar investment” from Dubai Cultiv8 Investments Limited, a subsidiary of the Mohammed Bin Rashid Fund for SME (an integrated division of the Department of Economic Development) http://bit.ly/2lX2Muy

Investcorp, Bahrain, to acquire Italy-HQ ticketing platform Vivaticket which has more than “2,100 clients across 50 countries including Walt Disney World, Musee du Louvre and FC Barcelona” http://bit.ly/2m07jww

Etisalat, UAE, to acquire full ownership of cybersecurity firm Help AG’s businesses in the UAE & Saudi http://bit.ly/2mmKsLz

Sector News

Swvl expands into two new cities in Pakistan and launches engineering office in Karachi http://bit.ly/2kgQTiC

Halan, Egyptian tuk-tuk startup, to expand to Ethiopia https://reut.rs/2ksDJzh

Dubizzle, UAE-based Olx subsidiary, launches a new portal for listing off-line projects in the UAE http://bit.ly/2m0OusK

Ipsos shares stats on Subscription video on demand (SVoD) in Saudi Arabia for 2018 http://bit.ly/2lWFHs4

Fintech

DIFC FinTech Hive’s 2019 Accelerator Program accepts 31 Startups for their upcoming cycle. DIFC provides support for three month but no direct equity based investment http://bit.ly/2kJPgKA

National Bank of Fujairah (NBF) joins trade finance blockchain network Marco Polo, which has 22 members including Mastercard, BNP Paribas, ING & Standard Chartered http://bit.ly/2mfD3xF

Abu Dhabi Commercial Bank (ADCB) launches blockchain-based trade finance http://bit.ly/2kMjywj

EmiratesNBD, UAE, to launch audio banking capabilities through Amazon Alexa http://bit.ly/2lTdkuH

Further Reading (Policy & Economy)

Egypt to start work on $2.4B telecom network for first phase of a new capital city https://reut.rs/2mfDqZ5

University of Bahrain (UOB) announced the launch of a new cloud computing degree program in collaboration with AWS Educate Cloud Degree initiative http://bit.ly/2lV9elW

Egypt Cabinet approves Ride-Hailing Apps Act, which will require companies and drivers to pay, registration, licensing, taxes and social insurance http://bit.ly/2kTdFNU Official Gazette (AR) http://bit.ly/2lZxDXp

Central Banks of UAE and Saudi lower interest rates after US Fed cut http://bit.ly/2mqvdBz

Rand Merchant Bank, South Africa, 2020 investment report says Egypt is still the most attractive country to invest in in Africa, followed by Morocco, then South Africa http://bit.ly/2mhUsFQ (full report will be available in Jan 2020 for non-RMB clients)


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MENA’s Digital News, Week #43

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

Investments & Acquisitions

HiGuests, Dubai-based property management startup, closes $1.1M investment from Spanish real-estate developer Forcadell and plans expansion to Spain http://bit.ly/2GyIxL0 

Rain, Bahrain-based cryptocurrency exchange, raises a $2.5M seed round co-led by BitMex Ventures and Blockwater (Kuwaiti cryptocurrency fund), joined by Vision Ventures, 500 Startups (MENA), and Taibah Valley. It also received a Crypto-Asset Module (CRA) license from the Central Bank of Bahrain http://bit.ly/2ynUw9U

Hayaat Group, Dubai based investor, joins investment round into Loyyal, US based blockchain powered loyalty and incentives startups, led by Unblock Ventures Limited, Recruit Co. and Monex Group, the amount of funding is undisclosed. Loyyal has raised from mostly Dubai based investors in 2016 and 2017 https://prn.to/2KfQE09 

Hazen.ai, Saudi artificial intelligence-based traffic analytics and monitoring solutions, secured a Seed round from Aramco’s Wa’ed Ventures, amount undisclosed http://bit.ly/2LTRq6i

e-Finance, Egypt’s government-owned fintech company, to list publicly on the Egyptian stock exchange (EGX) under a wave of privatization efforts http://bit.ly/2Ydv7yZ 

Saudi’s Public Investment Fund to invest in Babylon Health, UK based healthcare bookings platform, as part of a rumored ~$400M round to fuel global expansion http://bit.ly/2ZpgipQ

Sector News

Floward, Kuwaiti flower eCommerce platforms, expands to Riyadh, Saudi http://bit.ly/2SLuLd1 

Saudi’s Capital Market Authority (CMA) grants license to both Wahed Invest and Haseed Investing Co to operate robo-advisory services in the Kingdom https://nyti.ms/2Yh76ao 

Amazon Web Services officially inaugurates their Bahrain office. A long list of clients (startups, enterprises and public sector) in the unusually long press release. Also, Bahrain Gov intends to have “30% of all 72 government entities migrated to AWS by June 2020” https://bwnews.pr/3154M3m 

markettiers MENA, a broadcast specialist, claims there are ~1.3M regular podcast listeners in the UAE http://bit.ly/2GC1j4q

Saudi Venture Capital (SVC) agrees to fund Impact46’s (Saudi) latest Impact Seed Fund for an undisclosed amount (AR) http://bit.ly/317DWHS

Mastercard and Bahrain’s Electronic Network for Financial Transactions (BENEFIT) partnered to launch a pilot blockchain program for cross-border banking transactions http://bit.ly/2MrSEoH 

Dubai International Financial Centre (DIFC), Mashreq Bank’s Corporate and Investment Banking Group, and norbloc, announced today a strategic alliance to launch a blockchain Know Your Customer (KYC) data sharing consortium in Q1 2020 for Dubai http://bit.ly/2ymD8Cy 

Further Readings (Economic)

Saudi’s Ministry of Labor imposes new requirements for Saudi nationals employment quotas on Hospitality sector, particularly 3 stars hotels and above https://bloom.bg/2yjnM1J (AR, official MoL page) http://bit.ly/2YoJ20j

Dubai Financial Services Authority (DFSA) imposed financial penalties of $299M $15.3M on Abraaj Investment Management Limited, AIML & Abraaj Capital Limited, ACLD, respectively http://bit.ly/2YbvtWZ 


To get your daily dose subscribe to MENA’s Digital News Telegram channel here or on Whatsapp. Follow the Arabic “MENA’s Digital News” Channels on Telegram & Whatsapp!

“I find the news items very relevant and timely. You gather all the relevant info in one place & that they are short.”

Jenny Atout Ahlzén, Board Member of CFA Society Jordan, and Former Principal at Silicon Badia

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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