MENA’s Digital News, Week #48

This is last weeks post due to challenges with the hosting service, cancellation and transfer to a new host. We’re up on running now!

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

Investments & Acquisitions

Shelvz, Lebanon-based Saas-workforce management platform, raises funding from iM Capital http://bit.ly/2kfmMIv

Foloosi, UAE-based fintech startup, closes a angel funding round of $500k (inclusive of the committed funding in June) http://bit.ly/2A5bxGA

Misk Growth Accelerator kicks off cycle with 11 startups, each of which will receive up to $100k in funding from Seedstars & Vision Ventures by end of cycle http://bit.ly/2kFN7zz

Sector News

Wired Magazine launches Middle East edition http://bit.ly/2LlmVVh 

Youtube launches subscription based premium music streaming service in MENA http://bit.ly/2k6ehiG 

Arrow Labs, Dubai-based wearable workforce management, expands to the USA. They had raised a single funding round from Global Ventures (Dubai) in May, 2018 (amount undisclosed) http://bit.ly/2LoJUPz

Qatar blocks Uber’s acquisition of Careem within the country http://bit.ly/318Vx2y 

Fintech

CareemPay launches mobile top-up capability in Egypt and Pakistan http://bit.ly/2lQpeFw 

Accion Venture Lab & Fund, $33M, launches to invest in MENAP based startups focused on financial inclusion http://bit.ly/2A0bImT

Abu Dhabi Global Markets (ADGM) grants the first full digital banking license to Anglo-Gulf Trade Bank, which will allow it to provide corporate banking services to Abu Dhabi based companies starting with ones based in ADGM http://bit.ly/2ZTVkmf 

Saudi Arabian Monetary Agency (SAMA) is considering to expand the scope of digital currencies to banks & other countries http://bit.ly/30dybHr 

Central Bank of Egypt to launch over $50M fintech fund http://bit.ly/2kc7KDc 

Further Reading

Saudi’s Ministry of Labor launches a new platform to facilitate freelance work licenses in the kingdom (AR) http://bit.ly/2kaPzhc 

Egypt’s ICT Minister says they plan to launch 7 technological parks in 7 universities across Egypt, with EGP 1B (~$60M) budget from the government, and aims to increase ICT contribution to GDP to 4% by end of year http://bit.ly/2kFEFjE 

Egypt begins digitization of its energy grid http://bit.ly/2ka3qEr

Masdar, Abu Dhabi Future Energy Company, (owned by Mubadala) and the UK government have invested £70M ($86.5M) in a new green technology fund to be managed by London-based Zouk Capital http://bit.ly/2lIVsmk

Long Reads

The World Economic Forum publishes the 2019 Travel & Tourism Competitiveness Report. The UAE leads MENA enablement, infrastructure, ICT, labor and at a globally competitive level, however it’s not faring well on nature, openness and price. Full report here: http://bit.ly/2kqLhCF


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