Startups in the MENA region raise $101 million in funding in August 2023
17 Sep 2023 Written by Admin AdminStartups in the Middle East and North Africa succeeded in raising more than $101 million in August, an increase of 6% over the previous month, and a year-on-year increase of more than 73%.
The recent increase in the number of financing startups in the region comes in light of the relative decline and fluctuation in the volume of financing witnessed in financing startups in the region since last year. The value of startups' deals was divided into 26 deals.
Distribution of startup financing by country
Start-up companies topped the list of funding with about $54 million, distributed among 8 companies, noting that more than half of the funding ($27 million) went to the “Rawaa Inventory Management” company deal, and “Fly Akeed” travel technology services company also succeeded in raising $15.2 million. Million dollars.
Emirati startups came in second place, with a total funding of about $44 million distributed among 9 startups.
In continuation of the decline in the volume of financing for Egyptian startups, it came in third place, with a total financing not exceeding $1.5 million distributed over 5 financing deals, which represents a decrease of more than 406% compared to last month. Note that the number of financing deals for Egyptian start-ups for the month of August reached 5 deals, about half of which went to Talents Arena, a start-up company specializing in recruitment using artificial intelligence tools, as the size of the deal it obtained amounted to about 750 thousand US dollars.
In fourth place were Tunisian startups with a total funding of more than half a million dollars, followed by Moroccan and Palestinian startups, with a total funding of about 155 and 100 thousand dollars, respectively.
Distribution of financing for startup companies according to sectors
Although the financial technology sector was at the forefront in the volume of financing in 2022 and throughout almost all of 2023, the volume of financing deals for this sector declined in August, recording $5.9 million to occupy fourth place, noting that the financial technology sector remained..The number of financing deals reached 5 deals.
The sector that ranked first in the volume of funding for the month of August was the logistics services sector, in which startup companies raised about $32 million, equivalent to a third of the total funding for startup companies for the same period.
The logistics services sector came to the fore thanks to the previously mentioned “Rawaa Inventory Management” deal.
While the sectors of travel and tourism technology, health technology, and websites (Web3) received almost equal funding, amounting to about $15 million for each sector.
Bahrain - The total assets of the Future Generations Reserve Fund amounted to $614.3 million during 2022 and increased to $680.1m during the first half of this year, the Cabinet heard yesterday.
It discussed and approved a memorandum submitted by the Finance and National Economy Minister regarding the fund’s annual report and audited financial statements for the fiscal year ending December 31, 2022, with preliminary estimated performance indicators until June 30 this year.
His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, chaired the weekly meeting at Gudaibiya Palace.
The session also highlighted the importance of the meeting held between His Majesty King Hamad and Egyptian President Abdel Fattah Al Sisi in El Alamein city on Egypt’s northern coast.
The Cabinet noted the importance of bilateral co-operation to achieve common aspirations of development, stability, and prosperity.
The session congratulated Her Royal Highness Princess Sabeeka bint Ibrahim Al Khalifa, wife of His Majesty and Supreme Council for Women president, on the 22nd anniversary of the council’s establishment, which falls on August 22 of each year.
The Cabinet commended the achievements of Bahraini women and their remarkable contributions to government work, following the council’s adoption of ambitious programmes for them.
The Cabinet expressed its condolences to the US government and the families of the victims of the devastating forest fires in Hawaii, wishing a speedy recovery to those injured.
Source: Zawya
Bahrain launches Golden License: an investment opportunity for large-scale projects
22 Apr 2023 Written by Admin AdminThe Kingdom of Bahrain has recently launched a new initiative known as the Golden Licence. This scheme offers a range of incentives, such as corporate income tax exemption for consolidated projects for five years, corporate income tax deferral during the investment period and personal income tax exemption for foreign employees.
In addition, interested parties will receive simplified assistance and services during the investment process. The launch of the Golden Licence is an important part of Bahrain's efforts to attract and retain investment, and its implementation will help projects achieve long-term success.
This new licence is part of Bahrain's strategy to provide a safe, secure, reliable and competitive business environment for companies.
The new licence is the result of the Government's efforts to attract foreign investment and foster the country's economic development. This measure seeks to increase Bahrain's attractiveness to new investors by providing them with greater flexibility and ease in establishing and operating their businesses in the country.
Benefits offered include the automatic granting of visas to foreign employees, tax exemptions and freedom to import and export products.
In addition, companies obtaining the Licence will also be able to access a variety of other facilities, such as financing, office rentals, accommodation and consultancy services.
Moreover, through the Licence, companies will be able to rely on the assistance of the Bahrain Investment Agency to help them connect with suppliers of products and services, as well as to find business partners.
This licence will also allow companies to access financial incentives, such as bank loans at preferential rates, business loan guarantees and exemption from import and export taxes. Companies with a Golden Licence will also enjoy additional benefits, such as exemption from property, transport and telecommunications taxes.
The Bahrain Investment Licence is a tax and economic reform introduced in 2021 by the Bahrain Council of Ministers. The licence offers local and international companies a number of incentives to invest in the country, such as integrated cooperation with various government departments, an account manager appointed by the Bahrain Economic Development Board, as well as the possible revision of existing laws or regulations where necessary and applicable.
This initiative is part of the Bahrain Economic Recovery Plan, led by Prince Salman bin Hamad al-Khalifa, Crown Prince and Prime Minister of Bahrain, and aims to attract investment and create jobs locally.
The Bahrain Economic Development Board (EDB) is the main driver of foreign direct investment in the country, working to attract investment from around the world to Bahrain and supporting initiatives that improve the investment climate.
EDB offers advice to outside companies wishing to establish business or invest in Bahrain, and also provides information and services to foreign investors to help them develop their businesses.
In addition, EDB is committed to the development of quality infrastructure, such as improved transportation, housing construction and energy modernisation, to create an attractive investment environment.
The EDB also strives to promote transparency in government and financial markets, as well as to promote investment in Bahrain's human resources industry, stressing that it is a vital part of economic development and is a key partner for investors seeking a secure and stable environment for their investments.
Source: Atalayar
Millionaires in Dubai, Abu Dhabi, Sharjah surge close to 100,000 in 2022
15 Sep 2022 Written by Admin AdminCities in the UAE are now among the fastest-growing wealth markets in the world due to their strong oil and gas industries, with millionaire populations in Dubai, Abu Dhabi and Sharjah jumping double digits to reach close to 100,000 this year, new data showed.
In the six months to June 30, the total number of high-net-worth individuals (HNWIs) with fortunes of at least $1 million in Dubai rose by 18% to 67,900, making the emirate on track to break into the world's top 20 wealthiest destinations by 2030, according to the latest Henley Global Citizens Report, which tracks private wealth migration trends worldwide.
In Abu Dhabi, the HNWI population jumped 16% to 23,800, while Sharjah's total number of wealthy residents went up by 20% to 3,700.
Overall, the combined HNWI population in the three cities surged to 95,400.
The report features data from global wealth intelligence firm New World Wealth. Overall, New York emerged as the wealthiest city on earth with 345,600 millionaires.
Second on the list is San Francisco Bay area, followed by London, Singapore, Los Angeles & Malibu, Chicago, Houston, Beijing and Shanghai in the top ten.
Strong oil and gas sectors
According to Andrew Amoils, Head of Research at New World Wealth, the millionaire population of Dubai is expected to break into the top 20 wealthiest cities by 2030.
"Cities with strong oil and gas industries are performing especially well this year, including the likes of Riyadh, Sharjah, Luanda, Abu Dhabi, Doha and Lagos," Amoils said.
"Others on the fastest-growing list include Lugano, a Swiss hotspot for affluent retirees, Bengaluru, the 'Silicon Valley of India' and Hangzhou, one of China's most scenic cities."
Residents with over $10 million wealth
Among Dubai's rich population, at least 3,170 are multi-millionaires with wealth of at least $10 million. The city is also home to 202 centi-millionaires with fortunes of at least $100 million, as well as 13 billionaires.
In Abu Dhabi, at least 1,120 are multi-millionaires, while 67 fall under the centi-millionaire segment. Three residents are billionaires. Sharjah accounts for 110 multi-millionaires and four centi-millionaires.
Source: Zawya
Venture capital investments in Bahrain increased by 167% last year compared to the previous year.
MANAMA: Bahrain is among the top countries in attracting venture capital worth $52 million last year, an economic report revealed.
Venture capital investments in Bahrain increased by 167 per cent last year compared to the previous year, as startup funding in the Middle East rose by 138pc recording $2.5 billion.
A report issued by Magnitt, a company specialising in publishing data on startups and project investments across emerging markets, said the UAE ranked first in attracting venture capital worth $1.1bn, recording a growth of 93pc, followed by Saudi Arabia with $548m, recording a growth rate of 270pc, then Egypt with a value of $502m, an increase of 176pc.
In recent years, venture capital has played a significant role in improving economic, social and scientific life in many countries. GCC states have adopted venture capital investment as part of their strategy to diversify their economy and move away from dependence on crude oil revenues.
Venture capital investment is a form of financing that provides funds to early-stage startups with high growth potential, in exchange for property rights or equity.
source: Zawya
The United Arab Emirates, Saudi Arabia and Egypt were ranked the first three, respectively, in the Arab world in attracting Foreign Direct Investment (FDI) for 2021, with investments topping $45 billion.
FDI inflows to Arab countries, which rose by 42% in 2021, amounted to about $53 billion, 6.3% of which represented the total inflows to developing countries and 3.3% of the total global inflows that stood at about $1.58 trillion.
Asharq Al-Awsat obtained a copy of an annual report released by the Arab Investment and Export Credit Guarantee Corporation (Dhaman) that studied the volume of FDI in the region.It showed that the first five countries accounted for more than 96% of the total inflows.
The UAE topped the list by attracting $20.7 billion, followed by Saudi Arabia with $19.3 billion, then Egypt with $5.1 billion.
Oman came fourth with $3.6 billion, while Morocco was fifth with $2.2 billion.
Data released in the United Nations Conference on Trade and Development (UNCTAD) World Investment Report 2022 indicated that FDI balances received by Arab countries increased in late 2021 by about $53 billion, representing 5.4% compared to 2020, from $958 billion dollars to more than one trillion dollars in 2021.
The first three countries accounted for about 56.5% of the total cumulative balances. Saudi Arabia topped the Arab ranking in cumulative balances inflows with $261 billion and a share of 26% of the Arab total FDI inflows, followed by the UAE with a value of $171.6 billion and a 17% share, then Egypt with a value of $137.5 billion and 13.6% share.
Meanwhile, FDI outflows from Arab countries to various world countries rose by 46% to $52 billion.
Saudi Arabia and the UAE contributed to about 90% of these outflows, with shares amounting to 46.1% and 43.5%, respectively. Kuwait came third with 7%.
In this context, FDI balances issued by Arab countries increased by 10.2% to $543.4 billion by late 2021. The UAE, Saudi Arabia and Qatar accounted for 76.5% of the total balances, with shares amounting to 39.6%, 27.9% and 8.8%, respectively, followed by Kuwait with a 6.6% share.
In terms of cross-border merger and acquisition deals that the Arab countries concluded in 2021, the report showed that the value of sales deals in 12 Arab countries amounted to about $30 billion, with a 4.1% share of the global total value of $728 billion.
These deals were mainly focused in Saudi Arabia, Kuwait and the UAE with 81.5%, 13.6% and 5.1%, respectively.
The value of purchase deals for 12 Arab countries amounted to more than seven billion dollars, to which the UAE contributed with $6.1 billion and an 86.6% share of the total deals in the Arab region.
source: ASharq AL- Awsatwsat
Bahrain introduces "golden" permanent residency visas to attract talent
08 Feb 2022 Written by Admin AdminGolden Residency Visa, announced by the Interior Ministry, will be renewed indefinitely
Bahrain on Monday introduced a new permanent residency visa to attract talent and investment, part of a trend in Gulf states to offer more flexible and longer-duration visas amid regional economic competition and as Bahrain works to fix its finances.
Foreigners in Gulf states have traditionally had renewable visas valid for just a few years tied to employment, limiting their stay.
The Golden Residency Visa, announced by the Interior Ministry, will be renewed indefinitely, include the right to work in Bahrain, unlimited entry and exit, and residency for close family members.
"(The visa) is aimed at attracting investors, entrepreneurs, and highly talented individuals who can contribute to Bahrain's ongoing success," the statement said.
The move is part of measures the small Gulf state is taking to resolve its heavily indebted finances. In October, it announced a new economic growth and fiscal balance plan, including major infrastructure projects.
To qualify for the visa, a person must have resided in Bahrain for at least five years and earned an average salary of at least BHD 2000 ($5,306) per month.
Those who own properties above a certain value, and retirees and "highly talented" individuals who meet certain criteria will also qualify.
Gulf neighbour and regional tourism and business hub the United Arab Emirates has, over the past couple of years, introduced longer-duration and more varied visas, and the chance to be granted Emirati citizenship, in a bid to retain professionals and their families.
source: zawya
GCC construction machinery rental industry to hit $5.48bln by 2026
01 Jan 2022 Written by Admin AdminSome of the major driving factors are the construction sector's growth in the region, increasing demand for cranes, and developing trends toward automation and telematics.
The GCC construction equipment/machinery rental market, which was valued at $3.77 billion in 2020, is poised for solid growth and is expected to reach $5.48 billion by 2026, growing at a CAGR of 6.15% over the next five years, said a report by ResearchAndMarkets.com.
The Covid-19 pandemic hindered the growth of construction machinery/equipment market across GCC region owing to shut down of manufacturing facilities and halt of investments into infrastructure sector.
However, post-pandemic, as economic activities resumed, the market expected to gain momentum during the forecast period, it stated.
Some of the major driving factors are the construction sector's growth in the region, increasing demand for cranes, and developing trends toward automation and telematics.
According to the report, the renting or leasing of construction equipment has been on the rise, owing to an effort to lower the equipment purchase and maintenance expenses.
Apart from the cost, there are also other benefits associated with renting of the construction equipment. Rental companies provide the machinery, along with the required professional machine operators and drivers, thereby ensuring a hassle-free operation, it added.
Moreover, advancement in the rental method of construction machinery such as digital platforms is providing ease to the consumer, which is further also acting as a big factor for the growth of the construction machinery market in GCC countries.
The construction sector is witnessing growth in the GCC countries such as the UAE, Saudi Arabia, Qatar, and Bahrain, due to the arise in the construction projects related to roads, buildings, hotels, stadiums, and other infrastructure.
In recent years, renting of earth moving equipment, such excavators, motor graders and loaders are on the rise due to growing infrastructural projects related to road and highway networks in countries such as Saudi Arabia, owing to the penetration of more construction contractors in the country due to Saudi Vision 2030.
For instance, in February last year, the Saudi Crown Prince Mohammed bin Salman ordered the development of main roads in the heart of Riyadh in order to upgrade the city's transportation system.
The project objective is to transform Riyadh to be a major hub in providing sustainable transportation services as well as logistics services in the Middle East, stated the report.
The programme will work on developing junctions between Riyadh's ring roads and main routes. It will develop 400 km of the road network, by adding new roads and upgrading existing junctions.
source: zawya
With the opening of the world's greatest event a few hours away, businesses will no doubt have a keen eye on events planned at the 4.38 sq.km. site
As world exhibitions go, the timing of Expo 2020 Dubai could not be any better.
Organised under the theme “Connecting Minds, Creating the Future”, Expo 2020 – making history as the largest event ever held in the Arab World – is not only a six-month extravaganza and cultural spectacle for visitors; it is more importantly an environment for countless business opportunities.
With the opening of the mega event hours away, businesses will no doubt have a keen eye on events planned at the 4.38 sq.km. site as global economies emerge from 18 months of disruptions caused by the COVID-19 pandemic.
With many businesses keen to re-calibrate the way they work to cope with fresh demands of a changed world, a series of events, workshops, and presentations in the first weeks of the Expo will offer insight into how firms can prepare.
Zawya rounds up 10 top networking opportunities happening earlier on in the event.
- Debate sustainability with Brazil’s Vice President
A key theme of the entire exhibition is sustainability. On Day Two of Expo 2020, October 2, visitors can join a debate with the vice president of Brazil, Hamilton Mourão to discuss the South American country’s contribution to sustainable development enterprises and initiatives.
Mourão leads the Council of the Amazon that is responsible for preserving, protecting, and developing the Amazon region by working with businesses and communities.
Starting at 3 p.m., the two-hour talk – which will focus on entrepreneurship, innovation, and technology around sustainability – is included in a day pass ticket.
- Discuss investment in developing nations
Country pavilions will unite to listen to a panel of top leaders from the private sector on 14 October to explore new ways to maximise the role of the European Union (EU) by investing in developing nations.
The debate will focus on how to ramp up private investment in developing countries and emerging economies, particularly in Africa. Talks will run from 10 a.m. until 4 p.m., and visitors can dip in and out while they enjoy other attractions around the site.
- Discover initiatives from the heart of Russia
Exclusive business and media conferences will bring together key Russian industry leaders and media influencers, allowing them to showcase the very best examples of projects initiated and developed in Moscow.
The event will be popular with those visitors with a keen interest in learning more about Moscow and how to invest in or take a trip to the cosmopolitan capital.
It will showcase opportunities in business entrepreneurship, as well as what arts and culture Moscow has to offer - all within the Russia pavilion inside the site’s mobility district.
- Learn about the Expo key themes with Mexican experts
During October, three Mexican guests will give 45-minute talks focusing on topics related to the theme weeks of Expo.
Admission to the talks is included in the entry ticket, with locations to be confirmed on daily entry programmes. Experts will spark up a range of different conversations, starting with space exploration throughout October.
Other topics lined up include climate and biodiversity, urban and rural development, travel and connectivity, health, wellness, and agriculture.
Mexico’s pavilion in the Mobility District will showcase national treasures in the form of art, music and food taking visitors on a journey of migration and exchange through the cycle of life.
- Learn how businesses can battle climate change
A special event at the Blue Carbon Majlis on 19 October will offer an insight into how coastal and marine ecosystems store carbon, and how businesses can get involved to improve their impact on climate change.
The two-day programme will focus on policy and financing of this vital science that has the potential to play a critical role in protecting the natural world. Talks and demonstrations will be led by the IORA Blue Carbon Hub, a natural disaster risk reduction think tank from the University of Western Australia and co-curated with IORA Members and Observer states.
The two-hour talks take place at 2 p.m., 4 p.m. and 6 p.m.
- Explore how to branch out in the green-tech space
At the Malaysia pavilion, an unmissable event is lined-up on October 20 for companies looking to branch out into emerging green technologies should snap up the opportunity to visit a mini-seminar on the topic.
Perfect for those with an interest in future renewable, sustainable technologies that care for the environment, this particular forum focuses on investment opportunities in green technology in Malaysia. The talk will last for an hour and a half from 8.30 a.m., 10 a.m. and 12 p.m.
Afterwards, visit Al Wasl Plaza – home to the world’s largest 360-degree projection surface. The Plaza’s dome comes alive after dark and awakens as an illuminated canvas against the night sky, capturing the imagination of visitors as it tells stories “from the Arab region, our natural world, the cosmos, and humanity’s endless quest for a better future.”
- Unearth emerging technologies
The Nigeria Tech Conference on 21 October will give visitors an inside look at the latest emerging technology in Africa and what investment opportunities are on offer for businesses.
Speakers will reveal how the continent is connecting and harnessing the transformative power of technology with displays showcasing to the world Nigeria’s enormous strides and successes in its technological progress.
The 12-hour forum begins at 10a.m.
- Mingle at the EU Business Forum
The EU is set to host a business forum with representatives from the Gulf Cooperation Council GCC nations and a gala to mark a custom Expo "EU Honour Day" on October 23.
- Learn about investment opportunities in Switzerland
The Swiss pavilion is preparing to showcase some unseen gems of what the nation has to offer businesses and tourists planning to visit the beautiful country of mountains and lakes.
Swiss universities and tech companies will be on hand to demonstrate their latest ideas on how to build smart cities of the future.
A digital “twin” of Albert Einstein, who attended university in Zurich, will greet those visiting the pavilion.
Meanwhile, healthcare-focused individuals can learn more about the progression of value-based healthcare in the region via Roche’s special 125-year anniversary exhibition in November.
- Converge with fintech specialists at BlockExpo
As Expo 2020 puts it, “few technological innovations in recent times have attracted as much interest – and confusion – as blockchain.” Organisers promise that “the veil on its revolutionary promise will be lifted” in November when more than 300 fintech firms and thousands of experts and enthusiasts meet at BlockExpo and World Blockchain Summit 2021.
Taking place at the Dubai Exhibition Centre, right on the “doorstep” of the Expo 2020 site, the event is aimed at “technologists, futurlists, and savvy investors”.
source: zawya
Aside from oil, the aviation sector secured the highest value of tenders at $476mln
An increasing number of infrastructure, transport, and construction projects in Bahrain has spurred the value of tenders issued by the kingdom by 60 percent in the first half of 2021 compared to the same time last year.
Bahrain awarded $3.4 billion worth of tenders in the first six months of the year, including 762 non-oil contracts worth $1.6 billion, according to new figures from the Tender Board. Aside from oil, the aviation sector secured the highest value of tenders, at $476 million, followed by the construction industry, at $413 million.
Shaikh Nayef bin Khalid Al Khalifa, Chairman of the Tender Board, said: “The Kingdom is currently undergoing a $32 billion transformation which is changing the infrastructure, industrial, hospitality and retail sectors through public and private investments. There is a huge opportunity for regional and international companies across sectors to come and capitalise on the increasing value and number of tenders being issued in Bahrain.”
“Bahrain was the Gulf’s first country to diversify its economy away from oil and the figures for the first half of 2021 show that we are continuing to facilitate that drive. Now that the pandemic is beginning to subside, we can press on with lots of exciting projects across our industries,” he added.
The recently opened a new airport terminal as part of a $1.1 billion modernisation of Bahrain International Airport has handled more than 920,210 passengers and 9,176 flights since it opened in January.
Bahrain offers 100 percent foreign ownership in several sectors including manufacturing, industrial services, and distribution without any free-zone restrictions.
source: Zaway
