The United Nations Economic and Social Commission for Western Asia (ESCWA) launched today the eCommerce Acceleration Programme (eCAP), with the support of the ICC-ESCWA Centre of Entrepreneurship (CoE) and the International Trade Centre, to empower Arab small and medium enterprises (SMEs) through their transition journey into online selling.
The eCAP programme will build the capacity of up to 100 SMEs from the Arab region to transition into online selling, either by developing their transactional eCommerce websites or by selling on existing online marketplaces. Participating SMEs will benefit from business and technical expertise, one-year support and critical setup fees to build/optimize the online platform or sell on existing marketplaces, one-on-one coaching, in addition to exposure and access to networking opportunities.
Eligible SMEs must be registered and operational in one of the Arab countries and should have a working product or service that can be sold online. Moreover, SMEs must have an online presence through social media or through an existing website not fully optimized, and should be willing to dedicate 1-2 team members for the project.
SMEs can sign up to the programme here by filling in the online application form, which is available in English, Arabic, and French. The deadline for submitting the online application form is 20 April 2022 at 23.00 Beirut time (GMT+3).
source: UNESCWA
UAE-based digital authentication startup Nice to Meet You (NTMY), has raised a $1 million Seed round to hire new talent and improve its customer experience.
Founded in 2018 by Mohamad Baydoun, NTMY provides its clients with a set of tools to use when authenticating employees, customers, and members.
Across the Middle East, startups working to ease companies' transition to the digital realm are rapidly gathering pace. UAE-based digital authentication startup Nice to Meet You (NTMY), has raised a $1 million Seed round, according to a statement issued today on the company's website.
Founded in 2018 by Mohamad Baydoun, the startup aims to help business owners minimise physical contact within premises. The company initially started off as a business card exchange process. Now, NTMY provides its clients with a set of tools to use when authenticating employees, customers, and members.
These include organisational IDs, access cards, membership cards, and insurance cards.
According to the statement, the new round will enable NTMY to hire new talent, enhance its tech stack as well as its customer experience.
A month earlier, FACEKI, a UAE-based facial recognition and identity verification platform also raised a pre-Seed round.
Source: Wamda
Top Startup Deals in Middle East and North Africa in October 2021
30 Nov 2021 Written by Admin AdminTranslation By: Fairouz Alnajem
According to the available data, the funding deals for startups in the Middle East and North Africa in October were lower compared to last September, which recorded a great number of the total volume of funding deals for startups, with an estimated amount of $ 338 million.
But what is worth noting in October is the quality of funding deals in which two relatively large deals in the agricultural and medical technology sectors emerged, along with two deals for two female-led companies, with a total funding for both of them amounting to $3.8 million, equivalent to about 46% of the total funding raised by female-led startups in the Middle East and North Africa in the first half of 2021
Here we review the top 5 funding deals raised by startups in the Middle East and North Africa during October:
Pure Harvest
Sector: Agricultural technology
Country: UAE
Establishment Date: 2016
Founders: Sky Kurtz, Mahmoud Adi and Robert Kupstas.
In October, Pure Harvest raised $ 64.5 million in funding, topping the list of startups that received funding for the same period. The total investments received by the company after its latest funding round amounted to about $ 271.6 million, which is the largest amount raised by a startup in the agricultural technology sector in the Middle East and North Africa, according to Wamda Inst.
According to the company's press release, it will use the new funding to develop its technology and accelerate its business expansion in the Middle East and North Africa region. Noting that the company's latest funding round was led by the Korean IMM Investment company, along with a number of investors and the company's current management.
Cura
Sector: medical technology
Country: Saudi Arabia
Establishment Date: 2016
Founders: Wael Kabli and Muhammad Zikrullah.
Cura Saudi Arabia, the leading online telemedicine consultancy, succeeded in raising its first funding round of $ 4 million, led by Wa’ed, the entrepreneurial arm of Saudi Aramco, and ELM.
According to Cura’s press release, it will invest the funds of the funding round in improving the patient’s journey and providing more services to both individual users, customers, and partners, such as collecting blood samples from home and providing health benefits to employees that can be integrated with insurance companies, in addition to Cura’s pursuit of expansion outside KSA. Despite the medical company’s leadership in the field of health technology, about 95% of its current customers are users of the application in Saudi Arabia.
ILLA
Sector: Logistics
Country: Egypt
Establishment Date: 2019
Founders: Mahmoud Al-Zumar, Alaa Jarkas, Ahmed Saqr and Hussam Saraya.
The Egyptian ILLA Logistics Services Company has raised more than two million US dollars in a funding round led by "Watheeq Financial Services" and "Golden Pam" Investments, with a number of other investors participated in the round.
ILLA is developing the supply chain activities of the post-production operations of consumer goods brands. The company will use the round funds to accelerate its expansion in the Egyptian market and enhance users' experience.
Fintech Galaxy
Sector: Fintech
Country: UAE
Establishment Date: 2018
Founder: Mirna Suleiman
In October, the Fintech Galaxy platform raised $ 2 million in an initial funding round, led by Jordanian AHLI Bank along with other investors.
Fintech Galaxy enables integration between financial technology startups and financial institutions by providing access to customer data from partner banks through open banking APIs, allowing developers to create new applications and services.
According to the company's press release, the new funding will help it promote the development and spread of the open funding platform, as well as expand its activity in key Middle Eastern markets.
Getbee
Getbee raised about $1.8 million in a pre-Series A round led by Altitude Capital, B&Y Venture Partners, VC+, and strategic Angel Investors.
Getbee is active in connecting brands with their customers online through live video call consultations.
According to the company's press release, the latter will benefit from the funding round to accelerate its credibility with the leading retail brands market
Translation by: Fairouz Alnajem
The UAE-based company iWire, specialized in Internet of Things technologies (IoT), has raised a series (A) $34-million funding round led by the UAE Company Noor Capital, with the participation from the French public investment bank Bpifrance.
Accelerating growth and developing products
The new investment is aimed at helping the company develop its products more rapidly to expand geographically and reach 12 new countries over the coming years, developing its infrastructure to cover these countries and moving towards IoT technologies.
In the company's press release, Ahmed Fasih Akhter, CEO, iWire, said: "At iWire, we provide our customers an alternative to legacy connectivity solutions, which enables a successful digital transformation at a lower cost. Our solutions contribute to our customers’ business efficiencies as well as their satisfaction with our services. This investment is just the beginning of our journey and a great demonstration that we are following the right approach. We are proud to have the trust of such an investor and will continue expanding our network and products to transform the digital infrastructure in the region. "
Jeremy Prince, CEO of Sigfox, added: "Companies and organizations around the world are embracing IoT and 0G (a practical complement to broadband networks to operate simple Internet applications for functions such as asset tracking) to change the way they operate. We're delighted to have a great company like iWire amongst our significant community of Sigfox clients.
Our unique international network already allows customers to benefit from 0G seamlessly in more than 72 countries. iWire offers new markets with huge potential and we look forward to a very successful collaboration."
About iWire
Founded in 2018 by Vyomesh Thakkar, Ahmed Fasih Akhter, and Firoz Karumannil, iWire focuses on building public communications infrastructure that supports the IoT in UAE, to enable digital transformation at a lower cost.
iWire builds communication networks to power massive IoT solutions, providing wide-scale services to companies, smart cities, smart facilities, and logistics service providers with high elasticity
Tarabut Gateway raises $12 million pre-Series A led by Tiger Global
06 Nov 2021 Written by Admin AdminUAE-based open banking platform Tarabut Gateway has raised $12 million in a pre-Series A round led by Tiger Global, alongside new investor Dubai International Fintech Fund, the investment vehicle of Dubai’s International Financial Centre (DIFC). This latest investment adds to fintech’s $13 million Seed round raised in February this year.
Founded in Bahrain in 2019 by Abdulla Almoayed, Tarabut Gateway connects a regional network of banks and fintechs via a universal application programming interface (API).
It was the first startup to graduate from Bahrain Central Bank’s regulatory sandbox and now has offices in Dubai, Abu Dhabi, London and Manama.
The investment will be used to grow the Tarabut Gateway’s tech and leadership teams.
Press release:
Tarabut Gateway, the Dubai-headquartered Open Banking platform, has concluded a seed round of $13 million and pre-series-A funding round of $12 million led by Tiger Global in the last eight months.
Tarabut Gateway’s solutions allow financial institutions and fintechs to leverage Open Banking to scale their businesses across the region. Tarabut Gateway welcomes new investors including the Dubai International Fintech Fund, the Investment Vehicle of Dubai’s International Financial Center (DIFC).
The investment follows Tiger Global’s most recent investment in other Open Banking Players across the globe including Truelayer in the UK and Mono in Africa. Since its inception in 2001, Tiger Global has made investments into 30 countries around the globe in key startup regions such as India, Asia and further afield.
As the first licensed Account Information Service Provider (AISP) and Payment Initiation Service Provider (PISP) in the Middle East & North Africa (MENA) region, Tarabut Gateway is fulfilling its mission to facilitate the creation and distribution of personalised financial services for banks and fintechs, as well as their end-users.
John Curtius, Partner at Tiger Global Management said; “People are increasingly sophisticated in how they utilise their money, and in a marketplace rife with such exciting growth such as the MENA region, we worked hard to find a company on the ground that shared our vision. With its understanding of the different markets in the region and a proven track record of innovation, we are delighted to have had the opportunity to invest in Tarabut Gateway.
We have followed Abdulla and his team for some time and are excited about the opportunity and potential that Open Banking presents in the MENA region.”
Abdulla Almoayed, Tarabut Gateway’s founder and CEO highlighted; “The MENA region is a complex web of countries and regulations. This makes it a challenging area to serve with any single overarching financial product whilst remaining compliant in a highly developed landscape with many differing markets.
I’m glad to say this round is living proof that Tarabut Gateway is successfully pioneering in developing a cutting-edge solution for banks and fintechs in the region.”
In February 2021, Tarabut Gateway raised $13 million in seed investment, the largest seed round in the MENA region for a fintech company. This pre–Series A doubles down on the company's credentials, spurring it forward to serve millions more potential customers in this diverse region.
حققت الشركات الناشئة في الشرق الأوسط وشمال إفريقيا نمواً كبيراً في عدد صفقات وحجم التمويل في شهر سبتمبر مقارنةً بشهر أغسطس، فوصلت نسبة النمو في عدد صفقات الشركات الناشئة لأكثر من 111% أما في حجم التمويل فتجاوزت نسبة النمو 106% بعد أن وصل إجمالي حجم التمويل إلى نحو 338 مليون دولار.
نستعرض فيما يأتي حالة الشركات الناشئة في الشرق الأوسط وشمال إفريقيا خلال شهر سبتمبر 2021 من حيث عدد الصفقات وحجمها ومراحل الاستثمار وتوزعها قطاعياً وجغرافياً.
التوزع الجغرافي لعدد وحجم صفقات الشركات الناشئة
احتلت الشركات الناشئة المصرية للمرة الأولى مركز الصدارة من حيث حجم التمويل الذي بلغ أكثر من 161 مليون دولار فيما جاءت السعودية بالمركز الثاني بحجم تمويل بلغ نحو 132 مليون دولار، بينما احتلت الإمارات للمرة الأولى المرتبة الثالثة لجهة حجم التمويل فحصلت الشركات الناشئة الإماراتية على تمويل بقيمة 40 مليون دولار وهو ما يمثل انخفاضاً بنسبة 51% مقارنةً بشهر أغسطس من العام الجاري.
أما من حيث عدد الصفقات فقد حافظت الإمارات على مركز الأول بعدد صفقات بلغ 11 صفقة، تلاها السعودية ومصر بـ9 صفقات لكل منهما.
تجد الإشارة إلى متوسط حجم الصفقات للشركات الناشئة في الإمارات بلغ نحو 3.6 مليون دولار بانخفاض نسبي عن شهر أغسطس يقدر بنحو 63% فيما ارتفع متوسط حجم الصفقات للشركات الناشئة المصرية والسعودية إلى نحو 630% و285% على التوالي، لكن هذا النمو الكبير في متوسط حجم الصفقات لكل من السعودية ومصر تأثر بصفقتين كبيرتين هما: تمويل تطبيق MNT-Halan المصري الذي حصل على 120 مليون دولار، والتمويل الذي حصلت عليه منصة Unifonic السعودية الذي بلغ نحو 125 مليون دولار.
التوزع القطاعي لعدد وحجم صفقات الشركات الناشئة
بسبب استحواذ صفقتين على نحو 50% من إجمالي حجم التمويل الذي حصلت عليه الشركات الناشئة في الشرق الأوسط وشمال إفريقيا فإن التوزع القطاعي للاستثمارات من حيث الحجم شهداً تغيراً ملحوظاً في شهر سبتمبر إذ تصدر قطاع البرمجيات كخدمة في المركز الأول بقيمة تمويل بلغت 126 مليون دولار، فيما حل قطاع التكنولوجيا المالية في المركز الثامن بنحو 3.5 مليون دولار من 3 صفقات، كذلك تراجع حجم الصفقات في قطاع التجارة الإلكترونية ليبلغ 6.5 مليون دولار بانخفاض نسبي عن شهر أغسطس يقدر بنحو 8.5 مليون دولار.
مراحل الاستثمار في الشركات الناشئة
لم يختلف تركز صفقات التمويل من حيث مراحل الاستثمار عن شهر أغسطس إذ بقيت معظم صفقات تمويل الشركات الناشئة متركزة في مرحلة التمويل الأولي حيث بلغت عدد الصفقات التي حصلت عليها الشركات الناشئة في مرحلة التمويل الأولي لشهر سبتمبر 17 صفقة بنسبة 46% من إجمالي عدد الصفقات، وهو ما يشير إلى إمكانية تحقق صفقات بحجوم كبيرة خلال الربع الأخير من عام 2021.
التوزع الجندري
فيما يخص التوزع الجندري استمرت الشركات التي أسسها الذكور في الاستحواذ على القيمة الأكبر من صفقات تمويل الشركات الناشئة بل إن شهر سبتمبر شهد انخفاضاً كبيراً في حجم التمويل الذي حصلت عليه الشركات الناشئة التي أسستها سيدات إذ اقتصر على مبلغ 100 ألف دولار فقط، انخفاض وصفته مؤسسة ومضة "بالمثير للقلق".
Dubai property sales reach 8-year high as demand continues to surge
24 Aug 2021 Written by Admin AdminBut rents and prices for apartments have remained subdued: CBRE
Property purchases in Dubai over the past few months have reached levels not seen since almost a decade ago, underpinned by growing demand for bigger private space in the age of remote working and social distancing.
Transaction volumes in the first half of 2021 were at the highest level since the second half of 2013 and increased by 69.2 percent and 46.4 percent compared to the same period in 2020 and 2019, respectively, said CBRE in its latest UAE Market Review.
However, apartment prices and rents have remained subdued.
Sales transactions involving secondary homes from January to June 2021 registered a bigger increase, at 148.4 percent. Off-plan sales were muted, with increases averaging only 13.4 percent over the same period.
In terms of prices, the apartment segment of the market did not do well, with rates dropping by 1.8 percent compared to a year earlier. However, villa prices went up by 12.7 percent.
Dubai rents
Average rental rates in Dubai also fell by 5.9 percent, underpinned by the softening of apartment rental rates, which fell by 8.1 percent.
While overall residential rents have declined, other analysts said that some landlords in Dubai have indeed asked for higher rents this year, but the increases have been limited to properties in premium locations.
“While we have seen a few rental rises in new leases in the range of 5 to 15 percent year-on-year, particularly for prime apartments and villa properties in established locations, the same is not the case for existing tenants looking for lease renewals,” Edward Macura, partner at CORE, told Zawya.
The property sector has been among those least affected by the COVID-19 lockdowns and mobility restrictions. Last year, shortly after restrictions eased in the UAE, buying activity resumed, with investors snapping up villas and flats in many of Dubai’s sought-after locations.
According to a Deloitte report, the robust demand in the housing sector has been due to “high-wage remote workers’ continued strong economic positions, low mortgage rates, and millennials entering the prime homebuying age”.
Office space
Within the commercial segment, CBRE said Dubai’s offices continued to see subdued demand, with rental rates for average Prime, Grade A, Grade B and Grade C spaces falling by 4.5 percent, 6.5 percent, 6.9 percent and 7 percent in the year to June 2021, respectively.
“With new institutional market entrants remaining limited in number, the vast majority of activity continues to stem from existing occupiers,” CBRE said.
There will be limited new supply of office space coming in this year, estimated to be around 1.13 million square feet. “With the majority of this upcoming supply being in non-core locations, going forward, we may begin to see moderation in the rate of declines seen in Prime and Grade A rental rates and uplift in the average occupancy rate,” the report said.
Abu Dhabi
In Abu Dhabi, residential prices went up by 2.4 percent in the year to June this year. Over this period, average apartment prices increased only by 1.5 percent.
Rental rates, on the other hand, remained under pressure, with average rental rates decreasing by 5.3 percent.
Prime and Grade A office rents in the UAE capital, however, went up by 7.5 percent and 2.5 percent, respectively. Grade B rents dropped by 9.7 percent.
Overall, the office space market in Abu Dhabi remains “tenant favourable”, with landlords offering incentives, such as rent-free periods.
source: zawya
اتحاد الغرف الخليجية يطلق أول منصة رقمية خليجية لقطاع النفط والغاز
22 Aug 2021 Written by Admin Adminاتحاد الغرف الخليجية 16اغسطس
أطلق اتحاد غرف دول مجلس التعاون الخليجي بالتعاون مع مؤسسة بوابة قطاع الاعمال الإماراتية أول منصة رقمية خليجية للنفط والغاز ومشتقاتهم بهدف دعم التحول الرقمي بقطاع النفط والغاز (www.oilandgas.org) حيث تعد المنصة أول منصة اقليمية بدول مجلس التعاون الخليجي .
وقد بين د. سعود المشاري الأمين العام لاتحاد غرف دول مجلس التعاون الخليجي أن من أهداف الاتحاد التي يسعى لتحقيقها هي التحول الرقمي وتوفير سبل التعاون المشترك عبر اتاحة الفرص الاستثمارية بدول المجلس من خلال عدة منصات اقتصادية من أهمها منصة النفط والغاز وهي المنصة الثانية التي يطلقها الاتحاد ضمن سلسلة منصاته الرقمية لهذا العام.
د. سعود المشاري الأمين العام لاتحاد غرف دول مجلس التعاون الخليجي
مؤكداً بأن منصة النفط والغاز تعتبر محفز أساسي لخلق سوق خليجي مشترك يخدم القطاعين العام والخاص حيث يتم من خلاله خلق شراكات محلية وعالمية وطرح لأبرز واهم الفرص الإستثمارية في مجال النفط والغاز بدول المجلس.
كما أشار د. المشاري إلى أن المنصة ستعرض بيان يومي بأحدث الأخبار والتحليلات التفصيلية في قطاع التنقيب والإنتاج اقليمياً مع تحليل بورصة الاسعار الخام اليومية وستكون هناك تغطية لأهم المؤتمرات والأحداث في ذات القطاع في دول المجلس.
موضحاً د. المشاري (تندرج التصنيفات الرئيسية للمنصة تحت بنود رئيسية وهي النفط، الغاز، الحفر، الاستكشاف، الاحتياطيات، الإنتاج، منظمة أوبك، التكرير والبتروكيماويات، الغاز الطبيعي، التكنولوجيا، الشركات بتصنيفاتها، أخبار النفط بالدول، والإحصاءات المرتبطة) وغيرها.
ومن جانبه أكد د. محمد الحسينى المدير التنفيذي لمؤسسة بوابة قطاع الاعمال إن المنصات الإلكترونية بحلول عام 2025 ستمثل تعاملاتها ما يقارب 30 في المائة من إجمالي الإيرادات العالمية لأنها أصبحت علامة فارقة في العديد من الصناعات العالمية وفى تقريب المسافات بين المنتجين والمستهلكين ومع انتشار التغيرات المناخية والكوارث البيئية أصبح ضروريا على صناعه النفط والغاز في دخول ميدان تلك المنصات الجديدة والقوية وأن تبدأ في تغيير السياقات القديمة وتبدء في استخدام ذلك النموذج الحديث من الاعمال الرقمية.
وصرح محمد سيف الجابري الرئيس التنفيذي لمؤسسة بوابة قطاع الأعمال بأن المنصة ستدعم كافة فئات الزائرين والمتابعين للمنصة لتشمل العاملين بشركات النفط والغاز والمستثمرين المهتمين بقطاع النفط والغاز الخليجي من كل دول العالم والشركات الموردة والقائمة على الاعمال بحقول النفط والغاز بالمنطقة والمنتسبين للهيئات الأكاديمية والجامعات الحكومية والخاصة والأجنبية.
حيث تعد منصة النفط والغاز منصة اقليمية مرجعية لقطاع النفط والغاز تعمل على زيادة الحصص السوقية للشركات التي تعمل في قطاع النفط والغاز والتي تمهد الطرق البديلة الإلكترونية لجذب العديد من الاستثمارات الجديدة في المنطقة.
The size of the consumer digital economy in the Middle East and North Africa (Mena) Mena region is estimated to more than double from around $40-45 billion (Dh147-165 billion) in 2020 to $100 billion (Dh367 billion) by 2023, according to a new report released by consulting firm RedSeer.
The study found that the UAE and Saudi Arabia will continue to be the pillar of the digital economy in Mena, contributing around 70 per cent of the total digital economy.
Today, over 90 per cent of customers in UAE and Saudi Arabia say they bought a retail product online, higher than even some of the more developed markets where digital adoption is around 70 per cent.
The market will see growth both through consumer adoption and a higher frequency of purchases.
“Over the last decade, we have seen significant adoption of online services amongst Mena consumers. More than 60 per cent of consumers are now choosing experiential factors such as service quality, delivery speed and product description in their decision-making. As the digital economy is becoming mainstream, players will have to provide a better experience in addition to discounts to win in the digital economy race,” said Sandeep Ganediwalla, managing partner at RedSeer Consulting.
The study found that the Mena region is seeing one of the most equitable growth in the world. “A strong online omnichannel player ecosystem has successfully gained consumer trust.
On the other hand, supportive policies in UAE enable the ecosystem to attract the right talent and retain it,” said the report.
source: khaleej times
Contactless transactions isn’t new, but usage soared quickly due to safety concerns over the COVID-19 pandemic
If you were travelling to the first-ever World Expo, commonly known as the Great Exhibition of 1851, that was held in London, you would — just like some six million other visitors — likely have been carrying traveller’s cheques to exchange for cash in pound sterling.
Some might even have brought along silver or gold to swap for local currency. Fast-forward to 2021 — never mind millions of visitors from around the world having to make a trip to the money exchange or bank — we’re paying simply by tapping a plastic card, smartphone or wearable over a card reader, or by plugging in our card digits online.
The key word: Contactless.
Around the world, consumers are opting for contactless transactions. The technology isn’t new, but usage soared quickly overnight due to safety concerns over the Covid-19 pandemic, driving widespread adoption of contactless payments.
This digital convenience, once experienced, will now fuel further acceptance even after safety concerns subside.
More importantly, however, the accelerated shift now calls for new and expanded use cases to transform the next iteration of commerce — and Expo 2020 Dubai provides both opportune timing and a matchless global stage for this purpose, uniting innovation, business and growth.
After all, technology has been the cornerstone of World Expos, with some of the most fascinating innovations showcased at the fair. Even a century ago, the Great Exhibition aimed to show that technology was the way to a better future.
From the early version of the fax machine in 1851 to a videoconferencing device and an autonomous car showcased in 1964, to scientific instruments like electric telegraphs, microscopes, barometers and surgical instruments, Expos have always been the platform for early predecessors of technologies that have gone on to become commonplace, and forever change the way we live and work.
The payments landscape has changed dramatically since the first World Expo, because, if you think about it, money, in and of itself, has no real value. Money is valuable only because it is accepted as a form of payment.
In this vein, as the recommended merchant acquirer of Expo 2020 Dubai, Network International’s payment devices will be fully integrated with the Expo’s point of sale (POS) system. The ready-to-go integrated POS solution provided by Expo 2020 Dubai will enable all commercial and international participants to engage in commercial activities on site.
The seamless integration will facilitate merchant acceptance of all types of card transactions including contactless and QR payments.
But even as we take the making and collection of electronic payments for granted today, our current methods too are destined to evolve into completely new forms.
Guided by the belief that innovation and progress are the result of people and ideas combining in new ways, Expo 2020 Dubai represents the dawn of the next era of innovation where new opportunities in technology will unlock doors to a new tomorrow.
For us in the payments world, the vision of how we pay in the future is what we will see co-created by our global industry at Expo 2020 Dubai.
As the leading enabler of digital commerce across the Middle East and Africa, we remain committed to staying at the forefront of that vision as we continue charting new opportunities and play our part in the making of a new world.
source: zawya
