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Algeria's Sonatrach says it has terminated Ain Tsila contract
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Algeria's Sonatrach says it has terminated Ain Tsila contract

15 Apr 2021 Written by

Algerian state oil company Sonatrach said on Thursday it has terminated a 2004 contract with Petroceltic PLC, which was later bought by Sunny Hill Energy, for exploration and production in the Ain Tsila gas field.

It said in an emailed statement that the termination was in accordance with the contract, and that it had taken the step after Petroceltic failed to comply with contractual obligations.

Sunny Hill said in a statement that it intends to pursue legal action to compensate it for the loss, which it values at over $1 billion, after having invested hundreds of millions of dollars in the project.

source: Reuters

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Kenz closes Six-Figure Pre-Series A Round, to extend operations in Saudi Arabia
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Kenz closes Six-Figure Pre-Series A Round, to extend operations in Saudi Arabia

02 Apr 2021 Written by

Kenz, a lingerie and intimate wear e-commerce startup, announced today it has successfully closed a six-figure pre-Series A round to extend its operations and grow its brand in the Kingdom of Saudi Arabia.

Kenz, which launched the first bra and shape-wear size calculator in Arabic, aims to help every woman find the right fit and style.

Lingerie is a notoriously difficult product category to fit correctly as over 80 percent of women are wearing the incorrect size. Kenz addresses this common challenge by making fit information and high-quality products accessible to all women across the GCC.

The round was led by Ibtikar Fund, reinforcing their contribution in Kenz's seed round, and included participation from Palestinian, Saudi and American angel investors.

A key participant in the round was Palestinian based investment holding company, the Arab Palestine Investment Company (APIC), an investment holding company with diverse investments spanning manufacturing, trade and distribution with a presence across the MENA region.

“Kenz is thrilled to have APIC's participation in the round and will leverage their distribution and retail experience in Kenz's key market, Saudi Arabia,” said Christina Ganim, CEO Kenz. “Our new investors offer operational and marketing expertise that enable Kenz to grow to the next level and bring us to a position where we can scale rapidly.

The team is excited and ready to simplify the process of finding the right fit, with our proprietary fit tools, excellent customer service, and finely curated lingerie.”

Commenting on the announcement, Ambar Amleh, Partner at Ibtikar Fund, said: “We are excited to join Kenz once again in this round. We are very proud of Kenz's growth and are look forward to supporting them as they continue to expand in the region and become a leader in this industry.”

Founded by Christina Ganim and Nicola Cuoco in 2017, Kenz is primed to gain market share and take advantage of the rapid post-COVID-19 growth of e-commerce in the region, while deepening supply and value chain relationships.

Kenz's team proudly includes 80 percent women, which allows them to be close to their customer base and understand pain points to address them properly. Kenz has focused on supply-chain efficiencies and global partnerships, and this round of funding enables the team to reach a broader segment of women across the Kingdom and enhance its teams in Palestine and Saudi Arabia.

As larger retail giants increasingly focus on their online presence, Kenz will use this cash injection to expand its product selection and technology, and cater to customers' needs and services. Kenz is ready to take on the competition and become a recognized leader in its industry in 2021.

source: wafa

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Dailymealz raises $2 million in pre-Series A
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Dailymealz raises $2 million in pre-Series A

02 Apr 2021 Written by

Saudi Arabia-based food subscription startup, Dailymealz, has raised $2 million in a pre-Series A round led by Seedra Ventures and joined by some angel investors.

The startup aims to utilise the funds to broaden its services for partner corporates in Saudi Arabia and Kuwait, as well as expand into the UAE and Egypt.

Founded in 2017 by Mohamed Elzalabany, Abdulrahman Ahmed, Abdallah Said, and Motaz AbuOnq, Dailymealz partners with restaurants and cloud kitchens to offer corporate employees customised weekly, biweekly and monthly lunch subscription plans offering a range of dietary options including keto, diet, and fast food choices. 

Managing its network of freelance drivers who handle multiple orders per trip, Dailymealz also offers its app users full day subscription options beyond its work day lunch-focused plans.

The foodtech startup has also launched a new service that allows partner employers the ability to provide their employees with meals at subsidised rates as well as place orders for corporate meetings and events. 

source: wamda

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Egypt’s ITIDA issues new e-signature licenses to accelerate digital transformation in Egypt
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Egypt’s ITIDA issues new e-signature licenses to accelerate digital transformation in Egypt

16 Mar 2021 Written by

The licenses that will be awarded to up to 3 companies will allow them to provide e-signature certificates, e-seal, and time stamp services for both individuals and businesses, according to ITIDA

Egypt’s Information Technology Industry Development Agency (ITIDA) issued on Thursday new licenses for local firms to provide e-signature services.
The licenses, which will be granted to up to three companies, will allow recipients to provide e-signature certificates, e-seal, and time stamp services for both individuals and businesses, according to ITIDA.

ITIDA said that the statement of work will be available at its premise at the smart village through the coming Tuesday, 9 March, for an amount of EGP 40,000.


The statement of work includes the general and financial regulations and conditions stipulated by ITIDA for registration.

It also announced that applicants must be local firms working inside Egypt and meet all conditions and guarantees stipulated in law number 15 of 2004 and its bylaws, in addition to providing all required documents.

The ITIDA is committed to observing all substantive and technical conditions and all the regulations specified by law no.15 for the year 2004 and its executive regulations, according to the statement.

The issuing of additional e-signature services licenses is one of a series of initiatives and policies led by ITIDA that aim to support Egypt’s digital transformation.

ITIDA’s CEO Amr Mahfouz said the issuing of additional e-signature licenses comes in response to the fast development witnessed in the local information technology sector and also to further enhance Egypt’s digital readiness.

Mahfouz explained that the new licenses will enable the spread of high-security e-signature services’ usage to meet the increasing and unprecedented demand across all sectors.

The ITIDA will host a series of Q&A sessions to answer all applicants' queries in March, according to the statement.

After the deadline for submitting bids, the ITIDA will commence reviewing and evaluating all bids by a committee of specialists and experts, and results will be officially announced soon afterwards.

The ITIDA said that it is committed to awarding licenses in a period not exceeding 60 days from the date of submitting license applications, and after the submission of all required documents, unless ITIDA decides to extend applications grace-- period.

The ITIDA licenses will be valid for three years.

The e-signature law was issued in 2004 to support Egypt’s e-commerce industry by securing the internet as a legally viable medium for digital transactions in order to boost digital transformation in all state sectors.

The bylaws of the e-signature law No. 361 of 2020 have been amended under the decision of the communications and information technology minister to accelerate Egypt’s digital transformation adoption, strengthen the central role of e-signatures in developing the efficiency of administrative work, improve government services, and add to Egypt’s competitiveness globally.

In 2020, Egypt was ranked among the top 10 improvers in Roland Berger’s Digital Inclusion Index.

The index measures and analyses levels of digital inclusiveness in 82 countries across the globe based on their scores across four digital inclusion levers: accessibility, affordability, ability, and attitude.

source: Ahramhram

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Liquidity of UAE banking system back to pre-COVID-19 levels: central bank governor
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Liquidity of UAE banking system back to pre-COVID-19 levels: central bank governor

15 Mar 2021 Written by

More than 320,000 customers, including individuals, SMEs and other private corporations have benefitted from the TESS scheme so far

During the year’s first quarterly meeting with the CEOs of the largest banks operating in the UAE, the governor of the central bank stated that the overall liquidity of the UAE banking system has returned to the level prior to the outbreak of the COVID-19 pandemic.  

Abdulhamid M. Saeed Alahmadi, Governor of the Central Bank of the UAE (CBUAE), said that the UAE’s economy will recover this year with an increase in real GDP of 2.5 percent, thanks in part to the crucial role played by the Targeted Economic Support Scheme (TESS) in mitigating the economic effects of the COVID-19 pandemic. 

“In tandem with the banking sector, we pave the way for the UAE’s robust economic recovery from the pandemic. Our base projection envisages recovery of the UAE economy in 2021 with the real GDP to increase by 2.5 percent. [The] CBUAE will continue to closely monitor market and economic developments both in the UAE and globally,” the governor said. 

"The banks’ drawdown of the dedicated TESS zero-cost liquidity facility was AED 22 billion in March 2021, down from the maximum drawdown of about AED 44 billion reached in Q2 2020, consistent with the temporary nature of the payment deferral scheme," he said.   

According to a statement from the central bank, from the inception of the TESS programme, more than 320,000 customers, including individuals, small to medium-size enterprises and other private corporations have benefitted from it.   

There are about 175,000 customers under the current TESS deferral arrangements.  

source: zawya

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UAE-based Pure Harvest Smart Farms raises $60m in new funding round
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UAE-based Pure Harvest Smart Farms raises $60m in new funding round

15 Mar 2021 Written by

Shuaa Capital led a $50m structured sukuk for Pure Harvest co-investing with Franklin Templeton and Sancta Capital

UAE-based agritech company Pure Harvest Smart Farms has raised $60m as part of a new funding round.

Shuaa Capital led a $50m structured sukuk for Pure Harvest co-investing with Franklin Templeton and Sancta Capital, among others, in Pure Harvest through its managed funds as part of this funding round.

Pure Harvest also raised $10m in growth equity.

A statement issued by Shuaa said that this is the first time in the region that an early-stage business has been able to secure venture debt funding from capital markets.

Pure Harvest will soon complete its second high-tech hybrid greenhouse growing system within the UAE. It is currently constructing its beachhead in Saudi Arabia, and has announced a further EUR39m expansion project in Kuwait.

Upon completion of its new projects, the company will produce a variety of tomatoes, leafy greens, and berries, with plans to continue to diversify its offering in the future.

Natasha Hannoun, who led the transaction for Shuaa, said: “We witnessed Pure Harvest Smart Farms’ leadership in AgTech, the strength of the team, and its proven ability to execute, giving us the confidence that Pure Harvest Smart has significant growth potential as it seeks to address the need for food security within the Gulf and wider region.

“We are delighted that Shuaa has been able to deliver this innovative and highly complex structured financing solution for Pure Harvest Smart Farms in another regional first. This funding will help the company to scale into a major regional player in controlled-environment agriculture.”

Shuaa’s investment in Pure Harvest Smart Farms follows the recent announcement that another Shuaa technology investment, Anghami, will become the first Arab technology company to list on NASDAQ via a merger with Vistas Media Acquisition Company.

source: Gulf Businessulf 

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Fastcoo and Tracking merge in $720,000 deal
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Fastcoo and Tracking merge in $720,000 deal

15 Mar 2021 Written by

Saudi-Arabia based software company Fastcoo, and Tracking, a GPS tracking system, have merged in a deal valued at SAR 2.7 million ($720,000). The deal will provide technical solutions to the logistics sector, aiming at localising the internet of things (IoT) industry in the country. 

Fastcoo, a SaaS (software as a service) company specialised in logistics for both delivery and fulfilment, offers software for businesses in the logistics and supply chain field that need to optimise, automate, utilise and prioritise their processes for their warehouse, fleet management, fulfilment centres, and/or delivery companies. It currently provides its services to more than nine countries across the Middle East and North Africa (Mena).

Tracking delivers the real-time location of any vehicle to track any object, even children and pets. 

“The provision of technical transformation for delivery and freight by localising technology and tracking systems will achieve an important impact on the Kingdom's Vision 2030,” said Hassan Jabarti, co-founder of Fastcoo. 

The merger will provide an integrated technology solution that will link transportation companies, the Transport General Authority, and refrigerated vehicles specialised in transporting medicines and food with the Saudi Food and Drug Authority. 

“We are looking forward to attracting international expertise and technologies to the Saudi market, and exporting local technology through the production of the first vehicle tracking devices in Saudi Arabia,” said, Ali Al-Rajhi, co-founder and chairman of Tracking.

source: Wamad

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Dubai's Ayana signs JV to develop $1.6bln US real estate project
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Dubai's Ayana signs JV to develop $1.6bln US real estate project

13 Mar 2021 Written by

Partnership expected to offer investors from GCC and around the world new attractive investment opportunities in a thriving housing market

Dubai-based Ayana Holding has formed a joint venture with Florida’s Marsan Real Estate Group to develop a $1.6 billion (AED 5.88 billion) new project, BellaViva at Whispering Hills, in the US.

The partnership will allow Ayana to establish its presence in North America and help Marsan to expand into a wider market, offering investors from GCC states and around the world new attractive investment opportunities in a thriving housing market, Ayana said in a statement.

Located in Florida, Leesburg, the BellaViva at Whispering Hills project will have golf courses, restaurants, shopping malls, a medical clinic, boutique hotel, spa, hospital, and commercial space, the statement said.

Comprising 5,500 luxury homes across 1,800 acres of pristine land, hills, lakes, nature reserves, and an equestrian center, BellaViva is expected to be the fastest-growing community for retirees and seasoned investors.

Jean Marsan, founder of Marsan Real Estate Group, said: “Although we are not aware of the sole reason for a continuing strong momentum in Florida’s housing market, we believe that a combination of factors including the Hispanic population boom, pro-economic government, and the reputation of being one of the top five tax-friendly states are at play as well.”

In Florida alone, property prices have risen by 6.61 percent since former President Donald Trump declared a state of emergency last March.

It is estimated that by 2030, the average house price in Florida will reach $437,921, putting it in the top ten states ahead of New York and New Hampshire, with a population increase of 6 million over the decade, the statement said.

source: zawya

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UAE: Abu Dhabi invites expats to explore long-term visa, citizenship options
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UAE: Abu Dhabi invites expats to explore long-term visa, citizenship options

12 Feb 2021 Written by

Abu Dhabi has launched a programme inviting all talented professionals, students and investors to settle down with their families in the UAE capital.

Called Thrive in Abu Dhabi, the initiative seeks to develop key sectors such as culture, healthcare, research and development (R&D), and real estate.

It offers long-term visas that may translate to the coveted UAE citizenship for talented expatriates in a safe, welcoming and supportive environment, while contributing to Abu Dhabi’s sustainable development.

“Creative talent are encouraged to be part of a global arts and culture hub, join the emirate’s dynamic media and the entertainment industry, or support the development of our understanding of the past among fellow academics, conservators and archaeologists,” an official release stated.

“The creative visa builds on the five-year Culture Sector Strategy for Abu Dhabi, unveiled in November 2019 by the Department of Culture and Tourism, which covers five strategic objectives: preserve and sustain its cultural heritage; increase awareness of, and engagement with, cultural heritage and the arts; stimulate creativity as a driver for education and social change; build and enable capacity in its culture sector; contribute to economic growth and diversification.”

Abu Dhabi has a thriving cultural and creative sector with strong global credentials. They include world-class museums, art centres, art fairs, music concerts, and a grassroots artistic community.

The Capital also boasts the Louvre Abu Dhabi, Manarat Al Saadiyat, Warehouse241, Abu Dhabi Art annual fair, Qasr Al Hosn and Cultural Foundation and the forthcoming Zayed National Museum and Guggenheim — not to mention international educational institutions supporting students to excel in creative activities such as NYU Abu Dhabi (NYUAD), Sorbonne Abu Dhabi, Berkley College, and CNN Academy.

Students especially have opportunities galore. Those pursuing a PhD or have promising scientific ability at either high school or university level, can expand their horizons and ensure exciting career paths by studying at one of a collection of world-class academic institutions in Abu Dhabi such as NYUAD, Sorbonne Abu Dhabi and Khalifa University.

Students can also learn the skills of the future, including in specialist areas such as artificial intelligence (AI), at the new Mohamed bin Zayed University for Artificial Intelligence, or coding at 42 Abu Dhabi.

They can participate in pioneering research in areas related to Covid-19 and farm technology at UAE University, or focus on tolerance and coexistence at the world’s first university dedicated to the human fraternity, the Mohamed bin Zayed University for Humanities.

Thrive in Abu Dhabi also invites innovators to turn their ideas into reality — with access to funding and incentives — as part of a dynamic R&D ecosystem that is pioneering new technologies to solve the global challenges of the future, from water security to food technology.

As part of Abu Dhabi’s accelerator programme, Ghadan 21, the Department of Education and Knowledge has launched academic research grants to award Dh40 million in competitive research funding to support R&D.

Details about the programme — including the long-term visas and paths to citizenship — can be found at https://tamm.abudhabi/en/Golden-Visa or by calling 02-6664442 (outside UAE) or 800 555 (within UAE).

source: zawya

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IMF raises its forecast for Egypt's economy growth to 2.8% in 2020/21
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IMF raises its forecast for Egypt's economy growth to 2.8% in 2020/21

03 Feb 2021 Written by

International Monetary Fund (IMF) raised its forecast for the Egyptian economy for 2020/2021 to 2.8 percent, from 2 percent in its forecast in June 2020.

In the report of the first review of the Credit Standards Arrangement Program for Egypt, the IMF expected the growth of the Egyptian economy by about 5.5 percent during the fiscal years 2021/2022 and 2022/2023.

According to the report, the growth of the Egyptian economy in 2024/25 is expected to reach 5.8 percent, after recording 5.6 percent in 2023/24.

The report pointed out that the abolition of closure measures and partial curfew in Egypt helped to show the Egyptian economy "early signs of recovery" after a more moderate slowdown than expected.

Egypt was one of the few countries that recorded growth during 2020, and the report estimated the growth of the Egyptian economy in 2020 by 1.5 percent.

On the other hand, this will mean that the 2022/2021 fiscal year will witness less dramatic growth, as the recovery is expected to start sooner than expected.

For his part, Minister of Finance,Mohamed Maait, indicated that the results of the consultations conducted by the IMF mission on the performance of the Egyptian economy, through video technology, during the period from 4 to 18 November 2020, confirmed the recovery of the Egyptian economy from the effects of the "pandemic", exceeding fund experts’ previous expectations, which opens the door for Egypt to obtain additional financing of $ 1.6 billion, as soon as the IMF Board of Governors approves the results of the review, which will be presented to the Board within weeks.

In May, Egypt received $ 2.77 billion from the International Monetary Fund, which represents the value of the rapid credit financing granted to the Egyptian government.

In June, the Executive Board of the International Monetary Fund finally approved the disbursement of a loan to Egypt worth $5.2 billion (equivalent to 3.76 billion special drawing units) for a year, within the framework of the "credit preparedness agreement" tool, to meet the financing needs of the balance of payments resulting from the "Covid-19 epidemic".

source: egypttoday

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