Oct 23, 2024

Benedict Xavier Global Head - Payments Specialist, Blockchain Architect, Open Protocols, Build Open Platform, Digital Banking, Open Headless Commerce, Payment Gateway, Open Banking, Wallets - Expert in Digital Transformation & Payments Published Sep 8, 2024 Qatar's Banking Sector Surges to $550 Billion in Assets Qatar's banking sector has experienced substantial growth, with total assets rising 6.4% year-on-year to $550 billion. Key indicators include a 11.4% increase in domestic deposits and a 7.3% rise in domestic credit. This growth aligns with Qatar’s Third National Development Strategy and supports its economic diversification goals. Standard Chartered anticipates continued expansion, driven by Qatar’s strong position in the global energy market. Additionally, Estithmar Holding ’s 500 million riyal sukuk issuance marks a significant milestone for Qatar’s sukuk market. For more information, read the full article here . Saudi Fintech Investment Surges Sixfold to $666M in 2023 Saudi Arabia's fintech sector saw a dramatic increase in investment, with funding reaching $666 million across ten rounds in 2023, a sixfold rise from the previous year. This growth is attributed to the rise of new startups, increased investments, and innovative business models. Key stakeholders in this surge include the Saudi Central Bank – SAMA , which has supported fintech through its Regulatory Sandbox Initiative since 2018, and the Capital Market Authority (CMA), which oversees sector regulations and innovation. The number of fintech companies in Saudi Arabia exceeded 216 by the end of 2023, surpassing targets and creating over 6,500 jobs. Collaboration among local, regional, and global players, as well as initiatives like Fintech Saudi, has been crucial in this expansion. For further details, read the full article here . Bank AlJazira and Cultural Development Fund Forge Strategic Partnership Bank AlJazira | بنك الجزيرة and the الصندوق الثقافي | Cultural Development Fund have signed a significant agreement to enhance Saudi Arabia's cultural sector. This partnership aims to support cultural enterprises, boost their economic contribution, and align with Vision 2030. Bank AlJazira will provide flexible financing solutions, while the Cultural Development Fund continues its role as a key financial enabler. The agreement was signed by Sami J. Al-Mehaid of Bank AlJazira and Majid Al-Hugail of the Cultural Development Fund. Read the full article here https://arab.news/yd7qc Talabat to List on Dubai Financial Market talabat , the food delivery service founded in Kuwait 20 years ago, is preparing for an IPO on the Dubai Financial Market in Q4 2024. The listing, announced by its parent company Delivery Hero , will be a secondary sale of shares, with Delivery Hero maintaining a majority stake. In 2023, Talabat's gross merchandise value hit $5.57 billion, with a 33% increase in sales across the MENA region. This move is part of a strong year for IPOs in the Gulf, following significant recent listings in healthcare, education, and technology sectors. Vijay Valecha, FRM from Century Financial anticipates high demand for the Talabat IPO, noting that food delivery sector IPOs, like Zomato 's, have set precedents in market performance Read the full article at https://www.agbi.com/food-drink/2024/08/delivery-heros-talabat-prepares-for-dubai-ipo/ Nomura Expands Wealth Management in Dubai Nomura Real Estate Holdings Inc , the Japanese bank, is expanding its wealth management team in Dubai, with plans to add three to four relationship managers by the end of 2024. This move follows the opening of its new office in the Dubai International Financial Centre (DIFC) in July 2023. Currently, Nomura's Dubai office employs 10 people. The bank aims to increase its wealth assets outside Japan from $24 billion to $35 billion, with additional hiring planned for its Asian hubs in Hong Kong and Singapore. Read the full article here Bank of Sharjah Prepares for New Dollar Bond Sale Bank of Sharjah is set to issue five-year USD-denominated bonds as part of its $2.5 billion Euro Medium-Term Note (EMTN) programme. Investor meetings began on August 30, with 11 banks appointed as joint lead managers and bookrunners, including Abu Dhabi Commercial Bank , Citi and Standard Chartered . Additionally, the bank plans to repurchase $600 million of notes maturing on September 18. The move comes amid a robust GCC bond and sukuk market, with issuances reaching $75.5 billion in the first half of 2024, reflecting strong regional financial activity and strategic vision agendas. Read the full article here ———— MENA fintech funding hits $186m in H1 as investor confidence grow MENA’s fintech sector secured $186 million in funding across 50 deals in the first half of 2024, showing a significant increase compared to 2020’s $170 million. Despite a slight decline in non-mega funding and deal activity, fintech remained dominant, accounting for 24% of all venture investments. The UAE captured 39% of the total fintech funding, while Saudi Arabia saw a 391% year-on-year funding increase, driven by major deals from companies like Moyasar ميسر , Abyan Capital and SiFi - Simplified Financial Solutions Company . Payment Solutions led in sub-sector funding, comprising 44% of the total, while Financial Research and Consultancy also rose in importance. Read the full article here Network International Introduces Hospitality Payment Solution in Jordan Network International , in partnership with Planet, launched a hospitality payment solution in Jordan. This plug-and-play service streamlines check-ins and food and beverage services, enhancing guest experiences and improving operational efficiency for hospitality merchants. Read the full article here . Tabby to Acquire Saudi Digital Wallet Tweeq Tabby a UAE-based BNPL firm, plans to acquire Saudi digital wallet Tweeq , enhancing its product offerings with spending accounts and financial management tools. Tweeq, licensed by the Saudi Central Bank – SAMA , provides an alternative to traditional banking. This move follows Tabby’s recent $700 million debt financing from J.P. Morgan and its $250 million series D round. Tabby, led by CEO Hosam Arab , now serves 14 million users and collaborates with over 40,000 brands globally. Read the full article at this link . Middle Eastern Stocks Surpassing Nvidia in Valuation In the Middle East, some stocks are trading at higher valuations than NVIDIA , despite the latter's recent surge. Key examples include Saudi Arabia’s ACWA Power , which trades at 136 times forward earnings, and UAE’s International Holding Company (ADX:IHC) , which has seen a staggering 43,000% increase since 2019. For more details, read the full article here Abu Dhabi’s Mubadala Seeks to Take Control of Turkey’s Getir Abu Dhabi's Mubadala Investment Company has applied to acquire sole control of Turkish grocery delivery firm Getir , according to Turkey's Competition Authority. This move follows Getir's recent $250 million investment and strategic restructuring, which includes splitting into two groups. Mubadala, already a significant shareholder, is expected to manage and hold a majority stake in Getir's Turkish operations. The company, which experienced rapid growth during the COVID-19 pandemic, is now refocusing on its home market after withdrawing from European markets. For more information, read the full article here . Tarabut Acquires UK Payments Platform Vyne UAE-based open banking platform Tarabut has acquired London-based Vyne , a real-time account-to-account (A2A) payments platform. The acquisition enhances Tarabut's capabilities to offer faster and more interconnected financial services. Founded in Bahrain in 2019 by Abdulla Almoayed , Tarabut connects banks and fintechs through an API. Vyne, established in 2019, processes real-time payments for online businesses. The deal, approved by Saudi Central Bank – SAMA and the UK's FCA, positions Tarabut to lead in the evolving financial regulations of the MENA region, integrating Vyne's technology to offer advanced A2A payment solutions. Read the full article here ———— Moyasar Closes Seed Investment Round Moyasar ميسر , a Saudi-based fintech company, has completed its seed investment round, raising SAR 78.75 million ($21 million) with participation from Derayah Financial Ventures Fund. Founded in 2016, Moyasar provides digital payment solutions, offering services like electronic payment portals, billing, and payment management. Licensed by the Saudi Central Bank – SAMA , the company aims to enhance financial transactions for private companies and government institutions. The investment will help Moyasar develop new financial technology solutions. For more details, you can read the full article here . SiFi closes $10 million Seed round SiFi - Simplified Financial Solutions Company , a Saudi Arabia-based fintech, raised $10 million in a seed round led by Sanabil Investments and RAED Ventures . Other investors included Arab National Bank seed, Rua Ventures, BYLD , KBW Ventures , Khwarizmi Ventures , SEEDRA Ventures , and Tech Invest Com . Founded by Ahmed AlHakbani in 2021, SiFi offers smart corporate cards and automated expense management. The funding will enhance its spend management platform and solidify its presence in Saudi Arabia. For more details, check the article here . Alpheya, Halo Investing partner to broaden access to structured products across GCC Alpheya and Halo Investing have partnered to enhance access to structured products in the GCC. This collaboration between Alpheya, a WealthTech firm, and Halo Investing, a leader in structured products technology, aims to provide better tools and access for investors in the region. The initiative, launching in early 2025, will serve banks, wealth managers, and family offices. For more details, read the full article here . Recommended by LinkedIn Payroll startup Cercli inks $4M to build the ‘Rippling for the Middle East and North Africa’ Payroll startup Cercli (YC S23) has secured $4 million in seed funding to develop its platform, which aims to be the "Rippling for the Middle East and North Africa" (MENA). Founded by Akeed Azmi and David Reche , Cercli addresses payroll management and compliance challenges in the region. The funding round was led by San Francisco-based Afore Capital , with additional support from Y Combinator , COTU Ventures , Rebel Fund , and contributions from executives at Ramp , Rappi , Kitopi , Careem , and Rippling . Cercli’s platform is designed to streamline payroll and compliance for businesses of all sizes across MENA. For more details, read the full article . NOGBASE raises pre-seed funding According to Crunchbase, Nogbase a Cloud CRM Software for Property Developers  received a $50K pre-seed funding round, according to Crunchbase, with no listed investors. For more information, you can check their LinkedIn profile here . Reachware Secures $3 Million Seed Round Led by Sadu Capital reachware , a Saudi SaaS provider specializing in automation and system integration, has raised $3 million in Seed funding. The round was led by Sadu Capital , with additional investment from 500 Global Sanabil Investments and Elm Company . Founded in 2021 by Hamza Abusitta and Maysarah Mashaal, Reachware plans to use the funds for expansion, product development, and marketing in the GCC. This investment highlights the company's innovative approach and growth potential in the tech industry. Key stakeholders include Sadu Capital’s Managing Director Salem W. and Elm's Executive VP Majed bin Saad Al-Arifi Read the full article here Tunisia’s Wattnow Closes Multi-Million Dollar Funding Round Tunisian cleantech startup Wattnow has secured a multi-million dollar funding round, led by Lateral Frontiers VC and 216 Capital Ventures . Additional investors include Outlierz Ventures , Satgana , Octerra Capital , and strategic angel investors such as Karim Beguir of InstaDeep and Guillaume Amblard. Founded in 2018 by Issam Smaali , Wattnow offers smart energy management solutions through its hardware and software platform. The funds will support global expansion and technological enhancements. Wattnow previously raised $1.3 million in a pre-Series A round in 2022. Read the full article here Saudi Syarah closes $60 million in a Series C round Saudi autotech company Syarah has secured $60 million in a Series C funding round led by Artal Capital , with participation from Elm, Impact46 , Tawuniya , and Derayah Financial Ventures. This latest round brings the total investment in Syarah to over $82 million. Founded in 2015 by Salah Sharef and Fayez Al-Anazi, Syarah offers an e-commerce platform for buying new and used cars online. The new funds will support the company's expansion and growth initiatives. Read the full article here ———— Introducing The Cloud Tech Bulletin Check out the latest edition of my other Newsletter the Cloud Tech Bulletin dedicated to the latest developments, trends, and insights in cloud adoption and technology across various industries.