Author: Mahdeehassan

Foundation Ventures, a Cairo-based venture capital firm, has announced the successful first close of its $25 million fund, “FVFII.” This new fund underscores the firm’s mission to strengthen Egypt’s entrepreneurial landscape by driving innovation and supporting startups from early-stage development to regional and global expansion. A portion of the capital will also be directed toward investing in promising African startups. The fund has attracted prominent investors, including the Egyptian American Enterprise Fund (EAEF), the Micro, Small, and Medium Enterprise Development Agency (MSMEDA), and Onsi Sawiris. Their confidence in Foundation Ventures represents a shared vision to foster a robust entrepreneurial ecosystem…

Saudi Arabia’s MSME finance ecosystem at the heart of economic diversification and financial inclusion efforts Saudi Arabia, February 2025: The pivotal role of Saudi Arabia’s finance ecosystem for micro, small, and medium-sized enterprises (MSMEs) in advancing the Kingdom’s economic diversification and financial inclusion objectives is explored in a new report released by Oxford Business Group (OBG), in collaboration with the Kafalah programme. Titled, “MSME Empowerment in Saudi Arabia,” the report examines the country’s strategic efforts to drive the growth of MSMEs by improving access to finance and fostering entrepreneurship. It highlights how the Kingdom is leveraging tailored financial solutions to…

Abu Dhabi, February 4, 2025 – Smpl Fund I, a $10 million venture capital fund launched by Smpl Holdings, has announced a strategic investment of $250,000 in multiple AI and technology companies within the Qora71 portfolio. Smpl Fund I, which focuses on supporting AI and tech startups across the MENA region and beyond, provides seed capital alongside hands-on strategic support to accelerate the growth of innovative companies. Qora71, a venture investor syndicate and a member of the Hub71 Angel Program, offers accredited investors the opportunity to invest on a deal-by-deal basis, without minimum commitments or fees. The syndicate’s portfolio includes…

Revie, the tech-enabled platform revolutionising home and commercial renovation in Saudi Arabia, is proud to announce the successful closure of a $2.5 million seed funding round led by Sanabil Venture Studio by Stryber. This investment marks a significant milestone for Revie, enabling the company to accelerate its mission of delivering an innovative, end-to-end renovation solution for homeowners, investors, and businesses. The funding will be allocated toward scaling operations, enhancing technology, and improving customer experience. Revie’s platform simplifies the traditionally complex renovation process by offering customers a seamless experience from design and planning to execution through a curated network of contractors…

The Eco-friendly ride option supported by the TGA will enable customers to contribute to carbon removal efforts through MEWA’s tree-planting initiatives powered by the Sedrah Program. Riyadh, Saudi Arabia – January 2025 – CarbonSifr, a pioneering climate-tech company and a participant in the inaugural Sedrah Program under MEWA (Ministry of Environment ,Water and Agriculture) and Careem Rides, focused on facilitating everyday reliable and convenient commuting options for the region through the Careem app, are announcing the launch of Careem’s Eco-friendly ride option in Saudi Arabia with support from the Transport General Authority (TGA) and MEWA’s Sedrah Program. Eco-friendly rides, launched…

Oxford Business Group spotlights the Kingdom’s progress in The Report: Saudi Arabia 2024 Riyadh, January 2025: Saudi Arabia’s strategic advancements under the Vision 2030 framework and its commitment to sustainable innovation form the cornerstone of the latest report released by global research and advisory firm Oxford Business Group (OBG). The Report: Saudi Arabia 2024 examines the transformative policies driving the Kingdom’s economic diversification, with a focus on key developments in infrastructure, tourism, health care and financial services, among other sectors. The publication highlights Saudi Arabia’s growing role as a regional and international centre for investment, showcasing flagship giga-projects such as…

CredibleX, the UAE-based startup, has carved a niche for itself in the embedded SME lending landscape. Known for its innovative approach, the company is revolutionising how small to medium enterprises (SMEs) access working capital in the region. Since its inception, CredibleX has disbursed a substantial AED 100 million in loans, significantly impacting the local business ecosystem. The company recently announced a successful $55 million (AED200 million) seed funding round comprising both equity and debt. This substantial financial backing comes from notable entities, including Further Ventures for equity, Kilgour Williams Capital, and Berkley Square Finance, among other debt providers. Such strong…

BuyAnyAutoPart, a UAE-based B2B used car part aggregator disrupting the region’s multi-billion-dollar used car part market, has secured USD 750,000 in pre-seed funding. The company, which focuses on the search and supply of used car parts to the region’s multi-brand workshops, has attracted investment from prominent backers, including Galadari Brothers, the exclusive dealer for Mazda in the UAE, and 6G Capital, the family office of the Allana Group, among other strategic investors. “As a global family office focused on forward-thinking investments, we prioritise companies with innovative solutions and strong growth potential, like BuyAnyAutoPart,” said Adil Allana, of 6G Capital. The…

Geidea, a leading provider of digital payment solutions in the Middle East, is set to launch its innovative SoftPos service in Egypt, following a successful two-year rollout in Saudi Arabia and later in the UAE. This expansion marks a significant milestone in Geidea’s strategy to drive digital transformation in the region, offering merchants and consumers an advanced, secure, and seamless payment experience. Since its launch in Saudi Arabia, Geidea has revolutionised the payment landscape by becoming the first company in the Middle East and North Africa (MENA) region to introduce SoftPos solutions. This technology enables merchants to accept payments via…

Dubai, United Arab Emirates: The UAE has seen a sharp rise in cyber threats in 2024, particularly ransomware attacks, with 34 reported incidents between January and November, up from 27 in all of 2023, according to Acronis Threat Research Unit data. This increase reflects the nation’s prominence globally, making it a prime target for cybercriminals aiming to exploit vulnerabilities in finance, telecommunications, government, and critical infrastructure sectors. Additionally, as per the same report, Malware detections have also surged by 65.3%, jumping from 16.05% in 2023 to 26.52% in 2024. Cybercriminals are increasingly using advanced malware and encryption techniques to attack financial institutions,…