MENA Banking and Fintech Update - March 17th 2024

Banking & Industry News

Investcorp Capital Secures $800 Million Financing, Surpasses Target

Investcorp-Capital has successfully secured $800 million in refinancing through a revolving credit facility (RCF) with a consortium of international banks. This exceeds the initial target of $600 million, indicating strong participation from regional and international institutions. Chairman @Mohammed Al CFO @Abbas Rizvi express optimism about the company's growth prospects and the positive outcome of the refinancing endeavor.

Read the full article here

Doha Bank Successfully Issues USD 500 Million International Bond Issue on London 

DOHA BANK successfully issued a USD 500 million international bond on the London Stock Exchange , with a 5-year tenor and a 5.25% annual coupon rate. The offering was met with exceptional demand, oversubscribed 4 times over, totalling USD 2 billion from a diverse group of investors across Europe, Asia, and the Middle East. Engaging in a comprehensive marketing campaign, Doha Bank's management showcased the bank's objectives and robust business performance, eliciting positive responses from investors worldwide. 

Read the announcement here

HH Sheikh Mohammed bin Rashid Al Maktoum visits Emirates NBD's for 60th Anniversary

His Highness HH Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum visits Emirates NBD headquarters on the occasion of the bank’s 60th anniversary celebrations.

Read the post here

Alef Education Plans IPO with EFG Hermes and First Abu Dhabi Bank

Abu Dhabi-based edtech firm Alef Education has taken a step towards its planned initial public offering (IPO) by selecting EFG Holding’s EFG Hermes ONE and First Abu Dhabi Bank (FAB) as its banks for the listing. The IPO, expected to take place in 2024 in the UAE capital, marks another milestone in the region's ongoing IPO boom.

Read the full article here

Mena startups raised $88.7 million in February 2024

In February 2024, startups across the Middle East and North Africa (Mena) region raised a total of $88.7 million in funding across 37 deals, showing a modest growth of just two percent compared to the previous month. The UAE remained the top investment destination within the Mena ecosystem, with its startups raising $65.6 million, Saudi Arabia's startups secured the second-highest amount with $16.3 million, while Egyptian startups managed to raise $4.6 million. 

Web3 providers emerged as the month's rising stars, securing $39 million in funding, foodtech performed well, securing $21 million, with The Cloud - Food Ecosystem 's Series B round receiving $12 million. Investment in Seed stage startups dominated, with $25.5 million raised by 11 startups, while activity in the VC space saw the establishment of new funds, such as the Falcon Foundation in the UAE and the ISSFJO - Innovative Startups and SMEs Fund Fund in Jordan.

Read the full article here

Saudi Arabia Is in Talks to Add Top Wall Street Banks to Aramco Share Sale

Saudi Arabia is reportedly in discussions to include top Wall Street banks in a secondary share sale for oil giant aramco , aiming to raise up to $20 billion in the offering. Moelis & Company has been engaged as a financial adviser for the sale, marking one of the largest stock offerings in recent years.

Read the full article here

Dubai's DIFC Introduces Groundbreaking Digital Assets Law

The Waldorf Astoria Dubai International Financial Centre (DIFC) has implemented the world's first comprehensive Digital Assets Law, effective since March 8. This landmark legislation defines digital assets as property, providing clarity on their control, transfer, and management. The move aims to enhance legal certainty, boost investor confidence, and foster innovation in the rapidly expanding digital asset sector. 

Read the full article here

Empowering Youth: Navigating the Digital Payment Revolution

Kartik Taneja , Executive Vice President and Head of Payments & Consumer lending at Mashreq, explores the pivotal role of financial literacy amidst the digital payment revolution. From the rise of cashless transactions to the imperative of responsible spending habits, this newsletter delves into how the youth can harness the power of digital payments while navigating the complexities of personal finance.

Read the full article here

CBD wins Best Use Case of AI Solutions

Commercial Bank of Dubai announced its recent achievement of winning the esteemed award for "Best Use Case of AI Solutions" at the 7th Middle East Banking AI & Analytics Summit . Bechir Sellami , Head of AI at CBD, discussed strategies for banks to adapt to evolving customer preferences amidst fintech disruptions and addressed the hurdles encountered in implementing advanced analytics and machine learning projects successfully.

Read the LinkedIn Post here

Riyad Bank Awarded best SME Bank

Riyad Bank has been honored as "Best SME Bank in the Middle East" and "Best Private Banking Bank in Saudi Arabia" by EMEA Finance Magazine.

Read the LinkedIn Post here

First Abu Dhabi Bank Partners with Core42 and Microsoft to Drive Business Excellence

First Abu Dhabi Bank (FAB) , in collaboration with Core42 and Microsoft , is accelerating its digital transformation journey by migrating its data center and workload to Microsoft Azure . Suhail Bin Tarraf , Group Chief Operating Officer at FAB, emphasizes the bank's commitment to innovation and customer value through technology investments. Naim Yazbeck , General Manager at Microsoft UAE, highlights the collaboration's significance in transforming the regional financial landscape, enabling FAB to deliver smarter and engaging customer experiences.

Read the announcement here

Al Rajhi Bank's Leads the Financial Frontier Amidst Saudi Arabia's Vision 2030

In the wake of Saudi Arabia's transformative Vision 2030, Alrajhi Group emerges as a beacon of success in the global financial landscape, surpassing industry giants like J.P. Morgan and HSBC. With a staggering 270% increase in stock value since the inception of Vision 2030, Al Rajhi Bank boasts a market value of $95 billion, reflecting investor confidence.

Read the full post by Mohammed H. Al Qahtani here

Riyadh Air Partners with IBM Consulting to Redefine Travel Experience

Riyadh Air | طيران الرياض , in collaboration with IBM Consulting and parent IBM , is set to revolutionize the passenger experience in the aviation industry. Announced at LEAP 2024, Riyadh Air's CEO Tony Douglas unveiled plans to develop a groundbreaking travel experience for guests, emphasizing personalization and sustainability.

Read the full article here

Bahrain Development Bank Launches Invoice Discounting Financing

Bahrain Development Bank unveils "Invoice Discounting Financing," designed to streamline transactions between buyers and sellers. This new offering aims to meet the business requirements of buyers while addressing the financial needs of sellers by providing the liquidity necessary to sustain their operations.

Read the LinkedIn Post here

Bank Nizwa's CEO Recognized for Supporting Oman Vision 2040 Initiatives

Mr. khaled Al Kayed , CEO of Bank Nizwa , was honored by the Ministry of Education for the bank's pivotal role in backing initiatives aligned with Oman Vision 2040. Held under the patronage of His Excellency Dr. Saeed bin Mohammed Al-Saqri, the ceremony underscored Bank Nizwa's commitment to contributing to Oman's long-term vision for economic and social development.

Read the LinkedIn post here

Fintech News & Regional News

FSS Launches Next-Generation Payment Platform Blaze in the UAE

FSS is proud to launch BLAZE, its cutting-edge payment processing platform, in the United Arab Emirates. Designed for the future of payments, BLAZE boasts unparalleled reliability, scalability, and security, capable of handling over 5,000 transactions per second. As the UAE accelerates its digital transformation, BLAZE positions FSS as a trusted partner for banks, fintechs, and merchants seeking innovative payment solutions.

Contact Benedict Xavier directly for more information and read the post here

Qatar aims to draw more startups in Web Summit 2025

Qatar, represented by Minister of Communications and Information Technology Mohammed Al-Mannai , expressed optimism about increasing the presence of entrepreneurs and startups in the upcoming Web Summit 2025. Minister Al Mannai highlighted the government's support for SMEs in digital transformation, a key initiative under the National Digital Agenda (NDA) 2030.

See the full article here

Abu Dhabi-backed firm in talks to invest in OpenAI chip venture

Abu Dhabi's state-backed investment firm, MGX , is exploring potential investment opportunities in OpenAI 's chip venture, according to reports from the Financial Times. The newly launched MGX, with backing from Abu Dhabi's Mubadala and AI firm G42 , is considering this move as part of its focus on AI and semiconductor technologies. MGX's venture aligns with the Gulf country's push towards advancing AI capabilities and reducing reliance on Chinese hardware.

Read the full article here

Saudi Arabia's Jubail to Host UNESCO’s 6th International Conference on Learning Cities

Jubail, a UNESCO Global Network of Learning Cities member, is set to host the sixth International Conference on Learning Cities from December 3 to 5. The event, themed "Learning Cities at the Forefront of Climate Action," aims to promote climate consciousness and green skills. Isabell Kempf , Director of UNESCO Institute for Lifelong Learning, highlighted the significance of learning cities in climate action.

Read the full article here

Burgan Bank: Spearheading Kuwait Women's Economic Empowerment Platform

Burgan Bank stands as a proud advocate for gender equality by being a key signatory of the Kuwait Women's Economic Empowerment Platform . Through its active involvement in KWEEP's inaugural launch, Burgan Bank demonstrates its commitment to fostering a more inclusive and diverse professional landscape within Kuwait's private sector.

Read the LinkedIn post here

Insights from the Open Banking & Beyond Summit

At the Open Banking & Beyond Summit, Al Etihad Payments CEO, Jan Pilbauer , highlighted the future of finance in the UAE & MENA region. Discussions emphasized that open finance offers vast opportunities for product innovation, prioritizing data protection and security. Stakeholders explored avenues for transformative financial solutions, fostering collaboration and innovation in the industry.

Read the LinkedIn post by Andrea Cianchetti here

 UAE Economy Set to Surge by 5% in 2024: Minister Al Marri's Projections

Abdullah bin Touq Al Marri, Minister of Economy, anticipates a robust 5% growth for the UAE economy in 2024. Highlighting a significant milestone, he notes that over 73% of the national economy is now non-oil, marking a historic achievement. The Minister emphasizes the pivotal role of the private sector in driving economic growth, particularly across 16 identified sustainable sectors. 

Read the article here

Moroccan Fintech Startup tookeez Secures $1.5 Million for Technical Development

Moroccan fintech startup Tookeez , founded by Hicham Amadi and Sisters Wiam ELMEJJAD FAHIM and Siham Elmejjad, Tookeez, CLMP™ , has raised $1.5 million in funding from Azur Innovation Management . This investment will fuel the expansion of tookeez into Morocco and the MENA region and strengthen the technical development for its blockchain technology system. Adnane FILALI , President of Azur Innovation Fund, expresses pride in supporting tookeez, recognizing its transformative impact on customer loyalty.

Read the article here

DigiMaaya Secures $7 Million Seed Funding Commitment for Launch

Egypt-based startup DigiMaaya , positioning itself as a "financial super-app," announces a non-binding commitment of $7 million in seed funding. Led by founder and CEO Utsav DAR , DigiMaaya aims to offer banking products and functions for storing, earning, and trading digital assets. The funding commitment comes from MIRAI Capital Global , a Silicon Valley-based investment management firm established through a partnership between MIRAI JMAC and the family office of Sheikh Ahmed Bin Faisal Al Qassimi. 

Read the full article here

ZaraFX Secures $2 Million Series A Funding, Expands Operations in Dubai

Zarvista Capital Markets a CFD Forex broker, announces a successful Series A funding round, raising over $2 million. The investment marks a milestone in ZaraFX's expansion journey, coinciding with the inauguration of its new office in Dubai. COO Jean-Raphael Nahas expresses excitement about the new office, highlighting the company's dedication to providing tailored solutions in the Middle East. Additionally, the recent appointments of Nahas as COO and Yiannis Argyrou as CFO reinforce ZaraFX's strategic focus on strengthening its leadership team.

Read the full article here

Oman Launches First Government-Owned Investment Bank

Oman Investment Bank , the country's inaugural government-owned investment bank, is set to offer a range of financial services, including corporate consultancy and the development of local and regional stock markets. Led by Chairman Abdulsalam Mohammed Al Murshid, the bank aims to support the strategic objectives outlined in the Oman Vision 2040 master plan. 

Read the full article here

First Abu Dhabi Bank and Mastercard Forge Global Partnership for Digital Payments Revolution

First Abu Dhabi Bank (FAB) and Mastercard have announced a strategic global partnership, aimed at enhancing the digital payments landscape across key markets in the Eastern Europe, Middle East, and Africa (EEMEA) region. This collaboration, spanning the UAE, Saudi Arabia, Oman, and Egypt, promises to introduce innovative products and solutions tailored for consumer, SME, and commercial segments. Leveraging cutting-edge technologies like Artificial Intelligence (AI), the alliance aims to transform customer experiences and operational efficiency. 

Read the article here

Startup Roundup

PaybyBit Secures Seed Funding Round

PaybyBit PSP , a provider of decentralized cryptocurrency payment solutions for businesses and governments, announces a successful seed funding round. With a pre-money valuation of $5 million, PaybyBit offers user-friendly solutions for seamless transactions, bridging the digital divide in both online and in-store settings.

See the news here

Layer-1 Network Flare Secures $35M Funding from Kenetic and Aves Lair

Layer-1 blockchain Flare Network has raised $35 million in a private funding round, with investments from Kenetic , Aves Lair , and others. Flare, known as a layer-1 network for data, focuses on smart contract protocols and pricing oracles for decentralized finance (DeFi) applications. Co-founder Hugo Philion expresses gratitude to early backers for extending token distribution and implementing a selling limit to support Flare's growth.

The Cloud Raises $12M in Series B Funding, Expands with Acquisition

Food tech startup The Cloud - Food Ecosystem , based in Abu Dhabi, secures $12M in Series B funding, bringing its total funding to $30M. The round includes participation from new investor MENA Moonshots . Led by Founder and Chairman George Karam , The Cloud plans to utilize the funds to accelerate growth, expand internationally, enhance operational capabilities, and further develop its proprietary technology platform. The Cloud aims for rapid expansion across strategic European markets and is on track for a dual listing in Abu Dhabi and Riyadh.

Read the full article here

Saudi Arabian software startup Salla raises $130 million in a pre-IPO fundraising 

Saudi Arabian software startup Salla E-Commerce Platform raises $130 million in a pre-IPO fundraising round, with backing from Investcorp , Sanabil Investments and venture capital firm STV . This funding round is likely to be Salla's final before its planned listing. Investcorp facilitated the deal through a $500 million fund focused on pre-IPO companies in Saudi Arabia. Salla, which offers e-commerce software solutions, joins a growing cohort of Saudi tech startups preparing for public market debut.

Read the full article here

Hayi Secures Seed Round Funding to Expand Neighborhood Platform

UAE-based social networking app Hayi حي concludes an undisclosed seed funding round led by Plus VC (+VC) , a MENA-focused venture capital firm. Regional angel investors also participated in the round. Founded in 2020 by Chris Darnell and Rene Morgan , Hayi aims to foster a secure and dynamic sense of community among neighbors. The funding will support the expansion of operations, intensify marketing efforts, and extend Hayi's presence across new markets.

Read the full article here

Saudi Proptech Startup Buildnow Secures $9.4M in Seed Funding

Saudi Arabia-based proptech startup Buildnow raises $9.4 million in seed funding, consisting of $6.5 million in equity and $2.9 million in debt. The funding round is co-led by RAED Ventures and Khwarizmi Ventures , with participation from international investors and local angels. Founded in 2022 by Hisham Alsaleh , Rahat Dewan , and Abdulla Sheikh , Buildnow operates as a build-now-pay-later platform, providing credit terms for buyers and upfront cash payments to SME suppliers in the construction industry. 

Read the full article here

Edtech Thiqa Tutoring Raises $300K during Beban TV Show

UAE-based edtech Thiqa Education secures a $300,000 investment during the Beban TV show, with funding coming from Hope Ventures, the investment arm of Bahrain’s Hope Fund, along with private sector investors Mashael Isa Fairooz , founder of JEO Capital, and angel investor Lamya Mahmood , CEO of Dr. Lamya Group. Founded in 2022 by Hamdan Karmustaji and Omar Bakri , Thiqa Tutoring offers tutoring services across the UAE, focusing on quality supervision and personalized consultations for students.

Read the full article here

My latest Industry article

My latest article How CBDCs are evolving across the Mena Region: Innovation and Opportunity dives into the latest central bank digital currency (CBDC) developments across the Middle East and North Africa (MENA) region. The UAE and China just executed the world's first cross-border CBDC transaction using digital dirham and digital yuan, valued at $13.6 million. This milestone trade settlement occurred on the new mBridge platform on the occasion of the Central Bank of The UAE's 50th anniversary.

Read the full article here

Regional Industry Events

Blockchain Life 2024

April 15-16, 2024 | Dubai Festival City, Dubai, UAE

Blockchain Life 2024

Istanbul Fintech Week 2024

April 16-17, 2024 | Fisekhane, Istanbul, Turkey

Istanbul Fintech Week 2024

World Blockchain Summit Dubai

April 22-23, 2024 | JW Marriott Hotel Marina, Dubai, UAE

World Blockchain Summit Dubai

Finnovex East Africa 2024

April 24 – 25, 2024 | Nairobi, Kenya

Finnovex East Africa’s 23rd edition

Dubai Fintech Summit 2024

May 06 – 07, 2023 | Madinat Jumeirah, Dubai, UAE

Dubai Fintech Summit 2024

If you are seeing this newsletter and are not signed up, sign up now for monthly news on Regional Banking, Finance, Fintech and Payment Technology directly from the MENA Region.

Know an industry professional or startup funder interested in this newsletter? Feel free to forward it to them.

Newsletter curated by Benedict Xavier - For tips and to be featured kindly send me a direct message on LinkedIn.