Demand for private car ownership on the rise, survey finds
This digitization push will continue in 2021 for the global automotive industry, with the Chinese market at the forefront
Updated 16 March 2021
ONE CARLO DIAZ
DUBAI: As the coronavirus disease (COVID-19) pandemic continues to push industries to the wall, the automotive industry has been seeing an unusual upward trajectory, with rising demand for new cars.
Many in the UAE value car ownership now more than ever, with 27 percent deeming it “more important” than during pre-pandemic times, according to a recent report by US-based management consultancy Arthur D. Little (ADL).
The Future of Automobility study surveyed around 8,500 people across 13 different countries, including the UAE, China, and Japan.
“The crisis has influenced car ownership intentions, with UAE consumers in particular expressing a need for the sense of security. The protection we feel inside our ‘socially distanced transport bubble,’ as opposed to using public transport, seems to be preying on the mind of the consumer more than ever before,” Joseph Salem, regional practice leader transportation at ADL, said.
This increased interest in car ownership was also reflected in the 2020 financial disclosures for some big car brands in the region.
Volkswagen in Saudi Arabia posted a 28-percent growth in new car sales by the end of last year, which was notable because of the pandemic and the mobility restrictions it prompted throughout 2020.
There was an extraordinary uptick in car sales in the Kingdom in June last year, as people rushed to buy new cars before the value-added tax was increased from five percent to 15 percent. Around 247,800 sales were made in the first half of 2020 in Saudi Arabia.
Across the 13 countries where the ADL study was carried out, nearly half of the respondents also said car ownership has become more important than it was before the pandemic.
The report predicted a release of pent-up demand post-pandemic that will potentially stimulate the market, translating this enthusiasm into actual car sales.
But it warned the “longer-term health of the car industry will ultimately depend on national economies and post-pandemic recovery.”
The pandemic also introduced new challenges for car brands to reach out to the market, accelerating the adoption of digital strategies such as online car lots instead of traditional face-to-face consultations.
Buyers in the UAE still preferred person-to-person interaction when it came to purchasing cars, the report said.
Japanese luxury brand Infiniti launched an online platform at the peak of the pandemic to circumvent COVID-19 restrictions.
“This new service allows consumers to interact with our brand virtually, enabling them to customize their new car, book in-home test drives and home pick-up and drop-off for owner servicing,” Nasif Siddiqi, managing director of Infiniti’s international markets, told Arab News.
This digitization push will continue in 2021 for the global automotive industry, with the Chinese market at the forefront.
Some 71 percent of customers with the Asian giant said they would be willing to buy their next car fully online, as against just 35 percent in Europe and 42 percent in the US, the ADL report said.
Oman’s telecom sector powers ahead with surge in IoT, mobile connectionsOman’s telecom sector powers ahead with surge in IoT, mobile connections/node/2608769/business-economy
Oman’s telecom sector powers ahead with surge in IoT, mobile connectionsOman’s telecom sector powers ahead with surge in IoT, mobile connections
Updated 8 sec ago
MOHAMMED AL-KINANI
JEDDAH: Oman’s telecom sector grew 15.2 percent by May, with mobile subscriptions reaching 8.13 million and Internet of Things connections rising to 1.55 million amid digital expansion and smart tech adoption, official data showed.
IoT subscriptions surged by 118.7 percent, highlighting the growing demand for smart connectivity across sectors such as logistics, utilities, and manufacturing, the National Center for Statistics and Information said.
Oman’s rapidly expanding digital infrastructure is central to Vision 2040, which focuses on innovation, economic diversification, and improved public services. Meanwhile, growth in fiber optic and fixed 5G subscriptions highlights the shift toward advanced, high-speed connectivity.
According to Mordor Intelligence, a global market research and consulting firm, this momentum is backed by substantial public investment.
In 2022, the government announced a $441.5 million digital transformation initiative to modernize the public sector and deliver seamless smart services to citizens and businesses.
“This commitment is further reinforced by the national Digital Economy Program’s ambitious targets under Oman Vision 2040, which projects the digital economy’s contribution to gross domestic product to rise from 3 percent in 2025 to 5 percent in 2030, ultimately reaching 10 percent by 2040,” Mordor said in a report on the Gulf state’s information and communication technology market.
The research firm added that the government’s digitalization drive includes a goal of digitizing approximately 80 percent of services by 2025, laying a robust foundation for long-term technological progress across sectors.
Further data from NCSI, also published by the Oman News Agency, showed postpaid mobile subscriptions climbed by 5.6 percent to over 1.23 million by the end of May, compared to the same period last year. Prepaid mobile subscriptions also rose, up 3.1 percent to more than 5.33 million.
Mobile broadband Internet subscriptions reached 5.41 million, while fixed broadband subscriptions increased by 2.6 percent year-on-year to 588,015.
Within the fixed Internet segment, fiber optic services grew by 11.4 percent to 339,279 subscriptions.
Fixed 5G connections rose by 2.1 percent to 215,850. However, legacy technologies are on the decline, with fixed 4G subscriptions falling by 38.1 percent to 19,654, digital user lines dropping by 50.8 percent to 11,806, and satellite Internet accounts shrinking by 2.1 percent to 653.
Other Internet services, such as powerline, Ethernet, and leased lines, also contracted by 12 percent, totaling only 773 subscriptions by the end of the fifth month.
The sultanate’s digital transformation efforts are further underscored by the Government Digital Transformation Program, known as Tahawul, which reached 73 percent overall performance by November, up from 53 percent the previous year.
The government has streamlined and digitalized thousands of public services, with four key entities, including the Telecommunications Regulatory Authority, achieving advanced digital excellence.
The progress aligns with Oman Vision 2040’s priorities and is supported by major digital infrastructure projects, such as the upcoming unified e-government portal and the National Digital Integration Platform, which has processed over 1.4 billion data transactions.
The surge in digital government transactions, reaching nearly 27 million in 2024, reflects the growing public adoption of smart services. By 2025, 80 percent of essential government services are expected to be fully online.
Saudi reserve assets rise to $459bn in May on foreign deposit surge
Updated 35 min 55 sec ago
Dayan Abou Tine
RIYADH: Saudi Arabia’s official reserve assets reached SR1.72 trillion ($459 billion) in May, marking a roughly 4.5 percent increase from the previous month.
Data from the Saudi Central Bank, also known as SAMA, shows the reserve boost was primarily driven by a jump in foreign currency and deposits held abroad, which surged 15.5 percent from April to SR671.27 billion — the highest level in nearly six years.
The rise in reserves comes as Saudi Arabia navigates a shifting global economic landscape marked by volatile oil prices and rising project-driven imports.
While oil revenues remain a core contributor to external inflows, the Kingdom has also seen growing non-oil export activity and expanding tourism receipts under its Vision 2030 diversification push.
These factors, along with disciplined financial account management, have supported external balances and bolstered reserve accumulation, even as the current account surplus narrows.
Despite this sharp monthly uptick, reserves were still about 2 percent lower compared to May of the previous year, according to SAMA data.
The central bank’s largest reserve component — investments in foreign securities — fell by roughly 2 percent month on month to around SR955 billion.
Together, these two categories — foreign currency deposits abroad and foreign securities — accounted for approximately 94.5 percent of Saudi Arabia’s total reserve assets in May.
This suggests a deliberate allocation of reserves into more liquid foreign deposits, even as longer-term foreign securities slightly declined. Shifting more funds into overseas bank deposits could enhance liquidity, allowing the Kingdom quicker access to reserves when needed.
Other components include monetary gold, which has remained unchanged at SR1.62 billion since 2008; Special Drawing Rights, or SDRs, steady at SR80.16 billion; and Saudi Arabia’s reserve position at the International Monetary Fund, totaling SR12.65 billion.
The IMF reserve position reflects the amount the Kingdom can access on demand from the fund without any conditions attached.
According to a January report from Fitch Ratings, in 2024, Saudi Arabia had strong foreign financial reserves. It could cover 14.4 months’ worth of imports and external payments using its reserves — well above the average of around 2 months for countries with a similar credit rating.
Also, Saudi Arabia’s net foreign assets — total assets abroad minus external liabilities — stood at 63.7 percent of gross domestic product, compared to an average of just 8.7 percent for other “A”-rated countries. This highlights the Kingdom’s robust financial cushion.
Overall, the rise in reserves to SR1.72 trillion, driven by strategic allocation to foreign deposits and sustained by prudent reserve management, signals continued resilience and confidence in Saudi Arabia’s economic fundamentals. This upward trend also enhances the Kingdom’s ability to absorb external shocks, maintain currency stability, and support long-term investment goals aligned with Vision 2030.
Reforms, incentives paving way for Saudi Arabia’s rise as logistics hub
Kingdom’s logistics market projected to hit $38.8 billionn by 2026, growing at a compound annual rate of 5.85 percent
Updated 20 July 2025
Nirmal Narayanan
RIYADH: Saudi Arabia’s logistics sector is emerging as a magnet for global investment, powered by regulatory reforms, incentive schemes, and its alignment with the ambitious Vision 2030 agenda, according to industry experts.
As the Kingdom pushes ahead with economic diversification, strengthening its transport and logistics infrastructure has become a central pillar of the program.
The National Logistics Strategy aims to transform Saudi Arabia into a global hub by integrating multiple modes of transport, expanding connectivity, and stimulating economic growth.
Speaking to Arab News, Paolo Carlomagno, partner at Arthur D. Little, said global logistics players now view Saudi Arabia not only as a high-growth market but as a strategic regional hub for multimodal operations — spanning the Gulf Cooperation Council region, Red Sea basin, and East Africa — anchored by the Kingdom’s expanding port, airport, and inland logistics network.
“The Kingdom has opened its logistics ecosystem through full foreign ownership allowances, streamlined customs procedures, and the development of strategic economic zones such as King Abdullah Economic City — collectively reducing barriers for international firms seeking to establish or expand their presence,” said Carlomagno.
He added: “With a population of approximately 36 million, Saudi Arabia offers significant domestic demand, which — combined with rising trade volumes — is helping transform the Kingdom into a central logistics node for both regional and global flows.”
In January, the Kingdom introduced 15 new incentives under the Authorized Economic Operator program to bolster its export competitiveness. These included streamlined administrative processes, dedicated account managers, and liaison officers to support investors.
Paolo Carlomagno, partner at Arthur D. Little. (Supplied)
Carlomagno said upcoming global events such as Expo 2030 and the 2034 FIFA World Cup would further accelerate the Kingdom’s logistics transformation. Both events are expected to drive infrastructure development, accelerate foreign investment, and unlock new trade corridors, he added.
Andre Martins, head of transportation, services, and operations for India, Middle East, and Africa at Oliver Wyman, echoed this view. He highlighted Saudi Arabia’s scale, infrastructure investments, and strategic location as key advantages.
“Saudi Arabia’s position as the largest country in the Middle East, combined with significant plans to upscale infrastructure and logistics capabilities, creates a strong foundation for becoming a central logistics hub,” he said, adding that the Kingdom is establishing multiple logistics zones while continuing to upgrade ports and increase rail connectivity with potential east-to-west connections under Vision 2030.
Martins also pointed to the strong domestic demand, particularly in Riyadh, as a growing force behind the Kingdom’s logistics ambitions.
Government support
According to a December report by the General Authority for Statistics, the number of logistics facilities in Saudi Arabia has surged 267 percent since 2021. A separate report from Maersk in November projected the Kingdom’s logistics market would hit $38.8 billion by 2026, growing at a compound annual rate of 5.85 percent.
Carlomagno pointed to the broader transformation strategy being implemented by the government, particularly the development of logistics zones designed to lower costs, boost connectivity, and drive industrial expansion.
“Recent ZATCA regulatory reforms — notably around less-than-container load handling in seaports — are increasing operational efficiency and making logistics more accessible for small and medium enterprises,” he said.
The Arthur D. Little partner added: “Additionally, the rollout of a national logistics platform (Single Window) is streamlining communication between logistics players and government entities, consolidating permits, customs, and approvals into one digital interface.”
Carlomagno also emphasized growing transparency, citing publicly available data on land, logistics zones, and shipping routes.
“Collectively, these initiatives reflect a coordinated push to make Saudi Arabia a modern, investor-ready logistics ecosystem,” he said.
Martins noted the government’s proactive efforts to attract global firms, offering tax breaks, incentive packages, and access to a large captive market.
“The Kingdom encourages these international companies by facilitating access to captive demand while providing specific incentive packages and tax advantages to encourage market entry and expansion,” he said.
In December, Saudi Transport and Logistics Minister Saleh Al-Jasser announced plans to increase the number of logistics zones from 22 to 59 by 2030. This includes 18 new zones, backed by investments exceeding SR10 billion ($2.66 billion).
UNCTAD’s 2024 report also highlighted Saudi Arabia’s growing global role, noting a 231-point rise in the Liner Shipping Connectivity Index and the addition of 30 new maritime shipping lines.
In August, Saudi Arabia approved an updated investment law to improve transparency and streamline the investor journey. It guarantees fair treatment, protects intellectual property rights, and enables seamless fund transfers.
Leveraging geography and megaprojects
Saudi Arabia’s geographic location — at the crossroads of Asia, Africa, and Europe — positions it advantageously on the global logistics map, but Carlomagno said this natural strength has historically been underutilized.
“Targeted infrastructure investments — such as port automation, integrated rail and road links, and inland logistics zones — are now enabling the Kingdom to fully harness this potential and position itself as a global logistics hub,” he said.
Martins noted that megacity developments are driving up logistics demand, not only during construction but throughout their operational lifespans.
“The construction and deployment periods require significant flows of goods and materials, while operational cities with resident populations create ongoing logistics needs. With expected continued population growth, demand for logistics services will only increase,” he said.
Carlomagno pointed to NEOM’s Oxagon as a prime example of logistics integration, describing it as “being developed as a next-generation logistics hub.”
He added that it will blend automated ports, AI-driven supply chains, and advanced manufacturing in a single maritime-logistics ecosystem.
“Supporting this is the new NEOM International Airport, which is strategically planned to handle both cargo and passenger volumes at scale, and NEOM Airlines, a new carrier designed to integrate seamlessly with smart logistics and cargo distribution infrastructure,” said Carlomagno.
With e-commerce surging, the Arthur D. Little partner said demand is also rising for fast, tech-enabled logistics services — especially in last-mile delivery, smart warehousing, and fulfillment operations.
A report from Research and Markets in April projected the Kingdom’s e-commerce market, valued at $24.67 billion in 2024, will grow to $68.94 billion by 2033 at an annual rate of 12.10 percent.
Addressing the challenges
Despite the momentum, experts warned of challenges that need to be addressed to sustain Saudi Arabia’s rise.
“While Saudi Arabia is moving in the right direction at a good pace, other countries are simultaneously investing in their logistics infrastructure, airports, ports, and platforms. The key challenge is ensuring that market demand, supply, and economics remain commercially viable for all players,” Martins said.
He added: “Additionally, geopolitical uncertainty presents potential risks to plans, and so many players are deploying a certain level of modularity to mitigate geopolitical risks while maintaining competitive positioning.”
Carlomagno pointed out that a shortage of specialized talent — particularly in digital logistics — could pose a hurdle, calling for more training and localization.
He also stressed the importance of sustainable logistics practices to align with global environmental, social and governance standards.
“Addressing these challenges demands a systemic approach that aligns infrastructure, policy, and human capabilities,” he concluded.
Jeddah by jet ski: How the Red Sea is powering Saudi Arabia’s new tourism economy
Jeddah’s Red Sea coast has transformed into a lively center for marine leisure and luxury tourism
Updated 20 July 2025
Reem Walid
RIYADH: Once a trading port and gateway to holy cities, Jeddah’s Red Sea coast has transformed into a lively center for marine leisure, luxury tourism, and major yachting and water sports events.
This shift shows Saudi Arabia’s Vision 2030 diversification plan in action, with private enterprise working alongside government-led reforms to help deliver new economic developments.
In 2024, Jeddah’s Red Sea tourism figures were robust, with the Jeddah Season attracting over 1.7 million visitors in 52 days, according to the Saudi Press Agency.
This came as the Kingdom as a whole saw a record 30 million inbound tourists in 2024, an 8 percent increase from 2023, with a total inbound tourism spending of SR168.5 billion ($44 million), up 19 percent year on year, according to the Ministry of Tourism.
How the Red Sea coastline in Jeddah changed into a key hub for marine leisure activities
Developments on hand are part of a larger coastal regeneration plan aimed at establishing Jeddah as a key gateway between the Red Sea and global destinations.
According to Samir Imran, partner at Arthur D. Little Middle East, the Red Sea Global resort is expanding its eco-development along the Red Sea coast, focusing on regenerative tourism, coral reef preservation, and high-end hospitality, noting that resorts like Sheybarah, Six Senses, and Desert Rock are already open, with more set to launch soon.
Samir Imran, partner at Arthur D. Little Middle East. (Supplied)
“Modern Waterfront & Marinas: Jeddah’s 4.2 km Corniche Waterfront was completely redeveloped and opened, providing parks, beaches, promenades and recreational facilities. Now named the Roshn Waterfront, this seaside promenade attracts over 55 million visitors each year who come to exercise and enjoy Red Sea views,” Imran said.
He explained that the Jeddah Yacht Club & Marina, which opened in 2022, is Saudi Arabia’s first luxury tourist marina, offering 101 deep-water berths, superyacht services, and positioning Jeddah as a key hub for the Kingdom’s growing tourism sector.
Similarly, PwC Middle East Partner and Global Tourism Industry Lead, Nicolas Mayer, elaborated on how Jeddah’s Red Sea coast has become a top tourism destination, offering a mix of heritage, culture, and marine leisure that appeals to today’s experience-driven travelers.
“There’s also been rapid growth in nature-based activities. Snorkeling, fishing trips, and coral reef tours now feature alongside kayaking, bird watching, and excursions into the coastal wetlands. These options open the door to everything from a morning adventure to a multi-day itinerary,” Mayer said.
“What makes Jeddah special is how well all of this comes together. You can start your day in a historic district and end it on a jet ski or dining seaside. For many visitors, this mix of experiences is what makes Jeddah feel like a real destination, not just a single attraction,” he added.
How the Saudi Vision 2030 is influencing the coastal renaissance in Jeddah
Jeddah’s marine luxury growth stems from the Kingdom’s Vision 2030, which drives tourism, economic diversification, and quality of life, with the coastline showcasing these efforts.
From Arthur D. Little’s side, Imran explained that Saudi Arabia has introduced major regulatory reforms to boost marine tourism, including tourist e-visas, lifting the ban on foreign-flagged yachts, and establishing the Red Sea Authority to issue licenses and oversee the sector’s growth.
“By establishing defined entry points with customs facilities and streamlining yacht permit procedures, the Kingdom eliminated longstanding barriers, making it more accessible and connected to the global community,” he said.
The partner went on to say that under Vision 2030, the nation has heavily invested in the area’s tourism infrastructure, including the Jeddah Central Project, backed by the Public Investment Fund, which is expected to feature a new waterfront, marina, beaches, and cultural landmarks by 2027.
At the same time, the government is encouraging private-sector participation through regulatory reforms and incentives, leading to partnerships like Cruise Saudi and MSC Cruises, all aimed at transforming Jeddah into a global marine tourism hub.
He added that the area’s coastal transformation is fueling Saudi Arabia’s tourism boom. As marine attractions grow, so does local spending and job creation, with Red Sea tourism expected to add SR85 billion to gross domestic product and create 210,000 jobs by 2030.
“In Jeddah, one can already see the impact in the hospitality sector: dozens of new restaurants, cafes, and boutique hotels have sprung up along the revitalized Corniche, employing Saudi youth and diversifying the local economy,” Imran said.
He concluded by saying that marine sports in Jeddah are boosting local talent, with over 1,000 Saudis trained in 2024 for roles like dive instructors and marina managers. Vision 2030 has also enabled women to join the sector, competing in sailing and powerboat racing. These efforts are creating a cycle of stronger infrastructure, workforce inclusion, and rising tourism.
Additionally, Vision 2030 has driven Jeddah’s shift from standalone projects to integrated coastal destinations, fostering long-term tourism growth and job creation.
“In Jeddah, we’re seeing a sharp rise in new job categories tied to the marine economy. Tour operators, diving instructors, marina staff, fishing guides, and jet ski rental businesses are expanding fast. Yacht chartering and high-end marine hospitality are growing too,” PwC’s Mayer said.
Nicolas Mayer, partner at PwC Middle East. (Supplied)
He continued to stress that upscale waterfront dining is boosting demand for a wide range of hospitality roles, supported by local training programs.
Meanwhile, the “Umrah Plus” trend is encouraging religious visitors to extend their stays for cultural and leisure experiences, creating new jobs and aligning with Vision 2030’s goals of economic diversification and investment in people.
The future development of Jeddah’s marine
Arthur D. Little’s Imran noted that Jeddah’s Red Sea coast is set to strengthen its position as a marine luxury hub, combining heritage with modern coastal appeal. With strong infrastructure already in place, experts are optimistic about continued rapid growth.
“The Al-Arbaeen Lagoon revival, with its new yacht marina and 4.4 km park, is actively under construction in 2025. These will add capacity for more boats and more visitors. Cruise tourism is also ramping up, Jeddah’s port is now a home base for Red Sea cruises, introducing yet another stream of maritime tourists exploring the coast,” he said.
“We can expect tourist volumes in Jeddah to keep climbing as air connectivity improves and as word spreads about its Red Sea treasures,” the ADL partner added.
Private and global investors are playing a bigger role in Jeddah’s tourism growth, aiming to serve 19 million coastal visitors by 2030, many from the region, Imran clarified.
He noted that experts view Jeddah’s Red Sea location as ideal for year-round yachting, positioning it as a strong alternative to winter destinations such as the Caribbean or Dubai.
From PwC’s perspective, Mayer justified that the Red Sea Authority will ensure future growth stays sustainable and coordinated, while the city’s active private sector helps drive innovation and preserve its unique character.
“We’ll likely see growth in multi-day yacht itineraries that link Jeddah to quieter parts of the coast. Cruise tourism might also become a bigger part of the mix, especially as infrastructure improves. Water taxis, floating hotels, and digitally enhanced marine experiences, like virtual dive guides, could help the city appeal to younger travelers and tech-savvy tourists,” Mayer said.
He added: “Jeddah also benefits from its position as both a cultural capital and a transit hub for religious tourism. That makes it a natural gateway. Travelers might start their trip with Umrah or a visit to Al-Balad and then head to the coast for a few days of nature and leisure.”
Startup Wrap: Early stage funding continues to attract investors in MENA
Saudi-led funding activity in the first half of 2025 raises $860 million
Updated 20 July 2025
Nirmal Narayanan
RIYADH: Startups across the Middle East and North Africa witnessed multiple funding rounds throughout the past week, as firms across a range of industries seek geographical expansion.
The moves come in the light of a new report from regional venture platform MAGNiTT showing Saudi Arabia led funding activity in the region in the first half of 2025, raising $860 million — a 116 percent annual jump — backed by sovereign support and foreign interest.
The report added that the Kingdom also witnessed 114 deals in the first half of the year, marking a significant 31 percent rise compared to the same period in 2024.
Wittify.ai secures $1.5 million in pre-seed round
Wittify.ai, a Saudi Arabia-based conversational AI startup, raised $1.5 million in a pre-seed funding round, from a syndicate of angel investors from the Kingdom.
The funding will be used to accelerate the company’s product development, as well as expanding its operations in the region.
Headquartered in Riyadh, the firm aims to develop interactive Arabic AI agents that can listen, act, and integrate across systems.
“We’re building Arabic-first, human-level AI to transform customer engagement,” the company said in a statement.
Yasmina closes $2 million seed round
Saudi Arabia-based Yasmina, an embedded insurance platform, has secured $2 million in seed funding to expand insurance tech across the Middle East and North Africa.
The concept of so called insurtech refers to transforming and modernizing the traditional insurance sector, revolutionizing how policies are created, underwritten, and managed.
Saudi Arabia- based Yasmina, an embedded insurance platform, has secured $2 million in seed funding to expand insurance tech. (Supplied)
It also promotes greater customer engagement by offering personalized insurance products based on individual risk profiles and lifestyle choices.
Yasmina’s seed funding round was led by Scene Holding and co-led by Access Bridge Ventures, with participation from Arzan VC and Sanabil Investment Accelerator by 500 MENA.
The financing will be used to expand the team and explore opportunities in other regions, with the company planning to launch operations in the UAE later this year and in Egypt by 2026.
“This round is a strong vote of confidence in our vision to simplify insurance across digital touchpoints. We’re proud to be the first embedded insurance platform in Saudi Arabia, and this funding will help us scale faster, serve more partners, and redefine how protection is offered in the region,” said Masoud Alhelou, CEO and co-founder of Yasmina.
Egypt’s PALM raises 7-figure funding
PALM, an Egypt-based fintech startup offering incentivized goal-based saving, has closed its pre-seed seven-figure funding round, led by 4DX Ventures with participation from Plus VC and several international angel investors.
In a press statement, the company said that the funding will be used to focus on accelerating user acquisition, expanding its product use cases, and strengthening its network of strategic partners.
“We’re incredibly grateful to our investors for their trust and belief in PALM’s vision. Their support empowers us to accelerate our mission of transforming how Egyptians save and achieve their life goals,” said Mazen El-Kerdany, co-founder and CEO of PALM.
He added: “We launched PALM to help Egyptians take control of their financial future by turning gradual saving into a smarter, more rewarding habit.”
PALM is a goal-based saving company that offers personalized saving experience to help users achieve their various goals of life, whether to fund basic needs such as education and healthcare, or afford their funding needs for travel, home appliances and electronics.
Ahmed Ashour, co-founder of PALM, said: “We will offer Egyptians a modern saving experience that caters to their lifestyle needs, aligns with their interests, and helps them along their financial journeys regardless of their income levels or assets.”
Morocco’s Ora Technologies raises $7.5 million
Ora Technologies, a Morocco-based super app, has raised $7.5 million in a series A funding round, led by Azur Innovation Fund and a group of local investors.
Through the funding, the company aims to expand its delivery network and strengthen the firm’s logistics capability.
Morocco-based super app Ora Technologies has raised $7.5 million in a series A funding round. (Supplied)
It will be also used to grow its user base, expansion into new regions, as well as accelerating the adoption of its digital payment solution.
“This is more than funding, it is proof that Morocco is ready to back innovation made by and for its people,” said Omar Alami, founder and CEO of Ora Technologies.
Founded in 2023, the app offers multiple features, including an e-commerce platform, on-demand services, chat functionality, social networking, and a digital platform which is expected to be launched soon.
Telr partners with Peko to support business setup in UAE
Telr, a digital payment gateway and financial solutions provider based in Dubai, has partnered with fintech firm Peko to launch Telr Incepta, a platform aimed at supporting business setup and operations in the UAE.
According to a press statement, Telr Incepta is expected to empower small- and mid-sized businesses with advanced tools that transform the way businesses manage their finances and operations.
Digital payment gateway Telr has partnered with Peko to launch Telr Incepta, a platform aimed at supporting business setup and operations in the UAE. (Supplied)
With over 50 business services, Telr Incepta centralizes essential functions, from enabling investors and entrepreneurs to set up their new companies in the UAE to helping companies streamline operations, manage expenses, and gain full financial visibility.
“At Telr, our mission has always been to simplify digital commerce and equip entrepreneurs with everything they need to succeed,” said Khalil Alami, founder and CEO of Telr.
He added: “With Telr Incepta, we’re taking that mission even further. From secure payments to setting up your business in the UAE to smart business tools, we’re proud to be the one-stop shop for the UAE’s e-commerce ecosystem.”
The platform also offers other features including bill payments, human resources tools, corporate travel arrangements, eSIM services, software subscriptions, license renewals, as well as, WhatsApp for Business integration, and automated financial reporting.
Kashif Khan, founder and CEO of Peko said: “From setting up a company to managing payments, controlling expenses, and streamlining operations, we’re empowering founders with world-class tools to build boldly from day one.”