Saudi Arabia-based fintech Hala acquires UAE’s Paymennt.com aiming to excel in SME sector

The officials from Saudi-based regional Fintech HALA acquires UAE’s payment startup Paymennt.com during the LEAP exhibition in Riyadh from Feb 6 till Feb 9. (Photo courtesy: HALA)
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Updated 14 February 2023
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Saudi Arabia-based fintech Hala acquires UAE’s Paymennt.com aiming to excel in SME sector

  • The acquisition will allow Hala to further enhance its product offerings through online payments
  • Hala cofounder says will soon announce another acquisition to help support regional entrepreneurs 

ISLAMABAD: Hala, a Saudi Arabia-based regional fintech company, has announced that its holding company acquired United Arab Emirates (UAE) startup Paymennt.com during the 2nd edition of the LEAP exhibition in the Saudi capital of Riyadh. 

Paymennt.com, formerly known as Point Checkout and established since 2017, is a payment service provider that is regulated by the Abu Dhabi Global Market’s RegLab, and with offices across the UAE and Jordan. 

The startup serves more than 2,000 micro and small businesses by offering them a platform to support their offline-to-online journey along with an integrated online payment solution and has managed to grow by over 250 percent in payment processing year-over-year.

The acquisition will allow Hala to further enhance its product offerings by incorporating online payments, thus enabling its SME customers to increase their online presence.

"Our expansion will not stop here, soon we will announce another acquisition in MENA (Middle East and North Africa) to help and support regional entrepreneurs and SMEs (small-media enterprises) in the region," Hala co-founder Esam Al-Nahdi said in a statement on Tuesday.

"Also our product portfolio will be expanded to enable entrepreneurs and SMEs."

Hala has made progressive leaps within the fintech industry ever since it commenced its operations in 2018, according to the fintech firm. The company witnessed a significant growth in 2022 by doubling its customer base and revenues year-over-year.

“We are excited to welcome Paymennt team to our family to join us in executing our shared vision. The trigger was simple, we met smart entrepreneurs who share a similar vision and who are building a complementary product that clearly fits within our strategy,” Maher Loubieh, another Hala co-founder, announced during the LEAP conference last week.

"With more to come, this is our first endeavor outside our homeland and is the first block towards executing our global vision. We believe integrating the offering of Paymennt.com with that of Hala will provide a major added-value for our customers in Saudi and in UAE."

“It’s a privilege to join a key player in the region’s FINTECH ecosystem, one that shares our commitment and passion to cater to the needs of SMEs,” Paymennt.com CEO Bashar Saleh said, terming the acquisition a “major step forward” for SME payments.

"We are very proud of what our team has achieved to date, having gained the trust of our merchants in processing their payments. Now, being part of the Hala family, we can better serve our customers and grow across the Middle East and beyond."

The LEAP exhibition is a global tech convention that provides a platform for bringing together one of the finest brains in the global tech industry from around the world to discover new ideas, build partnerships, and connect with inspiring mentors and investors to tap into the limitless potential of tech for a positive future.  

The 2nd edition of the conference was held in Riyadh from Feb 6 till Feb 9, which featured innovative technology solutions and products for leading global information technology and telecommunication-related companies.


Saudi, Japanese firms to release new game in MENA

Updated 25 November 2024
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Saudi, Japanese firms to release new game in MENA

  • The action game will immerse players in legendary battles and strategic combat

Riyadh: Manga Productions, a subsidiary of the Misk Foundation, has signed a publishing and distribution agreement with Koei Tecmo to release Dynasty Warriors: Origins in the Middle East and North Africa, scheduled for Jan. 17, 2025.

The game will be available on PlayStation 5, Xbox Series X|S, and PC, according to a press release.

Manga Productions will collaborate with Koei Tecmo to localize the game for MENA audiences, involving Saudi talents in the process, in addition to handling its publishing and marketing.

The action game will immerse players in legendary battles and strategic combat, set in the iconic Three Kingdoms world of ancient China, appealing to both new and returning fans of the series.

Manga Productions CEO Essam Bukhary said: “Saudi Arabia and the MENA region are among the fastest-growing game markets globally. Manga Productions has successfully produced, distributed, and licensed content in recent years. We’re excited to partner with Koei Tecmo to publish this AAA game and invest in Saudi talent to further develop the gaming and creative industries in the region.”

Koei Tecmo President and Chief Operating Officer Hisashi Koinuma said that this partnership with Manga Productions goes beyond publishing to deliver a fully localized version tailored for regional gaming enthusiasts.

Abdulaziz Alnaghmoosh, business development and content licensing director at Manga Productions, said that video games are a core part of the company’s business. This collaboration offers a unique opportunity to expand into the MENA region, benefiting both parties, he added.


Matcha lovers, anime fans flock to Japan Festival in Riyadh

Updated 25 November 2024
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Matcha lovers, anime fans flock to Japan Festival in Riyadh

  • Festival celebrates Japanese technology and products
  • Major car brands demonstrate new models

RIYADH: Thousands of people flocked to the Japan Festival held recently in Riyadh, which attracted businesspeople, matcha tea lovers, anime fans, and car enthusiasts alike.

Organized jointly by the Embassy of Japan, the Japan External Trade Organization, and the Japanese Society in Riyadh, the festival was held at the Saudi capital’s Cultural Palace and hosted around 8,000 visitors over two days.

A JETRO spokesperson told Arab News that more than a few Japanese have been keeping a close eye on Saudi Arabia’s future potential.

“For Japan, Saudi Arabia has been one of the most important trade partners due to two reasons. One is that Saudi Arabia has been the biggest exporter of crude oil to Japan and the other (is that) Saudi Arabia highly evaluates Japanese technologies, in particular transportation equipment,” the spokesperson said.

On Japan-Saudi exports, the JETRO spokesperson noted that Japanese exports to Saudi Arabia totaled $6.36 billion in 2023, up 25.2 percent from the previous year.

Of that total, transportation equipment accounted for 70.2 percent of total exports. Automobiles grew 31.3 percent to $4.25 billion, with passenger cars and buses/trucks growing 32.8 percent and 24.2 percent respectively.

Imports declined $34.78 billion, down 19.2 percent from the previous year. Crude oil and crude oil imports, which account for 95.7 percent of total imports, declined 17.9 percent to $33.3 billion due to lower crude oil prices and production cuts. In 2023, oil imports from Saudi Arabia accounted for 40.4 percent of Japan’s total.

Major car brands like Mitsubishi and Toyota were on display at the event, as well as several technology, beauty, art and recreational brands.

Trading house Itochu, and Kumon, the children’s educational network, were some of the big name brands participating in the event.

Stage performances showcased a number of Japanese cultural offerings including a drum performance by the students of the Japanese School in Riyadh, a martial arts demonstration, a tea ceremony, umbrella juggling, live painting, and performances of popular traditional and anime songs.

Guests were able to learn about Japanese tourism, play with traditional toys, learn origami, and try on a Japanese kimono or yukata.

Visitors were also educated on Japanese tourism, and enjoyed traditional Japanese toys, calligraphy and craft workshops.

In the booth area, Japanese industrial products with cutting-edge technology and Japanese cars from major brands were displayed.


Camel organization welcomes Saudi HQ approval

Updated 25 November 2024
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Camel organization welcomes Saudi HQ approval

RIYADH: The International Camel Organization welcomed the Saudi Cabinet’s decision to approve a headquarters agreement between the Kingdom’s government and the organization.

The decision reflects Saudi Arabia’s ongoing support for the camel sector and its efforts to elevate its role internationally, the Saudi Press Agency reported.

Fahd bin Falah bin Hathleen, chairman of the camel organization, expressed his gratitude for the Cabinet’s decision.

He said: “The organization has worked over the years to develop strategies and policies to promote the global camel economy. These efforts aim to advance rural and desert communities, preserve heritage and culture, foster scientific research, and encourage camel-related sports that attract global interest.

“Additionally, we have organized international events, expanded partnerships with global organizations, and prioritized camel welfare, health, and regulations governing their movement.”

Bin Hathleen said that the Saudi Cabinet’s decision underscores the government’s commitment, under King Salman’s leadership, to strengthening the organization’s role and enhancing international cooperation in the camel sector.

He noted that the decision aligns with Saudi Vision 2030, which aims to foster sustainable development, support key sectors, and boost international collaboration to benefit camel breeders and owners locally, regionally, and globally.

This achievement also supports the Year of the Camel and the International Year of the Camelids 2024 initiatives, which are designed to highlight the untapped potential of the animals, SPA reported.

These initiatives advocate for increased investment, further research, capacity-building, and the adoption of innovative practices and technologies in the camel sector.


3rd Global Conference for Giftedness and Creativity underway in Riyadh

Updated 25 November 2024
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3rd Global Conference for Giftedness and Creativity underway in Riyadh

  • More than 300 talented individuals and local and international speakers from over 50 countries were attending the three-day conference

RIYADH: The third edition of the Global Conference for Giftedness and Creativity opened in Riyadh on Sunday, bringing together a select group of experts and talented individuals in science, technology, and innovation.

More than 300 talented individuals and local and international speakers from over 50 countries were attending the three-day conference, which was inaugurated by Prince Faisal bin Bandar bin Abdulaziz, governor of Riyadh region, the Saudi Press Agency reported.

Organized by the King Abdulaziz and His Companions Foundation for Giftedness and Creativity, also known as "Mawhiba," the conference is being held at the King Abdullah Petroleum Studies and Research Center (KAPSARC) until Tuesday.

Themed "Beyond Creative Minds," the conference aims to showcase the potential of the gifted, develop a comprehensive care system to support them, bolster integration and strategic partnerships, and enhance opportunities for global exchange and cooperation.

An exhibition and various cultural visits are being held on the conference sidelines, the SPA report said.

According to the Mawhiba site, the conference reflects the success achieved in the two previous editions, and "provides an opportunity for partners to contribute to sponsoring the journey of talented people from different countries of the world."

 

 


Saudi-European talks to strengthen cooperation in environmental fields

Updated 25 November 2024
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Saudi-European talks to strengthen cooperation in environmental fields

  • Saudi minister, EU security and political officials discuss reinforcing existing work on coping with climate change

RIYADH: Saudi Minister of State for Foreign Affairs Adel Al-Jubeir met with European officials on Sunday in Riyadh, Saudi Press Agency reported.

Al-Jubeir, who is also the Saudi climate envoy, held talks with Delphine Pronk, chair of the EU Political and Security Committee, and Luigi Di Maio, EU special representative for the Gulf region.

They discussed issues surrounding climate change and environmental cooperation between Saudi Arabia and the EU, as well as ways in which existing cooperation on tackling climate change could be strengthened. They also talked about the recent development in foreign policy in Europe and the Middle East.

Saudi Arabia maintains a strong dialogue with the EU, with both parties sharing views on several foreign policy issues, including the Saudi-led Arab Peace Initiative for the Middle East.

The EU and Saudi Arabia are also linked through trade relations, with the EU becoming the Kingdom’s second main trading partner after the volume of trade exchange between Riyadh and Brussels peaked at $80 billion in 2023.