Saudi Arabia takes the spotlight this week in Investments (receiving and deploying); Media City fruition; new licenses and authorities; as well as research.
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INVESTMENTS & ACQUISITIONS
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Raqamyah, Saudi-based P2P SME lending platform, raises seed funding from Impact46. Amount undisclosed.
Homzmart, Cairo-based furniture marketplace, raises $1.3M in seed funding from MSA Capital, Oman Technology Fund (OTF), Equitrust, 500 Startups and others.
Elmenus, Egypt-based food delivery startup, raises $8M Series B funding led by Global Ventures and Algebra Ventures with participation from angel investors.
Jobi Aviation, US-based piloted all-electric vertical takeoff and landing (eVTOL) aircraft, raises $590M in Series C funding led by Toyota Motor Corporation, and joined by Intel Capital & Jameel Investment Management Company JIMCO (investment arm of Abdul Latif Jameel) among other investors.
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Saudi's Media City is coming to light with both MBC (including AlArabiya & AlHadath) and Saudi Research and Marketing Group (SRMG) signing agreements to relocate their headquarters to the allocated district in Riyadh. An agreement was also signed with eWTP Arabia, Alibaba Cloud’s representative, to setup operations there as well.
Mada Payments, Saudi national digital payment provider supported by SAMA, processed 38M transactions with the total value of $2.66B (10B SAR) in 2019 (AR).
Aldar Real Estate and Abu Dhabi Commercial Bank (ADCB) will join Hub71’s corporate innovation program to tap into and partner with startups in their respective spaces: Proptech & Fintech.
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Saudi Center for Commercial Arbitration (SCCA) and Dubai International Financial Center (DIFC) Courts have signed a MoU to improve coordination and the development of institutional alternatives to settle commercial disputes
Saudi Arabian Monetary Authority (SAMA) launches non-banking financial technology licenses, and grants STC Pay an “Electronic Wallet” license, and Giedea “Technology Company as a payment services” license. Expect further guidelines and licenses in relation.
Saudi Cabinet mandates the development of authorities for: “Literature, Publishing and Translation; Museums; Heritage; Films; Libraries; Architecture and Design; Music; Theater and Performing Arts; Visual Arts; Culinary Arts, and Fashion”, the Minister of Culture will Chairman these commissions until the board for each commission is formed.
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