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This week we highlight: the economic stimulus initiatives that have been taken by governments across the region to help combat business slowdown; startups are still raising funding; new funds launched; and partnerships in online media.
You can now find the "Edtech Learning Tools & Platforms in MENA 2020" from last week here.
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Aurus, UK-based gold-backed token protocol, raises funding from Silver Rock Group (SRG), Dubai, for a $1.1M (€1M) round.
ElCoach, Egypt-based fitness platform, raises six-figure in seed funding Egypt’s Endure Capital, 500 Startups, Wise Capital and local angel investors.
Intrro, London and Tbilisi-based HRtech startup, raises $500k in funding led by 500 startups, along with Spartech Ventures (Dubai), and angel investors.
Quant, Saudi-based data analytics platform, raises $1.2M (4.5M SAR) in funding led by VentureSouq and BIAC (AR).
Abwaab, Jordan-based online learning platform, raises $2.4M in pre-seed funding led by Adam Tech Ventures and joined by Endure Capital, Equitrust, Innovative Startups SMEs Fund (“ISSF”).
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Yassir, Algerian ride-hailing app, joins Y Combinator’s 30th Cohort.
Al Waha fund of funds (Bahrain) has confirmed investment in Lumia Capital, San Francisco-based venture capital firm’s Lumia Capital Fund II, launched in June 2019, aiming to raise $100M-150M.
Emerging Investment Partners (EIP), Lebanon-HQ private equity firm, raises a $60M for a EIP Levant Fund, for SMEs in Egypt, Lebanon, Jordan, and Iraq. Key investors include the International Finance Corporation (IFC) and Dutch Good Growth Fund (DGGF), as well as Obegi Group, Alfadel Group, and Capital PE.
Facebook will launch Arabic third-party fact-checking across the MENA region in partnership with Fatabyyano, an independent platform that specializes in news verification.
StarzPlay and Discovery Network partner to launch Discovery’s OTT, Dplay content in MENA on the Starzplay service.
ToTok, UAE-based instant messaging app, has launched ToTok Pay, in partnership with licensed financial institutions (entities unannounced) through a QR-code contactless system. Available on Android only for now.
Avaya, US based enterprise Saas, receives Telecommunication Regulatory Authority (TRA) approval to operate Avaya Spaces, a group video call solution with “team collaboration” tools, “which will not direct local operators to block the app”.
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We know that COVID-19 is all over your feeds and news, so we filtered down the news that would impact tech startups' and SMEs' operating costs, ease of movement, loans, etc. to help you stay focused!
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🇸🇦 Saudi Arabian Monetary Authority announces 4 stimulus initiatives to relieve business during the COVID19 outbreak:
* Deferred Payments Program to run for 6 months for SME loans.
* Funding for Lending Program via banks and lending entities for SMEs.
* Loan Guarantee Program for SMEs during 2020 financial year.
* Levy of payment fees on local networks for retail and online payments.
🇪🇬 Central Bank of Egypt (CBE) COVID-19 stimulus via banks:
* Relax credit limits for companies, remove ATM & point-of-sale transaction fees & commissions, & raise daily limits on card transactions.
* Delay installment payments for SMEs on a zero fee basis & to work arrangements with foreign banks to ensure trade finance services are not interrupted.
🇯🇴 Jordan’s Central Bank COVID-19 stimulus via banks:
Commercial banks to delay payments of loan installments by companies and allow rescheduling of retail loans without penalties.
🇦🇪 United Arab Emirates updates restrictions & economic stimulus to combat COVID-19:
* Telecom Regulatory Authority (TRA) will provide free mobile internet for families who have no home internet to enable distance learning
* Entry visas (on arrival or otherwise) are suspended; issuing of new Labour permits is halted; and entry (and re-entry) for valid residence visa holders is suspended.
Abu Dhabi Executive Council economic stimulus package for 2020:
** Exemption of all vehicles from toll gate tariffs, and annual registration fees for commercial vehicles
** Cutting down payment of approved government invoices to 15 days
** Tourism and Municipality fees for tourism and entertainment sector suspended
Dubai Government levies to support businesses over the next three month:
** Fees imposed on submitting customs documents of companies will be reduced by 90%.
** Commercial licenses can be renewed without mandatory renewal of lease contracts.
** Companies will be exempted from permits for new sales and offers.
** Freeze of fees charged for sale of tickets, issuance of permits and other government fees related to entertainment and business events.
🇴🇲 Oman Government economic stimulus package for COVID-19:
* Exemption from municipality fees for commercial establishments till the end of August.
* Postponing loan installments/premiums for to Al Raffd Fund (Small and Medium Establishments, SMEs) and to Oman Development Bank for 6 months.
* Exemption of companies from Commercial Register renewal fees for 3 months.
🇧🇭 Bahrain Government economic stimulus package for COVID-19:
* “Referring a draft law concerning paying the salaries of all private sector employees for three months from April 2020 from the unemployment fund”
* Exemptions from paying Electricity and Water bills, as well as municipal fees for individuals & businesses for 3 month starting April.
* Exemption for all tourism-related industry from tourism levies for 3 months from April.
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