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🎉 Happy New Year! We wish you a year filled with new adventures and success 🎉

The last week of the year has been predictably slow for business news. However, new policies, strategies, and directives were issued across the region; the biggest directive comes from Jordan as it launched its $3.3B Economic Modernisation Vision. A new $100M Web 3 fund launched in Dubai. PIF acquired a majority stake in Magic Leap. Reports on the economic outlook for 2023 by Mastercard, and the annual Global Power City Index by Mori Memorial Foundation is out. 

💰 Startup Investments: More than $85M in funding was invested across 36 regional startups this December, led by Bayzat's $25M Series C round and Manafa's $28M series A funding round which were both announced this week. 

The year has wrapped up with $3.43B in funding across 630 funding rounds, although this only surpasses the total value of investments into startups in 2021 by $273M, it is still a significant jump from the mere $608M that was raised all of 2020. Investments may be slowing down from 2021 (like everywhere in the world), but they are not turning back. 
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 INVESTMENTS

Manafa, Saudi-based SME financing fintech, raised $28M in series A funding led by STV and Wa’ed Ventures. The startup was founded in 2018 and says it has helped over 180 SMEs raise over $400M in funding through its platform since inception.

Bayzat, UAE-based HR technology startup, raised $25M in series C funding led by DisruptAD and joined by Ischyros New York. The startup was founded in 2013 and says it serves over 127k employees in more than 1,500 companies in the GCC.


🚀 Quick Investments:
  • AtarCloud, (Saudi) proptech startup, raised $1.3M in seed funding from BIM Ventures and other undisclosed investors. (AR)
  • Mahaseel Masr, (Egypt) fresh produce B2B marketplaces, raised funding from Emirates International Investment Company (EIIC), the investment arm of National Holding, value undisclosed.

 ACQUISITIONS

Calldesk, France-based AI-powered voice assistants provider, gets acquired by Future Look ITC, Saudi-based technology holding group, for $11M. Calldesk was founded in 2016 and had been providing its services in Saudi through Future Look ITC since 2019. Future Look ITC was founded in 2017 and holds 8 subentities providing AI-powered enterprise solutions.

Magic Leap, US-based augmented reality company, raised $450M in funding from Saudi’s Public Investment Fund (PIF), which increase the fund’s ownership to over 50% of the company.

 SECTOR NEWS

TradeDog Venture Capital, UAE-based Web 3-focused multi-strategy fund, announced the launch of a $100M Web 3 fund that looks to invest in companies developing blockchain-powered solutions, globally.

 REPORTS

The Mastercard Economics Institute published the ‘Economic Outlook 2023’ report which shows the global economy’s impact on growth and consumer spending behavior. According to the report, housing-related (furniture, home improvement, services, etc) spending by Saudi and UAE-based consumers remained relatively consistent over the past 4 years (2019-2022). Meanwhile, grocery shopping frequency has increased by 28% in the UAE, but the transaction values have decreased by 21%, the same trend was recorded for spending at F&B outlets.

The Institute for Urban Strategies by the Mori Memorial Foundation published the ‘Global Power City Index (GPCI) 2022’ which ranks 48 global cities including Dubai and Cairo on their power to attract people, capital, and enterprises from around the world. According to the report, Dubai ranks the 11th most attractive city globally (up from 14th in 2021), while Cairo ranks 46th globally. Dubai Ranks within the top ten cities on Cultural Interaction and Accessibility, but within the bottom ten cities on Environment (air quality, commitment to sustainable energy etc).

UN Women and NAMA Women Advancement published ‘Women-owned Businesses in the United Arab Emirates: A Golden Opportunity’ report which investigates the landscape of financial access offered to SMEs and Women-owned Businesses in the UAE. According to the survey, 77% of the respondents were females below the age of 40, and 48% are CEOs of their respective entities. 72% of the businesses are micro (less than 5 employees), and 24% have less than 50 employees. The primary challenge facing businesses is a lack of access to markets, 41.2%, followed by a lack of access to finance 39%.

 POLICY

🇸🇦  Saudi Arabia

Saudi
launched the National Intellectual Property Strategy (NIPST) to develop an intellectual property (IP) value chain in the kingdom. The strategy focuses on four basic pillars: generation, management, commercial investment, and intellectual property protection. [strategy document only available in Arabic for now]

Saudi’s Zakat, Tax, and Customs Authority (ZATCA) announced that the second phase of the e-invoicing national plan will commence on Jan 1st, 2023 and should be fully integrated by July 1, 2023. In phase 2, establishments subject to VAT are required to link and integrate their e-invoicing systems to the national Fatoora platform.

🇪🇬 Egypt

The Central Bank of Egypt (CBE) announced new incentives to support the shift to digital payments in the country running throughout 2023. The incentives include: waiving of all fees and commissions on Egyptian pound transactions made through the national Instant Payment Network (IPN), and fees for activating e-collection services will also be waived for micro, small and medium-sized enterprises (MSMEs). As well as, setting a transaction fee cap of 1 EGP on transfers between the e-wallet users on the same network, and a cap of 15 EGP on cross-provider e-wallet transactions.  


🇴🇲 Oman

Oman’s Ministry of Commerce, Industry and Investment Promotion issued a bylaw to regulate marketing and promotion via electronic websites and social media groups (online advertising) which requires businesses that wish to conduct online advertising to obtain a license from the Commercial Affairs and Electronic Trade Department at the ministry.

🇯🇴 Jordan

Jordan’s Cabinet
approved a $3.3B budget for the Economic Modernisation Vision (2023-2025) to improve the country’s performance over the next two years across all sectors of the economy, including digital transformation, revising and improving policies, financial inclusion, FDI attractiveness and others.

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