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Higher repayment rates are not yet a widespread deterrent, but budgets are affected, and some are shifting to cash or speeding up transactions to beat rate hikes
Rising interest rates are not yet a widespread deterrent for UAE mortgage customers, although some brokers have noticed rising cash transactions and a trend towards buyers moving faster to secure the lowest payments possible.
Real estate agents and mortgage brokers said that the majority of customers are now looking to fix their mortgage rates rather than remain at the mercy of further interest rate rises.
Morgan’s Realty said it had seen around 50% of mortgage home buyers taking fixed rate mortgage rates in 2021, compared with around 90% in 2022 as fixed rate deals are now averaging 4.49%.
Rates were as low as 2.39% in 2021, Morgan’s said, with customers at that point fixing their rates for three years.
Cash deals
In its most recent market report on Dubai real estate, Morgan’s reported a much higher proportion of cash transactions as the year progressed.
In Q2 2022 and Q3 2022, the agency reported 8,629 and 8,469 cash transactions and 4,801 and 5,254 mortgage transactions respectively.
In the first quarter, the figures were much closer, with 4,564 cash transactions and 4,461 mortgage transactions, the report showed.
For online mortgage broker Huspy, there has been a noticeable surge in people looking to secure mortgages as rates rise, with the most recent increase in applications being 25% month-on-month.
Sawan Karia, head of Huspy’s broker channel, said the increase could partially be attributed to its own increase in market share, but also rising interest rates.
UAE has competitive rates
UAE banks are required by the Central Bank of the UAE to revise offers based on current interest rates, said Karia, with more interest rate hikes expected before the end of 2022.
“On average, mortgage rates are at 4.5% as compared to 2.5% last year. However, the UAE still has competitive rates as compared to a number of other global property markets. Policy makers have played a positive role in balancing market stability with growing demand for property ownership,” he said.
Karia noted the difference in mortgage payments for a customer taking out a fixed rate mortgage now on an AED 2 million property compared to last year, which would be AED2,000 per month. However, the return on investment of 5-8% means buying a home is still a preferred option for those wanting a stable asset amid financial uncertainty, he said.
Rosie Patterson, Better Homes LLC’s mortgage channel partner, said mortgage applications had increased month-on-month and year-on-year, with Q3 2022 up 80% on Q2 2021 and 33% on Q2 2022.
“We have experienced banks changing rates with shorter notice than they used to. However, this is the new normal for us, and we are getting clients to understand the situation and secure properties quicker, as we know rates might change,” she said.
There has been less interest in remortgaging, Patterson said, as the rate rises impact cost effectiveness.
For mortgage consultant Graham Brown of MENA mortgage matters, affiliated to Dubai-based broker haus & haus, Q1 and Q2 2022 saw consistent applications, with a 10% QoQ increase in Q2, while Q3 decreased by 15%
Anecdotally, rate increases did start to deter some buyers from February, but rising rents convinced others into buying, he said, adding that exchange rates for the euro and pound against the dollar are also a consideration.
“The biggest barrier to entry is the cash amount required,” he said, “and of course if your funds are in GBP or EURO then they have taken a hit, which may mean that clients can’t buy at the level required.
“Some are simply reducing their budgets accordingly or waiting until there is a return to some normality. Obviously if your funds are held in US dollar then there’s been no change.”
Source: Zawya
SHARM EL-SHEIKH — 600 million trees are to be planted by 2030, the CEO of the National Center for Vegetation Development and Combating Desertification (NCVC) Dr. Khalid Al-Abdulqader stressed.
Dr. Al-Abdulqader made the remarks during participation in a session accompanying the Saudi Green Initiative forum that is being held in Sharm El-Sheikh.
He stated that planting 600 million trees come among the center's initiative to plant 10 billion trees around the Kingdom, in partnerships with the government, private and third sectors.
He added that the center has launched a project under the name of (Local Trees Genome) which aims to study the genetic characteristics of local plants and trees, and also utilizing from the technology to collect the rainwater and spread seeds by using drones.
Preserving the existing ecosystems is an important step within Saudi Arabia's Afforestation Project, he confirmed.
Dr. Al-Abdulqader pointed out that the project of planting 10 billion trees around the Kingdom is considered as one of the biggest projects around the world, and it will greatly affect in reducing carbon emissions naturally.
Dr. Al-Abdulqader said that the societal response in Saudi Arabia with the initiative of planting 10 billion trees was huge, as 70,000 volunteers participated in the (Let's Make it Green) campaign that was launched by NCVC in partnership with the government, private and third sectors.
We have a great opportunity to improve and preserve the vegetation cover here in Saudi Arabia, which would reflect positively on the quality of life, and supports the economy through eco-tourism or attracting the investors after the expansion of the establishment of parks, Dr. Al-Abdulqader confirmed when asked about his vision for the future of the "Green Saudi Initiative" during the next 20 years.
Source: zawya
Algeria-based super app Yassir, has raised $150 million in Series B funding, led by BOND, with participation from DN Capital, Dorsal Capital, Quiet Capital, Stanford Alumni Ventures (aka Spike Ventures) and Y Combinator, among other investors.
Founded in 2017 by Noureddine Tayebi and El Mahdi Yettou, Yassir is a super app that provides its users with a suite of services, including rideshare, food and grocery delivery and financial services. It now operates in six countries and 45 cities throughout the world.
With this latest round of funding, Yassir plans to expand its reach into the region.
Press release:
Yassir, a multi-sided marketplace offering on-demand services such as ride-hailing, food and grocery delivery, banking and more, announced today that it has raised $150 million in Series B funding from prominent global investors. The investment was led by BOND, with participation from DN Capital, Dorsal Capital, Quiet Capital, Stanford Alumni Ventures (aka Spike Ventures) and Y Combinator, among other strategic investors.
Having raised $193.25 million in the five years since the company’s launch, it is now the most valuable startup in North Africa, and one of the highest-valued companies in Africa and the Middle East. With this latest round of funding, Yassir plans to expand its reach into the region.
“Yassir means ‘easy’ in Arabic, and our mission as a company is to make people’s lives easy,” says Noureddine Tayebi, Founder and CEO of Yassir. “In the markets where we operate, we are already having a considerable impact on how people manage their day-to-day lives. We look forward to expanding our presence into other geographies to become the first super app to achieve mass adoption.”
Founded in 2017, today, the company operates in six countries and 45 cities, where it is used by more than 8 million users. Popular in the Maghreb region (Algeria, Morocco and Tunisia) and parts of French-speaking Africa, the super app provides three core services – ride-hailing, food and grocery delivery, and financial services. An all-in-one ecosystem, the app provides its customers with a single-point solution for managing all of their day-to-day activities, from travelling to work to ordering groceries and meals. These services generate revenues for more than 100,000 partners, which include drivers, couriers, merchants, and wholesalers, among other gig workers and vendors.
Beyond providing a core suite of services, Yassir offers financial services aimed at serving the full ecosystem, touching every component of the multi-sided marketplace. A 2018 report by McKinsey & Company on growth and innovation in African retail banking, found that more than half (57%) of Africa’s population lack any form of a bank account. Among African banking customers, 40% prefer digital channels for transactions. By providing consumers in Africa with a mobile banking solution, as part of a more comprehensive suite of services, Yassir is meeting an important need in the market, one where 50% of the population already have mobile internet access.
“We believe technology will foundationally rearchitect consumers’ relationship with daily needs – transportation, food, financial services – not just in developed countries, but in every corner of the world,” says Daegwon Chae, general partner at BOND. “This investment is an extension of that belief in an underserved but dynamic, rapidly growing region. Emerging out of North Africa, the app has already become indispensable to users for critical aspects of their lives.”
Noureddine, a Stanford PhD and a native of Algeria spent more than 15 years in Silicon Valley before returning to his homeland to build Yassir. He adds, “Yassir was founded with a threefold mission. First,
we want to create a local tech startup success model which will be emulated by others and more so Yassir team members. Second, we want to empower the local talent and more importantly the technical talent which often leaves the region, mainly to Europe, to pursue further studies or find jobs. We, in fact, hire engineering talent in each country we operate in to expand that mission. And finally, we want to make the lives of our people easy while infusing social values via our products such as trust and mutual help.”
Source: Wamda
UAE-based fintech Pyypl, has raised a $20 million Series B round from a group of international investors and ten of its existing investors.
Founded in 2017 by Antti Arponen, Pyypl is a payment technology company and financial services provider using blockchain in its core systems.
The latest round will enable the company to further expand its reach across the Middle East and Africa, as well as invest in product development.
This latest round brings Pyypl’s total investment raised to $40 million.
Press release:
Pyypl – pronounced “People” – the Middle East and Africa (MEA) focused financial services platform and Hub71 company has closed its target Series B raise of $20 million from a diverse group of international investors and ten existing investors. Pyypl is considering opening a second tranche for further investment due to interest from investors.
Since its inception in 2017, Pyypl has raised almost $40 million and the Series B raise will enable the Company to further expand its reach across the MEA region. Product development will also be a key focus, with Pyypl 2.0 building out new features of the company’s proprietary technology platform to enhance user experience and facilitate scaling in current and new markets.
Led by an experienced management team with a proven track record in the region, Pyypl is one of the fastest-growing fintech in MEA. It has already seen great traction since its Series A just a year ago, growing over four times in terms of user numbers, transaction volumes and revenues. Pyypl operates at a healthy gross margin showing that fintech can grow sustainably.
Pyypl has established key partnerships that have taken years to develop in order to be part of a financial ecosystem required to meet demand across. These include Visa, a number of payment gateway partners, Ripple and Binance to name a few. Based in Hub71, Abu Dhabi’s global tech ecosystem, Pyypl is gaining access to its network of partners, and benefiting from its business-friendly environment and strong talent base.
With its proprietary technology, experienced management team and unique multi-product, pan-regional approach Pyypl is in the right sector, in the right geography at the right time.
Antti Arponen, co-founder and CEO of Pyypl, commented: “We welcome our new investors and appreciate the further investment from our existing shareholders in support of our financial inclusion journey. We have grown significantly since our Series A round and are excited to enter the next phase of growth and capability. This is just the beginning.”
Pyypl’s purpose-driven approach offers key financial services in one app for the 800 million financially underserved smartphone users across Africa and the Middle East, via internationally accepted virtual and physical prepaid cards, instant domestic and international user-to-user transfers as well as remittances to 38 currency destinations. Pyypl has a strong pipeline of additional products.
Source: Wamda
الشركات الناشئة تتجاوز التوقعات السلبية بعد حصولها على تمويل بأكثر من 646 مليون دولار في شهر أكتوبر
13 Nov 2022نجحت الشركات الناشئة في الشرق الأوسط وشمال إفريقيا بالحصول على أكثر من 646 مليون دولار في شهر أكتوبر/تشرين الأول متجاوزةً التقديرات السلبية عن إمكانية نمو حجم التمويل، حيث ذهبت بعض التحليلات في الشهرين الأخيرين للتوقع بتراجع نمو تمويل الشركات الناشئة في المنطقة خلال العام الحالي والعام المقبل، وذلك استناداً على التراجع العالمي لتمويل الشركات الناشئة، والتراجع في حجم تمويل الشركات الناشئة في الشرق الأوسط وشمال إفريقيا في مع بداية النصف الثاني من العام الجاري.
وعلى العكس من الاتجاه المنخفض لتمويل الشركات الناشئة عالمياً، فإن بيانات تمويل الشركات الناشئة في المنطقة لشهر أكتوبر/تشرين الأول أظهرت ارتفع مقارنةً بعام 2021، فقد تجاوز إجمالي التمويل الذي حصلت عليه الشركات الناشئة حتى نهاية شهر أكتوبر/تشرين الأول أكثر من 3 مليار دولار. أي أن حجم التمويل قد نما في عام 2022 (حتى نهاية شهر أكتوبر) بنسبة 14% مقارنةً بالعام الفائت.
توزيع تمويل وصفقات الشركات الناشئة بحسب الدول
تستمر الشركات الناشئة الإماراتية في قيادة مشهد في الشرق الأوسط وشمال إفريقيا، فقد استحوذت خلال شهر أكتوبر/تشرين الأول على أكثر من 70% من إجمالي تمويل الشركات الناشئة، أي ما يعادل 460 مليون دولار، ولقد جاء تفوق الشركات الناشئة الإماراتية بهذه النسبة الكبيرة، بفضل صفقة شركة Cleanteach Yrllow Door Energy التي نجحت في الحصول على أكثر من 400 مليون دولار.
أما الشركات الناشئة المصرية فقد حلت في المركز الثاني بإجمالي تمويل بلغ 113 مليون دولار، تلتها الشركات الناشئة السعودية بنحو 70 مليون دولار، وبهذا تكون نسبة تمركز تمويل الشركات الناشئة في كل من الإمارات ومصر والسعودية تمثل 99% من إجمالي التمويل الذي حصلت عليه الشركات الناشئة في الشرق الأوسط وشمال إفريقيا في شهر أكتوبر/تشرين الأول، وهي من اعلى نسب تمركز التمويل في عام 2022. أما الشركات الناشئة في الدول الأخرى فقد حصلت مجتمعة على 3 مليون دولار، منها 1.6 مليون دولار كانت من نصيب الشركات الناشئة الأردنية، فيما توزعت باقي صفقات التمويل على كل من سلطة عمان وتونس والكويت والمغرب ولبنان على التوالي.
وكما في حالة تمركز التمويل، فإن توزيع عدد الصفقات بحسب الدول كان ايضاً على نسبة عالية من التمركز، فقد حصلت الشركات الناشئة الإماراتية على 24 صفقة، أي ما نسبته 34% من إجمالي عدد صفقات الشركات الناشئة في شهر أكتوبر/تشرين الأول البالغ عددها 69 صفقة. وجاءت الشركات الناشئة المصرية في المركز الثاني بعدد صفقات بلغ 18 صفقة، تليها الشركات الناشئة السعودية بـ12 صفقة، ليكون تمركز صفقات الشركات الناشئة في الدول الثلاث هو 54% من إجمالي صفقات الشركات الناشئة. أما باقي صفقات تمويل الشركات الناشئة فقد ذهبت 5 منها للأردن ومثلها إلى الشركات الناشئة في سلطنة عمان، فيما حصلت الشركات الناشئة التونسية على صفقتين، وكل من الكويت ولبنان والمغرب على صفقة لكل منها.
توزيع تمويل وصفقات الشركات الناشئة بحسب القطاعات
جاء قطاع تكنولوجيا الطاقة في المركز الأول بحجم تمويل بلغ أكثر من 403 مليون دولاراً، وهي المرة الأولى التي يحصل فيها هذا القطاع على تمويل بهذا الحجم، ويعود ذلك إلى صفقة تمويل شركة Cleanteach Yrllow Door Energy التي حصلت لوحدها على نحو 400 مليون دولار.
اما في المركز الثاني فجاءت شركات التكنولوجيا المالية التي تستمر في تسيّد مشهد تمويل الشركات الناشئة للعام الثاني على التمويل، فقد بلغ حجم تمويل الذي حصلت عليه الشركات الناشئة التي تعمل في هذا القطاع على نحو 69 مليون دولار توزعن على 16 صفقة، ليكون بذلك أكثر القطاعات التي تحصل على صفقات تمويل في شهر أكتوبر/تشرين الأول.
في المركز الثالث جاء قطاع التجارة الإلكترونية بإجمالي تمويل بلغ 53 مليون دولار، تلاه قطاع التكنولوجيا الغذائية بحوالي 40 مليون دولار، ومن ثم قطاع التكنولوجيا الصحية بنحو 29 مليون دولار. فيما توزعت صفقات التمويل الأخرى على الشركات الناشطة في مجال الموارد البشرية واللوجستيات والبرمجيات كخدمة والتكنولوجيا الزراعية وغيرها.
توزيع التمويل بحسب مراحل الاستثمار في الشركات الناشئة
ذهب نحو 40% من عدد صفقات تمويل الشركات الناشئة إلى مرحلتي الاستثمار الأولي وما قبل الأولي، كذلك حاز التمويل عبر المنح على نحو 15 صفقة، لكن تمركز صفقات التمويل في المراحل المبكر إلى جانب التمويل عبر المنح، هو تمركز عددي فقط، أما على صعيد حجم التمويل، فقد بلغت نسبة التمويل الذي ذهب إلى مرحلتي التمويل ما قبل الأولي والأولي على 7% فقط من إجمالي التمويل، اما إجمالي تمويل المراحل المتأخرة، بما فيها التمويل من السلسلة "ب" فقد وصل إلى قرابة 84% من إجمالي تمويل الشركات الناشئة في شهر أكتوبر/تشرين الأول.
توزيع تمويل الشركات الناشئة بحسب النوع الاجتماعي
يبدو من البيانات المتوفرة حتى شهر أكتوبر/ تشرين الأول بأن عام 2022 سيسجل تراجعاً على صعيد نسب توزيع التمويل بحسب النوع الاجتماعي، إذ تستمر نسب تمويل الشركات الناشئة التي تقودها النساء في الحصول على تمويل أقل من المعدلات المسجلة في عام 2021، بل قد تنخفض عن معدلات عام 2019، ففي شهر أكتوبر/تشرين الأول لم تحصل الشركات الناشئة التي تقودها النساء سوى على 0.06% من إجمالي التمويل، أي أقل من 372 ألف دولار أمريكي، بالمقابل حصلت الشركة الناشئة التي يقودها ذكور على ما نسبته 99.47% من إجمالي التمويل، فيما حصلت الشركات الناشئة التي تقاد بصورة مشتركة (اناث وذكور) على نحو 0.47%، وهي أيضاً نسبة منخفضة مقارنةً بالعام الفائت.
المصدر: ومضة
Egypt-based fintech Blnk, has raised $23.7 million in equity and debt funding, and $8.3 million in securitised bond issuance.
The pre-Seed and Seed funding rounds were led by Abu Dhabi’s Emirates International Investment Company (EIIC) and Egypt-based VC firm Sawari Ventures, with participation from several local and international angel investors. The $11.2 million debt funding was secured from a number of local banks. The $8.3 million securitised bond issuance was underwritten by the National Bank of Egypt and Banque du Caire.
Founded in 2021 by Amr Sultan and Tarek Elsheikh, Blnk has developed a digital lending platform that allows merchants of all sizes to instantly underwrite and finance their customers' purchases at the point of sale, paying over instalments ranging from six to 36 months.
The funds will support Blnk’s development of AI-powered lending infrastructure and the financing of the company’s portfolio of customers.
Press release:
Blnk, a fintech startup that enables instant consumer credit in Egypt, has raised $23.7 million in equity and debt funding, and $8.3 million in securitized bond issuance to accelerate financial inclusion within underserved communities across the country. The funds will support the further development of Blnk’s Artificial Intelligence-powered lending infrastructure and the financing of the company’s fast-growing portfolio of customers.
The combined pre-seed and seed funding rounds of $12.5 million were led by Abu Dhabi’s Emirates International Investment Company (EIIC) and Egypt-based, leading venture capital firm Sawari Ventures, with participation from several prominent local and international angel investors. The $11.2 million debt funding was secured from a number of leading local banks. The $8.3 million securitised bond issuance was underwritten by the National Bank of Egypt and Banque du Caire, making Blnk the youngest Egyptian startup to securitize its loan book.
Launched in October 2021, Blnk has developed a digital lending platform that empowers merchants of all sizes to instantly underwrite and finance their customers' purchases at the point of sale. With only a National ID and in as little as 3 minutes, consumers can access financing to purchase a wide range of products or services, including electronics, furniture and automotive services, paying over instalments ranging from 6 to 36 months. Leveraging its vast base of merchant branches across Egypt, Blnk has disbursed more than $20 million in loans to date. Merchants are also boosting their profitability via the transaction commission that Blnk provides.
According to the International Monetary Fund, Egypt is expected to become the second-largest Arab and African economy by the end of 2022. However, limited consumer credit penetration - only 4 per cent of Egyptians have credit cards - means consumers and businesses across the country are unable to take full advantage of opportunities to trade and maximise the country’s full economic potential. By providing inclusive access to financing for consumers across the country, Blnk is supporting further growth and development in the Egyptian economy.
Speaking about the new funding, Amr Sultan, Co-founder and CEO of Blnk said, “Our mission is to make it easier for more Egyptians to purchase the products and services they desire by offering inclusive and convenient consumer credit at the point of sale. We are delighted to have the backing of a great cohort of investors at an early stage in our journey. With their support, we believe we can drive financial inclusion in Egypt, as well as the wider Middle East and North Africa region”.
Joseph Iskander, Head of Investment at EIIC, said “we are convinced that the Egyptian market and its startup ecosystem present a compelling opportunity for regional and international investors and we are committed to identifying and investing in value accretive businesses. We are pleased to partner with Blnk to drive financial inclusion and economic development in Egypt and we look forward to working with the team to achieve their goals''.
Hany Al Sonbaty, the Managing Partner at Sawari Ventures, stated: “we are thrilled to have Blnk in our portfolio and backing them to deliver innovative solutions to tackle the urgent challenge of financial inclusion in Egypt. The company has the right combination of a seasoned team and a scalable business model, with a clear path to profitability”
Source: Wamda
“Stars of Science” – the Arab world’s leading premier innovation initiated by Qatar Foundation (QF) this show empowers Arab innovators to develop technological solutions for their communities, benefitting people’s health and lifestyles, and helping to preserve the environment.
Over the course of 12 weeks, in a race against time, contestants compete to demonstrate the effectiveness of their innovations - solutions to diverse challenges, supported by a team of experienced engineers and product developers.
A panel of experts evaluates the innovations of the participants in this program and excludes the least competitive innovation weekly, within several rounds that include different stages starting from proof of concept, product modeling, and testing, to reach four finalists and compete for a prize of $600,000 USD (special terms and conditions apply program). The final ranking is determined by jury voting and online audience voting.
Stars of Science empowers Arab innovators
The Stars of Science program has a proven track record of empowering young Arab innovators and problem solvers through science, transforming ground-breaking ideas into successful businesses.
Stars of Science serves as an innovation accelerator, as an experiment to promote a culture of innovation, and as a catalyst for social progress across the region.
Stars of Science enhances the entrepreneurship ecosystem across the region.
The program encourages young people between the ages of 15-35 years to sign up via https://www.starsofscience.info/
The Stars of Science program reflects the Arab world's leadership in scientific discovery and innovative thinking, which once again helps make Stars of Science a global leader in innovation. This is in line with Qatar's goal of becoming the preferred destination for innovators in the Arab world.
Stars of Science promotes local and international cooperation that transcends disciplines and borders, especially during the COVID-19 pandemic and beyond, where digital transformation has become the basis for dealing across sectors, making virtual collaboration around the world the norm today.
Qatar Foundation's Key Messages
Stars of Science is part of the research, development and innovation ecosystem at Qatar Foundation.
The Stars of Science program is a Qatar Foundation media initiative directed at Arab youth.
Stars of Science reflects Qatar Foundation's commitment to investing in people's capabilities and ideas, helping aspiring innovators succeed, and accelerating innovations that can make a difference in people's lives and create future jobs.
Objectives of communication in the 15th case
Emphasizing that the “Stars of Science” program is an initiative launched by Qatar Foundation, and that the Foundation is the owner of this brand, and that the program reflects the Foundation’s commitment to investing in creative ideas and its support for innovation and entrepreneurship, in addition to the position of “Stars of Science” in Qatar Science and Technology Park and within the ecosystem Research, development and innovation.
Highlight the successes of the program through the achievements of Stars of Science graduates, and the development of an entrepreneurial culture.
80 percent of posts are via digital platforms and 20 percent via traditional media.
Encouraging young creators from the Gulf Cooperation Council, Arab countries and the world to participate in the 15th season of the programme.
Emphasize the status of Stars of Science as a part of Qatar Science and Technology Park.
The agreement intends to provide digital transformation value-added services to ADDA and Abu Dhabi government entities through Cisco’s Country Digital Transformation programme.
The Department of Government Support, represented by the Abu Dhabi Digital Authority (ADDA), has signed a framework agreement with Cisco at GITEX Global 2022.
The agreement intends to provide digital transformation value-added services to ADDA and Abu Dhabi government entities through Cisco’s Country Digital Transformation (CDA) programme.
The CDA programme is aligned with the national agenda of the UAE to transform the country’s economic model towards sustainable growth by transitioning towards a digital economy. It aims to support digitisation efforts across various key industry sectors, fostering digital skills, and developing the innovation ecosystem in the country to achieve the UAE Centennial 2071 vision of digital transformation.
Within the framework agreement, Cisco is supporting the government's focus on cybersecurity – being one of the critical national sectors in the UAE and is collaborating with ADDA to create value-added initiatives to drive the Authority’s security strategy agenda for the Abu Dhabi government.
Dr. Mohamed Abdel Hameed Al Askar, Director-General of ADDA, said, “Through the ADDA-Cisco framework agreement, we continue to identify strategic pathways to strengthen, streamline and accelerate the digital transformation of Abu Dhabi. We remain focused on exploring more constructive collaborations that will aid the strategic growth of Abu Dhabi’s digital agenda.”
Mansoor Al Marzouqi, Executive Director of the Strategic Planning Sector at ADDA, said, “Enhancing the digital capabilities across Abu Dhabi Government entities is fundamental to what we do at ADDA. Our vision is to enable the digital transformation of all Abu Dhabi government entities, using emerging technologies and delivering pioneering government services and solutions.
Our partnership with Cisco will reinforce our commitment to creating a world-class digital ecosystem in Abu Dhabi enabled by innovative digital solutions which will unlock efficiencies at scale.”
Abdelilah Nejjari, Managing Director – Gulf region, Cisco, said, “We are delighted to sign the framework agreement with the Abu Dhabi Digital Authority. Through our CDA programme, we are proud to play a role in the national digitalisation agenda and create new value for the UAE, its businesses and residents.
Through the CDA programme, Cisco, in collaboration with ADDA, will arrange knowledge transfer webinars and events for Abu Dhabi government entities along with granting access to their full suite of digital transformation technologies, products, and services.
source: zawya
The technical crews and labor at the project site are preparing the infrastructure, sewage and water networks in preparation for receiving the new project
Kuwait City - After the Government Communication Center announced the entertainment and games project — the Winter Wonderland — two weeks ago, heavy machinery and equipment, under the supervision of the Ministry of Public Works, began work on preparing and equipping the site at the Al-Shaab Entertainment Park, reports Al-Qabas daily.
The preparations came after completing the signing of the agreement between the Tourism Enterprises Company and an international company specialized in the entertainment industry.
The designated site for the Games City, the supervisory staff began work on leveling the land and preparing it technically based on the standards required for the installation of equipment and mechanisms and their distribution according to the agreed technical and engineering design.
The technical crews and labor at the project site are preparing the infrastructure, sewage and water networks in preparation for receiving the new project, which begins its season in London annually in November and extends until January. Winter Wonderland entertainment project relies in designing its games on a range of games, ice skating rinks and other designs for seating inspired by snow, in addition to a wide range of hand-crafted games as well as mobile restaurants and stores.
Meanwhile, an informed source revealed that entrepreneurs and owners of small and medium enterprises are waiting for the invitation of the Ministry of Finance and the Tourism Enterprises Company to inform them of the design of the Winter Wonderland project and the possibility of applying to participate in points of sale during the upcoming winter season.
According to the source, the entrepreneurs have not yet received any invitation from the relevant authorities regarding what is required of them, and whether there will be participation from owners of small and medium enterprises and national companies working in the field of restaurants and services in the upcoming Games City project or not.
source: Zawya
VUZ, a social app that allows users to stream and experience immersive realism in extended reality (XR) and metaverse digital experiences, has raised $20 million in Series B investment.
Investors in the round include Caruso Ventures, Vision VC Fund, e& capital (investment pillar of e&, formerly known as Etisalat Group), DFDF (Dubai Future District Fund), WIN (Webit Investment Network), SRMG, Elbert Capital, Yasta Partners, Faith Capital and Panthera Capital. Seven existing investors participated as well.
The Dubai-based VUZ says that this round, which has seen it onboard a mix of U.S.- and EMEA-based investors, will be pivotal to its international expansion.
Founder and chief executive officer Khaled Zaatarah launched VUZ, formerly 360VUZ, as a platform to bridge the gap between physical and virtual worlds by offering premium immersive content to a global audience. According to Zaatarah, VUZ’s vision is to connect people by providing “authentic, immersive experiences while removing the constraints of travel, time, and access.”
The platform offers more than 20,000 hours of content covering entertainment, creators, sports and XR, VR and AR experiences virtually anywhere in the world.
Users can access and engage different content — in addition to those mentioned above, live events, concerts, celebrity interviews and masterclasses, through its 360-degree live streams — by downloading VUZ’s iOS and Android apps. About 70% of its content is free and VUZ monetizes by showing ads to users in this category; on the other hand, users must pay between $4-8 for its exclusive content.
The company is planning to allow users access content via different media: Meta/Oculus headsets, Qualcomm, immersive avatars and a web platform, Zaatarah said to TechCrunch.
The web3 platform claims to have reached over 1 billion screen views from more than 10 million users since its launch. Over 44% of these views come from the Middle East, 32% from the U.S. and 24% from Egypt. VUZ said it aims to reach 3 billion views in 2023 and double its user base 2x yearly.
Creators’ immersive content collaborations have also been a core driver for VUZ content, where its top creators get over 100 million views globally.
The funds will be used to fuel these plans, including improving its 10% month-on-month recurring revenue growth, investing in content, hiring additional senior hires, new social features, launching web3 products and NFT projects and scaling with asset-light operations into eight new international markets.
The investment will also see VUZ scale its Los Angeles office and scale with creators and content in the U.S., Asia and Europe.
source: Tech Crunch
