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

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

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

Dubai-based startup Stake is offering retail investors from across the globe the opportunity to buy fractions of rental property in UAE’s marquee city and earn regular income. The startup, founded in 2020, claims that because of Dubai’s real estate rules it has managed to attract investing users on the platform from more than 80 countries in the world.

The company, founded by Manar Mahmassani, Rami Tabbara and Ricardo Brizido in 2020, has raised $8 million in a pre-Series A round from investors like BY Ventures, MEVP and Vivium Holdings to expand its portfolio and launch in Saudi Arabia and Egypt. The company first raised a $4 million seed round last year.

“This round is a testament to what we are building at Stake and our mission to bring access and liquidity to the oldest, largest, and most sought-after asset class in the world. The proceeds will allow us to expand into Saudi Arabia and Egypt, continue attracting the best talent to the team, and cement Stake’s position as the category leader in the MENA region,” Mahmassani said in a written statement.

Tabbara told TechCrunch over a call that after being in the real estate business for more than 15 years, he realized a lot of people want to invest in the MENA region but can’t afford to put in large chunks of money without paying huge commissions to brokers and developers. So he wanted to accelerate the process of investing in real estate with Stake.

The firm says it lists premium properties on its platform that are already on rent. To acquire a property, Stake looks at factors like location, build quality, view and if it has tenants. Tabbara said if the property is not rented, the company uses its data to list properties that could be rented out quickly. Stake has paid over AED 1 million ($272,249) in rental income to investors, which is credited every month.

Stake currently manages more than 44 properties with a combined value of AED 56 million ($17.9 million). The company claims that it has achieved an average 17% monthly growth rate in both investors and assets under management (AUM).

“Our platform currently boasts 42,000 registered users and more than 2,100 active investors on the platform. While we have users from many countries on the site, folks from UAE, Saudi Arabia, Kuwait, the U.K. and India are our top five investor bases,” Tabbara said.

Users can quickly register with the platform and invest from as low as AED 500 ($136). Because of Dubai’s investment rules individual investors can only invest up to AED 183,500 ($50,000) per year. The proptech company also limits maximum ownership by a single investor in a property to 33% to evenly spread out gains.

The firm doesn’t rely on financing to acquire homes. All the money to purchase a property comes from the investors. While Dubai’s property rule allows for partial deeds, there’s a cap of four investors, so Stake creates a special purpose vehicle for each property to facilitate deed registration. All properties usually have an investment term of five periods, but a house’s value goes up 30% in the market, and the investors can vote to sell it.

Stake’s business model relies on various fees. When investors purchase a property, the company charges them 1.5% with an additional 0.5% charged annually for maintenance. Plus, there are 0.2% Know Your Customer (KYC) and Anti-money laundering fees up front and 0.1% annually from the second year of the term. The company also charges investors 2.5% as an exit fee when they sell their stake. What’s more, if the property is sold at a higher rate than its acquisition, Stake takes a 15% cut from the profit. The company is not profitable yet but has achieved 470% year-on-year growth in terms of revenue.

In the next 12 months, apart from launching its platform in Egypt and Saudi Arabia, the company also wants to build a second-day trading platform, where investors can sell their stake in a property to other investors. Stake is focusing on launching a way to let people invest in vacation properties that go on platforms like Airbnb — something that platforms like Komoco and Here are trying in the U.S.

In the local market, Stake’s closest competitor is SmartCrowd, which raised a $3 million bridge round in June. Tabbara claims that his company has already surpassed SmartCrowd when it comes to AUM.

“We are banking on our team, technology and experience in dealing with different properties to become the most prominent real estate investment platform in the Middlel East and North Africa (MENA) region,” he said.

Source: Techcrunch

• UAE-based technology and Investment Group AstraTech, has acquired fintech platform PayBy for an undisclosed sum.
• Founded in 2019 by Sean Wang, PayBy offers point-of-sale (POS) solutions for more than 1000 retail businesses based in the UAE. It currently has two million active users on its app.
• PayBy claims to have processed $160 million worth of transactions during May 2022.

Press release

PayBy — one of UAE’s largest and most innovative fintech companies, has been acquired by Astra Tech(‘Astra’), a UAE-born technology development and investment group. This acquisition follows the company’s recent acquisition of Rizek, a platform for on-demand personal and home services.

Currently raising USD 500 million in investment, the PayBy acquisition signals a major strategic move for Astra towards its ambition of creating an ‘ultra platform’ – a revolutionary, interconnected digital ecosystem that’s expected to address the growing problem of super app fatigue.

Spearheaded by Astra Founder and CEO, serial entrepreneur Abdallah Abu Sheikh, PayBy’s acquisition brings sophisticated proprietary payment technologies and financial services to Astra’s ultra platform to enable a seamless and cashless payment solution for consumers, merchants and businesses.

PayBy has grown considerably in the last 2 years with more than 2 million users and thousands of active merchants. As of May 2022, over AED 600 million worth of transactions were carried out.

Commenting on the acquisition Abu Sheikh said, “PayBy has been instrumental in pioneering financial inclusion in the UAE and is considered a key player in the cashless ecosystem.

As we integrate PayBy’s technologies, solutions and teams into Astra's ultra platform, our speed and ability to supercharge our services with industry-leading payments and money transfer solutions has accelerated immensely.”

Astra plans to acquire, repurpose, and bring together already established and sector-leading leading platforms to create an ultra platform to revolutionize how people live their lives by helping them save significant time when completing essential everyday tasks, including payments, transfers and transactions.

Additionally, Astra’s platform aims to deliver better value to the suppliers and partners of personal and home services by removing the burden of unfavorable commission structures.

Abdallah Abu Sheikh added, “With this acquisition, we’re getting closer than ever to realizing our vision and are excited to have the PayBy team join us. The integration of PayBy’s products with Astra’s ultra platform will allow us to synthesize and grow the ecosystem at a breakneck speed.

It will also help in delivering a compelling user experience and a sustainable commission structure for our merchants and businesses, something that a lot of super apps of today struggle with.”

source: Wamda

Dubai-based start-up YAP, which operates a digital banking app, has raised $41 million to fund its expansion in the Middle East, Africa and South Asia.

The new investment came from Saudi Arabia's Aljazira Capital alongside other investors including Abu Dawood Group, Astra Group and Audacia Capital, the company said in a statement on Monday.

The fintech firm launched last year a digital banking platform, which now has more than 130,000 users.

The app provides a complete view of a consumer's spending analytics and ways to transfer money, pay bills and make purchases. Users are not required to maintain a minimum balance in their account.

The start-up intends to complete its Series A funding by the end of the year and use the new capital to support its expansion and growth in Saudi Arabia, Egypt, Pakistan and Ghana.

It said it has partnered with Bank AlJazira to launch its consumer and business platforms in Saudi Arabia and received regulatory approval in Pakistan and Ghana to offer similar services. It also plans to launch in Egypt soon.

source: Zawya

Mashreq, the Dubai lender controlled by the Al Ghurair family, has invested $10 million in UAE-based FinTech start-up Cashew, becoming the latest to tap into a rapidly expanding ‘buy now, pay later' (BNPL) sector.

Founded in 2020, Cashew offers its services in the UAE and Saudi Arabia — the Arab world’s largest economies — through an app and a web-based platform.

As part of the investment, Cashew’s payment platform will be integrated as an option on the acquiring network of Neopay, the payments subsidiary of Mashreq. The lender will also support the start-up to launch in Egypt — the Arab world’s most populous economy — in the last quarter of this year.

In March, Mashreq carved out its payments arm into its new division Neopay, in an effort to help businesses handle credit and debit card payments amid a pandemic-fuelled e-commerce boom.

“Our partnership with Cashew will lead the way for the future of financial services in the region,” Mashreq’s group chief executive Ahmed Abdelaal said.

“We will leverage the full network of Mashreq merchants and consumers to provide our ecosystem with the most ubiquitous and flexible BNPL options in the market,” Mr Abdelaal said.

Mashreq's investment is part of a larger funding round that involves other investors as well, Cashew said, without disclosing further details. Since its inception, the FinTech start-up has raised nearly $10m.

BNPL platforms allow consumers to make purchases without paying the full amount upfront, avoiding the use of credit cards and hefty interest charges. Merchants are still protected through credit risk checks, late fees and blocks on customers who have defaulted.

Consumers can choose to split payments into instalments or simply delay them by weeks to months without any hidden fees, while merchants are paid in full upfront.

The BNPL concept is gaining in popularity across the world and has been disrupting the payments industry, buoyed by consumers' fragile personal finances amid the pandemic-induced economic headwinds.

By 2025, the industry is expected to grow 10 to 15 times its current volume, topping $1 trillion in annual gross merchandise volume by some estimates, according to a report by New York data research consultancy CB Insights.

Nearly $4 billion was invested in BNPL companies last year — up from $1.7bn in 2020, according to Crunchbase.

In the Middle East, platforms such as Dubai-based BNPL start-up Tabby raised $50m last year while Saudi Arabia's Tamara raised a record $110m in a Series A round.

In September, Abu Dhabi Islamic Bank, the emirate’s biggest Sharia-compliant lender, partnered with Dubai-based digital payments provider Spotii to launch a virtual BNPL prepaid card in the UAE.

“Mashreq is one of the most respected banking brands in the region, so they will bring our customers many benefits as we continue to grow our service offerings … this partnership will give consumers the largest merchant network to shop at, larger ticket size and the ability to pay over longer terms,” said Cashew co-founder and chief executive Ammar Afif.

“We can only accomplish these goals for our customers by partnering with respected financial institutions like Mashreq that understand and want to be a part of the growing BNPL segment,” he added.

Under the partnership, Cashew and Mashreq will offer new products to the market including longer tenure and higher ticket size BNPL options for consumers, the companies said in a joint statement.

They also plan to introduce point-of-sales lending options in the region later this year. It will allow consumers to opt for BNPL but with larger tenures such as six or 12 months.

The UAE's BNPL volumes are expected to jump 71 per cent on an annual basis this year, Mashreq’s senior executive vice president and group head of retail banking Fernando Morillo said.

“This is yet another prime example of the partnerships we can forge with innovative FinTech operators, who share our mission to deliver a safe and seamless payment experience for our customers.

“We eagerly await the roll-out of further services as we continue to empower our customers with more choice and convenience in the UAE and in the future, across Egypt,” said Mr Morillo.

Established in 1967, Mashreq, like its peers in the Middle East, is pivoting towards digital banking and is reducing the number of physical branches to cater to a young, tech-savvy demographic that typically opts to complete its transactions online.

Source: The National News

UAE-based fintech Spades, has raised $2.5 million in investment from European angel investors, including Thibaud Elzière, Eduardo Ronzano and Yan Hascoet, Othmane Bouhlal and Omar Benmoussa.

Founded in 2021 by Mehdi Chraibi, Adnan Haque and Sameer Poonja, ​​Spades is a dine-in payment service for restaurants where customers can pay their bills at the table with no need for app downloads, registrations or setup fees.

The new investment will fuel Spades’ expansion in the UAE and other GCC countries.

Press release:

There’s no denying that the Middle East is growing fast and its restaurant scene is growing even faster. Dining in the UAE means exploring one of the most diverse, vibrant, and delicious food destinations on the planet. Restaurants are increasingly turning to Spades to keep up with dynamic demand while providing a seamless checkout experience for dine-in customers to pay their bills.

Spades was founded by Mehdi Chraibi, Adnan Haque, and Sameer Poonja after successful careers building digital products used by millions of users at VISA, Emirates Airline, Oracle, Millicom, and Rocket Internet. The team is backed by executives with leadership roles at global Payment Service Providers (Adyen, VISA & MasterCard), Cloud Kitchens, and multiple Hospitality Houses in the Middle East.

Their oversubscribed angel round of $2.5M also included prominent European business angels, such as Thibaud Elzière (Founder, Fotolia & eFounders), Eduardo Ronzano (Founder, KelDoc & Managing Partner, Secret Fund), and Yan Hascoet, Othmane Bouhlal, Omar Benmoussa - the Founders of Chauffeur Privé - Kapten (acquired by Free Now), which was closed with early investments from global & regional VCs such as Nordstar and Impact46.

The fintech payment startup has already signed over 150 restaurants in its first 12 weeks and launched with major brands in UAE such as NOLA, Couqley, Alaca, and The Sum of Us. The company is growing fast and recruiting multiple roles across the board this year to cope with its expansion in the GCC and beyond.

How it works:

Spades allows guests to easily pay their bill by scanning a code or tapping to pay, without any downloads or registration, translating into shorter wait times. Trustworthy, and reliable, the platform provides the fastest and most secure payment solution that integrates seamlessly into all major POS systems, making refunds and reconciliation just a click away.

Partner restaurants have already reported doubling their staff tips, turning tables faster, saving trees, and improving guest service. With a solution that caters to both restaurants and customers, Spades is set to revolutionize F&B in the region with just a quick scan and a couple of taps!

Customer journey:

A simple tap to pay or QR code scan allows diners to conveniently and securely clear bills at partner restaurants. The solution also allows diners to split the total bill with friends and add their own tip individually for staff, while paying using their method of choice.

Customers can receive a digital receipt for their records and also review their experience. Through its partnerships, the platform integrates seamlessly with all major POS systems making transactions, refunds, and reconciliation just a click away.

Human-centric approach:

While other like-minded rival technologies create a disconnect between customers and restaurants, Spades has a human-centric approach to challenge the status quo by increasing engagement throughout. The actual order is still placed in person with the wait staff which has been designed to ensure customers continue to get a chance to interact with their server and seek the right dine-in experience, an issue widely encountered by other online ordering platforms.

The automated end-to-end payment integration with any Point of Sale removes all manual errors and simplifies daily reconciliation. By bringing payment to the table, customers can now choose traditional forms of payment or use Spades directly from their phone.

Co-founder of Spades, Adnan Haque said, “With Spades, we have created a seamless payment portal that is fast, secure, and convenient. Our goal is to give back time to customers and restaurants, and create a perfect "phy-gital" harmony that helps achieve an exceptional dine-in experience.”

Investment Associate at Impact46, Saud Alsahaf said, "F&B is an important industry in the local market, and Spades is offering a powerful digital solution to improve the experience for all stakeholders in the value chain. We look forward to making Spades the standard for restaurant payment."

Co-founder and Managing Director of NOLA Social House & Eatery, Alex Economides said, “Since starting with Spades we’ve noticed our staff having more time to engage with guests at the end of their dine-in visit.

Rather than running around at peak hours printing bills and collecting payments. Exceptional service has always been one of the WOW factors at Nola, so with Spades’ efficient and convenient payment method we see a perfect fit.”

source: Wamda

Dubai's main share index followed suit, advancing 0.74% to 3541.6 points following 5,251 transactions worth $141.68mln

Abu Dhabi and Dubai twin bourses rallied for the second consecutive session, as investor sentiments continued to improve, driven by optimistic economic outlook.

The two markets gained a combined AED22bn during the first week of Ramadan, with Abu Dhabi Securities Exchange (ADX) breaking the 10,000 pts barrier for the first time amidst increased demand for IHC's Apex National Investment, which drew AED10.1 bn in transactions.

Dubai's main share index followed suit, advancing 0.74 pct to 3541.6 pts following 5,251 transactions worth AED520.5 million.

Retail sales are all set to pick up during the Holy Month of Ramadan, as resident across the UAE increasingly turn to online channels to stock up on essentials as well as gifts for their family and friends ahead of the Eid break.

Experts have identified several retail trends that will accelerate during the period leading up to the holiday such as shopping online for groceries, trying out new brands, and shopping for gift items.

Richard Nicoll, chief strategy and capability officer at Liquid Retail, noted that with 60 per cent of online shoppers planning to increase their spending across all sectors this Ramadan, it is essential for retailers to understand that consumers don’t just spend more during Ramadan; they spend differently.

“The holy month brings with it flexible working hours and the chance to get together with friends and family, leaving consumers with increased time and the need to shop,” he said. “This season is a unique time for brands to innovate and tap into this opportunity by offering shoppers cost effective and convenient deals such as buy-one get one free offers, discounted prices on bulk items and shopping vouchers which will not only drive sales and engagement this month, but encourage greater brand loyalty in the long-term.”

According to a recent survey by YouGov, 53 per cent of shoppers said they spend more, 40 per cent search for offers, and 49 per cent of consumers prefer discounts during Ramadan. YouGov's latest survey on UAE respondents’ Ramadan behaviour also revealed that 30 per cent are planning to shop online more this Ramadan, while 61 per cent are planning to shop for groceries in-store this Ramadan.

Nicoll added that grocery e-commerce is now well established, and in many cases, the preferred way to buy. “The new-found convenience and experience of grocery e-commerce aligned to the deals being offered on much-loved Ramadan favorite brands is likely to mean this is the most successful Ramadan for e-commerce platforms who are pouring marketing dollars into persuading shoppers to shop online – Noon Ramadan delivered being one example.”

“We’d expect to see marketers going with the power of shopper behavior and continuing to chase an uplift in Ramadan sales online,” he added. “To satisfy the needs of today’s customers and attract more this Ramadan, brands need to create to a holistic omni-channel retail strategy which covers all offline and online touch points and ensures a seamless shopping experience, anywhere, any time.”

Facebook IQ, Meta’s insights and research division, in partnership with YouGov, also unveiled the findings of a study conducted during Ramadan 2021, which showed that around 64 per cent of shoppers across the UAE get excited about trying new brands and products from abroad. In addition, 55 per cent of shoppers are more likely to purchase from abroad during Ramadan and Eid if adverts are about these key moments.

Fares Akkad, regional director for the Mena region at Meta, said: “Gifting and shopping is a big part of the Ramadan moment. The change in everyday habits leaves shoppers more open than usual to discovering new brands and products. This creates a unique opportunity for businesses to reach cross-border shoppers looking to discover products they’ll love – and Meta technologies can help build those connections.”

The research showed that people shop across borders for a variety of reasons, including to find a higher quality product, a product with a better price point, or a product that is unavailable locally. Roughly a third of people shop from overseas retailers as well, while more than 70 per cent make “unexpected discoveries” during Ramadan.

Buying from overseas during Ramadan, 62 per cent of UAE shoppers feel it is important to see content in their local language, while 27 per cent of shoppers agree that they find content creators most influential during Ramadan and Eid al-Fitr as they help them discover new content and accounts that they might like.

Research conducted by AdColony, together with GlobalWebIndex, also offered several insights on user behavior during Ramadan. While the time spent on smartphones is increasing day by day, 44 per cent of respondents spend 1-3 hours online on their smartphones. The most preferred time to play mobile games and to shop online is during fasting through the day between 12pm to 6pm at 33 per cent and 30 per cent respectively.

The research found that 77 per cent of participants will use their smartphones while shopping for Ramadan, while 67 per cent of them say that they will shop within the application. In addition, 47 per cent of respondents state that they will do shopping after Iftar time. When analysing industry-specific data, 45 per cent of users in the UAE will visit stores for their Ramadan grocery shopping, while 46 per cent of them will shop online and use home delivery.

The undeniable access to mobile advertising continues to stand out as the most important factor in consumers’ buying tendencies, with 66 per cent of the respondents stating that they had previously made Ramadan shopping with their smartphones directly via mobile ads; and 84 per cent stating that they would consider purchasing a product or service if the product served with the advertisement appeals to them.

“One of the most important things a brand must champion to succeed is relevance – and that goes for Ramadan too,” said Nicoll. “Brands should prioritise getting to know their target audience and which items hold cultural value to them so that they can streamline their efforts to provide impactful retail experiences and cut through the promotional noise.”

.siurce: khaleejtimes