As the United Arab Emirates (UAE) enhances its reputation as a global hub for financial innovation, SC Ventures, the innovation and venture capital division of Standard Chartered Bank, has announced the opening of a new office in Abu Dhabi’s Hub71 at the Abu Dhabi Global Market. Gautam Jain, a seasoned fintech strategist, highlighted the firm’s...
Abu Dhabi’s Mubadala Investment Company has announced an agreement to acquire a 30 percent stake in Loscam International, a Hong Kong-based pallet manufacturer. Although the sovereign wealth fund did not disclose the transaction’s value, Hong Kong-listed Sinotrans has reported it to be worth $567 million. In a market filing, Sinotrans explained that the deal involves...
Saudi Arabia’s Public Investment Fund (PIF) has raised its total assets to SR4.32 trillion ($1.15 trillion) by the end of 2024, marking an 18 percent increase from the previous year. This information was disclosed in a report filed with the London Stock Exchange. The sovereign wealth fund reported gross revenues of SR413 billion for 2024,...
PIMCO, a global leader in active fixed income, has announced a new partnership with Aditum Investment Management Limited, an independent asset management company located in the Dubai International Financial Centre (DIFC). This collaboration will enable the availability of two of PIMCO’s Income investment strategies to wealth investors in the United Arab Emirates (UAE) through Aditum...
Egypt-based co-living platform Roomz.rent has successfully raised an undisclosed pre-seed funding round from Qora71, a UAE-based investor syndicate, along with several regional angel investors. The capital will be utilized to enhance the startup’s shared rental offerings across the MENA region, with an initial focus on expanding its presence in Egypt. Founded in Cairo in 2024...
Foodics, a software company based in Riyadh, has successfully raised $8 million through its seed and Series A funding rounds. The funding will support the company’s growth as it aims to enhance its services in the restaurant management sector. Founded by Ahmad AlZaini and Mosab AlOthmani, Foodics currently employs 150 people. The company focuses on...
OpenAI, the creator of ChatGPT, is currently in discussions to raise funds amounting to $40 billion. This initiative includes talks with Saudi Arabia’s Public Investment Fund (PIF), India’s Reliance Industries, and existing shareholder MGX from the United Arab Emirates, as reported by The Information and Yahoo According to sources familiar with the situation, each of...
Sharjah is set to host the 29th World Investment Conference, a move that highlights the United Arab Emirates’ growing influence on the global investment landscape. This significant event, organized by the Sharjah FDI Office, aims to bring together investors and business leaders from around the world to discuss opportunities and challenges in the investment sector....
Qatar-based PayLater, recognized as one of the first companies to obtain a buy now, pay later (BNPL) license from the Qatar Central Bank (QCB), has successfully secured a strategic investment from the UAE-based fintech investor, LuLu Alternative Investments (LuLu AI). This investment, the amount of which has not been disclosed, marks LuLu AI’s first foray...
Abu Dhabi-based venture capital fund EQIQ is making significant strides in Iraq’s technology sector, planning to double its fund size from $15 million to $30 million by the end of the year. This ambitious move comes as the country experiences a surge in entrepreneurial activity, particularly in areas like FinTech, e-commerce, and logistics. Mohamed Al...