CAIRO: Startups within the Center East and North Africa area have closed Ramadan and began Eid Al-Fitr on a constructive be aware as enterprise exercise continued.
Among the many most important bulletins through the holy month was UAE-based on-line streaming platform OSN+ and the Lebanon-originated music streaming service Anghami Inc.’s profitable merger right into a unified media entity following the finalization of their transaction.
With the merger, OSN+, owned by Kuwait Tasks Co. Holding, now holds a 55.45 % majority stake in Anghami, valued at $3.69 per share.
The merger, initially introduced in November, was finalized in a deal valued at $50 million, marking a substantial consolidation within the regional media panorama.
This improvement follows the acquisition of a 13.7 % stake in Anghami by the Kingdom’s media conglomerate MBC Group final month.
Anghami, established in 2011 by Eddy Maroun and Elie Habib, transitioned to public buying and selling on the US NASDAQ final yr.
In August, the corporate bolstered its monetary standing with a $5 million funding from Saudi enterprise capital agency SRMG Ventures.
Regardless of the merger, Anghami will proceed its presence on the NASDAQ, signaling its ongoing dedication to world market participation.
Habib, who can also be Anghami’s chief know-how officer, will lead the mixed entity because the incoming CEO of Anghami, whereas Joe Kawkabani will stay as OSN Group CEO.
PIF subsidiary SITE set to launch a three way partnership with South Korea’s AhnLab
A subsidiary of Saudi Arabia’s Public Funding Fund is ready to launch a three way partnership with South Korea’s cybersecurity agency AhnLab to boost and localize digital options within the Kingdom.
For this collaboration, PIF’s Saudi Info Expertise Co. and its subsidiary SITE Ventures, plan to take a position over SR500 million ($133 million) in analysis and improvement.
SITE will personal a 75 % stake within the new enterprise, with AhnLab holding the remaining 25 %, in line with an announcement from the latter.
The three way partnership is anticipated to begin operations within the first half of 2024, with SITE’s Ventures additionally buying a ten % stake in AhnLab to solidify their partnership.
Saad Al-Aboudi, CEO of SITE, said that this funding is a part of the agency’s technique to develop and localize cutting-edge cybersecurity applied sciences in Saudi Arabia and the broader MENA area.
AhnLab’s CEO, Suk-Kyoon Kang, emphasised the enterprise’s purpose of adapting its cybersecurity options to fulfill the precise necessities of the MENA market and specializing in speedy world growth.
This transfer aligns with Saudi Arabia’s broader ambitions within the tech sector, together with plans to ascertain a $40 billion synthetic intelligence-focused fund to help the expansion of chip producers and information facilities, which is important for advancing computing capabilities.
Final February, PIF Governor Yasir Al-Rumayyan expressed Saudi Arabia’s intention to turn out to be a worldwide AI hub, reinforcing the Kingdom’s dedication to technological development and innovation.
Oman’s Mubashir secures funding from ITHCA Group
Oman’s Mubashir secured an funding from ITHCA Group, an Omani fourth industrial revolution applied sciences agency, to gas its growth and technological enhancement.
Mubashir, a digital out-of-home promoting community primarily based in Oman, is ready to increase its attain past native markets, backed by ITHCA’s funding.
This monetary increase goals to advance Mubashir’s mission of delivering efficient regional advertising options.
ITHCA Group’s Director of Investments, Ameer Al-Alawi, expressed enthusiasm for Mubashir’s revolutionary advert tech platform, emphasizing the shift towards data-driven, real-time promoting within the bodily world.
Mubashir’s digital community engages hundreds of thousands throughout Oman with strategically positioned screens, providing entrepreneurs focused campaigns utilizing sensible information and analytics.
The corporate’s method combines promoting with infotainment, catering to numerous shopper pursuits. ITHCA’s backing signifies an important milestone for Mubashir, which is poised for development within the evolving DOOH advertising sector.
UAE’s fintech Fasset secures VARA license
UAE’s fintech sector is now residence to a brand new contender within the digital asset trade enviornment, with Fasset’s app formally launching available in the market.
Having secured the Digital Asset Service Suppliers license from Dubai’s Digital Asset Regulatory Authority, Fasset is poised for an formidable growth within the UAE.
This VASP license from VARA allows Fasset to supply digital asset brokerage companies from Dubai to a worldwide clientele.
The app caters to novice and seasoned gamers in real-world investments, offering a platform to broaden their horizons with digital belongings.
In an interview with Arab Information, Mohammad Raafi Hossain, the founder and CEO of Fasset, detailed the corporate’s strategic course post-licensing.
“Fasset is among the many first digital asset exchanges to obtain a VASP license from VARA in Dubai. This achievement from VARA permits us to serve retail and institutional buyers in compliance with rules, extending our attain not solely throughout the UAE however globally,” Hossain highlighted.
He added: “After our profitable debut in Indonesia in 2023, which noticed 1,000,000 prospects be a part of our waitlist in only a week, the UAE is now our subsequent strategic market.”
Hossain additionally underscored that Fasset’s presence extends past the UAE, with a considerable portfolio of digital belongings licenses in key rising markets, together with Indonesia, Malaysia and Bangladesh in addition to Pakistan, and Türkiye.
As defined by Hossain, Fasset’s mission is to democratize the digital asset funding area, making it accessible to all kinds of customers.
The app is engineered to facilitate a spectrum of transactions in a safe blockchain setting, encompassing the acquisition of cryptocurrencies, stablecoins, and even tokenized real-world belongings.
Its user-friendly interface and regulatory adherence place Fasset as a frontrunner in assembly the various wants of the UAE market.
Trying ahead, Hossain outlines Fasset’s formidable aims for its UAE operations, that are pivotal to the corporate’s expansive imaginative and prescient.
The speedy focus is on cultivating model recognition, refining consumer expertise, and empowering residents to boost their monetary well-being.
The UAE’s multicultural expatriate demographic presents a singular alternative for Fasset, not only for native market penetration however as a strategic base for regional and world growth.
Plans are underway to allow seamless cross-border fund transfers amongst Fasset customers, additional solidifying the app’s place as a complete digital administration and funding resolution.
“This can allow Fasset customers to not solely put money into digital belongings, but in addition switch funds simply to Fasset customers in different international locations,” Hossain stated.
Moreover, the corporate has set strategic plans to empower people to entry common monetary companies and extra alternatives to construct and handle their wealth.
“With a roadmap of product options deliberate for launch over the subsequent few months, Fasset is on the best way to turn out to be an all-in-one monetary super-app that allows customers to securely save, make investments, earn and transfer cash,” Hossain defined.
“As an illustration, with a big expat inhabitants, one of many key benefits for patrons within the UAE is the power to switch funds simply and securely to different Fasset customers all over the world,” he added.
Hossain highlighted the corporate’s strategic deal with penetrating rising markets, with plans to develop operations into the area, particularly focusing on international locations like Saudi Arabia.
