Middle East Startups Garner Major Investments Amidst Ongoing Regional Developments and Global Initiatives
Middle East startups attract major investments amid regional progress and ongoing conflicts.
Several startups across the Middle East and North Africa are drawing major investments, with Saudi proptech startup Darent raising an undisclosed seed round, UAE's automotive software startup Seez securing $4.2 million, and Saudi fintech UmrahCash obtaining $500,000. Meanwhile, US-based Sultan Ventures acquired Egypt's Acasia Group, Egyptian fintech SETTLE secured $2 million in pre-seed funding, and Algerian edtech LabLabee raised $3.
In related news, Saudi Arabia continues to highlight its global humanitarian commitment at the UN General Assembly. Dr. Abdullah Al Rabeeah, head of the King Salman Humanitarian Aid and Relief Center, reiterated the country's dedication to addressing international law violations, displacement, and natural disasters with sustainable solutions.
On a more somber note, an Israeli airstrike on a Gaza school shelter has tragically killed seven people. The ongoing conflict, which began with Hamas's October 7 attack, has resulted in over 41,391 Palestinian deaths and 1,205 Israeli fatalities, with tensions remaining high.
Shifting our focus back to the economy, Egypt is moving forward with plans to sell a 20% stake in Alex Bank to Italy's Intesa Sanpaolo SpA. This privatization effort is part of a broader strategy to attract foreign investment following a severe economic crisis and recent IMF-backed reforms.
Celebrating technological and social progress, Saudi Arabia is making strides in youth and women's inclusion, as highlighted at the UN Summit of the Future by Minister Abdullah Al-Swaha. Thanks to initiatives like "Saudi Codes," the nation's female participation in the tech sector has reached a record 35%, surpassing EU and G20 averages.
Finally, Saudi Arabia's digital ambitions were further discussed in a New York meeting between Minister Abdullah Al-Swaha and UN Under-Secretary-General Li Junhua. Their discussions revolved around the Global Digital Charter, space partnerships, and collaborative efforts to support the UN’s sustainable development goals.
In related news, Saudi Arabia continues to highlight its global humanitarian commitment at the UN General Assembly. Dr. Abdullah Al Rabeeah, head of the King Salman Humanitarian Aid and Relief Center, reiterated the country's dedication to addressing international law violations, displacement, and natural disasters with sustainable solutions.
On a more somber note, an Israeli airstrike on a Gaza school shelter has tragically killed seven people. The ongoing conflict, which began with Hamas's October 7 attack, has resulted in over 41,391 Palestinian deaths and 1,205 Israeli fatalities, with tensions remaining high.
Shifting our focus back to the economy, Egypt is moving forward with plans to sell a 20% stake in Alex Bank to Italy's Intesa Sanpaolo SpA. This privatization effort is part of a broader strategy to attract foreign investment following a severe economic crisis and recent IMF-backed reforms.
Celebrating technological and social progress, Saudi Arabia is making strides in youth and women's inclusion, as highlighted at the UN Summit of the Future by Minister Abdullah Al-Swaha. Thanks to initiatives like "Saudi Codes," the nation's female participation in the tech sector has reached a record 35%, surpassing EU and G20 averages.
Finally, Saudi Arabia's digital ambitions were further discussed in a New York meeting between Minister Abdullah Al-Swaha and UN Under-Secretary-General Li Junhua. Their discussions revolved around the Global Digital Charter, space partnerships, and collaborative efforts to support the UN’s sustainable development goals.
