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The Middle East has emerged as the leading recipient of Chinese investments under the Belt and Road Initiative, attracting $39 billion in 2024, a 102% increase. Key investments include $24.3 billion in energy, highlighted by an $8 billion oil refinery deal in Iraq, and $11.8 billion in green projects. This shift marks a strategic pivot for China, reducing its focus on Latin America and Pakistan while prioritizing infrastructure and energy partnerships in the Middle East.
UAE-based fintech Flow48 has successfully raised $69 million in a Series A funding round. The company aims to enhance its operations and expand its services in the financial technology sector. The reporting maintains a commitment to ethical standards and transparency regarding potential conflicts of interest.
UAE-based fintech Flow48 has raised $69 million in a series A funding round led by Breega, with participation from several investors including 212 and Speedinvest. Founded in 2022 by Idriss Al Rifai, the company provides upfront financing to SMEs by converting future revenues into immediate capital. The new funding will facilitate Flow48's expansion in the UAE and Saudi Arabia, addressing the underdeveloped SME financing landscape in the region.
A $1 billion initiative is underway to tokenize real estate in Dubai, leveraging real-world assets (RWAs) to reshape the market. The project aims to enhance transparency and accessibility in property investment, while maintaining ethical reporting standards amidst potential conflicts of interest. For any website issues, contact office@startupnews.fyi.
ADQ and Plenary Group have launched Plenary Middle East to focus on regional infrastructure projects. In real estate, Dubai property prices are anticipated to stabilize or decline due to increased supply. Additionally, JPMorgan has upgraded Kuwait to a developed market, while the Saudi Central Bank has introduced close-out netting regulations to enhance financial stability. Dubai Islamic Bank has also unveiled its first sustainability-linked finance framework to support ESG objectives.
Elon Musk has named the "future president" of the US on X, sparking reactions online. Meanwhile, Dubai's financial landscape is thriving, with the Dubai International Financial Centre (DIFC) reporting a 25% increase in registered businesses, now hosting 75 hedge funds. The city is also a magnet for family offices, managing $1.2 trillion in assets, as it becomes a preferred destination for high-net-worth individuals seeking investment opportunities and succession planning.
In January 2025, Japan imported 34 million barrels of Saudi crude oil, making up 41% of its total oil imports of 82.99 million barrels. The Arab nations contributed significantly, with the UAE supplying 35.31 million barrels (42.6%), while imports from the US, Central and South America, and Oceania accounted for the remainder. Japan's energy strategy is influenced by geopolitical factors, including bans on oil imports from Iran and Russia.
The Dubai International Financial Centre has launched Launchpad to support startups, aiming to create over 200 ventures and 8,000 jobs while attracting $544 million in venture capital. Additionally, the 'One Million AI Prompters' initiative seeks to train a million individuals in AI prompt engineering over three years. In the ride-hailing sector, BluSmart has initiated a pilot in Dubai with 100 Audi E-Tron SUVs, set to compete with Careem and Uber. Meanwhile, Deliveroo is enhancing its food delivery service by using traditional abra boats in Dubai Creek, blending innovation with cultural heritage.
SkyDrive, a Japanese flying vehicle manufacturer, has signed a Letter of Intent with Dubai's AeroGulf Services for the purchase of up to 50 eVTOL "SKYDRIVE" vehicles. This partnership aims to enhance air mobility at Dubai's Palm Jumeirah, promoting sustainable transportation and eco-friendly tourism. The collaboration marks SkyDrive's entry into the Middle Eastern market, aligning with Dubai's vision for a greener future.
In December 2024, Saudi Arabia's overall merchandise exports fell by 2.8% to SR94.29 billion, influenced by OPEC-mandated oil production cuts, with oil exports dropping from 74.3% to 68.8% of total goods. Non-oil exports surged 18.1% to SR29.45 billion, driven by a 70% increase in shipments to China, while imports rose 27.1% to SR79.03 billion, leading to a trade balance surplus decrease of 56.1% to SR15.26 billion. The UAE remained the top destination for non-oil goods, despite a 9.9% decline in exports to the region.
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middle east attracts record 39 billion in chinese belt and road investments
07:56 01.03.2025
UAE fintech flow48 secures 69 million dollars in series A funding
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