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PlaysOut, a UAE-based gametech startup, has raised $7 million to enhance its mini-game ecosystem, while ORO Labs secured $1.5 million for its tokenized gold trading platform. MENA Analytics and Juridoc.tn are expanding their services with new funding, and Grinta is pivoting to healthcare after acquiring Citi Clinic. In Egypt, Fawry and Contact Financial are partnering to improve BNPL services, and Yango Group launched a $20 million venture fund to support startups in high-growth regions. Meanwhile, Tabuk is emerging as a dynamic investment hub in Saudi Arabia, with significant opportunities in tourism, agriculture, and renewable energy.
Egypt's telecom operators are set to launch 5G services in the first half of 2025, following Telecom Egypt's acquisition of the first 5G license for USD 150 million. This rollout aims to enhance connectivity, support AI and IoT applications, and drive digital transformation across the country. Significant investments, including a USD 609 million infrastructure agreement between Telecom Egypt and Vodafone, are paving the way for this technological advancement.
Startups in the MENA region are attracting significant investment, particularly in fintech, gaming, and healthcare. Notable funding rounds include UAE-based NymCard's $33 million for API solutions, ClearGrid's $10 million for AI-driven debt collection, and PlaysOut's $7 million for a mini-game ecosystem. Other ventures like ORO Labs and Grinta are also expanding their offerings in tokenized gold trading and healthcare services, respectively.
The Ministry of Finance has allocated an additional EGP 4 billion for social protection programs, enhancing support for low-income households during Ramadan. This includes EGP 2 billion for food subsidies, with single-member ration cards receiving EGP 125 and multi-member households EGP 250. Additionally, five million families in the Takaful and Karama program will receive an extra EGP 300, and pensions will increase by 25% starting April 2025.
The Micro, Small, and Medium Enterprises Development Agency (MSMEDA) has allocated LE 11.9 billion to support 574,349 small and micro enterprises in Minya, Fayoum, and Beni Suef since 2014, generating 826,300 permanent jobs. This investment has enhanced business growth and infrastructure, while facilitating the licensing of nearly 21,000 small businesses, promoting formalization under Small Enterprise Development Law 152/2020. Additionally, MSMEDA's collaboration with international partners has resulted in 7.9 million workdays created through various infrastructure projects.
NymCard, a UAE-based fintech company, has raised $33 million in Series B funding led by QED Investors, marking their first major investment in the Gulf region. The company aims to expand its financial infrastructure across MENA, leveraging its proprietary nCore platform for enhanced embedded finance solutions.With strong backing from various strategic investors, NymCard is set to empower banks, fintechs, and enterprises by providing seamless API-driven financial services. This expansion aligns with regional financial goals, supporting initiatives like Saudi Arabia's Vision 2030 and digital payment advancements in the UAE.
Emirates NBD has received approval from the Central Bank of Egypt to conduct due diligence for a potential 60% stake in Banque du Caire, as the Egyptian government awaits a fair valuation of the bank, speculated to be between USD 1 billion and USD 1.5 billion. The valuation is uncertain, with past estimates reaching USD 2 billion in 2008, and significant changes in the USD-EGP exchange rate since then. If the valuation is deemed unsuitable, the government may consider listing a stake in Banque du Caire on the Egyptian Stock Exchange instead.
NymCard, an embedded finance platform operating in over 10 MENA countries, has raised $33 million in Series B funding led by QED Investors, marking their first investment in the Gulf. This funding will enhance NymCard's payment infrastructure solutions, supporting banks and fintechs while promoting financial innovation in the region. With partnerships across 50+ entities, NymCard is pivotal in advancing cashless economies in Saudi Arabia and the UAE, and driving financial inclusion in Egypt.
Egypt’s Financial Regulatory Authority (FRA) has licensed fintech startups Telda, Beltone, and Thndr to operate as digital stock brokerage firms, enabling them to fully digitize their services. This move supports the modernization of non-banking financial services, allowing investors to trade online without physical branch visits. The initiative aims to reduce costs, enhance accessibility, and improve transaction efficiency in Egypt’s financial sector.
Fawry and Contact have partnered to enhance digital payment solutions in Egypt, allowing customers to utilize Fawry’s services for installment payments, bill payments, and other financial transactions. This collaboration aims to promote financial inclusion and facilitate the shift from cash to digital transactions, aligning with Egypt's digital transformation strategy.
EGY
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
tabuk emerges as a dynamic investment hub with diverse growth opportunities
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egypt prepares for 5g rollout to enhance connectivity and digital transformation
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startups in mena attract significant funding in fintech gaming and healthcare
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Egypt allocates additional funds for social protection and food subsidies
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