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Arab stock markets showed positive performance in January, with a composite index increase of 0.97%, driven by strong corporate earnings and supportive monetary policies. The Bourse de Casablanca led gains at 9.98%, while the Tunisian market faced a significant decline of 71.7%. Despite mixed trading values, investor sentiment improved, reflecting a broader global market rebound.
Egypt's fintech sector has experienced a remarkable 5.5-fold growth over the past five years, driven by digital payments, lending solutions, and a youthful, tech-savvy population. Government initiatives and a supportive regulatory environment are fostering financial inclusion and innovation, positioning Egypt as a leading fintech hub in the MENA region. However, challenges such as regulatory complexities, digital literacy gaps, and cybersecurity concerns must be addressed to sustain this growth.
MENA recorded 701 M&A deals in 2024, a 3% increase from the previous year, with a total value of $92.3 billion, up 7%. The GCC region led with 580 deals worth $90 billion, driven by cross-border transactions, particularly in technology and consumer products sectors. Notable deals included Truist Insurance's $12.4 billion acquisition and Saudi Aramco's $8.9 billion stake in Rabigh Refining.
Omnispay, a UAE-based fintech startup, has secured $1.5 million in seed funding to enhance digital payments for SMEs, addressing the significant gap in the GCC's $1.5 trillion B2B payments market. The platform integrates invoice management, flexible payment disbursements, and micro-lending solutions, aiming to democratize access to financial tools for underserved businesses. Since its launch in 2022, Omnispay has onboarded over 1,600 businesses and achieved rapid growth, with a 40% month-on-month increase in transaction volume.
Omnispay, a UAE-based fintech startup, has secured $1.5 million in seed funding to enhance SME digital payments. The platform aims to streamline cash flow management for SMEs by integrating invoice management, payment disbursements, and micro-lending solutions, addressing the significant gap in digitized B2B transactions in the GCC. Since its launch in 2022, Omnispay has onboarded over 1,600 businesses and achieved 40% month-on-month growth in transaction volume.
Moroccan startup ToumAI, founded in 2021, is revolutionizing customer experience by leveraging AI and large language models to address multilingual and cultural challenges. Its HolistiCX suite combines proprietary and open-source models to enhance voice applications and IVR systems, catering specifically to African languages. With recent funding of $1 million, ToumAI aims to expand across Africa and into emerging markets, focusing on delivering tailored solutions for diverse customer bases.
Aziz Akhannouch, the Head of Government, met with Ousmane Dione, World Bank VP for MENA, in Rabat to enhance the strategic partnership between Morocco and the World Bank. They discussed support for Morocco's development priorities, including employment, water security, and climate change, while reviewing ongoing structural reforms. Dione praised Morocco's social reforms and expressed the World Bank's commitment to assist in innovation and economic growth projects, reinforcing their long-standing partnership since 1960.
Silkhaus, a Dubai-based short-term rental startup, has secured growth funding to expand into Saudi Arabia, enhancing its booking platform. With strong investor backing, the company aims to dominate the Middle East's rental market, targeting luxury and mid-market travelers in key locations like Riyadh.
Moroccan AI company ToumAI has secured $1 million in pre-seed funding to enhance its AI-driven customer experience solutions, focusing on multilingual and emotion-aware interactions through its HolistiCX suite. The investment, led by Launch Africa Ventures, will support its expansion across Africa and Europe, addressing the emotional intelligence gap in traditional AI. With a scalable API model, ToumAI aims to personalize customer interactions and improve engagement through advanced voice-driven applications and churn detection capabilities.
Silkhaus, a Dubai-based short-term rental startup, has secured growth funding to expand into Saudi Arabia, enhancing its booking platform to meet the rising demand for premium accommodations. With strong investor backing, the company aims to dominate the Middle East's rental market, targeting luxury and mid-market travelers. Leadership changes include the appointment of Sabine El Najjar as KSA Managing Director and the promotion of Ankit Shah to Co-Founder and Board Member.
MAR
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
arab stock markets rise as global indices recover in january
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05:20 28.02.2025
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mena merger and acquisition activity rises to 701 deals in 2024
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