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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.
Web Summit Qatar concluded with the QRDI Council announcing the winners of the Rising Innovators Award, celebrating student projects that showcase innovation. The first place was awarded to the Modular Automatic Sorting Hub (M.A.S.H) from Doha University, while the AI-powered Sharia Bot and Electronic Medical Triage System (EMTS) secured second place. Additionally, QRDI signed MoUs with the Ministry of Labor and ITQAN to enhance healthcare innovation and streamline certificate authentication through blockchain technology.
Cauridor, co-founded by Oumar Rafiou Barry, has achieved over 90% revenue from its payment rails division, reaching a total payment volume of $500 million in 2024. With plans for expansion into Mali and Nigeria, the company is also exploring blockchain integration to enhance cross-border payments in Africa.Meanwhile, Libya's first B2B e-commerce platform, Alkremeya, has launched to modernize the grocery supply chain, aiming for regional expansion across North Africa and the Middle East. The platform connects retailers with importers, streamlining procurement and enhancing transparency.In Egypt, Souhoola has partnered with Visa to launch a new prepaid card aimed at promoting financial inclusion and improving the shopping experience for Egyptians, set to launch in 2025.
Alkremeya is transforming Libya's grocery industry through digital innovation, aiming for expansion in North Africa and the MENA region. The company plans to invest in AI and machine learning, enhance partnerships, and empower local communities, positioning itself as a leader in the B2B digital economy. Meanwhile, Egypt's fintech sector has surged 5.5 times in five years, driven by digital payments and lending, supported by government initiatives to foster financial inclusion and innovation.
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.
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.
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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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