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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.
The UAE has introduced a Federal Corporate Tax (CT) effective June 2023, in line with the OECD's global minimum tax rate of 15%. Businesses will face a 0% tax on income up to AED 375,000 and 9% on income exceeding that threshold, while free zones, natural resource extraction, and personal investments remain exempt. The tax system includes provisions for tax credits, loss carry-forward, and group filing, with no withholding tax on payments, requiring businesses to register and file annual returns electronically.
International Holding Company (IHC) reported a 54.2% revenue increase to Dh92.7 billion for 2024, driven by strong performances in real estate, construction, and hospitality. Total assets rose by 52% to Dh401.8 billion, with a net profit of Dh25.7 billion, as IHC focuses on strategic investments and global expansion. In January 2025, IHC participated in the World Economic Forum in Davos, aiming to enhance its role in economic diversification and shareholder value creation.
flydubai has reported a record profit of Dh2.5 billion for 2024, marking the highest earnings in 15 years. This significant financial achievement highlights the airline's robust performance and recovery in the aviation sector.
Dubai’s DGCX is actively exploring the possibility of trade settlements in UAE dirham. This initiative aims to enhance the efficiency and attractiveness of trading within the region, reflecting a growing interest in local currency transactions.
Sharjah Islamic Bank (SIB) has approved a 15% cash dividend for fiscal year 2024, totaling Dh458.7 million, as it reported net profits exceeding Dh1 billion for the first time, marking a 24.5% increase from the previous year. Total operating income rose 10.4% to Dh2.2 billion, with significant growth in customer financing and deposits. The bank also reduced impairment provisions by 42.3% and authorized the issuance of Shariah-compliant capital instruments to enhance capital adequacy.
Emirates Development Bank (EDB) reported Dh15.7 billion in financing for 2024, boosting the UAE’s industrial GDP by Dh4.1 billion and creating 28,000 jobs. The manufacturing sector received the largest share at Dh4.23 billion, while the bank aims for Dh23 billion in financing for 2025, focusing on AI and digital transformation.
Global markets are poised for significant shifts in 2025, driven by central bank policy changes and geopolitical risks. The US is expected to lead growth at 3.3% GDP, while the eurozone lags. Emerging markets, particularly India, show promise despite inflation concerns. Investors are advised to focus on developed markets and sectors like AI and technology, while navigating potential disruptions from protectionist policies and financial stability challenges.
Huawei is set to launch the Mate XT Ultimate globally, posing a significant challenge to Samsung's Galaxy Z Fold 6. This move may pressure Samsung to expedite the release of its own tri-folding smartphone, which is expected to debut at Galaxy Unpacked 2025. The Mate XT Ultimate's availability outside China, particularly in the UAE, could enhance its appeal by including Google services, allowing for broader usage.
ULA, an Edtech startup, has raised $28 million in Series B funding to enhance AI-powered digital education in the MENA region, focusing on Saudi Arabia. The investment will support the development of a next-generation learning platform featuring personalized education, AR/VR integration, and advanced data analytics, aiming to bridge educational gaps across the Arab world.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
fintech expansion in mena region bolstered by strategic investments and partnerships
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14:15 25.02.2025
uae implements federal corporate tax with global minimum rate of 15 percent
10:00 25.02.2025
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flydubai achieves record profit of 2.5 billion dirhams in 2024
10:39 24.02.2025
Dubai DGCX considers trade settlements in UAE dirham for enhanced efficiency
09:38 24.02.2025
sharjah islamic bank reports record profits and approves 15 percent dividend
06:13 24.02.2025
emirates development bank reports record financing and economic impact in 2024
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global markets brace for policy shifts and geopolitical risks in 2025
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11:22 20.02.2025
Huawei's global launch of tri-fold phone pressures Samsung for early release
10:25 18.02.2025
Edtech startup ULA raises 28 million to enhance digital education in MENA
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13:32 13.02.2025
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