Saudi NFT platform Nuqtah partners with Consensys for Web3 startup development
Saudi Arabia’s Nuqtah, a marketplace for non-fungible tokens (NFTs), is teaming up with New York-based Ethereum blockchain company Consensys to support the development of Web3-focused start-ups in the kingdom.
UAE’s SMEs making more money than pre-pandemic era, MasterCard report
A recent survey from MasterCard revealed that small and medium-sized businesses in the UAE are making more money now than they were prior to the Covid-19 epidemic era. This increase is being fueled by the use of digital approaches and global sales prospects.
UAE establishes agreement with startup Deel to expedite visa issuing procedures
For the purpose of accelerating the issuance of work permits to foreign people, the UAE government is collaborating with payroll and onboarding startup Deel.
SaaS platform Lyve acquires majority stakes in Jeebly
A software-as-a-service firm called Lyve Global, which was established in the United Arab Emirates, bought the majority of Jeebly, a last-mile delivery and logistics business. The purchase is a part of Lyve’s plans for the following two years, which include investments totaling more than $150 million, the business said in a statement on Tuesday. It did not, however, provide any financial information on its agreement with Jeebly.
Ed-Tech startup Ostaz aims to expand operations across ME
In the aftermath of the Covid-19 outbreak, online schooling saw an abrupt and significant surge. Lockdowns across the world led teachers to use technology to go on with their lessons and engage with students and youngsters. Even if the majority of traditional educational institutions have already reopened, the ease and broad appeal of virtual learning have drawn attention to brand-new potential in the industry. That is the need which Hub71-backed educational technology start-up Ostaz hopes to fill.
Autonomous car startup Argo AI dismisses 150 employees
As previously reported by Bloomberg and The Wall Street Journal, Ford and Volkswagen-backed autonomous car company Argo AI has laid off roughly 150 staff members. The action is intended to counteract a period of fast expansion during which the business employed more staff than was necessary.
Hub71 launches new Outliers campaign to support Web3 startups
The second Outliers initiative was introduced by Hub71, Abu Dhabi’s global technology ecosystem, as the city continues to encourage start-up businesses as they expand their economic contributions. Outliers’ newest phase will concentrate on Web3 to assist businesses in future-proofing their operations and give them the chance to win up to Dh100,000 ($27,229.40) to fund their proof-of-concept projects. Outliers is Hub71’s annual program that invites start-ups from around the world to address real problems presented by participating organizations.
ME-based startups score $2 bn in funding in Q1 of 2022, Magnitt report
According to data source Magnitt, startups in the Middle East, Africa, Pakistan, and Turkey raised $5 billion in record fundraising in the first half of 2022, which is equivalent to 70% of the total investment raised in the entire year 2021. Start-ups in Mena neared the record $2bn mark over 300 transactions in the first half of 2022, growing by 46 per cent year on year, Magnitt said. This accounted for 62 per cent of total funds raised last year.
In the first six months of the year there was a preponderance of larger-sized rounds with more than 40 per cent ($2bn) of the capital raised in mega deals, which are valued at more than $100 million, Magnitt said.
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