PayTabs raises $20m investment for global expansion

Abdulaziz F. Al-Jouf
Updated 28 August 2017
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PayTabs raises $20m investment for global expansion

PayTabs, a payment processing firm incorporated in Saudi Arabia, has raised a $20 million investment to support its products and global expansion. The expansion plan extends to 20+ markets in the next two years. The investment will support PayTabs’ expansion in the MENA region, Southeast Asia, India, and several countries within Africa and Europe. Additionally, PayTabs will invest in new product developments such as digital payments to support their current and future customers. PayTabs said it will also engage in key strategic acquisitions to further expand its portfolio of products and services.
“PayTabs’ investment will be a significant contributor to local economic growth while also helping to potentially create 4000+ direct and indirect opportunities globally within the next two years,” a press release said.
Abdulaziz F. Al-Jouf, founder and CEO of PayTabs, said: “Our mission is to transform the face of financial services ... PayTabs wants to provide secure and flexible financial solutions to small and medium enterprises, and large corporations to help them flourish and grow their revenue in multiples. We have started operations in 2014 in the Middle East, and we aim to expand into other markets to accomplish our mission globally by offering a solution that is different from what exists in the market right now.”
PayTabs is determined to continue innovating, and to fill the regional and global Fintech gap by leveraging its massive potential.


Saudi students to visit Huawei HQ in China

Huawei recently held a special ceremony for students participating in the program at the CITC headquarters in Riyadh. (Photo/Supplied)
Updated 17 November 2018
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Saudi students to visit Huawei HQ in China

The Communications and Information Technology Commission (CITC) is collaborating with Huawei, a global provider of information and communications technology (ICT) infrastructure and smart devices, to launch Huawei’s fourth edition of the “Seeds for the Future” program. 

This year the Seeds for the Future program is expected to attract numerous projects from a wide range of universities in Riyadh, each with the potential to be selected for incubation. The initiative aims to develop ICT talent among Saudi students who will become tomorrow’s leaders. They will also receive focused mentoring from top Huawei executives and a chance to travel to Huawei’s global headquarters in Shenzhen, China, to gain exposure to the ICT solutions provider.

The company recently held a special ceremony for students participating in the program at the CITC headquarters in the Saudi capital. The event was attended on behalf of the CITC governor by Ahmed Al-Jarboo, vice president of corporate communications; Zhou Xinglong, counselor at the Chinese Embassy in Saudi Arabia; and Dennis Zhang, CEO of Huawei Tech Investment Saudi Arabia Ltd. 

CITC has been collaborating with Huawei since 2015 on Seeds for the Future. A total of 51 students have directly benefited as a result of the program, including through their visit to Huawei HQ in Shenzhen.

Al-Jarboo thanked Huawei for its efforts in “serving the community and its keenness on upgrading the Kingdom’s ICT sector.” He also urged students to benefit from the experience in expanding their knowledge.

Xinglong said: “This is another example of the close relationship we have with Saudi Arabia. I am proud of Huawei’s commitment to social responsibility and the important role played by this prestigious company in the development of Saudi youth.”

CEO Zhang said: “We are pleased to announce that we will continue to partner with the CITC for the Seeds for the Future in 2018. Saudi Arabia has a huge segment of young people and we are proud to announce our solidarity to empower these young people and give them the opportunity to sharpen their skills and help them become the leaders of tomorrow in the field of information and communication technology.”

He added: “Huawei is seeking to collaborate with government partners to develop an ecosystem for the ICT sector, and the key to this is to guide and support outstanding young talents in the field of ICT not only in Saudi Arabia, but to provide them with access to institutions to develop technologies that will help the Kingdom achieve its goals in its Vision 2030.”