Dubai-based organic nappy maker PureBorn raises $2m seed money 

Dubai-based organic nappy maker PureBorn raises $2m seed money 
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Updated 09 December 2021

Dubai-based organic nappy maker PureBorn raises $2m seed money 

Dubai-based organic nappy maker PureBorn raises $2m seed money 
  • The female-led company will use the funds to expand internationally and further its product development

DUBAI: Dubai-based startup PureBorn, which produces eco-friendly baby products, has raised $2 million in its latest seed funding round. 

The female-led company will use the funds to expand internationally and further its product development, it said in a statement. 

“As a consumer goods, e-commerce business, and a female-owned and run SME (small and medium enterprise), we are thrilled to be paving the way in this exciting category,” PureBorn founder Hannah Curran said.


Gas Arabian Services to offer 790k shares on Nomu

Gas Arabian Services to offer 790k shares on Nomu
Updated 15 sec ago

Gas Arabian Services to offer 790k shares on Nomu

Gas Arabian Services to offer 790k shares on Nomu

RIYADH: Dammam-based Gas Arabian Services will start offering 790,000 ordinary shares on the parallel market Nomu on Sunday Jan. 23, according to a bourse filing. 

The number of shares amounts to 5 percent of the company’s capital, priced at SR75 to SR90 ($20 to $24) each. 

The offering duration will take place for four days, till Jan. 27 2022.   

FALCOM Financial Services Co. is the lead manager of the initial public offering.


B2B e-commerce startup Chari closes a bridge round to pilot BNPL services

B2B e-commerce startup Chari closes a bridge round to pilot BNPL services
Updated 16 min 55 sec ago

B2B e-commerce startup Chari closes a bridge round to pilot BNPL services

B2B e-commerce startup Chari closes a bridge round to pilot BNPL services

RIYADH: Aiming to take a serious step towards the fintech space, Chari, a B2B e-commerce and fintech startup, has announced the closing of a bridge round.

“Chari will use the money of this bridge round to test the BNPL (Buy Now, Pay Later) services with its existing customers. Upon successful results, Chari will acquire a local credit company to enable shop owners to lend money to their end-users and further grow their business”, Ismael Belkhayat, the CEO of Chari said.

The amount of funding was not disclosed.

The round was led by the Saudi-based venture capital fund Khwarizmi Ventures, AirAngels, and Afri Mobility, the venture capital arm of AKWA Group.

Chari is digitizing the largely fragmented consumer goods sector in French-Speaking Africa.

By using Chari’s app, traditional convenience stores in Morocco and Tunisia can order products and receive them in less than 24 hours.

In October 2021, Chari announced a $5 million seed round along with the acquisition of Karny.ma, a Moroccan ledger book that had more than fifty thousand active users.

The recent acquisition of the credit book app Karny.ma gave Chari valuable data on the loans given by grocery stores to their customers.

This allows Chari to credit-assess the unbanked shop owners and determines the most fitting payment terms given to each.

This bridge round allows Khwarizmi Ventures, Air Angels and AKWA Group to join the existing cap table of Chari that includes Y combinator, Rocket Internet, Global Founders Capital, Plug n Play, Orange Ventures, Harvard University Management Company, Village Capital and P1 Ventures.


Masdar-Mitrabara collaboration to boost renewable energy market

Masdar-Mitrabara collaboration to boost renewable energy market
Updated 29 min 50 sec ago

Masdar-Mitrabara collaboration to boost renewable energy market

Masdar-Mitrabara collaboration to boost renewable energy market

The Indonesian commercial and industrial segment of the renewable energy market is set to benefit from a joint venture between UAE leading renewable energy firm Masdar and domestic energy group Mitrabara.

The collaboration is to run under Solar Radiance, which builds and maintains high-efficiency commercial solar solutions and utility solar projects.

The aim is to boost the availability of green sources and renewable energy solutions in the country in order to meet carbon footprint reduction goals.

“We believe that Solar Radiance will be able to accelerate the implementation of solar power solutions in Indonesia, especially since it is an abundant resource that is still underutilized,” a statement said, citing Khoirudin, Chief Executive Officer of Mitrabara.

The collaboration also aims to propel energy diversification attempts in the country and tackle climate action in the pursuit of net zero goals.

This comes as both the UAE and Indonesia share similar energy diversification, climate action, and sustainable future objectives.

It also aligns with Indonesia’s objective of generating at least 51 percent of power capacity from green sources by 2030.

 


UAE restructures board of directors for its Securities and Commodities Authority

UAE restructures board of directors for its Securities and Commodities Authority
Image: Shutterstock
Updated 45 min 43 sec ago

UAE restructures board of directors for its Securities and Commodities Authority

UAE restructures board of directors for its Securities and Commodities Authority

RIYADH: The UAE’s cabinet announced a restructuring of the board of directors of Securities and Commodities Authority as it moves ahead with reforms to position the country as a leader on the global financial stage.

The board members affected include Ali M. Al-Rumaithi, Abdullah A. Al-Khatib, and Faisal Y. Solitin, as their positions will last for 3 years, the albayan newspaper reported.

Under the restructuring and as per SCA's duties, the board members will work to strengthen and develop the legislative and administrative system for the financial markets in the country.

However, their remit extends further to also encompass a focus on supporting the supervisory and regulatory systems to set UAE as a global leader in this field.

The restructuring is conducted under the supervision of Deputy Chairman of SCA, Muhammad A. Al-Hammadi, UAE Government Media Office announced. 

Established in 2002 following federal decree No.4, the Abu Dhabi-based SCA is a legal entity aiming to supervise and monitor the markets. 


Saudi TASI rallies for a tenth day as investors eye earnings: Closing bell

Saudi TASI rallies for a tenth day as investors eye earnings: Closing bell
Updated 59 min 1 sec ago

Saudi TASI rallies for a tenth day as investors eye earnings: Closing bell

Saudi TASI rallies for a tenth day as investors eye earnings: Closing bell

RIYADH: Saudi Arabia’s main stock index closed higher on Thursday, holding onto strong gains from the past nine sessions, as investor sentiment rose with the start of the earnings season.

TASI gained 0.3 percent to reach 12,291 points, reversing losses from earlier today, while the parallel market Nomu slipped 0.3 percent to close at 26,071 points.

Saudi oil giant Aramco recouped morning losses to end 0.4 percent higher. The Kingdom’s largest lender, the Saudi National Bank, edged down by 0.13 percent.

The Gulf’s leading miner Saudi Arabian Mining Co., or Ma’aden, closed at its highest value since listing of SR93.7 ($25).

Al Moammar Information Systems Co., MIS, saw a 0.3 percent increase in its share price.

Earlier, MIS announced the launch of a system to provide cloud management solutions in Saudi Arabia, following a deal with BMC Software.

Nama Chemicals Co. topped the gainers, surging 5.9 percent to SR41.5.

Shares in Yanbu National Petrochemical Co., known as Yansab, led the losses, down 2.6 percent despite posting a 126-percent jump in net profit in 2021.

In energy trading, Brent crude reached $88 per barrel, and US WTI crude oil neared $87 per barrel as of 3:34 p.m. Saudi time.