Women-centric Edtech platform raises $3m in a pre-seed funding

The startup will use its funds to launch self-service products for interview practice, networking, and mentorship as well as grow from 60 to 6,000 engineers per year, according to TechCrunch.
The startup will use its funds to launch self-service products for interview practice, networking, and mentorship as well as grow from 60 to 6,000 engineers per year, according to TechCrunch.
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Updated 11 May 2022

Women-centric Edtech platform raises $3m in a pre-seed funding

Women-centric Edtech platform  raises $3m in a pre-seed funding

RIYADH: California-based women-centric training platform for MENA computer science engineers, Manara, raised $3 million in a pre-seed funding round that was led by Stripe.

The round also had participation from world-class entrepreneurs like LinkedIn’s Reid Hoffman, Y-Combinator’s Paul Graham, Lean Startup founder Eric Ries, and Careem’s Mudassir Sheikha.

Founded in 2021 by Iliana Montauk and Laila Abudahi, the company offers computer science training to anyone who is qualified for it without paying any tuition fees but committing to 10 percent of their salary in the first two years of employment.

The startup will use its funds to launch self-service products for interview practice, networking, and mentorship as well as grow from 60 to 6,000 engineers per year, according to TechCrunch.

The company has seen 86 percent of its trained engineers receiving job offers in just five months of graduating with others seeing a 300 percent increase in pay after training.


Egypt launches digital platform for petroleum products A

Egypt launches digital platform for petroleum products    A
Updated 16 sec ago

Egypt launches digital platform for petroleum products A

Egypt launches digital platform for petroleum products    A

RIYADH: Egypt has launched a digital platform for petroleum products and natural gas, as the country moves ahead on the path toward digital transformation, Daily News Egypt reported. 

Announcing the launch of the initiative, Tarek El Molla, minister of petroleum and mineral resources, said the new digital services will provide an integrated system to manage and follow up on the supply of fuel to cars using a smart card instead of paper coupons. 

He said the new digital service platform will ensure secure transportation and circulation of petroleum products, which will preserve the rights of the contracting parties, through data that can be accessed through the smart card. 

El Molla further noted that cashout services will be available in gas stations, and the public can withdraw cash from gas stations using their bank cards. 

The minister revealed that withdrawal services are now made available at 400 petrol stations in the country.


Egypt’s strategic wheat reserves sufficient for 5.7 months

Egypt’s strategic wheat reserves sufficient for 5.7 months
Updated 15 min 10 sec ago

Egypt’s strategic wheat reserves sufficient for 5.7 months

Egypt’s strategic wheat reserves sufficient for 5.7 months

CAIRO: Egypt has strategic reserves of wheat sufficient for 5.7 months, Supply Minister Aly Moselhy said in a news conference on Sunday, adding that the country has procured 3.9 million tons of wheat in the local harvest so far.

Egypt is often the world’s biggest wheat importer.

He added that the strategic reserves for sugar were sufficient for more than six months and those for vegetable oils are sufficient for 6.2 months, while the country is self-sufficient for rice for 3.3 months.


UAE’S energy group Taqa issues $8.25bn bonds on ADX

UAE’S energy group Taqa issues $8.25bn bonds on ADX
Updated 45 min 20 sec ago

UAE’S energy group Taqa issues $8.25bn bonds on ADX

UAE’S energy group Taqa issues $8.25bn bonds on ADX

RIYADH: Abu Dhabi National Energy Co., known as Taqa, has listed nine bonds on Abu Dhabi Securities Exchange valued at $8.25 billion.

The bonds, scheduled to mature between 2023 and 2051, range from $500 million to $1.25 billion in size, with maturities ranging from seven to 30 years, the bourse said.

Taqa’s bonds were listed on the London Stock Exchange and were largely issued as part of the company’s global medium-term note program.

They have been assigned an “AA-” rating by Fitch and an “Aa2” rating by Moody’s, ADX said.


India In-Focus — Dubai’s Emaar CEO briefly detained; India plans safety rating system for passenger cars

India In-Focus — Dubai’s Emaar CEO briefly detained; India plans safety rating system for passenger cars
Updated 47 min 28 sec ago

India In-Focus — Dubai’s Emaar CEO briefly detained; India plans safety rating system for passenger cars

India In-Focus — Dubai’s Emaar CEO briefly detained; India plans safety rating system for passenger cars

RIYADH: Dubai’s Emaar Properties Group CEO Amin Jain was briefly detained on Friday on arrival at Delhi’s Indira Gandhi International Airport and handed over to local police, Indian news agency ANI reported. 

However, other news reports later stated that he was released after authorities realized the lookout circular issued against him was old. 

“Jain was detained but let off since the LOC was old and no case against him exists,” Sandeep Garg, senior superintendent of police, reported to have told the Hindu Business Line. 

India’s Punjab police had issued a LOC against Emaar in a case where the Group CEO was booked in a case registered in November 2019 regarding a delay in delivery of the plot purchased by a complainant, local media reported.

Emaar Properties is aware of a media report that its Group CEO Amit Jain has been briefly detained in India, a spokesperson for the company said on Saturday.

“Emaar is aware of reports regarding the Group CEO Amit Jain over an issue relating to the company’s work in India. The issue has now been resolved, and we have no further comments at this time,” the spokesperson added.

Dubai’s Emaar Properties entered India in 2005 through a joint venture Emaar MGF Land, which was later dissolved. The demerger was approved in July 2018.

India plans safety rating system for passenger cars

India will introduce a safety rating system for passenger cars — a measure that hopes will encourage manufacturers to provide advanced safety features and boost the “export worthiness” of vehicles produced in the country.

The road transport ministry, in a statement, said it would assign a rating of one to five stars for cars based on tests assessing adult and child occupant protection as well as safety assist technologies.

The new system is slated to come into effect in April 2023.

India, which has some of the world’s deadliest roads, has also proposed mandating that all passenger cars have six airbags, despite resistance from some carmakers who say it will increase the cost of vehicles. 

Current rules call for two airbags — one for the driver and one for the front passenger.

India is the world’s fifth-largest car market, with annual sales of around 3 million units a year, and Maruti Suzuki, Hyundai Motor and Tata Motors are its biggest-selling automakers.

(With input from Reuters)

 


TASI rises following steep losses: Opening bell

TASI rises following steep losses: Opening bell
Updated 26 June 2022

TASI rises following steep losses: Opening bell

TASI rises following steep losses: Opening bell

RIYADH: Saudi stocks rose in the first trading session of the week, easing after steep losses, but investors remain cautious due to upcoming rate hikes by major central banks and global recession risks.

The main index, TASI, increased 1.80 percent to close at 11,514, while the parallel market, Nomu, decreased 0.85 percent to 20,552 as of 10:07 a.m. Saudi time.

Rabigh Refining and Petrochemical Co. gained 6.11 percent to lead the gainers, followed by Saudi Ground Services Co. with a 3.82 percent gain.

AlAhli REIT Fund (1) led the laggards with a 0.36 percent decline, followed by Arabia Insurance Cooperative Co. with a 0.27 percent fall.

Saudi Aramco, the largest player on the Saudi oil market, started today’s trading up 1.21 percent.

In the financial sector, the Kingdom’s largest valued bank Al Rajhi gained 2.41 percent, while Alinma Bank rose 2.30 percent.

In the pharma sector, Aldawaa Medical Services Co. improved 2.60 percent, while Nahdi Medical Co. gained 1.04 percent.

Both telecom giants stc and Zain KSA gained 2.06 percent and 1.47 percent, respectively.

Methanol Chemicals Co. climbed 1.93 percent, after reporting that it would pay SR273 million ($73 million) as an early loan payment to SIDF and lenders.

Middle East Healthcare Co. rose 2.17 percent, after reporting that it has opened a Saudi German clinic complex in the Al Samer District of Abha city, accommodating 30 clinics.

Prices of oil increased on Friday in response to tight supply. Brent crude settled at $113.12 a barrel and US West Texas Intermediate reached $107.62 a barrel.