UAE’s Tabby gets ready to relocate HQ to Saudi Arabia ahead of IPO on Tadawul

UAE’s Tabby gets ready to relocate HQ to Saudi Arabia ahead of IPO on Tadawul
UAE-based e-sports startup Fanzword has secured a $1.2 million pre-seed funding round led by XVC Tech and other regional angel investors. (Supplied)
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Updated 30 September 2023
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UAE’s Tabby gets ready to relocate HQ to Saudi Arabia ahead of IPO on Tadawul

UAE’s Tabby gets ready to relocate HQ to Saudi Arabia ahead of IPO on Tadawul
  • Buy now, pay later fintech prepares for its IPO on Saudi stock exchange

CAIRO: In recognition of Saudi Arabia’s booming financial technology sector, UAE’s Tabby, a forerunner in the buy now, pay later fintech space, is shifting its headquarters to Saudi Arabia as it gears up for its initial public offering.

The decision comes as the company inked a memorandum of understanding with the Kingdom’s Ministry of Investment.

Concurrently, Tabby is laying the groundwork for its IPO on the Saudi stock exchange.

The company intends to strategically strengthen its presence in its largest market, given that 80 percent of its customers hail from the Kingdom.

“With this move, we aim to amplify our reach and impact, reinforcing our commitment to deliver unparalleled financial solutions to our customers in the region. We’re equally dedicated to fostering local talent and contributing to the growth of the Saudi economy,” as stated by Tabby’s official account on X, formerly known as Twitter.

Moreover, Tabby recently received the green light from the Saudi Central Bank after obtaining a permit to expand its operation into the Kingdom.

“Millions of people in Saudi Arabia rely on Tabby today, so it’s an incredibly important step to crystalize our foundations in the Kingdom and continue building toward financial freedom for our community,” Tabby’s CEO Hosam Arab told Arab News in August.

Tabby’s strategies perfectly align with the Kingdom’s aspirations to drive financial inclusion and literacy as a cornerstone of the country’s economic growth.  

Arab also lauded the Saudi government’s measures to help boost the fintech sector. The CEO said the encouraging regulatory landscape will help instill confidence in Tabby to introduce innovative services in the Kingdom.

Currently operational in Saudi Arabia, the UAE, and Kuwait, Tabby holds a valuation of $660 million following its latest funding round from investors including Sequoia Capital India, STV, PayPal Ventures, Mubadala Investment Capital, Arbor Ventures, and Endeavor Catalyst.

Furthermore, the company has over 15,000 worldwide brands and small enterprises, including H&M, Adidas, IKEA, SHEIN, noon, and Bloomingdale’s, that utilize its technology to stimulate growth and build a faithful customer base by offering flexible payment options both online and in-store.

UAE’s esports Fanzword raises $1.2m in a pre-seed round

UAE-based esports startup Fanzword has successfully raised $1.2 million in a pre-seed funding round, spearheaded by XVC Tech, and supported by several regional angel investors.

Launched in 2021 by Ibrahim El-Mohdar and Amr El-Beheiry, Fanzword positions itself as a unique football fan engagement platform. It envisions creating a virtual stadium experience where aficionados can not only track their favorite teams but also connect, interact, and accrue rewards.  

“We believe that it’s the perfect time to leverage a Football Fan Engagement Platform in the Middle East,” said El-Mohdar, CEO at Fanzword.

“Especially after the resounding success of the World Cup in Qatar and the Saudi Pro League’s blockbuster signings of football legends like Ronaldo, Neymar Jr., and Benzema,” he added.

With capital in hand, Fanzword aims to amplify its regional footprint and further tap into its web3 gaming capabilities.

The company claims to have over 250,000 downloads while achieving more than 100 percent growth in 2022.

“We believe that the partnership with Fanzword will not only reshape web3 gaming but also accelerate the adoption of NextGen Technology Solutions in the Middle East and beyond,” Johan Lundberg, founding partner and board member at XVC Tech, said.

Cypherleak raises $750k seed round to simplify cyber risk monitoring  

UAE’s cyber risk monitoring and scoring startup, Cypherleak, has successfully secured $750,000 in a seed funding round.  

The investment attracted notable participation from entities spanning Abu Dhabi, Morocco, and Qatar, including the Maroc Numeric Fund II and the Qatar Insurance Company.  

Incepted in 2022 by Mohamed Belarbi, Cypherleak offers advanced risk monitoring solutions tailored for smaller businesses, effectively obviating the need for in-depth cybersecurity technical knowledge. 




Mohamed Belarbi’s Cypherleak offers advanced risk monitoring solutions. (Supplied)

This infusion of capital is set to bolster Cypherleak’s growth ambitions across the Middle East and Africa.

“The funding injection will enable us to accelerate our expansion across the Middle East and Africa, fortifying our position as a leading player in the rapidly evolving field of cyber risk management and ratings,” Belarbi said.

“With the backing of these strategic investors, Cypherleak is well-positioned to continue developing cutting-edge technologies and delivering unparalleled cyber risk insights to businesses and organizations across the region and the world,” he added.

The company claims to have successfully marketed subscriptions to over 1,000 corporate clients across Europe and the Middle East and North Africa region, targeting small and medium enterprises that are frequently priced out of enterprise-grade cybersecurity solutions.

“Cyber security risks are a serious threat for MENA SMEs who are mostly unprepared to face this new reality. Thanks to their strong experience, Mohamed Belarbi and his co-founders are building a strong and user-friendly platform that is able to address these serious threats, and help MENA SMEs get insured accordingly,” Dounia Boumehdi, managing director of MITC Capital, the management company of Maroc Numeric Fund II, said.

Lars Gehrmann, chief digital officer at QIC, also stressed the importance of cybersecurity for underserved MENA SMEs.

“Cyber security is a growing topic in the MENA region. SMEs are among the companies that are the most vulnerable. Cyber insurance for SMEs is already needed and is poised to grow in the months to come,” Gehrmann added.

UAE’s fintech BILRS raises pre-seed round

UAE’s emerging fintech player, BILRS, has secured a pre-seed investment from venture capital firm Haatch, although the exact amount remains undisclosed.  

Founded in 2022 by Rupert Shaw, BILRS has quickly positioned itself as a reliable facilitator, empowering both online and offline merchants to extend bill payment services to their customers.  

Notably, the company claims to have customers across a portfolio of over 30 countries, showcasing the firm’s vast reach in a short span. 

Millions of people in Saudi Arabia rely on Tabby today, so it’s an incredibly important step to crystalize our foundations in the Kingdom.

Hosam Arab, Tabby CEO

“We are incredibly excited about the future of BILRS and the opportunity this partnership with Haatch represents. This investment will empower us to enhance our platform’s capabilities, better serve our customers, and continue our mission of enabling purposeful remittance,” Shaw said.

“We are grateful for the confidence that Haatch has shown in our vision, and we look forward to the remarkable progress we will achieve together,” he added.

The recent funding is expected to provide BILRS with the requisite fuel to expedite its ambitious mission of introducing greater transparency and accountability into the world of money remittances.  

The move aligns with the broader industry trend of leveraging fintech solutions to simplify and streamline complex financial transactions for the end-users.

Canada’s ClearPier acquires UAE’s Media Quest Group for $35m

Canadian performance advertising giant ClearPier has marked a significant milestone in its growth strategy by acquiring UAE’s Media Quest Group, also known as MQuest, in a deal valued at $35 million.

ClearPier was established in 2010 by the duo Jignesh Shah and Sunil Abraham, while MQuest was formed in 2020 by John Rowe, Jay Bhojani, and Lorraine Hall.

The latter uses data to pinpoint consumers with a notably high propensity to make purchases, acting as a conduit between advertisers and potential buyers.

The strategic move to integrate MQuest into ClearPier’s operations is anticipated to bolster ClearPier’s foothold, not just in the Gulf Cooperation Council region, but also across the European markets.


Turkish inflation rises to its highest level this year

Turkish inflation rises to its highest level this year
Updated 04 December 2023
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Turkish inflation rises to its highest level this year

Turkish inflation rises to its highest level this year
  • Aggressive rate-hiking cycle may be beginning to cool demand

ISTANBUL: Turkiye’s annual inflation rate edged up to 61.98 percent in November, data showed on Monday, its highest level this year but just shy of expectations, signaling that an aggressive rate-hiking cycle may be beginning to cool demand.

Month-on-month, consumer price inflation was 3.28 percent, according to the Turkish Statistical Institute, less than a forecast of 3.9 percent in a Reuters poll.

Annual inflation was expected to have risen to 63 percent in November before ending the year at 67 percent, the poll showed. Price rises are seen peaking in May between 70-75 percent before dipping due to the monetary tightening cycle that is winding down.

The data “adds to evidence that inflation pressures in the economy continue to cool,” said Liam Peach, senior emerging markets economist at Capital Economics.

The “monetary tightening cycle is likely to come to an end with one final interest rate hike later this month,” he wrote.

In October, annual inflation dipped for the first time in three months to 61.36 percent.

Inflation soared after a currency crisis at the end of 2021 and touched a 24-year peak of 85.51 percent in October last year. This year, the lira has so far lost some 35 percent of its value, compounding the cost-of-living crisis for Turks.

The monthly CPI was driven by an 11 percent jump in housing-related costs in November, while clothing and transportation costs were nearly flat, the data showed.

Concern autos will become less affordable due to rising prices and the ongoing lira depreciation has driven sales to an annual record, up 60.8 percent in the January-November period, trade association data showed on Monday.

The domestic producer price index was up 2.81 percent month-on-month in November for an annual rise of 42.25 percent.

The latest run-up in inflation began in July on the back of tax hikes and a sharp decline in the lira following May elections.

Since June, the central bank has reversed a yearslong policy of low rates that had long been favored by President Recep Tayyip Erdogan. It has hiked rates by 3,150 basis points to stem inflation and also adjusted a raft of credit rules.

As part of Erdogan’s pre-election pledges, household monthly natural gas consumption up to 25 cubic meters was provided free until May next year.

The lira weakened 44 percent against the dollar in 2021 and another 30 percent in 2022. Inflation fell to as low as 38.2 percent earlier this year, partly due to base effects and a relatively stable lira.

The central bank raised its benchmark rate to 40 percent last month and said tightening will be completed in a short period of time.

The bank said domestic demand appears to be moderating however its existing high level, along with stickiness in services prices, and geopolitical risks keep inflation pressures alive.


Women complain of unfulfilled promises to tackle gender disparity

Women complain of unfulfilled promises to tackle gender disparity
Updated 04 December 2023
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Women complain of unfulfilled promises to tackle gender disparity

Women complain of unfulfilled promises to tackle gender disparity

DUBAI: As Gender Day was observed on Dec. 4 at the 2023 UN Climate Change Conference in Dubai, female participants advocated for increased awareness regarding climate change’s acute impact on women, especially in the developing world.

Despite the extensive ongoing discussions surrounding the topic, numerous female participants expressed dissatisfaction, asserting that akin to various other facets of climate change, the gender gap has largely remained mere discourse. They highlighted that changes are unlikely to occur, even as the repercussions of climate change, particularly affecting women, continue to heighten.

Vinita Apte, founder of TERRE Policy Centre, a Pune-based NGO working with women living in rural areas, outlined the challenges climate change presents for women, particularly in India.

Apte spoke with Arab News on the sidelines of the forum, saying: “In terms of climate change, women are facing a lot of problems, especially with water scarcity, which is a major issue in their life because they have to walk for long (distances) just to get even a pot of clean water. Besides water, they have a lot of problems typical of climate change in terms of heavy rains or hot summers.”

She added that in the absence of training or outside aid, women, many of whom are illiterate, remain unaware of how to adapt to the current climate crisis.

“They don’t know what needs to be done, like changing farming patterns or how to conserve rainwater and also how to prepare for heat waves,” Apte said.

Naliba Mamman, from Nigeria, added that women, especially in rural areas, face several problems due to a lack of resources.

“For cooking, they need to arrange for fuel, which is mainly by cutting down trees in their villages. They need energy to run homes. They are also impacted in terms of farming, getting their produce to the local markets or getting their kids to school,” Mamman said.

The pain of women in developing countries is also being felt in other parts of the world where there is less gender disparity in terms of climate change.

“While in the UK, we may not feel any difference gender-wise, but it is recognized just around the world. And there are a lot of places, especially developing countries, where there is a massive difference between how climate change affects men and women. And so I think there are issues with the different kind of traditional roles that some women have in the community, like collection of kind of resources, water, food, that kind of thing, which can be more difficult in droughts and floods, that kind of situation. Also, the child care and family caring responsibilities fall mainly on the women, which again is, you know, in times of drought, climate crisis, food shortages, water shortages, illness, climate catastrophes, you know, that that’s an added pressure on kind of women as well,” said Rachel Mulholland, a British woman currently working in Saudi Arabia.

In certain nations, government entities, more so than multilateral bodies, have taken note of the issues surrounding women and have initiated action.

Habon Aden Awaleh of Djibouti highlighted that its government has already created a plan to help women adapt to the issues raised by climate change.

However, Awaleh revealed that for women from urban and rural backgrounds, there are implements in place to help lessen the impact of climate change. For the nomadic population, however, which is widespread throughout Djibouti, like many other African nations, the challenge is much greater as these populations are in transit, and therefore, delivering assistance becomes more difficult.

Celina Ewbuomwan of Nigeria highlighted that, like in various facets of the climate change debate, including the gender gap, the era of mere discussions has ended. She asserts it is now imperative to transition from talk to tangible action.

“This year, the whole thing is beyond ambition. We’re talking about action. So we hope that at the end of this, every country will take something back home and be able to implement that next year when everybody’s coming back again. There’s something we have probably a milestone that we say this is what we have done and this is where we are today,” said Ewbuomwan.

“Yes, the issue is there are so many beautiful plans, the issue is implementation, which is the challenge. We must have a timeline to achieve our goals. This year, the theme is ‘Unite. Act. Deliver.’ So, I would like to see some delivery on this issue,” said Mamman.


COP28: Saudi Arabia’s Red Sea economy shifts to regeneration

COP28: Saudi Arabia’s Red Sea economy shifts to regeneration
Updated 04 December 2023
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COP28: Saudi Arabia’s Red Sea economy shifts to regeneration

COP28: Saudi Arabia’s Red Sea economy shifts to regeneration

DUBAI: Saudi Arabia’s push toward sustainability has evolved as large corporations aim for regeneration in the Red Sea, according to the person in charge of one of the Kingdom’s giga-projects.

During a panel discussion at the 2023 UN Climate Change Conference in Dubai, John Pagano, CEO of Red Sea Global, highlighted how the company has shifted from sustaining its natural landscape to healing and recovering what has been damaged.  

“When we started our journey six years ago, we talked about setting new standards in sustainability and we came to realize fairly quickly that sustainability is no longer enough, and we coined the term regeneration,” Pagano said.  

He further underscored that maintaining the status quo is no longer adequate, stating: “We are on a terrible trajectory.”  

Moreover, Pagano urged global leaders to take action and “change course,” emphasizing the current bleak outlook of the future.

Accompanying Pagano, Carlos Duarte, professor and marine scientist at King Abdullah University of Science and Technology, supported the call for action.  

“We have a commitment to our youth not to hand over a planet that is crippled, but a planet with oceans and a Red Sea that can support generations to come,” Duarte said.  

“The bold decision that we are taking globally is that we are no longer content with conservation; we need to go into regeneration,” he added.

Both speakers highlighted the concept of “natural capital” and how this will be used as a global metric for investors to measure a country’s economic performance. Natural capital refers to the stock of renewable and non-renewable natural resources that aid citizens. The term highlights the importance of maintaining and managing ecosystems and their services for the long-term benefit of society.

“The private sector is key to the future of biodiversity and the future of climate and without the involvement from the private sector, we will not meet our goals. That is where concepts like natural capital are very important. Now, natural capital is the new real estate,” Duarte said.

Pagano further added that aside from a country’s gross domestic product, investors will use natural capital as a measure for investment analysis.

RSG has become one of Saudi Arabia’s leading sustainable tourism developments with projects that bring together luxury and clean energy.

“We’ve delivered on the promises that we made dating back to six years ago but we’re doing it sustainably. Six Senses Southern Dunes is totally renewable energy-powered, 24 hours a day, completely off-grid,” Pagano said during the panel discussion.

“We are able to literally push the boundaries of what is possible today,” he added.


Not enough renewable energy to meet global demand: Aramco chief

Not enough renewable energy to meet global demand: Aramco chief
Updated 04 December 2023
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Not enough renewable energy to meet global demand: Aramco chief

Not enough renewable energy to meet global demand: Aramco chief

RIYADH: The amount of renewable energy coming to the international market falls short of fulfilling the rising demand, according to Saudi Arabian Oil Co.’s CEO. 

Speaking on a panel at the Saudi Green Initiative Forum on the sidelines of the 2023 UN Climate Change Conference, Amin Nasser highlighted that more investments are needed in the oil and gas sector to ensure a smooth energy transition.

“Even with all the renewable coming to the market, it is still not enough to handle the additional demand we are seeing,” said Nasser. 

He added: “If you compare the investments in the energy sector, it was around $740 billion. Right now, we are doing 40 percent below that at around $500 billion. Considering the higher demand we are anticipating in the future, I think we need more investments.”

Patrick Pouyanné, CEO of TotalEnergies, who was also present on the panel, said that investments in the energy sector are rising, but the industry should learn how to split investments between renewables and hydrocarbons. 

“Investments in the energy sector are growing. The question is, how do we split these investments? Because we want to triple renewables, and at the same time, we need to maintain the production of oil and gas, which is the energy of today. Let us do more investments in the energy sector, but in an orderly manner,” said Pouyanné. 

During the talk, Nasser highlighted that the demand for clean energies like green hydrogen remains low due to its high associated costs.

Regarding the world’s energy divide based on socio-economic characteristics, Nasser said: “Today, 60 percent of what we produce goes to the global south, and 40 percent goes to the global north. By 2050, almost 70 percent will go to the Global South, and in hydrocarbons, 80 percent will be going to the Global South.” 

Nasser added: “We need to take care of all stakeholders in terms of making sure that we provide affordable, sustainable, and secure energy for the whole world.” 

The Aramco chief further noted that Saudi Aramco is one of the energy companies in the world that has made significant strides in ensuring sustainability in its operations. 

“Today, we have the lowest methane and CO2 emissions globally at Saudi Aramco. We will continue to drive it down. We have made the commitment to zero methane by 2030. We are building the carbon capture and storage. We are getting into e-fuels.” said Nasser.

Last year, Saudi Aramco partnered with the Kingdom’s Ministry of Energy to establish a carbon capture and storage hub in the region. 

Following the launch, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said the hub will have a storage capacity of up to 9 million tons of carbon dioxide annually by 2027. 


Riyadh aims to transform into global sustainability hub by 2030 with $92bn Expo investment 

Riyadh aims to transform into global sustainability hub by 2030 with $92bn Expo investment 
Updated 04 December 2023
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Riyadh aims to transform into global sustainability hub by 2030 with $92bn Expo investment 

Riyadh aims to transform into global sustainability hub by 2030 with $92bn Expo investment 

DUBAI: Riyadh is poised to transform into one of the world’s most sustainable cities by the end of the decade, thanks to substantial investments earmarked to prepare the Saudi capital for the upcoming Expo 2030.  

Saudi Vice Minister of Tourism Princess Haifa bint Muhammad Al-Saud announced a $92 billion investment for the global showpiece event at the third Saudi Green Initiative Forum on the sidelines of the UN Climate Change Conference in Dubai.  

Riyadh has secured the hosting rights for the 2030 World Expo, scheduled to take place between Oct. 1, 2030, and March 31, 2031.

The SGI Forum kicked off on Dec. 4 as COP28 continues to mobilize world leaders toward serious action against climate change. 

Addressing the event, Princess Haifa set the tone by emphasizing the projected growth in international arrivals, expected to reach 1.8 billion by 2030.  

She underscored the collective responsibility, stating: “Those are the types of commitments that we need to start proactively doing, and it starts from a role as individuals, all the way to the roles of the communities, to the roles of government and the roles of the private sector.” 

Beyond Riyadh, Saudi Arabia is spearheading a significant push toward sustainable tourism, with the NEOM giga-project taking center stage.  

Nadhmi Al-Nasr, CEO of NEOM, outlined the ambitious vision for this new urban project, which starts from scratch. He detailed the plan to designate 95 percent of the region as an untouched nature reserve, with only 5 percent allocated for the city, envisioned to accommodate 9 to 10 million people.  

Al-Nasr said: “We are starting from zero. We have no legacy. We have nothing to undo. And that's a blessing, but that’s a big responsibility.”  

He added: “We said look, first we want the nature reserve to govern how NEOM will be done. Immediately we decided to make 95 percent of this whole region untouched nature reserve.”  

Furthermore, Al-Nasr emphasized the commitment to renewable energy, stating: “We said we need to build the city or this NEOM by having it all energized by renewable energy. Renewable energy is the base of NEOM.” 

Mohammad Al-Tayyar, the program director of Saudi Arabia’s Oil Sustainability Program — an initiative aimed at developing new and environmentally and economically advantageous applications for hydrocarbons — shared insights into effective climate action. 

He stated, “So if you focus on the four R’s — reduce, reuse, recycle, and remove — you can really achieve a lot of your mitigation and abatement activities.” 

Speaking at the same forum, Governor of Public Investment Fund Yasir Al-Rumayyan highlighted Saudi Arabia’s economic successes and unveiled plans for a net-zero transition by the first quarter of the following year.  

He discussed the transformation of the sovereign wealth fund to the seventh rank globally and its potential role in the India-Saudi-Europe corridor, with a focus on green hydrogen and renewable energy.  

“We are doing our part, and I hope the rest of the world will do theirs,” said Al-Rumayyan.  

Saudi Minister of Economy and Planning Faisal Al-Ibrahim emphasized the significance of Vision 2030 in diversifying the country’s economy and empowering the youth.  

He acknowledged the experimental nature of their approach, stating: “We’re very experimental. We’re very humble about learning from others’ experiences, including our own experiences.”  

The minister stressed the importance of stable and growing economies in achieving effective climate action and shared their commitment to building institutional capabilities, and said: “I think, from our point of view, the thing that we don’t regret doing is building institutional capabilities, educating people.”  

He continued: “We have the cleanest oil in the world being produced in Saudi Arabia. And we still want to be a large, and the most reliable and cleanest conventional, hydrocarbon energy producer.” 

President of the New Development Bank Dilma Rousseff remarked on the challenges faced by developing nations, stating: “There is a problem in the Global South countries. The burden of public debt. The public debt is rising too much and too fast.” 

The leaders collectively emphasized Saudi Arabia’s commitment to sustainable practices, renewable energy, and nature conservation.  

The announcements made at the third SGI Forum reflect the Kingdom’s determination to lead the charge in addressing the global climate crisis and fostering a more sustainable future for generations to come.