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INVESTMENT-
#1- Shorooq Partners fuels Pakistan’s Zyp Technologies expansion: Abu Dhabi-based venture capital firm Shorooq Partners led a USD 1.5 mn pre-series A funding round for Pakistan’s smart mobility solutions startup Zyp Technologies, Shorooq Partners stated in an X post. The funding will allow Zyp to open over 60 battery swap stations and deploy 1k motorcycles across Lahore over the coming year, according to a press release. Indus Valley Capital, an existing investor, doubled their investment during this round and several angel investors also participated in the round.
About Zyp Technologies: Founded in 2022, the startup operates two complementary lines of business, Zyp Energy — which runs battery swap stations for motorcycles — and Zyp Motor — which supplies delivery companies with electric motorcycles and fleet management software.
#2- Changer.ae gets a new license: Crypto custodian Changer.ae will now be able to become an investment broker under a new license it obtained from Abu Dhabi Global Market’s regulator the Financial Services Regulatory Authority, it said on LinkedIn. The license allows Changer to buy and sell financial instruments on behalf of investors.
About Changer.ae: Changer.ae launched its services last year after obtaining the regulator’s license for providing financial services, allowing investors to securely store and manage their virtual assets. The company also plans to launch escrow and cryptocurrency conversion services, Unlock Blockchain News Desk previously reported.
#3- Umm Al Quwain greenlights new investment strategy: Umm Al Quwain’s new investment strategy, ratified by Crown Prince Sheikh Saud bin Rashid Al Mualla on Monday, will focus on attracting investments in logistics, tourism, manufacturing, and real estate development, Wam reports. The strategy identifies a number of projects and initiatives to attract investments over the coming years.
The new strategy was drafted by Umm Al Quwain’s Investment Development Committee in a bid to boost investments and back the business environment in the emirate. The committee was established in March per a decree from the crown prince.
STARTUPS-
Ogram secures funding to tap into Saudi Arabia: Dubai-based HRtech startup Ogram closed a funding round for an undisclosed sum that will be used to finance its plan to enter the Saudi market, according to a statement picked up by Wamda. The funding round was led by Oraseya Capital with participation from Aditum Investment Management and Everywhere VC. The startup raised USD 3 mn from its series A round last year.
About Orgam: The startup, founded in 2017, is a digital staffing platform that allows businesses to book staff on-demand. It currently operates in the UAE and Greece, with staff fulfillment rates in both locations crossing 90%, with double-digit growth in shifts in the UAE and triple-digit growth in shifts in Greece per month.
More in the pipeline: Ogram is currently gearing up for a series B funding round and potential M&A activities in 4Q 2024.
BANKING-
ADCB launches Sharia-compliant banking services in Kazakhstan: Abu Dhabi Commercial Bank’s (ADCB) Al Hilal Islamic Bank will now provide corporate financial services in Kazakhstan under ADCB’s Islamic Banking division, a press release (pdf) reads.
ADCB’s Kazakhstan branch will rebrand to focus on corporate banking, eventually phasing out retail services and assisting customers with the switch to new banking options.
RETAIL-
Alshayah expands Aura rewards program with new credit card: Kuwait-based retail franchise operator Alshaya Group teamed up with Mastercard to launch Aura co-branded credit cards in several countries including, Kuwait, Saudi Arabia, the UAE and Qatar — where the loyalty program already exists — to offer additional benefits to Aura members, according to a statement from Alshaya. No further details were provided on the extra benefits Aura members will get from using the credit cards.
CRYPTO-
Phoenix Group to set up a mining facility in the US: ADX-listed crypto miner Phoenix Group is developing a 25 MW crypto-mining facility in Willamette, South Carolina, the firm said in an ADX disclosure (pdf). This expansion will enhance both revenue and profitability for Phoenix Group’s core operations, which include data center and digital asset mining operations.
TOURISM-
Sharjah to roll out new attractions in Kalba: Sharjah’s Kalba will be getting a heritage museum, a park surrounding the flood-affected Khor Kalba Fort, and a walkway — dubbed Kalba Gate — connecting the Hanging Gardens to Al Hefaiyah Lake, Wam reports.The plans were announced by Sharjah Ruler Sheikh Sultan bin Muhammad Al Qasimi earlier this week.
TECH-
PowerDMARC expands to Dubai: SaaS platform PowerDMARC opened a new office in Dubai’s tech freezone Dubai Silicon Oasis in a bid to broaden its reach in the Middle East as part of its global expansion plan, according to a press release. The new location added to PowerDMARC’s offices in Texas, Armenia, and Oman, will enable the platform to provide improved services to its local clients and offer customized solutions for businesses, service providers, and government agencies across the region.
SUSTAINABILITY-
The Dubai Electricity and Water Authority (Dewa) replaced all water meters in Dubai with smart meters, after installing 1 mn smart meters as of the start of June, Wam reports. Smart meters cut Dubai’s water losses to 4.6% in 2024, saving roughly 12.5 bn gallons worth AED 451.3 mn.
