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INVESTMENT-
#1- Abu Dhabi-based VC Shorooq Partners led a USD 2 mn pre-seed funding round for Egyptian B2B payment platform Settle Payments, according to a press release (pdf). Egypt’s El Sewedy Capital Holding and Acasia Ventures participated in the round, alongside Abu Dhabi’s Plus VC.
Settle? The fintech startup founded in 2023 is a B2B payments platform that aims to help businesses digitize and simplify their B2B payments, offering integration of companies’ enterprise resource planning software with existing bank accounts to automate payments and receivables and improve the transparency of companies’ financial processes, all while increasing efficiency and reducing operational errors.
Where’s the money going? The company plans to use the funding to establish itself within the global market and further develop the platform, as well as invest in top local talent, improve user experience, and ramp up the company’s marketing efforts to get the attention of both SMEs and large enterprises, Shorooq Partners partner Tamer Azer told EnterpriseAM. It also has long-term plans to expand into the GCC, including to Saudi Arabia and the UAE, Azer told us.
#2- Dubai-based B2B hospitality startup Plain Tiger raised an undisclosed investment from CoreAngelsMEA, a unit of CoreAngels International, according to a press release. African Business Angel Network also joined as a co-investor. Plain Tiger will use the investment to develop its platform and expand into the Saudi market, according to the statement. The investment follows a prior funding round led by VC AngelSpark in May.
About Plain Tiger: Founded in 2021, Plain Tiger connects hotels with over 300 eco-friendly suppliers, while providing access to ESG data, to help hotels reduce their environmental impact.
#3- Infrastructure and real estate investment firm Stonepeak opened an office in Abu Dhabi after recieving a license from the Financial Services Regulatory Authority of Abu Dhabi Global Market, according to a company statement. The new office will enable Stonepeak to arrange investments and provide advisory services in the UAE.
#4- Phoenix Venture Partners secures ADGM license: Technology-focused investment firm Phoenix Venture Partners secured an Abu Dhabi Market fund manager license, with Apex Group facilitating the move, according to a press release. The new license will allow Phoenix to expand its operations in the UAE and launch its first fund.
Apex Group will provide corporate and fund services for Phoenix’s upcoming fund, positioning it to attract both domestic and international investors across the MENA and GCC regions, according to the statement.
REAL ESTATE-
DMT to transfer real estate services on Al Reem Island to ADGM: Abu Dhabi’s International Financial Centre ADGM signed an MoU with the Department of Municipalities and Transport (DMT) to transfer real estate and municipal services on Al Reem Island to ADGM, according to a statement.
LEGISLATION-
Dubai introduces new law to streamline law enforcement regulations: Sheikh Mohammed bin Rashid Al Maktoum, Ruler of Dubai, has issued a new law aimed at enhancing law enforcement capabilities and public-private partnerships in managing public facilities, according to a statement. The law applies to government employees, private contractors, and institutions managing public facilities, as well as community members granted law enforcement capacity. It also mandates the use of Arabic in investigations and sets guidelines for enforcement and performance evaluations.
MANUFACTURING-
Ras Al Khaimah Ports inked an AED 100 mn MoU with Jianhua Holdings Group, to establish a concrete pile facility in RAK Maritime City FreeZone, Trade Arabia reports. Jianhua Holdings is now finalizing the first phase of the project, which will produce prestressed high-strength concrete piles to cater to demand across the GCC and Asian markets.
ENERGY-
Abu Dhabi-based EEIC to distribute MediSun’s tech: Engineering contractor Emirates Electrical & Instrumentation Company (EEIC) signed an MoU with renewable energy company MediSun Energy to distribute its WEGen technology, which uses osmotic power to generate electricity, in the UAE, according to a company statement. The technology helps reduce consumption by 30%.
