Welcome to our daily funding update for MENA startups. In this brief, we’ll cover the latest funding news and investments from the region’s vibrant startup ecosystem.
12th April 2032 Funding and Investment Update:
- Savvy Games Group, which is owned by Saudi Arabia’s Public Investment Fund, announced the $4.9 billion acquisition of Scopely. The agreement underscores Savvy’s efforts to position Saudi Arabia as a key gaming powerhouse by 2030.
- e& announced the signing of a binding agreement with Uber Technologies and its subsidiary Careem to acquire a majority stake in Careem’s Super App spinout. e& is investing $400m to become a majority shareholder in Careem’s Super App alongside Uber and all three of Careem’s co-founders. The Careem Super App offers over a dozen services and with this new investment, Careem plans to accelerate the realisation of its ambitious vision to create the first “everything app” serving customers across the MENA.
- The UAE Ministry of Finance has issued a Ministerial Decision No. 73 of 2023 on Small Business Relief of the Taxation of Corporations and Businesses, allowing taxable persons to claim facilities if their revenues for the relevant or prior tax period do not exceed AED 3 million. The ruling is effective for tax periods beginning June 1, 2023, and the same revenue restriction applies to future tax periods through December 31, 2026. The Small Business Relief decision intends to help startups and micro or small businesses by lowering corporation tax and compliance costs.
That’s all for today’s funding update. Stay tuned for more updates on the MENA startup scene, and don’t forget to subscribe to our newsletter or browse our archives for more news and analysis.
These funding updates were sourced from a press releases and Wamda.com
For more updates on MENA startups and entrepreneurship, subscribe to our newsletter or browse our archives. Stay up-to-date with the latest news and analysis from the region’s thriving startup ecosystem, and discover new insights and opportunities to grow your business.
Follow us on Instagram, LinkedIn, and Twitter for startup & business news and inspiring stories of MENA businesses, entrepreneurs, startups, innovators, investors, and change-makers.
To report any issue or error in the story, please email us editor [at] rasmal [dot] com.
Last Updated on April 17, 2023 by Safiya K
