Welcome to our daily update for the latest developments and activities of startups in the Arab region. This brief will cover the latest news from the region’s vibrant startup ecosystem.
12th August 2023 Startups Activities News
1. Flat6Labs launches the Makers ConTech Accelerator in partnership with SIAC and Dar Al Handasah.
Flat6Labs, a leading venture capital finance and early investment provider in the MENA region, has announced the launch of the Makers ConTech Accelerator program in partnership with SIAC and Dar Al Handasah (Shaer & Co.). The program is the first accelerator program focused on the construction sector in the Middle East and aims to support advanced startups in the building technology industry. The Makers ConTech Accelerator provides selected startups with funding of up to $100,000 per startup and grants, industry expert consultations, mentorship, business training, coaching sessions, networking opportunities, and essential project resources to grow and scale their businesses. The program lasts for 12 weeks. Startups will be selected based on their new and unique technology, hardworking founders, and up-and-coming products offered with minimally viable products. With the launch of the new accelerator program, Flat6Labs intends to provide ongoing support to startups in the construction technology space, and the program will initially focus on Egyptian entrepreneurs before expanding to Saudi Arabia and later more broadly in the MENA region.
2. PayTabs Saudi Arabia expands into the Palestinian market through its partnership with Middle East Payment Services in Palestine (MEPS).
Saudi Arabia’s PayTabs announced its expansion into the Palestinian market by partnering with Middle East Payment Services in Palestine (MEPS) to contribute to the emerging e-commerce market by empowering owners of small and medium stores and online stores with various payment solutions and services. Notably, the number of social media users in Palestine reached about 2.95 million people in January 2023, representing 56% of the population according to Datareportal statistics, indicating that 80% of the population uses mobile phones. This collaboration allows merchants the flexibility to accept payments, especially using Visa and MasterCard cards, in addition to using direct payment solutions by linking the PayLinks payment solution with social media sales channels such as Facebook, WhatsApp, and Instagram.
3. Saudi FinTech Platform Awadah launches Nasdaq to trade US stocks within the US stock market without commission.
Saudi financial technology platform Awaad announced the launch of its Nasdaq product for trading in US stocks from the US stock market, making it the first Saudi platform licensed for commission-free trading, according to its statement, It offers a returns matrix of quality financial products and services that seek to make the investment experience easy, clear, and accessible to everyone without additional burdens. Investment and trading services in US stocks will be available – in the first phase – to citizens and residents of the Kingdom until it expands to other financial markets open for trading in several countries in the region. Arwadah Capital is a platform for multi-asset investments in different markets. It has become the first Saudi platform to sign with the US Nasdaq without an intermediary to offer direct prices to those interested in investing in US stocks.
4. Tunisian Fashion Startup Dabchy Expands in Egypt to Offer a Leading E-Commerce Experience.
Tunisian startup Dabchy has announced its expansion in Egypt, where the platform seeks to be a regional player in the fashion world and put Tunisia on the regional e-commerce map. With years of experience in Tunisia, Dabchy has built a strong reputation as a trusted and innovative platform dedicated to fashion and sustainability. The launch of Dabchy in Egypt represents a giant step for this Tunisian startup, reflecting its ability to tackle international challenges. Dabchy is committed to delivering a top-notch e-commerce experience to a global audience by deploying its proven model in a dynamic market like Egypt.
That’s all for today’s funding update. Stay tuned for more updates on the MENA startup scene, and remember to subscribe to our newsletter or browse our archives for more news and analysis.
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