Sunday 23 January 2022

Lucidya closes $6m second round of funding

Lucidya, a Saudi-based customer experience management platform, has closed its second round of funding of $6 million led by Rua Growth Fund with participation from MAL Ventures and AlRashed Group, and other international venture capitals. Existing Lucidya investors also participa


Capex names chief marketing officer for Mena, a global multi-licensed broker operated by Key Way Markets has announced the appointment of Abdelhadi Laabi as its new chief marketing officer for the Mena region.    In his new role, Laabi will be responsible for charting a strategic 360-degree


BlueNoroff threat actor drains cryptocurrency startups’ accounts

Kaspersky experts have uncovered a series of attacks by advanced persistent threat (APT) actor BlueNoroff against small and medium-sized companies worldwide resulting in major cryptocurrency losses for the victims.    The campaign, dubbed SnatchCrypto, is a


Deposits at UAE banks grow 80% over 10 years

Deposits at UAE banks grew 80% to AED1,884 billion ($512 billion) in 2020 from AED1,049  billion in 2010, according to a report by the Federal Competitiveness and Statistics Centre. The report, which documents the developments witnessed by the banking sector over the past de


GFH in big spin-off deal; nets $3bn infrastructure portfolio

Bahrain-based GFH Financial Group today (January 16) announced the spinning out of its infrastructure and real estate assets under the newly established company, Infracorp, capitalised with more than $1 billion in infrastructure and developed assets into the company, which will specialise in


KPMG records strong growth in FY21 in Mesa region

The aggregate revenue of KPMG member firms in the Middle East & South Asia (Mesa) region grew by 7.8% in US dollar terms for the fiscal year ending September 30, 2021 (FY21), more than doubling the growth rate achieved in the previous year. The positive results demonstrate th


Al Baraka unveils package to finance solar systems

Bahrain’s Al Baraka Islamic Bank (AIB) has launched an exclusive financing package for its customers who wish to install solar systems to adopt a sustainable lifestyle, as these systems feature a low installation and maintenance cost. The solar systems help in reducing ener


ITFC tops Bloomberg Global Islamic Financing League Tables

International Islamic Trade Finance Corporation (ITFC), which has financing transaction volume of over $5.23 billion, tops the Bloomberg 2021 Islamic Financing League Tables as the Global leader as Bookrunner and Mandated Lead Arranger (MLA).   ITFC recorded fin


Gold to face headwinds of rate hikes, dollar strength in 2022

Gold will likely face two key headwinds during 2022 --  higher nominal interest rates and a potentially stronger dollar, says an outlook from the World Gold Council.    However, the negative effect from these two drivers may be offset by other supporti


Bahrain’s Q4 national products exports spike 99% to $3.16bn

Bahrain’s exports of national origin products zoomed 99% to BD1.192 billion ($3.16 billion) during the fourth quarter of 2021, compared to BD599 million for the corresponding quarter of the previous year.    The top 10 countries in terms of the value

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