Funding
IT Support Platform Geeks Raises $600,000 in Seed Fund
Geeks.ae, a platform that helps connect consumers and business with Geeky resources to support their IT needs, raised a seed round of $600,000, led by Wamda Capital. The round also included Dubai-base...
Investcorp Explores Sale of Polyconcept
Investment firm Investcorp Bank is exploring a sale of Polyconcept, hoping a deal will value the world’s largest supplier of promotional products at more than $1.3 billion, including debt, accor...
Saudi Stock Exchange to Support SMEs
With the support and approval of the Capital Market Authority (CMA) and in effort to achieve the strategic objective of deepening the capital market and supporting the national economy, the Saudi Stoc...
General Motors Buys Self-Driving Car Startup for More Than $1 Billion
General Motors (GM) is continuing its self-driving car push with the news that it has acquired Cruise Automation. Cruise is a San Francisco-based self-driving car company that develops an autopilot sy...
Emirates NBD Launches Worthy.ae Portal
Emirates NBD , a leading bank in the region, has launched Worthy.ae, an online hub for financial and wellbeing content, as part of the bank’s commitment to responsible banking. Worthy.ae will in...
Souq.com Raises $275 Million in Funding
Souq.com has announced today that it has completed a funding round of more than AED 1 Billion ($275 million). The investment will support the company’s future growth, strengthen e-commerce in the regi...
Emirates Development Bank Reaffirms Support for UAE SMEs
Emirates Development Bank today underlined its commitment to Small and Medium Enterprises (SMEs) and entrepreneurs – the engine room of the UAE economy. Through its offices in Abu Dhabi and Dubai, Emi...
“TechnoArt” Incubator to be Launched in Tel Aviv
The digital media ways of distribution have brought on many opportunities for independent artists, but also left them with minimal tools to generate revenue from their art. The main challenge of the a...
Domestic IPOs in Kingdom Raised $1 Billion in Capital in 2015
Domestic IPOs in Saudi Arabia declined this year, with capital raised dropping 84 percent (from $6.4 billion in 2014 to $1 billion in 2015), while volume fell from five listings to three this year, st...