Technology news and insights in the Middle East, South Asia, and Africa
Technology News and insights in the Middle East, South Asia, and Africa
Egypt has been ranked third among Africa’s top technology investment destinations for 2024, securing $297 million across 89 deals. The country also leads in fixed broadband speeds and excels in internet speed, cybersecurity, and technological development, reinforcing its influence in Africa’s growing digital economy.
e& is exiting its joint venture, Khazna Data Centres, by selling its 40% stake to Group 42 for $2.2 billion. The move aligns with e&’s asset monetisation strategy to reduce debt and focus on core businesses. The transaction is expected to finalize by the end of Q1 2025.
IFC is contemplating a $20 million investment in WorldLink Communications Ltd, Nepal’s largest ISP, to support the expansion of the country’s digital infrastructure. The investment aims to enhance connectivity, promoting economic growth and digital inclusion in Nepal, in line with IFC’s commitment to improving digital access in emerging markets.
Lola Do Inc. raised $1.3 million in pre-seed funding, led by Vision Ventures and Plus VC, to revolutionize the cake customization industry. With its mobile app, Lola offers personalized cakes for every occasion, expanding rapidly in Saudi Arabia, Bahrain, and the UAE. The company is poised for further regional growth.
Al Moammar Information Systems Co. (MIS) sold its entire investment in OpenAI for $8.4 million, earning a profit of $3.4 million. The sale follows other strategic moves in AI and digital infrastructure, including partnerships and contracts in Saudi Arabia. MIS’s 2024 profits saw a 356% increase.
Qme, an Egypt-based B2B SaaS startup, raised $3 million in a seed round led by AHOY and GCC angel investors. The funding will enhance its AI-powered digital infrastructure solutions, which have already served over 100,000 customers, improving waiting times, reducing no-show rates, and eliminating paper-based systems.
Databricks plans to invest $300 million in Saudi Arabia over the next five years to expand data and AI capabilities. The investment includes a partnership with Tuwaiq Academy to upskill Saudi citizens, along with the launch of its Data Intelligence Platform, aimed at advancing AI and analytics innovation.
SURJ Sports Investment, part of Saudi Arabia’s Public Investment Fund, has acquired a minority stake in DAZN, boosting Saudi-backed sports content on the streaming platform. This partnership will enhance DAZN’s global growth and expand its reach, particularly in Saudi Arabia and the Middle East, aligning with the region’s sports ambitions.
Pakistan’s Deputy Prime Minister, Senator Mohammad Ishaq Dar, invited Etisalat and e& to increase their investments in Pakistan’s telecom sector during a meeting in Dubai. The discussions focused on Pakistan’s favorable investment policies and the potential for further growth, aiming to strengthen the country’s telecom infrastructure.
Salesforce is investing $500 million in AI initiatives in Saudi Arabia, unveiling Hyperforce and collaborating with major firms to expand its AI-driven customer service platform. The company will also establish a regional headquarters in Riyadh and upskill 30,000 Saudi citizens by 2030, contributing to the country’s AI ambitions.