Technology News and insights in the Middle East, South Asia, and Africa
Zain KSA announced impressive H1 results with a 60% increase in net profit to SAR172 million ($45.8 million) and revenue of SAR5 billion ($1.3 billion). The growth was driven by enhanced customer experience, expanded 5G coverage, and increased demand during the Hajj season, alongside strong sustainability practices.
Orange Jordan and the Public Security Directorate conducted a session on AI’s role in transforming public security operations. The session aimed to enhance knowledge on AI applications, including crime prediction and cyber threat detection, promoting digital culture and improving security strategies and responses across various departments.
Sri Lanka has become the fastest adopter of digital payments in South Asia, with a 20% increase in digital transactions since 2019. Visa Corporation highlights significant growth, particularly in tap-and-pay transactions. Despite high consumer spending, there remains a need for education on cashless payments for merchants and consumers.
stc has partnered with MEW to supply 500,000 smart electricity meters in Kuwait, supporting the country’s Vision 2035. This project aims to enhance energy efficiency, reduce wastage, and improve electricity management. The collaboration underscores stc’s commitment to digital transformation and sustainable development in Kuwait.
Mawhiba has partnered with UNESCO to enhance STEM education for 6th to 12th-grade students in Arab countries. The initiative focuses on empowering Arab girls and young women, training science teachers, and creating a global platform for science fairs, aiming to tackle global challenges and promote sustainable development.
Grid Telecom and Dawiyat Integrated have partnered to build a subsea cable system connecting Greece to Saudi Arabia. The project aims to enhance network resiliency and expand reach, leveraging Crete’s strategic position. Details and timelines are yet to be announced, with potential synergies for additional projects like hyperscale-ready data centers.
Ooredoo Kuwait, in collaboration with CITRA, has launched the “Kashef” service to enhance caller identification and communication security in Kuwait. This service aims to provide users with verified caller information, reducing spam and fraudulent calls, and improving overall telecommunications reliability and trust.
Egyptian fintech company MNT-Halan has secured US$157.5 million in funding to support its global expansion. Founded in 2018 to provide digital banking solutions for the unbanked, MNT-Halan’s ecosystem includes business lending, consumer finance, and e-commerce. With over 2.2 million active users, the company aims to extend its innovative financial services internationally.
Emirates Integrated Telecommunications Company (EITC) reported a 46.3% increase in Q2 net profit to AED581 million, driven by 7.3% revenue growth. Mobile and fixed customer bases grew, with strong performance in enterprise and consumer products. EBITDA rose by 3.2%, and Capex moderation led to a 10.9% increase in free cash flow.
UAE tech venture company Scalo Technologies has partnered with Young Founders School (YFS) to enhance entrepreneurship education and internships for secondary school students globally. The collaboration aims to impact 10,000 students annually by 2026, especially in underserved communities. A Gala Dinner in Singapore on August 31, 2024, will introduce Scalo Technologies and other new partners.