Mobily has announced a $905 million investment in data centers and submarine cables to enhance Saudi Arabia’s digital infrastructure. This initiative supports the Kingdom’s digital economy growth, contributing to Vision 2030 by improving global connectivity, expanding data center capacity, and fostering innovation across various industries.
Omani climate tech startup 44.01 has raised an additional $5 million in Series A funding, bringing the total to $42 million. The company focuses on CO2 mineralisation, offering a scalable, cost-effective solution for carbon capture. Investors include Nysnø Climate Investments and Jasoor Ventures, among others.
Grameenphone (GP) posted a 10% profit growth in 2024, reaching Tk 36.4 billion, and declared a record 330% cash dividend. Despite a 4.9% revenue decline due to cautious consumer spending, GP’s EBITDA rose, and the company plans continued investment in network improvements and AI technology to drive future growth.
SelectUSA Tech has launched its first-ever tech startup pitching competition in Egypt, aiming to promote US investment. The winning startup will be sponsored by the US Embassy to attend the SelectUSA Tech competition and National Harbor Summit in Maryland. The initiative focuses on supporting Egyptian startups’ growth in the US market.
EdVentures, the corporate venture capital arm of Nahdet Misr Publishing Group, has invested in Egyptian ed-tech startups Schoolz and Ibn Sina Training Academy. This brings EdVentures’ portfolio to 24 startups, supporting innovation in student transportation and specialized medical training, further strengthening its position in the MENA ed-tech sector.
VEON Group has invested $15 million in Mobilink Bank to support its growth, focusing on MSME financing, Islamic banking, and digital transformation. The funds will enhance the bank’s operational capabilities, expand its outreach, and introduce innovative services, contributing to Pakistan’s financial ecosystem and digital banking future.
Astra Tech has secured $500 million in financing for its fintech subsidiary, Quantix, to expand its consumer lending platform and Ultra app, which has over 150 million users globally. The funding will help enhance the app’s financial services and integrate more features, supporting growth in the UAE fintech sector.
Africa50 has invested in Raya Data Centre to support Egypt’s digital economy and expand RDC’s infrastructure with a new greenfield Tier III data centre. This investment will cater to growing digital demand and support Egypt’s startup ecosystem, while aligning with sustainability goals.
The Moroccan government plans to invest 360 million dirhams (about $36 million) to establish a specialized gaming zone in Rabat. This initiative aims to foster game development, coding, and professional training, ultimately generating jobs and attracting international talent, reinforcing Morocco’s position as a gaming hub in Africa and the Middle East.
Telecom experts suggest that Teletalk, Bangladesh’s state-owned mobile operator, can revitalize its services through significant investment and innovative strategies. Recommendations include a joint venture with BTCL and a focus on data services to improve customer engagement and operational efficiency, addressing current challenges and enhancing competitiveness in the telecom market.
