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Egypt’s Startup Event Technie Drift 2018 Comes to an End

17May By Lavina TolaniNo Comments

MIDDLE EAST

Egypt’s Startup Event Technie Drift 2018 Comes to an End

Egypt's Annual Startup Event Technie Drift 2018 came to a close last week with its entrepreneurial roadshows taking 25 startups from across Egypt through a 5-day Bootcamp on a Nile Cruise from Luxor to Aswan with an exclusive selection of entrepreneurial mentors and expert speakers. The startups were carefully toured through 8 cities of the Canal, Delta and Upper Egypt regions. The event witnessed participation of 10 startups fighting for the Finals in Aswan. The winners were given a total of 50, 000 EGP in cash where Luxor based 'Solar Aeros' secured first position, 'Enkaaz' from Mansoura came second while 'Sanna3ly' from Tanta stood third. Techne Drifts is an annual one-day event for free with different talks and workshops revolving around entrepreneurship and starting a successful...

7keema Emerges as “Best Startup” at Seedstars World

8May By Lavina TolaniNo Comments

MIDDLE EAST

7keema Emerges as “Best Startup” at Seedstars World

Seedstars World, the global seed startup competition of Egypt for emerging markets and fast-growing startups witnessed a successful close during Seedstars Cairo which took place on May 4th, at the newly opened Seedspace. The event saw five early age startups from Egypt competing in the capital city to create a niche for themselves in front of the engaging audience, investors, industry heavyweights, potential business partners, and government representatives. The five startups that participated in the event included: 7keema, Vapulus, Skolera, Odiggio, and Hitchhiker. The Jury Panel comprised of some reputed names such as Hanan Abdel Meguid, CEO of Kamelizer, Karim Hussein, Managing Partner at Algebra Ventures, Noha Shaker, Head of Digital Ventures and Strategic alliance at CIB Egypt, ...

Egypt to Regulate Uber and Careem Ride Sharing Services

8May By Lavina TolaniNo Comments

MIDDLE EAST

Egypt to Regulate Uber and Careem Ride Sharing Services

Egypt's parliament has passed a law on Monday regulating ride-sharing apps Uber and Careem, potentially ending a lawsuit that could shut them down in their world's biggest market, however, imposing new charges and knowledge to share necessities. Legalising well known and prominent ride-sharing services became urgent in March when an Egyptian court docket ordered their suspension after a group of taxi drivers had filed a suit, arguing that they were illegally using private cars as taxis. Challenges for Uber Don't Seem to End U.S based cab aggregator, Uber has faced several regulatory and legal setbacks around the world amidst opposition from traditional taxi services. It has voluntarily closed in Southeast Asia while was forced to shut down in Denmark and Hungary. Meanwhile, another...

Dubai Stocks Drop to 27-Month Low on Real Estate Woes

4May By Lavina TolaniNo Comments

MIDDLE EAST

Dubai Stocks Drop to 27-Month Low on Real Estate Woes

Dubai Stocks have witnessed a 27 month low in the backdrop of sharp falls in the real estate market paired with sharp fall in liquidity levels. The Dubai Financial market Index ended after trading down 1.83 percent on 2,947.99 points breaching the 3,000-point psychological barrier on Wednesday. One of most exposed to the global markets in the Gulf region, The Dubai Bourse too saw a drop of 3.1 percent by the close of the trading week. Meanwhile, the market has shed 12.5 perecnt since the start of this year with the main plunge coming from the real estate sector. M R Raghu, Head of Research at Kuwait Financial Center (Markaz) said, Dubai market has underperformed its (Gulf Cooperation Council) GCC markets losing over 12 percent (YTD) dragged by the sell-off in Real Estate sector. ...

Iran Releases Messaging App Soroush Post Telegram Ban

27Apr By Lavina TolaniNo Comments

MIDDLE EAST

Iran Releases Messaging App Soroush Post Telegram Ban

The Iranian government has officially released a mobile messaging app, Soroush in a bid to encourage users to abandon the currently banned Telegram messenger. The app, Soroush, developed in the country has a majority of features already found in popular app Telegram, that was used extensively as a way of communicating during 2017's anti-government protests. The push for Soroush came into force when National Cyber Centre decided to withdraw Telegram's license to operate in the country. As per IRNA, a state press agency Telegram's license cancellation was announced by the Telecommunication Infrastructure Company which is the sole telecommunication infrastructure provider in Iran. Soroush that has been available for several weeks was officially launched on Thursday. The promot...

Indian Businessman wins USD 1 million in Dubai Lottery

25Apr By Lavina TolaniNo Comments

MIDDLE EAST

Indian Businessman wins USD 1 million in Dubai Lottery

An Indian businessman based in Kerala has today won USD 1 million in a Duty-Free Draw at Dubai International Airport. Kerala based Prabin Thomas, runs a networking business that is involved in selling IT products. As reported by Khaleej Times, he has won the lottery prize with ticket number 0471. Thomas who is a regular lottery ticket buyer in India had never won anything in the lottery before. But, this time he turned out lucky with his first online ticket purchase in Millenium Millionaire Promotion. An elated Thomas said, I will use the money to expand my networking business and probably start a small software company. The Duty-Free Draw in Dubai proved really lucky for Indians this time as another Indian based Dubai won a motorbike in the same. Earlier in January, another ...

Saudi Arabia’s 35-year long cinema ban lifts with “Black Panther”

20Apr By Lavina TolaniNo Comments

MIDDLE EAST

Saudi Arabia’s 35-year long cinema ban lifts with “Black Panther”

A historic record-breaking moment came live for Saudi Arabia when it unveiled its first cinema after 35 years with a private blockbuster screening of Black Panther. After a lifting, a ban on cinemas last year, the Riyadh only invitation-gala event turned out to be the first screening showcasing the movie with US giant AMC being given the license to operate movie theatres. Adam Aron, AMC Chief Executive on Wednesday said that ticket sales will begin from Thursday while the first public test screening will start from Friday. Senior officials had earlier indicated that theatres will open to the public in May. This is a historic day for AMC. This is a historic day for your country. Welcome to the era when movies can be watched by Saudis not in Dubai, not in London, not in Bahr...

Challenges For Saudi Arabia’s New Prince Mohammed Bin Salman

15Apr By Lavina TolaniNo Comments

MIDDLE EAST

Challenges For Saudi Arabia’s New Prince Mohammed Bin Salman

Since the times, King Salman Bin Abdulaziz has ascended the oil kingdom's throne, Saudi Arabia has been undergoing major political and economic changes which have brought the possibility to question if the new prince is here to stay for long? He is the first grandchild of the founder King, Abdulaziz Al Saud. Saudi Arabian Government has come forward with some prominent changes at the political front all with a motive to focus power and its various resources all in the hands of Crown Prince. Talking of political dimension, Mohammed Bin Salman was appointed the new defense minister right after his father was crowned Kingdom's Emperor. Prince Mutaib bin Abdulaziz too was knocked down from the post of National Guard leader handling the power to Mohammed Bin Salman. While, it is not po...

Saudi Arabia Lifts Oil Prices for Asian Buyers

7Apr By Lavina TolaniNo Comments

MIDDLE EAST

Saudi Arabia Lifts Oil Prices for Asian Buyers

State-owned Saudi Arabian Oil Corporation which is better known as "Saudi Aramco" has plunged the official selling price of its "Arab Light Crude" by 10 percent a barrel making it cost $1.20 a barrel, much above the Middle East benchmark as per reports gathered on Tuesday.The move has been regarded bullishly by future traders. The oil prices in Saudi Arabia are considered to be key markers for producers from the Middle East as it largely impacts what refineries globally pay for crude from the world's largest export region. Other prices alter moves from Saud Arabia were mixed.Thirteen out of 21 were increased, 7 were completely slacked while other's remain unchanged. Saudi Arabia sells 4 different grades of oil to Asia which are Super Light, Extra Light, Medium and Heavy. These wer...

The Mohammed bin Rashid Innovation Fund in UAE will invest $27 million in 2018

23Mar By Sheldan RungasamyNo Comments

MIDDLE EAST

The Mohammed bin Rashid Innovation Fund in UAE will invest $27 million in 2018

CEO of Emirates Development Bank, Haitham Kamhiyah, stated, “The Mohammed bin Rashid Innovation Fund (MBRIF) plans to provide financial support aggregating AED 100 million (US $27.2 million) for the year 2018,” following MBRIF’s strategy meeting with associates from the Ministry of Finance and members of its Advisory Board. The MBRIF is an initiative sponsored by the state which was initially brought up and financed by the Ministry of Finance to bring financial support to local innovators in accessing affordable finance through the facility of a guarantee backed by the government. The financial ticket sizes range from AED 1 million ($272,250) to AED 10 million ($2.7 million). “The fund is in line with the UAE National Innovation Strategy (Vision 2021), with the aim to place UAE among...

6Mar By NitishNo Comments

MIDDLE EAST

Five Major Economic Changes of Middle East to Look Into

Middle East region has always been a conflicted area ever since its inception. Whether it is the continuously growing mass killing of Syrian refugees, or it is never ending regional, religious issues in Jerusalem, or the threats posed by ISIL groups over Syria and Libya, the problems just never seem to seize. In the midst of all the negative occurrences hovering and circumscribing the middle east, let’s have a sharp look at the positive advances of the economic aspects of the middle east region. Booming Startups & Tech Middle east is now becoming one of those countries, which is attracting a lot of business with a wide range of start-ups and entrepreneurship enthusiasts. JustMop, Talabat, Souq.com, are some of the expanding start-ups with brilliant innovative ideas, that ar...

Dubai’s Quick Service Restaurant Chain Will Open 200 Stores in India

27Feb By NitishNo Comments

MIDDLE EAST

Dubai’s Quick Service Restaurant Chain Will Open 200 Stores in India

Doner & Gyros, a Dubai-based quick service restaurant chain will open about 200 stores in India in the next 5 to 7 years. The restaurant chain is currently active in 21 locations including London, the UAE, Saudi Arabia and Lebanon etc. The fast food restaurant will open its first store by August 2018 are looking to invest Rs 200 crore in India. It will compete with the global giants such as Dominos Pizza, McDonalds and KFC. Their products inspired by the street food of Berlin and Chicago. Launched in 2014, Doner & Gyros CEO Nabi Naseeb said,"One store will cost somewhere around Rs 1.5 crore and we plan to open 150 to 200 stores in the next 5-7 years that makes it around Rs 200 crore". He also added, "Our products will be customized as per the Indian market".