Author: Mahdeehassan

Morocco- and Uganda-based VC firm First Circle Capital has secured $6 million in funding from IFC, part of the World Bank Group, to back high-growth early-stage fintech startups across Africa. The fund targets pre-seed and seed-stage companies solving critical challenges in financial inclusion, infrastructure, and digital finance, providing both capital and operational support to prepare startups for Series A readiness. With a target fund size of $30 million, First Circle has already invested in 15 startups across eight African markets, with 30% of its portfolio led or co-founded by women and half operating across multiple countries. In addition to IFC’s…

DALLAS – Jacobs (NYSE: J), in joint venture with AECOM, has been appointed by New Murabba Development Company to provide design services for the landmark The Mukaab — the iconic centerpiece of Riyadh’s New Murabba development. The project forms part of Saudi Arabia’s Vision 2030 program to create a sustainable, connected and human-centered urban future. Designed as one of the world’s largest built structures, the 247-acre (100-hectare) Mukaab will anchor a new mixed-used modern downtown development combining residential, hospitality, retail and cultural spaces. Drawing inspiration from Najdi architecture — the traditional style of central Saudi Arabia — and integrating cutting-edge…

Elm, a leading digital solutions company, has signed a Memorandum of Understanding with the Bahrain Electronic Network for Financial Transactions (BENEFIT), the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service. The signing took place on the sidelines of the Gateway Gulf Investment Forum 2025, held in the Kingdom of Bahrain from 2 to 3 November 2025. The agreement aims to explore areas of collaboration between the two parties across several strategic domains, including the development of shared digital services, enabling digital onboarding for financial services, and creating innovative solutions that enhance the digital empowerment of the…

Dubai/Mumbai – IndusInd International Holdings Limited (“IIHL”), promoter of IndusInd Bank, and Invesco Ltd. (“Invesco”) announced today that they have completed the formation of their asset management joint venture (“JV”) following IIHL’s acquisition of a 60% ownership stake in Invesco Asset Management India (“IAMI”) following all regulatory approvals and closing conditions. With Invesco retaining the balance 40% stake, both IIHL and Invesco will hold joint sponsor status under the regulatory framework. As of September 2025, IAMI is the 16th largest domestic asset manager in India with combined onshore and offshore (through advisory) average assets under management of INR 148,358 crores for quarter ending…

Mashreq reported an increase in Operating Income to AED 9.4 billion for the 9M 2025. The third quarter Operating Income of AED 3.2 billion, is an increase of 4% Quarter-on-Quarter and 8% Year-on-Year, reflecting strong profitable growth across all its core businesses, mainly driven by rising client activity, resilient Net Interest Income and high non-interest income growth (20% Year-on-Year). Net Profit Before Tax of AED 6.1 billion, underscoring the Bank’s ability to continue to deliver strong profitability amid a moderating rate environment, supported by a Net Interest Margin of 3.2%, a Cost-to-Income Ratio of 31%, and a Return on Equity…

Riyadh, PIF and ACWA Power signed a Memorandum of Understanding (MoU) to explore opportunities to develop power and water infrastructure for PIF’s local real estate portfolio companies. Under the MoU signed at the 9th edition of the Future Investment Initiative (FII9) in Riyadh, PIF and ACWA Power will collaborate to further advance resilient utilities and sustainable infrastructure projects. The parties intend to cooperate across the spectrum of utilities projects to provide the critical energy and water infrastructure and services to PIF-owned local real estate projects. The cooperation between PIF and ACWA Power will expand the delivery of quality utilities infrastructure in…

Manama, Bahrain: Umniah by Beyon has announced a landmark partnership with Ericsson (NASDAQ: ERIC) to advance the next phase of connectivity in Jordan, reinforcing Umniah’s commitment to innovation, digital inclusion, and national progress. The agreement was signed in the presence of Beyon Group Chairman H.E. Shaikh Abdulla bin Khalifa Al Khalifa and senior management, during Gateway Gulf at the Four Seasons Hotel in Bahrain, marking a new chapter in Umniah’s journey as part of Beyon’s regional vision. Under the five-year agreement, Ericsson will serve as Umniah’s exclusive radio access network (RAN) provider for 3G, 4G, and 5G technologies. The partnership…

Faraday X Secures Over 200 FX Super One Preorders Within 48 Hours of Middle East Launch FX Super One UAE sales officially open on October 28, with the first B2C preorder payment completed by crypto. DUBAI, United Arab Emirates – (November 03, 2025) — Faraday Future Intelligent Electric Inc. (NASDAQ: FFAI) (“Faraday Future,” “FF,” or the “Company”), a California-based global shared intelligent electric mobility ecosystem company, today announced better than expected preorder results following the Middle East final launch of its FX Super One. Within 48 hours of the launch event, the Company received three non-binding non-refundable paid preorders covering…

Dubai Duty Free has achieved a new milestone as it heads into the final two months of the year, announcing all-time high October sales of AED805.6 million (US$220.7 million) and marking its eighth-record month out of ten this year. Ranked first among the eight record-breaking months in 2025, October sales exceeded the previous October record set in 2023 of AED692 million (US$189 million), underscoring the operation’s sustained growth momentum. October also recorded the third-highest monthly sales in Dubai Duty Free’s history, following the all-time record of AED821.4 million (US$225 million) achieved in December 2024. In a strong indicator of retail…

PIF and Aramco signed a non-binding term sheet to combine their artificial intelligence (AI) assets and work jointly through HUMAIN, a PIF-owned company. Under the agreement, Aramco will acquire a significant minority stake in HUMAIN, while PIF will retain majority ownership. Both entities will contribute AI assets, capabilities, and talent to HUMAIN, creating a unified platform to accelerate the company’s growth and global reach. HUMAIN, launched by PIF in May 2025, is developing full-stack AI capabilities across four pillars: next-generation data centers, cloud infrastructure, advanced AI models—including ALLAM, one of the world’s most powerful Arabic LLMs—and transformative AI solutions. Earlier…