Author: Dalia Khirfan

From the first few months of 2022 until now, a wave of layoffs has been sweeping 134,164 jobs in 834 tech companies across the United States of America.

The first question comes to our mind is, “Who’s making cuts?”.

In this article, we’ve summed up the US firms that announced cuts. But first, let’s dig deeper into the reasons why.

New startups like Peloton have already laid off thousands of employees this year. Online car dealer Carvana plans to slash 12% of its workforce. Even traditionally layoff-resistant companies like Netflix are also making cuts.

A new initiative to track layoffs across technology companies in the US has arisen recently, with data about laid-off employees for other companies who are hiring.

The reason is that business growth is slowing while labor costs are increasing. The combination is causing American companies across various industries to slash headcount.

The situation has become even harder since the Russia-Ukraine war in Feb this year.

The layoffs cut across industries, from mortgage lending to digital-payment processing. Here are some of the most notable examples so far:

META lays off 11,000 employees (November 2022)

The giant social media company META laid off 11,000 employees, representing 13% of the company’s headcount, in November 2022. The company’s costs and expenses jumped 19% year over year in the third quarter to $22.1 billion.

According to CNBC, the layoffs come amid a tough time for Facebook parent company Meta, which provided lukewarm guidance in late October for its upcoming fourth-quarter earnings that spooked investors and caused its shares to sink nearly 20%.

Amazon plans to lay off 10,000 of its staff (November 2022)

Amazon plans to lay off approximately 10,000 people in corporate and technology jobs starting November 17, 2022.

The cuts will focus on Amazon’s devices organization, including the voice assistant Alexa, as well as at its retail division and in human resources.

SWVL lays off 32% of its staff (May 2022)

Swvl Mass transit solutions provider will reduce its headcount by approximately 32% “400 employees” to cut central costs and enhance efficiency.

This decision means that over 400 people will lose their jobs as the Dubai-based company has more than 1,330 workers.

Twilio lays off 11% of its staff

San Francisco-based cloud communication giant Twilio will lay off 800 to 900 employees across its staff of over 7,800, approximately 11% of its headcount, to cut costs during the broader economic downturn.

Better: About 5,000 people were laid-off

In late 2021 and continuing through the first several months of 2022, mortgage startup Better.com laid off approximately 4,000 people.

The first wave started right before the holiday season in 2021 when CEO Vishal Garg laid off “hundreds” of people.

Garg told employees during a Zoom call that the company “lost $100 million last quarter,” which he said “was my mistake.” He said the layoffs shouldn’t have happened right before the holiday but “three months ago.”

Better followed up with another 3,000 layoffs in March and is now accepting voluntary releases in some departments.

Peloton: Over 2,800 people were laid-off

In February, Peloton fired over 2,800 people — including 20% of its corporate workforce — because of an ongoing downturn in its business.

Peloton faced a significant setback after home-fitness products spiked in popularity during the height of the coronavirus pandemic in 2020.

With gyms reopening as vaccination rates increased, Peloton’s business took a huge hit: The company’s market value has dropped from $50 billion last year to around $6 billion as of early May 2022.

Carvana: About 2,500 people will be laid-off

Carvana plans to cut 12% of its staff or 2,500 employees. The online car dealer announced a filing with the Securities and Exchange Commission.

In an email to employees viewed by The Wall Street Journal, CEO Ernest Garcia III said that the company had overestimated growth amid a challenging time in the auto industry.

By cutting staff, Carvana aims to find “a better balance between its sales volumes and staffing levels,” the company said in the SEC filing.

Garcia founded Carvana in 2012 as a subsidiary of his father’s company, DriveTime Automotive. Carvana’s service allows customers to buy cars online, delivered to customers’ doors, or picked up at a Carvana vending machine.

Both father and son saw their fortunes skyrocket as demand for used cars hit new highs during the pandemic. Carvana said in its SEC filing that executives would forego their salaries for the rest of 2022 to help cover employee severance pay.

Reef: About 750 people will be laid-off

Ghost kitchens company Reef Technology will cut 5% of its global workforce.

The SoftBank-backed startup is laying off about 750 employees to work toward profitability amid a challenging economic environment. CEO Ari Ojalvo wrote in a memo to staff obtained by Insider.

The layoffs come months after Reef said it would pause operations on some of its “underperforming” locations. In recent weeks, current and former employees told Insider that Reef had closed one-third of its kitchens and focused on its partnerships with major chains like Wendy’s and Buffalo Wild Wings.

Noom: About 495 people were laid-off

The weight-loss app maker Noom recently laid off hundreds of coaches, Insider reported last month — part of a bigger-picture pivot for the company toward more video-based coaching.

Through its same-name app, the company pairs dieting with personal coaches to achieve weight loss for users. Some coaches told Insider they were responsible for advising hundreds of users at any time. Interactions with those coaches were often through text, which users critiqued as “canned advice.”

From now on, Noom focuses on offering users scheduled video calls with coaches.

GoPuff: More than 400 people will be laid-off

GoPuff told staff in March that it would cut 3% of its workforce or more than 400 workers, Insider reported.

The cuts impacted both corporate staff and workers at Gopuff’s warehouses as the company works to enter its “next chapter — with a new global business model and corresponding investment priorities,” cofounders Rafael Ilishayev and Yakir Gola wrote in an email to the employees.

GoPuff was founded in 2013 in Philadelphia with the goal of ultrafast delivery of convenience-store items.

Thrasio: Up to 20% of staff will be laid-off

Thrasio, known for creating the Amazon aggregator market, is laying off many people. Additionally, the company’s CEO and founder, Carlos Cashman, is stepping down from leadership.

Amazon aggregators work by identifying product leaders on Amazon, then buying the companies that make those products and consolidating them under one umbrella company.

In a memo sent to employees, Thrasio’s leadership said the layoffs were due to the company’s “hypergrowth” in acquiring companies. “At times, we have been acquiring a new company almost every week,” the memo said, “and running hard to build the infrastructure to support this growth.”

Two sources told Insider the layoffs could impact up to 20% of Thrasio’s staff.

Robinhood: More than 300 people

The so-called “meme stocks” from GameStop and AMC exploded during the pandemic.

Much of that explosion in stock value was driven by accessible trading platforms like Robinhood.

And while new users piled in during the pandemic, Robinhood hired rapidly. Between 2020 and 2021, Robinhood’s staff grew dramatically: from 700 people to around 3,800, according to CEO Vlad Tenev. But that growth was too fast, and Robinhood was forced to slash its headcount by 9% — more than 300 people altogether.

“This rapid headcount growth has led to duplicate roles and job functions, and more layers and complexity than optimal,” Tenev, Robinhood’s CEO, said in April. “After carefully considering all these factors, we determined that making these reductions to Robinhood’s staff is the right decision to improve efficiency, increase our velocity, and ensure that we are responsive to the changing needs of our customers.”

Wells Fargo: Unknown number of people in mortgage lending

As mortgage revenues fell at Wells Fargo in the first quarter of 2022, the company began laying off employees in mortgage-related positions, Insider reported in late April.

Loan processors and underwriters, among other positions, were reportedly affected by the layoffs. Wells Fargo representatives declined to say how many people were impacted by the cuts but did confirm the releases in an emailed statement.

“We are carrying out displacements transparently and thoughtfully and assisting, such as severance and career counseling. Additionally, we are committed to retaining as many employees as possible and will do everything we can to help them identify other opportunities within Wells Fargo,” a Wells Fargo spokesperson said in a statement provided to Insider.

Gorillas: ‘Nearly 300’ people were laid-off.

German grocery-delivery company Gorillas announced layoffs of “nearly 300” people this week.

The layoffs, the company said, are part of a larger “shift to long-term profitability,” which means trimming staff as Gorillas focuses on its five “core” markets: Germany, France, the Netherlands, the UK, and the US.

Impacted employees, mostly corporate staff, were shocked by the sudden layoffs.

“It’s not a secret that the company hasn’t been doing well, but I didn’t expect to wake up and lose my job,” a Berlin-based employee laid off by Gorillas told Insider. “My managers weren’t even aware or consulted. It’s not the laying-off that hurts; it’s how it’s been done.”

Canopy Growth: 250 people were laid-off

One of the world’s largest publicly traded cannabis companies, Canopy Growth, slashed 250 jobs in Canada earlier this year as it faces increasing competition in the burgeoning cannabis market.

Layoffs are among several cost-cutting measures that Canopy Growth is taking “to ensure the size and scale of our operations reflect current market realities and support our company’s long-term sustainability,” Canopy Growth CEO David Klein said in a statement.

Canopy’s stock has suffered as a result: It was trading around $6 a share as early May, down from $9.30 in early January.

Cameo: 87 people will be laid-off

Cameo is laying off 87 people, CEO Steven Galanis confirmed in early May.

“Today has been a brutal day at the office,” he wrote. “I made the painful decision to let go of 87 beloved members of the Cameo Fameo.”

Through Cameo, people pay celebrities to make personalized audio and video recordings.

Galanis described the layoffs as a “course correction” in a statement to Variety. The cuts follow a staffing boom during the pandemic — from around 100 employees before 2020 to about 400 in 2022.

PayPal: 83 people were laid-off

PayPal quietly laid off 83 people, according to a Securities and Exchange Commission filing spotted by The Information.

The company employs more than 30,000 people worldwide, over a third of whom are based in the United States. According to TechCrunch, the cuts appear to be tied to the company downsizing its presence in the San Francisco Bay Area.

Food52: About 20 people were laid-off

After raising $80 million from investing firm The Chernin Group last December, the content-creation team at food publication and retailer Food52 was suddenly laid off in early April.

About 20 of the company’s 200 employees were let go in the layoffs, which was a major surprise to those affected.

“Everyone on the team and my immediate boss were gut-punched,” one of these employees told Insider. “We all had gotten raises and bonuses just a month prior.”

Two laid-off employees said Food52 executives told them the company was “pivoting to commerce” and away from the content that the affected employees created: recipes and other instructional cooking content.

Outside, ClickUp, Zulily, and Latch all laid-off staff

Layoffs aren’t only impacting major corporations — a variety of smaller and lesser-known companies are also firing people to save money, such as:

• Online retailer Zulily laid off “fewer than 100” members of its corporate staff, Geekwire reported earlier this month. “Last week, we announced to our team members some hard choices we have made for our organization to bring our operating expenses in line with our revenue and position our business for future growth,” a spokesperson said.
• Outside, the magazine conglomerate and publication laid off 66 people as part of a larger restructuring to make the company a digital-first publishing house, Aspen Public Radio reported this week.
• ClickUp, a software company that makes a productivity app, cut 7% of its staff “to ensure ClickUp’s profitability and efficiency in the future,” the company told Protocol. It’s unclear how many people were impacted, but estimates put the company’s staff at over 500.
• Latch, a company that makes a smart lock, laid off about 130 people last week — 28% of its total staff, it said. The layoffs are intended to “better align staffing and expense levels with current sales volumes and the macroeconomic environment.”

Cairo-based fintech startup Money Fellows has raised $31M in its Series B round led by CommerzVentures, Middle East Venture Partners (MEVP), and Arzan Venture Capital.

Founded in late 2016 by Ahmed Wadi, Money Fellows has digitized the concept of money circles (ROSCAs), commonly known as “Gam’eya” in Egypt and other Arab countries, through its online platform.

The practice that is very popular for saving money in different parts of the world allows a group of people (who usually are friends or colleagues) to contribute a fixed installment every month to a pool, with one of the members taking the whole pool as payout every month. The circle ends when everyone receives their payout and is usually repeated if the participants are interested.

With its mobile-based platform, Money Fellows has digitized this process with a scoring model that compliments the offline model, making it more scalable, safe, and efficient.

Users can effectively manage and plan their financial obligations and achieve their financial goals through the platform. The startup offers a secure and convenient alternative to traditional finance that is more social, culturally favorable, affordable, and incentivizing.

“We are proud to share with our stakeholders and users the progress and growth which led Money Fellows to become one of the market-leading FinTechs in Egypt, facilitating financial inclusion and digital transformation in the country. We wouldn’t have reached such an important funding milestone without the firm backing of our existing investors who understand and support the company’s vision as well as the perseverance and belief of our new partners in the company and the team’s ability to execute,” said Ahmed Wadi.

The raised fund will allow Money Fellows to accelerate its exponential growth by diversifying its portfolio of services and expanding its product offerings across the B2C & B2B segments, as well as its geographical expansion across Africa and Asia.

Middle East Venture Partners, Arzan Venture Capital, Invenfin, National Investment Co., and existing investors such as Partech, Sawari Ventures, 4DX, and P1Ventures, have also participated in the funding round.

“What an inspiring journey Money Fellows have gone through! We have followed the company since its launch and are impressed by what Ahmed and his team have achieved. Their ability to crack such a difficult model enables them to provide a highly recurring and sticky financing option to a largely untapped and underbanked population. Money Fellows is on track to become the go-to platform for financial services in emerging markets. We are very excited to become part of the company’s journey,” concluded Jad El Boustani, Managing Director, and Germine Bouchnack, Associate and Egypt’s Operations Manager at MEVP.

Meta has identified over 400 malicious Android and iOS apps designed to steal Facebook login information and compromise people’s accounts.

These apps are disguised as photo editors, games, VPN services, business apps, and other utilities to trick people into downloading them. Some examples include:

• Photo editors, including those that claim to allow you to “turn yourself into a cartoon”
• VPNs claiming to boost browsing speed or grant access to blocked content or websites
• Phone utilities such as flashlight apps that claim to brighten your phone’s flashlight
• Mobile games falsely promise high-quality 3D graphics
• Health and lifestyle apps such as horoscopes and fitness trackers
• Business or ad management apps claim to provide hidden or unauthorized features not found in official apps by tech platforms.

How do these apps work?

Malicious developers create malware apps disguised as apps with fun or useful functionality — like cartoon image editors or music players — and publish them on mobile app stores.

To cover up negative reviews by people who have spotted the defunct or malicious nature of the apps, developers may publish fake reviews to trick others into downloading the malware.

When a person installs the malicious app, it may ask them to “Login With Facebook” before they can use its promised features. If they enter their credentials, the malware steals their username and password.

If the login information is stolen, attackers could gain full access to a person’s account and do things like message their friends or access private information.

How to protect Facebook accounts from malicious mobile apps?

Malware apps often have telltale signs that differentiate them from legitimate apps. Here are a few things to consider before logging into a mobile app with your Facebook account:

1. Requiring social media credentials to use the app: Is the app unusable if you don’t provide your Facebook information? For example, be suspicious of a photo-editing app that needs your Facebook login and password before allowing you to use it.
2. The app’s reputation: Is the app reputable? Look at its download count, ratings, and reviews, including negative ones.
3. Promised features: Does the app provide the functionality it says it will, before or after logging in?

What to do if your Facebook account is compromised?

Suppose you believe you’ve downloaded a malicious app and have logged in with your social media or other online credentials. In that case, we recommend that you delete the app from your device immediately and follow the following instructions to secure your accounts:

1. Reset and create new strong passwords. Never reuse your password across multiple websites.
2. Enable two-factor authentication, preferably an Authenticator app, to add an extra security layer to your account.
3. Turn on log-in alerts so you’ll be notified if someone is trying to access your account. Review your previous sessions to ensure you recognize which devices have access to your account.

• It’s also recommended to report malicious applications that compromise Meta accounts through the Data Abuse Bounty program.

What are the 400 malicious apps?

Meta provided a list of more than 400 malicious apps in a blog post so users can check to see if they have downloaded any of them. Some apps include Beauty Camera, Kangaroo VPN, Magic Horoscope, and QR Barcode Scanner.

 

Saudi-based SaaS startup Glamera has raised a Seed round of $1.3 million, led by Riyadh Angels Investors (RAI), with participation from Techstars Accelerator, Ithraa Venture Capital, 100 Ventures, Silicon Valley Venture “Lucrative Ventures,” and Super Angel Investors.

Founded in 2020 by Mohamed Hassan and Omar Fathy, Glamera provides B2B services to beauty and lifestyle providers. It also provides a B2C marketplace where consumers find such providers and book sessions.

Established in Egypt, the startup has relocated to Saudi Arabia, covering Riyadh, Jeddah, Dammam, Taif, Qassim, Madina, and Tabuk, as well as Cairo and Alexandria in Egypt.

Since its establishment, the platform has achieved massive regional growth, facilitating a gross merchandise value of $45 million and continued revenue and client acquisition growth.

“Now we can confidently work toward leading the market with our fully integrated solutions and play a part in the Saudi Digital Transformation Vision 2030. We aim to work with over 2,500 clients and achieve $500 million GMV by the end of 2023,” Mohamed Hassan, founder, and CEO, said in a statement.

Omar Fathy, co-founder, and chief technical officer of the startup, said the company would use its funding to develop and launch new services and expand into Gulf markets.

Egyptian banks started imposing limits on overseas’ cash withdraws and online purchases in foreign currency for debit and credit cards to combat the country’s acute foreign currency shortage.

The maximum limit for using the card in foreign currency within 30 days is the amount of the credit limit of the credit or debit card, knowing that the 30 days will be calculated with the first foreign purchase transaction in foreign currency.

These instructions are similar to what happened before the pound’s devaluation against the dollar in November 2016.

The Commercial International Bank(CIB) in Egypt was the first to introduce the new tightened International spending limits for debit and credit cards, and other banks will follow.

International Spend Limits for Individuals’ Debit & Credit Cards in Egypt as of October 2022

According to CIB Egypt, all transactions in foreign currencies will be capped for individual users; starting October 6, 2022.

• Monthly cash withdrawal overseas: The new cash withdrawal overseas is up to EGP 5,000 ($250) for regular debit cards. Higher tier debit cards will have a maximum of EGP 20,000 ($1,000) to withdraw abroad monthly.
• Debit Card Spending Overseas:  Spending using the debit card overseas will be limited to EGP 20,000 ($1,000) for regular cards and up to 50,000 ($2,500) for the higher tier debit cards.
• Online Transactions in Foreign Currency: Purchasing online in foreign currencies is capped by EGP 20,000 ($1,000) for regular cards and up to EGP 50,000 ($2,500) for the higher tier cards.

International Spend Limits for Corporate Debit & Credit Cards in Egypt as of October 2022

Corporate debit cards are also capped. Unfortunately, these limitations will create obstacles for businesses that rely on online payment, including hosting companies and digital marketing agencies.

• Monthly Cash Withdrawal Overseas: The new cash withdrawal overseas is up to EGP 30,000 ($1,500)
• Debit Card Spending Overseas:  Spending using the debit card overseas will be limited to EGP 200,000 ($10,000)
• Online Transactions in Foreign Currency: Purchasing online in foreign currencies is capped by EGP 200,000 ($10,000)

The pound’s exchange rate continues to decline daily against the dollar at a rate of a few piasters, to approach the barrier of EGP20 per dollar, up from EGP15 per dollar months ago, losing around 25 percent of its value. However, the dollar’s exchange rate hits EGP24 and sometimes EGP27 in the black market.

Also read: World Bank Signs Off $400M to Reduce Egypt’s Greenhouse Emissions

The World Bank has approved a $400M logistics and transportation plan to help Egypt reduce greenhouse gas emissions from transportation, including the Alexandria–6th-of-October–Cairo Area railway corridor.

According to Reuters, Egypt’s transportation sector is the second largest contributor to the country’s greenhouse emissions after energy.

The project is expected to reduce greenhouse gas emissions by 965,000 tons over the next 30 years while increasing freight capacity.

The Egyptian railway system is one of the largest in Africa. Although the main focus along the Alexandria–the 6th of October–Greater Cairo Area corridor is on passenger services, there are also three freight trains in both directions daily.

The Cairo Alexandria Trade Logistics Development Project plans to build a railway bypass to circumvent the congested corridor. It will provide freight trains with an alternate route west of the Greater Cairo area, between the Alexandria Sea Port and the new 6th of October Dry Port.

By 2030, the bypass will allow 15 container trains a day to access the dry port and 50 by 2060. More freight trains will run between Alexandria Port, Upper Egypt, and the Red Sea.

“Reforming the transportation and logistics sectors is vital to Egypt’s competitiveness and economic development,” said Egyptian Transport Minister Kamel El-Wazir.

He added,” This new project introduces several improvements in those vital sectors. The upgrades are aligned with Egypt’s pressing development priorities, which include decarbonization, trade facilitation, private-sector participation, and gender balance in the workplace.”

Officials said the project would help Egypt integrate into global value networks and become a regional economic powerhouse. Given the predicted reductions in greenhouse gas emissions, it is also expected to substantially contribute to the country’s 2050 National Climate Change Strategy.

“This operation is part of a wider set of efforts dedicated to offering timely and comprehensive support to Egypt’s economic development and climate change plans,” said Marina Wes, the World Bank’s country director for Egypt, Yemen, and Djibouti.

The shared mobility market in the MENA region is set to expand with a compound annual growth rate of 18.4% from 2022 to 2030 as the yearly demand is predicted to witness a 16.9% increase, according to Grand View Research Inc.

The shared mobility technology landscape, including ride-sharing, car-renting, and taxi-ordering models, has increased since global players such as Uber and Lyft swept the field.

We’ve compiled a list of the MENA region’s most funded ride-sharing startups:

1. Careem

Total funding amount: $771.7 million

Founders: Mudassir Sheikha and Magnus Olsson

Investors: Alpha Partners, Arzan Venture Capital, BECO Capital, Bild Alternative Investment, Coatue Management, and 22 others

Headquarter(s): UAE

Recognized to be the Middle East’s first unicorn startup, Careem has transformed the ride-hailing sector in the region, attracting global competition and acquisitions to the industry.

The company first started as a car-booking app. It later entered the food delivery space and now operates as a super app.

Founded in 2012, Careem is the second most funded startup in the region. It obtained unicorn status in 2018 and was later acquired by global ride-hailing giant Uber for $3.1 billion in 2020.

2. Swvl

Total funding amount: $264 million

Founders: Mostafa Kandil, Mahmoud Nouh and Ahmed Sabbah

Investors: BECO Capital, Endeavor Catalyst, MSA Capital, Oman Technology Fund, Arzan Venture Capital, Sawari Ventures, VNV Global, and others

Headquarter(s): Founded in Egypt, based in the UAE

Founded in 2017, Swvl is a tech-enabled mass transit solutions provider offering intercity, intracity, business-to-business, and business-to-government transportation services.

The company is another unicorn founded in the MENA region, also listed on the Nasdaq.

Currently operating in 20 countries across four continents, Swvl went public after it completed a merger with particular purpose acquisition company Queens Gambit Growth Capital and was valued at $1.5 billion in March 2022.

3. Halan

Total funding amount: $146.4 million

Founders: Ahmed Mohsen, Mohamed Aboulnaga, and Mounir Nakhla

Investors: Lorax Capital Partners, Disruptech Ventures, Bossanova Investimentos, Middle East Venture Partners (MEVP), Endeavor Catalyst, CDC Group, Apis Partners, and others

Headquarters (s): Egypt

Founded in 2017, Halan provides two and three-wheeler vehicle rides and on-demand logistics. It allows customers to request motorbike or tuk-tuk rides or order food or goods for delivery via motorbikes or cargo tricycles. The application also caters to businesses, offering smart-tech last-mile delivery through integrated smart services using motorcycles and tricycles.

The startup also offers on-demand logistics solutions to support large organizations and small businesses in their distribution and supply chains. It also provides convenience and safety while it offers incremental business for the driver. The application has partnered with fast-food chains like McDonald’s, KFC, and Pizza Hut in Egypt.

4. Yassir

Total funding amount: $43 million

Founders: Noureddine Tayebi and El-Mahdi Yettou

Investors: Y Combinator, P1 Ventures, French Partners, ACE & Co., Venture Souq, WndrCo, DN Capital, Kismet Capital, Spike ventures, Quiet Capital, Endeavor Catalyst, FJ Labs, Venture Souq, Nellore Capital, Moving Capital, and other investors

Headquarter (s): Algeria

Established in 2017, Yassir offers on-demand services such as ride-hailing and last-mile delivery in 25 cities across Algeria, Canada, France, Morocco, and Tunisia, with over 3 million users.

The startup started as a ride-sharing platform and later became a super app adding last-mile delivery and financial services for its users.

The company raised $30 million in series A funding in June 2021 in a bid to expand into Western Africa and Europe in 2022.

5. ekar

Total funding amount: $34 million

Founder: Vilhelm Hedberg

Investors: Polymath Venture, Audacia Capital, and other

Headquarter (s): UAE

Founded in 2016, ekar offers on-demand access to a network of car-share, subscription leasing vehicles, and other mobility options, including peer-to-peer rentals.

Operating across seven cities with a fleet of 2,300 vehicles and 250,000 users in Saudi Arabia and the UAE, the company is one of the region’s first fully contactless car-sharing apps.

The company raised $17.5 million in series B funding in 2019, announced its launch in Thailand in 2022, and plans to expand into Malaysia, Turkey, and Egypt later in the year.

6. Udrive

Total funding amount: $17.3 million

Founders: Nicholas Watson and Hasib Khan

Investors: Cultiv8 and Oman Holding International

Headquarter(s): UAE

Another car rental app Udrive provides a pay-per-minute rental service for UAE residents and tourists, clocking in over 2 million trips.

Founded in 2016, the company allows users to pick up a car from any location available and is then returned to any parking location in the same city.

In its latest funding round, Udrive raised $5 million to support its plans to expand in the Middle East and enhance its technology.

7. Fenix

Total funding amount: $5 million

Founders: Jaideep Dhanoa and IQ Sayed

Investors: Emkan Capital and Panthera Capital Ventures

Headquarter(s): UAE

Established in November 2020, Fenix provides a different kind of mobility using electric scooters on a subscription-based service.

Founded by two ex-Careem executives, the company has one of the largest electric vehicle fleets in the region as it operates in four cities.

In 2021, the company raised a $5 million seed funding to support its goals to become the first national micro-mobility operator in the Gulf Cooperation Council.

8. Telgani

Total funding amount: $4.2 million

Founder: Abdulkader Almkinzy

Investors: 500 Startups, Saudi Venture Capital Co., Impact46, and others

Headquarter(s): Saudi Arabia

A car rental platform, Telgani allows users to rent a car through its mobile app that is then delivered to their doorstep.

Founded in 2018, the company also enables users to pick the car and the location they want to travel to and provides them with nearby options.

In November 2021, Telgani secured a $2.5 million pre-series A funding led by Saudi venture capital firm, Impact46.

9. KOI Ride

Total funding amount: $3 million

Founder: Kayla Kroot

Investors: CEG Invest and Taurus Wealth

Headquarter(s): UAE

KOI Ride is a B2B ride-hailing service startup that offers end-to-end ground transport services and connects online booking portals with licensed transportation providers.

Established in 2015, the company offers services in Dubai, London, New York, Las Vegas, Cancun, Istanbul, Bodrum, Antalya, Izmir, and Dalaman.

In June 2022, KOI Ride raised $3 million in an investment round to support its expansion into 24 cities across Europe, the Americas, and the Middle East.

Angry bank clients, some armed, stormed five commercial banks across Lebanon on Tuesday, asking for their money over withdrawal limits that Lebanese banks imposed due to the financial crisis that hit the country in 2019.

Lebanon has been witnessing the consequences of 2019’s financial crisis caused by the Covid-19 pandemic, political corruption, Beirut port explosion. Since then and the Lebanese people are suffering in many ways, including:

• Bank withdrawal limits imposed on the informal capital controls are one of the significant consequences that Lebanese suffer from.
• Shortage in the U.S. dollar, which is used in everyday transactions in Lebanon, and the crash in the pound’s value have undercut the country’s ability to pay for imports, including essentials such as wheat and oil.
• Short-term loans suspension: Banks in Lebanon have stopped giving short-term loans to businesses and no longer provide them with U.S. dollars for imports, forcing people to turn to the black markets.
• Significant inflation causes a massive loss of purchasing power and increased poverty.

The recent violent storms hit five different commercial banks across Lebanon, including BLC Bank- the Chtaura branch, the First National Bank Branch in the port city of Tripoli, Byblos Bank in the southern town of Tyre, IBL Bank in the Beirut suburb of Hazmieh, and the Haret Hreik branch of BLOM Bank.

Among the five incidents this week, depositors were angry about the delays in accessing their salaries and savings.

In one of the cases, a depositor was trying to sell his kidney; he was in deep debt and needed to wire money to his son, who was studying in Ukraine, as Reuters reported. But the holdups ended up receiving a sum of their deposits.

Banks Strike

Last month, a spree of seven holdups in a single week saw the banking association announce a closure for about a week.

Banks in Lebanon have 20,000 employees, which, considering their families, means that around 50,000 people are reliant on employment in the banking sector.

Head of the Bank Employees’ Union George Al-Hajj said members would abide by the association’s decision as it “is meant to financially, morally and physically protect employees and preserve their safety.”

However, the economic expert Jassem Ajaqa said the closure of banks “constitutes a harmful blow and inevitably leads to a rise in the exchange rate.”

Ajaqa warned that “if the political authority does not initiate reform measures, things are heading for the worse, and we may reach a stage where the central bank, Banque du Liban, loses its ability to curb the dollar’s rise.”

The International Monetary Fund, IMF plans to open a regional office in Saudi Arabia as it prepares to sign a memorandum of understanding on Oct. 3 in Riyadh.

The MoU, to be signed between the Saudi Arabian ministry of finance and the IMF, will be followed by a joint press conference that will be held at Ritz Carlton in Riyadh, a ministry release said.

Opening a new regional office in Saudi Arabia holds significance as the IMF expects the Kingdom to become one of the world’s fastest-growing economies, recording a growth of 7.6 percent in the gross domestic product this year.

It should also be noted that credit rating agency S&P has affirmed Saudi Arabia’s rating at “A-/A-2” with a positive outlook citing higher oil revenues, rising oil production, and the government’s robust reform program.