Category: News

Talabat is doubling down on grocery delivery. The UAE-based delivery giant has acquired InstaShop, a Dubai-born on-demand grocery platform, from its German parent company, Delivery Hero, for $32 million. The deal, first announced in September, was fully funded through Talabat’s internal cash reserves, the company confirmed on Thursday.

Talabat’s InstaShop Deal: What’s Behind the Deal?

With this acquisition, Talabat’s grocery and retail market value for 2024 has shot past $2.5 billion. The company has already started integrating InstaShop’s platform to optimize operations and enhance its tech stack.

For context, Delivery Hero originally snapped up InstaShop in 2020 for a whopping $360 million, hoping to cement its presence in MENA’s fast-growing grocery delivery market.

“As part of Delivery Hero’s corporate restructuring in September 2024, ahead of Talabat’s IPO, the agreed $32 million sale price of InstaShop reflects its capital amount rather than its fair market value,” Talabat noted in a statement.

Will InstaShop Stay Independent? Despite the acquisition, InstaShop will continue to operate as an independent brand under Talabat’s grocery and retail division. This keeps vendors on both platforms plugged into a broader audience, creating new cross-listing opportunities.

In 2024, InstaShop reported $631 million in gross market value—up 16% year-over-year—underscoring its staying power in the grocery delivery space.

Where Does This Put Talabat in the Market?

Talabat already dominates the UAE’s quick-commerce industry, where instant grocery delivery is becoming the norm. The InstaShop buyout further fortifies its position against rivals like London-based Deliveroo and Dubai-born Careem, both of which have been doubling down on multi-category delivery services, from food to pharmacy essentials.

Founded in Kuwait in 2004, Talabat moved its headquarters to the UAE in 2012. It now operates in eight countries, including Kuwait, Qatar, Bahrain, Egypt, Oman, Jordan, and Iraq. The platform serves over six million customers through a network of 65,000 partner vendors and 119,000+ riders.

Talabat’s IPO and Its Blockbuster Financials Talabat made headlines in December 2024 when it launched a $2 billion IPO on the Dubai Financial Market, making it the biggest public listing in the Gulf that year. The stock offering saw massive investor demand, with double-digit oversubscription.

Since going public, the company has posted impressive growth numbers. In Q4 2024, net profit surged 54% year-on-year to $138 million, while revenue climbed 32% to $801 million. Full-year earnings reflected the momentum, with net profit jumping 64% to $346 million and revenue hitting $2.9 billion, a 32% year-on-year increase. Adjusted EBITDA also climbed 55% to $497 million.

InstaShop’s Next Chapter with Talabat The InstaShop acquisition gives the brand a chance to “tap into Talabat’s vast network and operational muscle,” said Nikola Cabarkapa, CEO of InstaShop.

“With Talabat’s backing, we can amplify our impact and unlock even more opportunities for customers and partners,” he added.

The deal marks another major bet on quick-commerce dominance, cementing Talabat and InstaShop’s role in shaping the future of online grocery delivery in the UAE and beyond.

 

No more business cards! Use OZZ!

OZZ Technologies has launched the world’s first ultra-secure digital contact wallet – OZZ. A contactless digital wallet to save, curate, and share a comprehensive and password-protected repository of contact and identification information,

“OZZ revolutionizes the way we, as a digitally-first society, connect amidst the coronavirus pandemic,”​ said Ahmed Wasfie, founder and CEO of OZZ Technologies.

“Contactless interactions are an integral part of the new normal, together with mounting consumer expectations with regards to speed, security, and privacy,” he explained. “OZZ is a simple, secure, and seamless way to share information during an interaction.”

OZZ inspired by Dubai Paperless Strategy

“We were inspired by the Dubai Paperless Strategy championed by His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum; it motivated us to create a contactless solution with a global appeal from right here in Dubai.” Said Ahmed Wasfie, founder and CEO of OZZ.

Conceived as a B2B product last year, Wasfie sought to expand the OZZ value proposition’s convenience and security to individual users.

“OZZ is your new business card, and ID stash rolled into one,” explains Wasfie. Besides saving essential contact information, OZZ allows users to store profiles from more than 50 different channels spanning social media platforms – such as Facebook, Snapchat, TikTok, and Twitter – to communication applications – such as FaceTime, Skype, WeChat, and Whatsapp – to music applications, online professional portfolio links and much more. User information is encrypted using Amazon Web Services (AWS).

OZZ generates significant savings of up to 70% on the ubiquitous annual business card spend for enterprise clients, benefiting both the bottom line and the environment.

As a white-label offering, OZZ offers enterprise clients custom-design options enabling increased brand awareness. Moreover, B2B customers can also avail of enterprise-level dashboards that allow designated personnel to track the volume and type of contact exchanges conducted by employees in essential revenue-generating functions, such as sales and business development.

Manufactured in line with global best-in-class production standards, OZZ is scratch proof,​ waterproof and shockproof. Some of its innovative features include:

State-of-the-art OZZSure ​Security Factor – Users can save contact and identification information and documents, each with many layers of password-protection and the option to hide selected files before sharing.

Authentication and Verification – OZZ users can save essential identification documents (driver’s license, passport, Emirates ID) in a single and navigable location on their smartphones, and in a verified format.

“O​ ZZ uses machine learning and artificial intelligence ​to ensure that any personal ID uploaded is an original and user-linked document,” said Wasfie.

Emergency Contact Sharing – OZZ allows users to input detailed information for an emergency contact – including name, phone number, and location – which can be retrieved by a simple tap on the user’s phone in an emergency.

OZZ is headquartered in Dubai, UAE. The startup is on a mission to revolutionize contactless sharing by building advanced contactless digital wallets for consumers and enterprises that enable the simple, seamless, and secure storage, management, and exchange of contact and identification information.

A mechanical engineer by education, Wasfie is a serial entrepreneur; he previously founded the BackPack app in 2009 and the creative digital agency and software house – AWStreams – in 2010. OZZ Technologies is his third venture.

“Until now, we lacked a convenient and completely secure way to share information with approved parties in a manner that eliminates all forms of paperwork. We see the headwinds of a contactless era, and this is the behavioral shift that will make OZZ a valuable, everyday tool for people all over the world,” said Wasfie.

You can download the OZZ app for free with selected features, full functionality only available to purchasers of the OZZ tag.

Users can choose between six different language settings, including Arabic, Chinese, English, Dutch, Russian, and Spanish, more language options offered in the coming weeks.

OZZ tags product is sold in the UAE, Saudi Arabia, and Egypt.​

TA Telecom, a prominent player in the Middle East’s tech sector, has unveiled AnteThink, an AI-driven tool designed to enhance decision-making processes for individuals and businesses alike.

With a history of influencing the tech landscape through various initiatives, including advanced mobile solutions, high-volume payment platforms, and ventures in e-commerce, fintech, and analytics, TA Telecom has carved a niche for itself. Serving a vast user base of 40 million and processing an impressive 15 billion transactions across its platforms, TA Telecom has cemented its position as a tech industry leader, with some of its ventures achieving the status of Y Combinator companies.

Established in 2000, TA Telecom has emerged as a prominent player in the technology sector. With over 40 million users and processing 15 billion transactions annually, TA Telecom has made a notable impact. Recognized for its contributions by the Financial Times and featured on Deloitte’s list of fastest-growing tech companies in EMEA, TA Telecom is known for its adaptability and forward-thinking approach in the ever-evolving global tech landscape.

Sameh Ibrahim, CEO of TA Telecom, highlights the potential of AnteThink: “AnteThink reflects our commitment to leverage technology for practical impact. It aims to provide clarity and confidence in decision-making, whether in the professional or personal sphere. AnteThink is a tool that can empower startup founders, executives, and individuals to make more informed choices, alleviating the stress and uncertainty often associated with critical decision-making.”

Mostafa Ashour, CEO of Y Combinator-backed startup NowPay, shared his perspective on AnteThink: “AnteThink transformed our strategic planning, allowing us to explore various scenarios and prepare for different outcomes. It has strengthened our decision-making process, helping us navigate the complexities of the business landscape.”

AnteThink embodies TA Telecom’s commitment to innovation, focusing on supporting the startup ecosystem. The tool is tailored to help leaders and executives navigate the complexities of business management and strategic development by providing a clear picture of potential outcomes.

Key Features of AnteThink include:

1. Second Order Mode: Offering a comprehensive analysis of broader impacts, fostering a strategic mindset for long-term success.

2. Optionality Mode: Enabling detailed evaluation and comparison of different choices to ensure decisions align with strategic objectives and values.

3. Inversion Mode: Focusing on identifying and mitigating potential risks, thereby strengthening risk management strategies.

AnteThink’s advanced AI technology aims to assist decision-makers with insightful analytics, offering guidance through the decision-making process.

Selina Bieber, the Senior Director of Global Markets at GoDaddy, has predicted a significant increase in Egypt’s e-commerce revenue. By 2028, it could reach $9.88 billion.

Godaddy is forming strategic partnerships and launching initiatives to help local entrepreneurs. These efforts align with Egypt’s digital transformation goals and its Vision 2030.

In an interview with the Arabic financial news “Amwal Al Ghad,” Bieber spoke about GoDaddy’s plans and how they match Egypt’s 2023 strategy. She highlighted the company’s aim to provide effective, easy-to-use digital tools and services. By 2024, GoDaddy wants to serve more customers in Egypt by making its digital tools more widespread.

The company is working closely with the Egyptian government, especially the Ministry of Planning. They are offering training programs to improve the digital skills of startups and existing businesses. GoDaddy’s services in Egypt include domain registration, web hosting, e-commerce solutions, and digital marketing tools.

Recent surveys support Bieber’s positive outlook for e-commerce in Egypt. They show a clear trend towards digital strategies among small businesses. Many are realizing the importance of having an online presence for their growth and success.

As GoDaddy continues its partnerships and supports government digital initiatives, its influence on Egypt’s digital landscape is growing. The company is committed to sustainability and reducing its carbon footprint. It aims not just for business growth but also to contribute to a sustainable and thriving digital economy in Egypt.

The 2028 projection indicates a vast potential for e-commerce, with GoDaddy playing a key role in this digital evolution.

Lendo, a Saudi Arabia-based shariah-compliant debt crowdfunding marketplace, has raised SAR 105 million ($28 million) in Series B funding led by Sanabil Investments, a wholly-owned company by the Public Investment Fund (“PIF”). The round saw participation from Shorooq Partners, AB Ventures and other investors.

Lendo is a Shariah-compliant, debt crowdfunding marketplace that helps pre-finance outstanding invoices for businesses in Saudi Arabia. The platform is a community of creditworthy borrowers and sophisticated investors looking for alternative investments. The platform is licensed by the Saudi Central Bank (SAMA). Lendo will use the funds to support its fast-growing customer base in Saudi Arabia which has grown 3X year-on-year, introduce more innovative financing products, and accelerate market expansion plans.

“With this funding round, we are going to expand into new markets, support new and current customers, and launch new Shariah-compliant products, all the while continuing to innovate the marketplace for digital lending. We are going to make financial services more accessible, affordable, and inclusive for everyone. I am excited to see what the future holds for our company,” said Osama Alraee, CEO, and co-founder of Lendo, who also disclosed its plans for an IPO within the next few years.

Alraee has also expressed his gratitude to SAMA (Saudi Central Bank), Fintech Saudi, MCIT, Misk, and Monshaat for their unwavering support, emphasizing the pivotal role they have played in advancing financial inclusivity and fostering innovation in partnership with Lendo to reshape the financial landscape. Their dedicated efforts in advancing financial inclusivity and fostering innovation have been invaluable to us. We greatly appreciate their partnership in our mission to transform the financial landscape

Commenting on the announcement, Sanabil Investments said: “Lendo is a leading fintech company that is transforming the financial services industry in their specialist area of Shariah-compliant digital lending for SMEs. The Lendo team, especially the founders, Osama and Mohamed, have achieved a significant amount in a relatively short period, and we are eager to join their journey of increasing access to flexible financial solutions in Saudi Arabia and the region at large.”

“The growing demand for alternative, agile, and accessible lending solutions presents a significant opportunity. At Lendo, we are well-positioned to lead the charge in promoting financial inclusion not only in Saudi Arabia but also beyond. By fueling SME growth, we aim to contribute to the realization of Saudi Arabia’s Vision 2030 economic goals and to create a ripple effect of opportunity throughout the MENA region,” said Mohamed Jawabri, COO, and co-Founder of Lendo.

Lendo previously raised a SAR 27 million Series A funding round ($7.2 million) in 2021 led by Derayah Ventures with participation from Seedra Ventures and other investors, bringing the fintech’s total funding to SAR 132 million ($35.2 million).

Since the inception of Dec 2019, Saudi fintech Lendo has processed more than 2,500 financing transactions on its platform, providing over SAR 1 billion ($300 million) in financing to SMEs and generating SAR 140 million ($37 million) returns for investors.

The Small and Medium Enterprise financing landscape in the Middle East and North Africa (MENA) presents a substantial market opportunity as limited financial access continues to restrict the growth of the region’s businesses, with commercial banks hesitant to issue loans to SMEs at scale, resulting in a high percentage of declined financing requests annually. According to the International Finance Corporation (IFC), the SME financing gap is estimated at SAR 19.5 trillion ($5.2 trillion) every year in developing countries.

Lendo’s debt crowdfunding platform aims to bridge the financing gap for SMEs, which aligns with the Saudi Vision 2030 to significantly expand SME lending from 4% in 2018 to 20% by 2030.

The total value of debt crowdfunding in Saudi Arabia surged from 1.4 million SAR in 2019 to SAR 771 million in 2022, marking a remarkable 430% growth, according to SAMA’s annual fintech report 2022.

A McDonald’s insider in Egypt anonymously disclosed a 70% sales decline in October and November, aligning with a global and Egyptian boycott fueled by the ongoing conflict in Gaza.

Also read: Egyptian Soda Gains Ground Amid Anti-Western Boycott in the Middle East

The movement, driven by concerns about multinational support for the Israeli occupation, has led many Egyptians to choose local alternatives. McDonald’s is specifically targeted in the Boycott, Divestment, and Sanctions Movement in Egypt.

Western brands are experiencing repercussions in Egypt and Jordan, signaling the campaign’s expansion into other Arab nations like Kuwait and Morocco. However, participation has been uneven, with only marginal effects observed in Saudi Arabia and the United Arab Emirates. Said Reuters in a recent report

The campaign targets companies perceived to support Israel, either through public stances or alleged financial ties. As it gains momentum, social media calls for boycotts have grown, listing numerous companies and products. This has led consumers to opt for local alternatives. In Egypt, where street protests are restricted due to security measures, the boycott is seen by some as the most effective means of expressing dissent.

Read: Ads Endorsing ‘Holocaust’ Against Palestinians Get Green Light on Facebook

Boycotts are sweeping across the Middle East, impacting US and European brands as consumers express their protest against Western governments’ support for Israel during the Gaza conflict. This has led to a notable shift towards local alternatives.

The movement to distance from US brands has resulted in a surge for certain regional counterparts. Among the notable beneficiaries is the Egyptian soda maker Spiro Spathis.

Established in 1920, the brand had witnessed a decline in popularity over the years, facing challenges in competing with international competitors. However, recent boycotts have proven advantageous, with sales reportedly experiencing a remarkable 300% increase, as highlighted by Egyptian media.

McDonald’s faced criticism recently when its Israeli franchise operator revealed the donation of thousands of free meals to Israeli soldiers. Despite the global ubiquity of McDonald’s golden arches, many international outlets operate as franchises managed by local entities.

Also read: 75 Israeli Tech Companies to Boycott, Support Justice for Palestine

For example, the McDonald’s entity in Kuwait clarified its stance, stating it donated $250,000 to the Kuwaiti Red Crescent for Gaza relief efforts. Emphasizing its 100% Kuwaiti ownership and operation by Al Maousherji Catering Company, the entity asserted that profits do not reach McDonald’s Corporation globally. The company expressed pride in its Kuwaiti, Arab, and Islamic identity, reinforcing its commitment to these values.

McDonald’s Corporation, distancing itself from disinformation, stated it is not funding or supporting any governments involved in the Middle East conflict. It emphasized that actions taken by local licensing partners were independent and not approved by McDonald’s. The corporation extended sympathy to all communities and families affected by the crisis.

American brands have found themselves entangled in the midst of tensions as the situation in the Middle East intensifies, and this is not an isolated incident.

In past years, demonstrators in Lebanon and even London compelled the closure of some Starbucks coffee shops based on unfounded claims that the chain supported Israel. Starbucks refuted these allegations, asserting its status as a “non-political organization.”

In the UK, Marks & Spencer faced criticism for a Christmas advert featuring red, green, and silver holiday hats in a fireplace, which some social media users argued resembled a burning Palestinian flag. The company clarified that the commercial aimed to capture the festive spirit and apologized for any unintended distress caused.

Saudi Arabia fintech startup Lendo has crossed a significant milestone, facilitating more than 1 billion SAR in financing through over 2,500 transactions, all directed towards supporting Saudi Arabia’s Small and Medium Enterprises (SMEs).

Lendo is a Riyadh-based Shariah-compliant, Debt crowdfunding platform regulated by the Saudi Central Bank that helps pre-finance outstanding invoices for businesses in Saudi Arabia.

Since its inception, Saudi fintech Lendo has processed more than 2000 financing transactions on its platform since launch, providing SAR 1+ billion (USD 300 million) in financing to SMEs and generating SAR 140 million (USD 37 million) returns for investors.

Bringing together a community of creditworthy borrowers looking for short-term financing and savvy investors looking for alternative investments at high returns, Lendo’s products and solutions are designed to make business financing easier, faster, and smarter for investors and borrowers alike.

Operating under the regulatory framework of the Saudi Central Bank, Lendo operates as a Shariah-compliant debt crowdfunding platform, specializing in the pre-financing of outstanding invoices for local businesses.

Lendo has successfully curated a community of creditworthy borrowers in search of short-term financing, while simultaneously attracting savvy investors seeking high-yield alternative opportunities.

In an era where financial innovation is reshaping traditional norms, Lendo’s suite of products and solutions reflects a commitment to streamlining, expediting, and enhancing the world of business financing, offering advantages to investors and borrowers alike.

Empowering SMEs and Boosting GDP

Lendo’s financing has conservatively saved and created estimated hundreds of jobs within SMEs, providing essential stability in the job market. a testament to the platform’s profound economic influence.

Moreover, SMEs supported by Lendo experienced an impressive estimated 20% growth, underscoring the platform’s role in fostering entrepreneurship and business expansion. aligned with Vision 2030 goal of increasing 35% SME contributing to GDP.

The impact on the GDP is significant. Thriving SMEs contribute substantially to the GDP, generating revenue, increasing consumption, and amplifying economic activities. Lendo’s pivotal role in this process positions Saudi Arabia as an economic powerhouse, showcasing the potential of the Kingdom’s entrepreneurial spirit.

In essence, Lendo’s influence extends beyond financial transactions; it is a quantifiable catalyst for economic empowerment, conservatively saving jobs, boosting GDP, and nurturing the growth of Saudi SMEs.

Revolutionizing Business Financing

Lendo’s approach is revolutionizing the way businesses secure financing. By addressing the specific needs of SMEs, Lendo provides a lifeline to businesses grappling with cash flow issues.

The platform’s innovative debt crowdfunding model allows businesses to pre-finance their outstanding invoices, ensuring a steady influx of capital. This infusion of funds enables these businesses to meet operational expenses, invest in growth opportunities, and navigate the challenges posed by market dynamics.

Community-Driven Financial Solutions

At the heart of Lendo’s success is its community-driven ethos. The platform acts as a bridge between credible borrowers and investors seeking meaningful investment opportunities.

For borrowers, Lendo offers a hassle-free application process, swift approval timelines, and competitive financing terms. Investors, on the other hand, find a plethora of vetted opportunities, ensuring their investments yield substantial returns.

This symbiotic relationship fosters a sense of financial empowerment, enabling businesses to thrive and investors to grow their portfolios.

Investment Culture Shift

Lendo has played a significant role in reshaping perceptions of financial inclusion in Saudi Arabia, with over 1 billion SAR invested by individuals in small and medium-sized enterprises (SMEs).

This substantial investment amount signifies a noticeable shift in individual investment strategies, highlighting their growing interest in active participation in the financial ecosystem.

Lendo has also taken proactive steps to combat financial illiteracy by focusing on educating the community about the crucial role of investment in achieving financial stability and fostering growth.

These initiatives have encouraged greater participation from women, with women now constituting 12% of Lendo’s total investors and showing a growing presence.

Regulated and Shariah-Compliant

Lendo’s credibility is underpinned by its adherence to regulatory guidelines set forth by the Saudi Central Bank. Operating in a Shariah-compliant manner, Lendo ensures that its financing solutions align with ethical and Islamic principles. This commitment to regulatory compliance and ethical practices instills confidence in both borrowers and investors, fostering a secure and transparent financial ecosystem.

As Lendo surpasses the SAR +1 billion financing mark, it signifies more than just a numerical achievement. It represents the trust bestowed upon the platform by SMEs and investors alike.

Looking ahead, Lendo remains committed to furthering its mission of simplifying business financing. By continuously refining its offerings, embracing technological advancements, and expanding its reach, Lendo aims to empower even more SMEs in Saudi Arabia, driving economic growth and prosperity.

In a financial landscape where agility and innovation are paramount, Lendo stands as a beacon of progress. With each financing transaction, the platform reaffirms its commitment to transforming the SME sector and shaping a robust future for Saudi businesses.

Lendo has recently raised a Series B funding round, securing $28 million, led by Sanabil Investments, a PIF-owned company.