Category: News

The Egyptian pound plunged after the central bank moved to a flexible currency to help the government secure a deal with the International Monetary Fund.

According to data compiled by Bloomberg, the pound depreciated over 14% to a record low of 23.01 against the dollar, an all-time low. The central bank also raised official borrowing costs by 200 basis points.

Egypt will receive $5 billion from international partners, helping the country fill its external financing gaps. According to the IMF, Egypt requested $1 billion from a newly created sustainability fund.

Egypt had kept its currency stable at EGP 15 against the dollar for about two years.

Check out the latest USD to EGP exchange rate.

At 7:00 AM GMT, millions of users worldwide found WhatsApp offline, encountering issues connecting to the app’s server on both mobile and desktop.

The outage is hindering users from sending and receiving messages.

The cause is still a mystery, with the company yet to provide an estimated restoration time.

The Down Detector website recorded a surge in issues globally, highlighting “WhatsApp Down.”

In an update, Meta has reinstated WhatsApp access for all users.

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.

Paymob, the leading omnichannel payments gateway in the MENAP region, has appointed Imane Adel as Executive Vice President of Strategy. Adel will guide Paymob’s vision and strategy as it continues to deliver forward-thinking, sustainable, and inclusive financial technology solutions in the region.

Adel brings a wealth of experience and industry knowledge in fintech and payments. Before joining Paymob, she led Mastercard’s acceptance business in the MENA region and was integral in developing strategies to digitize cash-heavy market segments. Adel was an avid driver of Mastercard’s vision of a “World Beyond Cash.” She also developed & executed the Microlending & BNPL segment strategy in EEMEA. Before her time at Mastercard, Adel also held senior positions at Yahoo! and Visa.

Headquartered in Cairo, Egypt, Paymob is the largest payments facilitator in North Africa and employs 1,100 team members across MENAP. The company launched operations in Pakistan in 2021.

Its omnichannel gateway offers more than 30 payment methods. It empowers over 120,000 SME merchants to manage and scale their businesses by giving them access to financial services not readily available in emerging markets.

“Imane is a great addition to our senior leadership team,” said Islam Shawky, Paymob’s co-founder and CEO. “She is passionate about leading value-based digital transformation in our region, which delivers meaningful financial inclusion and literacy. Driving growth, transparency, and value creation across the ecosystem are core elements of our mission to fuel SMEs in the digital economy throughout MENAP,” he added.

“I am truly delighted to take on this key role at Paymob after closely observing the business flourish over the past few years and breaking many boundaries of what is possible,” Adel said. “I look forward to working with the team to build a better, more inclusive, and sustainable digital future.”

Adel holds a Master of Science in Strategic Planning from Edinburgh Business School and a Bachelor of Business Administration degree from the American University in Cairo.

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.