Dubai: Investments in start-ups in the Middle East and North Africa rose 13 per cent to $704 million last year as more investors clambered on board seeking such opportunities. In total, there were 564 investments in regional start-ups during the year.
Bank Muscat has secured the green light from the Central Bank of Oman to launch a $100m (OMR38.5 million) strategic Fintech investment programme. In a statement, Bank Muscat said that the investment programme is part of the bank's strategic growth initiative.
Nigeria was ranked the top startup investment destination in 2019, thanks to its attractive Fintech industry with raised most of the funds, an annual funding report by WeeTracker shows.
2019 was the year that dealmaking on the continent got serious. Very serious. In November alone, indeed one specific seven-day period in November, investors announced over $400m for various fintechs on the continent, without a doubt the wildest week the sector has ever seen.
Venture capital funding for British start-ups grew 44% to a record $13.2 billion in 2019, a report prepared for the government by industry group Tech Nation and research firm Dealroom said.
Augmented reality and virtual reality will together pump $4.1 billion (Dh15.05bn) into the UAE economy by 2030, boosting the country’s gross domestic product by 1 per cent, according to a new study by consultancy PwC.
In mid-September the Dubai International Financial Centre (DIFC) announced that its fintech ecosystem had more than doubled in size since the beginning of the year, rising from 80 to 200 companies. New entrants include UK-based digital banking firm Bankable and Hong Kong’s QFPay, a mobile payment technology provider.
Lagos State Government’s investment in technology and innovation is a deliberate effort to position the State as key player in global technology space, Governor Babajide Sanwo-Olu said.
“…We are committed to bringing the latest technologies and resources to Bahrain, and will continue to invest in joint innovation with our customers and partners as well as local ICT talent development to support the Bahrain Economic Vision 2030” said Charles Yang, President, Huawei Middle East
The past 12 months have contained some momentous landmarks for Saudi Arabia’s financial sector, from the inclusion of the kingdom's stock market into the MSCI Emerging Markets Index to the continuous strong demand for its sovereign debt bonds and Saudi Aramco’s record-breaking initial public offering earlier this month.
If it were easily available to them, half of UAE residents (49%) said they are likely to own a self-driving car in the next five years, close to a quarter (23%) are unlikely to do so and an equal proportion (23%) are unsure, YouGov’s latest research reveals.
The report, by US technology firm Oracle and HR research and advisory firm, Future Workplace, also found a higher number of UAE executives than the global average are already using some form of artificial intelligence in their workplace.
Most hospital heads in Kenya have limited or no knowledge in digital health technologies, reports a study among 211 bosses. The study says this digital ignorance is partially responsible for Kenya lagging behind in adopting digital health solutions; currently revolutionising health care across the world.
Lagos State Government has said it would leverage the eHealth Information technology to plug the gaps in healthcare delivery in the state.
The eHealth Information technology will enable the collation of all relevant data from all hospitals in the state through a single source to ensure proper and effective planning of precision healthcare for residents in Lagos.
A report by Arab Health titled “The Future Of Health Information Technology and The Internet Of Medical Things” highlights that the value of the Internet of Medical Things (IoMT) global market was valued at $41.2 billion in 2017 and is expected to increase to $158.1 billion in 2022, according to ‘Markets & Markets’.
Cybersecurity, interoperability, and patient empowerment are major concerns in the European healthcare industry, according to the latest “Annual European eHealth Survey 2019" which surveyed over 500 professionals in the field.
The Dubai Financial Services Authority (DFSA) is planning to roll out a platform to help companies in the Dubai International Financial Centre implement appropriate safeguards to mitigate cyber risks.
Companies must be the protagonists in the fight against cybercrime through the synergic application of different skills and disciplines, in the perspective of tackling complex phenomena such as cybercrime.
About 90 potential cyber threats were being reported in Abu Dhabi every month, and teams are working tirelessly to prevent the attacks against government and private sector companies, a top cybersecurity expert in Abu Dhabi has said.
INFOMINEO RESOURCES
A highlight of some of our resources to expand your knowledge on Africa and the Middle East.
It is obvious that Africa needs technological innovations to jump a generation and catch up with other countries. The continent can indeed turn the lack of infrastructure from a disadvantage into an asset.
With a growing understanding of the impact Artificial Intelligence (AI) is likely to have on customer relations and sales, retailers across the world are exponentially investing in AI with an estimated global annual spending reaching around 7,3 billion dollars by 2022.
INFOMINEO
Infomineo is a data and research service provider, that specializes in Africa and the Middle East, dedicated to supporting global companies in getting access to information that powers their investment decisions in the region. Through a direct presence in key markets such as the UAE, South Africa, Kenya, Egypt and Morocco, Infomineo provides a quick access to market data on key questions such as: market and product prioritization, partner identification, commercial due diligence, route to market, supply chain mapping and competitive analysis among others. Along with conductingCustom Research for clients, Infomineo also delivers an Expert Network service and a Business Translation service.
INFOMINEO, Value added business research, Casablanca, Morocco