Middle East’s largest VC fund to invest in ‘homegrown’ Saudi tech startups

Wednesday, 23 October 2019

Saudi Technology Ventures (STV), the Middle East’s largest venture capital fund, plans to fill a growing gap between supply and demand in the region’s digital startup space, STV’s chief executive Abdulrahman Tarabzouni said in an exclusive interview with Al Arabiya English. “We place value in homegrown champions, and we aim to remain ‘in the game’ by finding and investing in the best tech startups in KSA,” the CEO said. A gap between supply and demand ...

TransferWise expands into Middle East with Abu Dhabi license

Wednesday, 23 October 2019

TransferWise, a $3.5 billion fintech start-up backed by billionaire investors Peter Thiel and Richard Branson, is expanding its money transfer service in the Middle East. On Tuesday, the company got a license to be a money services provider in Abu Dhabi. Now, customers in the United Arab Emirates can transfer funds in dirhams, to accounts around the world with TransferWise’s platform. “Money transfers from AED have long been one of our most wished for currencies, so we always knew ...

Abu Dhabi’s Mubadala Capital launches $250 mln tech funds to invest in startups

Monday, 21 October 2019

Abu Dhabi’s Mubadala Capital on Monday launched $250 million tech funds to invest in startups in the United Arab Emirates and across the Middle-East and North Africa region (MENA). Mubadala said the investment will include a $150 million “fund of funds” program, to inject in funds and startups in Hub71 – a key initiative of the Government’s Ghadan 21 economic acceleration plan. This is the latest in a series of funds aimed at boosting local startups and ...

Facebook open to currency-pegged stablecoins for Libra project

Monday, 21 October 2019

Facebook Inc, facing growing skepticism about its digital currency project Libra, on Sunday said the initiative could use cryptocurrencies based on national currencies such as the dollar, instead of the synthetic one it initially proposed.David Marcus, who heads the Libra project for Facebook, told a banking seminar the group’s main goal remained to create a more efficient payments system, but it was open to looking at alternative approaches for the currency token it would use.“We ...

Oracle co-CEO Mark Hurd dies at 62

Saturday, 19 October 2019

Oracle Corp’s 62-year-old co-chief Mark Hurd died on Friday morning, the company said, an unexpected development that raises pressure on co-CEO Safra Catz to lead the business software maker’s ongoing transition to cloud computing. Last month, Hurd went on a medical leave for unspecified health reasons, while Catz and founder Larry Ellison took over his responsibilities during the absence. The company has not given details about the cause of death. “Oracle has lost a ...

Facebook’s Libra cryptocurrency faces new hurdle from G7 nations

Friday, 18 October 2019

Facebook’s plans to launch its Libra cryptocurrency faced a new hurdle on Thursday, when the Group of Seven wealthy nations said such “stablecoins” should not be allowed to launch until the profound international risks they pose are addressed. When launched on a wide scale, stablecoins - digital currencies usually backed by traditional money and other assets - could threaten the world’s monetary system and financial stability, a G7 working group said in a ...

Saudi Ministry, GEA sign MoU to launch accelerator for electronic games

Monday, 14 October 2019

Saudi Arabia’s Ministry of Communications and Information Technology (MCIT) signed on Sunday a Memorandum of Understanding with the General Entertainment Authority (GEA), on the sidelines of the entertainment industry conference held in Riyadh to launch a business accelerator to support the development of electronic games locally. The MoU also seeks to build human resources working in the field of digital entertainment, in addition to the establishment of a joint center for digital ...

Visa, Mastercard shun Facebook’s Libra digital currency plan

Saturday, 12 October 2019

Visa and Mastercard on Friday announced their departure from Facebook’s Libra project, a potentially fatal blow to the social network’s plan for a worldwide digital currency.Along with the two payment giants, several other large companies have said they’re exiting Libra. Payment processing company Stripe is stepping back, as well as online auction company eBay.PayPal was the first of Libra’s big partners to leave, announcing last week it would no longer be ...

Boeing splits CEO, chairman role amid MAX crisis

Saturday, 12 October 2019

Boeing unveiled a shift to its leadership structure on Friday as it manages the 737 MAX crisis, announcing that Dennis Muilenburg will remain chief executive but step down as chairman. The company said splitting the roles would allow Muilenburg to focus full time on running the company “as it works to return the 737 MAX safely to service” while ensuring full support to customers sharpening Boeing’s focus on safety. “This decision is the latest of several actions by the ...

Zuckerberg to testify in US on Facebook digital currency plan

Wednesday, 9 October 2019

Facebook chief executive Mark Zuckerberg will testify at the US House of Representatives this month on the social network’s plan for a global digital currency, officials announced Wednesday.The House Financial Services Committee said in a statement Zuckerberg would be the sole witness at the hearing on “An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors.”The move comes with Facebook’s planned digital coin Libra facing heavy criticism ...

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