ADIA consdering investment in Swedish AI-focused software developer IFS, while CMA proposes easing investor criteria for Nomu
Here’s a look at today's biggest tech stories in the MENA+:
- ADIA consdering investment in Swedish AI-focused software developer IFS
- G42’s investment in Cerebras Systems remains under review, delaying IPO
- G42, Cleveland Clinic team up on healthcare projects leveraging AI
- Dubai influence rises in the wake of rising taxes in the UK, France
- UAE’s myZoi launches e-wallet with “one-to-many” transfer capabilities
- Saudi Arabia considering hosting EA Sports FC Supercup
- CMA proposes easing investor criteria for Nomu
- Arab African International Bank to open local branch to support Egyptian investors in Kingdom
- Al Othaim Investment to offer 30% of shares in Tadawul IPO
- Vision Bank launches digital banking app
- Cabinet approves draft decisions to open seven new private universities
- Egyptian economy posts strongest quarterly growth since 2022 at 4.3%
- Cabinet approves $91B draft budget for next FY, expenditure up 18% YoY
- Industrial Development Group plans new industrial zones in new capital, targets MSMEs
- Govt to sign MoU with EU on $4.3B financing package
- Govt pushes to lower electricity costs to support manufacturers
- Starlink to deposit $1.6M for PTA license to kickstart operations
- GDP grows 1.73% in Q2, faster than expected on IMF support
- Pakistan, IMF agree to carbon levy under new deal
- 1H tax collection up 29.4% YoY
Other MENA+ Developments
- UAE, Qatar only two countries seen to record budget surplus this year
- African digital payments economy to reach $1.5T by 2030
- Kuwaiti bankers call on govt to buy 10% of share index with $12.8B bailout fund
- Qatar now meets 40% of total freshwater demand with desalination
- Abu Dhabi Aviation, Archer partner to launch first Midnight eVTOLs
Southeast Asia Developments
- Thai PM's coalition easily survives no-confidence vote despite economy criticism
- Apple says iPhone 16 to be available next month in Indonesia following $300M commitment
- DBS leads race to buy Indonesia's Panin Bank
- India, Singapore partner on Green and Digital Shipping Corridor
- Malaysian govt moves ahead with law expanding media curbs
India Developments
- Q-commerce makes up 2/3 of all e-commerce orders in 2024
- Tamil Nadu leads electronics exports at record $12.6B, targets $20-22B by 2027-28
- ONDC retail orders slide on removal of financial incentives
- Undersea cables landing in India only make up 1% of global total
- India steps up FTA efforts to offset Trump tariffs
