Month: October 2023

The largest social networking and gaming company in the Middle East and North African region (MENA), Yalla Groups Limited (“Yalla” or the “Company,” for short) (NYSE: YALA), today declared that its Directors and the president, Mr. Saifi Ismail, had been invited to present Yalla’s unicorn tale at Expand the North Star 2023, the world’s biggest technology and startup event, which was held in Dubai in conjunction with GITEX GLOBAL. Mr. Ismail outlined Yalla’s successful long-term business plans and recapped the company’s exciting beginnings.

“We were humbled to share Yalla’s success story, company background as well as sector insights at this prestigious event, as well as pleased to showcase the distinctive benefits that the region offers for technological businesses and startups,” said Ismail.

“Yalla is firmly committed to promoting success across the information technology startup community and advancing digital growth throughout MENA. Yalla is the first UAE-based technology unicorns to list on the NYSE. To capitalize on growth prospects in the area and support the expansion of local digital economies, we will continue to seek innovations such as artificial intelligence (AI) and develop digital solutions that speak to local users’ needs.

Expand North Star brings together creators, entrepreneurs, angel investors, and tech experts to foster interactions among the startup community. Expand North Star was motivated by GITEX GLOBAL, the most recognizable large-scale tech show in the world. The two gatherings make up the world’s biggest technology show. Over 70 unicorns founders participated in vibrant debates on the key tech stories of 2023 as part of Expand the North Star 2023’s unmatched content program.

Following the sell-out success of last year’s event, the Dubai Council of Digital Economy staged the upcoming 4-day event, which concluded on October 18, 2023, in a brand-new gigantic location at Dubai Harbour, providing endless opportunities for the top corporate innovators and investors in the globe.

In terms of revenues in 2022, Yalla Group Limited will be the biggest MENA-based social media and gaming company. Yalla, an audio-centric group chat platform in order and Yalla Ludo, an informal gaming app with an online version of board games that are well-liked in MENA, both of which have in-game voice conversations and localized Majlis features, are the company’s two main mobile applications.

The largest technology expo in the world, GITEX GLOBAL, was formally launched on Monday at the Dubai World Trade Centre (DWTC) by Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai.

Sheikh Mohammed bin Rashid stressed the event’s importance in his speech, highlighting its prominence as one of the biggest international gatherings of specialists in the technology sector. “For more than 40 years, the UAE has put together the world’s top thinkers and creators, bringing them together in the quest of influencing the course of technology. This discussion has cultivated tactics, perceptions, and alliances that have greatly advanced technology and improved the quality of life for people.

“The UAE continues to take the initiative in creating a bright future for a variety of economic sectors. Over 6,000 exhibitor from 180 countries will convene in Dubai for this year’s GITEX GLOBAL to engage in a new debate about paving the way for the industry’s transformation. The impressive increase in attendance at GITEX is evidence of the rising trust that the world has in Dubai as a key hub for the technological sector today and in the future. This occasion serves as evidence of Dubai and the UAE’s unwavearing dedication to promoting development and innovation and international cooperation in the continuously changing field of technology. We’ll keep playing a crucial position in creating new alliances and expanding the horizons of the technology sector.

The DWTC is at capacity for the 43rd GITEX GLOBAL, which takes place from October 16–20, 2023. The mega-tech event will feature 6,000 companies and 180,000 tech professionals from 180 nations. The Dubai Chamber of the Digital Economy will organize Expand North Star, the largest start-up event in the world, from October 15–18, 2023, at its new location in Dubai Harbour. Over 1,800 start-ups will explore the expanding prospects inside one of the most flexible, varied, and technologically advanced digital economies in the world during both events.
Sheikh Mohammed visited a number of booths during his visit, included those belonging to Etisalat, Huawei Technologies, Beyon, Salesforce, among others, G42, Microsoft, as well as and IBM, where he spoke with prominent figures in technology and learnt about the cutting-edge innovations on show.

Omar Sultan Al Olama, the United Arab Emirates Minister of State for Artificial Intelligence (AI), the Digital Economy, and Remote Work Applications, Helal Saeed Al Marri, the director-general of the Dubai World Trade Center and Dubai’s Department of Economy and Tourism, as well as other ministers and senior officials, accompanied Sheikh Mohammed on the tour.

Following the successful rollout of the 5G SA service for Fixed Wireless customers (FWA) earlier this year, Sheikh Mohammed received information on Etisalat’s 5G technology Stands Alone network for mobile customers. This represents a significant technological milestone. Consumers now have access to a dependable, autonomous national network that allows for seamless phone and data communications across the whole nation.

In an effort to strengthen the regional payments infrastructure, the UAE and Indian have reached an agreement on strategy to introduce a domestic card program in the Emirates.

It would be modeled on India’s RuPay cards, which are issued by public, private, and small lenders across the banking spectrum and include prepaid, debit, and credit alternatives.

The United Arab Emirates Central Bank’s Al Etihad Payment firm has teamed up with NPCI International Payments Ltd (NIPL), a wholly-owned subsidiary to the National Payments Corporation of India.The businesses will collaborate to create the national domestic card scheme for the UAE.

The program intends to promote financial inclusion, support the nation’s ambitions for digitalisation, and enable the development of online shopping and electronic transactions in the Emirates.

Additionally, it aims to expand different payment methods, lower payment costs, and improve the UAE’s economy and status as a pioneer in the world of payments.

According to Piyush Goyal, the Indian Minister of Commerce and Industries, “the partnership arrangement between NPCI and CBUAE for the establishment of a national card system for the UAE modeled on India’s RuPay card is an additional turning point in our economic engagement.”
The collaboration between India and the UAE will go far and set an example for the rest of the world.

According to India’s Ministry of Industry and Commerce, the agreement “perfectly aligns with NIPL’s objective to offer its expertise and knowledge in order to assist nations around the globe establish their own cost-effective, and secure payment systems.”

RuPay is a widely used global debit and credit card network that can be used to make purchases in stores, at ATMs, and online.

RuPay cards currently account for in excess of 750 million cards in use worldwide, or more than 60% of all cards authorized in India.

According to the ministry, the domestic card option is built on the concepts of innovation, digitalisation, speed to market, and strategic independence.

The RuPay stack and additional services like fraud detection and analytics are part of the solution offered by NIPL.

Al Etihad Payments will receive assistance from NIPL with regard to the rules of operation for the local card project.
The latest agreement follows agreements made by the UAE and India in July to enable the interconnection of their payments and messaging systems and to encourage the use of local currency for cross-border transactions.

The nations declared at the time that they would look into connecting their respective card switches, RuPay switch and UAESwitch, for the purpose of processing card transactions and facilitating the use of domestic cards.

In order to connect the automated teller machine network of all lenders in the Emirates, the UAE Central Bank launched UAESwitch in 1996.

Tasaru Mobility Investment will spearhead partnerships and strategic investments to localize production.

The Public Investment Fund of Saudi Arabia has established a new business to promote the production of electric vehicles in the country and strengthen local supply chains for the transportation and automotive sectors.

According to a statement from PIF, the new company, National Automobile and Mobility Investments the company, or Tasaru Mobility Investments, aims to promote strategic investments and partnerships with domestic and international private firms.

Tasaru further stated that it planned to localize production and technology to hasten the growth of the kingdom’s EV and autonomous transportation ecosystem.

Omar Al-Madhi, co-head of the Middle East and North Africa, said, “The formation of the company demonstrates PIF’s commitment to diversify the economy, enhance sustainability, and localize technology and sector-specific knowledge.”

Additionally, the new business will encourage the use of cutting-edge technology, research and development, and look for sustainable business prospects in the automotive industry.
According to PIF, its first investment is a joint venture to build an auto logistics hub in King Abdullah Economic City alongside Zamil Family Real Estate the company, Abdullah Ibrahim Alkhorayef Sons Company, and Dar Al-Himmah Projects Company Ltd.

Tasaru will own the majority of the stock in the new business.

Saudi Arabia, the largest crude exporter in the world and the top oil producer in Opec, has set lofty goals to combat climate change and reduce carbon emissions in order to transform its economy and lessen its dependency on oil.

By 2060, the nation wants to have net-zero emissions of carbon.

Tasaru will advance the nation’s environmental goals, notably its net-zero 2060 aim and PIF’s own net-zero 2050 target, by expediting the switch to EVs and future transportation options.

The global EV market is expanding as governments and society turn toward energy efficiency and environmentally friendly transportation.

According to research from Fortune Business Insights, the global EV industry is expected to increase by more than three times to around $1.6 trillion by 2030 from an anticipated $500 billion in 2023.
As parts of its Vision 2030, Saudi Arabia, the largest economy in the Arab world, is putting a lot of effort into developing its local EV market to aid in the transition and expand its domestic manufacturing industry.

5,000 fast chargers will be installed nationwide by 2030, according to a new electric vehicle (EV) infrastructure firm that PIF & Saudi Electricity firm launched on Monday.

The PIF-backed luxury EV manufacturer Lucid Group announced last month that it has opened its first overseas manufacturing facility in Saudi Arabia. This facility is projected to create 155,000 electric vehicles annually.

The PIF introduced Ceer, the first electric car brand in the country, in November of last year. Ceer hopes to bring in over $150 million in foreign direct investment & generate up to 30,000 jobs, both direct and indirect.
Since 2017, 89 new companies have been founded by the PIF, the organization at the heart of the kingdom’s diversifying drive.