Middle East insurance aggregator yallacompare raised $4.25 million (Dh15.61m) in its latest funding round.
The company praised the investor, Kuwait insurer Gulf Insurance Group, for showing courage in a “turbulent economic climate”.
Gig, which is listed on the Kuwait stock exchange and has a presence in Kuwait, Jordan, Bahrain and Egypt, took a 9.6 per cent stake in yallacompare.
The proceeds of its investment are set to be used to fund the company’s growth in the UAE and expand its insurance comparison business into new territories.
“We are all too aware of how fortunate we are to bring in fresh capital at this time and we very much appreciate the courage that gig have shown to invest in yallacompare in this turbulent economic climate,” said Jon Richards, chief executive of yallacompare.
“Closing this deal at this time will be transformational for us and have a big impact on our industry.
"This latest round will allow us to grow quicker than ever before, which has a knock-on effect to consumers and insurers alike.”
Yallacompare, which was launched in 2016, is among a crop of comparison platforms in the UAE that help residents decide which financial products are most suited to their needs.
The insurance aggregator already raised $11.5 million (Dh42.24m) from three previous rounds.
The third fundraising round was in January last year, when yallacompare secured $8m from STC Ventures, managed by Iris Capital; Dubai venture capital company Wamda Capital; and Argo Ventures, the early stage investment arm of global insurance company Argo Group.
Yallacompare, which operates insurance aggregators in the UAE, Kuwait and Egypt, employs more than 120 people at its offices in Dubai and Egypt.
Gig chief executive Khalid Al-Hasan said the company is "keen to strengthen and develop its digital services and this acquisition is a step [forward] for the group in the adoption of digitisation – the characteristic of this era".
Jonathan Rawling, chief financial officer at yallacompare, said the pandemic did not affect the timing of the transaction, as “there are a lot of steps including negotiation, due diligence and contract finalisation” and “this stage is generally conducted by lawyers working on documents via email”.
“We hope it will inspire other investors to follow gig’s lead in taking a long-term investment view rather than mothballing plans until the pandemic passes,” he said.
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
The Pope's itinerary
Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport
Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial
Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport
UAE squad
Esha Oza (captain), Al Maseera Jahangir, Emily Thomas, Heena Hotchandani, Indhuja Nandakumar, Katie Thompson, Lavanya Keny, Mehak Thakur, Michelle Botha, Rinitha Rajith, Samaira Dharnidharka, Siya Gokhale, Sashikala Silva, Suraksha Kotte, Theertha Satish (wicketkeeper) Udeni Kuruppuarachchige, Vaishnave Mahesh.
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – First ODI
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
THE LOWDOWN
Photograph
Rating: 4/5
Produced by: Poetic License Motion Pictures; RSVP Movies
Director: Ritesh Batra
Cast: Nawazuddin Siddiqui, Sanya Malhotra, Farrukh Jaffar, Deepak Chauhan, Vijay Raaz
Your rights as an employee
The government has taken an increasingly tough line against companies that fail to pay employees on time. Three years ago, the Cabinet passed a decree allowing the government to halt the granting of work permits to companies with wage backlogs.
The new measures passed by the Cabinet in 2016 were an update to the Wage Protection System, which is in place to track whether a company pays its employees on time or not.
If wages are 10 days late, the new measures kick in and the company is alerted it is in breach of labour rules. If wages remain unpaid for a total of 16 days, the authorities can cancel work permits, effectively shutting off operations. Fines of up to Dh5,000 per unpaid employee follow after 60 days.
Despite those measures, late payments remain an issue, particularly in the construction sector. Smaller contractors, such as electrical, plumbing and fit-out businesses, often blame the bigger companies that hire them for wages being late.
The authorities have urged employees to report their companies at the labour ministry or Tawafuq service centres — there are 15 in Abu Dhabi.
UAE currency: the story behind the money in your pockets
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
