Saudi FinTech start-up Manafa has raised 106 million Saudi riyals ($28.2 million) to fund its plans to offer new financial products across untapped sectors in the kingdom.
The debt and investment company's series A funding round was led by Saudi venture capital firm STV and Saudi Aramco's venture capital arm, Wa’ed Ventures.
“Manafa is planning to launch a new set of products that tackles the quick access to financing and capital, and empowers small and medium enterprises to fuel their growth,” said Abdulaziz Al Adwani, founder and chief executive of Manafa Capital.
The Arab world's biggest economy is seeking to boost the contribution of SMEs to gross domestic product to 35 per cent in 2030, from 20 per cent now, as set out in the kingdom's Vision 2030 programme and National Investment Strategy.
Venture capital funding for start-ups in Mena rose by 20 per cent annually to more than $2.3 billion in the first three quarters of 2022, putting it on track to potentially surpass the total investment attracted in 2021, an October study by data start-up platform Magnitt found.
Egypt, the UAE and Saudi Arabia retained the top three positions in both funding value and the number of deals, capturing more than 75 per cent of overall investment in the Mena region, Magnitt said.
Founded in 2018, Manafa offers SMEs in various sectors debt and equity financing based on a crowdfunding model, which allows institutional investors to gain access to SME financing opportunities.
The company is licensed by the Saudi Central Bank and the Saudi Capital Market Authority.
Manafa aims to bridge SME financing gaps by arranging investment from a larger segment of local retail and institutional investors.
To date, Manafa has funded more than 180 SMEs on its platforms to the tune of 1.5 billion riyals in total, with the participation of more than 100,000 retail and institutional investors, Wa’ed Ventures said.
“We aim ― with the completion of this round — to work with our partners to increase the impact of Manafa products and solutions on the growth of private sector companies and enhance the empowerment of financial planning for individuals,” said Amr Murad, co-founder and chairman of Manafa.
Wa'ed Ventures said Manafa was not only addressing a key gap in the market but also providing a “disruptive FinTech solution and a much-needed support line for SMEs” across the kingdom.
Dhahran-based Wa’ed Ventures is a $200 million institutional venture capital firm wholly owned by Saudi Aramco to promote economic diversification and new business expansion in the kingdom by investing in high-growth tech start-ups across various sectors. Established in 2014, Wa'ed Ventures manages a portfolio of more than 40 start-ups.
STV said SMEs were facing challenges in obtaining financing from traditional banking, with SMEs' share of the total commercial financing in the kingdom amounting to 8.4 per cent and expected to increase to 20 per cent under the Vision 2030 plan.
The partnership with Manafa "will continue to fuel greater financial stimulus by broadening the concept of crowdfunding in support of advancing the regional startup ecosystem," it said.
Launched in 2018, STV is the largest technology venture capital fund in the Middle East. With more than $800 million in capital, STV focuses on growth-stage tech companies.
Killing of Qassem Suleimani
A Dog's Journey
Directed by: Gail Mancuso
Starring: Dennis Quaid, Josh Gad, Marg Helgenberger, Betty Gilpin, Kathryn Prescott
3 out of 5 stars
Test squad: Azhar Ali (captain), Abid Ali, Asad Shafiq, Babar Azam, Haris Sohail, Imam-ul-Haq, Imran Khan, Iftikhar Ahmed, Kashif Bhatti, Mohammad Abbas, Mohammad Rizwan(wicketkeeper), Musa Khan, Naseem Shah, Shaheen Afridi, Shan Masood, Yasir Shah
Twenty20 squad: Babar Azam (captain), Asif Ali, Fakhar Zaman, Haris Sohail, Iftikhar Ahmed, Imad Wasim, Imam-ul-Haq, Khushdil Shah, Mohammad Amir, Mohammad Hasnain, Mohammad Irfan, Mohammad Rizwan (wicketkeeper), Musa Khan, Shadab Khan, Usman Qadir, Wahab Riaz
Marathon results
Men:
1. Titus Ekiru(KEN) 2:06:13
2. Alphonce Simbu(TAN) 2:07:50
3. Reuben Kipyego(KEN) 2:08:25
4. Abel Kirui(KEN) 2:08:46
5. Felix Kemutai(KEN) 2:10:48
Women:
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2. Eunice Chumba(BHR) 2:26:01
3. Immaculate Chemutai(UGA) 2:28:30
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Visit Abu Dhabi culinary team's top Emirati restaurants in Abu Dhabi
Yadoo’s House Restaurant & Cafe
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Price, base: Dh201,153
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Nine-speed automatic
Power: 204hp @ 5,800rpm
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Fuel economy, combined: 6.7L / 100km
UAE central contracts
Full time contracts
Rohan Mustafa, Ahmed Raza, Mohammed Usman, Chirag Suri, Mohammed Boota, Sultan Ahmed, Zahoor Khan, Junaid Siddique, Waheed Ahmed, Zawar Farid
Part time contracts
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Match info
Liverpool 4
Salah (19'), Mane (45 2', 53'), Sturridge (87')
West Ham United 0
West Asia Premiership
Dubai Hurricanes 58-10 Dubai Knights Eagles
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Jebel Ali Dragons 16-56 Abu Dhabi Harlequins
Key facilities
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The 10 Questions
- Is there a God?
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The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
The years Ramadan fell in May
THE SPECS
Engine: 1.5-litre turbocharged four-cylinder
Transmission: Constant Variable (CVT)
Power: 141bhp
Torque: 250Nm
Price: Dh64,500
On sale: Now
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Directed by: Shari Springer Berman, Robert Pulcini
Starring: Amanda Seyfried, James Norton
2/5
Killing of Qassem Suleimani
KILLING OF QASSEM SULEIMANI
Infobox
Western Region Asia Cup Qualifier, Al Amerat, Oman
The two finalists advance to the next stage of qualifying, in Malaysia in August
Results
UAE beat Iran by 10 wickets
Kuwait beat Saudi Arabia by eight wickets
Oman beat Bahrain by nine wickets
Qatar beat Maldives by 106 runs
Monday fixtures
UAE v Kuwait, Iran v Saudi Arabia, Oman v Qatar, Maldives v Bahrain
More from our neighbourhood series:
MEYDAN CARD
6.30pm Al Maktoum Challenge Round-1 Group One (PA) US$65,000 (Dirt) 1,600m
7.05pm Handicap (TB) $175,000 (Turf) 1,200m
7.40pm UAE 2000 Guineas Trial Conditions (TB) $100,000 (D) 1,600m
8.15pm Singspiel Stakes Group Two (TB) $250,000 (T) 1,800m
8.50pm Handicap (TB) $135,000 (T) 1,600m
9.25pm Al Maktoum Challenge Round-1 Group Two (TB) $350,000 (D) 1,600m
10pm Dubai Trophy Conditions (TB) $100,000 (T) 1,200m
10.35pm Handicap (TB) $135,000 (T) 1,600m
The National selections:
6.30pm AF Alwajel
7.05pm Ekhtiyaar
7.40pm First View
8.15pm Benbatl
8.50pm Zakouski
9.25pm: Kimbear
10pm: Chasing Dreams
10.35pm: Good Fortune
MWTC
Tickets start from Dh100 for adults and are now on sale at www.ticketmaster.ae and Virgin Megastores across the UAE. Three-day and travel packages are also available at 20 per cent discount.
The specs: 2018 Ducati SuperSport S
Price, base / as tested: Dh74,900 / Dh85,900
Engine: 937cc
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Power: 110hp @ 9,000rpm
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Fuel economy, combined: 5.9L / 100km
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COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
Getting there
Flydubai flies direct from Dubai to Tbilisi from Dh1,025 return including taxes
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Marwan Lutfi says the core fundamentals that drive better payment behaviour and can improve your credit score are:
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In 2016, the Shaded Dome was awarded with the 'De Vernufteling' people's choice award, an annual prize by the Dutch Association of Consulting Engineers and the Royal Netherlands Society of Engineers for the most innovative project by a Dutch engineering firm.
It was assigned by the Dutch Ministry of Defence to modify the Shaded Dome to make it suitable for ballistic protection. Royal HaskoningDHV, one of the companies which designed the dome, is an independent international engineering and project management consultancy, leading the way in sustainable development and innovation.
It is driving positive change through innovation and technology, helping use resources more efficiently.
It aims to minimise the impact on the environment by leading by example in its projects in sustainable development and innovation, to become part of the solution to a more sustainable society now and into the future.
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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