PayPal's $100 million investment commitment to boost digital growth across the Middle East and Africa shows the company is in the region for the long term, chief executive Alex Chriss told The National.
The digital commerce leader said on Wednesday its commitment will spur innovation and support entrepreneurs, while accelerating economic growth in a region that is embracing digital commerce.
“What we really want to signal with this investment is our long-term commitment to the region,” Mr Chriss said.
PayPal said its investment will be used for a mixture of minority investments, acquisitions, the company's global corporate venture arm, people and technology. It expects the investment to help introduce millions of people to the digital economy and boost businesses.
What we really want to signal with this investment is our long-term commitment to the region
Alex Chriss,
PayPal CEO
The investment comes amid a new push by PayPal in the Middle East. The company, which has its headquarters in San Jose, California, this year launched a regional centre in Dubai, its first location in the Middle East, which will serve more than 80 countries.
Mr Chriss said the region was at the forefront of agentic commerce and development in artificial intelligence.
"These are all places where we see the future of commerce going and it gets us excited about this area," he said.
The $100 million commitment complements investments made by PayPal Ventures, the company's investment arm, in regional start-ups including Tabby, Paymob and Stitch. Mr Chriss said it demonstrates a more structured commitment to the region, "not just in a short burst, but over the long term".
'Tremendous growth opportunity'
PayPal has hailed Dubai as a gateway that could provide greater access to international markets and support large and small businesses with frictionless payments.
It is the latest company to boost its presence in Dubai and the wider UAE, whose infrastructure and location have helped to boost opportunities for cross-border trade. As part of its economic diversification ambitions, the UAE aims to be 75 per cent cashless by 2026 and fully cashless by 2030.
Those targets reflect a broader trend in the region that is embracing digital commerce. Similar diversification in Saudi Arabia and Egypt are prioritising digital transformation as drivers of future economic growth.
"[The Middle East and Africa] is growing quickly, very tech savvy, and one that we want to make sure we're invested in," Mr Chriss said.
"We're always looking for growth opportunities, and we see the Middle East as a tremendous growth opportunity in the future."
The UAE has been positioning itself as a global centre for artificial intelligence and future-driven sectors, helped by an agreement to establish the US-UAE AI Acceleration Partnership, designed to strengthen co-operation on critical technology.
“It's a big deal for us," Mr Chriss said.
PayPal last week announced a multi-year strategic partnership with Google on agentic commerce, under which the payment company's infrastructure will be spread across Google's platforms as the two companies work together on commerce standards driven by AI.
“We're leaning in heavily into agentic commerce and the Middle East is absolutely at the forefront right now of investing and trying to [accelerate] AI development, and that's another reason that we want to be a strong partner there," Mr Chriss said.
While he envisions a future in which AI helps to support interconnected global commerce ecosystems, Mr Chriss said roadblocks remain, such as currency conversion and money movement challenges. He said there are still merchants on its platform that cannot sell to certain regions.
He said PayPal has to be available in all parts of the world to help deliver a platform that enables its merchants and consumers to interact in a frictionless and cost-effective manner.
"And that's why, with this announcement, we're really excited to be moving even more strongly into the Middle East and Africa, and making sure that our PayPal ecosystem can connect anyone in the world," he said.
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
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Springtime in a Broken Mirror,
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The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
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Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
Six large-scale objects on show
- Concrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
- The 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
- A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
- Frank Lloyd Wright’s 1930s Kaufmann Office
- A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century
- Torrijos Palace dome
yallacompare profile
Date of launch: 2014
Founder: Jon Richards, founder and chief executive; Samer Chebab, co-founder and chief operating officer, and Jonathan Rawlings, co-founder and chief financial officer
Based: Media City, Dubai
Sector: Financial services
Size: 120 employees
Investors: 2014: $500,000 in a seed round led by Mulverhill Associates; 2015: $3m in Series A funding led by STC Ventures (managed by Iris Capital), Wamda and Dubai Silicon Oasis Authority; 2019: $8m in Series B funding with the same investors as Series A along with Precinct Partners, Saned and Argo Ventures (the VC arm of multinational insurer Argo Group)
MATCH INFO
Uefa Champions League semi-final, second leg result:
Ajax 2-3 Tottenham
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Final: June 1, Madrid
What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
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Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
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Price: From Dh126,000
Available: Now
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
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What is the definition of an SME?
SMEs in the UAE are defined by the number of employees, annual turnover and sector. For example, a “small company” in the services industry has six to 50 employees with a turnover of more than Dh2 million up to Dh20m, while in the manufacturing industry the requirements are 10 to 100 employees with a turnover of more than Dh3m up to Dh50m, according to Dubai SME, an agency of the Department of Economic Development.
A “medium-sized company” can either have staff of 51 to 200 employees or 101 to 250 employees, and a turnover less than or equal to Dh200m or Dh250m, again depending on whether the business is in the trading, manufacturing or services sectors.
The bio
Who inspires you?
I am in awe of the remarkable women in the Arab region, both big and small, pushing boundaries and becoming role models for generations. Emily Nasrallah was a writer, journalist, teacher and women’s rights activist
How do you relax?
Yoga relaxes me and helps me relieve tension, especially now when we’re practically chained to laptops and desks. I enjoy learning more about music and the history of famous music bands and genres.
What is favourite book?
The Perks of Being a Wallflower - I think I've read it more than 7 times
What is your favourite Arabic film?
Hala2 Lawen (Translation: Where Do We Go Now?) by Nadine Labaki
What is favourite English film?
Mamma Mia
Best piece of advice to someone looking for a career at Google?
If you’re interested in a career at Google, deep dive into the different career paths and pinpoint the space you want to join. When you know your space, you’re likely to identify the skills you need to develop.
Closing the loophole on sugary drinks
As The National reported last year, non-fizzy sugared drinks were not covered when the original tax was introduced in 2017. Sports drinks sold in supermarkets were found to contain, on average, 20 grams of sugar per 500ml bottle.
The non-fizzy drink AriZona Iced Tea contains 65 grams of sugar – about 16 teaspoons – per 680ml can. The average can costs about Dh6, which would rise to Dh9.
Drinks such as Starbucks Bottled Mocha Frappuccino contain 31g of sugar in 270ml, while Nescafe Mocha in a can contains 15.6g of sugar in a 240ml can.
Flavoured water, long-life fruit juice concentrates, pre-packaged sweetened coffee drinks fall under the ‘sweetened drink’ category
Not taxed:
Freshly squeezed fruit juices, ground coffee beans, tea leaves and pre-prepared flavoured milkshakes do not come under the ‘sweetened drink’ band.
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
