👋 Good morning, Smashi Business Readers!

In today's edition, we spotlight transformative developments shaping the region’s business landscape. Parkin and BATIC join forces to enhance smart parking solutions in Saudi Arabia, integrating advanced technologies to streamline urban mobility. MNT-Halan, Egypt’s first unicorn, enters the UAE market with groundbreaking fintech solutions to drive financial inclusion and empower underbanked communities. Meanwhile, Microsoft UAE reflects on a transformative year of AI leadership, highlighting strategic investments and partnerships solidifying the UAE’s role as a global AI innovation hub.

Read on for in-depth insights on these stories.

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Parkin and BATIC Partner to Expand Smart Parking Solutions in Saudi Arabia

📰 What is it about?

• Dubai’s Parkin Company PJSC signed an MoU with Saudi Arabia’s BATIC Investment and Logistics Company to expand paid parking services in the Kingdom.

• The collaboration leverages BATIC’s subsidiary, Smart City Solutions Co. (SCSC), which operates 195,000 parking spaces across five Saudi cities.

• The partnership will focus on using digital technologies like AI, sensors, and smart cameras to streamline parking and reduce congestion.

💡 Why it matters?

• Reflects Parkin’s commitment to international growth, aligning with Saudi Vision 2030’s smart city initiatives.

• Enhances mobility and infrastructure in Saudi municipalities, real estate developments, and commercial hubs.

• Combines Parkin’s operational expertise in Dubai with BATIC’s extensive local network to improve parking efficiency and user experience.

🔜 What’s next?

• Both companies will assess legal and regulatory approvals to finalize the partnership.

• Parkin and BATIC aim to roll out advanced parking technologies across major Saudi cities.

• The collaboration is expected to drive innovation, reduce congestion, and support economic growth in the region.

Parkin’s recent performance

Parkin recently reported strong Q3 growth in 2024 with 25% revenue increase.

• Revenue: Dhs239.2m (+25 per cent).

• EBITDA: Dhs146.8mn (+40 per cent) with a 61 per cent margin.

• Net profit: Dhs104.7m (+5 per cent).

• Parking spaces: Net addition of 4.3K spaces.

• Transactions: 33.8 million transactions (+16 per cent).

• Utilisation: Increased by 2.7 percentage points to 26.4 per cent.

Markets

Monday’s market performance indicates overall positive sentiment across key indices, with varied growth levels reflecting regional dynamics. EGX 30 saw marginal growth at +0.08% (30,799.43), suggesting cautious optimism. DFMSI surged significantly by +3.90% (2,970.02), signaling strong buying activity and investor confidence. The ADX index posted modest gains at +0.163% (9,280.18), while Tadawul recorded steady growth of +0.31% (12,096.73). The pronounced rise in DFMSI contrasts with subdued movements in EGX 30 and ADX, highlighting sector-specific momentum driving Dubai's market upward. Overall, the markets exhibit resilience amid stable investor interest.

MNT-Halan Expands to UAE, Pioneering Financial Inclusion with Fintech Solutions

📰 What is it about?

• Egyptian fintech giant MNT-Halan, the country’s first unicorn, has launched in the UAE as part of its regional expansion.

• Its first offering in the UAE, Halan Advance, provides fast, secure, salary-based financing.

• The company aims to address financial inclusion and support underserved communities and businesses in the UAE.

💡 Why it matters?

• Expands financial accessibility in the UAE, aligning with global efforts to support underbanked populations.

• Strengthens MNT-Halan’s position as a regional fintech leader, leveraging its success in Egypt, Türkiye, and Pakistan.

• Highlights the UAE’s growing role as a fintech hub, driven by innovation and regulatory support.

🔜 What’s next?

• MNT-Halan plans to broaden its services, including lending, payments, e-wallets, and savings, in the UAE.

• Aims to grow its UAE customer base from 40,000 to 250,000 by 2025 through employer partnerships and tech-driven solutions.

• The company’s focus on leveraging its expertise and technology will drive financial empowerment and economic growth in the region.

Microsoft UAE Reflects on Transformative Year in AI Leadership

📰 What is it about?

• Microsoft UAE General Manager Naim Yazbeck highlighted the company's major AI initiatives in the UAE during 2024.

• Key milestones include a $1.5 billion investment in G42, the establishment of tech centers in Abu Dhabi, and training one million individuals in AI.

• Partnerships with UAE leadership and global entities like MGX and BlackRock position the UAE as an AI innovation hub.

💡 Why it matters?

• Reinforces the UAE’s ambitions to be a global leader in artificial intelligence and technology.

• Microsoft's initiatives align with the UAE’s vision of using AI to fuel decades of prosperity.

• Advances talent development and responsible AI practices, essential for sustainable tech growth.

🔜 What’s next?

• Microsoft will continue its strategic investments and collaborations to strengthen the UAE’s AI ecosystem in 2025 and beyond.

• A focus on "Responsible AI" and "AI for Good" centers will further enhance ethical and impactful AI innovation.

• The UAE is poised to emerge as a global AI leader, leveraging partnerships and its progressive vision for future advancements.

🔍In other news…

1. Bashar al-Assad’s regime secretly airlifted nearly $250M in cash to Moscow over two years (2018-2019), despite a desperate foreign currency shortage.

2. Elon Musk has revealed plans to Arabian Business to build a $1 billion science college in Dubai, named the Musk Institute,

3. After acquiring a stake in Heathrow Airport, Saudi’s PIF is reportedly eyeing Newcastle Airport as the UK considers selling a 49% stake worth up to £1B.

4. Bahrain’s edtech startup Unipal has successfully raised an undisclosed Pre-Series A funding round, led by Saudi-based Falak Angels Syndicate.

5. Money20/20, the world’s premier fintech event, will debut its Middle East edition in Riyadh, Saudi Arabia next year.

6. Hub71 just launched Hub71+ AI, a new hub to power AI startups with world-class infrastructure and support.

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