MENA startup investments surge 200% in July

Marhaba folks! 🌞

In today's edition, we cover:

• MENA startup investments surge 200% in July.

• Boeing managed to outpace Airbus in plane orders for July 2024.

• Oman get digital payments boost with Samsung Pay.

Yalla, let’s dive in 🏃🏻‍♀️

MENA startup investments surge 200% in July

What is it about?

In July 2024, the Middle East and North Africa (MENA) startup ecosystem saw a significant resurgence, with investments surging over 200% compared to the previous month. A total of $355 million was invested in 38 startups across the region, with Egypt leading the charge by securing $185 million across seven deals. The UAE, Saudi Arabia, and Jordan also performed well, with fintech continuing to be the top sector, attracting $180.8 million. However, despite the overall investment surge, female entrepreneurs faced challenges, with only a small fraction of the funds going to female-led startups.

Why Does it Matter?

This surge in investment is a strong indicator of the growing dynamism and potential of the MENA startup ecosystem, particularly in countries like Egypt and the UAE. It reflects increasing investor confidence in the region, driven by a maturing ecosystem, innovative startups, and the presence of lucrative sectors like fintech and Web3. The significant increase in funding, especially in B2B startups, suggests a shift towards more sustainable and scalable business models in the region. However, the persistent gender gap in funding highlights ongoing challenges related to diversity and inclusion within the ecosystem, which could impact long-term growth and innovation.

What’s Next?

The MENA region's startup ecosystem is likely to continue attracting significant investment, especially in key sectors like fintech, cleantech, and deeptech. Countries like Egypt and the UAE are expected to remain central hubs for innovation and investment. To sustain this momentum, stakeholders may focus on addressing the gender disparity in funding, which could involve initiatives to support female entrepreneurs and create a more inclusive environment. Additionally, as the region's startups grow and scale, we might see more strategic partnerships, mergers, and acquisitions, further solidifying the MENA region's position as a global startup hotspot.

📈 Markets

Boeing managed to outpace Airbus in plane orders for July 2024

What is it About?

Boeing, despite its ongoing safety issues, managed to outpace Airbus in plane orders for July 2024, securing 72 new orders compared to Airbus' 59. However, this victory is small in the grander scheme, as Boeing still lags behind Airbus in year-to-date orders and deliveries. The company is still reeling from the aftermath of several high-profile safety incidents, including a January 2024 Alaska Airlines flight where a door plug blew off mid-flight. This incident led to multiple federal investigations, production limits, and further tarnished Boeing’s reputation.

Why Does it Matter?

Boeing's rare win in July is noteworthy because it demonstrates the company’s ability to secure new business even in the face of significant challenges. However, the broader picture reveals that Boeing is still struggling mightily. The safety concerns and related incidents have eroded customer confidence and have had a direct impact on the company's financial health, contributing to a loss of $33 billion since 2019. Boeing's ability to recover and regain market share is crucial not only for the company itself but also for the broader aerospace industry and U.S. manufacturing prestige.

What’s Next?

Boeing faces a critical period ahead. The company needs to rebuild trust with customers and regulators while ramping up production and delivery to improve its financial standing. This will likely involve stringent quality control measures, enhanced safety protocols, and transparent communication with stakeholders. Boeing also needs to maintain its recent sales momentum to close the gap with Airbus. Future performance at industry events, like the Farnborough Air Show, will be key in determining whether Boeing can sustain this momentum and continue to compete effectively with Airbus.

Quote of the day

“If you’re trying to create a company, it’s like baking a cake. You have to have all the ingredients in the right proportion.” – Elon Musk

Oman gets digital payments boost with Samsung Pay

What is it about?

Arab Financial Services (AFS), in collaboration with Samsung Gulf Electronics, has introduced Samsung Pay to Oman. This partnership aims to advance Oman's digital transformation by providing consumers with a secure and convenient contactless payment solution. The introduction of Samsung Pay in Oman is a significant development in the country’s financial ecosystem, aligning with the Central Bank of Oman’s guidelines for promoting card tokenization services. The collaboration reinforces AFS's role as a leading digital payment solutions provider in the region and expands Samsung Pay’s reach in the Gulf.

Why Does it Matter?

The launch of Samsung Pay in Oman is a pivotal moment in the country's digital evolution, particularly in the financial sector. As Oman pushes toward a more digitized economy, the introduction of advanced payment solutions like Samsung Pay can significantly enhance consumer convenience and security. This move also supports the Central Bank of Oman’s regulatory goals, contributing to a more efficient and inclusive financial system. Additionally, it strengthens AFS’s partnerships with Omani banks and positions the company as a key player in the region’s fintech landscape. For Samsung, expanding its digital wallet services into new markets like Oman further solidifies its presence in the Middle East and reflects growing consumer demand for mobile-based payment solutions.

What’s Next?

The successful rollout of Samsung Pay in Oman could pave the way for broader adoption of digital payment methods across the country, potentially leading to increased collaboration between fintech companies and local banks. As consumers become more accustomed to contactless payments, other digital wallets and fintech innovations might enter the Omani market. AFS and Samsung will likely focus on expanding the service to cover more financial institutions and merchants, further embedding digital payments into Oman's economy. Additionally, as Oman continues its digital transformation, there could be more regulatory updates and initiatives aimed at promoting financial inclusion and technological advancement in the banking sector.

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