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Boosting Qatar’s Real Estate Sector: Proposed National Funding Strategy

RIYADH: A national real estate funding strategy for Qatar is needed to boost the sector, according to proposals put forward at a dedicated event held in the country.  The Ministry of Municipality announced the recommendations following the Qatar Real Estate Forum, which saw the participation of 1,500 leaders, decision-makers, and executives from across the world. 
Business

GCC’s Shared Mobility Accelerates with 62M Global Users by 2027

DUBAI: Shared mobility is gradually gaining a foothold in the Gulf Cooperation Council region as the automobile industry predictably joins other sectors in adapting to the sharing economy. Whether it is renting out office space, an Airbnb vacation home, or a fancy dress for a special occasion, more people around the world are embracing the concept of sharing resources and services as opposed to owning them. Companies are also changing their business models by leveraging the ongoing shift to a sharing economy and the transport sector is no exception.
Business

“2 Fintech Firms Receive Open Banking Certifications from Saudi Central Bank”

RIYADH: Saudi Arabia is fostering personalized financial products and services tailored to customer needs with the Kingdom’s monetary authority, granting open banking certifications to two fintech companies.  The Saudi Central Bank, or SAMA, has permitted Umg Alholol Trading Co. and Drahim App to test their open banking solutions in its regulatory sandbox, reported the Saudi Press Agency.  This brings the total number of innovators permitted to operate under the central bank’s regulatory sandbox to 45. 
Business

Saudi fintech firm raises $3.2m in seed funding

RIYADH: EdfaPay, a Saudi-based fintech startup that helps companies use their smartphones for payment, has raised $3.2 million in a seed funding round. The funding round was led by Sanabil 500 MENA, Nufud Wealth International, Atmiid Investment, Basmah Commercial Investment, and a group of local and international angel investors. EdfaPay aims to utilize the capital to strengthen its operations in the Kingdom and expand to Pakistan and South American countries.
Business

Big inflows in US money market funds due to debt ceiling caution

BENGALURU: US money market funds saw big inflows in the week to May 24 as investors favored safer bets ahead of a deadline for politicians to agree an increase in the country’s debt ceiling, according to Reuters. According to Refinitiv Lipper data, US money market funds received a net $39.9 billion of inflows, the biggest week of net buying in four weeks.
Business

Saudi Tourism Fund partners with Minor Hotels for top brand development

RIYADH: Travelers will have access to more hospitality options in Saudi Arabia after the Kingdom’s Tourism Development Fund struck a deal with Minor Hotels Group to jointly develop mountain destinations, health resorts, and urban hotels in the country. The memorandum of understanding, which was signed during the International Hotel Investment Forum in Berlin, aims to establish an exclusive prolonged strategic relationship between the two organizations. 
News

UK Military Team Sent to Sudan as Evacuation Options Weighed

The government is looking at several options to rescue UK citizens but is under pressure to get them out faster.
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