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Egypt approves a 130bln EGP financial & social relief package

by WAYA Staff - Mar 23, 2022
Egypt approves a 130bln EGP financial & social relief package

Minister of Finance, Mohamed Maait announced that an EGP 130 billion package of financial & social protection measures has been prepared to deal with the repercussions of global economic challenges and mitigate their effects on citizens.

An EGP 2.7 billion will be allocated to include 450,000 new families to Takaful & Karama’s beneficiaries. 190.5 billion pounds will be allocated to the National Social Insurance Authority, to increase retirement pensions by 13% starting April 2022.

The package will also allocate 36 billion for increasing the periodic allowance for civil service persons, to be 8% of the job wage, with a minimum of 100 pounds per month, beginning next month.

Also read: The Egyptian Pound records 17.50 against the USD

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Carasti raises $2m in a Bridge round

by WAYA Staff - Mar 22, 2022
Carasti raises $2m in a Bridge round

Carasti, UAE-based Tech startup and car subscription service, raised $2m in its latest funding round. Net Ventures and Rua Growth participated in this round.  Carasti will launch operations in Riyadh, Saudi Arabia this March, allowing customers to subscribe to new and used cars...

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Arib raises $2.3m in a seed round

by WAYA Staff - Mar 22, 2022
Arib raises $2.3m in a seed round

Arib, FinTech and digital broker for personal loans in Saudi Arabia, raised $2.3m in its latest funding round. The SEED round was led by Merak Capital, an investment firm focused on technology companies and licensed by the Capital Market Authority of...

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FlapKap raises $1.2 million

by WAYA Staff - Mar 22, 2022
FlapKap raises $1.2 million

FlapKap, a company revolutionizing e-commerce and SaaS growth in the MEA region, launches and raises $1.2 million. The fundraise was led by A15, a MENA venture capital firm. FlapKap is the regionally contextualized version of Clearco and Wayflyer, the startup...

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Flashy raises $400k in a pre-Seed round

by WAYA Staff - Mar 21, 2022
Flashy raises $400k in a pre-Seed round

Flashy, Dubai-based visual content SaaS platform, the first sophisticated AI-powered content solution tailor-made for brands across MENA, raised $400k in a pre-seed funding round. The round was led by regional and global backers, alongside a significant investment by the Ukrainian...

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Flash Lead takes on Saudi with their newest Flash Lead Pro

by WAYA Staff - Mar 21, 2022
Flash Lead takes on Saudi with their newest Flash Lead Pro

Flash Lead, cloud-based web and mobile application management solutions for streamlining the sales process and boosting sales in no time, is expanding into Saudi Arabia by opening a new office there. Flash Lead officially obtained the MISA license and within...

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The Egyptian Pound records 17.50 against the USD

by WAYA Staff - Mar 21, 2022
The Egyptian Pound records 17.50 against the USD

The Egyptian Pound depreciated by almost 10.67% to 17.42-17.52 against the U.S. dollar earlier today. The EGP has been trading at around 15.7 pounds to the dollar since November 2020. The Monetary Policy Committee (MPC) of the Central Bank of...

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