WNR: Here’s what happened in MENA this week

WNR: Here’s what happened in MENA this week

Saudi’s Crown Prince, Prime Minister, and Chairman of the Events Investment Fund (EIF), Mohammed bin Salman bin Abdulaziz Al-Saud, launched EIF, a fund that aims to develop a sustainable infrastructure for the culture, tourism, entertainment, and sports sectors across the Kingdom. EIF will conceptualize, finance, and oversee the development of more than 35 venues by 2030.

MENA’s Tabby raises $58 million in a Series C funding round. The funds raised will be used to expand Tabby’s product line into next-gen consumer financial services and support the company’s growing operations. This is the first time for a startup in the GCC to receive funding from PayPal Ventures. This round values Tabby at $660 million

UAE’s electric mobility startup One Moto raises $150 million. The startup will use the fund to finance vehicles across the United Kingdom (UK) and lead the decarbonization of the country’s last-mile delivery and gig economy industry.

ElSewedy Electric, a wires & cables and integrated energy solution provider in MENA, announced that its subsidiary ElSewedy Electric for Transmission and Distribution signed a new contract for Al Ghazala energy company in Saudi Arabia to construct a solar power station with a capacity of 300 MW. The project value amounts to $176.1 million. ElSewedy will focus on the design, supply, and installation of the entire project.

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