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Advanced Tech Adoption & Innovation Are UAE’s Top Priority

The United Arab Emirates is actively seeking to overcome technological challenges and will explore futuristic approaches to improve the digital economy.

Published

2 years ago

December 30, 2022

Nour Nasir

advanced tech adoption and innovation are uae's top priority

Emirates News Agency

Omar Sultan Al Olama, the UAE’s Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, has explained that the adoption of advanced technologies is a top priority for the region, as the Emirates continues to push forward with its vision of an advanced digital economy through innovation. Although there are many challenges to overcome, the UAE is making incredible progress across multiple scientific and technological sectors, and has embraced a future-centric approach to developing and overhauling its economy.

Omar Sultan Al Olama recently visited the Industrial Innovation Group (IIG), a leading security printing, biometric and global systems innovator, headquartered in Sharjah. The Minister’s mission was to explore the group’s scientific research lab, uncover new trends in advanced technology, and discuss potential collaboration opportunities.

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The Minister of State for all things digital noted that when it comes to technology, the most innovative and forward-thinking tools must be deployed to ensure safety, quality, and reliability. Omar Sultan Al Olama praised the Industrial Innovation Group for its success in building a sizable operational base, with 263 centers for passports around the globe and 367 centers for licenses. In addition, the IIG group’s 400 intellectual property assets will help the UAE to lead in security documents and technology solutions worldwide.

The Industrial Innovation Group is the first group in the MENA region to establish real industrial production and implement system integration. IIG is the only company in the field of production of identification documents and security printing worldwide that does not depend on third-party technologies in its activities.

News

Mamo Completes $3.4M Funding Round To Enhance Fintech Services

The startup will use the influx of cash to expand into Saudi Arabia and across the wider GCC while improving its product offering.

Published

19 hours ago

July 25, 2024

Nour Nasir

Mamo

UAE-based fintech Mamo has announced the completion of a $3.4 million funding round that will help the startup extend its market presence and improve its product offering. Investors included 4DX Ventures, the Dubai Future District Fund and Cyfr Capital.

Mamo’s platform offers “payment collection, corporate cards and expense management” to help small and medium-sized businesses consolidate and streamline their operations. With the latest influx of capital, Mamo will further develop its comprehensive suite of services and begin testing its product lines in Saudi Arabia, further extending its footprint across the GCC.

Imad Gharazeddine, co-founder and CEO of Mamo, stated: “We’ve been in the market for a while now and are incredibly proud of what our team has achieved. The holistic and expansive nature of our product offering has helped us continue to grow sustainably. This additional funding will allow us to reach our medium-term goals even faster. The support from new and existing investors is a testament to our strong expertise and the ability to deliver on our customer promise”.

Daniel Marlo, General Partner of lead investor 4DX Ventures, added: “We have immense trust in Imad’s vision, leadership and Mamo’s innovative approach to provide a user-friendly and comprehensive financial solution for SMEs that makes financial management more accessible and efficient. We are proud to partner with them and support their mission”.

Also Read: A Guide To Digital Payment Methods In The Middle East

Amer Fatayer, Managing Director of Dubai Future District Fund’s investment team, also commented: “Mamo’s localized product lines serve as an infrastructure for SME payments and spend management in UAE, a segment that is underserved by the country’s current banking infrastructure. The team has taken a product-first approach to consolidating SMEs’ financial journeys and building a fintech solution deeply embedded in a business’s core operations”.

To date, Mamo has raised around $13 million in investment funding and now boasts a team of 30 people. The company’s intuitive financial services platform has allowed over 1,000 businesses to consolidate their financial operations and significantly reduce payment fees.