News

Arab League Establishes Council Of Ministers For Cybersecurity

Secretary General Ahmed Aboul Gheit stressed the significance of increased cooperation as cyber threat levels intensify.

Published

11 months ago

September 12, 2023

Nour Nasir

arab league establishes council of ministers for cybersecurity

AFP

Officials at the 160th session of the Council of the Arab League — held in Cairo — have welcomed the decision to establish a Council of Ministers for Cybersecurity.

The council aims to document and develop cooperation between Arab states in all aspects related to cybersecurity, which has become a growing threat to national and regional stability.

Saudi Arabia proposed the decision, and as such, the council’s general secretariat and executive office will be based in Riyadh.

Ahmed Aboul Gheit, secretary-general of the Arab League, stressed the importance of heightened cooperation in cybersecurity, explaining that regional stability and economic growth would be impossible without joint action from all Arab nations.

Assistant secretary-general Hossam Zaki was in agreement with Gheit, stating, “The council aims to develop […] and coordinate efforts between Arab countries in all aspects related to cybersecurity issues. The field of cybersecurity has become a major pillar of any security system, and there cannot be economic development, for example, without the provision of cybersecurity, with all its elements for society and citizens”.

Initially, the council will seek to develop cybersecurity at all economic and legislative levels by proposing policies, standards, and initiatives that will apply to all participating states.

Also Read: The Largest Data Breaches In The Middle East

According to US consulting firm Frost & Sullivan, the Middle Eastern cybersecurity market will be worth over $30 billion by 2030, representing a compound annual growth rate (CAGR) of nearly 20% as regional governments increasingly seek to protect their infrastructure and data.

The report revealed that the UAE and Saudi Arabia are expected to take the lead in cybersecurity adoption due to the favorable economic conditions and startup-friendly regulations that have made them popular locations for tech companies and innovators.

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

17 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.