News

Bahrain Becomes Among The First To Achieve Nationwide 5G Coverage

Published

3 years ago

February 6, 2021

bahrain becomes among the first to achieve nationwide 5g coverage

Associated Press

Bahrain’s Ministry of Transportation and Telecommunications recently reported that the island nation had become one of the first countries in the world to accomplish nationwide 5G coverage. Two of its three mobile operators now provide high-speed internet service to all of the nation’s 1.5 million population.

The Ministry of Transportation and Telecommunications expects the nationwide 5G coverage to generate new opportunities for streaming, gaming, and supply chain technologies.

“Rapid access to information is essential to innovation, particularly for next-generation services,” said Kamal bin Ahmed Mohamed, Bahrain’s Minister of Transportation and Telecommunications. “In this way, 5G is a crucial step in Bahrain’s ongoing transition from a net consumer to a net producer of technological innovation,” he added.

Thanks to its strategy of flexible regulation of the telecoms sector, Bahrain was able to attract 787 million BHD in investments (more than $2 billion) between 2009 and 2019, and the country’s ICT sector now accounts for nearly 3 percent of its entire GDP.

Now that the country has achieved nationwide 5G coverage, it will be more attractive in the eyes of technology companies interested in providing data-driven services in the region, helping it strengthen its position as a regional and global ICT leader.

Full nationwide 5G coverage is in line with Bahrain’s comprehensive economic vision, described in a document entitled The Economic Vision 2030. The document highlights, among other things, the importance of technology for ensuring the sustainability of a vibrant private sector and attractive innovators and entrepreneurs from around the globe.

Also Read: Thales Deploys Its Security Solution At Bahrain International Airport

Last year, Bahrain became home to the region’s first hyper-scale data center after the launch of the AWS Middle East Region by Amazon. Considering that there will be over 1 billion 5G connections by 2023, the Gulf kingdom is in an excellent position to meet its digital transformation goals.

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

1 day 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.